Those Who Invested in Capital One Financial (NYSE:COF) Five Years Ago Are up 61%
Those Who Invested in Capital One Financial (NYSE:COF) Five Years Ago Are up 61%
When you buy and hold a stock for the long term, you definitely want it to provide a positive return. But more than that, you probably want to see it rise more than the market average. But Capital One Financial Corporation (NYSE:COF) has fallen short of that second goal, with a share price rise of 47% over five years, which is below the market return. Some buyers are laughing, though, with an increase of 25% in the last year.
當你長揸股票時，肯定希望股票可以帶來正面收益。不僅如此，你可能還希望股票的漲幅超過市場平均水平。但是Capital One Financial Corporation (紐交所：COF)沒有實現第二個目標，其股價在5年內上漲47%，低於市場回報率。儘管如此，去年仍有25%的增長。
So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns.
因此，讓我們評估過去5年的基本面，看看它們是否和股東的回報率相符。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
引用巴菲特的話說，“船隻會在世界各地航行，但是持平地球學會會蓬勃發展。在市場上，價格和價值之間將繼續存在巨大的差距……”評估公司周圍情緒變化的一種有缺陷但合理的方法是將每股收益（EPS）與股價進行比較。
Over half a decade, Capital One Financial managed to grow its earnings per share at 1.0% a year. This EPS growth is slower than the share price growth of 8% per year, over the same period. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
在過去的五年中，Capital One Financial 公司的每股收益增長率爲1.0%。然而，同期股價增長率爲8%。因此，可以認爲市場對該公司的業務前景持有更高意見，這並不令人意外，考慮到該公司的收益增長記錄。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況（點擊圖像以顯示確切值）。
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在購買或出售股票之前，我們始終建議仔細研究歷史增長趨勢，此處提供。
What About Dividends?
那麼分紅怎麼樣呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Capital One Financial's TSR for the last 5 years was 61%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
考慮到任何特定股票的總股東回報率和股價回報率都很重要。股價回報率只反映了股價的變化，而TSR(總股東回報率)則包括了股息的價值(假設它們被再投資)以及任何折價資本籌集或剝離的好處。可以說TSR可以更全面地反映支付股息的股票的實際回報。事實上，Capital One Financial在過去5年的TSR爲61%，超過了前面提到的股價回報。該公司支付的股息也提振了總股東回報率總股東回報。
A Different Perspective
不同的觀點
It's nice to see that Capital One Financial shareholders have received a total shareholder return of 28% over the last year. And that does include the dividend. That's better than the annualised return of 10% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Even so, be aware that Capital One Financial is showing 2 warning signs in our investment analysis , you should know about...
值得注意的是，Capital One Financial股東在過去一年中獲得了28%的總股東回報率，包括股息在內。這比過去五年的年化回報率優秀，表明該公司近期表現更好。積極的投資者可以把TSR的最近改善視爲企業本身隨着時間的推移變得更好的指標。我非常有興趣地從長期股價的角度來看待企業績效。但爲了真正獲得洞察力，我們還需要考慮其他信息。即便如此，請注意Capital One Financial在我們的投資分析中顯示了2個警告信號，請予以知曉...
We will like Capital One Financial better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我們看到一些重要內部買入動作，我們將更喜歡Capital One Financial。在此期間，可以查看這份免費的低估股票列表(大多是小市值股票)，其中包括近期的內部買入情況。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意，本文所引述的市場回報反映了目前在美國交易所上市的股票的市場加權平均回報。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。