Earnings Grew Faster Than the Favorable 15% CAGR Delivered to Wabash National (NYSE:WNC) Shareholders Over the Last Three Years
Earnings Grew Faster Than the Favorable 15% CAGR Delivered to Wabash National (NYSE:WNC) Shareholders Over the Last Three Years
It hasn't been the best quarter for Wabash National Corporation (NYSE:WNC) shareholders, since the share price has fallen 15% in that time. But don't let that distract from the very nice return generated over three years. After all, the share price is up a market-beating 46% in that time.
Wabash國立公司（紐交所：WNC）股東度過的不是最好的季度，因爲股價在那段時間內下跌了15%。但不要讓這分散了您注意力，因爲在此期間內，股價上漲了超過市場平均的46%，取得了非常不錯的回報。
In light of the stock dropping 13% in the past week, we want to investigate the longer term story, and see if fundamentals have been the driver of the company's positive three-year return.
考慮到該股上週下跌了13%，我們想調查一下長期的情況，並查看公司三年來的正面回報是否是基本面的主要驅動力。
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
儘管一些人繼續教授有效市場假說，但已經證明市場是過度反應的動態系統，並且投資者並不總是理性的。通過比較每股收益（EPS）和股價的變化情況，我們可以了解投資者對公司的態度如何隨着時間變化而變化。
Wabash National was able to grow its EPS at 165% per year over three years, sending the share price higher. The average annual share price increase of 13% is actually lower than the EPS growth. Therefore, it seems the market has moderated its expectations for growth, somewhat. This cautious sentiment is reflected in its (fairly low) P/E ratio of 4.64.
Wabash國立三年內每股收益增長了165%，使股價上漲。每年平均股價增長率爲13%，實際上低於每股收益的增長率。因此，市場似乎已經適度降低了其對於成長的預期。這一謹慎情緒在其相對較低的市盈率（4.64）中得到了體現。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了EPS隨時間的變化情況（如果您單擊該圖像，則可以查看更多詳細信息）。
It is of course excellent to see how Wabash National has grown profits over the years, but the future is more important for shareholders. You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
Wabash國立多年來取得了利潤的增長，這是非常出色的，但對於股東而言，未來利潤增長更爲重要。您可以在這個免費的交互式圖形中觀察其資產負債表的強弱（或弱化）情況。
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. In the case of Wabash National, it has a TSR of 53% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
對於任何一支股票，考慮總股東回報以及股價回報都非常重要。雖然股價回報僅反映了股價的變化，TSR包括了股息的價值（假設它們被再投資）以及任何折價的資本籌集或分拆的好處。可以說，TSR爲支付股息的股票給出了更完整的圖片。Wabash國立在過去3年中具有53%的TSR，超過了我們之前提到的股價回報。這在很大程度上是其分紅派息的結果！
A Different Perspective
不同的觀點
Investors in Wabash National had a tough year, with a total loss of 12% (including dividends), against a market gain of about 19%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 7%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. 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. For example, we've discovered 3 warning signs for Wabash National (1 can't be ignored!) that you should be aware of before investing here.
Wabash國立的投資者度過了艱難的一年，包括股息在內的總損失爲12%，而市場則實現了約19%的收益。然而，要記住，即使最好的股票有時也會在12個月的時間內表現不佳。長期投資者則不會那麼失望，因爲在五年內，他們每年實現了7%的收益。如果基本數據繼續表明長期的可持續增長，當前的拋售可能值得考慮。我覺得以股價作爲業務表現的代理來觀察長期趨勢非常有趣。但爲了真正獲得深入的見解，我們需要考慮其他信息。例如，我們已經發現了3個有關Wabash國立的警示信號（其中1個不容忽視！），在投資這裏之前，請注意這些信息。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜歡與管理層一起購買股票，那麼您可能會喜歡這個公司的免費列表。 （提示：其中許多公司不爲人注意且具有吸引力的估值。）
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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。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。