Verizon Communications (NYSE:VZ) Shareholders Have Lost 14% Over 3 Years, Earnings Decline Likely the Culprit
Verizon Communications (NYSE:VZ) Shareholders Have Lost 14% Over 3 Years, Earnings Decline Likely the Culprit
Many investors define successful investing as beating the market average over the long term. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. Unfortunately, that's been the case for longer term Verizon Communications Inc. (NYSE:VZ) shareholders, since the share price is down 29% in the last three years, falling well short of the market return of around 17%. And the share price decline continued over the last week, dropping some 5.0%. Importantly, this could be a market reaction to the recently released financial results. You can check out the latest numbers in our company report.
許多投資者將成功的投資定義爲長期跑贏市場平均水平。但幾乎可以肯定的是，有時你買進的股票會落後於市場平均收益。不幸的是，這已經是長揸Verizon Communications Inc. (紐交所：VZ)的股東們所面臨的現實情況，因爲股價在過去三年中下跌了29％，遠低於市場約17％的回報。而且，股價下跌的趨勢在最近一週繼續下降，下降了約5.0％。這可能是市場對最近公佈的財務報告做出的反應。您可以在我們的公司報告中查看最新的數據。
If the past week is anything to go by, investor sentiment for Verizon Communications isn't positive, so let's see if there's a mismatch between fundamentals and the share price.
如果過去一週任何事情都能證明的話，那麼對於Verizon Communications的投資者情緒並不積極，因此讓我們看看基本面和股價之間是否存在不匹配。
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. 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.
雖然一些人仍然在教授高效市場假說，但已經證明市場是過度反應的動態系統，投資者不總是理性的。一種有缺陷但合理的評估公司情緒變化的方法是比較每股收益 (EPS) 與股價。
During the three years that the share price fell, Verizon Communications' earnings per share (EPS) dropped by 18% each year. In comparison the 11% compound annual share price decline isn't as bad as the EPS drop-off. So the market may not be too worried about the EPS figure, at the moment -- or it may have previously priced some of the drop in.
在股價下跌的三年中，Verizon Communications的每股收益(EPS)每年下降18％。與此相比，每股年複合股價下降11％並不像EPS的下降那麼糟糕。因此，市場目前可能不會過度擔心EPS數據，或者它可能之前已經定價了一些下降。
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）。
This free interactive report on Verizon Communications' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果您想進一步調查該股票，請參閱Verizon Communications收益、營業收入和現金流的免費互動報告是一個好的開始。
What About Dividends?
那麼分紅怎麼樣呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Verizon Communications the TSR over the last 3 years was -14%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了衡量股價回報之外，投資者還應考慮總股東回報(TSR)。股價回報只反映股價變化，TSR包括股息的價值(假設它們被再投資)和任何折價資本籌集或分拆帶來的利益。可以說，TSR爲股票所產生的回報提供了更全面的圖景。我們注意到，在過去的3年中，Verizon Communications的TSR爲-14％，優於上述股價回報。毫無疑問，分紅派息很大程度上解釋了這種分歧!
A Different Perspective
不同的觀點
It's nice to see that Verizon Communications shareholders have received a total shareholder return of 28% over the last year. Of course, that includes the dividend. There's no doubt those recent returns are much better than the TSR loss of 1.0% per year over five years. We generally put more weight on the long term performance over the short term, but the recent improvement could hint at a (positive) inflection point within the business. It's always interesting to track share price performance over the longer term. But to understand Verizon Communications better, we need to consider many other factors. For instance, we've identified 4 warning signs for Verizon Communications that you should be aware of.
很高興看到Verizon Communications的股東在過去一年裏獲得了28％的總股東回報(當然包括股息)。這些最近的回報顯然比五年來每年的TSR虧損1.0％要好得多。我們通常更關注長期表現而不是短期表現，但最近的改善可能暗示了業務內部的(積極)拐點。跟蹤股價在更長期內的表現始終是一件有趣的事情。但爲了更好地了解Verizon Communications，我們需要考慮許多其他因素。例如，我們已經發現了4個應該注意的警告信號。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
當然，您可能在其他地方找到一家出色的企業進行投資。因此，請查看我們預計將實現盈利增長的公司的免費列表。
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。