HP's (NYSE:HPQ) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
HP's (NYSE:HPQ) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
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 HP Inc. (NYSE:HPQ) has fallen short of that second goal, with a share price rise of 73% over five years, which is below the market return. But if you include dividends then the return is market-beating. Over the last twelve months the stock price has risen a very respectable 10%.
當您買入並長揸一隻股票時,您肯定希望它能提供正收益。但更重要的是,您可能希望它的漲幅超過市場平均水平。但惠普(NYSE:HPQ)未達到這個目標,股價在五年內上漲了73%,低於市場回報。但是,如果將分紅派息包括在內,則回報可超過市場。在過去的十二個月中,股票價格上漲了10%,相當可觀。
In light of the stock dropping 3.0% 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 five-year return.
考慮到股票在過去一週下跌了3.0%,我們想調查更長期的情況,看看基本面是否是公司正五年回報的動力。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
雖然市場是一個強大的定價機制,但股價反映了投資者情緒,不僅僅是基本業績。一種有缺陷但合理的評估公司周圍情緒如何變化的方法是將每股收益(EPS)與股價進行比較。
Over half a decade, HP managed to grow its earnings per share at 3.9% a year. This EPS growth is lower than the 12% average annual increase in the share price. 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.
在五年半的時間裏,惠普設法將每股收益增長率控制在3.9%。此EPS增長率低於股價每年平均增長率12%的水平。因此,我們可以合理地假設市場對該企業的評價高於五年前。考慮到收益增長的五年記錄,這並不奇怪。
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)。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240726/0-b638ea9dd222baf4b93b3acb974dda10-0-a0390742816275f0b686a09f634e1255.png/big)
We know that HP has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts.
我們知道惠普最近改善了其底線,但它是否將增長營業收入呢?您可以查看此免費報告,顯示分析師的營業收入預測。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of HP, it has a TSR of 103% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了測量股價回報之外,投資者還應考慮總股東回報(TSR)。而股價回報僅反映了股價的變化,TSR 包括股息的價值(假設它們被再投資)以及任何打折的資本募集或分拆的利益。可以說,TSR 爲支付股息的股票提供了更完整的圖像。在惠普的情況下,它在過去五年中的TSR爲103%。這超過了我們之前提到的股價回報。公司支付的股息因此提高了股東的總回報。
A Different Perspective
不同的觀點
HP shareholders are up 14% for the year (even including dividends). But that was short of the market average. On the bright side, the longer term returns (running at about 15% a year, over half a decade) look better. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. It's always interesting to track share price performance over the longer term. But to understand HP better, we need to consider many other factors. Case in point: We've spotted 3 warning signs for HP you should be aware of, and 1 of them doesn't sit too well with us.
惠普的股東今年的回報率爲14%(包括紅利)。但這低於市場平均水平。好消息是,長期回報率(五年半的時間內約爲15%)看起來更好。即使股價漲幅放緩,業務仍然可能繼續表現出色,這總是值得關注的。追蹤長期股價表現總是很有趣。但是要更好地了解惠普,我們需要考慮許多其他因素。例如:我們發現惠普有3個警告信號,您應該了解其中的1個無法讓我們滿意。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果您像我一樣,就不會希望錯過這份免費的內部人士正在購買的低估小市值股票列表。
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。