Lithia Motors' (NYSE:LAD) Earnings Growth Rate Lags the 17% CAGR Delivered to Shareholders
Lithia Motors' (NYSE:LAD) Earnings Growth Rate Lags the 17% CAGR Delivered to Shareholders
When you buy a stock there is always a possibility that it could drop 100%. But on the bright side, you can make far more than 100% on a really good stock. Long term Lithia Motors, Inc. (NYSE:LAD) shareholders would be well aware of this, since the stock is up 115% in five years. Unfortunately, though, the stock has dropped 8.3% over a week. However, this might be related to the overall market decline of 4.4% in a week.
當你購買一隻股票時，總會有可能股價下跌100%。但好消息是，你可以在一隻非常好的股票上賺得超過100%。長揸利西亞車行股票（NYSE:LAD）的股東會對此有充分的認識，因爲該股票在五年內上漲了115%。不幸的是，股票在一週內下跌了8.3%。然而，這可能與整個市場在一週內下跌了4.4%有關。
In light of the stock dropping 8.3% 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.
鑑於股票在過去一週下跌了8.3%，我們希望調查更長期的情況，看基本面是否是公司五年來積極回報的驅動因素。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
不可否認的是，市場有時是高效的，但價格並不總是反映潛在的商業表現。一個不完美但簡單的方法來考慮公司市場感知如何改變是比較每股收益（EPS）變化和股價變動。
Over half a decade, Lithia Motors managed to grow its earnings per share at 23% a year. The EPS growth is more impressive than the yearly share price gain of 17% over the same period. So it seems the market isn't so enthusiastic about the stock these days. This cautious sentiment is reflected in its (fairly low) P/E ratio of 8.66.
利西亞車行在過去五年中每股收益增長了23%。這一EPS增長比同期股價漲幅17%更令人印象深刻。因此，市場對這隻股票的熱情似乎不高。這種謹慎情緒反映在其相對較低的市盈率8.66上。
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）。
Dive deeper into Lithia Motors' key metrics by checking this interactive graph of Lithia Motors's earnings, revenue and cash flow.
通過查看利西亞車行的收益、營收和現金流的互動圖，深入了解利西亞車行的關鍵指標。
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). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Lithia Motors the TSR over the last 5 years was 123%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
除了衡量股價回報，投資者還應考慮總股東回報率(TSR)。TSR是一種回報計算方法，考慮了現金分紅(假設任何分紅都被再投資)的價值以及任何折價融資和拆分的計算價值。可以說，TSR爲支付股息的股票提供了更完整的圖景。我們注意到，利西亞車行過去5年的TSR爲123%，比上述股價回報要好。這在很大程度上是其股息支付的結果！
A Different Perspective
不同的觀點
While the broader market gained around 21% in the last year, Lithia Motors shareholders lost 6.6% (even including dividends). Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. On the bright side, long term shareholders have made money, with a gain of 17% per year over half a decade. 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. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with Lithia Motors (at least 1 which is concerning) , and understanding them should be part of your investment process.
儘管整個市場在過去一年中上漲了約21%，利西亞車行的股東卻虧損了6.6%(包括股息)。即使好的股票價格有時也會下跌，但我們希望在對業務的基本指標產生興趣之前，看到這一點的改善。值得一提的是，長期股東已經賺到了錢，過去半個十年年均收益率爲17%。如果基本數據繼續表明長期可持續增長，當前的拋售可能是一個值得考慮的機會。對我來說，長期股價作爲業務績效的一個代理非常有意思。但要真正獲得洞察力，我們還需要考慮其他信息。例如，投資風險這個永恒的威脅。我們已經發現了利西亞車行的三個警示信號(至少有一個是令人擔憂的)，了解它們應該是您投資過程的一部分。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果您願意查看另一家公司（具有潛在的更好財務狀況），請不要錯過這個免費的公司列表，證明它們可以增長收益。
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。
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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。
譯文內容由第三人軟體翻譯。