Despite Lower Earnings Than a Year Ago, Old National Bancorp (NASDAQ:ONB) Investors Are up 27% Since Then
Despite Lower Earnings Than a Year Ago, Old National Bancorp (NASDAQ:ONB) Investors Are up 27% Since Then
Over the last twelve months, Old National Bancorp actually shrank its EPS by 21%. Diversification is a key tool for dealing with stock price volatility. But if you're going to beat the market overall, you need to have individual stocks that outperform. Old National Bancorp (NASDAQ:ONB) has done well over the last year, with the stock price up 23% beating the market return of 19% (not including dividends). Having said that, the longer term returns aren't so impressive, with stock gaining just 16% in three years.
分散投資是應對股價波動的關鍵工具。 但如果你想在整體市場上取得超額收益，你需要擁有表現優異的個別股票。Old National Bancorp (納斯達克: ONB)在過去一年表現不錯，股票價格上漲了23%，超過了市場回報率19%（不包括股息）。話雖如此，長期回報並不令人印象深刻，股票三年間只增長了16%。
Since the long term performance has been good but there's been a recent pullback of 6.6%, let's check if the fundamentals match the share price.
既然長期表現不錯，但最近出現了6.6％的下跌，讓我們檢查一下基本面是否符合股價。
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 way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
雖然有效市場假說仍然被一些人教授，但被證明市場是過度反應的動態系統，投資者並不總是理性的。檢查市場情緒如何隨時間變化的一種方法是看一個公司的股價與其每股收益（EPS）之間的交互作用。
Over the last twelve months, Old National Bancorp actually shrank its EPS by 21%.
在過去的十二個月中， Old National Bancorp 實際上將其每股收益減少了21%。
So we don't think that investors are paying too much attention to EPS. Therefore, it seems likely that investors are putting more weight on metrics other than EPS, at the moment.
因此，我們認爲投資者並沒有過多關注每股收益。因此，目前投資者更可能會更重視除每股收益之外的其他指標。
Unfortunately Old National Bancorp's fell 7.1% over twelve months. So using a snapshot of key business metrics doesn't give us a good picture of why the market is bidding up the stock.
很不幸，Old National Bancorp的股價在過去12個月下降了7.1%。因此，僅憑關鍵業務指標的快照，我們無法得出市場爲何抬高股票價格的好圖景。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
你可以在下面的圖片中看到收入和營業收入隨時間的變化情況(單擊圖表可查看精確值)。
Balance sheet strength is crucial. It might be well worthwhile taking a look at our free report on how its financial position has changed over time.
資產負債表強度至關重要。查看我們關於其財務狀況如何隨時間變化的免費報告可能很值得一看。
What About Dividends?
那麼分紅怎麼樣呢？
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. In the case of Old National Bancorp, it has a TSR of 27% for the last 1 year. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
在考慮投資回報時，重要的是要區分總股東回報（TSR）和股價回報之間的差異。而股價回報僅反映了股價的變化，TSR則包括股息的價值（假設已進行再投資）以及任何打折的資本增發或剝離所帶來的收益。可以說，TSR更全面地反映了一隻股票所產生的回報。就Old National Bancorp而言，其過去1年的TSR爲27%。這超過了我們先前提到的股價回報。公司支付的股息因此提高了總股東回報。
A Different Perspective
不同的觀點
It's good to see that Old National Bancorp has rewarded shareholders with a total shareholder return of 27% in the last twelve months. That's including the dividend. That gain is better than the annual TSR over five years, which is 4%. Therefore it seems like sentiment around the company has been positive lately. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. To that end, you should be aware of the 2 warning signs we've spotted with Old National Bancorp .
很高興看到Old National Bancorp在過去十二個月裏以27%的股東回報率回饋股東。包括分紅派息在內的總回報率。這個收益在過去五年裏的年總回報率4%的情況下要好。因此，目前圍繞這家公司的情緒似乎是積極的。在最好的情況下，這可能暗示了一些真正的業務勢頭，意味着現在可能是深入了解的好時機。儘管考慮到市場狀況對股價的影響是非常值得的，但還有其他更重要的因素。爲此，您應該注意到我們發現的Old National Bancorp的2個警示信號。
But note: Old National Bancorp may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但請注意：Old National Bancorp可能不是最好的股票買入選擇。因此，請查看此免費列表，其中包含過去盈利增長（以及未來增長預測）的有趣公司。
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。