Investors in HF Sinclair (NYSE:DINO) Have Seen Favorable Returns of 49% Over the Past Three Years
Investors in HF Sinclair (NYSE:DINO) Have Seen Favorable Returns of 49% Over the Past Three Years
During three years of share price growth, HF Sinclair achieved compound earnings per share growth of 74% per year. This EPS growth is higher than the 11% average annual increase in the share price. So one could reasonably conclude that the market has cooled on the stock. This cautious sentiment is reflected in its (fairly low) P/E ratio of 7.36. It hasn't been the best quarter for HF Sinclair Corporation (NYSE:DINO) shareholders, since the share price has fallen 15% in that time. But over three years, the returns would have left most investors smiling To wit, the share price did better than an index fund, climbing 37% during that period.
HF辛克萊公司（紐交所：DINO）股東們並沒有度過最好的一個季度，因爲股價在此期間下跌了15%。但是在三年內，投資回報率會讓大多數投資者都微笑着離開。換句話說，在這段時間內，股價表現優於指數基金，上漲了37%。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
那麼，讓我們調查一下並查看公司的長期表現是否符合基本業務的進展。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
爲了概述本傑明·格雷厄姆（Benjamin Graham）的話：短期內，市場是一臺投票機，但長期來看，它是一臺衡重機。思考一家公司的市場感知如何轉變的一種不完美但簡單的方法是將每股收益（EPS）變化與股價變動進行比較。
During three years of share price growth, HF Sinclair achieved compound earnings per share growth of 74% per year. This EPS growth is higher than the 11% average annual increase in the share price. So one could reasonably conclude that the market has cooled on the stock. This cautious sentiment is reflected in its (fairly low) P/E ratio of 7.36.
在股價增長的三年中，HF辛克萊公司實現了每年74%的複合每股收益增長。這種每股收益增長高於股價年均增長率11%。因此，人們可以合理得出結論，市場對該股票的熱情已經降溫。這種謹慎情緒體現在其相對較低的市盈率7.36上。
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）。
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. This free interactive report on HF Sinclair's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
我們喜歡內部人員在過去十二個月內購買股份的情況。即便如此，未來的收益將更加重要，決定當前股東是否盈利。如果您想進一步調查這支股票，HF Sinclair的收益，營業收入和現金流的這份免費互動報告是一個很好的開始。
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. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, HF Sinclair's TSR for the last 3 years was 49%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考慮投資回報時，重要的是要考慮總股東回報（TSR）和股價回報之間的差異。TSR包括任何拆股或折價增資的價值，以及基於股利被再投資的假設，所以對於支付豐厚股利的公司，TSR往往比股價回報高得多。事實上，HF Sinclair過去3年的TSR爲49%，超過了之前提到的股價回報。毫無疑問，股息支付很大程度上解釋了這種差異！
A Different Perspective
不同的觀點
Investors in HF Sinclair had a tough year, with a total loss of 18% (including dividends), against a market gain of about 32%. 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. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 0.2% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. 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. Like risks, for instance. Every company has them, and we've spotted 4 warning signs for HF Sinclair (of which 1 can't be ignored!) you should know about.
HF Sinclair的投資者在過去一年中經歷了艱難，損失總額爲18%（包括股利），而市場的增長約爲32%。即使是優質股票的股價有時也會下跌，但我們希望在對一家企業的基本指標看到改善前，不要過於感興趣。不幸的是，去年的表現可能表明存在未解決的挑戰，因爲它比過去半個世紀的年化損失0.2%更糟糕。我們了解到巴倫·羅斯柴爾德曾說過投資者應當「在街上有血流時買入」，但我們警告說，投資者首先要確保他們正在購買的是一家高質量的企業。雖然考慮市場狀況對股價可能產生的不同影響是值得的，但還有更重要的因素。例如風險。每家公司都有，而我們已經發現了HF Sinclair的4個預警信號（其中有1個不容忽視！）您應該知曉。
HF Sinclair is not the only stock insiders are buying. So take a peek at this free list of small cap companies at attractive valuations which insiders have been buying.
HF辛克萊爾不是唯一一隻內部人員在購買的股票。所以瀏覽一下這份免費的小盤公司列表，它們具有吸引人的估值，內部人士一直在買入。
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。