If EPS Growth Is Important To You, Tyler Technologies (NYSE:TYL) Presents An Opportunity
If EPS Growth Is Important To You, Tyler Technologies (NYSE:TYL) Presents An Opportunity
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story even if these companies are loss-making. But as Peter Lynch said in One Up On Wall Street, 'Long shots almost never pay off.' Loss making companies can act like a sponge for capital - so investors should be cautious that they're not throwing good money after bad.
對於許多投資者,特別是那些經驗不足的人,即使這些公司虧損,也會購買有好故事買的股票。但正如彼得 · 林奇在《華爾街之上》中所說,「冷門股幾乎從來沒有回報」。虧損的公司可能會像資本的海綿一樣行事,因此投資者應該小心,不要把好錢投在壞錢上。
In contrast to all that, many investors prefer to focus on companies like Tyler Technologies (NYSE:TYL), which has not only revenues, but also profits. While this doesn't necessarily speak to whether it's undervalued, the profitability of the business is enough to warrant some appreciation - especially if its growing.
與所有板塊相比,許多投資者更喜歡關注紐交所的泰勒科技(NYSE:TYL)這樣的公司,該公司不僅有營業收入,還有利潤。雖然這並不一定意味着它被低估,但業務的盈利能力足以引起一些欣賞,尤其是如果它在增長。
Tyler Technologies' Earnings Per Share Are Growing
泰勒科技的每股收益正在增長
Generally, companies experiencing growth in earnings per share (EPS) should see similar trends in share price. That means EPS growth is considered a real positive by most successful long-term investors. Tyler Technologies managed to grow EPS by 12% per year, over three years. That growth rate is fairly good, assuming the company can keep it up.
通常,經驗增長的公司的每股收益(EPS)應該會在股價上看到類似的趨勢。這意味着EPS增長被大多數成功的長期投資者視爲積極因素。泰勒科技設法在過去三年中每年以12%的速度增長EPS。假設公司能夠繼續保持這種增長速度,那增長率相當不錯。
One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing. The music to the ears of Tyler Technologies shareholders is that EBIT margins have grown from 11% to 13% in the last 12 months and revenues are on an upwards trend as well. Both of which are great metrics to check off for potential growth.
核實公司增長的一種方法是查看其營業收入和利息稅前利潤(EBIT)毛利率是如何變化的。令泰勒科技股東振奮的是,EBIT毛利率在過去12個月內已經從11%增長到13%,營業收入也呈上升趨勢。這兩項都是偉大的指標,用於潛在增長的核對。
The chart below shows how the company's bottom and top lines have progressed over time. For finer detail, click on the image.
下圖顯示了該公司底線和頂線隨着時間的推移而發展的情況。點擊圖片以獲取更精細的詳細信息。
Of course the knack is to find stocks that have their best days in the future, not in the past. You could base your opinion on past performance, of course, but you may also want to check this interactive graph of professional analyst EPS forecasts for Tyler Technologies.
當然,竅門在於找到未來股價表現更好而不是過去的股票。你可以基於過去的業績來形成意見,但你可能還想查看這個專業分析師每股收益預測的互動圖表。
Are Tyler Technologies Insiders Aligned With All Shareholders?
泰勒科技內部人員是否與所有股東保持一致?由於泰勒科技的規模,我們不會指望內部人員持有大量公司股份。但我們對於他們投資公司的事實感到寬慰。我們注意到他們在公司中扮演了重要角色,這個角色價值1.24億美元。我們注意到,這相當於公司的0.5%,由於泰勒科技本身的規模很大,這可能很少,但仍然值得一提。因此,即使他們的持股比例較低,公司管理層仍有充分的理由爲投資者提供最佳結果。
Owing to the size of Tyler Technologies, we wouldn't expect insiders to hold a significant proportion of the company. But thanks to their investment in the company, it's pleasing to see that there are still incentives to align their actions with the shareholders. Indeed, they have a considerable amount of wealth invested in it, currently valued at US$130m. While that is a lot of skin in the game, we note this holding only totals to 0.5% of the business, which is a result of the company being so large. This should still be a great incentive for management to maximise shareholder value.
鑑於泰勒科技的規模,我們不會希望內部持有公司的大部分股份。但由於他們對公司的投資,很高興看到仍然有激勵措施來與股東保持一致。事實上,他們在其中投入了相當大量的財富,目前價值13000萬美元。儘管這是一個龐大的利益關係,但我們注意到這一持股僅佔到了業務總額的0.5%,這是由於公司規模如此之大所致。對於管理層來說,這仍然是最大化股東價值的重要激勵。
It's good to see that insiders are invested in the company, but are remuneration levels reasonable? Our quick analysis into CEO remuneration would seem to indicate they are. The median total compensation for CEOs of companies similar in size to Tyler Technologies, with market caps over US$8.0b, is around US$13m.
看到內部人士投資於公司是件好事,但薪酬水平是否合理?我們對CEO薪酬的快速分析似乎表明是合理的。與泰勒科技這樣規模相似、市值超過80億美元的公司的CEO相比,中位數總薪酬約爲1300萬美元。
The Tyler Technologies CEO received US$9.0m in compensation for the year ending December 2023. That seems pretty reasonable, especially given it's below the median for similar sized companies. CEO remuneration levels are not the most important metric for investors, but when the pay is modest, that does support enhanced alignment between the CEO and the ordinary shareholders. Generally, arguments can be made that reasonable pay levels attest to good decision-making.
泰勒科技首席執行官在截至2023年12月的一年中獲得了900萬美元的薪酬。考慮到這比類似規模公司的中位數還要低,這似乎相當合理。CEO薪酬水平並不是投資者最看重的指標,但當薪酬適度時,這將支持CEO與普通股東之間的更好一致性。一般而言,合理的薪酬水平可證明良好的決策。
Does Tyler Technologies Deserve A Spot On Your Watchlist?
泰勒科技是否值得加入您的自選股清單?
As previously touched on, Tyler Technologies is a growing business, which is encouraging. Earnings growth might be the main attraction for Tyler Technologies, but the fun does not stop there. With company insiders aligning themselves considerably with the company's success and modest CEO compensation, there's no arguments that this is a stock worth looking into. Once you've identified a business you like, the next step is to consider what you think it's worth. And right now is your chance to view our exclusive discounted cashflow valuation of Tyler Technologies. You might benefit from giving it a glance today.
正如之前提到的,泰勒科技是一家增長迅速的業務,這令人鼓舞。 盈利增長可能是投資泰勒科技的主要吸引點,但樂趣並不止於此。 隨着公司內部人士與公司成功息息相關,並且首席執行官的薪酬適中,毫無疑問這是一支值得關注的股票。 一旦您確定了喜歡的業務,下一步是考慮您認爲它值多少錢。 現在正是您查看我們獨家折現現金流估值的機會。 今天瀏覽一下可能會讓您受益。
There's always the possibility of doing well buying stocks that are not growing earnings and do not have insiders buying shares. But for those who consider these important metrics, we encourage you to check out companies that do have those features. You can access a tailored list of companies which have demonstrated growth backed by significant insider holdings.
總是有可能買入未增長收益並且內部人員不買入股票的股票表現良好。但是對於那些認爲這些重要指數的人,我們鼓勵您查看具有這些功能的公司。您可以訪問定製列表,其中列出了已經展示出增長並得到內幕人員認可的公司。
Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.
請注意,本文討論的內部交易是指在相關司法管轄區中報告的交易。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。