Carlisle Companies' (NYSE:CSL) Five-year Earnings Growth Trails the Impressive Shareholder Returns
Carlisle Companies' (NYSE:CSL) Five-year Earnings Growth Trails the Impressive Shareholder Returns
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. One great example is Carlisle Companies Incorporated (NYSE:CSL) which saw its share price drive 179% higher over five years. It's also good to see the share price up 16% over the last quarter. But this could be related to the strong market, which is up 13% in the last three months.
當您買入一隻股票時,總會有可能跌幅達到100%。但好消息是,在一隻表現非常好的股票上,您的收益可能遠遠超過100%。一個很好的例子就是卡萊爾夥伴公司(紐交所:CSL),在過去五年裏,其股價上漲了179%。看到股價上漲了16%並不錯,但這可能與大市表現強勁有關,在過去三個月裏上漲了13%。
The past week has proven to be lucrative for Carlisle Companies investors, so let's see if fundamentals drove the company's five-year performance.
過去一週對於卡萊爾夥伴公司的投資者來說是有利可圖的,讓我們看看是什麼基本因素推動了公司的五年表現。
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 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.
雖然一些人仍然相信有效市場假說,但已經證明市場是過度反應的動態系統,投資者並不總是理性的。一個不完美但簡單的方法來考慮公司市場看法的變化是比較每股收益(EPS)的變化和股價的波動。
Over half a decade, Carlisle Companies managed to grow its earnings per share at 20% a year. This EPS growth is reasonably close to the 23% average annual increase in the share price. Therefore one could conclude that sentiment towards the shares hasn't morphed very much. In fact, the share price seems to largely reflect the EPS growth.
在半個世紀的時間裏,卡萊爾夥伴公司成功地將其每股收益以每年20%的速度增長。這種EPS增速與股價23%的年均增長率相當接近。因此,人們可以得出結論,市場對這些股票的看法並沒有發生很大變化。實際上,股價似乎在很大程度上反映了EPS的增長。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
該公司的每股收益(隨時間的推移)如下圖所示(單擊可查看確切數字)。
It is of course excellent to see how Carlisle Companies has grown profits over the years, but the future is more important for shareholders. You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
看到卡萊爾夥伴多年來利潤增長當然是令人滿意的,但對於股東來說,未來更爲重要。您可以在這個免費交互式圖表中看到其資產負債表隨時間是如何變得更強大(或更弱)。
What About Dividends?
關於分紅派息的問題
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Carlisle Companies, it has a TSR of 196% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
在考慮投資回報時,重要的是要考慮總股東回報(TSR)與股價回報之間的區別。而股價回報只反映了股價的變化,TSR則包括了股息的價值(假設它們被再投資)以及任何折價的增發或分拆帶來的利益。可以說TSR爲支付股息的股票提供了更完整的畫面。就卡萊爾夥伴而言,過去5年的TSR爲196%。這超過了我們之前提到的股價回報。這在很大程度上是其股息支付的結果!
A Different Perspective
另一種看法
It's good to see that Carlisle Companies has rewarded shareholders with a total shareholder return of 73% in the last twelve months. That's including the dividend. That gain is better than the annual TSR over five years, which is 24%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. If you would like to research Carlisle Companies in more detail then you might want to take a look at whether insiders have been buying or selling shares in the company.
很高興看到卡萊爾夥伴在過去十二個月中用總股東回報獎勵了股東73%。這已經包括了股息。這一收益比過去五年的年度TSR 24%更好。因此,似乎圍繞該公司的情緒最近一直保持積極。鑑於股價勢頭仍然強勁,值得更仔細地觀察這支股票,以免錯失機會。如果您希望更詳細地研究卡萊爾夥伴,您可能會想看看內部人員是在買入還是賣出該公司的股份。
But note: Carlisle Companies 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:卡萊爾夥伴可能不是最佳的股票買入選擇。因此,不妨看一眼這份免費的有過盈利增長(以及未來增長預測)的有趣公司名單。
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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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。