Consolidated Edison (NYSE:ED) Shareholders Have Earned a 11% CAGR Over the Last Three Years
Consolidated Edison (NYSE:ED) Shareholders Have Earned a 11% CAGR Over the Last Three Years
By buying an index fund, investors can approximate the average market return. But many of us dare to dream of bigger returns, and build a portfolio ourselves. For example, the Consolidated Edison, Inc. (NYSE:ED) share price is up 24% in the last three years, clearly besting the market return of around 14% (not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 9.3% in the last year, including dividends.
通過購買指數基金,投資者可以接近平均市場回報。但我們很多人敢於夢想更高的回報,並自己構建投資組合。例如,愛迪生聯合電氣(紐交所代碼:ED)的股價在過去三年中上漲了24%,明顯超過了約14%的市場回報(不包括分紅派息)。然而,最近的回報並沒有那麼令人印象深刻,過去一年該股票的回報僅爲9.3%,包括分紅派息。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
鑑於此,值得看看該公司的基本面是否一直是長期業績的驅動因素,或者是否存在一些不一致之處。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
雖然市場是一個強大的定價機制,但股價反映了投資者情緒,不僅僅是基本業績。一種有缺陷但合理的評估公司周圍情緒如何變化的方法是將每股收益(EPS)與股價進行比較。
During three years of share price growth, Consolidated Edison achieved compound earnings per share growth of 16% per year. The average annual share price increase of 7% is actually lower than the EPS growth. So one could reasonably conclude that the market has cooled on the stock.
在三年的股價增長中,愛迪生聯合電氣實現了每股收益的複合年增長率爲16%。而每年的股價平均增長率爲7%,實際上低於每股收益的增長。因此,可以合理推斷市場對該股票的熱情減退。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
您可以看到EPS隨時間的變化如下(通過單擊圖像了解確切數值)。
We consider it positive that insiders have made significant purchases in the last year. Even so, future earnings will be far more important to whether current shareholders make money. This free interactive report on Consolidated Edison's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
我們認爲內部人士在過去一年進行了大量購入是一個積極的信號。即便如此,未來的收益對當前股東能否獲利將更加重要。如果您想進一步調查這隻股票,這份關於愛迪生聯合電氣的收益、營業收入和現金流的免費互動報告將是一個很好的開始。
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. 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. As it happens, Consolidated Edison's TSR for the last 3 years was 37%, 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,重要的是要考慮股東總回報(TSR)和股票價格回報之間的差異。TSR是一個回報計算,考慮了現金分紅的價值(假設收到的任何分紅都被再投資)以及任何折扣融資和分拆的計算價值。可以公平地說,TSR爲支付分紅的股票提供了更完整的視角。實際上,愛迪生聯合電氣在過去三年的TSR達到了37%,這超過了前面提到的股票價格回報。更不用說,分紅的支付在很大程度上解釋了這種差異!
A Different Perspective
另一種看法
Consolidated Edison shareholders gained a total return of 9.3% during the year. Unfortunately this falls short of the market return. On the bright side, that's still a gain, and it's actually better than the average return of 6% over half a decade It is possible that returns will improve along with the business fundamentals. 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 2 warning signs with Consolidated Edison (at least 1 which is a bit unpleasant) , and understanding them should be part of your investment process.
愛迪生聯合電氣的股東在年內獲得了總回報9.3%。不幸的是,這低於市場回報。不過,從好的一面看,這仍然是一個收益,實際上比過去五年平均6%的回報要好。隨着業務基礎的改善,回報可能會有所提高。 我發現從長遠來看觀察股票價格作爲業務表現的代理指標非常有趣。但要真正獲得洞見,我們還需要考慮其他信息。比如說,投資風險這一揮之不去的陰影。我們已經發現了愛迪生聯合電氣的兩個警告信號(至少有一個是有點不愉快的),理解這些信號應該成爲您投資過程的一部分。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: most of them are flying under the radar).
如果您喜歡與管理層共同購買股票,那麼您可能會喜歡這個免費的公司列表(提示:大多數公司沒有受到關注)。
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
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。