Investors in Black Hills (NYSE:BKH) Have Unfortunately Lost 1.2% Over the Last Five Years
Investors in Black Hills (NYSE:BKH) Have Unfortunately Lost 1.2% Over the Last Five Years
Looking back five years, both Black Hills' share price and EPS declined; the latter at a rate of 0.5% per year. This reduction in EPS is less than the 4% annual reduction in the share price. So it seems the market was too confident about the business, in the past. For many, the main point of investing is to generate higher returns than the overall market. But the main game is to find enough winners to more than offset the losers At this point some shareholders may be questioning their investment in Black Hills Corporation (NYSE:BKH), since the last five years saw the share price fall 18%. On the other hand, we note it's up 9.4% in about a month. However, this may be a matter of broader market optimism, since stocks are up 7.4% in the same time.
對於許多人來說，投資的主要目的是實現比整體市場更高的回報。但主要挑戰是找到足夠多的贏家來彌補輸家。此時一些股東可能在質疑他們對黑山公司（紐交所:BKH）的投資，因爲過去五年股價下跌了18%。另一方面，我們注意到它在約一個月內上漲了9.4%。然而，這可能是更廣泛市場樂觀情緒的體現，因爲股票在同一時間內上漲了7.4%。
So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress.
那麼我們來看看這家公司的長期表現是否符合其業務進展情況。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
雖然市場是一個強大的定價機制，但股價反映的不僅僅是企業的基本業績，還有投資者的情緒。一個不完美但簡單的方式來考慮公司市場意識的變化是比較每股收益(EPS)的變化和股價的變化。
Looking back five years, both Black Hills' share price and EPS declined; the latter at a rate of 0.5% per year. This reduction in EPS is less than the 4% annual reduction in the share price. So it seems the market was too confident about the business, in the past.
回顧過去五年，黑山公司的股價和每股收益都有所下降；後者以每年0.5%的速度下降。EPS的減少幅度低於股價每年4%的下降幅度。因此，似乎市場過去對這家業務過於自信。
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）。
Dive deeper into Black Hills' key metrics by checking this interactive graph of Black Hills's earnings, revenue and cash flow.
通過查看Black Hills的收入、營業收入和現金流的互動圖表，更深入地了解Black Hills的關鍵指標。
What About Dividends?
關於分紅派息的問題
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Black Hills' TSR for the last 5 years was -1.2%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了測量股價回報，投資者還應考慮總股東回報率(TSR)。TSR是一種回報計算，考慮了現金股息的價值(假設收到的任何股息都被再投資)以及對所募集資金和拆分股份的折現資本的計算價值。可以說，TSR提供了一種更全面的股票回報圖景。事實上，過去5年中Black Hills的TSR爲-1.2%，這超過了前面提到的股價回報。這在很大程度上是其股息支付的結果!
A Different Perspective
另一種看法
Black Hills provided a TSR of 23% over the last twelve months. Unfortunately this falls short of the market return. On the bright side, that's still a gain, and it is certainly better than the yearly loss of about 0.2% endured over half a decade. It could well be that the business is stabilizing. 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. Case in point: We've spotted 3 warning signs for Black Hills you should be aware of, and 1 of them is significant.
在過去的十二個月裏，Black Hills提供了23%的TSR。不幸的是，這低於市場回報。但值得一提的是，這依然是一筆收益，並且肯定比過去半個世紀遭受的約0.2%的年度虧損好。有可能是企業正在穩定下來。雖然值得考慮市場情況對股價可能產生的不同影響，但還有其他更重要的因素。舉個例子: 我們已經發現了Black Hills的3個警告信號，您應該注意，其中1個很重要。
For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.
對於那些喜歡尋找獲勝投資的人來說，最近有內部購買的低估公司免費列表可能是一個很好的選擇。
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。