Here's Why I Think Terreno Realty (NYSE:TRNO) Might Deserve Your Attention Today

以下是为什么我认为Terreno不动产(纽约证券交易所市场代码:TRNO)值得你关注的原因

2020/01/22 15:32  Simply Wall St.

0

It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks with a good story, even if those businesses lose money. But as Warren Buffett has mused, 'If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.' When they buy such story stocks, investors are all too often the patsy.

So if you're like me, you might be more interested in profitable, growing companies, like Terreno Realty (NYSE:TRNO). Even if the shares are fully valued today, most capitalists would recognize its profits as the demonstration of steady value generation. While a well funded company may sustain losses for years, unless its owners have an endless appetite for subsidizing the customer, it will need to generate a profit eventually, or else breathe its last breath.

View our latest analysis for Terreno Realty

How Fast Is Terreno Realty Growing Its Earnings Per Share?

In the last three years Terreno Realty's earnings per share took off like a rocket; fast, and from a low base. So the actual rate of growth doesn't tell us much. Thus, it makes sense to focus on more recent growth rates, instead. Terreno Realty boosted its trailing twelve month EPS from US$0.90 to US$1.01, in the last year. I doubt many would complain about that 12% gain.

I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. Terreno Realty maintained stable EBIT margins over the last year, all while growing revenue 13% to US$165m. That's a real positive.

In the chart below, you can see how the company has grown earnings, and revenue, over time. For finer detail, click on the image.

0

While we live in the present moment at all times, there's no doubt in my mind that the future matters more than the past. So why not checkthis interactive chart depicting future EPS estimates, for Terreno Realty?

Are Terreno Realty Insiders Aligned With All Shareholders?

Like the kids in the streets standing up for their beliefs, insider share purchases give me reason to believe in a brighter future. This view is based on the possibility that stock purchases signal bullishness on behalf of the buyer. Of course, we can never be sure what insiders are thinking, we can only judge their actions.

The first bit of good news is that no Terreno Realty insiders reported share sales in the last twelve months. But the really good news is that Independent Director David Lee spent US$210k buying stock stock, at an average price of around US$42.04. To me that means at least one insider thinks that the company is doing well - and they are backing that view with cash.

The good news, alongside the insider buying, for Terreno Realty bulls is that insiders (collectively) have a meaningful investment in the stock. With a whopping US$94m worth of shares as a group, insiders have plenty riding on the company's success. That's certainly enough to make me think that management will be very focussed on long term growth.

While insiders already own a significant amount of shares, and they have been buying more, the good news for ordinary shareholders does not stop there. The cherry on top is that the CEO, W. Baird is paid comparatively modestly to CEOs at similar sized companies. For companies with market capitalizations between US$2.0b and US$6.4b, like Terreno Realty, the median CEO pay is around US$4.9m.

The Terreno Realty CEO received total compensation of just US$2.1m in the year to December 2018. That's clearly well below average, so at a glance, that arrangement seems generous to shareholders, and points to a modest remuneration culture. While the level of CEO compensation isn't a huge factor in my view of the company, modest remuneration is a positive, because it suggests that the board keeps shareholder interests in mind. I'd also argue reasonable pay levels attest to good decision making more generally.

Is Terreno Realty Worth Keeping An Eye On?

One important encouraging feature of Terreno Realty is that it is growing profits. On top of that, we've seen insiders buying shareseven though they already own plenty. To me, that all makes it well worth a spot on your watchlist, as well as continuing research. 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 exclusivediscounted cashflow valuationof Terreno Realty. You might benefit from giving it a glance today.

The good news is that Terreno Realty is not the only growth stock with insider buying. Here'sa list of them... with insider buying in the last three months!

Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction

If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

0

很自然,许多投资者,特别是那些刚开始玩游戏的人,更喜欢买那些故事不错的“性感”股票,即使这些公司亏损了。但正如沃伦·巴菲特(WarrenBuffett)所想的那样,“如果你已经玩了半个小时的扑克,但你还是不知道谁是替罪羊,你就是替罪羊。”当他们购买这样的故事股票时,投资者往往是替罪羊。

因此,如果你像我一样,你可能更感兴趣的是盈利的,成长中的公司,如Terreno房地产公司(纽约证券交易所市场代码:TRNO)。即使这些股票在今天得到了充分的估值,大多数资本家也会把它的利润看作是稳定价值产生的表现。虽然一家资金充足的公司可能会亏损数年,除非它的所有者对补贴客户有着无尽的兴趣,否则它最终将需要创造利润,否则就会喘不过气来。

查看我们对Terreno不动产的最新分析

Terreno房地产公司每股收益增长的速度有多快?

在过去的三年里,Terreno房地产公司的每股收益像火箭一样迅速增长,而且基数很低。所以实际的增长率并没有告诉我们什么。因此,把重点放在最近的增长率上是有意义的。去年,Terreno房地产公司将12个月的每股收益从0.90美元提高到1.01美元。我怀疑很多人会抱怨12%的收益。

我想看看息前收益和(EBIT)的税前利润率,以及收入的增长,以获得对公司增长质量的另一个看法。泰瑞诺地产去年保持稳定的EBIT利润率,同时营收增长13%,达到1.65亿美元。这真是个好消息。

在下面的图表中,您可以看到公司是如何随着时间的推移而增加收益和收入的。要获得更详细的细节,请单击图像。

0

当我们一直活在当下的时候,毫无疑问,未来比过去更重要。那么,为什么不检查一下这张描述未来每股收益估计的交互式图表,用于Terreno房地产公司呢?

泰瑞诺房地产内部人是否与所有股东一致?

就像街头的孩子们一样,内部人士购买股票让我有理由相信更光明的未来。这一观点是基于这样一种可能性,即股票购买代表买方发出看涨信号。当然,我们永远无法确定内部人士在想什么,我们只能评判他们的行为。

第一个好消息是,在过去12个月里,没有Terreno房地产内部人士报告股票销售情况。但真正的好消息是,独立董事李国宝(DavidLee)花了21万美元购买股票,平均价格约为42.04美元。对我来说,这意味着至少有一位内部人士认为该公司表现良好--他们正以现金支持这一观点。

好消息,除了内幕购买,对Terreno房地产多头来说,是内部人士(集体)对股票进行了有意义的投资。作为一个整体,公司股价高达9400万美元,内部人士对公司的成功寄予厚望。这当然足以让我认为,管理层将非常专注于长期增长。

虽然内部人士已经拥有大量股票,而且他们一直在买入更多股票,但对普通股东来说,好消息并不止步于此。最重要的是,CEO W·贝尔德(W.Baird)在类似规模的公司里,薪酬相对较低。对于市值在20亿美元至64亿美元之间的公司,比如Terreno房地产公司,首席执行官的薪酬中值约为490万美元。

这位泰瑞诺房地产公司的首席执行官在2018年12月之前的一年里只获得了210万美元的薪酬。这显然远远低于平均水平,因此乍一看,这种安排对股东来说似乎很慷慨,并指向了一种温和的薪酬文化。虽然在我看来,CEO的薪酬水平并不是一个巨大的因素,但适度的薪酬是一个积极的因素,因为这意味着董事会要牢记股东的利益。我还认为,合理的薪酬水平可以证明做出更广泛的决策是正确的。

泰瑞诺地产值得关注吗?

Terreno房地产的一个重要的令人鼓舞的特点是它的利润不断增长。最重要的是,我们看到内部人士购买股票--尽管他们已经拥有大量股份。对我来说,这一切都非常值得在你的观察名单上,以及继续研究。一旦你确定了你喜欢的业务,下一步就是考虑一下你认为它的价值。现在是您的机会来查看我们的特瑞诺不动产的现金流动价值。今天看一看可能会有好处。

好消息是,Terreno房地产并不是唯一一只有内幕交易的成长型股票。这是他们的名单..。最近三个月的内幕交易!

请注意本文中讨论的内幕交易,请参阅相关管辖范围内的可报告交易。

如果你发现一个值得纠正的错误,请联系编辑-Team@simplyWallst.com。这篇文章简单地说是华尔街的,本质上是一般性的。它不构成买卖任何股票的建议,也不考虑你的目标,或你的财务状况。简单地说,华尔街在提到的股票中没有立场。

我们的目标是为您带来由基础数据驱动的长期重点研究分析。请注意,我们的分析可能不考虑最新的价格敏感的公司公告或定性材料。感谢您的阅读。

免责声明:中文翻译由腾讯翻译君提供支持,富途对翻译信息的准确性或可靠性所造成的任何损失不承担任何责任。

风险提示:上文所示之作者或者嘉宾的观点,都有其特定立场,投资决策需建立在独立思考之上。富途将竭力但却不能保证以上内容之准确和可靠,亦不会承担因任何不准确或遗漏而引起的任何损失或损害。