The Five-year Loss for Atrion (NASDAQ:ATRI) Shareholders Likely Driven by Its Shrinking Earnings
The Five-year Loss for Atrion (NASDAQ:ATRI) Shareholders Likely Driven by Its Shrinking Earnings
While it may not be enough for some shareholders, we think it is good to see the Atrion Corporation (NASDAQ:ATRI) share price up 18% in a single quarter. But that can't change the reality that over the longer term (five years), the returns have been really quite dismal. Indeed, the share price is down 53% in the period. So is the recent increase sufficient to restore confidence in the stock? Not yet. Of course, this could be the start of a turnaround.
尽管这对某些股东来说可能还不够,但我们认为Atrion公司(纳斯达克股票代码:ATRI)的股价在一个季度内上涨18%是件好事。但这无法改变这样一个现实,即从长远来看(五年),回报确实非常惨淡。事实上,股价在此期间下跌了53%。那么,最近的涨幅是否足以恢复对该股的信心?还没有。当然,这可能是转机的开始。
Although the past week has been more reassuring for shareholders, they're still in the red over the last five years, so let's see if the underlying business has been responsible for the decline.
尽管过去一周令股东更加放心,但在过去五年中,他们仍处于亏损状态,所以让我们看看基础业务是否是造成下降的原因。
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.
尽管一些人继续教导高效市场假说,但事实证明,市场是反应过度的动态系统,投资者并不总是理性的。考虑市场对公司的看法发生了怎样的变化的一种不完美但简单的方法是将每股收益(EPS)的变化与股价走势进行比较。
During the five years over which the share price declined, Atrion's earnings per share (EPS) dropped by 8.6% each year. Readers should note that the share price has fallen faster than the EPS, at a rate of 14% per year, over the period. This implies that the market is more cautious about the business these days.
在股价下跌的五年中,Atrion的每股收益(EPS)每年下降8.6%。读者应注意,在此期间,股价的下跌速度快于每股收益,每年下降14%。这意味着如今市场对该业务更加谨慎。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
你可以在下面看到 EPS 是如何随着时间的推移而变化的(点击图片发现确切的值)。
It's probably worth noting we've seen significant insider buying in the last quarter, which we consider a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. Dive deeper into the earnings by checking this interactive graph of Atrion's earnings, revenue and cash flow.
可能值得注意的是,我们在上个季度看到了大量的内幕买盘,我们认为这是积极的。话虽如此,我们认为收益和收入增长趋势是更重要的考虑因素。查看这张Atrion收益、收入和现金流的交互式图表,深入了解收益。
What About Dividends?
分红呢?
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, Atrion's TSR for the last 5 years was -50%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考虑投资回报时,重要的是要考虑两者之间的区别 股东总回报 (TSR) 和 股价回报。股东总回报率是一种回报计算方法,它考虑了现金分红的价值(假设收到的任何股息都经过再投资)以及任何贴现资本筹集和分拆的计算价值。可以公平地说,股东总回报率为支付股息的股票提供了更完整的画面。碰巧的是,Atrion在过去5年的股东总回报率为-50%,超过了前面提到的股价回报率。而且,猜测股息支付在很大程度上解释了这种分歧是没有好处的!
A Different Perspective
不同的视角
Investors in Atrion had a tough year, with a total loss of 44% (including dividends), against a market gain of about 22%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 8% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. 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. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with Atrion (at least 1 which can't be ignored) , and understanding them should be part of your investment process.
Atrion的投资者经历了艰难的一年,总亏损了44%(包括股息),而市场涨幅约为22%。但是,请记住,即使是最好的股票有时也会在十二个月内表现不如市场。遗憾的是,去年的业绩结束了糟糕的表现,股东在五年内每年面临8%的总亏损。我们意识到罗斯柴尔德男爵曾说过,投资者应该 “在街头流血时买入”,但我们警告说,投资者应首先确保他们购买的是高质量的企业。尽管市场状况可能对股价产生的不同影响值得考虑,但还有其他因素更为重要。例如,投资风险的幽灵无处不在。我们已经确定了Atrion的3个警告信号(至少有1个不容忽视),了解它们应该是您投资过程的一部分。
Atrion is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
Atrion并不是内部人士唯一买入的股票。对于那些喜欢寻找获利投资的人来说,这份最近有内幕收购的成长型公司的免费清单可能就是入场券。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
请注意,本文引用的市场回报反映了目前在美国交易所交易的股票的市场加权平均回报。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。