Steel Dynamics' (NASDAQ:STLD) 30% CAGR Outpaced the Company's Earnings Growth Over the Same Five-year Period
Steel Dynamics' (NASDAQ:STLD) 30% CAGR Outpaced the Company's Earnings Growth Over the Same Five-year Period
The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put in. But on the bright side, you can make far more than 100% on a really good stock. For example, the Steel Dynamics, Inc. (NASDAQ:STLD) share price has soared 232% in the last half decade. Most would be very happy with that. On top of that, the share price is up 11% in about a quarter. But this move may well have been assisted by the reasonably buoyant market (up 12% in 90 days).
在购买公司股票(假设没有杠杆作用)之后,最糟糕的结果是你损失了所有投入的资金。但好的一面是,购买一只非常好的股票,您可以赚取超过100%的收入。例如,钢铁动力公司(纳斯达克股票代码:STLD)的股价在过去五年中飙升了232%。大多数人会对此感到非常满意。最重要的是,股价在大约一个季度内上涨了11%。但是,这一举措很可能得到了相当活跃的市场(90天内上涨了12%)的推动。
After a strong gain in the past week, it's worth seeing if longer term returns have been driven by improving fundamentals.
在过去一周强劲上涨之后,值得一看的是长期回报是否是由基本面改善推动的。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
引用巴菲特的话说:“船只将在世界各地航行,但Flat Earth Society将蓬勃发展。市场上的价格和价值之间将继续存在巨大差异...”研究市场情绪如何随着时间的推移而变化的一种方法是研究公司股价与其每股收益(EPS)之间的相互作用。
Over half a decade, Steel Dynamics managed to grow its earnings per share at 23% a year. So the EPS growth rate is rather close to the annualized share price gain of 27% per year. This indicates that investor sentiment towards the company has not changed a great deal. Rather, the share price has approximately tracked EPS growth.
在过去的五年中,钢铁动力成功地将其每股收益增长到每年23%。因此,每股收益的增长率相当接近每年27%的年化股价涨幅。这表明投资者对公司的情绪没有太大变化。相反,股价大致追踪了每股收益的增长。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下图描述了 EPS 随着时间的推移是如何变化的(点击图片可以看到确切的值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240213/0-c1b0a71a4054837e0f5b37adf86a4604-0-c3dd85d3af7f0409c232195a34585b73.png/big)
We know that Steel Dynamics has improved its bottom line over the last three years, but what does the future have in store? You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
我们知道,Steel Dynamics在过去三年中提高了利润,但是未来会发生什么呢?您可以在这张免费的交互式图片中看到其资产负债表如何随着时间的推移而增强(或减弱)。
What About Dividends?
分红呢?
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Steel Dynamics the TSR over the last 5 years was 274%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
除了衡量股价回报率外,投资者还应考虑股东总回报率(TSR)。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。我们注意到,钢铁动力过去5年的股东总回报率为274%,好于上述股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
Steel Dynamics shareholders are down 0.6% for the year (even including dividends), but the market itself is up 21%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 30%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. 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. For instance, we've identified 2 warning signs for Steel Dynamics (1 doesn't sit too well with us) that you should be aware of.
钢铁动力股东今年下跌了0.6%(甚至包括股息),但市场本身上涨了21%。即使是优质股票的股价有时也会下跌,但我们希望在过于感兴趣之前看到企业基本指标的改善。长期投资者不会那么沮丧,因为他们本可以在五年内每年赚30%。如果基本面数据继续显示长期可持续增长,那么当前的抛售可能是一个值得考虑的机会。我发现将长期股价视为业务绩效的代表非常有趣。但是,要真正获得见解,我们还需要考虑其他信息。例如,我们已经确定了 Steel Dynamics 的 2 个警告信号(其中一个不太适合我们),你应该注意这些标志。
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
如果你像我一样,那么你不会想错过这份业内人士正在收购的成长型公司的免费名单。
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。