Despite Delivering Investors Losses of 15% Over the Past 3 Years, Quaker Chemical (NYSE:KWR) Has Been Growing Its Earnings
Despite Delivering Investors Losses of 15% Over the Past 3 Years, Quaker Chemical (NYSE:KWR) Has Been Growing Its Earnings
For many investors, the main point of stock picking is to generate higher returns than the overall market. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer term Quaker Chemical Corporation (NYSE:KWR) shareholders, since the share price is down 18% in the last three years, falling well short of the market return of around 22%. But it's up 5.7% in the last week.
对于许多投资者来说,选股的要点是产生比整个市场更高的回报。但是选股的风险在于,你可能会买入表现不佳的公司。不幸的是,贵格化学公司(纽约证券交易所代码:KWR)的长期股东就是这种情况,因为股价在过去三年中下跌了18%,远低于22%左右的市场回报率。但上周上涨了5.7%。
While the stock has risen 5.7% in the past week but long term shareholders are still in the red, let's see what the fundamentals can tell us.
尽管该股在过去一周上涨了5.7%,但长期股东仍处于亏损状态,但让我们看看基本面能告诉我们什么。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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.
在他的文章中 格雷厄姆和多兹维尔的超级投资者 沃伦·巴菲特描述了股价如何并不总是合理地反映企业的价值。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 five years of share price growth, Quaker Chemical moved from a loss to profitability. That would generally be considered a positive, so we are surprised to see the share price is down. So given the share price is down it's worth checking some other metrics too.
在五年的股价增长中,贵格化学从亏损转为盈利。这通常会被视为利好,因此我们惊讶地看到股价下跌。因此,鉴于股价下跌,还值得检查其他一些指标。
The modest 0.9% dividend yield is unlikely to be guiding the market view of the stock. Revenue is actually up 7.8% over the three years, so the share price drop doesn't seem to hinge on revenue, either. This analysis is just perfunctory, but it might be worth researching Quaker Chemical more closely, as sometimes stocks fall unfairly. This could present an opportunity.
0.9%的适度股息收益率不太可能指导该股的市场观点。在过去的三年中,收入实际上增长了7.8%,因此股价下跌似乎也不取决于收入。这种分析只是敷衍了事,但可能值得对贵格化学进行更仔细的研究,因为有时股票会不公平地下跌。这可能带来机会。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
您可以在下图中看到收入和收入随时间推移而发生的变化(点击图表查看确切值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240522/0-a05516f4e0dc4de2d84947e0fd1c8aa1-0-69289795f62bbfc9f0aab9df29a29a03.png/big)
We know that Quaker Chemical has improved its bottom line lately, but what does the future have in store? You can see what analysts are predicting for Quaker Chemical in this interactive graph of future profit estimates.
我们知道奎克化学最近提高了利润,但是未来会发生什么?您可以在这张未来利润估计的交互式图表中看到分析师对贵格化学的预测。
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. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Quaker Chemical, it has a TSR of -15% for the last 3 years. That exceeds its share price return that we previously mentioned. 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。尽管股价回报率仅反映股价的变化,但股东总回报率包括股息的价值(假设已进行再投资)以及任何折扣融资或分拆的收益。可以说,股东总回报率更全面地描述了股票产生的回报。就贵格化学而言,在过去三年中,其股东回报率为-15%。这超过了我们之前提到的其股价回报率。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
While the broader market gained around 30% in the last year, Quaker Chemical shareholders lost 1.2% (even including dividends). 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. On the bright side, long term shareholders have made money, with a gain of 1.4% per year over half a decade. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. 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. For instance, we've identified 1 warning sign for Quaker Chemical that you should be aware of.
尽管去年整体市场上涨了约30%,但贵格化学的股东损失了1.2%(甚至包括股息)。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。好的一面是,长期股东赚了钱,在过去的五年中,每年增长1.4%。最近的抛售可能是一个机会,因此可能值得查看基本面数据以寻找长期增长趋势的迹象。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,我们已经确定了贵格化学的一个警告信号,你应该注意这一点。
But note: Quaker Chemical may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意:贵格化学可能不是最好的买入股票。因此,来看看这份过去盈利增长(以及进一步增长预测)的有趣公司的免费清单。
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。