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Investors in Waste Connections (NYSE:WCN) Have Seen Favorable Returns of 82% Over the Past Five Years

Investors in Waste Connections (NYSE:WCN) Have Seen Favorable Returns of 82% Over the Past Five Years

在过去的五年里,投资Waste Connections(纽交所:WCN)的投资者已获得了82%的良好回报。
Simply Wall St ·  06/03 14:29

If you buy and hold a stock for many years, you'd hope to be making a profit. Furthermore, you'd generally like to see the share price rise faster than the market. But Waste Connections, Inc. (NYSE:WCN) has fallen short of that second goal, with a share price rise of 75% over five years, which is below the market return. Looking at the last year alone, the stock is up 19%.

如果你买了股票并持有多年,你肯定希望能赚钱。此外,你也希望看到股价的上涨速度高于市场平均水平。但Waste Connections, Inc.(NYSE:WCN)没有完成第二个目标,股价在五年内上涨了75%,低于市场回报。仅看上一年,该股上涨了19%。

Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.

现在值得更详细地了解该公司的基本面,因为这将帮助我们判断长期股东回报是否与基础业务的表现相匹配。

To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.

为了概述本杰明·格雷厄姆(Benjamin Graham)的话:短期内,市场是一台投票机,但长期来看,它是一台衡重机。思考一家公司的市场感知如何转变的一种不完美但简单的方法是将每股收益(EPS)变化与股价变动进行比较。

During five years of share price growth, Waste Connections achieved compound earnings per share (EPS) growth of 8.2% per year. This EPS growth is lower than the 12% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did five years ago. And that's hardly shocking given the track record of growth. This favorable sentiment is reflected in its (fairly optimistic) P/E ratio of 53.32.

在五年的股价增长期间,Waste Connections的每股收益(EPS)增长率达到了每年8.2%的复合增长率。这种EPS增长低于股价每年平均增长率12%。因此我们可以认为市场对该公司的看法比五年前更高。鉴于其创业板板块的业绩记录,这并不奇怪。这种良好的情绪反映在其(相当乐观的)市盈率达到53.32。

The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).

该公司的每股收益(随时间的推移)如下图所示(单击可查看确切数字)。

earnings-per-share-growth
NYSE:WCN Earnings Per Share Growth June 3rd 2024
NYSE:WCN每股收益增长2024年6月3日

We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..

我们很高兴报告说,该公司的CEO薪酬比同等资本化公司中的大多数CEO要低得多。但是,尽管CEO薪酬值得检查,但真正重要的问题是该公司是否能够在未来增长收益。在买入或卖出股票之前,我们始终建议进行历史增长趋势的仔细研究,可以在这里获得历史数据。

What About Dividends?

那么分红怎么样呢?

When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Waste Connections, it has a TSR of 82% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!

在考虑投资回报时,重要的是考虑总股东回报(TSR)和股票回报之间的差异。 TSR包括任何剥离或折让的资本筹集(基于股息被重新投资的假设),以及任何股息。因此,对于支付慷慨的股息公司而言,TSR通常比股票回报高得多。就中国神威药业集团而言,其TSR在过去5年中达到了75%。这超过了我们之前提到的股票回报。该公司支付的股息已经提高了总股东回报。总股东回报股票回报TSR包括任何分拆或折价融资的价值,以及任何股息,这基于股息被再投资的假设。因此,对于支付丰厚股息的公司,TSR往往比股价回报高得多。对于Waste Connections而言,其在过去五年中的TSR为82%。这超过了我们先前提到的股价回报。这在很大程度上是其分红款项的结果。

A Different Perspective

不同的观点

Waste Connections shareholders are up 20% for the year (even including dividends). But that return falls short of the market. The silver lining is that the gain was actually better than the average annual return of 13% per year over five year. This suggests the company might be improving over time. 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 example, we've discovered 2 warning signs for Waste Connections that you should be aware of before investing here.

Waste Connections的股东们今年的收益率增长了20%(包括分红派息)。但是这种回报还是低于市场水平。好消息是,这个增长实际上比过去五年平均年回报率13%要好。这表明该公司可能随着时间的推移而不断改善。我认为,长期观察股价是了解业务表现的一种替代方法,但要真正获得洞察力,我们还需要考虑其他信息。例如,在此之前我们已发现了Waste Connections的2个警示迹象,您在进行投资之前应该知道这些信息。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.

当然,您可能在其他地方找到一家出色的企业进行投资。因此,请查看我们预计将实现盈利增长的公司的免费列表。

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,本文所引述的市场回报反映了目前在美国交易所上市的股票的市场加权平均回报。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。

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