Brown & Brown (NYSE:BRO) Shareholders Have Earned a 23% CAGR Over the Last Five Years
Brown & Brown (NYSE:BRO) Shareholders Have Earned a 23% CAGR Over the Last Five Years
When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But on the bright side, if you buy shares in a high quality company at the right price, you can gain well over 100%. One great example is Brown & Brown, Inc. (NYSE:BRO) which saw its share price drive 174% higher over five years.
当你购买一家公司的股票时，值得记住的是公司可能会失败，你可能会损失资金。但好的一面是，如果你以正确的价格买入高质量的公司股票，你可以获得超过100%的回报。一个很好的例子是Brown & Brown, Inc.(纽交所:BRO)在过去5年中股价上涨了174%。
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 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).
用本杰明·格雷厄姆的话来说：“短期市场是一台投票机，但长期市场是一台称重机”。检查市场情绪如何随时间推移变化的一种方式是查看公司股价和每股收益（EPS）之间的相互作用。
During five years of share price growth, Brown & Brown achieved compound earnings per share (EPS) growth of 19% per year. This EPS growth is reasonably close to the 22% average annual increase in the share price. This indicates that investor sentiment towards the company has not changed a great deal. In fact, the share price seems to largely reflect the EPS growth.
在股价增长的5年中，Brown & Brown的每股收益(EPS)合成增长率为19%/年。这个EPS增长与股价每年平均增长22%相当接近。这表明投资者对公司的看法没有太大变化。事实上，股价似乎在很大程度上反映了EPS的增长。
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）。
We consider it positive that insiders have made significant purchases in the last year. Even so, future earnings will be far more important to whether current shareholders make money. It might be well worthwhile taking a look at our free report on Brown & Brown's earnings, revenue and cash flow.
我们认为内部人员在过去一年中进行了重大购买是积极的。即便如此，未来的收益对当前股东赚钱更为重要。看一下我们免费报告中关于Brown & Brown收益、营收和现金流的内容可能是非常值得的。
What About Dividends?
那么分红怎么样呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Brown & Brown's TSR for the last 5 years was 184%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了衡量股价回报，投资者还应考虑股东总回报(TSR)。股价回报仅反映了股价的变化，TSR包括股息价值(假设他们被再投资)和任何折价资本募集或分拆的好处。可以说TSR为支付股息的股票提供了更完整的图片。事实上，Brown & Brown在过去5年中的TSR为184%，超过了前面提到的股价回报。而股息支付很大程度上解释了这种分歧!
A Different Perspective
不同的观点
We're pleased to report that Brown & Brown shareholders have received a total shareholder return of 37% over one year. Of course, that includes the dividend. That's better than the annualised return of 23% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with 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. Even so, be aware that Brown & Brown is showing 1 warning sign in our investment analysis , you should know about...
我们很高兴地报告，Brown & Brown的股东在过去一年期间获得了37%的总股东回报。当然，这包括股息。这比过去半个世纪23%的年化回报率更好，这意味着公司近期表现更好。一个态度乐观的人可能会认为TSR的最近改善表明公司本身正在逐渐变得更好。我发现长期来看股价作为业绩的代理非常有趣。但是为了真正的了解，我们需要考虑其他信息。即便如此，请注意Brown & Brown在我们的投资分析中显示出1个警告信号，你应该了解...
There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of undervalued small cap companies that insiders are buying.
还有很多其他的公司，公司的内部人士正在购买股票。你可能不想错过这个免费的小市值公司的低估列表。
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。
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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.
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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