New York Times (NYSE:NYT) Shareholders Have Earned a 9.1% CAGR Over the Last Five Years
New York Times (NYSE:NYT) Shareholders Have Earned a 9.1% CAGR Over the Last Five Years
When you buy and hold a stock for the long term, you definitely want it to provide a positive return. Better yet, you'd like to see the share price move up more than the market average. But The New York Times Company (NYSE:NYT) has fallen short of that second goal, with a share price rise of 49% over five years, which is below the market return. However, more recent buyers should be happy with the increase of 32% over the last year.
如果你持有一支股票长期投资，当然希望它能提供正收益。更好的是，你希望看到股价上涨超过市场平均水平。但是，纽约时报公司（NYSE:NYT）在第二个目标方面没能做到，五年内股价涨幅为49%，低于市场回报。不过，更近期的购买者对去年32%的涨幅应该感到高兴。
So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns.
因此，让我们评估过去5年的基本面，看看它们是否和股东的回报率相符。
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.
虽然一些人仍然相信有效市场假说，但已经证明市场是过度反应的动态系统，投资者并不总是理性的。一个不完美但简单的方法来考虑公司市场看法的变化是比较每股收益（EPS）的变化和股价的波动。
During five years of share price growth, New York Times achieved compound earnings per share (EPS) growth of 13% per year. This EPS growth is higher than the 8% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock.
在五年的股价上涨期间，纽约时报实现了每股收益复合增长率13%。这一增长率高于股价每年平均增长率8%。因此，可以得出结论，整个市场对这只股票变得更加谨慎。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的图片中查看每股收益如何随时间变化（单击图表以查看确切的价值）。
It is of course excellent to see how New York Times has grown profits over the years, but the future is more important for shareholders. Take a more thorough look at New York Times' financial health with this free report on its balance sheet.
当然，看到纽约时报多年来的利润增长是很好的，但未来更重要。通过此免费报告，更全面地了解纽约时报的财务状况。
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. 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. We note that for New York Times the TSR over the last 5 years was 55%, which is better than the share price return mentioned above. 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。总股东回报和股票回报股价回报只反映股价变动，TSR则包括股息价值（假设进行再投资）以及任何折价资本筹集或分拆的收益。可以说，TSR为有股息支付的股票提供了一个更完整的图像。我们注意到，纽约时报在过去五年中的TSR为55%，高于上述股价回报。而且，可以猜测股息支付在很大程度上解释了这种差异！
A Different Perspective
不同的观点
It's nice to see that New York Times shareholders have received a total shareholder return of 34% over the last year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 9% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It's always interesting to track share price performance over the longer term. But to understand New York Times better, we need to consider many other factors. Even so, be aware that New York Times is showing 1 warning sign in our investment analysis , you should know about...
很高兴看到纽约时报股东在过去一年内获得总股东回报率34%。这当然包含股息。由于一年的TSR优于五年的TSR（后者为每年9%），因此可以认为该股票的表现近期有所改善。有乐观视角的人可能会认为，最近TSR的提高表明业务本身随着时间的推移而变得更好。长期跟踪股价表现总是很有趣的。但为了更好地了解纽约时报，我们需要考虑许多其他因素。但是请注意，纽约时报在我们的投资分析中显示出了1个警告信号，你应该知道...
But note: New York Times 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：纽约时报可能不是最好的买入股票。请浏览此免费清单，了解一些有过去盈利增长（并有进一步增长预期）的有趣公司。
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.
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
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@simplywallst.com。