Churchill Downs' (NASDAQ:CHDN) Investors Will Be Pleased With Their Impressive 139% Return Over the Last Five Years
Churchill Downs' (NASDAQ:CHDN) Investors Will Be Pleased With Their Impressive 139% Return Over the Last Five Years
When you buy a stock there is always a possibility that it could drop 100%. But on a lighter note, a good company can see its share price rise well over 100%. One great example is Churchill Downs Incorporated (NASDAQ:CHDN) which saw its share price drive 134% higher over five years. On top of that, the share price is up 12% in about a quarter.
买股票总有可能跌100％。但好公司的股价可能会上涨超过100％。一个很好的例子是Churchill Downs Incorporated (NASDAQ:CHDN)，在过去5年里，其股价飙升了134％。此外，在约一个季度内，股价上涨了12％。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
那么，让我们调查一下并查看公司的长期表现是否符合基本业务的进展。
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...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
引用巴菲特的话顺便说一下，“船只将环游世界，但支持地球平面学会的人将大有可为。 在市场上，价格和价值之间将继续存在巨大的差异...”通过比较EPS和股价变化，我们可以了解到投资者对公司的态度随时间的变化程度。
Over half a decade, Churchill Downs managed to grow its earnings per share at 16% a year. So the EPS growth rate is rather close to the annualized share price gain of 19% per year. Therefore one could conclude that sentiment towards the shares hasn't morphed very much. Indeed, it would appear the share price is reacting to the EPS.
在过去的5年中，Churchill Downs成功地以16％的年增长率增加了其每股收益。因此，EPS增长率相对于年化股价增长率19％而言相当接近。因此可以得出结论，股票的看法并未变化太多。实际上，似乎股价正在对EPS做出反应。
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's good to see that there was some significant insider buying in the last three months. That's a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. Dive deeper into the earnings by checking this interactive graph of Churchill Downs' earnings, revenue and cash flow.
很高兴在过去三个月中出现了一些重要的内部购买。这是一个积极的信号。话虽如此，我们认为营收增长和收益增长趋势更重要。通过查看Churchill Downs收益，营业收入和现金流的交互式图表，深入了解收益。
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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Churchill Downs' TSR for the last 5 years was 139%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股票回报率之外，投资者还应考虑股东总回报率(TSR)。而股票回报率仅反映了股票价格的变化，TSR包括股息的价值(假设它们被再投资)以及任何折价资本筹资或分拆的利益。所以对于那些支付丰厚股息的公司，TSR通常比股票回报率高得多。碰巧，Churchill Downs在过去5年的TSR达到了139％，超过了前面提到的股票回报率。这在很大程度上是其股息支付的结果！
A Different Perspective
不同的观点
Churchill Downs shareholders are up 1.7% for the year (even including dividends). Unfortunately this falls short of the market return. On the bright side, the longer term returns (running at about 19% a year, over half a decade) look better. It may well be that this is a business worth popping on the watching, given the continuing positive reception, over time, from the market. It's always interesting to track share price performance over the longer term. But to understand Churchill Downs better, we need to consider many other factors. For instance, we've identified 2 warning signs for Churchill Downs (1 is potentially serious) that you should be aware of.
即使包括股息，Churchill Downs股东今年收益也只有1.7％，不及市场收益。好在长期收益(过去半个世纪平均每年达到19%)看起来更好。随着市场持续的积极回应，这可能是一家值得关注的公司。跟踪股价的长期表现总是很有趣的。但要更好地了解Churchill Downs，我们需要考虑许多其他因素。例如，我们已经确定了2个警告信号表明Churchill Downs存在问题(其中1个可能很严重)。
Churchill Downs is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.
Churchill Downs并不是唯一一家内部人士正在购买的股票。对于那些喜欢寻找较少知名公司的人，与最近有内部人士购买的成长型公司的自由名单可能正是所需。
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。