Consolidated Edison (NYSE:ED) Shareholders Have Earned a 13% CAGR Over the Last Three Years
Consolidated Edison (NYSE:ED) Shareholders Have Earned a 13% CAGR Over the Last Three Years
One simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. Just take a look at Consolidated Edison, Inc. (NYSE:ED), which is up 30%, over three years, soundly beating the market return of 15% (not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 16% in the last year, including dividends.
从股票市场中受益的一种简单方法是购买指数基金。但如果你以有吸引力的价格购买良好的企业,你的投资组合回报率可能会超过平均市场回报率。只需看看纽交所上市的爱迪生联合电气公司 (NYSE:ED),在三年内股价上涨30%,远超市场回报率的15%(不包括股息)。然而,最近的回报表现不如之前,股票的回报率只有16%,包括派息,在过去一年中。
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...' 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.
引用巴菲特的话:“船只将周游世界,而‘地平派’仍会兴旺。市场上的价格和价值仍会存在广泛的差距……”考虑一家公司在市场上的认知如何变化的一个不完美但简单的方法是比较每股收益(EPS)的变化和股价的波动。
During three years of share price growth, Consolidated Edison achieved compound earnings per share growth of 16% per year. This EPS growth is higher than the 9% average annual increase in the share price. Therefore, it seems the market has moderated its expectations for growth, somewhat.
在三年的股价增长期间,爱迪生联合电气公司实现了每股收益复合增长率达16%,高于每股股价平均年增长率的9%。因此,市场似乎已经调整了对增长的预期。
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)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240818/0-04d96cab0e2593d1c275f77ffbfa40c7-0-5bd654e760c0a03a2e8b31d104f27837.png/big)
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. Dive deeper into the earnings by checking this interactive graph of Consolidated Edison's earnings, revenue and cash flow.
我们喜欢看到内部人在过去12个月内购买了股票。即便如此,未来的收益将更加重要,这决定了当前股东是否赚钱。通过查看爱迪生联合电气公司的盈利、营业收入和现金流的交互图表深入了解盈利情况。
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). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Consolidated Edison the TSR over the last 3 years was 45%, 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!
除了衡量股价回报之外,投资者还应考虑总股东回报(TSR)。TSR包括任何分拆或折价募资的价值以及任何股息,在股息再投资的假设下计算。可以说,TSR可以更全面地反映一只股票的回报。我们注意到,对于爱迪生联合电气公司,过去3年的TSR为45%,超过上述股价回报率。毫不奇怪,股息支付很大程度上解释了这种差异!
A Different Perspective
不同的观点
Consolidated Edison provided a TSR of 16% over the last twelve months. But that return falls short of the market. On the bright side, that's still a gain, and it's actually better than the average return of 7% over half a decade This could indicate that the company is winning over new investors, as it pursues its strategy. 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. Even so, be aware that Consolidated Edison is showing 2 warning signs in our investment analysis , and 1 of those makes us a bit uncomfortable...
在过去的12个月中,爱迪生联合电气公司提供了16%的TSR。但是该回报率低于市场水平。好在它仍然是一项收益,实际上比半个十年期间的7%平均回报率更好,这可能表明该公司正在赢得新的投资者,推行着其策略。虽然考虑市场情况对股价的影响是很值得的,但还有其他更重要的因素。即便如此,请注意,在我们的投资分析中,爱迪生联合电气公司显示了2个警告信号,其中1个让我们有些不安......
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: most of them are flying under the radar).
如果您喜欢与管理层共同购买股票,那么您可能会喜欢这个免费的公司列表(提示:大多数公司没有受到关注)。
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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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。