SolarWinds' (NYSE:SWI Five-year Decrease in Earnings Delivers Investors With a 18% Loss
SolarWinds' (NYSE:SWI Five-year Decrease in Earnings Delivers Investors With a 18% Loss
The main aim of stock picking is to find the market-beating stocks. But in any portfolio, there will be mixed results between individual stocks. So we wouldn't blame long term SolarWinds Corporation (NYSE:SWI) shareholders for doubting their decision to hold, with the stock down 63% over a half decade.
股票选择的主要目标是找到市场表现超越的股票。然而,在任何投资组合中,个别股票的结果将会有所不同。因此,我们不会责怪长期持有SolarWinds Corporation (NYSE:SWI)股票的股东们对他们的决定产生怀疑,因为股票在过去的五年中下跌了63%。
Since SolarWinds has shed US$71m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
由于SolarWinds在过去7天内失去了7100万美元的价值,让我们看看长期下降是否是由公司的经济状况所驱动。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
虽然市场是一个强大的定价机制,但股价反映的不仅仅是企业的基本业绩,还有投资者的情绪。一个不完美但简单的方式来考虑公司市场意识的变化是比较每股收益(EPS)的变化和股价的变化。
During five years of share price growth, SolarWinds moved from a loss to profitability. Most would consider that to be a good thing, so it's counter-intuitive to see the share price declining. Other metrics may better explain the share price move.
在五年的股价增长中,SolarWinds从亏损转为盈利。大多数人会认为这是一件好事,因此看到股价下跌是不符合直觉的。其他指标可能更好地解释了股价的变动。
The revenue fall of 2.5% per year for five years is neither good nor terrible. But if the market expected durable top line growth, then that could explain the share price weakness.
在过去五年中,营业收入年均下降2.5%,既不好也不坏。但如果市场预期持续的营收增长,那就可以解释股价的疲软。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
你可以在下面的图片中看到收入和营业收入随时间的变化情况(单击图表可查看精确值)。
![1724688632464](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240827/42888838-0-ff6e7254649e38d1ff2d5a84efd57186.webp/bigjpg)
We know that SolarWinds has improved its bottom line lately, but what does the future have in store? So it makes a lot of sense to check out what analysts think SolarWinds will earn in the future (free profit forecasts).
我们知道SolarWinds最近改善了其底线,但未来会发生什么呢?因此,查看分析师对SolarWinds未来收益的预测(免费的利润预测)是非常有意义的。
What About The Total Shareholder Return (TSR)?
那么,股东总回报(TSR)呢?
We'd be remiss not to mention the difference between SolarWinds' total shareholder return (TSR) and its share price return. Arguably the TSR is a more complete return calculation because it accounts for the value of dividends (as if they were reinvested), along with the hypothetical value of any discounted capital that have been offered to shareholders. SolarWinds hasn't been paying dividends, but its TSR of -18% exceeds its share price return of -63%, implying it has either spun-off a business, or raised capital at a discount; thereby providing additional value to shareholders.
我们不得不提到SolarWinds总股东回报率(TSR)与其股票回报率之间的差异。可以说,TSR是一种更完整的回报计算,因为它考虑了分红的价值(就好像它们被再投资了一样),以及任何对股东提供折扣资本的假设价值。SolarWinds并未支付股息,但其-18%的TSR超过了-63%的股票回报率,这意味着它要么分拆了一项业务,要么以折扣价筹集了资本;从而为股东提供了额外的价值。
A Different Perspective
不同的观点
SolarWinds' TSR for the year was broadly in line with the market average, at 28%. The silver lining is that the share price is up in the short term, which flies in the face of the annualised loss of 3% over the last five years. We're pretty skeptical of turnaround stories, but it's good to see the recent share price recovery. It's always interesting to track share price performance over the longer term. But to understand SolarWinds better, we need to consider many other factors. For example, we've discovered 3 warning signs for SolarWinds (1 is a bit concerning!) that you should be aware of before investing here.
SolarWinds今年的TSR基本与市场平均水平持平,为28%。好消息是股价短期内上涨,这与过去五年的年化损失3%相抵触。我们对转机故事持怀疑态度,但很高兴看到最近股价的回升。跟踪股价的长期表现总是很有趣。但要更好地理解SolarWinds,我们需要考虑许多其他因素。例如,我们发现了3个有关SolarWinds的警告信号(其中1个有点令人担忧!)在投资之前,您需要了解这些警告信号。
Of course SolarWinds may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
当然,SolarWinds可能不是最好的股票买入选择。因此,您可能希望查看这个免费的增长股票集合。
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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