National Beverage (NASDAQ:FIZZ) Sheds 4.4% This Week, as Yearly Returns Fall More in Line With Earnings Growth
National Beverage (NASDAQ:FIZZ) Sheds 4.4% This Week, as Yearly Returns Fall More in Line With Earnings Growth
National Beverage Corp. (NASDAQ:FIZZ) shareholders might be concerned after seeing the share price drop 11% in the last quarter. But the silver lining is the stock is up over five years. However we are not very impressed because the share price is only up 86%, less than the market return of 107%.
National Beverage公司(纳斯达克:FIZZ)的股东可能会对上个季度股价下跌11%感到担忧。但好消息是股票在过去五年中上涨。然而我们并不是很满意,因为股价仅上涨86%,低于市场回报率的107%。
While this past week has detracted from the company's five-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment.
虽然过去的一周削弱了公司的五年回报,但让我们看看业务的最近趋势,并查看收益是否已对齐。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. 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.
沃伦·巴菲特在他的论文《格雷厄姆-道德斯维尔的超级投资者》中描述了股票价格并不总是合理地反映企业的价值。通过比较每股收益(EPS)和股价随时间变化的变化,我们可以了解到投资者对某家公司的态度如何随时间而变化。
During five years of share price growth, National Beverage achieved compound earnings per share (EPS) growth of 7.7% per year. This EPS growth is lower than the 13% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
在五年的股价增长期间,National Beverage实现了每股收益(EPS)年均复合增长率为7.7%。这一EPS增长率低于股价年均增长率13%的平均水平。因此,可以合理假设市场对该企业的看法比五年前更高。考虑到过去五年盈利增长的记录,这并不奇怪。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下图显示了EPS随时间的变化情况(如果您单击该图像,则可以查看更多详细信息)。
We know that National Beverage has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts.
我们知道国民饮料最近改善了底线,但它是否会增长营业收入?如果您感兴趣,您可以查看这份展示共识营业收入预测的免费报告。
What About The Total Shareholder Return (TSR)?
那么,股东总回报(TSR)呢?
We've already covered National Beverage's share price action, but we should also mention its total shareholder return (TSR). The TSR attempts to capture the value of dividends (as if they were reinvested) as well as any spin-offs or discounted capital raisings offered to shareholders. Its history of dividend payouts mean that National Beverage's TSR of 126% over the last 5 years is better than the share price return.
我们已经讨论了国民饮料的股价表现,但我们也应该提到其总股东回报(TSR)。TSR试图捕捉分红的价值(就好像它们被再投资了一样),以及提供给股东的任何股息或折价融资。其分红支付历史意味着国民饮料过去5年的TSR为126%,优于股价回报。
A Different Perspective
不同的观点
National Beverage provided a TSR of 3.0% over the last twelve months. But that return falls short of the market. On the bright side, the longer term returns (running at about 18% a year, over half a decade) look better. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. 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. To that end, you should be aware of the 1 warning sign we've spotted with National Beverage .
国民饮料在过去十二个月提供了3.0%的TSR。但这一回报不及市场水平。好消息是,长期回报(每年约18%,一半的十年时间)看起来更好。公司很可能继续具有卓越的执行力,即使股价涨幅放缓。我觉得长期观察股价作为业务绩效的一种代理非常有趣。但为了真正获得洞察力,我们也需要考虑其他信息。为此,您应该注意我们发现的与国民饮料相关的1个警告信号。
But note: National Beverage 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:国民饮料可能不是最佳的股票买入选择。因此,请查看这份免费的有趣公司名单,其中包括过去盈利增长的公司(以及未来增长预测)。
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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