With EPS Growth And More, Dropbox (NASDAQ:DBX) Makes An Interesting Case
With EPS Growth And More, Dropbox (NASDAQ:DBX) Makes An Interesting Case
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even companies that have no revenue, no profit, and a record of falling short, can manage to find investors. Sometimes these stories can cloud the minds of investors, leading them to invest with their emotions rather than on the merit of good company fundamentals. Loss making companies can act like a sponge for capital - so investors should be cautious that they're not throwing good money after bad.
投资一家能够扭转其命运的公司的兴奋感是一些投机者的主要吸引力,因此即使是没有营业收入、没有利润且业绩不佳的公司,也能找到投资者。有时这些故事会影响投资者的判断,使他们凭感情而非公司基本面的优劣来投资。亏损的公司可能如同资本的海绵——因此投资者应谨慎,以免将好钱花在坏项目上。
In contrast to all that, many investors prefer to focus on companies like Dropbox (NASDAQ:DBX), which has not only revenues, but also profits. While profit isn't the sole metric that should be considered when investing, it's worth recognising businesses that can consistently produce it.
与这些情况相比,许多投资者更喜欢关注像Dropbox(纳斯达克:DBX)这样的公司,它不仅有营业收入,而且还有利润。虽然利润并不是投资时唯一需要考虑的指标,但值得关注能够始终保持盈利的企业。
Dropbox's Earnings Per Share Are Growing
Dropbox的每股收益正在增长
The market is a voting machine in the short term, but a weighing machine in the long term, so you'd expect share price to follow earnings per share (EPS) outcomes eventually. That means EPS growth is considered a real positive by most successful long-term investors. Dropbox's shareholders have have plenty to be happy about as their annual EPS growth for the last 3 years was 38%. While that sort of growth rate isn't sustainable for long, it certainly catches the eye of prospective investors. It's also worth noting that the EPS growth has been assisted by share buybacks, indicating the company is in a position to return capital to shareholders.
市场在短期内是一台投票机,但在长期内却是一台称重机,因此你可以预计股价最终会跟随每股收益(EPS)的结果。这意味着每股收益的增长被大多数成功的长期投资者视为真正的积极信号。Dropbox的股东有很多值得高兴的地方,因为他们过去3年的年均每股收益增长率为38%。虽然这种增长率不能长期持续,但确实吸引了潜在投资者的注意。同样值得注意的是,每股收益的增长得益于股票回购,这表明公司有能力将资本返还给股东。
It's often helpful to take a look at earnings before interest and tax (EBIT) margins, as well as revenue growth, to get another take on the quality of the company's growth. Dropbox shareholders can take confidence from the fact that EBIT margins are up from 16% to 18%, and revenue is growing. Ticking those two boxes is a good sign of growth, in our book.
查看息税前利润(EBIT)利润率以及营业收入增长通常是有帮助的,这可以让我们进一步了解公司的增长质量。Dropbox的股东可以对EBIT利润率从16%上升到18%以及营业收入增长感到安心。勾选这两个指标对我们来说是良好增长的好兆头。
In the chart below, you can see how the company has grown earnings and revenue, over time. For finer detail, click on the image.
在下面的图表中,您可以看到该公司随着时间的推移如何增长盈利和营业收入。有关详细信息,请点击图片。
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Of course the knack is to find stocks that have their best days in the future, not in the past. You could base your opinion on past performance, of course, but you may also want to check this interactive graph of professional analyst EPS forecasts for Dropbox.
当然,关键是找到未来表现最佳的股票,而不是过去表现最佳的股票。您当然可以基于过去的表现来形成自己的观点,但您也可能想查看这个专业分析师对Dropbox的每股收益预测的互动图表。
Are Dropbox Insiders Aligned With All Shareholders?
Dropbox的内部人士是否与所有股东保持一致?
We would not expect to see insiders owning a large percentage of a US$8.9b company like Dropbox. But thanks to their investment in the company, it's pleasing to see that there are still incentives to align their actions with the shareholders. Notably, they have an enviable stake in the company, worth US$2.5b. Coming in at 28% of the business, that holding gives insiders a lot of influence, and plenty of reason to generate value for shareholders. So there is opportunity here to invest in a company whose management have tangible incentives to deliver.
我们不期待看到内部人士拥有像Dropbox这样一家公司89亿美元的大部分股份。但由于他们对公司的投资,很高兴看到仍然有激励措施使他们的行为与股东一致。值得注意的是,他们在公司的股份价值达到25亿美元。占业务的28%,这一持股给予内部人士巨大的影响力,并提供了许多为股东创造价值的理由。因此,这里有机会投资于一家管理层有实质性激励措施的公司。
It's good to see that insiders are invested in the company, but are remuneration levels reasonable? Our quick analysis into CEO remuneration would seem to indicate they are. For companies with market capitalisations between US$4.0b and US$12b, like Dropbox, the median CEO pay is around US$7.8m.
看到内部人士投资于公司是件好事,但薪酬水平是否合理?我们对CEO薪酬的快速分析似乎表明是合理的。对于市值在40亿美元到120亿美元之间的公司,例如Dropbox,CEO的中位数薪酬约为780万美元。
The Dropbox CEO received total compensation of just US$1.5m in the year to December 2023. That looks like a modest pay packet, and may hint at a certain respect for the interests of shareholders. While the level of CEO compensation shouldn't be the biggest factor in how the company is viewed, modest remuneration is a positive, because it suggests that the board keeps shareholder interests in mind. Generally, arguments can be made that reasonable pay levels attest to good decision-making.
Dropbox的CEO在截至2023年12月的一年中获得的总薪酬仅为150万美元。这看起来是一份适度的薪水,并可能暗示了对股东利益的某种尊重。虽然CEO薪酬水平不应成为评估公司时的最大因素,但适度的薪酬是一种积极因素,因为这表明董事会考虑到股东的利益。一般来说,可以说合理的薪酬水平证明了良好的决策能力。
Does Dropbox Deserve A Spot On Your Watchlist?
Dropbox值得你在自选中保留一个位置吗?
Dropbox's earnings per share growth have been climbing higher at an appreciable rate. The cherry on top is that insiders own a bucket-load of shares, and the CEO pay seems really quite reasonable. The sharp increase in earnings could signal good business momentum. Dropbox is certainly doing some things right and is well worth investigating. What about risks? Every company has them, and we've spotted 4 warning signs for Dropbox (of which 2 make us uncomfortable!) you should know about.
Dropbox的每股收益增长率一直在稳定上升。最重要的是内幕人士拥有大量股票,CEO的薪酬似乎非常合理。收益的急剧增加可能预示着良好的业务势头。Dropbox显然做对了一些事情,值得深入调查。风险方面呢?每个公司都有风险,我们发现了Dropbox的4个警告信号(其中2个让我们感到不安!),你应该知道。
There's always the possibility of doing well buying stocks that are not growing earnings and do not have insiders buying shares. But for those who consider these important metrics, we encourage you to check out companies that do have those features. You can access a tailored list of companies which have demonstrated growth backed by significant insider holdings.
购买那些没有盈利增长且没有内部人士购买股票的股票,始终有可能取得良好的收益。但对于那些认为这些指标很重要的人,我们鼓励你查看那些具有这些特征的公司。你可以访问一个量身定制的公司列表,这些公司展示了由重要内部持股支持的增长。
Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.
请注意,本文讨论的内部交易是指在相关管辖区内可报告的交易。
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