0.9% Earnings Growth Over 3 Years Has Not Materialized Into Gains for German American Bancorp (NASDAQ:GABC) Shareholders Over That Period
0.9% Earnings Growth Over 3 Years Has Not Materialized Into Gains for German American Bancorp (NASDAQ:GABC) Shareholders Over That Period
For many investors, the main point of stock picking is to generate higher returns than the overall market. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. Unfortunately, that's been the case for longer term German American Bancorp, Inc. (NASDAQ:GABC) shareholders, since the share price is down 24% in the last three years, falling well short of the market return of around 19%. On top of that, the share price is down 5.6% in the last week.
對於很多投資者來說,選擇個股的主要目的就是要創造比整個市場更高的回報,但很顯然,有時你也會買到表現不如市場平均水平的股票。不幸的是,長揸德美銀行股份(NASDAQ:GABC)的股東已經陷入這樣的窘境,因爲股價在過去三年裏下跌了24%,而市場回報則大約爲19%。另外,股價在過去一週內下跌了5.6%。
With the stock having lost 5.6% in the past week, it's worth taking a look at business performance and seeing if there's any red flags.
由於該股在過去一週裏下跌了5.6%,因此值得關注業務表現並查看是否存在問題。
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
儘管一些人繼續教授有效市場假說,但已經證明市場是過度反應的動態系統,並且投資者並不總是理性的。通過比較每股收益(EPS)和股價的變化情況,我們可以了解投資者對公司的態度如何隨着時間變化而變化。
During the unfortunate three years of share price decline, German American Bancorp actually saw its earnings per share (EPS) improve by 2.7% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.
在不幸的三年股價下跌期間,德美銀行的每股收益(EPS)實際上每年提高了2.7%。鑑於股價反應,人們可能會懷疑在該期間EPS並不是業務表現的好指標(可能是由於一次性損失或盈利)。或者過去的增長預期可能過於不合理。
It looks to us like the market was probably too optimistic around growth three years ago. But it's possible a look at other metrics will be enlightening.
在我們看來,三年前市場可能對增長過於樂觀。但是,查看其他指標可能會很有啓發性。
Revenue is actually up 6.2% over the three years, so the share price drop doesn't seem to hinge on revenue, either. This analysis is just perfunctory, but it might be worth researching German American Bancorp more closely, as sometimes stocks fall unfairly. This could present an opportunity.
營業收入在過去三年中實際上增長了6.2%,因此股價下跌似乎與營業收入無關。雖然此次分析只是例行公事,但深入研究德美銀行可能會有機會發掘低估的股票。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
你可以在下面的圖片中看到收入和營業收入隨時間的變化情況(單擊圖表可查看精確值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240530/0-df0135749d18e2ce7f8aceb52405ac0d-0-63eb12bb64cf24c1983639d8e77620bb.png/big)
We like that insiders have been buying shares in the last twelve months. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. If you are thinking of buying or selling German American Bancorp stock, you should check out this free report showing analyst profit forecasts.
我們喜歡內部人員在過去十二個月中購買股票的情況。話雖如此,大多數人認爲收益和營業收入增長趨勢是業務更有意義的指標。如果您正在考慮購買或出售德美銀行的股票,您應該查看此免費報告,其中顯示了分析師的收益預測。
What About Dividends?
那麼分紅怎麼樣呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for German American Bancorp the TSR over the last 3 years was -17%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
對於任何一支股票,都要考慮總股東回報率和股價回報率。股價回報率僅反映股價的變化,而TSR包括股息(假設它們被再投資)的價值以及任何折現的資本籌集或分拆的益處。可以說,TSR爲支付股息的股票提供了更完整的圖片。我們注意到,在過去的三年中,德美銀行的TSR爲-17%,比上述股價回報率要好。這在很大程度上是由於其股息支付所致!
A Different Perspective
不同的觀點
German American Bancorp shareholders gained a total return of 17% during the year. But that return falls short of the market. The silver lining is that the gain was actually better than the average annual return of 4% per year over five year. It is possible that returns will improve along with the business fundamentals. 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. For instance, we've identified 1 warning sign for German American Bancorp that you should be aware of.
德美銀行股東在這一年內獲得了總收益17%。但這個收益不及市場的表現。不過,好消息是這個收益事實上優於過去5年平均每年4%的年度收益率。隨着業務基本面的改善,回報有可能會提高。雖然考慮市場狀況對股價的影響很值得,但還有其他更重要的因素。例如,我們已經發現德美銀行存在1個警示信號,您應該了解。
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).
如果您喜歡與管理層共同購買股票,那麼您可能會喜歡這個免費的公司列表(提示:大多數公司沒有受到關注)。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意,本文所引述的市場回報反映了目前在美國交易所上市的股票的市場加權平均回報。
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。