Investors in ENN Natural GasLtd (SHSE:600803) Have Seen Impressive Returns of 118% Over the Past Five Years
Investors in ENN Natural GasLtd (SHSE:600803) Have Seen Impressive Returns of 118% Over the Past Five Years
When we invest, we're generally looking for stocks that outperform the market average. Buying under-rated businesses is one path to excess returns. To wit, the ENN Natural GasLtd share price has climbed 98% in five years, easily topping the market return of 4.9% (ignoring dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 16%, including dividends.
當我們進行投資時,通常尋找的是跑贏市場平均水平的股票。購買被低估的企業是實現超額回報的一種方式。ENN天然氣股份有限公司的股價在五年內上漲了98%,遠超市場回報4.9%(不包括分紅派息)。另一方面,最近的收益並不那麼令人印象深刻,包括分紅在內,股東只獲得了16%的投資回報。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
讓我們長期看一下潛在的基本面,看看它們是否與股東回報一致。
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. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
在他的文章《格雷厄姆和多德斯維爾超級投資者》中,禾倫·巴菲特描述了股票價格並不總是反映公司價值的合理方式。考慮市場對公司的看法如何發生變化的一個不完美但簡單的方法是將每股收益(EPS)的變化與股價的變動進行比較。股票價格並不總是反映公司價值的合理方式禾倫·巴菲特曾經描述過,股價並不總是理性地反映了企業的價值。評估市場對一家公司的情緒如何變化的一個有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
During five years of share price growth, ENN Natural GasLtd achieved compound earnings per share (EPS) growth of 15% per year. That makes the EPS growth particularly close to the yearly share price growth of 15%. This indicates that investor sentiment towards the company has not changed a great deal. Rather, the share price has approximately tracked EPS growth.
在股價增長的五年中,ENN天然氣股份有限公司的每股收益合復增長率爲15%。這表明股東對公司的情緒變化不大,相反,股價大約跟蹤收益率增長。這顯示出公司的每股收益和股價增長存在密切聯繫。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的圖片中查看每股收益如何隨時間變化(單擊圖表以查看確切的價值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240615/0-e0424ab9cd73560ccb8de0687619574b-0-038d6891392b6ec2d92fd97e5e8df20d.png/big)
We know that ENN Natural GasLtd has improved its bottom line over the last three years, but what does the future have in store? If you are thinking of buying or selling ENN Natural GasLtd stock, you should check out this FREE detailed report on its balance sheet.
我們知道ENN天然氣股份有限公司在過去三年中已經改善了其基本面,但未來會如何呢?如果您正在考慮購買或出售ENN天然氣股份有限公司的股票,您應該查看此免費詳細報告以了解其資產負債表。
What About Dividends?
那麼分紅怎麼樣呢?
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. In the case of ENN Natural GasLtd, it has a TSR of 118% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了測量股價回報率,投資者還應考慮總股東回報率(TSR)。TSR包括任何分拆或折價融資的價值,以及基於股息再投資的任何股息。可以說,TSR能更全面地描述股票的收益。在ENN天然氣股份有限公司的情況下,過去5年的TSR爲118%,高於先前提到的股價回報。顯然,分紅支付在很大程度上解釋了這種差異。
A Different Perspective
不同的觀點
We're pleased to report that ENN Natural GasLtd shareholders have received a total shareholder return of 16% over one year. That's including the dividend. However, the TSR over five years, coming in at 17% per year, is even more impressive. 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 ENN Natural GasLtd .
我們很高興地報告,ENN天然氣股份有限公司股東在過去一年中獲得了16%的總股東回報(包括股息)。但在過去五年中每年的總股東回報率爲17%,更爲令人印象深刻。我發現從長期來看,股價可以作爲企業績效的一種代理。但要真正獲得洞見,我們還需要考慮其他信息。因此,您應該了解我們在ENN天然氣股份有限公司發現的1個警告標誌。
But note: ENN Natural GasLtd 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).
但請注意:ENN天然氣股份有限公司可能不是最好的買入股票。因此,請查看這份免費列表,其中包含過去收益增長(以及進一步收益預測)的有趣公司。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
請注意,本文引用的市場回報反映了目前在中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。或者,發送電子郵件至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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。