New York Times (NYSE:NYT) Shareholders Have Earned a 9.1% CAGR Over the Last Five Years
New York Times (NYSE:NYT) Shareholders Have Earned a 9.1% CAGR Over the Last Five Years
When you buy and hold a stock for the long term, you definitely want it to provide a positive return. Better yet, you'd like to see the share price move up more than the market average. But The New York Times Company (NYSE:NYT) has fallen short of that second goal, with a share price rise of 49% over five years, which is below the market return. However, more recent buyers should be happy with the increase of 32% over the last year.
如果你持有一支股票長期投資，當然希望它能提供正收益。更好的是，你希望看到股價上漲超過市場平均水平。但是，紐約時報公司（NYSE:NYT）在第二個目標方面沒能做到，五年內股價漲幅爲49%，低於市場回報。不過，更近期的購買者對去年32%的漲幅應該感到高興。
So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns.
因此，讓我們評估過去5年的基本面，看看它們是否和股東的回報率相符。
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. 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.
雖然一些人仍然相信有效市場假說，但已經證明市場是過度反應的動態系統，投資者並不總是理性的。一個不完美但簡單的方法來考慮公司市場看法的變化是比較每股收益（EPS）的變化和股價的波動。
During five years of share price growth, New York Times achieved compound earnings per share (EPS) growth of 13% per year. This EPS growth is higher than the 8% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock.
在五年的股價上漲期間，紐約時報實現了每股收益複合增長率13%。這一增長率高於股價每年平均增長率8%。因此，可以得出結論，整個市場對這隻股票變得更加謹慎。
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）。
It is of course excellent to see how New York Times has grown profits over the years, but the future is more important for shareholders. Take a more thorough look at New York Times' financial health with this free report on its balance sheet.
當然，看到紐約時報多年來的利潤增長是很好的，但未來更重要。通過此免費報告，更全面地了解紐約時報的財務狀況。
What About Dividends?
那麼分紅怎麼樣呢？
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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 New York Times the TSR over the last 5 years was 55%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考慮投資回報時，重要的是考慮總股東回報（TSR）和股票回報之間的差異。 TSR包括任何剝離或折讓的資本籌集（基於股息被重新投資的假設），以及任何股息。因此，對於支付慷慨的股息公司而言，TSR通常比股票回報高得多。就中國神威藥業集團而言，其TSR在過去5年中達到了75％。這超過了我們之前提到的股票回報。該公司支付的股息已經提高了總股東回報。總股東回報和股票回報股價回報只反映股價變動，TSR則包括股息價值（假設進行再投資）以及任何折價資本籌集或分拆的收益。可以說，TSR爲有股息支付的股票提供了一個更完整的圖像。我們注意到，紐約時報在過去五年中的TSR爲55%，高於上述股價回報。而且，可以猜測股息支付在很大程度上解釋了這種差異！
A Different Perspective
不同的觀點
It's nice to see that New York Times shareholders have received a total shareholder return of 34% over the last year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 9% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It's always interesting to track share price performance over the longer term. But to understand New York Times better, we need to consider many other factors. Even so, be aware that New York Times is showing 1 warning sign in our investment analysis , you should know about...
很高興看到紐約時報股東在過去一年中獲得了34％的股東回報率，其中包括紅利。由於一年的TSR表現優於五年的TSR（後者每年爲9％），因此該股的表現似乎在近期有所改善。持樂觀態度的人可以將TSR的最近改善視爲表明業務本身隨着時間的推移正在變得更好。跟蹤股價長期表現始終令人感興趣。但要更好地了解紐約時報，我們需要考慮許多其他因素。即便如此，注意紐約時報在我們的投資分析中顯示出1個警告標誌，您應該知道......
But note: New York Times 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：紐約時報可能不是最好的買入股票。請瀏覽此免費清單，了解一些有過去盈利增長（並有進一步增長預期）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 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。
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，也可以發送電子郵件至editorial-team@simplywallst.com