Churchill Downs' (NASDAQ:CHDN) Investors Will Be Pleased With Their Impressive 139% Return Over the Last Five Years
Churchill Downs' (NASDAQ:CHDN) Investors Will Be Pleased With Their Impressive 139% Return Over the Last Five Years
When you buy a stock there is always a possibility that it could drop 100%. But on a lighter note, a good company can see its share price rise well over 100%. One great example is Churchill Downs Incorporated (NASDAQ:CHDN) which saw its share price drive 134% higher over five years. On top of that, the share price is up 12% in about a quarter.
買股票總有可能跌100％。但好公司的股價可能會上漲超過100％。一個很好的例子是Churchill Downs Incorporated (NASDAQ:CHDN)，在過去5年裏，其股價飆升了134％。此外，在約一個季度內，股價上漲了12％。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
那麼，讓我們調查一下並查看公司的長期表現是否符合基本業務的進展。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' 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.
引用巴菲特的話順便說一下，“船隻將環遊世界，但支持地球平面學會的人將大有可爲。 在市場上，價格和價值之間將繼續存在巨大的差異...”通過比較EPS和股價變化，我們可以了解到投資者對公司的態度隨時間的變化程度。
Over half a decade, Churchill Downs managed to grow its earnings per share at 16% a year. So the EPS growth rate is rather close to the annualized share price gain of 19% per year. Therefore one could conclude that sentiment towards the shares hasn't morphed very much. Indeed, it would appear the share price is reacting to the EPS.
在過去的5年中，Churchill Downs成功地以16％的年增長率增加了其每股收益。因此，EPS增長率相對於年化股價增長率19％而言相當接近。因此可以得出結論，股票的看法並未變化太多。實際上，似乎股價正在對EPS做出反應。
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's good to see that there was some significant insider buying in the last three months. That's a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. Dive deeper into the earnings by checking this interactive graph of Churchill Downs' earnings, revenue and cash flow.
很高興在過去三個月中出現了一些重要的內部購買。這是一個積極的信號。話雖如此，我們認爲營收增長和收益增長趨勢更重要。通過查看Churchill Downs收益，營業收入和現金流的交互式圖表，深入了解收益。
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). 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Churchill Downs' TSR for the last 5 years was 139%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
除了衡量股票回報率之外，投資者還應考慮股東總回報率(TSR)。而股票回報率僅反映了股票價格的變化，TSR包括股息的價值(假設它們被再投資)以及任何折價資本籌資或分拆的利益。所以對於那些支付豐厚股息的公司，TSR通常比股票回報率高得多。碰巧，Churchill Downs在過去5年的TSR達到了139％，超過了前面提到的股票回報率。這在很大程度上是其股息支付的結果！
A Different Perspective
不同的觀點
Churchill Downs shareholders are up 1.7% for the year (even including dividends). Unfortunately this falls short of the market return. On the bright side, the longer term returns (running at about 19% a year, over half a decade) look better. It may well be that this is a business worth popping on the watching, given the continuing positive reception, over time, from the market. It's always interesting to track share price performance over the longer term. But to understand Churchill Downs better, we need to consider many other factors. For instance, we've identified 2 warning signs for Churchill Downs (1 is potentially serious) that you should be aware of.
即使包括股息，Churchill Downs股東今年收益也只有1.7％，不及市場收益。好在長期收益(過去半個世紀平均每年達到19%)看起來更好。隨着市場持續的積極回應，這可能是一家值得關注的公司。跟蹤股價的長期表現總是很有趣的。但要更好地了解Churchill Downs，我們需要考慮許多其他因素。例如，我們已經確定了2個警告信號表明Churchill Downs存在問題(其中1個可能很嚴重)。
Churchill Downs is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.
Churchill Downs並不是唯一一家內部人士正在購買的股票。對於那些喜歡尋找較少知名公司的人，與最近有內部人士購買的成長型公司的自由名單可能正是所需。
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。