Lincoln Electric Holdings (NASDAQ:LECO) Jumps 13% This Week, Though Earnings Growth Is Still Tracking Behind Five-year Shareholder Returns
Lincoln Electric Holdings (NASDAQ:LECO) Jumps 13% This Week, Though Earnings Growth Is Still Tracking Behind Five-year Shareholder Returns
Lincoln Electric Holdings, Inc. (NASDAQ:LECO) shareholders might be concerned after seeing the share price drop 11% in the last quarter. But that scarcely detracts from the really solid long term returns generated by the company over five years. It's fair to say most would be happy with 137% the gain in that time. We think it's more important to dwell on the long term returns than the short term returns. Ultimately business performance will determine whether the stock price continues the positive long term trend.
在過去的一個季度裏,林肯電氣控股公司(NASDAQ:LECO)的股價下跌了11%,股東可能會感到擔憂。但這並沒有減少該公司在過去五年中產生的真正穩健的長期回報。可以說,在這段時間裏,大部分人會對137%的收益感到滿意。我們認爲,關注長期收益而不是短期收益更爲重要。最終,業務表現將決定股票價格是否繼續保持積極的長期趨勢。
Since the stock has added US$1.4b to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
由於這隻股票在僅過去一週內爲其市值增加了14億美元,讓我們看看基本表現是否推動了長期回報。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
市場有時候是有效的,但價格並不總是反映公司的基本業務表現。通過比較每股收益和股價變化,我們可以了解投資者對公司的看法如何隨着時間變化而變化。
Over half a decade, Lincoln Electric Holdings managed to grow its earnings per share at 16% a year. This EPS growth is reasonably close to the 19% average annual increase in the share price. That suggests that the market sentiment around the company hasn't changed much over that time. Indeed, it would appear the share price is reacting to the EPS.
在半個十年中,林肯電氣控股公司成功地將其每股收益增長了16%。這種EPS增長與股價每年平均增長19%非常接近。這表明市場對公司的情緒在那段時間內並沒有改變太多。實際上,看起來股價正在對EPS做出反應。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下圖顯示了EPS隨時間的變化情況(如果您單擊該圖像,則可以查看更多詳細信息)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240718/0-2fb8909c29b33f485508be088857f43c-0-80047b39e1cdb390df9cb7113bfaac6b.png/big)
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. This free interactive report on Lincoln Electric Holdings' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
我們很高興地報道,該公司的首席執行官的薪酬比同類公司的大多數首席執行官更爲適中。但是,雖然首席執行官的報酬總是值得檢查,但真正重要的問題是公司能否在未來增加收益。如果您想進一步調查該股票,林肯電氣控股公司的盈利,營業收入和現金流的這份免費互動報告是一個很好的起點。
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. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Lincoln Electric Holdings, it has a TSR of 159% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
對於任何給定的股票,考慮到現金股息的價值(假設獲得的任何股息都已再投資)以及任何折扣的募資和分拆的計算價值都很重要,以及股價回報。TSR是一種回報計算,它考慮了現金股息的價值(假設獲得的任何股息都已再投資)以及計算出的任何折扣的募資和分拆的價值。可以說,對於支付股息的股票,TSR提供了更完整的圖片。在林肯電氣控股公司的情況下,過去5年的TSR爲159%。這超過了我們之前提到的股價回報。公司支付的股息增加了總投資回報。
A Different Perspective
不同的觀點
Lincoln Electric Holdings shareholders gained a total return of 2.5% during the year. But that return falls short of the market. It's probably a good sign that the company has an even better long term track record, having provided shareholders with an annual TSR of 21% over five years. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. 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. Case in point: We've spotted 1 warning sign for Lincoln Electric Holdings you should be aware of.
林肯電氣控股公司的股東在該年獲得的總回報爲2.5%。但該回報低於市場。該公司在長期跟蹤記錄方面可能是一個很好的跡象,因爲在過去5年裏,它爲股東提供了21%的年度TSR。儘管股價增長正在放緩,但公司仍有可能繼續展示出卓越的執行能力。我覺得長期看股票價格作爲業務表現的代理非常有趣。但是,爲了真正獲得見解,我們需要考慮其他信息。例如:我們發現了林肯電氣控股公司的1個警告信號,您應該注意。
Of course Lincoln Electric Holdings may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,林肯電氣控股公司可能不是最好的買入股票。因此,您可能希望查看這些成長型股票的免費收藏。
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?對內容感到擔憂?請直接與我們聯繫。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?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。