Earnings Are Growing at Citizens Financial Services (NASDAQ:CZFS) but Shareholders Still Don't Like Its Prospects
Earnings Are Growing at Citizens Financial Services (NASDAQ:CZFS) but Shareholders Still Don't Like Its Prospects
It's easy to match the overall market return by buying an index fund. Active investors aim to buy stocks that vastly outperform the market - but in the process, they risk under-performance. That downside risk was realized by Citizens Financial Services, Inc. (NASDAQ:CZFS) shareholders over the last year, as the share price declined 36%. That contrasts poorly with the market return of 14%. To make matters worse, the returns over three years have also been really disappointing (the share price is 30% lower than three years ago). And the share price decline continued over the last week, dropping some 22%.
通過購買指數基金,很容易跟上市場整體回報。而積極的投資者則希望購買遠遠超過市場表現的股票,但與此同時,他們面臨着低於市場表現的風險。市民金融服務公司(NASDAQ:CZFS)的股東在過去一年中就已經意識到了這種下行風險,因爲公司股價下跌了36%,而市場表現卻爲14%。更糟糕的是,過去三年的收益率也相當令人失望(股價較三年前下降了30%)。而股價下跌的勢頭也在過去一週持續,下跌了22%。
Since Citizens Financial Services has shed US$56m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
鑑於市民金融服務公司在過去7天中已經損失了5600萬美元,讓我們看看長期下降是否是由公司的商業經濟所驅動的。
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-多德斯維爾的超級投資人》中,禾倫·巴菲特描述了股票價格並不總是理性地反映公司價值的情況。一種有缺陷但合理的評估公司情緒如何變化的方法是將每股收益(EPS)與股票價格進行比較。
During the unfortunate twelve months during which the Citizens Financial Services share price fell, it actually saw its earnings per share (EPS) improve by 30%. It could be that the share price was previously over-hyped.
在不幸的十二個月中,市民金融服務股價下跌,但它的每股收益(EPS)卻提高了30%。可能是因爲股價之前被過度炒作了。
The divergence between the EPS and the share price is quite notable, during the year. So it's well worth checking out some other metrics, too.
在過去的一年中,每股收益和股價之間的背離相當引人注目。因此,值得檢查一些其他指標。
We don't see any weakness in the Citizens Financial Services' dividend so the steady payout can't really explain the share price drop. From what we can see, revenue is pretty flat, so that doesn't really explain the share price drop. Of course, it could simply be that it simply fell short of the market consensus expectations.
我們沒有發現市民金融服務股息的任何弱點,因此穩定的股息支付不能真正解釋股價下跌。從我們所看到的,營業收入基本持平,因此也不能解釋股價下跌。當然,它可能僅僅是未能達到市場共識預期。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下面的圖表顯示了收益和營收隨時間的變化情況(通過單擊圖像揭示確切的值)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240807/0-d1b6db23d86c13e46bc5da2f36937de4-0-b9f804f3fb078fe1c25e012b3c7b1625.png/big)
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. You can see what analysts are predicting for Citizens Financial Services in this interactive graph of future profit estimates.
我們喜歡看到內部人士在過去十二個月中一直在購買股份。即便如此,未來的盈利對於當前股東賺取的利潤來說將更加重要。您可以在這個未來利潤預測交互圖表中查看分析師們對市民金融服務的預測。
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. 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Citizens Financial Services' TSR for the last 1 year was -34%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
考慮到股東的總收益和股價收益,對於任何一隻股票都很重要。TSR是一種回報計算,它考慮了現金股息的價值(假定任何股息收到後都被再次投資)以及任何折價資本募集和剝離的計算價值。可以認爲,TSR爲股票所產生的回報提供了更全面的圖景。恰好,在過去一年中,市民金融服務的TSR爲-34%,超過了前面提到的股價回報。而並且可以猜想,股息支付很大程度上解釋了這種差異!
A Different Perspective
不同的觀點
Citizens Financial Services shareholders are down 34% for the year (even including dividends), but the market itself is up 14%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 2% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. If you want to research this stock further, the data on insider buying is an obvious place to start. You can click here to see who has been buying shares - and the price they paid.
市民金融服務的股東們今年已經跌了34%(即使含股息),但市場本身上漲了14%。即使是好股票的股價有時也會下跌,但在產生興趣之前,我們需要看到企業基本指標的改善。不幸的是,去年的表現可能表明還有未解決的挑戰,因爲它是過去半個世紀以來平均損失2%的情況更糟糕。一般來說,長期的股價疲軟可能是一個壞兆頭,但持不同意見者可能希望研究這隻股票,希望它能扭轉局面。如果你想進一步研究這隻股票,內部買入數據顯然是一個開始的地方。您可以點擊這裏查看誰一直在購買股票-以及他們支付的價格。
Citizens Financial Services 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.
市民金融服務並不是唯一一隻內部人士在購買的股票。對於那些喜歡發現不太知名公司的人,這個最新內幕交易公司免費列表可能是最好的選擇。
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。