Here's Why We Think American Express (NYSE:AXP) Might Deserve Your Attention Today
Here's Why We Think American Express (NYSE:AXP) Might Deserve Your Attention Today
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks' without any revenue, let alone profit. But the reality is that when a company loses money each year, for long enough, its investors will usually take their share of those losses. A loss-making company is yet to prove itself with profit, and eventually the inflow of external capital may dry up.
投資者常常受到尋找「下一個大事」的理念指導,即使這意味着購買沒有營業收入,更不用說利潤的「故事股票」。但現實是,當一家公司每年虧損足夠長的時間時,它的投資者通常會承擔這些損失。一家虧損的公司尚未證明自己能夠盈利,最終外部資本的流入可能會枯竭。
In contrast to all that, many investors prefer to focus on companies like American Express (NYSE:AXP), which has not only revenues, but also profits. Even if this company is fairly valued by the market, investors would agree that generating consistent profits will continue to provide American Express with the means to add long-term value to shareholders.
與所有這些相對,許多投資者更喜歡關注像美國運通(紐約證券交易所:AXP)這樣的公司,它不僅有營業收入,還有利潤。即使市場對這家公司估值合理,投資者也會同意,產生持續的利潤將繼續爲美國運通提供爲股東創造長期價值的手段。
American Express' Earnings Per Share Are Growing
美國運通的每股收益正在增長
The market is a voting machine in the short term, but a weighing machine in the long term, so you'd expect share price to follow earnings per share (EPS) outcomes eventually. That means EPS growth is considered a real positive by most successful long-term investors. We can see that in the last three years American Express grew its EPS by 13% per year. That's a good rate of growth, if it can be sustained.
市場在短期是投票機,但在長期是稱重機,因此你可以期待股價最終跟隨每股收益(EPS)的結果。這意味着每股收益的增長被大多數成功的長期投資者視爲真正的積極因素。我們可以看到,在過去三年中,美國運通每年將每股收益增長了13%。如果這個增長率能夠持續,那就是一個良好的增長率。
It's often helpful to take a look at earnings before interest and tax (EBIT) margins, as well as revenue growth, to get another take on the quality of the company's growth. It's noted that American Express' revenue from operations was lower than its revenue in the last twelve months, so that could distort our analysis of its margins. EBIT margins for American Express remained fairly unchanged over the last year, however the company should be pleased to report its revenue growth for the period of 8.9% to US$59b. That's encouraging news for the company!
查看稅息折舊及攤銷前盈利(EBIT)利潤率以及營業收入增長通常是有幫助的,這樣可以獲得公司增長質量的另一種看法。注意到美國運通的運營收入低於其過去十二個月的營業收入,因此這可能會扭曲我們對其利潤率的分析。儘管美國運通的EBIT利潤率在過去一年中基本保持不變,但公司應高興地報告其收入在該期間增長了8.9%,達到590億美元。這對公司來說是一個令人鼓舞的訊息!
In the chart below, you can see how the company has grown earnings and revenue, over time. For finer detail, click on the image.
在下面的圖表中,您可以看到公司隨時間增長的收益和營業收入。欲了解更詳細的信息,請單擊圖片。

Fortunately, we've got access to analyst forecasts of American Express' future profits. You can do your own forecasts without looking, or you can take a peek at what the professionals are predicting.
幸運的是,我們可以訪問分析師對美國運通未來利潤的預測。你可以自己進行預測,或者看看專業人士的預測。
Are American Express Insiders Aligned With All Shareholders?
美國運通的內部人士與所有股東保持一致嗎?
Since American Express has a market capitalisation of US$214b, we wouldn't expect insiders to hold a large percentage of shares. But we do take comfort from the fact that they are investors in the company. Notably, they have an enviable stake in the company, worth US$278m. We note that this amounts to 0.1% of the company, which may be small owing to the sheer size of American Express but it's still worth mentioning. So despite their percentage holding being low, company management still have plenty of reasons to deliver the best outcomes for investors.
由於美國運通的市值爲2140億美金,我們不會期望內部人士持有大量股份。但我們欣慰於他們是公司的投資者。值得注意的是,他們在公司的股份價值爲27800萬美金。我們注意到這佔公司總值的0.1%,雖然由於美國運通的龐大規模,這個比例可能較小,但仍值得提及。因此儘管他們的持股比例較低,但公司管理層仍有很多理由爲投資者創造最佳收益。
Is American Express Worth Keeping An Eye On?
美國運通值得關注嗎?
One important encouraging feature of American Express is that it is growing profits. To add an extra spark to the fire, significant insider ownership in the company is another highlight. That combination is very appealing. So yes, we do think the stock is worth keeping an eye on. If you think American Express might suit your style as an investor, you could go straight to its annual report, or you could first check our discounted cash flow (DCF) valuation for the company.
美國運通一個重要的令人鼓舞的特點是它的利潤在增長。再加上公司內部人士的顯著持股,這是另一個亮點。這種組合非常吸引人。因此,是的,我們認爲這隻股票值得關注。如果你認爲美國運通可能適合你的投資風格,你可以直接查看它的年度報告,或者先查看我們對公司的折現現金流(DCF)估值。
Although American Express certainly looks good, it may appeal to more investors if insiders were buying up shares. If you like to see companies with more skin in the game, then check out this handpicked selection of companies that not only boast of strong growth but have strong insider backing.
儘管美國運通看起來不錯,但如果內部人士購買股票,可能會吸引更多投資者。如果你喜歡看到企業在風險中投入更多,那麼請查看這份精心挑選的公司名單,這些公司不僅擁有強勁的增長,還得到了內部人士的強力支持。
Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.
請注意,本文討論的內部交易是指在相關管轄區內可報告的交易。
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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?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。