The Five-year Underlying Earnings Growth at ALLETE (NYSE:ALE) Is Promising, but the Shareholders Are Still in the Red Over That Time
The Five-year Underlying Earnings Growth at ALLETE (NYSE:ALE) Is Promising, but the Shareholders Are Still in the Red Over That Time
Ideally, your overall portfolio should beat the market average. But every investor is virtually certain to have both over-performing and under-performing stocks. So we wouldn't blame long term ALLETE, Inc. (NYSE:ALE) shareholders for doubting their decision to hold, with the stock down 31% over a half decade.
理想情况下，你的整体投资组合应该超过市场平均水平。但几乎可以肯定的是，每个投资者都会同时拥有表现优异和表现不佳的股票。所以我们不会责怪长期Allete，Inc.(纽约证券交易所股票代码：ALE)股东对他们持有股票的决定表示怀疑，该股在五年内下跌了31%。
Since ALLETE has shed US$102m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
由于Allete在过去7天内市值缩水1.02亿美元，让我们看看长期下跌是否受到企业经济的推动。
Check out our latest analysis for ALLETE
查看我们对Allete的最新分析
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...' 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.
用巴菲特的话说，“船只将在世界各地航行，但平坦的地球协会将蓬勃发展。市场上的价格和价值之间将继续存在巨大的差异……”评估围绕一家公司的情绪变化的一个有缺陷但合理的方法是将每股收益(EPS)与股价进行比较。
While the share price declined over five years, ALLETE actually managed to increase EPS by an average of 0.6% per year. So it doesn't seem like EPS is a great guide to understanding how the market is valuing the stock. Or possibly, the market was previously very optimistic, so the stock has disappointed, despite improving EPS.
虽然股价在五年内下跌，但Allete实际上成功地增加每股收益平均每年增长0.6%。因此，每股收益似乎并不能很好地指导人们理解市场对股票的估值。也有可能，此前市场非常乐观，因此尽管每股收益有所改善，但该股仍令人失望。
Based on these numbers, we'd venture that the market may have been over-optimistic about forecast growth, half a decade ago. Looking to other metrics might better explain the share price change.
根据这些数据，我们敢打赌，五年前，市场可能对增长预期过于乐观。看看其他指标可能更好地解释了股价的变化。
The steady dividend doesn't really explain why the share price is down. It's not immediately clear to us why the stock price is down but further research might provide some answers.
稳定的股息并不能真正解释股价下跌的原因。我们目前还不清楚为什么股价会下跌，但进一步的研究可能会提供一些答案。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下图显示了收益和收入随时间的变化情况(如果您点击该图，您可以看到更多详细信息)。
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. So it makes a lot of sense to check out what analysts think ALLETE will earn in the future (free profit forecasts).
我们很高兴地报告，这位首席执行官的薪酬比类似资本公司的大多数首席执行官都要低。关注首席执行官的薪酬总是值得的，但更重要的问题是，该公司是否会在未来几年实现盈利增长。因此，看看分析师认为Allete未来的收入(免费利润预测)是很有意义的。
What About Dividends?
那股息呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, ALLETE's TSR for the last 5 years was -16%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
重要的是要考虑任何给定股票的总股东回报以及股价回报。虽然股价回报只反映股价的变动，但TSR包括股息的价值(假设股息再投资)，以及任何折价集资或分拆所带来的利益。可以说，TSR更全面地描绘了一只股票产生的回报。碰巧的是，Allete过去5年的TSR为-16%，超过了前面提到的股价回报率。而且，猜测股息支付在很大程度上解释了这种差异是没有好处的！
A Different Perspective
不同的视角
ALLETE shareholders gained a total return of 3.9% during the year. Unfortunately this falls short of the market return. On the bright side, that's still a gain, and it is certainly better than the yearly loss of about 3% endured over half a decade. It could well be that the business is stabilizing. It's always interesting to track share price performance over the longer term. But to understand ALLETE better, we need to consider many other factors. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with ALLETE , and understanding them should be part of your investment process.
Allete股东年内的总回报率为3.9%。不幸的是，这与市场回报率相去甚远。从好的方面来看，这仍然是一种收益，而且肯定比过去五年里每年约3%的损失要好。这很可能是因为业务正在企稳。跟踪股价的长期表现总是很有趣的。但为了更好地理解ALLETE，我们需要考虑许多其他因素。例如，考虑一下无处不在的投资风险幽灵。我们已经确定了1个警告信号与Allete合作，了解它们应该是您投资过程的一部分。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
当然了,如果你把目光投向别处，你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费我们预计收益将会增长的公司名单。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
请注意，本文引用的市场回报反映了目前在美国交易所交易的股票的市场加权平均回报。
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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.
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。