Shareholders in Eastman Chemical (NYSE:EMN) Are in the Red If They Invested Three Years Ago
Shareholders in Eastman Chemical (NYSE:EMN) Are in the Red If They Invested Three Years Ago
While it may not be enough for some shareholders, we think it is good to see the Eastman Chemical Company (NYSE:EMN) share price up 17% in a single quarter. But that doesn't help the fact that the three year return is less impressive. Truth be told the share price declined 17% in three years and that return, Dear Reader, falls short of what you could have got from passive investing with an index fund.
尽管这对某些股东来说可能还不够,但我们认为看到伊士曼化学公司(纽约证券交易所代码:EMN)的股价在一个季度内上涨了17%是件好事。但这无助于三年回报率不那么令人印象深刻的事实。说实话,股价在三年内下跌了17%,亲爱的读者,这一回报没有达到指数基金被动投资所能获得的回报。
It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.
值得评估的是,该公司的经济状况是否与这些令人难以置信的股东回报步调一致,或者两者之间是否存在一些差距。所以我们就这么做吧。
See our latest analysis for Eastman Chemical
查看我们对伊士曼化学的最新分析
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 imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
在他的文章中 格雷厄姆和多兹维尔的超级投资者 沃伦·巴菲特描述了股价如何并不总是合理地反映企业的价值。考虑市场对公司的看法发生了怎样的变化的一种不完美但简单的方法是将每股收益(EPS)的变化与股价走势进行比较。
Although the share price is down over three years, Eastman Chemical actually managed to grow EPS by 12% per year in that time. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.
尽管股价在三年内下跌,但在此期间,伊士曼化学实际上每年设法将每股收益增长12%。鉴于股价的反应,人们可能会怀疑每股收益并不能很好地指导该期间的业务表现(可能是由于一次性的亏损或收益)。或者,过去的增长预期可能不合理。
It's worth taking a look at other metrics, because the EPS growth doesn't seem to match with the falling share price.
值得一看其他指标,因为每股收益的增长似乎与股价的下跌不符。
We note that, in three years, revenue has actually grown at a 5.5% annual rate, so that doesn't seem to be a reason to sell shares. This analysis is just perfunctory, but it might be worth researching Eastman Chemical more closely, as sometimes stocks fall unfairly. This could present an opportunity.
我们注意到,在三年内,收入实际上以5.5%的年增长率增长,因此这似乎不是出售股票的理由。这种分析只是敷衍了事,但可能值得更仔细地研究伊士曼化学,因为有时股票会不公平地下跌。这可能带来机会。
You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).
您可以在下面看到收入和收入如何随着时间的推移而变化(点击图片了解确切的值)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240117/0-1161bf0d510f60052b883468fc10941a-0-a983b537ccbc64a6c789d2110ff2da49.png/big)
Eastman Chemical is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. So it makes a lot of sense to check out what analysts think Eastman Chemical will earn in the future (free analyst consensus estimates)
伊士曼化学为投资者所熟知,许多聪明的分析师都试图预测未来的利润水平。因此,看看分析师认为伊士曼化学未来的收入很有意义(免费的分析师共识估计)
What About Dividends?
分红呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Eastman Chemical, it has a TSR of -8.7% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
在考虑投资回报时,重要的是要考虑两者之间的区别 股东总回报 (TSR) 和 股价回报。基于股息再投资的假设,股东总回报率纳入了任何分拆或贴现资本筹集的价值以及任何股息。可以说,股东总回报率更全面地描述了股票产生的回报。就伊士曼化学而言,其在过去三年的股东回报率为-8.7%。这超过了我们之前提到的其股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
Investors in Eastman Chemical had a tough year, with a total loss of 1.1% (including dividends), against a market gain of about 20%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. On the bright side, long term shareholders have made money, with a gain of 5% per year over half a decade. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. 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. For example, we've discovered 2 warning signs for Eastman Chemical that you should be aware of before investing here.
伊士曼化工的投资者经历了艰难的一年,总亏损为1.1%(包括股息),而市场涨幅约为20%。但是,请记住,即使是最好的股票有时也会在十二个月内表现不如市场。好的一面是,长期股东赚了钱,在过去的五年中,每年增长5%。最近的抛售可能是一个机会,因此可能值得查看基本面数据以寻找长期增长趋势的迹象。我发现将长期股价视为业务绩效的代表非常有趣。但是,要真正获得见解,我们还需要考虑其他信息。例如,我们发现了伊士曼化学的两个警告信号,在投资之前,您应该注意这些信号。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果你想看看另一家公司——一家财务状况可能优异的公司——那么千万不要错过这份已经证明自己可以增加收益的公司的免费名单。
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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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。