Investors in Fox (NASDAQ:FOXA) Have Unfortunately Lost 21% Over the Last Three Years
Investors in Fox (NASDAQ:FOXA) Have Unfortunately Lost 21% Over the Last Three Years
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer term Fox Corporation (NASDAQ:FOXA) shareholders, since the share price is down 25% in the last three years, falling well short of the market return of around 27%.
爲了證明選擇個股的努力是合理的,值得努力超過市場指數基金的回報。但是選股的風險在於,你可能會買入表現不佳的公司。不幸的是,福克斯公司(納斯達克股票代碼:FOXA)的長期股東就是這種情況,因爲股價在過去三年中下跌了25%,遠低於27%左右的市場回報率。
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
考慮到這一點,值得一看公司的基本面是否是長期業績的驅動力,或者是否存在一些差異。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
雖然市場是一種強大的定價機制,但股價反映了投資者的情緒,而不僅僅是潛在的業務表現。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。
During the three years that the share price fell, Fox's earnings per share (EPS) dropped by 11% each year. In comparison the 9% compound annual share price decline isn't as bad as the EPS drop-off. So, despite the prior disappointment, shareholders must have some confidence the situation will improve, longer term.
在股價下跌的三年中,福克斯的每股收益(EPS)每年下降11%。相比之下,9%的複合年股價下跌幅度沒有每股收益的下降那麼嚴重。因此,儘管此前曾令人失望,但股東必須有一定的信心,從長遠來看,情況會有所改善。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖描述了 EPS 隨着時間的推移是如何變化的(點擊圖片可以看到確切的值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240321/0-20952bf9ce664992ca1c102d6f62ee1a-0-d5bb59261e8507f91eaf4b090e344263.png/big)
We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. Dive deeper into the earnings by checking this interactive graph of Fox's earnings, revenue and cash flow.
我們認爲,內部人士在去年進行了大量收購,這是積極的。話雖如此,大多數人認爲收益和收入增長趨勢是更有意義的業務指南。查看這張福克斯收益、收入和現金流的交互式圖表,深入了解收益。
What About Dividends?
分紅呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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 Fox, it has a TSR of -21% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
在考慮投資回報時,重要的是要考慮兩者之間的區別 股東總回報 (TSR) 和 股價回報。股東總回報率是一種回報計算方法,它考慮了現金分紅的價值(假設收到的任何股息都經過再投資)以及任何貼現資本籌集和分拆的計算價值。可以公平地說,股東總回報率爲支付股息的股票提供了更完整的畫面。就福克斯而言,在過去的3年中,它的股東回報率爲-21%。這超過了我們之前提到的其股價回報率。因此,該公司支付的股息提高了 總 股東回報。
A Different Perspective
不同的視角
While the broader market gained around 34% in the last year, Fox shareholders lost 7.8% (even including dividends). 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. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 2% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 4 warning signs with Fox (at least 1 which makes us a bit uncomfortable) , and understanding them should be part of your investment process.
去年整體市場上漲了約34%,而福克斯的股東卻下跌了7.8%(甚至包括股息)。即使是優質股票的股價有時也會下跌,但我們希望在過於感興趣之前看到企業基本指標的改善。遺憾的是,去年的業績結束了糟糕的表現,股東在五年內每年面臨2%的總虧損。我們意識到羅斯柴爾德男爵曾說過,投資者應該 “在街頭流血時買入”,但我們警告說,投資者應首先確保他們購買的是高質量的企業。儘管市場狀況可能對股價產生的不同影響值得考慮,但還有其他因素更爲重要。例如,投資風險的幽靈無處不在。我們已經向福克斯確定了4個警告信號(至少有1個讓我們有點不舒服),了解它們應該是你投資過程的一部分。
Fox is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.
福克斯並不是內部人士唯一買入的股票。因此,看看這份免費的內幕收購成長型公司名單。
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,本文引用的市場回報反映了目前在美國交易所交易的股票的市場加權平均回報。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。