ALLETE (NYSE:ALE) Shareholders Have Endured a 13% Loss From Investing in the Stock Five Years Ago
ALLETE (NYSE:ALE) Shareholders Have Endured a 13% Loss From Investing in the Stock Five Years Ago
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But every investor is virtually certain to have both over-performing and under-performing stocks. At this point some shareholders may be questioning their investment in ALLETE, Inc. (NYSE:ALE), since the last five years saw the share price fall 29%.
为了证明选择个股的努力是合理的,值得努力超过市场指数基金的回报。但是,几乎每个投资者都肯定会有表现过硬和表现不佳的股票。目前,一些股东可能会质疑他们对ALLETE, Inc.(纽约证券交易所代码:ALE)的投资,因为在过去五年中,股价下跌了29%。
Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.
现在让我们来看看公司的基本面,看看长期股东回报是否与基础业务的表现相匹配。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. 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.
虽然市场是一种强大的定价机制,但股价反映了投资者的情绪,而不仅仅是潜在的业务表现。评估公司情绪变化的一种有缺陷但合理的方法是将每股收益(EPS)与股价进行比较。
During the unfortunate half decade during which the share price slipped, ALLETE actually saw its earnings per share (EPS) improve by 4.8% 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.
在股价下滑的不幸五年中,ALLETE的每股收益(EPS)实际上每年增长4.8%。因此,每股收益似乎不是了解市场如何估值股票的好指南。或者,市场此前可能非常乐观,因此尽管每股收益有所改善,但该股还是令人失望。
Based on these numbers, we'd venture that the market may have been over-optimistic about forecast growth, half a decade ago. Having said that, we might get a better idea of what's going on with the stock by looking at other metrics.
根据这些数字,我们敢说,五年前,市场可能对预测的增长过于乐观。话虽如此,我们可以通过查看其他指标来更好地了解该股的情况。
We note that the dividend has remained healthy, so that wouldn't really explain the share price drop. While it's not completely obvious why the share price is down, a closer look at the company's history might help explain it.
我们注意到股息一直保持健康,因此这并不能真正解释股价下跌的原因。尽管股价下跌的原因尚不完全明显,但仔细研究该公司的历史可能有助于解释这一点。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
公司的收入和收益(随着时间的推移)如下图所示(点击查看确切数字)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240322/0-68682238d1b4b7e98e4cd10963ee209e-0-af9217ffca3dbaf47f170b02c0ea0f33.png/big)
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. You can see what analysts are predicting for ALLETE in this interactive graph of future profit estimates.
可能值得注意的是,首席执行官的薪水低于类似规模公司的中位数。但是,尽管首席执行官的薪酬总是值得检查的,但真正重要的问题是公司未来能否增加收益。您可以在这张未来利润估计的交互式图表中看到分析师对ALLETE的预测。
What About Dividends?
分红呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for ALLETE the TSR over the last 5 years was -13%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
除了衡量股价回报率外,投资者还应考虑股东总回报率(TSR)。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。可以公平地说,股东总回报率为支付股息的股票提供了更完整的画面。我们注意到,对于ALLETE而言,过去5年的股东总回报率为-13%,好于上述股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
ALLETE shareholders are up 0.9% for the year (even including dividends). Unfortunately this falls short of the market return. But at least that's still a gain! Over five years the TSR has been a reduction of 2% per year, over five years. It could well be that the business is stabilizing. 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. To that end, you should learn about the 2 warning signs we've spotted with ALLETE (including 1 which shouldn't be ignored) .
ALLETE的股东今年上涨了0.9%(甚至包括股息)。不幸的是,这没有达到市场回报率。但至少这还是个好处!在过去的五年中,股东总回报率在五年内每年下降2%。很可能是业务正在稳定下来。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。为此,你应该了解我们在ALLETE中发现的2个警告信号(包括一个不容忽视的警告信号)。
We will like ALLETE better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.
如果我们看到一些重大的内幕收购,我们会更喜欢ALLETE。在我们等待的同时,请查看这份免费清单,列出了最近有大量内幕收购的成长型公司。
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。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。