Investors in ENN Natural GasLtd (SHSE:600803) Have Seen Impressive Returns of 118% Over the Past Five Years
Investors in ENN Natural GasLtd (SHSE:600803) Have Seen Impressive Returns of 118% Over the Past Five Years
When we invest, we're generally looking for stocks that outperform the market average. Buying under-rated businesses is one path to excess returns. To wit, the ENN Natural GasLtd share price has climbed 98% in five years, easily topping the market return of 4.9% (ignoring dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 16%, including dividends.
当我们进行投资时,通常寻找的是跑赢市场平均水平的股票。购买被低估的企业是实现超额回报的一种方式。ENN天然气股份有限公司的股价在五年内上涨了98%,远超市场回报4.9%(不包括分红派息)。另一方面,最近的收益并不那么令人印象深刻,包括分红在内,股东只获得了16%的投资回报。
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
让我们长期看一下潜在的基本面,看看它们是否与股东回报一致。
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 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.
在他的文章《格雷厄姆和多德斯维尔超级投资者》中,沃伦·巴菲特描述了股票价格并不总是反映公司价值的合理方式。考虑市场对公司的看法如何发生变化的一个不完美但简单的方法是将每股收益(EPS)的变化与股价的变动进行比较。股票价格并不总是反映公司价值的合理方式沃伦·巴菲特曾经描述过,股价并不总是理性地反映了企业的价值。评估市场对一家公司的情绪如何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。
During five years of share price growth, ENN Natural GasLtd achieved compound earnings per share (EPS) growth of 15% per year. That makes the EPS growth particularly close to the yearly share price growth of 15%. This indicates that investor sentiment towards the company has not changed a great deal. Rather, the share price has approximately tracked EPS growth.
在股价增长的五年中,ENN天然气股份有限公司的每股收益合复增长率为15%。这表明股东对公司的情绪变化不大,相反,股价大约跟踪收益率增长。这显示出公司的每股收益和股价增长存在密切联系。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的图片中查看每股收益如何随时间变化(单击图表以查看确切的价值)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240615/0-e0424ab9cd73560ccb8de0687619574b-0-038d6891392b6ec2d92fd97e5e8df20d.png/big)
We know that ENN Natural GasLtd has improved its bottom line over the last three years, but what does the future have in store? If you are thinking of buying or selling ENN Natural GasLtd stock, you should check out this FREE detailed report on its balance sheet.
我们知道ENN天然气股份有限公司在过去三年中已经改善了其基本面,但未来会如何呢?如果您正在考虑购买或出售ENN天然气股份有限公司的股票,您应该查看此免费详细报告以了解其资产负债表。
What About Dividends?
那么分红怎么样呢?
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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of ENN Natural GasLtd, it has a TSR of 118% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
除了测量股价回报率,投资者还应考虑总股东回报率(TSR)。TSR包括任何分拆或折价融资的价值,以及基于股息再投资的任何股息。可以说,TSR能更全面地描述股票的收益。在ENN天然气股份有限公司的情况下,过去5年的TSR为118%,高于先前提到的股价回报。显然,分红支付在很大程度上解释了这种差异。
A Different Perspective
不同的观点
We're pleased to report that ENN Natural GasLtd shareholders have received a total shareholder return of 16% over one year. That's including the dividend. However, the TSR over five years, coming in at 17% per year, is even more impressive. 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 be aware of the 1 warning sign we've spotted with ENN Natural GasLtd .
我们很高兴地报告,ENN天然气公司股东在一年内获得了总股东回报率达16%,其中包括股息。但是,在五年内的TSR,每年达到17%,更令人印象深刻。我发现长期关注股价作为业务表现的替代者非常有趣。但要真正获得洞察力,我们还需要考虑其他信息。为此,您应该注意我们发现的ENN天然气公司的1个警告信号。
But note: ENN Natural GasLtd may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意:ENN天然气股份有限公司可能不是最好的买入股票。因此,请查看这份免费列表,其中包含过去收益增长(以及进一步收益预测)的有趣公司。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意,本文引用的市场回报反映了目前在中国交易所上市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.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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