Investing in MGIC Investment (NYSE:MTG) Five Years Ago Would Have Delivered You a 78% Gain
Investing in MGIC Investment (NYSE:MTG) Five Years Ago Would Have Delivered You a 78% Gain
During five years of share price growth, MGIC Investment achieved compound earnings per share (EPS) growth of 7.9% per year. So the EPS growth rate is rather close to the annualized share price gain of 10% per year. This indicates that investor sentiment towards the company has not changed a great deal. Rather, the share price has approximately tracked EPS growth. When you buy and hold a stock for the long term, you definitely want it to provide a positive return. But more than that, you probably want to see it rise more than the market average. But MGIC Investment Corporation (NYSE:MTG) has fallen short of that second goal, with a share price rise of 58% over five years, which is below the market return. However, more recent buyers should be happy with the increase of 39% over the last year.
当您长期持有股票时，您肯定希望其提供正收益。但更重要的是，您可能希望看到其超过市场平均水平上升。但是，MGIC Investment Corporation(纽交所:MTG)没有达到第二个目标，股价在五年内仅增长58%，低于市场回报。但是，最近的投资者应该对去年增长了39%感到高兴。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
那么，让我们调查一下并查看公司的长期表现是否符合基本业务的进展。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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.
引用本杰明·格雷厄姆的话：短期内市场是一个投票机，但长期来看它是一个称重机。评估公司周边环境的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 five years of share price growth, MGIC Investment achieved compound earnings per share (EPS) growth of 7.9% per year. So the EPS growth rate is rather close to the annualized share price gain of 10% per year. This indicates that investor sentiment towards the company has not changed a great deal. Rather, the share price has approximately tracked EPS growth.
在股票价格增长的五年中，MGIC Investment实现了每股收益复合增长每年7.9%。因此，每股收益增长率与每年10%的股票价格增长相当接近。这表明投资者对公司的看法并没有发生太大的变化。相反，股价大约跟踪了每股收益的增长。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
下面可以看到每股收益随时间的变化情况（通过点击图像来查看确切数值）。
This free interactive report on MGIC Investment's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
如果您想进一步调查该股票，请首先查看有关MGIC Investment的收益、营业收入和现金流的免费互动报告。
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). 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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of MGIC Investment, it has a TSR of 78% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股票价格回报之外，投资者还应考虑总股东回报(TSR)。股票价格回报仅反映股票价格的变化，TSR包括股息的价值(假设重新投资股息)以及任何折价的资本募集或分拆的好处。可以说，TSR为支付股息的股票提供了更全面的图片。在MGIC Investment的情况下，它在过去5年中拥有78%的TSR。这超过了我们之前提到的股票价格回报。公司支付的股息因此提高了TSR总股东回报。
A Different Perspective
不同的观点
It's good to see that MGIC Investment has rewarded shareholders with a total shareholder return of 43% in the last twelve months. And that does include the dividend. That's better than the annualised return of 12% over half a decade, implying that the company is doing better recently. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. 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 MGIC Investment (including 1 which makes us a bit uncomfortable) .
值得注意的是，在过去12个月中，MGIC Investment以总股东回报率43%的表现回报股东。其中包括股息。这比过去半个世纪的年化回报率12%高，这意味着公司最近表现更好。在最好的情况下，这可能暗示着一些真正的业务势头，这意味着现在深入了解可能是一个很好的时机。我发现长期观察股票价格作为业务表现的代理非常有趣。但为了真正获得洞察力，我们还需要考虑其他信息。为此，您应该了解我们发现的MGIC Investment的2个警告信号(包括我们有点不舒服的1个)。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation).
如果您喜欢与管理层一起购买股票，那么您可能会喜欢这个公司的免费列表。 （提示：其中许多公司不为人注意且具有吸引力的估值。）
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，本文所引述的市场回报反映了目前在美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。或者，发送电子邮件至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
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。