Value Line's (NASDAQ:VALU) 17% CAGR Outpaced the Company's Earnings Growth Over the Same Five-year Period
Value Line's (NASDAQ:VALU) 17% CAGR Outpaced the Company's Earnings Growth Over the Same Five-year Period
Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the market average. Buying under-rated businesses is one path to excess returns. For example, the Value Line, Inc. (NASDAQ:VALU) share price is up 97% in the last 5 years, clearly besting the market return of around 80% (ignoring dividends).
总的来说,积极选择股票的目的是寻找回报率优于市场平均水平的公司。购买被低估的企业是实现超额回报的一条途径。例如,Value Line, Inc. (NASDAQ:VALU)股票价格在过去5年中上涨了97%,明显优于市场回报率约80%(不包括股息)。
Since it's been a strong week for Value Line shareholders, let's have a look at trend of the longer term fundamentals.
因为Value Line的股东度过了强劲的一周,让我们来看一下长期基本面的趋势。
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 way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
在他的《格雷厄姆和道德斯维尔的超级投资者》一文中,沃伦·巴菲特描述了股价并不总是合理反映企业价值的方法。检验市场情绪如何随时间变化的一种方法是观察公司股价和每股收益(EPS)之间的互动关系。
During five years of share price growth, Value Line achieved compound earnings per share (EPS) growth of 10% per year. This EPS growth is slower than the share price growth of 15% per year, over the same period. This suggests that market participants hold the company in higher regard, these days. That's not necessarily surprising considering the five-year track record of earnings growth.
在五年的股价增长期间,Value Line实现了每股收益(EPS)的复合增长率为10%。而在同一时期内,股价增长的速度为每年15%。这表明市场参与者现在对该公司评价更高。考虑到五年的收益增长记录,这并不令人意外。
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)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240728/0-831e3fbd6a9004a84855d29b40b122ff-0-0f533d0a6223fb41b5c3f4e3b4df2cf1.png/big)
It's probably worth noting that the CEO is paid less than the median at similar sized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. This free interactive report on Value Line's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
值得注意的是,该公司的CEO的薪酬低于同等规模公司的中位数。关注CEO的薪酬是值得的,但更重要的问题是公司是否将在未来数年内增长收益。如果您想进一步调查该股票,Value Line的收益、营业收入和现金流的免费互动报告是开始的好地方。
What About Dividends?
那么分红怎么样呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Value Line's TSR for the last 5 years was 122%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
考虑到任何一只股票的总股东回报和股价回报是很重要的。TSR是一种回报率计算方法,考虑到现金股息的价值(假设接收到的任何股息都被再投资了)和任何折现资本募集和剥离的计算价值。可以说,TSR提供了股票所产生的回报的更全面的图片。事实上,Value Line过去5年的TSR为122%,超过了之前提到的股价回报。毫无疑问,股息支付在很大程度上解释了这种差异!
A Different Perspective
不同的观点
While the broader market gained around 19% in the last year, Value Line shareholders lost 5.9% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 17%, each year, over five years. 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. Before deciding if you like the current share price, check how Value Line scores on these 3 valuation metrics.
尽管整个市场在过去一年中上涨了约19%,但Value Line的股东们却损失了5.9%(包括股息)。然而,要记住即便是最好的股票有时也会在12个月的时期内跑输市场。长期投资者不会那么沮丧,因为他们每年可以获得17%的回报,连续五年。最近的抛售可能是一个机会,所以值得检查基本数据,寻找长期增长趋势的迹象。在决定是否喜欢目前的股价之前,检查一下Value Line在这三个估值指标上得分如何,可能更重要。
We will like Value Line better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
如果我们看到一些大的内部买单,我们会更喜欢Value Line。在等待时,请查看这份免费的低估股票清单(主要是小盘股),其中有相当多的最近有内部人员购买的股票。
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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。