Granite Construction (NYSE:GVA) Delivers Shareholders Impressive 20% CAGR Over 5 Years, Surging 5.0% in the Last Week Alone
Granite Construction (NYSE:GVA) Delivers Shareholders Impressive 20% CAGR Over 5 Years, Surging 5.0% in the Last Week Alone
When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But on the bright side, if you buy shares in a high quality company at the right price, you can gain well over 100%. For example, the Granite Construction Incorporated (NYSE:GVA) share price has soared 125% in the last half decade. Most would be very happy with that. It's also good to see the share price up 24% over the last quarter.
当你购买一家公司的股票时,一定要想到它可能会失败,你也可能会失去你的资金。但是,从积极的一面来看,如果你以正确的价格购买一家高质量的公司的股票,你可以获得超过100%的收益。例如,花岗岩建筑(NYSE:GVA)的股价在过去的五年中飙升了125%,大多数人都会感到非常高兴。另外,股价在过去的一个季度上涨了24%,这也是好事。
The past week has proven to be lucrative for Granite Construction investors, so let's see if fundamentals drove the company's five-year performance.
过去的一周对花岗岩建筑的投资者证明是很有利的,所以让我们看看是不是基本面促使了公司的五年表现。
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-多德斯维尔的超级投资人》中,沃伦·巴菲特描述了股票价格并不总是理性地反映公司价值的情况。一种有缺陷但合理的评估公司情绪如何变化的方法是将每股收益(EPS)与股票价格进行比较。
During the last half decade, Granite Construction became profitable. That kind of transition can be an inflection point that justifies a strong share price gain, just as we have seen here. Given that the company made a profit three years ago, but not five years ago, it is worth looking at the share price returns over the last three years, too. We can see that the Granite Construction share price is up 82% in the last three years. In the same period, EPS is up 20% per year. That makes the EPS growth rather close to the annualized share price gain of 22% over the same period. That suggests that the market sentiment around the company hasn't changed much over that time. Arguably the share price is reflecting the earnings per share.
在过去的半个十年中,花岗岩建筑已经获得盈利。这种过渡可以成为一个拐点,证明其强劲的股价增长,正如我们在这里看到的。考虑到该公司在三年前实现了盈利,但在五年前并未盈利,因此也值得看一下过去三年的股票回报。我们可以看到,花岗岩建筑的股价在过去三年中上涨了82%。在同一时期,每股收益每年增长20%。这使得每股收益增长率相当接近同一时期年化股价增长率22%。这表明公司周围市场情绪在那段时间内并没有发生太大变化。可以说,股价反映了每股收益。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下图显示了EPS随时间的变化情况(如果您单击该图像,则可以查看更多详细信息)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240729/0-7fe2f771a3d6862ea855a8ee87e2920e-0-4f4cd6f42d4773dbd232dfd8004ab554.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在购买或出售股票之前,我们始终建议对历史增长趋势进行仔细研究,可以在这里找到相关信息。
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 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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Granite Construction the TSR over the last 5 years was 145%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
除了衡量股价回报外,投资者还应考虑总股东回报(TSR)。TSR是一种回报计算,考虑到现金股息的价值(假设任何收到的股息都是再投资的)以及任何打折的资本增发和剥离的计算价值。因此,对于支付丰厚股息的公司,TSR往往要高得多。我们注意到,对于花岗岩建筑,过去5年的TSR为145%,比上述股价回报更好。这主要归功于其股息支付!
A Different Perspective
不同的观点
It's nice to see that Granite Construction shareholders have received a total shareholder return of 70% over the last year. Of course, that includes the dividend. That's better than the annualised return of 20% 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. For example, we've discovered 2 warning signs for Granite Construction that you should be aware of before investing here.
很高兴看到,花岗岩建筑股东在过去一年中获得了70%的总股东回报。当然,这包括股息。这比过去半个十年的年化回报率20%要好,这意味着公司最近表现更好。在最理想的情况下,这可能暗示着一些真正的业务势头,这也意味着现在可能是深入挖掘的好时机。我觉得长期以来观察股价作为业绩的代理非常有趣。但是,为了更好地洞察,我们需要考虑其他信息。例如,我们发现了关于花岗岩建筑的2个警示信号,你在投资之前应该了解。
If you are like me, then you will not want to miss this free list of undervalued small caps that insiders are buying.
如果您像我一样,就不会希望错过这份免费的内部人士正在购买的低估小市值股票列表。
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。
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。