Token Corporation (TSE:1766) 去年的股东总回报率为 32%

如果您想在股票市场实现财富复合，可以通过购买指数基金来实现。但根据我们的经验，购买合适的股票可以给你的财富带来显着的提升。

If you're looking to build wealth in the stock market, buying an index fund is a good option. But in our experience, buying the right stocks can give your wealth a significant boost. For example, the Token Corporation (TSE:1766) share price is 57% higher than it was five years ago, which is more than the market average. We're also happy to report the stock is up a healthy 29% in the last year.

如果您想在股票市场积累财富，购买指数基金是一个不错的选择。但根据我们的经验，购买合适的股票可以给你的财富带来显着的提升。例如，Token Corporation（TSE：1766）股价比五年前上涨了 57%，高于市场平均水平。我们还很高兴地报告去年该股健康上涨了 29%。

Since the long term performance has been good but there's been a recent pullback of 6.9%, let's check if the fundamentals match the share price.

由于长期表现不错，但最近回调了6.9%，我们来看看基本面是否与股价相符。

See our latest analysis for Token

请参阅我们对 Token 的最新分析

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.

沃伦·巴菲特在他的文章《格雷厄姆和多兹维尔的超级投资者》中描述了股价并不总是理性地反映企业的价值。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。

Over half a decade, Token managed to grow its earnings per share at 6.7% a year.

五年来，Token 的每股收益以每年 6.7% 的速度增长。

This EPS growth is lower than the 9% average annual increase in the share price. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.

这一每股收益增长低于股价年均9%的涨幅。因此，可以公平地假设市场对该业务的评价比五年前更高。考虑到五年来的盈利增长记录，这并不一定令人惊讶。

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 如何随着时间的推移进行跟踪（如果单击该图像，您可以看到更多详细信息）。

We know that Token has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts.

我们知道 Token 最近的盈利有所改善，但它会增加收入吗？如果您有兴趣，可以查看这份显示共识收入预测的免费报告。

What About Dividends?

股息呢？

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. In the case of Token, it has a TSR of 80% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!

除了衡量股价回报外，投资者还应考虑股东总回报（TSR）。股东总回报率是一种回报计算，考虑了现金股息的价值（假设收到的任何股息都进行了再投资）以及任何贴现融资和分拆的计算价值。因此，对于支付丰厚股息的公司来说，股东总回报率往往远高于股价回报。就 Token 而言，过去 5 年的 TSR 为 80%。这超过了我们之前提到的股价回报。这很大程度上是其股息支付的结果！

A Different Perspective

不同的视角

It's nice to see that Token shareholders have received a total shareholder return of 32% over the last year. And that does include the dividend.

很高兴看到 Token 股东去年获得了 32% 的股东总回报。这确实包括股息。

Since the one-year TSR is better than the five-year TSR (the latter coming in at 12% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time.

由于一年期股东总回报率优于五年期股东总回报率（后者的年增长率为 12%），因此该股的表现近期似乎有所改善。持乐观态度的人可能会认为最近股东总回报率的改善表明业务本身随着时间的推移而变得更好。

Is Token cheap compared to other companies? These 3 valuation measures might help you decide.

与其他公司相比，Token 便宜吗？这 3 个估值指标可能会帮助您做出决定。

But note: Token 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：Token 可能不是最好的购买股票。因此，请看一下这份免费的有趣公司列表，其中包括过去的盈利增长（以及进一步的增长预测）。

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Japanese exchanges.

请注意，本文引用的市场回报反映了目前在日本交易所交易的股票的市场加权平均回报。