The Five-year Loss for ProAssurance (NYSE:PRA) Shareholders Likely Driven by Its Shrinking Earnings
The Five-year Loss for ProAssurance (NYSE:PRA) Shareholders Likely Driven by Its Shrinking Earnings
While not a mind-blowing move, it is good to see that the ProAssurance Corporation (NYSE:PRA) share price has gained 15% in the last three months. But that is little comfort to those holding over the last half decade, sitting on a big loss. Indeed, the share price is down 56% in the period. Some might say the recent bounce is to be expected after such a bad drop. Of course, this could be the start of a turnaround.
虽然这不是一个令人兴奋的举动，但很高兴看到保诚保险公司(纽约证券交易所代码：PRA)股价在过去三个月里上涨了15%。但对于那些在过去五年里坐拥巨额亏损的持有者来说，这并不是什么安慰。事实上，在此期间，该公司股价下跌了56%。一些人可能会说，在经历了如此严重的下跌后，最近的反弹是意料之中的。当然，这可能是一个转机的开始。
On a more encouraging note the company has added US$62m to its market cap in just the last 7 days, so let's see if we can determine what's driven the five-year loss for shareholders.
更令人鼓舞的是，仅在过去的7天里，该公司的市值就增加了6200万美元，所以让我们看看我们是否能确定是什么导致了股东五年的亏损。
See our latest analysis for ProAssurance
请参阅我们最新的ProAsment分析
Given that ProAssurance only made minimal earnings in the last twelve months, we'll focus on revenue to gauge its business development. As a general rule, we think this kind of company is more comparable to loss-making stocks, since the actual profit is so low. It would be hard to believe in a more profitable future without growing revenues.
鉴于ProAsInsurance在过去12个月中只赚了很少的钱，我们将重点关注收入来衡量其业务发展。一般来说，我们认为这类公司更类似于亏损股票，因为实际利润如此之低。如果没有不断增长的收入，很难相信未来会有更有利可图的未来。
In the last half decade, ProAssurance saw its revenue increase by 5.5% per year. That's far from impressive given all the money it is losing. This lacklustre growth has no doubt fueled the loss of 9% per year, in that time. We'd want to see proof that future revenue growth is likely to be significantly stronger before getting too interested in ProAssurance. When a stock falls hard like this, some investors like to add the company to a watchlist (in case the business recovers, longer term).
在过去五年中，ProAsInsurance的收入以每年5.5%的速度增长。考虑到它正在亏损的所有资金，这远远谈不上令人印象深刻。在此期间，这种低迷的增长无疑加剧了每年9%的损失。在对保诚保险产生太大兴趣之前，我们希望看到证据表明，未来的收入增长可能会明显强劲。当一只股票像这样大幅下跌时，一些投资者喜欢将该公司添加到观察名单中(以防业务复苏，从长远来看)。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
您可以在下图中看到收益和收入随时间的变化(单击图表查看确切的值)。
We know that ProAssurance has improved its bottom line over the last three years, but what does the future have in store? Take a more thorough look at ProAssurance's financial health with this free report on its balance sheet.
我们知道ProAsInsurance在过去三年里提高了底线，但未来会是什么样子？通过以下内容更全面地了解ProAsInsurance的财务状况免费报告其资产负债表。
What About The Total Shareholder Return (TSR)?
那么总股东回报(TSR)呢？
Investors should note that there's a difference between ProAssurance's total shareholder return (TSR) and its share price change, which we've covered above. The TSR attempts to capture the value of dividends (as if they were reinvested) as well as any spin-offs or discounted capital raisings offered to shareholders. Its history of dividend payouts mean that ProAssurance's TSR, which was a 51% drop over the last 5 years, was not as bad as the share price return.
投资者应该注意到，保诚的总股东回报(TSR)和股价变化之间存在差异，我们在上面已经谈到了这一点。TSR试图获取股息的价值(就像它们被再投资一样)，以及向股东提供的任何剥离或折价融资。其派息历史意味着保诚的TSR为51%丢弃在过去的5年里，没有股价回报那么糟糕。
A Different Perspective
不同的视角
Investors in ProAssurance had a tough year, with a total loss of 9.2%, against a market gain of about 18%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. However, the loss over the last year isn't as bad as the 9% per annum loss investors have suffered over the last half decade. We'd need to see some sustained improvements in the key metrics before we could muster much enthusiasm. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with ProAssurance , and understanding them should be part of your investment process.
ProAsInsurance的投资者经历了艰难的一年，总亏损9.2%，而市场收益约为18%。然而，请记住，即使是最好的股票，在12个月的时间里，有时也会表现逊于市场。然而，过去一年的亏损没有投资者在过去五年中遭受的9%的年亏损那么严重。我们需要在关键指标上看到一些持续的改善，然后我们才能调动起太多的热情。虽然值得考虑市场状况对股价可能产生的不同影响，但还有其他更重要的因素。例如，考虑一下无处不在的投资风险幽灵。我们已经确定了两个警告信号并了解它们，这应该是您投资过程的一部分。
We will like ProAssurance better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.
如果我们看到一些大型内部收购，我们会更喜欢保诚。在我们等待的时候，看看这个免费最近有大量内幕收购的成长型公司名单。
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，本文引用的市场回报反映了目前在美国交易所交易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.
对这篇文章有什么反馈吗？担心内容吗？ 保持联系直接与我们联系。或者，也可以给编辑组发电子邮件，地址是implywallst.com。
本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。