其他公司，周四盘前，我们有Hormell，股票代码HRL。这是一只许多人持有的股息股。我本周晚些时候可能不会覆盖它，但它有很长的股息增加历史。不过，股息增长已经放缓。我认为他们多年来增长得太激进了。
没有基本面支撑。过去5年，它以3.6%的复合年增长率增长。股价很低，所以看起来它以历史高收益率交易，处于第90百分位，4.86%。所以看起来确实历史高位，但问题是派息率对Hormell股票来说进入了不好的区间。
最近一年自由现金流派息率118%，基于盈利的派息率132%。过去十年，Hormell的自由现金流根本没有增长。目前处于下降趋势，但最近一个季度开始回升。经营现金流过去10年完全持平。
所以，在我看来，如果你的目标是总回报，我认为Hormell在当前价格不太有吸引力。如果公司的现金流和股息不会高速增长，你需要以超便宜的价格买入才能成为好的投资。
Other companies, Thursday before market open, we have Hormell, ticker symbol HRL. This is a dividend stock many people own. I'll likely not be covering it later this week, but it has a long history of dividend increases. Dividend growth has slowed down, though. I think they were growing it far too aggressive for a number of years. It wasn't backed up by the fundamentals. The past 5 years, it's grown at 3.6% compound annual growth rate. The stock price is low, so it does look like it's trading at historically high yield in the 90th percentile, 4.86%. So it does look historically high, but the problem is that the payout ratio is getting in a not good range for Hormell stock. 118% free cash flow payout ratio in recent year, 132% based on earnings payout ratio. And over the past decade, free cash flow hasn't grown at all at Hormill. And it's in a downtrend currently, but starting to uptick in the latest quarter. Operating cash flow completely flat over the past 10 years. So, in my opinion, if your goal is total return, I don't think Hormell is very attractive at the current price. If the company's cash flows and dividends aren't going to be growing at a high rate, you need to buy it super cheap for it to be a good investment.
不过，股息增长已经放缓。我认为他们多年来增长得太激进了。没有基本面支撑。过去5年，它以3.6%的复合年增长率增长。
Dividend growth has slowed down, though. I think they were growing it far too aggressive for a number of years. It wasn't backed up by the fundamentals. The past 5 years, it's grown at 3.6% compound annual growth rate.
股价很低，所以看起来它以历史高收益率交易，处于第90百分位，4.86%。所以看起来确实历史高位，但问题是派息率对Hormell股票来说进入了不好的区间。最近一年自由现金流派息率118%，基于盈利的派息率132%。
The stock price is low, so it does look like it's trading at historically high yield in the 90th percentile, 4.86%. So it does look historically high, but the problem is that the payout ratio is getting in a not good range for Hormell stock. 118% free cash flow payout ratio in recent year, 132% based on earnings payout ratio.
过去十年，Hormell的自由现金流根本没有增长。目前处于下降趋势，但最近一个季度开始回升。经营现金流过去10年完全持平。
And over the past decade, free cash flow hasn't grown at all at Hormill. And it's in a downtrend currently, but starting to uptick in the latest quarter. Operating cash flow completely flat over the past 10 years.
所以，在我看来，如果你的目标是总回报，我认为Hormell在当前价格不太有吸引力。如果公司的现金流和股息不会高速增长，你需要以超便宜的价格买入才能成为好的投资。
So, in my opinion, if your goal is total return, I don't think Hormell is very attractive at the current price. If the company's cash flows and dividends aren't going to be growing at a high rate, you need to buy it super cheap for it to be a good investment.