The above picture is the annual K line of Changjiang Electric Power since its listing (why the right is not restored here, everyone thinks for themselves). In the past 10 years, the stock price of Changjiang Electric Power has been rising like a rainbow. The stock price has risen from 6.36 yuan at the end of 2011 to today. 24.08 of 24.08, excluding dividend income, the increase during the period was 257%, and the compound annual growth rate was 9.37% (10 years and 8 months). Let me try to analyze the money-making perspective of dividend-paying stocks by taking the 10 years from the end of 2011 to the end of 2021.
At the end of 2011, the closing price of the company was 6.36 yuan, the earnings per share for the year was 0.4667 yuan, the dividend per share was 0.25462 yuan, the dividend rate was 4%, and the dividend rate was 54.56%.
At the end of 2021, the closing price of the company is 22.70 yuan, the earnings per share for the year is 1.1553 yuan, the dividend per share is 0.8153 yuan, the dividend rate is 3.59%, and the dividend rate is 70.57%.
According to the above data, it is not difficult for me to see that in the past 10 years, the 257% rate of return of Changjiang Power’s unrecoverable rights comes from three aspects:
1. Performance growth. 1.1553/0.4667=2.4755.
2. Increase the dividend rate. 70.57%/54.56%=1.2934.
3. Dividend yield decreased. 4%/3.59%=1.1142. .
Let me calculate the contribution weight of the three to the total return.
1. Contribution factor of performance growth: (2.4755-1)/257%=0.5741.
2. Contribution factor for the increase in dividend rate: (1.2934-1)/257%=0.1142.
3. Contribution factor for the decline in dividend yield: (1.1142-1)/257%=0.0444.
Total contribution rate weight = contribution factor for performance growth + contribution factor for dividend rate increase + contribution factor for dividend rate decrease = 0.5741+0.1142+0.0444=0.7327
1. Contribution weight of performance growth to total return = 0.5741/0.7327 = 78.35%
2. Contribution weight of increase in dividend rate to total return = 0.1142/0.7327=15.58%
3. Contribution weight of declining dividend rate to total yield = 0.0444/0.7327 = 6.06%
Conclusion: At the beginning of the period, Changjiang Power has a dividend rate of 4% and a dividend of 54.56%. The 10-year cycle has the greatest contribution to the stock price return. The contribution weight of the dividend rate is 78%, followed by the dividend rate improvement factor, the contribution weight to the total yield is 15.58%, and finally the dividend rate decrease factor, the contribution weight to the total return rate is 6.06%.
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