<p>常規讀者會知道，我們在 Simply Wall St 非常喜歡股息，因此看到 <strong>賽諾菲</strong>（EPA:SAN）將在接下來的四天內開始除息交易令人興奮。除息日期通常是在公司記錄日期的前兩個工作日，記錄日期是公司確定哪些股東有權獲得股息的日期。除息日期很重要，因為任何股票交易必須在記錄日期之前結算，以便有資格獲得股息。因此，您可以在 5 月 5 日之前購買賽諾菲的股票，以便獲得公司將在 5 月 7 日支付的股息。</p>
<p>該公司即將支付的股息為每股 4.12 歐元，繼去年 12 個月中公司向股東分配總計每股 4.12 歐元的股息之後。去年的總股息支付顯示，賽諾菲在當前股價 78.32 歐元上有 5.3% 的歷史收益率。股息是許多股東的重要收入來源，但公司的健康狀況對於維持這些股息至關重要。因此，我們需要調查賽諾菲是否能夠承擔其股息，以及股息是否有可能增長。</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<p>股息通常來自公司收益。如果一家公司支付的股息超過其利潤，那麼該股息可能是不可持續的。賽諾菲支付了 102% 的收益，這超過了我們所能接受的範圍，除非有減輕的情況。一個有用的次要檢查是評估賽諾菲是否產生了足夠的自由現金流來承擔其股息。去年，股息佔公司自由現金流的 70%，這在大多數支付股息的組織中是正常範圍內的。</p>
<p>看到股息未能由利潤覆蓋令人失望，但從股息可持續性的角度來看，現金更為重要，幸運的是賽諾菲確實產生了足夠的現金來資助其股息。不過，如果公司反覆支付超過其利潤的股息，我們會感到擔憂。極少數公司能夠持續支付超過其利潤的股息。</p>
<p>查看我們對賽諾菲的最新分析</p>
<p>點擊這裏查看公司的派息比率，以及分析師對其未來股息的估計。</p>
<h2>收益和股息是否在增長？</h2>
<p>收益下降的企業在股息方面是棘手的。如果收益下降，公司被迫削減股息，投資者可能會看到他們的投資價值蒸發。賽諾菲的每股收益在過去五年中大約下降了 16%。最終，當每股收益下降時，用於支付股息的 “蛋糕” 大小也會縮小。</p>
<p>許多投資者會通過評估股息支付隨時間的變化來評估公司的股息表現。在過去 10 年中，賽諾菲的股息平均每年增長約 3.8%。這很有趣，但儘管收益下降，股息增長的組合通常只能通過支付更大比例的利潤來實現。賽諾菲已經支付了 102% 的利潤，隨着收益的下降，我們認為未來這個股息不太可能快速增長。</p>
<h2>總結</h2>
<p>賽諾菲是一個有吸引力的股息股票，還是更適合放在一邊？看到公司的每股收益下滑從來都不是一件好事。更糟的是，賽諾菲支付了大部分收益和超過一半的自由現金流。正現金流是好消息，但這並不是一個好的組合。從股息的角度來看，考慮到目前的形勢，我們傾向於避開賽諾菲。</p>
<p>不過，如果您仍然對賽諾菲感興趣並想了解更多，瞭解該股票面臨的風險將非常有用。在投資風險方面，<strong>我們已經識別出賽諾菲的 2 個警告信號</strong>，理解這些信號應該是您投資過程的一部分。</p>
<p>如果您在尋找強勁的股息支付者，我們建議 <strong>查看我們精選的頂級股息股票。</strong></p>

賽諾菲

賽諾菲集團

<p>賽諾菲（EPA:SAN）即將進行除息交易，每股派息為 4.12 歐元。然而，該公司已支付了 102% 的收益作為股息，這引發了可持續性的擔憂。儘管它產生的自由現金流足以覆蓋 70% 的股息，但過去五年其每股收益年均下降了 16%。這一趨勢表明，未來股息可能不會快速增長，分析師因此建議潛在投資者保持謹慎</p>

<p>Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see <strong>Sanofi</strong> (EPA:SAN) is about to trade ex-dividend in the next four days. The ex-dividend date is two business days before a company's record date in most cases, which is the date on which the company determines which shareholders are entitled to receive a dividend. The ex-dividend date is important because any transaction on a stock needs to have been settled before the record date in order to be eligible for a dividend. Thus, you can purchase Sanofi's shares before the 5th of May in order to receive the dividend, which the company will pay on the 7th of May.</p>
<div class="lb-trans"><p>常規讀者會知道，我們在 Simply Wall St 非常喜歡股息，因此看到 <strong>賽諾菲</strong>（EPA:SAN）將在接下來的四天內開始除息交易令人興奮。除息日期通常是在公司記錄日期的前兩個工作日，記錄日期是公司確定哪些股東有權獲得股息的日期。除息日期很重要，因為任何股票交易必須在記錄日期之前結算，以便有資格獲得股息。因此，您可以在 5 月 5 日之前購買賽諾菲的股票，以便獲得公司將在 5 月 7 日支付的股息。</p>
</div><p>The company's upcoming dividend is €4.12 a share, following on from the last 12 months, when the company distributed a total of €4.12 per share to shareholders. Last year's total dividend payments show that Sanofi has a trailing yield of 5.3% on the current share price of €78.32. Dividends are an important source of income to many shareholders, but the health of the business is crucial to maintaining those dividends. So we need to investigate whether Sanofi can afford its dividend, and if the dividend could grow.</p>
<div class="lb-trans"><p>該公司即將支付的股息為每股 4.12 歐元，繼去年 12 個月中公司向股東分配總計每股 4.12 歐元的股息之後。去年的總股息支付顯示，賽諾菲在當前股價 78.32 歐元上有 5.3% 的歷史收益率。股息是許多股東的重要收入來源，但公司的健康狀況對於維持這些股息至關重要。因此，我們需要調查賽諾菲是否能夠承擔其股息，以及股息是否有可能增長。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><p>Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. Sanofi paid out 102% of its earnings, which is more than we're comfortable with, unless there are mitigating circumstances. A useful secondary check can be to evaluate whether Sanofi generated enough free cash flow to afford its dividend. Dividends consumed 70% of the company's free cash flow last year, which is within a normal range for most dividend-paying organisations.</p>
<div class="lb-trans"><p>股息通常來自公司收益。如果一家公司支付的股息超過其利潤，那麼該股息可能是不可持續的。賽諾菲支付了 102% 的收益，這超過了我們所能接受的範圍，除非有減輕的情況。一個有用的次要檢查是評估賽諾菲是否產生了足夠的自由現金流來承擔其股息。去年，股息佔公司自由現金流的 70%，這在大多數支付股息的組織中是正常範圍內的。</p>
</div><p>It's disappointing to see that the dividend was not covered by profits, but cash is more important from a dividend sustainability perspective, and Sanofi fortunately did generate enough cash to fund its dividend. Still, if the company repeatedly paid a dividend greater than its profits, we'd be concerned. Extraordinarily few companies are capable of persistently paying a dividend that is greater than their profits.</p>
<div class="lb-trans"><p>看到股息未能由利潤覆蓋令人失望，但從股息可持續性的角度來看，現金更為重要，幸運的是賽諾菲確實產生了足夠的現金來資助其股息。不過，如果公司反覆支付超過其利潤的股息，我們會感到擔憂。極少數公司能夠持續支付超過其利潤的股息。</p>
</div><p>Check out our latest analysis for Sanofi</p>
<div class="lb-trans"><p>查看我們對賽諾菲的最新分析</p>
</div><p>Click here to see the company's payout ratio, plus analyst estimates of its future dividends.</p>
<div class="lb-trans"><p>點擊這裏查看公司的派息比率，以及分析師對其未來股息的估計。</p>
</div><h2>Have Earnings And Dividends Been Growing?</h2>
<div class="lb-trans"><h2>收益和股息是否在增長？</h2>
</div><p>Businesses with shrinking earnings are tricky from a dividend perspective. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. Sanofi's earnings per share have fallen at approximately 16% a year over the previous five years. Ultimately, when earnings per share decline, the size of the pie from which dividends can be paid, shrinks.</p>
<div class="lb-trans"><p>收益下降的企業在股息方面是棘手的。如果收益下降，公司被迫削減股息，投資者可能會看到他們的投資價值蒸發。賽諾菲的每股收益在過去五年中大約下降了 16%。最終，當每股收益下降時，用於支付股息的 “蛋糕” 大小也會縮小。</p>
</div><p>Many investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. In the last 10 years, Sanofi has lifted its dividend by approximately 3.8% a year on average. That's intriguing, but the combination of growing dividends despite declining earnings can typically only be achieved by paying out a larger percentage of profits. Sanofi is already paying out 102% of its profits, and with shrinking earnings we think it's unlikely that this dividend will grow quickly in the future.</p>
<div class="lb-trans"><p>許多投資者會通過評估股息支付隨時間的變化來評估公司的股息表現。在過去 10 年中，賽諾菲的股息平均每年增長約 3.8%。這很有趣，但儘管收益下降，股息增長的組合通常只能通過支付更大比例的利潤來實現。賽諾菲已經支付了 102% 的利潤，隨着收益的下降，我們認為未來這個股息不太可能快速增長。</p>
</div><h2>To Sum It Up</h2>
<div class="lb-trans"><h2>總結</h2>
</div><p>Is Sanofi an attractive dividend stock, or better left on the shelf? It's never fun to see a company's earnings per share in retreat. Worse, Sanofi's paying out a majority of its earnings and more than half its free cash flow. Positive cash flows are good news but it's not a good combination. With the way things are shaping up from a dividend perspective, we'd be inclined to steer clear of Sanofi.</p>
<div class="lb-trans"><p>賽諾菲是一個有吸引力的股息股票，還是更適合放在一邊？看到公司的每股收益下滑從來都不是一件好事。更糟的是，賽諾菲支付了大部分收益和超過一半的自由現金流。正現金流是好消息，但這並不是一個好的組合。從股息的角度來看，考慮到目前的形勢，我們傾向於避開賽諾菲。</p>
</div><p>Although, if you're still interested in Sanofi and want to know more, you'll find it very useful to know what risks this stock faces. In terms of investment risks, <strong>we've identified 2 warning signs</strong> with Sanofi and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>不過，如果您仍然對賽諾菲感興趣並想了解更多，瞭解該股票面臨的風險將非常有用。在投資風險方面，<strong>我們已經識別出賽諾菲的 2 個警告信號</strong>，理解這些信號應該是您投資過程的一部分。</p>
</div><p>If you're in the market for strong dividend payers, we recommend <strong>checking our selection of top dividend stocks.</strong></p>
<div class="lb-trans"><p>如果您在尋找強勁的股息支付者，我們建議 <strong>查看我們精選的頂級股息股票。</strong></p>
</div>

為什麼購買賽諾菲（EPA:SAN）以獲取即將到來的股息可能不合適