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ICF International (NASDAQ:ICFI) Seems To Use Debt Quite Sensibly

ICF International (NASDAQ:ICFI) Seems To Use Debt Quite Sensibly

ICF國際(納斯達克股票代碼:ICFI)似乎非常明智地使用債務
Simply Wall St ·  04/19 03:34

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, ICF International, Inc. (NASDAQ:ICFI) does carry debt. But is this debt a concern to shareholders?

霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,ICF國際公司(納斯達克股票代碼:ICFI)確實有債務。但是這筆債務是股東關心的問題嗎?

When Is Debt A Problem?

債務何時會成爲問題?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.

債務是幫助企業增長的工具,但是如果企業無法還清貸款人的債務,那麼債務就任其擺佈。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。考慮公司的債務水平的第一步是同時考慮其現金和債務。

How Much Debt Does ICF International Carry?

ICF International 揹負了多少債務?

You can click the graphic below for the historical numbers, but it shows that ICF International had US$434.6m of debt in December 2023, down from US$556.3m, one year before. However, because it has a cash reserve of US$11.2m, its net debt is less, at about US$423.4m.

你可以點擊下圖查看歷史數字,但它顯示ICF International在2023年12月有4.346億美元的債務,低於一年前的5.563億美元。但是,由於其現金儲備爲112萬美元,其淨負債較少,約爲4.234億美元。

debt-equity-history-analysis
NasdaqGS:ICFI Debt to Equity History April 18th 2024
NASDAQGS: ICFI 債務與股本的比率歷史記錄 2024 年 4 月 18 日

How Strong Is ICF International's Balance Sheet?

ICF International的資產負債表有多強?

We can see from the most recent balance sheet that ICF International had liabilities of US$418.2m falling due within a year, and liabilities of US$676.0m due beyond that. Offsetting this, it had US$11.2m in cash and US$409.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$673.4m.

我們可以從最新的資產負債表中看出,ICF International的負債爲4.182億美元,一年後到期的負債爲6.76億美元。與此相抵消的是,它有112萬美元的現金和4.097億美元的應收賬款將在12個月內到期。因此,其負債超過其現金和(短期)應收賬款總額6.734億美元。

ICF International has a market capitalization of US$2.63b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

ICF International的市值爲26.3億美元,因此,如果需要,它很可能會籌集資金以改善其資產負債表。但是,我們絕對希望留意其債務帶來過大風險的跡象。

We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).

我們使用兩個主要比率來告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。這種方法的優勢在於,我們既考慮了債務的絕對數量(包括淨負債與息稅折舊攤銷前利潤),也考慮了與該債務相關的實際利息支出(及其利息覆蓋率)。

ICF International's net debt is sitting at a very reasonable 2.1 times its EBITDA, while its EBIT covered its interest expense just 3.5 times last year. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. One way ICF International could vanquish its debt would be if it stops borrowing more but continues to grow EBIT at around 19%, as it did over the last year. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if ICF International can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

去年,ICF International的淨負債相當於其息稅折舊攤銷前利潤的2.1倍,而其息稅前利潤僅爲利息支出的3.5倍。儘管這並不讓我們太擔心,但這確實表明利息的支付有些負擔。ICF International克服債務的一種方法是停止增加借款,但繼續像去年一樣將息稅前利潤增長至19%左右。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,該業務的未來盈利能力將決定ICF International能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last three years, ICF International generated free cash flow amounting to a very robust 95% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.

但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。因此,我們總是檢查息稅前利潤中有多少轉化爲自由現金流。在過去三年中,ICF International產生的自由現金流相當於其息稅前利潤的95%,超出了我們的預期。如果需要的話,這有利於償還債務。

Our View

我們的觀點

Happily, ICF International's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt. But, on a more sombre note, we are a little concerned by its interest cover. Taking all this data into account, it seems to us that ICF International takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 1 warning sign for ICF International that you should be aware of before investing here.

令人高興的是,ICF International令人印象深刻地將息稅前利潤轉換爲自由現金流,這意味着其債務佔上風。但是,更悲觀的是,我們對它的利息保障有點擔憂。考慮到所有這些數據,在我們看來,ICF International對債務採取了相當明智的態度。儘管這帶來了一些風險,但也可以提高股東的回報。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,我們發現了ICF International的1個警告信號,在這裏投資之前,您應該注意這一點。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。

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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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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