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Hasbro (NASDAQ:HAS) Takes On Some Risk With Its Use Of Debt

Hasbro (NASDAQ:HAS) Takes On Some Risk With Its Use Of Debt

孩之寶(納斯達克股票代碼:HAS)在使用債務時承擔了一些風險
Simply Wall St ·  05/21 19:54

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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Hasbro, Inc. (NASDAQ:HAS) does carry debt. But should shareholders be worried about its use of debt?

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,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,孩之寶公司(納斯達克股票代碼:HAS)確實有債務。但是,股東是否應該擔心其債務的使用?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.

當企業無法輕易履行這些義務時,無論是通過自由現金流還是以誘人的價格籌集資金,債務和其他負債就會面臨風險。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。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權資本,從而永久稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面後果。當我們研究債務水平時,我們首先要同時考慮現金和債務水平。

What Is Hasbro's Debt?

孩之寶的債務是什麼?

The image below, which you can click on for greater detail, shows that Hasbro had debt of US$3.47b at the end of March 2024, a reduction from US$3.93b over a year. On the flip side, it has US$569.3m in cash leading to net debt of about US$2.90b.

您可以點擊下圖查看更多詳情,該圖片顯示,孩之寶在2024年3月底的債務爲34.7億美元,較上一年的39.3億美元有所減少。另一方面,它擁有5.693億美元的現金,淨負債約爲29.0億美元。

debt-equity-history-analysis
NasdaqGS:HAS Debt to Equity History May 21st 2024
NASDAQGS: HAS 債務與股本的比率記錄 2024 年 5 月 21 日

A Look At Hasbro's Liabilities

看看孩之寶的負債

According to the last reported balance sheet, Hasbro had liabilities of US$1.79b due within 12 months, and liabilities of US$3.38b due beyond 12 months. Offsetting these obligations, it had cash of US$569.3m as well as receivables valued at US$632.5m due within 12 months. So its liabilities total US$3.97b more than the combination of its cash and short-term receivables.

根據上次報告的資產負債表,孩之寶的負債爲17.9億美元,12個月後到期的負債爲33.8億美元。除這些債務外,它有5.693億美元的現金以及價值6.325億美元的應收賬款在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出39.7億美元。

This deficit isn't so bad because Hasbro is worth US$8.37b, and thus could probably raise enough capital to shore up 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.

這種赤字還不錯,因爲孩之寶的市值爲83.7億美元,因此,如果有需要,可能會籌集足夠的資金來支撐其資產負債表。但是,我們絕對希望留意其債務帶來過大風險的跡象。

We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

我們通過以下方法來衡量公司的債務負擔與其盈利能力:將其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),並計算其利息和稅前收益(EBIT)支付利息支出(利息保障)的難易程度。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。

Hasbro's debt is 4.3 times its EBITDA, and its EBIT cover its interest expense 3.1 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. Even worse, Hasbro saw its EBIT tank 37% over the last 12 months. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Hasbro's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

孩之寶的債務是其息稅折舊攤銷前利潤的4.3倍,其息稅前利潤支付了利息支出的3.1倍。總而言之,這意味着,儘管我們不希望看到債務水平上升,但我們認爲它可以承受目前的槓桿率。更糟糕的是,孩之寶的息稅前利潤在過去12個月中下降了37%。如果收益長期保持這樣的水平,那麼償還債務的可能性很小。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益比什麼都重要,將決定孩之寶未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Hasbro produced sturdy free cash flow equating to 56% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。因此,我們顯然需要研究息稅前利潤是否會帶來相應的自由現金流。在過去三年中,孩之寶產生了穩健的自由現金流,相當於其息稅前利潤的56%,與我們的預期差不多。這種冷硬現金意味着它可以在需要時減少債務。

Our View

我們的觀點

Mulling over Hasbro's attempt at (not) growing its EBIT, we're certainly not enthusiastic. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. Looking at the bigger picture, it seems clear to us that Hasbro's use of debt is creating risks for the company. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Hasbro is showing 2 warning signs in our investment analysis , you should know about...

仔細考慮孩之寶(不是)增加息稅前利潤的嘗試,我們當然並不熱情。但至少在將息稅前利潤轉換爲自由現金流方面相當不錯;這令人鼓舞。從大局來看,我們似乎很清楚孩之寶對債務的使用正在給公司帶來風險。如果一切順利,可能會得到回報,但這筆債務的不利之處是永久損失的風險更大。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。請注意,孩之寶在我們的投資分析中顯示了兩個警告信號,您應該知道...

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家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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