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Here's Why Kimberly-Clark (NYSE:KMB) Can Manage Its Debt Responsibly

Here's Why Kimberly-Clark (NYSE:KMB) Can Manage Its Debt Responsibly

這就是金伯利-克拉克(紐約證券交易所代碼:KMB)可以負責任地管理債務的原因
Simply Wall St ·  05/22 02:57

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Kimberly-Clark Corporation (NYSE:KMB) does use debt in its business. But the more important question is: how much risk is that debt creating?

傳奇基金經理李露(由查理·芒格支持)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,金伯利-克拉克公司(紐約證券交易所代碼:KMB)確實在其業務中使用了債務。但更重要的問題是:這筆債務會帶來多大的風險?

When Is Debt Dangerous?

債務何時危險?

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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt 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。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的一個非常好的工具。當我們考慮公司對債務的使用時,我們首先要同時考慮現金和債務。

What Is Kimberly-Clark's Net Debt?

金伯利-克拉克的淨負債是多少?

The image below, which you can click on for greater detail, shows that Kimberly-Clark had debt of US$8.00b at the end of March 2024, a reduction from US$8.69b over a year. However, it does have US$853.0m in cash offsetting this, leading to net debt of about US$7.14b.

您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年3月底,金伯利-克拉克的債務爲800億美元,較上一年的86.9億美元有所減少。但是,它確實有8.530億美元的現金抵消了這一點,淨負債約爲71.4億美元。

debt-equity-history-analysis
NYSE:KMB Debt to Equity History May 21st 2024
紐約證券交易所:KMB 債券與股本的比率記錄 2024 年 5 月 21 日

How Healthy Is Kimberly-Clark's Balance Sheet?

金伯利-克拉克的資產負債表有多健康?

Zooming in on the latest balance sheet data, we can see that Kimberly-Clark had liabilities of US$6.88b due within 12 months and liabilities of US$9.03b due beyond that. Offsetting this, it had US$853.0m in cash and US$2.38b in receivables that were due within 12 months. So its liabilities total US$12.7b more than the combination of its cash and short-term receivables.

放大最新的資產負債表數據,我們可以看到,金伯利-克拉克在12個月內到期的負債爲68.8億美元,之後到期的負債爲90.3億美元。與此相抵消的是,它有8.530億美元的現金和23.8億美元的應收賬款將在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127億美元。

Kimberly-Clark has a very large market capitalization of US$45.2b, 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.

金伯利-克拉克的市值非常大,爲452億美元,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 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). 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。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)。

Kimberly-Clark's net debt to EBITDA ratio of about 1.9 suggests only moderate use of debt. And its commanding EBIT of 13.8 times its interest expense, implies the debt load is as light as a peacock feather. Kimberly-Clark grew its EBIT by 9.8% in the last year. That's far from incredible but it is a good thing, when it comes to paying off debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Kimberly-Clark's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

金伯利-克拉克的淨負債與息稅折舊攤銷前利潤的比率約爲1.9,這表明債務的使用量不大。其驚人的息稅前利潤是利息支出的13.8倍,這意味着債務負擔像孔雀羽毛一樣輕。去年,金伯利克拉克的息稅前利潤增長了9.8%。這遠非不可思議,但在還清債務方面,這是一件好事。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益比什麼都更能決定金伯利-克拉克未來維持健康資產負債表的能力。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。

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, Kimberly-Clark produced sturdy free cash flow equating to 78% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.

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,金伯利-克拉克產生了穩健的自由現金流,相當於其息稅前利潤的78%,與我們的預期差不多。這種自由現金流使公司處於有利地位,可以在適當的時候償還債務。

Our View

我們的觀點

Kimberly-Clark's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! When we consider the range of factors above, it looks like Kimberly-Clark is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 3 warning signs for Kimberly-Clark that you should be aware of.

金伯利-克拉克的利息保障表明,它可以像克里斯蒂亞諾·羅納爾多在對陣14歲以下的守門員的比賽中進球一樣輕鬆地處理債務。好消息不止於此,因爲其將息稅前利潤轉換爲自由現金流也支持了這種印象!當我們考慮上述一系列因素時,看來金伯利-克拉克使用債務是相當明智的。儘管這帶來了一些風險,但也可以提高股東的回報。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。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,我們已經確定了金伯利-克拉克的3個警告信號,你應該注意這些信號。

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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