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Flex (NASDAQ:FLEX) Seems To Use Debt Quite Sensibly

Flex (NASDAQ:FLEX) Seems To Use Debt Quite Sensibly

Flex(納斯達克股票代碼:FLEX)似乎非常明智地使用債務
Simply Wall St ·  05/23 20:07

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 note that Flex Ltd. (NASDAQ:FLEX) does have debt on its balance sheet. But is this debt a concern to shareholders?

有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”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。我們注意到,偉創力有限公司(納斯達克股票代碼:FLEX)的資產負債表上確實有債務。但是這筆債務是股東關心的問題嗎?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.

一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,貸款人可以控制業務。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人迫使他們以不良价格籌集資金。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 Flex Carry?

Flex 揹負了多少債務?

The image below, which you can click on for greater detail, shows that Flex had debt of US$3.26b at the end of March 2024, a reduction from US$3.69b over a year. However, it also had US$2.47b in cash, and so its net debt is US$787.0m.

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,Flex的債務爲32.6億美元,較上一年的36.9億美元有所減少。但是,它也有24.7億美元的現金,因此其淨負債爲7.87億美元。

debt-equity-history-analysis
NasdaqGS:FLEX Debt to Equity History May 23rd 2024
納斯達克股票代碼:彈性債轉股歷史記錄 2024 年 5 月 23 日

How Strong Is Flex's Balance Sheet?

Flex 的資產負債表有多強?

The latest balance sheet data shows that Flex had liabilities of US$8.54b due within a year, and liabilities of US$4.39b falling due after that. On the other hand, it had cash of US$2.47b and US$3.28b worth of receivables due within a year. So it has liabilities totalling US$7.18b more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,Flex的負債爲85.4億美元,此後到期的負債爲43.9億美元。另一方面,它有24.7億美元的現金和價值32.8億美元的應收賬款將在一年內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出71.8億美元。

This deficit is considerable relative to its very significant market capitalization of US$11.9b, so it does suggest shareholders should keep an eye on Flex's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.

與其119億美元的巨大市值相比,這一赤字相當可觀,因此這確實表明股東應密切關注Flex的債務使用情況。這表明,如果公司需要迅速支撐資產負債表,股東將被嚴重稀釋。

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)。

Looking at its net debt to EBITDA of 0.51 and interest cover of 6.8 times, it seems to us that Flex is probably using debt in a pretty reasonable way. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Flex's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Flex'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.

從其淨負債佔息稅折舊攤銷前利潤的比例爲0.51倍和6.8倍的利息覆蓋率來看,在我們看來,Flex可能正在以相當合理的方式使用債務。因此,我們建議密切關注融資成本對業務的影響。去年,Flex的息稅前利潤相當平穩,但鑑於它沒有大量債務,這應該不是問題。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,未來的收益比什麼都重要,將決定Flex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 business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Flex produced sturdy free cash flow equating to 57% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。因此,合乎邏輯的步驟是研究息稅前利潤與實際自由現金流相匹配的比例。在過去三年中,偉創力產生了穩健的自由現金流,相當於其息稅前利潤的57%,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

On our analysis Flex's net debt to EBITDA should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. For example, its level of total liabilities makes us a little nervous about its debt. When we consider all the factors mentioned above, we do feel a bit cautious about Flex's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. 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 example - Flex has 2 warning signs we think you should be aware of.

根據我們的分析,Flex的淨負債佔息稅折舊攤銷前利潤的比例應表明其債務不會遇到太多問題。但是我們上面提到的其他因素並不那麼令人鼓舞。例如,它的總負債水平使我們對其債務有些緊張。當我們考慮上述所有因素時,我們對Flex的債務使用確實有些謹慎。儘管我們意識到債務可以提高股本回報率,但我們建議股東密切關注其債務水平,以免債務增加。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-Flex 有 2 個警告標誌,我們認爲您應該注意。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。

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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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