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Is Wendy's (NASDAQ:WEN) Using Too Much Debt?

Is Wendy's (NASDAQ:WEN) Using Too Much Debt?

溫迪(納斯達克股票代碼:WEN)是否使用過多的債務?
Simply Wall St ·  05/24 03:24

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.' 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, The Wendy's Company (NASDAQ:WEN) does carry debt. But the real question is whether this debt is making the company risky.

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。”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,溫迪公司(納斯達克股票代碼:WEN)確實有債務。但真正的問題是這筆債務是否使公司面臨風險。

What Risk Does Debt Bring?

債務會帶來什麼風險?

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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。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(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。

How Much Debt Does Wendy's Carry?

Wendy's 揹負了多少債務?

The chart below, which you can click on for greater detail, shows that Wendy's had US$2.76b in debt in March 2024; about the same as the year before. However, it also had US$498.3m in cash, and so its net debt is US$2.26b.

您可以點擊下圖查看更多詳情,該圖表顯示,溫迪在2024年3月有27.6億美元的債務;與前一年大致相同。但是,它也有4.983億美元的現金,因此其淨負債爲22.6億美元。

debt-equity-history-analysis
NasdaqGS:WEN Debt to Equity History May 23rd 2024
NASDAQGS: WEN 債券與股本的比率歷史 2024 年 5 月 23

How Healthy Is Wendy's' Balance Sheet?

溫迪的資產負債表有多健康?

Zooming in on the latest balance sheet data, we can see that Wendy's had liabilities of US$425.4m due within 12 months and liabilities of US$4.47b due beyond that. Offsetting this, it had US$498.3m in cash and US$200.2m in receivables that were due within 12 months. So it has liabilities totalling US$4.20b more than its cash and near-term receivables, combined.

放大最新的資產負債表數據,我們可以看到,Wendy's在12個月內到期的負債爲4.254億美元,之後到期的負債爲44.7億美元。與此相抵消的是,它有4.983億美元的現金和2.02億美元的應收賬款將在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出42.0億美元。

When you consider that this deficiency exceeds the company's US$3.66b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.

當你考慮到這一缺口超過了公司36.6億美元的市值時,你很可能會傾向於仔細審查資產負債表。在公司必須迅速清理資產負債表的情況下,股東似乎可能會遭受大規模稀釋。

In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。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。

Wendy's's debt is 4.4 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. Fortunately, Wendy's grew its EBIT by 6.7% in the last year, slowly shrinking its debt relative to earnings. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Wendy's 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.

溫迪的債務是其息稅折舊攤銷前利潤的4.4倍,其息稅前利潤覆蓋了利息支出的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。幸運的是,Wendy's去年的息稅前利潤增長了6.7%,其債務相對於收益的比例逐漸減少。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,該業務未來的盈利能力將決定溫迪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。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Wendy's recorded free cash flow worth 68% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.

最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。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。在最近三年中,溫迪記錄的自由現金流佔其息稅前利潤的68%,鑑於自由現金流不包括利息和稅收,這幾乎是正常的。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

While Wendy's's net debt to EBITDA makes us cautious about it, its track record of staying on top of its total liabilities is no better. But on the brighter side of life, its conversion of EBIT to free cash flow leaves us feeling more frolicsome. Taking the abovementioned factors together we do think Wendy's's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. 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. To that end, you should learn about the 2 warning signs we've spotted with Wendy's (including 1 which can't be ignored) .

儘管Wendy的淨負債佔息稅折舊攤銷前利潤的比例使我們對此持謹慎態度,但其保持總負債水平的記錄也沒有好轉。但從生活中更美好的方面來看,它將息稅前利潤轉換爲自由現金流讓我們感到更加艱難。綜合上述因素,我們確實認爲溫迪的債務對業務構成了一些風險。因此,儘管這種槓桿率確實提高了股本回報率,但我們真的不希望看到它從現在開始增加。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。爲此,你應該了解我們在Wendy's身上發現的兩個警告信號(包括一個不容忽視的警告信號)。

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.

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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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