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Berry Global Group (NYSE:BERY) Has A Somewhat Strained Balance Sheet

Berry Global Group (NYSE:BERY) Has A Somewhat Strained Balance Sheet

貝瑞環球集團(紐約證券交易所代碼:BERY)的資產負債表有些緊張
Simply Wall St ·  05/24 20:34

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.' 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. As with many other companies Berry Global Group, Inc. (NYSE:BERY) makes use of debt. But the real question is whether this debt is making the company risky.

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。”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。與許多其他公司一樣,貝瑞環球集團公司(紐約證券交易所代碼:BERY)也使用債務。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 assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.

債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。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。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。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極好工具。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。

What Is Berry Global Group's Debt?

貝瑞環球集團的債務是多少?

You can click the graphic below for the historical numbers, but it shows that Berry Global Group had US$8.97b of debt in March 2024, down from US$9.55b, one year before. However, because it has a cash reserve of US$494.0m, its net debt is less, at about US$8.47b.

你可以點擊下圖查看歷史數字,但它顯示貝里環球集團在2024年3月的債務爲89.7億美元,低於一年前的95.5億美元。但是,由於其現金儲備爲4.94億美元,其淨負債較少,約爲84.7億美元。

debt-equity-history-analysis
NYSE:BERY Debt to Equity History May 24th 2024
紐約證券交易所:BERY 債務與股本比率記錄 2024 年 5 月 24 日

How Healthy Is Berry Global Group's Balance Sheet?

貝瑞環球集團的資產負債表有多健康?

The latest balance sheet data shows that Berry Global Group had liabilities of US$2.34b due within a year, and liabilities of US$10.3b falling due after that. On the other hand, it had cash of US$494.0m and US$1.59b worth of receivables due within a year. So it has liabilities totalling US$10.6b more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,貝里環球集團的負債爲23.4億美元,此後到期的負債爲103億美元。另一方面,它有4.94億美元的現金和價值15.9億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106億美元。

This deficit casts a shadow over the US$6.89b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. At the end of the day, Berry Global Group would probably need a major re-capitalization if its creditors were to demand repayment.

這筆赤字給這家68.9億美元的公司蒙上了陰影,就像一個聳立在凡人之上的巨人。因此,我們絕對認爲股東需要密切關注這個問題。歸根結底,如果債權人要求還款,貝里環球集團可能需要進行大規模的資本重組。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

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。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。

Berry Global Group's debt is 4.4 times its EBITDA, and its EBIT cover its interest expense 3.6 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. Investors should also be troubled by the fact that Berry Global Group saw its EBIT drop by 10% over the last twelve months. If that's the way things keep going handling the debt load will be like delivering hot coffees on a pogo stick. 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 Berry Global Group 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.

貝瑞環球集團的債務是其息稅折舊攤銷前利潤的4.4倍,其息稅前利潤支付了3.6倍的利息支出。綜上所述,這意味着,儘管我們不希望債務水平上升,但我們認爲它可以承受目前的槓桿率。在過去的十二個月中,貝里環球集團的息稅前利潤下降了10%,這一事實也應該讓投資者感到困擾。如果事情是這樣繼續下去,那麼處理債務負擔就像用彈簧棒送熱咖啡一樣。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務的未來盈利能力將決定貝瑞環球集團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, 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. Over the most recent three years, Berry Global Group recorded free cash flow worth 58% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.

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。在最近三年中,鑑於自由現金流不包括利息和稅收,貝里環球集團記錄的自由現金流佔其息稅前利潤的58%,這幾乎是正常的。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

Mulling over Berry Global Group's attempt at staying on top of its total liabilities, we're certainly not enthusiastic. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. We're quite clear that we consider Berry Global Group to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 3 warning signs we've spotted with Berry Global Group (including 1 which is potentially serious) .

仔細考慮貝瑞環球集團試圖控制其總負債的做法,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。我們很清楚,由於其資產負債表狀況良好,我們認爲貝瑞環球集團的風險確實相當大。因此,我們對這隻魚的警惕幾乎就像一隻飢餓的小貓要掉進主人的魚池一樣警惕:正如他們所說,一旦被咬傷,兩次害羞。在分析債務水平時,資產負債表是顯而易見的起點。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。爲此,你應該了解我們在貝瑞環球集團發現的3個警告信號(包括一個可能嚴重的警告信號)。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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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