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Is Mission Produce (NASDAQ:AVO) Using Too Much Debt?

Is Mission Produce (NASDAQ:AVO) Using Too Much Debt?

Mission Produce (納斯達克:AVO) 是否使用了過多的債務?
Simply Wall St ·  06/10 19:59

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Mission Produce, Inc. (NASDAQ:AVO) makes use of debt. But is this debt a concern to shareholders?

禾倫·巴菲特曾經說過,“波動性與風險遠非同義詞。” 當我們考慮一家公司的風險程度時,我們總是喜歡觀察它的債務使用情況,因爲債務負擔過重可能會導致破產。 正如許多其他公司一樣,mission produce, Inc.(納斯達克:AVO)也在利用債務。 但是這筆債務是否令股東擔憂?

What Risk Does Debt Bring?

債務帶來了什麼風險?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.

債務是幫助企業成長的工具,但如果企業無力償還其債權人,那麼它存在於債權人的仁慈中。 資本主義固有的一部分是“創造性毀滅”過程,即銀行家無情地清算失敗的企業。 然而,更常見的(但仍然令人痛苦的)情況是,企業不得不以低價募集新的權益資本,從而永久地稀釋股東的權益。 話雖如此,最常見的情況是一家企業合理地管理其債務,從而得到利益。 在我們評估債務水平時,我們首先考慮現金和債務水平。

What Is Mission Produce's Debt?

Mission Produce的債務情況如何?

As you can see below, Mission Produce had US$172.7m of debt, at April 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$46.2m in cash leading to net debt of about US$126.5m.

正如您下面所看到的,截至2024年4月,Mission Produce的債務總額爲1.727億美元,與前年相同。 您可以點擊圖表了解更多詳細信息。 另一方面,它擁有4620萬美元的現金,淨債務約爲1.265億美元。

debt-equity-history-analysis
NasdaqGS:AVO Debt to Equity History June 10th 2024
NasdaqGS:AVO的債務股本比歷史記錄(2024年6月10日)

How Strong Is Mission Produce's Balance Sheet?

我們可以從最近的資產負債表中看到,Mission Produce在一年內到期的負債爲1.217億美元,到期超過一年的負債爲3.052億美元。 抵消這些義務,它有4620萬美元的現金以及12個月內到期的應收賬款價值1228萬美元。 因此,其負債總額比其現金和短期應收賬款的總和多257.9萬美元。

We can see from the most recent balance sheet that Mission Produce had liabilities of US$121.7m falling due within a year, and liabilities of US$305.2m due beyond that. Offsetting these obligations, it had cash of US$46.2m as well as receivables valued at US$122.8m due within 12 months. So its liabilities total US$257.9m more than the combination of its cash and short-term receivables.

這個赤字並不太糟糕,因爲Mission Produce價值7.899億美元,因此如果有必要,它可能會籌集足夠的資本來支撐其資產負債表。 但是我們一定要注意其債務是否帶來了太多風險。

This deficit isn't so bad because Mission Produce is worth US$789.9m, 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.

Mission Produce的淨債務價值爲1.8倍的EBITDA,這並不算太多,但其利息支出看起來有點低,EBIT僅爲利息支出的3.3倍。 儘管這並不讓我們太擔心,但它確實表明利息支付有些負擔。

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.

我們使用兩個主要的比率來衡量債務水平與收益的關係。一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),另一個是它的利息費用與利息和稅前利潤(EBIT)相比的倍數(或其利息覆蓋率)。這樣,我們考慮了債務的絕對量以及所支付的利率。

Mission Produce has net debt worth 1.8 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 3.3 times the interest expense. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Notably, Mission Produce's EBIT launched higher than Elon Musk, gaining a whopping 105% on last year. 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 Mission Produce can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

值得注意的是,Mission Produce的EBIT比伊隆·馬斯克高得多,去年大幅增長了105%。 評估債務時,資產負債表顯然是需要重點關注的區域。 但最終,企業的未來盈利能力將決定Mission Produce是否能夠隨着時間的推移加強其資產負債表。 因此,如果您關注未來,可以查看這份免費報告,其中包含分析師對利潤的預測。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Mission Produce recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.

最後,儘管稅務官員可能喜歡會計利潤,債權人只接受冷硬的現金。 因此,值得檢查有多少EBIT得到了自由現金流的支持。 在過去的三年中,Mission Produce總共記錄了負的自由現金流。 債務對於一家沒有自由現金流的公司來說通常更爲昂貴,也幾乎總是更爲冒險。 股東們應該希望得到改善。

Our View

我們的觀點

Neither Mission Produce's ability to convert EBIT to free cash flow nor its interest cover gave us confidence in its ability to take on more debt. But its EBIT growth rate tells a very different story, and suggests some resilience. We think that Mission Produce's debt does make it a bit risky, after considering the aforementioned data points together. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 1 warning sign with Mission Produce , and understanding them should be part of your investment process.

雖然Mission Produce的EBIT和財務費用的比率並未給我們帶來信心,但其EBIT增長率講述了一個非常不同的故事,並表明它具有一定的韌性。 綜合考慮上述數據點後,我們認爲Mission Produce的債務確實存在一定風險。 所有的風險並不都是壞事,如果付出了回報,它可以促進股價回報,但這種債務風險值得記在心中。 當然,我們從資產負債表中了解到的是企業的大部分債務情況,但最終每家企業都可能存在超越資產負債表外的風險。 我們已經發現Mission Produce存在1個預警信號,並理解其中應該包含的投資過程。

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.

如果您在所有這些工作之後,更感興趣於擁有堅實資產負債表的快速發展公司,請立即查看我們的淨現金成長股列表。

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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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