These 4 Measures Indicate That Arcadium Lithium (NYSE:ALTM) Is Using Debt Extensively
These 4 Measures Indicate That Arcadium Lithium (NYSE:ALTM) Is Using Debt Extensively
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 note that Arcadium Lithium plc (NYSE:ALTM) does have debt on its balance sheet. But is this debt a concern to shareholders?
David Iben說得好:“波動性不是我們關心的風險,我們關心的是避免資本的永久損失。”當審查一個公司的風險性時,考慮到負債通常是企業失敗的原因,查看其資產負債表是很自然的。我們注意到Arcadium Lithium plc (NYSE:ALTM) 的資產負債表上確實有債務,但這個債務是否令股東擔憂呢?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
通常情況下,只有當一家公司無法輕鬆償還債務時,它才會成爲真正的問題,無論是通過籌集資本還是使用其自有現金流來償還。 在最壞的情況下,如果一家公司無法償還債權人的債務,它可以破產。 然而,一種更頻繁(但仍然代價高昂)的情況是,一家公司必須以低於市價的價格發行股票,永久稀釋股東,以鞏固其資產負債表。 當然,很多公司使用債務進行增長,沒有任何負面影響。 考慮企業使用多少債務時,首先要做的是看看它的現金和債務的總和。
What Is Arcadium Lithium's Net Debt?
Arcadium Lithium的淨債務是多少?
As you can see below, at the end of March 2024, Arcadium Lithium had US$583.3m of debt, up from US$242.3m a year ago. Click the image for more detail. However, it does have US$472.7m in cash offsetting this, leading to net debt of about US$110.6m.
如下所示,截至2024年3月底,Arcadium Lithium的債務總額爲58330萬美元,較去年同期的24230萬美元有所增加。詳細信息請點擊圖片。然而,它也有47270萬美元的現金用來抵消債務,因此淨債務約爲11060萬美元。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240725/0-a3e9a55a666ca7541433daae86b148eb-0-680a11c03f6381b6e9b180a46f5cb1ec.png/big)
A Look At Arcadium Lithium's Liabilities
我們可以從最近的資產負債表中看到,Arcadium Lithium的短期負債總額爲5.3445億美元,逾期不超過一年,長期負債總額爲23億美元。與此相對應的,它有4,727萬美元的現金和22,270萬美元的應收賬款需要在12個月內收回。因此,其負債總額比其現金和短期應收賬款的總和高出2.14億美元。
We can see from the most recent balance sheet that Arcadium Lithium had liabilities of US$534.5m falling due within a year, and liabilities of US$2.30b due beyond that. Offsetting these obligations, it had cash of US$472.7m as well as receivables valued at US$222.7m due within 12 months. So its liabilities total US$2.14b more than the combination of its cash and short-term receivables.
雖然這看起來是一筆不小的數量,但對於Arcadium Lithium來說並不太糟糕,因爲它的市值爲3.71億美元,因此如果需要,它可能可以通過籌集資本來加強其資產負債表。然而,仔細觀察其償付債務的能力仍然是值得的。Arcadium Lithium的淨債務僅爲EBITDA的0.28倍,這表明它可以輕鬆增加槓桿率。但更酷的是,它實際上在過去一年中獲得了比支付的利息還要多的收益。因此,毫無疑問,這家公司可以承擔債務,同時保持冷靜。值得慶幸的是,Arcadium Lithium的負擔並不重,因爲其EBIt在過去一年中下降了20%。在償還債務方面,下降的收益對於健康水平一樣無用。毫無疑問,我們從資產負債表上了解債務的情況是最多的。但最終,企業未來的盈利能力將決定Arcadium Lithium能否隨着時間增強其資產負債表。因此,如果您着眼於未來,可以查看這份免費的報告,其中顯示了分析師的盈利預測。
While this might seem like a lot, it is not so bad since Arcadium Lithium has a market capitalization of US$3.71b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
最後,儘管稅務人員可能喜歡會計利潤,但放貸人只接受冷酷無情的現金。因此,我們始終檢查EBIt轉化爲自由現金流的情況。在過去的三年中,Arcadium Lithium總體上看到了相當大的負面自由現金流。儘管投資者毫無疑問希望該情況在不久的將來出現逆轉,但這顯然意味着其使用債務的風險更大。老實說,Arcadium Lithium EBIt轉化爲自由現金流的情況以及其EBIt的增長記錄讓我們對其的債務水平感到不安。但至少它很好地用其EBIT來支付利息,這是令人鼓舞的。從資產負債表上看,考慮到所有這些因素,我們確實認爲債務正在使Arcadium Lithium股票的風險有些增加。有些人喜歡這種風險,但我們意識到潛在的陷阱,因此我們可能更希望它承擔更少的債務。當您分析債務時,顯然需要專注於資產負債表。然而,並非所有的投資風險都存在於資產負債表上-離它很遠。例如,我們發現了Arcadium Lithium的1個警示信號,您在在此投資之前應該注意到。
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).
我們通過查看淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比以及計算其利息支出由收益前利息和稅(EBIT)覆蓋的程度來度量一家公司的債務負載相對於其收益能力的程度。此方法的優點在於我們同時考慮了債務的絕對量(以淨債務爲EBITDA)以及與該債務相關的實際利息支出(以其利息覆蓋倍數計算)。
Arcadium Lithium has net debt of just 0.28 times EBITDA, suggesting it could ramp leverage without breaking a sweat. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So there's no doubt this company can take on debt while staying cool as a cucumber. It is just as well that Arcadium Lithium's load is not too heavy, because its EBIT was down 20% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Arcadium Lithium 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.
Arcadium Lithium的淨債務僅爲EBITDA的0.28倍,這表明它可以輕鬆增加槓桿率。但更酷的是,它實際上在過去一年中獲得了比支付的利息還要多的收益。因此,毫無疑問,這家公司可以承擔債務,同時保持冷靜。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Arcadium Lithium saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最後,儘管稅務人員可能喜歡會計利潤,但放貸人只接受冷酷無情的現金。因此,我們始終檢查EBIt轉化爲自由現金流的情況。在過去的三年中,Arcadium Lithium總體上看到了相當大的負面自由現金流。儘管投資者毫無疑問希望該情況在不久的將來出現逆轉,但這顯然意味着其使用債務的風險更大。
Our View
我們的觀點
To be frank both Arcadium Lithium's conversion of EBIT to free cash flow and its track record of (not) growing its EBIT make us rather uncomfortable with its debt levels. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Arcadium Lithium stock a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. 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. For example, we've discovered 1 warning sign for Arcadium Lithium that you should be aware of before investing here.
坦率地說,Arcadium Lithium EBIt轉化爲自由現金流的情況以及其EBIt的增長記錄讓我們對其的債務水平感到不安。但至少它很好地用其EBIT來支付利息,這是令人鼓舞的。從資產負債表上看,考慮到所有這些因素,我們確實認爲債務正在使Arcadium Lithium股票的風險有些增加。有些人喜歡這種風險,但我們意識到潛在的陷阱,因此我們可能更希望它承擔更少的債務。當您分析債務時,顯然需要專注於資產負債表。然而,並非所有的投資風險都存在於資產負債表上-離它很遠。例如,我們發現了Arcadium Lithium的1個警示信號,您在在此投資之前應該注意到。
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.
說到底,有時更容易關注那些甚至不需要債務的公司。讀者可以免費查看零淨債務增長股票列表,立即獲得。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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