Lamb Weston Holdings (NYSE:LW) Seems To Use Debt Quite Sensibly
Lamb Weston Holdings (NYSE:LW) Seems To Use Debt Quite Sensibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Lamb Weston Holdings, Inc. (NYSE:LW) makes use of debt. But the more important question is: how much risk is that debt creating?
霍華德·馬克斯說得好,比起擔心股價波動,「我擔心的是永久性損失的可能性......我認識的每個實際投資者都會擔心這個問題。」所以當你考慮某支股票的風險時,一定要考慮債務,因爲太多的債務會使一家公司陷入泥潭。與許多其他公司一樣,Lamb Weston Holdings,Inc. (NYSE:LW) 也利用債務。但更重要的問題是:這些債務產生了多少風險?
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
一般來說,只有在公司無法通過籌集資金或自有現金流輕鬆償還債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,放貸人可以接管業務。然而,更頻繁的情況(但依然代價昂貴)是一家公司必須以極低的價格發行股票,以永久性稀釋股東,以此來加固其資產負債表。當然,債務對於企業來說也是一個重要的工具,尤其是對於需要大量投資的企業而言。考慮公司債務水平的第一步是將其現金和債務綜合考慮。
What Is Lamb Weston Holdings's Debt?
Lamb Weston Holdings的債務狀況是怎樣的?
You can click the graphic below for the historical numbers, but it shows that as of May 2024 Lamb Weston Holdings had US$3.82b of debt, an increase on US$3.45b, over one year. And it doesn't have much cash, so its net debt is about the same.
您可以點擊下面的圖表查看歷史數據,但它顯示,截至2024年5月份,Lamb Weston Holdings的債務總額爲38.2億美元,同比增長3.45億美元。而它沒有多少現金,所以淨債務約爲相同。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240818/0-d9ade27cfe748fcb1008f3f7241dc680-0-874ddf471a634e0e6e508dd69467d59e.png/big)
How Strong Is Lamb Weston Holdings' Balance Sheet?
我們可以從最近的資產負債表看出,Lamb Weston Holdings有16.2億美元的短期債務到期,還有39.6億美元的長期債務到期。另一方面,它有7140萬美元的現金和74360萬美元的應收賬款在一年內到期。因此,它的負債總額比現金和短期應收賬款的組合多出了47.6億美元。雖然這看起來很多,但由於Lamb Weston Holdings的市值爲8.75億美元,所以它如果需要的話,可能可以通過籌集資本來加強其資產負債表。不過,它仍然值得密切關注其償還債務的能力。
We can see from the most recent balance sheet that Lamb Weston Holdings had liabilities of US$1.62b falling due within a year, and liabilities of US$3.96b due beyond that. On the other hand, it had cash of US$71.4m and US$743.6m worth of receivables due within a year. So its liabilities total US$4.76b more than the combination of its cash and short-term receivables.
Lamb Weston Holdings的淨債務/EBITDA爲2.7,表明它使用了相當大量的槓桿以提高回報。另一方面,它的EBIt爲其利息費用的8.2倍,其淨債務/EBITDA非常高,達到了2.7。同樣值得注意的是,Lamb Weston Holdings在過去一年中增長了非常可觀的28%,因此增強了其償還債務的能力。資產負債表顯然是分析債務的重點領域。但最終這一切都還是要看公司未來的收益,尤其是能否保持健康的資產負債表。因此,如果你關注未來,可以查看這份免費的分析師利潤預測報告。
While this might seem like a lot, it is not so bad since Lamb Weston Holdings has a market capitalization of US$8.75b, 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.
但我們的最後考慮也是很重要的,因爲公司無法用虛擬利潤支付債務,必須用真正的現金。所以值得一提的是,Lamb Weston Holdings在過去三年中創造的自由現金流只佔其EBIt的4.2%,表現不佳。這種低迷的現金轉換水平削弱了公司管理和償還債務的能力。
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). 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).
BJ批發俱樂部控股公司的淨債務只有EBITDA的0.62倍。而其EBIT輕鬆覆蓋其利息費用,比例爲12.6倍。因此,我們對其超級保守的債務使用感到相當放心。雖然BJ批發俱樂部控股公司在EBIT方面沒有取得太多進展,但至少其盈利保持穩定。當分析債務水平時,資產負債表是顯然的切入點。但歸根結底,企業未來的盈利能力將決定BJ批發俱樂部控股公司能否隨着時間的推移加強資產負債表。因此,如果你要關注未來,可以查看一下這份免費的分析報告,了解分析師的盈利預測。
Lamb Weston Holdings has net debt to EBITDA of 2.7 suggesting it uses a fair bit of leverage to boost returns. On the plus side, its EBIT was 8.2 times its interest expense, and its net debt to EBITDA, was quite high, at 2.7. Also relevant is that Lamb Weston Holdings has grown its EBIT by a very respectable 28% in the last year, thus enhancing its ability to pay down debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Lamb Weston Holdings'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.
根據我們的分析,Lamb Weston Holdings的EBIt增長率應該表明,其處理債務不應該出現太大問題。然而,我們的其他觀察結果並不是那麼令人振奮。具體來說,它在將EBIt轉化爲自由現金流方面的能力似乎和溼襪子讓你的腳保持溫暖一樣好。綜上所述,我們對Lamb Weston Holdings使用債務持謹慎態度。雖然我們認爲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,以免產生增加的財務風險。資產負債表顯然是分析債務的重點領域。然而,不是所有的投資風險都存在於資產負債表中,這些風險很難察覺。每個公司都有風險要處理,我們已經發現了Lamb Weston Holdings的3個警告信號,你應該知道。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, Lamb Weston Holdings created free cash flow amounting to 4.2% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.
但最終值得關注的是,一家公司無法用盈利紙面上的利潤支付債務,而是需要使用冰冷的現金。因此,值得檢查的是該EBIt的多少是由自由現金流支持的。在過去三年中,Lamb Weston Holdings創造的自由現金流總額相當於其EBIt的4.2%,表現不佳,這種低迷的現金轉換水平削弱了其管理和償還債務的能力。
Our View
我們的觀點
On our analysis Lamb Weston Holdings's EBIT growth rate should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. To be specific, it seems about as good at converting EBIT to free cash flow as wet socks are at keeping your feet warm. When we consider all the factors mentioned above, we do feel a bit cautious about Lamb Weston Holdings'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. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Lamb Weston Holdings you should know about.
根據我們的分析,Lamb Weston Holdings的EBIt增長率應該表明,其處理債務不應該出現太大問題。然而,我們的其他觀察結果並不是那麼令人振奮。具體來說,它在將EBIt轉化爲自由現金流方面的能力似乎和溼襪子讓你的腳保持溫暖一樣好。綜上所述,我們對Lamb Weston Holdings使用債務持謹慎態度。雖然我們認爲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,以免產生增加的財務風險。資產負債表顯然是分析債務的重點領域。然而,不是所有的投資風險都存在於資產負債表中,這些風險很難察覺。每個公司都有風險要處理,我們已經發現了Lamb Weston Holdings的3個警告信號,你應該知道。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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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。
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