These 4 Measures Indicate That John B. Sanfilippo & Son (NASDAQ:JBSS) Is Using Debt Reasonably Well
These 4 Measures Indicate That John B. Sanfilippo & Son (NASDAQ:JBSS) Is Using Debt Reasonably Well
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.' 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. We note that John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
傳奇基金經理李錄(得到查理·芒格的支持)曾經說過,「最大的投資風險不是價格的波動性,而是你是否會遭受永久性的資本損失。」當我們考慮一家公司有多大風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能會導致破產。我們注意到約翰·B·桑菲利普和兒子公司(納斯達克:JBSS)在資產負債表上確實有債務。但更重要的問題是:這些債務帶來多大風險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
一般來說,當公司無法通過籌集資本或使用自身現金流輕鬆償還債務時,債務才真正成爲一個問題。最終,如果公司無法履行償還債務的法律義務,股東可能一無所獲。雖然這種情況並不常見,但我們經常看到舉債公司因放貸人迫使其以低於市場價的價格籌集資本而永久稀釋股東。當然,債務對於企業來說也可以是一種重要的工具,尤其是對於資本密集型企業而言。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看。
What Is John B. Sanfilippo & Son's Debt?
約翰·B·桑菲利普和兒子的債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 John B. Sanfilippo & Son had US$28.1m of debt, an increase on US$8.06m, 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6月,約翰·B·桑菲利普和兒子公司的債務爲2810萬美元,比一年前增加了806萬美元。並且它沒有太多現金,所以它的淨債務大致相同。
![1724672281029](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240826/47053420-0-2a7f7e321188b1c55c55ac883897dd9a.avif/big)
A Look At John B. Sanfilippo & Son's Liabilities
關注約翰·布·聖菲利波和Son的負債情況
We can see from the most recent balance sheet that John B. Sanfilippo & Son had liabilities of US$125.9m falling due within a year, and liabilities of US$67.0m due beyond that. Offsetting this, it had US$484.0k in cash and US$85.0m in receivables that were due within 12 months. So its liabilities total US$107.5m more than the combination of its cash and short-term receivables.
我們可以從最近的資產負債表看到,約翰·布·聖菲利波和Son的一年內到期負債爲1.259億美元,超過一年的負債爲6700萬美元。與此相抵,它有484,000美元的現金和8500萬美元的應收賬款,這些應收賬款在12個月內到期。因此,其負債總額比現金和短期應收賬款的加總少了1.075億美元。
Given John B. Sanfilippo & Son has a market capitalization of US$1.09b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
考慮到約翰·布·聖菲利波和Son的市值爲1.09億美元,很難相信這些負債會構成很大的威脅。話雖如此,很明顯我們應該繼續監控它的資產負債表,以防情況變得更糟。
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.
爲了對公司的債務相對於其收益進行規模適應,我們計算其淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比及其稅前收益(EBIT)與利息支出之比(利息保障倍數)。因此,我們既考慮到不包括折舊和攤銷費用在內的收益,又包括折舊和攤銷費用的收益相對於債務。
John B. Sanfilippo & Son's net debt is only 0.26 times its EBITDA. And its EBIT covers its interest expense a whopping 31.8 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. But the other side of the story is that John B. Sanfilippo & Son saw its EBIT decline by 7.4% over the last year. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. The balance sheet is clearly the area to focus on when you are analysing debt. But it is John B. Sanfilippo & Son's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
約翰·布·聖菲利波和Son的淨債務僅爲其息稅折舊及攤銷前利潤(EBITDA)的0.26倍。而其EBIT覆蓋其利息費用超過31.8倍。因此,你可以認爲它受到債務的威脅並不比大象受到老鼠的威脅更多。但另一方面,約翰·布·聖菲利波和Son在過去一年中的EBIT下降了7.4%。如果收益繼續以這個速度下降,公司可能越來越難以管理其債務負載。資產負債表顯然是分析債務時要關注的區域。但約翰·布·聖菲利波和Son的收益將影響資產負債表未來的情況。因此,在考慮債務時,值得看一下收益的趨勢。點擊這裏查看一個互動快照。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, John B. Sanfilippo & Son recorded free cash flow worth 71% 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,企業需要有自由現金流來償還債務;僅靠會計利潤是不夠的。所以我們總是要查看多少EBIT被轉化爲自由現金流。在最近的三年中,約翰·布·聖菲利波和Son的自由現金流佔其EBIT的71%,這是正常範圍內的水平,因爲自由現金流不包括利息和稅。這些冷硬的現金意味着它可以在需要時減少其債務。
Our View
我們的觀點
The good news is that John B. Sanfilippo & Son's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But, on a more sombre note, we are a little concerned by its EBIT growth rate. Taking all this data into account, it seems to us that John B. Sanfilippo & Son takes a pretty sensible approach to debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. 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. For example - John B. Sanfilippo & Son has 1 warning sign we think you should be aware of.
好消息是約翰·班尼斯群峯公司已經證明了其利息支出能夠通過其EBIt收益來覆蓋,這讓我們像對待小寶寶一樣高興。但是,稍微嚴肅一點的是,我們對其EBIt增長率有些擔憂。綜合考慮所有這些數據,我們認爲約翰·班尼斯群峯公司對待債務的做法相當明智。這意味着他們承擔了更多風險,希望提高股東回報。毫無疑問,我們從資產負債表上了解到的債務是最多的。但最終,每家公司都可能存在超出資產負債表之外的風險。例如 - 約翰·班尼斯群峯公司有1個警告符號,我們認爲您應該注意。
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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