These 4 Measures Indicate That Omnicom Group (NYSE:OMC) Is Using Debt Reasonably Well
These 4 Measures Indicate That Omnicom Group (NYSE:OMC) Is Using Debt Reasonably Well
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 Omnicom Group Inc. (NYSE:OMC) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
伯克希爾哈撒韋的外部基金經理Charlie Munger所支持的基金經理Li Lu直言不諱地說:「最大的投資風險不是價格的波動性,而是您是否會遭受永久性的資本損失。」當您考慮一個公司的風險程度時,自然會考慮到其資產負債表,因爲當一家企業破產時往往涉及債務。我們注意到Omnicom Group Inc.(NYSE:OMC)的資產負債表上確實有債務。但真正的問題是這些債務是否使公司變得有風險。
When Is Debt A Problem?
什麼時候負債才是一個問題?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
債務在企業還貸方面起到了幫助作用,無論是通過新資本還是通過自由現金流。資本主義的一部分是「創造性破壞」過程,即倒閉的企業被它們的銀行無情地清算。然而,更常見(但仍然痛苦)的情況是它不得不以低價格籌集新股本,從而永久性地稀釋股東的權益。當然,債務的好處在於它通常代表了廉價的資本,特別是當它取代了一家公司中能夠以高回報率再投資的稀釋時。在考慮一家公司的債務水平時的第一步是考慮其現金和債務合併。
What Is Omnicom Group's Net Debt?
宏盟集團的淨債務是多少?
As you can see below, at the end of June 2024, Omnicom Group had US$6.25b of debt, up from US$5.63b a year ago. Click the image for more detail. However, because it has a cash reserve of US$2.71b, its net debt is less, at about US$3.54b.
如下圖所示,在2024年6月底,宏盟集團的債務爲62.5億美元,較一年前的56.3億美元增加。點擊圖片了解更多詳細信息。然而,由於它有27.1億美元的現金儲備,其淨債務較少,約爲35.4億美元。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240906/0-d68d1d9ee5dccc6f800ff89df3330f51-0-a296eb033c37025aad3a2cd392abbc94.png/big)
How Strong Is Omnicom Group's Balance Sheet?
宏盟集團的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Omnicom Group had liabilities of US$15.0b due within 12 months and liabilities of US$7.71b due beyond that. On the other hand, it had cash of US$2.71b and US$8.43b worth of receivables due within a year. So it has liabilities totalling US$11.5b more than its cash and near-term receivables, combined.
仔細查看最新的資產負債表數據,我們可以看到宏盟集團有150億美元的債務在12個月內到期,77.1億美元的債務超過了這個期限。另一方面,公司有27.1億美元現金和84.3億美元應於一年內到期的應收賬款。因此,公司的總負債超過現金和近期應收賬款合計115億美元。
This deficit isn't so bad because Omnicom Group is worth a massive US$19.3b, 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.
這個逆差並不那麼糟糕,因爲宏盟集團的價值高達193億美元,因此如果需要,它很可能能夠籌集足夠的資本來支撐其資產負債表。但是我們絕對希望保持警惕,以防其債務帶來過多風險。
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。
Omnicom Group has a low net debt to EBITDA ratio of only 1.4. And its EBIT covers its interest expense a whopping 27.3 times over. So we're pretty relaxed about its super-conservative use of debt. Also good is that Omnicom Group grew its EBIT at 11% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Omnicom Group'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.
宏盟集團的淨債務與息稅折舊攤銷前利潤(EBITDA)比率僅爲1.4。而其息稅折舊攤銷前利潤(EBIT)覆蓋其利息費用高達27.3倍。因此,我們對其非常穩健地使用債務感到放心。此外,宏盟集團過去一年將其息稅折舊攤銷前利潤(EBIT)增長了11%,進一步增強了其債務管理能力。在分析債務水平時,資產負債表很顯然是個起點。但更重要的是,未來的收益,而不是任何其他因素,將決定宏盟集團未來維持健康資產負債表的能力。因此,如果你關注未來,可以查看一份免費報告,其中包括分析師的利潤預測。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Looking at the most recent three years, Omnicom Group recorded free cash flow of 46% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
但我們最後考慮的因素也很重要,因爲一家公司無法用紙面利潤償還債務;它需要現金。因此,我們始終關注這部分息稅折舊攤銷前利潤(EBIT)轉化爲自由現金流的比例。回顧近三年,宏盟集團的自由現金流佔其息稅折舊攤銷前利潤(EBIT)的比例爲46%,低於我們的預期。在償還債務方面,這並不理想。
Our View
我們的觀點
On our analysis Omnicom Group's interest cover should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. For instance it seems like it has to struggle a bit to handle its total liabilities. Considering this range of data points, we think Omnicom Group is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Omnicom Group that you should be aware of before investing here.
根據我們的分析,宏盟集團的利息覆蓋率表明其債務不會太麻煩。 但是我們注意到的其他因素並不那麼令人鼓舞。 例如,似乎它在處理總負債時有些吃力。 考慮到這些數據點的範圍,我們認爲宏盟集團有能力管理其債務水平。 但是要注意:我們認爲債務水平已經足夠高,需要持續監控。 在分析債務水平時,資產負債表是明顯的起點。 但是,並不是所有的投資風險都存在於資產負債表中-遠非如此。 例如,我們發現了宏盟集團的1個警告信號,您在投資這裏之前應該注意。
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.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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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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