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Tower Semiconductor (NASDAQ:TSEM) Has A Pretty Healthy Balance Sheet

Tower Semiconductor (NASDAQ:TSEM) Has A Pretty Healthy Balance Sheet

tower半導體(納斯達克:TSEM)資產負債表相當健康
Simply Wall St ·  09/26 23:04

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. As with many other companies Tower Semiconductor Ltd. (NASDAQ:TSEM) makes use of debt. But the real question is whether this debt is making the company risky.

資深基金經理李錄(查理·芒格支持)曾經說過,「最大的投資風險不是價格波動,而是是否會遭受永久性資本損失。」 當我們考慮一家公司有多大風險時,我們總是喜歡看看它的債務使用情況,因爲債務過重可能會導致滅頂之災。和許多其他公司一樣,Tower半導體有限公司(納斯達克:TSEM)正在利用債務。但真正的問題在於這些債務是否使公司更加風險。

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. The first step when considering a company's debt levels is to consider its cash and debt together.

當一家公司無法用自由現金流或者以有吸引力的價格籌集資本時,債務和其他負債對公司就是風險。最糟糕的情況是公司破產無法償還債權人。然而,較爲常見(但仍然痛苦)的情況是該公司必須以低價發行新的股本,從而永久性稀釋股東利益。但是說句公道話,最常見的情況是公司在合理控制債務方面做得很好,並且能夠讓債務對公司形成有利。因此,在考慮一家公司的債務水平時,第一步是考慮現金和債務的總金額。

What Is Tower Semiconductor's Net Debt?

Tower半導體的淨債務是多少?

The image below, which you can click on for greater detail, shows that Tower Semiconductor had debt of US$188.1m at the end of June 2024, a reduction from US$220.2m over a year. However, it does have US$1.23b in cash offsetting this, leading to net cash of US$1.05b.

下面的圖片,您可以點擊查看更詳細信息,顯示Tower半導體於2024年6月底的債務爲1.881 億美元,比一年前的2.202 億美元減少。然而,它擁有12.3 億美元的現金來抵銷這筆債務,導致淨現金爲10.5 億美元。

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NasdaqGS:TSEM Debt to Equity History September 26th 2024
納斯達克市場:TSEm 債務對股本的歷史記錄 2024年9月26日

How Strong Is Tower Semiconductor's Balance Sheet?

tower半導體的資產負債表有多強?

According to the last reported balance sheet, Tower Semiconductor had liabilities of US$290.2m due within 12 months, and liabilities of US$159.3m due beyond 12 months. Offsetting this, it had US$1.23b in cash and US$165.2m in receivables that were due within 12 months. So it can boast US$949.8m more liquid assets than total liabilities.

根據最近披露的資產負債表,tower半導體在未來12個月內有2.902億美元的到期負債,在12個月後到期的長期負債達1.593億美元。相對而言,它持有12.3億美元的現金和1.652億美元的應收賬款,這些應收賬款在未來12個月內到期。因此,tower半導體比總負債多擁有949.8萬美元的流動資產。

It's good to see that Tower Semiconductor has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that Tower Semiconductor has more cash than debt is arguably a good indication that it can manage its debt safely.

看到tower半導體在資產負債表上有充足的流動性是件好事,這表明其對負債有謹慎的管理。鑑於其有足夠充裕的短期流動性,我們認爲不太可能會遇到與債權人有關的問題。簡而言之,tower半導體擁有更多的現金而不是債務,可以說是一個良好的跡象,表明其可以安全地管理債務。

The modesty of its debt load may become crucial for Tower Semiconductor if management cannot prevent a repeat of the 36% cut to EBIT over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Tower Semiconductor'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.

如果管理層無法阻止過去一年EBIt減少36%的情況再次發生,那麼其債務負擔的適度性可能對tower半導體至關重要。盈利下降(如果趨勢持續下去)甚至可能使適度的債務變得相當風險。毫無疑問,我們從資產負債表中可以了解到債務的最多信息。但更重要的是,未來的盈利將決定tower半導體維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份免費的分析師盈利預測報告。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Tower Semiconductor has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the most recent three years, Tower Semiconductor recorded free cash flow worth 64% 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.

但我們的最終考慮也很重要,因爲一家公司不能用虛擬利潤償還債務;它需要現金。雖然tower半導體在資產負債表上有淨現金,但值得一看的是它將盈利轉化爲自由現金流的能力,以幫助我們了解它是如何迅速積累(或瓦解)現金餘額的。過去三年,tower半導體的自由現金流價值爲其EBIt的64%,這在正常範圍內,因爲自由現金流不包括利息和稅收。這筆硬通貨意味着它可以在必要時減少債務。

Summing Up

總之

While it is always sensible to investigate a company's debt, in this case Tower Semiconductor has US$1.05b in net cash and a decent-looking balance sheet. So we don't have any problem with Tower Semiconductor's use of debt. 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. Case in point: We've spotted 2 warning signs for Tower Semiconductor you should be aware of, and 1 of them is a bit concerning.

儘管審查企業的債務一直是明智的,但在這種情況下,tower半導體擁有10.5億美元的淨現金和看起來不錯的資產負債表。所以我們對tower半導體使用債務並不擔心。在分析債務水平時,資產負債表是明顯的起點。然而,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2個tower半導體的警示信號值得您注意,其中1個有點令人擔憂。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

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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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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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