Mondelez International (NASDAQ:MDLZ) Seems To Use Debt Quite Sensibly
Mondelez International (NASDAQ:MDLZ) Seems To Use Debt Quite Sensibly
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.' 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 can see that Mondelez International, Inc. (NASDAQ:MDLZ) does use debt in its business. But is this debt a concern to shareholders?
大衛·伊本說得很好,'波動性並非我們關心的風險。我們關心的是避免永久性資本損失。' 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,因爲債務過載可能導致毀滅。我們可以看到億滋國際公司(納斯達克:MDLZ)確實在業務中使用債務。但這筆債務是否令股東擔憂?
When Is Debt Dangerous?
債務何時有危險?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
債務支持着一家企業,直到企業開始出現償還困難,要麼通過新資本,要麼通過自由現金流。資本主義的一個重要組成部分是'創造性破壞'的過程,失敗的企業會被它們的銀行家無情清算。然而,一個更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東,以便控制債務。話雖如此,最常見的情況是一家公司合理管理自己的債務,從而獲益。當我們考慮一家公司的債務使用情況時,我們首先要看現金和債務的情況。
What Is Mondelez International's Net Debt?
億滋國際的淨債務是多少?
The image below, which you can click on for greater detail, shows that Mondelez International had debt of US$19.8b at the end of June 2024, a reduction from US$21.2b over a year. However, it does have US$1.40b in cash offsetting this, leading to net debt of about US$18.4b.
下面的圖片,您可以點擊查看更詳細信息,顯示億滋國際在2024年6月底的債務爲198億美元,較去年的212億美元有所減少。然而,它確實有14億美元現金來抵消這筆債務,導致淨債務約爲184億美元。
How Strong Is Mondelez International's Balance Sheet?
億滋國際的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Mondelez International had liabilities of US$22.4b due within 12 months and liabilities of US$22.9b due beyond that. On the other hand, it had cash of US$1.40b and US$4.01b worth of receivables due within a year. So its liabilities total US$40.0b more than the combination of its cash and short-term receivables.
深入了解最新財務狀況數據,我們可以看到億滋國際有在12個月內到期的債務224億美元,以及229億美元的超過12個月到期債務。 另一方面,它持有14億美元的現金和40.1億美元的一年內到期應收賬款。 因此,其負債總額比其現金和短期應收賬款的組合多了400億美元。
While this might seem like a lot, it is not so bad since Mondelez International has a huge market capitalization of US$99.1b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
雖然這看起來像是很多,但並不那麼糟糕,因爲億滋國際有991億美元的巨額市值,因此如果需要的話,它可以通過籌集資金來加強其資產負債表。 但很明顯,我們絕對應該密切審查它是否能夠在不被稀釋的情況下管理債務。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Service Corporation International的債務是其EBITDA的3.5倍,而其EBIT可覆蓋其利息開支的3.7倍。綜合考慮,雖然我們不希望看到債務水平上升,但我們認爲它可以應對當前的槓桿。好消息是,Service Corporation International在過去12個月中將其EBIT提高了2.9%,從而逐漸降低了其相對於收益的債務水平。毫無疑問,我們從資產負債表中獲得了有關債務的大部分內容。但是,相對於資產負債表,更重要的是未來收益,這將決定Service Corporation International維持健康資產負債表的能力。如果您關注未來,您可以查看此免費報告,其中有分析師的利潤預測。
We'd say that Mondelez International's moderate net debt to EBITDA ratio ( being 2.3), indicates prudence when it comes to debt. And its strong interest cover of 13.4 times, makes us even more comfortable. Also relevant is that Mondelez International has grown its EBIT by a very respectable 21% in the last year, thus enhancing its ability to pay down debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Mondelez International 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.
我們認爲億滋國際適中的淨債務與EBITDA比率(爲2.3),表明在債務問題上謹慎。 其13.4倍的強大利息保障倍數讓我們更加放心。 還值得一提的是,億滋國際過去一年其EBIt增長了非常可觀的21%,從而增強了其償還債務的能力。 當分析債務水平時,資產負債表是顯而易見的起點。 但最終業務的未來盈利能力將決定億滋國際能否隨着時間加強其資產負債表。 所以,如果您關注未來,可以查看這份顯示分析師盈利預測的免費報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, Mondelez International recorded free cash flow worth 58% 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,企業需要自由現金流來償還債務; 會計利潤並不能解決問題。 因此,值得檢查有多少EBIt由自由現金流支持。 在最近三年中,億滋國際的自由現金流價值相當於其EBIt的58%,這是比較正常的,因爲自由現金流不包括利息和稅款。 這筆冷硬現金意味着它可以在需要時減少債務。
Our View
我們的觀點
Happily, Mondelez International's impressive interest cover implies it has the upper hand on its debt. And the good news does not stop there, as its EBIT growth rate also supports that impression! Looking at all the aforementioned factors together, it strikes us that Mondelez International can handle its debt fairly comfortably. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Mondelez International has 1 warning sign we think you should be aware of.
令人高興的是,億滋國際出色的利息覆蓋率意味着它在債務方面佔據上風。而好消息並不止於此,因爲它的EBIt增長率也支持了這一印象!綜合考慮所有上述因素,我們認爲億滋國際可以相當舒適地處理其債務。當然,雖然這種槓桿可以提高股本回報率,但也帶來更多風險,因此值得密切關注這一點。在分析債務時,資產負債表顯然是要重點關注的領域。但最終,每家公司都可能存在超出資產負債表範圍的風險。例如 - 億滋國際有1個警示標誌,我們認爲你應該注意。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
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