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Is Howmet Aerospace (NYSE:HWM) Using Too Much Debt?

Is Howmet Aerospace (NYSE:HWM) Using Too Much Debt?

howmet aerospace(紐交所:HWM)是否使用了過多的債務?
Simply Wall St ·  10/07 20:11

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Howmet Aerospace Inc. (NYSE:HWM) does use debt in its business. But the real question is whether this debt is making the company risky.

有人認爲,作爲投資者,最好的方式是將波動性而不是債務視爲風險,但禾倫·巴菲特曾經說過"波動性與風險遠非同義詞。" 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,因爲債務過重可能會導致滅亡。 我們可以看到howmet aerospace公司(NYSE:HWM)在業務中使用了債務。 但真正的問題是,這筆債務是否使公司變得更加冒險。

When Is Debt Dangerous?

債務何時有危險?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.

當企業無法通過自由現金流或以有吸引力的價格籌集資金來滿足這些債務義務時,債務和其他負債就會變得具有風險。如果公司無法履行償還債務的法定義務,股東可能會一無所有。然而,一種更常見(但仍然昂貴)的情況是,公司必須以便宜的股價稀釋股東權益,以控制債務。然而,債務替代品可以成爲企業的極好工具,尤其是需要投資於高回報率的增長的企業。分析企業的債務水平的第一步是考慮其現金和債務。

What Is Howmet Aerospace's Net Debt?

Howmet Aerospace的淨債務是多少?

You can click the graphic below for the historical numbers, but it shows that Howmet Aerospace had US$3.66b of debt in June 2024, down from US$3.99b, one year before. However, it also had US$752.0m in cash, and so its net debt is US$2.91b.

您可以點擊下面的圖表查看歷史數據,但圖表顯示,截止2024年6月,Howmet Aerospace的債務爲36.6億美元,比一年前的39.9億美元有所下降。 然而,它也擁有7,5200萬美元的現金,因此淨債務爲29.1億美元。

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NYSE:HWM Debt to Equity History October 7th 2024
紐交所:HWm債務股權歷史 2024年10月7日

How Strong Is Howmet Aerospace's Balance Sheet?

howmet aerospace的資產負債表有多強?

We can see from the most recent balance sheet that Howmet Aerospace had liabilities of US$2.36b falling due within a year, and liabilities of US$4.04b due beyond that. On the other hand, it had cash of US$752.0m and US$768.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$4.88b.

我們可以從最近的資產負債表中看到,howmet aerospace有23.6億美元的短期到期負債,40.4億美元的長期到期負債。另一方面,它有7,5200萬美元的現金和7,6800萬美元的應收款項,其中短期到期。因此,其負債比現金和(短期)應收款項的總和高出48.8億美元。

Since publicly traded Howmet Aerospace shares are worth a very impressive total of US$41.6b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.

由於howmet aerospace公開交易的股份總值爲416億美元,這種負債水平似乎不太可能構成重大威脅。然而,我們認爲值得關注其資產負債表的強度,因爲隨着時間的推移,情況可能會發生變化。

We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。

With a debt to EBITDA ratio of 1.7, Howmet Aerospace uses debt artfully but responsibly. And the alluring interest cover (EBIT of 7.7 times interest expense) certainly does not do anything to dispel this impression. Also relevant is that Howmet Aerospace has grown its EBIT by a very respectable 30% 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 Howmet Aerospace 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.

憑藉1.7的債務與EBITDA比率,howmet aerospace巧妙而負責任地使用債務。而誘人的利息償付能力(EBIt相對於利息支出的7.7倍)確實沒有令人懷疑這一印象。同樣重要的是,howmet aerospace去年的EBIt增長了30%,從而增強了償還債務的能力。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,業務未來的盈利能力將決定howmet aerospace是否能夠隨着時間的推移加強其資產負債表。因此,如果您關注未來,可以查看此免費報告,其中顯示分析師的利潤預測。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Howmet Aerospace produced sturdy free cash flow equating to 57% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最後,一家公司只能用現金,而不是會計利潤償還債務。因此,合理的做法是查看EBIt中實際自由現金流佔比。在過去三年中,howmet aerospace產生了穩健的自由現金流,相當於其EBIt的57%,這正是我們所期望的。這筆現金意味着在需要時它可以減少債務。

Our View

我們的觀點

Howmet Aerospace's EBIT growth rate suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And we also thought its interest cover was a positive. Taking all this data into account, it seems to us that Howmet Aerospace takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. 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. Be aware that Howmet Aerospace is showing 2 warning signs in our investment analysis , you should know about...

howmet aerospace的EBIt增長率表明其可以像克里斯蒂亞諾·羅納爾多輕鬆進球一樣處理債務。同時,我們認爲其利息覆蓋率是正面的。綜合考慮所有這些數據,我們認爲Howmet Aerospace在處理債務方面採取了相當明智的方法。雖然這帶來了一些風險,但也可以增加股東的收益。毫無疑問,我們從資產負債表中了解到大部分關於債務的信息。但最終,每家公司都可能存在資產負債表之外的風險。請注意,根據我們的投資分析,howmet aerospace顯示出了2個警示信號,您應該了解...

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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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。

譯文內容由第三人軟體翻譯。


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