AptarGroup (NYSE:ATR) Has A Pretty Healthy Balance Sheet
AptarGroup (NYSE:ATR) Has A Pretty Healthy Balance Sheet
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.' 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. Importantly, AptarGroup, Inc. (NYSE:ATR) does carry debt. But the more important question is: how much risk is that debt creating?
伯克希爾哈撒韋的查理·芒格支持的外部基金經理李錄直言不諱地說,'最大的投資風險不是價格的波動,而是您是否會遭受永久性資本損失。' 當我們考慮公司的風險時,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。而aptargroup, Inc.(紐交所:ATR)確實存在債務。 但更重要的問題是:這筆債務會帶來多少風險?
What Risk Does Debt Bring?
What Risk Does Debt Bring?
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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
債務可以幫助企業,直到企業開始有支付的問題,無論是通過新的資本還是通過自身的自由現金流。資本主義的一個部分是「創造性的毀滅」過程,債權人會殘忍地清算失敗的企業。然而,更常見的情況下,企業要以低價募集新的股權資本,從而永久性地稀釋股東的權益。話雖如此,最常見的情況是企業合理地管理其債務——並使其達到自身的優勢。當我們審查債務水平時,首先要考慮現金和債務水平。
How Much Debt Does AptarGroup Carry?
Aptargroup 承擔了多少債務?
You can click the graphic below for the historical numbers, but it shows that AptarGroup had US$1.07b of debt in September 2024, down from US$1.16b, one year before. However, because it has a cash reserve of US$327.9m, its net debt is less, at about US$745.5m.
您可以點擊下方的圖表查看歷史數據,但數據顯示,aptargroup在2024年9月的債務爲10.7億美元,低於前一年的11.6億美元。然而,由於其有32790萬美元的現金儲備,其淨債務較少,約爲74550萬美元。
A Look At AptarGroup's Liabilities
關於 Aptargroup 的負債情況
According to the last reported balance sheet, AptarGroup had liabilities of US$1.03b due within 12 months, and liabilities of US$1.04b due beyond 12 months. On the other hand, it had cash of US$327.9m and US$714.0m worth of receivables due within a year. So it has liabilities totalling US$1.03b more than its cash and near-term receivables, combined.
根據最近披露的資產負債表,aptargroup到期的債務爲10.3億美元,其中12個月內到期,而10.4億美元的債務在12個月後到期。 另一方面,其現金爲32790萬美元,應收賬款在一年內到期的價值爲71400萬美元。 因此,其負債總額超過10.3億美元,超過其現金和近期應收賬款的總和。
Since publicly traded AptarGroup shares are worth a very impressive total of US$11.3b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
由於公開交易的aptargroup股票總值達到了113億美元,這種負債水平似乎不太可能構成重大威脅。 儘管如此,很明顯我們應繼續監視其資產負債表,以防情況變得更糟。
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). 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).
我們通過查看淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比以及計算其利息支出由收益前利息和稅(EBIT)覆蓋的程度來度量一家公司的債務負載相對於其收益能力的程度。此方法的優點在於我們同時考慮了債務的絕對量(以淨債務爲EBITDA)以及與該債務相關的實際利息支出(以其利息覆蓋倍數計算)。
AptarGroup's net debt is only 0.98 times its EBITDA. And its EBIT covers its interest expense a whopping 15.7 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Also good is that AptarGroup grew its EBIT at 18% over the last year, further increasing its ability to manage debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if AptarGroup 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.
aptargroup的淨債務僅爲其EBITDA的0.98倍。 其EBIT覆蓋利息費用高達15.7倍。 因此,你可以說它受其債務的威脅不比大象受到老鼠的威脅。 另一個好消息是,aptargroup在過去一年裏將其EBIT增長了18%,進一步增加了其應對債務的能力。 在分析債務時,資產負債表顯然是要重點關注的領域。 但最終業務未來的盈利能力將決定aptargroup是否能隨着時間的推移加強其資產負債表。 因此,如果你專注於未來,你可以查看這份顯示分析師盈利預測的免費報告。
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. Over the most recent three years, AptarGroup recorded free cash flow worth 52% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
但我們最終的考慮也很重要,因爲一家公司無法用紙面利潤償還債務;它需要現金。 因此,我們總是覈對多少EBIT轉化爲自由現金流。 在最近三年中,aptargroup記錄的自由現金流價值爲其EBIT的52%,這在正常範圍內,因爲自由現金流不包括利息和稅收。 這份自由現金流使公司有能力在適當時償還債務。
Our View
我們的觀點
AptarGroup's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its EBIT growth rate also supports that impression! Zooming out, AptarGroup seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for AptarGroup that you should be aware of before investing here.
aptargroup的利息覆蓋情況表明它可以像克里斯蒂亞諾·羅納爾多對付14歲以下守門員一樣輕鬆處理債務。好消息還不止於此,因爲它的EBIt增長率也支持這一印象!放大看,aptargroup似乎相當合理地使用債務;我們對此表示認可。畢竟,明智的槓桿可以提高股本回報率。當你分析債務時,資產負債表顯然是需要關注的領域。然而,並非所有的投資風險都存於資產負債表中 - 遠非如此。例如,我們發現了aptargroup的1個警示標誌,你在投資這裏之前應該注意到。
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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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。