These 4 Measures Indicate That OGE Energy (NYSE:OGE) Is Using Debt Extensively
These 4 Measures Indicate That OGE Energy (NYSE:OGE) Is Using Debt Extensively
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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, OGE Energy Corp. (NYSE:OGE) does carry debt. But the more important question is: how much risk is that debt creating?
大衛·伊本說得很好,他說,'波動性不是我們關心的風險。我們關心的是避免資本的永久性損失。'因此,似乎明智的資金知道,債務——通常涉及破產——是評估公司風險性有多麼重要的因素。重要的是,OGE Energy Corp.(紐交所:oge energy)確實存在債務。但更重要的問題是:這些債務產生了多大風險?
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. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務可以幫助業務,直到業務遇到償還困難爲止,無論是通過新資本還是通過自由現金流。在最壞的情況下,如果一家公司無法償還債權人,它可能會破產。然而,一個更常見(但仍然痛苦)的情況是,公司不得不以低價籌集新的股本,從而永久性地稀釋股東的利益。說到這一點,最常見的情況是公司合理管理其債務-並將其利益化。在考慮一家企業使用了多少債務時,首先要做的是結合現金和債務一起看。
What Is OGE Energy's Net Debt?
OGE Energy的淨債務是多少?
The image below, which you can click on for greater detail, shows that at September 2024 OGE Energy had debt of US$5.27b, up from US$4.75b in one year. Net debt is about the same, since the it doesn't have much cash.
下面的圖片顯示,截至2024年9月,OGE Energy的債務爲52.7億美元,比一年前的47.5億美元增加。淨債務大致相同,因爲它現金儲備不多。
How Strong Is OGE Energy's Balance Sheet?
OGE Energy的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that OGE Energy had liabilities of US$1.04b due within 12 months and liabilities of US$7.82b due beyond that. Offsetting these obligations, it had cash of US$9.90m as well as receivables valued at US$418.7m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$8.43b.
深入了解最新的資產負債表數據,我們可以看到OGE Energy有10.4億美元的負債到期在12個月內,以及78.2億美元的負債超過12個月。 抵消這些義務,它有990萬美元的現金以及在12個月內到期的41870萬美元的應收賬款。 因此,其負債超過其現金和(短期)應收賬款總和84.3億美元。
This is a mountain of leverage relative to its market capitalization of US$8.62b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
與其86.2億美元的市值相比,這是一座高山般的槓桿。 如果其債權人要求其強化資產負債表,股東可能會面臨嚴重稀釋。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。
OGE Energy's debt is 4.5 times its EBITDA, and its EBIT cover its interest expense 2.6 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Fortunately, OGE Energy grew its EBIT by 2.6% in the last year, slowly shrinking its debt relative to earnings. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if OGE Energy 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.
OGE Energy的債務是其息稅折舊攤銷前利潤(EBITDA)的4.5倍,其EBIt覆蓋其利息支出的2.6倍。 這表明儘管債務水平相當顯著,我們不會稱其爲有問題。 幸運的是,過去一年裏,OGE Energy的EBIt增長了2.6%,相對於收入,其債務逐漸減少。 在分析債務水平時,資產負債表是顯而易見的起點。 但最終業務未來的盈利能力將決定OGE Energy是否能隨着時間加強其資產負債表。 因此,如果您關注未來,可以查看此免費報告,展示分析師的利潤預測。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, OGE Energy recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
但我們的最終考慮也非常重要,因爲一家公司不能用虛擬利潤償還債務; 它需要實打實的現金。 因此,邏輯步驟是查看EBIt中實際自由現金流所佔比例。 在過去的三年中,OGE Energy的自由現金流總體爲負。 債務通常更昂貴,幾乎總是更加風險,尤其是對於負自由現金流的公司而言。 股東應期待改善。
Our View
我們的觀點
On the face of it, OGE Energy's interest cover left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But at least its EBIT growth rate is not so bad. We should also note that Electric Utilities industry companies like OGE Energy commonly do use debt without problems. We're quite clear that we consider OGE Energy to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. 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. Case in point: We've spotted 2 warning signs for OGE Energy you should be aware of, and 1 of them shouldn't be ignored.
從表面上看,OGE Energy的利息償付倍數讓我們對這隻股票感到猶豫,其將EBIT轉化爲自由現金流的能力也不如一年中最繁忙的夜晚空蕩蕩的餐廳令人嚮往。但至少其EBIT增長率並不那麼糟糕。我們還應該注意,像OGE Energy這樣的電力公用事業行業公司通常會在沒有問題的情況下使用債務。我們非常清楚,由於其資產負債表健康狀況,我們認爲OGE Energy實際上相當風險,因此我們對這隻股票幾乎一樣謹慎,就像飢餓的小貓擔心掉進主人的魚塘一樣:一朝被蛇咬,十年怕井繩,正如他們所說。資產負債表顯然是分析債務時需要關注的重點領域。但歸根結底,每家公司都可能存在超出資產負債表之外的風險。例如:我們已經發現了2個關於OGE Energy的預警信號,您應該注意,其中有1個不應忽視。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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