Aramark (NYSE:ARMK) Has A Somewhat Strained Balance Sheet
Aramark (NYSE:ARMK) Has A Somewhat Strained Balance Sheet
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Aramark (NYSE:ARMK) makes use of debt. But is this debt a concern to shareholders?
一些人認爲波動性,而非債務,才是投資者思考風險的最佳方式,但禾倫·巴菲特曾著名地說過『波動性遠非與風險同義』。在審視一家公司的風險時,自然要考慮公司的資產負債表,因爲債務通常與企業的崩潰有關。與許多其他公司一樣,aramark(紐交所:ARMK)也利用了債務。但這種債務對股東來說是一個問題嗎?
What Risk Does Debt Bring?
What Risk Does Debt Bring?
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. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
當企業無法通過自由現金流或以有吸引力的價格融資來輕鬆履行債務和其他負債時,這些負債和其它負債就會變得面臨風險。資本主義的本質在於「創造性的破壞」過程,即企業失敗後會被銀行殘酷地清算。但是,一種更常見(但仍然昂貴)的情況是,企業必須以便宜的股價稀釋股東權益,以控制債務。通過取代稀釋股東權益,債務可以成爲需要資金以高速率投資增長的企業的極好工具。當我們檢查債務水平時,首先要考慮現金和負債的總體水平。
What Is Aramark's Debt?
aramark的債務是多少?
As you can see below, Aramark had US$5.23b of debt at September 2024, down from US$6.61b a year prior. However, it also had US$714.8m in cash, and so its net debt is US$4.52b.
正如下方所示,aramark截至2024年9月的債務爲52.3億美元,比一年前的66.1億美元減少。然而,它也有71480萬美元的現金,因此其淨債務爲45.2億美元。
How Strong Is Aramark's Balance Sheet?
aramark的資產負債表有多強?
We can see from the most recent balance sheet that Aramark had liabilities of US$4.21b falling due within a year, and liabilities of US$5.41b due beyond that. Offsetting these obligations, it had cash of US$714.8m as well as receivables valued at US$2.10b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$6.81b.
從最新的資產負債表上我們可以看到,aramark有42.1億美金的負債在一年內到期,54.1億美金的負債在此之後到期。爲了抵消這些義務,它有71480萬美金的現金以及214億美金的應收賬款在12個月內到期。因此,它的負債超過了現金和(短期)應收賬款總和68.1億美金。
This is a mountain of leverage even relative to its gargantuan market capitalization of US$11.0b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
即使相對於其110億美金的龐大市值,這也是一座巨大的槓桿山。這表明,如果公司需要迅速鞏固其資產負債表,股東將遭受嚴重稀釋。
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). 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)。
While Aramark's debt to EBITDA ratio (4.0) suggests that it uses some debt, its interest cover is very weak, at 1.9, suggesting high leverage. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. On a slightly more positive note, Aramark grew its EBIT at 13% over the last year, further increasing its ability to manage 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 Aramark 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.
雖然aramark的債務與EBITDA比率(4.0)表明它使用了一定的債務,但其利息負擔較弱,僅爲1.9,表明高槓杆。顯然,借款成本對股東的回報產生了負面影響。稍微積極一點的是,aramark在過去一年中EBIT增長了13%,進一步增強了它管理債務的能力。在分析債務水平時,資產負債表顯然是一個好的起點。但最終,業務未來的盈利能力將決定aramark能否隨着時間推移加強其資產負債表。因此,如果你關注未來,可以查看這份免費的報告,展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 it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Aramark produced sturdy free cash flow equating to 61% 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還債,而非會計利潤。因此,值得檢查一下EBIT中有多少是由自由現金流支持的。在過去三年中,aramark產生了強勁的自由現金流,佔其EBIT的61%,大約是我們所期待的。這筆現金意味着它可以在需要時減少債務。
Our View
我們的觀點
Aramark's struggle to cover its interest expense with its EBIT had us second guessing its balance sheet strength, but the other data-points we considered were relatively redeeming. For example, its conversion of EBIT to free cash flow is relatively strong. Looking at all the angles mentioned above, it does seem to us that Aramark is a somewhat risky investment as a result of its debt. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. 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. For example Aramark has 2 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about.
aramark在用EBIT覆蓋其利息支出方面的掙扎讓我們對其資產負債表的強度產生了懷疑,但我們考慮的其他數據點相對來說是值得贖回的。例如,它將EBIT轉換爲自由現金流的能力相對較強。綜合考慮上述所有角度,我們認爲由於債務的原因,aramark是一項相對較有風險的投資。這並不一定是壞事,因爲槓桿可以提高股本回報,但這需要引起關注。在分析債務水平時,資產負債表顯然是一個開始的地方。然而,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,aramark有2個警示信號(還有1個讓我們感到不適的),我們認爲您應該知道。
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.
每天結束時,通常更好地關注那些沒有淨債務的公司。您可以查看我們特別名單上的這些公司(所有這些公司都有盈利增長記錄)。這是免費的。
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