Is Vail Resorts (NYSE:MTN) Using Too Much Debt?
Is Vail Resorts (NYSE:MTN) Using Too Much Debt?
Warren Buffett famously said, '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. Importantly, Vail Resorts, Inc. (NYSE:MTN) does carry debt. But is this debt a concern to shareholders?
禾倫·巴菲特曾說過,'波動性並不等同於風險。' 當我們考慮一家公司有多風險時,我們總喜歡查看其債務使用情況,因爲債務過載可能導致毀滅。值得注意的是,Vail Resorts, Inc. (紐交所:MTN)確實有債務。但這些債務對股東來說是個問題嗎?
Why Does Debt Bring Risk?
爲什麼債務帶來風險?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
當企業無法輕鬆履行債務和其他負債的義務時,這些債務就變得危險,無論是通過自由現金流還是以有吸引力的價格融資。最終,如果公司無法履行法律義務還債,股東可能會一無所獲。雖然這並不常見,但我們經常看到負債公司最終會稀釋股東,因爲貸方強迫他們以低價融資。然而,通過替代稀釋,債務對於需要資本投資於高回報增長的企業來說,可以是一種極好的工具。考慮企業使用多少債務時,首先要查看其現金與債務的總和。
What Is Vail Resorts's Net Debt?
Vail Resorts的淨債務是多少?
The chart below, which you can click on for greater detail, shows that Vail Resorts had US$2.37b in debt in October 2024; about the same as the year before. However, because it has a cash reserve of US$403.8m, its net debt is less, at about US$1.97b.
下面的圖表(您可以點擊以查看更詳細信息)顯示,Vail Resorts在2024年10月的債務爲23.7億美金;與去年大致相同。然而,由於其現金儲備爲40380萬美金,淨債務下降至約19.7億美金。
How Strong Is Vail Resorts' Balance Sheet?
Vail Resorts的資產負債表有多強?
According to the last reported balance sheet, Vail Resorts had liabilities of US$1.36b due within 12 months, and liabilities of US$3.53b due beyond 12 months. Offsetting this, it had US$403.8m in cash and US$130.2m in receivables that were due within 12 months. So it has liabilities totalling US$4.36b more than its cash and near-term receivables, combined.
根據最後報告的資產負債表,Vail Resorts的負債爲13.6億美元,12個月內到期,且35.3億美元的負債在12個月後到期。抵消這一負債,它有40380萬美元的現金和13020萬美元的應收款項將在12個月內到期。因此,它的負債總額超過其現金及短期應收款項的合計達到43.6億美元。
This is a mountain of leverage relative to its market capitalization of US$7.21b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
這一負債相較於其72.1億美元的市值來說是龐大的。這意味着如果公司需要迅速鞏固其資產負債表,股東可能會面臨嚴重稀釋。
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). 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).
我們使用兩個主要指標來告知我們債務水平與盈利的關係。第一個是淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,而第二個是其息稅前利潤(EBIT)覆蓋其利息費用(或其利息覆蓋,簡稱)。這種方法的優點在於我們考慮了債務的絕對數量(通過淨債務與EBITDA比率)和與該債務相關的實際利息費用(通過其利息覆蓋比率)。
Vail Resorts has net debt worth 2.4 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 3.7 times the interest expense. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. Vail Resorts grew its EBIT by 3.6% in the last year. Whilst that hardly knocks our socks off it is a positive when it comes to debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Vail Resorts's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Vail Resorts的淨債務與EBITDA比爲2.4倍,這並不算太高,但其利息覆蓋率看起來有些低,EBIT僅是利息支出的3.7倍。雖然這些數字並不讓我們感到驚慌,但值得注意的是,公司的債務成本確實產生了實質影響。Vail Resorts在過去一年中EBIT增長了3.6%。雖然這並沒有讓我們感到震撼,但在債務方面,這是一個積極因素。在分析債務水平時,資產負債表顯然是一個明顯的起點。但未來的收益,遠比其他任何因素,更能判斷Vail Resorts未來維持健康資產負債表的能力。因此,如果你想知道專業人士的看法,你可能會發現關於分析師利潤預測的這份免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Vail Resorts produced sturdy free cash flow equating to 69% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,雖然稅務部門可能會偏愛會計利潤,但貸方只接受冷硬現金。因此,我們總會檢查EBIT中有多少轉化爲自由現金流。在過去三年中,Vail Resorts產生的自由現金流相當於其EBIT的69%,大約是我們所期望的。這個自由現金流使公司在適當的時候能夠很好地償還債務。
Our View
我們的觀點
When it comes to the balance sheet, the standout positive for Vail Resorts was the fact that it seems able to convert EBIT to free cash flow confidently. However, our other observations weren't so heartening. For example, its interest cover makes us a little nervous about its debt. Looking at all this data makes us feel a little cautious about Vail Resorts's debt levels. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Vail Resorts (1 is a bit concerning) you should be aware of.
在資產負債表方面,Vail Resorts的一個突出積極因素是它似乎能夠自信地將EBIT轉化爲自由現金流。然而,我們的其他觀察並不那麼令人振奮。例如,它的利息覆蓋率讓我們對其債務感到有些緊張。查看所有這些數據讓我們對Vail Resorts的債務水平感到有些謹慎。雖然我們意識到債務可以提高股本收益率,但我們建議股東密切關注其債務水平,以防其增加。毫無疑問,我們從資產負債表中學習到最多有關債務的知識。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,我們已經識別出Vail Resorts的2個警示信號(其中一個讓人有點擔憂),你應該意識到。
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.
如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的業務,請查看這個自由名單,其中列出了在資產負債表上有淨現金的成長型企業。
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