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Does Pentair (NYSE:PNR) Have A Healthy Balance Sheet?

Does Pentair (NYSE:PNR) Have A Healthy Balance Sheet?

濱特爾(紐交所:PNR)是否擁有健康的資產負債表?
Simply Wall St ·  12/22 22:50

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Pentair plc (NYSE:PNR) makes use of debt. But should shareholders be worried about its use of debt?

傳奇基金經理李錄(查理·芒格支持的)曾說過:『最大的投資風險不是價格的波動,而是你是否會遭受資本的永久損失。』 在分析一家公司風險時,審視其資產負債表是很自然的,因爲在企業崩潰時,通常涉及到債務。和許多其他公司一樣,濱特爾(紐交所:PNR)也利用債務。但是,股東們應該擔心其債務的使用嗎?

Why Does Debt Bring Risk?

爲什麼債務帶來風險?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

一般來說,債務只有在公司無法輕易償還時才會成爲真正的問題,無論是通過融資還是依靠自身的自由現金流。最終,如果公司無法履行其償還債務的法律義務,股東可能會一無所獲。然而,更常見(但仍然昂貴)的情況是公司必須以極低的價格發行股票,永久稀釋股東,來彌補其資產負債表。當然,債務在企業中可以是一個重要的工具,特別是在資本重的企業。考慮一家企業使用多少債務時,首先要查看其現金和債務的結合情況。

What Is Pentair's Debt?

濱特爾的債務是多少?

The image below, which you can click on for greater detail, shows that Pentair had debt of US$1.63b at the end of September 2024, a reduction from US$1.99b over a year. However, it does have US$218.1m in cash offsetting this, leading to net debt of about US$1.41b.

下面的圖像(您可以點擊以獲取更多細節)顯示,濱特爾在2024年9月底的債務爲人民幣16.3億元,較一年前的19.9億元有所減少。然而,它擁有人民幣21810萬元的現金來抵消債務,導致淨債務約爲人民幣14.1億元。

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NYSE:PNR Debt to Equity History December 22nd 2024
紐交所:PNR債務與股本歷史 2024年12月22日

How Healthy Is Pentair's Balance Sheet?

濱特爾的資產負債表有多健康?

According to the last reported balance sheet, Pentair had liabilities of US$928.8m due within 12 months, and liabilities of US$2.05b due beyond 12 months. Offsetting these obligations, it had cash of US$218.1m as well as receivables valued at US$550.6m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$2.21b.

根據最近報告的資產負債表,濱特爾的短期負債爲92880萬美元,長期負債爲20.5億美元。抵消這些負債後,它擁有21810萬美元的現金,以及價值55060萬美元的應收賬款,這些應收賬款在12個月內到期。因此,它的負債超過了現金及(短期)應收賬款的總和22.1億美元。

Since publicly traded Pentair shares are worth a very impressive total of US$16.8b, 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.

由於公開交易的濱特爾股票總值爲168億美元,所以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). 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).

我們通過查看公司的淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,以及計算息稅前利潤(EBIT)覆蓋利息費用的能力(利息保障率),來衡量公司的債務負擔相對於其盈利能力的情況。這種方法的優勢在於,我們同時考慮了債務的絕對量(通過淨債務與EBITDA的比率)和與該債務相關的實際利息費用(通過其利息保障率)。

With net debt sitting at just 1.4 times EBITDA, Pentair is arguably pretty conservatively geared. And it boasts interest cover of 8.6 times, which is more than adequate. Fortunately, Pentair grew its EBIT by 6.8% in the last year, making that debt load look even more manageable. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Pentair's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

淨債務僅爲EBITDA的1.4倍,濱特爾的槓桿水平可以說是相當保守。而且它的利息覆蓋率爲8.6倍,非常充足。幸運的是,濱特爾在去年EBIT增長了6.8%,使得這筆債務負擔看起來更加可控。毫無疑問,我們從資產負債表上學到大部分關於債務的知識。但是,未來的收益,超過一切,將判斷濱特爾在未來維持健康資產負債表的能力。因此,如果您關注未來,可以查看這份免費觀看的報告,顯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. During the last three years, Pentair produced sturdy free cash flow equating to 64% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

但我們的最終考慮同樣重要,因爲公司不能用紙面利潤償還債務;它需要真實的現金。因此,合乎邏輯的一步是查看EBIT的比例,這部分與實際自由現金流相匹配。在過去三年中,濱特爾產生了堅實的自由現金流,相當於其EBIT的64%,大約是我們所期望的。這個真實的現金意味着它可以在需要時減少負債。

Our View

我們的觀點

The good news is that Pentair's demonstrated ability to convert EBIT to free cash flow delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its interest cover also supports that impression! When we consider the range of factors above, it looks like Pentair is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. 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 instance, we've identified 1 warning sign for Pentair that you should be aware of.

好消息是,濱特爾顯示出將EBIT轉換爲自由現金流的能力,這讓我們像毛茸茸的小狗讓幼兒高興一樣感到愉悅。而且好消息還不止於此,因爲其利息覆蓋率也支持這一印象!當我們考慮上述因素時,濱特爾在債務使用上看起來相當明智。雖然這帶來了一些風險,但也可以提升股東的回報。資產負債表顯然是分析債務時需要關注的地方。然而,並不是所有的投資風險都存在於資產負債表中——遠非如此。例如,我們已識別出濱特爾需要注意的1個警告信號。

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.

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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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