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Hillenbrand (NYSE:HI) Has A Somewhat Strained Balance Sheet

Hillenbrand (NYSE:HI) Has A Somewhat Strained Balance Sheet

希倫布蘭德(紐交所:HI)財務狀況有些緊張
Simply Wall St ·  12/24 18:56

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.' 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, Hillenbrand, Inc. (NYSE:HI) does carry debt. But the more important question is: how much risk is that debt creating?

有些人說波動性而非債務是投資者思考風險的最佳方式,但禾倫·巴菲特曾著名地表示「波動性遠非與風險同義詞。」當我們考慮一家公司有多風險時,我們總是喜歡查看其債務的使用情況,因爲債務過重可能導致毀滅。重要的是,希倫布蘭德公司(紐交所:HI)確實承擔了債務。但更重要的問題是:這些債務帶來了多少風險?

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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.

當企業無法輕鬆履行這些義務時,債務及其他負債就會變得危險, 無論是通過自由現金流還是以吸引人的價格籌集資金。資本主義的一部分是 '創造性毀滅' 的過程,失敗的企業會被其銀行家無情地清算。然而,更常見(但仍然昂貴)的情況是,公司必須以較低的股價稀釋股東,以僅僅讓債務得以控制。話雖如此,最常見的情況是公司相對良好地管理其債務,並從中獲益。當考慮一家公司債務水平的第一步時,就應該考慮其現金和債務的整體情況。

How Much Debt Does Hillenbrand Carry?

希倫布蘭德承擔了多少債務?

You can click the graphic below for the historical numbers, but it shows that Hillenbrand had US$1.89b of debt in September 2024, down from US$2.01b, one year before. However, because it has a cash reserve of US$199.3m, its net debt is less, at about US$1.69b.

您可以點擊下面的圖表查看歷史數據,但它顯示希倫布蘭德在2024年9月的債務爲18.9億美元,低於一年前的20.1億美元。然而,由於它的現金儲備爲19930萬美元,其淨債務更少,約爲16.9億美元。

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NYSE:HI Debt to Equity History December 24th 2024
紐交所:HI 債務與股本歷史 2024年12月24日

A Look At Hillenbrand's Liabilities

關於希倫布蘭德的負債概況

According to the last reported balance sheet, Hillenbrand had liabilities of US$1.19b due within 12 months, and liabilities of US$2.59b due beyond 12 months. Offsetting this, it had US$199.3m in cash and US$652.8m in receivables that were due within 12 months. So it has liabilities totalling US$2.93b more than its cash and near-term receivables, combined.

根據最後報告的資產負債表,希倫布蘭德的負債爲11.9億美元,12個月內到期的負債爲25.9億美元,12個月後到期的負債爲259億美元。對於這一點,它有19930萬美元的現金和65280萬美元的應收賬款,都是在12個月內到期的。因此,它的負債總額爲29.3億美元,超過了其現金和近期應收賬款的總和。

Given this deficit is actually higher than the company's market capitalization of US$2.09b, we think shareholders really should watch Hillenbrand's debt levels, like a parent watching their child ride a bike for the first time. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.

考慮到這個赤字實際高於公司20.9億美元的市值,我們認爲股東應該像家長第一次看着孩子騎自行車一樣,密切關注希倫布蘭德的債務水平。在公司如果需要迅速清理資產負債表的情況下,股東可能會遭受嚴重稀釋。

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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

我們通過查看公司的淨負債與息稅折舊攤銷前利潤(EBITDA)的比例來衡量公司相對於其收益能力的債務負擔,以及計算其息稅前利潤(EBIT)覆蓋利息支出的能力(利息覆蓋率)。因此,我們在考慮收益時同時考慮了折舊與攤銷費用及不考慮這些費用的情況。

Hillenbrand has a debt to EBITDA ratio of 3.3 and its EBIT covered its interest expense 2.9 times. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. Notably, Hillenbrand's EBIT was pretty flat over the last year, which isn't ideal given the debt load. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Hillenbrand can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

希倫布蘭德的債務與EBITDA比率爲3.3,其EBIT覆蓋利息支出2.9倍。綜合來看,這意味着雖然我們不希望看到債務水平上升,但我們認爲它可以應對當前的槓桿水平。值得注意的是,希倫布蘭德的EBIT在過去一年中幾乎保持平穩,考慮到債務負擔,這並不理想。毫無疑問,我們從資產負債表中獲取了關於債務的大部分信息。但最終,業務的未來盈利能力將決定希倫布蘭德能否隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的看法,您可以發現這份關於分析師盈利預測的免費報告可能會很有趣。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Looking at the most recent three years, Hillenbrand recorded free cash flow of 27% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

最後,企業需要自由現金流來償還債務;會計利潤無濟於事。因此,合理的步驟是查看EBIT中匹配實際自由現金流的比例。查看最近三年,希倫布蘭德記錄的自由現金流爲其EBIT的27%,這低於我們的預期。這樣的現金轉換疲弱使得處理債務變得更加困難。

Our View

我們的觀點

We'd go so far as to say Hillenbrand's level of total liabilities was disappointing. But at least its EBIT growth rate is not so bad. Overall, it seems to us that Hillenbrand's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Hillenbrand (of which 1 is concerning!) you should know about.

我們甚至可以說希倫布蘭德的總負債水平讓人失望。但至少它的EBIT增長率還不錯。總體而言,我們認爲希倫布蘭德的資產負債表對業務而言真的是相當大的風險。因此,我們對這隻股票相當謹慎,我們認爲股東應該密切關注它的流動性。在分析債務水平時,資產負債表顯然是一個好的起點。但歸根結底,每家公司都可能存在資產負債表以外的風險。這些風險可能難以察覺。每家公司都有這些風險,而我們發現了2個希倫布蘭德的警告信號(其中1個令人擔憂!)你應該知道。

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。


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