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These 4 Measures Indicate That Criteo (NASDAQ:CRTO) Is Using Debt Safely

These 4 Measures Indicate That Criteo (NASDAQ:CRTO) Is Using Debt Safely

這4項措施表明Criteo(納斯達克股票代碼:CRTO)正在安全地使用債務
Simply Wall St ·  05/08 23:23

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.' 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. We can see that Criteo S.A. (NASDAQ:CRTO) does use debt in its business. But should shareholders be worried about its use of debt?

大衛·伊本說得好,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損失。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,Criteo S.A.(納斯達克股票代碼:CRTO)確實在其業務中使用了債務。但是,股東是否應該擔心其債務的使用?

When Is Debt A Problem?

債務何時會成爲問題?

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. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.

當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。考慮公司的債務水平的第一步是同時考慮其現金和債務。

How Much Debt Does Criteo Carry?

Criteo 揹負了多少債務?

You can click the graphic below for the historical numbers, but it shows that as of March 2024 Criteo had US$5.02m of debt, an increase on US$4.28m, over one year. However, its balance sheet shows it holds US$278.1m in cash, so it actually has US$273.1m net cash.

你可以點擊下圖查看歷史數字,但它顯示,截至2024年3月,Criteo在一年內有502萬美元的債務,比428萬美元有所增加。但是,其資產負債表顯示其持有2.781億美元的現金,因此實際上擁有2.731億美元的淨現金。

debt-equity-history-analysis
NasdaqGS:CRTO Debt to Equity History May 8th 2024
NASDAQGS: CRTO 債務與股本的比率歷史 2024 年 5 月 8 日

How Strong Is Criteo's Balance Sheet?

Criteo 的資產負債表有多強?

Zooming in on the latest balance sheet data, we can see that Criteo had liabilities of US$995.0m due within 12 months and liabilities of US$138.7m due beyond that. Offsetting these obligations, it had cash of US$278.1m as well as receivables valued at US$763.4m due within 12 months. So it has liabilities totalling US$92.1m more than its cash and near-term receivables, combined.

放大最新的資產負債表數據,我們可以看到,Criteo在12個月內到期的負債爲9.950億美元,之後到期的負債爲1.387億美元。除這些債務外,它有2.781億美元的現金以及價值7.634億美元的應收賬款在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出9,210萬美元。

Given Criteo has a market capitalization of US$2.14b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, Criteo also has more cash than debt, so we're pretty confident it can manage its debt safely.

鑑於Criteo的市值爲21.4億美元,很難相信這些負債會構成很大的威脅。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。儘管Criteo確實有值得注意的負債,但其現金也多於債務,因此我們非常有信心它可以安全地管理債務。

It was also good to see that despite losing money on the EBIT line last year, Criteo turned things around in the last 12 months, delivering and EBIT of US$137m. 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 Criteo'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.

同樣令人高興的是,儘管去年息稅前利潤出現虧損,但Criteo在過去12個月中扭轉了局面,交付了1.37億美元的息稅前利潤。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益比什麼都重要,將決定Criteo未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Criteo has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last year, Criteo recorded free cash flow worth a fulsome 93% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.

但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。儘管Criteo的資產負債表上有淨現金,但仍值得一看其將利息和稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。去年,Criteo錄得的自由現金流相當於其息稅前利潤的93%,比我們通常預期的要強。如果需要的話,這有利於償還債務。

Summing Up

總結

We could understand if investors are concerned about Criteo's liabilities, but we can be reassured by the fact it has has net cash of US$273.1m. And it impressed us with free cash flow of US$128m, being 93% of its EBIT. So is Criteo's debt a risk? It doesn't seem so to us. 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, we've discovered 2 warning signs for Criteo that you should be aware of before investing here.

我們可以理解投資者是否擔心Criteo的負債,但我們可以放心,它的淨現金爲2.731億美元。它以1.28億美元的自由現金流給我們留下了深刻的印象,佔其息稅前利潤的93%。那麼 Criteo 的債務有風險嗎?在我們看來,情況並非如此。在分析債務水平時,資產負債表是顯而易見的起點。但是,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,我們發現了 Criteo 的兩個警告信號,在投資之前,您應該注意這些信號。

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.

歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。

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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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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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