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Is MYR Group (NASDAQ:MYRG) A Risky Investment?

Is MYR Group (NASDAQ:MYRG) A Risky Investment?

馬幣集團(納斯達克股票代碼:MYRG)是一項風險投資嗎?
Simply Wall St ·  05/10 22:10

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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that MYR Group Inc. (NASDAQ:MYRG) does use debt in its business. But the real question is whether this debt is making the company risky.

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。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。我們可以看到,MYR集團公司(納斯達克股票代碼:MYRG)確實在其業務中使用了債務。但真正的問題是這筆債務是否使公司面臨風險。

When Is Debt Dangerous?

債務何時危險?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.

一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆償還債務時,債務才會成爲真正的問題。在最壞的情況下,如果一家公司無法向債權人付款,它可能會破產。儘管這種情況不太常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人強迫他們以不利的價格籌集資金。當然,債務的好處在於它通常代表廉價資本,尤其是當它取代了對一家能夠以高回報率進行再投資的公司的攤薄時。考慮公司的債務水平的第一步是將其現金和債務放在一起考慮。

How Much Debt Does MYR Group Carry?

MYR 集團揹負了多少債務?

The image below, which you can click on for greater detail, shows that at March 2024 MYR Group had debt of US$37.9m, up from US$25.7m in one year. However, it also had US$3.91m in cash, and so its net debt is US$34.0m.

您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年3月,馬幣集團的債務爲3790萬美元,高於一年的2570萬美元。但是,它也有391萬美元的現金,因此其淨負債爲3,400萬美元。

debt-equity-history-analysis
NasdaqGS:MYRG Debt to Equity History May 10th 2024
NASDAQGS: MYRG 債務與股本的比率歷史記錄 2024 年 5 月 10 日

A Look At MYR Group's Liabilities

看看馬幣集團的負債

Zooming in on the latest balance sheet data, we can see that MYR Group had liabilities of US$732.4m due within 12 months and liabilities of US$187.4m due beyond that. Offsetting these obligations, it had cash of US$3.91m as well as receivables valued at US$987.8m due within 12 months. So it actually has US$71.9m more liquid assets than total liabilities.

放大最新的資產負債表數據,我們可以看到,馬幣集團在12個月內到期的負債爲7.324億美元,之後到期的負債爲1.874億美元。除這些債務外,它有391萬美元的現金以及價值9.878億美元的應收賬款在12個月內到期。所以它實際上有7190萬美元 更多 流動資產超過總負債。

This short term liquidity is a sign that MYR Group could probably pay off its debt with ease, as its balance sheet is far from stretched. Carrying virtually no net debt, MYR Group has a very light debt load indeed.

這種短期流動性表明,由於其資產負債表遠未緊張,MYR Group可能會輕鬆償還債務。MYR Group幾乎沒有淨負債,債務負擔確實很輕。

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).

我們使用兩個主要比率來告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。這種方法的優勢在於,我們既考慮了債務的絕對數量(包括淨負債與息稅折舊攤銷前利潤),也考慮了與該債務相關的實際利息支出(及其利息覆蓋率)。

MYR Group's net debt is only 0.19 times its EBITDA. And its EBIT easily covers its interest expense, being 25.9 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. The good news is that MYR Group has increased its EBIT by 6.0% over twelve months, which should ease any concerns about debt repayment. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if MYR Group 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.

MYR集團的淨負債僅爲其息稅折舊攤銷前利潤的0.19倍。而且其息稅前利潤很容易彌補其利息支出,是其規模的25.9倍。因此,你可以爭辯說,它受到債務的威脅並不比大象受到老鼠的威脅更大。好消息是,MYR集團在十二個月內將其息稅前利潤增長了6.0%,這應該可以緩解對債務償還的任何擔憂。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務的未來盈利能力將決定MYR Group能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

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. Looking at the most recent three years, MYR Group recorded free cash flow of 26% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。因此,值得檢查一下息稅前利潤中有多少是由自由現金流支持的。從最近三年來看,MYR集團的自由現金流佔其息稅前利潤的26%,低於我們的預期。這種疲軟的現金轉換使得處理債務變得更加困難。

Our View

我們的觀點

Happily, MYR Group's impressive interest cover implies it has the upper hand on its debt. But truth be told we feel its conversion of EBIT to free cash flow does undermine this impression a bit. Taking all this data into account, it seems to us that MYR Group takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for MYR Group you should be aware of.

令人高興的是,MYR集團令人印象深刻的利息保障意味着其債務佔上風。但說實話,我們認爲它將息稅前利潤轉換爲自由現金流確實稍微破壞了這種印象。考慮到所有這些數據,在我們看來,MYR Group對債務採取了相當明智的態度。儘管這帶來了一些風險,但也可以提高股東的回報。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。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。一個很好的例子:我們發現了你應該注意的 MYR Group 的 1 個警告標誌。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家淨現金增長股票清單。

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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