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We Think MSC Industrial Direct (NYSE:MSM) Can Stay On Top Of Its Debt

We Think MSC Industrial Direct (NYSE:MSM) Can Stay On Top Of Its Debt

我們認爲 MSC Industrial Direct(紐約證券交易所代碼:MSM)可以繼續償還債務
Simply Wall St ·  05/15 02:23

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.' 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 MSC Industrial Direct Co., Inc. (NYSE:MSM) makes use of debt. But the real question is whether this debt is making the company risky.

有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”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。與許多其他公司一樣,MSC工業直銷有限公司(紐約證券交易所代碼:MSM)也使用債務。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. 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. When we think about a company's use of debt, we first look at cash and debt together.

一般而言,只有當公司無法通過籌集資金或自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,如果公司無法償還債權人,它可能會破產。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東才能控制債務。話雖如此,最常見的情況是公司合理地很好地管理債務,而且有利於自己的利益。當我們考慮公司對債務的使用時,我們首先要同時考慮現金和債務。

What Is MSC Industrial Direct's Net Debt?

什麼是MSC工業直接的淨負債?

The chart below, which you can click on for greater detail, shows that MSC Industrial Direct had US$552.0m in debt in March 2024; about the same as the year before. However, because it has a cash reserve of US$22.2m, its net debt is less, at about US$529.8m.

您可以點擊下圖查看更多詳細信息,該圖表顯示,2024年3月,MSC Industrial Direct的債務爲5.52億美元;與前一年大致相同。但是,由於其現金儲備爲2220萬美元,其淨負債較少,約爲5.298億美元。

debt-equity-history-analysis
NYSE:MSM Debt to Equity History May 14th 2024
紐約證券交易所:MSM 債務與股本的比率歷史記錄 2024 年 5 月 14 日

A Look At MSC Industrial Direct's Liabilities

看看 MSC 工業直接公司的負債

The latest balance sheet data shows that MSC Industrial Direct had liabilities of US$630.4m due within a year, and liabilities of US$467.5m falling due after that. On the other hand, it had cash of US$22.2m and US$428.7m worth of receivables due within a year. So it has liabilities totalling US$647.0m more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,MSC Industrial Direct的負債爲6.304億美元,此後到期的負債爲4.675億美元。另一方面,它有一年內到期的現金爲2220萬美元,還有價值4.287億美元的應收賬款。因此,它的負債總額比其現金和短期應收賬款的總和多出6.470億美元。

Given MSC Industrial Direct has a market capitalization of US$5.21b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.

鑑於MSC Industrial Direct的市值爲52.1億美元,很難相信這些負債會構成很大的威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。

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).

我們通過以下方法來衡量公司的債務負擔與其盈利能力:將其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),並計算其利息和稅前收益(EBIT)支付利息支出(利息保障)的難易程度。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)。

MSC Industrial Direct's net debt is only 0.99 times its EBITDA. And its EBIT easily covers its interest expense, being 21.8 times the size. So we're pretty relaxed about its super-conservative use of debt. But the bad news is that MSC Industrial Direct has seen its EBIT plunge 10% in the last twelve months. If that rate of decline in earnings continues, the company could find itself in a tight spot. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine MSC Industrial Direct'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.

MSC Industrial Direct的淨負債僅爲其息稅折舊攤銷前收益的0.99倍而且其息稅前利潤很容易彌補其利息支出,是其規模的21.8倍。因此,我們對它超保守的債務使用相當放鬆。但壞消息是,MSC Industrial Direct的息稅前利潤在過去十二個月中下降了10%。如果收益的下降速度持續下去,該公司可能會陷入困境。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益將決定MSC Industrial Direct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。

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. During the last three years, MSC Industrial Direct produced sturdy free cash flow equating to 71% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

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。在過去三年中,MSC Industrial Direct產生了穩健的自由現金流,相當於其息稅前利潤的71%,與我們的預期差不多。這種冷硬現金意味着它可以在需要時減少債務。

Our View

我們的觀點

The good news is that MSC Industrial Direct's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But we must concede we find its EBIT growth rate has the opposite effect. Looking at all the aforementioned factors together, it strikes us that MSC Industrial Direct can handle its debt fairly comfortably. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that MSC Industrial Direct insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.

好消息是,MSC Industrial Direct表現出的用息稅前利潤支付利息支出的能力使我們感到高興,就像毛茸茸的小狗對待幼兒一樣。但是我們必須承認,我們發現其息稅前利潤增長率具有相反的效果。綜合上述所有因素,令我們震驚的是,MSC Industrial Direct能夠相當輕鬆地處理其債務。當然,儘管這種槓桿可以提高股本回報率,但它確實帶來了更多的風險,因此值得關注。當然,我們不會對如果我們知道MSC Industrial Direct內部人士一直在購買股票所獲得的額外信心說不:如果你持同樣的看法,你可以通過點擊這個鏈接來了解內部人士是否在買入。

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.

如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。

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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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