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Would Angi (NASDAQ:ANGI) Be Better Off With Less Debt?

Would Angi (NASDAQ:ANGI) Be Better Off With Less Debt?

減少債務會讓安吉(納斯達克股票代碼:ANGI)過得更好嗎?
Simply Wall St ·  05/21 22:28

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.' 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 note that Angi Inc. (NASDAQ:ANGI) does have debt on its balance sheet. 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。”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。我們注意到,安吉公司(納斯達克股票代碼:ANGI)的資產負債表上確實有債務。但真正的問題是這筆債務是否使公司面臨風險。

When Is Debt 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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at 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。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。

What Is Angi's Net Debt?

什麼是安吉的淨負債?

As you can see below, Angi had US$496.2m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$363.3m in cash, and so its net debt is US$132.9m.

如下所示,截至2024年3月,安吉的債務爲4.962億美元,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。但是,它也有3.633億美元的現金,因此其淨負債爲1.329億美元。

debt-equity-history-analysis
NasdaqGS:ANGI Debt to Equity History May 21st 2024
納斯達克股票代碼:ANGI 債轉股歷史記錄 2024 年 5 月 21 日

How Strong Is Angi's Balance Sheet?

安吉的資產負債表有多強?

The latest balance sheet data shows that Angi had liabilities of US$242.2m due within a year, and liabilities of US$549.7m falling due after that. On the other hand, it had cash of US$363.3m and US$60.8m worth of receivables due within a year. So it has liabilities totalling US$367.8m more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,Angi的負債爲2.422億美元,之後到期的負債爲5.497億美元。另一方面,它有3.633億美元的現金和價值6,080萬美元的應收賬款將在一年內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出3.678億美元。

This deficit isn't so bad because Angi is worth US$1.11b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Angi can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

這種赤字還不錯,因爲Angi的身價爲11.1億美元,因此,如果有需要,可能會籌集足夠的資金來支撐其資產負債表。但是,我們絕對希望留意其債務帶來過大風險的跡象。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Angi能否隨着時間的推移加強其資產負債表。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。

In the last year Angi had a loss before interest and tax, and actually shrunk its revenue by 22%, to US$1.3b. To be frank that doesn't bode well.

去年,Angi在利息和稅前出現虧損,實際上其收入減少了22%,至13億美元。坦率地說,這並不是一個好兆頭。

Caveat Emptor

Caveat Emptor

While Angi's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. To be specific the EBIT loss came in at US$13m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of US$18m. So in short it's a really risky stock. For riskier companies like Angi I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.

儘管Angi收入的下降就像開玩笑一樣令人心動,但可以說,其利息和稅前收益(EBIT)虧損的吸引力更小。具體而言,息稅前利潤虧損爲1300萬美元。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。例如,我們不希望看到去年1800萬美元的虧損重演。因此,簡而言之,這是一隻非常有風險的股票。對於像安吉這樣的風險較高的公司,我總是喜歡關注長期的利潤和收入趨勢。幸運的是,您可以點擊查看我們的利潤、收入和運營現金流的交互式圖表。

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.

畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。

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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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