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Does Frontline (NYSE:FRO) Have A Healthy Balance Sheet?

Does Frontline (NYSE:FRO) Have A Healthy Balance Sheet?

Frontline(纽约证券交易所代码:FRO)的资产负债表是否良好?
Simply Wall St ·  05/21 23:12

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Frontline plc (NYSE:FRO) does use debt in its business. But the real question is whether this debt is making the company risky.

霍华德·马克斯说得好,他说的不是担心股价的波动,而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。我们可以看到,Frontline plc(纽约证券交易所代码:FRO)确实在其业务中使用了债务。但真正的问题是这笔债务是否使公司面临风险。

When Is Debt Dangerous?

债务何时危险?

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 examine debt levels, we first consider both cash and debt levels, together.

一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。

What Is Frontline's Net Debt?

什么是 Frontline 的净负债?

You can click the graphic below for the historical numbers, but it shows that as of December 2023 Frontline had US$3.46b of debt, an increase on US$2.39b, over one year. On the flip side, it has US$315.8m in cash leading to net debt of about US$3.14b.

你可以点击下图查看历史数字,但它显示,截至2023年12月,Frontline在一年内有34.6亿美元的债务,比23.9亿美元有所增加。另一方面,它拥有3.158亿美元的现金,净负债约为31.4亿美元。

debt-equity-history-analysis
NYSE:FRO Debt to Equity History May 21st 2024
纽约证券交易所:FRO 债务与股本比率历史记录 2024 年 5 月 21 日

How Strong Is Frontline's Balance Sheet?

Frontline 的资产负债表有多强?

The latest balance sheet data shows that Frontline had liabilities of US$409.1m due within a year, and liabilities of US$3.20b falling due after that. Offsetting this, it had US$315.8m in cash and US$254.0m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$3.04b.

最新的资产负债表数据显示,Frontline的负债为4.091亿美元,此后到期的负债为32.0亿美元。与此相抵消的是,它有3.158亿美元的现金和2.54亿美元的应收账款将在12个月内到期。因此,其负债超过其现金和(短期)应收账款总额30.4亿美元。

Frontline has a market capitalization of US$6.12b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.

Frontline的市值为61.2亿美元,因此,如果需要,它很可能会筹集资金以改善其资产负债表。但是,仍然值得仔细研究其偿还债务的能力。

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.

我们通过以下方法来衡量公司的债务负担与其盈利能力:将其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),并计算其利息和税前收益(EBIT)支付利息支出(利息保障)的难易程度。因此,我们将债务与收益的关系考虑在内,包括和不包括折旧和摊销费用。

Frontline has a debt to EBITDA ratio of 3.4 and its EBIT covered its interest expense 6.2 times. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. It is well worth noting that Frontline's EBIT shot up like bamboo after rain, gaining 65% in the last twelve months. That'll make it easier to manage its debt. 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 Frontline 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.

Frontline的债务与息税折旧摊销前利润的比率为3.4,其息税前利润覆盖了利息支出的6.2倍。综上所述,这意味着,尽管我们不希望债务水平上升,但我们认为它可以承受目前的杠杆率。值得注意的是,Frontline的息税前利润像雨后竹子一样飙升,在过去十二个月中增长了65%。这将使其更容易管理债务。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但最终,该业务未来的盈利能力将决定Frontline能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。

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. During the last three years, Frontline burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.

最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。因此,合乎逻辑的步骤是研究息税前利润与实际自由现金流相匹配的比例。在过去的三年中,前线消耗了大量现金。尽管这可能是增长支出的结果,但它确实使债务风险大大增加。

Our View

我们的观点

Frontline's conversion of EBIT to free cash flow and net debt to EBITDA definitely weigh on it, in our esteem. But its EBIT growth rate tells a very different story, and suggests some resilience. We think that Frontline's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. 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. For instance, we've identified 3 warning signs for Frontline (1 shouldn't be ignored) you should be aware of.

在我们看来,Frontline将息税前利润转换为自由现金流,将净负债转换为息税折旧摊销前利润,这无疑给其带来了压力。但其息税前利润增长率却是一个截然不同的故事,也表明了一定的弹性。综合考虑上述数据点后,我们认为Frontline的债务确实使其有点风险。这不一定是坏事,因为杠杆可以提高股本回报率,但这是需要注意的事情。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,每家公司都可以控制资产负债表之外存在的风险。例如,我们已经确定了 3 个你应该注意的 Frontline 警告信号(1 个不容忽视)。

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.

当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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