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

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

Frontline(紐約證券交易所代碼:FRO)的資產負債表是否良好?
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.

霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”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,Frontline plc(紐約證券交易所代碼:FRO)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. 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,只有當公司無法通過籌集資金或用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,如果公司無法向債權人付款,它可能會破產。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。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。

What Is Frontline's Net Debt?

什麼是 Frontline 的淨負債?

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.

你可以點擊下圖查看歷史數字,但它顯示,截至2023年12月,Frontline在一年內有34.6億美元的債務,比23.9億美元有所增加。另一方面,它擁有3.158億美元的現金,淨負債約爲31.4億美元。

debt-equity-history-analysis
NYSE:FRO Debt to Equity History May 21st 2024
紐約證券交易所:FRO 債務與股本比率歷史記錄 2024 年 5 月 21 日

How Strong Is Frontline's Balance Sheet?

Frontline 的資產負債表有多強?

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.

最新的資產負債表數據顯示,Frontline的負債爲4.091億美元,此後到期的負債爲32.0億美元。與此相抵消的是,它有3.158億美元的現金和2.54億美元的應收賬款將在12個月內到期。因此,其負債超過其現金和(短期)應收賬款總額30.4億美元。

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的市值爲61.2億美元,因此,如果需要,它很可能會籌集資金以改善其資產負債表。但是,仍然值得仔細研究其償還債務的能力。

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。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。

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的債務與息稅折舊攤銷前利潤的比率爲3.4,其息稅前利潤覆蓋了利息支出的6.2倍。綜上所述,這意味着,儘管我們不希望債務水平上升,但我們認爲它可以承受目前的槓桿率。值得注意的是,Frontline的息稅前利潤像雨後竹子一樣飆升,在過去十二個月中增長了65%。這將使其更容易管理債務。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。但最終,該業務未來的盈利能力將決定Frontline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。

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.

最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。因此,合乎邏輯的步驟是研究息稅前利潤與實際自由現金流相匹配的比例。在過去的三年中,前線消耗了大量現金。儘管這可能是增長支出的結果,但它確實使債務風險大大增加。

Our View

我們的觀點

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.

在我們看來,Frontline將息稅前利潤轉換爲自由現金流,將淨負債轉換爲息稅折舊攤銷前利潤,這無疑給其帶來了壓力。但其息稅前利潤增長率卻是一個截然不同的故事,也表明了一定的彈性。綜合考慮上述數據點後,我們認爲Frontline的債務確實使其有點風險。這不一定是壞事,因爲槓桿可以提高股本回報率,但這是需要注意的事情。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。例如,我們已經確定了 3 個你應該注意的 Frontline 警告信號(1 個不容忽視)。

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。

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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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