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Here's Why Best Buy (NYSE:BBY) Can Manage Its Debt Responsibly

Here's Why Best Buy (NYSE:BBY) Can Manage Its Debt Responsibly

這就是百思買(紐約證券交易所代碼:BBY)可以負責任地管理債務的原因
Simply Wall St ·  05/22 01:37

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Best Buy Co., Inc. (NYSE:BBY) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們注意到,百思買公司(紐約證券交易所代碼:BBY)的資產負債表上確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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.

債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。如果情況變得非常糟糕,貸款人可以控制業務。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 Best Buy's Debt?

什麼是百思買的債務?

As you can see below, Best Buy had US$1.13b of debt, at February 2024, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds US$1.45b in cash, so it actually has US$316.0m net cash.

如下所示,截至2024年2月,百思買的債務爲11.3億美元,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,其資產負債表顯示其持有14.5億美元的現金,因此實際上擁有3.16億美元的淨現金。

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

How Healthy Is Best Buy's Balance Sheet?

百思買的資產負債表有多健康?

The latest balance sheet data shows that Best Buy had liabilities of US$7.91b due within a year, and liabilities of US$4.01b falling due after that. Offsetting this, it had US$1.45b in cash and US$939.0m in receivables that were due within 12 months. So it has liabilities totalling US$9.53b more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,百思買的負債爲79.1億美元,此後到期的負債爲40.1億美元。與此相抵消的是,它有14.5億美元的現金和9.39億美元的應收賬款將在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出95.3億美元。

This deficit is considerable relative to its very significant market capitalization of US$15.9b, so it does suggest shareholders should keep an eye on Best Buy's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. While it does have liabilities worth noting, Best Buy also has more cash than debt, so we're pretty confident it can manage its debt safely.

相對於其非常可觀的159億美元市值,這一赤字相當可觀,因此這確實表明股東應密切關注百思買的債務使用情況。如果其貸款人要求其支撐資產負債表,股東可能會面臨嚴重的稀釋。儘管百思買確實有值得注意的負債,但其現金也多於債務,因此我們非常有信心它可以安全地管理債務。

On the other hand, Best Buy's EBIT dived 11%, over the last year. 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 ultimately the future profitability of the business will decide if Best Buy 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.

另一方面,百思買的息稅前利潤比去年下降了11%。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。但最終,該業務的未來盈利能力將決定百思買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 business needs free cash flow to pay off debt; accounting profits just don't cut it. While Best Buy has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Best Buy produced sturdy free cash flow equating to 61% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

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。儘管百思買的資產負債表上有淨現金,但仍值得一看其將利息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去三年中,百思買產生了穩健的自由現金流,相當於其息稅前利潤的61%,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。

Summing Up

總結

Although Best Buy's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$316.0m. So we are not troubled with Best Buy's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 3 warning signs for Best Buy you should be aware of, and 1 of them is a bit concerning.

儘管由於負債總額,百思買的資產負債表並不是特別強勁,但其淨現金爲3.16億美元顯然是樂觀的。因此,我們對百思買的債務使用並不感到困擾。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。一個很好的例子:我們發現了你應該注意的百思買的3個警告信號,其中一個有點令人擔憂。

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。

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.

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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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