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Is SATS (SGX:S58) Using Too Much Debt?

Is SATS (SGX:S58) Using Too Much Debt?

SATS(新加坡證券交易所股票代碼:S58)是否使用過多的債務?
Simply Wall St ·  05/22 11:33

Warren Buffett famously said, '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. Importantly, SATS Ltd. (SGX:S58) does carry debt. But should shareholders be worried about its use of debt?

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。重要的是,SATS有限公司(新加坡證券交易所股票代碼:S58)確實有債務。但是,股東是否應該擔心其債務的使用?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. 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。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。

What Is SATS's Debt?

什麼是SATS的債務?

As you can see below, at the end of December 2023, SATS had S$2.70b of debt, up from S$836.9m a year ago. Click the image for more detail. However, because it has a cash reserve of S$539.8m, its net debt is less, at about S$2.16b.

如下所示,截至2023年12月底,SATS的債務爲27.0億新元,高於去年同期的8.369億新元。點擊圖片查看更多細節。但是,由於其現金儲備爲5.398億新元,其淨負債有所減少,約爲21.6億新元。

debt-equity-history-analysis
SGX:S58 Debt to Equity History May 22nd 2024
2024 年 5 月 22 日 SGX: S58 債券與股本比率的歷史記錄

How Healthy Is SATS' Balance Sheet?

SATS 的資產負債表有多健康?

Zooming in on the latest balance sheet data, we can see that SATS had liabilities of S$3.33b due within 12 months and liabilities of S$2.70b due beyond that. On the other hand, it had cash of S$539.8m and S$1.15b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by S$4.33b.

放大最新的資產負債表數據,我們可以看到,SATS的負債爲33.3億新元,12個月後到期的負債爲27.0億新元。另一方面,它有5.398億新元的現金和價值11.5億新元的應收賬款將在一年內到期。因此,其負債超過其現金和(短期)應收賬款總額43.3億新元。

When you consider that this deficiency exceeds the company's S$3.79b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.

當你考慮到這一缺口超過了公司37.9億新元的市值時,你很可能會傾向於仔細審查資產負債表。假設,如果公司被迫通過按當前股價籌集資金來償還負債,則需要進行極其嚴重的稀釋。

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)。

While SATS's debt to EBITDA ratio (3.8) suggests that it uses some debt, its interest cover is very weak, at 1.5, suggesting high leverage. It seems that the business incurs large depreciation and amortisation charges, so maybe its debt load is heavier than it would first appear, since EBITDA is arguably a generous measure of earnings. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. However, the silver lining was that SATS achieved a positive EBIT of S$173m in the last twelve months, an improvement on the prior year's loss. 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 SATS 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.

儘管SATS的債務與息稅折舊攤銷前利潤的比率(3.8)表明它使用了部分債務,但其利息覆蓋面非常薄弱,爲1.5,這表明槓桿率很高。看來該企業會產生巨額折舊和攤銷費用,因此其債務負擔可能比最初出現的要重,因爲息稅折舊攤銷前利潤可以說是衡量收益的豐厚指標。因此,股東可能應該意識到,最近利息支出似乎確實影響了業務。但是,一線希望是,SATS在過去十二個月中實現了1.73億新元的正息稅前利潤,比去年的虧損有所改善。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,該業務的未來盈利能力將決定SATS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 it's worth checking how much of the earnings before interest and tax (EBIT) is backed by free cash flow. Happily for any shareholders, SATS actually produced more free cash flow than EBIT over the last year. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.

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,值得檢查一下利息和稅前收益(EBIT)中有多少是由自由現金流支持的。令所有股東感到高興的是,去年SATS產生的自由現金流實際上超過了息稅前利潤。這種強勁的現金產生像穿着大黃蜂套裝的小狗一樣溫暖着我們的心。

Our View

我們的觀點

Neither SATS's ability to cover its interest expense with its EBIT nor its level of total liabilities gave us confidence in its ability to take on more debt. But its conversion of EBIT to free cash flow tells a very different story, and suggests some resilience. We should also note that Infrastructure industry companies like SATS commonly do use debt without problems. When we consider all the factors discussed, it seems to us that SATS is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for SATS (1 is significant!) that you should be aware of before investing here.

無論是SATS用息稅前利潤支付利息支出的能力,還是其總負債水平,都沒有使我們對它承擔更多債務的能力充滿信心。但是它將息稅前利潤轉換爲自由現金流卻講述了一個截然不同的故事,也表明了一定的彈性。我們還應該注意,像SATS這樣的基礎設施行業公司通常會毫無問題地使用債務。當我們考慮所討論的所有因素時,在我們看來,SATS在使用債務方面正在冒一些風險。因此,儘管這種槓桿率確實提高了股本回報率,但我們真的不希望看到它從現在開始增加。資產負債表顯然是分析債務時需要關注的領域。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,我們發現了 2 個 SATS 警告信號(1 個很重要!)在這裏投資之前,您應該注意這一點。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。

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.

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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