share_log

These 4 Measures Indicate That Installed Building Products (NYSE:IBP) Is Using Debt Reasonably Well

These 4 Measures Indicate That Installed Building Products (NYSE:IBP) Is Using Debt Reasonably Well

這4項衡量標準表明,已安裝的建築產品(紐約證券交易所代碼:IBP)的債務使用情況相當不錯
Simply Wall St ·  05/22 18:42

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. Importantly, Installed Building Products, Inc. (NYSE:IBP) does carry debt. But the more important question is: how much risk is that debt creating?

霍華德•馬克斯說得好,與其擔心股價波動,‘我擔心的是永久性損失的可能性……我認識的所有實際投資者都擔心。’ 當你檢查公司的風險程度時,考慮其資產負債表是很自然的,因爲在公司破產時常常涉及到債務。重要的是,Installed Building Products, Inc. (紐交所: IBP) 確實有債務負擔。但更重要的問題是:這些債務所產生的風險有多大?

What Risk Does Debt Bring?

債務帶來了什麼風險?

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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.

債務對公司提供幫助,直到公司出現償還債務有困難的時候,無論是通過新的資本還是通過自由現金流。如果情況變得非常糟糕,放貸款人可以掌控整個公司。然而,常見的(但仍然痛苦)情況是,公司必須以低價籌集新的股本資本,從而永久稀釋股東權益。當然,有很多公司利用債務資助增長,沒有任何負面後果。考慮公司債務水平時的第一步是將公司的現金和債務同時考慮。

What Is Installed Building Products's Net Debt?

Installed Building Products 淨債務是多少?

The chart below, which you can click on for greater detail, shows that Installed Building Products had US$875.0m in debt in March 2024; about the same as the year before. However, it does have US$399.9m in cash offsetting this, leading to net debt of about US$475.1m.

下面的圖表(可單擊進行更詳細的查看)顯示,Installed Building Products 在2024年3月份的債務爲8.75億美元,與去年大體相當。然而,公司有3.999億美元的現金用於抵消這一債務,導致淨債務約爲4.751億美元。

debt-equity-history-analysis
NYSE:IBP Debt to Equity History May 22nd 2024
紐交所: IBP 債務股本比歷史記錄-2024年5月22日

A Look At Installed Building Products' Liabilities

查看 Installed Building Products 的負債

The latest balance sheet data shows that Installed Building Products had liabilities of US$339.7m due within a year, and liabilities of US$984.3m falling due after that. Offsetting these obligations, it had cash of US$399.9m as well as receivables valued at US$460.8m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$463.3m.

最新的資產負債表數據顯示,Installed Building Products 在一年內有3.397億美元的債務到期,在此之後有9.843億美元的債務到期。抵消這些債務的是它擁有的3.999億美元現金以及未來12個月內到期的應收賬款(總計4.608億美元)。因此,其負債的總額超過了其現金和(近期)應收賬款的總和,超過了4.633億美元。

Given Installed Building Products has a market capitalization of US$6.03b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.

鑑於 Installed Building Products 的市值爲60.3億美元,很難相信這些債務會造成多大威脅。話雖如此,明確的是,我們應該繼續監控其資產負債表,以免惡化。

We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。

With net debt sitting at just 0.99 times EBITDA, Installed Building Products is arguably pretty conservatively geared. And it boasts interest cover of 9.7 times, which is more than adequate. Fortunately, Installed Building Products grew its EBIT by 8.5% in the last year, making that debt load look even more manageable. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Installed Building Products's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

淨債務爲EBITDA的0.99倍,Installed Building Products 的預算杆槓比率相當保守。同時,它擁有超過9.7次的利息覆蓋率,完全足夠。幸運的是,Installed Building Products 上一年EBIT增長了8.5%,這使得其債務負擔看起來更加易於管理。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Installed Building Products produced sturdy free cash flow equating to 68% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

但我們的最後一個考慮因素也很重要,因爲公司無法用紙上盈利支付債務;它需要現金。因此,我們總是檢查那些EBIT被轉化爲自由現金流的公司所產生的利潤。在過去的三年中,Installed Building Products 生產了強健的自由現金流,相當於其EBIT的68%,大約符合我們的預期。這些冷硬的現金意味着,公司在需要時可以減輕其債務負擔。

Our View

我們的觀點

Installed Building Products's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Looking at the bigger picture, we think Installed Building Products's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Installed Building Products has 2 warning signs we think you should be aware of.

Installed Building Products 的利息覆蓋率表明它可以像Cristiano Ronaldo對付14歲守門員一樣輕鬆應對其債務。這只是好消息的開始,因爲它將EBIT轉化爲自由現金流也非常令人振奮。總體而言,我們認爲 Installed Building Products 的債務使用似乎相當合理,我們對此並不擔心。畢竟,合理的槓桿可以提高股本的回報率。在分析債務水平時,資產負債表是顯而易見的切入點。但最終,每家公司都可能存在超出資產負債表風險的風險。例如-Installed Building Products有2個警示信號,我們認爲您應該注意。

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,如果您是那種喜歡購買沒有負債負擔的股票的投資者,則今天就可以發現我們的獨家淨現金增長股清單。

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.

對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

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。
    搶先評論