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Altus Power (NYSE:AMPS) Use Of Debt Could Be Considered Risky

Altus Power (NYSE:AMPS) Use Of Debt Could Be Considered Risky

Altus Power(紐約證券交易所代碼:AMPS)使用債務可能被認爲是有風險的
Simply Wall St ·  05/22 22:45

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Altus Power, Inc. (NYSE:AMPS) does carry debt. But should shareholders be worried about its use of debt?

由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,Altus Power, Inc.(紐約證券交易所代碼:AMPS)確實有債務。但是,股東是否應該擔心其債務的使用?

What Risk Does Debt Bring?

債務會帶來什麼風險?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。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。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。

How Much Debt Does Altus Power Carry?

Altus Power 揹負了多少債務?

As you can see below, at the end of March 2024, Altus Power had US$1.33b of debt, up from US$868.3m a year ago. Click the image for more detail. On the flip side, it has US$173.3m in cash leading to net debt of about US$1.15b.

如下所示,截至2024年3月底,Altus Power的債務爲13.3億美元,高於去年同期的8.683億美元。點擊圖片查看更多細節。另一方面,它擁有1.733億美元的現金,淨負債約爲11.5億美元。

debt-equity-history-analysis
NYSE:AMPS Debt to Equity History May 22nd 2024
紐約證券交易所:AMPS 債務與股本比率歷史記錄 2024 年 5 月 22 日

How Healthy Is Altus Power's Balance Sheet?

Altus Power 的資產負債表有多健康?

We can see from the most recent balance sheet that Altus Power had liabilities of US$146.1m falling due within a year, and liabilities of US$1.54b due beyond that. Offsetting these obligations, it had cash of US$173.3m as well as receivables valued at US$20.1m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.49b.

我們可以從最新的資產負債表中看出,Altus Power的負債爲1.461億美元,一年後到期的負債爲15.4億美元。除這些債務外,它有1.733億美元的現金以及價值2,010萬美元的應收賬款在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14.9億美元。

The deficiency here weighs heavily on the US$615.5m company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. After all, Altus Power would likely require a major re-capitalisation if it had to pay its creditors today.

這裏的缺陷嚴重影響了這家價值6.155億美元的公司本身,就好像一個孩子在裝滿書本、運動裝備和喇叭的巨大揹包的重壓下掙扎一樣。因此,毫無疑問,我們將密切關注其資產負債表。畢竟,如果Altus Power今天必須向債權人付款,則可能需要進行大規模的資本重組。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

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。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。

Weak interest cover of 0.44 times and a disturbingly high net debt to EBITDA ratio of 14.4 hit our confidence in Altus Power like a one-two punch to the gut. The debt burden here is substantial. The good news is that Altus Power improved its EBIT by 5.7% over the last twelve months, thus gradually reducing its debt levels relative to its earnings. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Altus Power 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.

0.44倍的薄弱利息覆蓋率和令人不安的高淨負債與息稅折舊攤銷前利潤比率14.4打擊了我們對Altus Power的信心,就像是一二的衝擊。這裏的債務負擔是沉重的。好消息是,Altus Power在過去十二個月中將其息稅前利潤提高了5.7%,從而逐漸降低了相對於收益的債務水平。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Altus Power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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. 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, Altus Power burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.

最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。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,Altus Power消耗了大量現金。儘管投資者無疑預計這種情況將在適當的時候逆轉,但這顯然意味着其使用債務的風險更大。

Our View

我們的觀點

To be frank both Altus Power's conversion of EBIT to free cash flow and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least its EBIT growth rate is not so bad. After considering the datapoints discussed, we think Altus Power has too much debt. While some investors love that sort of risky play, it's certainly not our cup of tea. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for Altus Power (1 is a bit concerning!) that you should be aware of before investing here.

坦率地說,Altus Power將息稅前利潤轉換爲自由現金流及其保持總負債水平的往績都使我們對其債務水平感到相當不舒服。但至少其息稅前利潤增長率還不錯。在考慮了所討論的數據點之後,我們認爲Altus Power的債務太多了。儘管有些投資者喜歡這種冒險的遊戲,但這肯定不是我們的好選擇。在分析債務水平時,資產負債表是顯而易見的起點。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。例如,我們發現了 Altus Power 的 2 個警告信號(1 個有點令人擔憂!)在這裏投資之前,您應該注意這一點。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。

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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.

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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。


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