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Camping World Holdings (NYSE:CWH) Seems To Be Using A Lot Of Debt

Camping World Holdings (NYSE:CWH) Seems To Be Using A Lot Of Debt

露營世界控股公司(紐約證券交易所代碼:CWH)似乎在使用大量債務
Simply Wall St ·  05/23 02:09

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.' 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 can see that Camping World Holdings, Inc. (NYSE:CWH) does use debt in its business. But is this debt a concern to shareholders?

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。”當我們考慮一家公司的風險時,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。我們可以看到,露營世界控股有限公司(紐約證券交易所代碼:CWH)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?

What Risk Does Debt Bring?

債務會帶來什麼風險?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

債務是幫助企業發展的工具,但是如果企業無法還清貸款人,那麼債務就任由他們擺佈。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(但仍然令人痛苦)的情況是它必須以低價籌集新的股權資本,從而永久稀釋股東。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起考慮。

How Much Debt Does Camping World Holdings Carry?

露營世界控股公司揹負了多少債務?

You can click the graphic below for the historical numbers, but it shows that as of March 2024 Camping World Holdings had US$3.02b of debt, an increase on US$2.62b, over one year. And it doesn't have much cash, so its net debt is about the same.

你可以點擊下圖查看歷史數字,但它顯示,截至2024年3月,露營世界控股公司在一年內有30.2億美元的債務,比26.2億美元有所增加。而且它沒有太多現金,因此其淨負債大致相同。

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

How Strong Is Camping World Holdings' Balance Sheet?

露營世界控股公司的資產負債表有多強?

According to the last reported balance sheet, Camping World Holdings had liabilities of US$2.06b due within 12 months, and liabilities of US$2.82b due beyond 12 months. Offsetting this, it had US$29.7m in cash and US$254.5m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$4.59b.

根據上次報告的資產負債表,露營世界控股公司在12個月內到期的負債爲20.6億美元,12個月以後到期的負債爲28.2億美元。與此相抵消的是,它有2970萬美元的現金和2.545億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45.9億美元。

The deficiency here weighs heavily on the US$1.75b 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. At the end of the day, Camping World Holdings would probably need a major re-capitalization if its creditors were to demand repayment.

這裏的缺陷嚴重影響了這家價值17.5億美元的公司本身,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。歸根結底,如果其債權人要求還款,Camping World Holdings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). 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。

Camping World Holdings shareholders face the double whammy of a high net debt to EBITDA ratio (10.0), and fairly weak interest coverage, since EBIT is just 0.98 times the interest expense. This means we'd consider it to have a heavy debt load. Worse, Camping World Holdings's EBIT was down 55% over the last year. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Camping World Holdings'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.

由於息稅前利潤僅爲利息支出的0.98倍,露營世界控股的股東面臨着淨負債與息稅折舊攤銷前利潤比率高(10.0)和利息覆蓋率相當薄弱的雙重打擊。這意味着我們會認爲它有沉重的債務負擔。更糟糕的是,露營世界控股公司的息稅前利潤比去年下降了55%。如果收益長期保持這樣的水平,那麼償還債務的可能性很小。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。但是,未來的收益將決定露營世界控股公司未來維持健康資產負債表的能力。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. In the last three years, Camping World Holdings created free cash flow amounting to 4.9% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.

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,露營世界控股公司創造的自由現金流佔其息稅前利潤的4.9%,表現平淡無奇。對我們來說,低現金轉換率會引發一點偏執狂,那就是償還債務的能力。

Our View

我們的觀點

On the face of it, Camping World Holdings's EBIT growth rate left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. And furthermore, its net debt to EBITDA also fails to instill confidence. Considering everything we've mentioned above, it's fair to say that Camping World Holdings is carrying heavy debt load. If you play with fire you risk getting burnt, so we'd probably give this stock a wide berth. 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, we've discovered 5 warning signs for Camping World Holdings (2 can't be ignored!) that you should be aware of before investing here.

從表面上看,Camping World Holdings的息稅前利潤增長率使我們對該股持初步看法,其總負債水平並不比一年中最繁忙的夜晚那家空蕩蕩的餐廳更具吸引力。此外,其淨負債佔息稅折舊攤銷前利潤的比例也未能激發信心。考慮到我們上面提到的所有內容,可以公平地說,露營世界控股公司揹負着沉重的債務負擔。如果你開槍就有可能被燒死,所以我們可能會給這隻股票一個廣闊的餘地。在分析債務水平時,資產負債表是顯而易見的起點。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 Camping World Holdings 的 5 個警告標誌(2 個不容忽視!)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.

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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