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We Think Lennar (NYSE:LEN) Can Stay On Top Of Its Debt

We Think Lennar (NYSE:LEN) Can Stay On Top Of Its Debt

我們認爲 Lennar(紐約證券交易所代碼:LEN)可以繼續償還債務
Simply Wall St ·  05/24 00:29

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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, Lennar Corporation (NYSE:LEN) does carry debt. But the more important question is: how much risk is that debt creating?

大衛·伊本說得好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”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,倫納爾公司(紐約證券交易所代碼:LEN)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?

When Is Debt A Problem?

債務何時會成爲問題?

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. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at 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。如果情況變得非常糟糕,貸款人可以控制業務。但是,更頻繁(但仍然昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。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 Lennar's Net Debt?

Lennar 的淨負債是多少?

The image below, which you can click on for greater detail, shows that Lennar had debt of US$4.39b at the end of February 2024, a reduction from US$5.22b over a year. But on the other hand it also has US$7.39b in cash, leading to a US$2.99b net cash position.

您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年2月底,Lennar的債務爲43.9億美元,較上一年的52.2億美元有所減少。但另一方面,它也有73.9億美元的現金,淨現金狀況爲29.9億美元。

debt-equity-history-analysis
NYSE:LEN Debt to Equity History May 23rd 2024
紐約證券交易所:LEN 債務與股本比率歷史記錄 2024 年 5 月 23 日

How Strong Is Lennar's Balance Sheet?

倫納爾的資產負債表有多強?

Zooming in on the latest balance sheet data, we can see that Lennar had liabilities of US$2.45b due within 12 months and liabilities of US$9.73b due beyond that. On the other hand, it had cash of US$7.39b and US$980.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$3.80b.

放大最新的資產負債表數據,我們可以看到,Lennar在12個月內到期的負債爲24.5億美元,之後到期的負債爲97.3億美元。另一方面,它有73.9億美元的現金和價值9.8億美元的應收賬款在一年內到期。因此,其負債超過其現金和(短期)應收賬款總額38.0億美元。

Given Lennar has a humongous market capitalization of US$44.9b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, Lennar boasts net cash, so it's fair to say it does not have a heavy debt load!

鑑於Lennar的龐大市值爲449億美元,很難相信這些負債會構成很大的威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。儘管負債值得關注,但倫納爾擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!

But the bad news is that Lennar has seen its EBIT plunge 14% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Lennar 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.

但壞消息是,在過去的十二個月中,Lennar的息稅前利潤下降了14%。我們認爲,這種表現如果經常重演,很可能會給該股帶來困難。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務的未來盈利能力將決定Lennar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。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Lennar 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, Lennar produced sturdy free cash flow equating to 61% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.

但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。儘管Lennar的資產負債表上有淨現金,但仍值得一看其將利息和稅前收益(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。在過去的三年中,Lennar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。這種自由現金流使公司處於有利地位,可以在適當的時候償還債務。

Summing Up

總結

We could understand if investors are concerned about Lennar's liabilities, but we can be reassured by the fact it has has net cash of US$2.99b. So we don't have any problem with Lennar's use of debt. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that Lennar insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.

我們可以理解投資者是否擔心Lennar的負債,但我們可以放心,它的淨現金爲29.9億美元。因此,我們對倫納爾使用債務沒有任何問題。當然,我們不會對如果我們知道倫納內部人士一直在購買股票所獲得的額外信心說不:如果你持同樣的看法,你可以通過點擊這個鏈接來了解內部人士是否在買入。

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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