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Kadant (NYSE:KAI) Has A Pretty Healthy Balance Sheet

Kadant (NYSE:KAI) Has A Pretty Healthy Balance Sheet

Kadant(紐約證券交易所代碼:KAI)的資產負債表相當健康
Simply Wall St ·  05/24 02:16

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, Kadant Inc. (NYSE:KAI) does carry debt. But should shareholders be worried about its use of debt?

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,凱登公司(紐約證券交易所代碼:KAI)確實有債務。但是,股東是否應該擔心其債務的使用?

When Is Debt A Problem?

債務何時會成爲問題?

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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. 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利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。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。當然,債務可能是企業的重要工具,尤其是資本密集型企業。當我們考慮公司對債務的使用時,我們首先要同時考慮現金和債務。

What Is Kadant's Debt?

什麼是卡丹特的債務?

You can click the graphic below for the historical numbers, but it shows that as of March 2024 Kadant had US$308.0m of debt, an increase on US$180.1m, over one year. However, it also had US$81.4m in cash, and so its net debt is US$226.6m.

你可以點擊下圖查看歷史數字,但它顯示,截至2024年3月,Kadant在一年內有3.08億美元的債務,比1.801億美元有所增加。但是,它也有8140萬美元的現金,因此其淨負債爲2.266億美元。

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

How Strong Is Kadant's Balance Sheet?

Kadant 的資產負債表有多強?

We can see from the most recent balance sheet that Kadant had liabilities of US$222.1m falling due within a year, and liabilities of US$392.6m due beyond that. Offsetting these obligations, it had cash of US$81.4m as well as receivables valued at US$160.3m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$373.0m.

我們可以從最新的資產負債表中看出,Kadant的負債爲2.221億美元,一年後到期的負債爲3.926億美元。除這些債務外,它有8140萬美元的現金以及價值1.603億美元的應收賬款在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3.730億美元。

Given Kadant has a market capitalization of US$3.35b, 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.

鑑於Kadant的市值爲33.5億美元,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。

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). 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).

我們使用兩個主要比率來告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。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)。

Kadant's net debt is only 1.1 times its EBITDA. And its EBIT easily covers its interest expense, being 19.6 times the size. So we're pretty relaxed about its super-conservative use of debt. The good news is that Kadant has increased its EBIT by 7.6% over twelve months, which should ease any concerns about debt repayment. 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 Kadant can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

凱登的淨負債僅爲其息稅折舊攤銷前利潤的1.1倍。而且其息稅前利潤很容易彌補其利息支出,是其規模的19.6倍。因此,我們對它超保守的債務使用相當放鬆。好消息是,Kadant在十二個月內將其息稅前利潤增長了7.6%,這應該可以緩解對債務償還的任何擔憂。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Kadant能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

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. Over the most recent three years, Kadant recorded free cash flow worth 77% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.

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。因此,我們總是檢查息稅前利潤中有多少轉化爲自由現金流。在最近三年中,鑑於自由現金流不包括利息和稅收,Kadant錄得的自由現金流佔其息稅前利潤的77%,這幾乎是正常的。這種冷硬現金意味着它可以在需要時減少債務。

Our View

我們的觀點

Kadant'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 the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Looking at the bigger picture, we think Kadant's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. 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 1 warning sign for Kadant that you should be aware of before investing here.

卡丹特的利息保障表明,它可以像克里斯蒂亞諾·羅納爾多在對陣14歲以下的守門員的比賽中進球一樣輕鬆地處理債務。好消息不止於此,因爲其將息稅前利潤轉換爲自由現金流也支持了這種印象!從大局來看,我們認爲Kadant使用債務似乎相當合理,我們對此並不擔心。畢竟,合理的槓桿可以提高股本回報率。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Kadant的1個警告信號,在這裏投資之前,您應該注意這一點。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。

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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。


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