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Here's Why Royalty Pharma (NASDAQ:RPRX) Has A Meaningful Debt Burden

Here's Why Royalty Pharma (NASDAQ:RPRX) Has A Meaningful Debt Burden

這就是Royalty Pharma(納斯達克股票代碼:RPRX)有大量債務負擔的原因
Simply Wall St ·  05/24 03:21

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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Royalty Pharma plc (NASDAQ:RPRX) does use debt in its business. 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,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。我們可以看到,Royalty Pharma plc(納斯達克股票代碼:RPRX)確實在其業務中使用了債務。但是,股東是否應該擔心其債務的使用?

When Is Debt Dangerous?

債務何時危險?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.

一般而言,只有當公司無法通過籌集資金或自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,如果公司無法償還債權人,它可能會破產。儘管這種情況並不常見,但我們經常看到負債累累的公司會永久稀釋股東,因爲貸款機構迫使他們以不利的價格籌集資金。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。考慮公司債務水平的第一步是將其現金和債務一起考慮。

What Is Royalty Pharma's Net Debt?

Royalty Pharma的淨負債是多少?

You can click the graphic below for the historical numbers, but it shows that Royalty Pharma had US$6.14b of debt in March 2024, down from US$7.12b, one year before. However, because it has a cash reserve of US$872.0m, its net debt is less, at about US$5.27b.

你可以點擊下圖查看歷史數字,但它顯示Royalty Pharma在2024年3月的債務爲61.4億美元,低於一年前的71.2億美元。但是,由於其現金儲備爲8.72億美元,其淨負債較少,約爲52.7億美元。

debt-equity-history-analysis
NasdaqGS:RPRX Debt to Equity History May 23rd 2024
NASDAQGS: RPRX 債券與股本的比率歷史記錄 2024 年 5 月 23 日

How Healthy Is Royalty Pharma's Balance Sheet?

Royalty Pharma的資產負債表有多健康?

According to the last reported balance sheet, Royalty Pharma had liabilities of US$124.6m due within 12 months, and liabilities of US$6.14b due beyond 12 months. Offsetting this, it had US$872.0m in cash and US$682.7m in receivables that were due within 12 months. So it has liabilities totalling US$4.71b more than its cash and near-term receivables, combined.

根據上次報告的資產負債表,Royalty Pharma的負債爲1.246億美元,12個月以後到期的負債爲61.4億美元。與此相抵消的是,它有8.72億美元的現金和6.827億美元的應收賬款將在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出47.1億美元。

Royalty Pharma has a very large market capitalization of US$16.2b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.

Royalty Pharma的市值非常大,爲162億美元,因此,如果需要,它很可能會籌集資金以改善其資產負債表。但很明顯,我們一定要仔細研究它能否在不稀釋的情況下管理債務。

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。

With net debt to EBITDA of 3.5 Royalty Pharma has a fairly noticeable amount of debt. But the high interest coverage of 7.7 suggests it can easily service that debt. Shareholders should be aware that Royalty Pharma's EBIT was down 21% last year. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Royalty Pharma 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.

Royalty Pharma的淨負債佔息稅折舊攤銷前利潤的比例爲3.5,其債務相當可觀。但是7.7的高利息覆蓋率表明它可以輕鬆償還這筆債務。股東們應該意識到,Royalty Pharma去年的息稅前利潤下降了21%。如果這種盈利趨勢繼續下去,那麼償還債務就像放貓坐過山車一樣容易。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Royalty Pharma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 we always check how much of that EBIT is translated into free cash flow. In the last three years, Royalty Pharma's free cash flow amounted to 47% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

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,我們總是檢查息稅前利潤中有多少轉化爲自由現金流。在過去三年中,Royalty Pharma的自由現金流佔其息稅前利潤的47%,低於我們的預期。這種疲軟的現金轉換使得處理債務變得更加困難。

Our View

我們的觀點

Royalty Pharma's EBIT growth rate was a real negative on this analysis, although the other factors we considered cast it in a significantly better light. For example, its interest cover is relatively strong. Taking the abovementioned factors together we do think Royalty Pharma's debt poses some risks to the business. While that debt can boost returns, we think the company has enough leverage now. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Royalty Pharma you should know about.

儘管我們考慮的其他因素使Royalty Pharma的息稅前利潤增長率明顯好於該分析,但實際上,Royalty Pharma的息稅前利潤增長率爲負數。例如,它的利息保障相對較強。綜合上述因素,我們確實認爲Royalty Pharma的債務對業務構成了一些風險。儘管這筆債務可以提高回報,但我們認爲該公司現在有足夠的槓桿作用。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。這些風險可能很難發現。每家公司都有它們,我們已經發現了你應該知道的3個Royalty Pharma警告信號。

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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