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Would Bloom Energy (NYSE:BE) Be Better Off With Less Debt?

Would Bloom Energy (NYSE:BE) Be Better Off With Less Debt?

減少債務會讓布魯姆能源(紐約證券交易所代碼:BE)過得更好嗎?
Simply Wall St ·  05/24 03:45

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 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 Bloom Energy Corporation (NYSE:BE) does use debt in its business. But the real question is whether this debt is making the company risky.

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,布魯姆能源公司(紐約證券交易所代碼:BE)確實在其業務中使用了債務。但真正的問題是這筆債務是否使公司面臨風險。

When Is Debt A Problem?

債務何時會成爲問題?

Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.

債務可以爲企業提供幫助,直到企業難以用新的資本或自由現金流還清債務。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本資本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理其債務,而且對自己有利。當我們研究債務水平時,我們首先要同時考慮現金和債務水平。

How Much Debt Does Bloom Energy Carry?

Bloom Energy 揹負了多少債務?

The image below, which you can click on for greater detail, shows that at March 2024 Bloom Energy had debt of US$1.20b, up from US$764.1m in one year. However, because it has a cash reserve of US$516.0m, its net debt is less, at about US$688.3m.

您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年3月,布魯姆能源的債務爲12.0億美元,高於一年的7.641億美元。但是,由於其現金儲備爲5.16億美元,其淨負債較少,約爲6.883億美元。

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

A Look At Bloom Energy's Liabilities

看看Bloom Energy的負債

We can see from the most recent balance sheet that Bloom Energy had liabilities of US$354.7m falling due within a year, and liabilities of US$1.44b due beyond that. On the other hand, it had cash of US$516.0m and US$396.0m worth of receivables due within a year. So it has liabilities totalling US$885.0m more than its cash and near-term receivables, combined.

我們可以從最新的資產負債表中看出,Bloom Energy的負債爲3.547億美元,一年後到期的負債爲14.4億美元。另一方面,它有5.16億美元的現金和價值3.96億美元的應收賬款將在一年內到期。因此,它的負債總額比其現金和短期應收賬款的總和高出8.85億美元。

This deficit isn't so bad because Bloom Energy is worth US$3.43b, and thus could probably raise enough capital to shore up 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. 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 Bloom Energy'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.

這種赤字還不錯,因爲Bloom Energy的市值爲34.3億美元,因此,如果有需要,可能會籌集足夠的資金來支撐其資產負債表。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。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Bloom Energy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。

Over 12 months, Bloom Energy saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that's not too bad, we'd prefer see growth.

在過去的12個月中,Bloom Energy的收入保持相當穩定,並且沒有報告利息和稅前收益。雖然這還不錯,但我們希望看到增長。

Caveat Emptor

Caveat Emptor

Over the last twelve months Bloom Energy produced an earnings before interest and tax (EBIT) loss. Indeed, it lost US$71m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through US$284m of cash over the last year. So in short it's a really risky stock. 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. To that end, you should be aware of the 2 warning signs we've spotted with Bloom Energy .

在過去的十二個月中,Bloom Energy出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了7100萬美元。考慮到除了上述負債外,我們對公司應該使用如此多的債務沒有太大的信心。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。但是,去年它燒掉了2.84億美元的現金,這無濟於事。因此,簡而言之,這是一隻非常有風險的股票。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。爲此,你應該注意我們在Bloom Energy中發現的兩個警告信號。

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。

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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。


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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