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Is Whirlpool (NYSE:WHR) Using Too Much Debt?

Is Whirlpool (NYSE:WHR) Using Too Much Debt?

惠而浦(紐交所:WHR)是否使用過多債務?
Simply Wall St ·  06/11 20:15

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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, Whirlpool Corporation (NYSE:WHR) does carry debt. But is this debt a concern to shareholders?

作爲投資者,有人認爲波動性而不是債務是最好的風險考慮方式,但是禾倫·巴菲特曾經說過:“波動性遠非風險的同義詞。”因此,明智的資金應該知道,債務通常會涉及破產風險,是評估一家公司風險的非常重要的因素。特別是,惠而浦公司(紐交所:WHR)確實存在債務。但是這筆債務是否會讓股東擔憂呢?

When Is Debt A Problem?

什麼時候負債才是一個問題?

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. 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. 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.

債務是幫助企業增長的工具,但如果企業無法償還債權人的錢,那麼它就存在與債權人的擺佈之下。如果情況變得非常糟糕,債權人可以控制企業。然而,公司必須以優惠價格發行股票來永久性地稀釋股東,從而彌補資產負債表的赤字,這是更頻繁(但仍然代價高昂)的情況。當然,債務可能是企業中的重要工具,特別是在資本重的企業中。當我們考慮公司使用債務的時候,首先要看現金和債務。

How Much Debt Does Whirlpool Carry?

惠而浦負債情況如何?

The chart below, which you can click on for greater detail, shows that Whirlpool had US$7.67b in debt in March 2024; about the same as the year before. However, because it has a cash reserve of US$1.23b, its net debt is less, at about US$6.44b.

下面的圖表(可點擊以獲得更詳細的信息)顯示,惠而浦在2024年3月有76.7億美元的債務,與前一年大致相同。然而,由於它擁有12.3億美元的現金儲備,其淨債務較少,約爲64.4億美元。

debt-equity-history-analysis
NYSE:WHR Debt to Equity History June 11th 2024
紐交所:WHR股權和負債歷史記錄2024年6月11日

How Healthy Is Whirlpool's Balance Sheet?

惠而浦的資產負債表有多健康?

According to the last reported balance sheet, Whirlpool had liabilities of US$6.55b due within 12 months, and liabilities of US$8.21b due beyond 12 months. Offsetting these obligations, it had cash of US$1.23b as well as receivables valued at US$1.71b due within 12 months. So it has liabilities totalling US$11.8b more than its cash and near-term receivables, combined.

根據最近披露的資產負債表,惠而浦在12個月內到期的負債爲65.5億美元,超過12個月到期的負債爲82.1億美元。爲了抵消這些負債,它擁有12.3億美元的現金,以及價值17.1億美元的應收賬款。因此,它對現金和短期應收賬款的債務總計超過118億美元。這種負債群集給這家48.2億美元的公司帶來了沉重的壓力,就像一個孩子揹着一個裝滿書、體育器材和小號的巨大揹包一樣。因此,毫無疑問,我們會密切關注它的資產負債表。歸根結底,如果債權人要求償還債務,惠而浦可能需要進行重大的再資本化。

The deficiency here weighs heavily on the US$4.82b 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, Whirlpool would probably need a major re-capitalization if its creditors were to demand repayment.

惠而浦的債務是其EBITDA的4.7倍,而其EBIT覆蓋其利息支出的3.2倍。這表明雖然債務水平非常高,但我們不會說它們有問題。更令人擔憂的是,惠而浦上一年度的EBIT下降了5.5%。如果這種收益趨勢繼續下去,公司將面臨償還債務的艱鉅任務。資產負債表顯然是分析債務時需要關注的地方。但是,最終決定惠而浦能否維持健康的資產負債表的是未來的收益,而不是任何其他因素。因此,如果您想了解專業人士的觀點,可以查看分析師盈利預測的這份免費報告。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

我們使用兩個主要的比率來衡量債務水平與收益的關係。一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),另一個是它的利息費用與利息和稅前利潤(EBIT)相比的倍數(或其利息覆蓋率)。這樣,我們考慮了債務的絕對量以及所支付的利率。

Whirlpool's debt is 4.7 times its EBITDA, and its EBIT cover its interest expense 3.2 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. More concerning, Whirlpool saw its EBIT drop by 5.5% in the last twelve months. If that earnings trend continues the company will face an uphill battle to pay off its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Whirlpool's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

最後,公司只能用冷硬的現金而非會計利潤償還債務。因此,邏輯上認爲,應查看EBIT中實際匹配的自由現金流所佔比例。在過去三年中,惠而浦的自由現金流佔其EBIT的40%,低於我們的預期。這不利於償還債務。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. 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, Whirlpool's free cash flow amounted to 40% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.

我們認爲惠而浦的總負債水平令人失望。儘管如此,它將EBIT轉化爲自由現金流的能力並不是那麼令人擔憂。總體而言,我們認爲惠而浦的資產負債表對企業構成了相當大的風險。因此,我們對這支股票的警惕程度幾乎與飢餓的小貓對主人魚塘的警惕程度一樣:一口吃不到熱豆腐,再燙也是冷的。毫無疑問,我們從資產負債表中了解了大部分關於債務的信息。但是最終,每個公司都可能存在超越資產負債表的風險。我們已經發現惠而浦存在3個警示信號(至少有2個不太愉快),了解它們應該是您投資過程的一部分。

Our View

我們的觀點

We'd go so far as to say Whirlpool's level of total liabilities was disappointing. Having said that, its ability to convert EBIT to free cash flow isn't such a worry. Overall, it seems to us that Whirlpool's balance sheet is really quite a risk to the business. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 3 warning signs with Whirlpool (at least 2 which are a bit unpleasant) , and understanding them should be part of your investment process.

我們堅信惠而浦的總負債水平是令人失望的。然而,將EBIT轉化爲自由現金流的能力並不需要太擔心。總體而言,我們認爲惠而浦的資產負債表對企業構成了相當大的風險。因此,我們對這支股票的警惕程度幾乎與飢餓的小貓對主人魚塘的警惕程度一樣:一口吃不到熱豆腐,再燙也是冷的。毫無疑問,我們從資產負債表中了解了大部分關於債務的信息。但是最終,每個公司都可能存在超越資產負債表的風險。我們已經發現惠而浦存在3個警示信號(至少有2個不太愉快),了解它們應該是您投資過程的一部分。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

如果您在所有這些工作之後,更感興趣於擁有堅實資產負債表的快速發展公司,請立即查看我們的淨現金成長股列表。

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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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

譯文內容由第三人軟體翻譯。


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