These 4 Measures Indicate That Himax Technologies (NASDAQ:HIMX) Is Using Debt Reasonably Well
These 4 Measures Indicate That Himax Technologies (NASDAQ:HIMX) Is Using Debt Reasonably Well
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. We note that Himax Technologies, Inc. (NASDAQ:HIMX) does have debt on its balance sheet. But is this debt a concern to shareholders?
David Iben曾經說過,「波動性不是我們關心的風險,我們關心的是避免資本永久損失。」因此可以看出,聰明的投資者明白,在判斷一家公司的風險時,通常會考慮債務情況,因爲債務常常與破產有關。我們注意到,奇景光電(NASDAQ:HIMX)的資產負債表上確實有債務。不過,這些債務是否會讓股東們擔憂呢?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
總體而言,當公司很難通過增加資本或自身現金流還清債務時,債務才真正成爲一個問題。最終,如果公司無法履行償還債務的法律義務,股東們也可能一無所得。然而,更頻繁(但仍然代價高昂)的情況是,公司必須以極低的價格發行股票,永久稀釋股東的權益,僅僅爲了穩固其資產負債表。當然,債務的好處是,它通常代表了廉價的資本,特別是當它取代了公司以高回報率重新投資的稀釋時。考慮公司的債務水平的第一步是,將其現金和債務合併考慮。
How Much Debt Does Himax Technologies Carry?
奇景光電負債有多重?
The image below, which you can click on for greater detail, shows that at March 2024 Himax Technologies had debt of US$492.0m, up from US$414.3m in one year. However, because it has a cash reserve of US$277.4m, its net debt is less, at about US$214.6m.
下面這張圖可以點擊查看詳情,它展示了在2024年3月份奇景光電有US$ 49200萬的債務,相比一年前的US$ 41430萬有所增加。然而,由於該公司擁有US$ 27740萬的現金儲備,其淨債務少一些,大約爲US$ 21460萬。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240712/0-2e933f90062a692e67f8eb17823fe0e1-0-793f7f67373f5bbcd2c3ecf0440e491c.png/big)
How Strong Is Himax Technologies' Balance Sheet?
奇景光電的資產負債表有多強?
The latest balance sheet data shows that Himax Technologies had liabilities of US$718.7m due within a year, and liabilities of US$48.3m falling due after that. Offsetting this, it had US$277.4m in cash and US$213.5m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$276.1m.
最新的資產負債表信息顯示,奇景光電有US$ 71870萬的短期負債和US$ 4830萬的長期負債。與此相抵,公司擁有US$ 27740萬的現金和US$ 21350萬的應收賬款,在12個月內到期。因此,其負債總額超過現金和(短期)應收賬款的總和US$ 27610萬。考慮到奇景光電市值爲US$14.1億,難以想象這些負債會帶來多大威脅。然而,我們認爲,值得密切關注它短期和長期的財務狀況,因爲它可能會隨着時間而發生變化。
Given Himax Technologies has a market capitalization of US$1.41b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
奇景光電的淨債務是其EBITDA的4.2倍,這是一個相當高的槓桿比率,但仍然在合理範圍內。但其EBIT大約是其利息支出的0.1倍,這意味着公司幾乎沒有爲維持這種債務水平支付高昂的成本。即使成本增加,這也是一件好事。重要的是,在過去的12個月裏,奇景光電的EBIT大幅下降了73%。如果這種收益趨勢持續下去,則償還債務的難度就像讓貓進過山車一樣大。毫無疑問,我們最多可以從資產負債表中了解債務的情況。然而,不僅僅是資產負債表上的風險.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
爲了對公司的債務相對於其收益進行規模適應,我們計算其淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比及其稅前收益(EBIT)與利息支出之比(利息保障倍數)。因此,我們既考慮到不包括折舊和攤銷費用在內的收益,又包括折舊和攤銷費用的收益相對於債務。
Himax Technologies's net debt is 4.2 times its EBITDA, which is a significant but still reasonable amount of leverage. But its EBIT was about 1k times its interest expense, implying the company isn't really paying a high cost to maintain that level of debt. Even were the low cost to prove unsustainable, that is a good sign. Importantly, Himax Technologies's EBIT fell a jaw-dropping 73% in the last twelve months. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. 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 Himax Technologies'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,公司只有用冷硬現金而不是賬面利潤償還債務,因此值得檢查其EBIT有多少是由自由現金流支持的。在最近的三年裏,奇景光電記錄的自由現金流約爲EBIT的75%,這大約是正常水平,因爲自由現金流不包括利息和稅收。這個冷硬現金意味着它可以隨時減少其債務。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, Himax Technologies recorded free cash flow worth 75% 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.
根據我們所見,鑑於其EBIT增長率,奇景光電並沒有輕鬆實現目標,但我們考慮的其他因素使我們有理由保持樂觀。特別是,我們對其利息覆蓋率感到驚訝。查看所有這些數據,我們對奇景光電的負債水平感到有些謹慎。雖然債務確實存在更高的潛在回報,但我們認爲股東們應該認真考慮債務水平所帶來的風險。
Our View
我們的觀點
Based on what we've seen Himax Technologies is not finding it easy, given its EBIT growth rate, but the other factors we considered give us cause to be optimistic. In particular, we are dazzled with its interest cover. Looking at all this data makes us feel a little cautious about Himax Technologies's debt levels. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. We've identified 2 warning signs with Himax Technologies , and understanding them should be part of your investment process.
毫無疑問,債務情況的大部分信息都可以從資產負債表中得知。然而,並不是所有的投資風險都存在於資產負債表中。我們已經確定了2個警示信號,了解它們應該成爲您的投資過程的一部分。
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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.
對本文有反饋?關注內容?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋? 對內容感到擔憂? 請直接與我們聯繫。 或者,發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。