EchoStar (NASDAQ:SATS) Seems To Be Using A Lot Of Debt
EchoStar (NASDAQ:SATS) Seems To Be Using A Lot Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that EchoStar Corporation (NASDAQ:SATS) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
霍華德·馬克斯(Howard Marks)曾很好地解釋道,與其擔心股價波動,“我擔心的是永久性損失的可能性……我認識的每一個實際投資者都擔心這個問題。”當你考慮一個公司有多大的風險時,自然會考慮到它的資產負債表,因爲一家企業倒閉時經常涉及債務。我們注意到,回聲星通信公司(EchoStar Corporation,NASDAQ:SATS)的資產負債表上確實有債務存在。但股東們應該擔心它的債務使用嗎?
When Is Debt Dangerous?
債務何時有危險?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業成長的工具,但是如果一個企業無法償還其債權人的債務,則該企業存在於債權人的掌控之下。如果情況變得嚴重,債權人可以接管企業。雖然這種情況並不太常見,但我們經常見到負債累累的公司因爲債權人強迫他們以困境價格籌集資本而永久性地稀釋股東權益。話雖如此,最常見的情況是企業合理地管理其債務 - 並對其自身有利。考慮企業運用多少債務時,首先要做的是查看其現金和債務的總和。
What Is EchoStar's Net Debt?
回聲星通信的淨債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 EchoStar had US$21.7b of debt, an increase on US$1.50b, over one year. However, it also had US$766.4m in cash, and so its net debt is US$20.9b.
您可以點擊下面的圖表查看歷史數據,但它顯示到2024年3月,回聲星通信有217億美元的債務,較去年增加了15億美元。但它也有7664萬美元的現金,因此其淨債務爲209億美元。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240714/0-3d4d1477fe8ccac371efa6fbe6e6d4d4-0-742adda3394408ddf510971f42095606.png/big)
How Healthy Is EchoStar's Balance Sheet?
回聲星通信的資產負債表狀況如何?
According to the last reported balance sheet, EchoStar had liabilities of US$7.00b due within 12 months, and liabilities of US$28.7b due beyond 12 months. On the other hand, it had cash of US$766.4m and US$1.02b worth of receivables due within a year. So its liabilities total US$33.9b more than the combination of its cash and short-term receivables.
根據最近公佈的資產負債表,回聲星通信有70億美元短期內到期的負債,287億美元長期負債。另一方面,它有7664萬美元的現金和10.2億美元的應收賬款,短期內有15億美元的應收賬款。因此,其負債總額比其現金和短期應收賬款的組合多了339億美元。
The deficiency here weighs heavily on the US$5.32b 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. After all, EchoStar would likely require a major re-capitalisation if it had to pay its creditors today.
這種缺點嚴重影響到了這家市值532億美元的公司本身,就像一個孩子揹着一隻裝滿書、運動裝備和小號的巨大揹包一樣吃力。所以毫無疑問,我們會密切關注其資產負債表。畢竟,如果回聲星通信今天必須償付債權人,它可能需要進行重大的再注資。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。
Strangely EchoStar has a sky high EBITDA ratio of 13.6, implying high debt, but a strong interest coverage of 1k. So either it has access to very cheap long term debt or that interest expense is going to grow! Shareholders should be aware that EchoStar's EBIT was down 96% 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 it is future earnings, more than anything, that will determine EchoStar'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.
奇怪的是,回聲星通信EBITDA比率高達13.6,意味着存在高額債務,但強勁的利息覆蓋率只有0.1萬。因此,它要麼可以獲得非常廉價的長期債務,要麼利息支出將增長!股東們應該知道,回聲星通信的息稅前收益上漲96%。如果這一收益趨勢持續下去,那麼償還其債務就像把貓趕上過山車一樣困難。在分析債務水平時,資產負債表是明顯的起點。但最終,決定回聲星通信能否保持健康的資產負債表的,更多的是未來的盈利。因此,如果您關注未來,可以查看這份免費報告,其中顯示了分析師的利潤預測。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. 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, EchoStar created free cash flow amounting to 2.3% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
但最終,我們的最後考慮也非常重要,因爲公司無法用虛假的利潤支付債務,而需要冷酷的現金。因此,邏輯上的下一步是查看淨佔EBIt的現實自由現金流比例。在過去三年中,回聲星通信創造了等於其EBIt的2.3%的自由現金流,表現平平。對我們而言,這種低的現金轉換率會引發一些關於它是否有能力償還債務的擔憂。
Our View
我們的觀點
To be frank both EchoStar's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But on the bright side, its interest cover is a good sign, and makes us more optimistic. After considering the datapoints discussed, we think EchoStar has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. 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. Case in point: We've spotted 2 warning signs for EchoStar you should be aware of.
坦白說,回聲星通信的EBIt增長率和其管理全額負債的備戰記錄讓我們對其債務水平感到相當不舒服。但好的一面是,它的利息覆蓋率很好,這讓我們更加樂觀。綜合考慮以上討論的數據點,我們認爲回聲星通信的債務過多。這種風險對某些人來說可以接受,但對我們來說肯定不合適。毫無疑問,我們從資產負債表中了解到債務。但最終,每家公司都可能存在超出資產負債表範圍的風險。實例如下:我們已經發現回聲星通信存在2個警告信號,您應該知道這一點。
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.
總的來說,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包含這些公司(所有這些公司都有盈利增長的記錄)。這是免費的。
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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.
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。