These 4 Measures Indicate That Ovintiv (NYSE:OVV) Is Using Debt Extensively
These 4 Measures Indicate That Ovintiv (NYSE:OVV) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, Ovintiv Inc. (NYSE:OVV) does carry debt. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾經說過,'波動性與風險遠非同義詞'。所以,當你考慮股票的風險時,很明顯需要考慮債務,因爲過多的債務可能會拖垮一家公司。重要的是,Ovintiv Inc.(紐交所:OVV)確實有債務。但股東們應該擔心它的債務使用嗎?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
當企業無法通過自由現金流或以有吸引力的價格籌集資金時,債務和其他負債變得有風險。 在最壞的情況下,如果企業無法償還債權人,公司可能會破產。 雖然這並不常見,但我們經常看到負債累累的公司永久性地稀釋股東,因爲貸款人強迫他們以困境價格籌集資金。 當然,許多公司使用債務資助增長,沒有任何負面影響。 考慮企業使用多少債務時,首先要做的是查看它的現金和債務。
What Is Ovintiv's Net Debt?
Ovintiv的淨債務是多少?
As you can see below, Ovintiv had US$6.09b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. Net debt is about the same, since the it doesn't have much cash.
正如下圖所示,Ovintiv在2024年6月有60.9億美元的債務,與前年持平。您可以點擊圖表了解更多詳細信息。由於現金儲備不多,淨債務保持基本穩定。
![1724328894501](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240822/46910658-0-e7ccf7e1b267fe9dc48149079ea0112a.webp/bigjpg)
How Healthy Is Ovintiv's Balance Sheet?
Ovintiv的資產負債表健康狀況如何?
We can see from the most recent balance sheet that Ovintiv had liabilities of US$3.20b falling due within a year, and liabilities of US$6.28b due beyond that. Offsetting this, it had US$8.00m in cash and US$1.28b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$8.20b.
從最新的資產負債表可以看出,Ovintiv在一年內到期的負債爲32億美元,超過一年到期的負債爲62.8億美元。與此相抵,它有800萬美元的現金和12.8億美元的應收賬款,這些款項在12個月內到期。因此,其負債超過現金和(短期)應收賬款的總和82億美元。
This deficit is considerable relative to its very significant market capitalization of US$11.2b, so it does suggest shareholders should keep an eye on Ovintiv's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
相對於它巨大的市值112億美元來說,這個赤字相當可觀,因此股東們應該密切關注Ovintiv的債務使用情況。如果債權人要求Ovintiv加強其資產負債表,股東們可能會面臨嚴重稀釋。
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
我們通過查看淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比以及計算其利息支出由收益前利息和稅(EBIT)覆蓋的程度來度量一家公司的債務負載相對於其收益能力的程度。此方法的優點在於我們同時考慮了債務的絕對量(以淨債務爲EBITDA)以及與該債務相關的實際利息支出(以其利息覆蓋倍數計算)。
While Ovintiv's low debt to EBITDA ratio of 1.2 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 6.8 times last year does give us pause. But the interest payments are certainly sufficient to have us thinking about how affordable its debt is. In fact Ovintiv's saving grace is its low debt levels, because its EBIT has tanked 30% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Ovintiv'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.
儘管Ovintiv的債務與EBITDA的比率僅爲1.2,表示只是適度使用了債務,但去年EBIT只能覆蓋利息支出的6.8倍確實讓我們擔憂。但利息支付肯定足夠讓我們考慮其債務的可負擔性。實際上,Ovintiv的救命稻草是其低債務水平,因爲過去12個月內其EBIT下滑了30%。不斷下降的盈利(如果趨勢繼續)最終可能使即使是適度的債務變得非常風險。在分析債務水平時,資產負債表是明顯的起點。但更重要的是,未來收益將決定Ovintiv能否保持健康的資產負債表。所以,如果您想知道專業人士的看法,您可能會發現分析師利潤預測的免費報告很有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Looking at the most recent three years, Ovintiv recorded free cash flow of 48% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但是Our final consideration也是重要的,因爲公司不能用紙面利潤償還債務;它需要冷硬現金。所以我們總是覈查有多少EBIt被轉化爲自由現金流。回顧最近三年,ovintiv記錄的自由現金流相當於其EBIt的48%,這比我們預期的要弱。這種較弱的現金轉化使處理債務更加困難。
Our View
我們的觀點
We'd go so far as to say Ovintiv's EBIT growth rate was disappointing. But on the bright side, its net debt to EBITDA is a good sign, and makes us more optimistic. Once we consider all the factors above, together, it seems to us that Ovintiv's debt is making it a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. 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. For instance, we've identified 3 warning signs for Ovintiv that you should be aware of.
我們敢說ovintiv的EBIt增長率令人失望。但好消息是,它的淨債務與EBITDA比是一個好跡象,讓我們更加樂觀。當我們綜合考慮以上所有因素時,我們認爲ovintiv的債務使其有些冒險。有些人喜歡這種風險,但我們對潛在風險敏感,所以我們可能更希望它承擔較少債務。毫無疑問,我們從資產負債表中了解債務的大部分信息。然而,並非所有投資風險都存在於資產負債表中——相去甚遠。例如,我們已經確定ovintiv存在3個警訊,您應該注意。
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。
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