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Olaplex Holdings (NASDAQ:OLPX) Seems To Use Debt Quite Sensibly

Olaplex Holdings (NASDAQ:OLPX) Seems To Use Debt Quite Sensibly

Olaplex Holdings(納斯達克:OLPX)似乎相當明智地使用債務
Simply Wall St ·  09/29 20:35

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 can see that Olaplex Holdings, Inc. (NASDAQ:OLPX) does use debt in its business. But should shareholders be worried about its use of debt?

大衛·艾本說得很對:「波動性不是我們關心的風險。我們關心的是避免資本的永久損失。」因此,看起來聰明的資金知道債務是一個非常重要的因素,當您評估一個公司的風險性時,通常會涉及破產。我們可以看到,Olaplex Holdings, Inc.(納斯達克: OLPX)的業務中確實使用了債務。但股東們應該擔心它使用債務嗎?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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,但如果一個企業無法還清其債權人的債務,那麼它的存在就取決於債權人的意願。在最壞的情況下,如果一個公司無法償還其債權人的債務,它可以破產。然而,更普遍(但仍然昂貴)的情況是一家公司必須以便宜的股價稀釋股東權益來控制債務。話雖如此,最常見的情況是一家公司合理地管理其債務並從中受益。當我們考慮一家公司使用債務的情況時,我們先看現金和債務的總和。

What Is Olaplex Holdings's Net Debt?

Olaplex Holdings的淨債務是多少?

As you can see below, Olaplex Holdings had US$653.1m of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of US$508.4m, its net debt is less, at about US$144.7m.

如下所示,Olaplex Holdings在2024年6月有65310萬美元的債務,與前一年大致相同。您可以單擊圖表進行更詳細的了解。然而,由於它擁有50840萬美元的現金儲備,其淨債務則較少,約爲14470萬美元。

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NasdaqGS:OLPX Debt to Equity History September 29th 2024
NasdaqGS: OLPX資產負債比歷史數據2024年9月29日

How Strong Is Olaplex Holdings' Balance Sheet?

Olaplex Holdings的資產負債表有多堅實?

We can see from the most recent balance sheet that Olaplex Holdings had liabilities of US$70.6m falling due within a year, and liabilities of US$822.8m due beyond that. On the other hand, it had cash of US$508.4m and US$34.0m worth of receivables due within a year. So its liabilities total US$351.1m more than the combination of its cash and short-term receivables.

從最近的資產負債表可以看出,Olaplex Holdings有短期債務總額爲7060萬美元,超過一年到期的債務總額爲82280萬美元。 另一方面,公司現金爲50840萬美元,應收賬款爲3400萬美元。 因此,公司的總負債比現金和短期應收賬款的總和多35110萬美元。

While this might seem like a lot, it is not so bad since Olaplex Holdings has a market capitalization of US$1.55b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.

雖然這看起來可能很多,但因爲Olaplex Holdings的市值爲15.5億美元,所以如果需要的話,它可能通過籌集資本來加強其資產負債表。 但是,仍然值得密切關注其償債能力。

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). 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).

爲了衡量公司相對於其收益的債務情況,我們計算其淨負債除以利息、稅項、折舊和攤銷前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆蓋率)。這種方法的優點是,我們既考慮了債務的絕對量(淨負債與 EBITDA),又考慮到了與該債務相關的實際利息支出(其利息覆蓋率)。

While Olaplex Holdings's low debt to EBITDA ratio of 0.97 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 2.8 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Importantly, Olaplex Holdings's EBIT fell a jaw-dropping 48% in the last twelve months. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Olaplex Holdings can strengthen its balance sheet over time. 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Olaplex Holdings的債務與EBITDA比率低至0.97,表明只是適度使用債務,但去年EBIt僅覆蓋利息費用的2.8倍讓我們有所顧慮。 因此,我們建議密切關注融資成本對業務的影響。 重要的是,Olaplex Holdings的EBIt在過去十二個月驚人地下降了48%。 如果這種下降繼續,償還債務將比在純素食者會議上出售鵝肝更困難。 資產負債表顯然是分析債務時需要關注的重點領域。 但最終,業務的未來盈利能力將決定Olaplex Holdings是否能夠隨着時間推進加強其資產負債表。 因此,如果您想知道專業人士的看法,您可能會發現對分析師利潤預測的免費報告很有趣。

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 last three years, Olaplex Holdings recorded free cash flow worth a fulsome 86% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.

最後,一家公司只能用冷硬現金償還債務,而不是會計利潤。因此,值得檢查其中有多少EBIt是由自由現金流支持的。在過去三年裏,Olaplex Holdings記錄的自由現金流價值相當於其EBIt的86%,這比我們通常預期的要強。這使其有能力償還債務,如果有這樣的需要的話。

Our View

我們的觀點

Based on what we've seen Olaplex Holdings is not finding it easy, given its EBIT growth rate, but the other factors we considered give us cause to be optimistic. There's no doubt that its ability to to convert EBIT to free cash flow is pretty flash. Looking at all this data makes us feel a little cautious about Olaplex Holdings'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. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for Olaplex Holdings you should be aware of.

基於我們所看到的,Olaplex Holdings並不容易,鑑於其EBIt增長率,但我們考慮的其他因素讓我們有理由樂觀。毫無疑問,其將EBIt轉化爲自由現金流的能力非常突出。查看所有這些數據讓我們對Olaplex Holdings的債務水平感到有些謹慎。雖然債務在潛在回報方面有其優勢,我們認爲股東們應該確實考慮債務水平可能如何使股票更具風險。在分析債務水平時,資產負債表是開始的明顯地方。但最終,每家公司都可能存在超出資產負債表之外的風險。一個案例:我們已經發現Olaplex Holdings有2個警示信號,您應該注意。

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,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,其中包括所有表現出盈利增長軌跡的公司。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.

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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。

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