These 4 Measures Indicate That International Paper (NYSE:IP) Is Using Debt Extensively
These 4 Measures Indicate That International Paper (NYSE:IP) Is Using Debt Extensively
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 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, International Paper Company (NYSE:IP) does carry debt. But the more important question is: how much risk is that debt creating?
有人認爲,投資者思考風險的最佳方式是考慮波動性而不是債務,但禾倫・巴菲特曾經說過'波動性與風險遠非同義詞'。因此,很明顯在我們考慮股票的風險時需要考慮債務,因爲過多的債務可能會拖垮一家公司。值得注意的是,國際紙業公司(紐交所:IP)確實存在債務。但更重要的問題是:這些債務帶來了多少風險?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
債務對業務有益,直到業務難以通過新的資本或自由現金流償還。如果情況變得非常糟糕,貸款人就會控制企業。雖然這種情況並不太常見,但我們經常看到負債公司因貸方強迫其以窘迫的價格籌集資本而永久性地稀釋股東。當然,債務可以是企業重要的工具,特別是在資本密集型企業中。當我們審查債務水平時,我們首先考慮現金和債務的總和。
How Much Debt Does International Paper Carry?
國際紙業承擔了多少債務?
As you can see below, International Paper had US$5.54b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$1.05b in cash, and so its net debt is US$4.49b.
正如您下面所看到的,國際紙業在2024年6月擁有55.4億美元的債務,與前一年大致相同。您可以點擊圖表查看更詳細信息。然而,它還有10.5億美元的現金,因此淨債務爲44.9億美元。
How Healthy Is International Paper's Balance Sheet?
國際紙業的資產負債表有多健康?
The latest balance sheet data shows that International Paper had liabilities of US$4.11b due within a year, and liabilities of US$10.4b falling due after that. Offsetting these obligations, it had cash of US$1.05b as well as receivables valued at US$3.63b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$9.79b.
最新的資產負債表數據顯示,國際紙業有41.1億美元的短期負債,以及104億美元的長期負債。抵消這些義務的是,它有10.5億美元的現金,以及36.3億美元的應收賬款在12個月內到期。因此,其負債比現金和(近期)應收賬款的總和高出97.9億美元。
This deficit isn't so bad because International Paper is worth a massive US$16.9b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
這個赤字並不算太糟糕,因爲國際紙業的價值高達169億美元,因此如果有需要,可能會籌集足夠的資金來支持其資產負債表。然而,仍然值得仔細查看其償債能力。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。
International Paper has net debt worth 2.2 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 4.8 times the interest expense. In large part that's due to the company's significant depreciation and amortisation charges, which arguably mean its EBITDA is a very generous measure of earnings, and its debt may be more of a burden than it first appears. Shareholders should be aware that International Paper's EBIT was down 36% last year. 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 International Paper can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
國際紙業的淨負債價值爲EBITDA的2.2倍,這並不算太多,但其利息盈利覆蓋率似乎有些偏低,EBIt僅爲利息開支的4.8倍。在很大程度上,這要歸因於公司顯著的折舊和攤銷費用,這意味着其EBITDA可能是一個非常寬宏大量的收益衡量標準,而其債務可能比表面看起來更爲沉重。股東應意識到國際紙業的EBIt去年下降了36%。如果這種下降繼續,那麼償還債務將會比在純素食者大會上出售鵝肝更加困難。資產負債表顯然是分析債務時要關注的區域。但最終,企業未來的盈利能力將決定國際紙業能否持續加強其資產負債表。因此,如果你關注未來,可以查看這份免費報告,顯示分析師的利潤預測。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, International Paper recorded free cash flow worth 60% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最終,企業需要自由現金流來償還債務; 會計利潤並不能解決問題。 因此,值得檢查其EBIT有多少由自由現金流支持。 在最近的三年中,國際紙業記錄的自由現金流價值相當於其EBIT的60%,這是正常的,因爲自由現金流不包括利息和稅收。 這種自由現金流使公司有能力在適當時支付債務。
Our View
我們的觀點
We'd go so far as to say International Paper's EBIT growth rate was disappointing. But on the bright side, its conversion of EBIT to free cash flow is a good sign, and makes us more optimistic. Once we consider all the factors above, together, it seems to us that International Paper'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. Be aware that International Paper is showing 5 warning signs in our investment analysis , you should know about...
我們甚至可以說國際紙業的EBIT增長率令人失望。 但好消息是,其EBIT轉化爲自由現金流是一個好跡象,讓我們更加樂觀。 綜合考慮上述所有因素,對我們來說,國際紙業的債務使其有些風險。 有些人喜歡這種風險,但我們非常謹慎潛在的風險,所以我們可能更傾向少攜帶債務。 毫無疑問,我們從資產負債表中了解到債務的最多信息。 然而,並非所有投資風險都在資產負債表內— 遠非如此。 請注意,根據我們的投資分析,國際紙業出現了5個警示信號,您應了解...
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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