We Think Acuity Brands (NYSE:AYI) Can Manage Its Debt With Ease
We Think Acuity Brands (NYSE:AYI) Can Manage Its Debt With Ease
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. We can see that Acuity Brands, Inc. (NYSE:AYI) does use debt in its business. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾經說過:「波動性並不等同於風險。」因此,當您考慮任何給定股票有多大風險時,需要考慮債務,因爲過多的債務可能會拖垮一家公司。我們可以看到acuity brands,Inc.(紐交所:AYI)在業務中確實使用了債務。但股東們是否應該擔心其使用債務?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
當公司無法通過自由現金流或以有吸引力的價格籌集資本來輕鬆履行債務義務時,債務和其他負債就變得有風險了。最終,如果公司無法履行其償還債務的法律責任,股東可能會一無所有,但較常見(但仍然令人痛苦)的情況是,公司必須以低價發行新的股本,從而永久性地稀釋股東的權益。當然,債務的好處在於,它通常代表低成本資本,尤其是當公司具備以高的回報率再投資的能力時,它可以替代股東稀釋。在考慮一家企業使用多少債務時,首要要做的是看其現金和債務的總和。
How Much Debt Does Acuity Brands Carry?
acuity brands負債多少?
As you can see below, Acuity Brands had US$496.2m of debt, at August 2024, which is about the same as the year before. You can click the chart for greater detail. But it also has US$845.8m in cash to offset that, meaning it has US$349.6m net cash.
正如您下面所看到的,截至2024年8月,acuity brands的債務爲49620萬美元,與前一年大致相同。您可以點擊圖表查看更詳細信息。但它也有84580萬美元的現金來抵消,意味着淨現金爲34960萬美元。
How Healthy Is Acuity Brands' Balance Sheet?
Acuity Brands的資產負債表有多健康?
The latest balance sheet data shows that Acuity Brands had liabilities of US$687.9m due within a year, and liabilities of US$747.9m falling due after that. Offsetting this, it had US$845.8m in cash and US$563.0m in receivables that were due within 12 months. So these liquid assets roughly match the total liabilities.
最新的資產負債表數據顯示,Acuity Brands在一年內到期的負債爲68790萬美元,之後到期的負債爲74790萬美元。與此相抵,公司擁有84580萬美元的現金和56300萬美元的應收賬款,這些應收款項在12個月內到期。因此,這些流動資產大致與總負債相匹配。
This state of affairs indicates that Acuity Brands' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the US$9.21b company is short on cash, but still worth keeping an eye on the balance sheet. Despite its noteworthy liabilities, Acuity Brands boasts net cash, so it's fair to say it does not have a heavy debt load!
這種情況表明,Acuity Brands的資產負債表看起來相當穩健,因爲其總負債幾乎等於其流動資產。因此,這家市值92.1億美元的公司極不可能缺乏現金,但仍值得密切關注資產負債表。儘管其顯著負債,Acuity Brands擁有淨現金,所以可以說其負債不重!
Also good is that Acuity Brands grew its EBIT at 12% over the last year, further increasing its ability to manage debt. 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 Acuity Brands 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.
另一個好消息是,Acuity Brands在過去一年中將EBIt增長了12%,進一步增強了其管理債務的能力。在分析債務時,資產負債表顯然是需要重點關注的領域。但最終,企業未來的盈利能力將決定Acuity Brands是否可以隨着時間加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現分析師盈利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. While Acuity Brands has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Acuity Brands generated free cash flow amounting to a very robust 85% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
最後,一家公司只能用真金白銀償還債務,而不是會計利潤。雖然Acuity Brands的資產負債表上有淨現金,但值得關注的是其將稅息前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解其是如何快速積累(或消耗)現金餘額的。在過去三年中,Acuity Brands產生的自由現金流金額相當可觀,相當於其EBIt的85%,超出我們的預期。這使其在償還債務方面處於非常有利的位置。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Acuity Brands has US$349.6m in net cash. The cherry on top was that in converted 85% of that EBIT to free cash flow, bringing in US$555m. So is Acuity Brands's debt a risk? It doesn't seem so to us. We'd be very excited to see if Acuity Brands insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.
儘管查看公司的總負債是明智的,但令人欣慰的是acuity brands擁有34960萬美元的淨現金。最令人振奮的是,該公司將其中85%的EBIt轉換爲自由現金流,帶來了55500萬美元。那麼,acuity brands的債務是否存在風險呢?在我們看來,似乎並不是。如果您也對acuity brands的內部人士是否一直在搶購股票感到興奮,那麼立即點擊這個鏈接,免費查看我們報道的內部交易列表。
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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