share_log

We Think Dayforce (NYSE:DAY) Can Stay On Top Of Its Debt

We Think Dayforce (NYSE:DAY) Can Stay On Top Of Its Debt

我們認爲Dayforce(紐交所:DAY)可以保持債務的控制
Simply Wall St ·  10/29 22:04

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, Dayforce Inc. (NYSE:DAY) does carry debt. But the more important question is: how much risk is that debt creating?

傳奇基金經理李錄(受到查理·芒格支持)曾說:「最大的投資風險不是價格的波動,而是你是否會遭受到永久性資本損失。」 當我們考慮一家公司有多大風險時,我們總是喜歡看看它的債務使用情況,因爲債務過載可能導致毀滅。重要的是,Dayforce Inc.(紐交所:DAY)確實負債。但更重要的問題是:這筆債務會帶來多大風險?

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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider 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本來滿足債務義務時,債務和其他負債就會變得有風險。在最糟糕的情況下,如果企業無法償還債權人,公司可能會破產。然而,更常見但仍然昂貴的情況是,公司必須以便宜的股價稀釋股東權益來控制債務。當然,許多公司使用債務來資助業務增長,並沒有任何負面影響。當考慮公司的債務水平時,第一步是考慮其現金和債務的總體情況。

What Is Dayforce's Net Debt?

Dayforce的淨債務是多少?

As you can see below, Dayforce had US$1.21b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$465.4m in cash leading to net debt of about US$745.7m.

正如您在下面所看到的,截至2024年6月,Dayforce的債務爲12.1億美元,與前一年相當。您可以點擊圖表查看更詳細信息。另一方面,它有46540萬美元的現金,導致淨債務約爲74570萬美元。

big
NYSE:DAY Debt to Equity History October 29th 2024
紐交所:DAY 負債資產比歷史數據 2024年10月29日

How Strong Is Dayforce's Balance Sheet?

Dayforce的資產負債表有多堅固?

We can see from the most recent balance sheet that Dayforce had liabilities of US$5.28b falling due within a year, and liabilities of US$1.29b due beyond that. Offsetting these obligations, it had cash of US$465.4m as well as receivables valued at US$260.7m due within 12 months. So its liabilities total US$5.84b more than the combination of its cash and short-term receivables.

我們可以從最近的資產負債表中看到,Dayforce有一筆到期的負債爲52.8億美元,另有12.9億美元的長期負債。 抵消這些義務,它有46540萬美元的現金,以及價值26070萬美元的應收款項,應在12個月內到期。 因此,其負債總額比其現金和短期應收款項的組合多58.4億美元。

This deficit isn't so bad because Dayforce is worth a massive US$10.3b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

這個赤字並不算太糟糕,因爲Dayforce價值高達103億美元,因此可能能夠籌集足夠資金來支撐其資產負債表,如果有需要的話。 但我們一定要警惕其債務帶來的風險是否過大。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

爲了比較一個公司的債務與其收益的關係,我們計算其淨債務除以利息、稅、折舊和攤銷前的收益和利息前的收益(其利息覆蓋率)。因此,我們考慮了債務的絕對數量以及支付的利率。

Dayforce has a debt to EBITDA ratio of 3.1 and its EBIT covered its interest expense 2.6 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. On a slightly more positive note, Dayforce grew its EBIT at 19% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Dayforce'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.

Dayforce的債務與EBITDA比率爲3.1,其EBIT覆蓋其利息支出的次數爲2.6倍。 這表明雖然債務水平相當可觀,但我們並不會說它們有問題。 在稍微積極的一面,過去一年,Dayforce的EBIT增長了19%,進一步增加了管理債務的能力。 在分析債務水平時,資產負債表是顯而易見的起點。 但決定Dayforce未來能否保持健康資產負債表狀況的更多是未來收入。 因此,如果您想知道專業人士的看法,您可能會對分析師利潤預測的這份免費報告感興趣。

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. Over the last two years, Dayforce recorded free cash flow worth a fulsome 99% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.

但我們最終的考慮同樣重要,因爲一家公司無法用紙面利潤償還債務;它需要現金。 因此,我們始終會檢查EBIT中有多少被轉化爲自由現金流。 在過去兩年中,Dayforce記錄的自由現金流價值相當於其EBIT的99%,這比我們通常預期的要強。 這使其處於非常有利的地位來償還債務。

Our View

我們的觀點

On our analysis Dayforce's conversion of EBIT to free cash flow should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. In particular, interest cover gives us cold feet. Considering this range of data points, we think Dayforce is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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. We've identified 1 warning sign with Dayforce , and understanding them should be part of your investment process.

根據我們的分析,Dayforce將EBIt轉換爲自由現金流,這表明它在處理債務方面不會遇到太多問題。然而,我們的其他觀察並不如此令人振奮。特別是,利息覆蓋率讓我們有些擔憂。考慮到這些數據點的範圍,我們認爲Dayforce有能力管理其債務水平。儘管如此,負擔還是相當重的,我們建議股東們密切關注。毫無疑問,我們對債務了解最多的是從資產負債表上。但最終,每家公司都可能存在超出資產負債表之外的風險。我們已經發現了Dayforce的一個警示信號,理解它們應該是您投資過程的一部分。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有任何反饋?對內容有任何疑慮?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。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
    搶先評論