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Is Donaldson Company (NYSE:DCI) A Risky Investment?

Is Donaldson Company (NYSE:DCI) A Risky Investment?

唐納森公司(紐交所:DCI)是一項風險投資嗎?
Simply Wall St ·  11/06 18:30

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. We note that Donaldson Company, Inc. (NYSE:DCI) does have debt on its balance sheet. But should shareholders be worried about its use of debt?

有人認爲,作爲投資者,最好的風險思考方式不是債務,而是波動性,但禾倫·巴菲特曾經說過'波動性與風險遠非同義詞。' 因此,在考慮任何特定股票有多有風險時,需要考慮債務,因爲過多的債務可能會拖垮一家公司。我們注意到唐納森公司(紐交所: DCI)的資產負債表上確實有債務。但股東們應該擔心它的債務使用嗎?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.

債務是幫助企業成長的工具,但如果企業無力償還債權人,那麼它就處於他們的掌控之下。如果情況變得非常糟糕,債權人可以控制企業。雖然這種情況並不常見,但我們經常看到有負債的公司因爲債權人迫使它們以低於市價的價格募集資本而不得不永久稀釋股東權益。話雖如此,最常見的情況是,公司合理地管理其債務,並處理得當,從而獲得自己的利益。考慮企業的債務水平的第一步是同時考慮企業的現金和債務。

How Much Debt Does Donaldson Company Carry?

唐納森公司負債有多少?

As you can see below, Donaldson Company had US$536.7m of debt at July 2024, down from US$655.7m a year prior. However, it does have US$232.7m in cash offsetting this, leading to net debt of about US$304.0m.

正如您所見,唐納森公司在2024年7月的債務金額爲53670萬美元,比去年同期的65570萬美元有所減少。然而,它確實有23270萬美元的現金來抵消這一點,導致淨債務約爲30400萬美元。

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NYSE:DCI Debt to Equity History November 6th 2024
紐交所: DCI 債務權益歷史記錄 2024年11月6日

A Look At Donaldson Company's Liabilities

唐納森公司負債情況一覽

Zooming in on the latest balance sheet data, we can see that Donaldson Company had liabilities of US$782.5m due within 12 months and liabilities of US$642.7m due beyond that. Offsetting these obligations, it had cash of US$232.7m as well as receivables valued at US$645.6m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$546.9m.

通過查看最新資產負債表數據,我們可以看到唐納森公司有短期負債78250萬美元,以及超過12個月的負債64270萬美元。 抵消這些義務,它還有短期現金23270萬美元,以及在12個月內到期的應收款64560萬美元。 因此,其負債超過了其現金和(短期)應收款的總和54690萬美元。

Of course, Donaldson Company has a market capitalization of US$8.91b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.

當然,唐納森公司的市值爲89.1億美元,因此這些負債可能是可以管理的。 話雖如此,顯然我們應繼續監控其資產負債表,以防情況變得更糟。

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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。

Donaldson Company's net debt is only 0.47 times its EBITDA. And its EBIT easily covers its interest expense, being 25.7 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Fortunately, Donaldson Company grew its EBIT by 9.3% in the last year, making that debt load look even more manageable. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Donaldson Company 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.

唐納森公司的淨債務僅爲其EBITDA的0.47倍。 其EBIT輕鬆覆蓋了利息支出,是其25.7倍之多。 因此,你可以說它對債務的威脅不比大象對老鼠的威脅更大。 幸運的是,唐納森公司去年EBIT增長了9.3%,使得債務負擔看起來更易管理。 在分析債務水平時,資產負債表是明顯的起點。 但最終業務的未來盈利能力將決定唐納森公司是否可以隨着時間加強其資產負債表。 因此,如果你專注於未來,可以查看這份免費報告,顯示分析師的利潤預測。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Donaldson Company produced sturdy free cash flow equating to 67% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最後,一家公司只能用現金償還債務,而不是會計利潤。 因此,我們明顯需要查看這些EBIT是否導致相應的自由現金流。 在過去的三年中,唐納森公司產生了強勁的自由現金流,相當於其EBIT的67%,這正是我們預期的。 這筆實實在在的現金意味着它可以隨時減少債務。

Our View

我們的觀點

The good news is that Donaldson Company's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its net debt to EBITDA also supports that impression! Looking at the bigger picture, we think Donaldson Company's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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. For example, we've discovered 1 warning sign for Donaldson Company that you should be aware of before investing here.

好消息是,唐納森公司展示了用其EBIT支付利息費用的能力,這讓我們感到像小幼兒看到小毛熊一樣開心。而好消息並不止於此,因爲其淨債務對EBITDA的比率也支持這種印象!從更宏觀的角度來看,我們認爲唐納森公司對債務的使用似乎相當合理,我們對此並不擔憂。儘管債務確實帶來風險,但當明智使用時,也可以帶來更高的股本回報率。分析債務水平時,資產負債表是顯而易見的起點。但最終,每家公司都可能存在超出資產負債表之外的風險。例如,我們發現了唐納森公司的一個警告標誌,您在投資之前應該注意這一點。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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。
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