We Think Great Lakes Dredge & Dock (NASDAQ:GLDD) Is Taking Some Risk With Its Debt
We Think Great Lakes Dredge & Dock (NASDAQ:GLDD) Is Taking Some Risk With Its Debt
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 note that Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
David Iben說得很好,「波動性不是我們關心的風險。我們關心的是避免資本永久損失。」看起來,聰明的錢知道,債務通常涉及破產,是評估公司風險程度時的一個非常重要因素。我們注意到Great Lakes Dredge & Dock Corporation(納斯達克:GLDD)的資產負債表上確實有債務。但真正的問題是,這筆債務是否使公司變得風險較高。
What Risk Does Debt Bring?
What Risk Does Debt Bring?
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. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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.
債務可以在企業需要新資本或自由現金流無法支付時幫助企業。如果情況變得非常糟糕,債權人可以接管企業。然而,更常見(但仍然痛苦)的情況是,企業必須以低價籌集新的股權資本,從而永久性稀釋股東權益。雖然債務可以取代稀釋,但對於需要資本以高回報率進行投資的企業來說,債務可以是一種極好的工具。在考慮企業使用多少債務時,首先要做的事情是查看其現金和債務的總體情況。
What Is Great Lakes Dredge & Dock's Net Debt?
Great Lakes Dredge & Dock的淨債務是多少?
As you can see below, at the end of September 2024, Great Lakes Dredge & Dock had US$412.5m of debt, up from US$376.9m a year ago. Click the image for more detail. However, it does have US$12.0m in cash offsetting this, leading to net debt of about US$400.5m.
如下所示,在2024年9月底,Great Lakes Dredge & Dock的債務爲41250萬美元,比一年前的37690萬美元有所增加。點擊圖片了解更多詳細信息。然而,它確實有1200萬美元的現金來抵消這筆債務,導致淨債務約爲40050萬美元。
How Healthy Is Great Lakes Dredge & Dock's Balance Sheet?
格雷特萊克斯疏浚與碼頭的資產負債表究竟有多健康?
According to the last reported balance sheet, Great Lakes Dredge & Dock had liabilities of US$177.7m due within 12 months, and liabilities of US$542.2m due beyond 12 months. On the other hand, it had cash of US$12.0m and US$126.8m worth of receivables due within a year. So its liabilities total US$581.1m more than the combination of its cash and short-term receivables.
根據最近披露的資產負債表顯示,格雷特萊克斯疏浚與碼頭有一年內到期的負債爲17770萬美元,超過一年的負債爲54220萬美元。另一方面,其現金爲1200萬美元,一年內到期的應收賬款爲12680萬美元。因此,其負債總額比現金和短期應收賬款的組合多出58110萬美元。
This is a mountain of leverage relative to its market capitalization of US$781.0m. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
相對於其市值爲78100萬美元,這是一座債務之山。如果其債權人要求強化資產負債表,股東們可能面臨嚴重的攤薄。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
爲了對公司的債務相對於其收益進行規模適應,我們計算其淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比及其稅前收益(EBIT)與利息支出之比(利息保障倍數)。因此,我們既考慮到不包括折舊和攤銷費用在內的收益,又包括折舊和攤銷費用的收益相對於債務。
Great Lakes Dredge & Dock's debt is 3.2 times its EBITDA, and its EBIT cover its interest expense 5.3 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. We also note that Great Lakes Dredge & Dock improved its EBIT from a last year's loss to a positive US$83m. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Great Lakes Dredge & Dock 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.
格雷特萊克斯疏浚與碼頭的債務是其EBITDA的3.2倍,其EBIT覆蓋其利息支出5.3倍。這表明,儘管債務水平顯著,但我們停止稱之爲問題。我們還注意到,格雷特萊克斯疏浚與碼頭將其EBIT從去年的虧損增至8300萬美元。毫無疑問,我們從資產負債表上了解到大部分債務情況。但最終業務的未來盈利能力將決定格雷特萊克斯疏浚與碼頭能否隨着時間加強其資產負債表。因此,如果想知道專業人士的看法,您可能會發現關於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 the earnings before interest and tax (EBIT) is backed by free cash flow. Over the last year, Great Lakes Dredge & Dock saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,一家公司只能用現金而非會計利潤償還債務。因此值得檢查利息和稅前利潤(EBIT)有多少是由自由現金流支持的。在過去一年裏,格雷特萊克斯疏浚與碼頭的自由現金流總體上爲負。雖然這可能是爲了增長支出,但這使得債務變得更加風險。
Our View
我們的觀點
We'd go so far as to say Great Lakes Dredge & Dock's conversion of EBIT to free cash flow was disappointing. But at least its interest cover is not so bad. Overall, we think it's fair to say that Great Lakes Dredge & Dock has enough debt that there are some real risks around the balance sheet. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with Great Lakes Dredge & Dock .
我們甚至可以說,Great Lakes Dredge & Dock 將EBIT轉化爲自由現金流的表現令人失望。但至少其利息覆蓋情況並不那麼糟糕。總體而言,我們認爲可以公正地說,Great Lakes Dredge & Dock存在足夠的債務,因此資產負債表存在一些真實風險。如果一切順利,可能會有所回報,但這筆債務的下行風險是永久性損失風險更大。在分析債務水平時,資產負債表是明顯的起點。然而,並非所有的投資風險都存在於資產負債表之內 - 遠非如此。因此,您應該注意我們在Great Lakes Dredge & Dock發現的1個警示信號。
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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
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。