Lennox International (NYSE:LII) Has A Pretty Healthy Balance Sheet
Lennox International (NYSE:LII) Has A Pretty Healthy Balance Sheet
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.' 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. Importantly, Lennox International Inc. (NYSE:LII) does carry debt. But is this debt a concern to shareholders?
傳奇基金經理李錄(查理·芒格支持過)曾經說過,'最大的投資風險不是價格的波動,而是是否會遭受永久性資本損失。' 因此,看來聰明的人知道,債務(通常會涉及破產)是評估一家公司風險有多大時,一個非常重要的因素。值得注意的是,雷諾士國際股份有限公司(紐交所:LII)的確存在債務。但是,這筆債務會讓股東擔憂嗎?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但如果企業無力償還其債權人的債務,則其存在於債權人的掌控之下。資本主義的本質是「創造性毀滅」過程,其中銀行家無情地清算破產的企業。但通常(雖然仍然很昂貴)的情況是企業必須以便宜的股價稀釋股東,僅僅是爲了控制債務。話雖這樣說,最常見的情況是企業合理管理其債務,並使其對自身有利。考慮企業使用多少債務時,首先要做的是看其現金和債務總額。
What Is Lennox International's Net Debt?
雷諾士國際的淨債務是多少?
The image below, which you can click on for greater detail, shows that Lennox International had debt of US$1.09b at the end of September 2024, a reduction from US$1.44b over a year. However, because it has a cash reserve of US$255.7m, its net debt is less, at about US$836.8m.
下面的圖片,您可以點擊查看更詳細信息,顯示雷諾士國際在2024年9月底的債務爲10.9億美元,比一年前的14.4億美元有所減少。然而,由於其現金儲備爲25570萬美元,其淨債務更少,大約爲83680萬美元。
How Strong Is Lennox International's Balance Sheet?
雷諾士的資產負債表有多強?
The latest balance sheet data shows that Lennox International had liabilities of US$1.32b due within a year, and liabilities of US$1.24b falling due after that. Offsetting this, it had US$255.7m in cash and US$816.5m in receivables that were due within 12 months. So it has liabilities totalling US$1.49b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,雷諾士1年內到期的負債爲13.2億美元,此後到期的負債爲12.4億美元。與此相抵,其現金爲25570萬元美元,應收賬款爲81650萬元美元,均在12個月內到期。因此,其負債總計達到14.9億美元,超過了其現金和短期應收賬款的總和。
Since publicly traded Lennox International shares are worth a very impressive total of US$22.3b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
由於上市的雷諾士股票總值爲223億美元,這個負債水平似乎不太可能構成重大威脅。話雖如此,我們清楚地需要繼續監測其資產負債表,以防情況變差。
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
爲了衡量公司相對於其收益的債務情況,我們計算其淨負債除以利息、稅項、折舊和攤銷前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆蓋率)。這種方法的優點是,我們既考慮了債務的絕對量(淨負債與 EBITDA),又考慮到了與該債務相關的實際利息支出(其利息覆蓋率)。
Lennox International has a low net debt to EBITDA ratio of only 0.79. And its EBIT covers its interest expense a whopping 21.6 times over. So we're pretty relaxed about its super-conservative use of debt. Also positive, Lennox International grew its EBIT by 22% in the last year, and that should make it easier to pay down debt, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Lennox International 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.
雷諾士的淨債務與息稅折舊及攤銷前利潤(EBITDA)比率僅爲0.79。而其EBIT覆蓋利息費用達到驚人的21.6倍。因此,我們對其極度保守的債務使用感到放心。此外,雷諾士去年的EBIT增長了22%,這應該會更容易地償還債務。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雷諾士是否能隨時間加強其資產負債表。因此,如果你關注未來,可以查看這份顯示分析師盈利預測的免費報告。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Lennox International recorded free cash flow worth 54% 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.
最後,雖然稅務人員可能熱愛會計利潤,但貸款人只接受冰冷的現金。因此,理性的步驟是看看EBIT中有多少能夠與實際自由現金流匹配。在最近三年中,雷諾士記錄的自由現金流相當於其EBIT的54%,這在正常範圍內,因爲自由現金流不包括利息和稅金。這筆自由現金流使公司在適當時候償還債務處於一個良好的位置。
Our View
我們的觀點
The good news is that Lennox International's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And that's just the beginning of the good news since its EBIT growth rate is also very heartening. Looking at the bigger picture, we think Lennox International's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. 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. Be aware that Lennox International is showing 2 warning signs in our investment analysis , you should know about...
好消息是,雷諾士展示了用其EBIt支付利息費用的能力,這讓我們感到像一隻毛絨絨的小狗讓幼兒快樂一樣。而這僅僅是好消息的開始,因爲其EBIt增長率也非常令人振奮。從更宏觀的角度來看,我們認爲雷諾士使用債務的方式相當合理,我們對此並不擔憂。畢竟,合理的槓桿可以提升股本回報率。在分析債務水平時,資產負債表是顯而易見的起點。然而,並不是所有的投資風險都存在於資產負債表中 - 遠非如此。請注意,我們的投資分析中雷諾士展示了2個警示信號,您應該了解...
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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譯文內容由第三人軟體翻譯。