Is Viper Energy (NASDAQ:VNOM) Using Too Much Debt?
Is Viper Energy (NASDAQ:VNOM) Using Too Much Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Viper Energy, Inc. (NASDAQ:VNOM) does have debt on its balance sheet. But is this debt a concern to shareholders?
柏克希爾哈撒韋的查理·芒格支持的外部基金經理李錄在談到投資風險時毫不猶豫地表示:「最大的投資風險不是價格的波動,而是你是否會遭受資本的永久損失。」 因此,當你考慮任何特定股票的風險時,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viper energy公司(納斯達克代碼:VNOM)資產負債表上確實有債務。 但這筆債務是否令股東擔憂呢?
What Risk Does Debt Bring?
What Risk Does Debt Bring?
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. 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. 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.
債務是幫助企業發展的工具,但如果企業無法償還債務,那麼它就存在於債權人的掌控之下。在最壞的情況下,如果企業無法償付債權人的債務,它可能會破產。然而,更常見(但仍然代價高昂)的情況是,一家公司不得不以便宜的股價稀釋股東權益,才能簡單地控制債務。但是,債務可以取代股權稀釋,成爲需要資本以高回報率投資增長的企業的極好工具。考慮企業使用多少債務的第一步是將其現金和債務結合在一起看待。
How Much Debt Does Viper Energy Carry?
viper energy攜帶多少債務?
You can click the graphic below for the historical numbers, but it shows that as of September 2024 Viper Energy had US$821.5m of debt, an increase on US$675.7m, over one year. However, because it has a cash reserve of US$168.6m, its net debt is less, at about US$652.9m.
您可以點擊下方圖表查看歷史數據,但數據顯示,截至2024年9月,viper energy的債務爲82150萬美元,較一年前的67570萬美元增加。 然而,由於其擁有16860萬美元的現金儲備,淨債務較少,約爲65290萬美元。
How Healthy Is Viper Energy's Balance Sheet?
Viper Energy的資產負債表健康狀況如何?
We can see from the most recent balance sheet that Viper Energy had liabilities of US$44.2m falling due within a year, and liabilities of US$826.3m due beyond that. Offsetting these obligations, it had cash of US$168.6m as well as receivables valued at US$144.9m due within 12 months. So it has liabilities totalling US$557.0m more than its cash and near-term receivables, combined.
從最近的資產負債表可以看出,Viper Energy有4420萬美元的短期到期負債,以及82630萬美元的超過一年到期負債。 抵消這些義務的是,它擁有16860萬美元的現金和價值14490萬美元的應收賬款,在12個月內到期。 因此,它的負債總額超過現金和短期應收賬款的55700萬美元。
Given Viper Energy has a humongous market capitalization of US$10.4b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
考慮到Viper Energy市值達104億美元,很難相信這些負債會構成很大威脅。 話雖如此,很明顯我們應該繼續監測其資產負債表,以防情況惡化。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Service Corporation International的債務是其EBITDA的3.5倍,而其EBIT可覆蓋其利息開支的3.7倍。綜合考慮,雖然我們不希望看到債務水平上升,但我們認爲它可以應對當前的槓桿。好消息是,Service Corporation International在過去12個月中將其EBIT提高了2.9%,從而逐漸降低了其相對於收益的債務水平。毫無疑問,我們從資產負債表中獲得了有關債務的大部分內容。但是,相對於資產負債表,更重要的是未來收益,這將決定Service Corporation International維持健康資產負債表的能力。如果您關注未來,您可以查看此免費報告,其中有分析師的利潤預測。
Viper Energy has net debt of just 0.85 times EBITDA, indicating that it is certainly not a reckless borrower. And this view is supported by the solid interest coverage, with EBIT coming in at 8.1 times the interest expense over the last year. But the other side of the story is that Viper Energy saw its EBIT decline by 5.0% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Viper Energy'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.
Viper Energy的淨債務僅爲EBITDA的0.85倍,表明它絕對不是一位魯莽的借款人。 這個觀點得到了可靠利率覆蓋的支持,過去一年裏,EBIT爲利息支出的8.1倍。 但問題的另一面是,Viper Energy在過去一年裏看到其EBIT下降了5.0%。 如果這種下降持續下去,顯然會使債務更難處理。 當您分析債務時,資產負債表顯然是要重點關注的地方。 但更重要的是,未來的收入將決定Viper Energy維持健康資產負債表的能力。 因此,如果您想了解專業人士的看法,您可能會覺得有趣的是查看這份關於分析師利潤預測的免費報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, Viper Energy's free cash flow amounted to 22% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最後,一家企業需要有自由現金流來償還債務;會計利潤並不能解決問題。 因此,我們明顯需要查看EBIT是否帶來相應的自由現金流。 在過去三年中,Viper Energy的自由現金流總額爲其EBIT的22%,低於我們的預期。 這種弱勢的現金轉化使得處理負債更加困難。
Our View
我們的觀點
Viper Energy's net debt to EBITDA was a real positive on this analysis, as was its interest cover. On the other hand, its conversion of EBIT to free cash flow makes us a little less comfortable about its debt. When we consider all the factors mentioned above, we do feel a bit cautious about Viper Energy's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Viper Energy you should know about.
在這項分析中,易卜達的淨債務與EBITDA比率是一個真正的積極因素,利率期貨也是如此。另一方面,將EBIt轉化爲自由現金流使我們對其債務感到有些不太舒服。當我們考慮以上提到的所有因素時,我們確實對viper energy的債務使用感到有些謹慎。雖然債務在潛在回報方面有其好處,但我們認爲股東們應該考慮債務水平如何使股票更加風險。在分析債務水平時,資產負債表是顯而易見的起點。然而,並非所有投資風險都存在於資產負債表內,而是遠非如此。這些風險很難發現。每家公司都存在這些風險,我們已經發現了 viper energy 的1個警示信號,您應該知道。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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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。