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These 4 Measures Indicate That Viad (NYSE:VVI) Is Using Debt Extensively

These 4 Measures Indicate That Viad (NYSE:VVI) Is Using Debt Extensively

這4項措施表明viad(紐交所:vvi)在廣泛使用債務。
Simply Wall St ·  11/09 20:37

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Viad Corp (NYSE:VVI) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

當霍華德·馬克斯說到這一點時,他用了一個很好的比喻,即與其擔心股價波動,不如擔心永久性損失的可能性...我認識的每個實際投資者都會擔心這一點。因此,很明顯,在考慮任何特定股票的風險時,您需要考慮債務,因爲過多的債務可能會拖垮一家公司。我們注意到Viad Corp(紐交所:VVI)的資產負債表上確實有負債。但更重要的問題是:這些債務造成了多大風險?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

一般來說,只有當一家公司無法輕易償還債務時,債務才會成爲真正的問題,無論是通過籌集資本還是通過自己的現金流。在最壞的情況下,如果一家公司無法償還債權人的債務,它可能會破產。然而,更常見(但仍然痛苦)的情況是,它不得不以較低的價格籌集新的股本資本,從而永久稀釋股東的權益。當然,很多公司使用債務來資助增長,沒有任何負面後果。在考慮一家企業使用多少債務時,首先要看它的現金和債務總額。

What Is Viad's Debt?

Viad的債務是多少?

As you can see below, Viad had US$390.2m of debt, at September 2024, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$64.6m in cash offsetting this, leading to net debt of about US$325.6m.

如您所見,截至2024年9月,Viad的債務爲39020萬美元,與前一年大致相同。您可以單擊圖表查看詳細信息。然而,它的現金爲6460萬美元,抵消了這一債務,導致淨債務約爲32560萬美元。

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NYSE:VVI Debt to Equity History November 9th 2024
紐交所:VVI 債務與股本歷史數據2024年11月9日

How Healthy Is Viad's Balance Sheet?

Viad的資產負債表有多健康?

Zooming in on the latest balance sheet data, we can see that Viad had liabilities of US$307.7m due within 12 months and liabilities of US$561.5m due beyond that. Offsetting these obligations, it had cash of US$64.6m as well as receivables valued at US$168.6m due within 12 months. So its liabilities total US$636.0m more than the combination of its cash and short-term receivables.

深入了解最新資產負債表數據,我們可以看到Viad在12個月內到期的負債爲30770萬元美元,而超過12個月到期的負債爲56150萬元美元。 抵消這些義務,它擁有6460萬元美元的現金,以及在12個月內到期的應收賬款價值16860萬元美元。 因此,其負債總額比其現金和短期應收賬款的總和多出63600萬元美元。

This deficit is considerable relative to its market capitalization of US$879.2m, so it does suggest shareholders should keep an eye on Viad's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.

相較於其總市值爲87920萬元美元,這個赤字相對較大,因此建議股東們繼續關注Viad的債務使用情況。 如果其借款人要求其加固資產負債表,股東們可能面臨嚴重稀釋。

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。

Viad's net debt is sitting at a very reasonable 1.8 times its EBITDA, while its EBIT covered its interest expense just 2.6 times last year. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Importantly, Viad grew its EBIT by 53% over the last twelve months, and that growth will make it easier to handle its 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 Viad's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

Viad的淨債務相對於其EBITDA非常合理,爲1.8倍,而其EBIT去年支持其利息支出的倍數僅爲2.6倍。 雖然這並不讓我們過於擔心,但確實表明利息支付有些負擔。 重要的是,Viad在過去12個月內將其EBIT增長了53%,這種增長將使其更容易處理其債務。 在分析債務水平時,資產負債表是顯而易見的起點。 但最終會決定Viad能否保持健康的資產負債表的是未來的收入,這比任何事情都更重要。 因此,如果您專注於未來,您可以查看該免費報告,其中顯示了分析師的利潤預測。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Viad's free cash flow amounted to 27% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

最後,一家公司只能用現金償還債務,而不是會計利潤。 因此,邏輯的步驟是查看適用於實際自由現金流量的EBIT的比例。 在過去三年中,Viad的自由現金流量佔其EBIT的比例爲27%,低於我們的預期。 這種弱勢的現金轉換使其更難處理負債。

Our View

我們的觀點

Viad's interest cover and level of total liabilities definitely weigh on it, in our esteem. But its EBIT growth rate tells a very different story, and suggests some resilience. We think that Viad's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. 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. For example, we've discovered 1 warning sign for Viad that you should be aware of before investing here.

Viad的利息覆蓋率和總負債水平在我們看來確實對其構成了一定的壓力。但其EBIT增長率講述了一個完全不同的故事,並表明了一些韌性。我們認爲,考慮了以上數據點後,Viad的債務確實使其有些風險。這並不一定是壞事,因爲槓桿可以提升股東權益的回報率,但這也是需要注意的問題。在分析債務水平時,資產負債表是開始的明顯位置。然而,並不是所有的投資風險都在資產負債表中存在 - 遠非如此。例如,我們發現了一個有關Viad的警示信號,在您在此處投資之前應該注意。

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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