TD SYNNEX (NYSE:SNX) Takes On Some Risk With Its Use Of Debt
TD SYNNEX (NYSE:SNX) Takes On Some Risk With Its Use Of 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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that TD SYNNEX Corporation (NYSE:SNX) does have debt on its balance sheet. But is this debt a concern to shareholders?
當David Iben說"波動性不是我們關心的風險。我們關心的是避免資本的永久損失"時,他表達得很到位。當我們考慮一家公司的風險性時,我們總是喜歡看它的債務使用情況,因爲債務過多可能導致滅亡。我們注意到新聚思公司(紐交所:SNX)的資產負債表上確實有債務。但這筆債務是否會引起股東的擔憂呢?
When Is Debt A Problem?
什麼時候負債才是一個問題?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
當債務和其他負債對一家企業來說變得有風險時,要麼不能輕鬆地通過自由現金流,要麼不能以有吸引力的價格籌集資金來履行這些義務。資本主義的一個重要內容是"創造性破壞"的過程,失敗的企業被它們的銀行家無情地清算。然而,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,僅僅爲了控制債務。當然,債務的好處是,它通常代表廉價資本,尤其是當它取代了公司可能以高回報率再投資的稀釋。當我們考慮一家公司的債務使用時,我們首先看現金和債務合計。
What Is TD SYNNEX's Debt?
TD SYNNEX的債務是什麼?
As you can see below, TD SYNNEX had US$4.05b of debt, at August 2024, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of US$853.9m, its net debt is less, at about US$3.20b.
如您在下文所見,2024年8月,新聚思的債務爲40.5億美元,與前一年大致相同。您可以點擊圖表以獲取更詳細信息。然而,由於其現金儲備爲85390萬美元,其淨債務較低,約爲32億美元。
How Strong Is TD SYNNEX's Balance Sheet?
TD SYNNEX的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that TD SYNNEX had liabilities of US$16.0b due within 12 months and liabilities of US$5.05b due beyond that. Offsetting these obligations, it had cash of US$853.9m as well as receivables valued at US$10.9b due within 12 months. So its liabilities total US$9.29b more than the combination of its cash and short-term receivables.
放大最新的資產負債表數據,我們可以看到,TD SYNNEX在12個月內到期的負債爲160億美元,而到期日更長的負債爲50.5億美元。 抵消這些義務的是,它擁有價值85390萬美元的現金以及價值109億美元的應收款項,在12個月內到期。 因此,其負債總額比其現金和短期應收款項的組合高出92.9億美元。
This deficit is considerable relative to its very significant market capitalization of US$10.7b, so it does suggest shareholders should keep an eye on TD SYNNEX's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
相對於其非常顯著的107億美元的市值,這個赤字相當可觀,因此表明股東應該始終關注TD SYNNEX對債務的使用。 這表明如果公司需要緊急補充資產負債表,股東們將會受到嚴重稀釋。
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)。
TD SYNNEX has net debt worth 1.9 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 5.4 times the interest expense. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Unfortunately, TD SYNNEX saw its EBIT slide 6.9% in the last twelve months. If that earnings trend continues then its debt load will grow heavy like the heart of a polar bear watching its sole cub. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine TD SYNNEX'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.
TD SYNNEX的淨債務價值爲EBITDA的1.9倍,這並不算太多,但其利息支付覆蓋率似乎有點偏低,以EBIt僅爲利息支出的5.4倍計算。 儘管這讓我們並不太擔心,但它確實表明利息支付在某種程度上是一種負擔。 不幸的是,TD SYNNEX在過去12個月中看到其EBIt下降了6.9%。 如果這種盈利趨勢持續下去,那麼其債務負擔將會變得沉重,如同北極熊的心臟看着它唯一的幼仔一樣。 在分析債務水平時,資產負債表是開始的明顯位置。 但最重要的是未來的盈利,而不是任何其他因素,將決定TD SYNNEX未來維持健康資產負債表的能力。 因此,如果您想查看專業人士的看法,您可能會發現對分析師盈利預測的這份免費報道很有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, TD SYNNEX produced sturdy free cash flow equating to 55% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
但我們的最終考慮也很重要,因爲一家公司無法用虛擬利潤償還債務;它需要冰涼的現金。因此,我們明顯需要查看EBIT是否導致相應的自由現金流。在過去三年中,新聚思創造了堅實的自由現金流,相當於其EBIT的55%,這正是我們所期待的。這筆冰涼的現金意味着在需要時它可以減少債務。
Our View
我們的觀點
While TD SYNNEX's EBIT growth rate makes us cautious about it, its track record of staying on top of its total liabilities is no better. But its not so bad at converting EBIT to free cash flow. When we consider all the factors discussed, it seems to us that TD SYNNEX is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for TD SYNNEX that you should be aware of before investing here.
儘管新聚思的EBIT增長率使我們對其持謹慎態度,但保持在控制總負債方面的記錄並不更好。但它在將EBIT轉化爲自由現金流方面並不糟糕。當我們考慮到所有討論的因素時,我們認爲新聚思在債務使用上存在一些風險。因此,雖然槓桿確實增加了股本回報率,但我們實際上並不希望看到它從這裏增加。資產負債表顯然是在分析債務時需要關注的領域。然而,並非所有投資風險都存在於資產負債表中 - 遠非如此。例如,我們已發現了一個對新聚思的警告信號,您在投資前應該注意這一點。
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。
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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。