Is Cohu (NASDAQ:COHU) Using Debt Sensibly?
Is Cohu (NASDAQ:COHU) Using Debt Sensibly?
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Cohu, Inc. (NASDAQ:COHU) does carry debt. But is this debt a concern to shareholders?
伯克希爾哈撒韋的查理·芒格支持的外部基金經理陸立言在談到投資時毫不掩飾地表示:「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。」 當您檢查一個公司有多大風險時,考慮其資產負債表是很自然的,因爲在業務崩潰時通常會涉及債務。 重要的是,Cohu, Inc. (NASDAQ:COHU) 確實有債務。但這些債務會不會令股東擔憂呢?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業成長的一種工具,但如果一個企業無法償還其貸款人的債務,則它存在於貸款人的憐憫下。最終,如果公司無法履行其償還債務的法律義務,股東可能啥也分不到。雖然這並不太普遍,但我們經常看到負債累累的公司因貸款人迫使它們以不利的價格籌集資本而導致股東持續稀釋。當然,債務可以是企業的重要工具,尤其是資本投入重的企業。考慮一家企業使用多少債務時,首先要做的是查看其現金和債務的總體情況。
What Is Cohu's Net Debt?
Cohu的淨債務是多少?
The image below, which you can click on for greater detail, shows that Cohu had debt of US$10.5m at the end of September 2024, a reduction from US$41.4m over a year. But it also has US$269.2m in cash to offset that, meaning it has US$258.7m net cash.
下面的圖片顯示,截至2024年9月底,Cohu的債務爲1050萬美元,較一年前的4140萬美元有所減少。但它也擁有26920萬美元的現金來抵消這筆債務,意味着它有25870萬美元的淨現金。
A Look At Cohu's Liabilities
審視 Cohu 的負債情況
The latest balance sheet data shows that Cohu had liabilities of US$85.0m due within a year, and liabilities of US$62.8m falling due after that. Offsetting these obligations, it had cash of US$269.2m as well as receivables valued at US$91.9m due within 12 months. So it actually has US$213.4m more liquid assets than total liabilities.
最新的資產負債表數據顯示,Cohu 有8500萬美元的一年內到期的負債,以及6280萬美元后期到期的負債。與這些義務相抵消,它擁有26920萬美元的現金,以及價值9190萬美元的應收款項,其中12個月內到期。因此,實際上它比總負債多擁有21340萬美元的流動資產。
This excess liquidity suggests that Cohu is taking a careful approach to debt. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, Cohu boasts net cash, so it's fair to say it does not have a heavy debt load! 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 Cohu'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.
這種過剩的流動性表明 Cohu 在處理債務方面採取了謹慎的態度。鑑於它有足夠充裕的短期流動性,我們認爲它不會與貸款人有任何問題。簡而言之,Cohu 擁有淨現金,因此可以說它沒有沉重的債務負擔!當您分析債務時,資產負債表顯然是關注的重點。但更重要的是未來的收入,這將決定 Cohu 未來維持健康資產負債表的能力。因此,如果您關注未來,可以查看這份顯示分析師利潤預測的免費報告。
Over 12 months, Cohu made a loss at the EBIT level, and saw its revenue drop to US$445m, which is a fall of 36%. That makes us nervous, to say the least.
在過去 12 個月裏,Cohu 在EBIt 水平上出現虧損,並且其營業收入下降到44500萬美元,下降了36%。這讓我們感到非常緊張。
So How Risky Is Cohu?
那麼 Cohu 有多大風險?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And we do note that Cohu had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through US$4.3m of cash and made a loss of US$50m. With only US$258.7m on the balance sheet, it would appear that its going to need to raise capital again soon. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. For riskier companies like Cohu I always like to keep an eye on whether insiders are buying or selling. So click here if you want to find out for yourself.
毫無疑問,虧損的公司總體上比盈利的公司更具風險。我們注意到 Cohu 在過去一年中EBIT出現虧損。確實,在那段時間裏它燃燒了430萬美元現金,並虧損了5000萬美元。資產負債表上僅有25870萬美元,看起來它很快將需要再次籌集資本。總體而言,目前其資產負債表似乎並不太具有風險,但在看到積極的自由現金流之前,我們總是持謹慎態度。對於像 Cohu 這樣的風險較高的公司,我總是喜歡密切關注內部人員是在買入還是賣出。如果您想自己了解,請點擊這裏。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
每天結束時,通常更好地關注那些沒有淨債務的公司。您可以查看我們特別名單上的這些公司(所有這些公司都有盈利增長記錄)。這是免費的。
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