Here's Why DaVita (NYSE:DVA) Can Manage Its Debt Responsibly
Here's Why DaVita (NYSE:DVA) Can Manage Its Debt Responsibly
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 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. We note that DaVita Inc. (NYSE:DVA) does have debt on its balance sheet. But is this debt a concern to shareholders?
巴菲特旗下的弗氏基金經理人、李錄(Charlie Munger)直言不諱地表示:"最大的投資風險不在於價格波動,而在於是否會遭受資本永久性損失。" 因此,聰明的資金知道,債務(通常與破產有關)是評估公司風險程度時非常重要的因素。我們注意到,德維特公司(紐交所:DVA)的資產負債表上確實有債務。但這筆債務對股東是否構成了擔憂?
When Is Debt Dangerous?
債務何時有危險?
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。
How Much Debt Does DaVita Carry?
德維特負擔了多少債務?
You can click the graphic below for the historical numbers, but it shows that as of September 2024 DaVita had US$9.32b of debt, an increase on US$8.14b, over one year. However, it also had US$1.09b in cash, and so its net debt is US$8.23b.
您可以點擊下面的圖表查看歷史數據,但截至2024年9月,德維特的債務高達93.2億美元,較一年前的81.4億美元有所增加。然而,其現金爲10.9億美元,因此淨債務爲82.3億美元。
How Healthy Is DaVita's Balance Sheet?
戴維塔的資產負債表如何健康?
Zooming in on the latest balance sheet data, we can see that DaVita had liabilities of US$2.94b due within 12 months and liabilities of US$12.3b due beyond that. Offsetting this, it had US$1.09b in cash and US$2.63b in receivables that were due within 12 months. So it has liabilities totalling US$11.6b more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到,戴維塔在12個月內到期的負債爲29.4億美元,而到期日超過12個月的負債爲123億美元。與此相抵消的是,它在12個月內擁有10.9億美元的現金和26.3億美元的應收賬款。因此,它的負債總額比其現金和短期應收賬款的總和多116億美元。
This is a mountain of leverage even relative to its gargantuan market capitalization of US$12.7b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
這是一座債務負擔的大山,甚至相對於其龐大的127億美元的市值來說。這表明,如果公司需要急於彌補其資產負債表,股東可能會遭受嚴重稀釋。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。
DaVita has a debt to EBITDA ratio of 3.1 and its EBIT covered its interest expense 3.7 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Looking on the bright side, DaVita boosted its EBIT by a silky 32% in the last year. Like a mother's loving embrace of a newborn that sort of growth builds resilience, putting the company in a stronger position to manage its debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if DaVita can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
戴維塔的債務與EBITDA比率爲3.1,其EBIT覆蓋了其利息開支的3.7倍。這表明,雖然債務水平顯著,但我們不會稱之爲問題。從積極的一面來看,戴維塔在過去一年中將其EBIT提高了32%。像母親溫柔地擁抱新生嬰兒那樣的增長建立韌性,使公司能夠更好地管理其債務。毫無疑問,我們從資產負債表中了解債務最多。但最終,企業未來的盈利能力將決定戴維塔是否能夠隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現對分析師盈利預測的免費報告很有趣。
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. During the last three years, DaVita generated free cash flow amounting to a very robust 81% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
最後,一家公司只能用冷硬現金償付債務,而不是會計利潤。因此,邏輯上的步驟是查看那些與實際自由現金流匹配的EBIT的比例。在過去三年中,戴維塔產生了非常健康的自由現金流,相當於其EBIT的81%,超出我們的預期。這使其能夠在需要時償還債務。
Our View
我們的觀點
Both DaVita's ability to to convert EBIT to free cash flow and its EBIT growth rate gave us comfort that it can handle its debt. On the other hand, its level of total liabilities makes us a little less comfortable about its debt. We would also note that Healthcare industry companies like DaVita commonly do use debt without problems. Considering this range of data points, we think DaVita is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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 - DaVita has 2 warning signs we think you should be aware of.
達維塔既可以將EBIt轉化爲自由現金流,又具有EBIt增長率,這讓我們相信它可以處理債務。另一方面,其總負債水平讓我們對其債務稍感不安。我們還應注意,像達維塔這樣的醫療行業公司通常可以毫無問題地使用債務。考慮到這些數據點的範圍,我們認爲達維塔在管理其債務水平方面處於一個良好的位置。但需要謹慎:我們認爲債務水平足夠高,需要持續監控。資產負債表顯然是在分析債務時需要關注的重點領域。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。例如-達維塔存在2個警示信號,我們認爲您應該注意。
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。
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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。