Does Norwegian Cruise Line Holdings (NYSE:NCLH) Have A Healthy Balance Sheet?
Does Norwegian Cruise Line Holdings (NYSE:NCLH) Have A Healthy Balance Sheet?
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 Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
由巴菲特的查理·芒格支持的外部基金經理李錄直言不諱地表示:「最大的投資風險不是價格的波動,而是你會否遭受永久性資本損失。」因此,聰明的錢知道,債務 - 通常涉及破產 - 在評估一家公司的風險時是一個非常重要的因素。我們注意到,挪威郵輪控股有限公司(紐交所:NCLH)確實在其資產負債表上有債務。但更重要的問題是:這些債務帶來了多少風險?
When Is Debt Dangerous?
債務何時會變得危險?
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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但如果企業無法償還債權人,那麼它就處於債權人的控制之下。如果情況變得非常糟糕,債權人可以接管企業。然而,更常見(但仍然昂貴)的情況是,公司必須以便宜的股價稀釋股東,以僅僅控制債務。儘管如此,最常見的情況是,公司合理管理其債務,並利用這一優勢。在考慮企業使用多少債務時,首先要查看其現金與債務的關係。
How Much Debt Does Norwegian Cruise Line Holdings Carry?
挪威郵輪控股承擔了多少債務?
The chart below, which you can click on for greater detail, shows that Norwegian Cruise Line Holdings had US$13.4b in debt in September 2024; about the same as the year before. However, it also had US$332.5m in cash, and so its net debt is US$13.1b.
下圖可單擊以獲取更詳細信息,顯示在2024年9月,挪威郵輪控股的債務爲134億美元;與前一年大致相同。然而,它的現金也達到了33250萬美元,因此其淨債務爲131億美元。
How Healthy Is Norwegian Cruise Line Holdings' Balance Sheet?
挪威郵輪控股的資產負債表健康狀況如何?
According to the last reported balance sheet, Norwegian Cruise Line Holdings had liabilities of US$6.04b due within 12 months, and liabilities of US$12.6b due beyond 12 months. On the other hand, it had cash of US$332.5m and US$200.8m worth of receivables due within a year. So it has liabilities totalling US$18.1b more than its cash and near-term receivables, combined.
根據最近報告的資產負債表,挪威郵輪控股在12個月內有負債60.4億美元,超過12個月的負債爲126億美元。另一方面,它有現金33250萬美元和2080萬美元的應收賬款將在一年內到期。因此,它的負債總額比現金和短期應收款總和多181億美元。
This deficit casts a shadow over the US$11.3b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Norwegian Cruise Line Holdings would probably need a major re-capitalization if its creditors were to demand repayment.
這個赤字在113億美元的公司上空投下陰影,宛如巨人壓迫着普通人。因此,我們毫無疑問會密切關注其資產負債表。最終,如果其債權人要求償還,挪威郵輪控股可能需要一次重大再融資。
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.
我們使用兩個主要比率來了解相對於收益的債務水平。第一個是淨債務除以息稅折舊攤銷前利潤(EBITDA),而第二個是它的息稅前利潤(EBIT)覆蓋其利息支出的次數(或者簡稱爲利息覆蓋率)。這樣,我們同時考慮債務的絕對數量以及所支付的利率。
Norwegian Cruise Line Holdings shareholders face the double whammy of a high net debt to EBITDA ratio (5.6), and fairly weak interest coverage, since EBIT is just 1.9 times the interest expense. This means we'd consider it to have a heavy debt load. However, it should be some comfort for shareholders to recall that Norwegian Cruise Line Holdings actually grew its EBIT by a hefty 156%, over the last 12 months. If that earnings trend continues it will make its debt load much more manageable in the future. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Norwegian Cruise Line Holdings can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
挪威郵輪控股的股東面臨着高淨債務與EBITDA比率(5.6)和相對較弱的利息保障,因爲EBIT僅爲利息支出的1.9倍。這意味着我們認爲它負擔沉重的債務。然而,股東們可以稍感安慰的是,挪威郵輪控股在過去12個月內實際將EBIT增長了156%。如果這種盈利趨勢持續下去,它的債務負擔在未來將變得更加可管理。在分析債務水平時,資產負債表顯然是一個很好的起點。但最終,業務的未來盈利能力將決定挪威郵輪控股是否能夠隨着時間的推移加強其資產負債表。因此,如果你關注未來,可以查看這份免費的報告,裏面顯示了分析師的利潤預測。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. In the last two years, Norwegian Cruise Line Holdings basically broke even on a free cash flow basis. While many companies do operate at break-even, we prefer see substantial free cash flow, especially if a it already has dead.
最後,雖然稅務局可能喜愛會計利潤,貸款機構只接受實際的現金。因此,檢查一下EBIT中有多少是由自由現金流支持的,還是很有必要的。在過去兩年裏,挪威郵輪公司在自由現金流方面幾乎是持平的。儘管許多公司確實保持盈虧平衡,但我們更希望看到 substantial 自由現金流,特別是當它已經處於困境時。
Our View
我們的觀點
To be frank both Norwegian Cruise Line Holdings's net debt to EBITDA and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least it's pretty decent at growing its EBIT; that's encouraging. Overall, it seems to us that Norwegian Cruise Line Holdings's balance sheet is really quite a risk to the business. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 3 warning signs we've spotted with Norwegian Cruise Line Holdings (including 1 which is concerning) .
坦率地說,挪威郵輪公司的淨債務與EBITDA比率以及其在總負債方面的記錄讓我們對其債務水平感到相當不安。但至少,它在增長EBIT方面表現得相當不錯;這令人鼓舞。總體來看,我們認爲挪威郵輪公司的資產負債表確實對其業務構成了很大的風險。所以我們對這隻股票的警惕性幾乎和一隻餓貓對掉入主人魚塘的警惕性一樣:一朝被蛇咬,十年怕井繩,真是一點也不假。毫無疑問,我們從資產負債表中學到的債務知識是最多的。不過,最終,每家公司都可能包含在資產負債表之外存在的風險。爲此,您應該了解我們發現的挪威郵輪公司存在的 3 個警示信號(包括 1 個值得關注的信號)。
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,如果你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,今天就來發現我們獨家的淨現金成長股票列表。
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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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這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。
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