share_log

Here's Why Hess Midstream (NYSE:HESM) Can Manage Its Debt Responsibly

Here's Why Hess Midstream (NYSE:HESM) Can Manage Its Debt Responsibly

這是Hess Midstream(紐交所:HESM)能夠負責任地管理其債務的原因。
Simply Wall St ·  01/15 15:46

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, Hess Midstream LP (NYSE:HESM) does carry debt. But is this debt a concern to shareholders?

有些人認爲波動性,而不是債務,是投資者考慮風險的最佳方式,但禾倫·巴菲特曾著名地表示,'波動性遠不是風險的同義詞。' 因此,當你考慮任何特定股票的風險時,顯然需要考慮債務,因爲過多的債務可能會使一家公司陷入困境。重要的是,Hess Midstream LP (紐交所:HESM) 確實揹負着債務。但這筆債務對股東來說是個問題嗎?

When Is Debt Dangerous?

債務何時會變得危險?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.

債務在企業正常運作時可以協助企業,但當企業面臨償還困難時,比如缺乏新資本或自由現金流,就會出現問題。在最壞的情況下,如果公司無法償還債權人,它可能會破產。然而,更常見(但仍然代價高昂)的情況是,公司必須以低價發行股票,永久稀釋股東的權益,僅僅是爲了穩固其資產負債表。當然,許多公司利用債務來資助增長,而沒有任何負面後果。考慮一家公司債務水平的第一步是將其現金與債務一併考慮。

What Is Hess Midstream's Net Debt?

Hess Midstream的淨債務是多少?

As you can see below, at the end of September 2024, Hess Midstream had US$3.49b of debt, up from US$3.15b a year ago. Click the image for more detail. And it doesn't have much cash, so its net debt is about the same.

正如你在下面看到的,到2024年9月底,Hess Midstream的債務爲34.9億美金,較一年前的31.5億美金有所增加。點擊圖片獲取更多細節。而且它的現金不多,因此其淨債務大致相同。

big
NYSE:HESM Debt to Equity History January 15th 2025
紐交所:HESM債務與股本歷史 2025年1月15日

How Healthy Is Hess Midstream's Balance Sheet?

Hess Midstream的資產負債表有多健康?

Zooming in on the latest balance sheet data, we can see that Hess Midstream had liabilities of US$220.9m due within 12 months and liabilities of US$3.48b due beyond that. On the other hand, it had cash of US$10.3m and US$131.1m worth of receivables due within a year. So its liabilities total US$3.56b more than the combination of its cash and short-term receivables.

仔細查看最新的資產負債表數據,我們可以看到Hess Midstream的負債爲22090萬美元,12個月內到期,超過12個月到期的負債爲34.8億美元。另一方面,它有1030萬美元的現金和13110萬美元的應收款將在一年內到期。因此,它的負債總額比現金和短期應收款的總和多出35.6億美元。

Hess Midstream has a market capitalization of US$8.60b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

Hess Midstream的市值爲86億美元,因此如果需要,它很可能會籌集資金以改善其資產負債表。但我們確實需要留意其債務帶來過多風險的跡象。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

爲了評估一家公司的債務與其收益的關係,我們計算其淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,以及息稅前利潤(EBIT)與利息費用的比率(即利息覆蓋率)。通過這種方式,我們考慮了債務的絕對數量和所支付的利率。

Hess Midstream's debt is 3.2 times its EBITDA, and its EBIT cover its interest expense 4.5 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. If Hess Midstream can keep growing EBIT at last year's rate of 10% over the last year, then it will find its debt load easier to manage. 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 Hess Midstream'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.

Hess Midstream的債務是其EBITDA的3.2倍,其EBIT覆蓋利息支出4.5倍。這表明儘管債務水平相當可觀,但我們不會說它們有問題。如果Hess Midstream能夠保持去年的10%的EBIT增長率,那麼它將發現管理債務負擔更加容易。資產負債表顯然是分析債務時需要重點關注的領域。但未來的收益,尤其是,將決定Hess Midstream維持健康資產負債表的能力。因此,如果您想看看專業人士的看法,您可能會認爲這份關於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 we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the most recent three years, Hess Midstream recorded free cash flow worth 77% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.

最後,一家公司只能用現金償還債務,而非會計利潤。因此,我們顯然需要查看EBIT是否帶來了相應的自由現金流。在最近的三年中,Hess Midstream錄得的自由現金流佔其EBIT的77%,考慮到自由現金流排除了利息和稅,這大致是正常水平。這個自由現金流使公司在適當的時候有很好的能力償還債務。

Our View

我們的觀點

On our analysis Hess Midstream's conversion of EBIT to free cash flow should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit handle its debt, based on its EBITDA,. When we consider all the elements mentioned above, it seems to us that Hess Midstream is managing its debt quite well. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Hess Midstream (of which 1 is significant!) you should know about.

根據我們的分析,Hess Midstream將EBIT轉化爲自由現金流表明其債務方面不會遇到太大的問題。然而,我們的其他觀察結果並不那麼令人鼓舞。例如,根據其EBITDA,似乎它在處理債務方面有些掙扎。當我們考慮上述所有因素時,我們認爲Hess Midstream在管理其債務方面做得相當不錯。儘管如此,由於負擔相對較重,我們建議任何股東都要密切關注它。在分析債務水平時,資產負債表是顯而易見的起點。但是,最終,每個公司都可能存在資產負債表之外的風險。這些風險可能很難被發現。每個公司都有這些風險,而我們已經發現Hess Midstream存在2個警告信號(其中1個是重大警告!)您應該了解。

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.

最終,通常更好的是關注沒有淨負債的公司。你可以訪問我們特別列出這些公司的名單(所有公司都有盈利增長的記錄)。這是免費的。

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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
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。

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。
評論 評論 · 瀏覽 258

熱點推薦

搶先評論

聲明

本頁的譯文內容由軟件翻譯。富途將竭力但卻不能保證翻譯內容之準確和可靠,亦不會承擔因任何不準確或遺漏而引起的任何損失或損害。