Is Crown Holdings (NYSE:CCK) Using Too Much Debt?
Is Crown Holdings (NYSE:CCK) Using Too Much Debt?
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. We can see that Crown Holdings, Inc. (NYSE:CCK) does use debt in its business. But the more important question is: how much risk is that debt creating?
有人認爲波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾 famously 說過,「波動性遠非風險的同義詞。」 因此,當你考慮任何特定股票的風險時,考慮債務可能是顯而易見的,因爲過多的債務可以使公司陷入困境。我們可以看到 皇冠控股 (紐交所:CCK) 確實在其業務中使用債務。但更重要的問題是:這些債務創造了多少風險?
When Is Debt Dangerous?
債務何時會變得危險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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.
一般來說,當一家公司無法通過籌集資本或自身現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,一家公司如果無法償付債權人可能會破產。然而,更常見(但仍然昂貴)的情況是,公司必須以低價稀釋股東,僅僅是爲了控制債務。儘管如此,最常見的情況是公司合理管理債務,並且對自己有利。考慮一家企業使用多少債務時,首先要做的就是查看其現金和債務的情況。
How Much Debt Does Crown Holdings Carry?
皇冠控股承擔了多少債務?
As you can see below, at the end of September 2024, Crown Holdings had US$7.51b of debt, up from US$7.07b a year ago. Click the image for more detail. However, because it has a cash reserve of US$1.74b, its net debt is less, at about US$5.77b.
正如您在下面看到的,截至2024年9月底,皇冠控股的債務達到75.1億美元,高於一年前的70.7億美元。點擊圖片獲取更多詳情。由於它有17.4億美元的現金儲備,因此其淨債務減少至約57.7億美元。
A Look At Crown Holdings' Liabilities
皇冠控股的負債情況
The latest balance sheet data shows that Crown Holdings had liabilities of US$4.24b due within a year, and liabilities of US$7.81b falling due after that. On the other hand, it had cash of US$1.74b and US$1.59b worth of receivables due within a year. So it has liabilities totalling US$8.72b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,皇冠控股在一年內有42.4億美元的負債,之後還有78.1億美元的負債。另一方面,它擁有17.4億美元的現金和15.9億美元的應收賬款。因此,它的負債總額比現金和短期應收賬款的總和多出87.2億美元。
This is a mountain of leverage even relative to its gargantuan market capitalization of US$10.1b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
即使相對於其104億美元的龐大市值,這也是一筆巨額的槓桿。這表明,如果公司急需改善其資產負債表,股東將受到重創。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (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).
我們通過查看公司的淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,以及計算息稅前利潤(EBIT)覆蓋利息費用的能力(利息保障率),來衡量公司的債務負擔相對於其盈利能力的情況。這種方法的優勢在於,我們同時考慮了債務的絕對量(通過淨債務與EBITDA的比率)和與該債務相關的實際利息費用(通過其利息保障率)。
Crown Holdings has a debt to EBITDA ratio of 3.1 and its EBIT covered its interest expense 3.7 times. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. However, one redeeming factor is that Crown Holdings grew its EBIT at 11% over the last 12 months, boosting its ability to handle 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 Crown Holdings 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.
皇冠控股的債務與EBITDA的比率爲3.1,且其EBIT覆蓋利息支出3.7倍。綜合來看,這意味着,儘管我們不希望債務水平上升,但我們認爲它可以應對目前的槓桿。然而,皇冠控股在過去12個月中將EBIT增長了11%,增強了其應對債務的能力。毫無疑問,我們從資產負債表中能學到關於債務的很多信息。但最終,公司的未來盈利能力將決定皇冠控股是否能夠隨着時間的推移來加強其資產負債表。因此,如果你想看看專業人士的看法,你可能會覺得這份關於分析師盈利預測的免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last two years, Crown Holdings produced sturdy free cash flow equating to 66% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,雖然稅務部門可能喜歡會計利潤,但貸款方只接受冷硬的現金。因此,我們總是檢查EBIT有多少轉化爲自由現金流。在過去兩年中,皇冠控股產生的自由現金流相當於其EBIT的66%,這大約是我們所期待的。這筆自由現金流使公司在適當的時候能夠很好地償還債務。
Our View
我們的觀點
Neither Crown Holdings's ability to handle its total liabilities nor its interest cover gave us confidence in its ability to take on more debt. But the good news is it seems to be able to convert EBIT to free cash flow with ease. We think that Crown Holdings's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. 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. We've identified 4 warning signs with Crown Holdings , and understanding them should be part of your investment process.
皇冠控股處理其總負債的能力以及其利息覆蓋率都沒有讓我們對其承擔更多債務的能力感到信懇智能。 但好消息是,它似乎能夠輕鬆將EBIT轉換爲自由現金流。 我們認爲,在綜合考慮上述數據點後,皇冠控股的債務確實使其有些風險。這並不一定是壞事,因爲槓桿可以提高股本回報,但這也是需要注意的事情。 毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,每家公司都可能存在資產負債表之外的風險。 我們已經識別出皇冠控股的4個警告信號,理解它們應該成爲您投資過程的一部分。
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。
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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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