Here's Why XPEL (NASDAQ:XPEL) Can Manage Its Debt Responsibly
Here's Why XPEL (NASDAQ:XPEL) Can Manage Its Debt Responsibly
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 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 can see that XPEL, Inc. (NASDAQ:XPEL) does use debt in its business. But is this debt a concern to shareholders?
有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们可以看到,XPEL, Inc.(纳斯达克股票代码:XPEL)确实在其业务中使用了债务。但是这笔债务是股东关心的问题吗?
What Risk Does Debt Bring?
债务会带来什么风险?
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. If things get really bad, the lenders can take control of the business. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。如果情况变得非常糟糕,贷款人可以控制业务。但是,更频繁(但仍然昂贵)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可以成为一个非常好的工具。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
How Much Debt Does XPEL Carry?
XPEL 背负了多少债务?
The image below, which you can click on for greater detail, shows that XPEL had debt of US$24.4m at the end of March 2024, a reduction from US$28.0m over a year. On the flip side, it has US$8.61m in cash leading to net debt of about US$15.7m.
您可以点击下图查看更多详情,该图片显示,截至2024年3月底,XPEL的债务为2440万美元,较上一年的2,800万美元有所减少。另一方面,它拥有861万美元的现金,净负债约为1570万美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240503/0-345b6d7a0cc40fe00a8d77ed8b9b9059-0-70e8fff6e0dd6f71506b3afbab1ff07f.png/big)
How Strong Is XPEL's Balance Sheet?
XPEL 的资产负债表有多强?
According to the last reported balance sheet, XPEL had liabilities of US$31.8m due within 12 months, and liabilities of US$40.2m due beyond 12 months. On the other hand, it had cash of US$8.61m and US$28.6m worth of receivables due within a year. So its liabilities total US$34.9m more than the combination of its cash and short-term receivables.
根据上次报告的资产负债表,XPEL的负债为3180万美元,12个月后到期的负债为4,020万美元。另一方面,它有861万美元的现金和价值2860万美元的应收账款将在一年内到期。因此,其负债总额比其现金和短期应收账款的总和高出3,490万美元。
Given XPEL has a market capitalization of US$1.49b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Carrying virtually no net debt, XPEL has a very light debt load indeed.
鉴于XPEL的市值为14.9亿美元,很难相信这些负债会构成很大的威胁。话虽如此,很明显,我们应该继续监控其资产负债表,以免情况恶化。XPEL几乎没有净负债,债务负担确实很轻。
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).
我们通过以下方法来衡量公司的债务负担与其盈利能力:将其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),并计算其利息和税前收益(EBIT)支付利息支出(利息保障)的难易程度。这种方法的优势在于,我们既考虑了债务的绝对数量(包括净负债与息税折旧摊销前利润),也考虑了与该债务相关的实际利息支出(及其利息覆盖率)。
XPEL's net debt is only 0.22 times its EBITDA. And its EBIT easily covers its interest expense, being 51.1 times the size. So we're pretty relaxed about its super-conservative use of debt. Fortunately, XPEL grew its EBIT by 4.1% in the last year, making that debt load look even more manageable. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if XPEL 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.
XPEL的净负债仅为其息税折旧摊销前利润的0.22倍。而且其息税前利润很容易弥补其利息支出,是其规模的51.1倍。因此,我们对它超保守的债务使用相当放松。幸运的是,XPEL的息税前利润在去年增长了4.1%,这使得债务负担看起来更易于控制。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务的未来盈利能力将决定XPEL能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, XPEL reported free cash flow worth 17% of its EBIT, which is really quite low. That limp level of cash conversion undermines its ability to manage and pay down debt.
最后,公司只能用冷硬现金偿还债务,不能用会计利润偿还债务。因此,值得检查一下息税前利润中有多少是由自由现金流支持的。在过去三年中,XPEL报告的自由现金流占其息税前利润的17%,确实很低。这种低迷的现金转换水平削弱了其管理和偿还债务的能力。
Our View
我们的观点
XPEL's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But, on a more sombre note, we are a little concerned by its conversion of EBIT to free cash flow. Looking at all the aforementioned factors together, it strikes us that XPEL can handle its debt fairly comfortably. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. 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. Case in point: We've spotted 1 warning sign for XPEL you should be aware of.
XPEL的利息保障表明,它可以像克里斯蒂亚诺·罗纳尔多在对阵14岁以下的守门员的比赛中进球一样轻松地处理债务。但是,更悲观的是,我们对其将息税前利润转换为自由现金流感到有些担忧。综合上述所有因素,令我们震惊的是,XPEL能够相当轻松地处理债务。当然,尽管这种杠杆可以提高股本回报率,但它确实带来了更多的风险,因此值得关注。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中,远非如此。一个很好的例子:我们发现了 XPEL 的 1 个警告信号,你应该注意。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。