Diebold Nixdorf (NYSE:DBD) Takes On Some Risk With Its Use Of Debt
Diebold Nixdorf (NYSE:DBD) Takes On Some Risk With Its Use Of 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 Diebold Nixdorf, Incorporated (NYSE:DBD) 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,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们可以看到,迪博尔德·尼克斯多夫公司(纽约证券交易所代码:DBD)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?
When Is Debt A Problem?
债务何时会成为问题?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松偿还债务时,债务才会成为真正的问题。在最坏的情况下,如果一家公司无法向债权人付款,它可能会破产。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人强迫他们以不利的价格筹集资金。话虽如此,最常见的情况是公司合理地管理其债务,并从自己的利益出发。考虑公司的债务水平时,第一步是将其现金和债务放在一起考虑。
What Is Diebold Nixdorf's Net Debt?
迪博尔德·尼克斯多夫的净负债是多少?
You can click the graphic below for the historical numbers, but it shows that Diebold Nixdorf had US$1.11b of debt in March 2024, down from US$2.66b, one year before. On the flip side, it has US$407.3m in cash leading to net debt of about US$702.9m.
你可以点击下图查看历史数字,但它显示迪博尔德·尼克斯多夫在2024年3月的债务为11.1亿美元,低于一年前的26.6亿美元。另一方面,它拥有4.073亿美元的现金,净负债约为7.029亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240514/0-49cc4c6d7c836cb21d8b8f3a5e8d8244-0-9dfa2ed76550a1ba474fdc2828c0f9c0.png/big)
How Strong Is Diebold Nixdorf's Balance Sheet?
迪博尔德·尼克斯多夫的资产负债表有多强?
According to the last reported balance sheet, Diebold Nixdorf had liabilities of US$1.42b due within 12 months, and liabilities of US$1.50b due beyond 12 months. On the other hand, it had cash of US$407.3m and US$660.7m worth of receivables due within a year. So it has liabilities totalling US$1.85b more than its cash and near-term receivables, combined.
根据上次报告的资产负债表,迪博尔德·尼克斯多夫的负债为14.2亿美元,12个月后到期的负债为15.0亿美元。另一方面,它有一年内到期的现金为4.073亿美元,还有价值6.607亿美元的应收账款。因此,它的负债总额比其现金和短期应收账款的总和多出18.5亿美元。
When you consider that this deficiency exceeds the company's US$1.59b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.
当你考虑到这一缺口超过了公司15.9亿美元的市值时,你很可能会倾向于仔细审查资产负债表。在公司必须迅速清理资产负债表的情况下,股东似乎可能会遭受大规模稀释。
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). 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).
为了扩大公司相对于收益的负债规模,我们计算其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),将其利息和税前收益(EBIT)除以利息支出(利息保障)。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)。
While Diebold Nixdorf has a quite reasonable net debt to EBITDA multiple of 2.1, its interest cover seems weak, at 1.0. This does suggest the company is paying fairly high interest rates. Either way there's no doubt the stock is using meaningful leverage. Pleasingly, Diebold Nixdorf is growing its EBIT faster than former Australian PM Bob Hawke downs a yard glass, boasting a 333% gain in the last twelve months. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Diebold Nixdorf's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
尽管迪博尔德·尼克斯多夫的净负债与息税折旧摊销前利润的倍数相当合理,为2.1,但其利息覆盖面似乎疲软,为1.0。这确实表明该公司支付了相当高的利率。无论哪种方式,毫无疑问,该股正在使用有意义的杠杆作用。令人高兴的是,迪博尔德·尼克斯多夫的息税前利润增长速度比澳大利亚前总理鲍勃·霍克低一码还要快,在过去十二个月中增长了333%。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,未来收益将决定迪博尔德·尼克斯多夫未来维持健康资产负债表的能力。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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Diebold Nixdorf burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。因此,我们显然需要研究息税前利润是否会带来相应的自由现金流。在过去的三年中,迪博尔德·尼克斯多夫烧掉了大量现金。尽管投资者无疑预计这种情况将在适当的时候逆转,但这显然意味着其使用债务的风险更大。
Our View
我们的观点
On the face of it, Diebold Nixdorf's interest cover left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Looking at the bigger picture, it seems clear to us that Diebold Nixdorf's use of debt is creating risks for the company. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. 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. Be aware that Diebold Nixdorf is showing 3 warning signs in our investment analysis , you should know about...
从表面上看,迪博尔德·尼克斯多夫的利息保障使我们对该股持初步看法,其将息税前利润转换为自由现金流并不比一年中最繁忙的夜晚那家空荡荡的餐厅更具吸引力。但好的一面是,其息税前利润增长率是一个好兆头,也使我们更加乐观。从大局来看,我们似乎很清楚迪博尔德·尼克斯多夫使用债务给公司带来了风险。如果一切顺利,可能会得到回报,但这笔债务的不利之处是永久损失的风险更大。在分析债务水平时,资产负债表是显而易见的起点。但归根结底,每家公司都可以控制资产负债表之外存在的风险。请注意,迪博尔德·尼克斯多夫在我们的投资分析中显示出3个警告信号,你应该知道...
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。