Does Sinclair (NASDAQ:SBGI) Have A Healthy Balance Sheet?
Does Sinclair (NASDAQ:SBGI) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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 Sinclair, Inc. (NASDAQ:SBGI) does use debt in its business. But should shareholders be worried about its use of debt?
大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”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,辛克莱公司(纳斯达克股票代码:SBGI)确实在其业务中使用了债务。但是,股东是否应该担心其债务的使用?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会成为风险。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。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,因为贷款人迫使他们以不良价格筹集资金。当然,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。
What Is Sinclair's Net Debt?
辛克莱的净负债是多少?
The chart below, which you can click on for greater detail, shows that Sinclair had US$4.14b in debt in March 2024; about the same as the year before. On the flip side, it has US$655.0m in cash leading to net debt of about US$3.48b.
您可以点击下图以获取更多详细信息,该图表显示,辛克莱在2024年3月的债务为41.4亿美元;与前一年大致相同。另一方面,它拥有6.55亿美元的现金,净负债约为34.8亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240525/0-08fb1daeb324d15b9be83a90d97a5077-0-beff88896f24ff10739d3536303a0b82.png/big)
How Healthy Is Sinclair's Balance Sheet?
辛克莱的资产负债表有多健康?
The latest balance sheet data shows that Sinclair had liabilities of US$1.04b due within a year, and liabilities of US$4.73b falling due after that. On the other hand, it had cash of US$655.0m and US$649.0m worth of receivables due within a year. So its liabilities total US$4.47b more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示,辛克莱的负债为10.4亿美元,之后到期的负债为47.3亿美元。另一方面,它有6.55亿美元的现金和价值6.49亿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44.7亿美元。
The deficiency here weighs heavily on the US$889.4m company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. At the end of the day, Sinclair would probably need a major re-capitalization if its creditors were to demand repayment. 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 Sinclair'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.
这里的缺陷严重影响了这家价值8.894亿美元的公司本身,就好像一个孩子在装满书本、运动装备和喇叭的巨大背包的重压下挣扎一样。因此,我们绝对认为股东需要密切关注这个问题。归根结底,如果债权人要求还款,辛克莱可能需要进行大规模的资本重组。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,未来的收益比什么都更能决定辛克莱未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
In the last year Sinclair had a loss before interest and tax, and actually shrunk its revenue by 7.4%, to US$3.2b. We would much prefer see growth.
去年,辛克莱在利息和税前出现亏损,实际收入减少了7.4%,至32亿美元。我们更希望看到增长。
Caveat Emptor
Caveat Emptor
Importantly, Sinclair had an earnings before interest and tax (EBIT) loss over the last year. Its EBIT loss was a whopping US$301m. If you consider the significant liabilities mentioned above, we are extremely wary of this investment. Of course, it may be able to improve its situation with a bit of luck and good execution. But we think that is unlikely since it is low on liquid assets, and made a loss of US$453m in the last year. So while it's not wise to assume the company will fail, we do think it's risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example Sinclair has 4 warning signs (and 1 which is a bit concerning) we think you should know about.
重要的是,辛克莱去年出现了息税前收益(EBIT)亏损。其息税前利润亏损高达3.01亿美元。如果您考虑上述重大负债,我们对这项投资非常警惕。当然,只要有一点运气和良好的执行力,它也许能够改善局面。但我们认为这不太可能,因为它的流动资产不足,去年亏损了4.53亿美元。因此,尽管假设公司会倒闭并不明智,但我们确实认为这是有风险的。资产负债表显然是分析债务时需要关注的领域。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。例如,辛克莱有4个警告标志(还有一个有点令人担忧),我们认为你应该知道。
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。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。