These 4 Measures Indicate That DFI Retail Group Holdings (SGX:D01) Is Using Debt Extensively
These 4 Measures Indicate That DFI Retail Group Holdings (SGX:D01) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies DFI Retail Group Holdings Limited (SGX:D01) makes use of debt. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾经说过:“波动性远不等同于风险。”当你考虑某家公司有多大的风险时,自然而然地会考虑它的资产负债表,因为当一家企业破产时通常涉及到债务。与许多其他公司一样,DFI零售集团控股有限公司(SGX:D01)利用债务。但真正的问题是这些债务是否使公司变得风险大。
What Risk Does Debt Bring?
债务带来了什么风险?
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. If things get really bad, the lenders can take control of the business. 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.
当企业无法轻松地履行其义务时,无论是通过自由现金流还是以有吸引力的价格筹集资本,债务和其他负债都会对企业造成风险。如果情况真的很糟,贷款人可以控制企业。虽然这种情况不太常见,但我们经常看到负债累累的企业因贷款人强制他们以困境价格筹集资本而永久稀释股东利益。话虽如此,最常见的情况是公司合理地处理其债务——并使其受益。考虑一家公司的债务水平时的第一步是考虑其现金和债务总额。
How Much Debt Does DFI Retail Group Holdings Carry?
DFI零售集团控股承担了多少债务?
The image below, which you can click on for greater detail, shows that DFI Retail Group Holdings had debt of US$924.1m at the end of December 2023, a reduction from US$1.10b over a year. On the flip side, it has US$303.4m in cash leading to net debt of about US$620.7m.
下面的图片显示,DFI零售集团控股有限公司在2023年12月底的债务为9.241亿美元,比一年前的11亿美元有所减少。 另一方面,它拥有3.034亿美元的现金,导致净负债约为6.207亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240613/0-e392023024f699d1c80c347d974df3b9-0-30e50d4c81cbb8bac51ee260ec6f9cf7.png/big)
How Strong Is DFI Retail Group Holdings' Balance Sheet?
DFI零售集团控股有多强的资产负债表?
Zooming in on the latest balance sheet data, we can see that DFI Retail Group Holdings had liabilities of US$3.53b due within 12 months and liabilities of US$2.60b due beyond that. Offsetting this, it had US$303.4m in cash and US$271.4m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$5.55b.
放大最新的资产负债表数据,我们可以看到DFI零售集团控股有限公司在12个月内到期的负债为35.3亿美元,超过12个月到期的负债为26亿美元。抵消的是,它有3.034亿美元的现金和2.714亿美元的应收款项在12个月内到期。因此,其负债总额超过其现金和(短期)应收账款的总和达55.5亿美元。这里的不足严重影响着这家价值25.7亿美元的公司,就像一个孩子在背着满负重书包,还有他的体育用品和小号。所以毫无疑问,我们需要密切关注它的资产负债表。毕竟,DFI零售集团控股有限公司如果今天必须偿还债务,很可能需要进行重大的再资本化。
The deficiency here weighs heavily on the US$2.57b 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'd watch its balance sheet closely, without a doubt. After all, DFI Retail Group Holdings would likely require a major re-capitalisation if it had to pay its creditors today.
尽管DFI零售集团控股的债务仅为2.0,但其利息覆盖率实际上非常低,为1.2。这让我们想知道公司是否因为被认为有风险而支付高额利息。无论是哪种情况,毫无疑问这只股票都在运用重要的杠杆作用。重要的是,DFI零售集团控股有限公司的息税前利润(EBIT)在过去12个月中惊人地下降了33%。如果这种盈利趋势继续下去,偿还债务将与将猫引入过山车一样困难。分析债务水平时,资产负债表显然是开始的地方。但最终企业未来的盈利能力将决定DFI零售集团控股能否随着时间的推移加强其资产负债表。如果想了解专业人士的看法,可以查看分析师利润预测的免费报告。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我们使用两个主要的比率来告诉我们相对于收益的债务水平。第一个是净债务除以利息、税、折旧和摊销前利润(EBITDA),而第二个是其利润前利息和税(EBIT)覆盖其利息费用的次数(或其利息覆盖率,简称)。因此,我们考虑与折旧和摊销费用相关的盈利以及没有相关费用的盈利相对于债务水平。
Even though DFI Retail Group Holdings's debt is only 2.0, its interest cover is really very low at 1.2. This does have us wondering if the company pays high interest because it is considered risky. Either way there's no doubt the stock is using meaningful leverage. Importantly, DFI Retail Group Holdings's EBIT fell a jaw-dropping 33% in the last twelve months. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if DFI Retail Group 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.
但我们最后的考虑也很重要,因为公司不能用纸面利润来偿还债务,只能使用真金白银。因此,我们必须清楚地看到这种息税前利润是否导致相应的自由现金流。在过去三年中,DFI零售集团控股实际上产生的自由现金流比息税前利润还多。当涉及到留在贷款人善意中最好的事情莫过于进账。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, DFI Retail Group Holdings actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
坦白说,DFI零售集团控股的息税前利润增长率及其掌控总负债记录的记录使我们对其债务水平感到相当不舒服。但至少它相当擅长将息税前利润转化为自由现金流;这是令人鼓舞的。我们非常清楚地认为,由于其资产负债表状况不佳,我们认为DFI零售集团控股真的非常危险。所以我们对这只股票警惕异常,就像一个饥饿的小猫对主人的池塘一样:一朝被蛇咬,十年怕井绳。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有的投资风险都在资产负债表中。案例就证明了这一点:我们发现DFI零售集团控股有2个警告标志,你应该知道,其中一个不能被忽视。
Our View
我们的观点
To be frank both DFI Retail Group Holdings's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. We're quite clear that we consider DFI Retail Group Holdings to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for DFI Retail Group Holdings you should be aware of, and 1 of them shouldn't be ignored.
总的来说,DFI零售集团控股的息税前利润增长率以及掌控其总负债记录的记录让我们对其债务水平感到相当不舒服。但至少它相当擅长将息税前利润转化为自由现金流;这是令人鼓舞的。我们非常清楚地认为,由于其资产负债表状况不佳,我们认为DFI零售集团控股真的非常危险。所以我们对这只股票警惕异常,就像一个饥饿的小猫对主人的池塘一样:一朝被蛇咬,十年怕井绳。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有的投资风险都在资产负债表中。案例就证明了这一点:我们发现DFI零售集团控股有2个警告标志,你应该知道,其中一个不能被忽视。
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.
说到底,有时更容易关注那些甚至不需要债务的公司。读者可以免费查看零净债务增长股票列表,立即获得。
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