Does Savers Value Village (NYSE:SVV) Have A Healthy Balance Sheet?
Does Savers Value Village (NYSE:SVV) Have A Healthy Balance Sheet?
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. As with many other companies Savers Value Village, Inc. (NYSE:SVV) makes use of debt. But is this debt a concern to shareholders?
一些人认为,作为投资者,波动性而不是债务是思考风险的最好方式,但沃伦·巴菲特曾经著名地说过:“波动性远非风险的同义词。” 因此,当你考虑任何给定的股票有多大风险时,你需要考虑债务,因为太多债务可能会沉没一家公司。与许多其他公司一样,Savers Value Village,Inc. (NYSE: SVV) 也利用债务。 但是,这种债务是否会对股东构成担忧呢?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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. When we think about a company's use of debt, we first look at cash and debt together.
债务对于企业而言,在企业能够通过新的资本或自由现金流偿还其债务之前是有帮助的。在最坏的情况下,如果一家公司无法偿还其债权人,它可能会破产。然而,一种更常见但仍然痛楚的情况是,它必须以低价筹集新的股本资本,从而不断稀释股东的权益。然而,通过取代稀释,债务可以成为那些需要资本来以高回报率投资于成长的企业的极好工具。当我们考虑一家公司的债务使用情况时,我们首先看现金和债务。
What Is Savers Value Village's Net Debt?
Savers Value Village的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that Savers Value Village had US$741.9m of debt in March 2024, down from US$1.12b, one year before. However, because it has a cash reserve of US$112.2m, its net debt is less, at about US$629.7m.
您可以单击下面的图形以获取历史数据,但它显示,Savers Value Village在2024年3月有7.419亿美元的债务,比一年前的11.2亿美元减少。但是,由于它有一笔1.122亿美元的现金储备,因此其净债务就会少一些,约为629.7亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240614/0-704d93d5c6d6fb421c286db79af610f4-0-2a6d68e9a09c11e689b1d883758935d2.png/big)
A Look At Savers Value Village's Liabilities
看一下Savers Value Village的负债
Zooming in on the latest balance sheet data, we can see that Savers Value Village had liabilities of US$221.3m due within 12 months and liabilities of US$1.20b due beyond that. On the other hand, it had cash of US$112.2m and US$12.6m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.30b.
放大最新的资产负债表数据,我们可以看到Savers Value Village在12个月内有2.213亿美元的负债,超过1.2亿美元到期。另一方面,它有1.122亿美元的现金和12.6万美元的应收账款到期一年内。因此,它的负债超过其现金和(近期)应收账款的总和1.3亿美元。相对于其市值2.11亿美元,这是一座巨大的杠杆山。如果其贷款人要求其加强资产负债表,股东可能会面临严重的稀释。
This is a mountain of leverage relative to its market capitalization of US$2.11b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
虽然Savers Value Village的债务/ EBITDA比率(3.0)表明它使用了一些债务,但其利息覆盖率非常弱,为1.8,表明杠杆率很高。最近,借款成本对股东的回报产生了负面影响。更糟糕的是,Savers Value Village的EBIT去年下降了25%。如果收益在长期内继续下降,它就没有可能偿还这笔债务。毫无疑问,我们从资产负债表上了解到的是关于债务的大部分内容。但是,未来的收益尤其是将决定Savers Value Village在未来维持健康资产负债表的能力。因此,如果您想了解专业人士的看法,您可能会发现有分析师利润预测的免费报告很有趣。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通过查看公司的净债务与利息、税、折旧、摊销前利润(EBITDA)之比以及它的利息费用(利息覆盖率)可以衡量一个公司的债务负担与收益能力。因此,我们考虑将债务与有无计算折旧和摊销费用的收益相对比。
While Savers Value Village's debt to EBITDA ratio (3.0) suggests that it uses some debt, its interest cover is very weak, at 1.8, suggesting high leverage. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. Worse, Savers Value Village's EBIT was down 25% over the last year. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. 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 Savers Value Village'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.
但我们最后的考虑也很重要,因为公司无法用纸上收益偿还债务,它需要现金。因此,逻辑的下一步是查看由实际自由现金流匹配的EBIT的比例。在过去的三年中,Savers Value Village的自由现金流金额为其EBIT的47%,低于我们的预期。就偿还债务而言,这并不好。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Savers Value Village's free cash flow amounted to 47% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
坦白地说,Savers Value Village的利息覆盖率和其EBIT增长(不)的记录使我们对其债务水平感到相当不安。但至少它将EBIT转换为自由现金流的转换并不那么糟糕。从更大的角度来看,我们认为Savers Value Village使用债务正在为该公司带来风险。如果一切顺利,这应该会提高回报,但另一方面,债务引起的永久性资本损失风险也会升高。在分析债务时,资产负债表显然是需要关注的领域。但归根结底,每家公司都可能存在超出资产负债表以外的风险。因此,您应该了解我们发现Savers Value Village的2个警告信号(其中1个是重要的)。
Our View
我们的观点
To be frank both Savers Value Village's interest cover and its track record of (not) growing its EBIT make us rather uncomfortable with its debt levels. But at least its conversion of EBIT to free cash flow is not so bad. Looking at the bigger picture, it seems clear to us that Savers Value Village's use of debt is creating risks for the company. If all goes well, that should boost returns, but on the flip side, the risk of permanent capital loss is elevated by the debt. 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. To that end, you should learn about the 2 warning signs we've spotted with Savers Value Village (including 1 which is significant) .
一些人认为,作为投资者,波动性而不是债务是思考风险的最好方式,但沃伦·巴菲特曾经著名地说过:“波动性远非风险的同义词。” 因此,当你考虑任何给定的股票有多大风险时,你需要考虑债务,因为太多债务可能会沉没一家公司。与许多其他公司一样,Savers Value Village,Inc. (NYSE: SVV) 也利用债务。 但是,这种债务是否会对股东构成担忧呢?
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.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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