Camtek (NASDAQ:CAMT) Seems To Use Debt Quite Sensibly
Camtek (NASDAQ:CAMT) Seems To Use Debt Quite Sensibly
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies Camtek Ltd. (NASDAQ:CAMT) makes use of debt. But the more important question is: how much risk is that debt creating?
伯克希尔哈撒韦的查理·芒格支持的外部基金经理李录(Li Lu)毫不掩饰地说“最大的投资风险不是价格波动,而是你是否会遭受永久性资本损失”。因此,看来聪明的钱知道,通常涉及破产的债务是公司风险评估中非常重要的因素。与许多其他公司一样,康特科技有限公司(NASDAQ:CAMT)利用了债务。但更重要的问题是:这种债务所造成的风险有多大?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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 think about a company's use of debt, we first look at cash and debt together.
一般来说,仅当公司无法轻松偿还债务时,债务才会成为真正的问题,无论是通过筹集资本还是通过自身现金流。如果情况变得非常糟糕,放贷人可以控制业务。然而,更常见的(但仍然昂贵)情况是公司必须以便宜的股票价格稀释股东权益,只是为了控制债务。当然,债务的好处在于它经常代表便宜的资本,尤其是当它用高回报率的再投资替换公司稀释股份时。当我们考虑公司使用债务时,我们首先查看现金和债务。
What Is Camtek's Net Debt?
康特科技的净债务是多少?
As you can see below, Camtek had US$197.1m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds US$377.2m in cash, so it actually has US$180.1m net cash.
如下图所示,截至2024年3月,康特科技的债务总额为1.971亿美元,与去年大致相同。单击图表以获取更多详细信息。但是,其资产负债表显示它持有3.772亿美元的现金,因此实际上拥有1.801亿美元的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240628/0-7afb8cb2b19970d0d446243ca8b208e8-0-13ee30d374951ca338c23d3f33c59d9e.png/big)
A Look At Camtek's Liabilities
康特科技的负债情况
The latest balance sheet data shows that Camtek had liabilities of US$158.1m due within a year, and liabilities of US$214.6m falling due after that. Offsetting these obligations, it had cash of US$377.2m as well as receivables valued at US$86.4m due within 12 months. So it actually has US$90.9m more liquid assets than total liabilities.
最新的资产负债表数据显示,康特科技有1.581亿美元的短期负债,在未来一年到期,并有214.6万美元的负债在到期后到期。抵消这些义务的是,它持有3.772亿美元的现金以及12个月内到期的应收账款价值8,640万美元。因此,实际上它拥有0.909亿美元。比总负债还多出了更多的流动资产。
Having regard to Camtek's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the US$5.22b company is struggling for cash, we still think it's worth monitoring its balance sheet. Simply put, the fact that Camtek has more cash than debt is arguably a good indication that it can manage its debt safely.
考虑到康特科技的规模,其流动资产与总负债似乎很平衡。因此,虽然很难想象这个市值为52.2亿美元的公司会为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。简而言之,康特科技拥有的现金比债务多可以说是其可以安全处理债务的一个很好的指示。
On the other hand, Camtek saw its EBIT drop by 4.9% in the last twelve months. That sort of decline, if sustained, will obviously make debt harder to handle. 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 Camtek'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.
另一方面,康特科技在过去十二个月中,其息税前利润(EBIT)下降了4.9%。如果持续下降,这种程度的下降将显然使得债务更难处理。毫无疑问,从资产负债表中我们了解最多有关债务的信息。但最终,决定康特科技未来维持健康资产负债表的能力的更多是未来收益,而不是任何事情。因此,如果您关注未来,可以查看此免费报告,其中显示了分析师的利润预测。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Camtek may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Camtek generated free cash flow amounting to a very robust 80% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
但我们最后考虑的也很重要,因为公司无法用非现金利润支付债务的债务,而需要冰冷的现金。康特科技可能在资产负债表上具有净现金,但查看该公司将其息税前利润(EBIT)转化为自由现金流量的效率有多高仍然很有趣,因为这将影响其管理债务的需求和能力。在过去的三年中,康特科技产生了非常强劲的80%EBIT的自由现金流量,超过我们的期望。这使其在支付债务方面处于非常强劲的地位。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Camtek has net cash of US$180.1m, as well as more liquid assets than liabilities. The cherry on top was that in converted 80% of that EBIT to free cash flow, bringing in US$71m. So is Camtek's debt a risk? It doesn't seem so to us. 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, we've discovered 1 warning sign for Camtek that you should be aware of before investing here.
尽管我们能够体会投资者对债务的担忧,但您应该记住,康特科技的净现金为180.1百万美元,而且比负债更具流动性的资产也比负债多。更令人欣喜的是,我们将其80%的EBIT转化为自由现金流,带来了7100万美元。那么康特科技的债务是否是风险呢?对我们来说似乎并不是。资产负债表显然是分析债务的重点。但最终,每个公司都可能包含超出资产负债表之外的风险。例如,我们发现了一项关于康特科技的警示标志,您应该在进行投资之前了解。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,也可以发送电子邮件至editorial-team@simplywallst.com