We Think Clean Harbors (NYSE:CLH) Is Taking Some Risk With Its Debt
We Think Clean Harbors (NYSE:CLH) Is Taking Some Risk With Its Debt
Warren Buffett famously said, '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 Clean Harbors, Inc. (NYSE:CLH) does use debt in its business. But should shareholders be worried about its use of debt?
沃伦•巴菲特曾说:“波动性和风险不是同义词。”因此,当你考虑任何给定股票的风险时,需要考虑债务,因为过多的债务可能会拖垮一家公司。我们可以看到Clean Harbors公司(纽交所:CLH)在业务中使用了债务。但是,股东们应该担心它使用债务的情况吗?
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. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
当一个企业无法轻松地通过自由现金流或以合理价格筹集资金来履行债务和其他负债时,债务和其他负债就会成为企业的风险。如果情况变得非常糟糕,贷款人可以控制企业。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以廉价的股票价格稀释股东,以控制债务。当然,很多公司使用债务来资助业务增长,没有任何负面后果。当我们考虑一家公司如何使用债务时,我们首先关注现金和债务的总体情况。
What Is Clean Harbors's Debt?
Clean Harbors的债务是什么?
As you can see below, at the end of March 2024, Clean Harbors had US$2.79b of debt, up from US$2.42b a year ago. Click the image for more detail. However, it does have US$442.6m in cash offsetting this, leading to net debt of about US$2.35b.
正如下图所示,在2024年3月底,Clean Harbors的债务达到了27.9亿美元,比一年前的24.2亿美元增加了。 但是,它确实拥有4.426亿美元的现金来抵消这一点,导致净债务约为23.5亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240701/0-65b704f1df48470d5121128a0c92f895-0-39b6338610d044a907592fa96eafd13c.png/big)
A Look At Clean Harbors' Liabilities
我们可以从最近的资产负债表看出,Clean Harbors在一年内到期的负债总额为10.2亿美元,而超过一年的负债总额为36.1亿美元。 与此同时,它有4.426亿美元的现金和12个月内到期的1.21亿美元的应收账款。因此,其负债总额比其现金和短期应收账款的组合多出了29.8亿美元。
We can see from the most recent balance sheet that Clean Harbors had liabilities of US$1.02b falling due within a year, and liabilities of US$3.61b due beyond that. Offsetting this, it had US$442.6m in cash and US$1.21b in receivables that were due within 12 months. So its liabilities total US$2.98b more than the combination of its cash and short-term receivables.
这种负债不足并不坏,因为Clean Harbors的价值高达122亿美元,因此如果需要,可能可以筹集足够的资金来支撑其资产负债表。但很明显,我们应该仔细检查它是否可以管理其债务而不影响自身业务。 Clean Harbors的净债务为EBITDA的2.4倍,不算太多,但它的利息覆盖率似乎有点低 ,EBIT只有利息支出的5.3倍。虽然这些数据并不让我们担忧,但值得注意的是,公司的债务成本正在实际产生影响。不幸的是,Clean Harbors在过去12个月中的EBIT下降了7.7%。如果这种盈利趋势继续,其债务负担将变得沉重,就像一只看着自己唯一的幼崽的北极熊的心脏一样。毫无疑问,我们最多还是从资产负债表中了解债务情况。但最终,业务的未来盈利能力将决定Clean Harbors是否能够逐步加强其资产负债表。因此,如果您关注未来,可以查看这份免费报告,其中显示了分析师的盈利预测。
This deficit isn't so bad because Clean Harbors is worth a massive US$12.2b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
最后,尽管税务官员可能喜欢会计利润,但贷款人只接受冰冷的现金。因此,我们清楚地需要查看EBIT是否导致相应的自由现金流。在过去三年中,Clean Harbors的自由现金流占其EBIT的比例为42%,低于我们的预期,这种较弱的现金转换使其更难处理负债。 Clean Harbors的EBIT增长率在这一分析中确实是一大阴影,尽管我们考虑的其他因素使其看起来好了很多。但从光明的一面来看,它处理其总负债的能力并不差。考虑到上述数据点后,我们认为Clean Harbors的债务确实使其有些风险。这并不一定是一件坏事,因为增加杠杆比率可以提高股本回报率,但这也是需要注意的。显然,资产负债表是分析债务的关键领域。然而,并不是所有的投资风险都驻留在资产负债表上,远非如此。我们已经发现了Clean Harbors的2个警告信号,了解它们应该是您投资过程的一部分。
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。
Clean Harbors has net debt worth 2.4 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 5.3 times the interest expense. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. Unfortunately, Clean Harbors saw its EBIT slide 7.7% in the last twelve months. If that earnings trend continues then its debt load will grow heavy like the heart of a polar bear watching its sole cub. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Clean Harbors can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Clean Harbors的净债务为EBITDA的2.4倍,不算太多,但它的利息覆盖率似乎有点低,EBIT只有利息支出的5.3倍。虽然这些数字并不让我们担心,但值得注意的是,公司的债务成本正在实际产生影响。不幸的是,Clean Harbors在过去12个月中的EBIT下降了7.7%。如果这种盈利趋势继续,其债务负担将变得沉重,就像一只看着自己唯一的幼崽的北极熊的心脏一样。毫无疑问,我们最多还是从资产负债表中了解债务情况。但最终,业务的未来盈利能力将决定Clean Harbors是否能够逐步加强其资产负债表。因此,如果您关注未来,可以查看这份免费报告,其中显示了分析师的盈利预测。
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. In the last three years, Clean Harbors's free cash flow amounted to 42% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,尽管税务官员可能喜欢会计利润,但贷款人只接受冰冷的现金。因此,我们清楚地需要查看EBIT是否导致相应的自由现金流。在过去三年中,Clean Harbors的自由现金流占其EBIT的比例为42%,低于我们的预期,这种较弱的现金转换使其更难处理负债。
Our View
我们的观点
Clean Harbors's EBIT growth rate was a real negative on this analysis, although the other factors we considered cast it in a significantly better light. But on the bright side, its ability to to handle its total liabilities isn't too shabby at all. We think that Clean Harbors's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 2 warning signs with Clean Harbors , and understanding them should be part of your investment process.
Clean Harbors的EBIT增长率在这一分析中确实是一大阴影,尽管我们考虑的其他因素使其看起来好了很多。但从光明的一面来看,它处理其总负债的能力并不差。考虑到上述数据点后,我们认为Clean Harbors的债务确实使其有些风险。这并不一定是一件坏事,因为增加杠杆比率可以提高股本回报率,但这也是需要注意的。显然,资产负债表是分析债务的关键领域。然而,并不是所有的投资风险都驻留在资产负债表上,远非如此。我们已经发现了Clean Harbors的2个警告信号,了解它们应该是您投资过程的一部分。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果您在所有这些工作之后,更感兴趣于拥有坚实资产负债表的快速发展公司,请立即查看我们的净现金成长股列表。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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