Does Nordson (NASDAQ:NDSN) Have A Healthy Balance Sheet?
Does Nordson (NASDAQ:NDSN) 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. Importantly, Nordson Corporation (NASDAQ:NDSN) does carry debt. But the more important question is: how much risk is that debt creating?
作为投资者,有人认为波动性而非负债,是最好的风险思考方式,但沃伦·巴菲特曾经说过:“波动性远非风险的同义词。”因此,当您考虑任何股票有多大风险时,您需要考虑负债,因为过多的负债会导致一家公司破产。当然,Nordson公司(NASDAQ:NDSN)确实承担了负债。但更重要的问题是:这些负债造成了多大的风险?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
当一家公司不能通过自由现金流或以有吸引力的价格筹集资本来轻松履行这些义务时,债务和其他负债会对公司构成风险。 在最糟糕的情况下,如果一家公司无法还清债务,它可能会破产。 然而,一个更为普遍(但仍然痛苦)的情况是,它必须以低价募集新的股本,从而永久性地稀释股东的利益。 尽管如此,最常见的情况是公司合理管理债务,并以自己的利益进行管理。 当我们审查债务水平时,我们首先考虑现金和债务水平。
How Much Debt Does Nordson Carry?
Nordson承担了多少负债?
As you can see below, at the end of April 2024, Nordson had US$1.53b of debt, up from US$949.2m a year ago. Click the image for more detail. However, it also had US$125.4m in cash, and so its net debt is US$1.41b.
从下面可以看出,2024年4月底,Nordson的债务为1.53亿美元,比一年前的9492万美元增加了1.03亿美元。点击图像获取更多详细信息。然而,它也有1.25亿美元的现金,因此其净债务为14.1亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240711/0-e4fb6597d041e3e39462c33861bf56fb-0-5c9bb9f0eca81f0363b8e60b6bce6021.png/big)
How Healthy Is Nordson's Balance Sheet?
Nordson的资产负债表状况如何?
We can see from the most recent balance sheet that Nordson had liabilities of US$536.0m falling due within a year, and liabilities of US$1.85b due beyond that. Offsetting these obligations, it had cash of US$125.4m as well as receivables valued at US$530.3m due within 12 months. So its liabilities total US$1.73b more than the combination of its cash and short-term receivables.
我们从最近的资产负债表上可以看到,Nordson面临着5,360万美元的短期到期负债,以及18.5亿美元的长期到期负债。然而,抵消这些义务的是,它有1.25亿美元的现金和价值为530.3万美元的应收账款,到期时间为12个月内。因此,它的负债总额比其现金和短期应收账款的组合多1.73亿美元。
Of course, Nordson has a titanic market capitalization of US$12.9b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
当然,Nordson拥有巨额市值达12.9亿美元,因此这些负债可能是可控的。然而,我们确实认为值得关注其资产负债表的状况,因为这种状况可能会随着时间而变化。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
为了衡量公司债务相对于其收益的大小,我们计算其净债务除以利息、税、折旧和摊销前收益(EBITDA)以及其税前收益与利息支出(其利息覆盖率)的比率。这样,我们既考虑了债务的绝对量,也考虑了所支付的利率。
Nordson's net debt of 1.7 times EBITDA suggests graceful use of debt. And the fact that its trailing twelve months of EBIT was 9.1 times its interest expenses harmonizes with that theme. We saw Nordson grow its EBIT by 7.2% in the last twelve months. Whilst that hardly knocks our socks off it is a positive when it comes to debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Nordson 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.
Nordson的净债务占EBITDA的比例为1.7倍,这表明它合理地使用债务。事实上,其过去12个月的EBIt是其利息支出的9.1倍,这也符合这一主题。我们看到Nordson过去12个月的EBIt增长了7.2%。虽然这并没有令人惊讶,但在涉及债务时仍是一个积极因素。资产负债表显然是分析债务时要关注的领域。但最终,业务的未来盈利能力将决定Nordson能否随着时间的推移加强其资产负债表。因此,如果您想了解专业人士的想法,您可能会发现分析师利润预测的这份免费报告有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Nordson 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.
最后,一家企业需要自由现金流来偿还债务;会计利润并不能满足这一点。因此,我们始终检查EBIt有多少被转化为自由现金流。在过去三年中,Nordson产生了非常强劲的自由现金流,相当于其EBIt的80%,超出了我们的预期。这使它处于非常强劲的偿付债务的位置。
Our View
我们的观点
The good news is that Nordson's demonstrated ability to convert EBIT to free cash flow delights us like a fluffy puppy does a toddler. And that's just the beginning of the good news since its interest cover is also very heartening. When we consider the range of factors above, it looks like Nordson is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Nordson is showing 1 warning sign in our investment analysis , you should know about...
好消息是,Nordson转换EBIt为自由现金流的能力令我们像毛茸茸的小狗一样感到高兴。这只是好消息的开始,因为它的利息覆盖率也非常令人振奋。当我们考虑上述因素的范围时,Nordson在使用债务方面似乎非常明智。尽管这带来了一些风险,但也可以增加股东的回报率。在分析债务水平时,资产负债表是明显的起点。但最终,每家公司都可能存在资产负债表之外存在的风险。请注意,Nordson在我们的投资分析中显示了1个警告信号,您需要了解...
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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