B&G Foods (NYSE:BGS) Seems To Be Using A Lot Of Debt
B&G Foods (NYSE:BGS) Seems To Be Using A Lot Of Debt
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that B&G Foods, Inc. (NYSE:BGS) does use debt in its business. But is this debt a concern to shareholders?
作为一名投资者,有人认为波动性而非债务是衡量风险的最佳方式,但沃伦·巴菲特曾经说过:“波动性远非风险的代名词。”当我们考虑一家公司的风险时,我们总是喜欢看它的债务使用情况,因为过度的债务可能会导致毁灭。我们可以看到B&G食品公司(纽交所:BGS)在业务中使用了债务,但这对股东来说是否令人担忧?
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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务帮助企业,在企业无法偿还债务时,企业可以从新资本或自由现金流中偿还债务。在最坏的情况下,如果公司无法偿还债务,它会破产。然而,更常见(但仍然痛苦)的情况是,它必须以低价筹集新的股本资金,从而永久性地稀释股东的权益。当然,债务可以是企业中的重要工具,特别是资本重型企业。在考虑企业使用多少债务时,首先要做的是将其现金和债务放在一起看。
How Much Debt Does B&G Foods Carry?
B&G食品公司负债有多重?
You can click the graphic below for the historical numbers, but it shows that B&G Foods had US$2.04b of debt in March 2024, down from US$2.28b, one year before. On the flip side, it has US$42.5m in cash leading to net debt of about US$1.99b.
您可以点击以下图表查看历史数据,它显示B&G食品公司于2024年3月有2.04亿美元的债务,比一年前的2.28亿美元要少。反过来,它有4250万美元的现金,导致净债务约为1.99亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240717/0-92cb56b2b76a2c21859dc6f810d9dafb-0-2900ceafe2043c6b7b45f957f1625c17.png/big)
How Healthy Is B&G Foods' Balance Sheet?
B&G食品公司的资产负债表状况如何?
According to the last reported balance sheet, B&G Foods had liabilities of US$244.2m due within 12 months, and liabilities of US$2.34b due beyond 12 months. On the other hand, it had cash of US$42.5m and US$139.3m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$2.40b.
根据最近公布的资产负债表,B&G食品公司的负债包括在12个月内到期的2.442亿美元,以及逾12个月到期的23.4亿美元。另一方面,它有4250万美元的现金和1.393亿美元的一年内到期的应收账款。因此,其负债超过其现金和(短期)应收账款的总和约2.4亿美元。这种赤字像巨人一样笼罩着这家63,080万美元的公司,所以我们肯定认为股东需要密切关注此事。毕竟,如果B&G食品公司今天必须向其债权人支付债务,那么它可能需要进行大规模的再融资。
This deficit casts a shadow over the US$630.8m company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. After all, B&G Foods would likely require a major re-capitalisation if it had to pay its creditors today.
1.6倍的较低利息覆盖率和6.6的高净债务/EBITDA比率,像针对B&G食品公司的肚子一样打击了我们对其的信恳智能。这意味着我们认为其负债较重。稍微积极一点的是,B&G食品公司去年的EBIt增长率为10%,进一步提高了其管理债务的能力。当你分析债务时,资产负债表显然是需要关注的领域。但是,最终企业未来的盈利能力将决定B&G食品公司能否随着时间的推移加强其资产负债表。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利润预测。
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
BJ批发俱乐部控股公司的净债务只有EBITDA的0.62倍。而其EBIT轻松覆盖其利息费用,比例为12.6倍。因此,我们对其超级保守的债务使用感到相当放心。虽然BJ批发俱乐部控股公司在EBIT方面没有取得太多进展,但至少其盈利保持稳定。当分析债务水平时,资产负债表是显然的切入点。但归根结底,企业未来的盈利能力将决定BJ批发俱乐部控股公司能否随着时间的推移加强资产负债表。因此,如果你要关注未来,可以查看一下这份免费的分析报告,了解分析师的盈利预测。
Weak interest cover of 1.6 times and a disturbingly high net debt to EBITDA ratio of 6.6 hit our confidence in B&G Foods like a one-two punch to the gut. This means we'd consider it to have a heavy debt load. On a slightly more positive note, B&G Foods grew its EBIT at 10% over the last year, further increasing its ability to manage 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 B&G Foods 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.
最后,一家公司只能用冰冷的现金而不是会计利润支付债务。因此,我们始终检查多少EBIt被转化为自由现金流。在过去三年中,B&G食品公司的自由现金流占其EBIt的39%,低于我们的预期。这对于还债来说并不好。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. In the last three years, B&G Foods's free cash flow amounted to 39% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
坦白地说,B&G食品公司的净债务/EBITDA和其应对其总负债的记录使我们对其的债务水平感到相当不舒服。但是,在积极方面,其EBIt增长率是一个好的迹象,使我们更加乐观。总的来说,我们认为B&G食品公司的资产负债表真的对企业构成了巨大的风险。由于这个原因,我们对股票非常谨慎,我们认为股东应该密切关注其流动性。当你分析债务时,资产负债表显然是需要关注的领域。但是,最终每家公司都可能存在超出资产负债表之外的风险。为此,您应该了解我们已经发现的B&G食品公司的3个警告标志(包括一个不应忽视的标志)。
Our View
我们的观点
To be frank both B&G Foods's net debt to EBITDA and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Overall, it seems to us that B&G Foods's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. 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 3 warning signs we've spotted with B&G Foods (including 1 which shouldn't be ignored) .
总的来说,对于B&G食品公司的净债务/EBITDA和其保持总负债控制的记录,我们都对其债务水平感到不安。但更积极的是,它的EBIt增长率是一个好兆头,使我们更加乐观。总的来说,我们认为B&G食品公司的资产负债表对企业构成了真正的风险。因此,我们对股票非常谨慎,我们认为股东应该密切关注其流动性。当你分析债务时,资产负债表显然是需要关注的领域。但是,最终每个企业都可能存在资产负债表之外的风险。为此,您应该了解我们发现的B&G食品公司的3个警告标志(包括一个不应被忽视的标志) 。如果您希望更加关注未来,可以查看这份显示分析师利润预测的免费报告。
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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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.
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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?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。