Is Amer Sports (NYSE:AS) A Risky Investment?
Is Amer Sports (NYSE:AS) A Risky Investment?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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 note that Amer Sports, Inc. (NYSE:AS) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
David Iben说得很好,“波动性并非我们关心的风险。我们关心的是避免资本永久性损失。”因此,当您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。我们注意到,Amer Sports, Inc. (NYSE:AS) 在其资产负债表上确实有债务。但股东们是否应该担心其债务的使用?
When Is Debt A Problem?
什么时候负债才是一个问题?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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.
债务是帮助企业增长的工具,但如果企业无法偿还债权人,那么它就会处在他们的摆布下。在最糟糕的情况下,如果无法偿还债务,则公司可能会破产。然而,更常见(但仍然昂贵)的情况是,公司必须以便宜的股票价格稀释股东,以控制债务。当然,许多公司使用债务资金进行增长,没有任何负面影响。当我们考虑公司使用债务的情况时,我们首先将现金和债务合并在一起进行审查。
What Is Amer Sports's Net Debt?
Amer Sports的净债务是多少?
The image below, which you can click on for greater detail, shows that Amer Sports had debt of US$2.03b at the end of March 2024, a reduction from US$6.24b over a year. However, it does have US$337.3m in cash offsetting this, leading to net debt of about US$1.69b.
下面的图片(您可以点击以获取更多详细信息)显示,Amer Sports在2024年3月底的债务为20.3亿美元,比一年前的62.4亿美元有所减少。但它确实有3,373万美元的现金抵消这一点,导致净债务约为1.69亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240725/0-23115a3798ab7f29f659003b9d28d102-0-e19c667c0e403fe37773953ad438a92e.png/big)
How Healthy Is Amer Sports' Balance Sheet?
Amer Sports的资产负债表健康状况如何?
Zooming in on the latest balance sheet data, we can see that Amer Sports had liabilities of US$1.11b due within 12 months and liabilities of US$3.04b due beyond that. On the other hand, it had cash of US$337.3m and US$567.1m worth of receivables due within a year. So its liabilities total US$3.24b more than the combination of its cash and short-term receivables.
仔细审查最新资产负债表数据,我们可以看到,Amer Sports应在12个月内偿还1.11亿美元的负债,并且还有30.4亿美元的负债超过这个期限。另一方面,它还有3,373万美元的现金和567.1万美元的应收账款在一年内到期。因此,其负债总额比其现金和短期应收账款的组合多出3.24亿美元。
This deficit isn't so bad because Amer Sports is worth US$5.49b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
这个逆差并不那么糟糕,因为Amer Sports价值54.9亿美元,因此如果需要,可能会筹集足够的资本来支持其资产负债表。但是,仍然值得仔细检查其偿还债务的能力。
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。
While Amer Sports's debt to EBITDA ratio (4.0) suggests that it uses some debt, its interest cover is very weak, at 0.75, suggesting high leverage. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. Even worse, Amer Sports saw its EBIT tank 23% over the last 12 months. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Amer Sports'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.
尽管Amer Sports的债务至EBITDA比率(4.0)表明其使用了一些债务,但其利息覆盖率非常弱,为0.75,表明负债率很高。似乎借款成本最近对股东的回报产生了负面影响。更糟糕的是,Amer Sports过去12个月的EBIT下降了23%。如果未来收益继续像现在这样下滑,它就没有可能偿还债务了。显然,资产负债表是需要关注的重点领域。但是,未来的收益而不是其他任何因素,将决定Amer Sports保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,您可能会发现对分析师盈利预测的这份免费报告感兴趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Amer Sports reported free cash flow worth 9.4% of its EBIT, which is really quite low. That limp level of cash conversion undermines its ability to manage and pay down debt.
最后,虽然国家税务部门可能喜欢会计利润,但债权人只接受冰冷的现金。因此,值得检查有多少EBIT由自由现金流支持。在过去三年中,Amer Sports报告的自由现金流价值相当于其EBIT的9.4%,这是非常低的。这种低迷的现金转化水平削弱了其管理和偿还债务的能力。
Our View
我们的观点
On the face of it, Amer Sports's interest cover left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. And even its net debt to EBITDA fails to inspire much confidence. Overall, it seems to us that Amer Sports'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. Given the risks around Amer Sports's use of debt, the sensible thing to do is to check if insiders have been unloading the stock.
从表面上看,Amer Sports的利息覆盖率使我们对股票感到不确定,其EBIT增长率并不比一年中最繁忙的夜晚上空无一人的餐厅更具吸引力。即使它的净债务至EBITDA也没有激发太多信心。总的来说,我们认为Amer Sports的资产负债表对企业构成了相当大的风险。因此,我们对该股票持谨慎态度,认为股东应该密切关注其流动性。考虑到Amer Sports使用债务的风险,明智的做法是检查内部人员是否一直在出售该股票。
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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。