These 4 Measures Indicate That Cinemark Holdings (NYSE:CNK) Is Using Debt Extensively
These 4 Measures Indicate That Cinemark Holdings (NYSE:CNK) Is Using Debt Extensively
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Cinemark Holdings, Inc. (NYSE:CNK) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
传奇基金经理李录(得到了查理·芒格的支持)曾经说过,“最大的投资风险不是价格的波动,而是资本的永久损失。”所以当你考虑股份公司的风险性时,很自然地就会看看它的资产负债表,因为企业破产时往往涉及到债务。我们注意到,Cinemark Holdings, Inc.(纽约证券交易所:CNK)的资产负债表上确实有债务。但是股东们是否应该担心它的债务使用呢?
What Risk Does Debt Bring?
债务带来了什么风险?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
债务支持企业,直到企业出现困难无法偿还,无论是通过新的资本还是通过自由现金流。在最坏的情况下,如果一个公司无法偿还其债权人,它可能会破产。但是,更为常见(但仍然昂贵)的情况是,一个公司必须以低廉的股价稀释股东,以便控制债务。然而,通过取代稀释,债务可以成为需要资本投资高回报扩张的企业的极好工具。当我们审查债务水平时,我们首先考虑现金和债务水平。
What Is Cinemark Holdings's Net Debt?
Cinemark Holdings公司的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that Cinemark Holdings had US$2.25b of debt in June 2024, down from US$2.40b, one year before. However, it also had US$796.7m in cash, and so its net debt is US$1.45b.
您可以点击下面的图表查看历史数据,但是它显示Cinemark Holdings在2024年6月有2.25亿美元的债务,比一年前的2.4亿美元下降。然而,它还有7,967万美元的现金,因此其净债务为1.45亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240811/0-cdc3643f1b17ea0d0c10a5706a4a36ed-0-6c94e0a59bb638f62ae0840538293e10.png/big)
How Strong Is Cinemark Holdings' Balance Sheet?
Cinemark Holdings的资产负债表有多强?
According to the last reported balance sheet, Cinemark Holdings had liabilities of US$780.5m due within 12 months, and liabilities of US$3.63b due beyond 12 months. Offsetting this, it had US$796.7m in cash and US$141.4m in receivables that were due within 12 months. So its liabilities total US$3.47b more than the combination of its cash and short-term receivables.
根据最近一份报表, Cinemark Holdings当前有7805万美元的负债需要在12个月内偿还,而在12个月以上的负债为3.63亿美元。抵消这些负债,它有7,967万美元的现金和1,414万美元的应收账款需要在12个月内偿还。所以,其负债总额比现金和短期应收账款的组合多347亿美元。
Given this deficit is actually higher than the company's market capitalization of US$3.12b, we think shareholders really should watch Cinemark Holdings's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
考虑到这种负债实际上比公司的市值312美元还要高,我们认为股东们真的应该像父母看着他们的孩子第一次骑车一样关注Cinemark Holdings的债务水平。假设公司被迫以当前股价筹集资本偿还债务,则需要极高的股份稀释。
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.
为了比较一个公司的债务与其收益的关系,我们计算其净债务除以利息、税、折旧和摊销前的收益和利息前的收益(其利息覆盖率)。因此,我们考虑了债务的绝对数量以及支付的利率。
While we wouldn't worry about Cinemark Holdings's net debt to EBITDA ratio of 3.1, we think its super-low interest cover of 2.4 times is a sign of high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. The good news is that Cinemark Holdings improved its EBIT by 8.7% over the last twelve months, thus gradually reducing its debt levels relative to its earnings. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Cinemark Holdings'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.
虽然我们不必担心Cinemark Holdings的净债务与EBITDA比率(3.1),但我们认为其超低利息覆盖倍数(2.4倍)是高杠杆的标志。因此,股东们应该明白利息支出最近真正影响了公司的业绩。好消息是,Cinemark Holdings在过去十二个月内提高了EBIt 8.7%,因此逐渐降低了相对于其收益的债务水平。分析债务水平时,资产负债表是显而易见的起点。但是,未来的盈利决定了Cinemark Holdings的维持健康资产负债表的能力。如果您关注未来,请查看此免费报告,其中显示了分析师的利润预测。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Cinemark Holdings recorded free cash flow worth a fulsome 97% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
最后,尽管税务人员可能喜欢会计利润,但借款人只接受冰冷的现金。因此,合乎逻辑的步骤是查看由实际自由现金流匹配的EBIt所占比例。在过去三年中,Cinemark Holdings记录的自由现金流价值相当于其EBit的97%,这比我们通常预期的要强。这使其有很好的立足之地,如果有必要偿还债务,它将能够这样做。
Our View
我们的观点
Neither Cinemark Holdings's ability to cover its interest expense with its EBIT nor its level of total liabilities gave us confidence in its ability to take on more debt. But its conversion of EBIT to free cash flow tells a very different story, and suggests some resilience. We think that Cinemark Holdings's debt does make it a bit risky, after considering the aforementioned data points together. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Cinemark Holdings that you should be aware of before investing here.
既不是Cinemark Holdings用其EBIt覆盖利息支出的能力,也不是其总负债额的水平让我们对其承担更多债务的能力有信心。但其EBIt转化为自由现金流的情况告诉了我们完全不同的故事,表明它具有一定的弹性。我们认为,在考虑了前述数据点之后,Cinemark Holdings的债务使其有些风险。并非所有的风险都是负面的,如果行之有效,它甚至能提高股价回报。但是,这种债务风险值得谨记。从资产负债表中可以得到关于债务的大部分信息是毫无疑问的。然而,并非所有的投资风险都驻留在资产负债表之内。例如,我们在此发现了1个Cinemark Holdings的警示信号,您在此之前应该注意一下。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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