These 4 Measures Indicate That Bloomin' Brands (NASDAQ:BLMN) Is Using Debt Extensively
These 4 Measures Indicate That Bloomin' Brands (NASDAQ:BLMN) 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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Bloomin' Brands, Inc. (NASDAQ:BLMN) does use debt in its business. But the more important question is: how much risk is that debt creating?
传奇基金经理陆奇(Charlie Munger的支持者)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受到资本永久损失。”因此,明智的投资者知道,通常涉及破产的债务是评估企业风险的非常重要的因素。我们可以看到Bloomin' Brands, Inc.(纳斯达克:BLMN)确实在其业务中使用了债务。但更重要的问题是:这笔债务创建了多少风险?
When Is Debt A Problem?
什么时候负债才是一个问题?
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 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 step when considering a company's debt levels is to consider its cash and debt together.
当企业无法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债务时,债务和其他负债对企业变得高风险。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(但仍然痛苦的)情况是,它不得不以较低的价格募集新股本,从而永久性地稀释股东的权益。当然,债务在企业中可以是一个重要的工具,特别是资本密集型企业。考虑一家公司的债务水平时的第一步是将其现金和债务作为一个整体来考虑。
What Is Bloomin' Brands's Net Debt?
Bloomin' Brands的净债务是多少?
The image below, which you can click on for greater detail, shows that at June 2024 Bloomin' Brands had debt of US$1.00b, up from US$764.0m in one year. However, it also had US$117.9m in cash, and so its net debt is US$884.5m.
下图可以点击以获取更详细信息,显示在2024年6月,Bloomin' Brands的债务从一年前的7640万美元增加到了10亿美元。但它还拥有11790万美元的现金,因此其净债务为88450万美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240811/0-f06f0ef9ce5522f6fbda4224d7b81e1f-0-a35274c795191a131f7d3d33d8e18178.png/big)
A Look At Bloomin' Brands' Liabilities
着眼于最新的资产负债表数据,我们可以看到Bloomin' Brands有86730万美元的负债在12个月内到期,224亿美元的负债超过了12个月的期限。抵消这些责任,它有11790万美元的现金以及价值5580万美元的应收账款,在12个月内到期。因此,它的负债总额超过了现金和短期应收账款的293亿美元。这种不足严重影响着这家133亿美元的公司,就像一个孩子背着装满书、运动装备和小号的巨大背包一样。因此,毫无疑问,我们会密切关注它的资产负债表。归根结底,如果其债权人要求偿还债务,Bloomin' Brands可能需要进行重大的再资本化。
Zooming in on the latest balance sheet data, we can see that Bloomin' Brands had liabilities of US$867.3m due within 12 months and liabilities of US$2.24b due beyond that. Offsetting these obligations, it had cash of US$117.9m as well as receivables valued at US$55.8m due within 12 months. So it has liabilities totalling US$2.93b more than its cash and near-term receivables, combined.
Bloomin' Brands的净债务值为EBITDA的1.8倍,这并不算太多,但其利息覆盖率看起来有点偏低,因为其EBIT仅为利息支出的5.3倍。虽然这不会让我们太担心,但它确实表明利息支出是某种负担。不幸的是,Bloomin' Brands的EBIT在过去的四个季度下跌了19%。如果收益继续以那样的速度下降,那么处理债务将比带着三个五十亿美元的孩子去一家高档餐厅麻烦得多。显然,资产负债表是分析债务的关键领域。但归根结底,业务未来的盈利能力将决定Bloomin' Brands能否随着时间的推移加强其资产负债表。因此,如果您想看看专业人士的看法,您可能会发现这份有关分析师盈利预测的免费报告很有趣。
The deficiency here weighs heavily on the US$1.33b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Bloomin' Brands would probably need a major re-capitalization if its creditors were to demand repayment.
但我们的最后考虑也很重要,因为一家公司不能用纸质利润来偿还债务,它需要硬通货。因此,逻辑上的下一步是查看与实际自由现金流相匹配的EBIT的比例。在过去的三年中,Bloomin' Brands的自由现金流占其EBIT的43%,低于我们的预期。这种薄弱的现金转换使得处理负债更加困难。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们通过将公司的净债务与其息税折旧摊销前利润(EBITDA)相除,并计算其息税前利润(EBIT)如何覆盖其利息费用(利息覆盖率)来衡量公司的债务负担相对于其盈利能力。因此,我们同时考虑债务的绝对数量以及所支付的利率。
Bloomin' Brands has net debt worth 1.8 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 that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Unfortunately, Bloomin' Brands's EBIT flopped 19% over the last four quarters. If earnings continue to decline at that rate then handling the debt will be more difficult than taking three children under 5 to a fancy pants restaurant. 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 Bloomin' Brands 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.
坦白说,Bloomin' Brands的EBIT增长率和其控制总负债的记录让我们对其债务水平感到相当不舒服。但起码它的净债务与EBITDA的比率不算太糟糕。总的来说,我们认为Bloomin' Brands的资产负债表对业务构成了相当大的风险。因此,我们对这只股票的警惕程度几乎与一个饥饿的小猫对于掉进其主人的鱼塘中感到的担忧一样:一朝被蛇咬,十年怕草绳。显然,资产负债表是分析债务的关键领域。但归根结底,每一家公司都可能存在在资产负债表之外存在的风险。例如:我们已经发现了 Bloomin' Brands的4项警告信号您应该注意,其中1项让我们感到有些不舒服。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Bloomin' Brands's free cash flow amounted to 43% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但我们最后的考虑也很重要,因为一家公司不能用虚拟利润支付债务;它需要冷硬的现金。因此,逻辑上的下一步是查看实际自由现金流所占的EBIT的比例。在过去的三年中,Bloomin' Brands的自由现金流占其EBIT的43%,低于我们的预期。这种薄弱的现金转换使得处理负债更加困难。
Our View
我们的观点
To be frank both Bloomin' Brands's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least its net debt to EBITDA is not so bad. Overall, it seems to us that Bloomin' Brands's balance sheet is really quite a risk to the business. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. 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. Case in point: We've spotted 4 warning signs for Bloomin' Brands you should be aware of, and 1 of them makes us a bit uncomfortable.
坦白说,Bloomin' Brands的EBIT增长率和其控制总负债的记录让我们对其债务水平感到相当不舒服。但起码它的净债务与EBITDA的比率不算太糟糕。总的来说,我们认为Bloomin' Brands的资产负债表对业务构成了相当大的风险。因此,我们对这只股票的警惕程度几乎与一个饥饿的小猫对于掉进其主人的鱼塘中感到的担忧一样:一朝被蛇咬,十年怕草绳。显然,资产负债表是分析债务的关键领域。但归根结底,每一家公司都可能存在在资产负债表之外存在的风险。例如:我们已经发现了Bloomin' Brands的4项警告信号您应该注意,其中1项让我们感到有些不舒服。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。