We Think Janus International Group (NYSE:JBI) Can Stay On Top Of Its Debt
We Think Janus International Group (NYSE:JBI) Can Stay On Top Of Its Debt
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 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, Janus International Group, Inc. (NYSE:JBI) does carry debt. But the more important question is: how much risk is that debt creating?
资深基金经理李录(受查理·芒格支持)曾说:“最大的投资风险并不在于价格的波动,而在于你是否会遭受到永久性的资本损失。” 所以,当你考虑任何给定股票的风险时,需要考虑债务问题,因为太多的债务会拖垮一家公司。重要的是,纽交所上市公司Janus International Group, Inc.(NYSE:JBI)确实持有债务。但更重要的问题是:这些债务是产生了多大的风险?
What Risk Does Debt Bring?
债务带来了什么风险?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般来说,只有当公司无法轻松地偿还债务时,它才会成为真正的问题,无论是通过增资还是利用自身的现金流。 资本主义的标志之一是“创造性毁灭”过程,其中银行家无情地清算失败的企业。虽然这不太常见,但我们经常看到负债累累的公司由于放贷人迫使他们以低于市场价格的价格筹集资金而永久稀释股东。通过取代稀释,债务可以成为需要高回报率投资增长的企业的极好工具。在考虑一家企业使用多少债务时,首先要做的是查看其现金和债务。
How Much Debt Does Janus International Group Carry?
Janus International Group 持有多少债务?
You can click the graphic below for the historical numbers, but it shows that Janus International Group had US$589.3m of debt in June 2024, down from US$655.2m, one year before. However, because it has a cash reserve of US$110.1m, its net debt is less, at about US$479.2m.
你可以点击下面的图表查看历史数据,但它显示 2024 年 6 月,Janus International Group 的债务为 58930万 美元,比一年前的 65520万 美元有所下降。然而,由于它拥有 11010万 美元的现金储备,因此它的净债务较少,约为 47920万美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240813/0-abbcecdf1a5677489d1f9461a61df596-0-4cf7ecbe21021a7cee9dc5e7f436a4d8.png/big)
How Healthy Is Janus International Group's Balance Sheet?
Janus International Group的资产负债表表现如何?
We can see from the most recent balance sheet that Janus International Group had liabilities of US$144.1m falling due within a year, and liabilities of US$635.0m due beyond that. On the other hand, it had cash of US$110.1m and US$211.5m worth of receivables due within a year. So its liabilities total US$457.5m more than the combination of its cash and short-term receivables.
我们可以从最新的资产负债表中看到,Janus International Group在一年内到期的负债为 14410万美元,到期时间更长的负债为 63500万 美元。另一方面,它拥有 11010万 美元的现金和 21150万 美元的短期应收账款。因此,其负债总数比其现金和短期应收账款的组合多45750万美元。
Janus International Group has a market capitalization of US$1.53b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
Janus International Group的市值为1.53亿美元,因此,如果需要,它很可能筹集资金改善资产负债表。但我们绝对要关注其债务是否带来了过多的风险。
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。
Janus International Group's net debt is sitting at a very reasonable 1.7 times its EBITDA, while its EBIT covered its interest expense just 4.2 times last year. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. We saw Janus International Group grow its EBIT by 5.0% in the last twelve months. That's far from incredible but it is a good thing, when it comes to paying off 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 Janus International Group 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.
Janus International Group的净债务只有其EBITDA的1.7倍,而去年其EBIt的利息费用仅覆盖了4.2倍。虽然这并不会让我们过分担心,但它确实表明,利息负担有些沉重。我们看到 Janus International Group在过去的十二个月中将其EBIt增长了5.0%。虽然不是不可思议的增长,但为偿还债务是一件好事。资产负债表显然是分析债务的关键领域。但最终,企业未来的盈利能力将决定Janus International Group是否能够长期加强其资产负债表。所以,如果你关注未来,可以查看这份免费报告,了解分析师的利润预测。
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. Over the most recent three years, Janus International Group recorded free cash flow worth 56% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后,企业需要自由现金流来偿还债务;会计利润并不足够。因此,我们始终会检查EBIt将其转化为自由现金流的程度。在过去的三年中,Janus International Group录得了56%的EBIt自由现金流,这在正常情况下是可以接受的,因为自由现金流不包括利息和税收。这种自由现金流使企业在适当时可以更好地偿还债务。
Our View
我们的观点
Both Janus International Group's ability to to convert EBIT to free cash flow and its EBIT growth rate gave us comfort that it can handle its debt. Having said that, its interest cover somewhat sensitizes us to potential future risks to the balance sheet. Looking at all this data makes us feel a little cautious about Janus International Group's debt levels. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Janus International Group you should know about.
Janus International Group转化EBIt为自由现金流的能力以及其EBIt增长率使我们放心,它能够处理其债务。虽然如此,其利息覆盖率对资产负债表未来风险有一定敏感性。看完所有这些数据,我们对Janus International Group的债务水平感到有些谨慎。虽然债务确实带来了更高的潜在回报,但我们认为股东应该认真考虑债务水平可能使股票更加风险。在分析债务水平时,资产负债表是显而易见的起点。但最终,每家公司都可能存在超出资产负债表范围的风险。这些风险很难察觉。每家公司都存在风险,我们已经发现Janus International Group的1个警告信号,您应该知道。
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.
归根结底,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,其中包括所有表现出盈利增长轨迹的公司。这是免费的。
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