These 4 Measures Indicate That Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) Is Using Debt Extensively
These 4 Measures Indicate That Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) 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 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, Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) does carry debt. But is this debt a concern to shareholders?
传奇基金经理李璐(受查理·芒格支持)曾说:“最大的投资风险不是价格波动,而是资本永久损失。”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使一家公司陷入困境。重要的是,Loma Negra Companía Industrial Argentina Sociedad Anónima(纽交所:LOMA)确实有债务。但这些债务会让股东担忧吗?
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. If things get really bad, the lenders can take control of the business. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
债务可以帮助企业,直到企业遇到偿还困难,要么通过新的资本要么自由现金流偿还。如果情况变得非常糟糕,借款人可能控制企业。然而,更常见的情况是企业必须在便宜的股票价格下稀释股东权益,以控制债务。当然,债务的好处在于它经常代表着廉价资本,特别是当它用高回报率的再投资能力替换稀释股份时。当我们审查债务水平时,我们首先考虑现金和债务水平。
How Much Debt Does Loma Negra Compañía Industrial Argentina Sociedad Anónima Carry?
Loma Negra Companía Industrial Argentina Sociedad Anónima负债多少?
As you can see below, at the end of June 2024, Loma Negra Compañía Industrial Argentina Sociedad Anónima had AR$201.0b of debt, up from AR$71.7b a year ago. Click the image for more detail. Net debt is about the same, since the it doesn't have much cash.
正如您下面所看到的,在2024年6月底,Loma Negra Companía Industrial Argentina Sociedad Anónima的债务总额为2010亿阿根廷比索,高于一年前的717亿阿根廷比索。请点击下图以获取更多详细信息。由于该公司没有太多现金,净债务水平大致相同。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-24d33e3aa81e45b4bed15b091d910acf-0-851f083108bfe77762af0a6646cba41a.png/big)
A Look At Loma Negra Compañía Industrial Argentina Sociedad Anónima's Liabilities
我们可以从最近的资产负债表中看到,Loma Negra Companía Industrial Argentina Sociedad Anónima的到期负债总额为1902亿阿根廷比索,到期时间在一年内,到期负债总额为3469亿阿根廷比索。抵消这些负债,它有30.8亿阿根廷比索的现金和631亿阿根廷比索的应收账款,在12个月内到期。因此,它的总负债比其现金和短期应收账款多4709亿阿根廷比索。相对于其市值7392亿阿根廷比索来说,这个赤字非常大,因此股东应该关注Loma Negra Companía Industrial Argentina Sociedad Anónima的债务使用情况。如果其贷款人要求其加强资产负债表,则股东可能面临严重的稀释。
We can see from the most recent balance sheet that Loma Negra Compañía Industrial Argentina Sociedad Anónima had liabilities of AR$190.2b falling due within a year, and liabilities of AR$346.9b due beyond that. Offsetting this, it had AR$3.08b in cash and AR$63.1b in receivables that were due within 12 months. So it has liabilities totalling AR$470.9b more than its cash and near-term receivables, combined.
在分析债务时,资产负债表显然是关注的焦点。但是,与其说所有的投资风险都存在于资产负债表中,不如说大部分投资风险都存在于资产负债表以外,这些风险很难发现,每个公司都有这些风险,并且我们已经发现了Loma Negra Companía Industrial Argentina Sociedad Anónima的一个警告信号,您需要知道。
This deficit is considerable relative to its market capitalization of AR$739.2b, so it does suggest shareholders should keep an eye on Loma Negra Compañía Industrial Argentina Sociedad Anónima's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
Loma Negra Companía Industrial Argentina Sociedad Anónima的债务与息税前利润比率为2.7,这表示公司的债务相当大,但对于大多数类型的业务来说仍然相当合理。但是,它的息税前利润只有其利息支出的约0.1万倍,这意味着公司实际上没有支付高昂的成本来维持这个债务水平。即使这种低廉的成本证明是不可持续的,这也是一个好迹象。股东应该意识到,Loma Negra Companía Industrial Argentina Sociedad Anónima的息税前利润去年下降了48%。如果这种盈利趋势持续下去,偿还其债务将会像将猫赶上过山车一样困难。
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). 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).
我们通过查看净债务与利息、税、折旧和摊销前收益(EBITDA)之比以及计算其利息支出由收益前利息和税(EBIT)覆盖的程度来度量一家公司的债务负载相对于其收益能力的程度。此方法的优点在于我们同时考虑了债务的绝对量(以净债务为EBITDA)以及与该债务相关的实际利息支出(以其利息覆盖倍数计算)。
Loma Negra Compañía Industrial Argentina Sociedad Anónima has a debt to EBITDA ratio of 2.7, which signals significant debt, but is still pretty reasonable for most types of business. But its EBIT was about 1k times its interest expense, implying the company isn't really paying a high cost to maintain that level of debt. Even were the low cost to prove unsustainable, that is a good sign. Shareholders should be aware that Loma Negra Compañía Industrial Argentina Sociedad Anónima's EBIT was down 48% last year. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. 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 Loma Negra Compañía Industrial Argentina Sociedad Anónima'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.
Loma Negra Companía Industrial Argentina Sociedad Anónima的债务与息税折旧及摊销前利润比率为2.7,这表示公司的债务相当大,但对于大多数类型的业务来说仍然相当合理。但是,它的息税折旧及摊销前利润只有其利息支出的约0.1万倍,这意味着公司实际上没有支付高昂的成本来维持这个债务水平。即使这种低廉的成本证明是不可持续的,这也是一个好迹象。股东应该意识到,Loma Negra Companía Industrial Argentina Sociedad Anónima的息税折旧及摊销前利润去年下降了48%。如果这种盈利趋势持续下去,偿还其债务将会像将猫赶上过山车一样困难。需要注意的是,当您分析债务时,资产负债表显然是关注的焦点。但是,决定Loma Negra Companía Industrial Argentina Sociedad Anónima能否保持健康的资产负债表前景的更多是未来的盈利能力。因此,如果您专注于未来,可以查看本免费报告,其中显示了分析师的盈利预测。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, Loma Negra Compañía Industrial Argentina Sociedad Anónima's free cash flow amounted to 46% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,公司只能用冰冷的现金而非会计利润来偿还债务。因此,我们必须清楚地看看该公司的EBIT是否导致相应的自由现金流。在过去三年中,Loma Negra Companía Industrial Argentina Sociedad Anónima的自由现金流金额为其EBIT的46%,低于我们预期的水平。这种较弱的现金转化率使得处理负债更加困难。
Our View
我们的观点
Mulling over Loma Negra Compañía Industrial Argentina Sociedad Anónima's attempt at (not) growing its EBIT, we're certainly not enthusiastic. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. Once we consider all the factors above, together, it seems to us that Loma Negra Compañía Industrial Argentina Sociedad Anónima's debt is making it a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Loma Negra Compañía Industrial Argentina Sociedad Anónima you should know about.
在考虑Loma Negra Companía Industrial Argentina Sociedad Anónima未能增长其EBIT时,我们并不感到兴奋。但至少它可以用EBIT相当不错地弥补其利息开支,这是令人鼓舞的。当我们考虑以上所有因素时,我们认为Loma Negra Companía Industrial Argentina Sociedad Anónima的债务使其有些风险。有些人喜欢这种风险,但我们会注意到潜在的风险点,因此我们可能更希望它承担更少的债务。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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