St. Joe (NYSE:JOE) Seems To Use Debt Quite Sensibly
St. Joe (NYSE:JOE) Seems To Use Debt Quite Sensibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 note that The St. Joe Company (NYSE:JOE) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
当霍华德·马克斯说到这一点时,他清楚地指出,与其担心股价的波动性,“我担心的是永久性损失的可能性…… 还有我认识的每位实际投资者都担心。” 所以聪明的钱知道,债务 - 通常涉及破产 - 是评估公司风险时非常重要的因素。 我们注意到圣乔公司(纽交所:JOE)确实在资产负债表中有债务。 但真正的问题是这笔债务是否使公司具有风险。
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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业发展的工具,但如果企业无法偿还债权人,那么它就存在于债权人的掌握之中。资本主义的一部分就是“创造性破坏”过程,债权人无情地清算失败的企业。虽然这种情况并不常见,但我们经常看到负债累累的公司通过以低价向债权人融资的方式永久稀释了股东权益。然而,在防止稀释的同时,债务可以成为需要资本以高回报率投资增长的企业非常有效的工具。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 St. Joe's Net Debt?
圣乔的净债务是多少?
As you can see below, St. Joe had US$625.7m of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$86.7m in cash offsetting this, leading to net debt of about US$539.0m.
正如您在下面所看到的,圣乔在2024年6月有62570万美元的债务,与前一年大致相同。您可以点击图表以获取更详细信息。然而,它确实有8670万美元的现金用于抵消这一笔债务,从而产生约53900万美元的净债务。
![1724590049874](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240825/42835929-0-e71db345d70543eb64402fd41b41f9b4.webp/bigjpg)
How Healthy Is St. Joe's Balance Sheet?
圣乔的资产负债表健康吗?
The latest balance sheet data shows that St. Joe had liabilities of US$49.1m due within a year, and liabilities of US$779.0m falling due after that. Offsetting this, it had US$86.7m in cash and US$56.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$684.6m.
最新的资产负债表数据显示,圣乔在一年内有4910万美元的到期负债,之后有77900万美元的到期负债。抵消这些负债,它有8670万美元的现金和5670万美元的应收款项在12个月内到期。因此,它的负债超过了现金和(短期)应收款项的总和68460万美元。
Since publicly traded St. Joe shares are worth a total of US$3.52b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
由于公开交易的圣乔股票总值为35.2亿美元,似乎这种负债水平不太可能构成重大威胁。但有足够的负债需要股东们继续密切关注资产负债表的情况。
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。
St. Joe's debt is 4.1 times its EBITDA, and its EBIT cover its interest expense 4.3 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. On a slightly more positive note, St. Joe grew its EBIT at 14% over the last year, further increasing its ability to manage debt. There's no doubt that we learn most about debt from the balance sheet. But it is St. Joe's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
圣乔的债务是其息税折旧及摊销前利润(EBITDA)的4.1倍,其EBIt覆盖其利息费用的倍数为4.3倍。综合考虑,这意味着,虽然我们不希望看到债务水平上升,但我们认为它可以应对目前的杠杆。稍微积极的一点是,圣乔过去一年其EBIt增长了14%,进一步增加了其处理债务的能力。毫无疑问,我们最多从资产负债表中了解债务情况。但是圣乔的收益将影响资产负债表未来的情况,所以如果您想更多地了解其收益,也许值得查看其长期收益趋势图。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, St. Joe generated free cash flow amounting to a very robust 96% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
但我们的最终考虑也很重要,因为一家公司无法用纸面利润还债,它需要现金。因此,值得检查EBIt有多少是由自由现金流支持的。在过去三年中,圣乔的自由现金流量占其EBIt的96%,这超出了我们的预期。这使其有能力偿还债务,如果需要的话。
Our View
我们的观点
St. Joe's conversion of EBIT to free cash flow suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But the stark truth is that we are concerned by its net debt to EBITDA. Looking at all the aforementioned factors together, it strikes us that St. Joe can handle its debt fairly comfortably. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. 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. Be aware that St. Joe is showing 2 warning signs in our investment analysis , and 1 of those doesn't sit too well with us...
St. Joe的EBIT转换为自由现金流表明它可以像C罗一样轻松地在14岁以下的守门员面前进球。 但残酷的事实是我们对其净债务与EBITDA比率表示担忧。 综合考虑所有上述因素,我们认为St. Joe可以相对轻松地处理其债务。 在积极方面,这种杠杆可以提高股东回报,但潜在的下行风险更高,因此值得监控资产负债表。 在分析债务水平时,资产负债表是明显的起点。 但最终,每家公司都可能存在资产负债表之外的风险。 请注意,St. Joe在我们的投资分析中显示了两个警告信号,其中一个对我们来说并不太好...
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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