These 4 Measures Indicate That Compañía De Minas BuenaventuraA (NYSE:BVN) Is Using Debt Extensively
These 4 Measures Indicate That Compañía De Minas BuenaventuraA (NYSE:BVN) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, Compañía de Minas Buenaventura S.A.A. (NYSE:BVN) does carry debt. But the more important question is: how much risk is that debt creating?
沃伦·巴菲特曾经说过:“波动性与风险并不完全相等。”当我们考虑一家公司的风险时,我们通常会关注它的债务使用情况,因为债务过多可能会导致灾难。重要的是,Compañía de Minas Buenaventura S.A.A.(纽交所:BVN)确实承载了债务。但更重要的问题是:这笔债务产生了多大的风险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, 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 think about a company's use of debt, we first look at cash and debt together.
自由现金流或以有吸引力的价格筹资是一个企业难以满足债务等责任时,债务和其他负债变得有风险。创业板的一部分是'创造性破坏'的过程,银行家残酷地清算失败的企业。然而,更常见的(但仍然痛苦)情况是,它不得不以低价筹集新的股权资本,从而永久稀释股东的权益。当然,负债的好处在于,它经常代表廉价资本,特别是当它以高回报率的再投资能力取代稀释的公司时。当我们考虑公司的负债使用情况时,我们首先查看现金和债务总额。
What Is Compañía de Minas BuenaventuraA's Net Debt?
Compañía de Minas BuenaventuraA的净债务是多少?
The chart below, which you can click on for greater detail, shows that Compañía de Minas BuenaventuraA had US$605.8m in debt in June 2024; about the same as the year before. However, it does have US$171.5m in cash offsetting this, leading to net debt of about US$434.3m.
下面的图表(单击可查看更详细信息)显示, Compañía de Minas BuenaventuraA在2024年6月有“60580万美元的债务,与前一年相似。但是,它有17150万美元的现金抵消,净债务约为43430万美元。
![1724673518447](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240826/42876238-0-bcef0a7c7ee51bdf20abfe96de4dd7cc.webp/bigjpg)
How Healthy Is Compañía de Minas BuenaventuraA's Balance Sheet?
公司的财务状况如何?
The latest balance sheet data shows that Compañía de Minas BuenaventuraA had liabilities of US$368.5m due within a year, and liabilities of US$935.8m falling due after that. Offsetting these obligations, it had cash of US$171.5m as well as receivables valued at US$238.4m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$894.3m.
最新的资产负债表数据显示,Compañía de Minas BuenaventuraA的短期负债为3.685 亿美元,长期负债为9.358 亿美元。 抵消这些义务,它有1.715 亿美元的现金以及价值2.384 亿美元的应收款项,12个月内到期。 因此,其负债超过其现金和(短期)应收款项的总和 8.943 亿美元。
Compañía de Minas BuenaventuraA has a market capitalization of US$3.37b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
Compañía de Minas BuenaventuraA的市值为33.7 亿美元,所以如果有需要,它很可能能筹集资金来改善其资产负债表。 但是,仍然值得密切关注其偿债能力。
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。
Even though Compañía de Minas BuenaventuraA's debt is only 1.5, its interest cover is really very low at 1.0. In large part that's it has so much depreciation and amortisation. While companies often boast that these charges are non-cash, most such businesses will therefore require ongoing investment (that is not expensed.) In any case, it's safe to say the company has meaningful debt. Notably, Compañía de Minas BuenaventuraA made a loss at the EBIT level, last year, but improved that to positive EBIT of US$95m in the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Compañía de Minas BuenaventuraA 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.
尽管Compañía de Minas BuenaventuraA的债务仅为1.5,但其利息覆盖率实际上非常低,仅为1.0。 在很大程度上,这是因为它拥有如此多的折旧和摊销。 虽然公司经常自夸这些费用是非现金的,但大多数此类企业因此将需要持续投资(不计入支出)。 无论如何,可以肯定地说公司负债颇有意义。 值得注意的是,Compañía de Minas BuenaventuraA去年在EBIt水平上亏损,但在过去一年中将其提升至9,500 万美元的正EBIt。 在分析债务水平时,资产负债表是明显的起点。 但最终企业未来的盈利能力将决定Compañía de Minas BuenaventuraA是否能随着时间推动其资产负债表强化。 因此,如果您关注未来发展,可以查看这份显示分析师利润预测的免费报告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of the earnings before interest and tax (EBIT) is backed by free cash flow. Over the last year, Compañía de Minas BuenaventuraA recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
最后,一家公司只能用现金偿还债务,而不能用会计利润。所以值得检查一下收益前利息和税前利润(EBIT)有多少被自由现金流所支持。在过去的一年里,Compañía de Minas BuenaventuraA的自由现金流总计为负。对于一家自由现金流为负的公司来说,债务通常更昂贵,几乎总是更有风险。股东们应该希望有所改善。
Our View
我们的观点
To be frank both Compañía de Minas BuenaventuraA's conversion of EBIT to free cash flow and its track record of covering its interest expense with its EBIT make us rather uncomfortable with its debt levels. But at least it's pretty decent at managing its debt, based on its EBITDA,; that's encouraging. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Compañía de Minas BuenaventuraA stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. 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. We've identified 1 warning sign with Compañía de Minas BuenaventuraA , and understanding them should be part of your investment process.
坦白说,Compañía de Minas BuenaventuraA将EBIT转化为自由现金流和覆盖利息支出的记录让我们对其债务水平感到不太舒服。但至少从EBITDA角度来看,它在管理债务方面相当不错;这是令人鼓舞的。从资产负债表的角度来看,并考虑到所有这些因素,我们确实认为债务使Compañía de Minas BuenaventuraA的股票有些风险。这不一定是一件坏事,但我们通常会更喜欢更少的杠杆。当您分析债务时,资产负债表显然是需要重点关注的领域。然而,每家公司都可能存在超出资产负债表范围的风险。我们已经发现了1个关于Compañía de Minas BuenaventuraA的警示信号,理解这些信号应该是您投资过程的一部分。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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