John Bean Technologies (NYSE:JBT) Has A Pretty Healthy Balance Sheet
John Bean Technologies (NYSE:JBT) Has A Pretty Healthy Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We can see that John Bean Technologies Corporation (NYSE:JBT) does use debt in its business. But is this debt a concern to shareholders?
伯克希尔哈撒韦旗下的外部基金经理、李录(Charlie Munger)毫不隐讳地说:“最大的投资风险不是价格的波动性,而是你是否会遭受永久性的资本损失。” 当我们考虑一家公司有多大风险时,我们总是喜欢看看它的债务使用情况,因为债务过载可能会导致毁灭。我们可以看到纽交所股票代码为JBT的约翰宾技术公司(JBT)确实在业务中使用了债务。 但这些债务是否让股东担忧呢?
What Risk Does Debt Bring?
债务带来了什么风险?
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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
债务在企业遇到困难无法偿还时,可以帮助企业。如果情况变得非常糟糕,债权人可以控制企业。虽然这种情况并不常见,但我们经常看到负债企业因被债权人强迫以贱价筹集资本而对股东造成永久稀释。当然,很多公司使用债务来资助增长,没有任何负面后果。考虑公司的债务水平时,第一步是考虑其现金和债务总额。
What Is John Bean Technologies's Net Debt?
约翰宾技术的净债务是多少?
As you can see below, John Bean Technologies had US$647.6m of debt at June 2024, down from US$950.5m a year prior. On the flip side, it has US$475.3m in cash leading to net debt of about US$172.3m.
正如您下面所看到的,约翰宾技术在2024年6月的债务为64760万美元,比前一年的95050万美元减少。 相反,它有47530万美元的现金,导致净债务约为17230万美元。
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A Look At John Bean Technologies' Liabilities
纽翻宾技术的负债情况
The latest balance sheet data shows that John Bean Technologies had liabilities of US$442.9m due within a year, and liabilities of US$728.4m falling due after that. Offsetting this, it had US$475.3m in cash and US$311.5m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$384.5m.
最新的资产负债表数据显示,纽翻宾技术有44290万美元的短期到期负债,以及72840万美元随后到期的负债。与此相抵,它有47530万美元的现金和31150万美元的应收款项,这些款项在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38450万美元。
Since publicly traded John Bean Technologies shares are worth a total of US$2.82b, 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.
由于公开交易的纽翻宾技术股票总值为28.2亿美元,这种水平的负债似乎不太可能构成重大威胁。但有足够的负债,我们肯定会建议股东继续关注资产负债表情况。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我们使用两个主要的比率来告诉我们相对于收益的债务水平。第一个是净债务除以利息、税、折旧和摊销前利润(EBITDA),而第二个是其利润前利息和税(EBIT)覆盖其利息费用的次数(或其利息覆盖率,简称)。因此,我们考虑与折旧和摊销费用相关的盈利以及没有相关费用的盈利相对于债务水平。
John Bean Technologies has net debt of just 0.68 times EBITDA, suggesting it could ramp leverage without breaking a sweat. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So it's fair to say it can handle debt like a hotshot teppanyaki chef handles cooking. While John Bean Technologies doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if John Bean Technologies 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.
约翰宾技术的净债务仅为0.68倍的EBITDA,表明它可以增加杠杆而无需付出努力。而且令人惊讶的是,尽管有净债务,过去十二个月它实际上收到的利息超过了它需要支付的金额。因此,可以说它可以像一位出色的铁板烧大厨一样处理债务。虽然约翰宾技术似乎在EBIt线上没有获得太多收益,但至少收益目前保持稳定。在分析债务水平时,资产负债表是显而易见的起点。但最终,企业未来的盈利能力将决定约翰宾技术是否能随着时间加强其资产负债表。所以,如果您想了解专业人士的看法,您可能会发现对分析师盈利预测的免费报告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Looking at the most recent three years, John Bean Technologies recorded free cash flow of 22% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,虽然税务部门可能热爱会计利润,但借款人只接受冰冷的现金。因此,逻辑的下一步是看一下EBIt中与实际自由现金流匹配的比例。查看最近三年,约翰宾技术的自由现金流为其EBIt的22%,这比我们预期的要弱。这种弱势现金转换使得处理负债变得更加困难。
Our View
我们的观点
On our analysis John Bean Technologies's interest cover should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit to convert EBIT to free cash flow. Considering this range of data points, we think John Bean Technologies is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. Over time, share prices tend to follow earnings per share, so if you're interested in John Bean Technologies, you may well want to click here to check an interactive graph of its earnings per share history.
根据我们的分析,约翰宾技术的利息覆盖率表明其在债务方面不会有太大的困扰。然而,我们的其他观察并不那么令人振奋。例如,它似乎需要付出一些努力将EBIt转化为自由现金流。考虑到这些数据点的范围,我们认为约翰宾技术能够很好地管理其债务水平。但请注意:我们认为债务水平高到足以需要持续监控。随着时间的推移,股价往往会跟随每股收益,因此如果您对约翰宾技术感兴趣,您可能希望点击这里查看其每股收益历史的交互式图表。
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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