Here's Why Barnes Group (NYSE:B) Has A Meaningful Debt Burden
Here's Why Barnes Group (NYSE:B) Has A Meaningful Debt Burden
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 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. We note that Barnes Group Inc. (NYSE:B) does have debt on its balance sheet. But is this debt a concern to shareholders?
霍华德·马克斯说得好,他说的不是担心股价的波动,而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们注意到,巴恩斯集团公司(纽约证券交易所代码:B)的资产负债表上确实有债务。但是这笔债务是股东关心的问题吗?
What Risk Does Debt Bring?
债务会带来什么风险?
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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
一般而言,只有当公司无法通过筹集资金或自己的现金流轻松还清债务时,债务才会成为真正的问题。资本主义的重要组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。尽管这种情况并不常见,但我们经常看到负债累累的公司会永久稀释股东,因为贷款机构迫使他们以不利的价格筹集资金。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。当我们研究债务水平时,我们首先要同时考虑现金和债务水平。
How Much Debt Does Barnes Group Carry?
巴恩斯集团背负了多少债务?
The image below, which you can click on for greater detail, shows that at June 2024 Barnes Group had debt of US$1.16b, up from US$570.7m in one year. However, it does have US$65.9m in cash offsetting this, leading to net debt of about US$1.09b.
您可以点击下图查看更多详情,该图片显示,截至2024年6月,巴恩斯集团的债务为11.6亿美元,高于一年的5.707亿美元。但是,它确实有6,590万美元的现金抵消了这一点,净负债约为10.9亿美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240904/0-2d362d1a339e678d20bc901119104733-0-0f6c5d03ca93f509862fdf5e78505407.png/big)
A Look At Barnes Group's Liabilities
看看巴恩斯集团的负债
We can see from the most recent balance sheet that Barnes Group had liabilities of US$387.1m falling due within a year, and liabilities of US$1.37b due beyond that. Offsetting these obligations, it had cash of US$65.9m as well as receivables valued at US$414.7m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.28b.
我们可以从最新的资产负债表中看出,巴恩斯集团的负债为3.871亿美元,一年后到期的负债为13.7亿美元。除这些债务外,它有6,590万美元的现金以及价值4.147亿美元的应收账款在12个月内到期。因此,其负债超过其现金和(短期)应收账款总额12.8亿美元。
This deficit is considerable relative to its market capitalization of US$2.03b, so it does suggest shareholders should keep an eye on Barnes Group's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
相对于其20.3亿美元的市值,这一赤字相当可观,因此这确实表明股东应密切关注巴恩斯集团的债务使用情况。如果其贷款人要求其支撑资产负债表,股东可能会面临严重的稀释。
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).
我们通过以下方法来衡量公司的债务负担与其盈利能力:将其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),并计算其利息和税前收益(EBIT)支付利息支出(利息保障)的难易程度。这种方法的优势在于,我们既考虑了债务的绝对数量(包括净负债与息税折旧摊销前利润),也考虑了与该债务相关的实际利息支出(及其利息覆盖率)。
While we wouldn't worry about Barnes Group's net debt to EBITDA ratio of 3.3, we think its super-low interest cover of 2.3 times is a sign of high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. Looking on the bright side, Barnes Group boosted its EBIT by a silky 74% in the last year. Like a mother's loving embrace of a newborn that sort of growth builds resilience, putting the company in a stronger position to manage its debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Barnes Group's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
虽然我们不担心巴恩斯集团的净负债与息税折旧摊销前利润的比率为3.3,但我们认为其2.3倍的超低利息覆盖率是高杠杆率的标志。因此,股东可能应该意识到,最近利息支出似乎确实影响了业务。从好的方面来看,巴恩斯集团去年将其息税前利润增长了74%。就像母亲对新生儿的深情拥抱一样,这种成长可以增强韧性,使公司在管理债务方面处于更有利的地位。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,未来的收益将决定巴恩斯集团未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, Barnes Group's free cash flow amounted to 27% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。因此,值得检查一下该息税前利润中有多少是由自由现金流支持的。在过去三年中,巴恩斯集团的自由现金流占其息税前利润的27%,低于我们的预期。在偿还债务方面,这并不好。
Our View
我们的观点
Barnes Group's interest cover and net debt to EBITDA definitely weigh on it, in our esteem. But its EBIT growth rate tells a very different story, and suggests some resilience. Looking at all the angles mentioned above, it does seem to us that Barnes Group is a somewhat risky investment as a result of its debt. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for Barnes Group you should be aware of.
在我们看来,巴恩斯集团的利息覆盖率和净负债占息税折旧摊销前利润的比例无疑对其造成了压力。但其息税前利润增长率却是一个截然不同的故事,也表明了一定的弹性。从上面提到的所有角度来看,在我们看来,由于负债累累,巴恩斯集团确实是一项风险较大的投资。并非所有风险都是坏的,因为如果得到回报,它可以提高股价回报,但是这种债务风险值得牢记。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中,远非如此。一个很好的例子:我们已经发现了巴恩斯集团的两个警告信号,你应该注意了。
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.
毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。