Visteon (NASDAQ:VC) Has A Pretty Healthy Balance Sheet
Visteon (NASDAQ:VC) 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.' 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. As with many other companies Visteon Corporation (NASDAQ:VC) makes use of debt. But the more important question is: how much risk is that debt creating?
由伯克希尔哈撒韦的查理·芒格支持的外部基金经理陆立坚言之凿凿,他说:“最大的投资风险不是价格的波动,而是您是否会遭受永久性的资本损失。” 因此,很明显,当您考虑任何特定股票的风险时,您需要考虑债务,因为过多的债务可能会拖垮一家公司。 与许多其他公司一样,伟世通公司(纳斯达克:VC)使用债务。 但更重要的问题是:这种债务带来了多大风险?
When Is Debt Dangerous?
债务何时有危险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
债务对于企业来说可以成为辅助工具,特别是对于资本密集型企业而言。然而,直到公司在还清债务前,债务可以一直支撑企业的发展,包括通过新资金或自由现金流来偿还。最坏的情况是,如果一个公司无法偿还债权人的债务,它可能会破产。但更常见的是,公司不得不以低价发行新权益资本,从而永久性稀释股东的权益。当然,债务可以是企业的重要工具。考虑公司的债务水平时,第一步是将其现金和债务一起考虑。
What Is Visteon's Debt?
伟世通的债务是什么?
As you can see below, Visteon had US$327.0m of debt at June 2024, down from US$348.0m a year prior. However, it does have US$505.0m in cash offsetting this, leading to net cash of US$178.0m.
正如您所看到的,伟世通公司在2024年6月时有32700万美元的债务,比前一年的34800万美元减少。 然而,它确实有50500万美元的现金抵消这一点,导致净现金为17800万美元。
A Look At Visteon's Liabilities
伟世通负债情况分析
The latest balance sheet data shows that Visteon had liabilities of US$887.0m due within a year, and liabilities of US$646.0m falling due after that. On the other hand, it had cash of US$505.0m and US$798.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$230.0m.
最新资产负债表数据显示,伟世通有短期到期的负债为88700万美元,长期到期的负债为64600万美元。另一方面,其手头现金为50500万美元,短期应收账款价值79800万美元。因此,其负债比现金和(短期)应收账款之和多23000万美元。
Given Visteon has a market capitalization of US$2.61b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. While it does have liabilities worth noting, Visteon also has more cash than debt, so we're pretty confident it can manage its debt safely.
考虑到伟世通的市值为26.1亿美元,很难相信这些负债会构成威胁。但是有足够的负债,我们肯定会建议股东继续关注资产负债表的变化。尽管存在值得注意的负债,伟世通也比债务多现金,因此我们相当有信心其可以安全管理债务。
On top of that, Visteon grew its EBIT by 56% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Visteon'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.
此外,过去十二个月,伟世通的EBIt增长了56%,这一增长将使其更容易处理债务。在分析债务水平时,资产负债表是明显的起点。但最终决定伟世通未来能否保持健康的资产负债表的是未来收入,而不是别的什么。因此,如果您想知道专业人士的看法,您可能会觉得这份有关分析师盈利预测的免费报告很有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Visteon may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Looking at the most recent three years, Visteon recorded free cash flow of 42% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,公司只能用现金偿还债务,而不能用会计利润。伟世通在资产负债表上可能有净现金,但还是有意思看看企业如何将其利息和税前利润(EBIT)转化为自由现金流,因为这将影响其处理债务的需求和能力。回顾最近的三年,伟世通的自由现金流占其EBIt的比例为42%,低于我们的预期。这种弱势的现金转化使处理负债更加困难。
Summing Up
总之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Visteon has US$178.0m in net cash. And we liked the look of last year's 56% year-on-year EBIT growth. So we don't think Visteon's use of debt is risky. 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. For instance, we've identified 3 warning signs for Visteon (2 make us uncomfortable) you should be aware of.
虽然查看公司的总负债是明智的,但令人放心的是,伟世通拥有1.78亿美元的净现金。去年 56% 的年同比EBIt增长也令人满意。因此,我们认为伟世通的债务使用并不具有风险。在分析债务时,资产负债表显然是需要重点关注的领域。但最终,每家公司都可能存在超出资产负债表范围的风险。例如,我们已确定伟世通存在 3 个警示信号(其中 2 个让我们感到不舒服),您应该注意。
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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