Here's Why Caleres (NYSE:CAL) Has A Meaningful Debt Burden
Here's Why Caleres (NYSE:CAL) Has A Meaningful Debt Burden
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 Caleres, Inc. (NYSE:CAL) makes use of debt. But the real question is whether this debt is making the company risky.
David Iben说得很好,'波动性不是我们关心的风险。我们关心的是避免资本的永久损失。' 因此,很明显当你考虑到任何给定股票的风险时,你需要考虑到债务,因为过多的债务可能会拖垮一家公司。就像许多其他公司一样,Caleres,Inc. (纽交所:CAL) 使用债务。但真正的问题是这笔债务是否使公司变得风险更高。
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
负债可以帮助企业,直到企业无法通过新的资本或自由现金流偿还负债的时候为止。在最坏的情况下,如果一家公司无法偿还债权人,它可能会破产。然而,一种更常见(但仍然昂贵)的情况是公司必须以低廉的股票价格稀释股东,以控制负债。当然,负债可以是企业中重要的工具,特别是在资本密集型企业中。当我们考虑公司使用负债时,我们首先查看现金和负债的结合。
What Is Caleres's Debt?
Caleres的债务是多少?
You can click the graphic below for the historical numbers, but it shows that Caleres had US$146.5m of debt in August 2024, down from US$244.0m, one year before. However, because it has a cash reserve of US$51.8m, its net debt is less, at about US$94.7m.
您可以点击下面的图表查看历史数据,但其中显示的是,截至2024年8月,Caleres的债务为14650万美元,低于一年前的24400万美元。然而,由于该公司有5180万美元的现金储备,其净债务较少,约为9470万美元。
How Healthy Is Caleres' Balance Sheet?
Caleres的资产负债表情况如何?
We can see from the most recent balance sheet that Caleres had liabilities of US$860.4m falling due within a year, and liabilities of US$546.1m due beyond that. Offsetting these obligations, it had cash of US$51.8m as well as receivables valued at US$156.3m due within 12 months. So it has liabilities totalling US$1.20b more than its cash and near-term receivables, combined.
我们可以从最近的资产负债表看出,Caleres有一笔86040万美元的短期到期负债,以及54610万美元的长期到期负债。 抵消这些义务,它拥有5180万美元的现金以及价值15630万美元的应收款项,其中12个月内到期。 因此,其负债总额超过了12亿美元的现金和短期应收款项的合计。
Given this deficit is actually higher than the company's market capitalization of US$1.13b, we think shareholders really should watch Caleres's debt levels, like a parent watching their child ride a bike for the first time. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.
考虑到这一逆差实际上高于公司113亿美元的市值,我们认为股东们确实应该密切关注Caleres的债务水平,就像父母第一次看孩子骑自行车一样。 如果公司不得不迅速清理其资产负债表的情况下,股东们很可能会遭受严重的稀释。
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). 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。
Caleres's net debt is only 0.39 times its EBITDA. And its EBIT easily covers its interest expense, being 12.1 times the size. So we're pretty relaxed about its super-conservative use of debt. On the other hand, Caleres saw its EBIT drop by 2.5% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Caleres's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Caleres的净债务仅为其EBITDA的0.39倍。 而其EBIt轻松覆盖了利息费用,规模为12.1倍。 因此,我们对其超保守的债务使用感到非常放心。 另一方面,Caleres在过去十二个月中看到其EBIt下降了2.5%。 如果收入继续以这种速度下降,公司可能在处理其债务负担方面遇到越来越大的困难。 在分析债务水平时,资产负债表是显而易见的起点。 但最终决定Caleres未来能否保持健康资产负债表的将是未来的收入,超过其他因素。 因此,如果您关注未来,您可以查看此免费报告,展示分析师的利润预测。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Looking at the most recent three years, Caleres recorded free cash flow of 49% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,尽管税务人员可能钦佩会计利润,但放贷人只接受冰冷的现金。 因此,值得检查EBIt中有多少是由自由现金流支持的。 查看最近三年,Caleres记录的自由现金流为其EBIt的49%,低于我们的预期。 这种弱势的现金转换使得处理负债更加困难。
Our View
我们的观点
Even if we have reservations about how easily Caleres is capable of staying on top of its total liabilities, its interest cover and net debt to EBITDA make us think feel relatively unconcerned. Looking at all the angles mentioned above, it does seem to us that Caleres 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. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Caleres you should know about.
即使我们对Caleres如何轻松地处理其总负债持有保留意见,其利率期货和净债务与EBITDA之比使我们觉得相对不担心。从以上提到的所有角度来看,我们认为Caleres作为一家债务结果较为风险投资。并非所有风险都是坏的,因为它可以在付出后提高股价回报,但这种债务风险值得铭记在心。毫无疑问,我们最多从资产负债表中了解到债务情况。然而,并非所有投资风险都存在于资产负债表内,远非如此。这些风险可能很难发现。每家公司都有这些风险,我们已经发现了Caleres的1个警示迹象,您应该知道。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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