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Camtek (NASDAQ:CAMT) Could Easily Take On More Debt

Camtek (NASDAQ:CAMT) Could Easily Take On More Debt

康特科技(纳斯达克:CAMT)可以轻松承担更多债务
Simply Wall St ·  2024/10/15 13:10

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Camtek Ltd. (NASDAQ:CAMT) does use debt in its business. But should shareholders be worried about its use of debt?

沃伦·巴菲特曾经说过:“波动性与风险无关。” 看来明智的投资者知道,债务通常涉及破产,是一个评估公司风险性的重要因素。我们可以看到康特科技有限公司(纳斯达克:CAMT)确实在业务中使用了债务。但股东们是否应该担心其使用债务呢?

What Risk Does Debt Bring?

债务带来了什么风险?

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. 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

一般来说,只有当一家公司无法轻易偿还债务时,债务才会成为真正的问题,无论是通过筹集资本还是通过自己的现金流。在最坏的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。然而,更常见(但仍然痛苦)的情况是,它不得不以较低的价格筹集新的股本资本,从而永久稀释股东的权益。当然,很多公司使用债务来资助增长,没有任何负面后果。在考虑一家企业使用多少债务时,首先要看它的现金和债务总额。

What Is Camtek's Debt?

康特科技的债务是什么?

The chart below, which you can click on for greater detail, shows that Camtek had US$197.4m in debt in June 2024; about the same as the year before. However, it does have US$366.1m in cash offsetting this, leading to net cash of US$168.7m.

下面的图表显示,2024年6月康特科技的债务为1.974亿美元,与前一年相当。然而,它持有3.661亿美元的现金对冲,导致净现金为1.687亿美元。

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NasdaqGM:CAMT Debt to Equity History October 15th 2024
纳斯达克GM:CAMt债务与权益历史 2024年10月15日

How Healthy Is Camtek's Balance Sheet?

康特科技的资产负债表健康吗?

Zooming in on the latest balance sheet data, we can see that Camtek had liabilities of US$107.5m due within 12 months and liabilities of US$213.2m due beyond that. On the other hand, it had cash of US$366.1m and US$89.2m worth of receivables due within a year. So it can boast US$134.5m more liquid assets than total liabilities.

放大最新财务数据,我们可以看到康特科技的短期负债为1.075亿美元,长期负债为2.132亿美元。另一方面,它有3.661亿美元的现金和8.92亿美元的应收款项。因此,它比总负债多了1.345亿美元的流动资产。

This short term liquidity is a sign that Camtek could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Camtek has more cash than debt is arguably a good indication that it can manage its debt safely.

这种短期流动性表明康特科技很可能可以轻松偿还债务,因为其资产负债表远未过分膨胀。简而言之,康特科技拥有比债务更多的现金,这可以认为是它安全管理债务的良好指标。

And we also note warmly that Camtek grew its EBIT by 19% last year, making its debt load easier to handle. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Camtek'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.

我们还热情地注意到,康特科技去年的EBIT增长了19%,这使其更容易处理债务负担。资产负债表显然是分析债务时要重点关注的区域。但最终,决定康特科技能否保持健康资产负债表的更多是未来收益。因此,如果你关注未来,可以查看这份展示分析师盈利预测的免费报告。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. Camtek 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. During the last three years, Camtek generated free cash flow amounting to a very robust 95% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.

最后,一家公司只能用冰冷的现金来偿还债务,而不能用会计利润。康特科技可能在资产负债表上有净现金,但看看企业将利息和税前盈利(EBIT)转化为自由现金流的能力,仍然令人感兴趣,因为这将影响其管理债务的需求和能力。在过去三年中,康特科技产生的自由现金流相当可观,达到了其EBIT的95%,超出我们的预期。这使其有能力偿还债务(如果需要的话)。

Summing Up

总之

While we empathize with investors who find debt concerning, you should keep in mind that Camtek has net cash of US$168.7m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of US$108m, being 95% of its EBIT. So is Camtek's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Camtek that you should be aware of.

虽然我们理解担心债务的投资者,但您应该记住康特科技拥有1.687亿美元的净现金,以及比负债更多的流动资产。同时,它的自由现金流达1.08亿美元,占EBIt的95%。所以康特科技的债务是否存在风险?在我们看来似乎并非如此。在分析债务水平时,资产负债表是显而易见的起点。然而,并非所有的投资风险都居于资产负债表内 - 远非如此。例如,我们已经发现康特科技存在2个警示信号,您应该注意。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

归根结底,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包括所有表现出盈利增长轨迹的公司。这是免费的。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。

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