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ANI Pharmaceuticals (NASDAQ:ANIP) Has A Somewhat Strained Balance Sheet

ANI Pharmaceuticals (NASDAQ:ANIP) Has A Somewhat Strained Balance Sheet

ANI Pharmaceuticals(纳斯达克:ANIP)财务状况有些紧张
Simply Wall St ·  12/18 06:28

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 ANI Pharmaceuticals, Inc. (NASDAQ:ANIP) does use debt in its business. But should shareholders be worried about its use of debt?

伯克希尔·哈撒韦的查理·芒格支持的外部基金经理李录毫不掩饰地说:"最大的投资风险不是价格的波动,而是你是否会遭受永久性资本损失。" 当我们考虑一家公司有多么危险时,我们总是喜欢观察其债务的使用,因为债务过重可能导致毁灭。我们可以看到ANI Pharmaceuticals, Inc. (纳斯达克: ANIP)确实在其业务中使用债务。但是,股东们应该对其债务使用感到担忧吗?

Why Does Debt Bring Risk?

为什么债务带来风险?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.

债务在企业中起到支持作用,直到企业无法用新资本或自由现金流偿还债务。最终,如果公司无法履行偿还债务的法律义务,股东可能会一无所获。然而,更常见(但仍然痛苦)的情况是,公司不得不以低价筹集新的股权资本,从而永久稀释股东的股份。不过,通过替代稀释,债务可以成为那些需要资本进行高回报增长投资的企业的极好工具。当我们思考一个公司使用债务的情况时,我们首先将现金和债务共同考虑。

What Is ANI Pharmaceuticals's Net Debt?

ANI Pharmaceuticals的净债务是多少?

The image below, which you can click on for greater detail, shows that at September 2024 ANI Pharmaceuticals had debt of US$625.4m, up from US$285.9m in one year. However, because it has a cash reserve of US$153.3m, its net debt is less, at about US$472.1m.

下面的图像可以点击以获取更大详细信息,显示到2024年9月,ANI Pharmaceuticals的债务为62540万美元,较一年前的28590万美元有所增加。然而,由于其现金储备为15330万美元,净债务较少,约为47210万美元。

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NasdaqGM:ANIP Debt to Equity History December 18th 2024
纳斯达克GM:ANIP债务与股本历史 2024年12月18日

How Strong Is ANI Pharmaceuticals' Balance Sheet?

ANI Pharmaceuticals的资产负债表有多强?

We can see from the most recent balance sheet that ANI Pharmaceuticals had liabilities of US$189.9m falling due within a year, and liabilities of US$666.6m due beyond that. On the other hand, it had cash of US$153.3m and US$196.4m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$506.9m.

从最新的资产负债表中我们可以看到,ANI Pharmaceuticals有18990万美元的负债在一年内到期,66660万美元的负债在此之后到期。另一方面,它有15330万美元的现金和19640万美元的应收账款在一年内到期。因此,它的负债超过了现金和(近期)应收账款的总和50690万美元。

ANI Pharmaceuticals has a market capitalization of US$1.10b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.

ANI Pharmaceuticals的市值为11亿美元,因此如果需要,它很可能能够筹集资金以改善其资产负债表。但显然,我们应该密切审查它是否能够在不稀释股权的情况下管理其债务。

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). 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).

我们使用两个主要指标来告知我们债务水平与盈利的关系。第一个是净债务与息税折旧摊销前利润(EBITDA)的比率,而第二个是其息税前利润(EBIT)覆盖其利息费用(或其利息覆盖,简称)。这种方法的优点在于我们考虑了债务的绝对数量(通过净债务与EBITDA比率)和与该债务相关的实际利息费用(通过其利息覆盖比率)。

Weak interest cover of 1.3 times and a disturbingly high net debt to EBITDA ratio of 5.7 hit our confidence in ANI Pharmaceuticals like a one-two punch to the gut. The debt burden here is substantial. Worse, ANI Pharmaceuticals's EBIT was down 61% over the last year. If earnings continue to follow that trajectory, paying off that debt load will be harder than convincing us to run a marathon in the rain. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if ANI Pharmaceuticals can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

1.3倍的利息保障倍数和高达5.7的净债务与EBITDA比率像一记重锤击打我们的信心。这里的债务负担相当沉重。更糟的是,ANI Pharmaceuticals的EBIT在过去一年下降了61%。如果盈利继续沿着这个轨迹发展,偿还这笔债务将比说服我们在雨中跑马拉松还要困难。毫无疑问,我们从资产负债表中学习到大部分关于债务的知识。但最终,业务的未来盈利能力将决定ANI Pharmaceuticals是否能够随着时间的推移增强其资产负债表。因此,如果您专注于未来,可以查看这份展示分析师盈利预测的免费报告。

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. Over the last two years, ANI Pharmaceuticals actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.

最后,虽然税务部门可能喜欢会计利润,但放贷人只接受冷冰冰的现金。所以逻辑的步骤是查看那部分EBIT与实际自由现金流的匹配比例。在过去两年中,ANI Pharmaceuticals实际上产生了比EBIT更多的自由现金流。这样的强大现金生成像小狗穿着黄蜂服装一样温暖我们的心。

Our View

我们的观点

To be frank both ANI Pharmaceuticals's interest cover and its track record of (not) growing its EBIT make us rather uncomfortable with its debt levels. But on the bright side, its conversion of EBIT to free cash flow is a good sign, and makes us more optimistic. Once we consider all the factors above, together, it seems to us that ANI Pharmaceuticals's debt is making it a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. 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. We've identified 2 warning signs with ANI Pharmaceuticals , and understanding them should be part of your investment process.

坦率地说,ANI Pharmaceuticals的利息覆盖率以及其EBIT(息税前利润)未能增长的记录让我们对其债务水平感到相当不安。 但乐观的一面是,其EBIT转化为自由现金流的表现是一个好兆头,让我们更有信心。 一旦我们考虑到以上所有因素,综合来看,我们认为ANI Pharmaceuticals的债务使其变得有些风险。这不一定是坏事,但我们通常希望负债水平更低一些。 资产负债表显然是分析债务时需要关注的重点领域。但归根结底,每家公司都可能存在资产负债表之外的风险。 我们发现ANI Pharmaceuticals有两个警告信号,了解这些信号应该成为您投资过程的一部分。

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.

如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的业务,请查看这个自由名单,其中列出了在资产负债表上有净现金的成长型企业。

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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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