These 4 Measures Indicate That Crown Holdings (NYSE:CCK) Is Using Debt Extensively
These 4 Measures Indicate That Crown Holdings (NYSE:CCK) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Crown Holdings, Inc. (NYSE:CCK) makes use of debt. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾經說過:'波動性與風險遠非同義詞。' 當我們思考一家公司有多大風險時,我們總是喜歡看看它的債務使用情況,因爲債務超載會導致破產。 與許多其他公司一樣,皇冠控股股份有限公司(紐交所股票代碼:CCK)使用債務。 但真正的問題是,這些債務是否使公司變得有風險。
When Is Debt Dangerous?
債務何時有危險?
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. If things get really bad, the lenders can take control of the business. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
一般來說,只有當公司無法輕鬆償還債務,要麼通過募集資本,要麼通過自己的現金流,債務才成爲真正的問題。 如果情況變得非常糟糕,貸方可以控制企業。 雖然這種情況並不太常見,但我們經常看到負債累累的公司因爲貸款人強迫他們以低價募集資本而永久稀釋股東。 當然,有很多公司利用債務資助增長,沒有任何負面影響。 當我們考慮公司的債務使用情況時,我們首先看現金和債務的總和。
What Is Crown Holdings's Net Debt?
皇冠控股的淨債務是多少?
The chart below, which you can click on for greater detail, shows that Crown Holdings had US$7.45b in debt in March 2024; about the same as the year before. On the flip side, it has US$1.12b in cash leading to net debt of about US$6.33b.
下面的圖表(可單擊以了解更多詳細信息)顯示,皇冠控股在2024年3月擁有74.5億美元的債務,與前一年相當。 反過來,它擁有11.2億美元的現金,導致淨債務約爲63.3億美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240622/0-c314aa7a0f604f5e134080d7d2a5c2a4-0-83e1969b3e99f5ed74d30c0051f8e9e1.png/big)
How Healthy Is Crown Holdings' Balance Sheet?
皇冠控股的平衡表有多健康?
According to the last reported balance sheet, Crown Holdings had liabilities of US$3.86b due within 12 months, and liabilities of US$7.90b due beyond 12 months. On the other hand, it had cash of US$1.12b and US$1.65b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$8.99b.
根據上報的最後一份資產負債表,皇冠控股在12個月內有38.6億美元的負債,超過12個月有79億美元的負債。 另一方面,它有11.2億美元現金和1.65億美元的應收賬款。 因此,它的負債超過了它的現金和(短期)應收賬款的總和89.9億美元。
This deficit is considerable relative to its market capitalization of US$9.12b, so it does suggest shareholders should keep an eye on Crown Holdings' use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
相對於其市值91.2億美元來說,這個逆差相當大,因此它確實表明股東應該關注皇冠控股的債務使用情況。 如果貸款人要求它穩固資產負債表,股東可能會面臨嚴重的稀釋。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
爲了比較一個公司的債務與其收益的關係,我們計算其淨債務除以利息、稅、折舊和攤銷前的收益和利息前的收益(其利息覆蓋率)。因此,我們考慮了債務的絕對數量以及支付的利率。
Crown Holdings's debt is 3.5 times its EBITDA, and its EBIT cover its interest expense 3.4 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. The good news is that Crown Holdings improved its EBIT by 8.7% over the last twelve months, thus gradually reducing its debt levels relative to its earnings. 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 Crown Holdings 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.
皇冠控股的債務是其稅息前收益的3.5倍,而其稅前利息費用的覆蓋率超過3.4倍。 總體而言,這意味着,雖然我們不想看到債務水平上升,但我們認爲它可以處理其當前的槓桿水平。 好消息是,皇冠控股在過去12個月中提高了8.7%的稅息前收益,逐漸降低其相對於收益的債務水平。 所以,毫無疑問,我們從資產負債表中了解債務的大部分內容。 但是最終,業務未來的盈利能力將決定皇冠控股能否隨時間加強其平衡表。 因此,如果您關注未來,可以查看此免費報告,其中顯示了分析師的利潤預測。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last two years, Crown Holdings's free cash flow amounted to 34% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最後,一家公司需要自由現金流來償還債務;會計利潤無法達到目的。 因此,邏輯上的步驟是查看匹配實際自由現金流的稅息前收益比例。 在過去兩年中,皇冠控股的自由現金流佔其稅息前收益的34%,低於我們的預期。 這種弱的現金轉換使其更難處理債務。
Our View
我們的觀點
On the face of it, Crown Holdings's interest cover left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Once we consider all the factors above, together, it seems to us that Crown Holdings'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. For instance, we've identified 2 warning signs for Crown Holdings that you should be aware of.
從表面上看,皇冠控股的利息支付倍數讓我們對該股持謹慎態度,其總負債水平也不比一年中最繁忙的夜晚空蕩蕩的餐廳更有吸引力。但是從積極的一面來看,其 EBIt 增長率是一個好跡象,並讓我們更加樂觀。綜上考慮,皇冠控股的債務問題使其存在一定風險。這並不一定是一件壞事,但我們通常會更喜歡較少槓桿的公司。當您分析債務時,資產負債表顯然是需要關注的領域。但歸根結底,每個公司都可能存在超出資產負債表範圍的風險。例如,我們已經確定了皇冠控股的兩個警示信號,您應該注意到這一點。
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.
如果您在所有這些工作之後,更感興趣於擁有堅實資產負債表的快速發展公司,請立即查看我們的淨現金成長股列表。
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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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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