E.W. Scripps (NASDAQ:SSP) Has No Shortage Of Debt
E.W. Scripps (NASDAQ:SSP) Has No Shortage Of Debt
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. Importantly, The E.W. Scripps Company (NASDAQ:SSP) does carry debt. But the real question is whether this debt is making the company risky.
華倫·巴菲特曾經說過:“波動性與風險遠非同義詞。”所以,聰明的錢知道,在評估公司風險時,債務(通常與破產有關)是一個非常重要的因素。重要的是,The E.W. Scripps公司(納斯達克股票代碼:SSP)確實存在債務。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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
一般來說,當公司無法輕鬆地通過籌集資本或自身現金流來還清債務時,債務才真正成爲一個問題。最糟糕的情況是,如果一家公司無法償付其債權人,它就會破產。雖然這不是太常見的情況,但我們經常看到負債累累的公司因爲債權人強迫他們以低價籌集資本而導致股東權益永久稀釋。話雖如此,最常見的情況是公司合理管理其債務並將之用爲自己的優勢。在考慮一家公司的負債水平時的第一步是將其現金和債務合併考慮。
What Is E.W. Scripps's Net Debt?
E.W. Scripps的淨債務是什麼?
The chart below, which you can click on for greater detail, shows that E.W. Scripps had US$2.87b in debt in March 2024; about the same as the year before. Net debt is about the same, since the it doesn't have much cash.
下面的圖表是點擊以獲得更詳細信息的,顯示E.W. Scripps在2024年3月有28.7億美元的債務,與前一年大約相同。淨債務也差不多,因爲它沒有太多現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-86caee9d201a7ed065c6534708eede95-0-f3aabb8d00ff5af6fb25932b405e3639.png/big)
How Healthy Is E.W. Scripps' Balance Sheet?
E.W. Scripps的資產負債表健康狀況如何?
The latest balance sheet data shows that E.W. Scripps had liabilities of US$446.8m due within a year, and liabilities of US$3.72b falling due after that. Offsetting this, it had US$30.2m in cash and US$566.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$3.57b.
最新的資產負債表數據顯示,E.W. Scripps有4.468億美元的負債需要在一年內到期,還有37.2億美元的負債需要在此之後到期。相對地,它有3020萬美元的現金和567.7萬美元的應收賬款在12個月內到期。因此,它的負債總額超過了其現金和(短期)應收賬款的總和,達357億美元。
This deficit casts a shadow over the US$219.5m company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. After all, E.W. Scripps would likely require a major re-capitalisation if it had to pay its creditors today.
這個虧損額讓這個市值爲2.195億美元的公司像一個龐然大物一樣籠罩着,就像一個人看到雄健的山峯一樣。所以我們肯定認爲股東們需要密切關注這個公司。畢竟,如果E.W. Scripps今天必須償還其債權人,它很可能需要進行重大的資本再組合。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。
E.W. Scripps shareholders face the double whammy of a high net debt to EBITDA ratio (6.9), and fairly weak interest coverage, since EBIT is just 1.2 times the interest expense. This means we'd consider it to have a heavy debt load. Even worse, E.W. Scripps saw its EBIT tank 36% over the last 12 months. 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 it is future earnings, more than anything, that will determine E.W. Scripps'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.
E.W. Scripps股東面對着每EBITDA比率較高(6.9)和利息覆蓋相對較弱的雙重打擊,因爲EBIT僅是利息費用的1.2倍。這意味着,我們認爲它有沉重的債務負擔。更糟糕的是,E.W. Scripps過去12個月的EBIT下滑了36%。如果利潤繼續保持這樣的軌跡,償還債務將比說服我們在雨中跑一場馬拉松更加困難。毫無疑問,我們從資產負債表上了解債務的信息最多。但與任何事情相比,將決定E.W. Scripps未來是否能夠保持健康的資產負債表的是未來的收益。因此,如果您關注未來,可以查看這篇免費報告,其中顯示了分析師的利潤預測。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Looking at the most recent three years, E.W. Scripps recorded free cash flow of 45% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最後,雖然稅務人員可能很喜歡會計利潤,但放貸人只接受冷酷無情的現金。所以我們總是檢查有多少EBIT轉化爲自由現金流。在查看最近三年的數據時,E.W. Scripps記錄的自由現金流只相當於其EBIT的45%,這比我們預期的要弱。這種疲軟的現金轉化使處理負債更加困難。
Our View
我們的觀點
On the face of it, E.W. Scripps's EBIT growth rate 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. Having said that, its ability to convert EBIT to free cash flow isn't such a worry. Considering all the factors previously mentioned, we think that E.W. Scripps really is carrying too much debt. To us, that makes the stock rather risky, like walking through a dog park with your eyes closed. But some investors may feel differently. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that E.W. Scripps is showing 1 warning sign in our investment analysis , you should know about...
表面上看,E.W. Scripps的EBIT增長率讓我們對這支股票持謹慎態度,而其總負債水平也不比全年最繁忙的那一夜空無一人的餐廳更吸引人。話雖如此,它將EBIT轉化爲自由現金流的能力並不是一個擔憂。考慮到前述所有因素,我們認爲E.W. Scripps確實承擔了太多的債務。據我們所知,這使得股票像閉眼走過狗公園一樣具有風險。但有些投資者可能持不同看法。顯然,資產負債表是分析債務的區域。然而,並非所有投資風險都存在於資產負債表內 -相反。請注意,E.W. Scripps在我們的投資分析中顯示了1個警告標誌,您應該了解…
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
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
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。