These 4 Measures Indicate That BJ's Wholesale Club Holdings (NYSE:BJ) Is Using Debt Reasonably Well
These 4 Measures Indicate That BJ's Wholesale Club Holdings (NYSE:BJ) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) does carry debt. But the real question is whether this debt is making the company risky.
作爲投資人,有人認爲波動性而不是債務是風險的最佳體現方式,但投資巨頭禾倫•巴菲特曾經說過:“波動性和風險遠非同義詞。” 當你檢查一個公司有多大風險時,考慮到債務常常是企業破產的主要原因,因此考慮該公司的資產負債表是很自然的。BJ批發俱樂部控股公司(紐交所:BJ)具有一定的債務,但真正問題在於這些債務是否會使公司變得更加危險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. 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.
債務可以助力企業,直到企業無法通過新資本或自由現金流來償還債務時。最終,如果公司無法履行償還債務的法定義務,股東可能會一無所有地離開。雖然這種情況並不常見,但我們經常看到負債累累的公司因爲放貸人迫使他們以危機價格籌集資本而導致永久稀釋股東。當然,許多公司使用債務來資助增長,沒有任何負面後果。當我們考慮一家公司的債務使用時,首先要考慮現金和債務。
What Is BJ's Wholesale Club Holdings's Debt?
BJ批發俱樂部控股公司的債務是多少?
As you can see below, BJ's Wholesale Club Holdings had US$668.5m of debt at May 2024, down from US$848.0m a year prior. However, because it has a cash reserve of US$35.1m, its net debt is less, at about US$633.4m.
正如下面所示,2024年5月,BJ批發俱樂部控股公司的債務爲66850萬美元,比一年前的84800萬美元有所下降。然而,由於其有3510萬美元的現金儲備,因此其淨債務較少,約爲63340萬美元。
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A Look At BJ's Wholesale Club Holdings' Liabilities
根據最近一份資產負債表,BJ批發俱樂部控股公司由於12個月內到期的債務爲25.3億美元,12個月後到期的債務爲27.7億美元。另一方面,它有3510萬美元的現金和22520萬美元的應收賬款到期。因此,其負債總額超過其現金和短期應收賬款的總額達50.4億美元。
According to the last reported balance sheet, BJ's Wholesale Club Holdings had liabilities of US$2.53b due within 12 months, and liabilities of US$2.77b due beyond 12 months. On the other hand, it had cash of US$35.1m and US$225.2m worth of receivables due within a year. So it has liabilities totalling US$5.04b more than its cash and near-term receivables, combined.
考慮到BJ批發俱樂部控股公司的市值高達120億美元,因此,如果需要,它可能可以籌集足夠的資本來支撐其資產負債表。但很明顯,我們確實需要仔細審查它是否可以在不稀釋利益的情況下管理其債務。
This deficit isn't so bad because BJ's Wholesale Club Holdings is worth a massive US$12.0b, and thus could probably raise enough capital to shore up 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.
我們使用兩個主要比率來評估相對於收益的債務水平。第一個是淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比,而第二個是收益利息費用的倍數(或其利息保障倍數)。這種方法的優點在於不僅考慮了債務的絕對量(用淨債務比上EBITDA),還考慮了與該債務相關的實際利息費用(使用其利息保障倍數)。
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).
BJ批發俱樂部控股公司的淨債務只有EBITDA的0.62倍。而其EBIT輕鬆覆蓋其利息費用,比例爲12.6倍。因此,我們對其超級保守的債務使用感到相當放心。雖然BJ批發俱樂部控股公司在EBIT方面沒有取得太多進展,但至少其盈利保持穩定。當分析債務水平時,資產負債表是顯然的切入點。但歸根結底,企業未來的盈利能力將決定BJ批發俱樂部控股公司能否隨着時間的推移加強資產負債表。因此,如果你要關注未來,可以查看一下這份免費的分析報告,了解分析師的盈利預測。
BJ's Wholesale Club Holdings's net debt is only 0.62 times its EBITDA. And its EBIT easily covers its interest expense, being 12.6 times the size. So we're pretty relaxed about its super-conservative use of debt. While BJ's Wholesale Club Holdings doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if BJ's Wholesale Club 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.
但我們的最終考慮也很重要,因爲一家公司無法用虛假的利潤來償還債務。因此,我們需要清楚地了解這些收益是否會產生相應的自由現金流。從最近三年的情況來看,BJ批發俱樂部控股公司的自由現金流爲其EBIT的47%,比我們預期的要差。當涉及償還債務時,這並不是好事。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Looking at the most recent three years, BJ's Wholesale Club Holdings recorded free cash flow of 47% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
根據我們的分析,BJ批發俱樂部控股公司的利息保障應該表明其不會在償付債務方面遇到太多麻煩。但是,我們的其他觀察結果並不那麼令人振奮。例如,似乎它必須努力應對其總負債。考慮到這些數據點的範圍,我們認爲BJ批發俱樂部控股公司在管理其債務水平方面處於良好的位置。但是需要注意的是:我們認爲債務水平高到需要持續監測。在分析債務時,資產負債表顯然是關注重點。但並不是所有的投資風險都在資產負債表中-遠沒有這麼簡單。要知道BJ批發俱樂部控股公司在我們的投資分析中顯示了2個警告信號,你應該知道…
Our View
我們的觀點
On our analysis BJ's Wholesale Club Holdings's interest cover should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit to handle its total liabilities. Considering this range of data points, we think BJ's Wholesale Club Holdings is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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 BJ's Wholesale Club Holdings is showing 2 warning signs in our investment analysis , you should know about...
根據我們的分析,BJ批發俱樂部控股公司的利息保障應該表明其不會在償付債務方面遇到太多麻煩。但是,我們的其他觀察結果並不那麼令人振奮。例如,似乎它必須努力應對其總負債。考慮到這些數據點的範圍,我們認爲BJ批發俱樂部控股公司在管理其債務水平方面處於良好的位置。但是需要注意的是:我們認爲債務水平高到需要持續監測。在分析債務時,資產負債表顯然是關注重點。但並不是所有的投資風險都在資產負債表中-遠沒有這麼簡單。要知道BJ批發俱樂部控股公司在我們的投資分析中顯示了2個警告信號,你應該知道…
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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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
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。