A-Mark Precious Metals (NASDAQ:AMRK) Use Of Debt Could Be Considered Risky
A-Mark Precious Metals (NASDAQ:AMRK) Use Of Debt Could Be Considered Risky
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, A-Mark Precious Metals, Inc. (NASDAQ:AMRK) does carry debt. But should shareholders be worried about its use of debt?
霍華德·馬克斯(Howard Marks)曾這樣說過,與其擔心股票價格的波動性,不如擔心“永久性損失的可能性是我擔心的風險……我認識的每一位實踐投資者都擔心”。因此,在考慮任何一種股票的風險時,你需要考慮債務的情況,因爲太多的債務可能會使一家公司陷入困境。重要的是,A-Mark Precious Metals,Inc. (納斯達克:AMRK)確實有債務負擔。但股東們是否應該擔心其使用的債務?
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. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
通常情況下,只有當一家公司無法輕鬆償還債務時,即無法通過籌集資金或自有現金流來償還債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,貸款人可以接管業務。然而,更常見的(但仍然昂貴)情況是,一家公司必須通過以低廉的股價稀釋股東權益來控制債務。話雖如此,最常見的情況是一家公司合理有效地管理其債務,從而獲得自己的利益。在思考一家公司對債務的使用時,我們首先看現金和債務總額。
What Is A-Mark Precious Metals's Net Debt?
A-Mark Precious Metals的淨債務是多少?
The image below, which you can click on for greater detail, shows that at March 2024 A-Mark Precious Metals had debt of US$830.4m, up from US$644.2m in one year. However, because it has a cash reserve of US$35.2m, its net debt is less, at about US$795.2m.
下面的圖片可以單擊以獲取更詳細的信息,它顯示在2024年3月,A-Mark Precious Metals的債務爲83040萬美元,比一年前的64420萬美元增加了。但是,由於它擁有3520萬美元的現金儲備,因此其淨債務較低,約爲79520萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-cae17d70d0cdd50cb13b90d3c11033c0-0-592d912b37f694127f6599386024491a.png/big)
How Healthy Is A-Mark Precious Metals' Balance Sheet?
A-Mark Precious Metals的資產負債表情況如何?
The latest balance sheet data shows that A-Mark Precious Metals had liabilities of US$764.8m due within a year, and liabilities of US$317.7m falling due after that. Offsetting these obligations, it had cash of US$35.2m as well as receivables valued at US$158.5m due within 12 months. So its liabilities total US$888.8m more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,在未來一年內,A-Mark Precious Metals有76480萬美元的債務到期,31770萬美元的債務在此之後到期。抵消這些債務,它有3520萬美元的現金儲備,以及12個月內到期的應收賬款價值15850萬美元。因此,其負債總額比其現金和短期應收賬款的組合多了88880萬美元。由於這個赤字實際上高於公司的市值(82170萬美元),我們認爲股東們確實應該像家長一樣,看着A-Mark Precious Metals的債務水平,就像看着自己的孩子第一次騎自行車一樣。假設在當前股價下,如果公司被迫償還其債務,就需要進行極重的稀釋。
Given this deficit is actually higher than the company's market capitalization of US$821.7m, we think shareholders really should watch A-Mark Precious Metals's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
雖然A-Mark Precious Metals的債務與EBITDA比率爲6.5表明其承擔了沉重的債務負擔,但其利息覆蓋率爲8.1意味着它可以輕鬆地服務這筆債務。總的來說,我們認爲該公司承擔了相當沉重的債務負擔。重要的是,A-Mark Precious Metals的EBIt在過去十二個月中驚人地下降了41%。如果這種收益趨勢繼續下去,償還債務將像將貓帶到過山車上一樣容易。在分析債務水平時,資產負債表是一個顯而易見的起點。但最終,業務的未來盈利能力將決定A-Mark Precious Metals是否能夠隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現分析師盈利預測方面的這份免費報告很有趣。
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。
While A-Mark Precious Metals's debt to EBITDA ratio of 6.5 suggests a heavy debt load, its interest coverage of 8.1 implies it services that debt with ease. Overall we'd say it seems likely the company is carrying a fairly heavy swag of debt. Importantly, A-Mark Precious Metals's EBIT fell a jaw-dropping 41% in the last twelve months. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if A-Mark Precious Metals can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
最後,雖然稅務人員可能欣賞會計利潤,但貸款人只接受一分錢不留餘地的現金。因此,邏輯上看待的是EBIt,通過實際自由現金流量匹配的比例。在過去三年中,A-Mark Precious Metals總共記錄了負的自由現金流量。對於一個負自由現金流量的公司來說,債務通常更加昂貴,而風險也更加高。股東應該希望有所改善。
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 three years, A-Mark Precious Metals recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
總的來說,A-Mark Precious Metals的淨債務與EBITDA讓我們對股票感到猶豫不決,其EBIt增長率也不如一年中最繁忙的夜晚的一個空餐廳有吸引力。但至少它很擅長用EBIT支付利息;這是令人鼓舞的。綜合考慮所有上述因素,看起來A-Mark Precious Metals的債務過多。雖然一些投資者喜歡這種冒險的玩法,但這絕對不是我們喜歡的。毫無疑問,資產負債表可以讓我們了解到債務的大多數信息。然而,並不是所有的投資風險都在資產負債表上--遠非如此。例如,A-Mark Precious Metals有4個警告信號(以及1個讓我們有些不舒服的因素),我們認爲您應該知道。
Our View
我們的觀點
On the face of it, A-Mark Precious Metals's net debt to EBITDA left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. Taking into account all the aforementioned factors, it looks like A-Mark Precious Metals has too much debt. While some investors love that sort of risky play, it's certainly not our cup of tea. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example A-Mark Precious Metals has 4 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about.
總的來說,A-Mark Precious Metals的淨債務與EBITDA讓我們對股票感到猶豫不決,其EBIt增長率也不如一年中最繁忙的夜晚的一個空餐廳有吸引力。但至少它很擅長用EBIT支付利息;這是令人鼓舞的。綜合考慮所有上述因素,看起來A-Mark Precious Metals的債務過多。雖然一些投資者喜歡這種冒險的玩法,但這絕對不是我們喜歡的。毫無疑問,資產負債表可以讓我們了解到債務的大多數信息。然而,並不是所有的投資風險都在資產負債表上--遠非如此。例如,A-Mark Precious Metals有4個警告信號(以及1個讓我們有些不舒服的因素),我們認爲您應該知道。
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.
總的來說,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包含這些公司(所有這些公司都有盈利增長的記錄)。這是免費的。
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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?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 (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?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。