Arcosa (NYSE:ACA) Seems To Use Debt Quite Sensibly
Arcosa (NYSE:ACA) Seems To Use Debt Quite Sensibly
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.' 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, Arcosa, Inc. (NYSE:ACA) does carry debt. But should shareholders be worried about its use of debt?
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:「最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。」因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,阿科薩公司(紐約證券交易所代碼:ACA)確實有債務。但是,股東是否應該擔心其債務的使用?
What Risk Does Debt Bring?
債務會帶來什麼風險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
當企業無法輕易履行這些義務時,無論是通過自由現金流還是以誘人的價格籌集資金,債務和其他負債就會面臨風險。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。當然,債務可能是企業的重要工具,尤其是資本密集型企業。在考慮企業使用多少債務時,要做的第一件事是將其現金和債務放在一起考慮。
How Much Debt Does Arcosa Carry?
Arcosa 揹負了多少債務?
The image below, which you can click on for greater detail, shows that at March 2024 Arcosa had debt of US$595.8m, up from US$531.8m in one year. However, because it has a cash reserve of US$176.5m, its net debt is less, at about US$419.3m.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年3月,阿科薩的債務爲5.958億美元,高於一年的5.318億美元。但是,由於其現金儲備爲1.765億美元,其淨負債較少,約爲4.193億美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240720/0-98e6be423b1e11caf6b4e090627465c2-0-c50a44a9ea8e56dc55067ab8b6e175c8.png/big)
How Healthy Is Arcosa's Balance Sheet?
Arcosa 的資產負債表有多健康?
The latest balance sheet data shows that Arcosa had liabilities of US$434.9m due within a year, and liabilities of US$859.4m falling due after that. Offsetting this, it had US$176.5m in cash and US$366.2m in receivables that were due within 12 months. So its liabilities total US$751.6m more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,Arcosa的負債爲4.349億美元,此後到期的負債爲8.594億美元。與此相抵消的是,它有1.765億美元的現金和3.662億美元的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出7.516億美元。
Given Arcosa has a market capitalization of US$4.32b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
鑑於Arcosa的市值爲43.2億美元,很難相信這些負債會構成很大的威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。
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.
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。
Arcosa has net debt of just 1.2 times EBITDA, indicating that it is certainly not a reckless borrower. And it boasts interest cover of 7.4 times, which is more than adequate. And we also note warmly that Arcosa grew its EBIT by 11% last year, making its debt load easier to handle. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Arcosa'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.
阿科薩的淨負債僅爲息稅折舊攤銷前利潤的1.2倍,這表明它當然不是一個魯莽的借款人。而且它的利息覆蓋率爲7.4倍,這已經足夠了。我們還熱烈地注意到,Arcosa去年的息稅前利潤增長了11%,使其債務負擔更易於處理。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益比什麼都重要,將決定Arcosa未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs 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, Arcosa recorded free cash flow of 48% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。因此,我們總是檢查該息稅前利潤中有多少轉化爲自由現金流。縱觀最近三年,Arcosa的自由現金流佔其息稅前利潤的48%,低於我們的預期。這種疲軟的現金轉換使得處理債務變得更加困難。
Our View
我們的觀點
On this analysis, Arcosa's net debt to EBITDA was a real positive, just like an unsolicited gift of cupcakes from a work colleague. And its EBIT growth rate should also leave shareholders feeling frolicsome. All these things considered, it appears that Arcosa can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. 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 example - Arcosa has 2 warning signs we think you should be aware of.
根據這項分析,Arcosa的淨負債佔息稅折舊攤銷前利潤的確爲正數,就像同事主動贈送的紙杯蛋糕一樣。其息稅前利潤增長率也應該讓股東感到煩惱。考慮到所有這些因素,Arcosa似乎可以輕鬆應對其當前的債務水平。當然,儘管這種槓桿可以提高股本回報率,但它確實帶來了更多的風險,因此值得關注。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,Arcosa 有 2 個警告信號,我們認爲您應該注意。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接聯繫我們。或者,也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對這篇文章有反饋嗎?擔心內容嗎?直接聯繫我們。或者,發送電子郵件至 editorial-team@simplywallst.com