Royal Gold (NASDAQ:RGLD) Seems To Use Debt Quite Sensibly
Royal Gold (NASDAQ:RGLD) Seems To Use Debt Quite Sensibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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, Royal Gold, Inc. (NASDAQ:RGLD) does carry debt. But the more important question is: how much risk is that debt creating?
傳奇基金經理李錄(受查利·芒格支持)曾經說過:「最大的投資風險不是價格波動性,而是您是否會遭受永久性資本損失。」因此,似乎明智的投資者知道,通常涉及破產的債務是評估公司風險的非常重要因素。重要的是,Royal Gold,Inc.(NASDAQ:RGLD)確實負載債務。但更重要的問題是:這筆債務產生了多大的風險?
When Is Debt Dangerous?
債務何時有危險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
債務可以幫助企業度過燃眉之急,要麼通過新的資本,要麼通過自由現金流。如果情況真的很糟糕,借款人可能會控制企業。雖然這不太常見,但我們經常看到負債的企業因爲貸方迫使它們以降價的價格融資而永久性地稀釋股東的權益。但是,通過代替稀釋,債務可以成爲需要高回報投資增長的企業的極好工具。考慮企業的債務水平時的第一步是將它的現金和債務放在一起考慮。
What Is Royal Gold's Net Debt?
皇家黃金的淨債務是多少?
As you can see below, Royal Gold had US$146.2m of debt at March 2024, down from US$496.8m a year prior. However, it also had US$138.0m in cash, and so its net debt is US$8.24m.
正如您在下面所見,Royal Gold於2024年3月有1.46億美元的債務,比上一年的4,968萬美元下降。但是,它還有1.38億美元的現金,因此其淨債務爲820萬美元。
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How Strong Is Royal Gold's Balance Sheet?
皇家黃金的資產負債表有多堅實?
We can see from the most recent balance sheet that Royal Gold had liabilities of US$77.1m falling due within a year, and liabilities of US$312.8m due beyond that. On the other hand, it had cash of US$138.0m and US$41.9m worth of receivables due within a year. So its liabilities total US$210.1m more than the combination of its cash and short-term receivables.
我們可以看到,最近一期的資產負債表顯示皇家黃金有7,710萬美元的短期到期負債和3.128億美元的長期到期負債。另一方面,它有1.38億美元的現金和4,190萬美元即將到期的應收賬款。因此,它的負債總計比其現金和短期應收賬款的組合多2,101萬美元。
Given Royal Gold has a market capitalization of US$8.88b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Carrying virtually no net debt, Royal Gold has a very light debt load indeed.
鑑於皇家黃金的市值爲8.88億美元,很難相信這些負債會構成多大的威脅。話雖如此,明顯我們應繼續監測其資產負債表,以防情況變得更糟。擁有幾乎沒有淨債務,皇家黃金的債務負載非常輕。
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。
Royal Gold has very little debt (net of cash), and boasts a debt to EBITDA ratio of 0.018 and EBIT of 22.3 times the interest expense. Indeed relative to its earnings its debt load seems light as a feather. Royal Gold's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of debt. 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 Royal Gold 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.
皇家黃金(扣除現金)幾乎沒有債務,負債到息稅前利潤比爲0.018和利息支出的EBIt爲22.3倍。實際上,相對於其收益,其債務負載似乎非常輕。皇家黃金的EBIt在過去一年中相當平穩,但考慮到其沒有太多債務,這應該不是問題。毫無疑問,我們應從資產負債表中了解有關債務的大部分內容。但最終業務的未來盈利能力將決定皇家黃金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觀點,您可能會發現這份分析師利潤預測的免費報告感興趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Royal Gold reported free cash flow worth 5.3% of its EBIT, which is really quite low. That limp level of cash conversion undermines its ability to manage and pay down debt.
最後,企業需要自由現金流來償還債務;會計利潤無法做到這一點。因此,我們清楚地需要看看EBIt是否帶來相應的自由現金流。在過去的三年中,皇家黃金報告的自由現金流價值相當於其EBIt的5.3%,這實際上非常低。這種低效的現金轉換水平削弱了其管理和償還債務的能力。
Our View
我們的觀點
The good news is that Royal Gold's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. Looking at all the aforementioned factors together, it strikes us that Royal Gold can handle its debt fairly comfortably. 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. Over time, share prices tend to follow earnings per share, so if you're interested in Royal Gold, you may well want to click here to check an interactive graph of its earnings per share history.
好消息是,皇家黃金已經證明它能夠用其EBIt來覆蓋其利息費用,這使我們像蓬鬆的小狗一樣高興。但我們必須承認,它將EBIt轉化爲自由現金流的能力產生了相反的影響。綜合考慮所有上述因素,我們認爲皇家黃金可以相當輕鬆地處理其債務。當然,儘管這種槓桿可以增強股本收益率,但它也帶來更多風險,因此值得關注。隨着時間的推移,股價往往會跟隨每股收益而變化,因此如果您對皇家黃金感興趣,您可能想單擊這裏查看其每股收益歷史的交互式圖表。
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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。