Minerals Technologies (NYSE:MTX) Has A Pretty Healthy Balance Sheet
Minerals Technologies (NYSE:MTX) Has A Pretty Healthy Balance Sheet
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Minerals Technologies Inc. (NYSE:MTX) makes use of debt. But the more important question is: how much risk is that debt creating?
霍華德·馬克思很好地表達了這一點,他說,與其擔心股價波動,我擔心的是永久損失的風險...以及每個理性的投資者都所擔心的風險。當我們考慮一家公司的風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能會導致破產。與許多其他公司一樣,Minerals Technologies Inc.(紐交所:MTX)使用債務。但更重要的問題是:這些債務正在創造多少風險呢?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
當企業無法通過自由現金流或以有吸引力的價格籌集資本來輕鬆履行債務義務時,債務和其他負債會變成風險。最終,如果公司無法履行償還債務的法律義務,股東可能會一文不值。然而,更頻繁(但仍然昂貴)的情況是,公司必須以極低的價格發行股票,永久性地稀釋股東權益,以支撐其資產負債表。當然,許多公司使用債務來資助增長,沒有任何負面後果。在考慮公司債務水平時的第一步是將其現金和債務放在一起考慮。
What Is Minerals Technologies's Debt?
Minerals Technologies的債務情況如何?
The image below, which you can click on for greater detail, shows that Minerals Technologies had debt of US$991.4m at the end of June 2024, a reduction from US$1.04b over a year. However, it also had US$316.4m in cash, and so its net debt is US$675.0m.
下圖(點擊可放大)顯示,截至2024年6月底,Minerals Technologies的債務爲9,914萬美元,較去年同期的10.4億美元有所減少。然而,它也持有3,164萬美元的現金,因此其淨債務爲6,750萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240802/0-e297dc4a29a5915b7a6969c73da75ef5-0-8ca594831d6fd64717de664838bb4426.png/big)
A Look At Minerals Technologies' Liabilities
根據最後報告的資產負債表顯示,Minerals Technologies在12個月內到期的負債爲4,536萬美元,超過12個月到期的負債爲1.19億美元。除此之外,它還有3,164萬美元的現金和4,051萬美元的應收賬款,應收賬款在12個月內到期。因此,它的負債超過了其現金和(短期)應收賬款的總和,達到9,270萬美元。
According to the last reported balance sheet, Minerals Technologies had liabilities of US$453.6m due within 12 months, and liabilities of US$1.19b due beyond 12 months. Offsetting this, it had US$316.4m in cash and US$405.1m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$927.0m.
這種赤字並不是很糟糕,因爲Minerals Technologies價值25.2億美元,因此如果必要,可能可以籌集足夠的資本來支撐其資產負債表。然而,看看其償還債務的能力還是值得的。
This deficit isn't so bad because Minerals Technologies is worth US$2.52b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
Minerals Technologies的淨債務價值爲1.8倍EBITDA,這並不太多,但其利息保障看起來有點偏低,EBIt僅爲利息費用的4.6倍。雖然這並不讓我們太擔心,但這確實表明利息支付有點沉重。Minerals Technologies擺脫債務的一種方法是停止借更多的款,但繼續以約14%的速度增長EBIt,就像去年那樣。毫無疑問,我們可以從資產負債表中獲得關於債務的大部分信息。但最終,企業的未來盈利能力將決定Minerals Technologies是否能夠逐步加強其資產負債表。因此,如果您想知道專業人士的看法,您可能會發現分析師盈利預測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。
Minerals Technologies has net debt worth 1.8 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 4.6 times the interest expense. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. One way Minerals Technologies could vanquish its debt would be if it stops borrowing more but continues to grow EBIT at around 14%, as it did over the last year. 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 Minerals Technologies 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.
但我們最終的考慮同樣重要,因爲公司無法用虛假的利潤償還債務,它需要真金白銀。因此,邏輯上看的步驟是,尋找與實際自由現金流匹配的EBIt比例。在查看最近三年的數據後,我們發現Minerals Technologies的自由現金流佔EBIt的比例爲39%,弱於我們的預期。這種弱的現金轉換使處理債務更加困難。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Looking at the most recent three years, Minerals Technologies recorded free cash flow of 39% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
根據我們的分析,Minerals Technologies的EBIt增長率應表明它不會在債務方面遇到太多麻煩。然而,我們的其他觀察結果並不如人意。例如,看起來它必須花費一些力氣用EBIt來支付利息支出。當我們考慮以上所有因素時,我們對Minerals Technologies使用債務的方式感到有些謹慎。雖然我們理解債務可以增強股本回報,但我們建議股東密切關注其債務水平,以免增加。顯然,在分析債務時,資產負債表是明顯的關注重點。但是,最終,每個公司都可能存在超出資產負債表範圍的風險。爲此,您應該注意我們發現的1個Minerals Technologies的警告信號。
Our View
我們的觀點
On our analysis Minerals Technologies's EBIT growth rate 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 cover its interest expense with its EBIT. When we consider all the factors mentioned above, we do feel a bit cautious about Minerals Technologies's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. 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. To that end, you should be aware of the 1 warning sign we've spotted with Minerals Technologies .
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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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。
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。