Here's Why Colgate-Palmolive (NYSE:CL) Can Manage Its Debt Responsibly
Here's Why Colgate-Palmolive (NYSE:CL) Can Manage Its Debt Responsibly
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. We can see that Colgate-Palmolive Company (NYSE:CL) does use debt in its business. But the real question is whether this debt is making the company risky.
戴維·伊本(David Iben)說得很好:「波動率不是我們所關心的風險。我們關心的是避免資本的永久損失。」因此,當您考慮任何股票的風險時,需要考慮債務,因爲過多的債務可能會使公司陷入困境。我們可以看到高露潔(NYSE:CL)在業務中使用債務。但真正問題在於這些債務是否會使公司變得風險高。
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. 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.
債務可以幫助業務,直到業務出現了無法借新的資本或自由現金流還債的問題。最終,如果公司無法履行償還債務的法律義務,股東可能將一無所獲。然而,更頻繁(但仍然代價高昂)的情況是,公司必須以極低的價格發行股票,永久稀釋股東的權益,以加強其資產負債表。當然,很多公司使用債務來資助成長,並沒有任何負面後果。在考慮企業債務水平時,第一步是考慮現金流和債務的總和。
What Is Colgate-Palmolive's Net Debt?
高露潔的淨債務是多少?
The chart below, which you can click on for greater detail, shows that Colgate-Palmolive had US$8.68b in debt in June 2024; about the same as the year before. However, it does have US$1.34b in cash offsetting this, leading to net debt of about US$7.34b.
下面的圖表顯示高露潔於2024年6月擁有86.8億美元的債務,大致與前一年相同。然而,它確實擁有13.4億美元的現金來抵消這筆債務,從而產生淨債務約73.4億美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240811/0-de16df2c5d4bd4bfbbcee0e8b79172eb-0-652fa8ddbf604c64ce3205afa55fe462.png/big)
A Look At Colgate-Palmolive's Liabilities
最新的資產負債表數據顯示,高露潔應在一年內支付53.5億美元的負債,之後的負債爲106億美元。相應的,企業擁有13.4億美元的現金和18.3億美元的應在12個月內到期的應收賬款。所以其負債總額比現金和短期應收賬款總和高達128億美元。
The latest balance sheet data shows that Colgate-Palmolive had liabilities of US$5.35b due within a year, and liabilities of US$10.6b falling due after that. Offsetting this, it had US$1.34b in cash and US$1.83b in receivables that were due within 12 months. So it has liabilities totalling US$12.8b more than its cash and near-term receivables, combined.
考慮到高露潔市值爲834億美元,很難相信這些負債會構成多大的威脅。無論如何,我們認爲值得關注其資產負債表的強度,因爲它可能會隨時間而變化。
Given Colgate-Palmolive has a humongous market capitalization of US$83.4b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
高露潔的淨債務與息稅折舊及攤銷前利潤爲1.5,僅表明其輕度使用債務。其強大的息稅盈利能力覆蓋17.8倍,讓我們更加放心。此外,高露潔在過去一年中EBIt增長了16%,這也增加了其管理債務的能力。當您分析債務時,需要明確關注資產負債表領域。但最終,企業的未來盈利能力將決定高露潔是否能夠在未來加強資產負債表。因此,如果您專注於未來,可以查看此免費報告,顯示分析師的盈利預測。
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。
Colgate-Palmolive's net debt to EBITDA ratio of about 1.5 suggests only moderate use of debt. And its strong interest cover of 17.8 times, makes us even more comfortable. Also good is that Colgate-Palmolive grew its EBIT at 16% over the last year, further increasing its ability to manage debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Colgate-Palmolive 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.
最後,企業需要自由現金流來償還債務;僅依靠會計利潤是不足的。因此,我們必須明確看到EBIt是否導致相應的自由現金流。在過去的三年中,高露潔生產了堅固的自由現金流,相當於其EBIt的70%,這與我們的預期相當。這種冰冷的現金意味着它可以在需要時減少債務。
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. During the last three years, Colgate-Palmolive produced sturdy free cash flow equating to 70% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
好消息是,高露潔顯然能夠使用其EBIt支付利息支出,這使我們像毛絨絨的小狗對兒童一樣感到高興。而且好消息並沒有止步於此,因爲其將EBIt轉化爲自由現金流的能力也支持了這種印象!從更大的圖景來看,我們認爲高露潔使用債務似乎相當合理,而且我們並不擔心它。畢竟,合理的槓桿可以提高股本回報率。在分析債務時,資產負債表領域顯然是需要關注的領域。但是,不是所有的投資風險都存在於資產負債表中——遠非如此。例如,高露潔僅有1個警示標誌,我們認爲您應該了解其中的風險。
Our View
我們的觀點
The good news is that Colgate-Palmolive's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Looking at the bigger picture, we think Colgate-Palmolive's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. 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. For example - Colgate-Palmolive has 1 warning sign we think you should be aware of.
最後,企業需要自由現金流來償還債務;僅依靠會計利潤是不足的。因此,我們必須明確看到EBIt是否導致相應的自由現金流。在過去的三年中,高露潔生產了堅固的自由現金流,相當於其EBIt的70%,這與我們的預期相當。這種冰冷的現金意味着它可以在需要時減少債務。
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.
歸根結底,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,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。