These 4 Measures Indicate That Bloomin' Brands (NASDAQ:BLMN) Is Using Debt Extensively
These 4 Measures Indicate That Bloomin' Brands (NASDAQ:BLMN) Is Using Debt Extensively
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. We can see that Bloomin' Brands, Inc. (NASDAQ:BLMN) does use debt in its business. But the more important question is: how much risk is that debt creating?
傳奇基金經理陸奇(Charlie Munger的支持者)曾經說過:「最大的投資風險不是價格的波動,而是你是否會遭受到資本永久損失。」因此,明智的投資者知道,通常涉及破產的債務是評估企業風險的非常重要的因素。我們可以看到Bloomin' Brands, Inc.(納斯達克:BLMN)確實在其業務中使用了債務。但更重要的問題是:這筆債務創建了多少風險?
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. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. 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時,債務和其他負債對企業變得高風險。如果情況變得非常糟糕,貸款人可以控制企業。然而,一種更常見(但仍然痛苦的)情況是,它不得不以較低的價格募集新股本,從而永久性地稀釋股東的權益。當然,債務在企業中可以是一個重要的工具,特別是資本密集型企業。考慮一家公司的債務水平時的第一步是將其現金和債務作爲一個整體來考慮。
What Is Bloomin' Brands's Net Debt?
Bloomin' Brands的淨債務是多少?
The image below, which you can click on for greater detail, shows that at June 2024 Bloomin' Brands had debt of US$1.00b, up from US$764.0m in one year. However, it also had US$117.9m in cash, and so its net debt is US$884.5m.
下圖可以點擊以獲取更詳細信息,顯示在2024年6月,Bloomin' Brands的債務從一年前的7640萬美元增加到了10億美元。但它還擁有11790萬美元的現金,因此其淨債務爲88450萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240811/0-f06f0ef9ce5522f6fbda4224d7b81e1f-0-a35274c795191a131f7d3d33d8e18178.png/big)
A Look At Bloomin' Brands' Liabilities
着眼於最新的資產負債表數據,我們可以看到Bloomin' Brands有86730萬美元的負債在12個月內到期,224億美元的負債超過了12個月的期限。抵消這些責任,它有11790萬美元的現金以及價值5580萬美元的應收賬款,在12個月內到期。因此,它的負債總額超過了現金和短期應收賬款的293億美元。這種不足嚴重影響着這家133億美元的公司,就像一個孩子揹着裝滿書、運動裝備和小號的巨大揹包一樣。因此,毫無疑問,我們會密切關注它的資產負債表。歸根結底,如果其債權人要求償還債務,Bloomin' Brands可能需要進行重大的再資本化。
Zooming in on the latest balance sheet data, we can see that Bloomin' Brands had liabilities of US$867.3m due within 12 months and liabilities of US$2.24b due beyond that. Offsetting these obligations, it had cash of US$117.9m as well as receivables valued at US$55.8m due within 12 months. So it has liabilities totalling US$2.93b more than its cash and near-term receivables, combined.
Bloomin' Brands的淨債務值爲EBITDA的1.8倍,這並不算太多,但其利息覆蓋率看起來有點偏低,因爲其EBIT僅爲利息支出的5.3倍。雖然這不會讓我們太擔心,但它確實表明利息支出是某種負擔。不幸的是,Bloomin' Brands的EBIT在過去的四個季度下跌了19%。如果收益繼續以那樣的速度下降,那麼處理債務將比帶着三個五十億美元的孩子去一家高檔餐廳麻煩得多。顯然,資產負債表是分析債務的關鍵領域。但歸根結底,業務未來的盈利能力將決定Bloomin' Brands能否隨着時間的推移加強其資產負債表。因此,如果您想看看專業人士的看法,您可能會發現這份有關分析師盈利預測的免費報告很有趣。
The deficiency here weighs heavily on the US$1.33b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Bloomin' Brands would probably need a major re-capitalization if its creditors were to demand repayment.
但我們的最後考慮也很重要,因爲一家公司不能用紙質利潤來償還債務,它需要硬通貨。因此,邏輯上的下一步是查看與實際自由現金流相匹配的EBIT的比例。在過去的三年中,Bloomin' Brands的自由現金流佔其EBIT的43%,低於我們的預期。這種薄弱的現金轉換使得處理負債更加困難。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。
Bloomin' Brands 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 5.3 times the interest expense. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Unfortunately, Bloomin' Brands's EBIT flopped 19% over the last four quarters. If earnings continue to decline at that rate then handling the debt will be more difficult than taking three children under 5 to a fancy pants restaurant. 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 Bloomin' Brands 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.
坦白說,Bloomin' Brands的EBIT增長率和其控制總負債的記錄讓我們對其債務水平感到相當不舒服。但起碼它的淨債務與EBITDA的比率不算太糟糕。總的來說,我們認爲Bloomin' Brands的資產負債表對業務構成了相當大的風險。因此,我們對這隻股票的警惕程度幾乎與一個飢餓的小貓對於掉進其主人的魚塘中感到的擔憂一樣:一朝被蛇咬,十年怕草繩。顯然,資產負債表是分析債務的關鍵領域。但歸根結底,每一家公司都可能存在在資產負債表之外存在的風險。例如:我們已經發現了 Bloomin' Brands的4項警告信號您應該注意,其中1項讓我們感到有些不舒服。
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. In the last three years, Bloomin' Brands's free cash flow amounted to 43% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但我們最後的考慮也很重要,因爲一家公司不能用虛擬利潤支付債務;它需要冷硬的現金。因此,邏輯上的下一步是查看實際自由現金流所佔的EBIT的比例。在過去的三年中,Bloomin' Brands的自由現金流佔其EBIT的43%,低於我們的預期。這種薄弱的現金轉換使得處理負債更加困難。
Our View
我們的觀點
To be frank both Bloomin' Brands's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least its net debt to EBITDA is not so bad. Overall, it seems to us that Bloomin' Brands's balance sheet is really quite a risk to the business. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. 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. Case in point: We've spotted 4 warning signs for Bloomin' Brands you should be aware of, and 1 of them makes us a bit uncomfortable.
坦白說,Bloomin' Brands的EBIT增長率和其控制總負債的記錄讓我們對其債務水平感到相當不舒服。但起碼它的淨債務與EBITDA的比率不算太糟糕。總的來說,我們認爲Bloomin' Brands的資產負債表對業務構成了相當大的風險。因此,我們對這隻股票的警惕程度幾乎與一個飢餓的小貓對於掉進其主人的魚塘中感到的擔憂一樣:一朝被蛇咬,十年怕草繩。顯然,資產負債表是分析債務的關鍵領域。但歸根結底,每一家公司都可能存在在資產負債表之外存在的風險。例如:我們已經發現了Bloomin' Brands的4項警告信號您應該注意,其中1項讓我們感到有些不舒服。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。
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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。