Would MediaCo Holding (NASDAQ:MDIA) Be Better Off With Less Debt?
Would MediaCo Holding (NASDAQ:MDIA) Be Better Off With Less Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. We can see that MediaCo Holding Inc. (NASDAQ:MDIA) does use debt in its business. But should shareholders be worried about its use of debt?
有些人認爲,在投資者眼中,波動性而非債務才是最能反映風險的方式。但禾倫·巴菲特曾經說過:「波動性遠非等同於風險。」當我們考慮一個公司的風險有多大時,我們總是會關注它對債務的使用,因爲過重的債務可能會導致破產。我們可以看到,MediaCo Holding Inc.(納斯達克:MDIA)在其業務中確實使用了債務。但是股東們是否應該擔心它的債務使用呢?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
債務可以幫助企業獲得新資本或自由現金流,直至企業遇到償還債務的困難。如果企業無法履行償還債務的法定義務,股東可能會一無所獲。雖然這種情況並不太常見,但我們經常看到負債累累的公司因貸款人迫使它們以折價價格籌集資本而導致的股權稀釋。當然,債務的好處在於它通常代表着廉價的資本,特別是當它取代了公司具有高回報能力的再投資時的稀釋。考慮一家企業的債務水平的第一步是綜合考慮其現金和債務。
How Much Debt Does MediaCo Holding Carry?
MediaCo Holding的負債規模有多大?
The image below, which you can click on for greater detail, shows that at March 2024 MediaCo Holding had debt of US$6.46m, up from US$5.95m in one year. However, because it has a cash reserve of US$3.96m, its net debt is less, at about US$2.50m.
下面的圖片(點擊可以放大)顯示,截至2024年3月,MediaCo Holding的債務爲64.6百萬美元,比一年前的59.5百萬美元增加。然而,由於其有3.96百萬美元的現金儲備,其淨債務較少,約爲250百萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240813/0-5b6795d746fba7bc3da9eadd05563363-0-7773d5cc07ace8a02c97e86056ba82cc.png/big)
How Healthy Is MediaCo Holding's Balance Sheet?
MediaCo Holding的資產負債表看起來如何健康?
We can see from the most recent balance sheet that MediaCo Holding had liabilities of US$16.5m falling due within a year, and liabilities of US$17.7m due beyond that. On the other hand, it had cash of US$3.96m and US$6.68m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$23.5m.
我們可以從最近的資產負債表看到,MediaCo Holding有1.65億美元的短期到期債務和1.77億美元的長期到期債務。另一方面,它有3.96百萬美元的現金和6.68百萬美元的應收賬款到期。因此,其負債比其現金和(短期)應收帳款總和多2350萬美元。理論上來說,由於MediaCo Holding的市值爲1.882億美元,這些負債可能是可管理的。但是,我們認爲值得關注的是其資產負債表的強度,因爲這可能會隨着時間的推移而發生變化。由於幾乎沒有淨債務,MediaCo Holding的債務負擔確實很輕。當您分析債務時,資產負債表顯然是要關注的領域。但是,您不能完全孤立地看待債務;因爲MediaCo Holding需要盈利來清償那些債務。因此,在考慮債務時,肯定值得查看收益趨勢。點擊此處可獲取交互式快照。
Of course, MediaCo Holding has a market capitalization of US$188.2m, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Carrying virtually no net debt, MediaCo Holding has a very light debt load indeed. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since MediaCo Holding will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
在過去一年中,MediaCo Holding利息和稅前虧損,其營業收入實際上下降了16%,至3200萬美元。這不是我們希望看到的。雖然MediaCo Holding收入下降的程度令人失望,但其利息和稅前利潤(EBIT)的虧損程度甚至更加令人不安。實際上,它在EBIT水平上虧損了780萬美元。當我們看到這一點並回想起其資產負債表上的負債相對現金的情況,我們覺得公司持有任何債務都是不明智的。坦率地說,我們認爲資產負債表遠未達到適應的狀態,儘管隨着時間的推移,情況可能會有所改善。但是,上一年它們已經耗盡了720萬美元的現金,這並沒有幫助它。因此,我們認爲該股票存在風險。當您分析債務時,資產負債表顯然是要關注的領域。但是,最終,每家公司都可能存在在資產負債表以外的風險。請注意,MediaCo Holding在我們的投資分析中顯示出了3個警告標誌,您需要了解...
In the last year MediaCo Holding had a loss before interest and tax, and actually shrunk its revenue by 16%, to US$32m. That's not what we would hope to see.
在過去一年中,MediaCo Holding的利息和稅前虧損,實際上將其營業收入縮減了16%,至3200萬美元。這不是我們希望看到的。
Caveat Emptor
買方自負。
While MediaCo Holding's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost US$7.8m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through US$7.2m of cash over the last year. So suffice it to say we do consider the stock to be risky. 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. Be aware that MediaCo Holding is showing 3 warning signs in our investment analysis , you should know about...
儘管MediaCo Holding收入下降的程度令人失望,但其利息和稅前利潤(EBIT)的虧損程度甚至更加令人不安。實際上,它在EBIT水平上虧損了780萬美元。當我們看到這一點並回想起其資產負債表上的負債相對現金的情況,我們覺得公司持有任何債務都是不明智的。坦率地說,我們認爲資產負債表遠未達到適應的狀態,儘管隨着時間的推移,情況可能會有所改善。但是,上一年它們已經耗盡了720萬美元的現金,這並沒有幫助它。因此,我們認爲該股票存在風險。當您分析債務時,資產負債表顯然是要關注的領域。但是,最終,每家公司都可能存在在資產負債表以外的風險。請注意,MediaCo Holding在我們的投資分析中顯示出了3個警告標誌,您需要了解...
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。
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。