These 4 Measures Indicate That DTE Energy (NYSE:DTE) Is Using Debt Extensively
These 4 Measures Indicate That DTE Energy (NYSE:DTE) Is Using Debt Extensively
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. As with many other companies DTE Energy Company (NYSE:DTE) makes use of debt. But the real question is whether this debt is making the company risky.
作爲投資者,有些人認爲波動性而不是債務是對風險最好的思考方式,但是禾倫·巴菲特曾經說過,「波動性遠非風險同義詞。」當我們考慮一家公司的風險性時,我們總是喜歡看看它對債務的利用,因爲債務過載可能導致破產。正如許多其他公司一樣,DTE Energy Company(NYSE:DTE)也使用債務。但真正的問題在於,這種債務是否會使公司冒險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務和其他負債變得風險高,當一個企業無法輕易地用自由現金流或以有吸引力的價格籌集資本來履行這些義務時。資本主義的部分內容是「創造性破壞」的過程,失敗的企業被銀行家無情地清算。然而,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久性地稀釋股東,以此來支撐其資產負債表。當然,債務的好處在於它通常代表着廉價資本,尤其是當它取代以高回報率再投資資本的公司稀釋時。在考慮企業使用多少債務時,首先要做的是查看它的現金和債務。
What Is DTE Energy's Debt?
DTE能源的債務是多少?
The image below, which you can click on for greater detail, shows that at June 2024 DTE Energy had debt of US$23.0b, up from US$19.7b in one year. On the flip side, it has US$1.08b in cash leading to net debt of about US$21.9b.
以下是更詳細的圖片,您可以點擊以獲取更多信息。在2024年6月,DTE Energy的債務爲230億美元,比一年前的197億美元增長。另一方面,它擁有10.8億美元的現金,導致淨債務約爲219億美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-632c7e322b6667d124a8ee246ea294c2-0-31b0ffb6fd8c975e604617f66efdfd25.png/big)
A Look At DTE Energy's Liabilities
看看DTE Energy的負債
According to the last reported balance sheet, DTE Energy had liabilities of US$6.51b due within 12 months, and liabilities of US$30.2b due beyond 12 months. Offsetting this, it had US$1.08b in cash and US$1.50b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$34.1b.
根據最近公佈的資產負債表,DTE Energy在12個月內有651億美元的負債,超過12個月的負債302億美元。相應地,它有10.8億美元現金和15億美元的應收賬款需要在12個月內到期。因此,其負債超過現金和(短期的)應收賬款的總和達341億美元。
When you consider that this deficiency exceeds the company's huge US$25.0b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.
考慮到這種不足超過公司巨大的250億美元的市值,您可能會傾向於仔細審查資產負債表。如果公司需要迅速清理資產負債表,股東可能會遭受大量稀釋的風險。
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). 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).
我們通過查看淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比以及計算其利息支出由收益前利息和稅(EBIT)覆蓋的程度來度量一家公司的債務負載相對於其收益能力的程度。此方法的優點在於我們同時考慮了債務的絕對量(以淨債務爲EBITDA)以及與該債務相關的實際利息支出(以其利息覆蓋倍數計算)。
DTE Energy has a rather high debt to EBITDA ratio of 6.4 which suggests a meaningful debt load. However, its interest coverage of 2.9 is reasonably strong, which is a good sign. The good news is that DTE Energy improved its EBIT by 9.0% over the last twelve months, thus gradually reducing its debt levels relative to its earnings. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine DTE Energy's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
DTE Energy的債務與EBITDA比率相當高,爲6.4,這表明負債較重。但是,其2.9的利息覆蓋率相當強勁,這是一個好跡象。好消息是,在過去的十二個月中,DTE Energy的EBIT增長了9.0%,從而逐漸降低了其相對於其收益的債務水平。顯然,在分析債務時,資產負債表是需要重點關注的領域。但是,未來的收入而不是任何東西將決定DTE Energy維持健康資產負債表的能力。如果您想知道專業人士的想法,可以看看分析師利潤預測的免費報告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, DTE Energy burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最後,一家公司只能用冰冷的現金而不是會計利潤來償還債務。因此,我們顯然需要查看EBIT是否導致相應的自由現金流。在過去的三年中,DTE能源燒掉了大量現金。雖然投資者無疑期望隨着時間推移狀況得到逆轉,但這顯然意味着它的債務使用更加冒險。
Our View
我們的觀點
On the face of it, DTE Energy's net debt to EBITDA left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. It's also worth noting that DTE Energy is in the Integrated Utilities industry, which is often considered to be quite defensive. We're quite clear that we consider DTE Energy to be really rather risky, as a result of its balance sheet health. 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. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should learn about the 3 warning signs we've spotted with DTE Energy (including 1 which doesn't sit too well with us) .
表面看來,DTE Energy的淨債務與EBITDA讓我們對股票持謹慎態度,它把EBIT轉換爲自由現金流的能力並不比一年中最繁忙的夜晚上那家空蕩蕩的餐廳更有吸引力。但是,其EBIT增長率是一個好跡象,使我們更加樂觀。還值得注意的是,DTE能源處於公用股行業中,這通常被認爲是相當防禦性的。我們非常清楚地認爲DTE能源存在非常高的風險,因爲其資產負債表健康狀況。因此,我們對這隻股票幾乎像一個飢餓的小貓一樣謹慎,它很擔心跌入主人的魚塘:一旦受傷,就有所迴避。在分析債務水平時,資產負債表是開頭的明顯位置。然而,並非所有的投資風險都在資產負債表中——遠非如此。爲此,您應該學習一下我們在DTE Energy中發現的3個警告信號(包括1個不太令人滿意的因素)。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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