Would Ranpak Holdings (NYSE:PACK) Be Better Off With Less Debt?
Would Ranpak Holdings (NYSE:PACK) Be Better Off With Less Debt?
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. Importantly, Ranpak Holdings Corp. (NYSE:PACK) does carry debt. But should shareholders be worried about its use of debt?
傳奇基金經理李錄(Charlie Munger支持的)曾經說過,「最大的投資風險不是價格波動,而是你是否會遭受資本永久性損失。」因此,聰明的投資者知道,通常涉及破產的債務是評估公司風險的一個非常重要的因素。重要的是,紐交所上市公司Ranpak Holdings Corp. (NYSE:PACK) 確實存在債務。但股東們應該擔心公司的債務使用嗎?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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,直到企業用新的資本或自由現金流償還。資本主義的一個重要組成部分是「創造性毀滅」過程,在這個過程中,銀行家無情地清算失敗的企業。然而,更常見(但仍然很昂貴)的情況是企業必須以低廉的股價稀釋股東,以簡單地控制債務。然而,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的極好工具。考慮一家企業的債務水平的第一步是考慮其現金和債務的整體情況。
What Is Ranpak Holdings's Debt?
Ranpak Holdings的債務是什麼?
As you can see below, Ranpak Holdings had US$394.1m of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of US$65.1m, its net debt is less, at about US$329.0m.
你可以發現,在2024年6月,Ranpak Holdings的債務總額爲3941百萬美元,與前一年相當。你可以點擊圖表以獲取更詳細的信息。但是,由於它擁有651百萬美元的現金儲備,它的淨債務較少,約爲3290百萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240815/0-f22219f291c0635e797d42dccdafa8a9-0-816fdbf66ae88723ee1d1b5a7af0a266.png/big)
How Healthy Is Ranpak Holdings' Balance Sheet?
Ranpak Holdings的資產負債表狀況如何?
The latest balance sheet data shows that Ranpak Holdings had liabilities of US$58.6m due within a year, and liabilities of US$495.2m falling due after that. Offsetting these obligations, it had cash of US$65.1m as well as receivables valued at US$44.0m due within 12 months. So it has liabilities totalling US$444.7m more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,Ranpak Holdings於一年內有5,860萬美元的負債,並有4,9520萬美元的負債到期。抵消這些義務,它現金6,510萬美元,並有價值4,400萬美元的應收賬款在12個月內到期。因此,它的負債總額超過現金和短期應收賬款的總和達4,4470萬美元。
This is a mountain of leverage relative to its market capitalization of US$612.5m. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Ranpak Holdings's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
相對於其市值61,250萬美元來說,這是一個巨大的槓桿比率,這意味着如果公司需要緊急補充資金,股東將會受到嚴重稀釋。毫無疑問,我們從資產負債表中了解到了債務的大部分情況。但最終,未來的收益,而不是其他,將決定Ranpak Holdings能否保持良好的資產負債表狀況。如果你關注未來,你可以查看這份免費報告,了解分析師的利潤預測。
Over 12 months, Ranpak Holdings reported revenue of US$345m, which is a gain of 7.7%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去的12個月裏,Ranpak Holdings報告了3,4500萬美元的營業收入,增長了7.7%,儘管沒有報告任何利息和稅前收益。這種增長速度對我們來說有點慢,但世界上需要各種需求。
Caveat Emptor
買方自負。
Importantly, Ranpak Holdings had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at US$19m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of US$15m into a profit. So we do think this stock is quite 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. We've identified 2 warning signs with Ranpak Holdings , and understanding them should be part of your investment process.
重要的是,Ranpak Holdings在過去一年中出現了利息和稅前收益虧損。具體來說,利息和稅前收益虧損達到1900萬美元。考慮到上述負債,這並不讓我們對公司使用如此多的債務充滿信心。老實說,我們認爲資產負債表遠未達到匹配的程度,儘管它可能會隨時間而改善。我們希望它能將過去12個月的虧損1,500萬美元變成利潤。因此,我們認爲這隻股票是相當危險的。資產負債表顯然是分析債務的重點。但是,最終,每家公司都可能存在超出資產負債表範圍的風險。我們已經確定了Ranpak Holdings的2個警示信號,並且了解它們應該是你投資過程的一部分。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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