Magnolia Oil & Gas (NYSE:MGY) Seems To Use Debt Quite Sensibly
Magnolia Oil & Gas (NYSE:MGY) Seems To Use Debt Quite Sensibly
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Magnolia Oil & Gas Corporation (NYSE:MGY) makes use of debt. But the more important question is: how much risk is that debt creating?
作爲投資者,一些人認爲波動性而非債務是了解風險的最佳方式,但禾倫·巴菲特曾經說過:「波動性與風險遠非同義詞。」在考慮一家公司的風險時,考慮其資產負債表是很自然的,因爲許多業務破產時常伴有債務。與許多其他公司一樣,Magnolia Oil & Gas Corporation (NYSE:MGY) 採用債務,但更重要的問題是,這些債務製造了多少風險?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
債務是幫助企業增長的一個工具,但如果企業無法償還其債權人的債務,那麼它就處於他們的掌控之下。如果公司無法履行償還債務的法律義務,股東最終可能什麼也得不到。然而,更普遍(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東的權益才能控制債務。話雖如此,最常見的情況是公司合理地管理其債務,從而使其受益。在考慮一家公司的債務水平時,第一步是考慮其現金和債務總額。
What Is Magnolia Oil & Gas's Debt?
Magnolia Oil & Gas的債務是什麼?
As you can see below, Magnolia Oil & Gas 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, it does have US$275.7m in cash offsetting this, leading to net debt of about US$118.4m.
如下所示,截至2024年6月,Magnolia Oil & Gas擁有3.941億美元的債務,與前一年幾乎相同。您可以單擊圖表以獲取更詳細的信息。但它有2.757億美元的現金相對應,從而產生淨債務約爲1.184億美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240816/0-25ab722dec792f32ce7b90d3824c90c8-0-8b21ee16ad9b589c30492d66994dfee3.png/big)
A Look At Magnolia Oil & Gas' Liabilities
查看Magnolia Oil & Gas的負債
The latest balance sheet data shows that Magnolia Oil & Gas had liabilities of US$355.0m due within a year, and liabilities of US$569.5m falling due after that. Offsetting these obligations, it had cash of US$275.7m as well as receivables valued at US$175.4m due within 12 months. So it has liabilities totalling US$473.4m more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,Magnolia Oil & Gas的負債項包括3.55億美元的短期債務和569.5億美元的逾期債務。抵消這些債務的是它有2.757億美元的現金以及價值1.754億美元的應收賬款(在12個月內到期)。因此,其負債總額比其現金和短期應收賬款多4,734萬美元。
Since publicly traded Magnolia Oil & Gas shares are worth a total of US$4.90b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
Magnolia Oil & Gas上市股票的總價值爲49億美元,因此這種程度的負債似乎不會構成重大威脅。但是,我們肯定建議股東繼續關注資產負債表的變化。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Service Corporation International的債務是其EBITDA的3.5倍,而其EBIT可覆蓋其利息開支的3.7倍。綜合考慮,雖然我們不希望看到債務水平上升,但我們認爲它可以應對當前的槓桿。好消息是,Service Corporation International在過去12個月中將其EBIT提高了2.9%,從而逐漸降低了其相對於收益的債務水平。毫無疑問,我們從資產負債表中獲得了有關債務的大部分內容。但是,相對於資產負債表,更重要的是未來收益,這將決定Service Corporation International維持健康資產負債表的能力。如果您關注未來,您可以查看此免費報告,其中有分析師的利潤預測。
Magnolia Oil & Gas has a low net debt to EBITDA ratio of only 0.13. And its EBIT covers its interest expense a whopping 105 times over. So we're pretty relaxed about its super-conservative use of debt. It is just as well that Magnolia Oil & Gas's load is not too heavy, because its EBIT was down 28% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. 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 Magnolia Oil & Gas'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.
Magnolia Oil & Gas的淨債務/EBITDA比率僅爲0.13,而其EBIt覆蓋其利息支出超過105倍。因此,我們對其超級保守的債務使用感到非常放心。因爲在過去的一年裏,該公司的EBIt下降了28%,這是一個好現象,因爲當一家公司的收入急劇下降時,有時會發現它與債權人的關係破裂。 毫無疑問,我們從資產負債表來了解債務的情況。但是,比起任何事情,未來的收益將決定Magnolia Oil & Gas維持健康資產負債表的能力。因此,如果您關注未來,您可以查看這份免費報告,以了解分析師的盈利預測。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Magnolia Oil & Gas generated free cash flow amounting to a very robust 82% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
最後,公司只能用現金而不是會計利潤償還債務。因此,邏輯上應該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,Magnolia Oil & Gas的自由現金流相當於其EBIt的82%,超出我們的預期。如果有需要,這將爲其償還債務做好良好的準備。
Our View
我們的觀點
The good news is that Magnolia Oil & Gas's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But we must concede we find its EBIT growth rate has the opposite effect. All these things considered, it appears that Magnolia Oil & Gas can comfortably handle its current debt levels. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for Magnolia Oil & Gas you should be aware of.
好消息是,Magnolia Oil & Gas有能力用其EBIt覆蓋利息支出,這讓我們就像毛茸茸的小狗一樣高興。但我們必須承認我們發現其EBIt增長率產生了相反的影響。經過考慮所有這些事情,似乎Magnolia Oil & Gas可以輕鬆處理其目前的債務水平。
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。
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