Camping World Holdings (NYSE:CWH) Has No Shortage Of Debt
Camping World Holdings (NYSE:CWH) Has No Shortage Of Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. Importantly, Camping World Holdings, Inc. (NYSE:CWH) does carry debt. But the real question is whether this debt is making the company risky.
伯克希爾哈撒韋支持的外部基金經理李錄(Li Lu)毫不掩飾地表示:「最大的投資風險不是價格的波動性,而是你是否會遭受資本的永久損失。」當我們考慮一家公司的風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能導致滅亡。重要的是,露營世界控股公司(Camping World Holdings, Inc.)(紐交所:CWH)確實負債。但真正的問題是這些債務是否使公司變得危險。
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at 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時,債務和其他負債就會對企業構成風險。如果公司無法履行償還債務的法定義務,股東可能失去全部投資。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,以加固其資產負債表。當然,債務可以成爲企業的重要工具,特別是於資金密集型企業。當我們考慮一家公司的債務使用時,我們首先將現金和債務放在一起
What Is Camping World Holdings's Net Debt?
露營世界控股公司的淨債務是多少?
The image below, which you can click on for greater detail, shows that at June 2024 Camping World Holdings had debt of US$2.87b, up from US$2.72b in one year. And it doesn't have much cash, so its net debt is about the same.
下面的圖片,你可以點擊查看更詳細的信息,顯示2024年6月,露營世界控股公司的債務爲28.7億美元,比一年前的27.2億美元增加。它沒有太多現金,所以它的淨債務差不多。
How Strong Is Camping World Holdings' Balance Sheet?
露營世界控股的資產負債表有多強?
According to the last reported balance sheet, Camping World Holdings had liabilities of US$2.03b due within 12 months, and liabilities of US$2.77b due beyond 12 months. Offsetting this, it had US$23.7m in cash and US$294.0m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$4.48b.
根據最近披露的資產負債表,露營世界控股在未來12個月內應付的債務爲20.3億美元,12個月後到期的債務爲27.7億美元。抵消這些債務的是,它在未來12個月內有2370萬美元的現金和29400萬美元的應收賬款。因此,其負債比現金和(短期)應收賬款的總和多出44.8億美元。
The deficiency here weighs heavily on the US$1.74b 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 definitely think shareholders need to watch this one closely. At the end of the day, Camping World Holdings would probably need a major re-capitalization if its creditors were to demand repayment.
這裏的負擔對這家市值爲17.4億美元的公司來說非常沉重,就像一個被裝滿書籍、體育器材和小號的巨大揹包拖拽的孩子一樣。因此,我們認爲股東們需要密切關注這一點。歸根結底,如果債權人要求償還,露營世界控股可能需要進行一次重大資本重組。
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). 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).
BJ批發俱樂部控股公司的淨債務只有EBITDA的0.62倍。而其EBIT輕鬆覆蓋其利息費用,比例爲12.6倍。因此,我們對其超級保守的債務使用感到相當放心。雖然BJ批發俱樂部控股公司在EBIT方面沒有取得太多進展,但至少其盈利保持穩定。當分析債務水平時,資產負債表是顯然的切入點。但歸根結底,企業未來的盈利能力將決定BJ批發俱樂部控股公司能否隨着時間的推移加強資產負債表。因此,如果你要關注未來,可以查看一下這份免費的分析報告,了解分析師的盈利預測。
Camping World Holdings shareholders face the double whammy of a high net debt to EBITDA ratio (10.3), and fairly weak interest coverage, since EBIT is just 0.84 times the interest expense. The debt burden here is substantial. Worse, Camping World Holdings's EBIT was down 46% over the last year. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. 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 Camping World Holdings 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.
露營世界控股股東面臨着淨負債與息稅折舊攤銷前利潤(EBITDA)比率高(10.3)和利息保障能力相當薄弱的雙重打擊,因爲EBIT僅是利息支出的0.84倍。這裏的債務負擔相當重。更糟糕的是,露營世界控股的EBIT在過去一年下降了46%。如果收益長期保持這種趨勢,那麼償還債務的機會微乎其微。資產負債表顯然是分析債務時應重點關注的領域。但最終業務未來的盈利能力將決定露營世界控股是否能夠隨着時間加強其資產負債表。因此,如果您想知道專業人士的看法,您可能會發現對分析師盈利預測的免費報告有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. Considering the last three years, Camping World Holdings actually recorded a cash outflow, overall. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
最終,公司只能用現金償還債務,而不是會計利潤。因此,我們總是檢查有多少EBIt轉化爲自由現金流。考慮過去三年,露營世界控股實際上記錄了整體的現金流出。債務通常更昂貴,並且在負自由現金流的公司手中幾乎總是更具風險。股東們應該期待改善。
Our View
我們的觀點
To be frank both Camping World Holdings's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. And even its net debt to EBITDA fails to inspire much confidence. Considering everything we've mentioned above, it's fair to say that Camping World Holdings is carrying heavy debt load. If you play with fire you risk getting burnt, so we'd probably give this stock a wide berth. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 2 warning signs we've spotted with Camping World Holdings .
坦率地說,露營世界控股的EBIt增長率和其全額負債保持穩定的歷史記錄使我們對其債務水平感到不安。甚至其淨債務與EBITDA的比率也未能帶來太多信心。考慮到我們上面提到的一切,可以說露營世界控股承擔着沉重的債務負擔。玩火自焚,所以我們可能會避開這支股票。資產負債表顯然是分析債務時的焦點所在。然而,並非所有投資風險都存在於資產負債表中,遠非如此。爲此,你應該意識到我們在露營世界控股中發現的 2 個警告信號。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
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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。