MercadoLibre (NASDAQ:MELI) Could Easily Take On More Debt
MercadoLibre (NASDAQ:MELI) Could Easily Take On More 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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that MercadoLibre, Inc. (NASDAQ:MELI) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
傳奇基金經理李錄(得到了查理·芒格的支持)曾經說過:「最大的投資風險不是價格的波動,而是你是否會遭受到永久性資本損失。」 因此,顯而易見的是,在考慮任何特定股票的風險時,您需要考慮債務,因爲債務過多可能會拖垮一家公司。我們注意到MercadoLibre, Inc.(納斯達克:MELI)的資產負債表上確實有債務。但更重要的問題是:這筆債務到底帶來了多大的風險?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
一般來說,當公司不能輕易地用籌集資本或自有現金流償還債務時,債務才會成爲真正的問題。 如果情況真的很糟糕,債權人可能會接管業務。 儘管這種情況並不太常見,但我們經常看到負債公司因爲債權人強制在惡劣的價格上籌集資本而導致股東利益被永久稀釋。 話雖如此,最常見的情況是公司合理地管理其債務-並利用其有利條件。 當我們檢查債務水平時,我們首先考慮現金和債務水平。
What Is MercadoLibre's Debt?
MercadoLibre的債務是多少?
The chart below, which you can click on for greater detail, shows that MercadoLibre had US$4.55b in debt in June 2024; about the same as the year before. However, its balance sheet shows it holds US$6.89b in cash, so it actually has US$2.34b net cash.
下面的圖表(點擊可放大查看)顯示,MercadoLibre在2024年6月有45.5億美元的債務,與前一年大致相同。然而,它的資產負債表顯示,它持有68.9億美元的現金,因此實際上淨現金爲23.4億美元。
![1724589341924](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240825/47014154-0-7097e4ec4b628e85e1cfcc1c4c57df78.avif/big)
How Strong Is MercadoLibre's Balance Sheet?
MercadoLibre的資產負債表有多強?
According to the last reported balance sheet, MercadoLibre had liabilities of US$12.9b due within 12 months, and liabilities of US$3.46b due beyond 12 months. Offsetting these obligations, it had cash of US$6.89b as well as receivables valued at US$7.80b due within 12 months. So it has liabilities totalling US$1.69b more than its cash and near-term receivables, combined.
根據最近公佈的資產負債表,MercadoLibre在12個月內到期的負債爲129億美元,超過12個月到期的負債爲34.6億美元。 抵消這些義務,它擁有68.9億美元的現金以及價值78億美元的12個月內到期的應收款項。 因此,它的負債總額比其現金和短期應收款項合計多出16.9億美元。
Having regard to MercadoLibre's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the US$101.4b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, MercadoLibre also has more cash than debt, so we're pretty confident it can manage its debt safely.
考慮到MercadoLibre的規模,其流動資產似乎與其總負債平衡良好。 因此,這家市值1014億美元的公司很不可能缺現金,但仍值得密切關注其資產負債表。 雖然它確實有需要注意的負債,但MercadoLibre的現金也比債務多,因此我們非常有信心它可以安全地管理其債務。
In addition to that, we're happy to report that MercadoLibre has boosted its EBIT by 35%, thus reducing the spectre of future debt repayments. 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 MercadoLibre'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.
此外,我們很高興地報告說,MercadoLibre通過35%提高了其EBIt,從而減少了未來債務償還的風險。 在分析債務時,資產負債表顯然是要重點關注的領域。 但更重要的是未來的收入,尤其是決定MercadoLibre能否維持健康的資產負債表。 因此,如果您想了解專業人士的看法,您可能會發現對利潤預測的免費分析報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While MercadoLibre has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Happily for any shareholders, MercadoLibre actually produced more free cash flow than EBIT over the last three years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最後,儘管國稅局可能喜歡會計利潤,但貸款人只接受冰冷的現金。 雖然MercadoLibre在資產負債表上有淨現金,但仍值得看看其將息稅前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度。 令股東們高興的是,過去三年,MercadoLibre實際上產生的自由現金流比EBIt還要多。 這種強勁的現金轉化速度讓我們像達福特朋克音樂會開始時的人群一樣興奮。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that MercadoLibre has US$2.34b in net cash. The cherry on top was that in converted 232% of that EBIT to free cash flow, bringing in US$5.6b. So we don't think MercadoLibre's use of debt is risky. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of MercadoLibre's earnings per share history for free.
雖然查看公司的總負債始終是明智的,但mercado libre持有23.4億美元的淨現金讓人感到非常安心。最令人欣慰的是,該公司將232%的EBIt轉化爲自由現金流,收入達到了56億美元。因此,我們認爲mercado libre利用債務並沒有風險。與大多數其他指標相比,我們認爲跟蹤每股收益增長的速度,是否增長至關重要。如果您也意識到這一點,那麼您很幸運,因爲今天您可以免費查看mercado libre每股收益歷史的互動圖表。
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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