St. Joe (NYSE:JOE) Seems To Use Debt Quite Sensibly
St. Joe (NYSE:JOE) Seems To Use Debt Quite Sensibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. We note that The St. Joe Company (NYSE:JOE) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
當霍華德·馬克斯說到這一點時,他清楚地指出,與其擔心股價的波動性,「我擔心的是永久性損失的可能性…… 還有我認識的每位實際投資者都擔心。」 所以聰明的錢知道,債務 - 通常涉及破產 - 是評估公司風險時非常重要的因素。 我們注意到聖喬公司(紐交所:JOE)確實在資產負債表中有債務。 但真正的問題是這筆債務是否使公司具有風險。
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
債務是幫助企業發展的工具,但如果企業無法償還債權人,那麼它就存在於債權人的掌握之中。資本主義的一部分就是「創造性破壞」過程,債權人無情地清算失敗的企業。雖然這種情況並不常見,但我們經常看到負債累累的公司通過以低價向債權人融資的方式永久稀釋了股東權益。然而,在防止稀釋的同時,債務可以成爲需要資本以高回報率投資增長的企業非常有效的工具。當我們審查債務水平時,我們首先考慮現金和債務水平。
What Is St. Joe's Net Debt?
聖喬的淨債務是多少?
As you can see below, St. Joe had US$625.7m 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$86.7m in cash offsetting this, leading to net debt of about US$539.0m.
正如您在下面所看到的,聖喬在2024年6月有62570萬美元的債務,與前一年大致相同。您可以點擊圖表以獲取更詳細信息。然而,它確實有8670萬美元的現金用於抵消這一筆債務,從而產生約53900萬美元的淨債務。
![1724590049874](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240825/42835929-0-e71db345d70543eb64402fd41b41f9b4.webp/bigjpg)
How Healthy Is St. Joe's Balance Sheet?
聖喬的資產負債表健康嗎?
The latest balance sheet data shows that St. Joe had liabilities of US$49.1m due within a year, and liabilities of US$779.0m falling due after that. Offsetting this, it had US$86.7m in cash and US$56.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$684.6m.
最新的資產負債表數據顯示,聖喬在一年內有4910萬美元的到期負債,之後有77900萬美元的到期負債。抵消這些負債,它有8670萬美元的現金和5670萬美元的應收款項在12個月內到期。因此,它的負債超過了現金和(短期)應收款項的總和68460萬美元。
Since publicly traded St. Joe shares are worth a total of US$3.52b, 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.
由於公開交易的聖喬股票總值爲35.2億美元,似乎這種負債水平不太可能構成重大威脅。但有足夠的負債需要股東們繼續密切關注資產負債表的情況。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。
St. Joe's debt is 4.1 times its EBITDA, and its EBIT cover its interest expense 4.3 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. On a slightly more positive note, St. Joe grew its EBIT at 14% over the last year, further increasing its ability to manage debt. There's no doubt that we learn most about debt from the balance sheet. But it is St. Joe's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
聖喬的債務是其息稅折舊及攤銷前利潤(EBITDA)的4.1倍,其EBIt覆蓋其利息費用的倍數爲4.3倍。綜合考慮,這意味着,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目前的槓桿。稍微積極的一點是,聖喬過去一年其EBIt增長了14%,進一步增加了其處理債務的能力。毫無疑問,我們最多從資產負債表中了解債務情況。但是聖喬的收益將影響資產負債表未來的情況,所以如果您想更多地了解其收益,也許值得查看其長期收益趨勢圖。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, St. Joe generated free cash flow amounting to a very robust 96% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
但我們的最終考慮也很重要,因爲一家公司無法用紙面利潤還債,它需要現金。因此,值得檢查EBIt有多少是由自由現金流支持的。在過去三年中,聖喬的自由現金流量佔其EBIt的96%,這超出了我們的預期。這使其有能力償還債務,如果需要的話。
Our View
我們的觀點
St. Joe's conversion of EBIT to free cash flow suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But the stark truth is that we are concerned by its net debt to EBITDA. Looking at all the aforementioned factors together, it strikes us that St. Joe can handle its debt fairly comfortably. 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. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that St. Joe is showing 2 warning signs in our investment analysis , and 1 of those doesn't sit too well with us...
St. Joe的EBIT轉換爲自由現金流表明它可以像C羅一樣輕鬆地在14歲以下的守門員面前進球。 但殘酷的事實是我們對其淨債務與EBITDA比率表示擔憂。 綜合考慮所有上述因素,我們認爲St. Joe可以相對輕鬆地處理其債務。 在積極方面,這種槓桿可以提高股東回報,但潛在的下行風險更高,因此值得監控資產負債表。 在分析債務水平時,資產負債表是明顯的起點。 但最終,每家公司都可能存在資產負債表之外的風險。 請注意,St. Joe在我們的投資分析中顯示了兩個警告信號,其中一個對我們來說並不太好...
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。