These 4 Measures Indicate That Compañía De Minas BuenaventuraA (NYSE:BVN) Is Using Debt Extensively
These 4 Measures Indicate That Compañía De Minas BuenaventuraA (NYSE:BVN) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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, Compañía de Minas Buenaventura S.A.A. (NYSE:BVN) does carry debt. But the more important question is: how much risk is that debt creating?
禾倫·巴菲特曾經說過:「波動性與風險並不完全相等。」當我們考慮一家公司的風險時,我們通常會關注它的債務使用情況,因爲債務過多可能會導致災難。重要的是,Compañía de Minas Buenaventura S.A.A.(紐交所:BVN)確實承載了債務。但更重要的問題是:這筆債務產生了多大的風險?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
自由現金流或以有吸引力的價格籌資是一個企業難以滿足債務等責任時,債務和其他負債變得有風險。創業板的一部分是'創造性破壞'的過程,銀行家殘酷地清算失敗的企業。然而,更常見的(但仍然痛苦)情況是,它不得不以低價籌集新的股權資本,從而永久稀釋股東的權益。當然,負債的好處在於,它經常代表廉價資本,特別是當它以高回報率的再投資能力取代稀釋的公司時。當我們考慮公司的負債使用情況時,我們首先查看現金和債務總額。
What Is Compañía de Minas BuenaventuraA's Net Debt?
Compañía de Minas BuenaventuraA的淨債務是多少?
The chart below, which you can click on for greater detail, shows that Compañía de Minas BuenaventuraA had US$605.8m in debt in June 2024; about the same as the year before. However, it does have US$171.5m in cash offsetting this, leading to net debt of about US$434.3m.
下面的圖表(單擊可查看更詳細信息)顯示, Compañía de Minas BuenaventuraA在2024年6月有“60580萬美元的債務,與前一年相似。但是,它有17150萬美元的現金抵消,淨債務約爲43430萬美元。
![1724673518447](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240826/42876238-0-bcef0a7c7ee51bdf20abfe96de4dd7cc.webp/bigjpg)
How Healthy Is Compañía de Minas BuenaventuraA's Balance Sheet?
公司的財務狀況如何?
The latest balance sheet data shows that Compañía de Minas BuenaventuraA had liabilities of US$368.5m due within a year, and liabilities of US$935.8m falling due after that. Offsetting these obligations, it had cash of US$171.5m as well as receivables valued at US$238.4m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$894.3m.
最新的資產負債表數據顯示,Compañía de Minas BuenaventuraA的短期負債爲3.685 億美元,長期負債爲9.358 億美元。 抵消這些義務,它有1.715 億美元的現金以及價值2.384 億美元的應收款項,12個月內到期。 因此,其負債超過其現金和(短期)應收款項的總和 8.943 億美元。
Compañía de Minas BuenaventuraA has a market capitalization of US$3.37b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
Compañía de Minas BuenaventuraA的市值爲33.7 億美元,所以如果有需要,它很可能能籌集資金來改善其資產負債表。 但是,仍然值得密切關注其償債能力。
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。
Even though Compañía de Minas BuenaventuraA's debt is only 1.5, its interest cover is really very low at 1.0. In large part that's it has so much depreciation and amortisation. While companies often boast that these charges are non-cash, most such businesses will therefore require ongoing investment (that is not expensed.) In any case, it's safe to say the company has meaningful debt. Notably, Compañía de Minas BuenaventuraA made a loss at the EBIT level, last year, but improved that to positive EBIT of US$95m in the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Compañía de Minas BuenaventuraA can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
儘管Compañía de Minas BuenaventuraA的債務僅爲1.5,但其利息覆蓋率實際上非常低,僅爲1.0。 在很大程度上,這是因爲它擁有如此多的折舊和攤銷。 雖然公司經常自誇這些費用是非現金的,但大多數此類企業因此將需要持續投資(不計入支出)。 無論如何,可以肯定地說公司負債頗有意義。 值得注意的是,Compañía de Minas BuenaventuraA去年在EBIt水平上虧損,但在過去一年中將其提升至9,500 萬美元的正EBIt。 在分析債務水平時,資產負債表是明顯的起點。 但最終企業未來的盈利能力將決定Compañía de Minas BuenaventuraA是否能隨着時間推動其資產負債表強化。 因此,如果您關注未來發展,可以查看這份顯示分析師利潤預測的免費報告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of the earnings before interest and tax (EBIT) is backed by free cash flow. Over the last year, Compañía de Minas BuenaventuraA recorded negative free cash flow, in total. 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.
最後,一家公司只能用現金償還債務,而不能用會計利潤。所以值得檢查一下收益前利息和稅前利潤(EBIT)有多少被自由現金流所支持。在過去的一年裏,Compañía de Minas BuenaventuraA的自由現金流總計爲負。對於一家自由現金流爲負的公司來說,債務通常更昂貴,幾乎總是更有風險。股東們應該希望有所改善。
Our View
我們的觀點
To be frank both Compañía de Minas BuenaventuraA's conversion of EBIT to free cash flow and its track record of covering its interest expense with its EBIT make us rather uncomfortable with its debt levels. But at least it's pretty decent at managing its debt, based on its EBITDA,; that's encouraging. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Compañía de Minas BuenaventuraA stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. 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 1 warning sign with Compañía de Minas BuenaventuraA , and understanding them should be part of your investment process.
坦白說,Compañía de Minas BuenaventuraA將EBIT轉化爲自由現金流和覆蓋利息支出的記錄讓我們對其債務水平感到不太舒服。但至少從EBITDA角度來看,它在管理債務方面相當不錯;這是令人鼓舞的。從資產負債表的角度來看,並考慮到所有這些因素,我們確實認爲債務使Compañía de Minas BuenaventuraA的股票有些風險。這不一定是一件壞事,但我們通常會更喜歡更少的槓桿。當您分析債務時,資產負債表顯然是需要重點關注的領域。然而,每家公司都可能存在超出資產負債表範圍的風險。我們已經發現了1個關於Compañía de Minas BuenaventuraA的警示信號,理解這些信號應該是您投資過程的一部分。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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