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IDACORP (NYSE:IDA) Seems To Be Using A Lot Of Debt

IDACORP (NYSE:IDA) Seems To Be Using A Lot Of Debt

idacorp(紐交所:IDA)似乎使用了很多債務
Simply Wall St ·  09/05 07:56

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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 IDACORP, Inc. (NYSE:IDA) makes use of debt. But the more important question is: how much risk is that debt creating?

大衛·伊本說得很好,他說,'波動性不是我們關心的風險。我們關心的是避免資本的永久損失。' 在評估風險時,考慮公司的資產負債表是很自然的,因爲債務在公司倒閉時往往涉及其中。與許多其他公司一樣,IDACORP,Inc. (紐交所:IDA) 使用債務。但更重要的問題是:這筆債務帶來了多少風險?

When Is Debt Dangerous?

債務何時有危險?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. The first step when considering a company's debt levels is to consider its cash and debt together.

當一家公司無法通過自由現金流或以有吸引力的價格籌集資金來輕鬆履行債務時,債務和其他負債對於企業來說變得具有風險。 資本主義的重要組成部分是「創造性破壞」的過程,其中銀行家無情地清算失敗的企業。 然而,更頻繁(但仍然代價高昂)的情況是公司必須以超低的價格發行股票,永久性地稀釋股東,以鞏固其資產負債表。 當然,債務可以成爲企業的重要工具,尤其是在資本密集型企業中。 在考慮公司的債務水平時的第一步是將其現金和債務放在一起考慮。

What Is IDACORP's Debt?

IDACORP的債務是什麼?

You can click the graphic below for the historical numbers, but it shows that as of June 2024 IDACORP had US$2.83b of debt, an increase on US$2.48b, over one year. However, because it has a cash reserve of US$169.6m, its net debt is less, at about US$2.66b.

您可點擊下面的圖表查看歷史數據,數據顯示截至2024年6月,IDACORP的債務爲28.3億美元,比去年增加了2.48億美元。然而,由於其有1.696億美元的現金儲備,淨債務更少,約爲26.6億美元。

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NYSE:IDA Debt to Equity History September 5th 2024
紐交所:IDA債務權益歷史數據2024年9月5日

How Healthy Is IDACORP's Balance Sheet?

idacorp的資產負債表健康狀況如何?

Zooming in on the latest balance sheet data, we can see that IDACORP had liabilities of US$525.6m due within 12 months and liabilities of US$4.95b due beyond that. On the other hand, it had cash of US$169.6m and US$285.3m worth of receivables due within a year. So its liabilities total US$5.02b more than the combination of its cash and short-term receivables.

放大最新的資產負債表數據,我們可以看到idacorp有着12個月內到期的52560萬美元的負債,以及超過495億美元到期的負債。另一方面,它擁有16960萬美元的現金和28530萬美元價值的應收賬款,其中一年內到期。因此,其負債比其現金和短期應收賬款的總和多502億美元。

This is a mountain of leverage relative to its market capitalization of US$5.48b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.

相對於其548億美元的市值,這是一座沉重的槓桿山。如果其債權人要求其加強資產負債表,股東可能會面臨嚴重攤薄。

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). 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).

我們通過查看淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比以及計算其利息支出由收益前利息和稅(EBIT)覆蓋的程度來度量一家公司的債務負載相對於其收益能力的程度。此方法的優點在於我們同時考慮了債務的絕對量(以淨債務爲EBITDA)以及與該債務相關的實際利息支出(以其利息覆蓋倍數計算)。

IDACORP shareholders face the double whammy of a high net debt to EBITDA ratio (5.1), and fairly weak interest coverage, since EBIT is just 2.3 times the interest expense. The debt burden here is substantial. Even more troubling is the fact that IDACORP actually let its EBIT decrease by 5.8% over the last year. If that earnings trend continues the company will face an uphill battle to pay off its debt. 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 IDACORP'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.

idacorp股東面臨着高 淨債務與EBITDA比率(5.1)和相當薄弱的利息覆蓋率的雙重打擊,因爲EBIt僅是利息支出的2.3倍。這裏的債務負擔相當重。更令人擔憂的是idacorp實際上讓其EBIt在過去一年減少了5.8%。如果這種盈利趨勢持續下去,公司將面臨償還債務的艱苦鬥爭。資產負債表顯然是分析債務時需要關注的領域。然而,更重要的是,未來的盈利將決定idacorp未來保持健康資產負債表的能力。因此,如果您想了解專業人士的看法,您可能會覺得對分析師利潤預測的免費報告很有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. 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, IDACORP burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.

但我們的最後考慮也很重要,因爲一家公司不能用紙面利潤支付債務;它需要現金。所以合乎邏輯的步驟是看一下那部分被實際自由現金流匹配的EBIt比例。在過去的三年中,idacorp消耗了大量現金。儘管投資者無疑在期待該情況在不久的將來逆轉,但這確實意味着其債務使用更加風險。

Our View

我們的觀點

To be frank both IDACORP's net debt to EBITDA and its track record of converting EBIT to free cash flow make us rather uncomfortable with its debt levels. And furthermore, its level of total liabilities also fails to instill confidence. We should also note that Electric Utilities industry companies like IDACORP commonly do use debt without problems. We're quite clear that we consider IDACORP to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. 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. For example IDACORP has 3 warning signs (and 1 which is significant) we think you should know about.

坦率地說,IDACORP的淨債務與EBITDA的比率以及將EBIT轉化爲自由現金流的記錄讓我們對其債務水平感到相當不安。此外,其總負債水平也未能增強信心。我們還應該注意,像IDACORP這樣的電力公用股公司通常會在沒有問題的情況下使用債務。我們非常清楚,我們認爲IDACORP的風險相當高,這是由於其資產負債表的健康狀況所致。因此,我們對這隻股票幾乎像飢餓的小貓對待掉入主人的魚塘一樣謹慎:一朝被蛇咬,十年怕井繩,俗話說得好。在分析債務水平時,資產負債表顯然是開始的明顯地方。但最終,每家公司都可能包含資產負債表之外存在的風險。例如,IDACORP存在3個警告信號(其中有1個很重要),我們認爲您應該了解。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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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。

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