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Here's Why Afya (NASDAQ:AFYA) Can Manage Its Debt Responsibly

Here's Why Afya (NASDAQ:AFYA) Can Manage Its Debt Responsibly

爲什麼Afya (納斯達克:AFYA)能夠負責地管理債務
Simply Wall St ·  09/18 06:51

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 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. Importantly, Afya Limited (NASDAQ:AFYA) does carry debt. But the more important question is: how much risk is that debt creating?

當霍華德·馬克斯說到這一點時,他很好地指出,與其擔心股價的波動性,不如擔心'可能造成永久損失的風險,這是我擔心的風險,而且我認識的所有實際投資者都擔心這一點。因此,當你考慮任何給定股票的風險時,關鍵是要考慮債務,因爲債務過多可能會拖垮一家公司。重要的是,Afya有限公司(NASDAQ:AFYA)確實有債務。但更重要的問題是:這筆債務帶來了多大的風險?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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,當一家公司無法輕鬆償還債務時,債務才會成爲真正的問題,無論是通過籌集資本還是通過自己的現金流。最壞的情況是,如果一個公司不能償還其債權人,它可能會破產。然而,更常見(但仍然昂貴)的情況是,一家公司必須以廉價的股價稀釋股東,只是爲了控制債務。話雖如此,最常見的情況是,一家公司可以合理管理債務,從而獲得自身的優勢。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 Afya's Net Debt?

Afya的淨債務是多少?

You can click the graphic below for the historical numbers, but it shows that Afya had R$1.78b of debt in June 2024, down from R$1.98b, one year before. However, it also had R$723.4m in cash, and so its net debt is R$1.06b.

您可以點擊下面的圖表查看歷史數據,但它顯示,2024年6月,Afya的債務爲1.78億雷亞爾,低於一年前的1.98億雷亞爾。然而,它也有7234萬雷亞爾的現金,因此其淨債務爲1.06億雷亞爾。

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NasdaqGS:AFYA Debt to Equity History September 18th 2024
納斯達克GS:AFYA資產負債比歷史數據2024年9月18日

A Look At Afya's Liabilities

關注阿菲亞的負債情況

The latest balance sheet data shows that Afya had liabilities of R$974.4m due within a year, and liabilities of R$2.86b falling due after that. Offsetting these obligations, it had cash of R$723.4m as well as receivables valued at R$654.2m due within 12 months. So its liabilities total R$2.45b more than the combination of its cash and short-term receivables.

最新的資產負債表數據顯示,阿菲亞在一年內有 R$ 97440 萬的短期債務,而在之後有 R$ 28.6 億的長期債務。與此同時,它有 R$ 72340 萬的現金和 R$ 65420 萬的應收款項在 12 個月內到期。因此,它的負債總額比其現金和短期應收款項的總和多 R$ 24.5 億。

This deficit isn't so bad because Afya is worth R$8.17b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.

這個赤字並不嚴重,因爲阿菲亞的價值爲 R$ 81.7 億,所以如果需要的話,它很可能籌集到足夠的資金來支持其資產負債表。然而,仍值得仔細觀察其償還債務的能力。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

Service Corporation International的債務是其EBITDA的3.5倍,而其EBIT可覆蓋其利息開支的3.7倍。綜合考慮,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當前的槓桿。好消息是,Service Corporation International在過去12個月中將其EBIT提高了2.9%,從而逐漸降低了其相對於收益的債務水平。毫無疑問,我們從資產負債表中獲得了有關債務的大部分內容。但是,相對於資產負債表,更重要的是未來收益,這將決定Service Corporation International維持健康資產負債表的能力。如果您關注未來,您可以查看此免費報告,其中有分析師的利潤預測。

Looking at its net debt to EBITDA of 0.97 and interest cover of 3.8 times, it seems to us that Afya is probably using debt in a pretty reasonable way. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Also relevant is that Afya has grown its EBIT by a very respectable 28% in the last year, thus enhancing its ability to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Afya 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.

根據阿菲亞的淨債務與息稅前利潤(EBITDA)比率爲0.97和利息支付倍數爲3.8倍,我們認爲阿菲亞可能是以相當合理的方式使用債務。因此,我們建議密切關注融資成本對業務的影響。同時,阿菲亞上一年的息稅前利潤(EBIT)增長了28%,從而增強了其償債能力。毫無疑問,我們最能從資產負債表中了解債務情況。但最終,業務的未來盈利能力將決定阿菲亞能否隨着時間的推移加強其資產負債表。因此,如果您關注未來,您可以查看這份免費報告,其中展示了分析師的盈利預測。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Afya recorded free cash flow worth a fulsome 91% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.

但是我們最終的考慮也很重要,因爲一家公司無法用紙面利潤償還債務,它需要現金。因此,我們始終會查看有多少息稅前利潤(EBIT)轉化爲自由現金流。在過去三年中,阿菲亞記錄的自由現金流價值達到了其息稅前利潤(EBIT)的91%,這比我們通常預期的要強。這使其在償還債務方面處於非常強勢的位置。

Our View

我們的觀點

The good news is that Afya's demonstrated ability to convert EBIT to free cash flow delights us like a fluffy puppy does a toddler. But truth be told we feel its interest cover does undermine this impression a bit. Zooming out, Afya seems to use debt quite reasonably; and that gets the nod from us. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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 Afya's earnings per share history for free.

好消息是,Afya的EBIt轉化爲自由現金流的能力讓我們感到非常高興,就像小孩子看到一隻蓬鬆的小狗一樣。但說實話,我們覺得它的利息支付能力有點削弱了這種印象。從更廣的角度來看,Afya似乎相當合理地使用債務,這點得到了我們的認可。雖然債務帶來了風險,但明智地使用可以帶來更高的股權回報率。在大多數其他指標之上,我們認爲追蹤每股收益的增長速度非常重要,無論是否存在增長。如果您也有這樣的認識,那麼您很幸運,因爲今天您可以免費查看Afya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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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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