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Is ICU Medical (NASDAQ:ICUI) Using Too Much Debt?

Is ICU Medical (NASDAQ:ICUI) Using Too Much Debt?

icu醫療(納斯達克:ICUI)是否使用了太多債務?
Simply Wall St ·  09/23 08:13

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 can see that ICU Medical, Inc. (NASDAQ:ICUI) does use debt in its business. But is this debt a concern to shareholders?

由伯克希爾哈撒韋的查理·芒格支持的外部基金經理李錄在談到「最大的投資風險不是價格波動,而是是否會遭受資本永久損失」時毫不猶豫。因此,聰明的投資者清楚,債務(通常與破產有關)是評估公司風險程度時的一個非常重要因素。我們可以看到icu醫療股份有限公司(納斯達克:ICUI)在其業務中使用了債務。但這項債務是否會讓股東擔憂呢?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.

一般來說,只有當公司無法輕鬆還清債務時才會有真正的債務問題,要麼通過籌集資本,要麼通過現金流。最終,如果公司不能履行償還債務的法律義務,股東可能什麼都拿不到。然而,一個更普遍(但仍令人痛苦)的情況是,它必須以低價募集新的股權資本,因此永久稀釋股東。話雖如此,最常見的情況是公司合理控制其債務 - 活用其債務優勢。當我們考慮公司使用債務時,首先看現金和債務合起來。

What Is ICU Medical's Net Debt?

ICU醫療的淨債務是多少?

As you can see below, ICU Medical had US$1.61b 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$324.9m in cash offsetting this, leading to net debt of about US$1.28b.

如您所見,ICU醫療在2024年6月有16.1億美元的債務,與前一年大致相同。您可以單擊圖表以獲取更詳細信息。 但是,它有3.249億美元的現金來抵消這個債務,導致淨債務約爲12.8億美元。

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NasdaqGS:ICUI Debt to Equity History September 23rd 2024
納斯達克:ICUI債務資產比歷史數據 2024年9月23日

How Strong Is ICU Medical's Balance Sheet?

icu醫療的資產負債表有多強?

We can see from the most recent balance sheet that ICU Medical had liabilities of US$511.9m falling due within a year, and liabilities of US$1.74b due beyond that. Offsetting these obligations, it had cash of US$324.9m as well as receivables valued at US$154.9m due within 12 months. So it has liabilities totalling US$1.77b more than its cash and near-term receivables, combined.

從最近的資產負債表中,我們可以看到icu醫療有5.119億美元的短期到期負債,以及17.4億美元的長期到期負債。 抵消這些義務,它擁有3.249億美元的現金以及價值爲1.549億美元的應收款項,需在12個月內到期。 所以它的負債總額超過了現金和短期應收賬款的17.7億美元。

While this might seem like a lot, it is not so bad since ICU Medical has a market capitalization of US$4.32b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.

雖然這看起來很多,但因爲icu醫療的市值爲43.2億美元,所以如果有需要,它可能通過增加資本來加強其資產負債表。 但很明顯,我們絕對應仔細觀察它是否能夠管理其債務而不受稀釋。

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。

While we wouldn't worry about ICU Medical's net debt to EBITDA ratio of 4.8, we think its super-low interest cover of 0.41 times is a sign of high leverage. It seems that the business incurs large depreciation and amortisation charges, so maybe its debt load is heavier than it would first appear, since EBITDA is arguably a generous measure of earnings. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. Worse, ICU Medical's EBIT was down 31% over the last year. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine ICU Medical'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.

儘管我們不太擔心icu醫療的淨債務與息稅折舊攤銷前利潤(EBITDA)比率爲4.8,但我們認爲其超低利息覆蓋率爲0.41倍是高槓杆的跡象。業務似乎產生了大量的折舊和攤銷費用,因此也許它的債務負擔比第一眼看到的要重,因爲EBITDA可以說是一種慷慨的盈利計量。因此股東們應該意識到,利息支出似乎最近真的對業務產生了影響。更糟糕的是,icu醫療的稅前息稅淨利潤(EBIt)在過去一年下降了31%。如果收益繼續像這樣持續下去,它幾乎沒有機會償還債務。在分析債務水平時,資產負債表是開始的明顯地方。但未來的收益,甚至勝於任何事物,將決定icu醫療能否繼續保持健康的資產負債表。所以,如果你想知道專業人士的看法,你可能會發現這份關於分析師盈利預測的免費報告很有趣。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the most recent three years, ICU Medical recorded free cash flow worth 76% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.

最終,一個業務需要自由現金流來償還債務;會計利潤並不能解決問題。因此,我們明顯需要看一看EBIt是否會導致相應的自由現金流。在過去三年裏,icu醫療記錄的自由現金流值爲其EBIt的76%,這大約是正常的,因爲自由現金流不包括利息和稅收。這筆冷硬現金意味着它可以在需要時減少債務。

Our View

我們的觀點

Both ICU Medical's EBIT growth rate and its interest cover were discouraging. But at least its conversion of EBIT to free cash flow is a gleaming silver lining to those clouds. We should also note that Medical Equipment industry companies like ICU Medical commonly do use debt without problems. Taking the abovementioned factors together we do think ICU Medical's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. To that end, you should learn about the 2 warning signs we've spotted with ICU Medical (including 1 which doesn't sit too well with us) .

icu醫療的EBIt增長率和其利息覆蓋率令人沮喪。但至少其EBIt轉化爲自由現金流是這些陰雲中一線希望。我們也應該注意,像icu醫療這樣的醫療設備行業公司通常會毫無問題地使用債務。綜合考慮上述因素,我們確實認爲icu醫療的債務對業務構成了一些風險。因此,雖然槓桿確實提高了股東權益回報率,但我們並不希望看到它從這裏增加。當您分析債務時,資產負債表顯然是需要重點關注的地方。然而,並非所有的投資風險都存在於資產負債表中 - 遠非如此。爲此,您應該了解我們在icu醫療發現的2個警示信號(其中1個對我們來說不太好接受)。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。

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