BJ's Restaurants (NASDAQ:BJRI) Seems To Use Debt Quite Sensibly
BJ's Restaurants (NASDAQ:BJRI) Seems To Use Debt Quite Sensibly
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, BJ's Restaurants, Inc. (NASDAQ:BJRI) does carry debt. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾 famously 說過:'波動性遠非與風險同義。' 當我們考慮一家公司的風險時,我們總是喜歡關注它的債務使用情況,因爲債務過重可能導致毀滅。 重要的是,bj's餐飲公司(納斯達克:BJRI)確實有債務。 但真正的問題是,這筆債務是否使公司變得有風險。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務在企業難以償還時提供幫助,無論是通過新資本還是自由現金流。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。雖然這並不常見,但我們經常看到負債累累的公司因爲貸款人強迫以折價價格籌集資本而不得不對股東進行永久性稀釋。然而,債務可以替代資本稀釋,對於需要資本以高回報率投資增長的企業來說,債務是一種非常好的工具。在考慮一個企業使用多少債務時,首要任務是看其現金和債務的整體情況。
How Much Debt Does BJ's Restaurants Carry?
bj's餐飲的債務有多少?
As you can see below, at the end of October 2024, BJ's Restaurants had US$66.5m of debt, up from US$60.0m a year ago. Click the image for more detail. On the flip side, it has US$18.4m in cash leading to net debt of about US$48.1m.
正如你在下面看到的,到2024年10月底,bj's餐飲的債務爲6650萬美元,比一年前的6000萬美元有所增加。點擊圖片獲取更多詳情。另一方面,它有1840萬美元的現金,導致淨債務約爲4810萬美元。
How Healthy Is BJ's Restaurants' Balance Sheet?
bj's餐飲的資產負債表健康嗎?
According to the last reported balance sheet, BJ's Restaurants had liabilities of US$183.1m due within 12 months, and liabilities of US$482.5m due beyond 12 months. On the other hand, it had cash of US$18.4m and US$17.5m worth of receivables due within a year. So its liabilities total US$629.7m more than the combination of its cash and short-term receivables.
根據最後報告的資產負債表,bj's餐飲的負債爲18310萬美元,需在12個月內到期,且負債爲48250萬美元,需在12個月後到期。另一方面,它擁有1840萬美元的現金和1750萬美元的應收款項,需在一年內到期。因此,它的負債總額比現金和短期應收款項的總和多62970萬美元。
This deficit is considerable relative to its market capitalization of US$780.1m, so it does suggest shareholders should keep an eye on BJ's Restaurants' use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
考慮到其市場資本爲78010萬美元,這一赤字相當可觀,因此確實建議股東關注bj's餐飲的負債使用。如果其貸方要求其加強資產負債表,股東可能會面臨嚴重的稀釋。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。
Looking at its net debt to EBITDA of 0.48 and interest cover of 5.0 times, it seems to us that BJ's Restaurants 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. It is well worth noting that BJ's Restaurants's EBIT shot up like bamboo after rain, gaining 35% in the last twelve months. That'll make it easier to manage 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 BJ's Restaurants's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
綜合考慮其淨負債與EBITDA的比例爲0.48,利息覆蓋率爲5.0倍,我們認爲bj's餐飲的債務使用相當合理。因此我們建議密切關注融資成本對業務的影響。值得注意的是,bj's餐飲的EBIT如雨後春筍般激增,過去十二個月增長了35%。這將有助於其管理債務。分析債務時,資產負債表顯然是關鍵所在。但將來收益的預判,尤其關鍵,這將決定bj's餐飲未來維護健康資產負債表的能力。因此,如果你關注未來,可以查看這份顯示分析師利潤預測的免費報告。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last two years, BJ's Restaurants created free cash flow amounting to 10% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.
最後,雖然稅務官可能欣賞會計利潤,但貸方只接受冷硬現金。因此,合理的步驟是查看EBIT中與實際自由現金流相匹配的比例。在過去兩年中,bj's餐飲創造的自由現金流佔EBIT的10%,表現乏善可陳。這種低水平的現金轉換削弱了其管理和償還債務的能力。
Our View
我們的觀點
Both BJ's Restaurants's ability to to grow its EBIT and its net debt to EBITDA gave us comfort that it can handle its debt. Having said that, its conversion of EBIT to free cash flow somewhat sensitizes us to potential future risks to the balance sheet. When we consider all the factors mentioned above, we do feel a bit cautious about BJ's Restaurants's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with BJ's Restaurants .
BJ's餐飲的EBIT增長能力和其淨債務對EBITDA的比率讓我們對其處理債務的能力充滿信心。說到這一點,其EBIT轉化爲自由現金流的能力在一定程度上使我們對資產負債表的潛在未來風險感到敏感。當我們考慮以上提到的所有因素時,我們確實對BJ's餐飲的債務使用持謹慎態度。雖然債務在提高潛在回報方面有其積極面,但我們認爲股東們應該認真考慮債務水平可能使股票更具風險。當分析債務水平時,資產負債表顯然是一個好的起點。然而,並非所有的投資風險都在資產負債表上——遠非如此。爲此,您應該注意我們發現的BJ's餐飲的一個警告信號。
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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