These 4 Measures Indicate That Murphy Oil (NYSE:MUR) Is Using Debt Extensively
These 4 Measures Indicate That Murphy Oil (NYSE:MUR) Is Using Debt Extensively
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. We can see that Murphy Oil Corporation (NYSE:MUR) does use debt in its business. But should shareholders be worried about its use of debt?
大衛·伊本說得好,『波動性並不是我們關心的風險。我們關心的是避免永久性資本損失。』在你考察一家公司的風險時,自然要關注它的資產負債表,因爲債務常常與企業的崩潰有關。我們可以看到,墨菲石油公司(紐交所:MUR)確實在其業務中使用了債務。但股東應該擔心其債務使用嗎?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般來說,當一家公司無法輕鬆償還債務時,債務才會真正成爲問題,無論是通過籌集資金還是通過自身現金流。在最壞的情況下,如果一家公司無法償還債權人的債務,該公司可能會破產。然而,更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東,以便控制債務。當考慮一家企業使用多少債務時,首要事項是查看其現金和債務。
What Is Murphy Oil's Debt?
墨菲石油的債務是多少?
The image below, which you can click on for greater detail, shows that Murphy Oil had debt of US$1.28b at the end of September 2024, a reduction from US$1.58b over a year. However, it also had US$271.2m in cash, and so its net debt is US$1.01b.
下面的圖片可以點擊以獲取更詳細的信息,顯示到2024年9月底,墨菲石油的債務爲12.8億美元,較一年前的15.8億美元有所減少。然而,它也有27120萬現金,因此其淨債務爲10.1億美元。
How Healthy Is Murphy Oil's Balance Sheet?
墨菲石油的資產負債表健康嗎?
According to the last reported balance sheet, Murphy Oil had liabilities of US$884.8m due within 12 months, and liabilities of US$3.43b due beyond 12 months. On the other hand, it had cash of US$271.2m and US$263.1m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$3.78b.
根據最近報告的資產負債表,墨菲石油有88480萬美元的負債在12個月內到期,以及34.3億美金的負債在12個月後到期。另一方面,它有27120萬美元的現金和26310萬美元的應收賬款在一年內到期。因此,它的負債超過了現金和(短期)應收賬款之和的37.8億美金。
This is a mountain of leverage relative to its market capitalization of US$4.59b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
這與其45.9億美元的市值相比,是一座龐大的槓桿山。這表明,如果公司需要迅速改善其資產負債表,股東將會嚴重被攤薄。
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). 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。
Murphy Oil has net debt of just 0.59 times EBITDA, indicating that it is certainly not a reckless borrower. And this view is supported by the solid interest coverage, with EBIT coming in at 8.9 times the interest expense over the last year. It is just as well that Murphy Oil's load is not too heavy, because its EBIT was down 34% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Murphy Oil can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
墨菲石油的淨債務僅爲EBITDA的0.59倍,表明它絕對不是一個不謹慎的借款人。這種看法得到了良好的利息覆蓋的支持,過去一年EBIT爲利息費用的8.9倍。墨菲石油的負擔不算重,因爲其EBIT在過去一年下降了34%。在償還債務時,盈利下滑對你的健康並沒有比糖飲料更有幫助。資產負債表顯然是分析債務時要關注的領域。但最終,業務的未來盈利能力將決定墨菲石油能否隨着時間的推移增強其資產負債表。因此,如果你想知道專業人士的看法,您可能會對這份關於分析師利潤預測的免費報告感興趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Murphy Oil recorded free cash flow worth 71% 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.
最後,雖然納稅人可能喜歡會計利潤,但貸款人只接受冷硬現金。因此,我們總是檢查EBIT中有多少轉換爲自由現金流。在最近三年中,墨菲石油記錄的自由現金流佔其EBIT的71%,考慮到自由現金流不包括利息和稅息,這大致正常。這筆冷硬現金意味着它可以在需要時減少其債務。
Our View
我們的觀點
Murphy Oil's struggle to grow its EBIT had us second guessing its balance sheet strength, but the other data-points we considered were relatively redeeming. In particular, its conversion of EBIT to free cash flow was re-invigorating. We think that Murphy Oil's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. 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. Case in point: We've spotted 1 warning sign for Murphy Oil you should be aware of.
墨菲石油在增長其EBIT方面的掙扎讓我們開始懷疑其資產負債表的強度,但我們考慮的其他數據點相對讓人振奮。特別是,它將EBIT轉換爲自由現金流的能力令人振奮。我們認爲,考慮到上述數據點後,墨菲石油的債務確實讓其風險增大。這並不一定是壞事,因爲槓桿可以提升股本回報,但這是需要注意的事項。分析債務水平時,資產負債表顯然是最好的起點。但最終,每家公司都可能存在一些超出資產負債表的風險。例子是:我們發現墨菲石油有1個警告信號,您需要注意。
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.
每天結束時,通常更好地關注那些沒有淨債務的公司。您可以查看我們特別名單上的這些公司(所有這些公司都有盈利增長記錄)。這是免費的。
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