These 4 Measures Indicate That Janus International Group (NYSE:JBI) Is Using Debt Extensively
These 4 Measures Indicate That Janus International Group (NYSE:JBI) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, Janus International Group, Inc. (NYSE:JBI) does carry debt. But the more important question is: how much risk is that debt creating?
禾倫·巴菲特曾說過一句名言:「波動性遠非風險的代名詞。」當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,駿利國際集團有限公司(紐約證券交易所代碼:JBI)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?
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. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。考慮公司的債務水平的第一步是同時考慮其現金和債務。
What Is Janus International Group's Net Debt?
駿利國際集團的淨負債是多少?
The chart below, which you can click on for greater detail, shows that Janus International Group had US$589.7m in debt in September 2024; about the same as the year before. However, it does have US$102.1m in cash offsetting this, leading to net debt of about US$487.6m.
您可以點擊下圖查看更多詳情,該圖表顯示,2024年9月,駿利國際集團的債務爲5.897億美元;與前一年大致相同。但是,它確實有1.021億美元的現金抵消了這一點,淨負債約爲4.876億美元。
How Strong Is Janus International Group's Balance Sheet?
駿利國際集團的資產負債表有多強?
The latest balance sheet data shows that Janus International Group had liabilities of US$134.2m due within a year, and liabilities of US$634.2m falling due after that. On the other hand, it had cash of US$102.1m and US$186.1m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$480.2m.
最新的資產負債表數據顯示,駿利國際集團的負債爲1.342億美元,此後到期的負債爲6.342億美元。另一方面,它有一年內到期的現金爲1.021億美元,還有價值1.861億美元的應收賬款。因此,其負債超過其現金和(短期)應收賬款總額4.802億美元。
Janus International Group has a market capitalization of US$1.09b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
駿利國際集團的市值爲10.9億美元,因此,如果需要,它很可能會籌集資金以改善其資產負債表。但是,仍然值得仔細研究其償還債務的能力。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以其扣除利息、稅項、折舊和攤銷前的收益(EBITDA)和其利息和稅前收益(EBIT)除以其利息支出(利息保障)。因此,無論是否有折舊和攤銷費用,我們都將債務與收益的關係考慮在內。
Janus International Group's net debt is sitting at a very reasonable 2.0 times its EBITDA, while its EBIT covered its interest expense just 3.8 times last year. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Unfortunately, Janus International Group's EBIT flopped 16% over the last four quarters. If earnings continue to decline at that rate then handling the debt will be more difficult than taking three children under 5 to a fancy pants restaurant. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Janus International Group'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.
駿利國際集團的淨負債相當合理,是其息稅折舊攤銷前利潤的2.0倍,而去年其息稅前利潤僅爲利息支出的3.8倍。儘管這並不讓我們太擔心,但這確實表明利息的支付有些負擔。不幸的是,駿利國際集團的息稅前利潤在過去四個季度中下降了16%。如果收入繼續以這種速度下降,那麼處理債務將比帶三個5萬億以下的孩子更困難。一家高檔褲子餐廳。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益比什麼都重要,將決定駿利國際集團未來維持健康資產負債表的能力。因此,如果您專注於未來,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 we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the most recent three years, Janus International Group recorded free cash flow worth 62% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。因此,我們顯然需要研究該息稅前利潤是否會帶來相應的自由現金流。在最近三年中,Janus International Group錄得的自由現金流佔其息稅前利潤的62%,鑑於自由現金流不包括利息和稅收,這幾乎是正常的。這種自由現金流使公司處於有利地位,可以在適當的時候償還債務。
Our View
我們的觀點
Janus International Group's EBIT growth rate was a real negative on this analysis, although the other factors we considered cast it in a significantly better light. But on the bright side, its ability to to convert EBIT to free cash flow isn't too shabby at all. Taking the abovementioned factors together we do think Janus International Group's debt poses some risks to the business. While that debt can boost returns, we think the company has enough leverage now. 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. For example Janus International Group has 2 warning signs (and 1 which doesn't sit too well with us) we think you should know about.
儘管我們考慮的其他因素使Janus International Group的息稅前利潤增長率明顯好轉,但根據該分析,Janus International Group的息稅前利潤增長率確實爲負數。但好的一面是,它將息稅前利潤轉換爲自由現金流的能力一點也不差。綜合上述因素,我們確實認爲駿利國際集團的債務對業務構成了一些風險。儘管這筆債務可以提高回報,但我們認爲該公司現在有足夠的槓桿作用。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,Janus International Group 有 2 個警告標誌(其中一個對我們來說不太合適),我們認爲你應該知道。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,那麼請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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