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Is Oatly Group (NASDAQ:OTLY) Using Too Much Debt?

Is Oatly Group (NASDAQ:OTLY) Using Too Much Debt?

Oatly集團(納斯達克:OTLY)是否使用過多的債務?
Simply Wall St ·  12/19 19:36

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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, Oatly Group AB (NASDAQ:OTLY) does carry debt. But the more important question is: how much risk is that debt creating?

一些人說波動性,而不是債務,是作爲投資者考慮風險的最佳方式,但禾倫·巴菲特曾 famously 表示:「波動性遠非等同於風險。」當我們考慮一家公司的風險時,我們總是喜歡查看它的債務使用情況,因爲債務過載可能導致毀滅。更重要的問題是:這筆債務帶來了多少風險?

When Is Debt Dangerous?

債務何時會變得危險?

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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.

債務在企業享受新資本或自由現金流之前是有助於企業的,直到企業在償還債務方面遇到麻煩。在最糟糕的情況下,如果公司無法償還債權人,可能會破產。然而,一個更加頻繁(但仍然昂貴)的情況是,公司必須以極低的價格發行股票,永久稀釋股東的權益,僅僅是爲了穩住其資產負債表。當然,債務在企業中可以是一個重要的工具,尤其是資金密集型企業。考慮一家企業使用多少債務時,首先要看看它的現金和債務的結合情況。

What Is Oatly Group's Net Debt?

Oatly Group的淨債務是多少?

As you can see below, at the end of September 2024, Oatly Group had US$441.3m of debt, up from US$407.9m a year ago. Click the image for more detail. However, because it has a cash reserve of US$119.3m, its net debt is less, at about US$321.9m.

正如您在下方看到的,到2024年9月底,Oatly Group的債務達到了44130萬美元,較一年前的40790萬美元有所增加。點擊圖片查看更多細節。然而,由於它有11930萬美元的現金儲備,因此其淨債務較少,約爲32190萬美元。

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NasdaqGS:OTLY Debt to Equity History December 19th 2024
納斯達克:OTLY 債務對股本比率歷史 2024年12月19日

How Strong Is Oatly Group's Balance Sheet?

Oatly Group的資產負債表有多強?

According to the last reported balance sheet, Oatly Group had liabilities of US$536.7m due within 12 months, and liabilities of US$152.9m due beyond 12 months. Offsetting these obligations, it had cash of US$119.3m as well as receivables valued at US$117.7m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$452.5m.

根據最後報告的資產負債表,Oatly Group在12個月內的負債爲53670萬美元,12個月後到期的負債爲15290萬美元。抵消這些義務,它有11930萬美元的現金,以及11770萬美元的應收款(在12個月內到期)。因此,其負債超過其現金和(短期)應收款之和45250萬美元。

When you consider that this deficiency exceeds the company's US$391.5m market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. 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 Oatly Group 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.

當你考慮到這個虧損超過公司39150萬美元的市場資本時,你可能會傾向於仔細審查資產負債表。假設,如果公司被迫通過以當前股價融資來償還其負債,將需要非常嚴重的稀釋。毫無疑問,我們從資產負債表上學到的關於債務的知識最多。但歸根到底,公司的未來盈利能力將決定Oatly Group是否能夠隨時間增強其資產負債表。因此,如果你關注未來,可以查看這份免費的報告,展示分析師的盈利預測。

Over 12 months, Oatly Group reported revenue of US$813m, which is a gain of 5.1%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.

在過去的12個月裏,Oatly Group報告的營業收入爲81300萬美元,增幅爲5.1%,儘管它並未報告任何利息和稅前收益。這個增長率對我們的口味來說有點慢,但世界需要各種類型的人。

Caveat Emptor

買者自負盈虧

Over the last twelve months Oatly Group produced an earnings before interest and tax (EBIT) loss. Indeed, it lost a very considerable US$150m at the EBIT level. Considering that alongside the liabilities mentioned above make us nervous about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. Not least because it burned through US$164m in negative free cash flow over the last year. So suffice it to say we consider the stock to be risky. 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 3 warning signs for Oatly Group you should be aware of.

在過去的十二個月裏,Oatly Group產生了利息和稅前(EBIT)虧損。事實上,它在EBIT層面上損失了非常可觀的15000萬美元。考慮到上述負債讓我們對公司感到緊張。我們希望在對股票產生過多興趣之前,看到一些強勁的短期改善。尤其是因爲在過去的一年中,它的負自由現金流達到了16400萬美元。因此,可以說我們認爲該股票存在風險。在分析債務水平時,資產負債表顯然是開始的地方。但歸根結底,任何公司都可能包含存在於資產負債表之外的風險。例如:我們發現Oatly Group存在3個你應該注意的警告信號。

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.

最終,通常更好的是關注沒有淨負債的公司。你可以訪問我們特別列出這些公司的名單(所有公司都有盈利增長的記錄)。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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。

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