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Here's Why Allegiant Travel (NASDAQ:ALGT) Is Weighed Down By Its Debt Load

Here's Why Allegiant Travel (NASDAQ:ALGT) Is Weighed Down By Its Debt Load

這就是爲什麼忠誠旅遊(納斯達克:ALGT)的債務負擔沉重的原因
Simply Wall St ·  12/24 20:14

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. We can see that Allegiant Travel Company (NASDAQ:ALGT) does use debt in its business. But is this debt a concern to shareholders?

禾倫·巴菲特曾明確表示:『波動性遠非與風險同義。』 當我們考慮一個公司的風險時,我們總是喜歡查看它的債務使用情況,因爲債務超負荷可能導致毀滅。我們可以看到,忠誠旅遊公司(納斯達克:ALGT)確實在其業務中使用債務。但是,這筆債務對股東來說是一種擔憂嗎?

When Is Debt Dangerous?

債務何時會變得危險?

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 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,債務只有在公司無法輕鬆償還時才會成爲真正的問題,要麼通過籌集資金,要麼通過自身的自由現金流。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。然而,更常見(但仍然代價高昂)的情況是,公司必須以低廉的股票價格稀釋股東,只爲控制債務。當然,債務可以是業務中一個重要的工具,特別是資本密集型企業。在考慮企業使用多少債務時,首先要查看其現金和債務的總和。

How Much Debt Does Allegiant Travel Carry?

忠誠旅遊公司揹負了多少債務?

As you can see below, Allegiant Travel had US$1.75b of debt, at September 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$759.3m in cash leading to net debt of about US$992.5m.

如您在下方所見,忠誠旅遊在2024年9月的債務爲17.5億美金,和前一年差不多。您可以點擊圖表查看更詳細的信息。另一方面,它擁有75930萬美元的現金,導致淨債務約爲99250萬美元。

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NasdaqGS:ALGT Debt to Equity History December 24th 2024
納斯達克GS:ALGT債務與股本歷史 2024年12月24日

How Strong Is Allegiant Travel's Balance Sheet?

忠誠旅遊的資產負債表有多強?

We can see from the most recent balance sheet that Allegiant Travel had liabilities of US$1.23b falling due within a year, and liabilities of US$2.25b due beyond that. Offsetting this, it had US$759.3m in cash and US$62.3m in receivables that were due within 12 months. So its liabilities total US$2.67b more than the combination of its cash and short-term receivables.

我們從最近的資產負債表中可以看到,忠誠旅遊有12.3億美元的短期負債和22.5億美元的長期負債。相對來說,它有75930萬美元的現金和6230萬美元的應收款,這些應收款在12個月內到期。因此,它的負債總額比現金和短期應收款的總和多出26.7億美元。

The deficiency here weighs heavily on the US$1.50b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Allegiant Travel would probably need a major re-capitalization if its creditors were to demand repayment.

這種不足對這家15億美元的公司造成了很大的壓力,就像一個孩子在巨大的揹包下掙扎,揹包裏裝滿了書籍、運動裝備和一個小號。因此,我們毫無疑問會密切關注它的資產負債表。最終,如果債權人要求償還,忠誠旅遊可能需要進行一次重大的再融資。

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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).

我們通過查看公司的淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,以及計算息稅前利潤(EBIT)覆蓋利息費用的能力(利息保障率),來衡量公司的債務負擔相對於其盈利能力的情況。這種方法的優勢在於,我們同時考慮了債務的絕對量(通過淨債務與EBITDA的比率)和與該債務相關的實際利息費用(通過其利息保障率)。

While we wouldn't worry about Allegiant Travel's net debt to EBITDA ratio of 3.7, we think its super-low interest cover of 1.3 times is a sign of high leverage. In large part that's due to the company's significant depreciation and amortisation charges, which arguably mean its EBITDA is a very generous measure of earnings, and its debt may be more of a burden than it first appears. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. Worse, Allegiant Travel's EBIT was down 74% 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. 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 Allegiant Travel 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.

雖然我們不擔心忠誠旅遊的淨債務與EBITDA比率爲3.7,但我們認爲其1.3倍的超低利息覆蓋率是高槓杆的跡象。這在很大程度上歸因於公司的巨額折舊和攤銷費用,這意味着其EBITDA實際上是一個非常寬鬆的收益衡量標準,而其債務可能比最初看起來的更具負擔。因此,股東們應該意識到,利息費用似乎最近對業務產生了很大的影響。更糟糕的是,忠誠旅遊的EBIT在過去一年內下降了74%。如果在長期內收益繼續這樣的趨勢,它幾乎沒有可能償還那筆債務。毫無疑問,我們從資產負債表中學到了最多有關債務的信息。但最終,公司的未來盈利能力將決定忠誠旅遊能否隨着時間的推移增強其資產負債表。因此,如果你關注未來,可以查看這份免費的報告,了解分析師的盈利預測。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Allegiant Travel saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.

但我們的最終考慮也是重要的,因爲公司不能用紙面利潤償還債務;它需要冷硬的現金。因此,我們總是檢查EBIT中有多少轉化爲自由現金流。在過去三年中,忠誠旅遊的自由現金流整體上出現了大幅負值。雖然投資者無疑期待這種情況在適當的時候會發生逆轉,但這顯然意味着其債務使用更具風險。

Our View

我們的觀點

On the face of it, Allegiant Travel's EBIT growth rate left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. And furthermore, its interest cover also fails to instill confidence. It looks to us like Allegiant Travel carries a significant balance sheet burden. If you harvest honey without a bee suit, you risk getting stung, so we'd probably stay away from this particular stock. 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. For example Allegiant Travel has 2 warning signs (and 1 which can't be ignored) we think you should know about.

乍一看,忠誠旅遊的EBIT增長率讓我們對這隻股票感到猶豫,而其總負債水平也無非跟一年中最繁忙的晚上那家空蕩蕩的餐廳一樣誘人。此外,其利息覆蓋率也無法帶來信心。我們看來忠誠旅遊承擔着顯著的資產負擔。如果你在沒有蜜蜂防護服的情況下采蜜,就有被叮的風險,所以我們可能會遠離這隻特定的股票。在分析債務水平時,資產負債表顯然是最直接的起點。但最終,每家公司都可能存在資產負債表之外的風險。例如,忠誠旅遊有 2 個警告信號(還有 1 個是無法忽視的)我們認爲你應該知道。

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.

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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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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