We Think Janus International Group (NYSE:JBI) Can Stay On Top Of Its Debt
We Think Janus International Group (NYSE:JBI) Can Stay On Top Of Its Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Janus International Group, Inc. (NYSE:JBI) does carry debt. But the more important question is: how much risk is that debt creating?
資深基金經理李錄(受查理·芒格支持)曾說:「最大的投資風險並不在於價格的波動,而在於你是否會遭受到永久性的資本損失。」 所以,當你考慮任何給定股票的風險時,需要考慮債務問題,因爲太多的債務會拖垮一家公司。重要的是,紐交所上市公司Janus International Group, Inc.(NYSE:JBI)確實持有債務。但更重要的問題是:這些債務是產生了多大的風險?
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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.
一般來說,只有當公司無法輕鬆地償還債務時,它才會成爲真正的問題,無論是通過增資還是利用自身的現金流。 資本主義的標誌之一是「創造性毀滅」過程,其中銀行家無情地清算失敗的企業。雖然這不太常見,但我們經常看到負債累累的公司由於放貸人迫使他們以低於市場價格的價格籌集資金而永久稀釋股東。通過取代稀釋,債務可以成爲需要高回報率投資增長的企業的極好工具。在考慮一家企業使用多少債務時,首先要做的是查看其現金和債務。
How Much Debt Does Janus International Group Carry?
Janus International Group 持有多少債務?
You can click the graphic below for the historical numbers, but it shows that Janus International Group had US$589.3m of debt in June 2024, down from US$655.2m, one year before. However, because it has a cash reserve of US$110.1m, its net debt is less, at about US$479.2m.
你可以點擊下面的圖表查看歷史數據,但它顯示 2024 年 6 月,Janus International Group 的債務爲 58930萬 美元,比一年前的 65520萬 美元有所下降。然而,由於它擁有 11010萬 美元的現金儲備,因此它的淨債務較少,約爲 47920萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240813/0-abbcecdf1a5677489d1f9461a61df596-0-4cf7ecbe21021a7cee9dc5e7f436a4d8.png/big)
How Healthy Is Janus International Group's Balance Sheet?
Janus International Group的資產負債表表現如何?
We can see from the most recent balance sheet that Janus International Group had liabilities of US$144.1m falling due within a year, and liabilities of US$635.0m due beyond that. On the other hand, it had cash of US$110.1m and US$211.5m worth of receivables due within a year. So its liabilities total US$457.5m more than the combination of its cash and short-term receivables.
我們可以從最新的資產負債表中看到,Janus International Group在一年內到期的負債爲 14410萬美元,到期時間更長的負債爲 63500萬 美元。另一方面,它擁有 11010萬 美元的現金和 21150萬 美元的短期應收賬款。因此,其負債總數比其現金和短期應收賬款的組合多45750萬美元。
Janus International Group has a market capitalization of US$1.53b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
Janus International Group的市值爲1.53億美元,因此,如果需要,它很可能籌集資金改善資產負債表。但我們絕對要關注其債務是否帶來了過多的風險。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
爲了比較一個公司的債務與其收益的關係,我們計算其淨債務除以利息、稅、折舊和攤銷前的收益和利息前的收益(其利息覆蓋率)。因此,我們考慮了債務的絕對數量以及支付的利率。
Janus International Group's net debt is sitting at a very reasonable 1.7 times its EBITDA, while its EBIT covered its interest expense just 4.2 times last year. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. We saw Janus International Group grow its EBIT by 5.0% in the last twelve months. That's far from incredible but it is a good thing, when it comes to paying off debt. 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 Janus International 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.
Janus International Group的淨債務只有其EBITDA的1.7倍,而去年其EBIt的利息費用僅覆蓋了4.2倍。雖然這並不會讓我們過分擔心,但它確實表明,利息負擔有些沉重。我們看到 Janus International Group在過去的十二個月中將其EBIt增長了5.0%。雖然不是不可思議的增長,但爲償還債務是一件好事。資產負債表顯然是分析債務的關鍵領域。但最終,企業未來的盈利能力將決定Janus International Group是否能夠長期加強其資產負債表。所以,如果你關注未來,可以查看這份免費報告,了解分析師的利潤預測。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Janus International Group recorded free cash flow worth 56% 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,企業需要自由現金流來償還債務;會計利潤並不足夠。因此,我們始終會檢查EBIt將其轉化爲自由現金流的程度。在過去的三年中,Janus International Group錄得了56%的EBIt自由現金流,這在正常情況下是可以接受的,因爲自由現金流不包括利息和稅收。這種自由現金流使企業在適當時可以更好地償還債務。
Our View
我們的觀點
Both Janus International Group's ability to to convert EBIT to free cash flow and its EBIT growth rate gave us comfort that it can handle its debt. Having said that, its interest cover somewhat sensitizes us to potential future risks to the balance sheet. Looking at all this data makes us feel a little cautious about Janus International Group's debt levels. 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. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Janus International Group you should know about.
Janus International Group轉化EBIt爲自由現金流的能力以及其EBIt增長率使我們放心,它能夠處理其債務。雖然如此,其利息覆蓋率對資產負債表未來風險有一定敏感性。看完所有這些數據,我們對Janus International Group的債務水平感到有些謹慎。雖然債務確實帶來了更高的潛在回報,但我們認爲股東應該認真考慮債務水平可能使股票更加風險。在分析債務水平時,資產負債表是顯而易見的起點。但最終,每家公司都可能存在超出資產負債表範圍的風險。這些風險很難察覺。每家公司都存在風險,我們已經發現Janus International Group的1個警告信號,您應該知道。
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.
歸根結底,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。