share_log

Here's Why Gorman-Rupp (NYSE:GRC) Can Manage Its Debt Responsibly

Here's Why Gorman-Rupp (NYSE:GRC) Can Manage Its Debt Responsibly

这就是为什么gorman-rupp(纽交所:GRC)能够负责地管理其债务
Simply Wall St ·  11/07 06:44

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that The Gorman-Rupp Company (NYSE:GRC) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.

伯克希尔哈撒韦的查理·芒格支持的外部基金经理陆李对此毫不犹豫,他说"最大的投资风险不在于价格的波动,而在于您是否遭受了资本的永久损失。"因此,聪明人似乎知道,债务(通常与破产有关)是评估公司风险程度时的一个非常重要因素。我们注意到纽交所上的戈曼鲁普公司(NYSE:GRC)的资产负债表上确实有债务。但真正的问题是,这笔债务是否使公司变得很危险。

When Is Debt Dangerous?

债务何时有危险?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.

当公司不能轻松地通过自由现金流或发行有吸引力的股本筹集资金来履行这些义务时,债务和其他负债会对公司构成风险。在最糟糕的情况下,公司如果无法偿付其债权人的款项,则可能会破产。然而,会发生的更常见(但仍然昂贵)的情况是,公司必须以廉价的股票价格稀释股东的持股比例,以便控制债务。话虽如此,在考虑公司的债务水平时,第一步是考虑其现金和债务的总体情况。

What Is Gorman-Rupp's Net Debt?

戈曼鲁普的净债务是多少?

The image below, which you can click on for greater detail, shows that Gorman-Rupp had debt of US$383.0m at the end of September 2024, a reduction from US$410.2m over a year. However, it does have US$39.7m in cash offsetting this, leading to net debt of about US$343.3m.

下面的图片,您可以点击查看更详细的信息,显示戈曼鲁普在2024年9月底的债务为38300万美元,比去年的41020万美元减少。然而,它确实有3970万美元的现金来抵消这一笔债务,从而形成约34330万美元的净债务。

big
NYSE:GRC Debt to Equity History November 7th 2024
纽交所:GRC资产负债比历史数据 2024年11月7日

How Healthy Is Gorman-Rupp's Balance Sheet?

高曼拉普的资产负债表健康状况如何?

The latest balance sheet data shows that Gorman-Rupp had liabilities of US$100.5m due within a year, and liabilities of US$415.6m falling due after that. Offsetting this, it had US$39.7m in cash and US$88.4m in receivables that were due within 12 months. So its liabilities total US$388.1m more than the combination of its cash and short-term receivables.

最新的资产负债表数据显示,高曼拉普有1年内到期的负债金额为10050万美元,以及之后到期的41560万美元。与此相抵,其现金为3970万美元,应收账款为8840万美元,在12个月内到期。因此,其负债总额比现金和短期应收账款的组合多出38810万美元。

This deficit isn't so bad because Gorman-Rupp is worth US$1.02b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.

这个赤字并不算太糟糕,因为高曼拉普价值10.2亿美元,因此可能能够筹集足够的资金来支撑其资产负债表,如果有必要的话。然而,仍然值得密切关注其偿债能力。

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.

我们通过将公司的净债务与其息税折旧摊销前利润(EBITDA)相除,并计算其息税前利润(EBIT)如何覆盖其利息费用(利息覆盖率)来衡量公司的债务负担相对于其盈利能力。因此,我们同时考虑债务的绝对数量以及所支付的利率。

While Gorman-Rupp's debt to EBITDA ratio (2.9) suggests that it uses some debt, its interest cover is very weak, at 2.4, suggesting high leverage. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. However, one redeeming factor is that Gorman-Rupp grew its EBIT at 16% over the last 12 months, boosting its ability to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Gorman-Rupp 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.

尽管高曼拉普的债务与息税折旧及摊销前利润(EBITDA)比率(2.9)显示其使用了一些债务,但其利息偿付覆盖率非常薄弱,为2.4,表明杠杆率很高。显然,借贷成本正在最近影响股东的回报。然而,一个弥补因素是高曼拉普过去12个月的EBIT增长了16%,提高了其偿债能力。在分析债务水平时,资产负债表是明显的起点。但最终业务的未来盈利能力将决定高曼拉普是否能长期加强其资产负债表。因此,如果你关注未来,你可以查看这份展示分析师利润预测的免费报告。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs 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, Gorman-Rupp recorded free cash flow worth 59% 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.

但我们最后的考虑也很重要,因为一家公司无法用纸面利润来偿还债务;它需要冷硬的现金。因此,我们明显需要看看这个EBIT是否带来相应的自由现金流。在过去最近的三年里,高曼拉普记录的自由现金流价值为其EBIT的59%,这在正常范围内,因为自由现金流不包括利息和税金。这笔冷硬现金意味着它可以在希望时减少债务。

Our View

我们的观点

Gorman-Rupp's interest cover was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that it has an adequate capacity to grow its EBIT. When we consider all the factors mentioned above, we do feel a bit cautious about Gorman-Rupp's use of debt. 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. We've identified 1 warning sign with Gorman-Rupp , and understanding them should be part of your investment process.

高曼-卢普的利息保障在这项分析中确实表现不佳,尽管我们考虑的其他因素要好得多。毫无疑问,它具有足够的能力增长EBIt。当我们考虑以上提到的所有因素时,我们对高曼-卢普使用债务感到有些谨慎。虽然债务确实有以更高潜在回报为优势,我们认为股东们绝对应该考虑债务水平如何可能使股票更加风险。当分析债务水平时,资产负债表是显而易见的开始点。但最终,每家公司都可能存在超出资产负债表之外的风险。我们已经发现了 1个警示信号关于高曼-卢普,了解它们应该是你投资过程的一部分。

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.

每天结束时,通常更好地关注那些没有净债务的公司。您可以查看我们特别名单上的这些公司(所有这些公司都有盈利增长记录)。这是免费的。

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.

对这篇文章有反馈吗?对内容感到担忧吗?请直接与我们联系。或者,发送电子邮件至editorial-team @ simplywallst.com。
Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发