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Budweiser Brewing Company APAC (HKG:1876) Has A Rock Solid Balance Sheet
Budweiser Brewing Company APAC (HKG:1876) Has A Rock Solid Balance Sheet
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.' 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, Budweiser Brewing Company APAC Limited (HKG:1876) does carry debt. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Budweiser Brewing Company APAC
What Is Budweiser Brewing Company APAC's Debt?
As you can see below, Budweiser Brewing Company APAC had US$177.0m of debt at June 2022, down from US$200.0m a year prior. But it also has US$1.87b in cash to offset that, meaning it has US$1.69b net cash.
SEHK:1876 Debt to Equity History August 8th 2022How Healthy Is Budweiser Brewing Company APAC's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Budweiser Brewing Company APAC had liabilities of US$4.35b due within 12 months and liabilities of US$754.0m due beyond that. On the other hand, it had cash of US$1.87b and US$652.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$2.58b.
Of course, Budweiser Brewing Company APAC has a titanic market capitalization of US$38.6b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, Budweiser Brewing Company APAC boasts net cash, so it's fair to say it does not have a heavy debt load!
Fortunately, Budweiser Brewing Company APAC grew its EBIT by 6.4% in the last year, making that debt load look even more manageable. 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 Budweiser Brewing Company APAC 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Budweiser Brewing Company APAC has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Budweiser Brewing Company APAC recorded free cash flow worth a fulsome 81% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
Summing Up
We could understand if investors are concerned about Budweiser Brewing Company APAC's liabilities, but we can be reassured by the fact it has has net cash of US$1.69b. The cherry on top was that in converted 81% of that EBIT to free cash flow, bringing in US$1.3b. So is Budweiser Brewing Company APAC's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in Budweiser Brewing Company APAC, you may well want to click here to check an interactive graph of its earnings per share history.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。重要的是百威亚太(HKG:1876)确实有债务。但这笔债务对股东来说是一个担忧吗?
债务在什么时候是危险的?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。如果情况真的变得很糟糕,贷款人可以控制业务。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。当然,许多公司利用债务为增长提供资金,没有任何负面后果。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
参见我们对百威亚太的最新分析
百威亚太的债务是什么?
如下所示,截至2022年6月,百威亚太的债务为1.77亿美元,低于一年前的2亿美元。但它也有18.7亿美元的现金来抵消,这意味着它有16.9亿美元的净现金。
联交所:1876年债转股历史2022年8月8日百威亚太的资产负债表有多健康?
放大最新的资产负债表数据,我们可以看到,百威亚太有43.5亿美元的债务在12个月内到期,超过12个月的债务有7.54亿美元到期。另一方面,它有18.7亿美元的现金和价值6.52亿美元的应收账款在一年内到期。因此,它的负债比现金和(近期)应收账款之和高出25.8亿美元。
当然,百威亚太拥有386亿美元的庞大市值,因此这些负债大概是可控的。但有足够的负债,我们肯定会建议股东继续监控未来的资产负债表。尽管百威亚太的负债值得注意,但它拥有净现金,所以公平地说,它没有沉重的债务负担!
幸运的是,百威亚太去年的息税前利润增长了6.4%,这使得债务负担看起来更加可控。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定百威亚太能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。虽然百威亚太的资产负债表上有净现金,但它将息税前利润转换为自由现金流的能力仍然值得一看,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。在过去三年中,百威亚太录得相当于息税前利润81%的自由现金流,这比我们通常预期的要好。这使其在偿还债务方面处于非常有利的地位。
总结
如果投资者担心百威亚太的负债,我们可以理解,但我们可以放心的是,它拥有16.9亿美元的净现金。最重要的是,它将息税前利润的81%转化为自由现金流,带来了13亿美元的收入。那么,百威亚太的债务是一种风险吗?但在我们看来并非如此。随着时间的推移,股价往往会跟随每股收益,所以如果你对百威亚太感兴趣,你很可能想点击这里查看其每股收益历史的互动图表。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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