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We Think Techtronic Industries (HKG:669) Can Stay On Top Of Its Debt
We Think Techtronic Industries (HKG:669) Can Stay On Top Of Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 can see that Techtronic Industries Company Limited (HKG:669) does use debt in its business. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
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. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest 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.
Check out our latest analysis for Techtronic Industries
How Much Debt Does Techtronic Industries Carry?
The image below, which you can click on for greater detail, shows that at June 2022 Techtronic Industries had debt of US$3.39b, up from US$2.99b in one year. However, it does have US$1.69b in cash offsetting this, leading to net debt of about US$1.71b.
SEHK:669 Debt to Equity History August 19th 2022How Strong Is Techtronic Industries' Balance Sheet?
The latest balance sheet data shows that Techtronic Industries had liabilities of US$6.61b due within a year, and liabilities of US$1.86b falling due after that. Offsetting this, it had US$1.69b in cash and US$2.24b in receivables that were due within 12 months. So its liabilities total US$4.54b more than the combination of its cash and short-term receivables.
Of course, Techtronic Industries has a titanic market capitalization of US$24.2b, 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.
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Techtronic Industries has a low net debt to EBITDA ratio of only 1.2. And its EBIT easily covers its interest expense, being 97.4 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Also good is that Techtronic Industries grew its EBIT at 16% over the last year, further increasing its ability to manage debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Techtronic Industries's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Techtronic Industries saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
Based on what we've seen Techtronic Industries is not finding it easy, given its conversion of EBIT to free cash flow, but the other factors we considered give us cause to be optimistic. In particular, we are dazzled with its interest cover. When we consider all the factors mentioned above, we do feel a bit cautious about Techtronic Industries's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. We'd be motivated to research the stock further if we found out that Techtronic Industries insiders have bought shares recently. If you would too, then you're in luck, since today we're sharing our list of reported insider transactions for free.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们可以看到创科实业股份有限公司(HKG:669)确实在其业务中使用债务。但真正的问题是,这笔债务是否让该公司面临风险。
为什么债务会带来风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。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(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
看看我们对创科实业的最新分析
创科实业背负着多少债务?
点击查看更多细节的下图显示,截至2022年6月,创科实业的债务为33.9亿美元,高于一年内的29.9亿美元。然而,它确实有16.9亿美元的现金来抵消这一点,导致净债务约为17.1亿美元。
联交所:669债转股历史2022年8月19日创科实业的资产负债表有多强?
最新的资产负债表数据显示,创科实业有66.1亿美元的负债在一年内到期,18.6亿美元的负债在一年内到期。作为抵消,它有16.9亿美元的现金和22.4亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和短期应收账款的总和多45.4亿美元。
当然,创科实业拥有242亿美元的巨额市值,因此这些负债可能是可控的。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。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
创科实业的净债务与EBITDA之比较低,仅为1.2。而且它的息税前利润轻松覆盖了利息支出,是其规模的97.4倍。因此,你可以辩称,它不会受到债务的威胁,就像大象受到老鼠的威胁一样。另一个好消息是,创科实业去年息税前利润增长了16%,进一步增强了其管理债务的能力。当你分析债务时,资产负债表显然是你关注的领域。但最重要的是,未来的收益将决定创科实业未来能否保持健康的资产负债表。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。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年里,创科实业的自由现金流总计出现了大幅负增长。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
我们的观点
根据我们所看到的,鉴于创科实业将息税前利润转换为自由现金流,这并不容易,但我们考虑的其他因素让我们有理由乐观。特别是,它的利息封面让我们眼花缭乱。当我们考虑到上述所有因素时,我们确实对创科实业的举债方式感到有点谨慎。虽然我们认识到债务可以提高股本回报率,但我们建议股东密切关注其债务水平,以免增加。如果我们发现创科实业的内部人士最近买入了股票,我们就会有动力进一步研究这只股票。如果你也愿意,那么你就幸运了,因为今天我们免费分享了我们报告的内幕交易名单。
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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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。
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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。
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