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Here's Why Brunswick (NYSE:BC) Can Manage Its Debt Responsibly
Here's Why Brunswick (NYSE:BC) Can Manage Its Debt Responsibly
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 can see that Brunswick Corporation (NYSE:BC) does use debt in its business. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Brunswick
How Much Debt Does Brunswick Carry?
As you can see below, at the end of July 2022, Brunswick had US$2.50b of debt, up from US$875.5m a year ago. Click the image for more detail. However, it does have US$603.7m in cash offsetting this, leading to net debt of about US$1.90b.
NYSE:BC Debt to Equity History August 25th 2022How Healthy Is Brunswick's Balance Sheet?
We can see from the most recent balance sheet that Brunswick had liabilities of US$1.35b falling due within a year, and liabilities of US$2.81b due beyond that. On the other hand, it had cash of US$603.7m and US$611.0m worth of receivables due within a year. So it has liabilities totalling US$2.95b more than its cash and near-term receivables, combined.
Brunswick has a market capitalization of US$5.98b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
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.
Brunswick's net debt to EBITDA ratio of about 1.8 suggests only moderate use of debt. And its commanding EBIT of 11.2 times its interest expense, implies the debt load is as light as a peacock feather. We saw Brunswick grow its EBIT by 8.0% in the last twelve months. Whilst that hardly knocks our socks off it is a positive when it comes to 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 Brunswick can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, Brunswick recorded free cash flow worth 51% 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.
Our View
When it comes to the balance sheet, the standout positive for Brunswick was the fact that it seems able to cover its interest expense with its EBIT confidently. But the other factors we noted above weren't so encouraging. For example, its level of total liabilities makes us a little nervous about its debt. Considering this range of data points, we think Brunswick is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Be aware that Brunswick is showing 3 warning signs in our investment analysis , and 2 of those are a bit unpleasant...
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。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。我们可以看到布伦瑞克公司(纽约证券交易所代码:BC)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。
什么时候债务是个问题?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对布伦瑞克的最新分析
布伦瑞克背负着多少债务?
如下所示,截至2022年7月底,布伦瑞克的债务为25亿美元,高于一年前的8.755亿美元。单击图像了解更多详细信息。然而,它确实有6.037亿美元的现金来抵消这一点,导致净债务约为19.亿美元。
纽约证券交易所:卑诗省债转股历史2022年8月25日布伦瑞克的资产负债表有多健康?
我们可以从最近的资产负债表中看到,布伦瑞克有13.5亿美元的债务在一年内到期,还有28.1亿美元的债务在这之后到期。另一方面,它有6.037亿美元的现金和价值6.11亿美元的应收账款在一年内到期。因此,它的负债总额比现金和近期应收账款加起来还要多29.5亿美元。
Brunswick的市值为59.8亿美元,因此如果有需要,它很可能会筹集现金来改善其资产负债表。但很明显,我们绝对应该仔细检查它是否能够在不稀释的情况下管理债务。
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)。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
Brunswick的净债务与EBITDA之比约为1.8,表明只适度使用债务。其高达利息支出11.2倍的息税前利润,意味着债务负担轻如孔雀羽毛。我们看到布伦瑞克在过去12个月中息税前利润增长了8.0%。虽然这很难让我们大吃一惊,但当涉及到债务时,这是一个积极的方面。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定Brunswick能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
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。因此,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在最近三年中,Brunswick记录的自由现金流相当于其息税前利润的51%,考虑到自由现金流不包括利息和税收,这大致是正常的。这种冷酷的现金意味着,它可以在想要的时候减少债务。
我们的观点
在资产负债表方面,对Brunswick来说,最突出的积极因素是,它似乎能够自信地用息税前利润来支付利息支出。但我们上面提到的其他因素并不那么令人鼓舞。例如,它的总负债水平让我们对它的债务有点紧张。考虑到这一范围的数据点,我们认为布伦瑞克处于管理其债务水平的有利地位。但提醒一句:我们认为债务水平高到足以证明继续进行监控是合理的。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。请注意,布伦瑞克正在展示我们的投资分析中的3个警告信号,其中两个有点令人不快...
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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