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Here's Why Frontdoor (NASDAQ:FTDR) Can Manage Its Debt Responsibly
Here's Why Frontdoor (NASDAQ:FTDR) Can Manage Its Debt Responsibly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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, Frontdoor, Inc. (NASDAQ:FTDR) does carry debt. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. 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 Frontdoor
What Is Frontdoor's Debt?
As you can see below, Frontdoor had US$618.0m of debt at June 2022, down from US$666.0m a year prior. However, it does have US$269.0m in cash offsetting this, leading to net debt of about US$349.0m.
NasdaqGS:FTDR Debt to Equity History August 29th 2022A Look At Frontdoor's Liabilities
According to the last reported balance sheet, Frontdoor had liabilities of US$404.0m due within 12 months, and liabilities of US$666.0m due beyond 12 months. On the other hand, it had cash of US$269.0m and US$18.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$783.0m.
This deficit isn't so bad because Frontdoor is worth US$1.88b, and thus could probably raise enough capital to shore up 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.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Frontdoor has net debt worth 1.5 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 6.9 times the interest expense. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. But the other side of the story is that Frontdoor saw its EBIT decline by 9.3% over the last year. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. 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 Frontdoor 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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Frontdoor recorded free cash flow worth 68% 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.
Our View
On our analysis Frontdoor's conversion of EBIT to free cash flow should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit to grow its EBIT. Looking at all this data makes us feel a little cautious about Frontdoor'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. For example, we've discovered 1 warning sign for Frontdoor that you should be aware of before investing here.
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.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。重要的是前门公司纳斯达克(Alipay:FTDR)确实背负着债务。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?
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。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。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。
查看我们对前门的最新分析
FrontDoor的债务是什么?
正如你在下面看到的,截至2022年6月,FrontDoor的债务为6.18亿美元,低于一年前的6.66亿美元。然而,它确实有2.69亿美元的现金来抵消这一点,导致净债务约为3.49亿美元。
NasdaqGS:FTDR债转股历史2022年8月29日看前门的负债情况
根据最新报告的资产负债表,FrontDoor有4.04亿美元的负债在12个月内到期,6.66亿美元的负债在12个月后到期。另一方面,它有2.69亿美元的现金和价值1800万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7.83亿美元。
这一赤字并不是那么糟糕,因为FrontDoor价值18.8亿美元,因此如果需要的话,可能会筹集到足够的资本来支撑其资产负债表。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。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。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。
FrontDoor的净债务是EBITDA的1.5倍,这并不是太多,但其利息覆盖率看起来有点低,EBIT仅为利息支出的6.9倍。虽然这些数字并没有让我们感到恐慌,但值得注意的是,该公司的债务成本正在产生真正的影响。但另一方面,前门公司的息税前利润去年下降了9.3%。如果收益继续以这样的速度下降,该公司管理债务负担的难度可能会越来越大。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FrontDoor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。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。因此,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。最近三年,FrontDoor录得的自由现金流相当于其息税前利润的68%,考虑到自由现金流不包括利息和税收,这一数字接近正常水平。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
我们的观点
根据我们的分析,FrontDoor将息税前利润转换为自由现金流应该表明,它的债务不会有太大麻烦。然而,我们的其他观察结果并不那么令人振奋。例如,它似乎不得不努力实现息税前利润的增长。看着所有这些数据,我们对FrontDoor的债务水平感到有点谨慎。虽然债务确实有更高的潜在回报,但我们认为股东绝对应该考虑债务水平可能会如何使股票的风险更高。在分析债务水平时,资产负债表显然是一个起点。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。例如,我们发现1个前门警告标志在这里投资之前你应该意识到这一点。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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