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These 4 Measures Indicate That Balchem (NASDAQ:BCPC) Is Using Debt Safely
These 4 Measures Indicate That Balchem (NASDAQ:BCPC) Is Using Debt Safely
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. As with many other companies Balchem Corporation (NASDAQ:BCPC) makes use of debt. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Balchem
What Is Balchem's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Balchem had debt of US$433.6m, up from US$127.3m in one year. On the flip side, it has US$77.2m in cash leading to net debt of about US$356.3m.
NasdaqGS:BCPC Debt to Equity History September 4th 2022How Healthy Is Balchem's Balance Sheet?
According to the last reported balance sheet, Balchem had liabilities of US$144.1m due within 12 months, and liabilities of US$561.2m due beyond 12 months. On the other hand, it had cash of US$77.2m and US$138.6m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$489.5m.
Since publicly traded Balchem shares are worth a total of US$4.15b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Balchem's net debt to EBITDA ratio of about 1.8 suggests only moderate use of debt. And its commanding EBIT of 55.2 times its interest expense, implies the debt load is as light as a peacock feather. One way Balchem could vanquish its debt would be if it stops borrowing more but continues to grow EBIT at around 20%, as it did over the last year. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Balchem 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Balchem recorded free cash flow worth a fulsome 91% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
Our View
Happily, Balchem's impressive interest cover implies it has the upper hand on its debt. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Looking at the bigger picture, we think Balchem's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Balchem you should be aware of.
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.
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。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。与许多其他公司一样Balchem公司纳斯达克(Standard Chartered Bank:BCPC)利用债务。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。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,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Balchem的最新分析
Balchem的债务是什么?
下图显示,截至2022年6月,Balchem的债务为4.336亿美元,高于一年内的1.273亿美元。另一方面,它拥有7720万美元的现金,导致净债务约为3.563亿美元。
纳斯达克:BCPC债转股历史2022年9月4日Balchem的资产负债表有多健康?
根据最新报告的资产负债表,Balchem有1.441亿美元的负债在12个月内到期,5.612亿美元的负债在12个月后到期。另一方面,它有7720万美元的现金和价值1.386亿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4.895亿美元。
由于上市交易的Balchem股票总价值为41.5亿美元,这种负债水平似乎不太可能构成重大威胁。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。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
Balchem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55.2倍的息税前利润,意味着债务负担轻如孔雀羽毛。Balchem消除债务的一种方法是停止更多借款,但继续以20%左右的息税前利润增长,就像它在过去一年所做的那样。当你分析债务时,资产负债表显然是你关注的领域。但最终,该业务未来的盈利能力将决定Balchem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。
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,我们总是检查EBIT中有多少转化为自由现金流。在过去的三年里,Balchem的自由现金流相当于其息税前利润的91%,这比我们通常预期的要好。这使它处于有利的地位,如果需要的话,它可以偿还债务。
我们的观点
令人高兴的是,Balchem令人印象深刻的利息覆盖意味着它在债务上占据了上风。这只是好消息的开始,因为它将息税前利润转换为自由现金流也非常令人鼓舞。从更大的角度来看,我们认为Balchem使用债务似乎相当合理,我们并不担心。毕竟,合理的杠杆可以提高股本回报率。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。一个恰当的例子:我们发现了Balchem的1个警告标志你应该意识到。
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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