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Kennedy-Wilson Holdings (NYSE:KW) Use Of Debt Could Be Considered Risky
Kennedy-Wilson Holdings (NYSE:KW) Use Of Debt Could Be Considered Risky
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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. Importantly, Kennedy-Wilson Holdings, Inc. (NYSE:KW) does carry debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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, 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 step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Kennedy-Wilson Holdings
How Much Debt Does Kennedy-Wilson Holdings Carry?
As you can see below, at the end of June 2022, Kennedy-Wilson Holdings had US$5.72b of debt, up from US$4.76b a year ago. Click the image for more detail. On the flip side, it has US$484.9m in cash leading to net debt of about US$5.23b.
NYSE:KW Debt to Equity History September 13th 2022How Strong Is Kennedy-Wilson Holdings' Balance Sheet?
The latest balance sheet data shows that Kennedy-Wilson Holdings had liabilities of US$604.2m due within a year, and liabilities of US$5.73b falling due after that. Offsetting this, it had US$484.9m in cash and US$225.5m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$5.62b.
The deficiency here weighs heavily on the US$2.59b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. After all, Kennedy-Wilson Holdings would likely require a major re-capitalisation if it had to pay its creditors today.
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Kennedy-Wilson Holdings shareholders face the double whammy of a high net debt to EBITDA ratio (17.1), and fairly weak interest coverage, since EBIT is just 0.72 times the interest expense. This means we'd consider it to have a heavy debt load. One redeeming factor for Kennedy-Wilson Holdings is that it turned last year's EBIT loss into a gain of US$145m, over the last twelve months. 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 Kennedy-Wilson Holdings 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, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of the earnings before interest and tax (EBIT) is backed by free cash flow. In the last year, Kennedy-Wilson Holdings created free cash flow amounting to 10% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Our View
To be frank both Kennedy-Wilson Holdings's interest cover and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least its EBIT growth rate is not so bad. Taking into account all the aforementioned factors, it looks like Kennedy-Wilson Holdings has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 4 warning signs for Kennedy-Wilson Holdings (2 are concerning!) that you should be aware of before investing here.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
传奇基金经理理想汽车·卢曾说,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。重要的是肯尼迪-威尔逊控股公司(纽约证券交易所代码:KW)确实背负着债务。但更重要的问题是:这笔债务造成了多大的风险?
债务在什么时候是危险的?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。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,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。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。
查看我们对肯尼迪-威尔逊控股公司的最新分析
肯尼迪-威尔逊控股公司背负着多少债务?
如下所示,截至2022年6月底,肯尼迪-威尔逊控股公司的债务为57.2亿美元,高于一年前的47.6亿美元。单击图像了解更多详细信息。另一方面,它拥有4.849亿美元的现金,导致净债务约为52.3亿美元。
纽约证券交易所:KW债转股历史2022年9月13日肯尼迪-威尔逊控股公司的资产负债表有多强劲?
最新的资产负债表数据显示,肯尼迪-威尔逊控股公司有6.042亿美元的债务在一年内到期,57.3亿美元的债务在一年内到期。作为抵消,它有4.849亿美元的现金和2.255亿美元的应收账款在12个月内到期。因此,其负债比现金和(近期)应收账款之和高出56.2亿美元。
这一不足给这家市值25.9亿美元的公司本身带来了沉重的压力,就像一个孩子在一个装满书籍、运动装备和小号的巨大背包的重压下挣扎一样。因此,毫无疑问,我们会密切关注它的资产负债表。毕竟,如果肯尼迪-威尔逊控股公司今天不得不偿还债权人的债务,它很可能需要进行一次重大的资本重组。
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。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
肯尼迪-威尔逊控股公司的股东面临着双重打击,即高净债务与EBITDA的比率(17.1),以及相当弱的利息覆盖率,因为EBIT仅为利息支出的0.72倍。这意味着我们会认为它有沉重的债务负担。肯尼迪-威尔逊控股公司的一个可取之处是,它在过去12个月里将去年的息税前利润亏损变成了1.45亿美元的收益。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肯尼迪-威尔逊控股公司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,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,有必要检查一下息税前收益(EBIT)中有多少是由自由现金流支持的。去年,肯尼迪-威尔逊控股公司创造了相当于息税前利润10%的自由现金流,这是一个平淡无奇的表现。对我们来说,低现金转换引发了一点偏执,那就是偿还债务的能力。
我们的观点
坦率地说,肯尼迪-威尔逊控股公司的利息覆盖,以及其控制总负债的过往记录,都让我们对其债务水平感到相当不安。但至少它的息税前利润增长率并不是那么糟糕。考虑到上述所有因素,肯尼迪-威尔逊控股公司似乎负债累累。这种风险对一些人来说是可以接受的,但肯定不会让我们的船漂浮起来。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们发现肯尼迪-威尔逊控股公司的4个警告信号(2个是关于!)在这里投资之前你应该意识到这一点。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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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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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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