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Does Brown-Forman (NYSE:BF.B) Have A Healthy Balance Sheet?
Does Brown-Forman (NYSE:BF.B) Have A Healthy Balance Sheet?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Brown-Forman Corporation (NYSE:BF.B) 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. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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 Brown-Forman
What Is Brown-Forman's Debt?
The image below, which you can click on for greater detail, shows that Brown-Forman had debt of US$2.25b at the end of July 2022, a reduction from US$2.50b over a year. On the flip side, it has US$899.0m in cash leading to net debt of about US$1.35b.
NYSE:BF.B Debt to Equity History September 13th 2022How Healthy Is Brown-Forman's Balance Sheet?
According to the last reported balance sheet, Brown-Forman had liabilities of US$1.11b due within 12 months, and liabilities of US$2.60b due beyond 12 months. Offsetting these obligations, it had cash of US$899.0m as well as receivables valued at US$841.0m due within 12 months. So its liabilities total US$1.97b more than the combination of its cash and short-term receivables.
Of course, Brown-Forman has a titanic market capitalization of US$35.2b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Brown-Forman's net debt is only 0.98 times its EBITDA. And its EBIT covers its interest expense a whopping 17.4 times over. So we're pretty relaxed about its super-conservative use of debt. Also positive, Brown-Forman grew its EBIT by 23% in the last year, and that should make it easier to pay down debt, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Brown-Forman 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 we always check how much of that EBIT is translated into free cash flow. During the last three years, Brown-Forman produced sturdy free cash flow equating to 65% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Our View
Happily, Brown-Forman's impressive interest cover implies it has the upper hand on its debt. And the good news does not stop there, as its EBIT growth rate also supports that impression! Looking at the bigger picture, we think Brown-Forman's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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 Brown-Forman is showing 1 warning sign in our investment analysis , you should know about...
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。与许多其他公司一样布朗-福尔曼公司(纽约证券交易所代码:BF.B)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。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。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。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Brown-Forman的最新分析
布朗-福尔曼的债务是什么?
下图(您可以单击查看更多详细信息)显示,截至2022年7月底,Brown-Forman的债务为22.5亿美元,低于一年内的25亿美元。另一方面,它拥有8.99亿美元的现金,导致净债务约为13.5亿美元。
纽约证券交易所:BF.B债转股历史2022年9月13日布朗-福尔曼的资产负债表有多健康?
根据最近一次报告的资产负债表,Brown-Forman有11.1亿美元的负债在12个月内到期,26亿美元的负债在12个月后到期。为了抵消这些债务,它有8.99亿美元的现金以及价值8.41亿美元的应收账款在12个月内到期。因此,其负债总额为19.7亿美元,超过了现金和短期应收账款的总和。
当然,布朗-福尔曼的市值高达352亿美元,因此这些债务可能是可控的。然而,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而变化。
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。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
Brown-Forman的净债务仅为其EBITDA的0.98倍。它的息税前利润高出利息支出17.4倍。因此,我们对它对债务的超级保守使用相当放松。同样积极的是,Brown-Forman去年的息税前利润增长了23%,这应该会使其在未来更容易偿还债务。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布朗-福尔曼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,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,布朗-福尔曼公司产生了相当于其息税前利润65%的稳健的自由现金流,这与我们预期的差不多。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
令人高兴的是,布朗-福尔曼令人印象深刻的利息覆盖意味着它在债务上占据了上风。好消息不止于此,因为它的息税前利润增长率也支持了这一印象!从更大的角度来看,我们认为布朗-福尔曼对债务的使用似乎相当合理,我们并不担心。尽管债务确实会带来风险,但如果使用得当,它也可以带来更高的股本回报率。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,布朗-福尔曼正在展示在我们的投资分析中出现1个警告信号,你应该知道关于……
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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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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