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Here's Why Hewlett Packard Enterprise (NYSE:HPE) Has A Meaningful Debt Burden
Here's Why Hewlett Packard Enterprise (NYSE:HPE) Has A Meaningful Debt Burden
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies Hewlett Packard Enterprise Company (NYSE:HPE) makes use of debt. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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 Hewlett Packard Enterprise
What Is Hewlett Packard Enterprise's Net Debt?
You can click the graphic below for the historical numbers, but it shows that Hewlett Packard Enterprise had US$14.0b of debt in July 2022, down from US$16.2b, one year before. On the flip side, it has US$2.78b in cash leading to net debt of about US$11.2b.
NYSE:HPE Debt to Equity History September 26th 2022A Look At Hewlett Packard Enterprise's Liabilities
The latest balance sheet data shows that Hewlett Packard Enterprise had liabilities of US$21.3b due within a year, and liabilities of US$15.7b falling due after that. Offsetting these obligations, it had cash of US$2.78b as well as receivables valued at US$3.37b due within 12 months. So it has liabilities totalling US$30.9b more than its cash and near-term receivables, combined.
The deficiency here weighs heavily on the US$15.6b 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 definitely think shareholders need to watch this one closely. After all, Hewlett Packard Enterprise 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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
While Hewlett Packard Enterprise has a quite reasonable net debt to EBITDA multiple of 2.4, its interest cover seems weak, at 2.1. In large part that's it has so much depreciation and amortisation. While companies often boast that these charges are non-cash, most such businesses will therefore require ongoing investment (that is not expensed.) In any case, it's safe to say the company has meaningful debt. Notably Hewlett Packard Enterprise's EBIT was pretty flat over the last year. We would prefer to see some earnings growth, because that always helps diminish 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 Hewlett Packard Enterprise 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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Hewlett Packard Enterprise produced sturdy free cash flow equating to 53% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Our View
On the face of it, Hewlett Packard Enterprise's interest cover left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. We're quite clear that we consider Hewlett Packard Enterprise to be really rather risky, as a result of its balance sheet health. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 3 warning signs we've spotted with Hewlett Packard Enterprise (including 1 which is a bit unpleasant) .
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。与许多其他公司一样惠普企业公司(纽约证券交易所股票代码:HPE)利用债务。但这笔债务对股东来说是一个担忧吗?
债务会带来什么风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。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。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。
查看我们对惠普企业的最新分析
惠普企业的净债务是多少?
你可以点击下图查看历史数据,但它显示惠普企业在2022年7月的债务为140亿美元,低于一年前的162亿美元。另一方面,它拥有27.8亿美元的现金,导致净债务约为112亿美元。
纽约证券交易所:HPE债转股历史2022年9月26日看惠普企业的负债情况
最新的资产负债表数据显示,惠普企业有213亿美元的债务在一年内到期,157亿美元的债务在一年后到期。为了抵消这些债务,它有27.8亿美元的现金以及价值33.7亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款加起来还要多309亿美元。
这一不足给这家市值156亿美元的公司本身带来了沉重的负担,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,我们肯定认为股东需要密切关注这一事件。毕竟,如果惠普企业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。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。
尽管惠普企业的净债务与EBITDA之比相当合理,为2.4倍,但其利息覆盖似乎较弱,为2.1倍。在很大程度上,这是因为它有如此多的折旧和摊销。虽然公司经常吹嘘这些费用是非现金的,但大多数此类业务因此都需要持续投资(即不计入费用)。无论如何,可以有把握地说,该公司有大量债务。值得注意的是,惠普企业去年的息税前利润相当持平。我们更希望看到一些收益增长,因为这总是有助于减少债务。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惠普企业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,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,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年里,惠普企业产生了相当于息税前利润53%的强劲自由现金流,这与我们预期的差不多。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
从表面上看,惠普企业的利息担保让我们对该股持怀疑态度,其总负债水平并不比一年中最繁忙之夜的一家空荡荡的餐厅更具诱惑力。但至少它在将息税前利润转化为自由现金流方面相当不错;这是令人鼓舞的。我们非常清楚,由于惠普企业的资产负债表状况良好,我们认为它的风险确实相当大。出于这个原因,我们对该股相当谨慎,我们认为股东应该密切关注其流动性。当你分析债务时,资产负债表显然是你关注的领域。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。为此,您应该了解3个警示标志我们已经发现了惠普企业(Hewlett Packard Enterprise)(包括1家,这有点令人不快)。
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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