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Is MasTec (NYSE:MTZ) Using Too Much Debt?
Is MasTec (NYSE:MTZ) Using Too Much Debt?
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.' 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. We note that MasTec, Inc. (NYSE:MTZ) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. 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.
See our latest analysis for MasTec
How Much Debt Does MasTec Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 MasTec had US$1.93b of debt, an increase on US$1.27b, over one year. On the flip side, it has US$139.9m in cash leading to net debt of about US$1.79b.
NYSE:MTZ Debt to Equity History September 27th 2022A Look At MasTec's Liabilities
Zooming in on the latest balance sheet data, we can see that MasTec had liabilities of US$1.90b due within 12 months and liabilities of US$3.02b due beyond that. Offsetting these obligations, it had cash of US$139.9m as well as receivables valued at US$2.53b due within 12 months. So its liabilities total US$2.25b more than the combination of its cash and short-term receivables.
MasTec has a market capitalization of US$5.30b, so it could very likely raise cash to ameliorate 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.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its 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).
MasTec has a debt to EBITDA ratio of 2.6 and its EBIT covered its interest expense 3.8 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Shareholders should be aware that MasTec's EBIT was down 55% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if MasTec 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 we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Happily for any shareholders, MasTec actually produced more free cash flow than EBIT over the last three years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Our View
Neither MasTec's ability to grow its EBIT nor its interest cover gave us confidence in its ability to take on more debt. But the good news is it seems to be able to convert EBIT to free cash flow with ease. We think that MasTec's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. 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. For instance, we've identified 2 warning signs for MasTec that you should be aware of.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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。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。我们注意到MasTec公司(纽约证券交易所代码:MTZ)的资产负债表上确实有债务。但股东是否应该担心它的债务使用情况?
债务会带来什么风险?
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。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。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MasTec的最新分析
MasTec背负着多少债务?
您可以点击下图查看历史数据,但它显示截至2022年6月,MasTec的债务为19.3亿美元,比一年前增加了12.7亿美元。另一方面,它拥有1.399亿美元的现金,导致净债务约为17.9亿美元。
纽约证券交易所:MTZ债转股历史2022年9月27日看一下MasTec的负债
放大最新的资产负债表数据,我们可以看到MasTec有19.亿美元的负债在12个月内到期,超过12个月的负债有302亿美元到期。为了抵消这些债务,它有1.399亿美元的现金以及价值25.3亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和短期应收账款的总和多22.5亿美元。
MasTec的市值为53亿美元,因此如果有需要,它很可能会筹集现金来改善其资产负债表。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。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。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)。
MasTec的债务与EBITDA之比为2.6,EBIT覆盖了利息支出的3.8倍。这表明,尽管债务水平很高,但我们不会说它们有问题。股东们应该知道,MasTec的息税前利润去年下降了55%。如果这种下降趋势继续下去,那么偿还债务将比在素食大会上出售鹅肝酱更难。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MasTec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,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。对于任何股东来说,令人高兴的是,MasTec在过去三年中产生的自由现金流实际上比息税前利润还多。说到赢得贷款人的好感,没有什么比收到的现金更好的了。
我们的观点
无论是MasTec扩大息税前利润的能力,还是其利息覆盖率,都让我们对其承担更多债务的能力失去了信心。但好消息是,它似乎能够轻松地将息税前利润转换为自由现金流。综合考虑上述数据点,我们认为MasTec的债务确实使其具有一定的风险。这不一定是一件坏事,因为杠杆可以提高股本回报率,但这是需要注意的。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。例如,我们已经确定MasTec的2个警告标志这一点你应该知道。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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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。
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