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We Think Coca-Cola FEMSA. De (NYSE:KOF) Can Stay On Top Of Its Debt
We Think Coca-Cola FEMSA. De (NYSE:KOF) Can Stay On Top Of Its Debt
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. We note that Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for Coca-Cola FEMSA. de
How Much Debt Does Coca-Cola FEMSA. de Carry?
The chart below, which you can click on for greater detail, shows that Coca-Cola FEMSA. de had Mex$83.3b in debt in June 2022; about the same as the year before. On the flip side, it has Mex$45.6b in cash leading to net debt of about Mex$37.7b.
NYSE:KOF Debt to Equity History September 29th 2022How Healthy Is Coca-Cola FEMSA. de's Balance Sheet?
The latest balance sheet data shows that Coca-Cola FEMSA. de had liabilities of Mex$62.8b due within a year, and liabilities of Mex$89.7b falling due after that. Offsetting this, it had Mex$45.6b in cash and Mex$17.3b in receivables that were due within 12 months. So it has liabilities totalling Mex$89.6b more than its cash and near-term receivables, combined.
Coca-Cola FEMSA. de has a very large market capitalization of Mex$245.7b, 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).
Looking at its net debt to EBITDA of 1.0 and interest cover of 5.8 times, it seems to us that Coca-Cola FEMSA. de is probably using debt in a pretty reasonable way. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Notably Coca-Cola FEMSA. de's EBIT was pretty flat over the last year. We would prefer to see some earnings growth, because that always helps diminish debt. 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 Coca-Cola FEMSA. de 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 it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Coca-Cola FEMSA. de recorded free cash flow worth a fulsome 84% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
Our View
The good news is that Coca-Cola FEMSA. de's demonstrated ability to convert EBIT to free cash flow delights us like a fluffy puppy does a toddler. And its net debt to EBITDA is good too. All these things considered, it appears that Coca-Cola FEMSA. de can comfortably handle its current debt levels. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. Another positive for shareholders is that it pays dividends. So if you like receiving those dividend payments, check Coca-Cola FEMSA. de's dividend history, without delay!
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。我们注意到可口可乐FEMSA,S.A.B.de C.V.(纽约证券交易所代码:KOF)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?
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。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。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。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。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对可口可乐FEMSA的最新分析。De
可口可乐FEMSA有多少债务。带上了吗?
下面的图表显示了可口可乐FEMSA,你可以点击查看更多细节。截至2022年6月,墨西哥的债务为833亿美元;与前一年大致相同。另一方面,它拥有456亿墨西哥美元的现金,导致净债务约377亿美元。
纽约证券交易所:KOF债转股历史2022年9月29日可口可乐FEMSA有多健康?德的资产负债表?
最新的资产负债表数据显示,可口可乐FEMSA。德意志银行有628亿美元的债务在一年内到期,897亿美元的债务在一年后到期。作为抵消,它有456亿墨西哥的现金和173亿墨西哥的应收账款在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896亿墨西哥元。
可口可乐FEMSA。德意志银行的市值非常大,为2,457亿美元,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)。
看看它的净债务与EBITDA之比为1.0,利息覆盖率为5.8倍,在我们看来,可口可乐FEMSA。德可能正在以一种相当合理的方式使用债务。因此,我们建议密切关注融资成本对业务的影响。值得注意的是,可口可乐FEMSA。德的息税前利润与去年持平。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。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,企业未来的盈利能力将决定可口可乐FEMSA。随着时间的推移,德意志银行可以加强其资产负债表。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,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在过去三年里,可口可乐FEMSA。德意志银行记录的自由现金流相当于其息税前利润的84%,这比我们通常预期的要强。这使其在偿还债务方面处于非常有利的地位。
我们的观点
好消息是可口可乐FEMSA。德证明有能力将息税前利润转换为自由现金流,这让我们感到高兴,就像一只毛茸茸的小狗对蹒跚学步的孩子一样。它的净债务与EBITDA之比也很好。综上所述,似乎可口可乐FEMSA。德意志银行可以轻松应对目前的债务水平。有利的一面是,这种杠杆可以提高股东回报,但潜在的不利因素是更大的亏损风险,因此值得监控资产负债表。对股东来说,另一个利好是它支付股息。因此,如果你喜欢收到这些股息,那就去看看可口可乐FEMSA吧。德的红利历史,刻不容缓!
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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