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Is Ceridian HCM Holding (NYSE:CDAY) A Risky Investment?
Is Ceridian HCM Holding (NYSE:CDAY) A Risky Investment?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Ceridian HCM Holding Inc. (NYSE:CDAY) makes use of debt. But is this debt a concern to shareholders?
When Is Debt Dangerous?
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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for Ceridian HCM Holding
What Is Ceridian HCM Holding's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Ceridian HCM Holding had debt of US$1.21b, up from US$1.12b in one year. However, it also had US$371.2m in cash, and so its net debt is US$842.8m.
NYSE:CDAY Debt to Equity History September 29th 2022How Healthy Is Ceridian HCM Holding's Balance Sheet?
The latest balance sheet data shows that Ceridian HCM Holding had liabilities of US$5.70b due within a year, and liabilities of US$1.29b falling due after that. Offsetting these obligations, it had cash of US$371.2m as well as receivables valued at US$151.3m due within 12 months. So it has liabilities totalling US$6.47b more than its cash and near-term receivables, combined.
This deficit is considerable relative to its market capitalization of US$8.83b, so it does suggest shareholders should keep an eye on Ceridian HCM Holding's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Ceridian HCM Holding 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.
In the last year Ceridian HCM Holding wasn't profitable at an EBIT level, but managed to grow its revenue by 24%, to US$1.1b. Shareholders probably have their fingers crossed that it can grow its way to profits.
Caveat Emptor
Even though Ceridian HCM Holding managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. To be specific the EBIT loss came in at US$17m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through US$10m of cash over the last year. So suffice it to say we do consider the stock to be risky. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Ceridian HCM Holding you should know about.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。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Cerdian HCM Holding Inc.(纽约证券交易所股票代码:cday)利用债务。但这笔债务对股东来说是一个担忧吗?
债务在什么时候是危险的?
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,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。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。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Cerdian HCM Holding的最新分析
Cerdian HCM Holding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6月,Cerdian HCM Holding的债务为12.1亿美元,高于一年的11.2亿美元。然而,它也有3.712亿美元的现金,因此它的净债务为8.428亿美元。
纽约证券交易所:Cday债转股历史2022年9月29日Cerdian HCM Holding的资产负债表健康程度如何?
最新的资产负债表数据显示,Cerdian HCM Holding有57亿美元的负债在一年内到期,12.9亿美元的负债在一年后到期。为了抵消这些债务,它有3.712亿美元的现金以及价值1.513亿美元的应收账款在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64.7亿美元。
与其88.3亿美元的市值相比,这一赤字是相当可观的,因此它确实表明股东应该密切关注Cerdian HCM Holding的债务使用。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。在分析债务水平时,资产负债表显然是一个起点。但归根结底,该业务未来的盈利能力将决定Cerdian HCM Holding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。
去年,Cerdian HCM Holding在息税前利润水平上并没有盈利,但其收入增长了24%,达到11亿美元。股东们可能会祈祷它能以自己的方式增长并实现盈利。
告诫买入者
尽管Cerdian HCM Holding成功地相当巧妙地实现了营收增长,但冷酷的现实是,它的息税前利润正在亏损。具体地说,息税前利润损失为1700万美元。当我们看到这一点,并回忆起资产负债表上相对于现金的负债时,在我们看来,该公司有任何债务似乎是不明智的。坦率地说,我们认为资产负债表远远不能与之匹配,尽管随着时间的推移,它可能会得到改善。然而,它在过去一年烧掉了1000万美元的现金,这也于事无补。因此,可以说,我们确实认为这只股票是有风险的。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。这些风险可能很难发现。每家公司都有它们,我们已经发现2 Ceridian HCM持有的警告标志你应该知道。
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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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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