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Is Himax Technologies (NASDAQ:HIMX) Using Too Much Debt?

Is Himax Technologies (NASDAQ:HIMX) Using Too Much Debt?

是奇美科技 (納斯達克:HIMX) 使用過多的債務?
Simply Wall St ·  2023/01/18 05:30

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 Himax Technologies, Inc. (NASDAQ:HIMX) makes use of debt. But the more important question is: how much risk is that debt creating?

一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。與許多其他公司一樣奇景光電公司納斯達克(Sequoia Capital:HIMX)利用債務。但更重要的問題是:這筆債務造成了多大的風險?

Why Does Debt Bring Risk?

為什麼債務會帶來風險?

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, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.

當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。

View our latest analysis for Himax Technologies

查看我們對奇景光電的最新分析

What Is Himax Technologies's Debt?

奇景光電的債務是什麼?

As you can see below, at the end of September 2022, Himax Technologies had US$417.3m of debt, up from US$205.4m a year ago. Click the image for more detail. On the flip side, it has US$227.9m in cash leading to net debt of about US$189.4m.

如下圖所示,截至2022年9月底,奇景光電的債務為4.173億美元,高於一年前的2.054億美元。單擊圖像瞭解更多詳細信息。另一方面,它擁有2.279億美元的現金,導致淨債務約為1.894億美元。

debt-equity-history-analysis
NasdaqGS:HIMX Debt to Equity History January 18th 2023
NasdaqGS:HIMX債轉股歷史2023年1月18日

How Healthy Is Himax Technologies' Balance Sheet?

奇景光電的資產負債表有多健康?

We can see from the most recent balance sheet that Himax Technologies had liabilities of US$736.6m falling due within a year, and liabilities of US$145.8m due beyond that. Offsetting this, it had US$227.9m in cash and US$254.6m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$399.9m.

從最近的資產負債表可以看出,奇景光電有7.366億美元的負債在一年內到期,超過一年的負債有1.458億美元到期。作為抵消,它有2.279億美元的現金和2.546億美元的應收賬款在12個月內到期。因此,它的負債比現金和(近期)應收賬款之和高出3.999億美元。

While this might seem like a lot, it is not so bad since Himax Technologies has a market capitalization of US$1.31b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

雖然這看起來可能很多,但並不是那麼糟糕,因為奇景光電的市值為13.1億美元,因此如果需要的話,它可能可以通過籌集資本來加強其資產負債表。但我們肯定希望密切關注其債務帶來太大風險的跡象。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

為了評估一家公司的債務相對於它的收益,我們計算它的淨債務除以它的利息、税項、折舊和攤銷前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆蓋)。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。

Himax Technologies has a low debt to EBITDA ratio of only 0.45. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So there's no doubt this company can take on debt while staying cool as a cucumber. While Himax Technologies doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Himax Technologies 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.

奇景光電的債務與EBITDA之比很低,僅為0.45。值得注意的是,儘管它有淨債務,但在過去12個月裏,它實際上收到了比必須支付的更多的利息。因此,毫無疑問,這家公司可以在保持冷靜的同時承擔債務。雖然新浪奇景光電的息税前利潤似乎沒有多少增長,但至少目前盈利保持穩定。當你分析債務時,資產負債表顯然是你關注的領域。但最終,該業務未來的盈利能力將決定奇景光電能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Himax Technologies produced sturdy free cash flow equating to 68% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。因此,合乎邏輯的一步是看看息税前利潤與實際自由現金流相匹配的比例。在過去的三年裏,奇景光電產生了相當於息税前利潤68%的穩健的自由現金流,這與我們的預期不謀而合。這種冷酷的現金意味着,它可以在想要的時候減少債務。

Our View

我們的觀點

The good news is that Himax Technologies's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its net debt to EBITDA also supports that impression! When we consider the range of factors above, it looks like Himax Technologies is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Himax Technologies (1 is a bit concerning) you should be aware of.

好消息是,奇景光電證明有能力用息税前利潤來支付利息支出,這讓我們感到高興,就像毛茸茸的小狗給蹣跚學步的孩子帶來的快樂一樣。好消息還不止於此,因為它對EBITDA的淨債務也支持了這種印象!當我們考慮上述一系列因素時,奇景光電在使用債務方面似乎相當明智。雖然這會帶來一些風險,但也可以提高股東的回報。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如,我們已經確定奇景光電的2個警告標誌(1有點令人擔憂)你應該知道。

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.

歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。

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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.

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本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。

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