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Gartner (NYSE:IT) Seems To Use Debt Quite Sensibly

Gartner (NYSE:IT) Seems To Use Debt Quite Sensibly

Gartner(纽约证券交易所代码:IT)似乎非常明智地使用债务
Simply Wall St ·  05/01 10:29

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 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. As with many other companies Gartner, Inc. (NYSE:IT) makes use of debt. But is this debt a concern to shareholders?

有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。与许多其他公司一样,Gartner, Inc.(纽约证券交易所代码:IT)也使用债务。但是这笔债务是股东关心的问题吗?

When Is Debt A Problem?

债务何时会成为问题?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. 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. 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.

债务是帮助企业增长的工具,但是如果企业无法偿还贷款人的债务,那么债务就会任由他们摆布。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然很痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可以成为一个非常好的工具。当我们研究债务水平时,我们首先要同时考虑现金和债务水平。

How Much Debt Does Gartner Carry?

Gartner 背负了多少债务?

The chart below, which you can click on for greater detail, shows that Gartner had US$2.46b in debt in December 2023; about the same as the year before. However, it also had US$1.32b in cash, and so its net debt is US$1.13b.

您可以点击下图查看更多详情,该图表显示,2023年12月,Gartner的债务为24.6亿美元;与前一年大致相同。但是,它也有13.2亿美元的现金,因此其净负债为11.3亿美元。

debt-equity-history-analysis
NYSE:IT Debt to Equity History May 1st 2024
纽约证券交易所:IT 债务与股本比率历史记录 2024 年 5 月 1 日

How Strong Is Gartner's Balance Sheet?

Gartner 的资产负债表有多强?

We can see from the most recent balance sheet that Gartner had liabilities of US$3.78b falling due within a year, and liabilities of US$3.38b due beyond that. On the other hand, it had cash of US$1.32b and US$1.63b worth of receivables due within a year. So its liabilities total US$4.20b more than the combination of its cash and short-term receivables.

我们可以从最新的资产负债表中看出,Gartner的负债为37.8亿美元,一年后到期的负债为33.8亿美元。另一方面,它有13.2亿美元的现金和价值16.3亿美元的应收账款将在一年内到期。因此,其负债总额比其现金和短期应收账款的总和高出42.0亿美元。

Given Gartner has a humongous market capitalization of US$32.1b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.

鉴于Gartner的庞大市值为321亿美元,很难相信这些负债会构成很大的威胁。但是,有足够的负债,我们肯定会建议股东今后继续监督资产负债表。

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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

为了扩大公司相对于收益的负债规模,我们计算其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),将其利息和税前收益(EBIT)除以利息支出(利息保障)。因此,我们将债务与收益的关系考虑在内,包括和不包括折旧和摊销费用。

Gartner's net debt is only 0.89 times its EBITDA. And its EBIT covers its interest expense a whopping 13.8 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. But the other side of the story is that Gartner saw its EBIT decline by 5.2% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Gartner 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.

Gartner的净负债仅为其息税折旧摊销前利润的0.89倍。其息税前利润覆盖了高达13.8倍的利息支出。因此,你可以争辩说,它受到债务的威胁并不比大象受到老鼠的威胁更大。但故事的另一面是,Gartner的息税前利润比去年下降了5.2%。这种下降如果持续下去,显然会使债务更难处理。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务的未来盈利能力将决定Gartner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。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Gartner recorded free cash flow worth a fulsome 99% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.

但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。因此,合乎逻辑的步骤是研究息税前利润与实际自由现金流相匹配的比例。在过去的三年中,Gartner记录的自由现金流相当于其息税前利润的99%,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。

Our View

我们的观点

Gartner's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But truth be told we feel its EBIT growth rate does undermine this impression a bit. When we consider the range of factors above, it looks like Gartner is pretty sensible with its use of debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. 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. To that end, you should be aware of the 2 warning signs we've spotted with Gartner .

Gartner的利息保障表明,它可以像克里斯蒂亚诺·罗纳尔多在对阵14岁以下的守门员的比赛中进球一样轻松地处理债务。但说实话,我们认为其息税前利润增长率确实稍微削弱了这种印象。当我们考虑上述一系列因素时,看来Gartner使用债务是相当明智的。这意味着他们正在承担更多的风险,希望提高股东的回报。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中,远非如此。为此,你应该注意我们在Gartner上发现的两个警告信号。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。

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