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Hasbro (NASDAQ:HAS) Takes On Some Risk With Its Use Of Debt

Hasbro (NASDAQ:HAS) Takes On Some Risk With Its Use Of Debt

孩之宝(纳斯达克股票代码:HAS)在使用债务时承担了一些风险
Simply Wall St ·  05/21 07:54

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.' 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. Importantly, Hasbro, Inc. (NASDAQ:HAS) does carry debt. But should shareholders be worried about its use of debt?

霍华德·马克斯说得好,他说的不是担心股价的波动,而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。重要的是,孩之宝公司(纳斯达克股票代码:HAS)确实有债务。但是,股东是否应该担心其债务的使用?

Why Does Debt Bring Risk?

为什么债务会带来风险?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, 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.

当企业无法轻易履行这些义务时,无论是通过自由现金流还是以诱人的价格筹集资金,债务和其他负债就会面临风险。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然令人痛苦)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。当然,许多公司使用债务为增长提供资金,而不会产生任何负面后果。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。

What Is Hasbro's Debt?

孩之宝的债务是什么?

The image below, which you can click on for greater detail, shows that Hasbro had debt of US$3.47b at the end of March 2024, a reduction from US$3.93b over a year. On the flip side, it has US$569.3m in cash leading to net debt of about US$2.90b.

您可以点击下图查看更多详情,该图片显示,孩之宝在2024年3月底的债务为34.7亿美元,较上一年的39.3亿美元有所减少。另一方面,它拥有5.693亿美元的现金,净负债约为29.0亿美元。

debt-equity-history-analysis
NasdaqGS:HAS Debt to Equity History May 21st 2024
NASDAQGS: HAS 债务与股本的比率记录 2024 年 5 月 21 日

A Look At Hasbro's Liabilities

看看孩之宝的负债

According to the last reported balance sheet, Hasbro had liabilities of US$1.79b due within 12 months, and liabilities of US$3.38b due beyond 12 months. Offsetting these obligations, it had cash of US$569.3m as well as receivables valued at US$632.5m due within 12 months. So its liabilities total US$3.97b more than the combination of its cash and short-term receivables.

根据上次报告的资产负债表,孩之宝的负债为17.9亿美元,12个月后到期的负债为33.8亿美元。除这些债务外,它有5.693亿美元的现金以及价值6.325亿美元的应收账款在12个月内到期。因此,其负债总额比其现金和短期应收账款的总和高出39.7亿美元。

This deficit isn't so bad because Hasbro is worth US$8.37b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

这种赤字还不错,因为孩之宝的市值为83.7亿美元,因此,如果有需要,可能会筹集足够的资金来支撑其资产负债表。但是,我们绝对希望留意其债务带来过大风险的迹象。

We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

我们通过以下方法来衡量公司的债务负担与其盈利能力:将其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),并计算其利息和税前收益(EBIT)支付利息支出(利息保障)的难易程度。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。

Hasbro's debt is 4.3 times its EBITDA, and its EBIT cover its interest expense 3.1 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. Even worse, Hasbro saw its EBIT tank 37% over the last 12 months. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Hasbro's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

孩之宝的债务是其息税折旧摊销前利润的4.3倍,其息税前利润支付了利息支出的3.1倍。总而言之,这意味着,尽管我们不希望看到债务水平上升,但我们认为它可以承受目前的杠杆率。更糟糕的是,孩之宝的息税前利润在过去12个月中下降了37%。如果收益长期保持这样的水平,那么偿还债务的可能性很小。在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益比什么都重要,将决定孩之宝未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Hasbro produced sturdy free cash flow equating to 56% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最后,公司只能用冷硬现金偿还债务,不能用会计利润偿还债务。因此,我们显然需要研究息税前利润是否会带来相应的自由现金流。在过去三年中,孩之宝产生了稳健的自由现金流,相当于其息税前利润的56%,与我们的预期差不多。这种冷硬现金意味着它可以在需要时减少债务。

Our View

我们的观点

Mulling over Hasbro's attempt at (not) growing its EBIT, we're certainly not enthusiastic. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. Looking at the bigger picture, it seems clear to us that Hasbro's use of debt is creating risks for the company. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. 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. Be aware that Hasbro is showing 2 warning signs in our investment analysis , you should know about...

仔细考虑孩之宝(不是)增加息税前利润的尝试,我们当然并不热情。但至少在将息税前利润转换为自由现金流方面相当不错;这令人鼓舞。从大局来看,我们似乎很清楚孩之宝对债务的使用正在给公司带来风险。如果一切顺利,可能会得到回报,但这笔债务的不利之处是永久损失的风险更大。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。请注意,孩之宝在我们的投资分析中显示了两个警告信号,您应该知道...

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。

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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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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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