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These 4 Measures Indicate That Mueller Water Products (NYSE:MWA) Is Using Debt Reasonably Well
These 4 Measures Indicate That Mueller Water Products (NYSE:MWA) Is Using Debt Reasonably Well
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 Mueller Water Products, Inc. (NYSE:MWA) makes use of debt. But is this debt a concern to shareholders?
When Is Debt A Problem?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Mueller Water Products
What Is Mueller Water Products's Net Debt?
The chart below, which you can click on for greater detail, shows that Mueller Water Products had US$445.2m in debt in June 2022; about the same as the year before. On the flip side, it has US$154.9m in cash leading to net debt of about US$290.3m.
NYSE:MWA Debt to Equity History September 19th 2022A Look At Mueller Water Products' Liabilities
The latest balance sheet data shows that Mueller Water Products had liabilities of US$202.3m due within a year, and liabilities of US$603.5m falling due after that. Offsetting this, it had US$154.9m in cash and US$233.4m in receivables that were due within 12 months. So its liabilities total US$417.5m more than the combination of its cash and short-term receivables.
While this might seem like a lot, it is not so bad since Mueller Water Products has a market capitalization of US$1.65b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). 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).
With net debt sitting at just 1.5 times EBITDA, Mueller Water Products is arguably pretty conservatively geared. And this view is supported by the solid interest coverage, with EBIT coming in at 8.2 times the interest expense over the last year. But the other side of the story is that Mueller Water Products saw its EBIT decline by 8.1% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Mueller Water Products'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Looking at the most recent three years, Mueller Water Products recorded free cash flow of 45% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Our View
Mueller Water Products's interest cover was a real positive on this analysis, as was its net debt to EBITDA. On the other hand, its EBIT growth rate makes us a little less comfortable about its debt. Looking at all this data makes us feel a little cautious about Mueller Water Products's debt levels. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example Mueller Water Products has 2 warning signs (and 1 which doesn't sit too well with us) we think you should know about.
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.
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米勒水產公司(紐約證券交易所代碼:MWA)利用債務。但這筆債務對股東來説是一個擔憂嗎?
什麼時候債務是個問題?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。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,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對米勒水務產品的最新分析
米勒水產品公司的淨債務是多少?
下圖顯示,2022年6月,Mueller Water Products的債務為4.452億美元;與前一年大致相同。另一方面,它擁有1.549億美元的現金,導致淨債務約2.903億美元。
紐約證券交易所:MWA債轉股歷史2022年9月19日米勒水務公司的負債問題
最新的資產負債表數據顯示,Mueller Water Products有2.023億美元的負債在一年內到期,6.035億美元的負債在一年後到期。作為抵消,它有1.549億美元的現金和2.334億美元的應收賬款在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和高出4.175億美元。
雖然這看起來可能很多,但並不是那麼糟糕,因為Mueller Water Products的市值為16.5億美元,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。然而,仍值得密切關注其償債能力。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
由於淨債務僅為EBITDA的1.5倍,Mueller Water Products的槓桿率可以説相當保守。這一觀點得到了堅實的利息覆蓋率的支持,去年息税前利潤是利息支出的8.2倍。但另一方面,Mueller Water Products的息税前利潤比去年下降了8.1%。這種下降,如果持續下去,顯然會使債務更難處理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定穆勒水務公司未來保持健康資產負債表的能力。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。因此,我們顯然需要看看息税前利潤是否會帶來相應的自由現金流。看看最近三年,Mueller Water Products的自由現金流佔其息税前利潤的45%,這比我們預期的要弱。當涉及到償還債務時,這並不是很好。
我們的觀點
Mueller Water Products的利息覆蓋對這一分析是真正積極的,其對EBITDA的淨債務也是如此。另一方面,它的息税前利潤增長率讓我們對它的債務不那麼放心。看着所有這些數據,我們對Mueller Water Products的債務水平感到有點謹慎。雖然我們認識到債務可以提高股本回報率,但我們建議股東密切關注其債務水平,以免增加。在分析債務水平時,資產負債表顯然是一個起點。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,Mueller Water Products擁有2個警告標誌(1)我們認為你應該知道這一點。
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。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
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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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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