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G-III Apparel Group (NASDAQ:GIII) Seems To Use Debt Quite Sensibly
G-III Apparel Group (NASDAQ:GIII) Seems To Use Debt Quite Sensibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that G-III Apparel Group, Ltd. (NASDAQ:GIII) does use debt in its business. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for G-III Apparel Group
How Much Debt Does G-III Apparel Group Carry?
The image below, which you can click on for greater detail, shows that at July 2022 G-III Apparel Group had debt of US$575.8m, up from US$517.6m in one year. However, it also had US$151.0m in cash, and so its net debt is US$424.8m.
NasdaqGS:GIII Debt to Equity History September 19th 2022How Healthy Is G-III Apparel Group's Balance Sheet?
According to the last reported balance sheet, G-III Apparel Group had liabilities of US$769.4m due within 12 months, and liabilities of US$728.8m due beyond 12 months. Offsetting these obligations, it had cash of US$151.0m as well as receivables valued at US$488.5m due within 12 months. So its liabilities total US$858.6m more than the combination of its cash and short-term receivables.
When you consider that this deficiency exceeds the company's US$774.5m market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
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). 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).
G-III Apparel Group's net debt is only 1.3 times its EBITDA. And its EBIT covers its interest expense a whopping 2k times over. So we're pretty relaxed about its super-conservative use of debt. In addition to that, we're happy to report that G-III Apparel Group has boosted its EBIT by 40%, thus reducing the spectre of future debt repayments. 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 G-III Apparel Group's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the most recent three years, G-III Apparel Group recorded free cash flow worth 60% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
Our View
G-III Apparel Group's interest cover was a real positive on this analysis, as was its EBIT growth rate. In contrast, our confidence was undermined by its apparent struggle to handle its total liabilities. Considering this range of data points, we think G-III Apparel Group is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 1 warning sign for G-III Apparel Group that you should be aware of.
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.
傳奇基金經理理想汽車·盧曾説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們可以看到G-III服裝集團有限公司納斯達克(Sequoia Capital:GIII)確實在業務中使用債務。但這筆債務對股東來説是一個擔憂嗎?
債務會帶來什麼風險?
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。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對G-III服裝集團的最新分析
G-III服裝集團揹負着多少債務?
下圖顯示,截至2022年7月,G-III服裝集團的債務為5.758億美元,高於一年內的5.176億美元。然而,它也有1.51億美元的現金,因此它的淨債務為4.248億美元。
NasdaqGS:GIII債轉股歷史2022年9月19日G-III服裝集團的資產負債表有多健康?
根據最新報告的資產負債表,G-III服裝集團有7.694億美元的負債在12個月內到期,7.288億美元的負債在12個月後到期。為了抵消這些債務,該公司有1.51億美元的現金以及價值4.885億美元的應收賬款在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8.586億美元。
當你考慮到這一缺口超過了該公司7.745億美元的市值時,你很可能傾向於認真審查資產負債表。假設,如果該公司被迫通過以當前股價籌集資金來償還債務,將需要極大的稀釋。
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)。
G-III服裝集團的淨債務僅為其EBITDA的1.3倍。它的息税前利潤比利息支出高出2k倍。因此,我們對它對債務的超級保守使用相當放鬆。除此之外,我們很高興地報告,G-III服裝集團將其息税前利潤提高了40%,從而減少了未來償還債務的幽靈。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G-III服裝集團未來保持健康資產負債表的能力。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。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。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。在最近三年中,G-III服裝集團錄得的自由現金流相當於其息税前利潤的60%,考慮到自由現金流不包括利息和税收,這大致是正常的。這種冷酷的現金意味着,它可以在想要的時候減少債務。
我們的觀點
G-III服裝集團的利息覆蓋對這一分析是真正積極的,其息税前利潤增長率也是如此。相比之下,我們的信心因其明顯難以處理其全部負債而受到損害。考慮到這一範圍的數據點,我們認為G-III服裝集團在管理其債務水平方面處於有利地位。但提醒一句:我們認為債務水平高到足以證明繼續進行監控是合理的。毫無疑問,我們從資產負債表中瞭解到的債務最多。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。例如,我們已經確定1個G-III服裝集團的警告標誌這一點你應該知道。
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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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。
風險及免責聲明
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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