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Is Burlington Stores (NYSE:BURL) Using Too Much Debt?
Is Burlington Stores (NYSE:BURL) Using Too Much Debt?
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.' 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 Burlington Stores, Inc. (NYSE:BURL) does use debt in its business. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for Burlington Stores
What Is Burlington Stores's Debt?
As you can see below, Burlington Stores had US$1.45b of debt at July 2022, down from US$1.77b a year prior. However, it also had US$455.0m in cash, and so its net debt is US$990.2m.
NYSE:BURL Debt to Equity History September 23rd 2022A Look At Burlington Stores' Liabilities
We can see from the most recent balance sheet that Burlington Stores had liabilities of US$1.61b falling due within a year, and liabilities of US$4.49b due beyond that. Offsetting this, it had US$455.0m in cash and US$70.9m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$5.57b.
This deficit is considerable relative to its market capitalization of US$8.00b, so it does suggest shareholders should keep an eye on Burlington Stores' use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
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).
Burlington Stores has net debt of just 1.4 times EBITDA, indicating that it is certainly not a reckless borrower. And it boasts interest cover of 8.0 times, which is more than adequate. In fact Burlington Stores's saving grace is its low debt levels, because its EBIT has tanked 33% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. 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 Burlington Stores can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. During the last two years, Burlington Stores produced sturdy free cash flow equating to 59% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Our View
Burlington Stores's struggle to grow its EBIT had us second guessing its balance sheet strength, but the other data-points we considered were relatively redeeming. For example, its interest cover is relatively strong. Taking the abovementioned factors together we do think Burlington Stores's debt poses some risks to the business. While that debt can boost returns, we think the company has enough leverage now. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Burlington Stores is showing 3 warning signs in our investment analysis , and 2 of those make us uncomfortable...
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.
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。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。我們可以看到伯靈頓百貨公司(紐約證券交易所股票代碼:BURL)確實在其業務中使用債務。但這筆債務對股東來説是一個擔憂嗎?
債務在什麼時候是危險的?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。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。
查看我們對Burlington Stores的最新分析
伯靈頓百貨公司的債務是什麼?
如下所示,截至2022年7月,Burlington Stores的債務為14.5億美元,低於一年前的17.7億美元。然而,它也有4.55億美元的現金,因此它的淨債務為9.902億美元。
紐約證券交易所:BURL債轉股歷史2022年9月23日伯靈頓百貨公司的負債狀況
我們可以從最近的資產負債表中看到,Burlington Stores有16.1億美元的負債在一年內到期,超過一年的負債有44.9億美元到期。作為抵消,它有4.55億美元的現金和7090萬美元的應收賬款在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55.7億美元。
與其8億美元的市值相比,這一赤字是相當可觀的,因此它確實表明股東應該密切關注Burlington Stores的債務使用情況。如果它的貸款人要求它支撐資產負債表,股東可能會面臨嚴重的稀釋。
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)。
Burlington Stores的淨債務僅為EBITDA的1.4倍,這表明它肯定不是一個魯莽的借款人。而且它的利息覆蓋率為8.0倍,綽綽有餘。事實上,Burlington Stores的可取之處在於它的低債務水平,因為它的息税前利潤在過去12個月裏暴跌了33%。説到還債,收入下降並不比含糖汽水對你的健康有什麼用處。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Burlington Stores能否隨着時間的推移加強其資產負債表。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。
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,有必要檢查這筆息税前利潤中有多少是由自由現金流支持的。在過去的兩年裏,Burlington Stores產生了強勁的自由現金流,相當於其息税前利潤的59%,這與我們的預期相符。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
Burlington Stores在息税前利潤增長方面的掙扎讓我們對其資產負債表的實力產生了懷疑,但我們考慮的其他數據點相對來説是可取的。例如,它的利息覆蓋率相對較強。綜合上述因素,我們確實認為Burlington Stores的債務對業務構成了一些風險。雖然這筆債務可以提高回報,但我們認為該公司現在有足夠的槓桿。當你分析債務時,資產負債表顯然是你關注的領域。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。請注意,伯靈頓百貨公司正在展示我們的投資分析中的3個警告信號,其中兩個讓我們感到不舒服……
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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