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Fiserv (NASDAQ:FISV) Seems To Use Debt Quite Sensibly
Fiserv (NASDAQ:FISV) Seems To Use Debt Quite Sensibly
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. Importantly, Fiserv, Inc. (NASDAQ:FISV) does carry debt. But should shareholders be worried about its use of debt?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Fiserv
What Is Fiserv's Net Debt?
The chart below, which you can click on for greater detail, shows that Fiserv had US$20.8b in debt in June 2022; about the same as the year before. However, it also had US$3.06b in cash, and so its net debt is US$17.7b.
NasdaqGS:FISV Debt to Equity History September 26th 2022A Look At Fiserv's Liabilities
Zooming in on the latest balance sheet data, we can see that Fiserv had liabilities of US$19.4b due within 12 months and liabilities of US$25.9b due beyond that. Offsetting this, it had US$3.06b in cash and US$3.19b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$39.0b.
This deficit is considerable relative to its very significant market capitalization of US$62.6b, so it does suggest shareholders should keep an eye on Fiserv's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Fiserv has a debt to EBITDA ratio of 3.0 and its EBIT covered its interest expense 4.0 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. On a lighter note, we note that Fiserv grew its EBIT by 23% in the last year. If it can maintain that kind of improvement, its debt load will begin to melt away like glaciers in a warming world. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Fiserv 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.
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. Over the last three years, Fiserv actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Our View
Fiserv's conversion of EBIT to free cash flow 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 interest cover does undermine this impression a bit. Looking at all the aforementioned factors together, it strikes us that Fiserv can handle its debt fairly comfortably. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. 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. Case in point: We've spotted 2 warning signs for Fiserv you should be aware of, and 1 of them is potentially serious.
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.
一些人說,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾說過一句名言: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。重要的是費瑟夫公司納斯達克(Sequoia Capital:FISV)確實有債務。但股東是否應該擔心它的債務使用情況?
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。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。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。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。
查看我們對費瑟夫的最新分析
費瑟夫的淨債務是多少?
下面的圖表顯示,截至2022年6月,Fiserv的債務為208億美元;與前一年大致相同。然而,它也有30.6億美元的現金,因此它的淨債務為177億美元。
NasdaqGS:FISV債轉股歷史2022年9月26日費瑟夫的債務一瞥
放大最新的資產負債表數據,我們可以看到,Fiserv有194億美元的債務在12個月內到期,還有259億美元的債務在12個月後到期。作為抵消,它有30.6億美元的現金和31.9億美元的應收賬款在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390億美元。
與其626億美元的市值相比,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Fiserv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。
我們通過查看公司的淨債務除以利息、稅項、折舊和攤銷前收益(EBITDA),並計算其息稅前收益(EBIT)覆蓋利息支出(利息覆蓋)的容易程度,來衡量公司的債務負擔與其盈利能力的關係。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。
Fiserv的債務與EBITDA之比為3.0,EBIT覆蓋了利息支出的4.0倍。這表明,儘管債務水準很高,但我們不會說它們有問題。在較為輕鬆的方面,我們注意到Fiserv去年的息稅前利潤增長了23%。如果它能保持這種改善,它的債務負擔將開始融化,就像全球變暖中的冰川一樣。在分析債務水準時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定Fiserv能否隨著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。
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稅前利潤是否會帶來相應的自由現金流。在過去的三年裡,Fiserv實際上產生了比EBIT更多的自由現金流。這種強大的搖錢樹就像一隻穿著大黃蜂西裝的小狗一樣溫暖著我們的心。
我們的觀點
費瑟夫將息稅前利潤轉換為自由現金流,這表明它可以輕鬆地處理債務,就像克裡斯蒂亞諾·羅納爾多在對陣14歲以下的S門將時進球一樣。但說實話,我們覺得它的利息封面確實有點破壞了這種印象。綜合上述所有因素,費瑟夫能夠相當輕鬆地處理債務給我們留下了深刻印象。有利的一面是,這種槓桿可以提高股東回報,但潛在的不利因素是更大的虧損風險,因此值得監控資產負債表。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。一個恰當的例子:我們發現了Fiserv的2個警告標誌您應該意識到,其中1個可能是嚴重的。
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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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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