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Is AutoNation (NYSE:AN) Using Too Much Debt?
Is AutoNation (NYSE:AN) Using Too Much Debt?
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.' 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 AutoNation, Inc. (NYSE:AN) does use debt in its business. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for AutoNation
What Is AutoNation's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 AutoNation had debt of US$4.74b, up from US$3.46b in one year. On the flip side, it has US$336.5m in cash leading to net debt of about US$4.40b.
NYSE:AN Debt to Equity History October 3rd 2022How Strong Is AutoNation's Balance Sheet?
According to the last reported balance sheet, AutoNation had liabilities of US$2.78b due within 12 months, and liabilities of US$4.20b due beyond 12 months. Offsetting this, it had US$336.5m in cash and US$408.5m in receivables that were due within 12 months. So it has liabilities totalling US$6.24b more than its cash and near-term receivables, combined.
When you consider that this deficiency exceeds the company's US$5.70b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive 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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
We'd say that AutoNation's moderate net debt to EBITDA ratio ( being 1.9), indicates prudence when it comes to debt. And its strong interest cover of 15.5 times, makes us even more comfortable. It is well worth noting that AutoNation's EBIT shot up like bamboo after rain, gaining 42% in the last twelve months. That'll make it easier to manage its debt. 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 AutoNation 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, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, AutoNation produced sturdy free cash flow equating to 79% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Our View
The good news is that AutoNation's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But the stark truth is that we are concerned by its level of total liabilities. Looking at all the aforementioned factors together, it strikes us that AutoNation 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. For example AutoNation has 3 warning signs (and 1 which is concerning) 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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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AutoNation公司(紐約證券交易所股票代碼:AN)確實在其業務中使用債務。但更重要的問題是:這筆債務造成了多大的風險?
為什麼債務會帶來風險?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。如果情況真的變得很糟糕,貸款人可以控制業務。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,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。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對AutoNation的最新分析
AutoNation的債務是什麼?
下圖顯示,截至2022年6月,AutoNation的債務為47.4億美元,高於一年內的34.6億美元。另一方面,它擁有3.365億美元的現金,導致淨債務約為44億美元。
紐約證券交易所:債轉股歷史2022年10月3日AutoNation的資產負債表有多強勁?
根據最新報告的資產負債表,AutoNation有27.8億美元的債務在12個月內到期,42億美元的債務在12個月後到期。作為抵消,它有3.365億美元的現金和4.085億美元的應收賬款在12個月內到期。因此,它的負債總額比現金和近期應收賬款加起來還要多62.4億美元。
當你考慮到這一缺口超過了該公司57億美元的市值時,你很可能傾向於專心審查資產負債表。在該公司不得不迅速清理其資產負債表的情況下,股東似乎可能會遭受廣泛的稀釋。
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。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
我們會説,AutoNation的淨債務與EBITDA的比率適中(為1.9),表明在債務方面是謹慎的。而其15.5倍的強勁利息覆蓋,讓我們更加舒心。值得注意的是,AutoNation的息税前利潤如雨後春筍般迅速增長,在過去12個月中上漲了42%。這將使其更容易管理債務。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AutoNation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,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。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。在過去的三年裏,AutoNation產生了強勁的自由現金流,相當於其息税前利潤的79%,這與我們預期的差不多。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
好消息是,AutoNation被證明有能力通過息税前利潤來支付利息支出,這讓我們感到高興,就像一隻毛茸茸的小狗對待蹣跚學步的孩子一樣。但嚴酷的事實是,我們對其總負債水平感到擔憂。綜合上述因素,AutoNation可以相當輕鬆地處理債務,這讓我們感到震驚。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。例如,AutoNation具有3個警示標誌(還有一條是關於的)我們認為你應該知道。
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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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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