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Is MillerKnoll (NASDAQ:MLKN) Using Too Much Debt?

Is MillerKnoll (NASDAQ:MLKN) Using Too Much Debt?

米勒諾爾(納斯達克股票代碼:MLKN)是否使用過多的債務?
Simply Wall St ·  04/16 08:38

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.' 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. Importantly, MillerKnoll, Inc. (NASDAQ:MLKN) does carry debt. But is this debt a concern to shareholders?

霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,米勒諾爾公司(納斯達克股票代碼:MLKN)確實有債務。但是這筆債務是股東關心的問題嗎?

When Is Debt Dangerous?

債務何時危險?

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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。歸根結底,如果公司無法履行償還債務的法律義務,股東可能一無所有地離開。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人強迫他們以不利的價格籌集資金。當然,債務的好處在於它通常代表廉價資本,尤其是當它取代了對一家能夠以高回報率進行再投資的公司的攤薄時。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起看。

What Is MillerKnoll's Debt?

什麼是米勒諾爾的債務?

As you can see below, MillerKnoll had US$1.33b of debt at March 2024, down from US$1.45b a year prior. However, because it has a cash reserve of US$223.6m, its net debt is less, at about US$1.11b.

如下所示,截至2024年3月,米勒諾爾的債務爲13.3億美元,低於去年同期的14.5億美元。但是,由於其現金儲備爲2.236億美元,其淨負債較少,約爲11.1億美元。

debt-equity-history-analysis
NasdaqGS:MLKN Debt to Equity History April 16th 2024
NASDAQGS: MLKN 債券與股本的比率記錄 2024 年 4 月 16 日

A Look At MillerKnoll's Liabilities

看看 MillerKnoll 的負債

Zooming in on the latest balance sheet data, we can see that MillerKnoll had liabilities of US$680.5m due within 12 months and liabilities of US$1.92b due beyond that. On the other hand, it had cash of US$223.6m and US$318.7m worth of receivables due within a year. So its liabilities total US$2.05b more than the combination of its cash and short-term receivables.

放大最新的資產負債表數據,我們可以看到,米勒諾爾在12個月內到期的負債爲6.805億美元,之後到期的負債爲19.2億美元。另一方面,它有2.236億美元的現金和價值3.187億美元的應收賬款將在一年內到期。因此,其負債總額比其現金和短期應收賬款的總和高出20.5億美元。

Given this deficit is actually higher than the company's market capitalization of US$1.86b, we think shareholders really should watch MillerKnoll's debt levels, like a parent watching their child ride a bike for the first time. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.

鑑於這一赤字實際上高於公司18.6億美元的市值,我們認爲股東們確實應該關注米勒諾爾的債務水平,就像父母第一次看着孩子騎自行車一樣。在公司必須迅速清理資產負債表的情況下,股東似乎可能會遭受大規模稀釋。

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.

我們使用兩個主要比率來告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。

MillerKnoll has a debt to EBITDA ratio of 2.8 and its EBIT covered its interest expense 3.4 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Notably, MillerKnoll's EBIT was pretty flat over the last year, which isn't ideal given the debt load. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine MillerKnoll'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.

MillerKnoll的債務與息稅折舊攤銷前利潤的比率爲2.8,其息稅前利潤覆蓋了利息支出的3.4倍。這表明,儘管債務水平很高,但我們不會稱其爲有問題。值得注意的是,米勒諾爾的息稅前利潤與去年持平,考慮到債務負擔,這並不理想。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益比什麼都更能決定米勒諾爾未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. Looking at the most recent three years, MillerKnoll recorded free cash flow of 40% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。因此,值得檢查一下息稅前利潤中有多少是由自由現金流支持的。縱觀最近三年,MillerKnoll的自由現金流佔其息稅前利潤的40%,低於我們的預期。這種疲軟的現金轉換使得處理債務變得更加困難。

Our View

我們的觀點

On the face of it, MillerKnoll's interest cover left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. Having said that, its ability to grow its EBIT isn't such a worry. Looking at the bigger picture, it seems clear to us that MillerKnoll's use of debt is creating risks for the company. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 3 warning signs for MillerKnoll that you should be aware of before investing here.

從表面上看,MillerKnoll的利息保障使我們對該股持初步態度,其總負債水平並不比一年中最繁忙的夜晚那家空蕩蕩的餐廳更具吸引力。話雖如此,其增長息稅前利潤的能力並不令人擔憂。從大局來看,我們似乎很清楚米勒諾爾對債務的使用正在給公司帶來風險。如果一切順利,可能會得到回報,但這筆債務的不利之處是永久損失的風險更大。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,我們發現了MillerKnoll的3個警告信號,在這裏投資之前,您應該注意這些信號。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。

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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.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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