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Is Masco (NYSE:MAS) A Risky Investment?

Is Masco (NYSE:MAS) A Risky Investment?

Masco(紐約證券交易所代碼:MAS)是一項風險投資嗎?
Simply Wall St ·  05/06 14:49

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.' 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, Masco Corporation (NYSE:MAS) does carry debt. But the more important question is: how much risk is that debt creating?

有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”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,Masco公司(紐約證券交易所代碼:MAS)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?

When Is Debt Dangerous?

債務何時危險?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.

一般而言,只有當公司無法通過籌集資金或自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,如果公司無法償還債權人,它可能會破產。儘管這種情況並不常見,但我們經常看到負債累累的公司會永久稀釋股東,因爲貸款機構迫使他們以不利的價格籌集資金。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。當我們考慮公司對債務的使用時,我們首先要同時考慮現金和債務。

How Much Debt Does Masco Carry?

Masco 揹負了多少債務?

As you can see below, Masco had US$3.00b of debt at March 2024, down from US$3.36b a year prior. However, because it has a cash reserve of US$368.0m, its net debt is less, at about US$2.63b.

如下所示,截至2024年3月,馬斯科的債務爲30億美元,低於去年同期的33.6億美元。但是,由於其現金儲備爲3.68億美元,其淨負債較少,約爲26.3億美元。

debt-equity-history-analysis
NYSE:MAS Debt to Equity History May 6th 2024
紐約證券交易所:MAS 債務與股本比率歷史記錄 2024 年 5 月 6 日

A Look At Masco's Liabilities

看看 Masco 的負債

According to the last reported balance sheet, Masco had liabilities of US$1.64b due within 12 months, and liabilities of US$3.54b due beyond 12 months. Offsetting this, it had US$368.0m in cash and US$1.31b in receivables that were due within 12 months. So its liabilities total US$3.50b more than the combination of its cash and short-term receivables.

根據上次報告的資產負債表,馬斯科在12個月內到期的負債爲16.4億美元,12個月以後到期的負債爲35.4億美元。與此相抵消的是,它有3.68億美元的現金和13.1億美元的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出35.0億美元。

This deficit isn't so bad because Masco is worth a massive US$15.3b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

這種赤字還不錯,因爲Masco的市值高達153億美元,因此,如果有需要,可能會籌集足夠的資金來支撐其資產負債表。但是,我們絕對希望留意其債務帶來過大風險的跡象。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。

We'd say that Masco's moderate net debt to EBITDA ratio ( being 1.7), indicates prudence when it comes to debt. And its strong interest cover of 14.6 times, makes us even more comfortable. We saw Masco grow its EBIT by 4.7% in the last twelve months. That's far from incredible but it is a good thing, when it comes to paying off 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 Masco 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.

我們可以說,Masco的淨負債與息稅折舊攤銷前利潤的比率適中(爲1.7),這表明在債務方面謹慎行事。而且其14.6倍的強大利息覆蓋率使我們更加自在。在過去的十二個月中,我們看到Masco的息稅前利潤增長了4.7%。這遠非不可思議,但在還清債務方面,這是一件好事。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務的未來盈利能力將決定Masco能否隨着時間的推移加強其資產負債表。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. Over the most recent three years, Masco recorded free cash flow worth 70% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.

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。在最近三年中,鑑於自由現金流不包括利息和稅收,Masco記錄的自由現金流佔其息稅前利潤的70%,這幾乎是正常的。這種自由現金流使公司處於有利地位,可以在適當的時候償還債務。

Our View

我們的觀點

Masco's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And that's just the beginning of the good news since its conversion of EBIT to free cash flow is also very heartening. Taking all this data into account, it seems to us that Masco takes a pretty sensible approach to debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Masco is showing 2 warning signs in our investment analysis , you should know about...

馬斯科的利息保障表明,它可以像克里斯蒂亞諾·羅納爾多在對陣14歲以下的守門員的比賽中進球一樣輕鬆地處理債務。這僅僅是好消息的開始,因爲將息稅前利潤轉換爲自由現金流也非常令人鼓舞。考慮到所有這些數據,在我們看來,Masco對債務採取了相當明智的態度。這意味着他們正在承擔更多的風險,希望提高股東的回報。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。請注意,Masco在我們的投資分析中顯示了兩個警告信號,您應該知道...

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。

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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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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