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Is Diamond Offshore Drilling (NYSE:DO) A Risky Investment?

Is Diamond Offshore Drilling (NYSE:DO) A Risky Investment?

鑽石海上鑽探(紐約證券交易所代碼:DO)是一項風險投資嗎?
Simply Wall St ·  05/21 08:41

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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Diamond Offshore Drilling, Inc. (NYSE:DO) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.

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。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們注意到,鑽石海上鑽探公司(紐約證券交易所代碼:DO)的資產負債表上確實有債務。但真正的問題是這筆債務是否使公司面臨風險。

When Is Debt A Problem?

債務何時會成爲問題?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.

一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。最終,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。但是,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。考慮公司債務水平的第一步是將其現金和債務放在一起考慮。

What Is Diamond Offshore Drilling's Net Debt?

鑽石海上鑽探的淨負債是多少?

You can click the graphic below for the historical numbers, but it shows that as of March 2024 Diamond Offshore Drilling had US$534.0m of debt, an increase on US$345.8m, over one year. However, it does have US$162.4m in cash offsetting this, leading to net debt of about US$371.6m.

您可以點擊下圖查看歷史數字,但它顯示,截至2024年3月,鑽石海上鑽探公司在一年內有5.34億美元的債務,比3.458億美元有所增加。但是,它確實有1.624億美元的現金抵消了這一點,淨負債約爲3.716億美元。

debt-equity-history-analysis
NYSE:DO Debt to Equity History May 21st 2024
紐約證券交易所:DO 債務與股本比率歷史記錄 2024 年 5 月 21 日

How Strong Is Diamond Offshore Drilling's Balance Sheet?

鑽石海上鑽探公司的資產負債表有多強?

Zooming in on the latest balance sheet data, we can see that Diamond Offshore Drilling had liabilities of US$275.3m due within 12 months and liabilities of US$755.4m due beyond that. On the other hand, it had cash of US$162.4m and US$222.5m worth of receivables due within a year. So its liabilities total US$645.9m 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,Diamond Offshore Drilling在12個月內到期的負債爲2.753億美元,之後到期的負債爲7.554億美元。另一方面,它有一年內到期的現金爲1.624億美元,還有價值2.225億美元的應收賬款。因此,其負債總額比其現金和短期應收賬款的總和高出6.459億美元。

While this might seem like a lot, it is not so bad since Diamond Offshore Drilling has a market capitalization of US$1.52b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.

儘管這可能看起來很多,但還不錯,因爲Diamond Offshore Drilling的市值爲152億美元,因此如果需要,它可能會通過籌集資金來加強其資產負債表。但是,仍然值得仔細研究其償還債務的能力。

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。

Even though Diamond Offshore Drilling's debt is only 1.9, its interest cover is really very low at 1.5. The main reason for this is that it has such high depreciation and amortisation. These charges may be non-cash, so they could be excluded when it comes to paying down debt. But the accounting charges are there for a reason -- some assets are seen to be losing value. In any case, it's safe to say the company has meaningful debt. We also note that Diamond Offshore Drilling improved its EBIT from a last year's loss to a positive US$78m. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Diamond Offshore Drilling can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

儘管鑽石海上鑽探公司的債務僅爲1.9,但其利息覆蓋率確實很低,爲1.5。其主要原因是它的折舊和攤銷率如此之高。這些費用可能是非現金的,因此在償還債務時可以將其排除在外。但是會計費用是有原因的——一些資產被認爲正在貶值。無論如何,可以肯定地說該公司有大量債務。我們還注意到,鑽石海上鑽探公司的息稅前利潤從去年的虧損提高至7800萬美元的正值。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務未來的盈利能力將決定鑽石海上鑽探能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it is important to check how much of its earnings before interest and tax (EBIT) converts to actual free cash flow. During the last year, Diamond Offshore Drilling burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.

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,重要的是要檢查其利息和稅前收益(EBIT)中有多少可以轉換爲實際的自由現金流。去年,鑽石海上鑽探消耗了大量現金。儘管這可能是增長支出的結果,但它確實使債務風險大大增加。

Our View

我們的觀點

On the face of it, Diamond Offshore Drilling's interest cover left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. Having said that, its ability handle its debt, based on its EBITDA, isn't such a worry. Looking at the bigger picture, it seems clear to us that Diamond Offshore Drilling'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. 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 instance, we've identified 1 warning sign for Diamond Offshore Drilling that you should be aware of.

從表面上看,Diamond Offshore Drilling的利息保障讓我們對該股持初步看法,其將息稅前利潤轉換爲自由現金流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,其根據息稅折舊攤銷前利潤處理債務的能力並不令人擔憂。從大局來看,我們似乎很清楚,Diamond Offshore Drilling使用債務給公司帶來了風險。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。資產負債表顯然是分析債務時需要關注的領域。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,我們已經確定了鑽石海上鑽探的1個警告信號,你應該注意這一點。

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.

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,那麼請立即查看我們的獨家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。

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