<p>有些人認為波動性，而不是債務，是投資者思考風險的最佳方式，但沃倫·巴菲特曾著名地説過：“波動性遠非風險的同義詞。” 因此，當你考慮任何特定股票的風險時，顯然需要考慮債務，因為過多的債務可能會使公司陷入困境。與許多其他公司一樣，<strong>Teleperformance SE</strong> (EPA:TEP) 也利用債務。但股東是否應該擔心其債務的使用呢？</p>
<h2>何時債務危險？</h2>
<p>債務在企業能夠用新資本或自由現金流償還時是有幫助的。最終，如果公司無法履行其償還債務的法律義務，股東可能會一無所獲。然而，更常見（但仍然昂貴）的情況是，公司必須以低廉的股價稀釋股東權益，僅僅是為了控制債務。話雖如此，最常見的情況是公司合理管理其債務，並從中獲益。考慮公司債務水平的第一步是將其現金和債務一起考慮。</p>
<h2>Teleperformance 的淨債務是多少？</h2>
<p>如您所見，Teleperformance 在 2024 年 12 月的債務為 41.6 億歐元，較前一年下降了 46.1 億歐元。然而，它有 10.6 億歐元的現金抵消這部分債務，導致淨債務約為 31 億歐元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/754881-debt-equity-history-analysis-1-dark/1743144032233?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/754881-debt-equity-history-analysis-1-dark/1743144032233"/></p>
<p>ENXTPA:TEP 債務與股本歷史 2025 年 3 月 28 日</p>
<h2>看看 Teleperformance 的負債情況</h2>
<p>根據最後報告的資產負債表，Teleperformance 的負債為 33.6 億歐元，12 個月內到期的負債為 41.6 億歐元，12 個月後到期的負債為 41.6 億歐元。抵消這些義務，它有 10.6 億歐元的現金以及價值 25 億歐元的應收賬款，均在 12 個月內到期。因此，它的負債總額比其現金和短期應收賬款的總和多出 39.6 億歐元。</p>
<p>這相對於其 58.2 億歐元的市值來説是一個巨大的槓桿。如果其貸款方要求其加強資產負債表，股東可能會面臨嚴重的稀釋。</p>
<p>查看我們對 Teleperformance 的最新分析</p>
<p>我們通過查看公司的淨債務與其息税折舊攤銷前利潤（EBITDA）的比率，以及計算其息税前利潤（EBIT）覆蓋利息支出的能力（利息覆蓋）來衡量公司的債務負擔相對於其盈利能力。因此，我們考慮債務相對於盈利的情況，包括折舊和攤銷費用。</p>
<p>Teleperformance 的淨債務是 EBITDA 的 2.0 倍，這並不算太多，但其利息覆蓋率看起來有點低，EBIT 僅為利息支出的 4.8 倍。雖然這些數字並沒有讓我們感到驚慌，但值得注意的是，公司債務的成本確實產生了實際影響。如果 Teleperformance 能夠以去年的 10% 的速度持續增長 EBIT，那麼它將發現管理債務負擔變得更加容易。在分析債務時，資產負債表顯然是重點。但最終，企業的未來盈利能力將決定 Teleperformance 是否能夠隨着時間的推移增強其資產負債表。因此，如果你想看看專業人士的看法，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。</p>
<p>最後，雖然税務機關可能喜歡會計利潤，但貸款方只接受冷硬的現金。因此，我們顯然需要查看 EBIT 是否帶來了相應的自由現金流。在過去三年中，Teleperformance 實際上產生的自由現金流超過了 EBIT。這種強勁的現金轉換讓我們像在 Daft Punk 音樂會中節拍落下時一樣興奮。</p>
<h2>我們的觀點</h2>
<p>根據我們的分析，Teleperformance 將 EBIT 轉換為自由現金流的能力應該表明它在債務方面不會遇到太多麻煩。然而，我們的其他觀察並不那麼令人振奮。例如，它似乎在處理其總負債方面有些掙扎。當我們考慮上述所有因素時，我們認為 Teleperformance 在管理其債務方面做得相當不錯。但需要提醒的是：我們認為債務水平足夠高，值得持續關注。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。然而，並非所有的投資風險都存在於資產負債表中——遠非如此。請注意，Teleperformance 在我們的投資分析中顯示出 <strong>1 個警告信號</strong>，你應該知道...</p>
<p>歸根結底，專注於沒有淨債務的公司往往更好。你可以訪問我們特別列出的這些公司（所有公司都有盈利增長的記錄）。這是免費的。</p>

TLPFY

<p>Teleperformance SE (EPA:TEP) 的淨債務為 31 億歐元，總負債為 75.2 億歐元，現金和應收款項為 35.6 億歐元。其債務與 EBITDA 比率為 2.0，表明債務水平可控，但利息覆蓋率較低，僅為 4.8 倍。儘管公司展現出強勁的自由現金流轉化能力，但由於其市值為 58.2 億歐元，相對較高的槓桿水平，建議持續監控其債務。投資者應保持謹慎，因為如果貸款方要求改善資產負債表，公司可能面臨潛在的稀釋風險</p>

<p>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. As with many other companies <strong>Teleperformance SE</strong> (EPA:TEP) makes use of debt. But should shareholders be worried about its use of debt?</p>
<div class="lb-trans"><p>有些人認為波動性，而不是債務，是投資者思考風險的最佳方式，但沃倫·巴菲特曾著名地説過：“波動性遠非風險的同義詞。” 因此，當你考慮任何特定股票的風險時，顯然需要考慮債務，因為過多的債務可能會使公司陷入困境。與許多其他公司一樣，<strong>Teleperformance SE</strong> (EPA:TEP) 也利用債務。但股東是否應該擔心其債務的使用呢？</p>
</div><h2>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>何時債務危險？</h2>
</div><p>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. 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. 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.</p>
<div class="lb-trans"><p>債務在企業能夠用新資本或自由現金流償還時是有幫助的。最終，如果公司無法履行其償還債務的法律義務，股東可能會一無所獲。然而，更常見（但仍然昂貴）的情況是，公司必須以低廉的股價稀釋股東權益，僅僅是為了控制債務。話雖如此，最常見的情況是公司合理管理其債務，並從中獲益。考慮公司債務水平的第一步是將其現金和債務一起考慮。</p>
</div><h2>What Is Teleperformance's Net Debt?</h2>
<div class="lb-trans"><h2>Teleperformance 的淨債務是多少？</h2>
</div><p>As you can see below, Teleperformance had €4.16b of debt at December 2024, down from €4.61b a year prior. However, it does have €1.06b in cash offsetting this, leading to net debt of about €3.10b.</p>
<div class="lb-trans"><p>如您所見，Teleperformance 在 2024 年 12 月的債務為 41.6 億歐元，較前一年下降了 46.1 億歐元。然而，它有 10.6 億歐元的現金抵消這部分債務，導致淨債務約為 31 億歐元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/754881-debt-equity-history-analysis-1-dark/1743144032233" alt="" original-src="https://images.simplywall.st/asset/chart/754881-debt-equity-history-analysis-1-dark/1743144032233"/></p>
<p>ENXTPA:TEP Debt to Equity History March 28th 2025</p>
<div class="lb-trans"><p>ENXTPA:TEP 債務與股本歷史 2025 年 3 月 28 日</p>
</div><h2>A Look At Teleperformance's Liabilities</h2>
<div class="lb-trans"><h2>看看 Teleperformance 的負債情況</h2>
</div><p>According to the last reported balance sheet, Teleperformance had liabilities of €3.36b due within 12 months, and liabilities of €4.16b due beyond 12 months. Offsetting these obligations, it had cash of €1.06b as well as receivables valued at €2.50b due within 12 months. So it has liabilities totalling €3.96b more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>根據最後報告的資產負債表，Teleperformance 的負債為 33.6 億歐元，12 個月內到期的負債為 41.6 億歐元，12 個月後到期的負債為 41.6 億歐元。抵消這些義務，它有 10.6 億歐元的現金以及價值 25 億歐元的應收賬款，均在 12 個月內到期。因此，它的負債總額比其現金和短期應收賬款的總和多出 39.6 億歐元。</p>
</div><p>This is a mountain of leverage relative to its market capitalization of €5.82b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.</p>
<div class="lb-trans"><p>這相對於其 58.2 億歐元的市值來説是一個巨大的槓桿。如果其貸款方要求其加強資產負債表，股東可能會面臨嚴重的稀釋。</p>
</div><p>View our latest analysis for Teleperformance</p>
<div class="lb-trans"><p>查看我們對 Teleperformance 的最新分析</p>
</div><p>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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</p>
<div class="lb-trans"><p>我們通過查看公司的淨債務與其息税折舊攤銷前利潤（EBITDA）的比率，以及計算其息税前利潤（EBIT）覆蓋利息支出的能力（利息覆蓋）來衡量公司的債務負擔相對於其盈利能力。因此，我們考慮債務相對於盈利的情況，包括折舊和攤銷費用。</p>
</div><p>Teleperformance has net debt worth 2.0 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 4.8 times the interest expense. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. If Teleperformance can keep growing EBIT at last year's rate of 10% over the last year, then it will find its debt load easier to manage. 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 Teleperformance 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.</p>
<div class="lb-trans"><p>Teleperformance 的淨債務是 EBITDA 的 2.0 倍，這並不算太多，但其利息覆蓋率看起來有點低，EBIT 僅為利息支出的 4.8 倍。雖然這些數字並沒有讓我們感到驚慌，但值得注意的是，公司債務的成本確實產生了實際影響。如果 Teleperformance 能夠以去年的 10% 的速度持續增長 EBIT，那麼它將發現管理債務負擔變得更加容易。在分析債務時，資產負債表顯然是重點。但最終，企業的未來盈利能力將決定 Teleperformance 是否能夠隨着時間的推移增強其資產負債表。因此，如果你想看看專業人士的看法，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。</p>
</div><p>Finally, while the tax-man may adore accounting profits, lenders only accept 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, Teleperformance actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.</p>
<div class="lb-trans"><p>最後，雖然税務機關可能喜歡會計利潤，但貸款方只接受冷硬的現金。因此，我們顯然需要查看 EBIT 是否帶來了相應的自由現金流。在過去三年中，Teleperformance 實際上產生的自由現金流超過了 EBIT。這種強勁的現金轉換讓我們像在 Daft Punk 音樂會中節拍落下時一樣興奮。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我們的觀點</h2>
</div><p>On our analysis Teleperformance's conversion of EBIT to free cash flow should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit to handle its total liabilities. When we consider all the elements mentioned above, it seems to us that Teleperformance is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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. Be aware that Teleperformance is showing <strong>1 warning sign in our investment analysis</strong> , you should know about...</p>
<div class="lb-trans"><p>根據我們的分析，Teleperformance 將 EBIT 轉換為自由現金流的能力應該表明它在債務方面不會遇到太多麻煩。然而，我們的其他觀察並不那麼令人振奮。例如，它似乎在處理其總負債方面有些掙扎。當我們考慮上述所有因素時，我們認為 Teleperformance 在管理其債務方面做得相當不錯。但需要提醒的是：我們認為債務水平足夠高，值得持續關注。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。然而，並非所有的投資風險都存在於資產負債表中——遠非如此。請注意，Teleperformance 在我們的投資分析中顯示出 <strong>1 個警告信號</strong>，你應該知道...</p>
</div><p>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.</p>
<div class="lb-trans"><p>歸根結底，專注於沒有淨債務的公司往往更好。你可以訪問我們特別列出的這些公司（所有公司都有盈利增長的記錄）。這是免費的。</p>
</div>

Teleperformance (EPA:TEP) 的資產負債表是否健康？