I-Friedman Industries (NYSE:FRD) yiprosesa yekhoyili eqengqelekayo eshushu.Inkampani ithenga iikhoyili kubenzi abakhulu kwaye izisetyenziselwe ukuphinda zithengiswe kwakhona ukuphelisa abathengi okanye abathengisi.
Inkampani igcine ubulumko bezemali kunye nokusebenza ukuze ingachatshazelwa kakhulu ngumjikelo wokuhla kweshishini. Ngapha koko, ishumi leminyaka phakathi kokuphela kwengxaki yezemali kunye nokuqala kwengxaki ye-COVID yayingeyonto intle kakhulu kwimpahla yonke, kodwa umndilili wengeniso yenkampani yayizizigidi ezi-2.8 zeedola.
Uluhlu lwempahla ye-FRD luhlala ludityaniswa namaxabiso ensimbi, njengoko ixabiso eliphezulu lentsimbi lithetha inzuzo ephezulu kunye nokunyuka kwemfuno yeemveliso ze-FRD.Inkunzi yokugqibela yokuqhubela phambili kunye nokubethelwa kwexabiso lentsimbi kwiinyanga ezili-12 ezidlulileyo yayingafani.
Umahluko ngeli xesha kukuba imeko yezoqoqosho inokuba itshintshile, iphakamisa ukuba amaxabiso eemveliso angaphezulu kwe-avareji kunokuba ebenjalo kule minyaka ilishumi idlulileyo. Ukongeza, iFRD inyusa imveliso ngokwakha iifektri ezintsha kwaye sele iqalisile ukubiyela ishishini layo, ngeziphumo ezixubeneyo.
Olu tshintsho lunokuthi lucebise ukuba i-FRD iya kukwazi ukufumana ngaphezulu kwiminyaka elishumi ezayo kunokuba idlulileyo, kwaye ngoko, ithethelela ixabiso lesabelo sangoku.Nangona kunjalo, ukungaqiniseki akuzange kusonjululwe, kwaye sikholelwa ukuba isitokhwe ngolwazi olukhoyo luyabiza.
Qaphela: Ngaphandle kokuba kuchazwe ngenye indlela, lonke ulwazi luvela kwiifayile ze-SEC ze-FRD. Unyaka-mali we-FRD uphela ngo-Matshi 31, ngoko ke kwingxelo yayo ye-10-K, unyaka-mali wangoku ubhekisela kunyaka odlulileyo wokusebenza, kwaye kwingxelo yayo ye-10-Q, unyaka okhoyo wokunika ingxelo ubhekisela kunyaka osebenzayo wangoku.
Naluphi na uhlalutyo lwenkampani olugxininise kwiimveliso ze-cyclical okanye iimveliso ezihambelanayo alukwazi ukukhuphela ngaphandle imeko yezoqoqosho apho inkampani isebenza khona.Ngokubanzi, sikhetha indlela ephantsi ukuya phezulu, kodwa kolu hlobo lwenkampani, indlela ephezulu yokunyuka ayinakuphepheka.
Sigxila kwixesha elisusela ngoJuni 2009 ukuya kuMatshi 2020. Ngokokwazi kwethu, ixesha, nangona lingenalo i-homogenous, liphawulwe ngokuhla kwamaxabiso eemveliso, ngakumbi amaxabiso amandla, inzala ephantsi, kunye nemigaqo-nkqubo yokwandiswa kwemali kunye nokudibanisa urhwebo lwehlabathi.
Itshathi engezantsi ibonisa ixabiso le-HRC1, ikhontrakthi yasekhaya eqengqelekayo eqengqelekayo yekhoyili enikezelwa yiFRD ikakhulu. Njengoko sibona, ixesha esigqibe kwelokuba sihlalutye amaxabiso agqunyiweyo ukusuka kwi-375 yeedola ukuya kuma-900 ngeetoni nganye.
I-FRD yiprosesa esezantsi, oku kuthetha ukuba iprosesa esondelene nomthengi wokugqibela wemveliso yensimbi.I-FRD ithenga iikhoyili ezishushu ezigoqiweyo ngobuninzi ukusuka kwii-mills ezinkulu, ezithi zisikwe, zibunjwe okanye zithengiswe kwakhona njengokuphela kwabathengi okanye abathengisi.
Inkampani ngoku inamaziko amathathu okusebenza eDecatur, Alabama;Lone Star, eTexas;kunye ne-Hickman, Arkansas.Izityalo ze-Alabama kunye ne-Arkansas zinikezelwe ukusika iikhoyili, ngelixa isityalo saseTexas sizinikele ekwenzeni iikhoyili zibe yimibhobho.
Uphendlo olulula lweMaphu zikaGoogle kwiziko ngalinye libonise ukuba zontathu ezo zibonelelo zibekwe ngokucwangcisekileyo kufutshane nemizi-mveliso emikhulu eyeyeempawu ezaziwayo kweli shishini.Iziko leLone Star likufuphi ne-US Steel (X) yeemveliso ze-tubular zeziko.Zombini izityalo ze-Decatur kunye ne-Hickman zikufutshane kakhulu kwiplanti ye-Nucor (NUE).
Indawo iyinto ebalulekileyo kwiindleko zombini kunye nokuthengisa, njengoko i-logistics idlala indima enkulu kwiimveliso zetsimbi, ngoko ke ugxininiso luhlawula.
Njengoko unokubona kwitshathi engezantsi, kule minyaka ilishumi idlulileyo, ingeniso ye-FRD ye-gross kunye nenzuzo yokusebenza iye yahamba kunye namaxabiso entsimbi (itshati yayo yexabiso ikwicandelo langaphambili), njengayo nayiphi na enye inkampani esebenza kwiimveliso.
Okokuqala, kukho amaxesha ambalwa kakhulu apho ii-FRD zikhukhula.Amaxesha amaninzi, amandla okusebenza ngumba kwiinkampani ezixhomekeke kwi-asethi.Iindleko ezilungisiweyo ezibangelwa zizibonelelo zenza utshintsho oluncinci kwingeniso okanye inzuzo enkulu inempembelelo enkulu kwingeniso yokusebenza.
Njengoko ishati engezantsi ibonisa, i-FRD ayibalekeli le nyaniso, kwaye ukunyakaza kwengeniso kwandisa njengoko inkcazo yengeniso ihla.Yintoni ekhethekileyo malunga ne-FRD kukuba ayilahlekelwa yimali eninzi xa amaxabiso eemveliso zayo ehla.Oko kwathiwa, ngelixa i-FRD ichaphazeleka ngokusetyenziswa kwe-leverage yokusebenza, iyakwazi ukunyamezela kwimijikelezo yezoshishino.
Inqaku lesibini elinomdla kukuba i-avareji yengeniso yokusebenza ye-FRD ngeli xesha yayiyi-4.1 yezigidi zeerandi. Umyinge wengeniso ye-FRD ye-avareji yelo xesha yayiyi-2.8 yezigidi zeedola, okanye i-70% yengeniso yokusebenza. Umahluko kuphela phakathi kwengeniso yokusebenza ye-FRD kunye nengeniso yengeniso yi-30% yerhafu yengeniso. Oku kuthetha ukuba inkampani ineendleko ezimbalwa kakhulu zemali okanye ezinye iindleko, kwaye kwelinye icala le tyala linciphisa ngenxa yeli tyala le-FRD.
Okokugqibela, i-avareji yokuhla kwexabiso kunye ne-amortiation yonyaka ayizange yohluke kakhulu kwiinkcitho ezinkulu ngexesha elifunyenweyo.
Siyaqonda ukuba inkcitho ye-capital conservative kunye nenkxaso-mali igcine i-FRD inenzuzo ngexesha elinzima kwi-industry yensimbi.Le yinto ebalulekileyo yokuqinisekisa xa kuqwalaselwa i-FRD.
Injongo yolu hlalutyo ayikokuqikelela ukuba kuya kwenzeka ntoni kwizinto ezingalindelekanga ezifana namaxabiso eemveliso, inzala kunye norhwebo lwehlabathi.
Nangona kunjalo, singathanda ukuphawula ukuba okusingqongileyo okusingqongileyo kunye nokusingqongileyo ekunokwenzeka ukuba kuphuhliswe kwiminyaka elishumi ezayo ibonise iimpawu ezihluke kakhulu xa kuthelekiswa nemeko kwiminyaka elishumi edlulileyo.
Ekuqondeni kwethu, ngelixa sithetha ngentuthuko engekacaci, ezi zinto zintathu zahluke kakhulu.
Okokuqala, ihlabathi alibonakali lihambela phambili ekudityanisweni korhwebo lwamazwe ngamazwe.Oku kubi kuqoqosho ngokubanzi, kodwa kulungile kubavelisi beempahla abangachatshazelwanga kangako lukhuphiswano lwamazwe ngamazwe.Loo nto ngokucacileyo iluncedo kubenzi bentsimbi base-US, abathwaxwa kukhuphiswano lwamaxabiso aphantsi, ubukhulu becala oluvela eChina.Kakade, ukwehla kwemfuno okuziswe kukudodobala korhwebo kuye kwaba nefuthe elibi kwimfuno yentsimbi.
Okwesibini, iibhanki ezingoovimba kuqoqosho olukwizinga eliphezulu ziyilahlile imigaqo-nkqubo yokwandiswa kwemali ezithe zayiphumeza kule minyaka ilishumi idlulileyo.
Okwesithathu, kunye nokuhambelana nezinye ezimbini, ukunyuka kwamaxabiso kuqoqosho oluphambili sele kuqalile, kwaye kukho ukungaqiniseki malunga nokuba kuya kuqhubeka na.Ukongezelela kwiingcinezelo zokunyuka kwamaxabiso, izohlwayo zakutsha nje kwiRashiya ziye zachaphazela imeko yedola njengemali yogcino lwamazwe ngamazwe.Zombini ezi phuhliso zinempembelelo ephezulu kumaxabiso eemveliso.
Kwakhona, injongo yethu ayikona ukuqikelela amaxabiso entsimbi yexesha elizayo, kodwa ukubonisa ukuba uqoqosho olukhulu lutshintshile ngokuphawulekayo xa kuthelekiswa nemeko phakathi kwe-2009 kunye ne-2020. Oku kuthetha ukuba i-FRDs ayinakuhlalutywa ngenjongo yokubuyisela kumaxabiso eemveliso ze-median kunye nemfuno yeminyaka elishumi edlulileyo.
Sikholelwa ukuba utshintsho oluthathu lubaluleke kakhulu kwixesha elizayo le-FRD, elizimeleyo kwiinguqu kwixabiso kunye nobungakanani obufunwayo.
Okokuqala, iFRD ivule isibonelelo esitsha secandelo layo lokusika iikhoyili eHinton, eTexas.Ngokutsho kwengxelo yenkampani ye-10-Q yekota yesithathu ka-2021 (ngoDisemba 2021), ixabiso elipheleleyo le-21 yezigidi zeedola lisetyenzisiwe okanye liqokelelwe nge-13 yezigidi zeedola.
Isibonelelo esitsha siya kuba nowona matshini omkhulu wokusika emhlabeni, ukwandisa kungekuphela nje imveliso kodwa kunye nomgca wemveliso inkampani enikezela ngayo.Isibonelelo sifumaneka kwi-Steel Dynamics (STLD) campus, eqeshwe kwinkampani nge-$ 1 ngonyaka iminyaka eyi-99.
Eli ziko litsha liyanda kwifilosofi efanayo yeziko langaphambili kwaye likufutshane kakhulu kumenzi omkhulu wokuphatha imveliso ethe ngqo kakhulu kumvelisi.
Ukuthathela ingqalelo ixesha lokuhla kwexabiso leminyaka eli-15, isibonelelo esitsha siza phantse kabini inkcitho yokuhla kwexabiso yangoku ye-FRD ukuya kwi-3 yezigidi zeedola.
Okwesibini, i-FRD iqalise imisebenzi yokukhusela ukususela ngoJuni ka-2020, njengoko ibhengezwe kwingxelo yayo ye-FY21 10-K. Ngokokuqonda kwethu, ukhuselo luzisa umngcipheko omkhulu wemali kwimisebenzi, lwenza ukutolikwa kweengxelo zemali kube nzima ngakumbi, kwaye kufuna iinzame zolawulo.
I-FRD isebenzisa i-hedge accounting kwimisebenzi yayo ye-hedge, evumela ukuba ihoxise ukuqondwa kweenzuzo kunye nelahleko kwizinto eziphuma kuyo de kube umsebenzi obiyelweyo, ukuba ukhona, wenzeka. s kunye ne-$ 50 kwiinzuzo ezingabonakaliyo kwezinye ingeniso ebanzi.Intengiselwano yangempela yeheji yenzeke ngosuku olufanayo ngexabiso lendawo ye-$ 50, kwaye inzuzo ye-OCI iguqulwa ibe yingeniso eseleyo yonyaka ngokudibanisa i-$ 50 kwiintengiso.
Ngethuba nje umsebenzi ngamnye wokukhusela ekugqibeleni uhambelana nokusebenza kwangempela, yonke into iya kusebenza kakuhle.Kule meko, zonke iinzuzo kunye neelahleko kwizinto eziphuma kuzo zingaphezulu okanye zingaphantsi kokulungiswa kweenzuzo kunye neelahleko kwi-trade.
Iingxaki ziqala xa iinkampani zigqithisa ishishini elingayi kwenzeka.Ukuba ikhontrakthi ephumayo ifumana ilahleko, idluliselwa phambili kwinzuzo yenetha ngaphandle kobambiswano lomzimba ukuyicima.Ngokomzekelo, cinga ukuba inkampani iceba ukuthengisa iikhoyili ezili-10 kwaye ke ngoko ithengise iikhontrakthi ezili-10 ezizinzileyo.Ukunyuka kwe-20% kwilahleko yebala lendawo kwilahleko ye-20% ithathwa njengexabiso eliphantsi kwi-20% ilahleko ithathwa njenge-simple% kwi-contrakthi elandelayo. kuthengiswa ngexabiso elifanayo lendawo, akukho lahleko.Nangona kunjalo, ukuba inkampani igqiba ukuthengisa iikhoyili ezi-5 kuphela ngexabiso lendawo, kufuneka ibone ukulahleka kwezivumelwano eziseleyo.
Ngelishwa, kwiinyanga nje ze-18 ze-hedging operations, i-FRD iye yaqaphela ilahleko e-over-hedging ye-10 yezigidi zeedola (ithathela i-7 yezigidi zeedola kwii-asethi zerhafu ezenziwe). Ezi azibandakanyi kwingeniso okanye iindleko zeempahla ezithengisiweyo, kodwa zibandakanyiwe kwenye ingeniso (ungabhidaniswa nenye ingeniso ebanzi). sebenzisa iFRD yenze imali eninzi kulo nyaka kwaye ilahlekelwe kancinci, iFRD ikhankanywe kumhlathi omnye.
Iinkampani zisebenzisa i-hedging ukunyusa ukusebenza kakuhle kwaye ngamanye amaxesha inzuzo ngokuthengisa ngexabiso elingcono xa imveliso ingafumaneki.Nangona kunjalo, sikholelwa ukuba umngcipheko owongezelelweyo awuyomfuneko kwaye, njengoko sibonile, unokuvelisa ilahleko enkulu.Ukuba isetyenzisiwe, umsebenzi we-hedging kufuneka ube nomgaqo-nkqubo we-conservative threshold, ungavumeli ukuba umsebenzi wokukhusela ugqithise umda omncinci wokuthengiswa kwangaphambili de ezo ntengiso zithengiswe.
Ngaphandle koko, imisebenzi ye-hedging iya kuthatha i-hit enkulu xa iinkampani zifuna uncedo kakhulu.Isizathu kukuba i-hedge accounting ayiphumelelanga xa inani leheji lidlula umsebenzi wangempela, okwenzeka kuphela xa imfuno yemarike iwa, nto leyo eyenza ukuba amaxabiso amabala awele.
Ekugqibeleni, ukuxhasa imali yokubiyela kwayo, ukunyuka kweemfuno ze-inventri kunye nokwakhiwa kwefektri entsha, i-FRD isayine isibonelelo semali mboleko kunye neJPMorgan Chase (JPM) .Ngaphantsi kwesi sixhobo, i-FRD inokuboleka ukuya kwi-70 yezigidi zeedola ngokusekelwe kwixabiso lempahla yayo yangoku kunye ne-EBITDA kwaye ihlawule i-SOFR + 1.7% kwibhalansi eseleyo.
Ukusukela ngoDisemba ka-2021, inkampani yayinemali eseleyo ye-15 yezigidi zeedola kwiziko. Inkampani ayilichazi izinga le-SOFR eliyisebenzisayo, kodwa umzekelo, izinga leenyanga ezili-12 laliyi-0.5% ngoDisemba kwaye ngoku liyi-1.5%. kuya kufuneka ijongwe kakhulu.
Sele siyikhankanyile eminye yemingcipheko esemva kokusebenza kweFRD, kodwa sifuna ukuyibeka ngokucacileyo kwicandelo elahlukileyo kwaye sixoxe ngakumbi.
Njengoko sele sikhankanyile, i-FRD inamandla okusebenza, iindleko ezizinzileyo, kule minyaka ilishumi idlulileyo, kodwa oko akuthethi ukuba ilahleko enkulu nakwiimarike ezimbi kakhulu. Ngeplanti eyongezelelweyo ngoku ephantsi kolwakhiwo enokongeza i-1.5 yezigidi zeedola ngonyaka ekuhlahleni, oko kuya kutshintsha.
Siphinde sakhankanya ukuba i-FRD ayinalo naliphi na ityala, oku kuthetha ukuba akukho nzuzo yemali kwindlela yokunyuka okanye ephantsi.Ngoku, inkampani isayine isibonelelo sekhredithi esidityaniswe nempahla ye-liquid.Umgca wekhredithi uvumela iinkampani ukuba ziboleke ukuya kwi-75 yezigidi zeedola kwizinga lenzala elilingana ne-SOFR + 1.7. Ekubeni izinga le-SOFR lonyaka kule ndawo. s $295,000 inzala nge-$10 yezigidi engaphezulu ebolekiweyo. Njengoko izinga le-SOFR linyuka ngamanqaku asisiseko ali-100 (1%) ngonyaka, iFRD iya kuhlawula enye i-$100,000.FRD okwangoku ityala i-15 yezigidi zeedola, nto leyo eguqulela kwinkcitho yenzala yonyaka eyi-$442,000, ebingekho kwiminyaka elishumi edlulileyo.
Ukongeza ezi zityholo zimbini kunye, kunye ne-1% yokunyuka kwexabiso kwintsalela ka-2022, inkampani kuya kufuneka ize nenye yeedola ezi-2 zezigidi kwinzuzo yokusebenza xa kuthelekiswa naleyo ibiyiyo ngaphambi kotshintsho lwamva nje lwe-COVID.
Kwaye emva koko sakhankanya umngcipheko wokukhusela, okunzima ukuwulinganisa kodwa uthatha umngcipheko omkhulu xa iinkampani zisengozini kakhulu. Umngcipheko okhethekileyo wenkampani uxhomekeke kakhulu ekubeni zingaphi izivumelwano ezivulekileyo nangaliphi na ixesha kunye nendlela amaxabiso entsimbi ahamba ngayo. Nangona kunjalo, ilahleko engenakulinganiswa ye-10 yezigidi zeedola eqinisekisiweyo kulo nyaka kufuneka ithumele i-shivers phantsi komqolo nawuphi na umtyali-mali.
Ngokumalunga nokutshiswa kwemali, ulwazi esinalo kwikota yesithathu ye-2021 (i-Dec 2021) ayilungile kakhulu. I-FRD ayinayo imali eninzi, i-$ 3 yezigidi kuphela. Inkampani kwafuneka ihlawule i-27 yezigidi zeerandi kwii-accruals, ezininzi zazo zivela kwiziko elitsha e-Texas, kwaye zine-$ 15 yezigidi ezibalaseleyo kumgca wayo obalaseleyo wekhredithi.
Nangona kunjalo, i-FRD iphinde yandise utyalo-mali kwi-inventory kunye nezinto ezifunyenweyo ngexesha lonyaka njengoko amaxabiso ensimbi ayenyuka.Njengoko kwe-3Q21, inkampani yayinerekhodi ye-$ 83 yezigidi kwi-inventory kunye ne-26 yezigidi zeedola kwizinto ezifunyenweyo. Njengoko inkampani ithengisa uluhlu oluthile, kufuneka ifumane imali. million.Ngokuqinisekileyo, oku kuya kuba neendleko ezinkulu zemali, kwinqanaba langoku le-2.2 yezigidi zeedola ngonyaka.Le yenye yeengongoma eziphambili zokuvavanya xa kuvela iziphumo ezitsha ngexesha elithile ngo-Epreli.
Ekugqibeleni, i-FRD yimpahla ethengiswayo encinci, kunye nomthamo wemihla ngemihla malunga nezabelo ze-5 000. Isitokhwe sibuye sibuze / sibhengeze ibhidi ye-3.5%, ebhekwa njengephakamileyo.Yiloo nto abatyali-mali kufuneka bayigcine engqondweni, kodwa kungekhona wonke umntu oyibona njengomngcipheko.
Ngokombono wethu, ishumi leminyaka elidlulileyo libonisa indawo engathandekiyo kubavelisi bempahla, ngakumbi imboni yensimbi yase-US. Kule meko, ikhono le-FRD lokuqhuba inzuzo kunye nomyinge wengeniso yonyaka ye-2.8 yezigidi zeedola luphawu oluhle.
Ngokuqinisekileyo, nokuba sithathela ingqalelo amanqanaba exabiso kule minyaka ilishumi idlulileyo, asinakukwazi ukuqikelela ingeniso efanayo ye-FRD ngenxa yeenguqu eziphawulekayo kwi-capital investment and hedging operations.Oko kuthethiweyo, nokuba kuqwalaselwa ukubuyela kwimeko yangaphambili, umngcipheko wenkampani uba mkhulu.