Here's Why Urovo Technology (SZSE:300531) Can Manage Its Debt Responsibly
Here's Why Urovo Technology (SZSE:300531) Can Manage Its Debt Responsibly
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Urovo Technology Co., Ltd. (SZSE:300531) does carry debt. But the more important question is: how much risk is that debt creating?
马克斯说得很好，他不是担心股价波动，而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。当你考察一家公司的风险有多大时，考虑它的资产负债表是很自然的，因为当一家企业倒闭时，债务往往会涉及到它。重要的是乌罗沃科技有限公司。(SZSE：300531)确实有债务。但更重要的问题是：这笔债务造成了多大的风险？
Why Does Debt Bring Risk?
为什么债务会带来风险？
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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般来说，只有当一家公司无法轻松偿还债务时，债务才会成为一个真正的问题，无论是通过筹集资金还是用自己的现金流。如果情况真的变得很糟糕，贷款人可以控制业务。尽管这并不常见，但我们确实经常看到负债累累的公司永久性地稀释股东的权益，因为贷款人迫使他们以令人沮丧的价格筹集资金。话虽如此，最常见的情况是一家公司对债务管理得相当好--并对自己有利。当考虑一家企业使用了多少债务时，首先要做的是把现金和债务放在一起看。
Check out our latest analysis for Urovo Technology
查看我们对Urovo Technology的最新分析
What Is Urovo Technology's Debt?
Urovo科技的债务是什么？
As you can see below, Urovo Technology had CN¥210.0m of debt at March 2022, down from CN¥290.4m a year prior. However, it does have CN¥673.3m in cash offsetting this, leading to net cash of CN¥463.2m.
如下所示，截至2022年3月，Urovo Technology的债务为2.10亿元人民币，低于一年前的2.904亿元人民币。然而，它确实有6.733亿加元的现金来抵消这一点，导致净现金为4.632亿加元。
How Strong Is Urovo Technology's Balance Sheet?
Urovo Technology的资产负债表有多强劲？
According to the last reported balance sheet, Urovo Technology had liabilities of CN¥486.4m due within 12 months, and liabilities of CN¥11.6m due beyond 12 months. On the other hand, it had cash of CN¥673.3m and CN¥392.6m worth of receivables due within a year. So it can boast CN¥567.9m more liquid assets than total liabilities.
根据最新报告的资产负债表，Urovo Technology有4.864亿加元的负债在12个月内到期，1160万加元的负债在12个月后到期。另一方面，它有6.733亿加元的现金和3.926亿加元的应收账款在一年内到期。因此，它的流动资产比总计负债。
This short term liquidity is a sign that Urovo Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Urovo Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
这种短期流动性是一个迹象，表明Urovo Technology很可能可以轻松偿还债务，因为其资产负债表远未捉襟见肘。简而言之，Urovo Technology的现金多于债务这一事实可以说是一个很好的迹象，表明它能够安全地管理债务。
On the other hand, Urovo Technology's EBIT dived 15%, over the last year. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Urovo Technology'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.
另一方面，Urovo Technology的息税前利润在过去一年里暴跌了15%。我们认为，这种表现，如果经常重复，很可能会导致股票陷入困境。在分析债务水平时，资产负债表显然是一个起点。但最重要的是，未来的收益将决定Urovo Technology未来保持健康资产负债表的能力。所以，如果你关注未来，你可以看看这个免费显示分析师利润预测的报告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Urovo Technology may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Urovo Technology generated free cash flow amounting to a very robust 91% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
最后，企业需要自由现金流来偿还债务；会计利润只是不能削减这一点。Urovo Technology的资产负债表上可能有净现金，但看看该业务将息税前收益(EBIT)转换为自由现金流的情况仍很有趣，因为这将影响其对债务的需求和管理债务的能力。在过去的三年里，Urovo Technology产生了相当强劲的自由现金流，占其息税前利润的91%，超出了我们的预期。这使它处于有利的地位，如果需要的话，它可以偿还债务。
Summing up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Urovo Technology has net cash of CN¥463.2m, as well as more liquid assets than liabilities. The cherry on top was that in converted 91% of that EBIT to free cash flow, bringing in CN¥31m. So is Urovo Technology's debt a risk? It doesn't seem so to us. 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. We've identified 1 warning sign with Urovo Technology , and understanding them should be part of your investment process.
虽然我们同情那些对债务感到担忧的投资者，但您应该记住，Urovo科技拥有4.632亿元人民币的净现金，以及更多的流动资产而不是负债。上面的樱桃是IN将91%的EBIT转化为自由现金流，带来了3100万元人民币的收入。那么，Urovo Technology的债务是一种风险吗？但在我们看来并非如此。当你分析债务时，资产负债表显然是你关注的领域。然而，并非所有投资风险都存在于资产负债表中--远非如此。我们已经与Urovo Technology确定了一个警告标志，了解它们应该是您投资过程的一部分。
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.
归根结底，关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说，华尔街在提到的任何股票中都没有头寸。