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Andon Health (SZSE:002432) Seems To Use Debt Rather Sparingly
Andon Health (SZSE:002432) Seems To Use Debt Rather Sparingly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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, Andon Health Co., Ltd. (SZSE:002432) does carry debt. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Andon Health
How Much Debt Does Andon Health Carry?
As you can see below, Andon Health had CN¥141.5m of debt at March 2022, down from CN¥303.2m a year prior. However, it does have CN¥13.7b in cash offsetting this, leading to net cash of CN¥13.6b.
SZSE:002432 Debt to Equity History July 6th 2022How Strong Is Andon Health's Balance Sheet?
The latest balance sheet data shows that Andon Health had liabilities of CN¥2.28b due within a year, and liabilities of CN¥51.3m falling due after that. Offsetting these obligations, it had cash of CN¥13.7b as well as receivables valued at CN¥4.31b due within 12 months. So it actually has CN¥15.7b more liquid assets than total liabilities.
This surplus strongly suggests that Andon Health has a rock-solid balance sheet (and the debt is of no concern whatsoever). On this view, lenders should feel as safe as the beloved of a black-belt karate master. Succinctly put, Andon Health boasts net cash, so it's fair to say it does not have a heavy debt load!
Better yet, Andon Health grew its EBIT by 4,615% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Andon Health will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Andon Health has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last two years, Andon Health produced sturdy free cash flow equating to 73% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Summing up
While it is always sensible to investigate a company's debt, in this case Andon Health has CN¥13.6b in net cash and a decent-looking balance sheet. And we liked the look of last year's 4,615% year-on-year EBIT growth. At the end of the day we're not concerned about Andon Health's debt. 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. For example Andon Health has 3 warning signs (and 1 which is potentially serious) we think you should know about.
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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。重要的是安东健康有限公司。(SZSE:002432)确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
为什么债务会带来风险?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对Andon Health的最新分析
Andon Health背负着多少债务?
如下所示,截至2022年3月,安登健康的债务为1.415亿加元,低于一年前的3.032亿加元。然而,它确实有137亿加元的现金来抵消这一点,导致净现金136亿加元。
深交所:002432债转股历史2022年7月6日Andon Health的资产负债表有多强劲?
最新的资产负债表数据显示,安东健康有22.8亿加元的负债在一年内到期,5130万加元的负债在一年内到期。作为对这些债务的抵消,该公司有137亿加元的现金以及价值43.1亿加元的应收账款在12个月内到期。所以它实际上有157亿元人民币更多流动资产超过总负债。
这一盈余强烈表明,Andon Health拥有坚如磐石的资产负债表(债务丝毫不令人担忧)。按照这种观点,贷款人应该会觉得自己像黑带空手道大师的宠儿一样安全。简而言之,Andon Health拥有净现金,所以公平地说,它没有沉重的债务负担!
更好的是,Andon Health去年的息税前利润增长了4615%,这是一个令人印象深刻的进步。如果保持这样的增长,未来几年的债务将变得更加可控。毫无疑问,我们从资产负债表中了解到的债务最多。但你不能完全孤立地看待债务;因为Andon Health需要盈利来偿还债务。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。虽然Andon Health的资产负债表上有净现金,但它将息税前收益(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。在过去的两年里,Andon Health产生了强劲的自由现金流,相当于其息税前利润的73%,这与我们预期的差不多。这种冷酷的现金意味着,它可以在想要的时候减少债务。
总结
虽然调查一家公司的债务总是明智的,但在这起案件中,安东健康拥有136亿元人民币的净现金和看起来不错的资产负债表。我们喜欢去年息税前利润同比增长4615%的表现。归根结底,我们并不担心Andon Health的债务。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,Andon Health拥有3个警示标志(和1个潜在的严重问题)我们认为您应该知道。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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本文由Simply Wall St.撰写,具有概括性。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。Simply Wall St.对上述任何一只股票都没有持仓。
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在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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