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We Think Traffic Control Technology (SHSE:688015) Can Manage Its Debt With Ease
We Think Traffic Control Technology (SHSE:688015) Can Manage Its Debt With Ease
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.' 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. We note that Traffic Control Technology Co., Ltd. (SHSE:688015) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for Traffic Control Technology
What Is Traffic Control Technology's Net Debt?
As you can see below, at the end of March 2022, Traffic Control Technology had CN¥44.3m of debt, up from CN¥33.8m a year ago. Click the image for more detail. But it also has CN¥1.83b in cash to offset that, meaning it has CN¥1.78b net cash.
SHSE:688015 Debt to Equity History July 22nd 2022A Look At Traffic Control Technology's Liabilities
According to the last reported balance sheet, Traffic Control Technology had liabilities of CN¥2.47b due within 12 months, and liabilities of CN¥304.8m due beyond 12 months. Offsetting these obligations, it had cash of CN¥1.83b as well as receivables valued at CN¥1.43b due within 12 months. So it actually has CN¥486.0m more liquid assets than total liabilities.
This short term liquidity is a sign that Traffic Control Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Traffic Control Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
Also positive, Traffic Control Technology grew its EBIT by 24% in the last year, and that should make it easier to pay down debt, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Traffic Control Technology 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Traffic Control Technology 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. In the last three years, Traffic Control Technology's free cash flow amounted to 38% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
While it is always sensible to investigate a company's debt, in this case Traffic Control Technology has CN¥1.78b in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 24% over the last year. So is Traffic Control Technology's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 3 warning signs for Traffic Control Technology (1 shouldn't be ignored) you should be aware of.
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.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。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。我们注意到交通控制科技有限公司。(上交所:688015)的资产负债表上确实有债务。但股东是否应该担心它的债务使用情况?
为什么债务会带来风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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。当然,许多公司利用债务为增长提供资金,没有任何负面后果。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。
查看我们对交通控制技术的最新分析
交管科技的净负债是多少?
如下所示,截至2022年3月底,交控科技的债务为4430万加元,而一年前为3380万加元。单击图像了解更多详细信息。但它也有人民币18.3亿元的现金来抵消,这意味着它有人民币17.8亿元的净现金。
上证综指:688015债转股历史2022年7月22日浅谈交通控制技术的责任
根据最新上报的资产负债表,交管科技有24.7亿加元的负债在12个月内到期,3.048亿加元的负债在12个月后到期。作为对这些债务的抵销,该公司有18.3亿加元的现金以及14.3亿加元的应收账款在12个月内到期。所以它实际上有人民币4.86亿元更多流动资产超过总负债。
这种短期流动性是一个迹象,表明交通控制技术公司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,交通控制技术公司的现金比债务多,这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。
同样积极的是,交通控制技术在去年的息税前利润增长了24%,这应该会使其更容易偿还债务,未来。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定交通控制技术能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
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。虽然交通控制技术公司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。在过去的三年中,交通控制技术公司的自由现金流占其息税前利润的38%,低于我们的预期。当涉及到偿还债务时,这并不是很好。
总结
虽然调查一家公司的债务总是明智之举,但在这起案件中,交控科技拥有17.8亿元人民币的净现金和体面的资产负债表。去年息税前利润增长了24%,给我们留下了深刻的印象。那么,交管科技的债务是一种风险吗?但在我们看来并非如此。在分析债务水平时,资产负债表显然是一个起点。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,我们已经确定交通控制技术的3个警示标志(1不应该被忽视)你应该知道。
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。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
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。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
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。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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