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These 4 Measures Indicate That Hisense Home Appliances Group (SZSE:000921) Is Using Debt Reasonably Well
These 4 Measures Indicate That Hisense Home Appliances Group (SZSE:000921) Is Using Debt Reasonably Well
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Hisense Home Appliances Group Co., Ltd. (SZSE:000921) makes use of debt. But is this debt a concern to shareholders?
When Is Debt Dangerous?
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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for Hisense Home Appliances Group
How Much Debt Does Hisense Home Appliances Group Carry?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 Hisense Home Appliances Group had CN¥3.13b of debt, an increase on CN¥500.6m, over one year. However, it does have CN¥14.7b in cash offsetting this, leading to net cash of CN¥11.6b.
SZSE:000921 Debt to Equity History July 26th 2022How Strong Is Hisense Home Appliances Group's Balance Sheet?
We can see from the most recent balance sheet that Hisense Home Appliances Group had liabilities of CN¥37.1b falling due within a year, and liabilities of CN¥2.28b due beyond that. On the other hand, it had cash of CN¥14.7b and CN¥14.0b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥10.7b.
This is a mountain of leverage relative to its market capitalization of CN¥14.7b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. While it does have liabilities worth noting, Hisense Home Appliances Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
In fact Hisense Home Appliances Group's saving grace is its low debt levels, because its EBIT has tanked 29% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Hisense Home Appliances Group's ability to maintain a healthy balance sheet going forward. 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 company can only pay off debt with cold hard cash, not accounting profits. Hisense Home Appliances Group 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. Over the last three years, Hisense Home Appliances Group actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
While Hisense Home Appliances Group does have more liabilities than liquid assets, it also has net cash of CN¥11.6b. And it impressed us with free cash flow of CN¥3.1b, being 166% of its EBIT. So we are not troubled with Hisense Home Appliances Group's debt use. 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. Case in point: We've spotted 2 warning signs for Hisense Home Appliances Group 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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。与许多其他公司一样海信家电集团有限公司。(SZSE:000921)利用债务。但这笔债务对股东来说是一个担忧吗?
债务在什么时候是危险的?
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。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。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。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。
查看我们对海信家电集团的最新分析
海信家电集团背负着多少债务?
你可以点击下图查看历史数字,但它显示,截至2022年3月,海信家电集团的债务为31.3亿元,比一年前增加了5.06亿元。然而,它确实有147亿加元的现金来抵消这一点,导致净现金116亿加元。
深圳证交所:000921债转股历史2022年7月26日海信家电集团的资产负债表有多强?
从最近的资产负债表可以看出,海信家电集团有371亿元的负债在一年内到期,还有22.8亿元的负债在一年内到期。另一方面,它有147亿加元的现金和140亿加元的应收账款在一年内到期。因此,它的负债超过了现金和(近期)应收账款的总和107亿元。
与其147亿元的市值相比,这是一个堆积如山的杠杆。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。虽然海信家电集团确实有值得注意的负债,但它的现金也多于债务,所以我们非常有信心它能够安全地管理债务。
事实上,海信家电集团的可取之处在于其较低的债务水平,因为其息税前利润在过去12个月里暴跌了29%。收益下降(如果这种趋势持续下去)最终可能会使规模不大的债务面临相当大的风险。当你分析债务时,资产负债表显然是你关注的领域。但决定海信家电集团未来保持健康资产负债表能力的最重要的是未来的收益。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,一家公司只能用冷硬现金偿还债务,而不是会计利润。海信家电集团的资产负债表上可能有净现金,但看看该业务将息税前利润(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,海信家电集团产生的自由现金流实际上超过了息税前利润。说到赢得贷款人的好感,没有什么比收到的现金更好的了。
总结
虽然海信家电集团的负债确实多于流动资产,但它也有116亿元的净现金。它给我们留下了深刻的印象,自由现金流为人民币31亿元,占其息税前利润的166%。因此,我们对海信家电集团的债务使用并不感到困扰。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。一个恰当的例子:我们发现了海信家电集团的2个警告标志你应该意识到。
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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