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SATS (SGX:S58) Is Carrying A Fair Bit Of Debt
SATS (SGX:S58) Is Carrying A Fair Bit Of Debt
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. Importantly, SATS Ltd. (SGX:S58) does carry debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for SATS
How Much Debt Does SATS Carry?
The image below, which you can click on for greater detail, shows that at June 2022 SATS had debt of S$820.3m, up from S$678.5m in one year. However, it also had S$765.1m in cash, and so its net debt is S$55.2m.
SGX:S58 Debt to Equity History July 27th 2022A Look At SATS' Liabilities
Zooming in on the latest balance sheet data, we can see that SATS had liabilities of S$715.1m due within 12 months and liabilities of S$820.3m due beyond that. On the other hand, it had cash of S$765.1m and S$390.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by S$380.3m.
Of course, SATS has a market capitalization of S$4.42b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Carrying virtually no net debt, SATS has a very light debt load indeed. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if SATS 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.
In the last year SATS wasn't profitable at an EBIT level, but managed to grow its revenue by 23%, to S$1.3b. Shareholders probably have their fingers crossed that it can grow its way to profits.
Caveat Emptor
While we can certainly appreciate SATS's revenue growth, its earnings before interest and tax (EBIT) loss is not ideal. To be specific the EBIT loss came in at S$80m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through S$53m of cash over the last year. So suffice it to say we do consider the stock to be risky. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how SATS's profit, revenue, and operating cashflow have changed over the last few years.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当我们想到一家公司的风险有多大时,我们总是喜欢看看它对债务的使用,因为债务超负荷会导致破产。重要的是, SATS Ltd. (SGX: S58) 确实有债务。但更重要的问题是:这笔债务造成了多少风险?
债务何时危险?
一般而言,只有当公司无法通过筹集资金或使用自己的现金流轻松还清债务时,债务才会成为真正的问题。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。尽管这种情况并不常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。当我们研究债务水平时,我们首先将现金和债务水平放在一起考虑。
查看我们对 SATS 的最新分析
SATS 有多少债务?
下图显示截至2022年6月,SATS的债务为8.203亿新元,高于一年内的6.785亿新元,你可以点击下图了解更多细节。但是,它也有7.651亿新元的现金,因此其净负债为5,520万新元。
新加坡证券交易所:S58 债转股历史记录 2022 年 7 月 27 日看看SATS的负债
放大最新的资产负债表数据,我们可以看到,SATS在12个月内到期的负债为7.151亿新元,在此之后的负债为8.203亿新元。另一方面,它有7.651亿新元的现金和价值3.90亿新元的应收账款在一年内到期。因此,其负债超过其现金和(近期)应收账款之和3.803亿新元。
当然,SATS的市值为44.2亿新元,因此这些负债可能是可控的。话虽如此,很明显,我们应该继续监控其资产负债表,以免情况变得更糟。SATS几乎没有净负债,债务负担确实很轻。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务的未来盈利能力将决定SATS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。
去年,SATS在息税前利润水平上没有盈利,但设法将其收入增长了23%,达到13亿新元。股东们可能对它可以成长为盈利之路不屑一顾。
Caveat Emptor
尽管我们当然可以欣赏SATS的收入增长,但其利息和税前收益(EBIT)亏损并不理想。具体而言,息税前利润亏损为8000万新元。当我们看一下这个问题并回想起资产负债表上相对于现金的负债时,公司背负任何债务对我们来说似乎是不明智的。因此,我们认为其资产负债表有点紧张,尽管并非无法修复。但是,去年它耗尽了5300万新元的现金,这无济于事。因此,只要说我们确实认为这只股票有风险就足够了。当我们看一家风险较高的公司时,我们喜欢看看他们的利润(或亏损)随着时间的推移是如何变化的。今天,我们为读者提供这张交互式图表,显示了SATS的利润、收入和运营现金流在过去几年中的变化。
如果你有兴趣投资那些可以在没有债务负担的情况下增加利润的企业,那就看看这个 免费的 资产负债表上有净现金的成长型企业名单。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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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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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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