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Lifestyle International Holdings (HKG:1212) Takes On Some Risk With Its Use Of Debt
Lifestyle International Holdings (HKG:1212) Takes On Some Risk With Its Use Of Debt
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. As with many other companies Lifestyle International Holdings Limited (HKG:1212) makes use of debt. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for Lifestyle International Holdings
What Is Lifestyle International Holdings's Net Debt?
As you can see below, Lifestyle International Holdings had HK$20.0b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of HK$5.70b, its net debt is less, at about HK$14.3b.
SEHK:1212 Debt to Equity History August 4th 2022How Strong Is Lifestyle International Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Lifestyle International Holdings had liabilities of HK$7.82b due within 12 months and liabilities of HK$13.8b due beyond that. Offsetting this, it had HK$5.70b in cash and HK$39.5m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$15.9b.
The deficiency here weighs heavily on the HK$4.63b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Lifestyle International Holdings would probably need a major re-capitalization if its creditors were to demand repayment.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Lifestyle International Holdings shareholders face the double whammy of a high net debt to EBITDA ratio (16.9), and fairly weak interest coverage, since EBIT is just 1.7 times the interest expense. This means we'd consider it to have a heavy debt load. Fortunately, Lifestyle International Holdings grew its EBIT by 2.1% in the last year, slowly shrinking its debt relative to earnings. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Lifestyle International Holdings'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Lifestyle International Holdings produced sturdy free cash flow equating to 75% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Our View
To be frank both Lifestyle International Holdings's net debt to EBITDA and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. Overall, it seems to us that Lifestyle International Holdings's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with Lifestyle International Holdings .
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.
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。与许多其他公司一样Lifestyle国际控股有限公司(HKG:1212)利用债务。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?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。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,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,许多公司利用债务为增长提供资金,没有任何负面后果。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对Lifestyle International Holdings的最新分析
Lifestyle International Holdings的净债务是多少?
如下所示,截至2022年6月,Lifestyle International Holdings的债务为200亿港元,与前一年大致相同。您可以单击图表查看更多详细信息。然而,由于该公司拥有57亿港元的现金储备,其净债务较少,约为143亿港元。
联交所:1212债转股历史2022年8月4日Lifestyle International Holdings的资产负债表有多强劲?
放大最新的资产负债表数据,我们可以看到Lifestyle International Holdings有78.2亿港元的负债在12个月内到期,而在此之后还有138亿港元的负债到期。作为抵消,该公司有57亿港元现金和3950万港元应收账款在12个月内到期。因此,其负债比现金和(近期)应收账款之和高出159亿港元。
这一不足给这家市值46.3亿港元的公司本身带来了沉重的负担,就像一个孩子在一个装满书籍、运动装备和小号的巨大背包的重压下挣扎一样。因此,毫无疑问,我们会密切关注它的资产负债表。归根结底,如果债权人要求偿还,Lifestyle International Holdings可能需要进行大规模的资本重组。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
Lifestyle International Holdings的股东面临着双重打击,即高净债务与EBITDA的比率(16.9),以及相当弱的利息覆盖,因为EBIT仅为利息支出的1.7倍。这意味着我们会认为它有沉重的债务负担。幸运的是,Lifestyle International Holdings去年息税前利润增长了2.1%,债务与收益之比慢慢缩小。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Lifestyle International Holdings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。
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。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年里,Lifestyle International Holdings产生了相当于其息税前利润的75%的强劲自由现金流,这与我们预期的差不多。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
我们的观点
坦率地说,Lifestyle International Holdings对EBITDA的净债务,以及其保持在总负债之上的过往记录,都让我们对其债务水平感到相当不安。但至少它在将息税前利润转化为自由现金流方面相当不错;这是令人鼓舞的。总体而言,在我们看来,Lifestyle International Holdings的资产负债表确实对该业务构成了相当大的风险。出于这个原因,我们对该股相当谨慎,我们认为股东应该密切关注其流动性。当你分析债务时,资产负债表显然是你关注的领域。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。为此,您应该意识到1个警告标志我们已经发现了Lifestyle国际控股公司。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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。
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