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We Think Crystal Clear Electronic Material (SZSE:300655) Can Stay On Top Of Its Debt
We Think Crystal Clear Electronic Material (SZSE:300655) Can Stay On Top Of Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Crystal Clear Electronic Material Co., Ltd. (SZSE:300655) does use debt in its business. But the more important question is: how much risk is that debt creating?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Crystal Clear Electronic Material
How Much Debt Does Crystal Clear Electronic Material Carry?
As you can see below, at the end of March 2022, Crystal Clear Electronic Material had CN¥776.5m of debt, up from CN¥592.0m a year ago. Click the image for more detail. However, it also had CN¥710.5m in cash, and so its net debt is CN¥66.1m.
SZSE:300655 Debt to Equity History August 12th 2022How Healthy Is Crystal Clear Electronic Material's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Crystal Clear Electronic Material had liabilities of CN¥565.2m due within 12 months and liabilities of CN¥577.6m due beyond that. On the other hand, it had cash of CN¥710.5m and CN¥497.9m worth of receivables due within a year. So it actually has CN¥65.6m more liquid assets than total liabilities.
Having regard to Crystal Clear Electronic Material's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥13.0b company is struggling for cash, we still think it's worth monitoring its balance sheet. Carrying virtually no net debt, Crystal Clear Electronic Material has a very light debt load indeed.
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.
With net debt sitting at just 0.25 times EBITDA, Crystal Clear Electronic Material is arguably pretty conservatively geared. And it boasts interest cover of 8.9 times, which is more than adequate. In addition to that, we're happy to report that Crystal Clear Electronic Material has boosted its EBIT by 87%, thus reducing the spectre of future debt repayments. 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 Crystal Clear Electronic Material'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 business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Crystal Clear Electronic Material burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Crystal Clear Electronic Material's EBIT growth rate suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. All these things considered, it appears that Crystal Clear Electronic Material can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. 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. Case in point: We've spotted 2 warning signs for Crystal Clear Electronic Material you should be aware of.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们可以看到晶晶电子材料有限公司。(SZSE:300655)确实在其业务中使用债务。但更重要的问题是:这笔债务造成了多大的风险?
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。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。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,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。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。
查看我们对水晶透明电子材料的最新分析
水晶透明电子材料背负着多少债务?
如下所示,截至2022年3月底,水晶透明电子材料的债务为7.765亿加元,而一年前为5.92亿加元。单击图像了解更多详细信息。然而,它也有7.105亿元现金,因此其净债务为6610万元。
深交所:300655债转股历史2022年8月12日水晶电子材料的资产负债表有多健康?
放大最新的资产负债表数据可以看到,晶晶电子材料有5.652亿元的负债在12个月内到期,还有5.776亿元的负债在12个月内到期。另一方面,它有7.105亿加元的现金和4.979亿加元的应收账款在一年内到期。所以它实际上有人民币6560万元更多流动资产超过总负债。
考虑到Crystal Clear电子材料的规模,似乎其流动资产与总负债很好地平衡了。因此,尽管很难想象这家人民币130亿元的公司正在为现金而苦苦挣扎,但我们仍然认为,值得监控其资产负债表。水晶电子材料几乎没有净债务,债务负担确实非常轻。
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。
由于净债务仅为EBITDA的0.25倍,Crystal Clear电子材料的杠杆率可以说相当保守。而且它的利息覆盖率为8.9倍,绰绰有余。除此之外,我们很高兴地报告,Crystal Clear电子材料公司的息税前利润提高了87%,从而减少了未来偿还债务的幽灵。当你分析债务时,资产负债表显然是你关注的领域。但未来的收益将决定Crystal Clear电子材料未来保持健康资产负债表的能力。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。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,Crystal Clear电子材料公司烧掉了大量现金。尽管投资者无疑预计这种情况会在适当的时候逆转,但这显然意味着它使用债务的风险更大。
我们的观点
水晶电子材料的息税前利润增长率表明,它可以轻松地处理债务,就像克里斯蒂亚诺·罗纳尔多在对阵14岁以下门将的比赛中进球一样。但我们必须承认,我们发现它将息税前利润转换为自由现金流产生了相反的效果。考虑到所有这些因素,水晶透明电子材料似乎可以轻松地处理其目前的债务水平。当然,虽然这种杠杆可以提高股本回报率,但它确实带来了更多风险,因此值得关注这一点。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。一个恰当的例子:我们发现了水晶透明电子材料的2个警告标志你应该意识到。
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。
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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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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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