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Lecron Industrial Development Group (SZSE:300343) Has A Rock Solid Balance Sheet
Lecron Industrial Development Group (SZSE:300343) Has A Rock Solid Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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. We note that Lecron Industrial Development Group Co., Ltd. (SZSE:300343) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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.
Check out our latest analysis for Lecron Industrial Development Group
What Is Lecron Industrial Development Group's Debt?
As you can see below, at the end of June 2022, Lecron Industrial Development Group had CN¥198.8m of debt, up from CN¥163.2m a year ago. Click the image for more detail. However, it does have CN¥744.9m in cash offsetting this, leading to net cash of CN¥546.1m.
SZSE:300343 Debt to Equity History August 16th 2022How Healthy Is Lecron Industrial Development Group's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Lecron Industrial Development Group had liabilities of CN¥705.1m due within 12 months and liabilities of CN¥81.9m due beyond that. Offsetting these obligations, it had cash of CN¥744.9m as well as receivables valued at CN¥558.6m due within 12 months. So it actually has CN¥516.4m more liquid assets than total liabilities.
This surplus suggests that Lecron Industrial Development Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Lecron Industrial Development Group boasts net cash, so it's fair to say it does not have a heavy debt load!
Better yet, Lecron Industrial Development Group grew its EBIT by 1,203% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But it is Lecron Industrial Development Group's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Lecron Industrial Development Group 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. During the last two years, Lecron Industrial Development Group produced sturdy free cash flow equating to 58% 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.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Lecron Industrial Development Group has net cash of CN¥546.1m, as well as more liquid assets than liabilities. And it impressed us with its EBIT growth of 1,203% over the last year. So is Lecron Industrial Development Group's debt a risk? It doesn't seem so to us. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for Lecron Industrial Development Group (1 is potentially serious!) that you should be aware of before investing here.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
传奇基金经理理想汽车·卢曾说,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。我们注意到乐克龙实业发展集团有限公司。(SZSE:300343)的资产负债表上确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
什么时候债务是个问题?
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。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。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LeCron工业发展集团的最新分析
LeCron工业发展集团的债务是什么?
如下所示,截至2022年6月底,乐创实业发展集团的债务为1.98亿加元,高于一年前的1.632亿加元。单击图像了解更多详细信息。然而,它确实有7.449亿加元的现金来抵消这一点,导致净现金为5.461亿加元。
深圳证交所:300343债转股历史2022年8月16日LeCron工业发展集团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,乐创实业发展集团有7.051亿加元的负债在12个月内到期,超过12个月的负债有8190万加元到期。为了抵消这些债务,该公司有7.449亿加元的现金和5.586亿加元的应收账款在12个月内到期。所以它实际上有5.164亿元人民币更多流动资产超过总负债。
这一盈余表明,LeCron Industrial Development Group拥有保守的资产负债表,很可能会毫不费力地消除债务。简而言之,LeCron工业发展集团拥有净现金,所以公平地说,它没有沉重的债务负担!
更好的是,LeCron工业发展集团去年的息税前利润增长了1203%,这是一个令人印象深刻的进步。如果保持这样的增长,未来几年的债务将变得更加可控。在分析债务水平时,资产负债表显然是一个起点。但未来影响资产负债表表现的将是LeCron工业发展集团的盈利情况。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。虽然LeCron工业发展集团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,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在过去的两年中,LeCron工业发展集团产生了相当于其息税前利润58%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。
总结
虽然我们同情那些对债务感到担忧的投资者,但你应该记住,乐高实业发展集团拥有5.461亿元人民币的净现金,以及比负债更多的流动资产。去年息税前利润增长了1203%,给我们留下了深刻的印象。那么,LeCron工业发展集团的债务是一种风险吗?但在我们看来并非如此。毫无疑问,我们从资产负债表中了解到的债务最多。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。例如,我们发现乐创实业发展集团的2个警告标志(%1可能很严重!)在这里投资之前你应该意识到这一点。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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。
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