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Raffles Medical Group (SGX:BSL) Seems To Use Debt Rather Sparingly
Raffles Medical Group (SGX:BSL) Seems To Use Debt Rather Sparingly
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.' 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. As with many other companies Raffles Medical Group Ltd (SGX:BSL) makes use of debt. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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 think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Raffles Medical Group
How Much Debt Does Raffles Medical Group Carry?
The image below, which you can click on for greater detail, shows that Raffles Medical Group had debt of S$154.3m at the end of June 2022, a reduction from S$182.4m over a year. However, its balance sheet shows it holds S$289.1m in cash, so it actually has S$134.7m net cash.
SGX:BSL Debt to Equity History August 18th 2022How Healthy Is Raffles Medical Group's Balance Sheet?
We can see from the most recent balance sheet that Raffles Medical Group had liabilities of S$404.3m falling due within a year, and liabilities of S$152.8m due beyond that. Offsetting these obligations, it had cash of S$289.1m as well as receivables valued at S$130.7m due within 12 months. So it has liabilities totalling S$137.3m more than its cash and near-term receivables, combined.
Of course, Raffles Medical Group has a market capitalization of S$2.50b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, Raffles Medical Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
On top of that, Raffles Medical Group grew its EBIT by 44% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Raffles Medical Group 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Raffles Medical 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, Raffles Medical Group actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Raffles Medical Group has S$134.7m in net cash. The cherry on top was that in converted 102% of that EBIT to free cash flow, bringing in S$188m. So we don't think Raffles Medical Group's use of debt is risky. We'd be very excited to see if Raffles Medical Group insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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。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。与许多其他公司一样莱佛士医疗集团有限公司(新加坡证券交易所股票代码:BSL)利用债务。但这笔债务对股东来说是一个担忧吗?
债务会带来什么风险?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。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。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。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对莱佛士医疗集团的最新分析
莱佛士医疗集团背负着多少债务?
下图显示,莱佛士医疗集团截至2022年6月底的债务为1.543亿新元,低于一年内的1.824亿新元。你可以点击下面的图片查看更多细节。然而,该公司的资产负债表显示,它持有2.891亿新元现金,因此它实际上拥有1.347亿新元的净现金。
新交所:BSL债转股历史2022年8月18日莱佛士医疗集团的资产负债表有多健康?
我们可以从最近的资产负债表中看到,莱佛士医疗集团有4.043亿新元的负债在一年内到期,还有1.528亿新元的负债在这之后到期。作为这些债务的抵消,该公司有2.891亿新元的现金以及价值1.307亿新元的应收账款在12个月内到期。因此,该公司的负债总额为1.373亿新元,超过了现金和近期应收账款的总和。
当然,莱佛士医疗集团的市值为25亿新元,因此这些负债可能是可控的。然而,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而变化。尽管莱佛士医疗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。
最重要的是,莱佛士医疗集团在过去12个月中息税前利润增长了44%,这一增长将使其更容易处理债务。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定莱佛士医疗集团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。
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。莱佛士医疗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收益(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,莱佛士医疗集团实际上产生了比息税前利润更多的自由现金流。这种强劲的现金转换让我们像傻朋克演唱会上节奏下降时的观众一样兴奋。
总结
尽管查看一家公司的总负债总是明智的,但令人欣慰的是,莱佛士医疗集团拥有1.347亿新元的净现金。上面的樱桃是In将息税前利润的102%转化为自由现金流,带来1.88亿新元。因此,我们不认为莱佛士医疗集团使用债务是有风险的。我们很想看看莱佛士医疗集团的内部人士是否一直在抢购股票。如果你也是,那么现在就点击这个链接,(免费)看看我们报告的内幕交易清单。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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。
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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