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Is Getein Biotech (SHSE:603387) Using Too Much Debt?
Is Getein Biotech (SHSE:603387) Using Too Much Debt?
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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Getein Biotech, Inc (SHSE:603387) does carry debt. But is this debt a concern to shareholders?
When Is Debt A Problem?
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. 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, 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Getein Biotech
What Is Getein Biotech's Debt?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 Getein Biotech had CN¥568.2m of debt, an increase on CN¥397.3m, over one year. But on the other hand it also has CN¥1.59b in cash, leading to a CN¥1.02b net cash position.
SHSE:603387 Debt to Equity History August 25th 2022A Look At Getein Biotech's Liabilities
According to the last reported balance sheet, Getein Biotech had liabilities of CN¥1.02b due within 12 months, and liabilities of CN¥45.4m due beyond 12 months. Offsetting these obligations, it had cash of CN¥1.59b as well as receivables valued at CN¥644.8m due within 12 months. So it actually has CN¥1.17b more liquid assets than total liabilities.
This excess liquidity suggests that Getein Biotech is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Getein Biotech boasts net cash, so it's fair to say it does not have a heavy debt load!
In addition to that, we're happy to report that Getein Biotech has boosted its EBIT by 72%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But it is Getein Biotech'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 business needs free cash flow to pay off debt; accounting profits just don't cut it. While Getein Biotech 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. In the last three years, Getein Biotech's free cash flow amounted to 40% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Getein Biotech has net cash of CN¥1.02b, as well as more liquid assets than liabilities. And we liked the look of last year's 72% year-on-year EBIT growth. So we don't think Getein Biotech's use of debt is risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. To that end, you should learn about the 2 warning signs we've spotted with Getein Biotech (including 1 which is potentially serious) .
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。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。重要的是Getein Biotech公司(上海证券交易所:603387)确实背负着债务。但这笔债务对股东来说是一个担忧吗?
什么时候债务是个问题?
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。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。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。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。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对Getein Biotech的最新分析
Getein Biotech的债务是什么?
你可以点击下图查看历史数字,但它显示,截至2022年3月,Getein Biotech的债务为5.682亿元人民币,比一年前增加了3.973亿元人民币。但另一方面,它也有15.9亿元人民币的现金,导致10.2亿元人民币的净现金头寸。
上证综指:603387债转股历史2022年8月25日看Getein Biotech的负债
根据最新公布的资产负债表,Getein Biotech有10.2亿加元的负债在12个月内到期,4540万加元的负债在12个月后到期。为了抵消这些债务,该公司有15.9亿加元的现金以及价值6.448亿加元的应收账款在12个月内到期。所以它实际上有11.7亿元人民币更多流动资产超过总负债。
这种过剩的流动性表明,Getein Biotech正在谨慎地处理债务问题。由于它拥有充足的资产,它不太可能与其贷款人发生麻烦。简而言之,Getein Biotech拥有净现金,所以可以公平地说,它没有沉重的债务负担!
除此之外,我们很高兴地报告,Getein Biotech已经将其息税前利润提高了72%,从而减少了未来偿还债务的幽灵。毫无疑问,我们从资产负债表中了解到的债务最多。但Getein Biotech的收益将影响未来资产负债表的表现。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,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。虽然Getein Biotech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,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。在过去的三年里,Getein Biotech的自由现金流占其息税前利润的40%,低于我们的预期。这种疲软的现金转换增加了处理债务的难度。
总结
虽然我们同情那些对债务感到担忧的投资者,但您应该记住,Getein Biotech拥有10.2亿元人民币的净现金,以及更多的流动资产而不是负债。我们喜欢去年息税前利润同比增长72%的表现。因此,我们不认为Getein Biotech使用债务是有风险的。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。为此,您应该了解2个警告标志我们已经发现了Getein Biotech(包括1个潜在的严重问题)。
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。
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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