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These 4 Measures Indicate That Aier Eye Hospital Group (SZSE:300015) Is Using Debt Safely
These 4 Measures Indicate That Aier Eye Hospital Group (SZSE:300015) Is Using Debt Safely
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 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 note that Aier Eye Hospital Group Co., Ltd. (SZSE:300015) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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, 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.
Check out our latest analysis for Aier Eye Hospital Group
How Much Debt Does Aier Eye Hospital Group Carry?
As you can see below, Aier Eye Hospital Group had CN¥2.11b of debt at March 2022, down from CN¥2.31b a year prior. However, it does have CN¥4.39b in cash offsetting this, leading to net cash of CN¥2.28b.
SZSE:300015 Debt to Equity History August 25th 2022A Look At Aier Eye Hospital Group's Liabilities
We can see from the most recent balance sheet that Aier Eye Hospital Group had liabilities of CN¥6.01b falling due within a year, and liabilities of CN¥3.47b due beyond that. Offsetting these obligations, it had cash of CN¥4.39b as well as receivables valued at CN¥1.87b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥3.22b.
This state of affairs indicates that Aier Eye Hospital Group's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥200.7b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, Aier Eye Hospital Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
Fortunately, Aier Eye Hospital Group grew its EBIT by 2.8% in the last year, making that debt load look even more manageable. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Aier Eye Hospital Group can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Aier Eye Hospital 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 three years, Aier Eye Hospital Group produced sturdy free cash flow equating to 68% 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 it is always sensible to look at a company's total liabilities, it is very reassuring that Aier Eye Hospital Group has CN¥2.28b in net cash. The cherry on top was that in converted 68% of that EBIT to free cash flow, bringing in CN¥2.9b. So is Aier Eye Hospital 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. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with Aier Eye Hospital Group , and understanding them should be part of your investment process.
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.
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。我们注意到爱尔眼科医院集团有限公司。(SZSE:300015)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
债务在什么时候是危险的?
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。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,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。
查看我们对爱尔眼科医院集团的最新分析
爱尔眼科医院集团背负着多少债务?
如下所示,截至2022年3月,爱尔眼科医院集团的债务为人民币21.1亿元,低于一年前的人民币23.1亿元。然而,它确实有43.9亿加元的现金抵消了这一点,导致净现金22.8亿加元。
深圳证交所:300015债转股历史2022年8月25日看爱尔眼科医院集团的负债情况
从最近的资产负债表可以看出,爱尔眼科医院集团有60.1亿元的负债在一年内到期,超过这一期限的负债有34.7亿元。作为对这些债务的抵销,该公司有43.9亿加元的现金以及18.7亿加元的应收账款在12个月内到期。因此,它的负债超过了现金和(近期)应收账款的总和32.2亿元。
这种情况表明,爱尔眼科医院集团的资产负债表看起来相当稳健,其总负债与流动资产大致相同。因此,这家2007亿元人民币的公司不太可能出现现金短缺的情况,但仍值得关注其资产负债表。虽然爱尔眼科医院集团确实有值得注意的负债,但它的现金也多于债务,因此我们非常有信心它能够安全地管理其债务。
幸运的是,艾尔眼科医院集团去年的息税前利润增长了2.8%,使债务负担看起来更容易管理。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定艾尔眼科医院集团能否随着时间的推移加强其资产负债表。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。
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。虽然爱尔眼科医院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。在过去的三年中,爱尔眼科医院集团产生了相当于其息税前利润的68%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
虽然看一家公司的总负债总是明智之举,但令人欣慰的是,爱尔眼科医院集团拥有22.8亿元人民币的净现金。上面的樱桃是IN将其中68%的EBIT转换为自由现金流,带来人民币29亿元。那么,爱尔眼科医院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。然而,并非所有投资风险都存在于资产负债表中--远非如此。我们已经确定了1个警告信号与爱尔眼科医院集团合作,了解他们应该是您投资过程的一部分。
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。
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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