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TravelSky Technology (HKG:696) Could Easily Take On More Debt
TravelSky Technology (HKG:696) Could Easily Take On More Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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 TravelSky Technology Limited (HKG:696) does use debt in its business. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
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. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for TravelSky Technology
What Is TravelSky Technology's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 TravelSky Technology had CN¥205.2m of debt, an increase on none, over one year. But it also has CN¥10.9b in cash to offset that, meaning it has CN¥10.7b net cash.
SEHK:696 Debt to Equity History August 29th 2022How Strong Is TravelSky Technology's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that TravelSky Technology had liabilities of CN¥5.01b due within 12 months and liabilities of CN¥369.1m due beyond that. On the other hand, it had cash of CN¥10.9b and CN¥5.15b worth of receivables due within a year. So it actually has CN¥10.6b more liquid assets than total liabilities.
It's good to see that TravelSky Technology has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Due to its strong net asset position, it is not likely to face issues with its lenders. Succinctly put, TravelSky Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
Also good is that TravelSky Technology grew its EBIT at 12% over the last year, further increasing its ability to manage debt. 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 TravelSky Technology 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. TravelSky Technology 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, TravelSky Technology actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
While it is always sensible to investigate a company's debt, in this case TravelSky Technology has CN¥10.7b in net cash and a decent-looking balance sheet. The cherry on top was that in converted 184% of that EBIT to free cash flow, bringing in CN¥2.5b. So is TravelSky Technology's debt a risk? It doesn't seem so to us. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of TravelSky Technology's earnings per share history for free.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。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TravelSky科技有限公司(HKG:696)确实在其业务中使用债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务会带来什么风险?
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。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。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。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TravelSky Technology的最新分析
TravelSky科技的债务是什么?
你可以点击下图查看历史数据,但它显示,截至2022年6月,TravelSky Technology的债务为2.052亿元人民币,较一年前没有增加。但它也有人民币109亿元的现金来抵消,这意味着它有人民币107亿元的净现金。
联交所:696债转股历史2022年8月29日TravelSky Technology的资产负债表有多强劲?
放大最新的资产负债表数据,我们可以看到,TravelSky科技有50.1亿元的负债在12个月内到期,还有3.691亿元的负债在12个月内到期。另一方面,一年内有109亿加元现金和51.5亿加元应收账款到期。所以它实际上有106亿元人民币更多流动资产超过总负债。
很高兴看到TravelSky Technology的资产负债表上有充足的流动性,这表明它对负债的管理是保守的。由于其强大的净资产状况,它不太可能面临与贷款人的问题。简而言之,TravelSky Technology拥有净现金,所以公平地说,它没有沉重的债务负担!
另一个好消息是,TravelSky Technology去年息税前利润(EBIT)增长了12%,进一步增强了其管理债务的能力。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,未来业务的盈利能力将决定TravelSky科技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。
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。TravelSky Technology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,TravelSky Technology产生的自由现金流实际上比息税前更多。说到赢得贷款人的好感,没有什么比收到的现金更好的了。
总结
虽然调查一家公司的债务总是明智的,但在这起案件中,TravelSky Technology拥有人民币107亿元的净现金和看起来不错的资产负债表。上面的樱桃是In将息税前利润的184%转化为自由现金流,带来人民币25亿元。那么,TravelSky Technology的债务是否存在风险?但在我们看来并非如此。在大多数其他指标中,我们认为跟踪每股收益的增长速度(如果有的话)是很重要的。如果你也意识到了这一点,那么你就幸运了,因为今天你可以免费查看TravelSky科技公司每股收益历史的互动图表。
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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