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Here's Why Porton Pharma Solutions (SZSE:300363) Can Manage Its Debt Responsibly
Here's Why Porton Pharma Solutions (SZSE:300363) Can Manage Its Debt Responsibly
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 can see that Porton Pharma Solutions Ltd. (SZSE:300363) does use debt in its business. But the real question is whether this debt is making the company risky.
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. If things get really bad, the lenders can take control of the business. 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 examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Porton Pharma Solutions
What Is Porton Pharma Solutions's Debt?
As you can see below, at the end of June 2022, Porton Pharma Solutions had CN¥875.3m of debt, up from CN¥319.9m a year ago. Click the image for more detail. But on the other hand it also has CN¥1.40b in cash, leading to a CN¥527.5m net cash position.
SZSE:300363 Debt to Equity History September 1st 2022A Look At Porton Pharma Solutions' Liabilities
Zooming in on the latest balance sheet data, we can see that Porton Pharma Solutions had liabilities of CN¥3.28b due within 12 months and liabilities of CN¥952.6m due beyond that. On the other hand, it had cash of CN¥1.40b and CN¥2.85b worth of receivables due within a year. So these liquid assets roughly match the total liabilities.
This state of affairs indicates that Porton Pharma Solutions' 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¥33.2b company is short on cash, but still worth keeping an eye on the balance sheet. Simply put, the fact that Porton Pharma Solutions has more cash than debt is arguably a good indication that it can manage its debt safely.
Better yet, Porton Pharma Solutions grew its EBIT by 267% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Porton Pharma Solutions's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Porton Pharma Solutions 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. Considering the last three years, Porton Pharma Solutions actually recorded a cash outflow, overall. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
Summing Up
While it is always sensible to investigate a company's debt, in this case Porton Pharma Solutions has CN¥527.5m in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 267% over the last year. So we don't have any problem with Porton Pharma Solutions's use of debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Porton Pharma Solutions has 1 warning sign we think you should be aware of.
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。我们可以看到波顿制药解决方案有限公司。(SZSE:300363)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。如果情况真的变得很糟糕,贷款人可以控制业务。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。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对Porton Pharma解决方案的最新分析
Porton Pharma Solutions的债务是什么?
如下所示,截至2022年6月底,Porton Pharma Solutions的债务为8.753亿加元,高于一年前的3.199亿加元。单击图像了解更多详细信息。但另一方面,它也拥有14.亿加元的现金,导致净现金头寸为5.275亿加元。
深交所:300363债转股历史2022年9月1日Porton Pharma Solutions的负债状况
放大最新的资产负债表数据,我们可以看到,Porton Pharma Solutions有32.8亿加元的负债在12个月内到期,还有9.526亿加元的负债在12个月内到期。另一方面,一年内有14.亿加元现金和28.5亿加元应收账款到期。因此,这些流动资产大致相当于总负债。
这种情况表明,Porton Pharma Solutions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332亿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。简而言之,Porton Pharma Solutions拥有比债务更多的现金,这一事实可以说是一个很好的迹象,表明它能够安全地管理债务。
更好的是,Porton Pharma Solutions去年的息税前利润增长了267%,这是一个令人印象深刻的改善。如果保持这样的增长,未来几年的债务将变得更加可控。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定Porton Pharma Solutions未来保持健康资产负债表的能力。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,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。Porton Pharma Solutions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。考虑到过去三年,Porton Pharma Solutions实际上整体上录得现金流出。对于自由现金流不可靠的公司来说,债务的风险要大得多,因此股东们应该希望过去的支出能在未来产生自由现金流。
总结
虽然调查一家公司的债务总是明智之举,但在这起案件中,Porton Pharma Solutions拥有5.275亿元人民币的净现金和体面的资产负债表。去年息税前利润增长了267%,给我们留下了深刻的印象。因此,我们对Porton Pharma Solutions的债务使用没有任何问题。当你分析债务时,资产负债表显然是你关注的领域。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-Porton Pharma Solutions拥有1个警告标志我们认为你应该意识到。
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。
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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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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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