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Vobile Group (HKG:3738) Has A Somewhat Strained Balance Sheet
Vobile Group (HKG:3738) Has A Somewhat Strained Balance Sheet
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Vobile Group Limited (HKG:3738) does carry debt. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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 Vobile Group
What Is Vobile Group's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Vobile Group had HK$964.9m of debt, an increase on HK$88.3m, over one year. However, it does have HK$437.7m in cash offsetting this, leading to net debt of about HK$527.2m.
SEHK:3738 Debt to Equity History September 2nd 2022How Strong Is Vobile Group's Balance Sheet?
We can see from the most recent balance sheet that Vobile Group had liabilities of HK$411.0m falling due within a year, and liabilities of HK$1.01b due beyond that. On the other hand, it had cash of HK$437.7m and HK$569.3m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$411.1m.
Since publicly traded Vobile Group shares are worth a total of HK$7.63b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Weak interest cover of 1.5 times and a disturbingly high net debt to EBITDA ratio of 10.1 hit our confidence in Vobile Group like a one-two punch to the gut. The debt burden here is substantial. The silver lining is that Vobile Group grew its EBIT by 297% last year, which nourishing like the idealism of youth. If it can keep walking that path it will be in a position to shed its debt with relative ease. 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 Vobile 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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last two years, Vobile Group saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
Vobile Group's conversion of EBIT to free cash flow and net debt to EBITDA definitely weigh on it, in our esteem. But the good news is it seems to be able to grow its EBIT with ease. Looking at all the angles mentioned above, it does seem to us that Vobile Group is a somewhat risky investment as a result of its debt. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for Vobile Group you should be aware of.
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。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。重要的是Vobile Group Limited(HKG:3738)确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
为什么债务会带来风险?
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。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,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。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。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Vobile Group的最新分析
Vobile Group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6月,Vobile Group的债务为9.649亿港元,较一年前的8830万港元有所增加。然而,它确实拥有4.377亿港元的现金,抵消了这一影响,导致净债务约为5.272亿港元。
联交所:3738债转股历史2022年9月2日Vobile Group的资产负债表有多强劲?
我们可以从最近的资产负债表中看到,Vobile Group有4.11亿港元的负债在一年内到期,而在这之后还有10.1亿港元的负债到期。另一方面,该公司有4.377亿港元的现金和5.693亿港元的应收账款在一年内到期。因此,该公司的负债比现金和(近期)应收账款之和高出4.111亿港元。
由于上市交易的Vobile Group股票总价值为76.3亿港元,这种负债水平似乎不太可能构成重大威胁。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。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
1.5倍的疲软利息覆盖率,以及令人不安的高得令人不安的净债务与EBITDA之比10.1,打击了我们对Vobile Group的信心,就像对肠道的一击。这里的债务负担是巨大的。一线希望是,Vobile Group去年的息税前利润增长了297%,像年轻人的理想主义一样滋养着。如果它能够继续沿着这条路走下去,它将能够相对轻松地摆脱债务。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Vobile Group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,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。因此,我们总是检查EBIT中有多少转化为自由现金流。在过去的两年中,Vobile Group的自由现金流总额为大幅负值。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
我们的观点
在我们看来,Vobile Group将EBIT转换为自由现金流,并将净债务转换为EBITDA,肯定会给它带来压力。但好消息是,它似乎能够轻松实现息税前利润的增长。综上所述,在我们看来,由于Vobile Group的债务,它确实是一项有一定风险的投资。并不是所有的风险都是坏的,因为如果它得到了回报,它可以提高股价回报,但这种债务风险值得记住。毫无疑问,我们从资产负债表中了解到的债务最多。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。一个恰当的例子:我们发现了Vobile集团的1个警告标志你应该意识到。
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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