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These 4 Measures Indicate That Pacific Basin Shipping (HKG:2343) Is Using Debt Safely
These 4 Measures Indicate That Pacific Basin Shipping (HKG:2343) Is Using Debt Safely
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Pacific Basin Shipping Limited (HKG:2343) makes use of debt. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
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. 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. 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 Pacific Basin Shipping
How Much Debt Does Pacific Basin Shipping Carry?
The image below, which you can click on for greater detail, shows that Pacific Basin Shipping had debt of US$447.5m at the end of June 2022, a reduction from US$771.6m over a year. But on the other hand it also has US$516.3m in cash, leading to a US$68.8m net cash position.
SEHK:2343 Debt to Equity History September 3rd 2022How Strong Is Pacific Basin Shipping's Balance Sheet?
We can see from the most recent balance sheet that Pacific Basin Shipping had liabilities of US$417.3m falling due within a year, and liabilities of US$430.5m due beyond that. On the other hand, it had cash of US$516.3m and US$179.6m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$151.9m.
Since publicly traded Pacific Basin Shipping shares are worth a total of US$1.78b, 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. While it does have liabilities worth noting, Pacific Basin Shipping also has more cash than debt, so we're pretty confident it can manage its debt safely.
Better yet, Pacific Basin Shipping grew its EBIT by 395% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Pacific Basin Shipping 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 Pacific Basin Shipping 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, Pacific Basin Shipping generated free cash flow amounting to a very robust 99% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
We could understand if investors are concerned about Pacific Basin Shipping's liabilities, but we can be reassured by the fact it has has net cash of US$68.8m. The cherry on top was that in converted 99% of that EBIT to free cash flow, bringing in US$996m. So is Pacific Basin Shipping's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example Pacific Basin Shipping has 4 warning signs (and 1 which is a bit concerning) we think you should know about.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。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。与许多其他公司一样太平洋盆地船务有限公司(HKG:2343)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
为什么债务会带来风险?
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。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。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。
查看我们对太平洋盆地航运的最新分析
太平洋盆地航运公司背负着多少债务?
下图显示,截至2022年6月底,太平洋盆地航运的债务为4.475亿美元,低于一年内的7.716亿美元。但另一方面,它也拥有5.163亿美元的现金,导致净现金头寸为6880万美元。
联交所:2343债转股历史2022年9月3日太平洋盆地航运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,太平洋盆地航运有4.173亿美元的负债在一年内到期,超过一年的负债有4.305亿美元到期。另一方面,它有5.163亿美元的现金和价值1.796亿美元的应收账款在一年内到期。因此,它的负债比现金和(近期)应收账款之和高出1.519亿美元。
由于上市的太平洋盆地航运公司的股票总价值为17.8亿美元,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。尽管太平洋盆地航运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债务。
更好的是,太平洋盆地航运去年的息税前利润增长了395%,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。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定太平洋盆地航运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。虽然太平洋盆地航运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。在过去三年中,太平洋盆地航运产生的自由现金流占其息税前利润的99%,非常强劲,超出了我们的预期。这使其在偿还债务方面处于非常有利的地位。
总结
如果投资者对太平洋盆地航运的债务感到担忧,我们可以理解,但我们可以放心的是,该公司拥有6880万美元的净现金。上面的樱桃是In将99%的EBIT转化为自由现金流,带来了9.96亿美元的收入。那么,太平洋盆地航运的债务是一种风险吗?但在我们看来并非如此。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,太平洋盆地航运公司拥有4个警示标志(还有一点令人担忧)我们认为你应该知道。
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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