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Jiangsu Lopal Tech (SHSE:603906) Has A Pretty Healthy Balance Sheet
Jiangsu Lopal Tech (SHSE:603906) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, '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. As with many other companies Jiangsu Lopal Tech. Co., Ltd. (SHSE:603906) makes use of debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.
Check out our latest analysis for Jiangsu Lopal Tech
What Is Jiangsu Lopal Tech's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Jiangsu Lopal Tech had debt of CN¥3.39b, up from CN¥1.34b in one year. However, because it has a cash reserve of CN¥3.27b, its net debt is less, at about CN¥122.1m.
SHSE:603906 Debt to Equity History September 7th 2022How Healthy Is Jiangsu Lopal Tech's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Jiangsu Lopal Tech had liabilities of CN¥4.81b due within 12 months and liabilities of CN¥1.19b due beyond that. Offsetting this, it had CN¥3.27b in cash and CN¥2.25b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥486.9m.
Since publicly traded Jiangsu Lopal Tech shares are worth a total of CN¥18.9b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Carrying virtually no net debt, Jiangsu Lopal Tech has a very light debt load indeed.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Jiangsu Lopal Tech has very little debt (net of cash), and boasts a debt to EBITDA ratio of 0.096 and EBIT of 11.3 times the interest expense. Indeed relative to its earnings its debt load seems light as a feather. Better yet, Jiangsu Lopal Tech grew its EBIT by 251% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Jiangsu Lopal Tech 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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Jiangsu Lopal Tech burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Jiangsu Lopal Tech's EBIT growth rate suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But the stark truth is that we are concerned by its conversion of EBIT to free cash flow. Taking all this data into account, it seems to us that Jiangsu Lopal Tech takes a pretty sensible approach to debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. 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, we've discovered 4 warning signs for Jiangsu Lopal Tech (1 is a bit unpleasant!) that you should be aware of before investing here.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。与许多其他公司一样江苏罗帕尔科技有限公司。公司名称:太平实业股份有限公司。(上海证券交易所:603906)利用债务。但股东是否应该担心它的债务使用情况?
债务会带来什么风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。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(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。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。
查看我们对江苏罗帕尔科技的最新分析
江苏罗帕尔科技的净债务是多少?
下图显示,截至2022年6月,江苏罗派科技的债务为33.9亿加元,高于一年内的13.4亿加元。你可以点击查看更多细节。然而,由于拥有32.7亿加元的现金储备,其净债务较少,约为1.221亿加元。
上证综指:603906债转股历史2022年9月7日江苏罗帕尔科技的资产负债表有多健康?
放大最新的资产负债表数据,江苏罗柏科技有48.1亿加元的负债在12个月内到期,超过12个月的负债有11.9亿加元到期。作为抵消,它有32.7亿加元的现金和22.5亿加元的应收账款在12个月内到期。因此,它的负债比现金和(近期)应收账款之和高出4.869亿元。
由于上市的江苏罗派科技的股票总价值为189亿元人民币,这样的负债水平似乎不太可能构成重大威胁。但有足够的负债,我们肯定会建议股东继续监控未来的资产负债表。江苏罗帕尔科技几乎没有净债务,债务负担确实非常轻。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
江苏罗帕尔科技的债务很少(扣除现金),债务与息税前利润之比为0.096,息税前利润为利息支出的11.3倍。事实上,与其盈利相比,它的债务负担似乎轻如鸿毛。更好的是,江苏罗帕尔科技去年的息税前利润增长了251%,这是一个令人印象深刻的进步。如果保持这样的增长,未来几年的债务将变得更加可控。当你分析债务时,资产负债表显然是你关注的领域。但最终,该业务未来的盈利能力将决定江苏罗帕尔科技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,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,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年里,江苏罗帕尔科技烧掉了大量现金。尽管投资者无疑预计这种情况会在适当的时候逆转,但这显然意味着它使用债务的风险更大。
我们的观点
江苏罗帕尔科技的息税前利润增长率表明,它可以轻松地处理债务,就像克里斯蒂亚诺·罗纳尔多在对阵14岁以下门将的比赛中进球一样。但严酷的事实是,我们对其将息税前利润转换为自由现金流感到担忧。考虑到所有这些数据,在我们看来,江苏罗帕尔科技对债务采取了相当明智的做法。这意味着他们正在承担更多的风险,希望提高股东回报。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,我们发现江苏罗帕尔科技的4个警示标志(1有点令人不快!)在这里投资之前你应该意识到这一点。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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