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Is NetDragon Websoft Holdings (HKG:777) A Risky Investment?
Is NetDragon Websoft Holdings (HKG:777) A Risky Investment?
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 NetDragon Websoft Holdings Limited (HKG:777) makes use of debt. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for NetDragon Websoft Holdings
What Is NetDragon Websoft Holdings's Debt?
As you can see below, at the end of June 2022, NetDragon Websoft Holdings had CN¥1.65b of debt, up from CN¥1.33b a year ago. Click the image for more detail. But on the other hand it also has CN¥3.90b in cash, leading to a CN¥2.25b net cash position.
SEHK:777 Debt to Equity History September 12th 2022How Healthy Is NetDragon Websoft Holdings' Balance Sheet?
According to the last reported balance sheet, NetDragon Websoft Holdings had liabilities of CN¥2.66b due within 12 months, and liabilities of CN¥1.36b due beyond 12 months. On the other hand, it had cash of CN¥3.90b and CN¥1.44b worth of receivables due within a year. So it actually has CN¥1.32b more liquid assets than total liabilities.
It's good to see that NetDragon Websoft Holdings 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. Simply put, the fact that NetDragon Websoft Holdings has more cash than debt is arguably a good indication that it can manage its debt safely.
NetDragon Websoft Holdings's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of 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 NetDragon Websoft Holdings 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 company can only pay off debt with cold hard cash, not accounting profits. NetDragon Websoft Holdings 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. During the last three years, NetDragon Websoft Holdings produced sturdy free cash flow equating to 59% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that NetDragon Websoft Holdings has net cash of CN¥2.25b, as well as more liquid assets than liabilities. So we don't think NetDragon Websoft Holdings's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example - NetDragon Websoft Holdings has 2 warning signs we think you should be aware of.
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.
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网龙网络软件控股有限公司(HKG:777)利用债务。但这笔债务对股东来说是一个担忧吗?
债务会带来什么风险?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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,许多公司利用债务为增长提供资金,没有任何负面后果。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NetDragon Websoft Holdings的最新分析
网龙网软控股的债务是什么?
如下所示,截至2022年6月底,网龙Websoft Holdings的债务为16.5亿元人民币,高于一年前的13.3亿元人民币。单击图像了解更多详细信息。但另一方面,它也有39.亿元人民币的现金,导致22.5亿元的净现金头寸。
联交所:777债转股历史2022年9月12日网龙网软控股的资产负债表有多健康?
根据最新上报的资产负债表,网龙网软控股有26.6亿元人民币的负债在12个月内到期,13.6亿元的负债在12个月后到期。另一方面,它有39.亿元现金和14.4亿元的应收账款在一年内到期。所以它实际上有13.2亿元人民币更多流动资产超过总负债。
很高兴看到网龙Websoft Holdings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,网龙Websoft Holdings的现金多于债务,这可以说是一个很好的迹象,表明它可以安全地管理债务。
NetDragon Websoft Holdings去年的息税前利润相当持平,但考虑到它没有太多债务,这应该不是一个问题。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网龙Websoft控股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,一家公司只能用冷硬现金偿还债务,而不是会计利润。NetDragon Websoft Holdings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。在过去三年中,网龙Websoft Holdings产生了相当于息税前利润59%的强劲自由现金流,这与我们的预期不谋而合。这种冷酷的现金意味着,它可以在想要的时候减少债务。
总结
虽然我们同情那些对债务感到担忧的投资者,但您应该记住,网龙Websoft控股公司拥有22.5亿元人民币的净现金,以及更多的流动资产而不是负债。因此,我们不认为网龙Websoft Holdings使用债务是有风险的。在分析债务水平时,资产负债表显然是一个起点。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-NetDragon Websoft Holdings拥有2个警告标志我们认为你应该意识到。
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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