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Does United Company RUSAL International (HKG:486) Have A Healthy Balance Sheet?
Does United Company RUSAL International (HKG:486) Have A Healthy Balance Sheet?
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 note that United Company RUSAL, International Public Joint-Stock Company (HKG:486) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for United Company RUSAL International
What Is United Company RUSAL International's Net Debt?
As you can see below, United Company RUSAL International had US$7.30b of debt at June 2022, down from US$7.87b a year prior. On the flip side, it has US$1.56b in cash leading to net debt of about US$5.74b.
SEHK:486 Debt to Equity History September 15th 2022A Look At United Company RUSAL International's Liabilities
According to the last reported balance sheet, United Company RUSAL International had liabilities of US$5.85b due within 12 months, and liabilities of US$4.72b due beyond 12 months. On the other hand, it had cash of US$1.56b and US$2.08b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$6.93b.
This deficit is considerable relative to its market capitalization of US$8.03b, so it does suggest shareholders should keep an eye on United Company RUSAL International's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
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.
United Company RUSAL International's net debt to EBITDA ratio of about 1.7 suggests only moderate use of debt. And its strong interest cover of 10.2 times, makes us even more comfortable. Notably, United Company RUSAL International's EBIT launched higher than Elon Musk, gaining a whopping 111% on last year. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if United Company RUSAL International 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, United Company RUSAL International 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
United Company RUSAL International's conversion of EBIT to free cash flow and level of total liabilities 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 United Company RUSAL International is a somewhat risky investment as a result of its debt. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 3 warning signs we've spotted with United Company RUSAL International (including 2 which make us uncomfortable) .
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.
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。我们注意到联合公司RUSAL,国际上市股份公司(HKG:486)的资产负债表上确实有债务。但股东是否应该担心它的债务使用情况?
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。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。
查看我们对联合公司RUSAL国际的最新分析
联合RUSAL国际公司的净债务是多少?
如下所示,截至2022年6月,联合公司RUSAL国际的债务为73亿美元,低于一年前的78.7亿美元。另一方面,它拥有15.6亿美元的现金,导致净债务约为57.4亿美元。
联交所:486债转股历史2022年9月15日看联合公司RUSAL国际的负债情况
根据最近一次报告的资产负债表,联合公司RUSAL国际公司有58.5亿美元的负债在12个月内到期,47.2亿美元的负债在12个月后到期。另一方面,它有15.6亿美元的现金和20.8亿美元的应收账款在一年内到期。因此,其负债比现金和(近期)应收账款之和高出69.3亿美元。
与其80.3亿美元的市值相比,这一赤字是相当可观的,因此它确实表明股东应该密切关注联合RUSAL国际公司的债务使用情况。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。
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。
联合公司RUSAL国际的净债务与EBITDA的比率约为1.7,表明只适度使用债务。而其10.2倍的强劲利息覆盖,让我们更加舒心。值得注意的是,联合公司RUSAL国际的息税前利润高于埃隆·马斯克,比去年高出111%。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联合公司RUSAL国际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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。因此,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在过去的三年中,联合公司RUSAL国际公司的自由现金流总额为大量负值。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,联合公司RUSAL国际将息税前利润转换为自由现金流和总负债水平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。从上面提到的所有角度来看,在我们看来,由于RUSAL国际公司的债务,联合公司确实是一项有一定风险的投资。这不一定是一件坏事,因为杠杆可以提高股本回报率,但这是需要注意的。在分析债务水平时,资产负债表显然是一个起点。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。为此,您应该了解3个警示标志我们已经看到了联合公司RUSAL International(包括两家让我们感到不舒服的公司)。
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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