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Yadea Group Holdings (HKG:1585) Could Easily Take On More Debt
Yadea Group Holdings (HKG:1585) Could Easily Take On More Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We note that Yadea Group Holdings Ltd. (HKG:1585) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. 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 Yadea Group Holdings
How Much Debt Does Yadea Group Holdings Carry?
As you can see below, at the end of June 2022, Yadea Group Holdings had CN¥2.14b of debt, up from CN¥253.8m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥10.5b in cash, so it actually has CN¥8.36b net cash.
SEHK:1585 Debt to Equity History September 18th 2022A Look At Yadea Group Holdings' Liabilities
Zooming in on the latest balance sheet data, we can see that Yadea Group Holdings had liabilities of CN¥16.1b due within 12 months and liabilities of CN¥622.8m due beyond that. Offsetting these obligations, it had cash of CN¥10.5b as well as receivables valued at CN¥443.8m due within 12 months. So it has liabilities totalling CN¥5.81b more than its cash and near-term receivables, combined.
Given Yadea Group Holdings has a market capitalization of CN¥37.1b, it's hard to believe these liabilities pose much 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, Yadea Group Holdings also has more cash than debt, so we're pretty confident it can manage its debt safely.
On top of that, Yadea Group Holdings grew its EBIT by 43% over the last twelve months, and that growth will make it easier to handle its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Yadea Group Holdings's ability to maintain a healthy balance sheet going forward. 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. Yadea Group 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. Happily for any shareholders, Yadea Group Holdings actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Summing Up
While Yadea Group Holdings does have more liabilities than liquid assets, it also has net cash of CN¥8.36b. And it impressed us with free cash flow of CN¥641m, being 174% of its EBIT. So is Yadea Group Holdings's debt a risk? It doesn't seem so to us. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Yadea Group Holdings you should know about.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,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。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。我们注意到亚迪亚集团控股有限公司(HKG:1585)的资产负债表上确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
什么时候债务是个问题?
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。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,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。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。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。
查看我们对雅迪亚集团控股的最新分析
亚迪亚集团控股公司背负着多少债务?
如下所示,截至2022年6月底,亚迪亚集团控股的债务为21.4亿加元,高于一年前的2.538亿加元。单击图像了解更多详细信息。然而,其资产负债表显示,它持有人民币105亿元现金,因此它实际上拥有人民币83.6亿元的净现金。
联交所:1585债转股历史2022年9月18日看亚迪亚集团控股的负债情况
放大最新的资产负债表数据,我们可以看到,亚迪亚集团控股有161亿加元的负债在12个月内到期,还有6.228亿加元的负债在12个月内到期。为了抵消这些债务,该公司有105亿加元的现金以及价值4.438亿加元的应收账款在12个月内到期。因此,它的负债总额为人民币58.1亿元,比现金和近期应收账款加起来还要多。
鉴于亚迪亚集团控股的市值为371亿元人民币,很难相信这些债务会构成太大威胁。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。虽然Yadea Group Holdings确实有值得注意的负债,但它的现金也多于债务,所以我们非常有信心它能够安全地管理债务。
最重要的是,亚迪亚集团控股在过去12个月中息税前利润增长了43%,这一增长将使其更容易处理债务。当你分析债务时,资产负债表显然是你关注的领域。但决定亚迪亚集团未来保持健康资产负债表的能力,最重要的是未来的收益。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。Yadea Group 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。对于任何股东来说,令人高兴的是,亚迪亚集团控股公司在过去三年中产生的自由现金流实际上超过了息税前利润。这种强大的摇钱树就像一只穿着大黄蜂西装的小狗一样温暖着我们的心。
总结
虽然亚迪亚集团控股的负债确实多于流动资产,但它也有83.6亿元的净现金。它给我们留下了深刻的印象,自由现金流为6.41亿元,是其息税前利润的174%。那么,亚迪亚集团控股的债务是一种风险吗?但在我们看来并非如此。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。这些风险可能很难发现。每家公司都有它们,我们已经发现亚迪亚集团控股的1个警告标志你应该知道。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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