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Is Keppel (SGX:BN4) Weighed On By Its Debt Load?
Is Keppel (SGX:BN4) Weighed On By Its Debt Load?
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.' 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. Importantly, Keppel Corporation Limited (SGX:BN4) does carry debt. But the more important question is: how much risk is that debt creating?
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. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
See our latest analysis for Keppel
How Much Debt Does Keppel Carry?
As you can see below, Keppel had S$10.4b of debt at June 2022, down from S$12.1b a year prior. However, it does have S$1.77b in cash offsetting this, leading to net debt of about S$8.66b.
SGX:BN4 Debt to Equity History September 19th 2022A Look At Keppel's Liabilities
According to the last reported balance sheet, Keppel had liabilities of S$11.4b due within 12 months, and liabilities of S$7.62b due beyond 12 months. On the other hand, it had cash of S$1.77b and S$2.09b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by S$15.2b.
When you consider that this deficiency exceeds the company's S$12.8b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. 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 Keppel 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.
In the last year Keppel wasn't profitable at an EBIT level, but managed to grow its revenue by 45%, to S$9.1b. With any luck the company will be able to grow its way to profitability.
Caveat Emptor
Despite the top line growth, Keppel still had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at S$164m. Considering that alongside the liabilities mentioned above make us nervous about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. Not least because it burned through S$597m in negative free cash flow over the last year. So suffice it to say we consider the stock to be risky. 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. We've identified 4 warning signs with Keppel (at least 2 which can't be ignored) , and understanding them should be part of your investment process.
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.
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。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。重要的是吉宝股份有限公司(SGX:BN4)确实背负着债务。但更重要的问题是:这笔债务造成了多大的风险?
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。如果情况真的变得很糟糕,贷款人可以控制业务。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。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。
查看我们对吉宝的最新分析
吉宝背负着多少债务?
正如你在下面看到的,截至2022年6月,吉宝的债务为104亿新元,低于一年前的121亿新元。然而,它确实有17.7亿新元的现金来抵消这一点,导致净债务约为86.6亿新元。
新交所:BN4债转股历史2022年9月19日看一看吉宝的负债
根据最新报告的资产负债表,吉宝有114亿新元的负债在12个月内到期,76.2亿新元的负债在12个月后到期。另一方面,该公司有17.7亿新元的现金和20.9亿新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152亿新元。
当你认为这一不足超过了该公司128亿新元的市值时,你很可能倾向于专心审查资产负债表。假设,如果该公司被迫通过以当前股价筹集资金来偿还债务,将需要极大的稀释。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吉宝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。
去年,吉宝在息税前利润水平上没有盈利,但收入增长了45%,达到91亿新元。如果运气好的话,该公司将能够以增长的方式实现盈利。
告诫买入者
尽管营收增长,吉宝去年仍出现息税前收益(EBIT)亏损。具体地说,息税前利润损失为1.64亿新元。考虑到上面提到的债务,让我们对公司感到紧张。在对这只股票产生太大兴趣之前,我们希望看到一些强劲的短期改善。尤其是因为它在去年消耗了5.97亿新元的负自由现金流。因此,可以说,我们认为这只股票是有风险的。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。我们已经确定了4个警告信号对于Keppel(至少有两个是不容忽视的),理解它们应该是你投资过程的一部分。
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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