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Livzon Pharmaceutical Group (SZSE:000513) Seems To Use Debt Rather Sparingly
Livzon Pharmaceutical Group (SZSE:000513) Seems To Use Debt Rather Sparingly
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Livzon Pharmaceutical Group Inc. (SZSE:000513) does carry debt. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Livzon Pharmaceutical Group
What Is Livzon Pharmaceutical Group's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Livzon Pharmaceutical Group had debt of CN¥3.27b, up from CN¥2.40b in one year. However, it does have CN¥9.33b in cash offsetting this, leading to net cash of CN¥6.06b.
SZSE:000513 Debt to Equity History September 19th 2022How Strong Is Livzon Pharmaceutical Group's Balance Sheet?
The latest balance sheet data shows that Livzon Pharmaceutical Group had liabilities of CN¥6.75b due within a year, and liabilities of CN¥2.20b falling due after that. Offsetting these obligations, it had cash of CN¥9.33b as well as receivables valued at CN¥3.60b due within 12 months. So it can boast CN¥3.98b more liquid assets than total liabilities.
It's good to see that Livzon Pharmaceutical Group has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Livzon Pharmaceutical Group boasts net cash, so it's fair to say it does not have a heavy debt load!
While Livzon Pharmaceutical Group doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. 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 Livzon Pharmaceutical Group 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. While Livzon Pharmaceutical Group has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the most recent three years, Livzon Pharmaceutical Group recorded free cash flow worth 63% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
Summing Up
While it is always sensible to investigate a company's debt, in this case Livzon Pharmaceutical Group has CN¥6.06b in net cash and a decent-looking balance sheet. So is Livzon Pharmaceutical Group's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with Livzon Pharmaceutical Group , and understanding them should be part of your investment process.
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.
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,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。重要的是Livzon制药集团公司。(SZSE:000513)确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
什么时候债务是个问题?
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。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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对Livzon制药集团的最新分析
Livzon制药集团的债务是什么?
下面的图片,你可以点击查看更多细节,显示在2022年6月,丽宗制药集团的债务为32.7亿加元,而一年内为24.亿加元。然而,它确实有93.3亿加元的现金抵消了这一点,导致净现金为60.6亿加元。
深圳证交所:000513债转股历史2022年9月19日Livzon制药集团的资产负债表有多强劲?
最新的资产负债表数据显示,丽宗医药集团有67.5亿元的负债在一年内到期,22亿元的负债在一年内到期。作为对这些债务的抵销,该公司有93.3亿加元的现金以及价值36.0亿加元的应收账款在12个月内到期。因此,它可以吹嘘自己的流动资产比总计负债。
很高兴看到Livzon制药集团的资产负债表上有充足的流动性,这意味着对负债的保守管理。由于它拥有充足的资产,它不太可能与其贷款人发生麻烦。简而言之,Livzon制药集团拥有净现金,所以公平地说,它没有沉重的债务负担!
虽然Livzon Pharmtics Group在息税前利润方面似乎没有获得太多收益,但至少目前收益保持稳定。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Livzon制药集团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。虽然Livzon制药集团的资产负债表上有净现金,但它将息税前收益(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在最近三年中,Livzon制药集团记录的自由现金流相当于其息税前利润的63%,考虑到自由现金流不包括利息和税收,这一数字接近正常。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
虽然调查一家公司的债务总是明智的,但在这起案件中,Livzon制药集团拥有60.6亿元人民币的净现金和体面的资产负债表。那么,Livzon制药集团的债务是一种风险吗?但在我们看来并非如此。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。我们已经确定了1个警告信号与Livzon制药集团合作,了解他们应该是您投资过程的一部分。
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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