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Is Dada Nexus (NASDAQ:DADA) Using Too Much Debt?
Is Dada Nexus (NASDAQ:DADA) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. As with many other companies Dada Nexus Limited (NASDAQ:DADA) makes use of debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. 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 step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for Dada Nexus
What Is Dada Nexus's Net Debt?
You can click the graphic below for the historical numbers, but it shows that Dada Nexus had CN¥100.0m of debt in June 2022, down from CN¥500.0m, one year before. But on the other hand it also has CN¥4.25b in cash, leading to a CN¥4.15b net cash position.
NasdaqGS:DADA Debt to Equity History September 19th 2022How Healthy Is Dada Nexus' Balance Sheet?
We can see from the most recent balance sheet that Dada Nexus had liabilities of CN¥2.05b falling due within a year, and liabilities of CN¥56.6m due beyond that. Offsetting this, it had CN¥4.25b in cash and CN¥1.60b in receivables that were due within 12 months. So it actually has CN¥3.75b more liquid assets than total liabilities.
This surplus strongly suggests that Dada Nexus has a rock-solid balance sheet (and the debt is of no concern whatsoever). With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Simply put, the fact that Dada Nexus has more cash than debt is arguably a good indication that it can manage its debt safely. 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 Dada Nexus 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.
In the last year Dada Nexus wasn't profitable at an EBIT level, but managed to grow its revenue by 24%, to CN¥8.0b. Shareholders probably have their fingers crossed that it can grow its way to profits.
So How Risky Is Dada Nexus?
Statistically speaking companies that lose money are riskier than those that make money. And we do note that Dada Nexus had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through CN¥2.7b of cash and made a loss of CN¥2.3b. But at least it has CN¥4.15b on the balance sheet to spend on growth, near-term. With very solid revenue growth in the last year, Dada Nexus may be on a path to profitability. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with Dada Nexus , and understanding them should be part of your investment process.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。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。与许多其他公司一样达达集团(纳斯达克:DADA)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
债务在什么时候是危险的?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。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。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。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。
查看我们对达达集团的最新分析
达达集团的净债务是多少?
你可以点击下图查看历史数据,但它显示,截至2022年6月,达达集团的债务为人民币1.00亿元,低于一年前的人民币5.0亿元。但另一方面,它也拥有人民币42.5亿元的现金,导致人民币41.5亿元的净现金头寸。
NasdaqGS:Dada债转股历史2022年9月19日达达集团的资产负债表有多健康?
从最近的资产负债表中我们可以看到,达达集团有20.5亿元的负债在一年内到期,还有5660万元的负债在一年内到期。作为抵消,它有42.5亿加元的现金和16.亿加元的应收账款在12个月内到期。所以它实际上有37.5亿元人民币更多流动资产超过总负债。
这一盈余有力地表明,达达集团拥有坚如磐石的资产负债表(债务丝毫不值得担心)。考虑到这一点,人们可以断定,其资产负债表意味着该公司有能力应对一些逆境。简而言之,达达集团的现金多于债务这一事实可以说是一个很好的迹象,表明它能够安全地管理债务。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达达集团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。
去年,达达集团没有实现息税前利润,但营收增长了24%,至人民币80亿元。股东们可能会祈祷它能以自己的方式增长并实现盈利。
那么,达达集团的风险有多大呢?
从统计上讲,亏损的公司比赚钱的公司风险更大。我们确实注意到,达达集团去年出现了息税前收益(EBIT)亏损。事实上,在这段时间里,它烧掉了27亿元现金,亏损了23亿元。但至少在短期内,它的资产负债表上还有41.5亿加元可以用于增长。由于去年营收增长非常强劲,新浪达达集团可能正走上盈利之路。通过在这些利润之前投资,股东承担了更大的风险,希望获得更大的回报。毫无疑问,我们从资产负债表中了解到的债务最多。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个警告信号与达达集团合作,了解他们应该是你投资过程的一部分。
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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