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We Think Shandong Weigao Group Medical Polymer (HKG:1066) Can Manage Its Debt With Ease
We Think Shandong Weigao Group Medical Polymer (HKG:1066) Can Manage Its Debt With Ease
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. Importantly, Shandong Weigao Group Medical Polymer Company Limited (HKG:1066) does carry debt. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
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. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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.
See our latest analysis for Shandong Weigao Group Medical Polymer
What Is Shandong Weigao Group Medical Polymer's Net Debt?
The chart below, which you can click on for greater detail, shows that Shandong Weigao Group Medical Polymer had CN¥4.37b in debt in June 2022; about the same as the year before. But on the other hand it also has CN¥7.15b in cash, leading to a CN¥2.78b net cash position.
SEHK:1066 Debt to Equity History September 20th 2022How Strong Is Shandong Weigao Group Medical Polymer's Balance Sheet?
According to the last reported balance sheet, Shandong Weigao Group Medical Polymer had liabilities of CN¥5.91b due within 12 months, and liabilities of CN¥4.41b due beyond 12 months. Offsetting this, it had CN¥7.15b in cash and CN¥7.06b in receivables that were due within 12 months. So it can boast CN¥3.89b more liquid assets than total liabilities.
This surplus suggests that Shandong Weigao Group Medical Polymer has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Shandong Weigao Group Medical Polymer has more cash than debt is arguably a good indication that it can manage its debt safely.
And we also note warmly that Shandong Weigao Group Medical Polymer grew its EBIT by 13% last year, making its debt load easier to handle. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Shandong Weigao Group Medical Polymer'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.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Shandong Weigao Group Medical Polymer 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. During the last three years, Shandong Weigao Group Medical Polymer produced sturdy free cash flow equating to 62% of its EBIT, about what we'd expect. 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 Shandong Weigao Group Medical Polymer has CN¥2.78b in net cash and a decent-looking balance sheet. So is Shandong Weigao Group Medical Polymer's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in Shandong Weigao Group Medical Polymer, you may well want to click here to check an interactive graph of its earnings per share history.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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。重要的是威高股份股份有限公司(HKG:1066)确实有债务。但这笔债务对股东来说是一个担忧吗?
为什么债务会带来风险?
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。如果情况真的变得很糟糕,贷款人可以控制业务。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。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。
参见我们对威高股份的最新分析
威高股份的净负债是多少?
下面的图表,你可以点击查看更多细节,显示威高股份在2022年6月的债务为43.7亿元人民币,与前一年大致相同。但另一方面,它也有71.5亿加元的现金,导致27.8亿加元的净现金头寸。
联交所:1066债转股历史2022年9月20日威高股份的资产负债表有多强?
根据最近一次上报的资产负债表,威高股份有59.1亿加元的负债在12个月内到期,44.1亿加元的负债在12个月后到期。作为抵消,它有71.5亿加元的现金和70.6亿加元的应收账款在12个月内到期。因此,它的流动资产比总计负债。
这一盈余表明,威高股份的资产负债表比较保守,很可能会毫不费力地消除债务。简而言之,威高股份的现金多于债务,这可以说是一个很好的迹象,表明它可以安全地管理债务。
我们也热情地注意到,威高股份去年的息税前利润增长了13%,使其债务负担更容易处理。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定威高股份未来能否保持健康的资产负债表。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。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。虽然威高股份的资产负债表上有净现金,但它将息税前利润转换为自由现金流的能力仍然值得一看,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。在过去的三年里,威高股份产生了相当于息税前利润62%的稳健的自由现金流,这与我们预期的差不多。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之举,但在这起案件中,威高股份拥有27.8亿元人民币的净现金和体面的资产负债表。那么,威高股份的债务是一种风险吗?但在我们看来并非如此。随着时间的推移,股价往往会跟随每股收益,所以如果你对威高股份感兴趣,你很可能想点击这里查看其每股收益历史的互动图表。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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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。
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