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Anhui Guangxin Agrochemical (SHSE:603599) Could Easily Take On More Debt
Anhui Guangxin Agrochemical (SHSE:603599) Could Easily Take On More Debt
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.' 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 can see that Anhui Guangxin Agrochemical Co., Ltd. (SHSE:603599) does use debt in its business. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Anhui Guangxin Agrochemical
How Much Debt Does Anhui Guangxin Agrochemical Carry?
As you can see below, at the end of June 2022, Anhui Guangxin Agrochemical had CN¥535.3m of debt, up from none a year ago. Click the image for more detail. But on the other hand it also has CN¥6.55b in cash, leading to a CN¥6.02b net cash position.
SHSE:603599 Debt to Equity History September 22nd 2022How Healthy Is Anhui Guangxin Agrochemical's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Anhui Guangxin Agrochemical had liabilities of CN¥3.51b due within 12 months and liabilities of CN¥133.2m due beyond that. Offsetting this, it had CN¥6.55b in cash and CN¥723.3m in receivables that were due within 12 months. So it can boast CN¥3.64b more liquid assets than total liabilities.
This excess liquidity suggests that Anhui Guangxin Agrochemical is taking a careful approach to debt. Due to its strong net asset position, it is not likely to face issues with its lenders. Succinctly put, Anhui Guangxin Agrochemical boasts net cash, so it's fair to say it does not have a heavy debt load!
Better yet, Anhui Guangxin Agrochemical grew its EBIT by 131% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Anhui Guangxin Agrochemical's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Anhui Guangxin Agrochemical 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. During the last three years, Anhui Guangxin Agrochemical generated free cash flow amounting to a very robust 85% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Anhui Guangxin Agrochemical has net cash of CN¥6.02b, as well as more liquid assets than liabilities. The cherry on top was that in converted 85% of that EBIT to free cash flow, bringing in CN¥1.9b. When it comes to Anhui Guangxin Agrochemical's debt, we sufficiently relaxed that our mind turns to the jacuzzi. 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. For example - Anhui Guangxin Agrochemical has 1 warning sign we think you should be aware of.
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。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。我们可以看到安徽广信农化有限公司(上海证券交易所:603599)确实在其业务中使用债务。但股东是否应该担心它的债务使用情况?
债务在什么时候是危险的?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对安徽广信农化的最新分析
安徽广信农化背负着多少债务?
正如你在下面看到的,截至2022年6月底,安徽广信农化的债务为5.353亿元人民币,而一年前为零。单击图像了解更多详细信息。但另一方面,它也有65.5亿加元的现金,导致60.2亿加元的净现金头寸。
上证综指:603599债转股历史2022年9月22日安徽广信农化的资产负债表有多健康?
放大最新的资产负债表数据,我们可以看到,安徽广信农化12个月内到期负债35.1亿元,12个月后到期负债1.332亿元。作为抵消,它有65.5亿加元的现金和7.233亿加元的应收账款在12个月内到期。因此,它的流动资产比总计负债。
这种过剩的流动性表明,安徽广信农化正在谨慎处理债务问题。由于其强大的净资产状况,它不太可能面临与贷款人的问题。简而言之,安徽广信农化拥有净现金,可以说它没有沉重的债务负担!
更好的是,安徽广信农化去年息税前利润增长了131%,这是一个令人印象深刻的进步。这一提振将使未来偿还债务变得更加容易。在分析债务水平时,资产负债表显然是一个起点。但决定安徽广信农化未来能否保持健康资产负债表的,最重要的是未来的收益。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。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。安徽广信农化的资产负债表上可能有净现金,但看看该业务将息税前利润(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。在过去三年中,安徽广信农化产生的自由现金流占其息税前利润的85%,非常强劲,超出了我们的预期。这使其在偿还债务方面处于非常有利的地位。
总结
虽然我们同情投资者对债务的担忧,但您应该记住,安徽广信农化拥有60.2亿元人民币的净现金,流动资产多于负债。上面的樱桃是In将85%的息税前利润转化为自由现金流,带来了人民币19亿元的收入。当谈到安徽广信农化的债务时,我们足够放松,我们的注意力转向了按摩浴缸。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。例如-安徽广信农化1个警告标志我们认为你应该意识到。
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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