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Health Check: How Prudently Does Galaxy Entertainment Group (HKG:27) Use Debt?
Health Check: How Prudently Does Galaxy Entertainment Group (HKG:27) Use Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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, Galaxy Entertainment Group Limited (HKG:27) does carry debt. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Galaxy Entertainment Group
How Much Debt Does Galaxy Entertainment Group Carry?
As you can see below, Galaxy Entertainment Group had HK$8.79b of debt at June 2022, down from HK$11.5b a year prior. However, it does have HK$19.4b in cash offsetting this, leading to net cash of HK$10.6b.
SEHK:27 Debt to Equity History September 26th 2022A Look At Galaxy Entertainment Group's Liabilities
We can see from the most recent balance sheet that Galaxy Entertainment Group had liabilities of HK$16.4b falling due within a year, and liabilities of HK$1.10b due beyond that. Offsetting these obligations, it had cash of HK$19.4b as well as receivables valued at HK$1.29b due within 12 months. So it actually has HK$3.18b more liquid assets than total liabilities.
Having regard to Galaxy Entertainment Group's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the HK$205.3b company is short on cash, but still worth keeping an eye on the balance sheet. Succinctly put, Galaxy Entertainment Group boasts net cash, so it's fair to say it does not have a heavy debt load! 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 Galaxy Entertainment 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.
Over 12 months, Galaxy Entertainment Group made a loss at the EBIT level, and saw its revenue drop to HK$16b, which is a fall of 9.8%. We would much prefer see growth.
So How Risky Is Galaxy Entertainment Group?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And the fact is that over the last twelve months Galaxy Entertainment Group lost money at the earnings before interest and tax (EBIT) line. Indeed, in that time it burnt through HK$8.7b of cash and made a loss of HK$471m. Given it only has net cash of HK$10.6b, the company may need to raise more capital if it doesn't reach break-even soon. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. For riskier companies like Galaxy Entertainment Group I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。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。重要的是银河娱乐集团有限公司(HKG:27)确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
什么时候债务是个问题?
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,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,许多公司利用债务为增长提供资金,没有任何负面后果。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。
查看我们对银河娱乐集团的最新分析
银河娱乐集团背负着多少债务?
如下所示,截至2022年6月,银河娱乐集团的债务为87.9亿港元,低于一年前的115亿港元。然而,它确实拥有194亿港元的现金,抵消了这一影响,导致净现金达到106亿港元。
联交所:27债转股历史2022年9月26日银河娱乐集团负债一瞥
我们从最近的资产负债表可以看到,银河娱乐集团有164亿港元的负债在一年内到期,而在这之后还有11亿港元的负债到期。该公司有194亿港元现金及12.9亿港元应收账款于12个月内到期,以抵销这些债务。因此,它实际上有31.8亿港元更多流动资产超过总负债。
考虑到银河娱乐集团的规模,其流动资产与总负债似乎达到了很好的平衡。因此,这家市值2053亿港元的公司不太可能出现现金短缺的情况,但仍值得关注其资产负债表。简而言之,银河娱乐集团拥有净现金,可以说它没有沉重的债务负担!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银河娱乐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。
过去12个月,银河娱乐集团息税前利润出现亏损,收入降至160亿港元,跌幅为9.8%。我们更希望看到增长。
那么,银河娱乐集团的风险有多大呢?
我们毫不怀疑,总的来说,亏损公司比盈利公司风险更大。事实是,在过去的12个月里,银河娱乐集团的息税前利润(EBIT)出现了亏损。事实上,在此期间,该公司烧掉了87亿港元的现金,亏损了4.71亿港元。鉴于该公司只有106亿港元的净现金,如果不能很快实现盈亏平衡,它可能需要筹集更多资金。尽管一家公司的资产负债表似乎流动性充足,但如果一家公司不能定期产生自由现金流,债务总是会让我们感到有点紧张。对于像银河娱乐集团这样风险较高的公司,我总是喜欢关注长期的利润和收入趋势。幸运的是,您可以点击查看我们关于其利润、收入和运营现金流的互动图表。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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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