-
市场
-
产品
-
资讯
-
Moo社区
-
课堂
-
查看更多
-
功能介绍
-
费用费用透明,无最低余额限制
投资选择、功能介绍、费用相关信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 浅色
Here's Why Bumitama Agri (SGX:P8Z) Can Manage Its Debt Responsibly
Here's Why Bumitama Agri (SGX:P8Z) Can Manage Its Debt Responsibly
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. We note that Bumitama Agri Ltd. (SGX:P8Z) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Bumitama Agri
What Is Bumitama Agri's Debt?
The image below, which you can click on for greater detail, shows that Bumitama Agri had debt of Rp4.19t at the end of June 2022, a reduction from Rp5.54t over a year. On the flip side, it has Rp1.38t in cash leading to net debt of about Rp2.80t.
SGX:P8Z Debt to Equity History September 29th 2022A Look At Bumitama Agri's Liabilities
Zooming in on the latest balance sheet data, we can see that Bumitama Agri had liabilities of Rp1.69t due within 12 months and liabilities of Rp4.52t due beyond that. On the other hand, it had cash of Rp1.38t and Rp665.0b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by Rp4.16t.
Bumitama Agri has a market capitalization of Rp10t, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Bumitama Agri has net debt of just 0.46 times EBITDA, suggesting it could ramp leverage without breaking a sweat. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So there's no doubt this company can take on debt while staying cool as a cucumber. Even more impressive was the fact that Bumitama Agri grew its EBIT by 172% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Bumitama Agri'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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the most recent three years, Bumitama Agri recorded free cash flow worth 51% 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.
Our View
The good news is that Bumitama Agri's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its EBIT growth rate also supports that impression! Taking all this data into account, it seems to us that Bumitama Agri takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. 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. For example, we've discovered 2 warning signs for Bumitama Agri (1 is significant!) that you should be aware of before investing here.
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.
传奇基金经理李露(Charlie Munger 支持他)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当我们想到一家公司的风险有多大时,我们总是喜欢看看它对债务的使用,因为债务超负荷会导致破产。我们注意到 Bumitama Agri Ltd. (SGX: P8Z) 的资产负债表上确实有债务。但真正的问题是这笔债务是否使公司面临风险。
债务何时会成为问题?
一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松还清债务时,债务才会成为真正的问题。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。尽管这种情况不太常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以低价筹集资金。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。在考虑企业使用多少债务时,要做的第一件事是将其现金和债务放在一起考虑。
查看我们对 Bumitama Agri 的最新分析
Bumitama Agri的债务是什么?
您可以点击下图了解更多详情,该图片显示,截至2022年6月底,Bumitama Agri的债务为rp4.19t,比一年多的rp5.54t有所减少。另一方面,它有1.38万亿卢比的现金,净负债约为2.80万卢比。
新加坡交易所:P8Z 债务转股权历史记录 2022 年 9 月 29 日看看 Bumitama Agri 的负债
放大最新的资产负债表数据,我们可以看到Bumitama Agri在12个月内到期的负债为RP1.69t,在此之后到期的负债为rp4.52t。另一方面,它有一年内到期的现金为1.38亿卢比和价值665.0亿卢比的应收账款。因此,其负债超过现金和(短期)应收账款总额rp4.16t。
Bumitama Agri的市值为rp10t,因此,如果有需要,它很可能会筹集资金来改善其资产负债表。但很明显,我们绝对应该仔细研究它能否在不稀释的情况下管理债务。
为了扩大公司相对于收益的负债规模,我们计算其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),将其利息和税前收益(EBIT)除以利息支出(利息保障)。这样,我们既考虑债务的绝对数量,也考虑为债务支付的利率。
Bumitama Agri的净负债仅为息税折旧摊销前利润的0.46倍,这表明它可以在不费吹灰之力的情况下提高杠杆率。但真正酷的是,在过去的一年中,它实际上设法获得的利息超过了支付的利息。因此,毫无疑问,这家公司可以在承担债务的同时保持冷静。更令人印象深刻的是,Bumitama Agri在十二个月内将其息税前利润增长了172%。如果保持这种增长,将使未来几年的债务更加易于管理。在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益比什么都重要,将决定Bumitama Agri未来维持健康资产负债表的能力。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,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。因此,我们显然需要研究息税前利润是否带来了相应的自由现金流。在最近三年中,Bumitama Agri录得的自由现金流相当于其息税前利润的51%,这与正常水平差不多,因为自由现金流不包括利息和税收。这笔冷硬现金意味着它可以在需要时减少债务。
我们的观点
好消息是,Bumitama Agri表现出能够用息税前利润支付利息支出,这让我们感到高兴,就像毛茸茸的小狗对待幼儿一样。好消息还不止于此,因为其息税前利润增长率也支持了这种印象!考虑到所有这些数据,在我们看来,Bumitama Agri对债务采取了非常明智的态度。尽管这带来了一些风险,但它也可以提高股东的回报。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,并非所有的投资风险都存在于资产负债表内——远非如此。例如,我们发现了 Bumitama Agri 的 2 个警告标志 (1 很重要!)在这里投资之前,你应该注意这一点。
当一切都说完之后,有时候更容易将注意力集中在甚至不需要债务的公司身上。读者可以访问净负债为零的成长型股票清单 100% 免费,现在。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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。
风险及免责提示
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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用浏览器的分享功能,分享给你的好友吧