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SaturdayLtd (SZSE:002291) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway
SaturdayLtd (SZSE:002291) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway
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 Saturday Co.,Ltd (SZSE:002291) does use debt in its business. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. 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 SaturdayLtd
What Is SaturdayLtd's Debt?
The image below, which you can click on for greater detail, shows that SaturdayLtd had debt of CN¥735.9m at the end of June 2022, a reduction from CN¥1.45b over a year. However, it does have CN¥1.54b in cash offsetting this, leading to net cash of CN¥803.0m.
SZSE:002291 Debt to Equity History September 29th 2022How Healthy Is SaturdayLtd's Balance Sheet?
According to the last reported balance sheet, SaturdayLtd had liabilities of CN¥1.58b due within 12 months, and liabilities of CN¥66.9m due beyond 12 months. On the other hand, it had cash of CN¥1.54b and CN¥1.42b worth of receivables due within a year. So it can boast CN¥1.31b more liquid assets than total liabilities.
This surplus suggests that SaturdayLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, SaturdayLtd 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 SaturdayLtd 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 SaturdayLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 60%, to CN¥3.6b. Shareholders probably have their fingers crossed that it can grow its way to profits.
So How Risky Is SaturdayLtd?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And we do note that SaturdayLtd had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through CN¥460m of cash and made a loss of CN¥530m. With only CN¥803.0m on the balance sheet, it would appear that its going to need to raise capital again soon. SaturdayLtd's revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. 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. For instance, we've identified 1 warning sign for SaturdayLtd that 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。我们可以看到星期六股份有限公司(SZSE:002291)确实在其业务中使用债务。但更重要的问题是:这笔债务造成了多大的风险?
为什么债务会带来风险?
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。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。
查看我们对星期六有限公司的最新分析
星期六有限公司的债务是什么?
下图显示,截至2022年6月底,星期六有限公司的债务为7.359亿加元,比一年内的14.5亿加元有所减少。你可以点击查看更多细节。然而,它确实有15.4亿加元的现金抵消了这一点,导致净现金8.03亿加元。
深圳证交所:002291债转股历史2022年9月29日星期六有限公司的资产负债表有多健康?
根据最新报告的资产负债表,星期六有限公司有15.8亿加元的负债在12个月内到期,6690万加元的负债在12个月后到期。另一方面,它有15.4亿元现金和14.2亿元的应收账款在一年内到期。因此,它的流动资产比总计负债。
这一盈余表明,星期六有限公司的资产负债表很保守,很可能会毫不费力地消除债务。简而言之,星期六有限公司拥有净现金,所以公平地说,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星期六有限公司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,星期六有限公司没有实现息税前利润,但其收入增长了60%,达到人民币36亿元。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,星期六有限公司的风险有多大?
就其本质而言,亏损的公司比那些长期盈利的公司风险更大。我们确实注意到,星期六有限公司在过去一年中出现了息税前收益(EBIT)亏损。事实上,在此期间,它烧掉了4.6亿元人民币的现金,亏损了5.3亿元人民币。在资产负债表上只有8.03亿元人民币的情况下,它似乎很快就需要再次筹集资金。在过去的一年里,星期六有限公司的收入增长十分亮眼,因此它很有可能在适当的时候扭亏为盈。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。例如,我们已经确定1个星期六有限公司的警告标志这一点你应该知道。
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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