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Is SUNeVision Holdings (HKG:1686) A Risky Investment?
Is SUNeVision Holdings (HKG:1686) A Risky Investment?
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.' 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. As with many other companies SUNeVision Holdings Ltd. (HKG:1686) makes use of 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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for SUNeVision Holdings
How Much Debt Does SUNeVision Holdings Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 SUNeVision Holdings had HK$11.9b of debt, an increase on HK$10.6b, over one year. However, it does have HK$309.7m in cash offsetting this, leading to net debt of about HK$11.6b.
SEHK:1686 Debt to Equity History September 30th 2022How Healthy Is SUNeVision Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that SUNeVision Holdings had liabilities of HK$3.65b due within 12 months and liabilities of HK$9.90b due beyond that. On the other hand, it had cash of HK$309.7m and HK$419.9m worth of receivables due within a year. So its liabilities total HK$12.8b more than the combination of its cash and short-term receivables.
This is a mountain of leverage relative to its market capitalization of HK$16.8b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe 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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Strangely SUNeVision Holdings has a sky high EBITDA ratio of 8.8, implying high debt, but a strong interest coverage of 155. So either it has access to very cheap long term debt or that interest expense is going to grow! We saw SUNeVision Holdings grow its EBIT by 8.5% in the last twelve months. That's far from incredible but it is a good thing, when it comes to paying off debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine SUNeVision Holdings'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. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, SUNeVision Holdings burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
To be frank both SUNeVision Holdings's net debt to EBITDA and its track record of converting EBIT to free cash flow make us rather uncomfortable with its debt levels. But on the bright side, its interest cover is a good sign, and makes us more optimistic. Once we consider all the factors above, together, it seems to us that SUNeVision Holdings's debt is making it a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 2 warning signs with SUNeVision Holdings , and understanding them should be part of your investment process.
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.
霍华德·马克斯说得很好,与其担心股价波动,不如说:“我担心的是永久亏损的可能性... 我认识的每位实际投资者都担心这种风险。”在研究公司的资产负债表有多风险时,考虑公司的资产负债表是很自然的,因为企业倒闭时通常涉及债务。和许多其他公司一样 新意网控股有限公司 (HKG: 1686) 使用债务。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?
债务是帮助企业发展的工具,但是如果企业无法还清贷款人,那么债务就任由他们摆布。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然令人痛苦)的情况是它必须以低价筹集新的股权资本,从而永久稀释股东。话虽如此,最常见的情况是公司合理地管理债务,这也是为了自己的利益。在考虑公司的债务水平时,第一步是将现金和债务放在一起考虑。
查看我们对新意网控股的最新分析
新意网控股有多少债务?
你可以点击下面的图片查看历史数字,但它显示,截至2022年6月,SuneVision Holdings在一年内有119亿港元的债务,比106亿港元增加了106亿港元。但是,它确实有3.097亿港元的现金抵消了这一点,导致净负债约为116亿港元。
SEHK: 1686 债务与权益的历史记录 2022 年 9 月 30 日SuneVision 控股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,SuneVision Holdings在12个月内到期的负债为36.5亿港元,在此之后的负债为99.0亿港元。另一方面,它在一年内有3.097亿港元的现金和价值4.199亿港元的应收账款。因此,其负债总额比其现金和短期应收账款的总和多出128亿港元。
与其168亿港元的市值相比,这是一笔巨大的杠杆作用。如果其贷款机构要求其支撑资产负债表,股东可能会面临严重稀释。
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)。这种方法的优势在于,我们既考虑了债务的绝对数量(包括净负债与息税折旧摊销前利润),也考虑了与该债务相关的实际利息支出(及其利息覆盖率)。
奇怪的是,SuneVision Holdings的息税折旧摊销前利润率居高不下,为8.8,这意味着负债累累,但利息覆盖率却很高,为155。因此,要么它有机会获得非常便宜的长期债务,要么利息支出会增加!在过去的十二个月中,我们看到SuneVision控股的息税前利润增长了8.5%。这远非不可思议,但在还清债务方面,这是一件好事。资产负债表显然是你分析债务时需要关注的领域。但是,未来的收益比什么都重要,将决定SuneVision Holdings未来保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,公司只能用冷硬现金偿还债务,不能用会计利润。因此,值得检查一下息税前利润中有多少是由自由现金流支持的。在过去的三年中,SuneVision Holdings消耗了大量现金。尽管投资者无疑预计这种情况将在适当的时候逆转,但这显然意味着其使用债务的风险更大。
我们的观点
坦率地说,SuneVision Holdings的净负债与息税折旧摊销前利润的比率及其将息税前利润转换为自由现金流的往绩都使我们对其债务水平感到相当不舒服。但好的一面是,它的利息保障是一个好兆头,也使我们更加乐观。一旦我们综合考虑了上述所有因素,在我们看来,SuneVision Holdings的债务使其有点风险。这不一定是一件坏事,但我们通常会觉得杠杆率降低会更舒服。资产负债表显然是你分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。 我们已经确定了 2 个警告信号 在 SuneVision Holdings,了解它们应该是你投资过程的一部分。
如果你有兴趣投资那些可以在没有债务负担的情况下增加利润的企业,那就看看这个 免费的 资产负债表上有净现金的成长型企业名单。
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。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 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。
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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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