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These 4 Measures Indicate That ANTA Sports Products (HKG:2020) Is Using Debt Reasonably Well
These 4 Measures Indicate That ANTA Sports Products (HKG:2020) Is Using Debt Reasonably Well
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 note that ANTA Sports Products Limited (HKG:2020) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
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. 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, 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.
View our latest analysis for ANTA Sports Products
What Is ANTA Sports Products's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 ANTA Sports Products had CN¥12.8b of debt, an increase on CN¥12.2b, over one year. But on the other hand it also has CN¥26.3b in cash, leading to a CN¥13.6b net cash position.
SEHK:2020 Debt to Equity History October 3rd 2022A Look At ANTA Sports Products' Liabilities
According to the last reported balance sheet, ANTA Sports Products had liabilities of CN¥23.7b due within 12 months, and liabilities of CN¥5.75b due beyond 12 months. Offsetting these obligations, it had cash of CN¥26.3b as well as receivables valued at CN¥3.12b due within 12 months. So these liquid assets roughly match the total liabilities.
This state of affairs indicates that ANTA Sports Products' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥204.6b company is struggling for cash, we still think it's worth monitoring its balance sheet. Despite its noteworthy liabilities, ANTA Sports Products boasts net cash, so it's fair to say it does not have a heavy debt load!
On the other hand, ANTA Sports Products saw its EBIT drop by 4.9% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine ANTA Sports Products'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 business needs free cash flow to pay off debt; accounting profits just don't cut it. While ANTA Sports Products has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, ANTA Sports Products recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
Summing Up
We could understand if investors are concerned about ANTA Sports Products's liabilities, but we can be reassured by the fact it has has net cash of CN¥13.6b. And it impressed us with free cash flow of CN¥8.7b, being 82% of its EBIT. So we don't think ANTA Sports Products's use of debt is risky. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that ANTA Sports Products insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。我们注意到安踏体育有限公司(HKG:2020)的资产负债表上确实有债务。但股东是否应该担心它的债务使用情况?
为什么债务会带来风险?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。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,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。
查看我们对安踏体育的最新分析
安踏体育的净负债是多少?
你可以点击下图查看历史数据,但它显示,截至2022年6月,安踏体育的债务为128亿元人民币,比一年前增加了122亿元人民币。但另一方面,它也有263亿加元的现金,导致136亿加元的净现金头寸。
联交所:2020年债转股历史2022年10月3日安踏体育的债务一瞥
根据最近一次上报的资产负债表,安踏体育有237亿加元的负债在12个月内到期,57.5亿加元的负债超过12个月到期。作为对这些债务的抵销,该公司有263亿加元的现金以及价值31.2亿加元的应收账款在12个月内到期。因此,这些流动资产大致相当于总负债。
这种情况表明,安踏体育的资产负债表看起来相当稳健,其总负债与流动资产大致相当。因此,尽管很难想象这家拥有2,046亿元人民币的公司正在苦苦挣扎,但我们仍然认为值得关注它的资产负债表。尽管安踏体育的负债值得注意,但它拥有净现金,所以公平地说,它没有沉重的债务负担!
另一方面,安踏体育的息税前利润在过去12个月里下降了4.9%。如果收益继续以这样的速度下降,该公司管理债务负担的难度可能会越来越大。在分析债务水平时,资产负债表显然是一个起点。但最重要的是,未来的收益将决定安踏体育未来能否保持健康的资产负债表。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。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。虽然安踏体育的资产负债表上有净现金,但它将息税前利润转换为自由现金流的能力仍然值得一看,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。在过去的三年里,安踏体育的自由现金流相当于其息税前利润的82%,这比我们通常预期的要好。这使其在偿还债务方面处于非常有利的地位。
总结
如果投资者担心安踏体育的负债,我们可以理解,但我们可以放心的是,它拥有136亿元的净现金。它给我们留下了深刻的印象,自由现金流为87亿元,占其息税前利润的82%。所以我们不认为安踏体育举债有风险。当然,如果我们知道安踏体育的内部人士一直在买入股票,我们不会对这种额外的信心说不:如果你和安踏体育的想法相同,你可以通过点击这个链接来了解内部人士是否在买入。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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