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Golden Energy and Resources (SGX:AUE) Seems To Use Debt Quite Sensibly
Golden Energy and Resources (SGX:AUE) Seems To Use Debt Quite Sensibly
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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that Golden Energy and Resources Limited (SGX:AUE) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Golden Energy and Resources
What Is Golden Energy and Resources's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Golden Energy and Resources had debt of US$1.26b, up from US$406.8m in one year. On the flip side, it has US$933.9m in cash leading to net debt of about US$330.8m.
SGX:AUE Debt to Equity History October 20th 2022How Strong Is Golden Energy and Resources' Balance Sheet?
We can see from the most recent balance sheet that Golden Energy and Resources had liabilities of US$1.16b falling due within a year, and liabilities of US$2.15b due beyond that. Offsetting this, it had US$933.9m in cash and US$695.2m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.68b.
Given this deficit is actually higher than the company's market capitalization of US$1.59b, we think shareholders really should watch Golden Energy and Resources's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Golden Energy and Resources's net debt is only 0.29 times its EBITDA. And its EBIT covers its interest expense a whopping 19.1 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Better yet, Golden Energy and Resources grew its EBIT by 504% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Golden Energy and Resources will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Golden Energy and Resources recorded free cash flow worth a fulsome 98% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
Our View
The good news is that Golden Energy and Resources's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But the stark truth is that we are concerned by its level of total liabilities. When we consider the range of factors above, it looks like Golden Energy and Resources is pretty sensible with its use of debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Golden Energy and Resources has 2 warning signs we think you should be aware of.
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.
传奇基金经理Li·Lu曾说过,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。我们注意到金色能源资源有限公司(SGX:AuE)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
债务在什么时候是危险的?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。如果情况真的变得很糟糕,贷款人可以控制业务。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对黄金能源和资源的最新分析
黄金能源和资源公司的净债务是多少?
下图显示,截至2022年6月,黄金能源和资源公司的债务为12.6亿美元,高于一年内的4.068亿美元。另一方面,它拥有9.339亿美元的现金,导致净债务约为3.308亿美元。
新交所:澳大利亚债转股历史2022年10月20日黄金能源资源公司的资产负债表有多强劲?
我们可以从最近的资产负债表中看到,金色能源资源公司有11.6亿美元的负债在一年内到期,超过一年的负债有21.5亿美元到期。作为抵消,它有9.339亿美元的现金和6.952亿美元的应收账款在12个月内到期。因此,其负债比现金和(近期)应收账款之和高出16.8亿美元。
鉴于这一赤字实际上高于公司15.9亿美元的市值,我们认为股东们真的应该关注金色能源和资源公司的债务水平,就像父母第一次看孩子骑车一样。假设,如果该公司被迫通过以当前股价筹集资金来偿还债务,将需要极大的稀释。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
黄金能源资源的净债务仅为其EBITDA的0.29倍。它的息税前利润比利息支出高出19.1倍。因此,你可以辩称,它不会受到债务的威胁,就像大象受到老鼠的威胁一样。更好的是,Golden Energy and Resources去年的息税前利润增长了504%,这是一个令人印象深刻的改善。如果保持这样的增长,未来几年的债务将变得更加可控。毫无疑问,我们从资产负债表中了解到的债务最多。但你不能完全孤立地看待债务,因为黄金能源和资源公司需要盈利来偿还债务。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
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。因此,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。在过去的三年里,Golden Energy and Resources录得相当于其息税前利润的98%的自由现金流,这比我们通常预期的要强。这使它处于有利的地位,如果需要的话,它可以偿还债务。
我们的观点
好消息是,Golden Energy and Resources证明有能力通过息税前利润来支付利息支出,这让我们感到高兴,就像毛茸茸的小狗对待蹒跚学步的孩子一样。但严酷的事实是,我们对其总负债水平感到担忧。当我们考虑上述一系列因素时,黄金能源资源公司在使用债务方面似乎相当明智。这意味着他们正在承担更多的风险,希望提高股东回报。在分析债务水平时,资产负债表显然是一个起点。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。例如-黄金能源和资源公司拥有2个警告标志我们认为你应该意识到。
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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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。
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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。
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