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Here's Why Trip.com Group (NASDAQ:TCOM) Can Afford Some Debt
Here's Why Trip.com Group (NASDAQ:TCOM) Can Afford Some Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. As with many other companies Trip.com Group Limited (NASDAQ:TCOM) makes use of debt. But is this debt a concern to shareholders?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Trip.com Group
What Is Trip.com Group's Debt?
You can click the graphic below for the historical numbers, but it shows that Trip.com Group had CN¥51.3b of debt in September 2022, down from CN¥57.4b, one year before. On the flip side, it has CN¥47.6b in cash leading to net debt of about CN¥3.70b.
How Strong Is Trip.com Group's Balance Sheet?
According to the last reported balance sheet, Trip.com Group had liabilities of CN¥61.7b due within 12 months, and liabilities of CN¥21.6b due beyond 12 months. Offsetting these obligations, it had cash of CN¥47.6b as well as receivables valued at CN¥6.15b due within 12 months. So it has liabilities totalling CN¥29.6b more than its cash and near-term receivables, combined.
Since publicly traded Trip.com Group shares are worth a very impressive total of CN¥163.8b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Trip.com Group's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
In the last year Trip.com Group had a loss before interest and tax, and actually shrunk its revenue by 3.0%, to CN¥20b. That's not what we would hope to see.
Caveat Emptor
Over the last twelve months Trip.com Group produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥376m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. We would feel better if it turned its trailing twelve month loss of CN¥1.5b into a profit. So we do think this stock is quite risky. For riskier companies like Trip.com Group I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。与许多其他公司一样携程集团有限公司纳斯达克(TCOM:TCOM)利用债务。但这笔债务对股东来说是一个担忧吗?
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。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。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。
查看我们对携程集团的最新分析
携程集团的债务是什么?
你可以点击下图查看历史数据,但它显示了携程集团在2022年9月的债务为人民币513亿元,低于一年前的人民币574亿元。另一方面,它拥有476亿加元的现金,导致净债务约37亿加元。
携程集团的资产负债表有多强?
根据最近一次报告的资产负债表,携程集团有617亿加元的负债在12个月内到期,216亿加元的负债在12个月后到期。作为对这些债务的抵销,该公司有476亿加元的现金以及价值61.5亿加元的应收账款在12个月内到期。因此,它的负债总额为人民币296亿元,比现金和近期应收账款加起来还要多。
由于上市交易的携程集团股票总价值高达人民币1638亿元,这种负债水平似乎不太可能构成重大威胁。话虽如此,很明显,我们应该继续监控它的资产负债表,以免它变得更糟。毫无疑问,我们从资产负债表中了解到的债务最多。但决定携程集团未来能否保持健康资产负债表的,最重要的是未来的收益。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
去年携程集团息税前亏损,实际营收缩水3.0%,至200亿元人民币。这不是我们希望看到的。
告诫买入者
在过去的12个月里,携程集团出现了息税前收益(EBIT)亏损。具体地说,息税前亏损为3.76亿加元。考虑到除了上面提到的债务,我们对公司应该使用如此多的债务没有太大的信心。因此,我们认为它的资产负债表有点紧张,但并不是无法修复。如果它将过去12个月15亿元的亏损扭亏为盈,我们会感觉更好。因此,我们确实认为这只股票风险很大。对于像携程集团这样风险较高的公司,我总是喜欢关注长期的利润和收入趋势。幸运的是,您可以点击查看我们关于其利润、收入和运营现金流的互动图表。
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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