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Rock Star Growth Puts BeiGene (NASDAQ:BGNE) In A Position To Use Debt

Rock Star Growth Puts BeiGene (NASDAQ:BGNE) In A Position To Use Debt

摇滚巨星成长使百济神州(纳斯达克股票代码:BGNE)有能力使用债务
Simply Wall St ·  01/18 07:43

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 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. Importantly, BeiGene, Ltd. (NASDAQ:BGNE) does carry debt. But should shareholders be worried about its use of debt?

传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。重要的是,百济神州有限公司(纳斯达克股票代码:BGNE)确实有债务。但是,股东是否应该担心其债务的使用?

When Is Debt A Problem?

债务何时会成为问题?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.

债务是帮助企业增长的工具,但是如果企业无法还清贷款人的债务,那么债务就任其摆布。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。考虑公司的债务水平的第一步是同时考虑其现金和债务。

View our latest analysis for BeiGene

查看我们对百济神州的最新分析

What Is BeiGene's Net Debt?

百济神州的净负债是多少?

The image below, which you can click on for greater detail, shows that BeiGene had debt of US$531.1m at the end of September 2023, a reduction from US$649.3m over a year. But on the other hand it also has US$3.17b in cash, leading to a US$2.64b net cash position.

您可以点击下图查看更多详情,该图片显示,截至2023年9月底,百济神州的债务为5.311亿美元,较去年同期的6.493亿美元有所减少。但另一方面,它也有31.7亿美元的现金,净现金状况为26.4亿美元。

debt-equity-history-analysis
NasdaqGS:BGNE Debt to Equity History January 18th 2024
NASDAQGS: BGNE 债券与股本比率历史记录 2024 年 1 月 18 日

How Strong Is BeiGene's Balance Sheet?

百济神州的资产负债表有多强?

Zooming in on the latest balance sheet data, we can see that BeiGene had liabilities of US$1.28b due within 12 months and liabilities of US$478.3m due beyond that. On the other hand, it had cash of US$3.17b and US$354.6m worth of receivables due within a year. So it actually has US$1.77b more liquid assets than total liabilities.

放大最新的资产负债表数据,我们可以看到,百济神州在12个月内到期的负债为12.8亿美元,之后到期的负债为4.783亿美元。另一方面,它有31.7亿美元的现金和价值3.546亿美元的应收账款将在一年内到期。所以它实际上有17.7亿美元 更多 流动资产大于总负债。

This short term liquidity is a sign that BeiGene could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that BeiGene has more cash than debt is arguably a good indication that it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if BeiGene can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

这种短期流动性表明,由于其资产负债表远未捉襟见肘,百济神州很可能会轻松还清债务。简而言之,百济神州的现金多于债务这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。资产负债表显然是分析债务时需要关注的领域。但最终,该业务的未来盈利能力将决定百济神州能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。

Over 12 months, BeiGene reported revenue of US$2.2b, which is a gain of 76%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.

在过去的12个月中,百济神州公布的收入为22亿美元,增长了76%,尽管它没有报告任何利息和税前收益。股东们可能对它能够实现盈利抱有疑虑。

So How Risky Is BeiGene?

那么百济神州有多危险?

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 BeiGene had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through US$1.9b of cash and made a loss of US$959m. But at least it has US$2.64b on the balance sheet to spend on growth, near-term. BeiGene's revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. Pre-profit companies are often risky, but they can also offer great rewards. When I consider a company to be a bit risky, I think it is responsible to check out whether insiders have been reporting any share sales. Luckily, you can click here ito see our graphic depicting BeiGene insider transactions.

就其本质而言,亏损的公司比盈利历史悠久的公司风险更大。而且我们确实注意到,百济神州去年出现了息税前收益(EBIT)亏损。事实上,在那段时间里,它消耗了19亿美元的现金,损失了9.59亿美元。但至少在短期内,它的资产负债表上有26.4亿美元可用于增长。百济神州的收入增长在去年大放异彩,因此它很可能有能力在适当的时候实现盈利。盈利前公司通常是有风险的,但它们也可以提供丰厚的回报。当我认为一家公司有点风险时,我认为它有责任检查内部人士是否报告了任何股票销售情况。幸运的是,你可以点击这里查看我们描绘百济神州内幕交易的图片。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司身上。读者现在可以免费访问净负债为零的成长型股票清单。

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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.

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