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These 4 Measures Indicate That NetEase (NASDAQ:NTES) Is Using Debt Safely
These 4 Measures Indicate That NetEase (NASDAQ:NTES) Is Using Debt Safely
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.' 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 NetEase, Inc. (NASDAQ:NTES) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
View our latest analysis for NetEase
How Much Debt Does NetEase Carry?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 NetEase had CN¥25.9b of debt, an increase on CN¥21.8b, over one year. However, its balance sheet shows it holds CN¥102.5b in cash, so it actually has CN¥76.6b net cash.
NasdaqGS:NTES Debt to Equity History August 2nd 2022A Look At NetEase's Liabilities
According to the last reported balance sheet, NetEase had liabilities of CN¥51.8b due within 12 months, and liabilities of CN¥5.71b due beyond 12 months. Offsetting these obligations, it had cash of CN¥102.5b as well as receivables valued at CN¥5.28b due within 12 months. So it can boast CN¥50.3b more liquid assets than total liabilities.
This surplus suggests that NetEase has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that NetEase has more cash than debt is arguably a good indication that it can manage its debt safely.
Another good sign is that NetEase has been able to increase its EBIT by 23% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if NetEase 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. NetEase may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, NetEase actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that NetEase has net cash of CN¥76.6b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥21b, being 127% of its EBIT. So is NetEase's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in NetEase, you may well want to click here to check an interactive graph of its earnings per share history.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。我們注意到網易-S股份有限公司納斯達克(Sequoia Capital:NTES)的資產負債表上確實有債務。但更重要的問題是:這筆債務造成了多大的風險?
什麼時候債務是個問題?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對網易-S的最新分析
網易-S揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年3月,網易-S的債務為259億元人民幣,比一年前增加了218億元人民幣。然而,其資產負債表顯示,它持有人民幣1025億元的現金,因此它實際上擁有人民幣766億元的淨現金。
納斯達克:NTES債轉股歷史2022年8月2日看網易-S的負債
根據最新上報的資產負債表,網易-S有518億加元的負債在12個月內到期,57.1億加元的負債在12個月後到期。作為對這些債務的抵銷,該公司有1025億加元的現金以及價值52.8億加元的應收賬款在12個月內到期。因此,它可以吹噓比總計負債。
這一盈餘表明,網易-S的資產負債表比較保守,很可能會毫不費力地消除債務。簡而言之,網易-S的現金多於債務,這可以説是一個很好的跡象,表明它可以安全地管理債務。
另一個好跡象是,網易-S能夠在12個月內將息税前利潤提高23%,從而更容易償還債務。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最終,該業務未來的盈利能力將決定網易-S能否隨着時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。網易-S的資產負債表上可能有淨現金,但看看該公司將息税前利潤(EBIT)轉換為自由現金流的情況仍然很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去的三年裏,網易-S產生的自由現金流實際上超過了息税前利潤。這種強勁的現金轉換讓我們像傻朋克演唱會上節奏下降時的觀眾一樣興奮。
總結
雖然我們同情那些對債務感到擔憂的投資者,但你應該記住,網易-S的淨現金為766億元人民幣,流動資產多於負債。它給我們留下了深刻的印象,自由現金流為210億元人民幣,佔其息税前利潤的127%。那麼,網易-S的債務是一種風險嗎?但在我們看來並非如此。隨着時間的推移,股價往往會跟隨每股收益,所以如果你對網易-S感興趣,你很可能想點擊這裏查看其每股收益歷史的互動圖表。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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