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Hour Glass (SGX:AGS) Has A Rock Solid Balance Sheet
Hour Glass (SGX:AGS) Has A Rock Solid Balance Sheet
Warren Buffett famously said, '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. We note that The Hour Glass Limited (SGX:AGS) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Hour Glass
What Is Hour Glass's Net Debt?
The image below, which you can click on for greater detail, shows that at March 2022 Hour Glass had debt of S$111.0m, up from S$105.1m in one year. But on the other hand it also has S$327.3m in cash, leading to a S$216.3m net cash position.
SGX:AGS Debt to Equity History August 3rd 2022How Strong Is Hour Glass' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Hour Glass had liabilities of S$242.1m due within 12 months and liabilities of S$83.6m due beyond that. Offsetting these obligations, it had cash of S$327.3m as well as receivables valued at S$15.7m due within 12 months. So it can boast S$17.3m more liquid assets than total liabilities.
This state of affairs indicates that Hour Glass' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the S$1.53b company is short on cash, but still worth keeping an eye on the balance sheet. Simply put, the fact that Hour Glass has more cash than debt is arguably a good indication that it can manage its debt safely.
On top of that, Hour Glass grew its EBIT by 82% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Hour Glass'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Hour Glass 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. Happily for any shareholders, Hour Glass actually produced more free cash flow than EBIT over the last three years. 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 Hour Glass has net cash of S$216.3m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of S$208m, being 116% of its EBIT. So is Hour Glass's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with Hour Glass , and understanding them should be part of your investment process.
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.
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)曾説過一句名言:波動性遠非風險的代名詞。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。我們注意到沙漏有限公司(新加坡證券交易所股票代碼:AGS)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?
為什麼債務會帶來風險?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。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,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對沙漏的最新分析
沙漏的淨債務是多少?
下圖顯示,截至2022年3月,谷歌眼鏡的債務為1.11億新元,高於一年內的1.051億新元。你可以點擊查看更多細節。但另一方面,它也擁有3.273億新元的現金,導致其淨現金頭寸為2.163億新元。
新交所:AGS債轉股歷史2022年8月3日沙漏的資產負債表有多強勁?
放大最新的資產負債表數據,我們可以看到,Hour Glass有2.421億新元的負債在12個月內到期,還有8360萬新元的負債在12個月後到期。作為這些債務的抵消,該公司有3.273億新元的現金以及價值1570萬新元的應收賬款在12個月內到期。因此,它可以吹噓自己擁有的流動資產比總計負債。
這種情況表明,Hour Glass的資產負債表看起來相當穩健,其總負債與流動資產大致相當。因此,這家市值15.3億新元的公司不太可能出現現金短缺的情況,但仍值得關注其資產負債表。簡而言之,沙漏的現金多於債務,這可以説是一個很好的跡象,表明它能夠安全地管理債務。
最重要的是,Hour Glass在過去12個月中息税前利潤增長了82%,這一增長將使其更容易處理債務。在分析債務水平時,資產負債表顯然是一個起點。但最重要的是,未來的收益將決定Hour Glass未來保持健康資產負債表的能力。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。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。雖然Hour Glass的資產負債表上有淨現金,但它將息税前收益(EBIT)轉換為自由現金流的能力仍然值得一看,以幫助我們瞭解它建立(或侵蝕)現金餘額的速度有多快。對於任何股東來説,令人高興的是,沙漏在過去三年裏產生的自由現金流實際上比息税前利潤還多。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
儘管我們同情那些對債務感到擔憂的投資者,但你應該記住,Hour Glass擁有2.163億新元的淨現金,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2.08億新元,是其息税前利潤的116%。那麼,沙漏的債務是一種風險嗎?但在我們看來並非如此。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。我們已經確定了1個警告信號使用沙漏,瞭解它們應該是你投資過程的一部分。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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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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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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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