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These 4 Measures Indicate That Samudera Shipping Line (SGX:S56) Is Using Debt Safely
These 4 Measures Indicate That Samudera Shipping Line (SGX:S56) Is Using Debt Safely
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 can see that Samudera Shipping Line Ltd (SGX:S56) does use debt in its business. But the more important question is: how much risk is that debt creating?
What Risk Does Debt Bring?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Samudera Shipping Line
What Is Samudera Shipping Line's Debt?
You can click the graphic below for the historical numbers, but it shows that Samudera Shipping Line had US$26.1m of debt in June 2022, down from US$28.8m, one year before. However, it does have US$245.1m in cash offsetting this, leading to net cash of US$219.0m.
SGX:S56 Debt to Equity History August 10th 2022How Healthy Is Samudera Shipping Line's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Samudera Shipping Line had liabilities of US$229.4m due within 12 months and liabilities of US$116.6m due beyond that. On the other hand, it had cash of US$245.1m and US$192.0m worth of receivables due within a year. So it can boast US$91.1m more liquid assets than total liabilities.
This surplus suggests that Samudera Shipping Line is using debt in a way that is appears to be both safe and conservative. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that Samudera Shipping Line has more cash than debt is arguably a good indication that it can manage its debt safely.
Better yet, Samudera Shipping Line grew its EBIT by 466% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Samudera Shipping Line will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Samudera Shipping Line 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, Samudera Shipping Line actually produced more free cash flow than EBIT over the last three years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Samudera Shipping Line has net cash of US$219.0m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of US$244m, being 100% of its EBIT. When it comes to Samudera Shipping Line's debt, we sufficiently relaxed that our mind turns to the jacuzzi. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for Samudera Shipping Line that you should be aware of before investing here.
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.
由伯克希爾哈撒韋的Li·芒格支持的外部基金經理Lu直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。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。我們可以看到薩穆代拉航運有限公司(新加坡證券交易所股票代碼:S56)確實在其業務中使用債務。但更重要的問題是:這筆債務造成了多大的風險?
債務會帶來什麼風險?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。如果情況真的變得很糟糕,貸款人可以控制業務。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。當然,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對Samudera航運公司的最新分析
Samudera Shipping Line的債務是什麼?
你可以點擊下圖查看歷史數據,但它顯示Samudera Shipping Line在2022年6月的債務為2610萬美元,低於一年前的2880萬美元。然而,它確實有2.451億美元的現金來抵消這一點,導致淨現金為2.19億美元。
新交所:S56債轉股歷史2022年8月10日Samudera Shipping Line的資產負債表有多健康?
放大最新的資產負債表數據,我們可以看到,Samudera Shipping Line有2.294億美元的債務在12個月內到期,超過12個月的債務有1.166億美元到期。另一方面,它有2.451億美元的現金和價值1.92億美元的應收賬款在一年內到期。因此,它可以吹噓自己的流動資產比總計負債。
這一盈餘表明,Samudera Shipping Line正在以一種似乎既安全又保守的方式使用債務。鑑於它擁有充足的短期流動性,我們認為它與貸款人之間不會有任何問題。簡而言之,Samudera Shipping Line的現金多於債務這一事實可以説是一個很好的跡象,表明該公司能夠安全地管理債務。
更好的是,Samudera Shipping Line去年的息税前利潤增長了466%,這是一個令人印象深刻的改善。這一提振將使未來償還債務變得更加容易。當你分析債務時,資產負債表顯然是你關注的領域。但你不能完全孤立地看待債務,因為Samudera Shipping Line需要盈利來償還債務。因此,如果你熱衷於瞭解更多關於它的收益,可能值得查看一下它的長期收益趨勢圖。
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Samudera Shipping Line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,以幫助我們瞭解它正在以多快的速度建立(或侵蝕)現金餘額。對於任何股東來説,令人高興的是,Samudera Shipping Line在過去三年中產生的自由現金流實際上比息税前利潤還多。説到贏得貸款人的好感,沒有什麼比收到的現金更好的了。
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,Samudera Shipping Line擁有2.19億美元的淨現金,以及比負債更多的流動資產。它給我們留下了深刻的印象,自由現金流為2.44億美元,是其息税前利潤的100%。當談到Samudera Shipping Line的債務時,我們足夠放鬆,我們的注意力轉向了按摩浴缸。毫無疑問,我們從資產負債表中瞭解到的債務最多。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如,我們發現Samudera航運公司的2個警告標誌在這裏投資之前你應該意識到這一點。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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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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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