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We Think Crystal Clear Electronic Material (SZSE:300655) Can Stay On Top Of Its Debt
We Think Crystal Clear Electronic Material (SZSE:300655) Can Stay On Top Of Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We can see that Crystal Clear Electronic Material Co., Ltd. (SZSE:300655) does use debt in its business. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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 examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Crystal Clear Electronic Material
How Much Debt Does Crystal Clear Electronic Material Carry?
As you can see below, at the end of March 2022, Crystal Clear Electronic Material had CN¥776.5m of debt, up from CN¥592.0m a year ago. Click the image for more detail. However, it also had CN¥710.5m in cash, and so its net debt is CN¥66.1m.
SZSE:300655 Debt to Equity History August 12th 2022How Healthy Is Crystal Clear Electronic Material's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Crystal Clear Electronic Material had liabilities of CN¥565.2m due within 12 months and liabilities of CN¥577.6m due beyond that. On the other hand, it had cash of CN¥710.5m and CN¥497.9m worth of receivables due within a year. So it actually has CN¥65.6m more liquid assets than total liabilities.
Having regard to Crystal Clear Electronic Material's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥13.0b company is struggling for cash, we still think it's worth monitoring its balance sheet. Carrying virtually no net debt, Crystal Clear Electronic Material has a very light debt load indeed.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
With net debt sitting at just 0.25 times EBITDA, Crystal Clear Electronic Material is arguably pretty conservatively geared. And it boasts interest cover of 8.9 times, which is more than adequate. In addition to that, we're happy to report that Crystal Clear Electronic Material has boosted its EBIT by 87%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Crystal Clear Electronic Material's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Crystal Clear Electronic Material burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Crystal Clear Electronic Material's EBIT growth rate suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. All these things considered, it appears that Crystal Clear Electronic Material can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for Crystal Clear Electronic Material you should be aware of.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。我們可以看到晶晶電子材料有限公司。(SZSE:300655)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?
為什麼債務會帶來風險?
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。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。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。
查看我們對水晶透明電子材料的最新分析
水晶透明電子材料揹負着多少債務?
如下所示,截至2022年3月底,水晶透明電子材料的債務為7.765億加元,而一年前為5.92億加元。單擊圖像瞭解更多詳細信息。然而,它也有7.105億元現金,因此其淨債務為6610萬元。
深交所:300655債轉股歷史2022年8月12日水晶電子材料的資產負債表有多健康?
放大最新的資產負債表數據可以看到,晶晶電子材料有5.652億元的負債在12個月內到期,還有5.776億元的負債在12個月內到期。另一方面,它有7.105億加元的現金和4.979億加元的應收賬款在一年內到期。所以它實際上有人民幣6560萬元更多流動資產超過總負債。
考慮到Crystal Clear電子材料的規模,似乎其流動資產與總負債很好地平衡了。因此,儘管很難想象這家人民幣130億元的公司正在為現金而苦苦掙扎,但我們仍然認為,值得監控其資產負債表。水晶電子材料幾乎沒有淨債務,債務負擔確實非常輕。
我們通過查看公司的淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),並計算其息税前收益(EBIT)覆蓋利息支出(利息覆蓋)的容易程度,來衡量公司的債務負擔與其盈利能力的關係。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。
由於淨債務僅為EBITDA的0.25倍,Crystal Clear電子材料的槓桿率可以説相當保守。而且它的利息覆蓋率為8.9倍,綽綽有餘。除此之外,我們很高興地報告,Crystal Clear電子材料公司的息税前利潤提高了87%,從而減少了未來償還債務的幽靈。當你分析債務時,資產負債表顯然是你關注的領域。但未來的收益將決定Crystal Clear電子材料未來保持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
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。因此,我們顯然需要看看息税前利潤是否會帶來相應的自由現金流。在過去的三年裏,Crystal Clear電子材料公司燒掉了大量現金。儘管投資者無疑預計這種情況會在適當的時候逆轉,但這顯然意味着它使用債務的風險更大。
我們的觀點
水晶電子材料的息税前利潤增長率表明,它可以輕鬆地處理債務,就像克里斯蒂亞諾·羅納爾多在對陣14歲以下門將的比賽中進球一樣。但我們必須承認,我們發現它將息税前利潤轉換為自由現金流產生了相反的效果。考慮到所有這些因素,水晶透明電子材料似乎可以輕鬆地處理其目前的債務水平。當然,雖然這種槓桿可以提高股本回報率,但它確實帶來了更多風險,因此值得關注這一點。當你分析債務時,資產負債表顯然是你關注的領域。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。一個恰當的例子:我們發現了水晶透明電子材料的2個警告標誌你應該意識到。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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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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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