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Does First Resources (SGX:EB5) Have A Healthy Balance Sheet?
Does First Resources (SGX:EB5) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that First Resources Limited (SGX:EB5) does use debt in its business. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
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 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, 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.
View our latest analysis for First Resources
What Is First Resources's Net Debt?
The image below, which you can click on for greater detail, shows that First Resources had debt of US$347.8m at the end of June 2022, a reduction from US$408.9m over a year. On the flip side, it has US$243.6m in cash leading to net debt of about US$104.2m.
SGX:EB5 Debt to Equity History August 15th 2022How Healthy Is First Resources' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that First Resources had liabilities of US$208.5m due within 12 months and liabilities of US$291.2m due beyond that. On the other hand, it had cash of US$243.6m and US$107.1m worth of receivables due within a year. So it has liabilities totalling US$149.0m more than its cash and near-term receivables, combined.
Of course, First Resources has a market capitalization of US$1.70b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
First Resources has a low net debt to EBITDA ratio of only 0.23. And its EBIT easily covers its interest expense, being 34.8 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Even more impressive was the fact that First Resources grew its EBIT by 103% over twelve months. That boost will make it even easier to pay down debt going forward. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine First Resources'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 always check how much of that EBIT is translated into free cash flow. In the last three years, First Resources's free cash flow amounted to 48% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Our View
First Resources's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its EBIT growth rate also supports that impression! Zooming out, First Resources seems to use debt quite reasonably; and that gets the nod from us. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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. For example, we've discovered 2 warning signs for First Resources (1 doesn't sit too well with us!) that you should be aware of before investing here.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們可以看到第一資源有限公司(新加坡證券交易所股票代碼:EB5)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?
什麼時候債務是個問題?
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,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,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。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。
查看我們對第一資源的最新分析
First Resources的淨債務是多少?
下圖顯示,截至2022年6月底,First Resources的債務為3.478億美元,低於一年內的4.089億美元。您可以點擊查看更多詳細信息。另一方面,它擁有2.436億美元的現金,導致淨債務約為1.042億美元。
新交所:EB5債轉股歷史2022年8月15日First Resources的資產負債表健康程度如何?
放大最新的資產負債表數據,我們可以看到,First Resources有2.085億美元的負債在12個月內到期,超過12個月的負債有2.912億美元。另一方面,它有2.436億美元的現金和價值1.071億美元的應收賬款在一年內到期。因此,它的負債總額比現金和近期應收賬款的總和高出1.49億美元。
當然,First Resources的市值為17.億美元,因此這些負債可能是可控的。但有足夠的負債,我們肯定會建議股東繼續監控未來的資產負債表。
為了評估一家公司的債務相對於它的收益,我們計算它的淨債務除以它的利息、税項、折舊和攤銷前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆蓋)。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
First Resources的淨債務與EBITDA之比較低,僅為0.23。而且它的息税前利潤輕鬆覆蓋了利息支出,是其規模的34.8倍。因此,你可以辯稱,它不會受到債務的威脅,就像大象受到老鼠的威脅一樣。更令人印象深刻的是,First Resources在12個月內息税前利潤增長了103%。這一提振將使未來償還債務變得更加容易。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定第一資源未來維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,我們總是檢查EBIT中有多少轉化為自由現金流。在過去的三年中,First Resources的自由現金流佔其息税前利潤的48%,低於我們的預期。這種疲軟的現金轉換增加了處理債務的難度。
我們的觀點
First Resources的利息擔保表明,它可以輕鬆處理債務,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。好消息不止於此,因為它的息税前利潤增長率也支持了這一印象!縮小範圍,First Resources似乎相當合理地使用債務;這得到了我們的認可。儘管債務確實會帶來風險,但如果使用得當,它也可以帶來更高的股本回報率。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。例如,我們發現第一資源的2個警示標誌(%1與我們的關係不太好!)在這裏投資之前你應該意識到這一點。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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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