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These 4 Measures Indicate That Aier Eye Hospital Group (SZSE:300015) Is Using Debt Safely
These 4 Measures Indicate That Aier Eye Hospital Group (SZSE:300015) Is Using Debt Safely
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 note that Aier Eye Hospital Group Co., Ltd. (SZSE:300015) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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.
Check out our latest analysis for Aier Eye Hospital Group
How Much Debt Does Aier Eye Hospital Group Carry?
As you can see below, Aier Eye Hospital Group had CN¥2.11b of debt at March 2022, down from CN¥2.31b a year prior. However, it does have CN¥4.39b in cash offsetting this, leading to net cash of CN¥2.28b.
SZSE:300015 Debt to Equity History August 25th 2022A Look At Aier Eye Hospital Group's Liabilities
We can see from the most recent balance sheet that Aier Eye Hospital Group had liabilities of CN¥6.01b falling due within a year, and liabilities of CN¥3.47b due beyond that. Offsetting these obligations, it had cash of CN¥4.39b as well as receivables valued at CN¥1.87b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥3.22b.
This state of affairs indicates that Aier Eye Hospital Group's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥200.7b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, Aier Eye Hospital Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
Fortunately, Aier Eye Hospital Group grew its EBIT by 2.8% in the last year, making that debt load look even more manageable. 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 Aier Eye Hospital Group 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. While Aier Eye Hospital Group 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. During the last three years, Aier Eye Hospital Group produced sturdy free cash flow equating to 68% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Aier Eye Hospital Group has CN¥2.28b in net cash. The cherry on top was that in converted 68% of that EBIT to free cash flow, bringing in CN¥2.9b. So is Aier Eye Hospital Group's debt a risk? It doesn't seem so to us. 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. We've identified 1 warning sign with Aier Eye Hospital Group , and understanding them should be part of your investment process.
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.
傳奇基金經理理想汽車·盧曾説,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。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。我們注意到愛爾眼科醫院集團有限公司。(SZSE:300015)的資產負債表上確實有債務。但這筆債務對股東來説是一個擔憂嗎?
債務在什麼時候是危險的?
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。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。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。
查看我們對愛爾眼科醫院集團的最新分析
愛爾眼科醫院集團揹負着多少債務?
如下所示,截至2022年3月,愛爾眼科醫院集團的債務為人民幣21.1億元,低於一年前的人民幣23.1億元。然而,它確實有43.9億加元的現金抵消了這一點,導致淨現金22.8億加元。
深圳證交所:300015債轉股歷史2022年8月25日看愛爾眼科醫院集團的負債情況
從最近的資產負債表可以看出,愛爾眼科醫院集團有60.1億元的負債在一年內到期,超過這一期限的負債有34.7億元。作為對這些債務的抵銷,該公司有43.9億加元的現金以及18.7億加元的應收賬款在12個月內到期。因此,它的負債超過了現金和(近期)應收賬款的總和32.2億元。
這種情況表明,愛爾眼科醫院集團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同。因此,這家2007億元人民幣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。雖然愛爾眼科醫院集團確實有值得注意的負債,但它的現金也多於債務,因此我們非常有信心它能夠安全地管理其債務。
幸運的是,艾爾眼科醫院集團去年的息税前利潤增長了2.8%,使債務負擔看起來更容易管理。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艾爾眼科醫院集團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。雖然愛爾眼科醫院集團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。在過去的三年中,愛爾眼科醫院集團產生了相當於其息税前利潤的68%的強勁自由現金流,這與我們預期的差不多。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
總結
雖然看一家公司的總負債總是明智之舉,但令人欣慰的是,愛爾眼科醫院集團擁有22.8億元人民幣的淨現金。上面的櫻桃是IN將其中68%的EBIT轉換為自由現金流,帶來人民幣29億元。那麼,愛爾眼科醫院集團的債務是一種風險嗎?但在我們看來並非如此。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。我們已經確定了1個警告信號與愛爾眼科醫院集團合作,瞭解他們應該是您投資過程的一部分。
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 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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