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Does Anhui Truchum Advanced Materials and Technology (SZSE:002171) Have A Healthy Balance Sheet?
Does Anhui Truchum Advanced Materials and Technology (SZSE:002171) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Anhui Truchum Advanced Materials and Technology Co., Ltd. (SZSE:002171) does have debt on its balance sheet. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.
Check out our latest analysis for Anhui Truchum Advanced Materials and Technology
How Much Debt Does Anhui Truchum Advanced Materials and Technology Carry?
The image below, which you can click on for greater detail, shows that at June 2022 Anhui Truchum Advanced Materials and Technology had debt of CN¥6.10b, up from CN¥4.95b in one year. However, it also had CN¥2.50b in cash, and so its net debt is CN¥3.59b.
SZSE:002171 Debt to Equity History August 26th 2022How Healthy Is Anhui Truchum Advanced Materials and Technology's Balance Sheet?
The latest balance sheet data shows that Anhui Truchum Advanced Materials and Technology had liabilities of CN¥5.73b due within a year, and liabilities of CN¥2.23b falling due after that. Offsetting this, it had CN¥2.50b in cash and CN¥3.75b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.71b.
Of course, Anhui Truchum Advanced Materials and Technology has a market capitalization of CN¥13.0b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Anhui Truchum Advanced Materials and Technology's debt is 4.0 times its EBITDA, and its EBIT cover its interest expense 5.3 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. We note that Anhui Truchum Advanced Materials and Technology grew its EBIT by 22% in the last year, and that should make it easier to pay down debt, going forward. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Anhui Truchum Advanced Materials and Technology will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Anhui Truchum Advanced Materials and Technology saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
Anhui Truchum Advanced Materials and Technology's struggle to convert EBIT to free cash flow had us second guessing its balance sheet strength, but the other data-points we considered were relatively redeeming. For example its EBIT growth rate was refreshing. We think that Anhui Truchum Advanced Materials and Technology's debt does make it a bit risky, after considering the aforementioned data points together. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. 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 3 warning signs for Anhui Truchum Advanced Materials and Technology you should be aware of, and 1 of them doesn't sit too well with us.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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。我們注意到安徽特魯庫姆先進材料技術有限公司。(SZSE:002171)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?
債務會帶來什麼風險?
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。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。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。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。
查看我們對安徽Truchum先進材料和技術的最新分析
安徽Truchum先進材料科技揹負着多少債務?
下面的圖片,你可以點擊查看更多詳細信息,顯示截至2022年6月,安徽Truchum先進材料科技公司的債務為人民幣61億元,而一年的債務為人民幣49.5億元。然而,它也有25億元現金,因此其淨債務為35.9億元。
深圳證交所:002171債轉股歷史2022年8月26日安徽Truchum先進材料科技的資產負債表有多健康?
最新的資產負債表數據顯示,安徽Truchum先進材料科技公司有57.3億元的負債在一年內到期,22.3億元的負債在一年內到期。作為抵消,它有25億加元的現金和37.5億加元的應收賬款在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17.1億元。
當然,安徽楚赫姆先進材料科技的市值為130億元人民幣,因此這些負債大概是可控的。話雖如此,很明顯,我們應該繼續監控它的資產負債表,以免它變得更糟。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。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。
安徽Truchum先進材料科技公司的債務是其EBITDA的4.0倍,EBIT覆蓋了其利息支出的5.3倍以上。綜上所述,這意味着,儘管我們不希望看到債務水平上升,但我們認為它可以處理好目前的槓桿。我們注意到,安徽Truchum先進材料和技術公司去年息税前利潤增長了22%,這應該會使未來更容易償還債務。毫無疑問,我們從資產負債表中瞭解到的債務最多。但你不能完全孤立地看待債務,因為安徽中信先進材料科技有限公司需要盈利來償還債務。因此,當考慮債務時,絕對值得關注收益趨勢。點擊此處查看互動快照。
最後,一家公司只能用冷硬現金償還債務,而不是會計利潤。因此,我們總是檢查EBIT中有多少轉化為自由現金流。在過去的三年裏,安徽Truchum先進材料和技術公司的自由現金流總額為大幅負值。儘管這可能是增長支出的結果,但它確實使債務的風險大得多。
我們的觀點
安徽Truchum先進材料科技有限公司難以將息税前利潤轉換為自由現金流,這讓我們再次猜測它的資產負債表實力,但我們考慮的其他數據點相對來説是可取的。例如,它的息税前利潤增長率令人耳目一新。綜合前述幾個數據點,我們認為安徽Truchum先進材料科技的債務確實讓其存在一定的風險。並不是所有的風險都是壞的,因為如果它得到了回報,它可以提高股價回報,但這種債務風險值得記住。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:我們發現了安徽Truchum先進材料和技術的3個警示標誌你應該知道,他們中的一個和我們坐在一起不太好。
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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