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37 Interactive Entertainment Network Technology Group (SZSE:002555) Seems To Use Debt Rather Sparingly
37 Interactive Entertainment Network Technology Group (SZSE:002555) Seems To Use Debt Rather Sparingly
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.' 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 37 Interactive Entertainment Network Technology Group Co., Ltd. (SZSE:002555) does use debt in its business. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for 37 Interactive Entertainment Network Technology Group
What Is 37 Interactive Entertainment Network Technology Group's Net Debt?
The image below, which you can click on for greater detail, shows that 37 Interactive Entertainment Network Technology Group had debt of CN¥370.0m at the end of March 2022, a reduction from CN¥474.4m over a year. However, its balance sheet shows it holds CN¥7.06b in cash, so it actually has CN¥6.69b net cash.
SZSE:002555 Debt to Equity History August 31st 2022How Healthy Is 37 Interactive Entertainment Network Technology Group's Balance Sheet?
According to the last reported balance sheet, 37 Interactive Entertainment Network Technology Group had liabilities of CN¥3.33b due within 12 months, and liabilities of CN¥202.9m due beyond 12 months. Offsetting these obligations, it had cash of CN¥7.06b as well as receivables valued at CN¥1.68b due within 12 months. So it actually has CN¥5.21b more liquid assets than total liabilities.
This short term liquidity is a sign that 37 Interactive Entertainment Network Technology Group could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, 37 Interactive Entertainment Network Technology Group boasts net cash, so it's fair to say it does not have a heavy debt load!
On top of that, 37 Interactive Entertainment Network Technology Group grew its EBIT by 67% over the last twelve months, and that growth will make it easier to handle its debt. 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 37 Interactive Entertainment Network Technology Group can strengthen its balance sheet over time. 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. While 37 Interactive Entertainment Network Technology 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, 37 Interactive Entertainment Network Technology Group generated free cash flow amounting to a very robust 95% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that 37 Interactive Entertainment Network Technology Group has net cash of CN¥6.69b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥3.3b, being 95% of its EBIT. So is 37 Interactive Entertainment Network Technology 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. Be aware that 37 Interactive Entertainment Network Technology Group is showing 1 warning sign in our investment analysis , you should know about...
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.
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。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37互動娛樂網絡科技集團有限公司。(SZSE:002555)確實在其業務中使用債務。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?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。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。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。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37互動娛樂網絡技術集團的最新分析
37互動娛樂網絡科技集團的淨負債是什麼?
下圖顯示,截至2022年3月底,37互動娛樂網絡科技集團的債務為3.70億加元,較一年內的4.744億加元有所減少。然而,其資產負債表顯示,它持有70.6億元人民幣的現金,因此它實際上擁有66.9億元淨現金。
深圳證交所:002555債轉股歷史2022年8月31日37互動娛樂網絡科技集團的資產負債表有多健康?
根據最新上報的資產負債表,37互動娛樂網絡科技集團有33.3億元的負債在12個月內到期,2.029億元的負債在12個月後到期。作為對這些債務的抵銷,該公司有70.6億加元的現金以及價值16.8億加元的應收賬款在12個月內到期。所以它實際上有52.1億元人民幣更多流動資產超過總負債。
這種短期流動性是一個跡象,表明37 Interactive Entertainment Network Technology Group可能可以輕鬆償還債務,因為其資產負債表遠未捉襟見肘。簡而言之,37互動娛樂網絡科技集團擁有淨現金,可以説它沒有沉重的債務負擔!
最重要的是,37互動娛樂網絡技術集團在過去12個月中息税前利潤增長了67%,這一增長將使其更容易處理債務。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37 Interactive Entertainment Network Technology Group能否隨着時間的推移加強其資產負債表。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。雖然37互動娛樂網絡科技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。在過去的三年裏,37互動娛樂網絡技術集團產生了非常強勁的自由現金流,佔其息税前利潤的95%,超出了我們的預期。這使其在償還債務方面處於非常有利的地位。
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,37互動娛樂網絡科技集團擁有66.9億元人民幣的淨現金,以及更多的流動資產而不是負債。它給我們留下了深刻的印象,自由現金流為33億元,佔其息税前利潤的95%。那麼,37互動娛樂網絡科技集團的債務是否存在風險?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。請注意,37互動娛樂網絡科技集團正在展示在我們的投資分析中出現1個警告信號,你應該知道關於……
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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