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Auditors Are Concerned About Logan Group (HKG:3380)
Auditors Are Concerned About Logan Group (HKG:3380)
The harsh reality for Logan Group Company Limited (HKG:3380) shareholders is that its auditors, UniTax Prism CPA Limited, expressed doubts about its ability to continue as a going concern, in its reported results to June 2022. It is therefore fair to assume that, based on those financials, the company should strengthen its balance sheet in the short term, perhaps by issuing shares.
Given its situation, it may not be in a good position to raise capital on favorable terms. So shareholders should absolutely be taking a close look at how risky the balance sheet is. The big consideration is whether it can repay its debt, since in the worst case scenario, creditors could force the company to bankruptcy.
See our latest analysis for Logan Group
What Is Logan Group's Debt?
As you can see below, at the end of June 2022, Logan Group had CN¥96.2b of debt, up from CN¥85.1b a year ago. Click the image for more detail. However, it also had CN¥14.4b in cash, and so its net debt is CN¥81.9b.
SEHK:3380 Debt to Equity History September 12th 2022How Healthy Is Logan Group's Balance Sheet?
We can see from the most recent balance sheet that Logan Group had liabilities of CN¥172.6b falling due within a year, and liabilities of CN¥58.0b due beyond that. On the other hand, it had cash of CN¥14.4b and CN¥53.2b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥163.1b.
This deficit casts a shadow over the CN¥3.87b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. After all, Logan Group would likely require a major re-capitalisation if it had to pay its creditors today.
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.
As it happens Logan Group has a fairly concerning net debt to EBITDA ratio of 13.9 but very strong interest coverage of 12.6. So either it has access to very cheap long term debt or that interest expense is going to grow! Shareholders should be aware that Logan Group's EBIT was down 64% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Logan 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Logan Group reported free cash flow worth 10% of its EBIT, which is really quite low. That limp level of cash conversion undermines its ability to manage and pay down debt.
Our View
On the face of it, Logan Group's EBIT growth rate left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. Taking into account all the aforementioned factors, it looks like Logan Group has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. While some investors may specialize in these sort of situations, it's simply too risky and complicated for us to want to invest in a company after an auditor has expressed doubts about its ability to continue as a going concern. Our preference is to invest in companies that always make sure the auditor has confidence that the company will continue as a going concern. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 4 warning signs for Logan Group you should be aware of, and 2 of them are concerning.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
殘酷的現實是洛根集團有限公司(HKG:3380)股東擔心其核數師UniTax Prism CPA Limited在截至2022年6月的報告業績中對其作為持續經營企業的能力表示懷疑。因此,可以公平地假設,基於這些財務數據,該公司應該在短期內加強其資產負債表,或許是通過發行股票。
考慮到它的情況,它可能不會處於以有利條件籌集資金的有利地位。因此,股東絕對應該密切關注資產負債表的風險有多大。最大的考慮是它是否有能力償還債務,因為在最糟糕的情況下,債權人可能會迫使該公司破產。
查看我們對洛根集團的最新分析
洛根集團的債務是什麼?
如下所示,截至2022年6月底,洛根集團的債務為962億元人民幣,高於一年前的851億元人民幣。單擊圖像瞭解更多詳細信息。然而,它也有144億元現金,因此其淨債務為819億元。
聯交所:3380債轉股歷史2022年9月12日洛根集團的資產負債表有多健康?
從最近的資產負債表可以看出,洛根集團有1726億元人民幣的負債在一年內到期,還有58億元人民幣的負債在一年內到期。另一方面,一年內有144億加元現金和532億加元應收賬款到期。因此,它的負債超過了現金和(近期)應收賬款的總和1631億元。
這一赤字給這家38.7億元人民幣的公司蒙上了一層陰影,就像一個龐然大物聳立在凡人之上。因此,毫無疑問,我們會密切關注它的資產負債表。畢竟,如果洛根集團今天不得不償還債權人的債務,它很可能需要進行大規模的資本重組。
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。
碰巧的是,洛根集團的淨債務與EBITDA之比為13.9,但利息覆蓋率非常高,為12.6。因此,要麼它可以獲得非常便宜的長期債務,要麼利息支出將會增長!股東們應該知道,洛根集團去年的息税前利潤下降了64%。如果這種下降趨勢繼續下去,那麼償還債務將比在素食大會上出售鵝肝醬更難。在分析債務水平時,資產負債表顯然是一個起點。但最終,未來業務的盈利能力將決定洛根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。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。因此,有必要檢查這筆息税前利潤中有多少是由自由現金流支持的。在過去的三年裏,洛根集團報告的自由現金流相當於其息税前利潤的10%,這確實是相當低的。這種疲軟的現金轉換水平削弱了它管理和償還債務的能力。
我們的觀點
從表面上看,洛根集團的息税前利潤增長率讓我們對該股持懷疑態度,其總負債水平並不比一年中最繁忙之夜的一家空蕩蕩的餐廳更誘人。但至少它在用息税前利潤支付利息支出方面相當不錯;這是令人鼓舞的。考慮到上述所有因素,洛根集團似乎負債累累。這種風險對一些人來説是可以接受的,但肯定不會讓我們的船漂浮起來。雖然一些投資者可能專門處理這類情況,但在審計師對一家公司能否繼續經營表示懷疑之後,對我們來説,投資一家公司的風險和複雜性太高了。我們傾向於投資於那些始終確保審計師相信公司將繼續作為一家持續經營的公司的公司。在分析債務水平時,資產負債表顯然是一個起點。然而,並非所有投資風險都存在於資產負債表中--遠非如此。一個恰當的例子:我們發現了洛根集團的4個警告標誌你應該知道,其中有兩個是有關的。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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。
風險及免責聲明
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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