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Does Milkyway Chemical Supply Chain Service (SHSE:603713) Have A Healthy Balance Sheet?
Does Milkyway Chemical Supply Chain Service (SHSE:603713) Have A Healthy Balance Sheet?
Warren Buffett famously said, '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 Milkyway Chemical Supply Chain Service Co., Ltd. (SHSE:603713) does use debt in its business. But should shareholders be worried about its use of debt?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Milkyway Chemical Supply Chain Service
What Is Milkyway Chemical Supply Chain Service's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Milkyway Chemical Supply Chain Service had CN¥1.59b of debt, an increase on CN¥600.7m, over one year. However, because it has a cash reserve of CN¥1.41b, its net debt is less, at about CN¥184.7m.
SHSE:603713 Debt to Equity History September 15th 2022How Healthy Is Milkyway Chemical Supply Chain Service's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Milkyway Chemical Supply Chain Service had liabilities of CN¥3.80b due within 12 months and liabilities of CN¥907.8m due beyond that. Offsetting these obligations, it had cash of CN¥1.41b as well as receivables valued at CN¥3.31b due within 12 months. So its total liabilities are just about perfectly matched by its shorter-term, liquid assets.
This state of affairs indicates that Milkyway Chemical Supply Chain Service'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¥21.9b company is short on cash, but still worth keeping an eye on the balance sheet. But either way, Milkyway Chemical Supply Chain Service has virtually no net debt, so it's fair to say it does not have a heavy debt load!
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Milkyway Chemical Supply Chain Service has a low net debt to EBITDA ratio of only 0.21. And its EBIT covers its interest expense a whopping 15.5 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. On top of that, Milkyway Chemical Supply Chain Service grew its EBIT by 74% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Milkyway Chemical Supply Chain Service 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 company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Milkyway Chemical Supply Chain Service reported free cash flow worth 8.8% of its EBIT, which is really quite low. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Our View
Milkyway Chemical Supply Chain Service's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But the stark truth is that we are concerned by its conversion of EBIT to free cash flow. Zooming out, Milkyway Chemical Supply Chain Service 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. 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 1 warning sign for Milkyway Chemical Supply Chain Service you should be aware of.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
巴菲特(Warren Buffett)曾説過一句名言:波動性遠非風險的代名詞。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。我們可以看到密爾基韋化工供應鏈服務有限公司。(上海證券交易所:603713)確實在其業務中使用債務。但股東是否應該擔心它的債務使用情況?
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。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。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。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Milkyway化學供應鏈服務的最新分析
Milkyway化工供應鏈服務公司的債務是什麼?
你可以點擊下圖查看歷史數字,但它顯示,截至2022年6月,Milkyway化工供應鏈服務公司有15.9億元人民幣的債務,比一年前增加了6.07億元人民幣。然而,由於擁有14.1億加元的現金儲備,其淨債務較少,約為1.847億加元。
上證綜指:603713債轉股歷史2022年9月15日Milkyway化工供應鏈服務公司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,Milkyway化工供應鏈服務公司有38億加元的負債在12個月內到期,還有9.078億加元的負債在12個月內到期。作為對這些債務的抵消,該公司有14.1億加元的現金以及價值33.1億加元的應收賬款在12個月內到期。因此,它的總負債與其較短期的流動資產幾乎完全匹配。
這種情況表明,Milkyway化工供應鏈服務公司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219億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。但無論如何,Milkyway化學供應鏈服務公司幾乎沒有淨債務,所以公平地説,它沒有沉重的債務負擔!
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。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
Milkyway化工供應鏈服務公司的淨債務與EBITDA之比較低,僅為0.21。它的息税前利潤高達利息支出的15.5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。最重要的是,Milkyway化工供應鏈服務在過去12個月中息税前利潤增長了74%,這一增長將使其更容易處理債務。在分析債務水平時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定Milkyway化工供應鏈服務公司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,一家公司只能用冷硬現金償還債務,而不是會計利潤。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。在過去的三年中,Milkyway化工供應鏈服務公司報告的自由現金流相當於其息税前利潤的8.8%,這確實是相當低的。對我們來説,低現金轉換引發了一點偏執,那就是償還債務的能力。
我們的觀點
Milkyway化學供應鏈服務公司的利息覆蓋表明,它可以像克里斯蒂亞諾·羅納爾多在對陣14歲以下門將的比賽中進球一樣輕鬆地處理債務。但嚴酷的事實是,我們對其將息税前利潤轉換為自由現金流感到擔憂。縮小範圍,Milkyway Chemical Supply Chain Service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。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1個關於Milkyway化學品供應鏈服務的警告標誌你應該意識到。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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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