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Does United Company RUSAL International (HKG:486) Have A Healthy Balance Sheet?
Does United Company RUSAL International (HKG:486) Have A Healthy Balance Sheet?
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.' 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 United Company RUSAL, International Public Joint-Stock Company (HKG:486) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for United Company RUSAL International
What Is United Company RUSAL International's Net Debt?
As you can see below, United Company RUSAL International had US$7.30b of debt at June 2022, down from US$7.87b a year prior. On the flip side, it has US$1.56b in cash leading to net debt of about US$5.74b.
SEHK:486 Debt to Equity History September 15th 2022A Look At United Company RUSAL International's Liabilities
According to the last reported balance sheet, United Company RUSAL International had liabilities of US$5.85b due within 12 months, and liabilities of US$4.72b due beyond 12 months. On the other hand, it had cash of US$1.56b and US$2.08b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$6.93b.
This deficit is considerable relative to its market capitalization of US$8.03b, so it does suggest shareholders should keep an eye on United Company RUSAL International's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
United Company RUSAL International's net debt to EBITDA ratio of about 1.7 suggests only moderate use of debt. And its strong interest cover of 10.2 times, makes us even more comfortable. Notably, United Company RUSAL International's EBIT launched higher than Elon Musk, gaining a whopping 111% on last year. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if United Company RUSAL International 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, United Company RUSAL International 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
United Company RUSAL International's conversion of EBIT to free cash flow and level of total liabilities definitely weigh on it, in our esteem. But the good news is it seems to be able to grow its EBIT with ease. Looking at all the angles mentioned above, it does seem to us that United Company RUSAL International is a somewhat risky investment as a result of its debt. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 3 warning signs we've spotted with United Company RUSAL International (including 2 which make us uncomfortable) .
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.
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。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。我們注意到聯合公司RUSAL,國際上市股份公司(HKG:486)的資產負債表上確實有債務。但股東是否應該擔心它的債務使用情況?
為什麼債務會帶來風險?
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。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,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。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。
查看我們對聯合公司RUSAL國際的最新分析
聯合RUSAL國際公司的淨債務是多少?
如下所示,截至2022年6月,聯合公司RUSAL國際的債務為73億美元,低於一年前的78.7億美元。另一方面,它擁有15.6億美元的現金,導致淨債務約為57.4億美元。
聯交所:486債轉股歷史2022年9月15日看聯合公司RUSAL國際的負債情況
根據最近一次報告的資產負債表,聯合公司RUSAL國際公司有58.5億美元的負債在12個月內到期,47.2億美元的負債在12個月後到期。另一方面,它有15.6億美元的現金和20.8億美元的應收賬款在一年內到期。因此,其負債比現金和(近期)應收賬款之和高出69.3億美元。
與其80.3億美元的市值相比,這一赤字是相當可觀的,因此它確實表明股東應該密切關注聯合RUSAL國際公司的債務使用情況。這表明,如果該公司需要匆忙支撐其資產負債表,股東將被嚴重稀釋。
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。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
聯合公司RUSAL國際的淨債務與EBITDA的比率約為1.7,表明只適度使用債務。而其10.2倍的強勁利息覆蓋,讓我們更加舒心。值得注意的是,聯合公司RUSAL國際的息税前利潤高於埃隆·馬斯克,比去年高出111%。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聯合公司RUSAL國際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。在過去的三年中,聯合公司RUSAL國際公司的自由現金流總額為大量負值。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
在我們看來,聯合公司RUSAL國際將息税前利潤轉換為自由現金流和總負債水平肯定會給它帶來壓力。但好消息是,它似乎能夠輕鬆實現息税前利潤的增長。從上面提到的所有角度來看,在我們看來,由於RUSAL國際公司的債務,聯合公司確實是一項有一定風險的投資。這不一定是一件壞事,因為槓桿可以提高股本回報率,但這是需要注意的。在分析債務水平時,資產負債表顯然是一個起點。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。為此,您應該瞭解3個警示標誌我們已經看到了聯合公司RUSAL International(包括兩家讓我們感到不舒服的公司)。
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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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。
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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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