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Here's Why JS Global Lifestyle (HKG:1691) Can Manage Its Debt Responsibly
Here's Why JS Global Lifestyle (HKG:1691) Can Manage Its Debt Responsibly
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.' 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 JS Global Lifestyle Company Limited (HKG:1691) does use debt in its business. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for JS Global Lifestyle
What Is JS Global Lifestyle's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 JS Global Lifestyle had debt of US$975.2m, up from US$902.6m in one year. However, it does have US$620.3m in cash offsetting this, leading to net debt of about US$354.9m.
SEHK:1691 Debt to Equity History September 15th 2022A Look At JS Global Lifestyle's Liabilities
The latest balance sheet data shows that JS Global Lifestyle had liabilities of US$1.60b due within a year, and liabilities of US$994.1m falling due after that. Offsetting this, it had US$620.3m in cash and US$844.0m in receivables that were due within 12 months. So it has liabilities totalling US$1.13b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since JS Global Lifestyle has a market capitalization of US$4.32b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
JS Global Lifestyle's net debt is only 0.57 times its EBITDA. And its EBIT covers its interest expense a whopping 23.8 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. But the bad news is that JS Global Lifestyle has seen its EBIT plunge 13% in the last twelve months. If that rate of decline in earnings continues, the company could find itself in a tight spot. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine JS Global Lifestyle's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
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 most recent three years, JS Global Lifestyle recorded free cash flow worth 75% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Our View
The good news is that JS Global Lifestyle's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But we must concede we find its EBIT growth rate has the opposite effect. All these things considered, it appears that JS Global Lifestyle can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for JS Global Lifestyle you should know about.
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.
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。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JS環球生活(HKG:1691)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?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。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。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。當然,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。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JS Global Lifestyle的最新分析
JS Global Lifestyle的淨債務是多少?
下圖顯示,截至2022年6月,JS Global Lifestyle的債務為9.752億美元,高於一年內的9.026億美元。然而,它確實有6.203億美元的現金來抵消這一點,導致淨債務約為3.549億美元。
聯交所:1691債轉股歷史2022年9月15日JS Global Lifestyle的負債狀況
最新的資產負債表數據顯示,JS Global Lifestyle有16.億美元的負債在一年內到期,9.941億美元的負債在一年後到期。作為抵消,它有6.203億美元的現金和8.44億美元的應收賬款在12個月內到期。因此,它的負債總額比現金和近期應收賬款加起來還要多11.3億美元。
雖然這看起來可能很多,但並不是那麼糟糕,因為JS Global Lifestyle的市值為43.2億美元,因此如果需要的話,它可能會通過籌集資本來加強其資產負債表。但我們肯定希望密切關注其債務帶來太大風險的跡象。
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。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
JS Global Lifestyle的淨債務僅為其EBITDA的0.57倍。它的息税前利潤比利息支出高出23.8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。但壞消息是,JS Global Lifestyle的息税前利潤在過去12個月裏暴跌了13%。如果盈利下降的速度繼續下去,該公司可能會發現自己陷入了困境。當你分析債務時,資產負債表顯然是你關注的領域。但決定JS Global Lifestyle未來保持健康資產負債表的能力,最重要的是未來的收益。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。
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。最近三年,JS Global Lifestyle錄得的自由現金流相當於其息税前利潤的75%,考慮到自由現金流不包括利息和税收,這一數字接近正常水平。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
我們的觀點
好消息是,JS Global Lifestyle被證明有能力通過息税前利潤來支付利息支出,這讓我們感到高興,就像毛茸茸的小狗對待蹣跚學步的孩子一樣。但我們必須承認,我們發現其息税前利潤增長率產生了相反的效果。考慮到這些因素,JS Global Lifestyle似乎可以輕鬆應對目前的債務水平。當然,雖然這種槓桿可以提高股本回報率,但它確實帶來了更多風險,因此值得關注這一點。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。這些風險可能很難發現。每家公司都有它們,我們已經發現JS Global Lifestyle的1個警告標誌你應該知道。
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。
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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。
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。
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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