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Livzon Pharmaceutical Group (SZSE:000513) Seems To Use Debt Rather Sparingly
Livzon Pharmaceutical Group (SZSE:000513) Seems To Use Debt Rather Sparingly
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Livzon Pharmaceutical Group Inc. (SZSE:000513) does carry debt. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Livzon Pharmaceutical Group
What Is Livzon Pharmaceutical Group's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Livzon Pharmaceutical Group had debt of CN¥3.27b, up from CN¥2.40b in one year. However, it does have CN¥9.33b in cash offsetting this, leading to net cash of CN¥6.06b.
SZSE:000513 Debt to Equity History September 19th 2022How Strong Is Livzon Pharmaceutical Group's Balance Sheet?
The latest balance sheet data shows that Livzon Pharmaceutical Group had liabilities of CN¥6.75b due within a year, and liabilities of CN¥2.20b falling due after that. Offsetting these obligations, it had cash of CN¥9.33b as well as receivables valued at CN¥3.60b due within 12 months. So it can boast CN¥3.98b more liquid assets than total liabilities.
It's good to see that Livzon Pharmaceutical Group has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Livzon Pharmaceutical Group boasts net cash, so it's fair to say it does not have a heavy debt load!
While Livzon Pharmaceutical Group doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Livzon Pharmaceutical 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. While Livzon Pharmaceutical 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. Over the most recent three years, Livzon Pharmaceutical Group recorded free cash flow worth 63% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
Summing Up
While it is always sensible to investigate a company's debt, in this case Livzon Pharmaceutical Group has CN¥6.06b in net cash and a decent-looking balance sheet. So is Livzon Pharmaceutical Group's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with Livzon Pharmaceutical Group , and understanding them should be part of your investment process.
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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,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。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。重要的是Livzon製藥集團公司。(SZSE:000513)確實有債務。但更重要的問題是:這筆債務造成了多大的風險?
什麼時候債務是個問題?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。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。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。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對Livzon製藥集團的最新分析
Livzon製藥集團的債務是什麼?
下面的圖片,你可以點擊查看更多細節,顯示在2022年6月,麗宗製藥集團的債務為32.7億加元,而一年內為24.億加元。然而,它確實有93.3億加元的現金抵消了這一點,導致淨現金為60.6億加元。
深圳證交所:000513債轉股歷史2022年9月19日Livzon製藥集團的資產負債表有多強勁?
最新的資產負債表數據顯示,麗宗醫藥集團有67.5億元的負債在一年內到期,22億元的負債在一年內到期。作為對這些債務的抵銷,該公司有93.3億加元的現金以及價值36.0億加元的應收賬款在12個月內到期。因此,它可以吹噓自己的流動資產比總計負債。
很高興看到Livzon製藥集團的資產負債表上有充足的流動性,這意味着對負債的保守管理。由於它擁有充足的資產,它不太可能與其貸款人發生麻煩。簡而言之,Livzon製藥集團擁有淨現金,所以公平地説,它沒有沉重的債務負擔!
雖然Livzon Pharmtics Group在息税前利潤方面似乎沒有獲得太多收益,但至少目前收益保持穩定。當你分析債務時,資產負債表顯然是你關注的領域。但最終,該業務未來的盈利能力將決定Livzon製藥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。雖然Livzon製藥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。在最近三年中,Livzon製藥集團記錄的自由現金流相當於其息税前利潤的63%,考慮到自由現金流不包括利息和税收,這一數字接近正常。這種冷酷的現金意味着,它可以在想要的時候減少債務。
總結
雖然調查一家公司的債務總是明智的,但在這起案件中,Livzon製藥集團擁有60.6億元人民幣的淨現金和體面的資產負債表。那麼,Livzon製藥集團的債務是一種風險嗎?但在我們看來並非如此。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。我們已經確定了1個警告信號與Livzon製藥集團合作,瞭解他們應該是您投資過程的一部分。
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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