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Anhui Guangxin Agrochemical (SHSE:603599) Could Easily Take On More Debt
Anhui Guangxin Agrochemical (SHSE:603599) Could Easily Take On More Debt
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 Anhui Guangxin Agrochemical Co., Ltd. (SHSE:603599) does use debt in its business. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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 think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Anhui Guangxin Agrochemical
How Much Debt Does Anhui Guangxin Agrochemical Carry?
As you can see below, at the end of June 2022, Anhui Guangxin Agrochemical had CN¥535.3m of debt, up from none a year ago. Click the image for more detail. But on the other hand it also has CN¥6.55b in cash, leading to a CN¥6.02b net cash position.
SHSE:603599 Debt to Equity History September 22nd 2022How Healthy Is Anhui Guangxin Agrochemical's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Anhui Guangxin Agrochemical had liabilities of CN¥3.51b due within 12 months and liabilities of CN¥133.2m due beyond that. Offsetting this, it had CN¥6.55b in cash and CN¥723.3m in receivables that were due within 12 months. So it can boast CN¥3.64b more liquid assets than total liabilities.
This excess liquidity suggests that Anhui Guangxin Agrochemical is taking a careful approach to debt. Due to its strong net asset position, it is not likely to face issues with its lenders. Succinctly put, Anhui Guangxin Agrochemical boasts net cash, so it's fair to say it does not have a heavy debt load!
Better yet, Anhui Guangxin Agrochemical grew its EBIT by 131% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Anhui Guangxin Agrochemical'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.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Anhui Guangxin Agrochemical may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Anhui Guangxin Agrochemical generated free cash flow amounting to a very robust 85% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Anhui Guangxin Agrochemical has net cash of CN¥6.02b, as well as more liquid assets than liabilities. The cherry on top was that in converted 85% of that EBIT to free cash flow, bringing in CN¥1.9b. When it comes to Anhui Guangxin Agrochemical's debt, we sufficiently relaxed that our mind turns to the jacuzzi. 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. For example - Anhui Guangxin Agrochemical has 1 warning sign we think you should be aware of.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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。我們可以看到安徽廣信農化有限公司(上海證券交易所:603599)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?
債務在什麼時候是危險的?
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,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。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。
查看我們對安徽廣信農化的最新分析
安徽廣信農化揹負着多少債務?
正如你在下面看到的,截至2022年6月底,安徽廣信農化的債務為5.353億元人民幣,而一年前為零。單擊圖像瞭解更多詳細信息。但另一方面,它也有65.5億加元的現金,導致60.2億加元的淨現金頭寸。
上證綜指:603599債轉股歷史2022年9月22日安徽廣信農化的資產負債表有多健康?
放大最新的資產負債表數據,我們可以看到,安徽廣信農化12個月內到期負債35.1億元,12個月後到期負債1.332億元。作為抵消,它有65.5億加元的現金和7.233億加元的應收賬款在12個月內到期。因此,它的流動資產比總計負債。
這種過剩的流動性表明,安徽廣信農化正在謹慎處理債務問題。由於其強大的淨資產狀況,它不太可能面臨與貸款人的問題。簡而言之,安徽廣信農化擁有淨現金,可以説它沒有沉重的債務負擔!
更好的是,安徽廣信農化去年息税前利潤增長了131%,這是一個令人印象深刻的進步。這一提振將使未來償還債務變得更加容易。在分析債務水平時,資產負債表顯然是一個起點。但決定安徽廣信農化未來能否保持健康資產負債表的,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。
最後,一家公司只能用冷硬現金償還債務,而不是會計利潤。安徽廣信農化的資產負債表上可能有淨現金,但看看該業務將息税前利潤(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去三年中,安徽廣信農化產生的自由現金流佔其息税前利潤的85%,非常強勁,超出了我們的預期。這使其在償還債務方面處於非常有利的地位。
總結
雖然我們同情投資者對債務的擔憂,但您應該記住,安徽廣信農化擁有60.2億元人民幣的淨現金,流動資產多於負債。上面的櫻桃是In將85%的息税前利潤轉化為自由現金流,帶來了人民幣19億元的收入。當談到安徽廣信農化的債務時,我們足夠放鬆,我們的注意力轉向了按摩浴缸。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。例如-安徽廣信農化1個警告標誌我們認為你應該意識到。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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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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