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Here's Why Bumitama Agri (SGX:P8Z) Can Manage Its Debt Responsibly
Here's Why Bumitama Agri (SGX:P8Z) Can Manage Its Debt Responsibly
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 Bumitama Agri Ltd. (SGX:P8Z) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Bumitama Agri
What Is Bumitama Agri's Debt?
The image below, which you can click on for greater detail, shows that Bumitama Agri had debt of Rp4.19t at the end of June 2022, a reduction from Rp5.54t over a year. On the flip side, it has Rp1.38t in cash leading to net debt of about Rp2.80t.
SGX:P8Z Debt to Equity History September 29th 2022A Look At Bumitama Agri's Liabilities
Zooming in on the latest balance sheet data, we can see that Bumitama Agri had liabilities of Rp1.69t due within 12 months and liabilities of Rp4.52t due beyond that. On the other hand, it had cash of Rp1.38t and Rp665.0b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by Rp4.16t.
Bumitama Agri has a market capitalization of Rp10t, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Bumitama Agri has net debt of just 0.46 times EBITDA, suggesting it could ramp leverage without breaking a sweat. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So there's no doubt this company can take on debt while staying cool as a cucumber. Even more impressive was the fact that Bumitama Agri grew its EBIT by 172% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Bumitama Agri'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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the most recent three years, Bumitama Agri recorded free cash flow worth 51% 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.
Our View
The good news is that Bumitama Agri's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its EBIT growth rate also supports that impression! Taking all this data into account, it seems to us that Bumitama Agri takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for Bumitama Agri (1 is significant!) that you should be aware of before investing here.
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.
傳奇基金經理李露(Charlie Munger 支持他)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當我們想到一家公司的風險有多大時,我們總是喜歡看看它對債務的使用,因爲債務超負荷會導致破產。我們注意到 Bumitama Agri Ltd. (SGX: P8Z) 的資產負債表上確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
債務何時會成爲問題?
一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。儘管這種情況不太常見,但我們經常看到負債公司永久稀釋股東,因爲貸款人迫使他們以低價籌集資金。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。在考慮企業使用多少債務時,要做的第一件事是將其現金和債務放在一起考慮。
查看我們對 Bumitama Agri 的最新分析
Bumitama Agri的債務是甚麼?
您可以點擊下圖瞭解更多詳情,該圖片顯示,截至2022年6月底,Bumitama Agri的債務爲rp4.19t,比一年多的rp5.54t有所減少。另一方面,它有1.38萬億盧比的現金,淨負債約爲2.80萬盧比。
新加坡交易所:P8Z 債務轉股權歷史記錄 2022 年 9 月 29 日看看 Bumitama Agri 的負債
放大最新的資產負債表數據,我們可以看到Bumitama Agri在12個月內到期的負債爲RP1.69t,在此之後到期的負債爲rp4.52t。另一方面,它有一年內到期的現金爲1.38億盧比和價值665.0億盧比的應收賬款。因此,其負債超過現金和(短期)應收賬款總額rp4.16t。
Bumitama Agri的市值爲rp10t,因此,如果有需要,它很可能會籌集資金來改善其資產負債表。但很明顯,我們絕對應該仔細研究它能否在不稀釋的情況下管理債務。
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。
Bumitama Agri的淨負債僅爲息稅折舊攤銷前利潤的0.46倍,這表明它可以在不費吹灰之力的情況下提高槓杆率。但真正酷的是,在過去的一年中,它實際上設法獲得的利息超過了支付的利息。因此,毫無疑問,這家公司可以在承擔債務的同時保持冷靜。更令人印象深刻的是,Bumitama Agri在十二個月內將其息稅前利潤增長了172%。如果保持這種增長,將使未來幾年的債務更加易於管理。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益比甚麼都重要,將決定Bumitama Agri未來維持健康資產負債表的能力。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,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。因此,我們顯然需要研究息稅前利潤是否帶來了相應的自由現金流。在最近三年中,Bumitama Agri錄得的自由現金流相當於其息稅前利潤的51%,這與正常水平差不多,因爲自由現金流不包括利息和稅收。這筆冷硬現金意味着它可以在需要時減少債務。
我們的觀點
好消息是,Bumitama Agri表現出能夠用息稅前利潤支付利息支出,這讓我們感到高興,就像毛茸茸的小狗對待幼兒一樣。好消息還不止於此,因爲其息稅前利潤增長率也支持了這種印象!考慮到所有這些數據,在我們看來,Bumitama Agri對債務採取了非常明智的態度。儘管這帶來了一些風險,但它也可以提高股東的回報。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,並非所有的投資風險都存在於資產負債表內——遠非如此。例如,我們發現了 Bumitama Agri 的 2 個警告標誌 (1 很重要!)在這裏投資之前,你應該注意這一點。
當一切都說完之後,有時候更容易將注意力集中在甚至不需要債務的公司身上。讀者可以訪問淨負債爲零的成長型股票清單 100% 免費,現在。
對這篇文章有反饋嗎?對內容感到擔憂? 取得聯繫 直接和我們聯繫。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是一般性的。 我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章無意提供財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能未將最新的價格敏感型公司公告或定性材料考慮在內。簡而言之,華爾街對上述任何股票都沒有頭寸。
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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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