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SaturdayLtd (SZSE:002291) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway
SaturdayLtd (SZSE:002291) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway
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 Saturday Co.,Ltd (SZSE:002291) does use debt in its business. But the more important question is: how much risk is that debt creating?
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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for SaturdayLtd
What Is SaturdayLtd's Debt?
The image below, which you can click on for greater detail, shows that SaturdayLtd had debt of CN¥735.9m at the end of June 2022, a reduction from CN¥1.45b over a year. However, it does have CN¥1.54b in cash offsetting this, leading to net cash of CN¥803.0m.
SZSE:002291 Debt to Equity History September 29th 2022How Healthy Is SaturdayLtd's Balance Sheet?
According to the last reported balance sheet, SaturdayLtd had liabilities of CN¥1.58b due within 12 months, and liabilities of CN¥66.9m due beyond 12 months. On the other hand, it had cash of CN¥1.54b and CN¥1.42b worth of receivables due within a year. So it can boast CN¥1.31b more liquid assets than total liabilities.
This surplus suggests that SaturdayLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, SaturdayLtd boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if SaturdayLtd can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
In the last year SaturdayLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 60%, to CN¥3.6b. Shareholders probably have their fingers crossed that it can grow its way to profits.
So How Risky Is SaturdayLtd?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And we do note that SaturdayLtd had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through CN¥460m of cash and made a loss of CN¥530m. With only CN¥803.0m on the balance sheet, it would appear that its going to need to raise capital again soon. SaturdayLtd's revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. 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 instance, we've identified 1 warning sign for SaturdayLtd that 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。我們可以看到星期六股份有限公司(SZSE:002291)確實在其業務中使用債務。但更重要的問題是:這筆債務造成了多大的風險?
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。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對星期六有限公司的最新分析
星期六有限公司的債務是什麼?
下圖顯示,截至2022年6月底,星期六有限公司的債務為7.359億加元,比一年內的14.5億加元有所減少。你可以點擊查看更多細節。然而,它確實有15.4億加元的現金抵消了這一點,導致淨現金8.03億加元。
深圳證交所:002291債轉股歷史2022年9月29日星期六有限公司的資產負債表有多健康?
根據最新報告的資產負債表,星期六有限公司有15.8億加元的負債在12個月內到期,6690萬加元的負債在12個月後到期。另一方面,它有15.4億元現金和14.2億元的應收賬款在一年內到期。因此,它的流動資產比總計負債。
這一盈餘表明,星期六有限公司的資產負債表很保守,很可能會毫不費力地消除債務。簡而言之,星期六有限公司擁有淨現金,所以公平地説,它沒有沉重的債務負擔!毫無疑問,我們從資產負債表中瞭解到的債務最多。但最終,該業務未來的盈利能力將決定星期六有限公司能否隨着時間的推移加強其資產負債表。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。
去年,星期六有限公司沒有實現息税前利潤,但其收入增長了60%,達到人民幣36億元。股東們可能會祈禱它能以自己的方式增長並實現盈利。
那麼,星期六有限公司的風險有多大?
就其本質而言,虧損的公司比那些長期盈利的公司風險更大。我們確實注意到,星期六有限公司在過去一年中出現了息税前收益(EBIT)虧損。事實上,在此期間,它燒掉了4.6億元人民幣的現金,虧損了5.3億元人民幣。在資產負債表上只有8.03億元人民幣的情況下,它似乎很快就需要再次籌集資金。在過去的一年裏,星期六有限公司的收入增長十分亮眼,因此它很有可能在適當的時候扭虧為盈。通過在這些利潤之前投資,股東承擔了更大的風險,希望獲得更大的回報。毫無疑問,我們從資產負債表中瞭解到的債務最多。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,我們已經確定1個星期六有限公司的警告標誌這一點你應該知道。
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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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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