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These 4 Measures Indicate That ANTA Sports Products (HKG:2020) Is Using Debt Reasonably Well
These 4 Measures Indicate That ANTA Sports Products (HKG:2020) Is Using Debt Reasonably Well
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 note that ANTA Sports Products Limited (HKG:2020) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
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. 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 think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for ANTA Sports Products
What Is ANTA Sports Products's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 ANTA Sports Products had CN¥12.8b of debt, an increase on CN¥12.2b, over one year. But on the other hand it also has CN¥26.3b in cash, leading to a CN¥13.6b net cash position.
SEHK:2020 Debt to Equity History October 3rd 2022A Look At ANTA Sports Products' Liabilities
According to the last reported balance sheet, ANTA Sports Products had liabilities of CN¥23.7b due within 12 months, and liabilities of CN¥5.75b due beyond 12 months. Offsetting these obligations, it had cash of CN¥26.3b as well as receivables valued at CN¥3.12b due within 12 months. So these liquid assets roughly match the total liabilities.
This state of affairs indicates that ANTA Sports Products' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥204.6b company is struggling for cash, we still think it's worth monitoring its balance sheet. Despite its noteworthy liabilities, ANTA Sports Products boasts net cash, so it's fair to say it does not have a heavy debt load!
On the other hand, ANTA Sports Products saw its EBIT drop by 4.9% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine ANTA Sports Products'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 business needs free cash flow to pay off debt; accounting profits just don't cut it. While ANTA Sports Products 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 last three years, ANTA Sports Products recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
Summing Up
We could understand if investors are concerned about ANTA Sports Products's liabilities, but we can be reassured by the fact it has has net cash of CN¥13.6b. And it impressed us with free cash flow of CN¥8.7b, being 82% of its EBIT. So we don't think ANTA Sports Products's use of debt is risky. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that ANTA Sports Products insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.
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.
巴菲特(Warren Buffett)曾説過一句名言:波動性遠非風險的代名詞。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。我們注意到安踏體育有限公司(HKG:2020)的資產負債表上確實有債務。但股東是否應該擔心它的債務使用情況?
為什麼債務會帶來風險?
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。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。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。
查看我們對安踏體育的最新分析
安踏體育的淨負債是多少?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,安踏體育的債務為128億元人民幣,比一年前增加了122億元人民幣。但另一方面,它也有263億加元的現金,導致136億加元的淨現金頭寸。
聯交所:2020年債轉股歷史2022年10月3日安踏體育的債務一瞥
根據最近一次上報的資產負債表,安踏體育有237億加元的負債在12個月內到期,57.5億加元的負債超過12個月到期。作為對這些債務的抵銷,該公司有263億加元的現金以及價值31.2億加元的應收賬款在12個月內到期。因此,這些流動資產大致相當於總負債。
這種情況表明,安踏體育的資產負債表看起來相當穩健,其總負債與流動資產大致相當。因此,儘管很難想象這家擁有2,046億元人民幣的公司正在苦苦掙扎,但我們仍然認為值得關注它的資產負債表。儘管安踏體育的負債值得注意,但它擁有淨現金,所以公平地説,它沒有沉重的債務負擔!
另一方面,安踏體育的息税前利潤在過去12個月裏下降了4.9%。如果收益繼續以這樣的速度下降,該公司管理債務負擔的難度可能會越來越大。在分析債務水平時,資產負債表顯然是一個起點。但最重要的是,未來的收益將決定安踏體育未來能否保持健康的資產負債表。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。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。雖然安踏體育的資產負債表上有淨現金,但它將息税前利潤轉換為自由現金流的能力仍然值得一看,以幫助我們瞭解它建立(或侵蝕)現金餘額的速度有多快。在過去的三年裏,安踏體育的自由現金流相當於其息税前利潤的82%,這比我們通常預期的要好。這使其在償還債務方面處於非常有利的地位。
總結
如果投資者擔心安踏體育的負債,我們可以理解,但我們可以放心的是,它擁有136億元的淨現金。它給我們留下了深刻的印象,自由現金流為87億元,佔其息税前利潤的82%。所以我們不認為安踏體育舉債有風險。當然,如果我們知道安踏體育的內部人士一直在買入股票,我們不會對這種額外的信心説不:如果你和安踏體育的想法相同,你可以通過點擊這個鏈接來了解內部人士是否在買入。
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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