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These 4 Measures Indicate That Fufeng Group (HKG:546) Is Using Debt Reasonably Well
These 4 Measures Indicate That Fufeng Group (HKG:546) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Fufeng Group Limited (HKG:546) does use debt in its business. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Fufeng Group
What Is Fufeng Group's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Fufeng Group had CN¥7.73b of debt, an increase on CN¥3.52b, over one year. But on the other hand it also has CN¥8.02b in cash, leading to a CN¥287.9m net cash position.
SEHK:546 Debt to Equity History October 3rd 2022A Look At Fufeng Group's Liabilities
The latest balance sheet data shows that Fufeng Group had liabilities of CN¥8.71b due within a year, and liabilities of CN¥3.70b falling due after that. Offsetting these obligations, it had cash of CN¥8.02b as well as receivables valued at CN¥1.64b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.75b.
Fufeng Group has a market capitalization of CN¥9.21b, 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. While it does have liabilities worth noting, Fufeng Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
Even more impressive was the fact that Fufeng Group grew its EBIT by 175% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. 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 Fufeng Group 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Fufeng 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. Looking at the most recent three years, Fufeng Group recorded free cash flow of 33% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
Although Fufeng Group's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of CN¥287.9m. And it impressed us with its EBIT growth of 175% over the last year. So we are not troubled with Fufeng Group's debt use. 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. Be aware that Fufeng Group is showing 1 warning sign in our investment analysis , you should know about...
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們可以看到福豐集團有限公司(HKG:546)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?
債務在什麼時候是危險的?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。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。
查看我們對福豐集團的最新分析
阜豐集團的淨負債是多少?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,阜豐集團的債務為77.3億元人民幣,比一年前增加了35.2億元人民幣。但另一方面,它也有80.2億新元的現金,導致2.879億新元的淨現金頭寸。
聯交所:546債轉股歷史2022年10月3日福豐集團負債情況一瞥
最新的資產負債表數據顯示,阜豐集團有87.1億元的負債在一年內到期,37億元的負債在一年內到期。作為對這些債務的抵銷,該公司有80.2億加元的現金以及價值16.4億加元的應收賬款在12個月內到期。因此,它的負債超過了現金和(近期)應收賬款的總和27.5億元。
阜豐集團的市值為人民幣92.1億元,因此,如果有需要,它很可能會籌集現金來改善其資產負債表。但很明顯,我們絕對應該仔細檢查它是否能夠在不稀釋的情況下管理債務。雖然阜豐集團確實有值得注意的負債,但它的現金也多於債務,所以我們相當有信心它能夠安全地管理債務。
更令人印象深刻的是,阜豐集團的息税前利潤在12個月內增長了175%。如果保持這樣的增長,未來幾年的債務將變得更加可控。當你分析債務時,資產負債表顯然是你關注的領域。但歸根結底,未來業務的盈利能力將決定阜豐集團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。
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。雖然阜豐集團的資產負債表上有淨現金,但它將息税前利潤(EBIT)轉換為自由現金流的能力仍值得一看,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。從最近三年來看,阜豐集團的自由現金流佔其息税前利潤的33%,這一數字低於我們的預期。當涉及到償還債務時,這並不是很好。
總結
儘管阜豐集團的資產負債表不是特別強勁,但考慮到總負債,它的淨現金為2.879億元人民幣,這顯然是積極的。去年息税前利潤增長了175%,給我們留下了深刻的印象。因此,我們對阜豐集團的債務使用並不感到困擾。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。請注意,福豐集團正在展示在我們的投資分析中出現1個警告信號,你應該知道關於……
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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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