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Is Fennec Pharmaceuticals (NASDAQ:FENC) A Risky Investment?

Is Fennec Pharmaceuticals (NASDAQ:FENC) A Risky Investment?

Fennec Pharmicals(納斯達克股票代碼:FENC)是一項風險投資嗎?
Simply Wall St ·  05/21 07:45

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 can see that Fennec Pharmaceuticals Inc. (NASDAQ:FENC) does use debt in its business. But the more important question is: how much risk is that debt creating?

戴維·伊本(David Iben)在他說'波動性不是我們關心的風險。我們關心的是避免永久性資本損失。'時表達得很好。考慮一個公司有多大風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能導致破產。我們可以看到Fennec Pharmaceuticals Inc. (NASDAQ:FENC)確實在其業務中使用了債務。但更重要的問題是:這些債務產生了多少風險?

When Is Debt A Problem?

什麼時候負債才是一個問題?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. 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 step when considering a company's debt levels is to consider its cash and debt together.

當企業不能以自由現金流或以優惠價格籌集資金時,債務和其他負債變得有風險。如果情況變得非常糟糕,債權人可以控制企業。然而,更常見但仍然昂貴的情況是,公司必須以廉價的股票價格稀釋股東權益,以控制債務。當然,有很多公司使用債務資助增長,並沒有造成任何負面後果。在考慮公司的債務水平時的第一步是考慮其現金和債務總額。

What Is Fennec Pharmaceuticals's Debt?

Fennec Pharmaceuticals的債務是多少?

You can click the graphic below for the historical numbers, but it shows that as of March 2024 Fennec Pharmaceuticals had US$31.3m of debt, an increase on US$25.1m, over one year. However, its balance sheet shows it holds US$51.2m in cash, so it actually has US$19.8m net cash.

您可以點擊下面的圖形查看歷史數據,但它顯示截至2024年3月,Fennec Pharmaceuticals有3130萬美元的債務,超過一年的2510萬美元。然而,其資產負債表顯示,它持有5120萬美元的現金,因此實際上擁有1980萬美元的淨現金。

debt-equity-history-analysis
NasdaqCM:FENC Debt to Equity History May 21st 2024
納斯達克(FENC)股權帳户股權帳户歷史5月21日2024年

How Healthy Is Fennec Pharmaceuticals' Balance Sheet?

根據最後披露的資產負債表,Fennec Pharmaceuticals在12個月內應償還984萬美元的負債,並應償還超過12個月的5630萬美元的負債。抵消這些義務,其現金爲5120萬美元,同時有在12個月內應收賬款價值1030萬美元。因此,它的負債總額比現金和短期應收賬款合計多472萬美元。當然,Fennec Pharmaceuticals的市值爲1.923億美元,所以這些負債可能是可以管理的。但是有足夠的負債,我們肯定建議股東繼續關注資產負債表的變化。雖然它確實有值得注意的負債,但Fennec Pharmaceuticals的現金比債務還多,所以我們相信它能夠安全地控制債務。

According to the last reported balance sheet, Fennec Pharmaceuticals had liabilities of US$9.84m due within 12 months, and liabilities of US$56.3m due beyond 12 months. Offsetting these obligations, it had cash of US$51.2m as well as receivables valued at US$10.3m due within 12 months. So it has liabilities totalling US$4.72m more than its cash and near-term receivables, combined.

最後,企業需要自由現金流來償還債務;會計利潤則無法承擔這個風險。雖然Fennec Pharmaceuticals在其資產負債表上有淨現金,但仍值得注意的是,我們看看它將利潤、利息和稅前利潤(EBIT)轉換爲自由現金流的能力,以幫助我們了解它正在建立(或侵蝕)這個現金餘額的速度。令股東感到高興的是,Fennec Pharmaceuticals在過去一年中實際上產生了比EBIT更多的自由現金流。這種強勁的現金流產生方式像蜜蜂衣服裏的小狗狗一樣,溫暖我們的心扉。

Of course, Fennec Pharmaceuticals has a market capitalization of US$192.3m, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. While it does have liabilities worth noting, Fennec Pharmaceuticals also has more cash than debt, so we're pretty confident it can manage its debt safely.

雖然看總負債是始終明智的,但Fennec Pharmaceuticals擁有1980萬美元的淨現金非常令人欣慰。它的自由現金流也令我們印象深刻,是其EBIT的440%。因此,我們對Fennec Pharmaceuticals的債務使用沒有疑慮。在分析債務時,資產負債表顯然是需要關注的領域。然而,除了資產負債表之外,每個公司都可能存在與資產負債表之外的風險。例如,我們發現了Fennec Pharmaceuticals的兩個警示信號,您應該注意。

Notably, Fennec Pharmaceuticals made a loss at the EBIT level, last year, but improved that to positive EBIT of US$6.2m in the last twelve months. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Fennec Pharmaceuticals's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

重要的是,Fennec Pharmaceuticals去年在EBIT水平上虧損了,但在過去的12個月中EBIT實現的6.2百萬美元是正數。顯然,資產負債表是分析債務的重點。但更重要的是未來的盈利,這將決定Fennec Pharmaceuticals維持健康資產負債表的能力。因此,如果您關注未來,您可以查看此免費報告,顯示分析師的利潤預測。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Fennec Pharmaceuticals 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. Happily for any shareholders, Fennec Pharmaceuticals actually produced more free cash flow than EBIT over the last year. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.

最後,企業需要自由現金流來償還債務;會計利潤則無法承擔這個風險。雖然Fennec Pharmaceuticals在其資產負債表上有淨現金,但仍值得注意的是,我們看看它將利潤、利息和稅前利潤(EBIT)轉換爲自由現金流的能力,以幫助我們了解它正在建立(或侵蝕)這個現金餘額的速度。令股東感到高興的是,Fennec Pharmaceuticals在過去一年中實際上產生了比EBIT更多的自由現金流。這種強勁的現金流產生方式像蜜蜂衣服裏的小狗狗一樣,溫暖我們的心扉。

Summing Up

總之

While it is always sensible to look at a company's total liabilities, it is very reassuring that Fennec Pharmaceuticals has US$19.8m in net cash. And it impressed us with free cash flow of US$27m, being 440% of its EBIT. So we are not troubled with Fennec Pharmaceuticals's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for Fennec Pharmaceuticals you should be aware of.

公司的總負債是值得關注的,但Fennec Pharmaceuticals擁有1980萬美元的淨現金非常令人欣慰。它的自由現金流也令我們印象深刻,是其EBIT的440%。因此,我們對Fennec Pharmaceuticals的債務使用沒有疑慮。在分析債務時,資產負債表顯然是需要關注的領域。然而,除了資產負債表之外,每個公司都可能存在與資產負債表之外的風險。事實證明:我們已經發現Fennec Pharmaceuticals的兩個警示信號,您應該注意。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。

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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.

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