The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 note that Shenzhen Silver Basis Technology Co., Ltd. (SZSE:002786) 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?
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. If things get really bad, the lenders can take control of the business. 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. 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. 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 Shenzhen Silver Basis Technology
What Is Shenzhen Silver Basis Technology's Net Debt?
As you can see below, Shenzhen Silver Basis Technology had CN¥1.49b of debt, at September 2022, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has CN¥248.1m in cash leading to net debt of about CN¥1.24b.
![debt-equity-history-analysis](https://usnewsfile.futunn.com/pic/0-17823056-0-0cad4350f75bef10fafbdc7b3c5d00f1.png/big)
SZSE:002786 Debt to Equity History December 15th 2022
A Look At Shenzhen Silver Basis Technology's Liabilities
We can see from the most recent balance sheet that Shenzhen Silver Basis Technology had liabilities of CN¥3.20b falling due within a year, and liabilities of CN¥565.4m due beyond that. Offsetting this, it had CN¥248.1m in cash and CN¥784.9m in receivables that were due within 12 months. So it has liabilities totalling CN¥2.74b more than its cash and near-term receivables, combined.
Shenzhen Silver Basis Technology has a market capitalization of CN¥4.58b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Shenzhen Silver Basis Technology will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
In the last year Shenzhen Silver Basis Technology wasn't profitable at an EBIT level, but managed to grow its revenue by 13%, to CN¥2.8b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
Caveat Emptor
Importantly, Shenzhen Silver Basis Technology had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥206m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥214m in negative free cash flow over the last twelve months. So suffice it to say we do consider the stock to be risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Shenzhen Silver Basis Technology (1 is a bit unpleasant) you should be aware of.
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.
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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.
由伯克希尔哈撒韦的Li·芒格支持的外部基金经理Lu直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们注意到深圳市银基科技有限公司。(SZSE:002786)的资产负债表上确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
什么时候债务是个问题?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。如果情况真的变得很糟糕,贷款人可以控制业务。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对深圳银基科技的最新分析
深圳银基科技的净负债是多少?
如下所示,截至2022年9月,深圳银基科技负债14.9亿元,与前一年持平。您可以单击图表查看更多详细信息。另一方面,它拥有2.481亿加元的现金,导致净债务约为12.4亿加元。
![debt-equity-history-analysis](https://usnewsfile.futunn.com/pic/0-17823056-0-0cad4350f75bef10fafbdc7b3c5d00f1.png/big)
深交所:002786债转股历史2022年12月15日
深圳银基科技负债情况一瞥
从最近的资产负债表可以看到,深圳银基科技有32亿元人民币的负债在一年内到期,还有5.654亿元人民币的负债在一年内到期。作为抵消,它有2.481亿加元的现金和7.849亿加元的应收账款在12个月内到期。因此,该公司的负债总额为人民币27.4亿元,比现金和近期应收账款加起来还要多。
深圳银基科技的市值为人民币45.8亿元,因此,如果有需要,它很可能会筹集现金来改善其资产负债表。但我们肯定希望密切关注其债务带来太大风险的迹象。毫无疑问,我们从资产负债表中了解到的债务最多。但你不能完全孤立地看待债务,因为深圳银基科技需要盈利来偿还债务。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
去年,深圳银基科技没有实现息税前利润,但收入增长了13%,达到人民币28亿元。这种增长速度对我们的品味来说有点慢,但它需要所有类型的人来创造一个世界。
告诫买入者
重要的是,深圳银基科技去年出现息税前利润(EBIT)亏损。事实上,它在息税前利润水平上亏损了2.06亿元人民币。考虑到除了上面提到的债务,我们对公司应该使用如此多的债务没有太大的信心。因此,我们认为它的资产负债表有点紧张,但并不是无法修复。另一个值得警惕的原因是,在过去的12个月里,自由现金流为负2.14亿元。因此,可以说,我们确实认为这只股票是有风险的。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们已经确定深圳银基科技的2个警示标志(1有点令人不快)你应该知道。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。