These 4 Measures Indicate That Golden Agri-Resources (SGX:E5H) Is Using Debt Reasonably Well
These 4 Measures Indicate That Golden Agri-Resources (SGX:E5H) Is Using Debt Reasonably Well
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 can see that Golden Agri-Resources Ltd (SGX:E5H) does use debt in its business. But the more important question is: how much risk is that debt creating?
伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”在研究公司的资产负债表有多风险时,考虑公司的资产负债表是很自然的,因为企业倒闭时通常涉及债务。我们可以看出来 金农业资源有限公司 新加坡证券交易所股票代码:E5H)在其业务中确实使用了债务。但更重要的问题是:这笔债务造成了多大的风险?
What Risk Does Debt Bring?
债务会带来什么风险?
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. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法偿还贷款人的债务,那么债务就会任由他们摆布。如果情况变得非常糟糕,贷款人可以控制业务。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。在考虑企业使用多少债务时,要做的第一件事就是综合考虑其现金和债务。
See our latest analysis for Golden Agri-Resources
查看我们对黄金农业资源的最新分析
What Is Golden Agri-Resources's Debt?
黄金农业资源的债务是多少?
As you can see below, Golden Agri-Resources had US$3.05b of debt, at June 2023, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$1.20b in cash leading to net debt of about US$1.85b.
如下所示,截至2023年6月,Golden Agri-Resources的债务为30.5亿美元,与前一年大致相同。您可以点击图表了解更多详情。另一方面,它拥有12.0亿美元的现金,净负债约为18.5亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230908/0-cc63e1286261d84ad97472602ece95e5-0-bd66adf6d807caa81c4e095acff239ba.png/big)
A Look At Golden Agri-Resources' Liabilities
看看黄金农业资源的负债
According to the last reported balance sheet, Golden Agri-Resources had liabilities of US$2.69b due within 12 months, and liabilities of US$1.82b due beyond 12 months. On the other hand, it had cash of US$1.20b and US$659.8m worth of receivables due within a year. So its liabilities total US$2.65b more than the combination of its cash and short-term receivables.
根据上次公布的资产负债表,Golden Agri-Resources的负债为26.9亿美元,12个月后到期的负债为18.2亿美元。另一方面,它有12.0亿美元的现金和价值6.598亿美元的应收账款将在一年内到期。因此,其负债总额比现金和短期应收账款的总和多出26.5亿美元。
When you consider that this deficiency exceeds the company's US$2.23b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
当你认为这一缺口超过该公司22.3亿美元的市值时,你很可能会倾向于专心地查看资产负债表。假设,如果公司被迫通过按当前股价筹集资金来偿还负债,则需要进行极大的稀释。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们通过以下方法来衡量公司的债务负担与其盈利能力:将其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),并计算其利息和税前收益(EBIT)支付利息支出(利息保障)的难易程度。这样,我们既考虑债务的绝对数量,也考虑为债务支付的利率。
With net debt sitting at just 1.2 times EBITDA, Golden Agri-Resources is arguably pretty conservatively geared. And this view is supported by the solid interest coverage, with EBIT coming in at 7.2 times the interest expense over the last year. Another good sign is that Golden Agri-Resources has been able to increase its EBIT by 23% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Golden Agri-Resources'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.
由于净负债仅为息税折旧摊销前利润的1.2倍,Golden Agri-Resources的调整可以说相当保守。这一观点得到了稳健的利息覆盖的支持,息税前利润是去年利息支出的7.2倍。另一个好兆头是,Golden Agri-Resources已经能够在十二个月内将其息税前利润增加23%,从而更容易偿还债务。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,最重要的是未来的收益,将决定Golden Agri-Resources未来维持健康资产负债表的能力。因此,如果你专注于未来,你可以看看这个 免费的 显示分析师盈利预测的报告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Golden Agri-Resources produced sturdy free cash flow equating to 62% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
但是我们最终的考虑也很重要,因为公司不能用纸面利润偿还债务;它需要冷硬现金。因此,我们显然需要研究息税前利润是否带来了相应的自由现金流。在过去的三年中,Golden Agri-Resources创造了稳健的自由现金流,相当于其息税前利润的62%,与我们的预期差不多。这种冷酷的硬现金意味着它可以在需要时减少债务。
Our View
我们的观点
When it comes to the balance sheet, the standout positive for Golden Agri-Resources was the fact that it seems able to grow its EBIT confidently. However, our other observations weren't so heartening. To be specific, it seems about as good at staying on top of its total liabilities as wet socks are at keeping your feet warm. When we consider all the factors mentioned above, we do feel a bit cautious about Golden Agri-Resources's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Golden Agri-Resources is showing 2 warning signs in our investment analysis , and 1 of those is a bit concerning...
在资产负债表方面,Golden Agri-Resources最突出的积极因素是,它似乎能够自信地增长息税前利润。但是,我们的其他观察结果并不那么令人振奋。具体而言,它似乎在控制总负债方面和湿袜子在保持双脚温暖方面差不多。当我们考虑上述所有因素时,我们确实对Golden Agri-Resources使用债务感到有些谨慎。尽管我们意识到债务可以提高股本回报,但我们建议股东密切关注其债务水平,以免债务增加。在分析债务水平时,资产负债表是显而易见的起点。但归根结底,每家公司都可以控制资产负债表之外存在的风险。请注意 Golden Agri-Resources 正在上映 我们的投资分析中有两个警告信号 ,其中 1 个有点令人担忧...
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
当一切都说完之后,有时候更容易将注意力集中在甚至不需要债务的公司身上。读者可以访问净负债为零的成长型股票清单 100% 免费,现在。
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