Is Nations Technologies (SZSE:300077) Using Too Much Debt?
Is Nations Technologies (SZSE:300077) Using Too Much Debt?
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. As with many other companies Nations Technologies Inc. (SZSE:300077) makes use of debt. But is this debt a concern to shareholders?
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。与许多其他公司一样国家技术公司。(SZSE:300077)利用债务。但这笔债务对股东来说是一个担忧吗?
When Is Debt A Problem?
什么时候债务是个问题?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。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。
See our latest analysis for Nations Technologies
查看我们对国家技术的最新分析
What Is Nations Technologies's Debt?
国家技术公司的债务是什么?
The image below, which you can click on for greater detail, shows that at June 2023 Nations Technologies had debt of CN¥1.44b, up from CN¥648.0m in one year. However, it does have CN¥891.1m in cash offsetting this, leading to net debt of about CN¥548.7m.
下图显示,截至2023年6月,国家科技公司的债务为14.4亿加元,高于一年内的6.48亿加元。你可以点击查看更多详细信息。然而,它确实有8.911亿加元的现金来抵消这一点,导致净债务约为5.487亿加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231024/0-e0a330b50407b1efbcd8cee59627b56a-0-38b01f35facf266a50fdc46068fff298.png/big)
A Look At Nations Technologies' Liabilities
国家技术公司的负债问题
The latest balance sheet data shows that Nations Technologies had liabilities of CN¥1.21b due within a year, and liabilities of CN¥1.30b falling due after that. On the other hand, it had cash of CN¥891.1m and CN¥427.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.19b.
最新的资产负债表数据显示,国泰科技有12.1亿元人民币的负债在一年内到期,12.1亿元人民币的负债在一年内到期。另一方面,它有8.911亿加元的现金和4.27亿加元的应收账款在一年内到期。因此,它的负债超过了现金和(近期)应收账款的总和11.9亿元。
Since publicly traded Nations Technologies shares are worth a total of CN¥6.71b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Nations Technologies 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.
由于上市交易的国科股票总价值为人民币67.1亿元,这种负债水平似乎不太可能构成重大威胁。话虽如此,很明显,我们应该继续监控它的资产负债表,以免它变得更糟。在分析债务水平时,资产负债表显然是一个起点。但你不能完全孤立地看待债务;因为国家技术公司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。
In the last year Nations Technologies had a loss before interest and tax, and actually shrunk its revenue by 26%, to CN¥1.0b. That makes us nervous, to say the least.
去年,国泰科技出现息税前亏损,实际营收缩水26%,至10亿加元。至少可以说,这让我们感到紧张。
Caveat Emptor
告诫买入者
Not only did Nations Technologies's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥353m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥692m in negative free cash flow over the last twelve months. So in short it's a really risky stock. For riskier companies like Nations Technologies I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
国家技术公司不仅在过去12个月中收入下滑,还产生了负的息税前收益(EBIT)。事实上,在息税前利润水平上,它亏损了3.53亿加元。当我们看到这一点,并回忆起资产负债表上相对于现金的负债时,在我们看来,该公司有任何债务似乎是不明智的。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6.92亿元。因此,简而言之,这是一只非常有风险的股票。对于国家技术公司这样风险较高的公司,我总是喜欢关注长期利润和收入趋势。幸运的是,您可以点击查看我们关于其利润、收入和运营现金流的互动图表。
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。