Here's Why Invengo Information TechnologyLtd (SZSE:002161) Can Afford Some Debt
Here's Why Invengo Information TechnologyLtd (SZSE:002161) Can Afford Some Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. Importantly, Invengo Information Technology Co.,Ltd. (SZSE:002161) does carry debt. But should shareholders be worried about its use of debt?
霍华德·马克斯说得很好,他说:“我担心的是永久亏损的可能性... 我认识的每位务实投资者都很担心,而不是担心股价的波动。”当我们考虑一家公司的风险时,我们总是喜欢看它对债务的使用,因为债务超负荷可能导致破产。重要的是,Invengo 信息技术有限公司, Ltd.(深圳证券交易所:002161)确实有债务。但是,股东是否应该担心其使用债务?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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.
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。资本主义的重要组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然很痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可以成为一个非常好的工具。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 Invengo Information TechnologyLtd
查看我们对Invengo信息技术有限公司的最新分析
How Much Debt Does Invengo Information TechnologyLtd Carry?
Invengo 信息技术有限公司背负了多少债务?
As you can see below, Invengo Information TechnologyLtd had CN¥745.8m of debt, at September 2023, which is about the same as the year before. You can click the chart for greater detail. However, it also had CN¥509.3m in cash, and so its net debt is CN¥236.5m.
如下所示,截至2023年9月,Invengo Information TechnologyLtd的债务为7.458亿元人民币,与前一年大致相同。您可以单击图表以获取更多详细信息。但是,它也有5.093亿元人民币的现金,因此其净负债为2.365亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231118/0-6d6baedaeefd6bd77c0a9beab0523aee-0-a13257a7f097698773998065eaf8edf8.png/big)
How Strong Is Invengo Information TechnologyLtd's Balance Sheet?
Invengo 信息技术有限公司的资产负债表有多强劲?
We can see from the most recent balance sheet that Invengo Information TechnologyLtd had liabilities of CN¥757.1m falling due within a year, and liabilities of CN¥441.5m due beyond that. On the other hand, it had cash of CN¥509.3m and CN¥256.2m worth of receivables due within a year. So its liabilities total CN¥433.1m more than the combination of its cash and short-term receivables.
我们可以从最新的资产负债表中看出,Invengo Information TechnologyLtd的负债为7.571亿元人民币,此后到期的负债为4.415亿元人民币。另一方面,它在一年内有5.093亿元人民币的现金和价值2.562亿元人民币的应收账款。因此,其负债总额比其现金和短期应收账款的总和高出4.331亿元人民币。
Of course, Invengo Information TechnologyLtd has a market capitalization of CN¥4.68b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. There's no doubt that we learn most about debt from the balance sheet. But it is Invengo Information TechnologyLtd's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
当然,Invengo Information TechnologyLtd的市值为46.8亿元人民币,因此这些负债可能是可以控制的。话虽如此,很明显,我们应该继续监控其资产负债表,以免情况变得更糟。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,Invengo Information TechnologyLtd的收益将影响资产负债表未来的表现。因此,在考虑债务时,绝对值得一看收益趋势。点击此处查看交互式快照。
In the last year Invengo Information TechnologyLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 6.1%, to CN¥555m. We usually like to see faster growth from unprofitable companies, but each to their own.
去年,Invengo Information TechnologyLtd没有按息税前利润水平实现盈利,但其收入增长了6.1%,达到5.55亿元人民币。我们通常希望看到无利可图的公司实现更快的增长,但每家公司都有自己的增长。
Caveat Emptor
Caveat Emptor
Importantly, Invengo Information TechnologyLtd had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥24m. 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. However, it doesn't help that it burned through CN¥27m of cash over the last year. So to be blunt we think it is risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Invengo Information TechnologyLtd has 1 warning sign we think you should be aware of.
重要的是,Invengo Information TechnologyLtd去年出现了利息和税前收益(EBIT)亏损。具体而言,息税前利润损失为2400万元人民币。考虑到除了上述负债外,我们对公司应该使用如此多的债务没有太大信心。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。但是,它在过去一年中耗尽了2700万元人民币的现金,这无济于事。因此,坦率地说,我们认为这是有风险的。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。但归根结底,每家公司都可以控制资产负债表之外的风险。例如,Invengo Information TechnologyLtd 有 1 个警告标志,我们认为你应该注意。
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.
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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