We Think Lander Sports Development (SZSE:000558) Has A Fair Chunk Of Debt
We Think Lander Sports Development (SZSE:000558) Has A Fair Chunk Of 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.' 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 Lander Sports Development Co., Ltd. (SZSE:000558) does use debt in its business. But the real question is whether this debt is making the company risky.
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李璐对此毫不掩饰,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性的资本损失。”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。我们可以看到,兰德体育发展有限公司(深交所代码:000558)确实在其业务中使用了债务。但真正的问题是,这笔债务是否使公司面临风险。
What Risk Does Debt Bring?
债务会带来什么风险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.
当企业无法通过自由现金流或以有吸引力的价格筹集资金来轻松履行这些义务时,债务和其他负债就会变得有风险。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然令人痛苦)的情况是它必须以低价筹集新的股权资本,从而永久稀释股东。当然,债务的好处是它通常代表廉价资本,尤其是当它取代了具有高回报率再投资能力的公司的稀释时。在考虑企业使用多少债务时,要做的第一件事是将现金和债务放在一起考虑。
Check out our latest analysis for Lander Sports Development
查看我们对兰德体育发展的最新分析
What Is Lander Sports Development's Net Debt?
兰德体育开发公司的净负债是多少?
As you can see below, Lander Sports Development had CN¥442.6m of debt at September 2023, down from CN¥500.8m a year prior. However, because it has a cash reserve of CN¥88.2m, its net debt is less, at about CN¥354.4m.
如下所示,截至2023年9月,Lander Sports Development的债务为4.426亿元人民币,低于去年同期的5.008亿元人民币。但是,由于其现金储备为8.82亿元人民币,其净负债较少,约为3.544亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231216/0-7036c67a64f9c30cd5176db073341829-0-70d29dbe5a945aa4cf3421b3d203d71c.png/big)
A Look At Lander Sports Development's Liabilities
看看兰德体育开发公司的负债
According to the last reported balance sheet, Lander Sports Development had liabilities of CN¥289.1m due within 12 months, and liabilities of CN¥357.0m due beyond 12 months. Offsetting this, it had CN¥88.2m in cash and CN¥69.5m in receivables that were due within 12 months. So its liabilities total CN¥488.5m more than the combination of its cash and short-term receivables.
根据上次公布的资产负债表,Lander Sports Development的负债为2.891亿元人民币,在12个月后到期的负债为3.570亿元人民币。抵消这一点的是,它有8,820万元人民币的现金和6,950万元人民币的应收账款,这些应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总和高出4.885亿元人民币。
Given Lander Sports Development has a market capitalization of CN¥4.07b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Lander Sports Development'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.
鉴于Lander Sports Development的市值为407亿元人民币,很难相信这些负债会构成太大威胁。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。资产负债表显然是分析债务时需要关注的领域。但是,影响未来资产负债表表现的是Lander Sports Development 的收益。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 Lander Sports Development wasn't profitable at an EBIT level, but managed to grow its revenue by 97%, to CN¥181m. Shareholders probably have their fingers crossed that it can grow its way to profits.
去年,Lander Sports Development在息税前利润水平上没有实现盈利,但其收入成功增长了97%,达到1.81亿元人民币。股东们可能对它能够以增长的方式获利感到不安。
Caveat Emptor
Caveat Emptor
While we can certainly appreciate Lander Sports Development's revenue growth, its earnings before interest and tax (EBIT) loss is not ideal. Indeed, it lost CN¥9.5m 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. We would feel better if it turned its trailing twelve month loss of CN¥39m into a profit. So we do think this stock is quite risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Lander Sports Development that you should be aware of before investing here.
尽管我们当然可以欣赏到Lander Sports Development的收入增长,但其息税前收益(EBIT)亏损并不理想。事实上,它在息税前利润水平上损失了950万元人民币。当我们审视这个问题并回顾其资产负债表上相对于现金的负债时,我们认为该公司有任何债务似乎是不明智的。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。如果它将过去十二个月的3900万元人民币的亏损转化为利润,我们会感觉好些。因此,我们确实认为这只股票风险很大。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,并非所有的投资风险都存在于资产负债表中——远非如此。例如,我们发现了Lander Sports Development的1个警告信号,在这里投资之前,你应该注意这一点。
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.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。