We Think Berry GenomicsLtd (SZSE:000710) Has A Fair Chunk Of Debt
We Think Berry GenomicsLtd (SZSE:000710) Has A Fair Chunk Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Berry Genomics Co.,Ltd (SZSE:000710) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们注意到 Berry Genomics Co., Ltd(深圳证券交易所股票代码:000710)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使公司面临风险。
When Is Debt A Problem?
债务何时会成为问题?
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 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, 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诱人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成为风险。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,更频繁(但仍然昂贵)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,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
How Much Debt Does Berry GenomicsLtd Carry?
Berry GenomicsLtd 背负了多少债务?
The image below, which you can click on for greater detail, shows that at September 2023 Berry GenomicsLtd had debt of CN¥337.8m, up from CN¥267.1m in one year. On the flip side, it has CN¥291.2m in cash leading to net debt of about CN¥46.7m.
你可以点击下图查看更多细节,该图片显示,截至2023年9月,Berry GenomicsLtd的债务为3.378亿元人民币,高于一年内的2.671亿元人民币。另一方面,它拥有2.912亿加元的现金,净负债约为4,670万元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240321/0-b5125725349411cc23a6c0f80cb52fab-0-2785055cf2b6f2098da77d412db17d7d.png/big)
How Healthy Is Berry GenomicsLtd's Balance Sheet?
Berry GenomicsLtd 的资产负债表有多健康?
Zooming in on the latest balance sheet data, we can see that Berry GenomicsLtd had liabilities of CN¥749.6m due within 12 months and liabilities of CN¥141.3m due beyond that. Offsetting these obligations, it had cash of CN¥291.2m as well as receivables valued at CN¥1.08b due within 12 months. So it can boast CN¥477.3m more liquid assets than total liabilities.
放大最新的资产负债表数据,我们可以看到,Berry GenomicsLtd的负债为7.496亿元人民币,12个月内到期的负债为1.413亿元人民币。除了这些债务外,它还有2.912亿加元的现金以及价值10.8亿元人民币的应收账款将在12个月内到期。因此,它拥有的流动资产可以多出4.773亿元人民币 总 负债。
This surplus suggests that Berry GenomicsLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Carrying virtually no net debt, Berry GenomicsLtd has a very light debt load indeed. There's no doubt that we learn most about debt from the balance sheet. But it is Berry GenomicsLtd'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.
这种盈余表明Berry GenomicsLtd的资产负债表保守,可以毫不费力地消除债务。Berry GenomicsLtd几乎没有净负债,债务负担确实很轻。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,影响未来资产负债表状况的是Berry GenomicsLtd的收益。因此,在考虑债务时,绝对值得一看收益趋势。单击此处查看交互式快照。
In the last year Berry GenomicsLtd had a loss before interest and tax, and actually shrunk its revenue by 13%, to CN¥1.2b. That's not what we would hope to see.
去年,Berry GenomicsLtd在利息和税前出现亏损,实际上其收入减少了13%,至12亿元人民币。这不是我们希望看到的。
Caveat Emptor
Caveat Emptor
Not only did Berry GenomicsLtd's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥237m at the EBIT level. On a more positive note, the company does have liquid assets, so it has a bit of time to improve its operations before the debt becomes an acute problem. But we'd be more likely to spend time trying to understand the stock if the company made a profit. So it seems too risky for our taste. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 2 warning signs we've spotted with Berry GenomicsLtd (including 1 which is a bit unpleasant) .
在过去的十二个月中,Berry GenomicsLtd不仅收入下滑,而且还产生了负的利息和税前收益(EBIT)。事实上,它在息税前利润水平上损失了2.37亿元人民币。从更积极的方面来看,该公司确实拥有流动资产,因此在债务成为严重问题之前,它有一点时间来改善运营。但是,如果公司盈利,我们更有可能花时间试图了解股票。因此,对于我们的口味来说,这似乎太冒险了。资产负债表显然是分析债务时需要关注的领域。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。为此,你应该了解我们在Berry GenomicsLTD上发现的两个警告信号(包括一个有点不愉快的警示信号)。
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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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。