Is Focuslight Technologies (SHSE:688167) Using Too Much Debt?
Is Focuslight Technologies (SHSE:688167) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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 Focuslight Technologies Inc (SHSE:688167) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
如戴维·伊本所说,“波动率并不是我们关心的风险。我们关心的是避免永久性资本损失。”因此,聪明的资金普遍认为,债务是破产常见的因素,也是评估公司风险程度时非常重要的一个因素。我们注意到上海福瑞光电股份有限公司(SHSE:688167)资产负债表上确实有债务。但更重要的问题是:这笔债务带来多少风险?
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. 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. 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. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业增长的工具,但如果企业无力偿还债权人,那么它就处于债权人的掌控。在最坏的情况下,公司可能因无法偿还债务而破产。然而,一种更常见(但仍然痛苦)的情况是,它必须以低价筹集新的股本资本,从而永久稀释股东的利益。但通过替代稀释,债务可成为那些需要资本以高回报率投资增长的企业的极好工具。当我们考虑企业使用债务的情况时,我们首先看现金和债务。
How Much Debt Does Focuslight Technologies Carry?
福瑞光电股份有限公司承担了多少债务?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Focuslight Technologies had CN¥389.5m of debt, an increase on CN¥71.2m, over one year. However, it does have CN¥1.28b in cash offsetting this, leading to net cash of CN¥885.9m.
您可以点击下面的图形查看历史数字,但它显示,截至2024年3月,福瑞光电股份有限公司有3.895亿元的债务,较上年的人民币7.12亿元增加。但它确实有12.8亿元的现金抵消,从而导致净现金为8.859亿元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240525/0-2ee8dcbda8ada0c8639afc2c8726ef12-0-8b44313b612867d2adab69fd158e01b0.png/big)
How Strong Is Focuslight Technologies' Balance Sheet?
福瑞光电股份有限公司的资产负债表有多坚实?
According to the last reported balance sheet, Focuslight Technologies had liabilities of CN¥144.9m due within 12 months, and liabilities of CN¥487.8m due beyond 12 months. On the other hand, it had cash of CN¥1.28b and CN¥222.2m worth of receivables due within a year. So it actually has CN¥864.9m more liquid assets than total liabilities.
根据最近公布的资产负债表,福瑞光电股份有限公司有1.449亿元的负债,到期日在12个月内,487.8亿元的负债超过12个月到期。另一方面,它在一年内有12.8亿元的现金和2.222亿元的应收账款。因此,它实际上拥有8.649亿元的净资产。比总负债还多出了更多的流动资产。
This surplus suggests that Focuslight Technologies is using debt in a way that is appears to be both safe and conservative. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, Focuslight Technologies boasts net cash, so it's fair to say it does not have a heavy debt load!
这个盈余表明福瑞光电股份有限公司在使用债务方面是安全和保守的。考虑到它具有充足的短期流动性,我们认为它不会与债权人产生任何问题。简而言之,福瑞光电股份有限公司拥有净现金,因此可以说它没有沉重的债务负担!
In addition to that, we're happy to report that Focuslight Technologies has boosted its EBIT by 60%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Focuslight Technologies can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
此外,我们很高兴地报告,福瑞光电股份有限公司已将其息税前利润提高了60%,从而减少未来偿债的风险。毋庸置疑,我们从资产负债表上学到大部分有关债务的信息。但最终,企业的未来盈利能力将决定福瑞光电公司是否能随时间加强其资产负债表。因此,如果您想了解专业人士的看法,您可能会发现这份有关分析师利润预测的免费报告很有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Focuslight Technologies has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Focuslight Technologies saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
但我们最后需要考虑的也很重要,因为公司不能用纸质利润支付债务;它需要冰冷的现金。虽然福瑞光电股份有限公司在其资产负债表上拥有净现金,但值得一提的是,其将息税前利润转换为自由现金流的能力仍值得关注,以帮助我们了解它正在多快地积累(或消耗)这些现金。在过去三年中,福瑞光电股份有限公司的自由现金流总体负数巨大。虽然投资者毫无疑问地希望这种情况很快就会逆转,但它显然意味着它的债务使用更为风险。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Focuslight Technologies has CN¥885.9m in net cash and a decent-looking balance sheet. And we liked the look of last year's 60% year-on-year EBIT growth. So is Focuslight Technologies's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Focuslight Technologies is showing 1 warning sign in our investment analysis , you should know about...
虽然调查公司的债务情况总是明智的,但在这种情况下,福瑞光电股份有限公司拥有8.859亿元的净现金和一个看起来不错的资产负债表。我们还喜欢去年的60%年同比EBIT增长。 所以说,福瑞光电股份有限公司的债务是否存在风险?对我们而言似乎并不存在。资产负债表显然是分析债务的关键领域。但不是所有的投资风险都在资产负债表中。请注意,福瑞光电股份有限公司在我们的投资分析中显示了一个警告信号,您应该知道……
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.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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