Is Celcuity (NASDAQ:CELC) A Risky Investment?
Is Celcuity (NASDAQ:CELC) A Risky Investment?
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. Importantly, Celcuity Inc. (NASDAQ:CELC) does carry debt. But the real question is whether this debt is making the company risky.
Berkshire Hathaway的Charlie Munger支持的外部基金管理人李录毫不掩饰地说:“最大的投资风险不是价格波动,而是你是否会遭受永久性资本损失。” 当我们考虑一家公司有多大的风险时,我们总是喜欢看它的债务使用情况,因为债务过载可能会导致破产。 重要的是,Celcuity Inc.(纳斯达克:CELC)确实存在债务。 但是真正的问题是这些债务是否会使公司变得冒险。
When Is Debt Dangerous?
债务何时有危险?
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. 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. 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.
当企业不能轻易地通过自由现金流或以有吸引力的价格筹集资本来履行这些义务时,债务和其他负债对企业变得有风险。 在最坏的情况下,如果企业无法偿还债权人,它可能会破产。 虽然这并不太常见,但我们经常看到负债公司因贷方强迫它们以苦难价格筹集资本而永久稀释股东。 然而,通过取代稀释,债务可以成为需要以高回报率投资增长的企业的极好工具。 当我们考虑一家公司的债务使用情况时,我们首先看现金和债务。
What Is Celcuity's Debt?
Celcuity的债务是什么?
The image below, which you can click on for greater detail, shows that at June 2024 Celcuity had debt of US$96.2m, up from US$36.0m in one year. But it also has US$283.1m in cash to offset that, meaning it has US$186.9m net cash.
下面的图片(单击可放大查看)显示在2024年6月,Celcuity的债务为9600万美元,比一年前的3600万美元增加。 但它还有2.831亿美元的现金来抵消这一点,这意味着它有1.869亿美元的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240819/0-eba88ac79f396491edef65b224ab5d91-0-49681a0cbc3e130f2680001fdf353d79.png/big)
A Look At Celcuity's Liabilities
根据最后报告的资产负债表,Celcuity在12个月内应付的负债为1950万美元,在12个月以上应付的负债为9630万美元。 另一方面,它有2.831亿美元的现金和价值383美元的应收账款。 所以它实际上比总负债多1.672亿美元的流动资产。 可以看出,Celcuity的资产负债表非常稳健,这表明其负债管理比较保守。鉴于其强劲的净资产位置,它不太可能面临与其贷款人的问题。简言之,Celcuity拥有净现金,因此可以说它没有沉重的债务负担! 我们当然可以从资产负债表中了解到最多关于债务的事情。 但最终企业将来的盈利能力将决定Celcuity能否随着时间的推移加强其资产负债表。 因此,如果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有趣。
According to the last reported balance sheet, Celcuity had liabilities of US$19.5m due within 12 months, and liabilities of US$96.3m due beyond 12 months. On the other hand, it had cash of US$283.1m and US$38.3k worth of receivables due within a year. So it actually has US$167.2m more liquid assets than total liabilities.
根据最后报告的资产负债表,Celcuity在12个月内应付的负债为1950万美元,在12个月以上应付的负债为9630万美元。另一方面,它有2.831亿美元的现金和价值383美元的应收账款。所以它实际上比总负债多1.672亿美元的流动资产。
It's good to see that Celcuity has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Due to its strong net asset position, it is not likely to face issues with its lenders. Succinctly put, Celcuity boasts net cash, so it's fair to say it does not have a heavy debt load! 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 Celcuity 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.
很高兴看到Celcuity的资产负债表上有很多流动性,这表明其负债管理比较保守。由于其强大的净资产位置,它不太可能面临与其贷款人的问题。简言之,Celcuity拥有净现金,因此可以说它没有沉重的债务负担! 我们当然可以从资产负债表中了解到最多关于债务的事情。 但最终企业将来的盈利能力将决定Celcuity能否随着时间的推移加强其资产负债表。 因此,如果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有趣。
Given its lack of meaningful operating revenue, Celcuity shareholders no doubt hope it can fund itself until it has a profitable product.
考虑到其没有实质性的营业收入,Celcuity的股东无疑希望它能够自己融资,直到拥有盈利的产品。
So How Risky Is Celcuity?
那么Celcuity有多危险?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And in the last year Celcuity had an earnings before interest and tax (EBIT) loss, truth be told. And over the same period it saw negative free cash outflow of US$67m and booked a US$83m accounting loss. But the saving grace is the US$186.9m on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 3 warning signs for Celcuity you should be aware of, and 2 of them are a bit unpleasant.
我们毫不怀疑,总的来说,赔钱的公司比盈利的公司更有风险。 去年,Celcuity的利息和税前利润(EBIT)亏损,事实如此。 同时,它在同一时期看到净自由现金流流出6700万美元,并计提了8300万美元的会计亏损。 但拯救生命的是资产负债表上的1.869亿美元。 这笔款项意味着公司可以按照当前的速度继续进行两年的投资,以实现增长。 总体而言,其资产负债表在目前似乎不是过于冒险,但在看到正面自由现金流之前,我们始终持谨慎态度。 在分析债务水平时,资产负债表是显而易见的起点。 然而,并不是所有的投资风险都存在于资产负债表内。 造成影响的案例是:我们已经发现了3个Celcuity的警告标志,其中2个有些不愉快。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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