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Would Sanergy Group (HKG:2459) Be Better Off With Less Debt?

Would Sanergy Group (HKG:2459) Be Better Off With Less Debt?

sanergy group(临时代码)是否减少债务会更有利?
Simply Wall St ·  09/07 20:10

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Sanergy Group Limited (HKG:2459) does use debt in its business. But is this debt a concern to shareholders?

沃伦·巴菲特曾经说过,“波动性与风险远非同义词。” 当我们考虑一家公司有多大风险时,我们总是喜欢看一下它的债务使用情况,因为债务过重可能导致灭顶之灾。我们可以看到,sanergy group有限公司(HKG:2459)确实在业务中使用了债务。但这些债务会不会让股东担忧呢?

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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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,但如果企业无法偿还债权人,则该企业存在于债权人的怜悯之下。如果情况变得非常糟糕,债权人可以控制该企业。然而,一种更常见(但仍然很痛苦的)情况是,它必须以低价格筹集新的股权资本,从而永久稀释股东权益。话虽如此,最常见的情况是,公司合理地管理其债务,并使其对自身有利。考虑企业使用多少债务时,首先要做的是查看其现金和债务总额。

How Much Debt Does Sanergy Group Carry?

sanergy group承担了多少债务?

The image below, which you can click on for greater detail, shows that Sanergy Group had debt of US$28.4m at the end of June 2024, a reduction from US$30.0m over a year. However, because it has a cash reserve of US$23.8m, its net debt is less, at about US$4.56m.

下面的图片(点击可放大查看)显示,截至2024年6月底,sanergy group的债务为2840万美元,比一年前的3000万美元有所减少。然而,由于其有2380万美元的现金储备,其净债务更少,约为456万美元。

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SEHK:2459 Debt to Equity History September 8th 2024
SEHK:2459债务资产比历史数据,截至2024年9月8日

How Strong Is Sanergy Group's Balance Sheet?

Sanergy Group的资产负债表有多强?

According to the last reported balance sheet, Sanergy Group had liabilities of US$63.7m due within 12 months, and liabilities of US$12.7m due beyond 12 months. Offsetting this, it had US$23.8m in cash and US$14.4m in receivables that were due within 12 months. So its liabilities total US$38.2m more than the combination of its cash and short-term receivables.

根据最近报告的资产负债表,Sanergy Group在12个月内有6370万美元的短期负债,12个月以上到期的负债为1270万美元。与此相抵消的是,它有2380万美元的现金和1440万美元的应收账款,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多3820万美元。

Sanergy Group has a market capitalization of US$101.1m, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Sanergy Group will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.

Sanergy Group的市值为10110万美元,所以如果有需要,它很有可能筹集资金改善其资产负债表。但我们肯定要密切注意其债务带来的风险。资产负债表显然是分析债务时要关注的领域。但你不能孤立地看待债务;因为Sanergy Group需要盈利来偿还债务。所以如果你想了解更多关于其盈利的信息,可以查看这张长期盈利趋势图。

Over 12 months, Sanergy Group made a loss at the EBIT level, and saw its revenue drop to US$61m, which is a fall of 39%. That makes us nervous, to say the least.

在过去的12个月里,Sanergy Group在EBIT水平上亏损,并且其营业收入下降至6100万美元,下降了39%。这使我们至少非常担忧。

Caveat Emptor

买方自负。

While Sanergy Group's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost a very considerable US$28m 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled US$15m in negative free cash flow over the last twelve months. So in short it's a really risky stock. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Sanergy Group you should know about.

尽管Sanergy Group的营业收入下降让人感到沮丧,但其利息和税前利润(EBIT)亏损更加令人不悦。事实上,它在EBIT水平上损失了2800万美元。当我们看到这一点,并回想起其资产负债表上的负债,相对于现金来说,我们认为该公司没有任何债务是不明智的。坦率地说,我们认为资产负债表远未处于完全适应状态,虽然随着时间的推移可能会有所改善。另一个值得警惕的原因是在过去十二个月里,它负面自由现金流为负1500万美元。简而言之,这是一只非常高风险的股票。从资产负债表上我们无疑可以了解到关于债务的大部分信息。然而,并不是所有的投资风险都存在于资产负债表中,远非如此。这些风险往往很难发现。每家公司都有它们,我们已经发现了Sanergy Group的2个警示信号,你需要了解。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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