Seatrium (SGX:S51) Is Making Moderate Use Of Debt
Seatrium (SGX:S51) Is Making Moderate Use Of Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Seatrium Limited (SGX:S51) does carry debt. But the more important question is: how much risk is that debt creating?
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,Seatrium Limited(新加坡證券交易所股票代碼:S51)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?
What Risk Does Debt Bring?
債務會帶來什麼風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人迫使他們以不良价格籌集資金。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。
What Is Seatrium's Debt?
什麼是 Seatrium 的債務?
The chart below, which you can click on for greater detail, shows that Seatrium had S$3.02b in debt in December 2023; about the same as the year before. However, it does have S$2.27b in cash offsetting this, leading to net debt of about S$746.9m.
您可以點擊下圖了解更多詳情,該圖表顯示,2023年12月,Seatrium的債務爲30.2億新元;與前一年大致相同。但是,它確實有227億新元的現金抵消了這一點,淨負債約爲7.469億新元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240313/0-2b73b1c3628e61bb1627ecdd3a82cab8-0-665c73eb5f594523796a3fbf990bb00d.png/big)
How Strong Is Seatrium's Balance Sheet?
Seatrium 的資產負債表有多強?
The latest balance sheet data shows that Seatrium had liabilities of S$6.19b due within a year, and liabilities of S$3.55b falling due after that. Offsetting this, it had S$2.27b in cash and S$3.78b in receivables that were due within 12 months. So its liabilities total S$3.68b more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,Seatrium的負債爲61.9億新元,之後到期的負債爲35.5億新元。與此相抵消的是,它有22.7億新元的現金和37.8億新元的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總額高出36.8億新元。
Seatrium has a market capitalization of S$6.28b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Seatrium's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Seatrium的市值爲62.8億新元,因此,如果需要,它很可能會籌集資金以改善其資產負債表。但是,仍然值得仔細研究其償還債務的能力。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益將決定Seatrium未來維持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Over 12 months, Seatrium reported revenue of S$7.3b, which is a gain of 274%, although it did not report any earnings before interest and tax. That's virtually the hole-in-one of revenue growth!
在過去的12個月中,Seatrium公佈的收入爲73億新元,增長了274%,儘管它沒有報告任何利息和稅前收益。這實際上是收入增長的一桿進洞!
Caveat Emptor
Caveat Emptor
Despite the top line growth, Seatrium still had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost a very considerable S$1.6b 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. For example, we would not want to see a repeat of last year's loss of S$1.9b. So in short it's a really risky stock. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how Seatrium's profit, revenue, and operating cashflow have changed over the last few years.
儘管收入有所增長,但Seatrium去年仍有息稅前收益(EBIT)虧損。事實上,按息稅前利潤水平計算,它損失了可觀的16億新元。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。例如,我們不希望看到去年19億新元的虧損重演。因此,簡而言之,這是一隻非常有風險的股票。當我們研究一家風險較高的公司時,我們喜歡檢查他們的利潤(或虧損)隨着時間的推移而呈現的趨勢。今天,我們向讀者提供這張交互式圖表,顯示Seatrium的利潤、收入和運營現金流在過去幾年中發生了怎樣的變化。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。