Googol Technology (SZSE:301510) Has A Rock Solid Balance Sheet
Googol Technology (SZSE:301510) Has A Rock Solid Balance Sheet
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 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 can see that Googol Technology Co., Ltd. (SZSE:301510) does use debt in its business. But is this debt a concern to shareholders?
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,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。我們可以看到,谷歌科技股份有限公司(深圳證券交易所代碼:301510)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. 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.
一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。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。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的極好工具。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。
What Is Googol Technology's Net Debt?
谷歌科技的淨負債是多少?
The image below, which you can click on for greater detail, shows that Googol Technology had debt of CN¥12.6m at the end of December 2023, a reduction from CN¥24.9m over a year. However, its balance sheet shows it holds CN¥431.1m in cash, so it actually has CN¥418.4m net cash.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2023年12月底,谷歌科技的債務爲1,260萬元人民幣,較一年內的2490萬元人民幣有所減少。但是,其資產負債表顯示其持有4.311億元的現金,因此實際上擁有4.184億元人民幣的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240423/0-7f45f36c623a20c8be7c9483d503246d-0-78d7930116213f2c4b3036eee1c4c64d.png/big)
A Look At Googol Technology's Liabilities
看看谷歌科技的負債
According to the last reported balance sheet, Googol Technology had liabilities of CN¥112.4m due within 12 months, and liabilities of CN¥8.75m due beyond 12 months. Offsetting this, it had CN¥431.1m in cash and CN¥231.4m in receivables that were due within 12 months. So it actually has CN¥541.3m more liquid assets than total liabilities.
根據上次報告的資產負債表,谷歌科技的負債爲1.124億元人民幣,12個月後到期的負債爲875萬元人民幣。與此相抵消的是,它有4.311億元的現金和2.314億元人民幣的應收賬款將在12個月內到期。所以它實際上有5.413億元人民幣 更多 流動資產超過總負債。
This short term liquidity is a sign that Googol Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Googol Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
這種短期流動性表明,由於其資產負債表遠未緊張,Googol Technology可能會輕鬆還清債務。簡而言之,Googol Technology擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
In addition to that, we're happy to report that Googol Technology has boosted its EBIT by 34%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Googol Technology'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.
除此之外,我們很高興地報告,Googol Technology已將其息稅前利潤提高了34%,從而減少了對未來債務償還的擔憂。資產負債表顯然是分析債務時需要關注的領域。但是,影響未來資產負債表狀況的是Googol Technology的收益。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Googol Technology 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 most recent three years, Googol Technology recorded free cash flow worth 53% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。儘管Googol Technology的資產負債表上有淨現金,但仍值得一看其將息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在最近三年中,鑑於自由現金流不包括利息和稅收,Googol Technology錄得的自由現金流佔其息稅前利潤的53%,這幾乎是正常的。這種冷硬現金意味着它可以在需要時減少債務。
Summing Up
總結
While we empathize with investors who find debt concerning, you should keep in mind that Googol Technology has net cash of CN¥418.4m, as well as more liquid assets than liabilities. And we liked the look of last year's 34% year-on-year EBIT growth. So is Googol Technology'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. For instance, we've identified 2 warning signs for Googol Technology that you should be aware of.
雖然我們同情那些認爲債務令人擔憂的投資者,但您應該記住,Googol Technology的淨現金爲4.184億元人民幣,流動資產也多於負債。我們喜歡去年息稅前利潤同比增長34%的樣子。那麼谷歌科技的債務有風險嗎?在我們看來,情況並非如此。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,我們已經確定了兩個你應該注意的谷歌科技警告信號。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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