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錄毫不掩飾地說:「最大的投資風險不是價格波動,而是你是否會遭受永久性資本損失。」 當我們考慮一家公司有多大的風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能會導致破產。 重要的是,Celcuity Inc.(納斯達克:CELC)確實存在債務。 但是真正的問題是這些債務是否會使公司變得冒險。
When Is Debt Dangerous?
債務何時有危險?
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. 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.
當企業不能輕易地通過自由現金流或以有吸引力的價格籌集資本來履行這些義務時,債務和其他負債對企業變得有風險。 在最壞的情況下,如果企業無法償還債權人,它可能會破產。 雖然這並不太常見,但我們經常看到負債公司因貸方強迫它們以苦難價格籌集資本而永久稀釋股東。 然而,通過取代稀釋,債務可以成爲需要以高回報率投資增長的企業的極好工具。 當我們考慮一家公司的債務使用情況時,我們首先看現金和債務。
What Is Celcuity's Debt?
Celcuity的債務是什麼?
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.
下面的圖片(單擊可放大查看)顯示在2024年6月,Celcuity的債務爲9600萬美元,比一年前的3600萬美元增加。 但它還有2.831億美元的現金來抵消這一點,這意味着它有1.869億美元的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240819/0-eba88ac79f396491edef65b224ab5d91-0-49681a0cbc3e130f2680001fdf353d79.png/big)
A Look At Celcuity's Liabilities
根據最後報告的資產負債表,Celcuity在12個月內應付的負債爲1950萬美元,在12個月以上應付的負債爲9630萬美元。 另一方面,它有2.831億美元的現金和價值383美元的應收賬款。 所以它實際上比總負債多1.672億美元的流動資產。 可以看出,Celcuity的資產負債表非常穩健,這表明其負債管理比較保守。鑑於其強勁的淨資產位置,它不太可能面臨與其貸款人的問題。簡言之,Celcuity擁有淨現金,因此可以說它沒有沉重的債務負擔! 我們當然可以從資產負債表中了解到最多關於債務的事情。 但最終企業將來的盈利能力將決定Celcuity能否隨着時間的推移加強其資產負債表。 因此,如果想了解專業人士的看法,您可能會發現這份有關分析師利潤預測的免費報告有趣。
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.
根據最後報告的資產負債表,Celcuity在12個月內應付的負債爲1950萬美元,在12個月以上應付的負債爲9630萬美元。另一方面,它有2.831億美元的現金和價值383美元的應收賬款。所以它實際上比總負債多1.672億美元的流動資產。
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.
很高興看到Celcuity的資產負債表上有很多流動性,這表明其負債管理比較保守。由於其強大的淨資產位置,它不太可能面臨與其貸款人的問題。簡言之,Celcuity擁有淨現金,因此可以說它沒有沉重的債務負擔! 我們當然可以從資產負債表中了解到最多關於債務的事情。 但最終企業將來的盈利能力將決定Celcuity能否隨着時間的推移加強其資產負債表。 因此,如果想了解專業人士的看法,您可能會發現這份有關分析師利潤預測的免費報告有趣。
Given its lack of meaningful operating revenue, Celcuity shareholders no doubt hope it can fund itself until it has a profitable product.
考慮到其沒有實質性的營業收入,Celcuity的股東無疑希望它能夠自己融資,直到擁有盈利的產品。
So How Risky Is Celcuity?
那麼Celcuity有多危險?
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.
我們毫不懷疑,總的來說,賠錢的公司比盈利的公司更有風險。 去年,Celcuity的利息和稅前利潤(EBIT)虧損,事實如此。 同時,它在同一時期看到淨自由現金流流出6700萬美元,並計提了8300萬美元的會計虧損。 但拯救生命的是資產負債表上的1.869億美元。 這筆款項意味着公司可以按照當前的速度繼續進行兩年的投資,以實現增長。 總體而言,其資產負債表在目前似乎不是過於冒險,但在看到正面自由現金流之前,我們始終持謹慎態度。 在分析債務水平時,資產負債表是顯而易見的起點。 然而,並不是所有的投資風險都存在於資產負債表內。 造成影響的案例是:我們已經發現了3個Celcuity的警告標誌,其中2個有些不愉快。
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.
當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。
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