share_log

Rock Star Growth Puts Legend Biotech (NASDAQ:LEGN) In A Position To Use Debt

Rock Star Growth Puts Legend Biotech (NASDAQ:LEGN) In A Position To Use Debt

搖滾明星增長使傳奇生物(納斯達克:LEGN)處於可以使用債務的位置
Simply Wall St ·  09/30 11:35

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. As with many other companies Legend Biotech Corporation (NASDAQ:LEGN) makes use of debt. But is this debt a concern to shareholders?

當大衛·伊本說「波動性不是我們關心的風險,我們關心的是避免資本永久損失」時,他表達得很好。當我們考慮一家公司有多大風險時,我們總是喜歡關注它的債務使用,因爲債務超載可能導致毀滅。與許多其他公司一樣,傳奇生物公司(納斯達克:LEGN)利用債務。但這筆債務是否令股東擔憂?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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. The first step when considering a company's debt levels is to consider its cash and debt together.

當公司無法用自由現金流或以有吸引力的價格籌集資本時,債務和其他負債對企業會構成風險。最壞的情況下,公司無法償還債權人可能會破產。但一種更常見(但仍然痛苦的)情況是,它必須以較低的價格籌集新的股權資本,從而永久性地稀釋股東。用債務替代稀釋的方法,可成爲需要資本以高回報率投資的企業的絕佳工具。在考慮公司的債務水平時,第一步是將其現金和債務結合起來考慮。

How Much Debt Does Legend Biotech Carry?

傳奇生物承擔多少債務?

As you can see below, at the end of June 2024, Legend Biotech had US$291.6m of debt, up from US$270.6m a year ago. Click the image for more detail. But it also has US$1.29b in cash to offset that, meaning it has US$1.00b net cash.

正如您在下面看到的,到2024年6月底,傳奇生物的債務金額爲29160萬美元,比一年前的27060萬美元增加。點擊圖像獲取更多詳細信息。但它也有12.9億美元的現金來抵消,這意味着它有10億美元的淨現金。

big
NasdaqGS:LEGN Debt to Equity History September 30th 2024
納斯達克GS:LEGN債務與股權歷史記錄2024年9月30日

How Strong Is Legend Biotech's Balance Sheet?

傳奇生物的資產負債表有多強?

The latest balance sheet data shows that Legend Biotech had liabilities of US$294.3m due within a year, and liabilities of US$344.9m falling due after that. Offsetting these obligations, it had cash of US$1.29b as well as receivables valued at US$101.4m due within 12 months. So it can boast US$754.0m more liquid assets than total liabilities.

最新的資產負債表數據顯示,傳奇生物有短期到期的負債爲2.943 億美元,長期到期負債爲3.449 億美元。 抵消這些義務,它擁有12.9 億美元的現金以及在12個月內到期的價值爲1.014 億美元的應收賬款。 因此,它可以誇耀比總負債多7.54 億美元的流動資產。

This short term liquidity is a sign that Legend Biotech could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Legend Biotech boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Legend Biotech's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

這種短期流動性表明傳奇生物很可能可以輕鬆償還債務,因爲其資產負債表遠非緊繃。 簡而言之,傳奇生物擁有淨現金,所以可以說它沒有很重的債務負擔! 在分析債務水平時,資產負債表是明顯的起點。 但未來的收入,超過一切,將決定傳奇生物維持健康資產負債表的能力。 因此,如果你專注於未來,你可以查看這份顯示分析師利潤預測的免費報告。

Over 12 months, Legend Biotech reported revenue of US$456m, which is a gain of 177%, although it did not report any earnings before interest and tax. So there's no doubt that shareholders are cheering for growth

在12個月內,傳奇生物報告的營業收入爲4.56 億美元,增長了177%,儘管它沒有報告任何利息和稅前收入。 因此,股東們對增長感到高興

So How Risky Is Legend Biotech?

那麼傳奇生物有多大風險?

By their very nature companies that are losing money are more risky than those with a long history of profitability. And in the last year Legend Biotech 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$165m and booked a US$285m accounting loss. While this does make the company a bit risky, it's important to remember it has net cash of US$1.00b. That means it could keep spending at its current rate for more than two years. Importantly, Legend Biotech's revenue growth is hot to trot. High growth pre-profit companies may well be risky, but they can also offer great rewards. 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 Legend Biotech's profit, revenue, and operating cashflow have changed over the last few years.

從本質上講,虧損的公司比有悠久盈利歷史的公司更具風險。 而在過去一年,傳奇生物出現了利息和稅前利潤(EBIT)虧損。 同時,它在同期出現了1.65 億美元的負自由現金流和 2.85 億美元的會計損失。 儘管這使公司有點風險,但重要的是要記住它有10億美元的淨現金。 這意味着它可以以目前的速度繼續支出兩年以上。 重要的是,傳奇生物的營收增長強勁。 高增長的無利潤公司可能存在風險,但也可能提供巨大回報。 當我們看一個風險較高的公司時,我們喜歡查看他們的利潤(或虧損)如何隨時間發展。 今天,我們爲讀者提供了這份互動圖表,展示了傳奇生物利潤、營收和經營現金流在過去幾年中的變化。

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.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論