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Is Asana (NYSE:ASAN) A Risky Investment?

Is Asana (NYSE:ASAN) A Risky Investment?

阿莎娜(紐交所:ASAN)是一項高風險投資嗎?
Simply Wall St ·  2024/12/09 19:15

Warren Buffett famously said, '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. We can see that Asana, Inc. (NYSE:ASAN) does use debt in its business. But the real question is whether this debt is making the company risky.

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。我們可以看到,Asana, Inc.(紐約證券交易所代碼:ASAN)確實在其業務中使用了債務。但真正的問題是這筆債務是否使公司面臨風險。

When Is Debt Dangerous?

債務何時危險?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. When we think about a company's use of debt, we first look at cash and debt together.

債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。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。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 Asana's Net Debt?

Asana的淨負債是多少?

As you can see below, Asana had US$39.9m of debt at October 2024, down from US$44.9m a year prior. However, its balance sheet shows it holds US$455.3m in cash, so it actually has US$415.4m net cash.

如下所示,截至2024年10月,Asana的債務爲3,990萬美元,低於去年同期的4,490萬美元。但是,其資產負債表顯示其持有4.553億美元的現金,因此實際上擁有4.154億美元的淨現金。

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NYSE:ASAN Debt to Equity History December 9th 2024
紐約證券交易所:ASAN 債務與股本比率歷史記錄 2024 年 12 月 9 日

How Healthy Is Asana's Balance Sheet?

Asana的資產負債表有多健康?

The latest balance sheet data shows that Asana had liabilities of US$383.0m due within a year, and liabilities of US$251.9m falling due after that. Offsetting these obligations, it had cash of US$455.3m as well as receivables valued at US$66.9m due within 12 months. So it has liabilities totalling US$112.7m more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,Asana的負債爲3.830億美元,之後到期的負債爲2.519億美元。除這些債務外,它有4.553億美元的現金以及價值6,690萬美元的應收賬款在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出1.127億美元。

Given Asana has a market capitalization of US$5.06b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. While it does have liabilities worth noting, Asana also has more cash than debt, so we're pretty confident it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Asana'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.

鑑於Asana的市值爲50.6億美元,很難相信這些負債會構成很大的威脅。話雖如此,很明顯,我們應該繼續監控其資產負債表,以免情況惡化。儘管它確實有值得注意的負債,但Asana的現金也多於債務,因此我們非常有信心它可以安全地管理債務。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益比什麼都重要,將決定Asana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。

In the last year Asana wasn't profitable at an EBIT level, but managed to grow its revenue by 12%, to US$707m. That rate of growth is a bit slow for our taste, but it takes all types to make a world.

去年,Asana在息稅前利潤水平上沒有盈利,但成功地將其收入增長了12%,達到7.07億美元。這種增長速度對我們的口味來說有點慢,但要創造一個世界需要所有類型。

So How Risky Is Asana?

那麼 Asana 的風險有多大?

Statistically speaking companies that lose money are riskier than those that make money. And the fact is that over the last twelve months Asana lost money at the earnings before interest and tax (EBIT) line. Indeed, in that time it burnt through US$27m of cash and made a loss of US$256m. But the saving grace is the US$415.4m on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. Summing up, we're a little skeptical of this one, as it seems fairly risky in the absence of free cashflow. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 4 warning signs for Asana you should be aware of.

從統計學上講,虧損的公司比賺錢的公司風險更大。事實是,在過去的十二個月中,Asana的利息和稅前收益(EBIT)額度蒙受了損失。事實上,在那段時間裏,它燒燬了2700萬美元的現金,損失了2.56億美元。但最幸運的是資產負債表上的4.154億美元。這意味着,按照目前的速度,公司可以將增長支出保持至少兩年。總而言之,我們對此有點懷疑,因爲在沒有自由現金流的情況下,這似乎相當危險。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。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。一個很好的例子:我們發現了你應該注意的4個Asana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身上。讀者現在可以免費訪問淨負債爲零的成長型股票清單。

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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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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。

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