We Think Berry GenomicsLtd (SZSE:000710) Has A Fair Chunk Of Debt
We Think Berry GenomicsLtd (SZSE:000710) Has A Fair Chunk Of Debt
Warren Buffett famously said, '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 note that Berry Genomics Co.,Ltd (SZSE:000710) does have debt on its balance sheet. 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,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。我們注意到 Berry Genomics Co., Ltd(深圳證券交易所股票代碼:000710)的資產負債表上確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt A Problem?
債務何時會成爲問題?
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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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。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。但是,更頻繁(但仍然昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。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。
How Much Debt Does Berry GenomicsLtd Carry?
Berry GenomicsLtd 揹負了多少債務?
The image below, which you can click on for greater detail, shows that at September 2023 Berry GenomicsLtd had debt of CN¥337.8m, up from CN¥267.1m in one year. On the flip side, it has CN¥291.2m in cash leading to net debt of about CN¥46.7m.
你可以點擊下圖查看更多細節,該圖片顯示,截至2023年9月,Berry GenomicsLtd的債務爲3.378億元人民幣,高於一年內的2.671億元人民幣。另一方面,它擁有2.912億加元的現金,淨負債約爲4,670萬元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240321/0-b5125725349411cc23a6c0f80cb52fab-0-2785055cf2b6f2098da77d412db17d7d.png/big)
How Healthy Is Berry GenomicsLtd's Balance Sheet?
Berry GenomicsLtd 的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Berry GenomicsLtd had liabilities of CN¥749.6m due within 12 months and liabilities of CN¥141.3m due beyond that. Offsetting these obligations, it had cash of CN¥291.2m as well as receivables valued at CN¥1.08b due within 12 months. So it can boast CN¥477.3m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,Berry GenomicsLtd的負債爲7.496億元人民幣,12個月內到期的負債爲1.413億元人民幣。除了這些債務外,它還有2.912億加元的現金以及價值10.8億元人民幣的應收賬款將在12個月內到期。因此,它擁有的流動資產可以多出4.773億元人民幣 總 負債。
This surplus suggests that Berry GenomicsLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Carrying virtually no net debt, Berry GenomicsLtd has a very light debt load indeed. There's no doubt that we learn most about debt from the balance sheet. But it is Berry GenomicsLtd'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.
這種盈餘表明Berry GenomicsLtd的資產負債表保守,可以毫不費力地消除債務。Berry GenomicsLtd幾乎沒有淨負債,債務負擔確實很輕。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,影響未來資產負債表狀況的是Berry GenomicsLtd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。
In the last year Berry GenomicsLtd had a loss before interest and tax, and actually shrunk its revenue by 13%, to CN¥1.2b. That's not what we would hope to see.
去年,Berry GenomicsLtd在利息和稅前出現虧損,實際上其收入減少了13%,至12億元人民幣。這不是我們希望看到的。
Caveat Emptor
Caveat Emptor
Not only did Berry GenomicsLtd's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥237m at the EBIT level. On a more positive note, the company does have liquid assets, so it has a bit of time to improve its operations before the debt becomes an acute problem. But we'd be more likely to spend time trying to understand the stock if the company made a profit. So it seems too risky for our taste. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 2 warning signs we've spotted with Berry GenomicsLtd (including 1 which is a bit unpleasant) .
在過去的十二個月中,Berry GenomicsLtd不僅收入下滑,而且還產生了負的利息和稅前收益(EBIT)。事實上,它在息稅前利潤水平上損失了2.37億元人民幣。從更積極的方面來看,該公司確實擁有流動資產,因此在債務成爲嚴重問題之前,它有一點時間來改善運營。但是,如果公司盈利,我們更有可能花時間試圖了解股票。因此,對於我們的口味來說,這似乎太冒險了。資產負債表顯然是分析債務時需要關注的領域。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。爲此,你應該了解我們在Berry GenomicsLTD上發現的兩個警告信號(包括一個有點不愉快的警示信號)。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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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。