Is D-Market Elektronik Hizmetler Ve Ticaret (NASDAQ:HEPS) Using Debt Sensibly?
Is D-Market Elektronik Hizmetler Ve Ticaret (NASDAQ:HEPS) Using Debt Sensibly?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. We note that D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
霍华德·马克斯说得好,与其担心股价波动,"永久损失的可能性是我担心的风险...... 我认识的每个实际投资者都担心。"当我们考虑一家公司有多大风险时,我们总是喜欢看看它的负债使用情况,因为负债过载可能导致破产。我们注意到,D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS)确实在其资产负债表上拥有负债。但真正的问题是这笔债务是否让公司有风险。
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
一般来说,只有当公司不能轻松偿还债务时,债务才会成为真正的问题,无论是通过筹资还是通过自己的现金流。如果公司不能履行偿还债务的法律义务,股东可能一无所获。然而,更常见的情况是,一家公司必须按一种便宜的股票价格稀释股东,以便控制债务。当然,债务可以是企业的重要工具,特别是对于资本密集型企业。考虑公司的债务水平时,第一步是将现金和债务放在一起考虑。
How Much Debt Does D-Market Elektronik Hizmetler ve Ticaret Carry?
D-Market Elektronik Hizmetler ve Ticaret承载多少债务?
As you can see below, at the end of March 2024, D-Market Elektronik Hizmetler ve Ticaret had ₺314.6m of debt, up from ₺34.1m a year ago. Click the image for more detail. However, its balance sheet shows it holds ₺7.97b in cash, so it actually has ₺7.65b net cash.
正如下图所示,在2024年3月底,D-Market Elektronik Hizmetler ve Ticaret的债务总额为3.146亿土耳其里拉,高于一年前的3.41亿土耳其里拉。单击图像获取更多详细信息。但它的资产负债表显示,它持有79.7亿土耳其里拉的现金,因此它实际上有76.5亿土耳其里拉的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240717/0-926cf2bdc22b306ceb996f61ad132652-0-d4a51f7af6286749e817f002dbd62116.png/big)
How Strong Is D-Market Elektronik Hizmetler ve Ticaret's Balance Sheet?
D-Market Elektronik Hizmetler ve Ticaret的资产负债表有多强?
We can see from the most recent balance sheet that D-Market Elektronik Hizmetler ve Ticaret had liabilities of ₺15.8b falling due within a year, and liabilities of ₺836.2m due beyond that. Offsetting this, it had ₺7.97b in cash and ₺3.05b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by ₺5.61b.
我们可以看到最近的资产负债表表明,D-Market Elektronik Hizmetler ve Ticaret的短期到期负债为158亿土耳其里拉,超过12个月到期负债为8362万土耳其里拉。与此相抵消的是,它有79.7亿土耳其里拉的现金和305亿土耳其里拉的应收账款,这些应收账款在12个月内到期。因此,它的负债总额超过其现金和(短期)应收账款的总和561亿土耳其里拉。
Given D-Market Elektronik Hizmetler ve Ticaret has a market capitalization of ₺34.4b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, D-Market Elektronik Hizmetler ve Ticaret also has more cash than debt, so we're pretty confident it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine D-Market Elektronik Hizmetler ve Ticaret'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.
鉴于D-Market Elektronik Hizmetler ve Ticaret的市值为344亿土耳其里拉,很难相信这些负债构成了多大的威胁。但我们确实认为,值得关注其资产负债表的实力,因为它可能会随着时间的推移而改变。尽管它确实有值得注意的负债,但D-Market Elektronik Hizmetler ve Ticaret也比负债更多现金,因此我们相当有信心它可以安全地管理其债务。当您分析债务时,资产负债表显然是需要关注的领域。但最终,决定D-Market Elektronik Hizmetler ve Ticaret能否维持健康资产负债表的,更多的是未来的收益。所以,如果您想知道专业人士的想法,您可能会发现这份有关分析师盈利预测的免费报告很有趣。
Over 12 months, D-Market Elektronik Hizmetler ve Ticaret reported revenue of ₺39b, which is a gain of 134%, although it did not report any earnings before interest and tax. So its pretty obvious shareholders are hoping for more growth!
在12个月内,D-Market Elektronik Hizmetler ve Ticaret报告了390亿土耳其里拉的收入,增长了134%,尽管它没有报告利息和税前利润。因此,显然股东都希望看到更多的增长!
So How Risky Is D-Market Elektronik Hizmetler ve Ticaret?
那么D-Market Elektronik Hizmetler ve Ticaret有多大风险?
Although D-Market Elektronik Hizmetler ve Ticaret had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of ₺270m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. One positive is that D-Market Elektronik Hizmetler ve Ticaret is growing revenue apace, which makes it easier to sell a growth story and raise capital if need be. But that doesn't change our opinion that the stock is risky. 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 2 warning signs for D-Market Elektronik Hizmetler ve Ticaret you should be aware of, and 1 of them shouldn't be ignored.
尽管D-Market Elektronik Hizmetler ve Ticaret在过去12个月中出现利息和税前利润亏损,但它实现了2700万土耳其里拉的法定利润。因此,从表面上看,考虑到现金,我们不认为它在短期内非常危险。一个积极的因素是,D-Market Elektronik Hizmetler ve Ticaret正在迅速增长的收入,这使得它更容易出售成长故事并筹集资本。但这并不改变我们认为该股票存在风险的观点。毫无疑问,我们从资产负债表中获取有关债务的大部分信息。但最终,每家公司都可能包含超出资产负债表范围的风险。实例证明:我们发现D-Market Elektronik Hizmetler ve Ticaret存在2个警告信号,您应该意识到其中1个不应被忽视。
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.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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