Is ATRenew (NYSE:RERE) Using Too Much Debt?
Is ATRenew (NYSE:RERE) Using Too Much Debt?
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.' 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 ATRenew Inc. (NYSE:RERE) does use debt in its business. But the real question is whether this debt is making the company risky.
当霍华德·马克斯(Howard Marks)说到,与其担心股价波动,不如担心“永久损失的可能性是我所担心的风险……我所认识的每一个实际投资者都会担心这一点。”因此,当您考虑任何给定股票的风险时,需要考虑债务,因为过多的债务可能会沉没一家公司。我们可以看到ATRenew Inc. (NYSE: RERE) 在其业务中使用了债务。但真正的问题是,这笔债务是否使公司存在风险。
When Is Debt A Problem?
什么时候负债才是一个问题?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
一般来说,当公司无法通过筹集资本或利用其自身现金流轻松偿还债务时,债务才会成为真正的问题。最终,如果公司无法履行法定义务偿还债务,股东可能什么也得不到。然而,更常见的(但仍然痛苦的)情况是,公司必须以低价筹集新的股权资本,从而永久性地稀释股东的权益。话虽如此,最常见的情况是公司合理管理债务并从中获益。当我们检查债务水平时,我们首先考虑现金和债务水平。
What Is ATRenew's Net Debt?
ATRenew的净债务是什么?
The image below, which you can click on for greater detail, shows that at March 2024 ATRenew had debt of CN¥560.4m, up from CN¥319.0m in one year. However, its balance sheet shows it holds CN¥2.08b in cash, so it actually has CN¥1.52b net cash.
下面的图片显示截至2024年3月,ATRenew拥有CN¥56040万的债务,比一年前的CN¥31900万增加了。然而,其资产负债表显示其持有CN¥20.8亿元的现金,因此实际上净现金为CN¥15.2亿元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240813/0-5ca2ad54f34347055d75c17b8af8bf38-0-d0eb036bb1be52990c7e346df13af37d.png/big)
How Healthy Is ATRenew's Balance Sheet?
ATRenew的资产负债表状况如何?
The latest balance sheet data shows that ATRenew had liabilities of CN¥1.42b due within a year, and liabilities of CN¥75.4m falling due after that. Offsetting these obligations, it had cash of CN¥2.08b as well as receivables valued at CN¥139.6m due within 12 months. So it can boast CN¥726.6m more liquid assets than total liabilities.
最新的资产负债表数据显示,ATRenew有CN¥14.2亿的短期到期负债和CN¥7540万的长期到期负债。抵消这些义务,它持有CN¥20.8亿元的现金,以及价值CN¥13960万的应收账款在12个月内到期。因此,它可以夸耀有CN¥72660万的流动资产超过总负债。
This excess liquidity suggests that ATRenew is taking a careful approach to debt. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that ATRenew has more cash than debt is arguably a good indication that 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 ATRenew'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.
这种过剩的流动性表明ATRenew在处理债务时采取了谨慎的方法。鉴于其拥有充足的短期流动性,我们认为它不会遇到任何与债权人有关的问题。简而言之,ATRenew拥有比债务更多的现金显然是能够安全地管理其债务的良好指标。资产负债表显然是分析债务的重点领域。但最终,即将来的收益,而不是其他任何因素,将决定ATRenew维持健康资产负债表的能力。因此,如果您关注未来,可以查看此免费报告,其中显示了分析师利润预测。
In the last year ATRenew wasn't profitable at an EBIT level, but managed to grow its revenue by 30%, to CN¥14b. Shareholders probably have their fingers crossed that it can grow its way to profits.
去年,ATRenew在EBIT水平上没有盈利,但其营业收入增长了30%,达到了CN¥140亿。股东可能希望它能够走出困境,实现盈利。
So How Risky Is ATRenew?
那么ATRenew有多大风险?
While ATRenew lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow CN¥159m. So taking that on face value, and considering the net cash situation, we don't think that the stock is too risky in the near term. We think its revenue growth of 30% is a good sign. There's no doubt fast top line growth can cure all manner of ills, for a stock. 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. To that end, you should be aware of the 2 warning signs we've spotted with ATRenew .
尽管ATRenew在息税前利润(EBIT)水平上亏损,但实际上它产生了CN¥15900万的正自由现金流。因此,从表面上看,并考虑净现金状况,我们认为该股票在短期内并不太冒险。我们认为其营业收入增长30%的表现是一个好的迹象。毫无疑问,快速的收入增长可以治愈各种问题,特别是对于股票而言。从资产负债表中可以看到,我们确实可以从中了解到有关债务的大部分信息。但最终,每家公司可以包含超出资产负债表之外的风险。因此,您应该注意我们已经发现的两个有关ATRenew的预警。
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.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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