We Think Broadex Technologies (SZSE:300548) Is Taking Some Risk With Its Debt
We Think Broadex Technologies (SZSE:300548) Is Taking Some Risk With Its Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Broadex Technologies Co., Ltd. (SZSE:300548) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
传奇基金经理李录(得到查理·芒格支持)曾经说过,“最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。” 因此,聪明的投资者知道,债务(通常涉及破产)是评估公司风险的一个非常重要的因素。我们注意到,博创科技股份有限公司(SZSE:300548)在其资产负债表上确实有债务。但真正的问题是,这笔债务是否使公司变得更加具有风险。
When Is Debt Dangerous?
债务何时有危险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务可以帮助企业,直到企业无法用新资本或自由现金流来偿还债务为止。如果情况变得非常糟糕,放贷人可以接管企业。然而,更频繁的(但仍然代价高昂)情况是公司必须以低廉价格发行股票,永久性地稀释股东,用来弥补其资产负债表。当然,许多公司使用债务来资助增长,没有任何负面后果。在考虑企业使用多少债务时,首要任务是看其现金和债务的总体情况。
What Is Broadex Technologies's Net Debt?
博创科技的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 Broadex Technologies had CN¥513.0m of debt, an increase on CN¥36.2m, over one year. However, it does have CN¥1.37b in cash offsetting this, leading to net cash of CN¥855.3m.
您可以点击下方的图表查看历史数据,截至2024年6月,博创科技的债务为51300万人民币,较去年增加了3620万人民币。然而,它确实有13.7亿人民币的现金来抵消这一部分债务,形成了85530万人民币的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240820/0-1fa7ec3c26bd25075b7f06b2b53af8b9-0-1c2cd30b1c88959b5fab0da84ba3f452.png/big)
A Look At Broadex Technologies' Liabilities
博创科技负债情况一览
According to the last reported balance sheet, Broadex Technologies had liabilities of CN¥615.6m due within 12 months, and liabilities of CN¥527.7m due beyond 12 months. Offsetting this, it had CN¥1.37b in cash and CN¥534.6m in receivables that were due within 12 months. So it actually has CN¥759.4m more liquid assets than total liabilities.
根据上一份报表显示,博创科技12个月内到期负债为CN¥61560万,超过12个月到期负债为CN¥52770万。与此相抵,其现金为CN¥13.7亿,应收账款为CN¥53460万,这些在12个月内到期。所以,博创科技的流动资产比负债多CN¥75940万。
This short term liquidity is a sign that Broadex Technologies could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Broadex Technologies boasts net cash, so it's fair to say it does not have a heavy debt load!
这种短期流动性表明博创科技可能很容易偿还债务,因为其资产负债表并不紧张。简而言之,博创科技拥有净现金,可以说其债务负担并不沉重!
Shareholders should be aware that Broadex Technologies's EBIT was down 76% last year. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Broadex Technologies'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.
股东应意识到,博创科技去年的息税前利润下降了76%。如果这种盈利趋势持续下去,偿还债务将如同把猫赶上过山车一样困难。毫无疑问,我们从资产负债表中能获取很多关于债务的信息。但重要的是未来的盈利,而不止于此,将决定博创科技保持健康资产负债表的能力。所以,如果想了解专业人士的观点,您可能会对这份有关分析师盈利预测的免费报告感兴趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Broadex Technologies has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Broadex Technologies saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最后,一家企业需要有自由现金流来偿还债务;会计利润还不够。虽然博创科技的资产负债表上有净现金,但我们仍然需要关注其将营业利润(EBIT)转化为自由现金流的能力,以帮助我们了解其在建设(或消耗)现金余额方面的速度。在过去的三年里,博创科技的自由现金流总体上是明显负面的。虽然这可能是为了增长而进行的支出,但也使债务变得更加风险。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Broadex Technologies has CN¥855.3m in net cash and a decent-looking balance sheet. Despite its cash we think that Broadex Technologies seems to struggle to grow its EBIT, so we are wary of the stock. Even though Broadex Technologies lost money on the bottom line, its positive EBIT suggests the business itself has potential. So you might want to check out how earnings have been trending over the last few years.
虽然一直以来对公司的债务进行调查是明智的,在这种情况下,博创科技拥有85530万人民币的净现金和一个看上去不错的资产负债表。尽管有现金,我们认为博创科技似乎难以实现EBIt增长,因此我们对这只股票持谨慎态度。虽然博创科技在底线上亏损,但它的正EBIt表明业务本身具有潜力。所以你可能希望查看过去几年收益的趋势。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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