Here's Why Nexteer Automotive Group (HKG:1316) Can Manage Its Debt Responsibly
Here's Why Nexteer Automotive Group (HKG:1316) Can Manage Its Debt Responsibly
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 note that Nexteer Automotive Group Limited (HKG:1316) does have debt on its balance sheet. But is this debt a concern to shareholders?
巴菲特投资公司伯克希尔·哈撒韦的基金经理李录(Li Lu)毫不掩饰地说:“最大的投资风险不是价格的波动性,而是您是否会遭受资本的永久损失。”因此,当您考虑任何股票的风险时,需要考虑债务,因为过多的债务可能会拖垮一家公司。我们注意到耐世特汽车集团有限公司(HKG:1316)的资产负债表上确实有债务。但这笔债务是否会担忧股东呢?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
债务会为企业提供帮助,直到企业还款能力出现问题,无论是通过新资金还是通过自由现金流。 在最坏的情况下,如果公司无法偿还其债权人,会破产。尽管这种情况不太常见,但我们经常看到负债的公司因贷款人迫使其以低价筹集资本而永久稀释股东。当然,许多公司使用债务来进行资本增长,没有任何负面后果。当我们审查债务水平时,我们首先要考虑现金和债务水平。
How Much Debt Does Nexteer Automotive Group Carry?
耐世特汽车集团承载了多少债务?
As you can see below, Nexteer Automotive Group had US$47.9m of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds US$279.8m in cash, so it actually has US$231.9m net cash.
如下所示,2024年6月,耐世特汽车集团的债务约为4790万美元,与前一年相当。您可以点击图表以获取更多详细信息。然而,其资产负债表显示,它持有27980万美元的现金,因此实际上具有23190万美元的净现金。
![1725058951719](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240831/43144730-0-b8256b03c9a532e5b569805d3243a7e3.webp/bigjpg)
How Healthy Is Nexteer Automotive Group's Balance Sheet?
Nexteer汽车集团的资产负债表有多健康?
The latest balance sheet data shows that Nexteer Automotive Group had liabilities of US$1.11b due within a year, and liabilities of US$258.1m falling due after that. On the other hand, it had cash of US$279.8m and US$954.2m worth of receivables due within a year. So its liabilities total US$130.2m more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示,Nexteer汽车集团有11.1亿美元的一年内到期负债,以及25810万美元的到期负债。另一方面,它有27980万美元的现金和95420万美元的一年内到期应收账款。因此,其负债总额超过现金和短期应收账款的总和13020万美元。
Since publicly traded Nexteer Automotive Group shares are worth a total of US$885.1m, it seems unlikely that this level of liabilities would be a major 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, Nexteer Automotive Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
由于上市交易的Nexteer汽车集团股票总价值为88510万美元,所以这种程度的负债似乎不太可能构成重大威胁。然而,我们认为值得密切关注其资产负债表的强度,因为它可能会随时间变化。虽然它确实有值得注意的负债,但Nexteer汽车集团的现金多于债务,所以我们相当有信心它能够安全地管理其债务。
It is just as well that Nexteer Automotive Group's load is not too heavy, because its EBIT was down 51% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. 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 Nexteer Automotive Group'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.
Nexteer汽车集团的负债并不重,因为过去一年其EBIT下降了51%。当一家公司的收益大跌时,它有时会发现与贷方的关系变得紧张。毫无疑问,我们从资产负债表上了解最多关于债务的信息。但是未来的收益,比任何事情都将决定Nexteer汽车集团维持健康资产负债表的能力。所以如果你关注未来,可以查看这份显示分析师盈利预测的免费报告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Nexteer Automotive Group 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. Happily for any shareholders, Nexteer Automotive Group actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
最后,一家企业需要自由现金流来偿还债务;会计利润并不足够。虽然Nexteer汽车集团在资产负债表上净现金,但我们仍然有必要看一看它将税息前利润(EBIT)转化为自由现金流的能力,以帮助我们了解它是如何迅速积累(或侵蚀)现金余额的。令股东们高兴的是,过去三年Nexteer汽车集团的自由现金流比EBIT还要多。这种强劲的现金产生让我们像穿蜜蜂装的小狗一样感动。
Summing Up
总之
Although Nexteer Automotive Group's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$231.9m. And it impressed us with free cash flow of US$92m, being 101% of its EBIT. So we are not troubled with Nexteer Automotive Group's debt use. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for Nexteer Automotive Group that you should be aware of.
尽管耐世特汽车集团的资产负债表不算特别强壮,由于总负债,但它有231.9百万元的净现金,这无疑是一个积极的迹象。同时,其自由现金流为92百万元,是EBIt的101%。因此,耐世特汽车集团的债务使用并没有困扰我们。毫无疑问,我们从资产负债表中学到了大部分有关债务的信息。然而,并不是所有的投资风险都存在于资产负债表中,与之相差甚远。例如,我们已经发现了耐世特汽车集团的1个警示信号,你应该注意到这一点。
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.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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