Stella International Holdings (HKG:1836) Has A Rock Solid Balance Sheet
Stella International Holdings (HKG:1836) Has A Rock Solid Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 can see that Stella International Holdings Limited (HKG:1836) does use debt in its business. But is this debt a concern to shareholders?
David Iben说得很对,'波动性不是我们关心的风险。我们关心的是避免资本永久损失。' 因此,聪明的资金知道,债务(通常涉及破产)是评估公司风险性时的一个非常重要因素。我们可以看到,Stella International Holdings Limited (HKG:1836)的业务确实使用债务。但这债务是否会让股东担忧呢?
When Is Debt Dangerous?
债务何时有危险?
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. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般来说,当一家公司无法通过筹集资本或自身的现金流轻松偿还债务时,债务才会变成真正的问题。如果情况变得非常糟糕,债权人可能会控制公司。然而,一个更普遍(但仍然令人痛苦的)情况是,它必须以低价筹集新股本,从而永久地稀释股东的股份。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。在考虑企业使用了多少债务时,首先要做的是将其现金和债务结合在一起查看。
What Is Stella International Holdings's Debt?
Stella International Holdings的债务情况是什么?
The image below, which you can click on for greater detail, shows that Stella International Holdings had debt of US$8.50m at the end of June 2024, a reduction from US$11.0m over a year. However, its balance sheet shows it holds US$334.6m in cash, so it actually has US$326.1m net cash.
下图显示,你可以点击查看更详细信息,显示2024年6月底,Stella International Holdings的债务为850万美元,较去年的1100万美元减少。然而,其资产负债表显示,公司持有33460万美元现金,因此实际上有32610万美元净现金。
How Healthy Is Stella International Holdings' Balance Sheet?
Stella International Holdings的资产负债表有多健康?
The latest balance sheet data shows that Stella International Holdings had liabilities of US$272.6m due within a year, and liabilities of US$29.0m falling due after that. Offsetting this, it had US$334.6m in cash and US$304.4m in receivables that were due within 12 months. So it can boast US$337.4m more liquid assets than total liabilities.
最新的资产负债表数据显示,Stella International Holdings短期内应付债务为27260万元美元,之后到期的应付债务为2900万元美元。 抵消这些,该公司拥有33460万元美元的现金和30440万元美元的应收账款,在12个月内到期。 所以它拥有33740万元美元的流动资产超过总负债。
It's good to see that Stella International Holdings has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, Stella International Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
看到Stella International Holdings资产负债表上有大量流动资金,表明负债的管理比较保守。 考虑到其短期流动性充裕,我们认为它不会与债权人有任何问题。 简而言之,Stella International Holdings拥有净现金,所以可以说其没有沉重的债务负担!
On top of that, Stella International Holdings grew its EBIT by 37% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Stella International Holdings can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
此外,Stella International Holdings过去12个月的EBIt增长了37%,这种增长将使其更容易处理债务。 从资产负债表中我们可以了解最多关于债务。 但最终业务未来的盈利能力将决定Stella International Holdings能否随时间加强其资产负债表。 所以,如果您关注未来,可以查看此免费报告,显示分析师盈利预测。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Stella International Holdings may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Happily for any shareholders, Stella International Holdings 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,尽管税务人员可能喜欢会计利润,但债权人只接受现金。 Stella International Holdings的资产负债表上可能有净现金,但看看该业务如何将其利息和税前利润(EBIT)转化为自由现金流,这仍然很有趣,因为这将影响其对债务的需求和能力管理债务。 任何股东都会高兴,因为Stella International Holdings在过去三年中产生的自由现金流比EBIt更多。 这种强劲的现金产生能力让我们像穿蜜蜂装的小狗一样感到温暖。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Stella International Holdings has net cash of US$326.1m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of US$243m, being 111% of its EBIT. When it comes to Stella International Holdings's debt, we sufficiently relaxed that our mind turns to the jacuzzi. 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. Be aware that Stella International Holdings is showing 2 warning signs in our investment analysis , you should know about...
尽管我们对发现债务令人担忧的投资者表示同情,但您应该记住,Stella International Holdings拥有32610万美元的净现金,以及比负债更多的流动资产。并且,它的自由现金流达到了24300万美元,为其EBIt的111%。当谈到Stella International Holdings的债务时,我们感到相当放松,以至于我们的思绪转向了按摩浴缸。毫无疑问,我们大部分关于债务的了解都来源于资产负债表。然而,并非所有投资风险都存在于资产负债表中 - 远非如此。请注意,在我们的投资分析中,Stella International Holdings展示出了2个警示信号,您应该了解其中的...
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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