Does OrbusNeich Medical Group Holdings (HKG:6929) Have A Healthy Balance Sheet?
Does OrbusNeich Medical Group Holdings (HKG:6929) Have A Healthy 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. As with many other companies OrbusNeich Medical Group Holdings Limited (HKG:6929) makes use of debt. But the more important question is: how much risk is that debt creating?
当David Iben说"波动性并非我们关心的风险时,他表达得很好。我们关心的是避免资本永久损失。因此,聪明的资金知道,债务是破产中通常涉及的一个非常重要的因素,当您评估一家公司的风险性时。和许多其他公司一样,业聚医疗集团控股有限公司(HKG:6929)利用债务。但更重要的问题是:这笔债务带来了多少风险?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业增长的一种工具,但如果一家企业无法偿还债权人的债务,那么它就处于债权人的掌控之下。如果公司无法履行偿还债务的法定义务,股东可能什么都得不到。然而,一种更常见(但仍然昂贵)的情况是,一家企业必须以低廉的股票价格稀释股东权益,以控制债务。不过,通过取代稀释,债务可以成为需要资本以高回报率进行投资增长的企业的极好工具。在我们考虑债务水平时,首先要考虑现金和债务水平。
What Is OrbusNeich Medical Group Holdings's Debt?
业聚医疗集团控股的债务是什么?
The image below, which you can click on for greater detail, shows that at June 2024 OrbusNeich Medical Group Holdings had debt of US$4.24m, up from none in one year. But it also has US$261.2m in cash to offset that, meaning it has US$257.0m net cash.
下面的图片显示,在2024年6月,业聚医疗集团控股的债务为424万美元,比一年前增加了。不过,它也持有26120万美元现金来抵消这笔债务,意味着净现金为25700万美元。

How Strong Is OrbusNeich Medical Group Holdings' Balance Sheet?
奥伯斯尼奇医疗集团控股公司的资产负债表有多强?
We can see from the most recent balance sheet that OrbusNeich Medical Group Holdings had liabilities of US$35.9m falling due within a year, and liabilities of US$5.76m due beyond that. Offsetting this, it had US$261.2m in cash and US$37.6m in receivables that were due within 12 months. So it actually has US$257.2m more liquid assets than total liabilities.
根据最近的资产负债表,奥伯斯尼奇医疗集团控股公司的短期债务为3590万美元,超过一年到期的债务为576万美元。与此相抵,其有26120万美元的现金和3760万美元的应收账款在12个月内到期。因此,它实际拥有比总负债多25720万美元的流动资产。
This luscious liquidity implies that OrbusNeich Medical Group Holdings' balance sheet is sturdy like a giant sequoia tree. Having regard to this fact, we think its balance sheet is as strong as an ox. Succinctly put, OrbusNeich Medical Group Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
这种丰富的流动性表明奥伯斯尼奇医疗集团控股公司的资产负债表坚如一颗巨大的红杉树。考虑到这一事实,我们认为其资产负债表像公牛一样强大。简而言之,奥伯斯尼奇医疗集团控股公司拥有净现金,因此可以说它没有沉重的债务负担!
On the other hand, OrbusNeich Medical Group Holdings saw its EBIT drop by 5.8% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. 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 OrbusNeich Medical Group Holdings'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.
另一方面,奥伯斯尼奇医疗集团控股公司过去十二个月中看到其EBIt下降了5.8%。如果收入继续以这个速度下降,公司可能难以管理其债务负担。在分析债务时,资产负债表显然是需要关注的领域。但最终决定奥伯斯尼奇医疗集团控股公司未来能否保持健康资产负债表的是未来收入,超过一切。因此,如果你关注未来,可以查看这份免费报告,展示分析师的利润预测。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. OrbusNeich Medical Group 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. In the last three years, OrbusNeich Medical Group Holdings's free cash flow amounted to 50% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
最后,一家公司只能用冷硬现金偿还债务,而不能用会计利润。奥伯斯尼奇医疗集团控股公司可能在资产负债表上有净现金,但看看企业如何将利息和税前利润(EBIT)转化为自由现金流,也是很有趣的,因为这将影响其对债务的需求和管理能力。在过去三年中,奥伯斯尼奇医疗集团控股公司的自由现金流占其EBIt的50%,低于我们的预期。在偿还债务时,这并不理想。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that OrbusNeich Medical Group Holdings has net cash of US$257.0m, as well as more liquid assets than liabilities. So we don't think OrbusNeich Medical Group Holdings's use of debt 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. For instance, we've identified 2 warning signs for OrbusNeich Medical Group Holdings that you should be aware of.
尽管我们对发现债务问题的投资者表示同情,但您应该记住,业聚医疗集团控股有25700万美元的净现金,以及比负债更多的流动资产。所以我们认为,业聚医疗集团控股利用债务并不冒险。毫无疑问,我们从资产负债表上了解债务的大部分信息。但最终,每家公司都可能存在超出资产负债表之外的风险。例如,我们已确定了 2 个业聚医疗集团控股的警告信号,您应该注意。
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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