We Think Novoray (SHSE:688300) Can Manage Its Debt With Ease
We Think Novoray (SHSE:688300) Can Manage Its Debt With Ease
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Novoray Corporation (SHSE:688300) makes use of debt. But the real question is whether this debt is making the company risky.
霍华德·马克斯说得很好,他提到,与其担心股票价格的波动,不如关注‘永久损失的可能性是我担心的风险……而我认识的每一位实际投资者也都担心这个。’当我们考虑一家公司的风险时,我们总喜欢关注它的负债,因为负债过重会导致破产。与许多其他公司一样,联瑞新材(SHSE:688300)也在利用负债。但真正的问题是,这些负债是否使公司变得风险更高。
When Is Debt Dangerous?
债务何时有危险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
债务和其他负债对业务而言会变得有风险,当公司无法轻松履行这些义务,无论是通过自由现金流还是以有吸引力的价格筹集资本。如果情况变得非常糟糕,放贷人可以接管企业。然而,更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东权益,仅仅为了控制债务。当然,有很多公司使用债务来实现增长,而不会带来任何负面后果。考虑公司债务水平时的第一步是将其现金和债务合并考虑。
What Is Novoray's Net Debt?
联瑞新材的净负债是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2024 Novoray had CN¥95.5m of debt, an increase on CN¥50.0m, over one year. However, its balance sheet shows it holds CN¥420.8m in cash, so it actually has CN¥325.3m net cash.
您可以点击下面的图表查看历史数据,但它显示截至2024年9月,联瑞新材的负债为9550万人民币,较一年前的5000万人民币有所增加。然而,其资产负债表显示它拥有42080万人民币的现金,因此实际上它拥有32530万人民币的净现金。
How Healthy Is Novoray's Balance Sheet?
联瑞新材的资产负债表有多健康?
We can see from the most recent balance sheet that Novoray had liabilities of CN¥316.5m falling due within a year, and liabilities of CN¥161.0m due beyond that. Offsetting these obligations, it had cash of CN¥420.8m as well as receivables valued at CN¥400.1m due within 12 months. So it actually has CN¥343.5m more liquid assets than total liabilities.
从最新的资产负债表可以看出,联瑞新材在一年内到期的负债为31650万元,而一年后到期的负债为16100万元。抵消这些义务后,它有42080万元的现金,以及价值40010万元的应收账款将在12个月内到期。因此,它实际拥有的流动资产比总负债多出34350万元。
This surplus suggests that Novoray has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Novoray has more cash than debt is arguably a good indication that it can manage its debt safely.
这一盈余表明,联瑞新材拥有保守的资产负债表,并且可能在没有太大困难的情况下消除其债务。简单来说,联瑞新材的现金超过债务的事实无疑是它能够安全管理债务的一个良好迹象。
In addition to that, we're happy to report that Novoray has boosted its EBIT by 55%, thus reducing the spectre of future debt repayments. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Novoray'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.
此外,我们很高兴地报告,联瑞新材的EBIT提升了55%,从而减少了未来债务偿还的压力。在分析债务水平时,资产负债表显然是开始的地方。但未来的收益,更多地决定了联瑞新材维持健康资产负债表的能力。因此,如果你关注未来,可以查看这份显示分析师利润预测的免费报告。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Novoray 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. During the last three years, Novoray produced sturdy free cash flow equating to 58% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后,虽然税务官可能喜欢会计利润,但贷款人只接受真金白银。联瑞新材的资产负债表上可能有净现金,但观察业务如何将息税前利润(EBIT)转化为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去三年中,联瑞新材产生了坚实的自由现金流,占其EBIT的58%,大致符合我们的预期。这一自由现金流使公司在适当时候偿还债务时处于良好位置。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Novoray has CN¥325.3m in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 55% over the last year. So is Novoray's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in Novoray, you may well want to click here to check an interactive graph of its earnings per share history.
尽管调查公司的债务总是明智的,但在这种情况下,联瑞新材拥有32530万人民币的净现金和一份看起来相当不错的资产负债表。并且它让我们印象深刻的是过去一年EBIT增长了55%。那么,联瑞新材的债务是个风险吗?在我们看来似乎不是。随着时间的推移,股票价格往往跟随每股收益,因此如果您对联瑞新材感兴趣,您可能想点击这里查看其每股收益历史的互动图表。
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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