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Is Bitdeer Technologies Group (NASDAQ:BTDR) Using Too Much Debt?

Is Bitdeer Technologies Group (NASDAQ:BTDR) Using Too Much Debt?

比特迪科技集團(納斯達克:BTDR)是否使用了過多的債務?
Simply Wall St ·  01/14 19:17

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 can see that Bitdeer Technologies Group (NASDAQ:BTDR) does use debt in its business. But the more important question is: how much risk is that debt creating?

受到禾倫·巴菲特的查理·芒格支持的外部基金經理李路毫不含糊地表示,"最大的投資風險不是價格的波動,而是你是否會遭受永久性資本損失。" 因此,當你考慮任何特定股票的風險時,考慮債務可能是顯而易見的,因爲過多的債務可能會使公司陷入困境。 我們可以看到,比特迪爾科技集團(納斯達克:BTDR)在其業務中確實使用了債務。 但是,更重要的問題是:這份債務帶來了多少風險?

Why Does Debt Bring Risk?

爲什麼債務帶來風險?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

債務是幫助企業成長的工具,但如果一家企業無力償還其債務人,則必須任由他們支配。資本主義的一個重要組成部分是『創造性破壞』的過程,其中失敗的企業被其銀行無情清算。然而,發生得更頻繁(但仍然代價高昂)的情況是,一家公司必須以低廉的價格發行股票,永久性稀釋股東權益,僅僅爲了改善其資產負債表。儘管如此,最常見的情況是,一家公司能夠相對合理地管理其債務,並且對其自身有利。在考慮企業使用多少債務時,首先要考慮其現金和債務的總體情況。

What Is Bitdeer Technologies Group's Net Debt?

比特迪爾科技集團的淨債務是多少?

The image below, which you can click on for greater detail, shows that at September 2024 Bitdeer Technologies Group had debt of US$92.7m, up from US$22.6m in one year. But it also has US$332.9m in cash to offset that, meaning it has US$240.2m net cash.

下面的圖像,可以點擊查看更詳細的內容,顯示到2024年9月,比特迪爾科技集團的債務爲9270萬美金,同比增長了2260萬美金。 但它也擁有33290萬美金的現金來抵消這些債務,這意味着它的淨現金爲24020萬美金。

big
NasdaqCM:BTDR Debt to Equity History January 14th 2025
納斯達克CM:BTDR 債務與股本歷史 2025年1月14日

A Look At Bitdeer Technologies Group's Liabilities

看一下比特迪科技集團的負債

We can see from the most recent balance sheet that Bitdeer Technologies Group had liabilities of US$46.1m falling due within a year, and liabilities of US$479.6m due beyond that. On the other hand, it had cash of US$332.9m and US$24.7m worth of receivables due within a year. So its liabilities total US$168.1m more than the combination of its cash and short-term receivables.

從最近的資產負債表中可以看到,比特迪科技集團有4610萬美金的負債在一年內到期,和47960萬美金的負債在更長時間到期。另一方面,它有33290萬美金的現金和2470萬美金的應收賬款在一年內到期。因此,它的負債總額比現金和短期應收賬款的總和多出16810萬美金。

Given Bitdeer Technologies Group has a market capitalization of US$2.73b, it's hard to believe these liabilities pose much 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, Bitdeer Technologies Group also has more cash than debt, so we're pretty confident it can manage its debt safely. 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 Bitdeer Technologies Group'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.

考慮到比特迪科技集團的市場資本化爲27.3億美金,很難相信這些負債構成太大威脅。然而,我們認爲關注其資產負債表的強度是值得的,因爲它可能會隨時間變化。雖然它確實有值得注意的負債,但比特迪科技集團的現金量超過了債務,所以我們相當有信心它能夠安全地管理債務。資產負債表顯然是分析債務時需重點關注的領域。但最重要的是,未來的盈利能力將判斷比特迪科技集團能否維持健康的資產負債表。因此,如果你想看看專業人士的看法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

Over 12 months, Bitdeer Technologies Group reported revenue of US$396m, which is a gain of 20%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.

在過去的12個月中,比特迪科技集團報告的營業收入爲39600萬美金,增長了20%,儘管它沒有報告任何稅息前利潤。我們通常希望看到虧損公司能更快增長,但每個人都有自己的見解。

So How Risky Is Bitdeer Technologies Group?

那麼,比特迪科技集團有多大風險呢?

We have no doubt that loss making companies are, in general, riskier than profitable ones. And the fact is that over the last twelve months Bitdeer Technologies Group lost money at the earnings before interest and tax (EBIT) line. Indeed, in that time it burnt through US$468m of cash and made a loss of US$72m. With only US$240.2m on the balance sheet, it would appear that its going to need to raise capital again soon. Summing up, we're a little skeptical of this one, as it seems fairly risky in the absence of free cashflow. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Bitdeer Technologies Group (of which 1 is significant!) you should know about.

我們毫不懷疑,虧損的公司通常在總體上比盈利的公司風險更高。事實是,在過去的12個月中,比特迪科技集團在稅息前利潤(EBIT)這一線上虧損。實際上,在那段時間裏,它燒掉了46800萬美金的現金,虧損7200萬美金。資產負債表上只有24020萬美金,看起來它很快就需要再次籌集資金。總的來說,我們對這一點有些懷疑,因爲在缺乏自由現金流的情況下,這似乎相當風險。資產負債表顯然是分析債務時需重點關注的領域。然而,並非所有投資風險都存在於資產負債表內——遠非如此。這些風險可能很難發現。每家公司都有這些風險,而我們發現了比特迪科技集團的 3 個警告信號(其中 1 個是顯著的!)你應該了解。

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.

無論最終結果如何,有時候更容易關注那些根本不需要債務的公司。讀者可以立即免費獲取一份淨債務爲零的成長股列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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