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Is Fennec Pharmaceuticals (NASDAQ:FENC) A Risky Investment?

Is Fennec Pharmaceuticals (NASDAQ:FENC) A Risky Investment?

Fennec Pharmicals(纳斯达克股票代码:FENC)是一项风险投资吗?
Simply Wall St ·  05/21 19:45

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.' 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. We can see that Fennec Pharmaceuticals Inc. (NASDAQ:FENC) does use debt in its business. But the more important question is: how much risk is that debt creating?

大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”当我们考虑一家公司的风险时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们可以看到,芬内克制药公司(纳斯达克股票代码:FENC)确实在其业务中使用了债务。但更重要的问题是:债务创造了多大的风险?

When Is Debt A Problem?

债务何时会成为问题?

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.

当企业无法轻易履行这些义务时,无论是通过自由现金流还是以诱人的价格筹集资金,债务和其他负债就会面临风险。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然昂贵)的情况是,公司必须以低廉的股价稀释股东,这样才能控制债务。当然,许多公司使用债务为增长提供资金,而不会产生任何负面后果。考虑公司债务水平的第一步是将其现金和债务放在一起考虑。

What Is Fennec Pharmaceuticals's Debt?

Fennec Pharmicals的债务是多少?

You can click the graphic below for the historical numbers, but it shows that as of March 2024 Fennec Pharmaceuticals had US$31.3m of debt, an increase on US$25.1m, over one year. However, its balance sheet shows it holds US$51.2m in cash, so it actually has US$19.8m net cash.

你可以点击下图查看历史数字,但它显示,截至2024年3月,Fennec Pharmicals在一年内有3,130万美元的债务,比2510万美元有所增加。但是,其资产负债表显示其持有5,120万美元的现金,因此实际上拥有1,980万美元的净现金。

debt-equity-history-analysis
NasdaqCM:FENC Debt to Equity History May 21st 2024
纳斯达克股票代码:FENC 债券与股本的比率历史记录 2024 年 5 月 21 日

How Healthy Is Fennec Pharmaceuticals' Balance Sheet?

芬内克制药的资产负债表有多健康?

According to the last reported balance sheet, Fennec Pharmaceuticals had liabilities of US$9.84m due within 12 months, and liabilities of US$56.3m due beyond 12 months. Offsetting these obligations, it had cash of US$51.2m as well as receivables valued at US$10.3m due within 12 months. So it has liabilities totalling US$4.72m more than its cash and near-term receivables, combined.

根据上次报告的资产负债表,Fennec Pharmicals的负债为984万美元,12个月以后到期的负债为5,630万美元。除这些债务外,它有5,120万美元的现金以及价值1,030万美元的应收账款在12个月内到期。因此,它的负债总额比其现金和短期应收账款的总和多出472万美元。

Of course, Fennec Pharmaceuticals has a market capitalization of US$192.3m, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. While it does have liabilities worth noting, Fennec Pharmaceuticals also has more cash than debt, so we're pretty confident it can manage its debt safely.

当然,Fennec Pharmicals的市值为1.923亿美元,因此这些负债可能是可以控制的。但是,有足够的负债,我们肯定会建议股东今后继续监督资产负债表。尽管它确实有值得注意的负债,但Fennec Pharmicals的现金也多于债务,因此我们非常有信心它可以安全地管理债务。

Notably, Fennec Pharmaceuticals made a loss at the EBIT level, last year, but improved that to positive EBIT of US$6.2m in the last twelve months. 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 Fennec Pharmaceuticals'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.

值得注意的是,Fennec Pharmicals去年在息税前利润水平上出现亏损,但在过去十二个月中将亏损提高至620万美元的正息税前利润。资产负债表显然是分析债务时需要关注的领域。但是,未来的收益比什么都重要,将决定Fennec Pharmicals未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Fennec Pharmaceuticals 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, Fennec Pharmaceuticals actually produced more free cash flow than EBIT over the last year. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.

最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。尽管Fennec Pharmicals的资产负债表上有净现金,但仍值得一看其将利息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。令所有股东感到高兴的是,Fennec Pharmicals去年产生的自由现金流实际上超过了息税前利润。这种强劲的现金产生像穿着大黄蜂套装的小狗一样温暖着我们的心。

Summing Up

总结

While it is always sensible to look at a company's total liabilities, it is very reassuring that Fennec Pharmaceuticals has US$19.8m in net cash. And it impressed us with free cash flow of US$27m, being 440% of its EBIT. So we are not troubled with Fennec Pharmaceuticals's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for Fennec Pharmaceuticals you should be aware of.

尽管查看公司的总负债总是明智的,但令人欣慰的是,Fennec Pharmicals拥有1,980万美元的净现金。它以2700万美元的自由现金流给我们留下了深刻的印象,占其息税前利润的440%。因此,我们对Fennec Pharmicals的债务使用并不感到困扰。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。一个很好的例子:我们发现了Fennec Pharmicals的两个警告信号,你应该注意了。

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.

如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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