share_log

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

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

Fennec Pharmicals(納斯達克股票代碼:FENC)是一項風險投資嗎?
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?

大衛·伊本說得好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”當我們考慮一家公司的風險時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們可以看到,芬內剋制藥公司(納斯達克股票代碼:FENC)確實在其業務中使用了債務。但更重要的問題是:債務創造了多大的風險?

When Is Debt A Problem?

債務何時會成爲問題?

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.

當企業無法輕易履行這些義務時,無論是通過自由現金流還是以誘人的價格籌集資金,債務和其他負債就會面臨風險。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,這樣才能控制債務。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面後果。考慮公司債務水平的第一步是將其現金和債務放在一起考慮。

What Is Fennec Pharmaceuticals's Debt?

Fennec Pharmicals的債務是多少?

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.

你可以點擊下圖查看歷史數字,但它顯示,截至2024年3月,Fennec Pharmicals在一年內有3,130萬美元的債務,比2510萬美元有所增加。但是,其資產負債表顯示其持有5,120萬美元的現金,因此實際上擁有1,980萬美元的淨現金。

debt-equity-history-analysis
NasdaqCM:FENC Debt to Equity History May 21st 2024
納斯達克股票代碼:FENC 債券與股本的比率歷史記錄 2024 年 5 月 21 日

How Healthy Is Fennec Pharmaceuticals' Balance Sheet?

芬內剋制藥的資產負債表有多健康?

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.

根據上次報告的資產負債表,Fennec Pharmicals的負債爲984萬美元,12個月以後到期的負債爲5,630萬美元。除這些債務外,它有5,120萬美元的現金以及價值1,030萬美元的應收賬款在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出472萬美元。

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.

當然,Fennec Pharmicals的市值爲1.923億美元,因此這些負債可能是可以控制的。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。儘管它確實有值得注意的負債,但Fennec Pharmicals的現金也多於債務,因此我們非常有信心它可以安全地管理債務。

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去年在息稅前利潤水平上出現虧損,但在過去十二個月中將虧損提高至620萬美元的正息稅前利潤。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益比什麼都重要,將決定Fennec Pharmicals未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。

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.

最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。儘管Fennec Pharmicals的資產負債表上有淨現金,但仍值得一看其將利息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。令所有股東感到高興的是,Fennec Pharmicals去年產生的自由現金流實際上超過了息稅前利潤。這種強勁的現金產生像穿着大黃蜂套裝的小狗一樣溫暖着我們的心。

Summing Up

總結

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.

儘管查看公司的總負債總是明智的,但令人欣慰的是,Fennec Pharmicals擁有1,980萬美元的淨現金。它以2700萬美元的自由現金流給我們留下了深刻的印象,佔其息稅前利潤的440%。因此,我們對Fennec Pharmicals的債務使用並不感到困擾。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。一個很好的例子:我們發現了Fennec Pharmicals的兩個警告信號,你應該注意了。

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.

如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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。
    搶先評論