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美光科技優秀基本面不容忽視!
uSMART盈立智投 09-01 22:18

受"內存芯片凜冬將至"相關言論影響,美光科技(MU.US)股價受創,多家大行紛紛下調該股評級。值得注意的是,在評估美光科技的未來潛力時,投資者還能從瞭解公司基本面中獲益。本文將通過分析美光科技的資產負債表,來觀察該公司是否有能力實現更大的增長。

資產負債表中有許多組成部分值得關注,比如債務、股權和流動資產。這些數據可以體現這家公司是否有能力償還負債,以及是否具備剩餘資金用於投資其業務。

美光科技現狀

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如圖所示,截至2021年6月,美光科技負債61.2億美元,與前一年持平。此外,該公司持有83.5億美元現金,因此其實際擁有22.3億美元淨現金。以上數據一定程度上體現了公司戰略的一致性,換句話說,美光科技近期並不需要更多的長期債戶,即便有需要,該公司也有足夠的現金以備不時之需。

該公司近期在融資方面也沒有十分急迫。據瞭解,美光科技在近兩次的融資分別是獲得匯豐銀行25億的循環授信(revolving credit)及申請了3500萬普通股的儲架註冊(shelf registration),以通過發行股票籌集資金。

因此,結合債務、現金及股權總體情況,由此可見美光科技是一家非常穩定且發展均衡的公司。

美光科技是否負債過重?

最新的資產負債表數據顯示,美光科技有54.6億美元的債務將在一年內到期,還有82.2億美元的債務將在一年後到期。與此相抵消的是,該公司擁有83.5億美元的現金和42.3億美元的應收賬款,這些應收賬款將在12個月內到期。因此,美光科技的負債總額比該公司持有的現金和短期應收款之和多出11億美元。

考慮到美光科技的公司規模,其流動資產似乎與總負債保持了良好的平衡,但其資產負債表還是值得投資者多加關注。儘管如此,由於美光科技擁有淨現金,所以公平地說,該公司並沒有過於沉重的債務負擔。

值得一提的是,美光科技在過去12個月裏的息稅前利潤增長了103%。如果該公司能保持這種增長,該公司未來幾年債務將更加可控。

總結

美光科技的22.3億美元淨現金爲後期發展擴大了公司的債務融資空間,該公司的市值也允許其通過股權融資。此外,該公司也不存在過重的負債風險,同時去年103%的EBIT同比增長也確保了該公司有進一步增長的潛力。因此,從基本面的角度看,美光科技總體來說具備良好的成長基礎,有望實現進一步增長。

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