We Think Qtone Education Group (Guangdong)Ltd (SZSE:300359) Can Stay On Top Of Its Debt
We Think Qtone Education Group (Guangdong)Ltd (SZSE:300359) Can Stay On Top Of Its Debt
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 Qtone Education Group (Guangdong) Co.,Ltd (SZSE:300359) makes use of debt. But should shareholders be worried about its use of debt?
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。与许多其他公司一样启通教育集团(广东)有限公司(SZSE:300359)利用债务。但股东是否应该担心它的债务使用情况?
What Risk Does Debt Bring?
债务会带来什么风险?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。当然,许多公司利用债务为增长提供资金,没有任何负面后果。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
View our latest analysis for Qtone Education Group (Guangdong)Ltd
查看我们对QTone教育集团(广东)有限公司的最新分析
How Much Debt Does Qtone Education Group (Guangdong)Ltd Carry?
QTone教育集团(广东)有限公司背负着多少债务?
The image below, which you can click on for greater detail, shows that Qtone Education Group (Guangdong)Ltd had debt of CN¥45.0m at the end of September 2022, a reduction from CN¥153.6m over a year. However, it does have CN¥396.5m in cash offsetting this, leading to net cash of CN¥351.5m.
下面的图片,你可以点击查看更多细节,显示了QTone教育集团(广东)有限公司在2022年9月底的债务为4500万加元,比一年内的1.536亿加元有所减少。然而,它确实有3.965亿加元的现金抵消了这一点,导致净现金3.515亿加元。
How Healthy Is Qtone Education Group (Guangdong)Ltd's Balance Sheet?
QTone教育集团(广东)有限公司的资产负债表健康程度如何?
Zooming in on the latest balance sheet data, we can see that Qtone Education Group (Guangdong)Ltd had liabilities of CN¥298.1m due within 12 months and liabilities of CN¥25.7m due beyond that. Offsetting this, it had CN¥396.5m in cash and CN¥387.8m in receivables that were due within 12 months. So it can boast CN¥460.5m more liquid assets than total liabilities.
放大最新的资产负债表数据,我们可以看到Qone教育集团(广东)有限公司有2.981亿加元的负债在12个月内到期,还有2570万加元的负债在12个月内到期。作为抵消,它有3.965亿加元的现金和3.878亿加元的应收账款在12个月内到期。因此,它的流动资产比总计负债。
This surplus suggests that Qtone Education Group (Guangdong)Ltd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Qtone Education Group (Guangdong)Ltd has more cash than debt is arguably a good indication that it can manage its debt safely.
这一盈余表明,Qone教育集团(广东)有限公司的资产负债表比较保守,很可能会毫不费力地消除债务。简而言之,QTone教育集团(广东)有限公司现金多于债务的事实可以说是一个很好的迹象,表明它可以安全地管理债务。
It is just as well that Qtone Education Group (Guangdong)Ltd's load is not too heavy, because its EBIT was down 45% over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Qtone Education Group (Guangdong)Ltd's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
幸好Qone教育集团(广东)有限公司的负担不是太重,因为它的息税前利润比去年下降了45%。收益下降(如果这种趋势持续下去)最终可能会使规模不大的债务面临相当大的风险。当你分析债务时,资产负债表显然是你关注的领域。但Qone教育集团(广东)有限公司的收益将影响未来资产负债表的表现。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Qtone Education Group (Guangdong)Ltd 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. Over the last two years, Qtone Education Group (Guangdong)Ltd actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。尽管Qone教育集团(广东)有限公司的资产负债表上有净现金,但它将息税前利润(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。在过去的两年里,Qone教育集团(广东)有限公司实际上产生了比息税前利润更多的自由现金流。说到赢得贷款人的好感,没有什么比收到的现金更好的了。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Qtone Education Group (Guangdong)Ltd has net cash of CN¥351.5m, as well as more liquid assets than liabilities. The cherry on top was that in converted 324% of that EBIT to free cash flow, bringing in CN¥83m. So we are not troubled with Qtone Education Group (Guangdong)Ltd's debt use. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for Qtone Education Group (Guangdong)Ltd you should be aware of, and 1 of them is a bit concerning.
虽然我们同情投资者对债务的担忧,但您应该记住,Qone教育集团(广东)有限公司拥有3.515亿元人民币的净现金,流动资产多于负债。上面的樱桃是IN将息税前利润的324%转化为自由现金流,带来8300万元人民币。因此,我们并不担心Qone教育集团(广东)有限公司的债务使用。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。一个恰当的例子:我们发现了QTone教育集团(广东)有限公司的2个警告标志你应该知道,其中有一个是有点令人担忧的。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。