Is Bona Film Group (SZSE:001330) Weighed On By Its Debt Load?
Is Bona Film Group (SZSE:001330) Weighed On By Its Debt Load?
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 seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Bona Film Group Co., Ltd. (SZSE:001330) makes use of debt. But the more important question is: how much risk is that debt creating?
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。与许多其他公司一样,博纳影业集团有限公司(深圳证券交易所:001330)也使用债务。但更重要的问题是:债务创造了多大的风险?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法还清贷款人的债务,那么债务就任其摆布。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本,从而永久稀释股东。当然,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。当我们考虑公司使用债务时,我们首先将现金和债务放在一起考虑。
How Much Debt Does Bona Film Group Carry?
博纳电影集团背负了多少债务?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Bona Film Group had CN¥4.13b of debt, an increase on CN¥3.58b, over one year. On the flip side, it has CN¥2.08b in cash leading to net debt of about CN¥2.05b.
你可以点击下图查看历史数字,但它显示,截至2023年9月,博纳电影集团在一年内有41.3亿元人民币的债务,比35.8亿元人民币有所增加。另一方面,它拥有20.8亿元人民币的现金,净负债约为20.5亿加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240223/0-999a91606b87b0bb09258276407f8a5e-0-181c383b7a79be2936bda25ec65fe6b8.png/big)
A Look At Bona Film Group's Liabilities
看看博纳电影集团的负债
Zooming in on the latest balance sheet data, we can see that Bona Film Group had liabilities of CN¥5.60b due within 12 months and liabilities of CN¥4.13b due beyond that. On the other hand, it had cash of CN¥2.08b and CN¥991.1m worth of receivables due within a year. So it has liabilities totalling CN¥6.67b more than its cash and near-term receivables, combined.
放大最新的资产负债表数据,我们可以看到,博纳电影集团在12个月内到期的负债为56.0亿元人民币,之后到期的负债为41.3亿元人民币。另一方面,它有20.8亿元人民币的现金和价值9.911亿元人民币的应收账款在一年内到期。因此,它的负债总额比现金和短期应收账款的总和多出66.7亿元人民币。
This deficit is considerable relative to its market capitalization of CN¥7.78b, so it does suggest shareholders should keep an eye on Bona Film Group's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Bona Film Group can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
相对于其77.8亿元人民币的市值,这一赤字相当可观,因此这确实表明股东应密切关注博纳电影集团对债务的使用。这表明,如果公司需要迅速支撑资产负债表,股东将被严重稀释。资产负债表显然是分析债务时需要关注的领域。但最终,该业务的未来盈利能力将决定博纳电影集团能否随着时间的推移加强其资产负债表。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。
In the last year Bona Film Group had a loss before interest and tax, and actually shrunk its revenue by 56%, to CN¥1.6b. That makes us nervous, to say the least.
去年,博纳电影集团在利息和税前出现亏损,实际收入减少了56%,至16亿元人民币。至少可以说,这让我们感到紧张。
Caveat Emptor
Caveat Emptor
While Bona Film Group's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. To be specific the EBIT loss came in at CN¥400m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of CN¥394m. So to be blunt we do think it is risky. For riskier companies like Bona Film Group I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
尽管博纳电影集团收入的下降就像开玩笑一样令人心动,但可以说,其息税前收益(EBIT)亏损的吸引力更小。具体而言,息税前利润亏损为4亿元人民币。考虑到除了上述负债外,我们对公司应该使用如此多的债务没有太大的信心。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。例如,我们不希望看到去年3.94亿元人民币的亏损重演。因此,坦率地说,我们确实认为这是有风险的。对于像博纳电影集团这样的风险较高的公司,我总是喜欢关注长期的利润和收入趋势。幸运的是,您可以点击查看我们的利润、收入和运营现金流的交互式图表。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。
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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。