Is CECEP Techand Ecology&EnvironmentLtd (SZSE:300197) Using Debt In A Risky Way?
Is CECEP Techand Ecology&EnvironmentLtd (SZSE:300197) Using Debt In A Risky Way?
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies CECEP Techand Ecology&Environment Co.,Ltd. (SZSE:300197) 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。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。与许多其他公司一样,CECEP Techand Ecology&Environment Co., Ltd.(深圳证券交易所股票代码:300197)使用债务。但更重要的问题是:这笔债务会带来多大的风险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, 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. 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。资本主义的重要部分是 “创造性破坏” 的过程,在这个过程中,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,债务的好处是它通常代表廉价资本,尤其是当它用高回报率进行再投资的能力取代了公司的稀释时。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。
How Much Debt Does CECEP Techand Ecology&EnvironmentLtd Carry?
CECEP Techand Ecology&EnvironmentLtd 背负了多少债务?
As you can see below, at the end of September 2023, CECEP Techand Ecology&EnvironmentLtd had CN¥17.4b of debt, up from CN¥16.5b a year ago. Click the image for more detail. However, it does have CN¥3.13b in cash offsetting this, leading to net debt of about CN¥14.2b.
如下所示,截至2023年9月底,CECEP Techand Ecology&EnvironmentLtd的债务为174亿元人民币,高于去年同期的165亿元人民币。点击图片查看更多细节。但是,它确实有31.3亿加元的现金抵消了这一点,净负债约为142亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240306/0-654b2de7edf3a0823d92e4eed0b95d2b-0-5beed384ccf4c667dc5a68610529976d.png/big)
How Healthy Is CECEP Techand Ecology&EnvironmentLtd's Balance Sheet?
CECEP Techand Ecology&EnvironmentLtd的资产负债表有多健康?
According to the last reported balance sheet, CECEP Techand Ecology&EnvironmentLtd had liabilities of CN¥17.3b due within 12 months, and liabilities of CN¥7.90b due beyond 12 months. Offsetting this, it had CN¥3.13b in cash and CN¥9.09b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥13.0b.
根据上次报告的资产负债表,CECEP Techand Ecology&EnvironmentLtd的负债为173亿元人民币,12个月后到期的负债为79.0亿元人民币。与此相抵消的是,它有31.3亿加元的现金和90.9亿元人民币的应收账款将在12个月内到期。因此,其负债比其现金和(短期)应收账款总额高出130亿元人民币。
This deficit casts a shadow over the CN¥5.81b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, CECEP Techand Ecology&EnvironmentLtd would probably need a major re-capitalization if its creditors were to demand repayment. When analysing debt levels, the balance sheet is the obvious place to start. But it is CECEP Techand Ecology&EnvironmentLtd'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.
这一赤字给这家58.1亿元人民币的公司蒙上了阴影,就像一个耸立在凡人之上的巨人。因此,毫无疑问,我们将密切关注其资产负债表。归根结底,如果其债权人要求还款,CECEP Techand Ecology&Ecology&EnvironmentLtd可能需要进行大规模的资本重组。在分析债务水平时,资产负债表是显而易见的起点。但是,影响未来资产负债表状况的是CECEP Tech和Ecology&EnvironmentLtd的收益。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。
Over 12 months, CECEP Techand Ecology&EnvironmentLtd reported revenue of CN¥2.7b, which is a gain of 8.8%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的12个月中,CECEP Techand生态与环境有限公司公布的收入为27亿元人民币,增长了8.8%,尽管它没有报告任何利息和税前收益。我们通常希望看到无利可图的公司实现更快的增长,但每家公司都有自己的发展。
Caveat Emptor
Caveat Emptor
Importantly, CECEP Techand Ecology&EnvironmentLtd had an earnings before interest and tax (EBIT) loss over the last year. Its EBIT loss was a whopping CN¥631m. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. Not least because it had negative free cash flow of CN¥595m over the last twelve months. That means it's on the risky side of things. 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. We've identified 3 warning signs with CECEP Techand Ecology&EnvironmentLtd (at least 2 which are significant) , and understanding them should be part of your investment process.
重要的是,CECEP Techand Ecology&EnvironmentLtd去年出现了息税前收益(EBIT)亏损。其息税前利润亏损高达6.31亿元人民币。当我们将其与巨额负债一起看时,我们对公司并不特别有信心。它需要迅速改善其运营,我们才会对此感兴趣。尤其是因为它在过去十二个月中的自由现金流为负5.95亿元人民币。这意味着它站在危险的一面。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。我们已经向CECEP Techand Ecology&Ecoly&EnvironmentLtd确定了3个警告信号(至少有2个是重要的),了解它们应该是你投资过程的一部分。
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,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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