Here's Why Shanghai Huafon Aluminium (SHSE:601702) Can Manage Its Debt Responsibly
Here's Why Shanghai Huafon Aluminium (SHSE:601702) Can Manage Its Debt Responsibly
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Shanghai Huafon Aluminium Corporation (SHSE:601702) does carry 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,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。重要的是,上海华丰铝业股份有限公司(SHSE: 601702)确实有债务。但更重要的问题是:这笔债务会带来多大的风险?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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。如果情况变得非常糟糕,贷款人可以控制业务。尽管这种情况不太常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以低价筹集资金。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。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。
What Is Shanghai Huafon Aluminium's Debt?
上海华丰铝业的债务是多少?
As you can see below, Shanghai Huafon Aluminium had CN¥1.85b of debt at September 2023, down from CN¥2.09b a year prior. However, it does have CN¥230.9m in cash offsetting this, leading to net debt of about CN¥1.62b.
如下所示,截至2023年9月,上海华丰铝业的债务为18.5亿元人民币,低于去年同期的20.9亿加元。但是,它确实有2.309亿元的现金抵消了这一点,净负债约为16.2亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240314/0-a29a98e45c231fb90f89e157b023f87e-0-f3078208f435abb2c8da90d392d053a1.png/big)
How Strong Is Shanghai Huafon Aluminium's Balance Sheet?
上海华丰铝业的资产负债表有多强?
The latest balance sheet data shows that Shanghai Huafon Aluminium had liabilities of CN¥2.39b due within a year, and liabilities of CN¥205.0m falling due after that. On the other hand, it had cash of CN¥230.9m and CN¥2.53b worth of receivables due within a year. So it can boast CN¥159.9m more liquid assets than total liabilities.
最新的资产负债表数据显示,上海华丰铝业的负债为23.9亿元人民币,此后到期的负债为2.05亿元人民币。另一方面,它有一年内到期的现金为2.309亿元人民币,还有价值25.3亿元人民币的应收账款。因此,它拥有的流动资产可以多出1.599亿元人民币 总 负债。
Having regard to Shanghai Huafon Aluminium's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥18.4b company is struggling for cash, we still think it's worth monitoring its balance sheet.
考虑到上海华丰铝业的规模,其流动资产与总负债的平衡似乎良好。因此,尽管很难想象这家184亿元人民币的公司正在为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们通过以下方法来衡量公司的债务负担与其盈利能力:将其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),并计算其利息和税前收益(EBIT)支付利息支出(利息保障)的难易程度。这样,我们既考虑债务的绝对数量,也考虑为债务支付的利率。
Shanghai Huafon Aluminium has a low net debt to EBITDA ratio of only 1.4. And its EBIT covers its interest expense a whopping 16.5 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Another good sign is that Shanghai Huafon Aluminium has been able to increase its EBIT by 23% in twelve months, making it easier to pay down debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Shanghai Huafon Aluminium 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.
上海华丰铝业的净负债与息税折旧摊销前利润的比率很低,仅为1.4。其息税前利润可支付其高达16.5倍的利息支出。因此,你可以争辩说,它受到债务的威胁并不比大象受到老鼠的威胁更大。另一个好兆头是,上海华丰铝业能够在十二个月内将其息税前利润提高23%,从而更容易偿还债务。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务的未来盈利能力将决定上海华丰铝业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。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, Shanghai Huafon Aluminium created free cash flow amounting to 12% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.
最后,公司只能用冷硬现金偿还债务,不能用会计利润偿还债务。因此,我们显然需要研究息税前利润是否会带来相应的自由现金流。在过去的三年中,上海华丰铝业创造了相当于其息税前利润的12%的自由现金流,表现平淡无奇。这种低迷的现金转换水平削弱了其管理和偿还债务的能力。
Our View
我们的观点
Shanghai Huafon Aluminium's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But the stark truth is that we are concerned by its conversion of EBIT to free cash flow. Taking all this data into account, it seems to us that Shanghai Huafon Aluminium takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of Shanghai Huafon Aluminium's earnings per share history for free.
上海华丰铝业的利息保障表明,它可以像克里斯蒂亚诺·罗纳尔多在对阵14岁以下的守门员的比赛中进球一样轻松地处理债务。但严峻的事实是,我们对其将息税前利润转换为自由现金流感到担忧。考虑到所有这些数据,在我们看来,上海华丰铝业对债务采取了相当明智的态度。尽管这带来了一些风险,但也可以提高股东的回报。除了大多数其他指标外,我们认为追踪每股收益的增长速度非常重要。如果你也意识到了这一点,那你很幸运,因为今天你可以免费查看这张上海华丰铝业每股收益历史的互动图表。
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。