These 4 Measures Indicate That TianJin 712 Communication & Broadcasting (SHSE:603712) Is Using Debt Extensively
These 4 Measures Indicate That TianJin 712 Communication & Broadcasting (SHSE:603712) Is Using Debt Extensively
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, TianJin 712 Communication & Broadcasting Co., Ltd. (SHSE:603712) does carry debt. But should shareholders be worried about its use of debt?
有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”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。重要的是,天津七一二通信广播有限公司(SHSE: 603712)确实有债务。但是,股东是否应该担心其债务的使用?
When Is Debt Dangerous?
债务何时危险?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. 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. When we examine debt levels, we first consider both cash and debt levels, together.
一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松偿还债务时,债务才会成为真正的问题。如果情况变得非常糟糕,贷款人可以控制业务。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人强迫他们以不利的价格筹集资金。话虽如此,最常见的情况是公司合理地管理债务,而且是为了自己的利益。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。
What Is TianJin 712 Communication & Broadcasting's Debt?
天津712通信广播的债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 TianJin 712 Communication & Broadcasting had CN¥1.12b of debt, an increase on CN¥766.5m, over one year. But on the other hand it also has CN¥1.35b in cash, leading to a CN¥230.7m net cash position.
你可以点击下图查看历史数字,但它显示,截至2024年3月,天津712通信与广播在一年内有11.2亿元人民币的债务,比7.665亿加元人民币的债务有所增加。但另一方面,它也有13.5亿元的现金,净现金状况为2.307亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240504/0-d2445792617fef2b125554fd5bddd258-0-028de9c8d93c53cdbd6055cb8d5f4ded.png/big)
A Look At TianJin 712 Communication & Broadcasting's Liabilities
天津712通信广播的负债一览
The latest balance sheet data shows that TianJin 712 Communication & Broadcasting had liabilities of CN¥3.87b due within a year, and liabilities of CN¥850.8m falling due after that. Offsetting these obligations, it had cash of CN¥1.35b as well as receivables valued at CN¥3.91b due within 12 months. So it can boast CN¥542.7m more liquid assets than total liabilities.
最新的资产负债表数据显示,天津712通信广播的负债为38.7亿元人民币,此后到期的负债为8.508亿元人民币。除这些债务外,它还有13.5亿元人民币的现金以及价值39.1亿元人民币的应收账款将在12个月内到期。因此,它拥有的流动资产可以多出5.427亿元人民币 总 负债。
This surplus suggests that TianJin 712 Communication & Broadcasting has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, TianJin 712 Communication & Broadcasting boasts net cash, so it's fair to say it does not have a heavy debt load!
这种盈余表明,天津712通信广播公司的资产负债表比较保守,可以毫不费力地消除债务。简而言之,天津712通信广播拥有净现金,因此可以公平地说,它没有沉重的债务负担!
In fact TianJin 712 Communication & Broadcasting's saving grace is its low debt levels, because its EBIT has tanked 53% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if TianJin 712 Communication & Broadcasting can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
实际上,天津712通信广播的救命之处在于其低债务水平,因为其息税前利润在过去十二个月中下降了53%。收益下降(如果这种趋势持续下去)最终也可能使即使是微不足道的债务也相当危险。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但最终,该业务未来的盈利能力将决定天津712通信与广播能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While TianJin 712 Communication & Broadcasting 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 three years, TianJin 712 Communication & Broadcasting saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
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。尽管天津712通信广播的资产负债表上有净现金,但仍值得一看其将利息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。在过去的三年中,天津712通信广播总共出现了可观的负自由现金流。尽管这可能是增长支出的结果,但它确实使债务风险大大增加。
Summing Up
总结
While it is always sensible to investigate a company's debt, in this case TianJin 712 Communication & Broadcasting has CN¥230.7m in net cash and a decent-looking balance sheet. So while TianJin 712 Communication & Broadcasting does not have a great balance sheet, it's certainly not too bad. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for TianJin 712 Communication & Broadcasting you should know about.
尽管调查公司的债务总是明智的,但在本案中,天津712通信广播拥有2.307亿元人民币的净现金和不错的资产负债表。因此,尽管天津712通信广播公司的资产负债表不佳,但肯定还不错。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。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。这些风险可能很难发现。每家公司都有它们,我们发现了你应该知道的天津712通信广播的1个警告标志。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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