Is GRG Banking Equipment (SZSE:002152) A Risky Investment?
Is GRG Banking Equipment (SZSE:002152) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that GRG Banking Equipment Co., Ltd. (SZSE:002152) does have debt on its balance sheet. But is this debt a concern to shareholders?
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”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。我们注意到,GRG银行设备有限公司(深圳证券交易所:002152)的资产负债表上确实有债务。但是这笔债务是股东关心的问题吗?
When Is Debt A Problem?
债务何时会成为问题?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt 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。在最坏的情况下,如果一家公司无法向债权人付款,它可能会破产。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权资本,从而永久稀释股东。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可能是一个非常好的工具。当我们考虑公司使用债务时,我们首先要同时考虑现金和债务。
How Much Debt Does GRG Banking Equipment Carry?
GRG银行设备背负了多少债务?
The image below, which you can click on for greater detail, shows that at March 2024 GRG Banking Equipment had debt of CN¥1.20b, up from CN¥462.9m in one year. But it also has CN¥10.7b in cash to offset that, meaning it has CN¥9.51b net cash.
您可以点击下图查看更多详情,该图片显示,截至2024年3月,GRG银行设备的债务为12亿元人民币,高于一年内的4.629亿元人民币。但它也有107亿元的现金来抵消这一点,这意味着它的净现金为95.1亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240511/0-e70eaa886d1daf01370858f4f89b510b-0-134e7e4349d62d98430124150ee40e83.png/big)
How Healthy Is GRG Banking Equipment's Balance Sheet?
GRG银行设备的资产负债表有多健康?
The latest balance sheet data shows that GRG Banking Equipment had liabilities of CN¥9.73b due within a year, and liabilities of CN¥529.2m falling due after that. On the other hand, it had cash of CN¥10.7b and CN¥2.94b worth of receivables due within a year. So it actually has CN¥3.39b more liquid assets than total liabilities.
最新的资产负债表数据显示,GRG银行设备的负债为97.3亿元人民币,此后到期的负债为5.292亿元人民币。另一方面,它有一年内到期的现金为107亿元人民币,还有价值29.4亿元人民币的应收账款。所以它实际上有339亿元人民币 更多 流动资产超过总负债。
This surplus suggests that GRG Banking Equipment has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, GRG Banking Equipment boasts net cash, so it's fair to say it does not have a heavy debt load!
这种盈余表明GRG Banking Equipment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,GRG银行设备拥有净现金,因此可以公平地说,它没有沉重的债务负担!
Also good is that GRG Banking Equipment grew its EBIT at 14% over the last year, further increasing its ability to manage debt. 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 GRG Banking Equipment 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.
同样不错的是,GRG银行设备的息税前利润比去年增长了14%,进一步提高了其管理债务的能力。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GRG Banking Equipment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. GRG Banking Equipment may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, GRG Banking Equipment actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
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。GRG Banking Equipment资产负债表上可能有净现金,但研究该企业将其利息税前收益(EBIT)转换为自由现金流的效果仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去的三年中,GRG银行设备产生的自由现金流实际上超过了息税前利润。这种强劲的现金产生像穿着大黄蜂套装的小狗一样温暖着我们的心。
Summing Up
总结
While it is always sensible to investigate a company's debt, in this case GRG Banking Equipment has CN¥9.51b in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of CN¥1.2b, being 132% of its EBIT. So is GRG Banking Equipment's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for GRG Banking Equipment that you should be aware of.
尽管调查公司的债务总是明智的,但在这种情况下,GRG Banking Equipment的净现金为95.1亿元人民币,资产负债表看起来不错。它以12亿元人民币的自由现金流给我们留下了深刻的印象,占其息税前利润的132%。那么GRG银行设备的债务有风险吗?在我们看来,情况并非如此。在分析债务水平时,资产负债表是显而易见的起点。但是,并非所有的投资风险都存在于资产负债表中,远非如此。例如,我们已经确定了 GRG 银行设备的 1 个警告标志,您应该注意这一点。
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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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。