We Think DeHua TB New Decoration MaterialLtd (SZSE:002043) Can Manage Its Debt With Ease
We Think DeHua TB New Decoration MaterialLtd (SZSE:002043) Can Manage Its Debt With Ease
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that DeHua TB New Decoration Material Co.,Ltd (SZSE:002043) does use debt in its business. But the real question is whether this debt is making the company risky.
传奇基金经理李露(由查理·芒格支持)曾经说过:“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。”当我们考虑一家公司的风险时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们可以看到,德化天宝新装饰材料有限公司, Ltd(深圳证券交易所:002043)确实在其业务中使用债务。但真正的问题是这笔债务是否使公司面临风险。
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. 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. 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 examine debt levels, we first consider both cash and debt levels, together.
当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会成为风险。在最坏的情况下,如果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 DeHua TB New Decoration MaterialLtd's Debt?
德化结核新装饰材料有限公司的债务是多少?
As you can see below, DeHua TB New Decoration MaterialLtd had CN¥30.5m of debt at March 2024, down from CN¥313.2m a year prior. However, its balance sheet shows it holds CN¥1.05b in cash, so it actually has CN¥1.02b net cash.
如下所示,截至2024年3月,德华结核新装饰材料有限公司的债务为3,050万元人民币,低于去年同期的3.132亿加元。但是,其资产负债表显示其持有10.5亿元人民币的现金,因此实际上拥有10.2亿元人民币的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240521/0-6c3feacd61bc37f15f43801484950e93-0-6848ae1cd3ccc8102aaebbb6080b3a61.png/big)
A Look At DeHua TB New Decoration MaterialLtd's Liabilities
看看德华天宝新装饰材料有限公司的负债
According to the last reported balance sheet, DeHua TB New Decoration MaterialLtd had liabilities of CN¥1.92b due within 12 months, and liabilities of CN¥63.9m due beyond 12 months. On the other hand, it had cash of CN¥1.05b and CN¥1.23b worth of receivables due within a year. So it can boast CN¥285.4m more liquid assets than total liabilities.
根据上次报告的资产负债表,德华TB新装饰材料有限公司的负债为19.2亿元人民币,12个月后到期,负债为6,390万元人民币。另一方面,它有10.5亿加元的现金和价值12.3亿元人民币的应收账款将在一年内到期。因此,它拥有的流动资产可以多出2.854亿元人民币 总 负债。
This surplus suggests that DeHua TB New Decoration MaterialLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that DeHua TB New Decoration MaterialLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
这种盈余表明,德华结核新装饰材料有限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,DeHua TB New Decoration MaterialLTD的现金多于债务,这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。
Also positive, DeHua TB New Decoration MaterialLtd grew its EBIT by 28% in the last year, and that should make it easier to pay down debt, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if DeHua TB New Decoration MaterialLtd 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.
同样乐观的是,德华TB新装饰材料有限公司的息税前利润在去年增长了28%,这将使未来更容易偿还债务。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务未来的盈利能力将决定德华TB新装饰材料有限公司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 business needs free cash flow to pay off debt; accounting profits just don't cut it. DeHua TB New Decoration MaterialLtd 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. Happily for any shareholders, DeHua TB New Decoration MaterialLtd actually produced more free cash flow than EBIT over the last three years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。DeHua TB New Decoration MaterialLTD的资产负债表上可能有净现金,但看看该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。令所有股东感到高兴的是,在过去三年中,德华TB新装饰材料有限公司产生的自由现金流实际上超过了息税前利润。当Daft Punk音乐会的节拍下降时,这种强劲的现金转换让我们和观众一样兴奋。
Summing Up
总结
While it is always sensible to investigate a company's debt, in this case DeHua TB New Decoration MaterialLtd has CN¥1.02b in net cash and a decent-looking balance sheet. The cherry on top was that in converted 112% of that EBIT to free cash flow, bringing in CN¥791m. So we don't think DeHua TB New Decoration MaterialLtd's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that DeHua TB New Decoration MaterialLtd is showing 1 warning sign in our investment analysis , you should know about...
尽管调查公司的债务始终是明智之举,但在本案中,德华TB新装饰材料有限公司的净现金为10.2亿元人民币,资产负债表看起来不错。最重要的是,它将息税前利润的112%转换为自由现金流,带来了7.91亿元人民币的收入。因此,我们认为德化结核新装饰材料有限公司使用债务没有风险。在分析债务水平时,资产负债表是显而易见的起点。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。请注意,德华TB新装饰材料有限公司在我们的投资分析中显示了1个警告信号,你应该知道...
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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