Shanghai Dazhong Public Utilities(Group)Ltd (SHSE:600635) Has A Pretty Healthy Balance Sheet
Shanghai Dazhong Public Utilities(Group)Ltd (SHSE:600635) Has A Pretty Healthy Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. We note that Shanghai Dazhong Public Utilities(Group) Co.,Ltd. (SHSE:600635) does have debt on its balance sheet. But is this debt a concern to shareholders?
戴维·伊本说得好,“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”当你考虑一家公司的风险时,考虑它的资产负债表是很自然的,因为在业务崩溃时通常涉及到债务。我们注意到,大众公用股份有限公司(SHSE:600635)在其资产负债表上确实有债务。但是这笔债务是否会让股东担忧呢?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
当债务和其他负债对一家企业来说难以便捷地履行那些义务,无论是通过自由现金流还是以优惠价格发行股本来履行时,其就会面临风险。最终,如果该公司无法履行偿还债务的法定义务,股东可能一分钱都拿不到。但更常见的(但仍然痛苦的)情况是,它必须以低价发行新股权,从而永久地稀释股东的权益。话虽如此,最常见的情况是一家公司合理地管理其债务,并以自身的利益为前提。当我们思考一家公司的债务使用时,首先要关注现金和债务。
What Is Shanghai Dazhong Public Utilities(Group)Ltd's Net Debt?
大众公用股份有限公司的净债务是多少?
As you can see below, Shanghai Dazhong Public Utilities(Group)Ltd had CN¥8.33b of debt at March 2024, down from CN¥9.85b a year prior. However, because it has a cash reserve of CN¥3.29b, its net debt is less, at about CN¥5.04b.
正如你下面所看到的,2024年3月,大众公用股份有限公司的债务总额为8330万元人民币,比去年减少了9850万元人民币。然而,由于它拥有3290万元人民币的现金储备,其净债务较少,约为5040万元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240607/0-2b0d1d8994a9fecf32b21d3ce0076eae-0-8565471bb4f12d0a1a81651dc7261c06.png/big)
A Look At Shanghai Dazhong Public Utilities(Group)Ltd's Liabilities
让我们看看大众公用股份有限公司的负债情况。
We can see from the most recent balance sheet that Shanghai Dazhong Public Utilities(Group)Ltd had liabilities of CN¥8.18b falling due within a year, and liabilities of CN¥4.99b due beyond that. Offsetting this, it had CN¥3.29b in cash and CN¥625.6m in receivables that were due within 12 months. So it has liabilities totalling CN¥9.25b more than its cash and near-term receivables, combined.
我们可以从最近的资产负债表上看到,大众公用股份有限公司短期内到期的负债为8180万元人民币,长期到期的负债为4990万元人民币。相应地,它有3290万元人民币的现金和1256万元人民币的应收账款在12个月内到期。所以,它的负债总额比其现金和短期应收账款还要高9250万元人民币。
When you consider that this deficiency exceeds the company's CN¥7.26b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
当你考虑到这个不足超过公司7260万元的市值时,你可能会倾向于仔细审查资产负债表。假设,如果公司被迫以当前的股价筹集资本偿还负债,极度的稀释是必须的。
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.
我们通过将公司的净债务与其息税折旧摊销前利润(EBITDA)相除,并计算其息税前利润(EBIT)如何覆盖其利息费用(利息覆盖率)来衡量公司的债务负担相对于其盈利能力。因此,我们同时考虑债务的绝对数量以及所支付的利率。
Strangely Shanghai Dazhong Public Utilities(Group)Ltd has a sky high EBITDA ratio of 7.9, implying high debt, but a strong interest coverage of 1k. This means that unless the company has access to very cheap debt, that interest expense will likely grow in the future. It is well worth noting that Shanghai Dazhong Public Utilities(Group)Ltd's EBIT shot up like bamboo after rain, gaining 33% in the last twelve months. That'll make it easier to manage its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Shanghai Dazhong Public Utilities(Group)Ltd's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
奇怪的是,大众公用股份有限公司的EBITDA比率高达7.9,暗示着高额债务,但强大的利息覆盖率为0.1万。这意味着,除非公司有获取非常便宜的债务的途径,否则利息开支将有可能在未来增加。值得注意的是,大众公用股份有限公司的EBIT在过去12个月中增长了33%。这将使它更容易管理债务。当你分析债务时,资产负债表显然是需要关注的主要领域。但最终,大众公用股份有限公司的收益将影响资产负债表在未来的稳定性。因此,在考虑债务时,一定要注意收益趋势。请点击这里查看一个互动快照。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Shanghai Dazhong Public Utilities(Group)Ltd produced sturdy free cash flow equating to 71% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
但我们最后考虑的也很重要,因为公司无法用纸质利润支付债务;它需要冰冷的现金。因此,我们清楚地需要看看EBIt是否带来相应的自由现金流。在过去的三年中,大众公用股份有限公司产生了强劲的自由现金流,相当于其EBIt的71%,与我们的预期相当。这笔自由现金流使得公司在适当时候可以偿还债务。
Our View
我们的观点
Shanghai Dazhong Public Utilities(Group)Ltd's net debt to EBITDA was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. It's also worth noting that Shanghai Dazhong Public Utilities(Group)Ltd is in the Gas Utilities industry, which is often considered to be quite defensive. When we consider all the elements mentioned above, it seems to us that Shanghai Dazhong Public Utilities(Group)Ltd is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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 3 warning signs for Shanghai Dazhong Public Utilities(Group)Ltd you should know about.
大众公用股份有限公司的净债务/EBITDA在这次分析中确实是个负面的因素,尽管我们考虑的其他因素都要好得多。毫无疑问,它用EBIt支付利息费用的能力非常强。值得注意的是,大众公用股份有限公司属于燃料币行业,这通常被认为是相当保守的。当我们考虑上述所有因素时,我们认为大众公用股份有限公司在管理债务方面表现不错。但需要注意的是:我们认为债务水平高到足以进行持续监控。毫无疑问,我们从资产负债表中可以了解到债务的最多信息。但最终,每个公司都可能存在超出资产负债表范围的风险。这些风险往往难以识别。每家公司都有这些风险,我们已经发现了其3个警告信号,你应该知道。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时更容易关注那些甚至不需要债务的公司。读者可以免费查看零净债务增长股票列表,立即获得。
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