Here's Why Guangxi Yuegui Guangye Holdings (SZSE:000833) Has A Meaningful Debt Burden
Here's Why Guangxi Yuegui Guangye Holdings (SZSE:000833) Has A Meaningful Debt Burden
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 note that Guangxi Yuegui Guangye Holdings Co., Ltd. (SZSE:000833) does have debt on its balance sheet. But is this debt a concern to shareholders?
传奇基金经理李录(得到查理·芒格的支持)曾经说过:“最大的投资风险不是价格的波动性,而是您是否会遭受到资本永久损失。”当我们思考一家公司的风险时,我们总是喜欢考虑其债务使用情况,因为债务过载可能会导致灭亡。我们注意到,粤桂股份有限公司(SZSE:000833)的负债表上确实有债务。但是这个债务对股东来说是否是一个问题呢?
What Risk Does Debt Bring?
债务带来了什么风险?
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. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
一般来说,当一家公司无法轻松偿还债务时,债务才会真正成为一个问题,无论是通过筹集资本还是通过自身现金流。如果情况变得非常糟糕,贷款人可以接管企业。但是,更频繁(但仍然昂贵)的情况是,某家公司必须以低廉的价格发行股票,来永久性地稀释股东,以改善其资产负债表。当然,债务可以成为企业的重要工具,特别是对于资本重的企业。当我们考虑一家公司的债务使用情况时,我们首先看现金和债务的总和。
What Is Guangxi Yuegui Guangye Holdings's Debt?
粤桂股份的债务状况是什么?
The image below, which you can click on for greater detail, shows that at March 2024 Guangxi Yuegui Guangye Holdings had debt of CN¥1.57b, up from CN¥1.20b in one year. However, because it has a cash reserve of CN¥1.51b, its net debt is less, at about CN¥60.7m.
下面的图片(可单击以获得更详细的信息)显示,截至2024年3月,粤桂股份有限公司的债务为15.7亿元人民币,一年内上升到12亿元人民币。但是,由于其现金储备为15.1亿元人民币,因此其净债务较少,大约为6070万元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240607/0-1e2820d34031bf28ca4dbec950eeabc6-0-d828220c9275ddb6dd38a6ad5a649e5c.png/big)
A Look At Guangxi Yuegui Guangye Holdings' Liabilities
最新的资产负债表数据显示,粤桂股份有限公司由于当年的费用,需要在一年内支付18.5亿元人民币的债务,4411万元人民币的债务到期后才支付。与此同时,它持有15.1亿元人民币的现金和价值为3,482万元人民币的应收款项。因此它的负债比现金和短期应收账款合计高出4.249亿元人民币。
The latest balance sheet data shows that Guangxi Yuegui Guangye Holdings had liabilities of CN¥1.85b due within a year, and liabilities of CN¥441.1m falling due after that. Offsetting these obligations, it had cash of CN¥1.51b as well as receivables valued at CN¥348.2m due within 12 months. So it has liabilities totalling CN¥424.9m more than its cash and near-term receivables, combined.
鉴于粤桂股份有限公司的市场总值为3.92亿元人民币,很难相信这些负债会构成太大的威胁。然而,我们认为值得关注其资产负债表的强度,因为它可能会随时间而改变。
Given Guangxi Yuegui Guangye Holdings has a market capitalization of CN¥3.92b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
虽然粤桂股份有限公司的低资产负债率(EBITDA)为0.17,但去年EBIT只覆盖了利息费用的6.0倍,这确实使我们停下了脚步。因此,我们建议密切关注融资成本对业务的影响。重要的是,过去12个月中,粤桂股份有限公司的EBIT大幅下降了50%。如果这种下降持续下去,偿还债务将比在纯素会议上出售鹅肝更困难。
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.
我们通过查看净债务除以利息、税、折旧和摊销前的收益(EBITDA)并计算其利息费用(利息覆盖)来相对衡量公司的负债水平。这样,我们考虑债务的绝对规模以及支付的利息费用。
While Guangxi Yuegui Guangye Holdings's low debt to EBITDA ratio of 0.17 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 6.0 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Importantly, Guangxi Yuegui Guangye Holdings's EBIT fell a jaw-dropping 50% in the last twelve months. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Guangxi Yuegui Guangye Holdings will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
分析债务水平时,资产负债表是明显的起点。但是,您不能孤立地看待债务。因为粤桂股份有限公司需要收入来偿还债务。因此,如果您渴望了解更多关于其收入的信息,则值得查看其长期收入趋势的图表。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Guangxi Yuegui Guangye Holdings's free cash flow amounted to 32% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,一家企业需要自由现金流来偿还债务,会计利润并不能满足要求。因此,逻辑步骤是查看与实际自由现金流匹配的EBIT占比。在过去的三年中,粤桂股份有限公司的自由现金流占其EBIT的比例为32%,低于我们的预期。这种弱的现金转换使其更难应对负债。
Our View
我们的观点
Guangxi Yuegui Guangye Holdings's EBIT growth rate was a real negative on this analysis, although the other factors we considered cast it in a significantly better light. In particular, its net debt to EBITDA was re-invigorating. We think that Guangxi Yuegui Guangye Holdings's debt does make it a bit risky, after considering the aforementioned data points together. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. 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. To that end, you should be aware of the 2 warning signs we've spotted with Guangxi Yuegui Guangye Holdings .
尽管在分析中,粤桂股份有限公司的EBIT增长率是一个真正的负面因素,但我们考虑了其他因素后,情况有所改善。特别是,它的净债务与EBITDA得到了复苏。考虑到上述数据点后,我们认为粤桂股份的债务使其有点冒险。所有风险并不都是坏的,因为如果成功,它可以增加股价回报,但这种债务风险值得记在心中。毫无疑问,我们从资产负债表中了解到的债务最多。但是,最终,每家公司都可能存在超出资产负债表范围的风险。因此,您应该注意我们发现的这2个粤桂股份有限公司的警示标志。
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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