Here's Why BTG Hotels (Group) (SHSE:600258) Can Manage Its Debt Responsibly
Here's Why BTG Hotels (Group) (SHSE:600258) Can Manage Its Debt Responsibly
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.' 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 can see that BTG Hotels (Group) Co., Ltd. (SHSE:600258) does use debt in its business. But the real question is whether this debt is making the company risky.
大卫·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。”因此，当您考虑某只股票的风险时，需要考虑债务，因为过多的债务可能会使一家公司破产。我们可以看到，首旅酒店（集团）股份有限公司（SHSE：600258）的业务确实使用债务，但真正的问题是这些债务是否增加了公司的风险。
Why Does Debt Bring Risk?
为什么债务会带来风险？
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
一般来说，只有当一家公司无法轻松地偿还债务时（无论是通过融资还是使用自身的现金流），债务才会成为一个真正的问题。在最坏的情况下，如果一家公司无法偿还其债权人的债务，它可能会破产。然而，更常见的情况是，一家公司必须以便宜的股票价格稀释股东权益，以便控制债务。然而，通过替换稀释，债务可以成为需要高回报率投资增长的企业的极好工具。考虑一家公司的债务水平的第一步是将其现金和债务合并考虑。
What Is BTG Hotels (Group)'s Debt?
什么是首旅酒店（集团）的债务？
The image below, which you can click on for greater detail, shows that BTG Hotels (Group) had debt of CN¥2.20b at the end of March 2024, a reduction from CN¥2.86b over a year. However, its balance sheet shows it holds CN¥2.51b in cash, so it actually has CN¥301.0m net cash.
下面的图片（可单击以获取更多详细信息）显示，截至2024年3月底，首旅酒店（集团）股份有限公司的债务为22亿元人民币，比去年下降了28.6亿元人民币。但是，其资产负债表显示，该公司持有25.1亿元人民币的现金，因此实际上净现金达到30100万元人民币。
A Look At BTG Hotels (Group)'s Liabilities
查看首旅酒店（集团）的负债
The latest balance sheet data shows that BTG Hotels (Group) had liabilities of CN¥4.65b due within a year, and liabilities of CN¥9.61b falling due after that. Offsetting these obligations, it had cash of CN¥2.51b as well as receivables valued at CN¥591.1m due within 12 months. So it has liabilities totalling CN¥11.2b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示，首旅酒店（集团）股份有限公司有465亿元人民币的短期债务，以及961亿元人民币的长期债务。抵消这些债务的是，它持有251亿元人民币的现金以及价值59110万元人民币的应收账款，其收回期限为12个月。因此，其负债总额超过其现金和短期应收账款的112亿元人民币。相对于其市值157亿元人民币，这是一个巨大的杠杆。如果其贷方要求其加强资产负债表，股东可能会面临严重的稀释。虽然它确实有值得注意的负债，但首旅酒店（集团）的现金超过债务，因此我们相当有信心它可以安全地管理其债务。
This is a mountain of leverage relative to its market capitalization of CN¥15.7b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. While it does have liabilities worth noting, BTG Hotels (Group) also has more cash than debt, so we're pretty confident it can manage its debt safely.
值得注意的是，首旅酒店（集团）的EBIT比埃隆·马斯克（Elon Musk）更高，去年增长了惊人的856％。毫无疑问，我们从资产负债表中最了解债务。但是，最终，企业的未来盈利能力将决定首旅酒店（集团）是否能随着时间加强其资产负债表。因此，如果您关注未来，可以查看此免费报告，其中包含分析师的利润预测。
Notably, BTG Hotels (Group)'s EBIT launched higher than Elon Musk, gaining a whopping 856% on last year. 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 BTG Hotels (Group) 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.
最后，尽管税务人员可能喜欢会计利润，但贷方只接受冰冷的现金。首旅酒店（集团）在资产负债表上可能有净现金，但是查看业务将其利润（利息和税前利润）转化为自由现金流的产生方式仍然很有趣，因为这将影响其管理债务的需求和能力。在过去的三年中，首旅酒店（集团）实际上比EBIT产生了更多的自由现金流。这种强大的现金生成方式让我们的心里像穿着大黄蜂衣服的小狗一样温暖。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. BTG Hotels (Group) 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, BTG Hotels (Group) actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
尽管首旅酒店（集团）的资产负债表并不特别强壮，但由于其总负债，它拥有30100万元人民币的净现金，这显然是积极的。最后一根稻草是将这些EBIT的302％转为自由现金流，带来了申请31亿元人民币。因此，我们对首旅酒店（集团）的债务使用不感到困扰。资产负债表显然是分析债务时要关注的领域，但最终，每家公司都可能存在在资产负债表之外的风险。为此，您应该了解我们发现的首旅酒店（集团）的1个警告信号。
Summing Up
总之
Although BTG Hotels (Group)'s balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of CN¥301.0m. The cherry on top was that in converted 302% of that EBIT to free cash flow, bringing in CN¥3.1b. So we are not troubled with BTG Hotels (Group)'s debt use. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with BTG Hotels (Group) .
虽然首旅酒店（集团）的资产负债表并不特别强壮，但由于其总负债，它清楚地看到拥有30100万元人民币的净现金，这显然是积极的，上面的糖果是转换了302％的EBIT为自由现金流，带来31亿人民币。因此，我们对首旅酒店（集团）的债务使用不感到困扰。资产负债表显然是分析债务时要关注的领域，但最终，每家公司都可能存在在资产负债表之外的风险。为此，您应该意识到我们已经发现首旅酒店（集团）的一项警告信号。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然，如果您是那种喜欢购买没有负债负担的股票的投资者，则今天就可以发现我们的独家净现金增长股清单。
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