Shanghai Huafon Aluminium (SHSE:601702) Seems To Use Debt Rather Sparingly
Shanghai Huafon Aluminium (SHSE:601702) Seems To Use Debt Rather Sparingly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Huafon Aluminium Corporation (SHSE:601702) does have debt on its balance sheet. But is this debt a concern to shareholders?
霍华德马克斯曾经很好地表达了这一点,他说,“与其担心股价波动,我更担心的是永久性损失的风险……而我认识的每个实际的投资者都在担心此事。”当你检查一家公司的风险性时,考虑其资产负债表是很自然的。因为企业倒闭时债务通常是与其相关的。值得注意的是,上海华峰铝业股份有限公司(SHSE:601702)确实在其资产负债表上有债务。但是,这些债务对股东来说是一个担忧吗?
When Is Debt Dangerous?
债务何时有危险?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.
当债务及其他负债不能通过自由现金流或以有利价格筹集资本时,对企业变得冒险风险受到影响。最终,如果企业无法履行其偿还债务的法律义务,股东可能失去所有。虽然这并不太常见,但我们经常看到负债的公司因为贷方迫使他们以困境价格筹集资金而永久性稀释股东权益。通过取代稀释,不过,债务可以成为需要以高收益率投资增长的企业的一种极好工具。考虑公司的债务水平时的第一步是将其现金和债务一起考虑。
What Is Shanghai Huafon Aluminium's Net Debt?
上海华峰铝业的净债务是多少?
The image below, which you can click on for greater detail, shows that Shanghai Huafon Aluminium had debt of CN¥1.83b at the end of March 2024, a reduction from CN¥1.93b over a year. However, it does have CN¥568.5m in cash offsetting this, leading to net debt of about CN¥1.26b.
下图可以点击以获得更详细信息,显示在2024年3月底,上海华峰铝业的债务为18.30亿元人民币,较去年减少1亿元人民币。但它也有5685万元人民币的现金抵消,导致净债务约为12.60亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240620/0-0d5213ab6ba2f864c7da46da0f2fc64d-0-2fc316c722abbded80c51ce13ab2f5ec.png/big)
How Strong Is Shanghai Huafon Aluminium's Balance Sheet?
最新的资产负债表数据显示,上海华峰铝业有242亿元人民币的短期负债和1987万元人民币的到期负债。在另一方面,它有5685万元人民币的现金和283亿元人民币的应收帐款。它可以证明比......有7830万元人民币更多的流动资产
The latest balance sheet data shows that Shanghai Huafon Aluminium had liabilities of CN¥2.42b due within a year, and liabilities of CN¥198.7m falling due after that. On the other hand, it had cash of CN¥568.5m and CN¥2.83b worth of receivables due within a year. So it can boast CN¥783.0m more liquid assets than total liabilities.
这种顺差表明,上海华峰铝业拥有保守的资产负债表,可能很容易消除其债务。总负债。
This surplus suggests that Shanghai Huafon Aluminium has a conservative balance sheet, and could probably eliminate its debt without much difficulty.
上海华峰铝业的净债务仅为其EBITDA的0.98倍。它的EBIt轻松地覆盖了其利息支出,是其规模的22.4倍。因此,我们对其超级保守的债务使用感到非常放松。此外,上海华峰铝业过去12个月增长了31%的EBIt,这种增长将使其更容易处理其债务。当分析债务水平时,资产负债表是明显的起点。
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
卡比海运的净债务为1.7倍EBITDA,这表明它很好地利用了债务。 同时,EBIT利息覆盖(7.3倍)也证明卡比海运的利润完全足以支付管理费和计息费。此外,卡比海运过去12个月EBIT增长了64%,这种增长将使其更容易处理其债务。通过财务报表,我们确信该公司对债务的运用是明智的。然而,确保公司未来的盈利能力才是最终关键,这将决定卡比海运能否逐渐加强其资产负债表。此外,自由现金流还将帮助我们检查公司的出现的任何偏离预期的现金流。
Shanghai Huafon Aluminium's net debt is only 0.98 times its EBITDA. And its EBIT easily covers its interest expense, being 22.4 times the size. So we're pretty relaxed about its super-conservative use of debt. On top of that, Shanghai Huafon Aluminium grew its EBIT by 31% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Shanghai Huafon Aluminium's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
但更重要的是未来的收益,将决定上海华峰铝业能否维持健康的资产负债表。因此,如果你关注未来,可以查看这份免费报告,其中包含分析师的盈利预测。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Looking at the most recent three years, Shanghai Huafon Aluminium recorded free cash flow of 45% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,一个企业需要自由的现金流以偿还债务;会计利润并不足以弥补这一点。因此,我们明显需要看看这个EBIt是否会带来相应的自由现金流。在查看最近三年的财务数据时,上海华峰铝业记录了其EBIt的45%的自由现金流,这比我们预期的要弱。这种弱的现金转换使得处理债务问题变得更加困难。
Our View
我们的观点
Happily, Shanghai Huafon Aluminium's impressive interest cover implies it has the upper hand on its debt. And the good news does not stop there, as its EBIT growth rate also supports that impression! Zooming out, Shanghai Huafon Aluminium seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with Shanghai Huafon Aluminium .
值得高兴的是,上海华峰铝业令人印象深刻的利息覆盖率意味着它在债务方面具有优势。好消息不止于此,其EBIt增长率也支持这种印象!总体来看,上海华峰铝业似乎合理地使用债务;这在我们看来是可取的。毕竟,明智的杠杆可以提高股本回报率。显然,分析债务时的重点是资产负债表。但并非所有投资风险都在资产负债表上--相反,离它相去甚远。因此,您应该意识到我们发现了上海华峰铝业的1个警示信号。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果您在所有这些工作之后,更感兴趣于拥有坚实资产负债表的快速发展公司,请立即查看我们的净现金成长股列表。
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