Is Guangzhou Restaurant Group (SHSE:603043) A Risky Investment?
Is Guangzhou Restaurant Group (SHSE:603043) A Risky Investment?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Guangzhou Restaurant Group Company Limited (SHSE:603043) makes use of debt. But the real question is whether this debt is making the company risky.
伯克希尔·哈撒韦的查理·芒格支持的外部基金经理李录毫不掩饰地说,“最大的投资风险不在于价格波动,而在于您是否会遭受资本的永久损失”。因此,似乎聪明的钱知道,债务(通常涉及破产)是评估公司风险的一个非常重要的因素。与许多其他公司一样,广州酒家股份有限公司(SHSE:603043)利用债务。但真正的问题是,这些债务是否让公司变得更加风险。
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
当企业无法通过自由现金流或以有吸引力的价格筹集资金来轻松履行这些义务时,债务和其他负债对企业变得更具风险。资本主义的一个基本特征是“创造性破坏”过程,银行家们会无情地清算失败的企业。然而,更普遍(但仍然昂贵)的情况是,公司必须以便宜的股票价格稀释股东来控制债务。当然,有很多公司使用债务资助增长,没有任何负面后果。在考虑企业使用多少债务时,首先要做的是将其现金和债务合并查看。
How Much Debt Does Guangzhou Restaurant Group Carry?
广州酒家集团有多少债务?
The image below, which you can click on for greater detail, shows that at March 2024 Guangzhou Restaurant Group had debt of CN¥551.8m, up from CN¥503.5m in one year. But it also has CN¥1.25b in cash to offset that, meaning it has CN¥701.8m net cash.
下面的图片 (单击可放大)显示,截至2024年3月,广州酒家的债务为551,800,000人民币,比一年前的503,500,000人民币增加。但它也有人民币12.5亿的现金抵消这笔债务,这意味着它有人民币70,180,000净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240730/0-1558d809b7958df98b157b78d0f0007a-0-21176733a8708feaeb3627c3fe37ced2.png/big)
A Look At Guangzhou Restaurant Group's Liabilities
看看广州酒家集团的负债
We can see from the most recent balance sheet that Guangzhou Restaurant Group had liabilities of CN¥1.58b falling due within a year, and liabilities of CN¥828.3m due beyond that. Offsetting this, it had CN¥1.25b in cash and CN¥233.3m in receivables that were due within 12 months. So its liabilities total CN¥917.6m more than the combination of its cash and short-term receivables.
从最新的资产负债表中可以看出,广州酒家集团有15.8亿人民币的债务在一年内到期,82,830,000人民币的债务到期后。然而,它有12.5亿人民币的现金和2,333万人民币的应收款项在12个月内到期。因此,它的负债总额比其现金和短期应收款项的组合多出人民币91,760,000。
Of course, Guangzhou Restaurant Group has a market capitalization of CN¥8.43b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Despite its noteworthy liabilities, Guangzhou Restaurant Group boasts net cash, so it's fair to say it does not have a heavy debt load!
当然,广州酒家集团的市值为8.43亿人民币,所以这些负债可能是可以应对的。然而,我们认为它值得关注其资产负债表的实力,因为它会随时间而变化。尽管它的负债总额相当高,但广州酒家集团拥有净现金,因此可以说它没有沉重的债务负担!
Also good is that Guangzhou Restaurant Group grew its EBIT at 14% over the last year, further increasing its ability to manage debt. 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 Guangzhou Restaurant Group 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.
广州酒家集团过去一年中的EBIt增长了14%,这也是好的,因为这进一步增加了其管理债务的能力。毫无疑问,我们从资产负债表中了解到了债务的大部分信息。但最终,业务的未来盈利能力将决定广州酒家集团能否随时间加强其资产负债表。因此,如果您想了解专业人士的想法,则可能会发现分析师利润预测的此免费报告有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Guangzhou Restaurant 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 most recent three years, Guangzhou Restaurant Group recorded free cash flow worth 75% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最后,一家公司只能用冷酷的现金而不是会计利润来偿还债务。广州酒家集团可能在资产负债表上拥有净现金,但查看业务如何将其利润(利息和税前收入EBIT)转化为自由现金流是很有趣的,因为这将影响其处理债务的需求和能力。在过去的三年中,广州酒家集团记录了价值75%EBIt的自由现金流,这在正常情况下是合理的,因为自由现金流不包括利息和税收。这种冷酷的现金意味着它可以在想要的时候减少其债务。
Summing Up
总之
Although Guangzhou Restaurant 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¥701.8m. The cherry on top was that in converted 75% of that EBIT to free cash flow, bringing in CN¥661m. So we don't think Guangzhou Restaurant Group's use of debt is risky. 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. Be aware that Guangzhou Restaurant Group is showing 1 warning sign in our investment analysis , you should know about...
尽管广州酒家集团的资产负债表并不特别强壮,但明显可以看到它有70180万元的净现金。好消息是就连这个额外的开销也变成了66100万人民币的自由现金流。因此,我们认为广州酒家集团使用债务并不冒险。资产负债表显然是分析债务时需要关注的领域。但最终,每家公司都可能存在于资产负债表之外的风险。请注意,广州酒家集团在我们的投资分析中显示了1个警告标志,您应该了解...
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.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。