Does ZHEJIANG NARADA POWER SOURCE (SZSE:300068) Have A Healthy Balance Sheet?
Does ZHEJIANG NARADA POWER SOURCE (SZSE:300068) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, ZHEJIANG NARADA POWER SOURCE Co. , Ltd. (SZSE:300068) does carry debt. But the real question is whether this debt is making the company risky.
作为一名投资者,有人认为波动性而不是债务是考虑风险的最佳方式,但沃伦•巴菲特曾经说过“波动性和风险远非同义词”。因此,当你考虑任何一只股票的风险时,需要考虑债务,因为过多的债务可能导致公司破产。重要的是,南都电源股份有限公司(SZSE:300068)确实存在债务。但真正的问题是,这笔债务是否会让公司变得更加风险。
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
当企业无法通过自由现金流或以有吸引力价格筹集资本来轻松地履行债务和其他负债时,债务和其他负债就会对企业构成风险。资本主义的重要部分就是“创造性毁灭”的过程,借贷者会毫不留情地清算失败的企业。不过,更常见的(但仍然昂贵的)情况是,公司必须以低廉的股价稀释股东权益,以便控制债务。即便如此,最常见的情况是,一家公司合理地管理其债务,从而使其受益。考虑一家公司的债务水平时的第一步是将其现金和债务放在一起考虑。
How Much Debt Does ZHEJIANG NARADA POWER SOURCE Carry?
南都电源有多少债务?
As you can see below, at the end of March 2024, ZHEJIANG NARADA POWER SOURCE had CN¥8.02b of debt, up from CN¥5.17b a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥2.10b, its net debt is less, at about CN¥5.93b.
正如您在下方所见,截至2024年3月底,南都电源的债务总额为80.2亿元人民币,高于一年前的51.7亿元人民币。点击图片以获取更多详细信息。然而,由于南都电源拥有21亿元人民币的现金储备,其净债务较少,约为59.3亿元人民币。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240820/0-89097f98cf36e13e46c4b27763ca0d2f-0-4188bfe05f2cffe391842072744196c5.png/big)
How Healthy Is ZHEJIANG NARADA POWER SOURCE's Balance Sheet?
南都电源的资产负债表状况如何?
According to the last reported balance sheet, ZHEJIANG NARADA POWER SOURCE had liabilities of CN¥11.2b due within 12 months, and liabilities of CN¥3.67b due beyond 12 months. Offsetting this, it had CN¥2.10b in cash and CN¥4.36b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥8.36b.
根据最新披露的资产负债表,南都电源有112亿元人民币的应在12个月内还清的负债,和36.7亿元人民币的应在12个月后还清的负债。与此相抵,其应在12个月内到期的现金为21亿元人民币,应收账款为43.6亿元人民币。因此,其负债超过其现金和(短期)应收账款的总和836亿元人民币。
When you consider that this deficiency exceeds the company's CN¥6.56b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.
当你考虑到这个缺口超过公司656亿元人民币的市值时,你可能会倾向于仔细审查资产负债表。在公司需要快速清理资产负债表的情况下,股东将承受巨大的稀释风险。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). 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).
BJ批发俱乐部控股公司的净债务只有EBITDA的0.62倍。而其EBIT轻松覆盖其利息费用,比例为12.6倍。因此,我们对其超级保守的债务使用感到相当放心。虽然BJ批发俱乐部控股公司在EBIT方面没有取得太多进展,但至少其盈利保持稳定。当分析债务水平时,资产负债表是显然的切入点。但归根结底,企业未来的盈利能力将决定BJ批发俱乐部控股公司能否随着时间的推移加强资产负债表。因此,如果你要关注未来,可以查看一下这份免费的分析报告,了解分析师的盈利预测。
ZHEJIANG NARADA POWER SOURCE shareholders face the double whammy of a high net debt to EBITDA ratio (8.8), and fairly weak interest coverage, since EBIT is just 0.89 times the interest expense. This means we'd consider it to have a heavy debt load. Worse, ZHEJIANG NARADA POWER SOURCE's EBIT was down 30% over the last year. If earnings continue to follow that trajectory, paying off that debt load will be harder than convincing us to run a marathon in the rain. 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 ZHEJIANG NARADA POWER SOURCE 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.
南都电源股东面临高净债务对息税折旧及摊销前利润(EBITDA)比率(8.8)和相当薄弱的利息覆盖率的双重打击,因为EBIT仅为利息支出的0.89倍。这意味着我们认为南都电源股票负债繁重。更糟糕的是,南都电源的EBIT在过去一年下降了30%。如果收益继续按照这个轨迹下降,偿还债务将比说服我们在雨中参加马拉松更加困难。毫无疑问,我们从资产负债表中了解到大多数关于债务的信息。但最终,公司未来的盈利能力将决定南都电源能否随着时间的推移加强其资产负债表。因此,如果您想了解专业人士的看法,您可能会发现分析师盈利预测的这份免费报告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last two years, ZHEJIANG NARADA POWER SOURCE saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最后,虽然税务人员可能崇尚会计利润,但贷款人只接受冷酷无情的现金。因此,我们始终审核公司EBIT有多少转化为自由现金流。在过去两年中,南都电源的自由现金流总额显著为负。虽然这可能是为了增长的支出所致,但它使得债务风险更高。
Our View
我们的观点
To be frank both ZHEJIANG NARADA POWER SOURCE's conversion of EBIT to free cash flow and its track record of (not) growing its EBIT make us rather uncomfortable with its debt levels. And furthermore, its net debt to EBITDA also fails to instill confidence. Considering all the factors previously mentioned, we think that ZHEJIANG NARADA POWER SOURCE really is carrying too much debt. To us, that makes the stock rather risky, like walking through a dog park with your eyes closed. But some investors may feel differently. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 3 warning signs for ZHEJIANG NARADA POWER SOURCE you should be aware of, and 2 of them don't sit too well with us.
坦率地说,南都电源的EBIT转化为自由现金流的能力及其EBIT的增长轨迹使我们对其负债水平感到不安。此外,其净债务与EBITDA比率也未能产生信心。考虑到前面提到的所有因素,我们认为南都电源的负债过重。对我们来说,这使得该股票相当冒险,就像闭着眼睛在狗公园里走路一样。但有些投资者可能有不同的感受。毫无疑问,我们从资产负债表中了解到大多数关于债务的信息。但并不是所有的投资风险都存在于资产负债表中,甚至远非只存在于资产负债表中。案例证明:我们已经发现了三个关于南都电源的警钟,你应该注意,其中两个对我们来说不太理想。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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