We Think Shanxi Coking Coal Energy Group (SZSE:000983) Can Stay On Top Of Its Debt
We Think Shanxi Coking Coal Energy Group (SZSE:000983) Can Stay On Top Of Its Debt
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.' 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. Importantly, Shanxi Coking Coal Energy Group Co., Ltd. (SZSE:000983) does carry debt. But is this debt a concern to shareholders?
大卫·伊本说得好,他说:“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。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。重要的是,山西焦煤能源集团有限公司(深圳证券交易所代码:000983)确实有债务。但是这笔债务是股东关心的问题吗?
When Is Debt A Problem?
债务何时会成为问题?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业增长的工具,但是如果企业无法还清贷款人的债务,那么债务就任其摆布。如果情况变得非常糟糕,贷款人可以控制业务。但是,更频繁(但仍然昂贵)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。
How Much Debt Does Shanxi Coking Coal Energy Group Carry?
山西焦煤能源集团背负了多少债务?
As you can see below, Shanxi Coking Coal Energy Group had CN¥8.93b of debt at March 2024, down from CN¥10.2b a year prior. However, its balance sheet shows it holds CN¥18.0b in cash, so it actually has CN¥9.06b net cash.
如下所示,截至2024年3月,山西焦煤能源集团的债务为89.3元人民币,低于去年同期的102元人民币。但是,其资产负债表显示它持有180元人民币的现金,因此实际上拥有90.6元人民币的净现金。
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How Strong Is Shanxi Coking Coal Energy Group's Balance Sheet?
山西焦煤能源集团的资产负债表有多强?
We can see from the most recent balance sheet that Shanxi Coking Coal Energy Group had liabilities of CN¥23.0b falling due within a year, and liabilities of CN¥20.1b due beyond that. Offsetting these obligations, it had cash of CN¥18.0b as well as receivables valued at CN¥5.26b due within 12 months. So its liabilities total CN¥19.8b more than the combination of its cash and short-term receivables.
我们可以从最新的资产负债表中看出,山西焦煤能源集团的负债为230元人民币,一年后到期的负债为201元人民币。除了这些债务外,它还有180元人民币的现金和价值为52.6元人民币的应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出198元人民币。
While this might seem like a lot, it is not so bad since Shanxi Coking Coal Energy Group has a market capitalization of CN¥43.7b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt. While it does have liabilities worth noting, Shanxi Coking Coal Energy Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
尽管这可能看起来很多,但还不错,因为山西焦煤能源集团的市值为437元人民币,因此如果需要,它可能会通过筹集资金来加强资产负债表。但是,仍然值得仔细研究其偿还债务的能力。尽管山西焦煤能源集团确实有值得注意的负债,但其现金也多于债务,因此我们非常有信心它可以安全地管理债务。
The modesty of its debt load may become crucial for Shanxi Coking Coal Energy Group if management cannot prevent a repeat of the 49% cut to EBIT over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Shanxi Coking Coal Energy 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.
如果管理层无法阻止去年削减49%的息税前利润,那么适度的债务负担对山西焦煤能源集团来说可能变得至关重要。收益下降(如果这种趋势持续下去)最终也可能使即使是微不足道的债务也相当危险。资产负债表显然是分析债务时需要关注的领域。但最终,该业务未来的盈利能力将决定山西焦煤能源集团能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Shanxi Coking Coal Energy 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. During the last three years, Shanxi Coking Coal Energy Group generated free cash flow amounting to a very robust 86% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。山西焦煤能源集团的资产负债表上可能有净现金,但研究该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去三年中,山西焦煤能源集团产生的自由现金流相当于其息税前利润的86%,超出了我们的预期。如果需要的话,这有利于偿还债务。
Summing Up
总结
While Shanxi Coking Coal Energy Group does have more liabilities than liquid assets, it also has net cash of CN¥9.06b. The cherry on top was that in converted 86% of that EBIT to free cash flow, bringing in CN¥5.5b. So we are not troubled with Shanxi Coking Coal Energy Group's debt use. 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 Shanxi Coking Coal Energy Group .
尽管山西焦煤能源集团的负债确实多于流动资产,但其净现金也为90.6元人民币。最重要的是,它将息税前利润的86%转换为自由现金流,带来了55元人民币的收入。因此,我们对山西焦煤能源集团的债务使用并不感到困扰。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,每家公司都可以控制资产负债表之外存在的风险。为此,你应该注意我们在山西焦煤能源集团发现的两个警告信号。
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,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。
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