Xueda (Xiamen) Education Technology Group (SZSE:000526) Seems To Use Debt Rather Sparingly
Xueda (Xiamen) Education Technology Group (SZSE:000526) Seems To Use Debt Rather Sparingly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Xueda (Xiamen) Education Technology Group Co., Ltd (SZSE:000526) does use debt in its business. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾经说过:“波动性绝不等同于风险。”当我们考虑一家公司的风险程度时,我们总是喜欢看它的债务使用情况,因为债务过重可能会导致公司倒闭。我们可以看到,雪达(厦门)教育科技集团有限公司(SZSE:000526)在其业务中确实使用了债务。但真正的问题在于这些债务是否使公司具有风险。
When Is Debt Dangerous?
债务何时有危险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业增长的工具,但如果企业无法偿还其贷款人,则企业存在于他们的怜悯中。在最坏的情况下,如果企业无法支付其债权人,可能会破产。然而,更常见的(但仍然痛苦的)情况是,以低价发行新的股权资本,从而永久稀释股东的权益。当然,债务的好处是它经常代表廉价的资本,特别是当它取代具有以高回报率再投资能力的公司的股权稀释时。当我们考虑一家公司使用债务时,我们首先看现金和债务。
How Much Debt Does Xueda (Xiamen) Education Technology Group Carry?
雪达(厦门)教育科技集团承载多少债务?
The image below, which you can click on for greater detail, shows that Xueda (Xiamen) Education Technology Group had debt of CN¥787.6m at the end of June 2024, a reduction from CN¥1.07b over a year. However, it does have CN¥863.8m in cash offsetting this, leading to net cash of CN¥76.2m.
下面这张图片(点击可放大)显示,雪达(厦门)教育科技集团于2024年6月底的债务为7,876万元人民币,较去年同期的10.7亿人民币有所减少。然而,该公司持有现金8,638万元人民币,用以抵消这笔债务,从而形成净现金76.2万元人民币。
![1724975756475](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240830/43090642-0-2ee3f4fb08035bbc2b64e7a370d4596c.webp/bigjpg)
A Look At Xueda (Xiamen) Education Technology Group's Liabilities
探讨雪大(厦门)教育科技集团的债务情况
According to the last reported balance sheet, Xueda (Xiamen) Education Technology Group had liabilities of CN¥1.91b due within 12 months, and liabilities of CN¥703.0m due beyond 12 months. Offsetting these obligations, it had cash of CN¥863.8m as well as receivables valued at CN¥153.9m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.59b.
根据最近公布的资产负债表,雪大(厦门)教育科技集团在12个月内有19.1亿人民币的到期负债,而超过12个月到期的负债为70300万人民币。在抵消这些义务的同时,它持有86380万人民币的现金,以及在12个月内到期的应收款项为15390万人民币。所以,其负债总额超过现金和(短期)应收款的总和159亿人民币。
Xueda (Xiamen) Education Technology Group has a market capitalization of CN¥6.80b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. Despite its noteworthy liabilities, Xueda (Xiamen) Education Technology Group boasts net cash, so it's fair to say it does not have a heavy debt load!
雪大(厦门)教育科技集团的市值为68亿人民币,因此在必要时它很有可能通过融资改善其资产负债表。但显然,我们应该仔细考虑它是否能够在不稀释股权的情况下管理其债务。尽管存在相当可观的债务,但雪大(厦门)教育科技集团拥有净现金,因此可以说它没有沉重的债务负担!
In addition to that, we're happy to report that Xueda (Xiamen) Education Technology Group has boosted its EBIT by 88%, thus reducing the spectre of future debt repayments. 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 Xueda (Xiamen) Education Technology 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.
此外,我们很高兴地报告,雪大(厦门)教育科技集团的EBIt增长了88%,从而减少了未来债务偿还的风险。资产负债表显然是分析债务时需要关注的领域。但最终,业务的未来盈利能力将决定雪大(厦门)教育科技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观点,您可能会发现这份关于分析师盈利预测的免费报告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Xueda (Xiamen) Education Technology Group has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Happily for any shareholders, Xueda (Xiamen) Education Technology Group actually produced more free cash flow than EBIT over the last two years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最后,尽管税务人员可能喜欢会计利润,但债权人只接受冷硬现金。虽然雪大(厦门)教育科技集团在其资产负债表上有净现金,但仍值得看一下它将利息和税前利润(EBIT)转化为自由现金流的能力,以帮助我们了解它正在以多快的速度累积(或侵蚀)现金余额。令股东们高兴的是,雪大(厦门)教育科技集团在过去两年内实际上创造了比EBIt更多的自由现金流。这种强劲的现金转化让我们和在Daft Punk音乐会上舞动时的人群一样兴奋。
Summing Up
总之
While Xueda (Xiamen) Education Technology Group does have more liabilities than liquid assets, it also has net cash of CN¥76.2m. The cherry on top was that in converted 167% of that EBIT to free cash flow, bringing in CN¥475m. So we don't think Xueda (Xiamen) Education Technology Group's use of debt is risky. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of Xueda (Xiamen) Education Technology Group's earnings per share history for free.
虽然学大教育科技集团的负债超过了流动资产,但它也有7620万人民币的净现金。最令人高兴的是,它将167%的EBIt转化为自由现金流,带来47500万人民币。因此,我们认为学大教育科技集团的债务使用并不冒险。除了大多数其他指标,我们认为跟踪每股收益的增长速度非常重要,如果有的话。如果您也意识到了这一点,那么您很幸运,因为您可以免费查看学大教育科技集团每股收益历史的互动图表。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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