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Here's Why ENN Natural GasLtd (SHSE:600803) Has A Meaningful Debt Burden

Here's Why ENN Natural GasLtd (SHSE:600803) Has A Meaningful Debt Burden

以下是为何ENN天然气有限公司(SHSE:600803)有很大的债务负担的原因
Simply Wall St ·  12/07 18:46

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies ENN Natural Gas Co.,Ltd. (SHSE:600803) makes use of debt. But the more important question is: how much risk is that debt creating?

传奇基金经理李录(查理·芒格支持他)曾说道:“最大的投资风险不是价格的波动,而是你是否会遭受资本的永久损失。”因此,当你考虑任何特定股票的风险时,债务是一个需要考虑的因素,因为过多的债务可能会使公司陷入困境。与许多其他公司一样,ENN Natural Gas(新奥股份,SHSE:600803)也利用债务。但更重要的问题是:这些债务带来了多大的风险?

What Risk Does Debt Bring?

What Risk Does Debt Bring?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, plenty of companies use debt to fund growth, without any negative consequences. 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,但如果一个企业无法偿还债权人的债务,那么它存在于债权人的掌控之下。资本主义的一个组成部分是“创造性破坏”过程,失败的企业将无情地被银行清算。然而,一种更常见(但仍然痛苦)的情况是,企业不得不以低价发行新的股权资本,从而永久地稀释股东的权益。当然,很多公司使用债务来资助增长,而没有任何负面后果。在考虑债务水平时,我们首先要同时考虑现金和债务水平。

How Much Debt Does ENN Natural GasLtd Carry?

新奥股份的债务有多少?

You can click the graphic below for the historical numbers, but it shows that ENN Natural GasLtd had CN¥37.4b of debt in September 2024, down from CN¥40.1b, one year before. However, it does have CN¥19.4b in cash offsetting this, leading to net debt of about CN¥18.0b.

你可以点击下面的图表查看历史数据,但数据显示,新奥股份在2024年9月的债务为374亿人民币,较一年前的401亿人民币有所下降。然而,它有194亿人民币的现金抵消这些债务,导致净债务约为180亿人民币。

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SHSE:600803 Debt to Equity History December 8th 2024
SHSE:600803债务与权益历史 2024年12月8日

A Look At ENN Natural GasLtd's Liabilities

关注新奥股份有限公司的负债情况

According to the last reported balance sheet, ENN Natural GasLtd had liabilities of CN¥47.0b due within 12 months, and liabilities of CN¥30.1b due beyond 12 months. Offsetting these obligations, it had cash of CN¥19.4b as well as receivables valued at CN¥11.0b due within 12 months. So its liabilities total CN¥46.7b more than the combination of its cash and short-term receivables.

根据最后报告的资产负债表,新奥股份有限公司在未来12个月内有470亿人民币的负债,以及在12个月后到期的301亿人民币的负债。为了抵消这些义务,它有194亿人民币的现金以及在12个月内到期的应收款项,价值为110亿人民币。因此,它的负债总额比现金和短期应收款项的总和多出467亿人民币。

This is a mountain of leverage relative to its market capitalization of CN¥56.9b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.

这与其569亿人民币的市值相比,是一笔巨额杠杆。如果贷方要求它加强资产负债表,股东可能会面临严重的稀释。

In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

为了衡量公司债务相对于其收入的规模,我们计算其净债务除以利息、税收、折旧和摊销前利润(EBITDA),并计算其利息前税利润(EBIT)除以利息支出(其利息覆盖率)。这样,我们考虑了债务的绝对金额,以及支付的利率。

ENN Natural GasLtd has a low debt to EBITDA ratio of only 1.1. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So there's no doubt this company can take on debt while staying cool as a cucumber. But the bad news is that ENN Natural GasLtd has seen its EBIT plunge 15% in the last twelve months. If that rate of decline in earnings continues, the company could find itself in a tight spot. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if ENN Natural GasLtd 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.

新奥股份有限公司的债务与EBITDA的比率仅为1.1,属于较低水平。值得注意的是,尽管净债务为负,但在过去的12个月中,它实际收到的利息超过了须支付的利息。因此,毫无疑问,这家公司可以在尽量不紧张的情况下承担债务。但是坏消息是,新奥股份有限公司的EBIT在过去12个月中下降了15%。如果这种收益的下降率继续,该公司可能会陷入困境。在分析债务水平时,资产负债表显然是一个合理的起点。但最终,业务的未来盈利能力将决定新奥股份有限公司能否随着时间的推移增强其资产负债表。因此,如果您关注未来,可以查看这份免费的报告,显示分析师的利润预测。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, ENN Natural GasLtd's free cash flow amounted to 43% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

最后,一家公司只能用现金偿还债务,而不是会计利润。因此,合理的步骤是看EBIT中有多少比例对应实际的自由现金流。在过去三年中,新奥股份有限公司的自由现金流占其EBIT的43%,低于我们的预期。这样的现金转化能力较弱,使得处理负债变得更加困难。

Our View

我们的观点

Neither ENN Natural GasLtd's ability to grow its EBIT nor its level of total liabilities gave us confidence in its ability to take on more debt. But its interest cover tells a very different story, and suggests some resilience. It's also worth noting that ENN Natural GasLtd is in the Gas Utilities industry, which is often considered to be quite defensive. When we consider all the factors discussed, it seems to us that ENN Natural GasLtd is taking some risks with its use of debt. While that debt can boost returns, we think the company has enough leverage now. 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. We've identified 1 warning sign with ENN Natural GasLtd , and understanding them should be part of your investment process.

新奥股份的EBIT增长能力和总负债水平都没有让我们对其承担更多债务的能力感到信恳智能。但其利息覆盖率则传达了一个截然不同的故事,并表现出一定的韧性。值得一提的是,新奥股份处于公用股行业,这通常被认为是相当防御性的。当我们考虑所有讨论的因素时,我们认为新奥股份在债务使用上承受了一些风险。虽然这些债务可以提升回报,但我们认为公司目前有足够的杠杆。资产负债表显然是分析债务时需要关注的领域。然而,并非所有的投资风险都在资产负债表上——远非如此。我们已经发现了一个新奥股份的警告信号,理解这些信号应成为您的投资过程的一部分。

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.

当一切尘埃落定时,有时更容易专注于那些甚至不需要债务的公司。读者可以立即免费查看零净债务的成长股列表。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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