Hunan SilverLtd (SZSE:002716) Has A Pretty Healthy Balance Sheet
Hunan SilverLtd (SZSE:002716) Has A Pretty 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.' 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, Hunan Silver Co.,Ltd. (SZSE:002716) does carry debt. But the real question is whether this debt is making the company risky.
有些人认为波动性而非债务是投资者考虑风险的最佳方式,但沃伦·巴菲特曾著名地说过:"波动远非与风险同义。" 在检视一家公司有多风险时,自然要考虑其资产负债表,因为债务通常涉及企业倒闭时的情形。重要的是,湖南白银有限公司(SZSE:002716)确实有债务。但真正的问题是,这债务是否使公司变得风险更大。
What Risk Does Debt Bring?
债务带来了什么风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. When we think about a company's use of debt, we first look at cash and debt together.
债务对企业有帮助,直到企业在偿还债务时遇到困难,这可能是因为缺乏新资本或自由现金流。资本主义的一个重要方面是"创造性破坏"的过程,在这个过程中,失败的企业会被他们的银行无情地清算。然而,更常见(但仍然昂贵)的情况是,公司必须在低廉的股价下稀释股东以控制债务。尽管如此,最常见的情况是公司管理债务相对良好,并使其获益。当我们考虑公司使用债务时,首先会一起看现金和债务。
What Is Hunan SilverLtd's Net Debt?
湖南白银有限公司的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2024 Hunan SilverLtd had CN¥764.1m of debt, an increase on CN¥691.8m, over one year. However, it does have CN¥446.3m in cash offsetting this, leading to net debt of about CN¥317.8m.
您可以点击下面的图形查看历史数据,但它显示截至2024年9月,湖南白银有限公司的债务为76410万人民币,这比69180万人民币增加了一年。然而,它有44630万人民币的现金来抵消这笔债务,从而使净债务约为31780万人民币。
A Look At Hunan SilverLtd's Liabilities
湖南白银有限公司的负债情况
According to the last reported balance sheet, Hunan SilverLtd had liabilities of CN¥1.91b due within 12 months, and liabilities of CN¥950.0m due beyond 12 months. On the other hand, it had cash of CN¥446.3m and CN¥28.3m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.39b.
根据最近报告的资产负债表,湖南白银有限公司在12个月内有负债19.1亿人民币,超过12个月的负债为95000万人民币。另一方面,它拥有44630万人民币的现金和2830万人民币的应收账款(在一年内到期)。因此,它的负债超出现金和(短期)应收账款的总和23.9亿人民币。
This deficit isn't so bad because Hunan SilverLtd is worth CN¥11.4b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
这个赤字并不算太糟糕,因为湖南白银有限公司的价值为114亿人民币,因此在需要时可能能够筹集足够的资本来支撑其资产负债表。然而,仍然值得仔细查看其偿还债务的能力。
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).
我们使用两个主要指标来告知我们债务水平与盈利的关系。第一个是净债务与息税折旧摊销前利润(EBITDA)的比率,而第二个是其息税前利润(EBIT)覆盖其利息费用(或其利息覆盖,简称)。这种方法的优点在于我们考虑了债务的绝对数量(通过净债务与EBITDA比率)和与该债务相关的实际利息费用(通过其利息覆盖比率)。
While Hunan SilverLtd has a quite reasonable net debt to EBITDA multiple of 1.9, its interest cover seems weak, at 0.61. In large part that's it has so much depreciation and amortisation. These charges may be non-cash, so they could be excluded when it comes to paying down debt. But the accounting charges are there for a reason -- some assets are seen to be losing value. Either way there's no doubt the stock is using meaningful leverage. Pleasingly, Hunan SilverLtd is growing its EBIT faster than former Australian PM Bob Hawke downs a yard glass, boasting a 372% gain in the last twelve months. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Hunan SilverLtd will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
虽然湖南白银有限公司的净债务与EBITDA的比率相对合理,为1.9,但其利息保障似乎较弱,为0.61。很大程度上是因为它有大量的折旧和摊销。这些费用可能是非现金的,因此在偿还债务时可以不计入。但会计费用存在是有原因的——一些资产被视为在贬值。无论如何,毫无疑问,该股票正在使用有意义的杠杆。令人高兴的是,湖南白银有限公司的EBIT增长速度快于前澳大利亚总理鲍勃·霍克饮用大型啤酒杯的速度,过去十二个月增长了372%。毫无疑问,我们从资产负债表中对债务的了解最多。但你不能完全孤立地看待债务;因为湖南白银有限公司需要收益来服务其债务。因此,如果你渴望了解更多关于其收益的信息,查看其长期收益趋势的图表可能值得一看。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Happily for any shareholders, Hunan SilverLtd actually produced more free cash flow than EBIT over the last two years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
最终,一家企业需要自由现金流来偿还债务;会计利润是无法满足这一点的。因此,我们总是检查EBIt有多少转化为自由现金流。对任何股东来说,湖南白银有限公司在过去两年实际上产生了比EBIt更多的自由现金流。这种强劲的现金生成让我们感到温暖,就像穿着大黄蜂服装的小狗一样。
Our View
我们的观点
The good news is that Hunan SilverLtd's demonstrated ability to convert EBIT to free cash flow delights us like a fluffy puppy does a toddler. But the stark truth is that we are concerned by its interest cover. When we consider the range of factors above, it looks like Hunan SilverLtd is pretty sensible with its use of debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. 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 1 warning sign we've spotted with Hunan SilverLtd .
好消息是,湖南白银有限公司展现出的将EBIt转化为自由现金流的能力让我们开心,就像一只毛绒绒的小狗让幼儿开心一样。但事实是我们对其利息覆盖情况感到担忧。当我们考虑上述多种因素时,湖南白银有限公司在使用债务方面看起来相当明智。这意味着他们承担了更多风险,以期提高股东回报。毫无疑问,我们从资产负债表中获得了关于债务的大部分知识。但最终,每家公司都可能存在资产负债表之外的风险。为此,您应该意识到我们已发现的1个警告信号,关于湖南白银有限公司。
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,如果你是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,今天就来发现我们独家的净现金成长股票列表。
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