We Think Qtone Education Group (Guangdong)Ltd (SZSE:300359) Can Stay On Top Of Its Debt
We Think Qtone Education Group (Guangdong)Ltd (SZSE:300359) Can Stay On Top Of Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Qtone Education Group (Guangdong) Co.,Ltd (SZSE:300359) makes use of debt. But should shareholders be worried about its use of debt?
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。與許多其他公司一樣啟通教育集團(廣東)有限公司(SZSE:300359)利用債務。但股東是否應該擔心它的債務使用情況?
What Risk Does Debt Bring?
債務會帶來什麼風險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
View our latest analysis for Qtone Education Group (Guangdong)Ltd
查看我們對QTone教育集團(廣東)有限公司的最新分析
How Much Debt Does Qtone Education Group (Guangdong)Ltd Carry?
QTone教育集團(廣東)有限公司揹負着多少債務?
The image below, which you can click on for greater detail, shows that Qtone Education Group (Guangdong)Ltd had debt of CN¥45.0m at the end of September 2022, a reduction from CN¥153.6m over a year. However, it does have CN¥396.5m in cash offsetting this, leading to net cash of CN¥351.5m.
下面的圖片,你可以點擊查看更多細節,顯示了QTone教育集團(廣東)有限公司在2022年9月底的債務為4500萬加元,比一年內的1.536億加元有所減少。然而,它確實有3.965億加元的現金抵消了這一點,導致淨現金3.515億加元。
How Healthy Is Qtone Education Group (Guangdong)Ltd's Balance Sheet?
QTone教育集團(廣東)有限公司的資產負債表健康程度如何?
Zooming in on the latest balance sheet data, we can see that Qtone Education Group (Guangdong)Ltd had liabilities of CN¥298.1m due within 12 months and liabilities of CN¥25.7m due beyond that. Offsetting this, it had CN¥396.5m in cash and CN¥387.8m in receivables that were due within 12 months. So it can boast CN¥460.5m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到Qone教育集團(廣東)有限公司有2.981億加元的負債在12個月內到期,還有2570萬加元的負債在12個月內到期。作為抵消,它有3.965億加元的現金和3.878億加元的應收賬款在12個月內到期。因此,它的流動資產比總計負債。
This surplus suggests that Qtone Education Group (Guangdong)Ltd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Qtone Education Group (Guangdong)Ltd has more cash than debt is arguably a good indication that it can manage its debt safely.
這一盈餘表明,Qone教育集團(廣東)有限公司的資產負債表比較保守,很可能會毫不費力地消除債務。簡而言之,QTone教育集團(廣東)有限公司現金多於債務的事實可以説是一個很好的跡象,表明它可以安全地管理債務。
It is just as well that Qtone Education Group (Guangdong)Ltd's load is not too heavy, because its EBIT was down 45% 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 it is Qtone Education Group (Guangdong)Ltd's earnings that will influence how the balance sheet holds up in the future. 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.
幸好Qone教育集團(廣東)有限公司的負擔不是太重,因為它的息税前利潤比去年下降了45%。收益下降(如果這種趨勢持續下去)最終可能會使規模不大的債務面臨相當大的風險。當你分析債務時,資產負債表顯然是你關注的領域。但Qone教育集團(廣東)有限公司的收益將影響未來資產負債表的表現。因此,如果你熱衷於瞭解更多關於它的收益,可能值得查看一下它的長期收益趨勢圖。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Qtone Education Group (Guangdong)Ltd 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. Over the last two years, Qtone Education Group (Guangdong)Ltd actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。儘管Qone教育集團(廣東)有限公司的資產負債表上有淨現金,但它將息税前利潤(EBIT)轉換為自由現金流的能力仍然值得一看,以幫助我們瞭解它建立(或侵蝕)現金餘額的速度有多快。在過去的兩年裏,Qone教育集團(廣東)有限公司實際上產生了比息税前利潤更多的自由現金流。説到贏得貸款人的好感,沒有什麼比收到的現金更好的了。
Summing Up
總結
While we empathize with investors who find debt concerning, you should keep in mind that Qtone Education Group (Guangdong)Ltd has net cash of CN¥351.5m, as well as more liquid assets than liabilities. The cherry on top was that in converted 324% of that EBIT to free cash flow, bringing in CN¥83m. So we are not troubled with Qtone Education Group (Guangdong)Ltd's debt use. 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 2 warning signs for Qtone Education Group (Guangdong)Ltd you should be aware of, and 1 of them is a bit concerning.
雖然我們同情投資者對債務的擔憂,但您應該記住,Qone教育集團(廣東)有限公司擁有3.515億元人民幣的淨現金,流動資產多於負債。上面的櫻桃是IN將息税前利潤的324%轉化為自由現金流,帶來8300萬元人民幣。因此,我們並不擔心Qone教育集團(廣東)有限公司的債務使用。毫無疑問,我們從資產負債表中瞭解到的債務最多。然而,並非所有投資風險都存在於資產負債表中--遠非如此。一個恰當的例子:我們發現了QTone教育集團(廣東)有限公司的2個警告標誌你應該知道,其中有一個是有點令人擔憂的。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。