Is Shandong Bohui Paper IndustryLtd (SHSE:600966) Using Debt Sensibly?
Is Shandong Bohui Paper IndustryLtd (SHSE:600966) Using Debt Sensibly?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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, Shandong Bohui Paper Industry Co.,Ltd. (SHSE:600966) does carry debt. But the real question is whether this debt is making the company risky.
由伯克希爾哈撒韋的Li·芒格支持的外部基金經理Lu直言不諱地說,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。重要的是山東博匯紙業有限公司。(上海證券交易所:600966)確實背負著債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
What Risk Does Debt Bring?
債務會帶來什麼風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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 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, 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 examine debt levels, we first consider both cash and debt levels, together.
一般來說,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。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,債務的好處是,它往往代表著廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。當我們檢查債務水準時,我們首先同時考慮現金和債務水準。
See our latest analysis for Shandong Bohui Paper IndustryLtd
查看我們對山東博匯紙業有限公司的最新分析
What Is Shandong Bohui Paper IndustryLtd's Net Debt?
山東博匯紙業有限公司的淨債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2023 Shandong Bohui Paper IndustryLtd had CN¥7.40b of debt, an increase on CN¥6.02b, over one year. However, it does have CN¥2.91b in cash offsetting this, leading to net debt of about CN¥4.49b.
你可以點擊下圖查看歷史數據,但它顯示,截至2023年6月,山東博匯紙業有限公司的債務為74億元人民幣,比一年前增加了60.2億元人民幣。然而,它確實有29.1億加元的現金來抵消這一點,導致淨債務約為44.9億加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231031/0-c0714002949d760731dfe7d9a1b0a04e-0-3fd02da4d1d6bae85474a72ff63cc3ae.png/big)
How Strong Is Shandong Bohui Paper IndustryLtd's Balance Sheet?
山東博匯紙業的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Shandong Bohui Paper IndustryLtd had liabilities of CN¥13.5b due within 12 months and liabilities of CN¥2.72b due beyond that. On the other hand, it had cash of CN¥2.91b and CN¥1.95b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥11.3b.
放大最新的資產負債表數據,我們可以看到,山東博匯紙業有限公司有135億加元的負債在12個月內到期,還有27.2億加元的負債在12個月內到期。另一方面,一年內有29.1億加元現金和19.5億加元應收賬款到期。因此,它的負債超過了現金和(近期)應收賬款的總和113億元。
When you consider that this deficiency exceeds the company's CN¥8.65b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. 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 Shandong Bohui Paper IndustryLtd 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.
當你考慮到這一缺口超過了該公司86.5億元的市值時,你很可能會傾向於專心審查資產負債表。假設,如果該公司被迫通過以當前股價籌集資金來償還債務,將需要極大的稀釋。當你分析債務時,資產負債表顯然是你關注的領域。但最終,該業務未來的盈利能力將決定山東博匯紙業有限公司能否隨著時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
In the last year Shandong Bohui Paper IndustryLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 5.9%, to CN¥18b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
去年,山東博匯紙業股份有限公司沒有實現息稅前利潤,但收入增長了5.9%,達到人民幣180億元。這種增長速度對我們的品味來說有點慢,但它需要所有類型的人來創造一個世界。
Caveat Emptor
告誡買入者
Importantly, Shandong Bohui Paper IndustryLtd had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥467m. Considering that alongside the liabilities mentioned above make us nervous about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. Not least because it burned through CN¥1.5b in negative free cash flow over the last year. That means it's on the risky side of things. 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. For example, we've discovered 1 warning sign for Shandong Bohui Paper IndustryLtd that you should be aware of before investing here.
重要的是,山東博匯紙業有限公司去年出現息稅前利潤(EBIT)虧損。具體地說,息稅前虧損為4.67億加元。考慮到上面提到的債務,讓我們對公司感到緊張。在對這只股票產生太大興趣之前,我們希望看到一些強勁的短期改善。尤其是因為它在去年消耗了15億元人民幣的負自由現金流。這意味著它在事情中處於危險的一邊。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。例如,我們發現山東博匯紙業有限公司1個警示標誌在這裡投資之前你應該意識到這一點。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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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.