Ccoop Group (SZSE:000564) Is Making Moderate Use Of Debt
Ccoop Group (SZSE:000564) Is Making Moderate Use Of 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. We can see that Ccoop Group Co., Ltd (SZSE:000564) does use debt in its business. But the more important question is: how much risk is that debt creating?
霍華德·馬克斯說得很好,他說:“我擔心的是永久虧損的可能性... 我認識的每位務實投資者都很擔心,而不是擔心股價的波動。”當我們考慮一家公司的風險時,我們總是喜歡看它對債務的使用,因爲債務超負荷可能導致破產。我們可以看到,Ccoop集團有限公司(深交所代碼:000564)確實在其業務中使用了債務。但更重要的問題是:這筆債務造成了多少風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會變得有風險。如果情況變得非常糟糕,貸款人可以控制業務。但是,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。考慮公司債務水平的第一步是將其現金和債務一起考慮。
Check out our latest analysis for Ccoop Group
查看我們對Ccoop集團的最新分析
What Is Ccoop Group's Net Debt?
Ccoop 集團的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that Ccoop Group had CN¥5.25b of debt in September 2023, down from CN¥6.20b, one year before. However, it does have CN¥342.5m in cash offsetting this, leading to net debt of about CN¥4.91b.
你可以點擊下圖查看歷史數字,但它顯示Ccoop集團在2023年9月的債務爲52.5億元人民幣,低於一年前的620億元人民幣。但是,它確實有3.425億元人民幣的現金抵消了這一點,導致淨負債約爲49.1億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231104/0-15db91360e0a050b175a834505dfc36f-0-f82a8ff76d5daa8a32bb5b602651b8ae.png/big)
How Strong Is Ccoop Group's Balance Sheet?
Ccoop 集團的資產負債表有多強勁?
We can see from the most recent balance sheet that Ccoop Group had liabilities of CN¥4.94b falling due within a year, and liabilities of CN¥11.2b due beyond that. On the other hand, it had cash of CN¥342.5m and CN¥430.1m worth of receivables due within a year. So it has liabilities totalling CN¥15.4b more than its cash and near-term receivables, combined.
我們可以從最新的資產負債表中看出,Ccoop集團在一年內到期的負債爲49.4億元人民幣,此後到期的負債爲112億元人民幣。另一方面,它在一年內有3.425億元人民幣的現金和價值4.301億元人民幣的應收賬款。因此,它的負債總額比其現金和短期應收賬款的總和高出154億元人民幣。
This deficit is considerable relative to its market capitalization of CN¥23.6b, so it does suggest shareholders should keep an eye on Ccoop Group's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Ccoop Group will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
相對於23.6億元人民幣的市值,這一赤字相當可觀,因此這確實表明股東應密切關注Ccoop集團的債務使用情況。這表明,如果公司需要迅速支撐資產負債表,股東將被大幅稀釋。資產負債表顯然是分析債務時需要關注的領域。但是你不能完全孤立地看待債務;因爲Ccoop Group需要收益來償還債務。因此,在考慮債務時,絕對值得一看收益趨勢。點擊此處查看交互式快照。
In the last year Ccoop Group wasn't profitable at an EBIT level, but managed to grow its revenue by 2.6%, to CN¥1.4b. We usually like to see faster growth from unprofitable companies, but each to their own.
去年,Ccoop集團在息稅前利潤水平上沒有實現盈利,但其收入成功增長了2.6%,達到14億元人民幣。我們通常希望看到無利可圖的公司實現更快的增長,但每家公司都有自己的增長。
Caveat Emptor
Caveat Emptor
Importantly, Ccoop Group had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥391m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. We would feel better if it turned its trailing twelve month loss of CN¥1.6b into a profit. So we do think this stock is quite risky. 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. Case in point: We've spotted 1 warning sign for Ccoop Group you should be aware of.
重要的是,Ccoop集團去年出現利息稅前收益(EBIT)虧損。具體而言,息稅前利潤虧損爲3.91億元人民幣。考慮到除了上述負債外,我們對公司應該使用如此多的債務沒有太大信心。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。如果它將過去十二個月的16億元人民幣的虧損轉化爲盈利,我們會感覺好些。因此,我們確實認爲這隻股票風險很大。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但歸根結底,每家公司都可以控制資產負債表之外的風險。一個很好的例子:我們發現了 Ccoop Group 的 1 個警告信號,你應該注意。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。