Is Yunnan Coal & EnergyLtd (SHSE:600792) Using Too Much Debt?
Is Yunnan Coal & EnergyLtd (SHSE:600792) Using Too Much 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.' 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. Importantly, Yunnan Coal & Energy Co.,Ltd. (SHSE:600792) does carry debt. But should shareholders be worried about its use of debt?
霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,雲南煤炭能源有限公司, Ltd.(上海證券交易所股票代碼:600792)確實有債務。但是,股東是否應該擔心其債務的使用?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at 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成爲風險。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更頻繁(但仍然昂貴)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。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。
Check out our latest analysis for Yunnan Coal & EnergyLtd
查看我們對雲南煤炭能源有限公司的最新分析
What Is Yunnan Coal & EnergyLtd's Net Debt?
雲南煤炭能源有限公司的淨負債是多少?
As you can see below, at the end of September 2023, Yunnan Coal & EnergyLtd had CN¥1.65b of debt, up from CN¥1.27b a year ago. Click the image for more detail. On the flip side, it has CN¥481.4m in cash leading to net debt of about CN¥1.17b.
如下所示,截至2023年9月底,雲南煤炭能源有限公司的債務爲16.5億元人民幣,高於去年同期的12.7億元人民幣。點擊圖片查看更多細節。另一方面,它擁有4.814億元的現金,淨負債約爲11.7億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240105/0-a076dff5f8058d8b1bfd08876a8238ba-0-295870739bad9472f4f2d57ece53680c.png/big)
How Healthy Is Yunnan Coal & EnergyLtd's Balance Sheet?
雲南煤炭能源有限公司的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Yunnan Coal & EnergyLtd had liabilities of CN¥4.55b due within 12 months and liabilities of CN¥1.77b due beyond that. Offsetting these obligations, it had cash of CN¥481.4m as well as receivables valued at CN¥3.23b due within 12 months. So its liabilities total CN¥2.60b more than the combination of its cash and short-term receivables.
放大最新的資產負債表數據,我們可以看到,雲南煤炭能源有限公司在12個月內到期的負債爲45.5億元人民幣,之後到期的負債爲17.7億元人民幣。除了這些債務外,它還有4.814億元的現金以及價值32.3億元人民幣的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總額高出26億元人民幣。
Yunnan Coal & EnergyLtd has a market capitalization of CN¥5.62b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Yunnan Coal & EnergyLtd 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.
雲南煤炭能源有限公司的市值爲56.2億元人民幣,因此,如果有需要,它很可能會籌集資金以改善其資產負債表。但是,仍然值得仔細研究其償還債務的能力。在分析債務水平時,資產負債表是顯而易見的起點。但是你不能完全孤立地看待債務;因爲雲南煤炭能源有限公司需要收益來償還債務。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
In the last year Yunnan Coal & EnergyLtd's revenue was pretty flat, and it made a negative EBIT. While that hardly impresses, its not too bad either.
去年,雲南煤炭能源有限公司的收入相當平穩,息稅前利潤爲負。雖然這幾乎沒有給人留下深刻的印象,但也不算太糟糕。
Caveat Emptor
Caveat Emptor
Importantly, Yunnan Coal & EnergyLtd had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥70m. 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. However, it doesn't help that it burned through CN¥1.0b of cash over the last year. So suffice it to say we consider the stock very risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Yunnan Coal & EnergyLtd has 2 warning signs we think you should be aware of.
重要的是,雲南煤炭能源有限公司去年出現了息稅前收益(EBIT)虧損。具體而言,息稅前利潤虧損爲7000萬元人民幣。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的信心。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。但是,去年它消耗了10億元人民幣的現金,這無濟於事。因此,只要說我們認爲這隻股票風險很高就足夠了。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,雲南煤炭能源有限公司有兩個警告標誌,我們認爲您應該注意。
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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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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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。