Client Service International (SZSE:300663) Has A Somewhat Strained Balance Sheet
Client Service International (SZSE:300663) Has A Somewhat Strained Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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, Client Service International, Inc. (SZSE:300663) does carry debt. But the more important question is: how much risk is that debt creating?
傳奇基金經理李露(由查理·芒格支持)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,國際客戶服務有限公司(深圳證券交易所代碼:300663)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?
What Risk Does Debt Bring?
債務會帶來什麼風險?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。資本主義的重要組成部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業將被銀行家無情地清算。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可能是一個非常好的工具。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起看。
See our latest analysis for Client Service International
查看我們對國際客戶服務的最新分析
How Much Debt Does Client Service International Carry?
國際客戶服務公司揹負了多少債務?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Client Service International had CN¥1.42b of debt, an increase on CN¥1.24b, over one year. However, it does have CN¥305.2m in cash offsetting this, leading to net debt of about CN¥1.11b.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,國際客戶服務組織在一年內有14.2億元人民幣的債務,比12.4億元人民幣有所增加。但是,它確實有3.052億元的現金抵消了這一點,淨負債約爲11.1億元人民幣。
How Strong Is Client Service International's Balance Sheet?
國際客戶服務公司的資產負債表有多強?
The latest balance sheet data shows that Client Service International had liabilities of CN¥789.7m due within a year, and liabilities of CN¥1.03b falling due after that. On the other hand, it had cash of CN¥305.2m and CN¥1.16b worth of receivables due within a year. So its liabilities total CN¥354.3m more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,國際客戶服務公司的負債爲7.897億元人民幣,之後到期的負債爲10.3億元人民幣。另一方面,它有一年內到期的現金爲3.052億元人民幣,還有價值11.6億元人民幣的應收賬款。因此,其負債總額比其現金和短期應收賬款的總額高出3.543億元人民幣。
Since publicly traded Client Service International shares are worth a total of CN¥7.25b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
由於公開交易的國際客戶服務公司股票的總價值爲72.5億元人民幣,因此這種負債水平似乎不太可能構成重大威脅。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我們使用兩個主要比率來告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。
Client Service International shareholders face the double whammy of a high net debt to EBITDA ratio (18.4), and fairly weak interest coverage, since EBIT is just 1.3 times the interest expense. This means we'd consider it to have a heavy debt load. Notably, Client Service International's EBIT was pretty flat over the last year, which isn't ideal given the debt load. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Client Service International's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
由於息稅前利潤僅爲利息支出的1.3倍,國際客戶服務公司的股東面臨着淨負債與息稅折舊攤銷前利潤比率高(18.4)和相當薄弱的利息覆蓋率的雙重打擊。這意味着我們會認爲它有沉重的債務負擔。值得注意的是,國際客戶服務組織的息稅前利潤與去年持平,考慮到債務負擔,這並不理想。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。但是,未來的收益將決定國際客戶服務組織未來維持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Client Service International burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。因此,值得檢查一下息稅前利潤中有多少是由自由現金流支持的。在過去的三年中,國際客戶服務部消耗了大量現金。儘管投資者無疑預計這種情況將在適當的時候逆轉,但這顯然意味着其使用債務的風險更大。
Our View
我們的觀點
On the face of it, Client Service International's net debt to EBITDA left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at staying on top of its total liabilities; that's encouraging. Once we consider all the factors above, together, it seems to us that Client Service International's debt is making it a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 4 warning signs we've spotted with Client Service International (including 3 which are potentially serious) .
從表面上看,Cliuster Service International的淨負債佔息稅折舊攤銷前利潤的比例使我們對該股持初步的看法,其將息稅前利潤轉換爲自由現金流並不比一年中最繁忙的夜晚那家空蕩蕩的餐廳更具吸引力。但至少它在保持總負債水平方面相當不錯;這令人鼓舞。一旦我們綜合考慮了上述所有因素,在我們看來,國際客戶服務組織的債務使其有點風險。這不一定是一件壞事,但我們通常會因爲降低槓桿率而感到更自在。在分析債務水平時,資產負債表是顯而易見的起點。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。爲此,你應該了解我們在國際客戶服務部發現的4個警告信號(包括3個可能嚴重的警告信號)。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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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。