Shandong Publishing&MediaLtd (SHSE:601019) Has A Rock Solid Balance Sheet
Shandong Publishing&MediaLtd (SHSE:601019) Has A Rock Solid Balance Sheet
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 seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Shandong Publishing&Media Co.,Ltd (SHSE:601019) does carry debt. But is this debt a concern to shareholders?
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,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,山東出版傳媒有限公司, Ltd(SHSE: 601019)確實有債務。但是這筆債務是股東關心的問題嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at 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。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。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。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。
How Much Debt Does Shandong Publishing&MediaLtd Carry?
山東出版傳媒有限公司揹負了多少債務?
You can click the graphic below for the historical numbers, but it shows that Shandong Publishing&MediaLtd had CN¥18.0m of debt in September 2023, down from CN¥68.6m, one year before. But it also has CN¥8.80b in cash to offset that, meaning it has CN¥8.78b net cash.
你可以點擊下圖查看歷史數字,但它顯示山東出版與媒體有限公司在2023年9月的債務爲1,800萬元人民幣,低於一年前的6,860萬元人民幣。但它也有880億元人民幣的現金來抵消這一點,這意味着它的淨現金爲87.8億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240321/0-b5cfb03fb4b5ca08786b7d949246b358-0-e27c4e796ac5762fcbb3a45d2ffe294e.png/big)
A Look At Shandong Publishing&MediaLtd's Liabilities
看看山東出版傳媒有限公司的負債
We can see from the most recent balance sheet that Shandong Publishing&MediaLtd had liabilities of CN¥7.16b falling due within a year, and liabilities of CN¥1.27b due beyond that. Offsetting these obligations, it had cash of CN¥8.80b as well as receivables valued at CN¥2.34b due within 12 months. So it can boast CN¥2.70b more liquid assets than total liabilities.
我們可以從最新的資產負債表中看出,山東出版與媒體有限公司的負債爲71.6億元人民幣,一年後到期的負債爲12.7億元人民幣。除這些債務外,它有880億元人民幣的現金以及價值23.4億元人民幣的應收賬款將在12個月內到期。因此,它擁有的流動資產可以多出27億元人民幣 總 負債。
This surplus suggests that Shandong Publishing&MediaLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Shandong Publishing&MediaLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
這種盈餘表明,山東出版傳媒公司的資產負債表比較保守,可以毫不費力地消除債務。簡而言之,山東出版傳媒擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
Also good is that Shandong Publishing&MediaLtd grew its EBIT at 12% over the last year, further increasing its ability to manage debt. 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 Publishing&MediaLtd can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
同樣不錯的是,山東出版傳媒有限公司的息稅前利潤比去年增長了12%,進一步提高了其債務管理能力。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務未來的盈利能力將決定山東出版與媒體有限公司能否隨着時間的推移加強其資產負債表。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 company can only pay off debt with cold hard cash, not accounting profits. Shandong Publishing&MediaLtd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Shandong Publishing&MediaLtd actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。Shandong Publishing&MediaLTD的資產負債表上可能有淨現金,但研究該企業將其利息稅前收益(EBIT)轉換爲自由現金流的效果仍然很有趣,因爲這將影響其對債務的需求和管理能力。在過去的三年中,山東出版傳媒產生的自由現金流實際上超過了息稅前利潤。當Daft Punk音樂會的節拍下降時,這種強勁的現金轉換讓我們和觀衆一樣興奮。
Summing Up
總結
While it is always sensible to investigate a company's debt, in this case Shandong Publishing&MediaLtd has CN¥8.78b in net cash and a decent-looking balance sheet. The cherry on top was that in converted 112% of that EBIT to free cash flow, bringing in CN¥2.4b. So is Shandong Publishing&MediaLtd's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with Shandong Publishing&MediaLtd .
儘管調查公司的債務總是明智的,但在本案中,山東出版與媒體有限公司的淨現金爲87.8億元人民幣,資產負債表看起來不錯。最重要的是,它將息稅前利潤的112%轉換爲自由現金流,帶來了24億元人民幣的收入。那麼山東出版傳媒的債務有風險嗎?在我們看來,情況並非如此。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。爲此,你應該注意我們在山東出版與媒體有限公司發現的1個警告信號。
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。