These 4 Measures Indicate That Henan Dayou Energy (SHSE:600403) Is Using Debt Extensively
These 4 Measures Indicate That Henan Dayou Energy (SHSE:600403) Is Using Debt Extensively
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. We note that Henan Dayou Energy Co., Ltd (SHSE:600403) does have debt on its balance sheet. But is this debt a concern to shareholders?
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”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。我們注意到,河南大有能源有限公司(SHSE: 600403)的資產負債表上確實有債務。但是這筆債務是股東關心的問題嗎?
When Is Debt A Problem?
債務何時會成爲問題?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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。如果情況變得非常糟糕,貸款人可以控制業務。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本,從而永久稀釋股東。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。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 Henan Dayou Energy Carry?
河南大友能源揹負了多少債務?
As you can see below, Henan Dayou Energy had CN¥5.92b of debt, at September 2023, which is about the same as the year before. You can click the chart for greater detail. However, it also had CN¥4.96b in cash, and so its net debt is CN¥960.6m.
如下所示,截至2023年9月,河南大有能源有59.2億元人民幣的債務,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。但是,它也有49.6億元的現金,因此其淨負債爲9.606億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240329/0-ba93f383949145819f2618923519b37e-0-7bbf8cf82cadc7c8bc81c3b2028c5623.png/big)
How Strong Is Henan Dayou Energy's Balance Sheet?
河南大有能源的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Henan Dayou Energy had liabilities of CN¥11.3b due within 12 months and liabilities of CN¥2.28b due beyond that. On the other hand, it had cash of CN¥4.96b and CN¥1.06b worth of receivables due within a year. So it has liabilities totalling CN¥7.60b more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到,河南大有能源在12個月內到期的負債爲113億元人民幣,之後到期的負債爲22.8億元人民幣。另一方面,它有一年內到期的現金爲49.6億元人民幣,還有價值10.6億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多出76.0億元人民幣。
This deficit is considerable relative to its market capitalization of CN¥7.87b, so it does suggest shareholders should keep an eye on Henan Dayou Energy's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
相對於其78.7億元人民幣的市值,這一赤字相當可觀,因此這確實表明股東應密切關注河南大有能源的債務使用情況。這表明,如果公司需要迅速支撐資產負債表,股東將被嚴重稀釋。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。這種方法的優勢在於,我們既考慮了債務的絕對數量(包括淨負債與息稅折舊攤銷前利潤),也考慮了與該債務相關的實際利息支出(及其利息覆蓋率)。
Looking at its net debt to EBITDA of 0.54 and interest cover of 3.7 times, it seems to us that Henan Dayou Energy is probably using debt in a pretty reasonable way. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Shareholders should be aware that Henan Dayou Energy's EBIT was down 78% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. There's no doubt that we learn most about debt from the balance sheet. But it is Henan Dayou Energy's earnings that will influence how the balance sheet holds up in the future. 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.
從其淨負債佔息稅折舊攤銷前利潤的比例爲0.54倍和3.7倍的利息覆蓋率來看,在我們看來,河南大有能源可能正在以相當合理的方式使用債務。因此,我們建議密切關注融資成本對業務的影響。股東應該意識到,河南大有能源的息稅前利潤去年下降了78%。如果這種下降持續下去,那麼償還債務將比在素食大會上出售鵝肝更難。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,影響未來資產負債表狀況的是河南大有能源的收益。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。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Henan Dayou Energy 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。因此,我們顯然需要研究息稅前利潤是否會帶來相應的自由現金流。在過去的三年中,河南大有能源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。
Our View
我們的觀點
Henan Dayou Energy's EBIT growth rate and level of total liabilities definitely weigh on it, in our esteem. But its conversion of EBIT to free cash flow tells a very different story, and suggests some resilience. Taking the abovementioned factors together we do think Henan Dayou Energy's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should learn about the 3 warning signs we've spotted with Henan Dayou Energy (including 1 which is potentially serious) .
在我們看來,河南大友能源的息稅前利潤增長率和總負債水平無疑給其帶來了壓力。但是它將息稅前利潤轉換爲自由現金流卻講述了一個截然不同的故事,也表明了一定的彈性。綜合上述因素,我們確實認爲河南大有能源的債務對業務構成了一些風險。因此,儘管這種槓桿率確實提高了股本回報率,但我們真的不希望看到它從現在開始增加。在分析債務水平時,資產負債表是顯而易見的起點。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,你應該了解我們在河南大有能源發現的3個警告信號(其中一個可能很嚴重)。
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。