Shanghai Dazhong Public Utilities(Group)Ltd (SHSE:600635) Has A Pretty Healthy Balance Sheet
Shanghai Dazhong Public Utilities(Group)Ltd (SHSE:600635) Has A Pretty Healthy Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. We note that Shanghai Dazhong Public Utilities(Group) Co.,Ltd. (SHSE:600635) does have debt on its balance sheet. But is this debt a concern to shareholders?
戴維·伊本說得好,“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”當你考慮一家公司的風險時,考慮它的資產負債表是很自然的,因爲在業務崩潰時通常涉及到債務。我們注意到,大衆公用股份有限公司(SHSE:600635)在其資產負債表上確實有債務。但是這筆債務是否會讓股東擔憂呢?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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.
當債務和其他負債對一家企業來說難以便捷地履行那些義務,無論是通過自由現金流還是以優惠價格發行股本來履行時,其就會面臨風險。最終,如果該公司無法履行償還債務的法定義務,股東可能一分錢都拿不到。但更常見的(但仍然痛苦的)情況是,它必須以低價發行新股權,從而永久地稀釋股東的權益。話雖如此,最常見的情況是一家公司合理地管理其債務,並以自身的利益爲前提。當我們思考一家公司的債務使用時,首先要關注現金和債務。
What Is Shanghai Dazhong Public Utilities(Group)Ltd's Net Debt?
大衆公用股份有限公司的淨債務是多少?
As you can see below, Shanghai Dazhong Public Utilities(Group)Ltd had CN¥8.33b of debt at March 2024, down from CN¥9.85b a year prior. However, because it has a cash reserve of CN¥3.29b, its net debt is less, at about CN¥5.04b.
正如你下面所看到的,2024年3月,大衆公用股份有限公司的債務總額爲8330萬元人民幣,比去年減少了9850萬元人民幣。然而,由於它擁有3290萬元人民幣的現金儲備,其淨債務較少,約爲5040萬元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240607/0-2b0d1d8994a9fecf32b21d3ce0076eae-0-8565471bb4f12d0a1a81651dc7261c06.png/big)
A Look At Shanghai Dazhong Public Utilities(Group)Ltd's Liabilities
讓我們看看大衆公用股份有限公司的負債情況。
We can see from the most recent balance sheet that Shanghai Dazhong Public Utilities(Group)Ltd had liabilities of CN¥8.18b falling due within a year, and liabilities of CN¥4.99b due beyond that. Offsetting this, it had CN¥3.29b in cash and CN¥625.6m in receivables that were due within 12 months. So it has liabilities totalling CN¥9.25b more than its cash and near-term receivables, combined.
我們可以從最近的資產負債表上看到,大衆公用股份有限公司短期內到期的負債爲8180萬元人民幣,長期到期的負債爲4990萬元人民幣。相應地,它有3290萬元人民幣的現金和1256萬元人民幣的應收賬款在12個月內到期。所以,它的負債總額比其現金和短期應收賬款還要高9250萬元人民幣。
When you consider that this deficiency exceeds the company's CN¥7.26b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
當你考慮到這個不足超過公司7260萬元的市值時,你可能會傾向於仔細審查資產負債表。假設,如果公司被迫以當前的股價籌集資本償還負債,極度的稀釋是必須的。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。
Strangely Shanghai Dazhong Public Utilities(Group)Ltd has a sky high EBITDA ratio of 7.9, implying high debt, but a strong interest coverage of 1k. This means that unless the company has access to very cheap debt, that interest expense will likely grow in the future. It is well worth noting that Shanghai Dazhong Public Utilities(Group)Ltd's EBIT shot up like bamboo after rain, gaining 33% in the last twelve months. That'll make it easier to manage its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Shanghai Dazhong Public Utilities(Group)Ltd's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
奇怪的是,大衆公用股份有限公司的EBITDA比率高達7.9,暗示着高額債務,但強大的利息覆蓋率爲0.1萬。這意味着,除非公司有獲取非常便宜的債務的途徑,否則利息開支將有可能在未來增加。值得注意的是,大衆公用股份有限公司的EBIT在過去12個月中增長了33%。這將使它更容易管理債務。當你分析債務時,資產負債表顯然是需要關注的主要領域。但最終,大衆公用股份有限公司的收益將影響資產負債表在未來的穩定性。因此,在考慮債務時,一定要注意收益趨勢。請點擊這裏查看一個互動快照。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Shanghai Dazhong Public Utilities(Group)Ltd produced sturdy free cash flow equating to 71% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
但我們最後考慮的也很重要,因爲公司無法用紙質利潤支付債務;它需要冰冷的現金。因此,我們清楚地需要看看EBIt是否帶來相應的自由現金流。在過去的三年中,大衆公用股份有限公司產生了強勁的自由現金流,相當於其EBIt的71%,與我們的預期相當。這筆自由現金流使得公司在適當時候可以償還債務。
Our View
我們的觀點
Shanghai Dazhong Public Utilities(Group)Ltd's net debt to EBITDA was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. It's also worth noting that Shanghai Dazhong Public Utilities(Group)Ltd is in the Gas Utilities industry, which is often considered to be quite defensive. When we consider all the elements mentioned above, it seems to us that Shanghai Dazhong Public Utilities(Group)Ltd is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Shanghai Dazhong Public Utilities(Group)Ltd you should know about.
大衆公用股份有限公司的淨債務/EBITDA在這次分析中確實是個負面的因素,儘管我們考慮的其他因素都要好得多。毫無疑問,它用EBIt支付利息費用的能力非常強。值得注意的是,大衆公用股份有限公司屬於燃料幣行業,這通常被認爲是相當保守的。當我們考慮上述所有因素時,我們認爲大衆公用股份有限公司在管理債務方面表現不錯。但需要注意的是:我們認爲債務水平高到足以進行持續監控。毫無疑問,我們從資產負債表中可以了解到債務的最多信息。但最終,每個公司都可能存在超出資產負債表範圍的風險。這些風險往往難以識別。每家公司都有這些風險,我們已經發現了其3個警告信號,你應該知道。
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.
說到底,有時更容易關注那些甚至不需要債務的公司。讀者可以免費查看零淨債務增長股票列表,立即獲得。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。