Here's Why Concord New Energy Group (HKG:182) Is Weighed Down By Its Debt Load
Here's Why Concord New Energy Group (HKG:182) Is Weighed Down By Its Debt Load
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. We note that Concord New Energy Group Limited (HKG:182) does have debt on its balance sheet. But is this debt a concern to shareholders?
霍華德·馬克思說得很好,與其擔心股價波動,‘我擔心的是永久性損失的可能性……我認識的每個實際投資者都會擔心這個。’因此,聰明的錢知道,債務通常涉及破產,是評估公司風險性的一個非常重要的因素。我們注意到,康和新能源集團有限公司(HKG:182)的財務狀況表上確實有債務。但是這些債務是否會令股東擔憂呢?
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. 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. 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 step when considering a company's debt levels is to consider its cash and debt together.
債務幫助企業,直到企業遇到無法用新資本或自由現金流償還債務的麻煩。最終,如果企業無法履行其法律還債義務,股東可能會一無所有。然而,更常見(但仍然痛苦)的情況是,企業需要以低價籌集新股本,從而永久性稀釋股東。通過取代稀釋,債務可以成爲企業在高投資回報率的增長方面需要資本的極好工具。考慮公司的債務水平時,第一步是將其現金和債務一起考慮。
What Is Concord New Energy Group's Net Debt?
康和新能源集團的淨債務是多少?
As you can see below, at the end of December 2023, Concord New Energy Group had CN¥16.5b of debt, up from CN¥13.9b a year ago. Click the image for more detail. However, it does have CN¥2.60b in cash offsetting this, leading to net debt of about CN¥13.9b.
正如您在下面看到的,在2023年12月底,康和新能源集團的債務總額爲165億元人民幣,比一年前的139億元人民幣增加了。點擊圖像以獲取更多詳細信息。但是,它確實有26億元人民幣的現金用於抵消,導致淨債務約爲139億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240618/0-4b3da0e5dfa8381c6b0bdb729d156fdc-0-b2183201d480398c9691f0c707397c71.png/big)
A Look At Concord New Energy Group's Liabilities
着眼於最新的資產負債表數據,我們可以看到康和新能源集團有68.8億元人民幣的負債到期在12個月內,159億元人民幣的負債到期在12個月後。另一方面,它有26億元人民幣的現金和25.6億元人民幣的一年內到期的應收款項。因此,其負債總額比其現金和短期應收款項的組合多出176億元人民幣。
Zooming in on the latest balance sheet data, we can see that Concord New Energy Group had liabilities of CN¥6.88b due within 12 months and liabilities of CN¥15.9b due beyond that. On the other hand, it had cash of CN¥2.60b and CN¥2.56b worth of receivables due within a year. So its liabilities total CN¥17.6b more than the combination of its cash and short-term receivables.
這裏的虧損讓這家46.1億元人民幣的公司承受着沉重的負擔,就像一個孩子用沉重的揹包揹着書本、體育用品和小號一樣。因此,我們認爲股東一定需要密切關注這個問題。畢竟,康和新能源集團如果今天必須償還債權人,可能需要進行重大的重新資本化。
The deficiency here weighs heavily on the CN¥4.61b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. After all, Concord New Energy Group would likely require a major re-capitalisation if it had to pay its creditors today.
利息覆蓋倍數僅爲1.6倍,淨債務與EBITDA的比率非常高,這讓我們對康和新能源集團的信懇智能受到了沉重的打擊。這意味着我們認爲其債務負擔較重。對於投資者來說,另一個關注點可能是康和新能源集團的EBIT在過去一年中下降了11%。如果情況繼續下去的話,處理債務就像把憤怒的貓塞進旅行箱一樣難。對於分析債務,資產負債表顯然是要關注的領域。但是最終,企業未來的盈利能力將決定康和新能源集團是否能夠隨着時間的推移加強其資產負債表。因此,如果你想看看這個專業人士的看法,你可能會發現分析師盈利預測的這份免費報告很有趣。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。
Weak interest cover of 1.6 times and a disturbingly high net debt to EBITDA ratio of 8.4 hit our confidence in Concord New Energy Group like a one-two punch to the gut. This means we'd consider it to have a heavy debt load. Another concern for investors might be that Concord New Energy Group's EBIT fell 11% in the last year. If things keep going like that, handling the debt will about as easy as bundling an angry house cat into its travel box. 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 Concord New Energy Group 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.
最後,儘管稅務局可能喜歡會計利潤,但借款人只接受冷硬現金。因此,我們顯然需要看一下EBIT是否帶來相應的自由現金流。在過去三年中,康和新能源集團花費了大量現金。雖然投資者無疑期待這種情況逆轉,但這顯然意味着其債務使用更加冒險。
Finally, while the tax-man may adore accounting profits, lenders only accept 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, Concord New Energy Group 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.
從表面上看,康和新能源集團的EBIT向自由現金流的轉化使我們對股票持謹慎態度,其總負債水平的水平不比每年最繁忙的夜晚空蕩蕩的一家餐廳更具吸引力。此外,其利息覆蓋率也未能增強信心。我們認爲,康和新能源集團的負債過多的可能性非常大。對我們來說,這使得這隻股票相當具有風險,就像閉着眼睛走狗公園一樣。但是,有些投資者可能有不同的看法。資產負債表顯然是要關注的領域。但是,最終,每個公司都可能包含存在於資產負債表之外的風險。例如,康和新能源集團有3個警告標誌(和1個有點不舒服的標誌),我們認爲您應該了解這些內容。
Our View
我們的觀點
On the face of it, Concord New Energy Group's conversion of EBIT to free cash flow left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. And furthermore, its interest cover also fails to instill confidence. We think the chances that Concord New Energy Group has too much debt a very significant. To us, that makes the stock rather risky, like walking through a dog park with your eyes closed. But some investors may feel differently. 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 Concord New Energy Group has 3 warning signs (and 1 which is a bit unpleasant) we think you should know about.
利潤只有會計利潤得到稅務局的愛戴,而借款人只接受冷硬的現金。因此,我們顯然需要看一下EBIT是否帶來相應的自由現金流。在過去三年中,康和新能源集團花費了大量現金。雖然投資者無疑期待這種情況逆轉,但這顯然意味着其債務使用更加冒險。從表面上看,康和新能源集團的EBIT向自由現金流的轉化使我們對股票持謹慎態度,其總負債水平的水平不比每年最繁忙的夜晚空蕩蕩的一家餐廳更具吸引力。此外,其利息覆蓋率也未能增強信心。我們認爲,康和新能源集團的負債過多的可能性非常大。對我們來說,這使得這隻股票相當具有風險,就像閉着眼睛走狗公園一樣。但是,有些投資者可能有不同的看法。資產負債表顯然是要關注的領域。但是,最終,每個公司都可能包含存在於資產負債表之外的風險。例如,康和新能源集團有3個警告標誌(和1個有點不舒服的標誌),我們認爲您應該了解這些內容。
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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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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