An Hui Wenergy (SZSE:000543) Has A Somewhat Strained Balance Sheet
An Hui Wenergy (SZSE:000543) Has A Somewhat Strained Balance Sheet
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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that An Hui Wenergy Company Limited (SZSE:000543) does use debt in its business. But is this debt a concern to shareholders?
作爲一個投資者,有些人認爲波動性是思考風險的最好方式,而禾倫·巴菲特出名地說過:“波動性與風險遠未同義。” 因此,當你思考任何給定的股票有多大風險時,考慮到債務是必須的,因爲過多的債務可能會使公司破產。我們可以看到皖能電力股份有限公司(SZSE:000543)在其業務中使用債務。但是,這些債務是否會引起股東的擔憂呢?
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. 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. 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,直到企業無法通過新的資本或自由現金流償還。如果情況變得真的很糟糕,借款人可以控制企業。然而,情況多半是企業合理管理其債務,獲得自身利益。考慮企業使用多少債務時,首要要做的是看現金和債務的結合。
How Much Debt Does An Hui Wenergy Carry?
皖能電力的負債有多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 An Hui Wenergy had CN¥34.0b of debt, an increase on CN¥24.1b, over one year. However, it does have CN¥2.87b in cash offsetting this, leading to net debt of about CN¥31.2b.
您可以點擊下面的圖表查看歷史數據,但是它顯示到2024年3月爲止,皖能電力的債務總額爲340億元人民幣,比去年同期增加了24.1億元人民幣。但是,爲抵消這些債務,它有28.7億元人民幣的現金,導致淨債務約爲312億元人民幣。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240715/0-d1e716b8a23afed65baa3fb7e8ca98fb-0-367f43b29c6e6f5d9f3271fbacaebe70.png/big)
How Healthy Is An Hui Wenergy's Balance Sheet?
皖能電力的資產負債表狀況如何?
The latest balance sheet data shows that An Hui Wenergy had liabilities of CN¥14.4b due within a year, and liabilities of CN¥26.4b falling due after that. Offsetting this, it had CN¥2.87b in cash and CN¥3.37b in receivables that were due within 12 months. So its liabilities total CN¥34.5b more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,皖能電力由其12個月內到期的債務爲144億元人民幣,由其之後到期的債務爲264億元人民幣。抵消這些債務,它有28.7億元人民幣的現金和33.7億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組合多出345億元人民幣。
This deficit casts a shadow over the CN¥20.4b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. After all, An Hui Wenergy would likely require a major re-capitalisation if it had to pay its creditors today.
這種赤字像一個巨人一樣籠罩着這個204億元人民幣的公司。因此,我們肯定認爲股東需要密切關注這一點。畢竟,如果皖能電力不得不今天付款給債權人,它很可能需要進行重大的再融資。
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). 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).
我們通過查看淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比以及計算其利息支出由收益前利息和稅(EBIT)覆蓋的程度來度量一家公司的債務負載相對於其收益能力的程度。此方法的優點在於我們同時考慮了債務的絕對量(以淨債務爲EBITDA)以及與該債務相關的實際利息支出(以其利息覆蓋倍數計算)。
Strangely An Hui Wenergy has a sky high EBITDA ratio of 8.9, 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. Pleasingly, An Hui Wenergy is growing its EBIT faster than former Australian PM Bob Hawke downs a yard glass, boasting a 547% gain in the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if An Hui Wenergy can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
奇怪的是,皖能電力的EBITDA比率非常高,爲8.9,表明高負債,但利息覆蓋強勁,爲0.1萬。這意味着,除非公司擁有非常便宜的債務,否則利息支出可能在未來增長。令人高興的是,皖能電力的EBIt增長速度比前澳大利亞總理鮑勃·霍克(Bob Hawke)喝啤酒的速度快得多,過去十二個月增長了547%。當分析債務水平時,資產負債表是顯而易見的起點。但最終,業務的未來盈利能力將決定皖能電力是否能夠隨着時間的推移加強其資產負債表。因此,如果您專注於未來,可以查看這份免費報告,顯示分析師的利潤預測。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last two years, An Hui Wenergy burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,公司只能用冷硬現金而不是會計利潤來償還債務。因此,邏輯步驟是查看EBIt與實際自由現金流相匹配的比例。在過去的兩年中,皖能電力燒光了很多現金。雖然這可能是爲了擴張而支出,但這使得債務更加風險。
Our View
我們的觀點
On the face of it, An Hui Wenergy'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. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. Overall, it seems to us that An Hui Wenergy's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. 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. Be aware that An Hui Wenergy is showing 2 warning signs in our investment analysis , and 1 of those shouldn't be ignored...
表面上看,皖能電力的EBIt轉爲自由現金流的轉化讓我們對股票持觀望態度,其總負債水平也不比一年中最繁忙的晚上中最空的餐館更有吸引力。但至少它相當擅長用其EBIT支付利息;這是令人鼓舞的。總的來說,對於這個股票而言,我們認爲皖能電力的資產負債表對業務的風險真的很大。因此,我們對該股持謹慎態度,並認爲股東應密切關注其流動性。資產負債表顯然是分析債務時要專注的地方。但歸根結底,每個公司都可能包含超出資產負債表之外的風險。請注意,皖能電力在我們的投資分析中顯示了2個預警信號,其中1個不應被忽視...
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。