Is Easyhome New Retail Group (SZSE:000785) Using Too Much Debt?
Is Easyhome New Retail Group (SZSE:000785) Using Too Much Debt?
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Easyhome New Retail Group Corporation Limited (SZSE:000785) makes use of debt. But the real question is whether this debt is making the company risky.
霍華德·馬克斯曾形容得很好,即『與其擔心股價波動,不如擔心永久性損失的風險...我認識的每一個實際投資者都是這樣擔心的。』 當我們考慮公司的風險程度時,我們總是喜歡看它對債務的使用情況,因爲債務負擔過重會導致毀滅。與很多其他公司一樣,居然之家(深圳證券交易所:000785)也使用了債務。但真正的問題是這些債務是否會讓公司變得風險更高。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
當企業不能通過自由現金流或以有吸引力的價格籌資來輕鬆履行債務義務時,債務和其他負債會對企業產生風險。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所有。但更常見(但仍然昂貴)的情況是,公司必須在股價便宜的情況下稀釋股東,以便控制債務。當然,很多企業使用債務來資助增長,沒有任何負面後果。當我們考慮公司的債務使用情況時,我們首先看現金和債務。
What Is Easyhome New Retail Group's Net Debt?
居然之家新零售集團的淨債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Easyhome New Retail Group had CN¥7.74b of debt, an increase on CN¥3.64b, over one year. On the flip side, it has CN¥2.90b in cash leading to net debt of about CN¥4.83b.
您可以點擊下面的圖表查看歷史數據,但它顯示截至2024年3月,居然之家新零售集團的債務爲77.4億元人民幣,較去年的36.4億元人民幣增加。而相反,它有29億元人民幣的現金,因此淨債務約爲48.3億元人民幣。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240813/0-c948d420c0d6e6defacd8dea4ed893c0-0-891d035ec52c3ba59db33ac0ccbd01da.png/big)
How Healthy Is Easyhome New Retail Group's Balance Sheet?
居然之家新零售集團的資產負債表健康狀況如何?
The latest balance sheet data shows that Easyhome New Retail Group had liabilities of CN¥10.0b due within a year, and liabilities of CN¥21.8b falling due after that. On the other hand, it had cash of CN¥2.90b and CN¥2.23b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥26.7b.
最新資產負債表數據顯示,居然之家新零售集團有100億元人民幣的短期負債和218億元人民幣的到期負債。另一方面,它有29億元人民幣的現金和22.3億元人民幣的應收賬款到期。因此,它的負債總額超過了現金和(短期)應收賬款的總和267億元人民幣。
This deficit casts a shadow over the CN¥16.0b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. After all, Easyhome New Retail Group would likely require a major re-capitalisation if it had to pay its creditors today.
這個赤字就像一個龐大的巨人一樣,覆蓋在這個160億元人民幣的公司上。所以毫無疑問,我們會密切關注它的資產負債表。畢竟,如果它今天必須償還債務,居然之家新零售集團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). 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。
Even though Easyhome New Retail Group's debt is only 2.2, its interest cover is really very low at 2.1. This does have us wondering if the company pays high interest because it is considered risky. Either way there's no doubt the stock is using meaningful leverage. Importantly, Easyhome New Retail Group's EBIT fell a jaw-dropping 40% in the last twelve months. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Easyhome New Retail Group's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
即使居然之家新零售集團的負債率僅爲2.2,其利息覆蓋率也非常低,僅爲2.1。這確實使我們想知道,公司是否因被認爲是有風險而支付了高昂的利息。無論如何,毫無疑問,股票正在使用大量槓桿。重要的是,居然之家新零售集團的利潤稅前利潤(EBIt)在過去12個月中驚人地下降了40%。如果這種盈利趨勢持續下去,償還債務會像把貓集合到過山車上那樣困難。在分析債務水平時,資產負債表是明顯的研究起點。但最終,未來的盈利才是決定居然之家新零售集團是否能夠保持健康資產負債表的關鍵。因此,如果您想知道專業人士的看法,您可能會發現分析師利潤預測的免費報告很有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Easyhome New Retail Group generated free cash flow amounting to a very robust 90% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
但我們最後的考慮也很重要,因爲公司無法通過紙上利潤償還債務;它需要現金。因此,值得檢查的是,有多少EBIt是由自由現金流支持的。在過去的三年中,居然之家新零售集團產生了非常強大的自由現金流,相當於其EBIt的90%,超出了我們的預期。如果必要,這將爲其清償債務提供有力支持。
Our View
我們的觀點
On the face of it, Easyhome New Retail Group's EBIT growth rate 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 on the bright side, its conversion of EBIT to free cash flow is a good sign, and makes us more optimistic. Overall, it seems to us that Easyhome New Retail Group'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. 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. Be aware that Easyhome New Retail Group is showing 2 warning signs in our investment analysis , you should know about...
從表面上看,居然之家新零售集團的EBIt增長率使我們對股票感到猶豫不決,其總負債水平也不比全年最繁忙的那一天裏的一家空餐廳更有吸引力。但從好的一面來看,其EBIt轉化爲自由現金流的情況是一個好跡象,這使我們更加樂觀。總的來說,我們認爲居然之家新零售集團的資產負債表確實對企業構成了相當大的風險。因此,我們對這隻股票非常謹慎,並認爲股東應該密切關注其流動性。沒有疑問,從資產負債表中可以了解到大部分的債務信息,但最終,每個企業都可能存在超出資產負債表範圍的風險。請注意,居然之家新零售集團在我們的投資分析中顯示出了2個警示信號,您需要知道...。
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,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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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。