Tianjin Troila Information TechnologyLtd (SHSE:600225) Has Debt But No Earnings; Should You Worry?
Tianjin Troila Information TechnologyLtd (SHSE:600225) Has Debt But No Earnings; Should You Worry?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Tianjin Troila Information Technology Co.,Ltd. (SHSE:600225) makes use of debt. But is this debt a concern to shareholders?
傳奇基金經理李錄(得到查理·芒格的支持)曾說:「最大的投資風險不是價格波動,而是您是否會遭受到永久性資本損失。」當我們考慮一家公司的風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能導致災難。正如許多其他公司一樣,天津卓朗科技股份有限公司(SHSE:600225)利用債務。但這個債務對股東來說是一個問題嗎?
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. If things get really bad, the lenders can take control of the business. 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. 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.
當一個企業無法輕鬆地通過自由現金流或以誘人的價格融資來履行債務和其他負債時,債務和其他負債會對企業產生風險。如果情況變得非常糟糕,債權人可以接管企業。然而,一個更常見(但仍然昂貴)的情況是,一家公司必須以廉價的股票價格稀釋股東,以控制債務。然而,通過債務取代稀釋,債務可以成爲需要資本投資高回報增長的企業的極好工具。考慮一家公司的債務水平時的第一步是考慮其現金和債務的總和。
What Is Tianjin Troila Information TechnologyLtd's Net Debt?
天津卓朗科技股份有限公司的淨債務是多少?
The chart below, which you can click on for greater detail, shows that Tianjin Troila Information TechnologyLtd had CN¥2.49b in debt in March 2024; about the same as the year before. However, because it has a cash reserve of CN¥275.4m, its net debt is less, at about CN¥2.22b.
如下圖所示,截至2024年3月,天津卓朗科技股份有限公司的債務爲24.9億人民幣,與前一年相當。然而,由於其有2.754億人民幣的現金儲備,其淨債務較少,約爲22.2億人民幣。
How Strong Is Tianjin Troila Information TechnologyLtd's Balance Sheet?
天津卓朗科技有限公司的資產負債表有多強?
We can see from the most recent balance sheet that Tianjin Troila Information TechnologyLtd had liabilities of CN¥3.80b falling due within a year, and liabilities of CN¥1.44b due beyond that. Offsetting this, it had CN¥275.4m in cash and CN¥713.8m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥4.25b.
從最近的資產負債表中,我們可以看到天津卓朗科技有限公司有38億人民幣的一年內到期的債務,以及14.4億人民幣的超過一年到期的債務。 與此相抵,它有2,7540萬人民幣的現金和7,1380萬人民幣的應收賬款,這些應收賬款在12個月內到期。 因此,它的負債比其現金和(短期)應收賬款的總和超過了42.5億人民幣。
This is a mountain of leverage relative to its market capitalization of CN¥4.88b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Tianjin Troila Information TechnologyLtd will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
相對於其48.8億人民幣的市值,這是一座龐大的槓桿債務。 如果其貸款人要求其加強資產負債表,股東可能面臨嚴重的攤薄。 毫無疑問,我們從資產負債表中對債務的了解最多。 但您不能孤立地看待債務;因爲天津卓朗科技有限公司需要盈利來償還債務。 因此,在考慮債務時,肯定值得關注盈利趨勢。 請點擊這裏查看交互式快照。
In the last year Tianjin Troila Information TechnologyLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 17%, to CN¥1.1b. We usually like to see faster growth from unprofitable companies, but each to their own.
在過去的一年中,天津卓朗科技有限公司在稅息前利潤(EBIt)水平上沒有盈利,但其營業收入增長了17%,達到了11億人民幣。 我們通常希望看到虧損公司的增長更快,但各有各的喜好。
Caveat Emptor
買方自負。
Over the last twelve months Tianjin Troila Information TechnologyLtd produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥145m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥1.2b in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Tianjin Troila Information TechnologyLtd is showing 1 warning sign in our investment analysis , you should know about...
在過去十二個月中,天津卓朗科技有限公司的利息和稅前利潤(EBIT)虧損。 具體而言,EBIt虧損爲1.45億人民幣。 當我們考慮到其資產負債表上的負債與現金的相對關係時,對公司有任何債務似乎對我們來說是不明智的。 所以我們認爲它的資產負債表有些緊張,但還沒有到無法修復的程度。 另一個理由是,在過去的十二個月中,它的自由現金流爲負12億人民幣。 因此,可以說我們認爲這支股票非常有風險。 在分析債務時,資產負債表顯然是我們要關注的領域。 然而,並不是所有的投資風險都存在於資產負債表中 - 遠非如此。 請注意,根據我們的投資分析,天津卓朗科技有限公司有一個警示信號,您應該了解一下...
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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