Sichuan Gold (SZSE:001337) Seems To Use Debt Rather Sparingly
Sichuan Gold (SZSE:001337) Seems To Use Debt Rather Sparingly
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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. We can see that Sichuan Gold Co., Ltd. (SZSE:001337) does use debt in its business. But the more important question is: how much risk is that debt creating?
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:「最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。」當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們可以看到,四川黃金股份有限公司(深圳證券交易所:001337)確實在其業務中使用了債務。但更重要的問題是:這筆債務會帶來多大的風險?
When Is Debt Dangerous?
債務何時危險?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。資本主義的組成部分是 「創造性破壞」 過程,在這種過程中,倒閉的企業被銀行家無情地清算。但是,更頻繁(但仍然昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。
What Is Sichuan Gold's Net Debt?
四川黃金的淨負債是多少?
The image below, which you can click on for greater detail, shows that at June 2024 Sichuan Gold had debt of CN¥44.2m, up from none in one year. However, its balance sheet shows it holds CN¥692.1m in cash, so it actually has CN¥648.0m net cash.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年6月,四川黃金的債務爲4420萬元人民幣,高於一年的無債務。但是,其資產負債表顯示它持有69210萬元人民幣的現金,因此它實際上有64800萬元人民幣的淨現金。
![1724718572303](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240827/42901700-0-227a84835efa9fc5ebc92c9fbe63f631.webp/bigjpg)
How Strong Is Sichuan Gold's Balance Sheet?
四川黃金的資產負債表有多強?
The latest balance sheet data shows that Sichuan Gold had liabilities of CN¥174.3m due within a year, and liabilities of CN¥281.2m falling due after that. Offsetting these obligations, it had cash of CN¥692.1m as well as receivables valued at CN¥13.7m due within 12 months. So it actually has CN¥250.4m more liquid assets than total liabilities.
最新的資產負債表數據顯示,四川黃金在一年內到期的負債爲17430萬元人民幣,28120萬元人民幣的負債在此之後到期。除了這些債務外,它還有69210萬元人民幣的現金以及價值1370萬加元的應收賬款將在12個月內到期。因此,它的流動資產實際上比總負債多出25040萬元人民幣。
This surplus suggests that Sichuan Gold has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Sichuan Gold boasts net cash, so it's fair to say it does not have a heavy debt load!
這種盈餘表明四川黃金的資產負債表比較保守,可以毫不費力地消除債務。簡而言之,四川黃金擁有淨現金,因此可以說它沒有沉重的債務負擔!
On top of that, Sichuan Gold grew its EBIT by 47% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Sichuan Gold 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.
最重要的是,四川黃金在過去十二個月中將其息稅前利潤增長了47%,這種增長將使其更容易處理債務。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是你不能完全孤立地看待債務;因爲四川黃金需要收益來償還債務。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Sichuan Gold has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Sichuan Gold produced sturdy free cash flow equating to 52% 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.
最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。儘管四川黃金的資產負債表上有淨現金,但仍值得一看其將息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去三年中,四川黃金產生了穩健的自由現金流,相當於其息稅前利潤的52%,與我們的預期差不多。這種自由現金流使公司處於有利地位,可以在適當的時候償還債務。
Summing Up
總結
While it is always sensible to investigate a company's debt, in this case Sichuan Gold has CN¥648.0m in net cash and a decent-looking balance sheet. And we liked the look of last year's 47% year-on-year EBIT growth. So is Sichuan Gold's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Sichuan Gold has 1 warning sign we think you should be aware of.
儘管調查公司的債務總是明智的,但在本案中,四川黃金擁有64800萬元人民幣的淨現金和不錯的資產負債表。我們喜歡去年息稅前利潤同比增長47%的樣子。那麼四川黃金的債務有風險嗎?在我們看來,情況並非如此。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,四川黃金有 1 個警告信號,我們認爲您應該注意。
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.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。