Xueda (Xiamen) Education Technology Group (SZSE:000526) Seems To Use Debt Rather Sparingly
Xueda (Xiamen) Education Technology Group (SZSE:000526) Seems To Use Debt Rather Sparingly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Xueda (Xiamen) Education Technology Group Co., Ltd (SZSE:000526) does use debt in its business. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾說過一句名言:「波動性遠非風險的代名詞。」當我們考慮一家公司的風險時,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,學大(廈門)教育科技集團有限公司(深圳證券交易所代碼:000526)確實在其業務中使用了債務。但真正的問題是這筆債務是否使公司面臨風險。
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業發展的工具,但是如果企業無法還清貸款人,那麼債務就任其擺佈。在最壞的情況下,如果一家公司無法償還債權人,它可能會破產。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本資本,從而永久稀釋股東。當然,債務的好處在於它通常代表着廉價的資本,尤其是當它取代了具有高回報率再投資能力的公司的稀釋時。當我們考慮公司對債務的使用時,我們首先要同時考慮現金和債務。
How Much Debt Does Xueda (Xiamen) Education Technology Group Carry?
學大(廈門)教育科技集團揹負了多少債務?
The image below, which you can click on for greater detail, shows that Xueda (Xiamen) Education Technology Group had debt of CN¥787.6m at the end of June 2024, a reduction from CN¥1.07b over a year. However, it does have CN¥863.8m in cash offsetting this, leading to net cash of CN¥76.2m.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年6月底,學大(廈門)教育科技集團的債務爲78760萬元人民幣,較一年內的10.7元人民幣有所減少。但是,它確實有86380萬元的現金抵消了這一點,因此淨現金爲7620萬元人民幣。
![1724975756475](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240830/43090642-0-2ee3f4fb08035bbc2b64e7a370d4596c.webp/bigjpg)
A Look At Xueda (Xiamen) Education Technology Group's Liabilities
看看學大(廈門)教育科技集團的負債
According to the last reported balance sheet, Xueda (Xiamen) Education Technology Group had liabilities of CN¥1.91b due within 12 months, and liabilities of CN¥703.0m due beyond 12 months. Offsetting these obligations, it had cash of CN¥863.8m as well as receivables valued at CN¥153.9m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.59b.
根據上次報告的資產負債表,學大(廈門)教育科技集團的負債爲19.1元人民幣,12個月後到期,負債爲70300萬元人民幣。除了這些債務外,它有86380萬元人民幣的現金以及價值15390萬元人民幣的應收賬款將在12個月內到期。因此,其負債超過其現金和(短期)應收賬款總額15.9元人民幣。
Xueda (Xiamen) Education Technology Group has a market capitalization of CN¥6.80b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. Despite its noteworthy liabilities, Xueda (Xiamen) Education Technology Group boasts net cash, so it's fair to say it does not have a heavy debt load!
學達(廈門)教育科技集團的市值爲68元人民幣,因此,如果需要,它很可能會籌集資金以改善其資產負債表。但很明顯,我們一定要仔細研究它能否在不稀釋的情況下管理債務。儘管負債可觀,但學大(廈門)教育科技集團擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
In addition to that, we're happy to report that Xueda (Xiamen) Education Technology Group has boosted its EBIT by 88%, thus reducing the spectre of future debt repayments. 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 Xueda (Xiamen) Education Technology 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.
除此之外,我們很高興地向大家報告,學大(廈門)教育科技集團已將其息稅前利潤提高了88%,從而減少了對未來債務償還的擔憂。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務未來的盈利能力將決定學大(廈門)教育科技集團能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Xueda (Xiamen) Education Technology Group 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. Happily for any shareholders, Xueda (Xiamen) Education Technology Group actually produced more free cash flow than EBIT over the last two years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。儘管學達(廈門)教育科技集團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。令所有股東感到高興的是,在過去兩年中,學達(廈門)教育科技集團產生的自由現金流實際上超過了息稅前利潤。當Daft Punk音樂會的節拍下降時,這種強勁的現金轉換讓我們和觀衆一樣興奮。
Summing Up
總結
While Xueda (Xiamen) Education Technology Group does have more liabilities than liquid assets, it also has net cash of CN¥76.2m. The cherry on top was that in converted 167% of that EBIT to free cash flow, bringing in CN¥475m. So we don't think Xueda (Xiamen) Education Technology Group's use of debt is risky. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of Xueda (Xiamen) Education Technology Group's earnings per share history for free.
儘管學達(廈門)教育科技集團的負債確實多於流動資產,但其淨現金也爲7620萬元人民幣。最重要的是,它將息稅前利潤的167%轉換爲自由現金流,帶來了47500萬元人民幣的收入。因此,我們認爲學大(廈門)教育科技集團使用債務沒有風險。除了大多數其他指標外,我們認爲追蹤每股收益的增長速度非常重要。如果你也意識到了這一點,那你很幸運,因爲今天你可以免費查看學大(廈門)教育科技集團每股收益歷史的互動圖表。
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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