DEPPON LOGISTICS (SHSE:603056) Could Easily Take On More Debt
DEPPON LOGISTICS (SHSE:603056) Could Easily Take On More Debt
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. We can see that DEPPON LOGISTICS Co., LTD. (SHSE:603056) does use debt in its business. But the real question is whether this debt is making the company risky.
傳奇基金經理李露(由查理·芒格支持)曾經說過:「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。我們可以看到德邦物流株式會社(SHSE: 603056)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。
What Risk Does Debt Bring?
債務帶來什麼風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。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。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人迫使他們以不良价格籌集資金。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。
What Is DEPPON LOGISTICS's Net Debt?
德邦物流的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that DEPPON LOGISTICS had CN¥1.78b of debt in September 2024, down from CN¥2.67b, one year before. However, its balance sheet shows it holds CN¥3.14b in cash, so it actually has CN¥1.36b net cash.
你可以點擊下圖查看歷史數字,但它顯示德邦物流在2024年9月的債務爲17.8元人民幣,低於一年前的26.7元人民幣。但是,其資產負債表顯示它持有31.4元人民幣的現金,因此實際上擁有13.6元人民幣的淨現金。
A Look At DEPPON LOGISTICS' Liabilities
看看德邦物流的負債
We can see from the most recent balance sheet that DEPPON LOGISTICS had liabilities of CN¥6.85b falling due within a year, and liabilities of CN¥1.78b due beyond that. Offsetting this, it had CN¥3.14b in cash and CN¥3.96b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.53b more than its cash and near-term receivables, combined.
我們可以從最新的資產負債表中看出,德邦物流的負債爲68.5元人民幣,將在一年內到期,在此之後到期的負債爲17.8元人民幣。與此相抵消的是,它有31.4元人民幣的現金和39.6元人民幣的應收賬款將在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和多出15.3元人民幣。
Since publicly traded DEPPON LOGISTICS shares are worth a total of CN¥14.7b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, DEPPON LOGISTICS also has more cash than debt, so we're pretty confident it can manage its debt safely.
由於公開交易的德邦物流股票總價值爲147元人民幣,因此這種負債水平似乎不太可能構成重大威脅。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。儘管它確實有值得注意的負債,但DEPPON LOGISTICS的現金也多於債務,因此我們非常有信心它可以安全地管理債務。
In addition to that, we're happy to report that DEPPON LOGISTICS has boosted its EBIT by 56%, 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 DEPPON LOGISTICS 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,德邦物流已將其息稅前利潤提高了56%,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,該業務的未來盈利能力將決定DEPPON LOGISTICS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, a company can only pay off debt with cold hard cash, not accounting profits. DEPPON LOGISTICS may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Happily for any shareholders, DEPPON LOGISTICS actually produced more free cash flow than EBIT over the last three 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,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。DEPPON LOGISTICS的資產負債表上可能有淨現金,但研究該企業如何將其利息稅前收益(EBIT)轉換爲自由現金流仍然很有趣,因爲這將影響其對債務的需求和管理債務的能力。令所有股東感到高興的是,德邦物流在過去三年中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
總結一下
While DEPPON LOGISTICS does have more liabilities than liquid assets, it also has net cash of CN¥1.36b. And it impressed us with free cash flow of CN¥2.2b, being 299% of its EBIT. So is DEPPON LOGISTICS's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for DEPPON LOGISTICS you should be aware of.
儘管德邦物流的負債確實多於流動資產,但其淨現金也爲13.6元人民幣。它以22元人民幣的自由現金流給我們留下了深刻的印象,佔其息稅前利潤的299%。那麼,德邦物流的債務是一種風險嗎?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。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。一個很好的例子:我們發現了 DEPPON LOGISTICS 的 1 個警告標誌,你應該注意。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼立即查看我們的淨現金增長股票的獨家清單。
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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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。