These 4 Measures Indicate That Hubei DinglongLtd (SZSE:300054) Is Using Debt Reasonably Well
These 4 Measures Indicate That Hubei DinglongLtd (SZSE:300054) Is Using Debt Reasonably Well
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies Hubei Dinglong CO.,Ltd. (SZSE:300054) makes use of debt. But the more important question is: how much risk is that debt creating?
大衛·伊本說得好,他說:「波動性不是我們關心的風險。我們關心的是避免資本的永久損失。」因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。與許多其他公司一樣,湖北鼎龍有限公司, Ltd.(深圳證券交易所股票代碼:300054)使用債務。但更重要的問題是:這筆債務會帶來多大的風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. When we think about a company's use of debt, we first look at cash and debt together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。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,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的極好工具。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 Hubei DinglongLtd's Debt?
湖北鼎龍有限公司的債務是多少?
As you can see below, at the end of September 2024, Hubei DinglongLtd had CN¥1.35b of debt, up from CN¥897.8m a year ago. Click the image for more detail. However, it also had CN¥1.10b in cash, and so its net debt is CN¥253.1m.
如下所示,截至2024年9月底,湖北鼎龍有限公司的債務爲13.5元人民幣,高於去年同期的89780萬加元。點擊圖片了解更多詳情。但是,它也有11英鎊的現金,因此其淨負債爲25310萬元人民幣。
How Strong Is Hubei DinglongLtd's Balance Sheet?
湖北鼎龍股份有限公司的資產負債表有多強?
We can see from the most recent balance sheet that Hubei DinglongLtd had liabilities of CN¥1.35b falling due within a year, and liabilities of CN¥1.16b due beyond that. Offsetting this, it had CN¥1.10b in cash and CN¥1.09b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥324.5m.
我們可以從最新的資產負債表中看出,湖北鼎龍股份有限公司的負債爲13.5元人民幣,一年後到期的負債爲11.6元人民幣。與此相抵消的是,它有11元人民幣的現金和10.9元人民幣的應收賬款將在12個月內到期。因此,其負債比其現金和(短期)應收賬款總額高出32450萬元人民幣。
This state of affairs indicates that Hubei DinglongLtd's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥24.5b company is short on cash, but still worth keeping an eye on the balance sheet. But either way, Hubei DinglongLtd has virtually no net debt, so it's fair to say it does not have a heavy debt load!
這種狀況表明,湖北鼎龍的資產負債表看起來相當穩健,因爲其總負債幾乎等於其流動資產。因此,這家245元人民幣的公司現金短缺的可能性很小,但仍然值得關注資產負債表。但不管怎樣,湖北鼎龍幾乎沒有淨負債,所以可以說它沒有沉重的債務負擔!
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以其扣除利息、稅項、折舊和攤銷前的收益(EBITDA)和其利息和稅前收益(EBIT)除以其利息支出(利息保障)。這種方法的優勢在於,我們既考慮了債務的絕對數量(淨負債佔息稅折舊攤銷前利潤),也考慮了與該債務相關的實際利息支出(及其利息覆蓋率)。
Hubei DinglongLtd's net debt is only 0.35 times its EBITDA. And its EBIT covers its interest expense a whopping 22.7 times over. So we're pretty relaxed about its super-conservative use of debt. On top of that, Hubei DinglongLtd grew its EBIT by 98% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Hubei DinglongLtd's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
湖北鼎龍股份有限公司的淨負債僅爲其息稅折舊攤銷前利潤的0.35倍。其息稅前利潤可支付高達22.7倍的利息支出。因此,我們對它超保守的債務使用相當放鬆。最重要的是,湖北鼎龍股份有限公司在過去十二個月中將其息稅前利潤增長了98%,這種增長將使其更容易處理債務。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益比什麼都重要,將決定湖北鼎龍股份有限公司未來保持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Hubei DinglongLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。因此,合乎邏輯的步驟是研究該息稅前利潤與實際自由現金流相匹配的比例。在過去的三年中,湖北鼎龍股份有限公司燒掉了大量現金。儘管這可能是增長支出的結果,但它確實使債務風險大大增加。
Our View
我們的觀點
Happily, Hubei DinglongLtd's impressive interest cover implies it has the upper hand on its debt. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. When we consider the range of factors above, it looks like Hubei DinglongLtd is pretty sensible with its use of debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. 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 Hubei DinglongLtd's earnings per share history for free.
令人高興的是,湖北鼎龍股份有限公司令人印象深刻的利息保障意味着其在債務上佔了上風。但是我們必須承認,我們發現其將息稅前利潤轉換爲自由現金流會產生相反的效果。當我們考慮上述一系列因素時,湖北鼎龍股份有限公司使用債務似乎相當明智。這意味着他們正在承擔更多的風險,希望提高股東的回報。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這張湖北鼎龍股份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身上。讀者現在可以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。