We Think Yintai Gold (SZSE:000975) Can Manage Its Debt With Ease
We Think Yintai Gold (SZSE:000975) Can Manage Its Debt With Ease
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Yintai Gold Co., Ltd. (SZSE:000975) makes use of debt. But the more important question is: how much risk is that debt creating?
一些人說,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾說過一句名言:波動性遠非風險的同義詞。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。與許多其他公司一樣銀泰黃金有限公司。(SZSE:000975)利用債務。但更重要的問題是:這筆債務造成了多大的風險?
When Is Debt Dangerous?
債務在什麼時候是危險的?
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 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 examine debt levels, we first consider both cash and debt levels, together.
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。如果情況真的變得很糟糕,貸款人可以控制業務。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當我們檢查債務水準時,我們首先同時考慮現金和債務水準。
View our latest analysis for Yintai Gold
查看我們對銀泰黃金的最新分析
What Is Yintai Gold's Debt?
銀泰黃金的債務是什麼?
The image below, which you can click on for greater detail, shows that Yintai Gold had debt of CN¥644.4m at the end of June 2023, a reduction from CN¥896.8m over a year. However, it does have CN¥3.16b in cash offsetting this, leading to net cash of CN¥2.52b.
下圖顯示,截至2023年6月底,銀泰黃金的債務為6.444億加元,低於一年內的8.968億加元。你可以點擊下面的圖片查看更多細節。然而,它確實有31.6億元的現金抵消了這一點,導致淨現金25.2億元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231101/0-fb229b9b7e52ad79e6c7227f259b6557-0-1f6dfd558fa299848e5a21366eb4e31a.png/big)
How Healthy Is Yintai Gold's Balance Sheet?
銀泰黃金的資產負債表健康程度如何?
According to the last reported balance sheet, Yintai Gold had liabilities of CN¥1.85b due within 12 months, and liabilities of CN¥496.3m due beyond 12 months. Offsetting this, it had CN¥3.16b in cash and CN¥145.4m in receivables that were due within 12 months. So it actually has CN¥958.4m more liquid assets than total liabilities.
根據最新報告的資產負債表,銀泰黃金有18.5億加元的負債在12個月內到期,4.963億加元的負債在12個月後到期。作為抵消,它有31.6億加元的現金和1.454億加元的應收賬款在12個月內到期。所以它實際上有9.584億元人民幣更多流動資產超過總負債。
This short term liquidity is a sign that Yintai Gold could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Yintai Gold boasts net cash, so it's fair to say it does not have a heavy debt load!
這種短期流動性是一個跡象,表明銀泰黃金很可能可以輕鬆償還債務,因為其資產負債表遠未捉襟見肘。簡而言之,銀泰黃金擁有淨現金,所以可以說它沒有沉重的債務負擔!
And we also note warmly that Yintai Gold grew its EBIT by 11% last year, making its debt load easier to handle. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Yintai Gold's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
我們也熱烈地注意到,銀泰黃金去年的息稅前利潤增長了11%,使其債務負擔更容易處理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定銀泰黃金未來能否保持健康的資產負債表。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. Yintai Gold 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. During the last three years, Yintai Gold generated free cash flow amounting to a very robust 87% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
最後,一家公司只能用冷硬現金償還債務,而不是會計利潤。銀泰黃金的資產負債表上可能有淨現金,但看看該業務將息稅前利潤(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去的三年裡,銀泰黃金產生了非常強勁的自由現金流,佔其息稅前利潤的87%,高於我們的預期。這使它處於有利的地位,如果需要的話,它可以償還債務。
Summing Up
總結
While it is always sensible to investigate a company's debt, in this case Yintai Gold has CN¥2.52b in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of CN¥1.6b, being 87% of its EBIT. So we don't think Yintai Gold's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for Yintai Gold you should be aware of.
雖然調查一家公司的債務總是明智之舉,但在這起案件中,銀泰黃金擁有人民幣25.2億元的淨現金和體面的資產負債表。它給我們留下了深刻的印象,自由現金流為16億元,佔其息稅前利潤的87%。因此,我們不認為銀泰黃金使用債務是有風險的。當你分析債務時,資產負債表顯然是你關注的領域。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。一個恰當的例子:我們發現了1個銀泰金警示標誌你應該意識到。
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,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.