Zhejiang Talent Television and Film (SZSE:300426) Seems To Use Debt Quite Sensibly
Zhejiang Talent Television and Film (SZSE:300426) Seems To Use Debt Quite Sensibly
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. We note that Zhejiang Talent Television and Film Co., Ltd. (SZSE:300426) does have debt on its balance sheet. But is this debt a concern to shareholders?
有人說,作爲投資者,波動性而不是債務是考慮風險的最佳方式,但沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當你研究公司的資產負債表的風險時,自然會考慮它的資產負債表,因爲企業倒閉時通常會涉及債務。我們注意到,浙江天倫影視股份有限公司(深交所股票代碼:300426)的資產負債表上確實有債務。但是這筆債務是股東關心的問題嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. If things get really bad, the lenders can take control of the business. 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, 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. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆償還債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,貸款人可以控制業務。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,因爲貸款人強迫他們以不利的價格籌集資金。當然,債務的好處在於它通常代表廉價資本,尤其是當它取代了對一家能夠以高回報率進行再投資的公司的攤薄時。考慮公司的債務水平時,第一步是將其現金和債務放在一起考慮。
See our latest analysis for Zhejiang Talent Television and Film
查看我們對浙江天才影視的最新分析
How Much Debt Does Zhejiang Talent Television and Film Carry?
浙江天才影視負擔多少債務?
The image below, which you can click on for greater detail, shows that Zhejiang Talent Television and Film had debt of CN¥1.72b at the end of September 2023, a reduction from CN¥1.84b over a year. However, because it has a cash reserve of CN¥172.8m, its net debt is less, at about CN¥1.54b.
您可以點擊下圖了解更多詳細信息,該圖片顯示,截至2023年9月底,浙江才藝影視的債務爲17.2億元人民幣,低於一年的18.4億元人民幣。但是,由於其現金儲備爲1.728億元人民幣,其淨負債較少,約爲15.4億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231123/0-6ae4b1887bec2e3af089405d7e6bd118-0-f80919eb2e0e774a9f297cd5f164fe9b.png/big)
How Strong Is Zhejiang Talent Television and Film's Balance Sheet?
浙江天才影視的資產負債表有多強?
According to the last reported balance sheet, Zhejiang Talent Television and Film had liabilities of CN¥1.88b due within 12 months, and liabilities of CN¥25.4m due beyond 12 months. Offsetting these obligations, it had cash of CN¥172.8m as well as receivables valued at CN¥372.0m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.36b.
根據上次公佈的資產負債表,浙江才藝影視在12個月內到期的負債爲18.8億元人民幣,12個月後到期的負債爲2540萬元人民幣。爲了抵消這些債務,它有1.728億元人民幣的現金以及價值3.720億元人民幣的應收賬款,將在12個月內到期。因此,其負債超過現金和(近期)應收賬款總額13.6億元人民幣。
Zhejiang Talent Television and Film has a market capitalization of CN¥5.54b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
浙江天才影視的市值爲5.54億元人民幣,因此,如果有需要,它很可能會籌集資金來改善資產負債表。但是我們一定要睜大眼睛,看看有跡象表明其債務帶來了太大風險。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). 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).
我們使用兩個主要比率來告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。這種方法的優勢在於,我們既考慮了債務的絕對數量(包括淨負債與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)。
With a net debt to EBITDA ratio of 9.8, it's fair to say Zhejiang Talent Television and Film does have a significant amount of debt. However, its interest coverage of 2.5 is reasonably strong, which is a good sign. Looking on the bright side, Zhejiang Talent Television and Film boosted its EBIT by a silky 34% in the last year. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing debt. 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 Zhejiang Talent Television and Film 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.
由於淨負債與息稅折舊攤銷前利潤的比率爲9.8,可以公平地說,浙江天才影視確實有大量債務。但是,其2.5的利息覆蓋率相當高,這是一個好兆頭。從好的方面來看,浙江天才影視去年將其息稅前利潤大幅提高了34%。就像人類的善良之乳一樣,這種增長可以增強抵禦能力,使公司更有能力管理債務。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浙江天才影視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。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Looking at the most recent two years, Zhejiang Talent Television and Film recorded free cash flow of 40% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但是我們的最終考慮因素也很重要,因爲公司無法用紙面利潤償還債務;它需要冷硬現金。因此,我們顯然需要研究息稅前利潤是否帶來了相應的自由現金流。縱觀最近兩年,浙江天才影視的自由現金流佔其息稅前利潤的40%,低於我們的預期。這種疲軟的現金轉換使處理債務變得更加困難。
Our View
我們的觀點
Zhejiang Talent Television and Film's net debt to EBITDA was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that its ability to to grow its EBIT is pretty flash. When we consider all the factors mentioned above, we do feel a bit cautious about Zhejiang Talent Television and Film's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. 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. We've identified 3 warning signs with Zhejiang Talent Television and Film , and understanding them should be part of your investment process.
儘管我們考慮的其他因素要好得多,但浙江天才影視與息稅折舊攤銷前利潤的淨負債確實是負數。毫無疑問,它增長息稅前利潤的能力相當快速。當我們考慮上述所有因素時,我們確實對浙江天才影視使用債務持謹慎態度。儘管債務確實有更高的潛在回報的好處,但我們認爲股東一定要考慮債務水平如何使股票更具風險。在分析債務水平時,資產負債表顯然是起點。但歸根結底,每家公司都可以控制資產負債表之外的風險。我們已經確定了浙江天才影視的三個警告信號,了解它們應該成爲您投資過程的一部分。
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,那麼請立即查看我們的獨家淨現金增長股票清單。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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。