Does CECEP Environmental Protection (SZSE:300140) Have A Healthy Balance Sheet?
Does CECEP Environmental Protection (SZSE:300140) Have A Healthy Balance Sheet?
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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies CECEP Environmental Protection Co., Ltd. (SZSE:300140) makes use of debt. But the real question is whether this debt is making the company risky.
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。與許多其他公司一樣,CECEP環境保護有限公司(深圳證券交易所代碼:300140)也使用債務。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?
債務會帶來什麼風險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.
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。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。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。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。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。
View our latest analysis for CECEP Environmental Protection
查看我們對CECEP環境保護的最新分析
What Is CECEP Environmental Protection's Net Debt?
CECEP環保的淨負債是多少?
The image below, which you can click on for greater detail, shows that at September 2023 CECEP Environmental Protection had debt of CN¥9.97b, up from CN¥361.4m in one year. However, it does have CN¥1.88b in cash offsetting this, leading to net debt of about CN¥8.09b.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2023年9月,CECEP環境保護的債務爲99.7億元人民幣,高於一年內的3.614億元人民幣。但是,它確實有18.8億加元的現金抵消了這一點,淨負債約爲80.9億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231218/0-f348a0b04472199349257c0b4a37e968-0-6d298315cc2d0da4225bcfeb7148e54f.png/big)
A Look At CECEP Environmental Protection's Liabilities
看看CECEP環境保護的負債
We can see from the most recent balance sheet that CECEP Environmental Protection had liabilities of CN¥7.10b falling due within a year, and liabilities of CN¥13.2b due beyond that. On the other hand, it had cash of CN¥1.88b and CN¥5.11b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥13.3b.
我們可以從最新的資產負債表中看出,CECEP環境保護在一年內到期的負債爲71.0億元人民幣,在此之後到期的負債爲132億元人民幣。另一方面,它有一年內到期的現金爲18.8億元人民幣,還有價值51.1億元人民幣的應收賬款。因此,其負債超過其現金和(短期)應收賬款總額133億元人民幣。
This is a mountain of leverage relative to its market capitalization of CN¥19.2b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since CECEP Environmental Protection will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
相對於其192億元人民幣的市值,這是一座巨大的槓桿率。如果其貸款人要求其支撐資產負債表,股東可能會面臨嚴重的稀釋。資產負債表顯然是分析債務時需要關注的領域。但是你不能完全孤立地看待債務;因爲CECEP環境保護需要收益來償還債務。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
In the last year CECEP Environmental Protection had a loss before interest and tax, and actually shrunk its revenue by 83%, to CN¥882m. That makes us nervous, to say the least.
去年,CECEP環境保護在利息和稅前出現虧損,實際上其收入減少了83%,至8.82億元人民幣。至少可以說,這讓我們感到緊張。
Caveat Emptor
Caveat Emptor
Not only did CECEP Environmental Protection's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). To be specific the EBIT loss came in at CN¥60m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of CN¥71m. So we do think this stock is quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for CECEP Environmental Protection that you should be aware of before investing here.
在過去的十二個月中,CECEP環境保護不僅收入下滑,而且還產生了負的利息和稅前收益(EBIT)。具體而言,息稅前利潤虧損爲6000萬元人民幣。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。例如,我們不希望看到去年7100萬元人民幣的虧損重演。因此,我們確實認爲這隻股票風險很大。資產負債表顯然是分析債務時需要關注的領域。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。例如,我們發現了CECEP環境保護的兩個警告信號,在投資之前,您應該注意這些信號。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。