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Is Guangzhou Goaland Energy Conservation Tech (SZSE:300499) A Risky Investment?
Is Guangzhou Goaland Energy Conservation Tech (SZSE:300499) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that Guangzhou Goaland Energy Conservation Tech. Co., Ltd. (SZSE:300499) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt Dangerous?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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 examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for Guangzhou Goaland Energy Conservation Tech
What Is Guangzhou Goaland Energy Conservation Tech's Net Debt?
The image below, which you can click on for greater detail, shows that Guangzhou Goaland Energy Conservation Tech had debt of CN¥404.6m at the end of March 2022, a reduction from CN¥500.5m over a year. However, because it has a cash reserve of CN¥221.6m, its net debt is less, at about CN¥183.0m.
SZSE:300499 Debt to Equity History July 19th 2022How Strong Is Guangzhou Goaland Energy Conservation Tech's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Guangzhou Goaland Energy Conservation Tech had liabilities of CN¥1.04b due within 12 months and liabilities of CN¥328.3m due beyond that. On the other hand, it had cash of CN¥221.6m and CN¥1.25b worth of receivables due within a year. So it actually has CN¥111.5m more liquid assets than total liabilities.
This surplus suggests that Guangzhou Goaland Energy Conservation Tech has a conservative balance sheet, and could probably eliminate its debt without much difficulty.
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).
While Guangzhou Goaland Energy Conservation Tech's low debt to EBITDA ratio of 0.96 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 4.5 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. We note that Guangzhou Goaland Energy Conservation Tech grew its EBIT by 20% in the last year, and that should make it easier to pay down debt, going forward. 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 Guangzhou Goaland Energy Conservation Tech 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Guangzhou Goaland Energy Conservation Tech saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
Guangzhou Goaland Energy Conservation Tech's conversion of EBIT to free cash flow was a real negative on this analysis, although the other factors we considered were considerably better. In particular, we are dazzled with its EBIT growth rate. Considering this range of data points, we think Guangzhou Goaland Energy Conservation Tech is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Guangzhou Goaland Energy Conservation Tech is showing 3 warning signs in our investment analysis , you should know about...
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.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。我们注意到广州目标节能科技有限公司。公司名称:太平实业股份有限公司。(SZSE:300499)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
债务在什么时候是危险的?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对广州目标和节能技术的最新分析
广州目标节能科技的净负债是多少?
下图显示,截至2022年3月底,广州目标节能科技有限公司的债务为4.046亿加元,较一年内的5.05亿加元有所减少。然而,由于拥有2.216亿加元的现金储备,其净债务较少,约为1.83亿加元。
深圳证交所:300499债转股历史2022年7月19日广州目标节能科技的资产负债表有多强?
放大最新的资产负债表数据,我们可以看到,广州目标节能科技有10.4亿加元的负债在12个月内到期,还有3.283亿加元的负债在12个月内到期。另一方面,它有2.216亿加元的现金和12.5亿加元的应收账款在一年内到期。所以它实际上有1.115亿元人民币更多流动资产超过总负债。
这一盈余表明,广州目标节能科技拥有保守的资产负债表,很可能不会有太大困难地消除债务。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
虽然广州目标节能科技有限公司的债务与EBITDA之比为0.96,这表明它只是适度使用债务,但去年息税前利润仅为利息支出的4.5倍,这一事实确实让我们感到犹豫。因此,我们建议密切关注融资成本对业务的影响。我们注意到,广州目标节能科技去年息税前利润增长了20%,这应该会使其在未来更容易偿还债务。当你分析债务时,资产负债表显然是你关注的领域。但你不能完全孤立地看待债务;因为广州目标和节能科技将需要盈利来偿还债务。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。因此,我们总是检查EBIT中有多少转化为自由现金流。在过去三年中,广州目标节能科技有限公司的自由现金流总额为大幅负值。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
我们的观点
广州目标和节能科技将息税前利润转换为自由现金流对这一分析是一个真正的负面影响,尽管我们考虑的其他因素要好得多。特别是,它的息税前利润增长率让我们眼花缭乱。考虑到这一系列的数据点,我们认为广州目标和节能科技处于一个很好的位置来管理其债务水平。话虽如此,这笔负担足够沉重,我们建议任何股东都要密切关注。毫无疑问,我们从资产负债表中了解到的债务最多。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。要知道,广州的目标和节能技术正在展示我们的投资分析中的3个警告信号,你应该知道关于……
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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