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Does China Education Group Holdings (HKG:839) Have A Healthy Balance Sheet?
Does China Education Group Holdings (HKG:839) Have A Healthy Balance Sheet?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 China Education Group Holdings Limited (HKG:839) does have debt on its balance sheet. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for China Education Group Holdings
What Is China Education Group Holdings's Debt?
As you can see below, at the end of February 2022, China Education Group Holdings had CN¥8.88b of debt, up from CN¥7.15b a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥5.01b, its net debt is less, at about CN¥3.87b.
SEHK:839 Debt to Equity History July 22nd 2022How Healthy Is China Education Group Holdings' Balance Sheet?
According to the last reported balance sheet, China Education Group Holdings had liabilities of CN¥8.00b due within 12 months, and liabilities of CN¥8.33b due beyond 12 months. Offsetting these obligations, it had cash of CN¥5.01b as well as receivables valued at CN¥374.8m due within 12 months. So it has liabilities totalling CN¥10.9b more than its cash and near-term receivables, combined.
This deficit is considerable relative to its market capitalization of CN¥14.1b, so it does suggest shareholders should keep an eye on China Education Group Holdings' use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
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).
China Education Group Holdings's net debt to EBITDA ratio of about 1.8 suggests only moderate use of debt. And its strong interest cover of 10.1 times, makes us even more comfortable. We note that China Education Group Holdings grew its EBIT by 27% 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 ultimately the future profitability of the business will decide if China Education Group Holdings can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, China Education Group Holdings reported free cash flow worth 2.2% of its EBIT, which is really quite low. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Our View
We feel some trepidation about China Education Group Holdings's difficulty conversion of EBIT to free cash flow, but we've got positives to focus on, too. To wit both its EBIT growth rate and interest cover were encouraging signs. Looking at all the angles mentioned above, it does seem to us that China Education Group Holdings is a somewhat risky investment as a result of its debt. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. 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 China Education Group Holdings that you should be aware of before investing here.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
传奇基金经理理想汽车·卢曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们注意到中国教育集团控股有限公司(HKG:839)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?
为什么债务会带来风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。如果情况真的变得很糟糕,贷款人可以控制业务。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对中国教育集团控股的最新分析
中国教育集团控股的债务是什么?
如下所示,截至2022年2月底,中国教育集团控股有限公司的债务为88.8亿加元,高于一年前的71.5亿加元。单击图像了解更多详细信息。然而,由于其现金储备为50.1亿加元,其净债务较少,约为38.7亿加元。
联交所:839债转股历史2022年7月22日中国教育集团的资产负债表有多健康?
根据最新公布的资产负债表,中国教育集团控股有限公司有8亿加元的负债在12个月内到期,83.3亿加元的负债在12个月后到期。为了抵消这些债务,该公司有50.1亿加元的现金以及3.748亿加元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款加起来还要多人民币109亿元。
与其141亿元的市值相比,这一赤字是相当可观的,因此这确实表明,股东应该密切关注中国教育集团的债务使用情况。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。
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)。
中国教育集团控股有限公司的净债务与EBITDA之比约为1.8,这表明其只适度使用了债务。而其10.1倍的强劲利息覆盖,让我们更加舒心。我们注意到,中国教育集团控股有限公司去年的息税前利润增长了27%,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。但归根结底,该业务未来的盈利能力将决定中国教育集团能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。因此,我们总是检查EBIT中有多少转化为自由现金流。过去三年,中国教育集团公布的自由现金流相当于其息税前利润的2.2%,这确实是相当低的。对我们来说,低现金转换引发了一点偏执,那就是偿还债务的能力。
我们的观点
我们对中国教育集团控股有限公司难以将息税前利润转换为自由现金流感到不安,但我们也有积极的方面需要关注。换句话说,它的息税前利润增长率和利息覆盖率都是令人鼓舞的迹象。综上所述,在我们看来,由于中国教育集团的债务,中国教育集团控股确实是一项有一定风险的投资。这不一定是一件坏事,因为杠杆可以提高股本回报率,但这是需要注意的。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们发现中国教育集团控股的2个警告信号在这里投资之前你应该意识到这一点。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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