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Is Jiangsu Linyang Energy (SHSE:601222) Using Too Much Debt?
Is Jiangsu Linyang Energy (SHSE:601222) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, Jiangsu Linyang Energy Co., Ltd. (SHSE:601222) does carry debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for Jiangsu Linyang Energy
What Is Jiangsu Linyang Energy's Debt?
As you can see below, Jiangsu Linyang Energy had CN¥3.58b of debt at March 2022, down from CN¥6.58b a year prior. However, its balance sheet shows it holds CN¥4.88b in cash, so it actually has CN¥1.30b net cash.
SHSE:601222 Debt to Equity History July 26th 2022A Look At Jiangsu Linyang Energy's Liabilities
We can see from the most recent balance sheet that Jiangsu Linyang Energy had liabilities of CN¥3.23b falling due within a year, and liabilities of CN¥2.32b due beyond that. Offsetting these obligations, it had cash of CN¥4.88b as well as receivables valued at CN¥4.50b due within 12 months. So it actually has CN¥3.82b more liquid assets than total liabilities.
This excess liquidity suggests that Jiangsu Linyang Energy is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Jiangsu Linyang Energy boasts net cash, so it's fair to say it does not have a heavy debt load!
But the other side of the story is that Jiangsu Linyang Energy saw its EBIT decline by 9.8% over the last year. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Jiangsu Linyang Energy 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Jiangsu Linyang Energy has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Looking at the most recent three years, Jiangsu Linyang Energy recorded free cash flow of 46% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
While it is always sensible to investigate a company's debt, in this case Jiangsu Linyang Energy has CN¥1.30b in net cash and a decent-looking balance sheet. So we are not troubled with Jiangsu Linyang Energy's debt use. 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. Case in point: We've spotted 2 warning signs for Jiangsu Linyang Energy you should be aware of.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。重要的是江苏林阳能源有限公司。(上海证券交易所:601222)确实背负着债务。但股东是否应该担心它的债务使用情况?
债务会带来什么风险?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对江苏临阳能源的最新分析
江苏临阳能源的债务是什么?
如下所示,截至2022年3月,江苏临阳能源的债务为人民币35.8亿元,低于上年同期的人民币65.8亿元。然而,其资产负债表显示,它持有48.8亿元人民币的现金,因此它实际上拥有人民币13.亿元的净现金。
上证综指:601222债转股历史2022年7月26日江苏临阳能源负债情况一瞥
从最近的资产负债表可以看出,江苏临阳能源有32.3亿元的负债在一年内到期,还有23.2亿元的负债在一年内到期。作为对这些债务的抵消,该公司有48.8亿加元的现金以及价值45亿加元的应收账款在12个月内到期。所以它实际上有38.2亿元人民币更多流动资产超过总负债。
这种过剩的流动性表明,江苏临阳能源对债务采取了谨慎的态度。由于它拥有充足的资产,它不太可能与其贷款人发生麻烦。简而言之,江苏临阳能源拥有净现金,可以说它没有沉重的债务负担!
但另一方面,江苏临阳能源去年的息税前利润下降了9.8%。如果收益继续以这样的速度下降,该公司管理债务负担的难度可能会越来越大。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定江苏临阳能源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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。虽然江苏临阳能源的资产负债表上有净现金,但它将息税前利润(EBIT)转换为自由现金流的能力仍值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。纵观最近三年,江苏临阳能源的自由现金流占其息税前利润的46%,这一数字低于我们的预期。这种疲软的现金转换增加了处理债务的难度。
总结
虽然调查一家公司的债务总是明智的,但在这起案件中,江苏临阳能源拥有人民币13亿元的净现金和看起来不错的资产负债表。因此,我们对江苏临阳能源的债务使用并不感到困扰。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。一个恰当的例子:我们发现了江苏临阳能源的2个警示标志你应该意识到。
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。
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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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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。
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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。
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