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China Communications Construction (HKG:1800) Has A Somewhat Strained Balance Sheet
China Communications Construction (HKG:1800) Has A Somewhat Strained Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies China Communications Construction Company Limited (HKG:1800) makes use of debt. But the more important question is: how much risk is that debt creating?
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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for China Communications Construction
What Is China Communications Construction's Net Debt?
The chart below, which you can click on for greater detail, shows that China Communications Construction had CN¥438.6b in debt in March 2022; about the same as the year before. However, it also had CN¥129.4b in cash, and so its net debt is CN¥309.2b.
SEHK:1800 Debt to Equity History August 2nd 2022How Healthy Is China Communications Construction's Balance Sheet?
We can see from the most recent balance sheet that China Communications Construction had liabilities of CN¥647.9b falling due within a year, and liabilities of CN¥427.0b due beyond that. Offsetting these obligations, it had cash of CN¥129.4b as well as receivables valued at CN¥301.7b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥643.9b.
The deficiency here weighs heavily on the CN¥108.9b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. After all, China Communications Construction would likely require a major re-capitalisation if it had to pay its creditors today.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (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).
Strangely China Communications Construction has a sky high EBITDA ratio of 6.4, implying high debt, but a strong interest coverage of 11.2. So either it has access to very cheap long term debt or that interest expense is going to grow! Notably China Communications Construction's EBIT was pretty flat over the last year. We would prefer to see some earnings growth, because that always helps diminish 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 China Communications Construction 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. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, China Communications Construction burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
To be frank both China Communications Construction's conversion of EBIT to free cash flow and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. After considering the datapoints discussed, we think China Communications Construction has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. 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. For example China Communications Construction has 2 warning signs (and 1 which shouldn't be ignored) we think you should know about.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。与许多其他公司一样中国交通建设股份有限公司(HKG:1800)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
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。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。当然,许多公司利用债务为增长提供资金,没有任何负面后果。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。
参见我们对中国交通建设的最新分析
中国交通建设的净负债是多少?
下面的图表,你可以点击查看更多详细信息,显示中国交通建设在2022年3月的债务为4386亿元人民币,与前一年大致相同。然而,它也有1,294亿元现金,因此其净债务为3,092亿元。
联交所:1800债转股历史2022年8月2日中国交通建设的资产负债表有多健康?
从最近的资产负债表可以看出,中国交通建设有6479亿元的负债在一年内到期,还有4270亿元的负债在一年内到期。为了抵消这些债务,该公司有1294亿加元的现金以及价值3017亿加元的应收账款在12个月内到期。因此,它的负债超过了现金和(近期)应收账款的总和6439亿元。
这一不足给这家1089亿元的CN公司本身带来了沉重的负担,就像一个孩子在一个装满书籍、运动装备和小号的巨大背包的重压下挣扎一样。因此,我们肯定认为股东需要密切关注这一事件。毕竟,如果中国交通建设今天不得不偿还债权人的债务,它很可能需要进行一次大规模的资本重组。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。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)。
奇怪的是,中国交通建设的EBITDA比率高达6.4,意味着债务很高,但利息覆盖率高达11.2%。因此,要么它可以获得非常便宜的长期债务,要么利息支出将会增长!值得注意的是,中国交通建设去年的息税前利润相当持平。我们更希望看到一些收益增长,因为这总是有助于减少债务。当你分析债务时,资产负债表显然是你关注的领域。但最终,该业务未来的盈利能力将决定中国交通建设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。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年里,中国交通建设烧掉了大量的现金。尽管投资者无疑预计这种情况会在适当的时候逆转,但这显然意味着它使用债务的风险更大。
我们的观点
坦率地说,中国交通建设将息税前利润转换为自由现金流,以及其对总负债保持领先的记录,都让我们对其债务水平感到相当不安。但至少它在用息税前利润支付利息支出方面相当不错;这是令人鼓舞的。在考虑了讨论的数据点后,我们认为中国交通建设负债太多。这种风险对一些人来说是可以接受的,但肯定不会让我们的船漂浮起来。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。比如中国交通建设就有2个警告标志(还有一点不可忽视)我们认为你应该知道这一点。
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。
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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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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。
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