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Inner Mongolia Yitai Coal (SHSE:900948) Has A Rock Solid Balance Sheet
Inner Mongolia Yitai Coal (SHSE:900948) Has A Rock Solid Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies Inner Mongolia Yitai Coal Co., Ltd. (SHSE:900948) makes use of debt. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for Inner Mongolia Yitai Coal
How Much Debt Does Inner Mongolia Yitai Coal Carry?
The image below, which you can click on for greater detail, shows that Inner Mongolia Yitai Coal had debt of CN¥25.1b at the end of March 2022, a reduction from CN¥35.0b over a year. However, it also had CN¥18.0b in cash, and so its net debt is CN¥7.07b.
SHSE:900948 Debt to Equity History August 17th 2022A Look At Inner Mongolia Yitai Coal's Liabilities
Zooming in on the latest balance sheet data, we can see that Inner Mongolia Yitai Coal had liabilities of CN¥15.8b due within 12 months and liabilities of CN¥23.2b due beyond that. On the other hand, it had cash of CN¥18.0b and CN¥4.01b worth of receivables due within a year. So it has liabilities totalling CN¥17.1b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since Inner Mongolia Yitai Coal has a market capitalization of CN¥34.7b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Inner Mongolia Yitai Coal's net debt is only 0.37 times its EBITDA. And its EBIT easily covers its interest expense, being 29.3 times the size. So we're pretty relaxed about its super-conservative use of debt. Better yet, Inner Mongolia Yitai Coal grew its EBIT by 240% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. When analysing debt levels, the balance sheet is the obvious place to start. But it is Inner Mongolia Yitai Coal's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Inner Mongolia Yitai Coal actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Our View
Inner Mongolia Yitai Coal's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But truth be told we feel its level of total liabilities does undermine this impression a bit. Zooming out, Inner Mongolia Yitai Coal seems to use debt quite reasonably; and that gets the nod from us. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Inner Mongolia Yitai Coal you should know about.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,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。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。与许多其他公司一样内蒙古伊泰煤炭股份有限公司。(上海证券交易所:900948)利用债务。但股东是否应该担心它的债务使用情况?
为什么债务会带来风险?
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。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。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。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。
查看我们对内蒙古伊泰煤炭的最新分析
内蒙古伊泰煤业背负着多少债务?
下图显示,截至2022年3月底,内蒙古伊泰煤业的债务为人民币251亿元,较一年内的人民币350亿元有所减少。然而,它也有180亿元现金,因此其净债务为70.7亿元。
上证综指:900948债转股历史2022年8月17日内蒙古伊泰煤业负债情况一瞥
放大最新的资产负债表数据,我们可以看到,内蒙古伊泰煤炭有158亿加元的负债在12个月内到期,还有232亿加元的负债在12个月内到期。另一方面,一年内有180亿加元现金和40.1亿加元应收账款到期。因此,它的负债总额为人民币171亿元,超过了现金和近期应收账款的总和。
虽然这看起来可能很多,但并不是很糟糕,因为内蒙古伊泰煤业的市值为人民币347亿元,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。然而,仍值得密切关注其偿债能力。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
内蒙古伊泰煤业的净债务仅为其EBITDA的0.37倍。而且它的息税前利润轻松覆盖了利息支出,是其规模的29.3倍。因此,我们对它对债务的超级保守使用相当放松。更好的是,内蒙古伊泰煤业去年息税前利润增长了240%,这是一个令人印象深刻的改善。这一提振将使未来偿还债务变得更加容易。在分析债务水平时,资产负债表显然是一个起点。但影响未来资产负债表表现的,将是内蒙古伊泰煤业的盈利。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
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,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在过去三年中,内蒙古伊泰煤业产生的自由现金流实际上超过了息税前利润。这种强劲的现金转换让我们像傻朋克演唱会上节奏下降时的观众一样兴奋。
我们的观点
内蒙古伊泰煤业的利息担保表明,它可以轻松处理债务,就像克里斯蒂亚诺·罗纳尔多在对阵14岁以下门将的比赛中进球一样。但说实话,我们觉得它的总负债水平确实在一定程度上削弱了这种印象。缩小范围,内蒙古伊泰煤业似乎相当合理地利用债务;这得到了我们的认可。尽管债务确实会带来风险,但如果使用得当,它也可以带来更高的股本回报率。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。这些风险可能很难发现。每家公司都有它们,我们已经发现1内蒙古伊泰煤矿警示标志你应该知道。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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