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Is China Energy Engineering (HKG:3996) A Risky Investment?
Is China Energy Engineering (HKG:3996) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Energy Engineering Corporation Limited (HKG:3996) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for China Energy Engineering
What Is China Energy Engineering's Debt?
As you can see below, at the end of March 2022, China Energy Engineering had CN¥133.5b of debt, up from CN¥96.4b a year ago. Click the image for more detail. However, it does have CN¥57.4b in cash offsetting this, leading to net debt of about CN¥76.1b.
SEHK:3996 Debt to Equity History August 23rd 2022How Healthy Is China Energy Engineering's Balance Sheet?
The latest balance sheet data shows that China Energy Engineering had liabilities of CN¥280.6b due within a year, and liabilities of CN¥116.3b falling due after that. Offsetting this, it had CN¥57.4b in cash and CN¥168.1b in receivables that were due within 12 months. So its liabilities total CN¥171.4b more than the combination of its cash and short-term receivables.
This deficit casts a shadow over the CN¥36.9b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. After all, China Energy Engineering would likely require a major re-capitalisation if it had to pay its creditors today.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
China Energy Engineering's debt is 3.6 times its EBITDA, and its EBIT cover its interest expense 6.7 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. Unfortunately, China Energy Engineering saw its EBIT slide 2.3% in the last twelve months. If that earnings trend continues then its debt load will grow heavy like the heart of a polar bear watching its sole cub. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine China Energy Engineering's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, China Energy Engineering 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
To be frank both China Energy Engineering'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 Energy Engineering has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that China Energy Engineering is showing 2 warning signs in our investment analysis , and 1 of those is a bit concerning...
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。我们注意到中国能源工程股份有限公司(HKG:3996)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
债务在什么时候是危险的?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。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,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。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。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。
查看我们对中国能源工程的最新分析
中国能源工程的债务是什么?
如下所示,截至2022年3月底,中国能源工程的债务为人民币1335亿元,高于一年前的人民币964亿元。单击图像了解更多详细信息。然而,它确实有574亿加元的现金来抵消这一点,导致净债务约为761亿加元。
联交所:3996债转股历史2022年8月23日中国能源工程的资产负债表有多健康?
最新的资产负债表数据显示,中国能源工程有2806亿元的负债在一年内到期,1163亿元的负债在一年内到期。作为抵消,它有574亿加元的现金和1681亿加元的应收账款在12个月内到期。因此,其负债总额为人民币1714亿元,超过了现金和短期应收账款的总和。
这一赤字给这家369亿元人民币的公司蒙上了一层阴影,就像一个庞然大物耸立在凡人之上。因此,毫无疑问,我们会密切关注它的资产负债表。毕竟,如果中国能源工程必须在今天偿还债权人债务,它很可能需要进行一次大规模的资本重组。
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。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
中国能源工程的债务是其息税前利润的3.6倍,息税前利润是利息支出的6.7倍以上。综上所述,这意味着,尽管我们不希望看到债务水平上升,但我们认为它可以处理好目前的杠杆。不幸的是,中国能源工程的息税前利润在过去12个月里下滑了2.3%。如果盈利趋势继续下去,那么它的债务负担将变得沉重,就像北极熊看着自己唯一的幼崽的心脏一样。当你分析债务时,资产负债表显然是你关注的领域。但最重要的是,未来的收益将决定中国能源工程未来能否保持健康的资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
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,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。在过去的三年里,中国能源工程的自由现金流总体上出现了大幅负增长。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
坦率地说,中国能源工程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,我们认为中国能源工程负债太多。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。在分析债务水平时,资产负债表显然是一个起点。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。请注意,中国能源工程正在展示我们的投资分析中的2个警告信号,其中一条是关于...
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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