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Is China Dili Group (HKG:1387) Using Too Much Debt?
Is China Dili Group (HKG:1387) 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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that China Dili Group (HKG:1387) 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. 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. 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 Dili Group
What Is China Dili Group's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 China Dili Group had debt of CN¥1.79b, up from CN¥1.62b in one year. However, it also had CN¥1.08b in cash, and so its net debt is CN¥712.9m.
SEHK:1387 Debt to Equity History August 28th 2022How Healthy Is China Dili Group's Balance Sheet?
We can see from the most recent balance sheet that China Dili Group had liabilities of CN¥1.41b falling due within a year, and liabilities of CN¥3.89b due beyond that. On the other hand, it had cash of CN¥1.08b and CN¥1.62b worth of receivables due within a year. So it has liabilities totalling CN¥2.60b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since China Dili Group has a market capitalization of CN¥7.87b, 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). 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 Dili Group's net debt to EBITDA ratio of about 1.5 suggests only moderate use of debt. And its strong interest cover of 12.0 times, makes us even more comfortable. It is just as well that China Dili Group's load is not too heavy, because its EBIT was down 39% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But it is China Dili Group'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 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. Looking at the most recent three years, China Dili Group recorded free cash flow of 38% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Our View
China Dili Group's EBIT growth rate and conversion of EBIT to free cash flow definitely weigh on it, in our esteem. But its interest cover tells a very different story, and suggests some resilience. When we consider all the factors discussed, it seems to us that China Dili Group is taking some risks with its use of debt. While that debt can boost returns, we think the company has enough leverage now. Even though China Dili Group lost money on the bottom line, its positive EBIT suggests the business itself has potential. So you might want to check out how earnings have been trending over the last few years.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们注意到中国帝力集团(HKG:1387)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。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。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。
查看我们对中国帝力集团的最新分析
中国帝力集团的净债务是多少?
下图显示,截至2022年6月,中国帝力集团的债务为17.9亿加元,高于一年内的16.2亿加元。你可以点击查看更多细节。然而,它也有10.8亿元现金,因此其净债务为7.129亿元。
联交所:1387债转股历史2022年8月28日中国帝力集团的资产负债表有多健康?
从最近的资产负债表可以看出,中国帝力集团有14.1亿元人民币的负债在一年内到期,还有38.9亿元人民币的负债在一年内到期。另一方面,一年内有10.8亿加元现金和16.2亿加元应收账款到期。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26亿元。
虽然这看起来可能很多,但并不是很糟糕,因为中国帝力集团的市值为人民币78.7亿元,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。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)。
中国帝力集团的净债务与EBITDA之比约为1.5,这表明中国只适度使用了债务。而其12.0倍的强劲利息覆盖,让我们更加舒心。幸好中国帝力集团的负担不是太重,因为它的息税前利润比去年下降了39%。说到还债,收入下降并不比含糖汽水对你的健康有什么用处。毫无疑问,我们从资产负债表中了解到的债务最多。但影响未来资产负债表表现的将是中国帝力集团的盈利情况。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,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。纵观最近三年,中国帝力集团的自由现金流占其息税前利润的38%,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。
我们的观点
在我们看来,中国帝力集团的息税前利润增长率和息税前利润向自由现金流的转换肯定会给它带来压力。但它的利息封面讲述了一个非常不同的故事,并暗示了一些弹性。当我们考虑所有讨论的因素时,在我们看来,中国帝力集团的债务使用似乎正在承担一些风险。虽然这笔债务可以提高回报,但我们认为该公司现在有足够的杠杆。尽管中国帝力集团的利润是亏损的,但其正的息税前利润表明该业务本身具有潜力。因此,你可能想了解一下过去几年的收入趋势。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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