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Is Shenzhen Expressway (HKG:548) Using Too Much Debt?
Is Shenzhen Expressway (HKG:548) 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 Shenzhen Expressway Corporation Limited (HKG:548) 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 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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for Shenzhen Expressway
How Much Debt Does Shenzhen Expressway Carry?
As you can see below, at the end of June 2022, Shenzhen Expressway had CN¥33.4b of debt, up from CN¥22.6b a year ago. Click the image for more detail. However, it also had CN¥5.92b in cash, and so its net debt is CN¥27.4b.
SEHK:548 Debt to Equity History August 28th 2022How Strong Is Shenzhen Expressway's Balance Sheet?
The latest balance sheet data shows that Shenzhen Expressway had liabilities of CN¥20.2b due within a year, and liabilities of CN¥23.8b falling due after that. Offsetting these obligations, it had cash of CN¥5.92b as well as receivables valued at CN¥2.28b due within 12 months. So it has liabilities totalling CN¥35.8b more than its cash and near-term receivables, combined.
The deficiency here weighs heavily on the CN¥10.7b 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, Shenzhen Expressway would likely require a major re-capitalisation if it had to pay its creditors today.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its 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).
With a net debt to EBITDA ratio of 5.6, it's fair to say Shenzhen Expressway does have a significant amount of debt. However, its interest coverage of 6.4 is reasonably strong, which is a good sign. Shareholders should be aware that Shenzhen Expressway's EBIT was down 25% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Shenzhen Expressway's ability to maintain a healthy balance sheet going forward. 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 always check how much of that EBIT is translated into free cash flow. Over the last three years, Shenzhen Expressway recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
Our View
To be frank both Shenzhen Expressway's EBIT growth rate 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. We should also note that Infrastructure industry companies like Shenzhen Expressway commonly do use debt without problems. Taking into account all the aforementioned factors, it looks like Shenzhen Expressway has too much debt. While some investors love that sort of risky play, it's certainly not our cup of tea. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 4 warning signs for Shenzhen Expressway you should be aware of, and 1 of them shouldn't be ignored.
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.
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。我们注意到深圳市高速公路有限责任公司(HKG:548)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?
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。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。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。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。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对深圳高速公路的最新分析
深高速背负着多少债务?
如下所示,截至2022年6月底,深圳高速公路的债务为334亿元人民币,高于一年前的226亿元人民币。单击图像了解更多详细信息。然而,它也有59.2亿元现金,因此其净债务为274亿元。
联交所:548债转股历史2022年8月28日深高速的资产负债表到底有多强?
最新的资产负债表数据显示,深高速有202亿元的负债在一年内到期,238亿元的负债在一年内到期。作为对这些债务的抵销,该公司有59.2亿加元的现金以及价值22.8亿加元的应收账款在12个月内到期。因此,该公司的负债总额为人民币358亿元,超过了现金和近期应收账款的总和。
这一不足给这家107亿元的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,如果深圳高速今天不得不偿还债权人的债务,它很可能需要进行一次重大的资本重组。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。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)。
深圳高速公路的净债务与EBITDA之比为5.6,可以公平地说,深圳高速公路确实有大量债务。然而,其6.4的利息覆盖率相当强劲,这是一个好迹象。股东们应该知道,深圳高速去年的息税前利润下降了25%。如果这种下降趋势继续下去,那么偿还债务将比在素食大会上出售鹅肝酱更难。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定深高速未来能否保持健康的资产负债表。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,我们总是检查EBIT中有多少转化为自由现金流。在过去的三年里,深圳高速公路的自由现金流总计为负。在自由现金流为负的公司手中,债务通常更昂贵,风险也几乎总是更高。股东们应该希望情况有所改善。
我们的观点
坦率地说,深高速的息税前利润增长率,以及其保持在总负债之上的过往记录,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。我们还应该注意到,像深圳高速这样的基础设施行业公司通常会使用债务,而不会出现问题。综合上述因素,深高速似乎负债累累。虽然一些投资者喜欢这种冒险的投资方式,但这肯定不是我们喜欢的类型。在分析债务水平时,资产负债表显然是一个起点。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:我们发现了深圳高速公路的4个警示标志你应该意识到,其中有一个是不应该被忽视的。
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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