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We Think Zhongyu Energy Holdings (HKG:3633) Is Taking Some Risk With Its Debt
We Think Zhongyu Energy Holdings (HKG:3633) Is Taking Some Risk With Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Zhongyu Energy Holdings Limited (HKG:3633) makes use of debt. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Zhongyu Energy Holdings
What Is Zhongyu Energy Holdings's Debt?
As you can see below, Zhongyu Energy Holdings had HK$11.4b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has HK$3.38b in cash leading to net debt of about HK$8.02b.
SEHK:3633 Debt to Equity History August 31st 2022How Strong Is Zhongyu Energy Holdings' Balance Sheet?
We can see from the most recent balance sheet that Zhongyu Energy Holdings had liabilities of HK$10.1b falling due within a year, and liabilities of HK$6.65b due beyond that. On the other hand, it had cash of HK$3.38b and HK$2.62b worth of receivables due within a year. So it has liabilities totalling HK$10.8b more than its cash and near-term receivables, combined.
This deficit isn't so bad because Zhongyu Energy Holdings is worth HK$18.2b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
With net debt to EBITDA of 4.4 Zhongyu Energy Holdings has a fairly noticeable amount of debt. On the plus side, its EBIT was 7.2 times its interest expense, and its net debt to EBITDA, was quite high, at 4.4. If Zhongyu Energy Holdings can keep growing EBIT at last year's rate of 17% over the last year, then it will find its debt load easier to manage. There's no doubt that we learn most about debt from the balance sheet. But it is Zhongyu Energy Holdings'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.
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. Considering the last three years, Zhongyu Energy Holdings actually recorded a cash outflow, overall. 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
While Zhongyu Energy Holdings's net debt to EBITDA makes us cautious about it, its track record of converting EBIT to free cash flow is no better. But its not so bad at growing its EBIT. We should also note that Gas Utilities industry companies like Zhongyu Energy Holdings commonly do use debt without problems. Taking the abovementioned factors together we do think Zhongyu Energy Holdings's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. 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. Be aware that Zhongyu Energy Holdings is showing 4 warning signs in our investment analysis , and 1 of those shouldn't be ignored...
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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。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。与许多其他公司一样中裕能源控股有限公司(HKG:3633)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
什么时候债务是个问题?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。如果情况真的变得很糟糕,贷款人可以控制业务。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,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。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。
查看我们对中宇能源控股的最新分析
中裕能源控股的债务是什么?
正如你在下面看到的,截至2022年6月,中裕能源控股的债务为114亿港元,与前一年大致相同。您可以单击图表查看更多详细信息。另一方面,它拥有33.8亿港元的现金,导致净债务约为80.2亿港元。
联交所:3633债转股历史2022年8月31日中宇能源控股的资产负债表有多强劲?
我们可以从最近的资产负债表中看到,中裕能源控股有101亿港元的负债在一年内到期,而66.5亿港元的负债在这之后到期。另一方面,它有33.8亿港元的现金和价值26.2亿港元的应收账款在一年内到期。因此,该公司的负债总额比现金和近期应收账款的总和高出108亿港元。
这一赤字并不是那么糟糕,因为中裕能源控股价值182亿港元,因此如果需要的话,可能会筹集到足够的资本来支撑其资产负债表。但很明显,我们绝对应该仔细检查它是否能够在不稀释的情况下管理债务。
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)。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
由于净债务与EBITDA之比为4.4,中裕能源控股的债务规模相当可观。从好的方面来看,它的息税前利润是利息支出的7.2倍,净债务与息税前利润之比相当高,为4.4。如果中宇能源控股能够保持去年17%的息税前利润增速,那么它将发现自己的债务负担更容易管理。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裕能源控股的盈利情况。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。
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。考虑到最近三年,中宇能源控股实际上整体上录得了现金流出。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
尽管中宇能源控股的净债务与EBITDA之比让我们对其持谨慎态度,但其将EBIT转换为自由现金流的记录也好不到哪里去。但它在增长息税前利润方面并不是那么糟糕。我们还应该注意到,像中裕能源控股这样的天然气公用事业行业公司通常会使用债务,而不会出现问题。综合上述因素,我们确实认为中宇能源控股的债务对业务构成了一些风险。因此,尽管杠杆率确实提高了股本回报率,但我们并不真的希望看到它从现在开始增加。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。请注意,中裕能源控股公司正在展示我们的投资分析中的4个警告信号,其中一条不应被忽视……
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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。
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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