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Would CLP Holdings (HKG:2) Be Better Off With Less Debt?
Would CLP Holdings (HKG:2) Be Better Off With Less 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.' 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. As with many other companies CLP Holdings Limited (HKG:2) makes use of debt. But should shareholders be worried about its use of debt?
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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for CLP Holdings
How Much Debt Does CLP Holdings Carry?
The image below, which you can click on for greater detail, shows that at June 2022 CLP Holdings had debt of HK$65.0b, up from HK$59.1b in one year. However, it also had HK$12.8b in cash, and so its net debt is HK$52.2b.
SEHK:2 Debt to Equity History September 2nd 2022How Strong Is CLP Holdings' Balance Sheet?
According to the last reported balance sheet, CLP Holdings had liabilities of HK$64.3b due within 12 months, and liabilities of HK$76.1b due beyond 12 months. Offsetting these obligations, it had cash of HK$12.8b as well as receivables valued at HK$17.6b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$110.0b.
This is a mountain of leverage even relative to its gargantuan market capitalization of HK$166.6b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. 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 CLP Holdings'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.
Over 12 months, CLP Holdings reported revenue of HK$91b, which is a gain of 11%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
Caveat Emptor
Over the last twelve months CLP Holdings produced an earnings before interest and tax (EBIT) loss. Indeed, it lost HK$1.4b at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled HK$5.7b in negative free cash flow over the last twelve months. So to be blunt we think it is risky. 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. For example - CLP Holdings has 2 warning signs we think you should be aware of.
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,他说:“波动性不是我们关心的风险。我们关心的是避免永久的资本损失。”在研究公司的资产负债表有多风险时,考虑公司的资产负债表是很自然的,因为企业倒闭时通常涉及债务。和许多其他公司一样 中电控股有限公司 (HKG: 2) 使用债务。但是,股东是否应该担心它使用债务?
债务何时危险?
当企业无法通过自由现金流或以有吸引力的价格筹集资金来轻松履行这些义务时,债务和其他负债就会变得有风险。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。尽管这种情况并不常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。当然,许多公司使用债务为增长提供资金,而不会产生任何负面后果。当我们考虑公司使用债务时,我们首先将现金和债务放在一起看。
查看我们对中电控股的最新分析
中电控股有多少债务?
下图显示截至2022年6月,中电控股的债务为650亿港元,高于一年内的59.1亿港元,你可以点击查看更多细节。但是,它也有128亿港元的现金,因此其净负债为522亿港元。
SEHK: 2 2022 年 9 月 2 日债转股权历史中电控股的资产负债表有多强?
根据上次公布的资产负债表,中电控股的负债为643亿港元,12个月后到期的负债为761亿港元。抵消这些债务的是,它有128亿港元的现金以及价值176亿港元的应收账款在12个月内到期。因此,其负债超过其现金和(近期)应收账款的总和1,100亿港元。
即使与其1666亿港元的庞大市值相比,这也是一笔巨大的杠杆作用。这表明,如果公司需要尽快支撑资产负债表,股东将被大幅稀释。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,未来的收益比什么都重要,将决定中电控股未来保持健康的资产负债表的能力。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。
在过去的12个月中,中电控股公布的收入为910亿港元,增长了11%,尽管它没有报告任何利息和税前收益。按照我们的口味,这种增长速度有点慢,但是创造一个世界需要所有类型。
Caveat Emptor
在过去的十二个月中,CLP Holdings出现了利息和税前收益(EBIT)亏损。事实上,它在息税前利润水平上损失了14亿港元。当我们看一下这个问题并回想起资产负债表上相对于现金的负债时,公司背负任何债务对我们来说似乎是不明智的。坦率地说,我们认为资产负债表远非匹配,尽管随着时间的推移可以改善。另一个需要谨慎考虑的原因是,在过去的十二个月中,自由现金流为负57亿港元。因此,直言不讳,我们认为这是有风险的。在分析债务水平时,资产负债表是显而易见的起点。但归根结底,每家公司都可以控制资产负债表之外存在的风险。例如-中电控股有 2 个警告标志 我们认为你应该知道。
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,那么请立即查看我们的独家净现金增长股票清单。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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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。
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