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Does Tianjin Capital Environmental Protection Group (SHSE:600874) Have A Healthy Balance Sheet?
Does Tianjin Capital Environmental Protection Group (SHSE:600874) Have A Healthy Balance Sheet?
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. Importantly, Tianjin Capital Environmental Protection Group Company Limited (SHSE:600874) does carry debt. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
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. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Tianjin Capital Environmental Protection Group
What Is Tianjin Capital Environmental Protection Group's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Tianjin Capital Environmental Protection Group had debt of CN¥9.06b, up from CN¥8.25b in one year. However, because it has a cash reserve of CN¥2.08b, its net debt is less, at about CN¥6.98b.
SHSE:600874 Debt to Equity History September 16th 2022A Look At Tianjin Capital Environmental Protection Group's Liabilities
We can see from the most recent balance sheet that Tianjin Capital Environmental Protection Group had liabilities of CN¥3.38b falling due within a year, and liabilities of CN¥9.76b due beyond that. Offsetting this, it had CN¥2.08b in cash and CN¥3.01b in receivables that were due within 12 months. So its liabilities total CN¥8.05b more than the combination of its cash and short-term receivables.
This deficit is considerable relative to its market capitalization of CN¥8.17b, so it does suggest shareholders should keep an eye on Tianjin Capital Environmental Protection Group's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
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).
Tianjin Capital Environmental Protection Group has a debt to EBITDA ratio of 4.2, which signals significant debt, but is still pretty reasonable for most types of business. But its EBIT was about 11.1 times its interest expense, implying the company isn't really paying a high cost to maintain that level of debt. Even were the low cost to prove unsustainable, that is a good sign. We saw Tianjin Capital Environmental Protection Group grow its EBIT by 6.5% in the last twelve months. That's far from incredible but it is a good thing, when it comes to paying off debt. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Tianjin Capital Environmental Protection Group will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
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. During the last three years, Tianjin Capital Environmental Protection Group burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
We'd go so far as to say Tianjin Capital Environmental Protection Group's conversion of EBIT to free cash flow was disappointing. But on the bright side, its interest cover is a good sign, and makes us more optimistic. Overall, we think it's fair to say that Tianjin Capital Environmental Protection Group has enough debt that there are some real risks around the balance sheet. If all goes well, that should boost returns, but on the flip side, the risk of permanent capital loss is elevated by the debt. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Tianjin Capital Environmental Protection Group (1 is significant) you should be aware of.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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。重要的是天津首创环保集团有限公司(上海证券交易所:600874)确实背负着债务。但这笔债务对股东来说是一个担忧吗?
债务会带来什么风险?
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。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。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。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。
查看我们对天津首都环保集团的最新分析
天津首都环保集团的净负债是多少?
下图显示,截至2022年6月,天津首都环保集团的债务为90.6亿加元,高于一年内的82.5亿加元。点击查看更多详情。然而,由于其现金储备为20.8亿加元,其净债务较少,约为69.8亿加元。
上证综指:600874债转股历史2022年9月16日天津首都环保集团负债情况一瞥
从最新的资产负债表上可以看到,天津首都环保集团有33.8亿元的负债在一年内到期,还有97.6亿元的负债在一年内到期。作为抵消,它有20.8亿加元的现金和30.1亿加元的应收账款在12个月内到期。因此,其负债总额为人民币80.5亿元,超过了现金和短期应收账款的总和。
相对于天津首都环保集团81.7亿元的市值,这一赤字是相当可观的,因此这确实表明股东应该密切关注天津首都环保集团的债务使用情况。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。
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)。
天津首创环保集团的债务与EBITDA之比为4.2,这意味着大量债务,但对于大多数类型的业务来说,这仍然是相当合理的。但它的息税前利润大约是利息支出的11.1倍,这意味着该公司并没有真的付出高昂的成本来维持这样的债务水平。即使低成本被证明是不可持续的,这也是一个好迹象。我们看到天津首都环保集团在过去12个月中息税前利润增长了6.5%。这并不令人难以置信,但在偿还债务方面,这是一件好事。毫无疑问,我们从资产负债表中了解到的债务最多。但你不能完全孤立地看待债务,因为天津首创环保集团需要盈利来偿还债务。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
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,天津首都环保集团烧掉了大量现金。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
我们甚至可以说,天津首都环保集团将息税前利润转换为自由现金流的做法令人失望。但从好的方面来看,它的利息覆盖是一个好兆头,让我们更加乐观。总体而言,我们认为,可以公平地说,天津首都环保集团的债务足够多,资产负债表周围存在一些真正的风险。如果一切顺利,这应该会提高回报,但另一方面,债务增加了永久资本损失的风险。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们已经确定天津首都环保集团的2个警示标志(1是重要的)您应该知道。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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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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。
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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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