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Does Jiangsu Expressway (HKG:177) Have A Healthy Balance Sheet?
Does Jiangsu Expressway (HKG:177) Have A Healthy Balance Sheet?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies Jiangsu Expressway Company Limited (HKG:177) makes use of debt. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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.
View our latest analysis for Jiangsu Expressway
What Is Jiangsu Expressway's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Jiangsu Expressway had debt of CN¥28.3b, up from CN¥25.7b in one year. However, it also had CN¥4.94b in cash, and so its net debt is CN¥23.3b.
SEHK:177 Debt to Equity History September 19th 2022How Healthy Is Jiangsu Expressway's Balance Sheet?
According to the last reported balance sheet, Jiangsu Expressway had liabilities of CN¥15.7b due within 12 months, and liabilities of CN¥18.8b due beyond 12 months. Offsetting these obligations, it had cash of CN¥4.94b as well as receivables valued at CN¥1.37b due within 12 months. So its liabilities total CN¥28.3b more than the combination of its cash and short-term receivables.
This deficit is considerable relative to its market capitalization of CN¥35.5b, so it does suggest shareholders should keep an eye on Jiangsu Expressway's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
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).
Jiangsu Expressway's net debt is 4.3 times its EBITDA, which is a significant but still reasonable amount of leverage. But its EBIT was about 1k 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. Importantly, Jiangsu Expressway's EBIT fell a jaw-dropping 29% in the last twelve months. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Jiangsu Expressway can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
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. Over the last three years, Jiangsu Expressway reported free cash flow worth 18% of its EBIT, which is really quite low. That limp level of cash conversion undermines its ability to manage and pay down debt.
Our View
We'd go so far as to say Jiangsu Expressway's EBIT growth rate was disappointing. But on the bright side, its interest cover is a good sign, and makes us more optimistic. It's also worth noting that Jiangsu Expressway is in the Infrastructure industry, which is often considered to be quite defensive. Overall, we think it's fair to say that Jiangsu Expressway has enough debt that there are some real risks around the balance sheet. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Jiangsu Expressway (of which 1 is concerning!) you should know about.
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.
传奇基金经理理想汽车·卢曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。与许多其他公司一样江苏省高速公路有限责任公司(HKG:177)利用债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务会带来什么风险?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。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。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,许多公司利用债务为增长提供资金,没有任何负面后果。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。
查看我们对江苏高速公路的最新分析
江苏高速公路的债务是什么?
下面的图片,你可以点击查看更多详细信息,显示截至2022年6月,江苏高速公路的债务为283亿加元,而一年的债务为257亿加元。然而,它也有49.4亿元现金,因此其净债务为233亿元。
联交所:177债转股历史2022年9月19日江苏高速公路的资产负债表有多健康?
根据最近一次报告的资产负债表,江苏高速公路有157亿加元的负债在12个月内到期,188亿加元的负债在12个月后到期。作为对这些债务的抵消,该公司有49.4亿加元的现金以及13.7亿加元的应收账款在12个月内到期。因此,其负债总额为人民币283亿元,超过了现金和短期应收账款的总和。
与江苏高速公路355亿元的市值相比,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江苏高速公路的债务使用情况。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。
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)。
江苏高速公路的净债务是其EBITDA的4.3倍,这是一个可观但仍合理的杠杆率。但它的息税前利润大约是利息支出的1K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。重要的是,江苏高速公路的息税前利润在过去12个月里下降了29%,令人瞠目结舌。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。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定江苏高速能否随着时间的推移加强其资产负债表。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。
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。在过去的三年里,江苏高速公路报告的自由现金流相当于其息税前利润的18%,这确实是相当低的。这种疲软的现金转换水平削弱了它管理和偿还债务的能力。
我们的观点
我们甚至可以说,江苏高速公路的息税前利润增长率令人失望。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。同样值得注意的是,江苏高速公路属于基础设施行业,这一行业通常被认为是相当防御性的。总体而言,我们认为,可以公平地说,江苏高速公路的债务足够多,资产负债表周围存在一些真正的风险。如果一切顺利,这可能会得到回报,但这笔债务的不利之处是永久性损失的风险更大。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。这些风险可能很难发现。每家公司都有它们,我们已经发现江苏高速公路2个警示标志(其中1个是有关的!)你应该知道。
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。
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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