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These 4 Measures Indicate That Canvest Environmental Protection Group (HKG:1381) Is Using Debt Extensively
These 4 Measures Indicate That Canvest Environmental Protection Group (HKG:1381) Is Using Debt Extensively
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Canvest Environmental Protection Group Company Limited (HKG:1381) 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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Canvest Environmental Protection Group
What Is Canvest Environmental Protection Group's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Canvest Environmental Protection Group had HK$14.0b of debt, an increase on HK$11.3b, over one year. However, it does have HK$1.88b in cash offsetting this, leading to net debt of about HK$12.1b.
SEHK:1381 Debt to Equity History September 21st 2022How Strong Is Canvest Environmental Protection Group's Balance Sheet?
We can see from the most recent balance sheet that Canvest Environmental Protection Group had liabilities of HK$3.85b falling due within a year, and liabilities of HK$13.3b due beyond that. On the other hand, it had cash of HK$1.88b and HK$2.50b worth of receivables due within a year. So it has liabilities totalling HK$12.8b more than its cash and near-term receivables, combined.
When you consider that this deficiency exceeds the company's HK$12.6b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Canvest Environmental Protection Group has a debt to EBITDA ratio of 4.5 and its EBIT covered its interest expense 4.0 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. On the other hand, Canvest Environmental Protection Group grew its EBIT by 24% in the last year. If sustained, this growth should make that debt evaporate like a scarce drinking water during an unnaturally hot summer. 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 Canvest Environmental Protection Group'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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Canvest Environmental Protection Group saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Mulling over Canvest Environmental Protection Group's attempt at converting EBIT to free cash flow, we're certainly not enthusiastic. But at least it's pretty decent at growing its EBIT; that's encouraging. Overall, we think it's fair to say that Canvest 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. 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, we've discovered 1 warning sign for Canvest Environmental Protection Group that you should be aware of before investing here.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。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加纳维斯特环保集团有限公司(HKG:1381)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。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。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。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。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Canvest环保集团的最新分析
Canvest环保集团的净债务是多少?
你可以点击下图查看历史数字,但它显示,截至2022年6月,Canvest Environmental Protection Group的债务为140亿港元,比一年前增加了113亿港元。然而,它确实有18.8亿港元的现金抵消了这一影响,导致净债务约为121亿港元。
联交所:1381债转股历史2022年9月21日Canvest环保集团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,Canvest Environmental Protection Group有38.5亿港元的负债在一年内到期,而在这之后还有133亿港元的负债到期。另一方面,该公司有18.8亿港元现金和价值25亿港元的应收账款在一年内到期。因此,该公司的负债总额为128亿港元,超过了现金和近期应收账款的总和。
当你考虑到这一缺口超过了该公司126亿港元的市值时,你很可能倾向于专心审查资产负债表。假设,如果该公司被迫通过以当前股价筹集资金来偿还债务,将需要极大的稀释。
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)。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
Canvest Environmental Protection Group的债务与EBITDA的比率为4.5倍,EBIT覆盖了利息支出的4.0倍。这表明,尽管债务水平很高,但我们不会说它们有问题。另一方面,Canvest环保集团去年的息税前利润增长了24%。如果持续下去,这种增长应该会让这笔债务像在异常炎热的夏天里稀缺的饮用水一样蒸发。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Canvest环境保护集团未来保持健康资产负债表的能力。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。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年中,Canvest环保集团的自由现金流总额为大幅负值。尽管投资者无疑预计这种情况会在适当的时候逆转,但这显然意味着它使用债务的风险更大。
我们的观点
考虑到Canvest环境保护集团试图将息税前利润转换为自由现金流,我们肯定不是很热情。但至少它在息税前利润增长方面相当不错;这是令人鼓舞的。总体而言,我们认为可以公平地说,Canvest Environmental Protection Group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。在分析债务水平时,资产负债表显然是一个起点。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。例如,我们发现1个Canvest环保集团的警示标志在这里投资之前你应该意识到这一点。
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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