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We Think ENN Energy Holdings (HKG:2688) Can Stay On Top Of Its Debt
We Think ENN Energy Holdings (HKG:2688) Can Stay On Top Of Its Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, ENN Energy Holdings Limited (HKG:2688) does carry debt. But should shareholders be worried about its use of debt?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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.
View our latest analysis for ENN Energy Holdings
What Is ENN Energy Holdings's Debt?
As you can see below, at the end of June 2022, ENN Energy Holdings had CN¥22.7b of debt, up from CN¥18.3b a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥12.0b, its net debt is less, at about CN¥10.7b.
SEHK:2688 Debt to Equity History September 27th 2022How Healthy Is ENN Energy Holdings' Balance Sheet?
According to the last reported balance sheet, ENN Energy Holdings had liabilities of CN¥39.1b due within 12 months, and liabilities of CN¥20.9b due beyond 12 months. Offsetting this, it had CN¥12.0b in cash and CN¥9.96b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥38.0b.
While this might seem like a lot, it is not so bad since ENN Energy Holdings has a huge market capitalization of CN¥107.1b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
ENN Energy Holdings's net debt is only 0.97 times its EBITDA. And its EBIT easily covers its interest expense, being 33.0 times the size. So we're pretty relaxed about its super-conservative use of debt. On the other hand, ENN Energy Holdings saw its EBIT drop by 4.9% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if ENN Energy Holdings can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, ENN Energy Holdings's free cash flow amounted to 46% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
Our View
On our analysis ENN Energy Holdings's interest cover should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For example, its EBIT growth rate makes us a little nervous about its debt. We would also note that Gas Utilities industry companies like ENN Energy Holdings commonly do use debt without problems. Considering this range of data points, we think ENN Energy Holdings is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for ENN Energy Holdings 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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。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。重要的是新奥能源控股有限公司(HKG:2688)确实有债务。但股东是否应该担心它的债务使用情况?
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。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(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。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。
查看我们对新奥能源控股的最新分析
新奥能源控股的债务是什么?
如下所示,截至2022年6月底,新奥能源控股的债务为227亿元人民币,而一年前为183亿元人民币。单击图像了解更多详细信息。然而,由于其现金储备为人民币120亿元,其净债务较少,约为人民币107亿元。
联交所:2688债转股历史2022年9月27日新奥能源控股的资产负债表有多健康?
根据最新上报的资产负债表,新奥能源控股有391亿加元的负债在12个月内到期,209亿加元的负债在12个月后到期。作为抵消,它有120亿加元的现金和99.6亿加元的应收账款在12个月内到期。因此,它的负债超过了现金和(近期)应收账款的总和38.0亿元。
虽然这看起来可能很多,但并不是很糟糕,因为新奥能源控股拥有1071亿元人民币的巨额市值,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。然而,仍值得密切关注其偿债能力。
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。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
新奥能源控股的净债务仅为其息税前利润的0.97倍。而且它的息税前利润轻松覆盖了利息支出,是其规模的33.0倍。因此,我们对它对债务的超级保守使用相当放松。另一方面,新奥能源控股的息税前利润在过去12个月里下降了4.9%。如果收益继续以这样的速度下降,该公司管理债务负担的难度可能会越来越大。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新奥能源控股能否随着时间的推移加强其资产负债表。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,一家公司只能用冷硬现金偿还债务,而不是会计利润。因此,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在过去三年中,新奥能源控股的自由现金流占其息税前利润的46%,低于我们的预期。当涉及到偿还债务时,这并不是很好。
我们的观点
根据我们的分析,新奥能源控股的利息担保应该表明,它的债务不会有太大麻烦。然而,我们的其他观察结果并不那么令人振奋。例如,它的息税前利润增长率让我们对它的债务有点紧张。我们还应该注意到,像新奥能源控股这样的燃气公用事业行业公司通常会使用债务,而不会出现问题。考虑到这一范围的数据点,我们认为新奥能源控股处于管理其债务水平的有利地位。话虽如此,这笔负担足够沉重,我们建议任何股东都要密切关注。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。一个恰当的例子:我们发现了新奥能源控股的1个警告标志你应该意识到。
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,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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