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Is Jiangsu Linyang Energy (SHSE:601222) Using Too Much Debt?
Is Jiangsu Linyang Energy (SHSE:601222) Using Too Much 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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, Jiangsu Linyang Energy Co., Ltd. (SHSE:601222) does carry debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for Jiangsu Linyang Energy
What Is Jiangsu Linyang Energy's Debt?
As you can see below, Jiangsu Linyang Energy had CN¥3.58b of debt at March 2022, down from CN¥6.58b a year prior. However, its balance sheet shows it holds CN¥4.88b in cash, so it actually has CN¥1.30b net cash.
SHSE:601222 Debt to Equity History July 26th 2022A Look At Jiangsu Linyang Energy's Liabilities
We can see from the most recent balance sheet that Jiangsu Linyang Energy had liabilities of CN¥3.23b falling due within a year, and liabilities of CN¥2.32b due beyond that. Offsetting these obligations, it had cash of CN¥4.88b as well as receivables valued at CN¥4.50b due within 12 months. So it actually has CN¥3.82b more liquid assets than total liabilities.
This excess liquidity suggests that Jiangsu Linyang Energy is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Jiangsu Linyang Energy boasts net cash, so it's fair to say it does not have a heavy debt load!
But the other side of the story is that Jiangsu Linyang Energy saw its EBIT decline by 9.8% over the last year. 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 Jiangsu Linyang Energy 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Jiangsu Linyang Energy has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Looking at the most recent three years, Jiangsu Linyang Energy recorded free cash flow of 46% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
While it is always sensible to investigate a company's debt, in this case Jiangsu Linyang Energy has CN¥1.30b in net cash and a decent-looking balance sheet. So we are not troubled with Jiangsu Linyang Energy's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for Jiangsu Linyang Energy 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.
大衞·伊本説得很好,波動性不是我們關心的風險,我們關心的是避免資本的永久性損失。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。重要的是江蘇林陽能源有限公司。(上海證券交易所:601222)確實揹負着債務。但股東是否應該擔心它的債務使用情況?
債務會帶來什麼風險?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對江蘇臨陽能源的最新分析
江蘇臨陽能源的債務是什麼?
如下所示,截至2022年3月,江蘇臨陽能源的債務為人民幣35.8億元,低於上年同期的人民幣65.8億元。然而,其資產負債表顯示,它持有48.8億元人民幣的現金,因此它實際上擁有人民幣13.億元的淨現金。
上證綜指:601222債轉股歷史2022年7月26日江蘇臨陽能源負債情況一瞥
從最近的資產負債表可以看出,江蘇臨陽能源有32.3億元的負債在一年內到期,還有23.2億元的負債在一年內到期。作為對這些債務的抵消,該公司有48.8億加元的現金以及價值45億加元的應收賬款在12個月內到期。所以它實際上有38.2億元人民幣更多流動資產超過總負債。
這種過剩的流動性表明,江蘇臨陽能源對債務採取了謹慎的態度。由於它擁有充足的資產,它不太可能與其貸款人發生麻煩。簡而言之,江蘇臨陽能源擁有淨現金,可以説它沒有沉重的債務負擔!
但另一方面,江蘇臨陽能源去年的息税前利潤下降了9.8%。如果收益繼續以這樣的速度下降,該公司管理債務負擔的難度可能會越來越大。在分析債務水平時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定江蘇臨陽能源能否隨着時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。雖然江蘇臨陽能源的資產負債表上有淨現金,但它將息税前利潤(EBIT)轉換為自由現金流的能力仍值得一看,以幫助我們瞭解它正在以多快的速度建立(或侵蝕)現金餘額。縱觀最近三年,江蘇臨陽能源的自由現金流佔其息税前利潤的46%,這一數字低於我們的預期。這種疲軟的現金轉換增加了處理債務的難度。
總結
雖然調查一家公司的債務總是明智的,但在這起案件中,江蘇臨陽能源擁有人民幣13億元的淨現金和看起來不錯的資產負債表。因此,我們對江蘇臨陽能源的債務使用並不感到困擾。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。一個恰當的例子:我們發現了江蘇臨陽能源的2個警示標誌你應該意識到。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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