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Is Zhejiang Hailide New MaterialLtd (SZSE:002206) A Risky Investment?
Is Zhejiang Hailide New MaterialLtd (SZSE:002206) A Risky Investment?
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. We can see that Zhejiang Hailide New Material Co.,Ltd (SZSE:002206) does use debt in its business. 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 Zhejiang Hailide New MaterialLtd
How Much Debt Does Zhejiang Hailide New MaterialLtd Carry?
As you can see below, at the end of March 2022, Zhejiang Hailide New MaterialLtd had CN¥2.88b of debt, up from CN¥2.12b a year ago. Click the image for more detail. On the flip side, it has CN¥1.31b in cash leading to net debt of about CN¥1.57b.
SZSE:002206 Debt to Equity History July 28th 2022How Healthy Is Zhejiang Hailide New MaterialLtd's Balance Sheet?
We can see from the most recent balance sheet that Zhejiang Hailide New MaterialLtd had liabilities of CN¥3.46b falling due within a year, and liabilities of CN¥741.5m due beyond that. Offsetting this, it had CN¥1.31b in cash and CN¥1.12b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.77b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since Zhejiang Hailide New MaterialLtd has a market capitalization of CN¥7.44b, 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 measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (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).
Zhejiang Hailide New MaterialLtd's net debt to EBITDA ratio of about 1.6 suggests only moderate use of debt. And its commanding EBIT of 47.2 times its interest expense, implies the debt load is as light as a peacock feather. On top of that, Zhejiang Hailide New MaterialLtd grew its EBIT by 80% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Zhejiang Hailide New MaterialLtd 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. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Zhejiang Hailide New MaterialLtd saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
Zhejiang Hailide New MaterialLtd's conversion of EBIT to free cash flow was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. Considering this range of data points, we think Zhejiang Hailide New MaterialLtd 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. 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. To that end, you should learn about the 3 warning signs we've spotted with Zhejiang Hailide New MaterialLtd (including 1 which can't be ignored) .
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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)曾説過一句名言:波動性遠非風險的代名詞。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們可以看到浙江海利德新材料有限公司(SZSE:002206)確實在其業務中使用債務。但這筆債務對股東來説是一個擔憂嗎?
債務會帶來什麼風險?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。當然,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。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。
參見我們對浙江海立德新材料有限公司的最新分析
浙江海德新材料有限公司揹負着多少債務?
如下所示,截至2022年3月底,浙江海德新材料有限公司的債務為28.8億元人民幣,高於一年前的21.2億元人民幣。單擊圖像瞭解更多詳細信息。另一方面,它擁有人民幣13.1億元的現金,導致淨債務約為人民幣15.7億元。
深圳證交所:002206債轉股歷史2022年7月28日浙江海德新材料有限公司的資產負債表有多健康?
從最近的資產負債表可以看出,浙江海德新材料有限公司有34.6億元的負債在一年內到期,還有7.415億元的負債在一年內到期。作為抵消,它有13.1億加元的現金和11.2億加元的應收賬款在12個月內到期。因此,它的負債總額比現金和近期應收賬款加起來還要多人民幣17.7億元。
雖然這看起來可能很多,但並不是很糟糕,因為浙江海德新材料有限公司的市值為74.4億元人民幣,因此如果需要的話,它可能會通過籌集資本來加強其資產負債表。然而,仍值得密切關注其償債能力。
我們通過查看公司的淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),並計算其息税前收益(EBIT)覆蓋利息支出(利息覆蓋)的容易程度,來衡量公司的債務負擔與其盈利能力的關係。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
浙江海德新材料股份有限公司的淨債務與EBITDA之比約為1.6,這表明債務只有適度使用。其高達利息支出47.2倍的息税前利潤,意味着債務負擔輕如孔雀羽毛。最重要的是,浙江海德新材料有限公司在過去12個月中息税前利潤增長了80%,這一增長將使其更容易處理債務。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最終,該業務未來的盈利能力將決定浙江海德新材料有限公司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。因此,有必要檢查這筆息税前利潤中有多少是由自由現金流支持的。在過去的三年裏,浙江海德新材料有限公司的自由現金流總額為大幅負值。儘管這可能是增長支出的結果,但它確實使債務的風險大得多。
我們的觀點
浙江海德新材料有限公司將息税前利潤轉換為自由現金流對這一分析是一個真正的負面影響,儘管我們考慮的其他因素要好得多。毫無疑問,它用息税前利潤來彌補利息支出的能力是相當閃光的。考慮到這一範圍的數據點,我們認為浙江海立德新材料有限公司在管理其債務水平方面處於有利地位。話雖如此,這筆負擔足夠沉重,我們建議任何股東都要密切關注。毫無疑問,我們從資產負債表中瞭解到的債務最多。然而,並非所有投資風險都存在於資產負債表中--遠非如此。為此,您應該瞭解3個警示標誌我們已經看到了浙江海立德新材料有限公司(其中包括1家不容忽視的公司)。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
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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