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Inner Mongolia Yitai Coal (SHSE:900948) Has A Rock Solid Balance Sheet
Inner Mongolia Yitai Coal (SHSE:900948) Has A Rock Solid Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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 Inner Mongolia Yitai Coal Co., Ltd. (SHSE:900948) makes use of debt. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
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. 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 examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for Inner Mongolia Yitai Coal
How Much Debt Does Inner Mongolia Yitai Coal Carry?
The image below, which you can click on for greater detail, shows that Inner Mongolia Yitai Coal had debt of CN¥25.1b at the end of March 2022, a reduction from CN¥35.0b over a year. However, it also had CN¥18.0b in cash, and so its net debt is CN¥7.07b.
SHSE:900948 Debt to Equity History August 17th 2022A Look At Inner Mongolia Yitai Coal's Liabilities
Zooming in on the latest balance sheet data, we can see that Inner Mongolia Yitai Coal had liabilities of CN¥15.8b due within 12 months and liabilities of CN¥23.2b due beyond that. On the other hand, it had cash of CN¥18.0b and CN¥4.01b worth of receivables due within a year. So it has liabilities totalling CN¥17.1b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since Inner Mongolia Yitai Coal has a market capitalization of CN¥34.7b, 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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Inner Mongolia Yitai Coal's net debt is only 0.37 times its EBITDA. And its EBIT easily covers its interest expense, being 29.3 times the size. So we're pretty relaxed about its super-conservative use of debt. Better yet, Inner Mongolia Yitai Coal grew its EBIT by 240% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. When analysing debt levels, the balance sheet is the obvious place to start. But it is Inner Mongolia Yitai Coal's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Inner Mongolia Yitai Coal actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Our View
Inner Mongolia Yitai Coal's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But truth be told we feel its level of total liabilities does undermine this impression a bit. Zooming out, Inner Mongolia Yitai Coal seems to use debt quite reasonably; and that gets the nod from us. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Inner Mongolia Yitai Coal you should know about.
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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。與許多其他公司一樣內蒙古伊泰煤炭股份有限公司。(上海證券交易所:900948)利用債務。但股東是否應該擔心它的債務使用情況?
為什麼債務會帶來風險?
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。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,許多公司利用債務為增長提供資金,沒有任何負面後果。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對內蒙古伊泰煤炭的最新分析
內蒙古伊泰煤業揹負着多少債務?
下圖顯示,截至2022年3月底,內蒙古伊泰煤業的債務為人民幣251億元,較一年內的人民幣350億元有所減少。然而,它也有180億元現金,因此其淨債務為70.7億元。
上證綜指:900948債轉股歷史2022年8月17日內蒙古伊泰煤業負債情況一瞥
放大最新的資產負債表數據,我們可以看到,內蒙古伊泰煤炭有158億加元的負債在12個月內到期,還有232億加元的負債在12個月內到期。另一方面,一年內有180億加元現金和40.1億加元應收賬款到期。因此,它的負債總額為人民幣171億元,超過了現金和近期應收賬款的總和。
雖然這看起來可能很多,但並不是很糟糕,因為內蒙古伊泰煤業的市值為人民幣347億元,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。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
內蒙古伊泰煤業的淨債務僅為其EBITDA的0.37倍。而且它的息税前利潤輕鬆覆蓋了利息支出,是其規模的29.3倍。因此,我們對它對債務的超級保守使用相當放鬆。更好的是,內蒙古伊泰煤業去年息税前利潤增長了240%,這是一個令人印象深刻的改善。這一提振將使未來償還債務變得更加容易。在分析債務水平時,資產負債表顯然是一個起點。但影響未來資產負債表表現的,將是內蒙古伊泰煤業的盈利。因此,當考慮債務時,絕對值得關注收益趨勢。點擊此處查看互動快照。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。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。在過去三年中,內蒙古伊泰煤業產生的自由現金流實際上超過了息税前利潤。這種強勁的現金轉換讓我們像傻朋克演唱會上節奏下降時的觀眾一樣興奮。
我們的觀點
內蒙古伊泰煤業的利息擔保表明,它可以輕鬆處理債務,就像克里斯蒂亞諾·羅納爾多在對陣14歲以下門將的比賽中進球一樣。但説實話,我們覺得它的總負債水平確實在一定程度上削弱了這種印象。縮小範圍,內蒙古伊泰煤業似乎相當合理地利用債務;這得到了我們的認可。儘管債務確實會帶來風險,但如果使用得當,它也可以帶來更高的股本回報率。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。這些風險可能很難發現。每家公司都有它們,我們已經發現1內蒙古伊泰煤礦警示標誌你應該知道。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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風險及免責聲明
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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