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Does Zijin Mining Group (HKG:2899) Have A Healthy Balance Sheet?
Does Zijin Mining Group (HKG:2899) Have A Healthy Balance Sheet?
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. We note that Zijin Mining Group Company Limited (HKG:2899) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt A Problem?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Zijin Mining Group
What Is Zijin Mining Group's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Zijin Mining Group had debt of CN¥105.7b, up from CN¥74.1b in one year. However, it does have CN¥25.7b in cash offsetting this, leading to net debt of about CN¥80.0b.
SEHK:2899 Debt to Equity History August 29th 2022How Healthy Is Zijin Mining Group's Balance Sheet?
The latest balance sheet data shows that Zijin Mining Group had liabilities of CN¥68.0b due within a year, and liabilities of CN¥92.5b falling due after that. On the other hand, it had cash of CN¥25.7b and CN¥18.4b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥116.5b.
Zijin Mining Group has a very large market capitalization of CN¥235.8b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
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.
We'd say that Zijin Mining Group's moderate net debt to EBITDA ratio ( being 2.1), indicates prudence when it comes to debt. And its strong interest cover of 1k times, makes us even more comfortable. It is well worth noting that Zijin Mining Group's EBIT shot up like bamboo after rain, gaining 61% in the last twelve months. That'll make it easier to manage its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Zijin Mining Group's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Zijin Mining Group created free cash flow amounting to 19% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Our View
Zijin Mining Group's interest cover was a real positive on this analysis, as was its EBIT growth rate. On the other hand, its conversion of EBIT to free cash flow makes us a little less comfortable about its debt. Considering this range of data points, we think Zijin Mining Group 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. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Zijin Mining Group you should know about.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。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。我們注意到紫金礦業股份有限公司(HKG:2899)的資產負債表上確實有債務。但這筆債務對股東來説是一個擔憂嗎?
什麼時候債務是個問題?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。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。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。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。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
參見我們對紫金礦業的最新分析
紫金礦業的債務是什麼?
你可以點擊查看更多細節的下圖顯示,截至2022年6月,紫金礦業的債務為1057億元人民幣,而一年的債務為741億元人民幣。然而,它確實有257億加元的現金來抵消這一點,導致淨債務約為80億加元。
聯交所:2899債轉股歷史2022年8月29日紫金礦業的資產負債表有多健康?
最新的資產負債表數據顯示,紫金礦業有68億元人民幣的負債在一年內到期,925億元人民幣的負債在一年內到期。另一方面,它有257億元現金和184億元的應收賬款在一年內到期。因此,它的負債超過了現金和(近期)應收賬款的總和1165億元。
紫金礦業擁有2358億元人民幣的龐大市值,因此如果有需要,它很可能會籌集現金來改善其資產負債表。但很明顯,我們絕對應該仔細檢查它是否能夠在不稀釋的情況下管理債務。
為了評估一家公司的債務相對於它的收益,我們計算它的淨債務除以它的利息、税項、折舊和攤銷前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆蓋)。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。
我們會説,紫金礦業的淨債務與EBITDA的比率適中(為2.1),表明在債務方面是謹慎的。而其1k倍的強大利息覆蓋,讓我們更加舒心。值得注意的是,紫金礦業的息税前利潤如雨後春筍般迅速增長,在過去12個月中上漲了61%。這將使其更容易管理債務。當你分析債務時,資產負債表顯然是你關注的領域。但最重要的是,未來的收益將決定紫金礦業未來能否保持健康的資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
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,合乎邏輯的一步是看看息税前利潤與實際自由現金流相匹配的比例。在過去三年中,紫金礦業創造的自由現金流佔其息税前利潤的19%,這是一個平淡無奇的表現。對我們來説,低現金轉換引發了一點偏執,那就是償還債務的能力。
我們的觀點
紫金礦業的利息回補對這一分析是真正積極的,其息税前利潤增長率也是如此。另一方面,它將息税前利潤轉換為自由現金流,讓我們對其債務不那麼放心。考慮到這一範圍的數據點,我們認為紫金礦業處於管理其債務水平的有利地位。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。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。這些風險可能很難發現。每家公司都有它們,我們已經發現紫金礦業的1個警示標誌你應該知道。
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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