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Kunlun Energy (HKG:135) Seems To Use Debt Rather Sparingly
Kunlun Energy (HKG:135) Seems To Use Debt Rather Sparingly
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 seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Kunlun Energy Company Limited (HKG:135) makes use of debt. But should shareholders be worried about its use of debt?
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. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Kunlun Energy
What Is Kunlun Energy's Net Debt?
As you can see below, Kunlun Energy had CN¥24.4b of debt at June 2022, down from CN¥25.6b a year prior. But on the other hand it also has CN¥35.3b in cash, leading to a CN¥10.9b net cash position.
SEHK:135 Debt to Equity History September 12th 2022How Strong Is Kunlun Energy's Balance Sheet?
We can see from the most recent balance sheet that Kunlun Energy had liabilities of CN¥34.1b falling due within a year, and liabilities of CN¥22.3b due beyond that. On the other hand, it had cash of CN¥35.3b and CN¥3.23b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥17.8b.
This deficit isn't so bad because Kunlun Energy is worth CN¥50.5b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. Despite its noteworthy liabilities, Kunlun Energy boasts net cash, so it's fair to say it does not have a heavy debt load!
Another good sign is that Kunlun Energy has been able to increase its EBIT by 23% in twelve months, making it easier to pay down 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 Kunlun Energy's ability to maintain a healthy balance sheet going forward. 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 Kunlun 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. Over the most recent three years, Kunlun Energy recorded free cash flow worth 78% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
While Kunlun Energy does have more liabilities than liquid assets, it also has net cash of CN¥10.9b. And it impressed us with free cash flow of CN¥4.1b, being 78% of its EBIT. So is Kunlun Energy's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 1 warning sign for Kunlun Energy that you should be aware of before investing here.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。與許多其他公司一樣崑崙能源股份有限公司(HKG:135)利用債務。但股東是否應該擔心它的債務使用情況?
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。如果情況真的變得很糟糕,貸款人可以控制業務。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。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。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。
看看我們對崑崙能源的最新分析
崑崙能源的淨負債是多少?
如下所示,截至2022年6月,崑崙能源的債務為人民幣244億元,低於一年前的人民幣256億元。但另一方面,它也有353億加元的現金,導致109億加元的淨現金頭寸。
聯交所:135債轉股歷史2022年9月12日崑崙能源的資產負債表有多強?
從最近的資產負債表可以看出,崑崙能源有341億元的負債在一年內到期,還有223億元的負債在一年內到期。另一方面,一年內有353億加元現金和32.3億加元應收賬款到期。因此,它的負債超過了現金和(近期)應收賬款的總和178億元。
這一赤字並不是那麼糟糕,因為崑崙能源的身家為人民幣505億元,因此如果需要的話,很可能會籌集到足夠的資本來支撐其資產負債表。然而,仍值得密切關注其償債能力。儘管崑崙能源的負債值得注意,但它擁有淨現金,所以公平地説,它沒有沉重的債務負擔!
另一個好跡象是,崑崙能源能夠在12個月內將息税前利潤提高23%,從而更容易償還債務。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,未來的收益將決定崑崙能源未來能否保持健康的資產負債表。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。雖然崑崙能源的資產負債表上有淨現金,但它將息税前利潤轉換為自由現金流的能力仍然值得一看,以幫助我們瞭解它建立(或侵蝕)現金餘額的速度有多快。在最近三年中,崑崙能源錄得的自由現金流相當於其息税前利潤的78%,考慮到自由現金流不包括利息和税收,這一比例接近正常水平。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
總結
雖然崑崙能源的負債確實多於流動資產,但它也有109億元的淨現金。它給我們留下了深刻的印象,自由現金流為人民幣41億元,佔其息税前利潤的78%。那麼,崑崙能源的債務是一種風險嗎?但在我們看來並非如此。當你分析債務時,資產負債表顯然是你關注的領域。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。例如,我們發現崑崙能源的1個警示標誌在這裏投資之前你應該意識到這一點。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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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