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These 4 Measures Indicate That Canvest Environmental Protection Group (HKG:1381) Is Using Debt Extensively
These 4 Measures Indicate That Canvest Environmental Protection Group (HKG:1381) Is Using Debt Extensively
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Canvest Environmental Protection Group Company Limited (HKG:1381) makes use of debt. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Canvest Environmental Protection Group
What Is Canvest Environmental Protection Group's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Canvest Environmental Protection Group had HK$14.0b of debt, an increase on HK$11.3b, over one year. However, it does have HK$1.88b in cash offsetting this, leading to net debt of about HK$12.1b.
SEHK:1381 Debt to Equity History September 21st 2022How Strong Is Canvest Environmental Protection Group's Balance Sheet?
We can see from the most recent balance sheet that Canvest Environmental Protection Group had liabilities of HK$3.85b falling due within a year, and liabilities of HK$13.3b due beyond that. On the other hand, it had cash of HK$1.88b and HK$2.50b worth of receivables due within a year. So it has liabilities totalling HK$12.8b more than its cash and near-term receivables, combined.
When you consider that this deficiency exceeds the company's HK$12.6b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
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.
Canvest Environmental Protection Group has a debt to EBITDA ratio of 4.5 and its EBIT covered its interest expense 4.0 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. On the other hand, Canvest Environmental Protection Group grew its EBIT by 24% in the last year. If sustained, this growth should make that debt evaporate like a scarce drinking water during an unnaturally hot summer. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Canvest Environmental Protection Group'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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Canvest Environmental Protection Group saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Mulling over Canvest Environmental Protection Group's attempt at converting EBIT to free cash flow, we're certainly not enthusiastic. But at least it's pretty decent at growing its EBIT; that's encouraging. Overall, we think it's fair to say that Canvest Environmental Protection Group has enough debt that there are some real risks around the balance sheet. If all goes well, that should boost returns, but on the flip side, the risk of permanent capital loss is elevated by the debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 1 warning sign for Canvest Environmental Protection Group that you should be aware of before investing here.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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加納維斯特環保集團有限公司(HKG:1381)利用債務。但更重要的問題是:這筆債務造成了多大的風險?
什麼時候債務是個問題?
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。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,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。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對Canvest環保集團的最新分析
Canvest環保集團的淨債務是多少?
你可以點擊下圖查看歷史數字,但它顯示,截至2022年6月,Canvest Environmental Protection Group的債務為140億港元,比一年前增加了113億港元。然而,它確實有18.8億港元的現金抵消了這一影響,導致淨債務約為121億港元。
聯交所:1381債轉股歷史2022年9月21日Canvest環保集團的資產負債表有多強勁?
我們可以從最近的資產負債表中看到,Canvest Environmental Protection Group有38.5億港元的負債在一年內到期,而在這之後還有133億港元的負債到期。另一方面,該公司有18.8億港元現金和價值25億港元的應收賬款在一年內到期。因此,該公司的負債總額為128億港元,超過了現金和近期應收賬款的總和。
當你考慮到這一缺口超過了該公司126億港元的市值時,你很可能傾向於專心審查資產負債表。假設,如果該公司被迫通過以當前股價籌集資金來償還債務,將需要極大的稀釋。
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。
Canvest Environmental Protection Group的債務與EBITDA的比率為4.5倍,EBIT覆蓋了利息支出的4.0倍。這表明,儘管債務水平很高,但我們不會説它們有問題。另一方面,Canvest環保集團去年的息税前利潤增長了24%。如果持續下去,這種增長應該會讓這筆債務像在異常炎熱的夏天裏稀缺的飲用水一樣蒸發。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定Canvest環境保護集團未來保持健康資產負債表的能力。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。
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,我們顯然需要看看息税前利潤是否會帶來相應的自由現金流。在過去的三年中,Canvest環保集團的自由現金流總額為大幅負值。儘管投資者無疑預計這種情況會在適當的時候逆轉,但這顯然意味着它使用債務的風險更大。
我們的觀點
考慮到Canvest環境保護集團試圖將息税前利潤轉換為自由現金流,我們肯定不是很熱情。但至少它在息税前利潤增長方面相當不錯;這是令人鼓舞的。總體而言,我們認為可以公平地説,Canvest Environmental Protection Group的債務足夠多,資產負債表周圍存在一些真正的風險。如果一切順利,這應該會提高回報,但另一方面,債務增加了永久資本損失的風險。在分析債務水平時,資產負債表顯然是一個起點。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1個Canvest環保集團的警示標誌在這裏投資之前你應該意識到這一點。
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。
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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