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CGN Mining (HKG:1164) Takes On Some Risk With Its Use Of Debt
CGN Mining (HKG:1164) Takes On Some Risk With Its Use Of Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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. Importantly, CGN Mining Company Limited (HKG:1164) does carry debt. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for CGN Mining
How Much Debt Does CGN Mining Carry?
The image below, which you can click on for greater detail, shows that at June 2022 CGN Mining had debt of HK$2.27b, up from HK$1.31b in one year. On the flip side, it has HK$1.27b in cash leading to net debt of about HK$995.0m.
SEHK:1164 Debt to Equity History September 25th 2022A Look At CGN Mining's Liabilities
Zooming in on the latest balance sheet data, we can see that CGN Mining had liabilities of HK$3.38b due within 12 months and liabilities of HK$442.9m due beyond that. Offsetting these obligations, it had cash of HK$1.27b as well as receivables valued at HK$441.8m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$2.11b.
This deficit isn't so bad because CGN Mining is worth HK$7.14b, 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.
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). 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).
With a net debt to EBITDA ratio of 5.6, it's fair to say CGN Mining does have a significant amount of debt. But the good news is that it boasts fairly comforting interest cover of 3.3 times, suggesting it can responsibly service its obligations. Looking on the bright side, CGN Mining boosted its EBIT by a silky 53% in the last year. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if CGN Mining can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, CGN Mining burned a lot of cash. 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
CGN Mining's conversion of EBIT to free cash flow and net debt to EBITDA definitely weigh on it, in our esteem. But the good news is it seems to be able to grow its EBIT with ease. When we consider all the factors discussed, it seems to us that CGN Mining is taking some risks with its use of debt. While that debt can boost returns, we think the company has enough leverage now. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that CGN Mining is showing 1 warning sign in our investment analysis , 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.
大衞·伊本説得很好,波動性不是我們關心的風險,我們關心的是避免資本的永久性損失。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。重要的是中廣核礦業有限公司(HKG:1164)確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
為什麼債務會帶來風險?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。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。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。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。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。
查看我們對CGN挖掘的最新分析
中廣核礦業揹負着多少債務?
下圖顯示,截至2022年6月,中廣核礦業的債務為22.7億港元,高於一年內的13.1億港元。另一方面,該公司擁有12.7億港元現金,淨債務約為9.95億港元。
聯交所:1164債轉股歷史2022年9月25日中廣核礦業負債一瞥
放大最新的資產負債表數據,我們可以看到,中廣核有33.8億港元的負債在12個月內到期,而在此之後還有4.429億港元的負債到期。該公司有12.7億港元現金,以及價值4.418億港元的應收賬款在12個月內到期,以抵銷這些債務。因此,其負債比現金和(近期)應收賬款之和高出21.1億港元。
這一赤字並不是那麼糟糕,因為中廣核礦業的市值為71.4億港元,因此如果需要的話,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。
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。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)。
在淨債務與EBITDA之比為5.6的情況下,公平地説,中廣核礦業確實有大量債務。但好消息是,它擁有相當令人欣慰的3.3倍的利息覆蓋率,這表明它可以負責任地履行自己的義務。從好的方面來看,中廣核礦業去年將息税前利潤提高了53%。就像人類善良的牛奶一樣,這種增長增強了韌性,使公司更有能力管理債務。當你分析債務時,資產負債表顯然是你關注的領域。但最終,該業務未來的盈利能力將決定中廣核礦業能否隨着時間的推移加強其資產負債表。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。
最後,一家公司只能用冷硬現金償還債務,而不是會計利潤。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。在過去的三年裏,中廣核礦業燒掉了大量現金。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
在我們看來,中廣核礦業將息税前利潤轉換為自由現金流,將淨債務轉換為息税折舊攤銷前利潤肯定會給它帶來壓力。但好消息是,它似乎能夠輕鬆實現息税前利潤的增長。當我們考慮所有討論的因素時,在我們看來,中廣核礦業在使用債務方面似乎正在承擔一些風險。雖然這筆債務可以提高回報,但我們認為該公司現在有足夠的槓桿。在分析債務水平時,資產負債表顯然是一個起點。然而,並非所有投資風險都存在於資產負債表中--遠非如此。請注意,CGN挖掘正在顯示在我們的投資分析中出現1個警告信號,你應該知道關於……
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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