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Beijing Capital Eco-Environment Protection Group (SHSE:600008) Use Of Debt Could Be Considered Risky

Beijing Capital Eco-Environment Protection Group (SHSE:600008) Use Of Debt Could Be Considered Risky

北京首都生态环境保护集团(SHSE: 600008)使用债务可能被视为风险
Simply Wall St ·  02/13 13:06

Warren Buffett famously said, '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. We can see that Beijing Capital Eco-Environment Protection Group Co., Ltd. (SHSE:600008) does use debt in its business. But the more important question is: how much risk is that debt creating?

沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们可以看到,北京首都生态环境保护集团有限公司(SHSE: 600008)确实在其业务中使用了债务。但更重要的问题是:这笔债务会带来多大的风险?

When Is Debt Dangerous?

债务何时危险?

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. 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. 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.

当企业无法轻易履行这些义务时,无论是通过自由现金流还是以诱人的价格筹集资金,债务和其他负债就会面临风险。如果情况变得非常糟糕,贷款人可以控制业务。尽管这种情况不太常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以低价筹集资金。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。

What Is Beijing Capital Eco-Environment Protection Group's Net Debt?

北京首创生态环保集团的净负债是多少?

As you can see below, Beijing Capital Eco-Environment Protection Group had CN¥49.2b of debt at September 2023, down from CN¥51.9b a year prior. However, it also had CN¥5.32b in cash, and so its net debt is CN¥43.8b.

如下所示,截至2023年9月,北京首都生态环境保护集团的债务为492亿元人民币,低于去年同期的519亿元人民币。但是,它也有53.2亿元的现金,因此其净负债为438亿元人民币。

debt-equity-history-analysis
SHSE:600008 Debt to Equity History February 13th 2024
SHSE: 600008 2024 年 2 月 13 日债务与股权比率的历史记录

How Strong Is Beijing Capital Eco-Environment Protection Group's Balance Sheet?

北京首都生态环境保护集团的资产负债表有多强?

Zooming in on the latest balance sheet data, we can see that Beijing Capital Eco-Environment Protection Group had liabilities of CN¥26.6b due within 12 months and liabilities of CN¥40.4b due beyond that. Offsetting these obligations, it had cash of CN¥5.32b as well as receivables valued at CN¥18.0b due within 12 months. So its liabilities total CN¥43.7b more than the combination of its cash and short-term receivables.

放大最新的资产负债表数据,我们可以看到,北京首都生态环境保护集团在12个月内到期的负债为266亿元人民币,在此之后到期的负债为404亿元人民币。除这些债务外,它有53.2亿元的现金以及价值180亿元人民币的应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出437亿元人民币。

This deficit casts a shadow over the CN¥21.0b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. After all, Beijing Capital Eco-Environment Protection Group would likely require a major re-capitalisation if it had to pay its creditors today.

这一赤字给这家210亿元人民币的公司蒙上了阴影,就像一个耸立在凡人之上的巨人。因此,我们绝对认为股东需要密切关注这个问题。毕竟,如果北京首都生态环境保护集团今天必须向债权人付款,则可能需要进行大规模的资本重组。

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). 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).

为了扩大公司相对于收益的负债规模,我们计算其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),将其利息和税前收益(EBIT)除以利息支出(利息保障)。这种方法的优势在于,我们既考虑了债务的绝对数量(包括净负债与息税折旧摊销前利润),也考虑了与该债务相关的实际利息支出(及其利息覆盖率)。

With a net debt to EBITDA ratio of 6.4, it's fair to say Beijing Capital Eco-Environment Protection Group does have a significant amount of debt. However, its interest coverage of 2.8 is reasonably strong, which is a good sign. Another concern for investors might be that Beijing Capital Eco-Environment Protection Group's EBIT fell 18% in the last year. If things keep going like that, handling the debt will about as easy as bundling an angry house cat into its travel box. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Beijing Capital Eco-Environment Protection Group 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.

北京首都生态环境保护集团的净负债与息税折旧摊销前利润的比率为6.4,可以公平地说,确实有大量债务。但是,其2.8的利息覆盖率相当强,这是一个好兆头。投资者的另一个担忧可能是北京首创生态环境保护集团的息税前利润在去年下降了18%。如果事情继续这样下去,那么处理债务就像把一只愤怒的家猫捆到旅行箱里一样容易。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但最终,该业务的未来盈利能力将决定北京首都生态环境保护集团能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Beijing Capital Eco-Environment 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.

最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。因此,我们显然需要研究息税前利润是否会带来相应的自由现金流。在过去的三年中,北京首都生态环境保护集团总共出现了可观的负自由现金流。尽管投资者无疑预计这种情况将在适当的时候逆转,但这显然意味着其使用债务的风险更大。

Our View

我们的观点

On the face of it, Beijing Capital Eco-Environment Protection Group's conversion of EBIT to free cash flow left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. And furthermore, its EBIT growth rate also fails to instill confidence. It's also worth noting that Beijing Capital Eco-Environment Protection Group is in the Water Utilities industry, which is often considered to be quite defensive. We think the chances that Beijing Capital Eco-Environment Protection Group has too much debt a very significant. To our minds, that means the stock is rather high risk, and probably one to avoid; but to each their own (investing) style. 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 Beijing Capital Eco-Environment Protection Group has 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.

从表面上看,北京首都生态环境保护集团将息税前利润转换为自由现金流使我们对该股持初步看法,其总负债水平并不比一年中最繁忙的夜晚那家空荡荡的餐厅更具吸引力。此外,其息税前利润增长率也未能灌输信心。还值得注意的是,北京首都生态环境保护集团属于自来水行业,人们通常认为该行业具有很强的防御性。我们认为,北京首都生态环境保护集团拥有过多债务的可能性非常大。在我们看来,这意味着股票风险相当高,可能需要避免;但每个人都有自己的(投资)风格。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。例如,北京首都生态环境保护集团有3个警示标志(其中一个不容忽视),我们认为你应该知道。

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.

当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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