Does Yum China Holdings (NYSE:YUMC) Have A Healthy Balance Sheet?
Does Yum China Holdings (NYSE:YUMC) Have A Healthy Balance Sheet?
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. We can see that Yum China Holdings, Inc. (NYSE:YUMC) does use debt in its business. But is this debt a concern to shareholders?
大衛·伊本說得好,他說:「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損失。」當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,百勝中國控股有限公司(紐約證券交易所代碼:YUMC)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?
What Risk Does Debt Bring?
債務會帶來什麼風險?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。
What Is Yum China Holdings's Net Debt?
百勝中國控股的淨負債是多少?
As you can see below, at the end of June 2024, Yum China Holdings had US$416.0m of debt, up from none a year ago. Click the image for more detail. But on the other hand it also has US$2.48b in cash, leading to a US$2.06b net cash position.
如下所示,截至2024年6月底,百勝中國控股的債務爲4.16億美元,高於去年同期的零。點擊圖片查看更多細節。但另一方面,它也有24.8億美元的現金,淨現金狀況爲20.6億美元。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240910/0-eaf67022b00077f31ca23d4f5f5e9469-0-3324dc73c60d146005a1fa869e4268a8.png/big)
A Look At Yum China Holdings' Liabilities
看看百勝中國控股的負債
We can see from the most recent balance sheet that Yum China Holdings had liabilities of US$2.68b falling due within a year, and liabilities of US$2.41b due beyond that. Offsetting these obligations, it had cash of US$2.48b as well as receivables valued at US$74.0m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$2.54b.
我們可以從最新的資產負債表中看出,百勝中國控股在一年內到期的負債爲26.8億美元,之後到期的負債爲24.1億美元。除這些債務外,它有24.8億美元的現金以及價值7,400萬美元的應收賬款在12個月內到期。因此,其負債超過其現金和(短期)應收賬款總額25.4億美元。
Since publicly traded Yum China Holdings shares are worth a very impressive total of US$13.0b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, Yum China Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
由於公開交易的百勝中國控股股票總價值爲130億美元,非常可觀,因此這種負債水平似乎不太可能構成重大威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。儘管負債值得關注,但百勝中國控股擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
Also good is that Yum China Holdings grew its EBIT at 12% over the last year, further increasing its ability to manage debt. 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 Yum China Holdings'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.
同樣不錯的是,百勝中國控股的息稅前利潤比去年增長了12%,進一步提高了其債務管理能力。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益將決定百勝中國控股未來維持健康資產負債表的能力。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。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Yum China Holdings may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Yum China Holdings produced sturdy free cash flow equating to 78% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。百勝中國控股的資產負債表上可能有淨現金,但研究該企業如何將其利息稅前收益(EBIT)轉換爲自由現金流仍然很有趣,因爲這將影響其對債務的需求和管理能力。在過去三年中,百勝中國控股產生了穩健的自由現金流,相當於其息稅前利潤的78%,與我們的預期差不多。這種自由現金流使公司處於有利地位,可以在適當的時候償還債務。
Summing Up
總結
While Yum China Holdings does have more liabilities than liquid assets, it also has net cash of US$2.06b. The cherry on top was that in converted 78% of that EBIT to free cash flow, bringing in US$656m. So we don't think Yum China Holdings's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Yum China Holdings you should be aware of.
儘管百勝中國控股的負債確實多於流動資產,但其淨現金也爲20.6億美元。最重要的是,它將息稅前利潤的78%轉換爲自由現金流,帶來了6.56億美元的收入。因此,我們認爲百勝中國控股使用債務沒有風險。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。一個很好的例子:我們發現了你應該注意的百勝中國控股的一個警告信號。
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.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。