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Is ComfortDelGro (SGX:C52) Using Too Much Debt?

Is ComfortDelGro (SGX:C52) Using Too Much Debt?

康福德高企業(新加坡交易所:C52)是否使用過多債務?
Simply Wall St ·  12/06 08:12

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. Importantly, ComfortDelGro Corporation Limited (SGX:C52) does carry debt. But is this debt a concern to shareholders?

在巴菲特的查理·芒格支持下的外部基金經理李錄直言不諱地表示,'最大的投資風險不是價格的波動,而是您是否會遭受永久性資本損失。' 因此,當您考慮某隻股票的風險時,可能顯而易見的是您需要考慮債務,因爲過多的債務可能會壓垮一家公司。重要的是,康福德高企業有限公司(SGX:C52)確實承擔了債務。但是,這項債務對股東來說是個問題嗎?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.

債務是幫助企業成長的工具,但如果企業無法償還借款人,那麼它就處於借款人的掌控之中。 如果情況變得非常糟糕,借款人可以控制企業。 然而,更常見(但仍然昂貴)的情況是,企業必須以便宜的股票價格稀釋股東,以便控制債務。 不過,通過替代稀釋,債務對於需要資本以高回報率進行投資的企業來說,可以是一個非常好的工具。 考慮一家公司的債務水平的第一步是將其現金和債務一起考慮。

What Is ComfortDelGro's Debt?

康福德高的債務是多少?

As you can see below, at the end of June 2024, ComfortDelGro had S$677.2m of debt, up from S$311.9m a year ago. Click the image for more detail. However, its balance sheet shows it holds S$883.7m in cash, so it actually has S$206.5m net cash.

正如您在下面看到的,截至2024年6月底,康福德高的債務爲67720萬新元,較一年前的31190萬新元有所上升。點擊圖片以獲取更多細節。 然而,其資產負債表顯示其持有88370萬新元的現金,因此實際上淨現金爲20650萬新元。

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SGX:C52 Debt to Equity History December 6th 2024
SGX:C52債務與股本歷史 2024年12月6日

A Look At ComfortDelGro's Liabilities

康福德高企業的負債情況

We can see from the most recent balance sheet that ComfortDelGro had liabilities of S$1.27b falling due within a year, and liabilities of S$808.4m due beyond that. Offsetting this, it had S$883.7m in cash and S$717.1m in receivables that were due within 12 months. So its liabilities total S$481.8m more than the combination of its cash and short-term receivables.

我們可以從最近的資產負債表中看到,康福德高企業有12.7億新元的負債將在一年內到期,以及80840萬新元的負債將在那之後到期。爲了抵消這些負債,它有88370萬新元的現金和71710萬新元的應收款項將在12個月內到期。因此,它的負債總額比現金和短期應收款項的總和多48180萬新元。

Given ComfortDelGro has a market capitalization of S$3.25b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, ComfortDelGro also has more cash than debt, so we're pretty confident it can manage its debt safely.

考慮到康福德高企業的市值爲32.5億新元,令人很難相信這些負債會造成很大威脅。然而,我們確實認爲值得關注其資產負債表的強度,因爲它可能會隨時間而變化。雖然它確實有值得注意的負債,但康福德高企業的現金超過債務,因此我們非常有信心它可以安全地管理其債務。

In addition to that, we're happy to report that ComfortDelGro has boosted its EBIT by 33%, thus reducing the spectre of future debt repayments. 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 ComfortDelGro 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.

此外,我們很高興地報告,康福德高企業的EBIT提高了33%,從而減少了未來債務償還的壓力。毫無疑問,我們從資產負債表中學到了很多關於債務的知識。但最終,業務的未來盈利能力將決定康福德高企業能否隨着時間的推移增強其資產負債表。因此,如果你想看看專業人士的看法,你可能會發現這份關於分析師盈利預測的免費報告很有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While ComfortDelGro 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. During the last three years, ComfortDelGro generated free cash flow amounting to a very robust 89% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.

但我們最後的考慮也很重要,因爲一家公司不能憑藉紙面利潤償還債務;它需要冷硬現金。雖然康福德高企業在其資產負債表上有淨現金,但仍值得看看其將息稅前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們理解它是多快在建立(或減少)現金餘額。在過去三年中,康福德高企業所產生的自由現金流佔其EBIT的比例非常強勁,達到了89%,超出了我們的預期。這使它在希望償還債務時處於良好位置。

Summing Up

總之

While ComfortDelGro does have more liabilities than liquid assets, it also has net cash of S$206.5m. And it impressed us with free cash flow of S$92m, being 89% of its EBIT. So is ComfortDelGro'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. However, not all investment risk resides within the balance sheet - far from it. Be aware that ComfortDelGro is showing 1 warning sign in our investment analysis , you should know about...

雖然康福德高企業的負債超過了流動資產,但它也擁有20650萬新元的淨現金。並且它給我們留下了深刻的印象,自由現金流爲9200萬新元,佔其EBIT的89%。那麼,康福德高企業的債務是一個風險嗎?在我們看來似乎不是。資產負債表顯然是分析債務時需要關注的重點。然而,並非所有的投資風險都存在於資產負債表中——遠非如此。要注意,康福德高企業在我們的投資分析中顯示出1個警告信號,你應該了解...

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.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。

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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的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

譯文內容由第三人軟體翻譯。


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