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We Think Yum China Holdings (NYSE:YUMC) Can Manage Its Debt With Ease

We Think Yum China Holdings (NYSE:YUMC) Can Manage Its Debt With Ease

我們認爲百勝中國控股(紐約證券交易所代碼:YUMC)可以輕鬆管理其債務
Simply Wall St ·  05/22 20:05

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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 Yum China Holdings, Inc. (NYSE:YUMC) does use debt in its business. But should shareholders be worried about its use of debt?

有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。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,股東是否應該擔心其債務的使用?

What Risk Does Debt Bring?

債務會帶來什麼風險?

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. 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. 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 think about a company's use of debt, we first look at cash and debt together.

一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,貸款人可以控制業務。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人迫使他們以不良价格籌集資金。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。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。

How Much Debt Does Yum China Holdings Carry?

百勝中國控股有多少債務?

You can click the graphic below for the historical numbers, but it shows that as of March 2024 Yum China Holdings had US$165.0m of debt, an increase on none, over one year. However, it does have US$2.42b in cash offsetting this, leading to net cash of US$2.25b.

你可以點擊下圖查看歷史數字,但它顯示,截至2024年3月,百勝中國控股在一年內有1.65億美元的債務,比零有所增加。但是,它確實有24.2億美元的現金抵消了這一點,淨現金爲22.5億美元。

debt-equity-history-analysis
NYSE:YUMC Debt to Equity History May 22nd 2024
紐約證券交易所:YUMC 債務與股本比率歷史記錄 2024 年 5 月 22 日

How Strong Is Yum China Holdings' Balance Sheet?

百勝中國控股的資產負債表有多強?

We can see from the most recent balance sheet that Yum China Holdings had liabilities of US$2.26b falling due within a year, and liabilities of US$2.44b due beyond that. Offsetting this, it had US$2.42b in cash and US$201.0m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$2.09b.

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22.6億美元,在此之後到期的負債爲24.4億美元。與此相抵消的是,它有24.2億美元的現金和2.0億美元的應收賬款將在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20.9億美元。

Of course, Yum China Holdings has a titanic market capitalization of US$15.1b, so these liabilities are probably manageable. 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!

當然,百勝中國控股的市值高達151億美元,因此這些負債可能是可以控制的。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!

On top of that, Yum China Holdings grew its EBIT by 37% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. 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.

最重要的是,百勝中國控股在過去十二個月中將其息稅前利潤增長了37%,這種增長將使其更容易處理債務。在分析債務水平時,資產負債表是顯而易見的起點。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, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Yum China Holdings 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. Over the last three years, Yum China Holdings recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.

最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。儘管百勝中國控股的資產負債表上有淨現金,但仍值得一看其將息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去三年中,百勝中國控股錄得的自由現金流相當於其息稅前利潤的82%,比我們通常預期的要強。如果需要的話,這有利於償還債務。

Summing Up

總結

Although Yum China Holdings's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$2.25b. And it impressed us with free cash flow of US$688m, being 82% of its EBIT. 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. For instance, we've identified 1 warning sign for Yum China Holdings that you should be aware of.

儘管由於負債總額,百勝中國控股的資產負債表並不是特別強勁,但其淨現金爲22.5億美元,顯然是樂觀的。它以6.88億美元的自由現金流給我們留下了深刻的印象,佔其息稅前利潤的82%。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。例如,我們已經爲百勝中國控股確定了一個警告信號,你應該注意這一點。

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.

如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。

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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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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