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Lightwaverf CAPEX jumped on 428% and Revenue surged on 45.5%

21 Jan 2020 • About Lightwaverf ($LWRF) • By InTwits

Lightwaverf reported FY2019 financial results today. Here are the key drivers of the company's long term financial model:
  • The company operates at negative EBITDA Margin: -66.7%
  • Lightwaverf motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2015-FY2019 was 0.0% while average EBITDA Margin was -42.1% for the sames years
  • The company has unprofitable business model: ROIC is -90.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


The company's Revenue jumped on 45.5%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.95 pp from 5.5% to 6.4% in FY2019.

Gross Margin increased on 2.8 pp from 29.3% to 32.1% in FY2019. SG&A as a % of Revenue decreased slightly on 1.2 pp from 133% to 132% in FY2019.

Net Income margin increased on 2.2 pp from -90.4% to -88.2% in FY2019.

Investments (CAPEX, working capital and M&A)


In FY2019 Lightwaverf had CAPEX/Revenue of 7.7%. Lightwaverf showed CAPEX/Revenue growth of 7.4 pp from 0.30% in FY2016 to 7.7% in FY2019. For the last three years the average CAPEX/Revenue was 3.6%.

Return on investment


The company operates at negative ROIC (-90.4%) and ROE (-102.7%). ROIC decreased on 5.2 pp from -85.2% to -90.4% in FY2019. ROE increased on 2.9 pp from -106% to -103% in FY2019.

Leverage (Debt)


Company's Net Debt / EBITDA is -1.9x and Debt / EBITDA is . Debt increased on 2.9% while cash increased slightly on 1.5%.

Lightwaverf has no short term refinancing risk: cash is higher than short term debt (115.7%).

Financial and operational results


FY ended 30 Nov -0001

Lightwaverf ($LWRF) key annual financial indicators

mln. £201520162017201820192019/2018
P&L
Revenue2.1011.4433.0322.8144.09445.5%
Gross Profit0.4691.0770.8261.31559.3%
SG&A1.4892.1223.7365.38644.2%
EBITDA-0.632-0.462-1.852-2.731
Net Income-0.841-0.845-2.545-3.611
Balance Sheet
Cash0.0020.2220.4700.4771.5%
Short Term Debt0.6420.5880.4240.412-2.8%
Long Term Debt0.2060.0000.0340.05975.0%
Cash flow
Capex0.0040.0290.0600.316428.1%
Ratios
Revenue growth-30.9%-31.3%110.1%-7.2%45.5%
EBITDA growth-26.9%300.8%47.4%

Gross Margin32.5%35.5%29.3%32.1%2.8%
EBITDA Margin-43.8%-15.2%-65.8%-66.7%-0.9%
SG&A, % of revenue103.2%70.0%132.8%131.6%-1.2%
Net Income Margin-58.3%-27.9%-90.4%-88.2%2.2%
CAPEX, % of revenue0.3%0.9%2.1%7.7%5.6%

ROIC-71.4%-63.2%-85.2%-90.4%-5.2%
ROE-105.6%-102.7%2.9%

Peers in Leisure Goods


Below you can find Lightwaverf benchmarking vs. other companies in Leisure Goods industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.

Top companies by Revenue growth, %

Top 5 FY2015 FY2016 FY2017 FY2018 FY2019
Development Securities(Investments) ($36JS)156.8%18.9%-48.8%40.1%
Corus Finance ($BD84)-99.5%13,313.3%10.4%12.9%
Bld Property Hldgs ($09GE)39.3%6.1%-0.2%8.5%
Sanctuary Housing ($BB21)5.3%7.2%0.3%5.5%
Housing Finance Corp ($68HB)9.1%10.9%8.2%3.0%
 
Median (14 companies)1.0%1.5%2.1%3.0%


Top companies by Gross margin, %

Top 5 FY2015 FY2016 FY2017 FY2018 FY2019
Sanctuary Housing ($BB21)97.6%97.1%97.4%98.1%
Glh Hotels Ltd ($97KI)57.6%57.8%60.1%59.0%
Lewis(John)Partnership ($BD32)33.8%33.9%33.8%33.0%
Lewis(John) ($BC32)33.8%33.9%33.8%33.0%
Ashpol ($BC24)0.0%0.0%
 
Median (8 companies)33.8%32.7%31.9%16.5%


Top companies by EBITDA margin, %

Top 5 FY2015 FY2016 FY2017 FY2018 FY2019
T.H.F.C.(Indexed 2) ($90IL)97.9%97.1%96.2%96.4%
Housing Finance Corp ($68HB)97.9%97.1%96.2%96.4%
T.H.F.C.(Indexed) ($96JS)97.9%97.1%96.2%96.4%
T.H.F.C.(Social Housing Finance) ($96JP)97.9%97.1%96.2%96.4%
Bld Property Hldgs ($09GE)215.1%165.3%36.3%87.6%
 
Median (13 companies)44.3%39.7%29.2%52.7%


Top companies by CAPEX/Revenue, %

Top 5 FY2015 FY2016 FY2017 FY2018 FY2019
Bld Property Hldgs ($09GE)59.2%84.6%53.0%55.6%
Sanctuary Housing ($BB21)60.0%31.0%33.3%42.3%
Mid Kent Water ($48HO)37.7%41.2%38.1%41.7%
Glh Hotels Ltd ($97KI)13.1%4.9%4.6%9.0%
Corus Finance ($BD84)9.6%6.6%5.7%
 
Median (13 companies)3.8%3.3%3.0%2.2%


Top companies by ROIC, %

Top 5 FY2015 FY2016 FY2017 FY2018 FY2019
Corus Finance ($BD84)-19.6%2.1%8.4%10.7%
Lewis(John) ($BC32)18.6%19.8%22.0%8.2%
Lewis(John)Partnership ($BD32)18.6%19.8%22.0%8.2%
Glh Hotels Ltd ($97KI)4.9%5.7%5.6%7.5%
Development Securities(Investments) ($36JS)7.4%5.1%0.2%6.1%
 
Median (43 companies)3.2%3.9%2.6%1.0%


Top companies by Net Debt / EBITDA

Top 5 FY2015 FY2016 FY2017 FY2018 FY2019
T.H.F.C.(Indexed 2) ($90IL)20.3x22.6x24.3x28.0x
T.H.F.C.(Indexed) ($96JS)20.3x22.6x24.3x28.0x
T.H.F.C.(Social Housing Finance) ($96JP)20.3x22.6x24.3x28.0x
Housing Finance Corp ($68HB)20.3x22.6x24.3x28.0x
West Bromwich B.S. ($WBS)2.3x4.9x10.5x12.7x
 
Median (13 companies)3.1x4.0x4.6x8.6x