AMS Public Transport Holdings Ltd reports 55.2% EBITDA growth and almost no change in Revenue of 356
05/06/2015 • About AMS Public Transport Holdings Ltd (
$77) • By InTwits
AMS Public Transport Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 6.1% in FY2015, 3.9% in FY2014, 2.3% in FY2013, 5.1% in FY2012, 16.3% in FY2011
- AMS Public Transport Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.5%. At the same time it's in pair with industry average of 196.3%.
- CAPEX is quite volatile: 0.97 in FY2015, 1.3 in FY2014, 2.0 in FY2013, 3.1 in FY2012, 16.6 in FY2011
- The company has potentially unprofitable business model: ROIC is at 5.0%
- It operates with high leverage: Net Debt/EBITDA is 4.5x while industry average is 2.4x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
AMS Public Transport Holdings Ltd ($77) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 305.2 | 334.4 | 358.7 | 357.4 | 356.4 | -0.3% |
| Gross Profit | 60.2 | 44.0 | 32.5 | 36.9 | 46.2 | 25.0% |
| SG&A | | | | | 32.9 | |
| EBITDA | 49.6 | 16.9 | 8.4 | 14.0 | 21.7 | 55.2% |
| Net Income | 31.8 | 140.3 | -39.6 | -18.1 | -22.9 | 26.2% |
Balance Sheet
|
|---|
| Cash | 20.7 | 108.1 | 59.3 | 48.4 | 49.3 | 1.8% |
| Short Term Debt | 3.1 | 7.6 | 8.8 | 9.3 | 9.5 | 2.0% |
| Long Term Debt | 53.8 | 121.5 | 147.3 | 147.4 | 137.9 | -6.4% |
Cash flow
|
|---|
| Capex | 16.6 | 3.1 | 2.0 | 1.3 | 1.0 | -25.7% |
Ratios
|
|---|
| Revenue growth | 0.8% | 9.6% | 7.3% | -0.4% | -0.3% | |
| EBITDA growth | -15.5% | -65.9% | -50.5% | 67.1% | 55.2% | |
| Gross Margin | 19.7% | 13.2% | 9.1% | 10.3% | 13.0% | 2.6% |
| EBITDA Margin | 16.3% | 5.1% | 2.3% | 3.9% | 6.1% | 2.2% |
| Net Income Margin | 10.4% | 41.9% | -11.0% | -5.1% | -6.4% | -1.3% |
| SG&A, % of revenue | | | | | 9.2% | 9.2% |
| CAPEX, % of revenue | 5.4% | 0.9% | 0.5% | 0.4% | 0.3% | -0.1% |
| ROIC | 9.0% | 3.3% | 1.3% | 2.7% | 5.0% | 2.3% |
| ROE | 11.0% | 40.3% | -11.2% | -6.2% | -9.0% | -2.8% |
| Net Debt/EBITDA | 0.7x | 1.2x | 11.6x | 7.7x | 4.5x | -3.2x |
Revenue and profitability
AMS Public Transport Holdings Ltd's Revenue showed almost no change in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 2.2 pp from 3.9% to 6.1% in FY2015.
Gross Margin increased on 2.6 pp from 10.3% to 13.0% in FY2015.
Net Income marign decreased slightly on 1.3 pp from -5.1% to -6.4% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 0.27%. The company showed small CAPEX/Revenue decline of 0.67 pp from 0.94% in FY2012 to 0.27% in FY2015. It's average level of CAPEX/Revenue for the last three years was 0.39%.
Return on investment
The company operates at low but positive ROIC (5.00%) and negative ROE (-9.04%). ROIC increased on 2.3 pp from 2.7% to 5.0% in FY2015. ROE decreased on 2.8 pp from -6.2% to -9.0% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 4.5x and Debt / EBITDA is 6.8x. Net Debt / EBITDA dropped on 3.2x from 7.7x to 4.5x in FY2015. Debt decreased on 5.9% in FY2015 while cash increased slightly on 1.8% in FY2015.
Appendix 1: Peers in Transportation
Below we provide AMS Public Transport Holdings Ltd benchmarking against other companies in Transportation industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Frontier Services Group Ltd ($500) | -90.5% | -10.8% | -49.9% | 1,021.1% | |
| China Best Group Holding Ltd ($370) | 333.1% | 202.4% | -53.6% | 459.4% | |
| Guangdong Yueyun Transportation Co Ltd-H ($3399) | 11.7% | -4.2% | -5.9% | 60.4% | |
| Tianjin Port Development Holdings Ltd ($3382) | 9.8% | 8.7% | 24.9% | 51.9% | |
| CIG Yangtze Ports PLC ($8233) | 71.2% | 17.9% | 30.6% | 23.5% | |
| |
|---|
| Median (28 companies) | 8.3% | 5.1% | 4.0% | 5.6% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | | 9.6% | 7.3% | -0.4% | -0.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CIG Yangtze Ports PLC ($8233) | 51.0% | 51.3% | 44.8% | 46.6% | |
| Frontier Services Group Ltd ($500) | 80.7% | 83.8% | 65.9% | 44.8% | |
| Qinhuangdao Port Co Ltd ($3369) | 43.2% | 43.1% | 42.4% | 43.3% | |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 21.5% | 23.1% | 25.1% | 24.1% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 17.6% | 18.9% | 20.4% | 22.7% | |
| |
|---|
| Median (25 companies) | 17.0% | 12.5% | 10.9% | 10.0% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 19.7% | 13.2% | 9.1% | 10.3% | 13.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 45.3% | 46.0% | 44.6% | 46.5% | |
| MTR Corp Ltd ($66) | 49.1% | 42.7% | 37.6% | 45.2% | |
| CIG Yangtze Ports PLC ($8233) | 29.9% | 30.2% | 27.6% | 38.5% | |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 61.3% | 56.3% | 18.7% | 32.6% | |
| China Shipping Development Co Ltd ($1138) | 24.7% | 12.5% | 3.0% | 24.7% | |
| |
|---|
| Median (29 companies) | 16.0% | 10.0% | 8.2% | 9.1% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 16.3% | 5.1% | 2.3% | 3.9% | 6.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Noble Century Investment Holdings Ltd ($2322) | | 0.0% | | 296.6% | |
| Frontier Services Group Ltd ($500) | 5.4% | 6.3% | 3.6% | 63.3% | |
| China Shipping Development Co Ltd ($1138) | 68.9% | 55.8% | 34.0% | 54.9% | |
| Courage Marine Group Ltd ($1145) | 78.9% | 235.0% | 37.7% | 50.4% | |
| Qinhuangdao Port Co Ltd ($3369) | 47.2% | 57.9% | 35.8% | 46.3% | |
| |
|---|
| Median (29 companies) | 11.8% | 10.3% | 10.4% | 7.4% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 5.4% | 0.9% | 0.5% | 0.4% | 0.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 34.2% | 21.1% | 20.9% | 19.1% | |
| ASR Logistics Holdings Ltd ($1803) | 79.6% | 54.7% | 38.9% | 13.4% | |
| CIG Yangtze Ports PLC ($8233) | 4.3% | 4.9% | 5.7% | 11.0% | |
| Kerry Logistics Network Ltd ($636) | 11.3% | 12.0% | 13.4% | 10.5% | |
| Guangdong Yueyun Transportation Co Ltd-H ($3399) | 8.9% | 5.6% | 7.2% | 9.6% | |
| |
|---|
| Median (29 companies) | 5.0% | 3.2% | 2.8% | 3.7% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 9.0% | 3.3% | 1.3% | 2.7% | 5.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jinhui Holdings Co Ltd ($137) | 2.8x | 5.0x | 4.2x | 17.5x | |
| China Shipping Development Co Ltd ($1138) | 7.2x | 20.2x | 92.8x | 12.8x | |
| Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) | -0.5x | 9.7x | 9.3x | 9.5x | |
| China COSCO Holdings Co Ltd ($1919) | | | 18.8x | 9.0x | |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 2.8x | 2.9x | 9.3x | 5.9x | |
| |
|---|
| Median (22 companies) | -0.0x | 1.9x | 1.5x | 0.8x | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 0.7x | 1.2x | 11.6x | 7.7x | 4.5x |
