Roadshow Holdings Ltd Net Income dropped on 168% in 2015 and Revenue dropped on 10.3%
15/03/2016 • About Roadshow Holdings Ltd (
$888) • By InTwits
Roadshow Holdings Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Roadshow Holdings Ltd doesn't have a profitable business model yet: 2015 ROIC is -8.0%
- EBITDA Margin is quite volatile: -8.0% in 2015, 20.5% in 2014, 26.3% in 2013, 22.6% in 2012, 19.6% in 2011
- Roadshow Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.5%. At the same time it's a lot of higher than industry average of 8.5%.
- CAPEX is quite volatile: 15.7 in 2015, 7.0 in 2014, 12.9 in 2013, 8.8 in 2012, 27.1 in 2011
- The company has unprofitable business model: ROIC is at -8.0%
- It operates with high leverage: Net Debt/EBITDA is -1.3x while industry average is -1.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Roadshow Holdings Ltd ($888) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 371.5 | 421.2 | 462.0 | 459.5 | 411.9 | -10.3% |
| EBITDA | 72.9 | 95.1 | 121.6 | 94.2 | -33.0 | -135.1% |
| Net Income | -48.6 | 74.8 | 104.9 | 70.6 | -47.9 | -167.9% |
Balance Sheet
|
|---|
| Cash | 156.0 | 152.1 | 359.1 | 438.8 | 369.8 | -15.7% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 27.1 | 8.8 | 12.9 | 7.0 | 15.7 | 124.6% |
Ratios
|
|---|
| Revenue growth | 14.2% | 13.4% | 9.7% | -0.5% | -10.3% | |
| EBITDA growth | 52.9% | 30.5% | 27.8% | -22.5% | -135.1% | |
| EBITDA Margin | 19.6% | 22.6% | 26.3% | 20.5% | -8.0% | -28.5% |
| Net Income Margin | -13.1% | 17.8% | 22.7% | 15.4% | -11.6% | -27.0% |
| CAPEX, % of revenue | 7.3% | 2.1% | 2.8% | 1.5% | 3.8% | 2.3% |
| ROIC | 9.1% | 12.9% | 16.4% | 11.8% | -8.0% | -19.8% |
| ROE | -7.2% | 11.7% | 15.9% | 10.5% | -8.0% | -18.5% |
| Net Debt/EBITDA | -2.1x | -1.6x | -3.0x | -4.7x | | 4.7x |
Revenue and profitability
The company's Revenue dropped on 10.3% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 147 pp from -152% to -5.2% in FY2015.
Net Income marign dropped on 27.0 pp from 15.4% to -11.6% in 2015.
Capital expenditures (CAPEX) and working capital investments
Roadshow Holdings Ltd's CAPEX/Revenue was 3.8% in 2015. Roadshow Holdings Ltd's CAPEX/Revenue increased slightly on 1.7 pp from 2.1% in 2012 to 3.8% in 2015. For the last three years the average CAPEX/Revenue was 2.7%.
Return on investment
The company operates at negative ROIC (-8.05%) and ROE (-7.96%). ROIC dropped on 19.8 pp from 11.8% to -8.0% in 2015. ROE dropped on 18.5 pp from 10.5% to -8.0% in 2015.
Leverage (Debt)
The company has no debt. Cash dropped on 15.7% in 2015.
Appendix 1: Peers in Advertising
Below you can find Roadshow Holdings Ltd benchmarking vs. other companies in Advertising 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Branding China Group Ltd ($8219) | 57.7% | 11.3% | 84.6% | 12.0% | |
| Clear Media Ltd ($100) | | 2.4% | 8.2% | 6.9% | 4.1% |
| Dahe Media Co Ltd ($8243) | 4.0% | 5.8% | -5.7% | -1.6% | |
| SinoMedia Holding Ltd ($623) | 17.8% | 1.5% | 7.6% | -7.5% | |
| SEEC Media Group Ltd ($205) | 36.9% | 7.1% | -4.6% | -10.0% | |
| |
|---|
| Median (7 companies) | 30.3% | 5.8% | 7.6% | -7.5% | 4.1% |
|---|
| Roadshow Holdings Ltd ($888) | | 13.4% | 9.7% | -0.5% | -10.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cinderella Media Group Ltd ($550) | 24.5% | 26.3% | 26.7% | 72.1% | |
| China Chuanglian Education Group Ltd ($2371) | -114.2% | -2,833.2% | 74.2% | 68.5% | |
| SEEC Media Group Ltd ($205) | 66.6% | 61.7% | 58.4% | 52.0% | |
| Clear Media Ltd ($100) | 37.2% | 38.3% | 40.4% | 41.2% | 43.9% |
| Dahe Media Co Ltd ($8243) | 34.4% | 35.3% | 36.7% | 40.7% | |
| |
|---|
| Median (7 companies) | 34.4% | 35.3% | 36.7% | 41.2% | 43.9% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cinderella Media Group Ltd ($550) | 16.6% | 18.2% | 18.3% | 43.6% | |
| Clear Media Ltd ($100) | 38.2% | 41.0% | 40.9% | 41.3% | 44.0% |
| China Chuanglian Education Group Ltd ($2371) | -146.2% | -2,821.1% | 50.5% | 36.2% | |
| SinoMedia Holding Ltd ($623) | 23.4% | 27.3% | 30.5% | 24.9% | |
| Dahe Media Co Ltd ($8243) | 18.1% | 16.0% | 15.3% | 19.4% | |
| |
|---|
| Median (7 companies) | 18.1% | 18.2% | 26.2% | 24.9% | 44.0% |
|---|
| Roadshow Holdings Ltd ($888) | 19.6% | 22.6% | 26.3% | 20.5% | -8.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cinderella Media Group Ltd ($550) | 2.9% | 1.5% | 5.1% | 6.8% | |
| SinoMedia Holding Ltd ($623) | 0.6% | 0.3% | 0.4% | 5.3% | |
| Dahe Media Co Ltd ($8243) | 2.8% | 9.7% | 2.8% | 1.3% | |
| SEEC Media Group Ltd ($205) | 1.2% | 0.9% | 0.4% | 1.1% | |
| China Chuanglian Education Group Ltd ($2371) | 10.9% | 1.2% | 5.0% | 0.7% | |
| |
|---|
| Median (7 companies) | 1.2% | 0.9% | 0.5% | 1.1% | 28.0% |
|---|
| Roadshow Holdings Ltd ($888) | 7.3% | 2.1% | 2.8% | 1.5% | 3.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| SinoMedia Holding Ltd ($623) | 35.1% | 34.8% | 33.8% | 20.8% | |
| Branding China Group Ltd ($8219) | 71.5% | 29.0% | 23.6% | 13.7% | |
| Clear Media Ltd ($100) | 9.4% | 9.2% | 10.8% | 12.4% | 14.4% |
| Dahe Media Co Ltd ($8243) | 8.1% | 6.9% | 5.3% | 6.9% | |
| Cinderella Media Group Ltd ($550) | 24.7% | 24.6% | 6.7% | 2.3% | |
| |
|---|
| Median (7 companies) | 9.4% | 10.7% | 10.8% | 6.9% | 14.4% |
|---|
| Roadshow Holdings Ltd ($888) | 9.1% | 12.9% | 16.4% | 11.8% | -8.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Dahe Media Co Ltd ($8243) | 1.1x | 1.3x | 1.7x | 2.3x | |
| Clear Media Ltd ($100) | -1.7x | -2.1x | -1.3x | -1.4x | -0.9x |
| Branding China Group Ltd ($8219) | -1.1x | -1.8x | -1.4x | -1.6x | |
| SinoMedia Holding Ltd ($623) | -2.4x | -3.2x | -2.0x | -1.6x | |
| China Chuanglian Education Group Ltd ($2371) | | | -0.7x | -2.8x | |
| |
|---|
| Median (6 companies) | -1.1x | -1.5x | -1.3x | -1.6x | -0.9x |
|---|
| Roadshow Holdings Ltd ($888) | -2.1x | -1.6x | -3.0x | -4.7x | |
