ABC Multiactive Ltd revenue returned to growth in FY2016: increased 38.0% vs. 32.4% decline a year earliner
08/02/2017 • About ABC Multiactive Ltd (
$8131) • By InTwits
ABC Multiactive Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company operates at negative EBITDA Margin: -8.7%
- ABC Multiactive Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -0.3% for the sames years0
- ABC Multiactive Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.3%. At the same time it's a lot of higher than industry average of 13.6%.
- CAPEX is quite volatile: 0.72 in FY2016, 0.19 in FY2015, 0.013 in FY2014, 0.094 in FY2013, 0.023 in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
ABC Multiactive Ltd ($8131) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 14.256 | 12.381 | 19.733 | 13.334 | 18.400 | 38.0% |
| Gross Profit | 12.355 | 10.338 | 17.010 | 10.945 | 13.756 | 25.7% |
| SG&A | | 7.924 | 8.235 | 8.848 | 9.805 | 10.8% |
| EBITDA | -0.498 | -2.105 | 4.318 | -0.368 | -1.598 | |
| Net Income | -3.245 | -3.527 | 2.057 | -14.227 | -4.295 | |
Balance Sheet
|
|---|
| Cash | 8.167 | 2.296 | 6.536 | 3.526 | 2.098 | -40.5% |
| Short Term Debt | 0.376 | 3.581 | 0.000 | 0.000 | 52.351 | |
| Long Term Debt | 43.990 | 45.705 | 47.534 | 48.859 | 0.000 | -100.0% |
Cash flow
|
|---|
| Capex | 0.023 | 0.094 | 0.013 | 0.192 | 0.723 | 276.6% |
Ratios
|
|---|
| Revenue growth | -15.2% | -13.2% | 59.4% | -32.4% | 38.0% | |
| EBITDA growth | -85.4% | 322.7% | -305.1% | -108.5% | 334.2% | |
| Gross Margin | 86.7% | 83.5% | 86.2% | 82.1% | 74.8% | -7.3% |
| EBITDA Margin | -3.5% | -17.0% | 21.9% | -2.8% | -8.7% | -5.9% |
| Net Income Margin | -22.8% | -28.5% | 10.4% | -106.7% | -23.3% | 83.4% |
| SG&A, % of revenue | | 64.0% | 41.7% | 66.4% | 53.3% | -13.1% |
| CAPEX, % of revenue | 0.2% | 0.8% | 0.1% | 1.4% | 3.9% | 2.5% |
| Net Debt/EBITDA | | | 9.5x | | | 0.0x |
Revenue and profitability
ABC Multiactive Ltd's Revenue jumped on 38.0%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 5.9 pp from -2.8% to -8.7% in FY2016.
Gross Margin decreased on 7.3 pp from 82.1% to 74.8% in FY2016. SG&A as a % of Revenue dropped on 13.1 pp from 66.4% to 53.3% in FY2016.
Net Income marign surged on 83.4 pp from -107% to -23.3% in FY2016.
Capital expenditures (CAPEX) and working capital investments
ABC Multiactive Ltd's CAPEX/Revenue was 3.9% in FY2016. CAPEX/Revenue increased on 3.2 pp from 0.76% in FY2013 to 3.9% in FY2016. It's average CAPEX/Revenue for the last three years was 1.8%.
Leverage (Debt)
Debt level is -16.0x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2016. Debt increased on 7.1% while cash dropped on 40.5%.
Appendix 1: Peers in Internet
Below we provide ABC Multiactive Ltd benchmarking against other companies in Internet 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Asian Capital Resources Holdings Ltd ($8025) | -5.6% | | | 1,114.6% | |
| China Public Procurement Ltd ($1094) | 5,077.0% | -67.5% | 1,258.9% | 105.7% | |
| Ourgame International Holdings Ltd ($6899) | 33.7% | 14.8% | 101.3% | 61.8% | |
| Media Asia Group Holdings Ltd ($8075) | | 275.6% | 3.6% | 55.9% | -26.9% |
| Tai Shing International Holdings Ltd ($8103) | | -35.9% | -4.9% | 48.5% | -13.6% |
| |
|---|
| Median (20 companies) | 12.3% | 10.5% | 11.0% | 9.8% | -13.6% |
|---|
| ABC Multiactive Ltd ($8131) | | -13.2% | 59.4% | -32.4% | 38.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sino-I Technology Ltd ($250) | 75.3% | 82.7% | 78.8% | 82.8% | |
| China Digital Culture Group Ltd ($8175) | 64.3% | 78.6% | 65.2% | 72.7% | |
| Prosten Technology Holdings Ltd ($8026) | 52.4% | 47.8% | 50.8% | 67.1% | 53.8% |
| SUNeVision Holdings Ltd ($8008) | 53.5% | 60.5% | 64.7% | 65.6% | 63.9% |
| Pacific Online Ltd ($543) | 71.0% | 70.5% | 67.3% | 64.8% | |
| |
|---|
| Median (17 companies) | 65.8% | 66.2% | 61.7% | 45.7% | 36.7% |
|---|
| ABC Multiactive Ltd ($8131) | 86.7% | 83.5% | 86.2% | 82.1% | 74.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| SUNeVision Holdings Ltd ($8008) | 64.2% | 71.6% | 71.6% | 72.4% | 68.9% |
| China Digital Culture Group Ltd ($8175) | -66.7% | 22.5% | 40.8% | 46.6% | |
| Tradelink Electronic Commerce Ltd ($536) | 38.6% | 33.8% | 33.1% | 31.1% | |
| GET Holdings Ltd ($8380) | -237.7% | 56.8% | 66.4% | 28.5% | |
| Media Asia Group Holdings Ltd ($8075) | -30.8% | 18.6% | 13.4% | 25.1% | 14.2% |
| |
|---|
| Median (20 companies) | 6.0% | 20.6% | 13.4% | 9.6% | -19.1% |
|---|
| ABC Multiactive Ltd ($8131) | -3.5% | -17.0% | 21.9% | -2.8% | -8.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| AcrossAsia Ltd ($8061) | 56.6% | 65.9% | 36.3% | 45.8% | |
| Asian Capital Resources Holdings Ltd ($8025) | 0.0% | | 12.2% | 14.0% | |
| SUNeVision Holdings Ltd ($8008) | 7.6% | 10.2% | 62.8% | 12.4% | 41.1% |
| Ourgame International Holdings Ltd ($6899) | 1.8% | 3.1% | 1.7% | 6.4% | |
| Sino-I Technology Ltd ($250) | 9.3% | 12.7% | 4.0% | 6.0% | |
| |
|---|
| Median (20 companies) | 3.4% | 2.8% | 2.3% | 0.8% | 0.8% |
|---|
| ABC Multiactive Ltd ($8131) | 0.2% | 0.8% | 0.1% | 1.4% | 3.9% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Pacific Online Ltd ($543) | 37.9% | 36.4% | 28.6% | 21.6% | |
| Tradelink Electronic Commerce Ltd ($536) | 22.4% | 18.2% | 17.4% | 16.7% | |
| SUNeVision Holdings Ltd ($8008) | 10.8% | 13.3% | 14.4% | 15.3% | 15.3% |
| Ourgame International Holdings Ltd ($6899) | 42.8% | 33.3% | 17.5% | 12.7% | |
| China Digital Culture Group Ltd ($8175) | -11.2% | 4.0% | 11.7% | 8.2% | |
| |
|---|
| Median (21 companies) | -4.4% | 4.0% | -2.6% | 0.3% | -19.5% |
|---|
| ABC Multiactive Ltd ($8131) | | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tai Shing International Holdings Ltd ($8103) | | | | 82.7x | |
| AcrossAsia Ltd ($8061) | 2.3x | 2.9x | 1.5x | 7.7x | |
| Sino-I Technology Ltd ($250) | | 9.4x | | 4.1x | |
| GET Holdings Ltd ($8380) | | -1.1x | -1.0x | 0.7x | |
| SUNeVision Holdings Ltd ($8008) | -2.2x | -2.0x | -1.5x | -1.2x | -0.7x |
| |
|---|
| Median (14 companies) | -1.6x | -1.2x | -1.5x | -1.9x | -1.7x |
|---|
