V1 Group Ltd reports 787% Net Income decline in 2016
21/03/2017 • About V1 Group Ltd (
$82) • By InTwits
V1 Group Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: in FY2016 vs. -402.3% in FY2015 vs. 22.4% in FY2012
- V1 Group Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -32.6% for the sames years0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
V1 Group Ltd ($82) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 476.8 | 595.1 | 326.4 | 123.6 | 154.1 | 24.7% |
| Gross Profit | 268.3 | 196.3 | 5.4 | -132.6 | | |
| SG&A | 253.6 | 386.9 | 257.8 | 409.2 | | -100.0% |
| EBITDA | 106.9 | -49.5 | -106.2 | -497.0 | | |
| Net Income | -3.1 | -160.0 | -131.6 | 142.7 | -980.1 | -787.0% |
Balance Sheet
|
|---|
| Cash | 364.5 | 616.1 | 602.7 | 1,591.4 | | -100.0% |
| Short Term Debt | 0.0 | 17.9 | 0.0 | 0.0 | | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 9.3 | 19.1 | 33.1 | 4.8 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -49.8% | 24.8% | -45.1% | -62.1% | 24.7% | |
| EBITDA growth | -78.6% | -146.3% | 114.7% | 367.9% | | |
| Gross Margin | 56.3% | 33.0% | 1.7% | -107.3% | | 107.3% |
| EBITDA Margin | 22.4% | -8.3% | -32.5% | -402.3% | 0.0% | 402.3% |
| Net Income Margin | -0.7% | -26.9% | -40.3% | 115.5% | -635.9% | -751.4% |
| SG&A, % of revenue | 53.2% | 65.0% | 79.0% | 331.2% | | -331.2% |
| CAPEX, % of revenue | 1.9% | 3.2% | 10.1% | 3.9% | | -3.9% |
| ROIC | 1.0% | -4.8% | -6.9% | -18.1% | | 18.1% |
| ROE | -0.1% | -5.7% | -4.4% | 4.7% | | -4.7% |
| Net Debt/EBITDA | -3.4x | | | | | 0.0x |
Revenue and profitability
The company's Revenue jumped on 24.7%.
Net Income marign dropped on 751 pp from 115% to -636% in FY2016.
Appendix 1: Peers in Media
Below you can find V1 Group Ltd benchmarking vs. other companies in Media 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CMMB Vision Holdings Ltd ($471) | | 168.1% | 27.8% | 850.0% | |
| SCMP Group Ltd ($583) | 7.8% | 12.5% | -95.9% | 12.5% | |
| Hong Kong Economic Times Holdings Ltd ($423) | | 2.7% | 3.1% | 5.3% | 4.9% |
| Modern Media Holdings ($72) | | -3.7% | -4.3% | -1.3% | -12.9% |
| Focus Media Network Ltd ($8112) | -10.6% | 34.6% | 5.6% | -5.2% | |
| |
|---|
| Median (18 companies) | 4.5% | -1.9% | -3.9% | -8.8% | -11.9% |
|---|
| V1 Group Ltd ($82) | | 24.8% | -45.1% | -62.1% | 24.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| I-CABLE Communications Ltd ($1097) | 94.8% | 94.7% | 94.1% | 94.4% | 94.0% |
| Focus Media Network Ltd ($8112) | 68.0% | 67.2% | 50.8% | 57.6% | |
| Television Broadcasts Ltd ($511) | 62.9% | 60.9% | 59.0% | 54.9% | |
| One Media Group Ltd ($426) | 57.3% | 56.7% | 54.5% | 52.7% | 45.6% |
| Modern Media Holdings ($72) | 57.5% | 55.8% | 55.6% | 50.8% | |
| |
|---|
| Median (15 companies) | 37.5% | 40.5% | 36.2% | 37.3% | 38.2% |
|---|
| V1 Group Ltd ($82) | 56.3% | 33.0% | 1.7% | -107.3% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| SCMP Group Ltd ($583) | 23.5% | 20.5% | 218.1% | 193.5% | |
| Media Chinese International Ltd ($685) | 20.0% | 18.3% | 18.1% | 16.5% | 14.3% |
| One Media Group Ltd ($426) | 18.7% | 23.0% | 22.8% | 15.2% | -5.8% |
| Phoenix Satellite Television Holdings Ltd ($2008) | 30.1% | 31.1% | 24.6% | 14.1% | 12.7% |
| Oriental Press Group ($18) | 9.5% | 12.8% | 14.6% | 13.9% | 9.2% |
| |
|---|
| Median (18 companies) | 9.9% | 11.6% | 12.5% | 9.8% | 9.2% |
|---|
| V1 Group Ltd ($82) | 22.4% | -8.3% | -32.5% | -402.3% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| SCMP Group Ltd ($583) | 7.0% | 5.3% | 52.2% | 85.2% | |
| Evergrande Health Industry Group Ltd ($708) | 14.6% | 2.4% | 2.9% | 13.5% | |
| I-CABLE Communications Ltd ($1097) | 10.1% | 7.6% | 11.3% | 13.0% | |
| Hong Kong Economic Times Holdings Ltd ($423) | 8.4% | 8.5% | 1.3% | 10.0% | 1.5% |
| Tom Group Ltd ($2383) | 11.9% | 8.4% | 9.4% | 9.5% | |
| |
|---|
| Median (18 companies) | 3.9% | 5.3% | 2.3% | 6.5% | 1.3% |
|---|
| V1 Group Ltd ($82) | 1.9% | 3.2% | 10.1% | 3.9% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Media Chinese International Ltd ($685) | 18.6% | 17.8% | 18.4% | 15.6% | 11.1% |
| One Media Group Ltd ($426) | 25.6% | 21.8% | 16.0% | 8.9% | -6.5% |
| Next Media Ltd ($282) | 8.5% | 6.7% | 8.2% | 6.8% | -1.5% |
| Modern Media Holdings ($72) | 20.6% | 10.4% | 9.3% | 5.5% | |
| Hong Kong Economic Times Holdings Ltd ($423) | 11.5% | -1.5% | 3.2% | 5.2% | 7.0% |
| |
|---|
| Median (18 companies) | 5.6% | 5.1% | 2.6% | 1.7% | -1.5% |
|---|
| V1 Group Ltd ($82) | 1.0% | -4.8% | -6.9% | -18.1% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tom Group Ltd ($2383) | | | 8.1x | 16.7x | 25.4x |
| I-CABLE Communications Ltd ($1097) | -4.0x | -0.8x | 0.2x | 2.0x | 3.8x |
| One Media Group Ltd ($426) | -2.3x | -0.6x | -1.1x | 1.5x | |
| Modern Media Holdings ($72) | -0.8x | -0.9x | 0.1x | 1.0x | |
| Media Chinese International Ltd ($685) | -1.4x | 0.8x | 0.6x | 0.2x | -0.5x |
| |
|---|
| Median (12 companies) | -1.4x | -1.3x | -1.3x | -0.2x | -0.7x |
|---|
