China 33 Media Group Ltd revenue decline accelerated from 22.1% in FY2015 to 35.6% in FY2016
27/03/2017 • About China 33 Media Group Ltd (
$8087) • By InTwits
China 33 Media Group Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- China 33 Media Group Ltd is a company in decline: FY2016 revenue growth was -35.6%, 5 years revenue CAGR was -23.3%
- EBITDA Margin is declining: in FY2016 vs. -36.3% in FY2015 vs. -34.9% in FY2012
- China 33 Media Group Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -24.5%0
- It operates with high leverage: Net Debt/EBITDA is 37.8x while industry average is -0.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China 33 Media Group Ltd ($8087) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 226.4 | 157.4 | 114.6 | 89.3 | 57.5 | -35.6% |
| Gross Profit | 76.6 | 71.5 | 25.7 | 26.1 | | -100.0% |
| SG&A | 145.0 | 91.1 | 77.8 | 61.6 | | -100.0% |
| EBITDA | -79.0 | -9.8 | -36.8 | -32.4 | | |
| Net Income | -107.1 | -26.0 | -59.1 | -45.2 | -59.6 | |
Balance Sheet
|
|---|
| Cash | 132.2 | 105.5 | 19.4 | 420.3 | | -100.0% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 3.2 | 1.0 | 1.7 | 7.6 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 4.4% | -30.5% | -27.2% | -22.1% | -35.6% | |
| EBITDA growth | -329.7% | -87.6% | 274.6% | -11.9% | | |
| Gross Margin | 33.9% | 45.4% | 22.4% | 29.2% | | -29.2% |
| EBITDA Margin | -34.9% | -6.2% | -32.1% | -36.3% | 0.0% | 36.3% |
| Net Income Margin | -47.3% | -16.5% | -51.6% | -50.6% | -103.6% | -53.0% |
| SG&A, % of revenue | 64.1% | 57.9% | 67.9% | 69.0% | | -69.0% |
| CAPEX, % of revenue | 1.4% | 0.6% | 1.5% | 8.5% | | -8.5% |
| ROIC | -26.0% | -6.9% | -21.6% | -9.5% | | 9.5% |
| ROE | -37.9% | -12.1% | -34.4% | -13.3% | | 13.3% |
Revenue and profitability
China 33 Media Group Ltd's Revenue dropped on 35.6%.
Net Income marign dropped on 53.0 pp from -50.6% to -104% in FY2016.
Appendix 1: Peers in Media
Below we provide China 33 Media Group Ltd benchmarking against other companies in Media 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 |
|---|
| CMMB Vision Holdings Ltd ($471) | | 168.1% | 27.8% | 850.0% | |
| SCMP Group Ltd ($583) | | 12.5% | -95.9% | 12.5% | 8.2% |
| 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) | | 34.6% | 5.6% | -5.2% | 11.5% |
| |
|---|
| Median (18 companies) | -1.5% | -1.8% | -3.9% | -8.8% | -8.2% |
|---|
| China 33 Media Group Ltd ($8087) | | -30.5% | -27.2% | -22.1% | -35.6% |
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) | 39.0% | 38.5% | 36.2% | 37.3% | 38.2% |
|---|
| China 33 Media Group Ltd ($8087) | 33.9% | 45.4% | 22.4% | 29.2% | |
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) | 12.9% | 11.6% | 12.5% | 9.8% | 9.2% |
|---|
| China 33 Media Group Ltd ($8087) | -34.9% | -6.2% | -32.1% | -36.3% | |
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% | 2.9% | 5.0% | 1.3% |
|---|
| China 33 Media Group Ltd ($8087) | 1.4% | 0.6% | 1.5% | 8.5% | |
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% |
|---|
| China 33 Media Group Ltd ($8087) | -26.0% | -6.9% | -21.6% | -9.5% | |
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) | -1.7x | -1.3x | -1.3x | -0.2x | -0.7x |
|---|
