Focus Media Network Ltd reports 11.5% revenue growth in FY2016
27/03/2017 • About Focus Media Network Ltd (
$8112) • By InTwits
Focus Media Network 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. -14.2% in FY2015 vs. -44.7% in FY2012
- Focus Media Network Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -9.2% for the sames years0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Focus Media Network Ltd ($8112) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 53.662 | 72.253 | 76.305 | 72.307 | 80.647 | 11.5% |
| Gross Profit | 36.511 | 48.546 | 38.764 | 41.630 | | -100.0% |
| SG&A | | | 52.991 | 56.891 | | -100.0% |
| EBITDA | -23.965 | 8.340 | -6.635 | -10.247 | | |
| Net Income | -27.049 | 4.016 | -13.004 | -18.139 | -19.461 | |
Balance Sheet
|
|---|
| Cash | 53.614 | 50.692 | 37.891 | 28.221 | | -100.0% |
| Short Term Debt | 1.328 | 0.924 | 1.048 | 0.000 | | |
| Long Term Debt | 0.249 | 0.143 | 0.000 | 0.000 | | |
Cash flow
|
|---|
| Capex | 1.431 | 1.748 | 7.308 | 4.419 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -10.6% | 34.6% | 5.6% | -5.2% | 11.5% | |
| EBITDA growth | -539.2% | -134.8% | -179.6% | 54.4% | | |
| Gross Margin | 68.0% | 67.2% | 50.8% | 57.6% | | -57.6% |
| EBITDA Margin | -44.7% | 11.5% | -8.7% | -14.2% | 0.0% | 14.2% |
| Net Income Margin | -50.4% | 5.6% | -17.0% | -25.1% | -24.1% | 1.0% |
| SG&A, % of revenue | | | 69.4% | 78.7% | | -78.7% |
| CAPEX, % of revenue | 2.7% | 2.4% | 9.6% | 6.1% | | -6.1% |
| ROIC | -32.8% | 6.1% | -15.9% | -16.7% | | 16.7% |
| ROE | -33.0% | 5.6% | -19.4% | -22.9% | | 22.9% |
| Net Debt/EBITDA | | -6.0x | | | | 0.0x |
Revenue and profitability
Focus Media Network Ltd's Revenue surged on 11.5%.
Net Income marign increased slightly on 0.96 pp from -25.1% to -24.1% in FY2016.
Appendix 1: Peers in Media
Below we provide Focus Media Network 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% |
| Sing Tao News Corp Ltd ($1105) | -7.5% | -7.9% | -2.4% | -6.2% | |
| |
|---|
| Median (18 companies) | -1.5% | -1.9% | -4.3% | -9.2% | -10.2% |
|---|
| Focus Media Network Ltd ($8112) | | 34.6% | 5.6% | -5.2% | 11.5% |
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% |
| 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% | |
| Media Chinese International Ltd ($685) | 39.5% | 39.5% | 39.1% | 38.6% | 38.2% |
| |
|---|
| Median (15 companies) | 37.5% | 38.5% | 36.1% | 35.7% | 38.2% |
|---|
| Focus Media Network Ltd ($8112) | 68.0% | 67.2% | 50.8% | 57.6% | |
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% |
|---|
| Focus Media Network Ltd ($8112) | -44.7% | 11.5% | -8.7% | -14.2% | |
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% | 5.4% | 1.3% |
|---|
| Focus Media Network Ltd ($8112) | 2.7% | 2.4% | 9.6% | 6.1% | |
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% | 4.3% | 2.6% | 1.7% | -1.5% |
|---|
| Focus Media Network Ltd ($8112) | -32.8% | 6.1% | -15.9% | -16.7% | |
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 | -1.1x | -1.3x | -0.2x | -0.7x |
|---|
