Asian Hotels (West) revenue growth accelerated to 96.5% in FY2015 vs. 3.1% a year earliner
15-05-2015 • About Asian Hotels (West) (
$AHLWEST) • By InTwits
Asian Hotels (West) reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: in FY2015 vs. 16.6% in FY2014 vs. 34.7% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Asian Hotels (West) ($AHLWEST) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,345 | 1,357 | 1,355 | 1,396 | 2,744 | 96.5% |
| EBITDA | 467 | 408 | 307 | 232 | | -100.0% |
| Net Income | 168 | 84 | -27 | -190 | -711 | |
Balance Sheet
|
|---|
| Cash | 24 | 63 | 45 | | | |
| Short Term Debt | 200 | 304 | 36 | | | |
| Long Term Debt | 2,177 | 4,268 | 5,735 | | | |
Cash flow
|
|---|
| Capex | 120 | 574 | | | | |
Ratios
|
|---|
| Revenue growth | -59.1% | 0.8% | -0.2% | 3.1% | 96.5% | |
| EBITDA growth | | -12.6% | -24.9% | -24.3% | | |
| EBITDA Margin | 34.7% | 30.1% | 22.6% | 16.6% | 0.0% | -16.6% |
| Net Income Margin | 12.5% | 6.2% | -2.0% | -13.6% | -25.9% | -12.3% |
| CAPEX, % of revenue | 8.9% | 42.3% | | | | 0.0% |
| ROIC | | 3.9% | 2.0% | | | 0.0% |
| ROE | | 2.7% | -0.9% | | | 0.0% |
| Net Debt/EBITDA | 5.0x | 11.0x | 18.7x | 0.0x | | 0.0x |
Revenue and profitability
The company's Revenue surged on 96.5% in FY2015.
Net Income marign dropped on 12.3 pp from -13.6% to -25.9% in FY2015.
Appendix 1: Peers in Hotels
Below we provide Asian Hotels (West) benchmarking against other companies in Hotels 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| The Byke Hospitality ($THEBYKE) | -83.8% | 47.6% | 105.7% | 54.3% | |
| Sayaji Hotels ($SAYAJIHOTL) | 26.3% | 18.2% | 24.5% | 29.4% | |
| Sterling Holiday Resorts (India) ($STERLINH) | | 69.9% | 50.6% | 21.3% | 26.2% |
| Asian Hotels (East) ($AHLEAST) | -62.1% | 3.4% | 76.9% | 18.9% | |
| Hotel Leelaventure ($HOTELEELA) | -39.6% | 23.2% | 12.7% | 11.4% | |
| |
|---|
| Median (15 companies) | -33.0% | 15.5% | 12.7% | 5.9% | 14.7% |
|---|
| Asian Hotels (West) ($AHLWEST) | | 0.8% | -0.2% | 3.1% | 96.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Asian Hotels (North) ($ASIANHOTNR) | 36.6% | 10.8% | 22.9% | 26.9% | |
| Kamat Hotels (India) ($KAMATHOTEL) | 31.9% | 29.7% | 22.1% | 26.7% | |
| Tgb Banquets And Hotels ($TGBHOTELS) | 20.0% | 21.2% | 23.6% | 25.0% | |
| Country Club (India) ($COUNCLB) | 31.8% | 34.2% | 32.3% | 24.2% | |
| Royale Manor Hotels & Industries ($RAYALEMA) | 24.1% | 36.3% | 23.5% | 23.2% | |
| |
|---|
| Median (14 companies) | 25.3% | 21.7% | 22.9% | 21.0% | 21.3% |
|---|
| Asian Hotels (West) ($AHLWEST) | 34.7% | 30.1% | 22.6% | 16.6% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Country Club (India) ($COUNCLB) | 53.8% | 58.7% | 36.6% | 49.6% | |
| Asian Hotels (North) ($ASIANHOTNR) | 60.3% | 30.8% | 60.2% | 37.2% | |
| Sterling Holiday Resorts (India) ($STERLINH) | 12.2% | 48.8% | 50.4% | 18.7% | |
| Mahindra Holidays & Resorts India ($MHRIL) | 20.4% | 26.0% | 26.5% | 15.4% | |
| Oriental Hotels ($ORIENTHOT) | 31.7% | 24.3% | 17.7% | 13.1% | 7.5% |
| |
|---|
| Median (13 companies) | 27.3% | 26.0% | 17.7% | 10.5% | 6.1% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| The Byke Hospitality ($THEBYKE) | 6.0% | 5.3% | 14.5% | 22.6% | |
| Mahindra Holidays & Resorts India ($MHRIL) | 20.1% | 13.4% | 22.2% | 16.3% | |
| Sayaji Hotels ($SAYAJIHOTL) | 10.2% | 13.1% | 9.4% | 14.2% | |
| Fomento Resorts & Hotels ($FOMEHOT) | 13.6% | 10.6% | 13.8% | 11.7% | |
| Tgb Banquets And Hotels ($TGBHOTELS) | 7.4% | 7.1% | 8.9% | 8.9% | |
| |
|---|
| Median (29 companies) | 7.8% | 5.9% | 5.0% | 2.8% | 3.8% |
|---|
| Asian Hotels (West) ($AHLWEST) | | 3.9% | 2.0% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hotel Leelaventure ($HOTELEELA) | 23.9x | 62.5x | 40.2x | 33.5x | |
| Asian Hotels (North) ($ASIANHOTNR) | 9.1x | 28.4x | 11.0x | 15.4x | |
| Kamat Hotels (India) ($KAMATHOTEL) | 15.0x | 13.6x | 17.8x | 15.1x | |
| Asian Hotels (East) ($AHLEAST) | -0.1x | -0.0x | 9.8x | 8.9x | |
| Oriental Hotels ($ORIENTHOT) | 3.4x | 4.3x | 4.6x | 6.0x | 5.5x |
| |
|---|
| Median (19 companies) | 1.8x | 1.8x | 2.0x | 1.0x | 0.0x |
|---|
| Asian Hotels (West) ($AHLWEST) | 5.0x | 11.0x | 18.7x | 0.0x | |
