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Cox & Kings reports 76.0% Net Income decline while 11.3% Revenue growth

16-05-2015 • About Cox & Kings ($COX&KINGS) • By InTwits

Cox & Kings reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Cox & Kings is a growth stock: FY2015 revenue growth was 11.3%, 5 year revenue CAGR was 45.1% at FY2015 ROIC 10.6%
  • Cox & Kings has high CAPEX intensity: 5 year average CAPEX/Revenue was 12.9%. At the same time it's a lot of higher than industry average of 7.1%.
  • CAPEX is quite volatile: 1,813 in FY2015, 2,841 in FY2014, 1,695 in FY2013, 1,434 in FY2012, 923 in FY2011
  • The company has business model with average profitability: ROIC is at 10.6%
  • It operates with high leverage: Net Debt/EBITDA is 2.6x while industry average is 1.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Cox & Kings ($COX&KINGS) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue4,9678,37918,08723,07625,69111.3%
EBITDA2,3051,6867,2358,92810,14713.7%
Net Income1,2914162,4843,832918-76.0%
Balance Sheet
Cash9,61310,49612,6089,62310,94813.8%
Short Term Debt95012,1077,5818,4424,740-43.9%
Long Term Debt7,49834,51239,18247,39533,065-30.2%
Cash flow
Capex9231,4341,6952,8411,813-36.2%
Ratios
Revenue growth24.4%68.7%115.9%27.6%11.3%
EBITDA growth23.3%-26.9%329.2%23.4%13.7%
EBITDA Margin46.4%20.1%40.0%38.7%39.5%0.8%
Net Income Margin26.0%5.0%13.7%16.6%3.6%-13.0%
CAPEX, % of revenue18.6%17.1%9.4%12.3%7.1%-5.3%
ROIC12.4%3.0%9.2%9.7%10.6%0.9%
ROE12.8%3.5%19.7%24.9%4.2%-20.7%
Net Debt/EBITDA-0.5x21.4x4.7x5.2x2.6x-2.5x

Revenue and profitability


Cox & Kings's Revenue surged on 11.3% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased slightly on 1.1 pp from 16.4% to 15.3% in FY2015.

Net Income marign dropped on 13.0 pp from 16.6% to 3.6% in FY2015.

Capital expenditures (CAPEX) and working capital investments


The company's CAPEX/Revenue was 7.1% in FY2015. Cox & Kings's CAPEX/Revenue dropped on 10.1 pp from 17.1% in FY2012 to 7.1% in FY2015. For the last three years the average CAPEX/Revenue was 9.6%.

Return on investment


The company operates at low ROIC (10.61%) and ROE (4.21%). ROIC increased slightly on 0.89 pp from 9.7% to 10.6% in FY2015. ROE dropped on 20.7 pp from 24.9% to 4.2% in FY2015.

Leverage (Debt)


Debt level is 2.6x Net Debt / EBITDA and 3.7x Debt / EBITDA. Net Debt / EBITDA dropped on 2.5x from 5.2x to 2.6x in FY2015. Debt dropped on 32.3% in FY2015 while cash jumped on 13.8% in FY2015.

Appendix 1: Peers in Travel Support Services


Below you can find Cox & Kings benchmarking vs. other companies in Travel Support Services 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 ROIC, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Ace Tours Worldwide ($ATWL)8.4%6.5%7.5%
 
Median (1 company)8.4%6.5%7.5%
Cox & Kings ($COX&KINGS)12.4%3.0%9.2%9.7%10.6%


Top companies by Net Debt / EBITDA

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Ace Tours Worldwide ($ATWL)3.0x1.8x1.7x0.0x
 
Median (1 company)3.0x1.8x1.7x0.0x
Cox & Kings ($COX&KINGS)-0.5x21.4x4.7x5.2x2.6x


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