Wonderla Holidays CAPEX surged on 34.8% in 2015 and Revenue surged on 18.4%
21-05-2015 • About Wonderla Holidays (
$WONDERLA) • By InTwits
Wonderla Holidays reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Wonderla Holidays has high CAPEX intensity: 5 year average CAPEX/Revenue was 23.0%. At the same time it's in pair with industry average of 20.4%.
- CAPEX is quite volatile: 371 in FY2015, 275 in FY2014, 374 in FY2013, 393 in FY2012, 131 in FY2011
- The company has highly profitable business model: ROIC is at 23.7%
- It operates with medium-size leverage: Net Debt/EBITDA is 0.2x while industry average is 0.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Wonderla Holidays ($WONDERLA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 896 | 1,131 | 1,379 | 1,536 | 1,819 | 18.4% |
| EBITDA | 459 | 555 | 626 | 704 | 814 | 15.7% |
| Net Income | 315 | 299 | 336 | 399 | 506 | 26.9% |
Balance Sheet
|
|---|
| Cash | 3 | 25 | 29 | 187 | 19 | -89.8% |
| Short Term Debt | 98 | 64 | 85 | 44 | 49 | 10.8% |
| Long Term Debt | 81 | 161 | 124 | 194 | 102 | -47.5% |
Cash flow
|
|---|
| Capex | 131 | 393 | 374 | 275 | 371 | 34.8% |
Ratios
|
|---|
| Revenue growth | -56.5% | 26.2% | 21.8% | 11.4% | 18.4% | |
| EBITDA growth | 47.1% | 20.8% | 12.8% | 12.4% | 15.7% | |
| EBITDA Margin | 51.2% | 49.1% | 45.4% | 45.8% | 44.7% | -1.1% |
| Net Income Margin | 35.2% | 26.4% | 24.4% | 26.0% | 27.8% | 1.9% |
| CAPEX, % of revenue | 14.6% | 34.8% | 27.2% | 17.9% | 20.4% | 2.5% |
| ROIC | 35.0% | 40.5% | 37.6% | 35.1% | 23.7% | -11.3% |
| ROE | 51.9% | 35.5% | 31.2% | 29.6% | 20.0% | -9.6% |
| Net Debt/EBITDA | 0.4x | 0.4x | 0.3x | 0.1x | 0.2x | 0.1x |
Revenue and profitability
Wonderla Holidays's Revenue jumped on 18.4% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.1 pp from 45.8% to 44.7% in FY2015.
Net Income marign increased slightly on 1.9 pp from 26.0% to 27.8% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Wonderla Holidays had CAPEX/Revenue of 20.4%. The company showed big decline in CAPEX/Revenue of 14.4 pp from 34.8% in FY2012 to 20.4% in FY2015. It's average CAPEX/Revenue for the last three years was 21.8%.
Return on investment
The company operates at high and attractive ROIC (23.75%) while ROE is a bit lower (20.00%). ROIC dropped on 11.3 pp from 35.1% to 23.7% in FY2015. ROE decreased on 9.6 pp from 29.6% to 20.0% in FY2015.
Leverage (Debt)
Debt level is 0.2x Net Debt / EBITDA and 0.2x Debt / EBITDA. Net Debt / EBITDA increased on 0.1x from 0.1x to 0.2x in FY2015. Debt dropped on 36.6% in FY2015 while cash dropped on 89.8% in FY2015.
Valuation
The company's trades at EV/EBITDA 18.5x and P/E 29.5x while industy averages are 10.5x and 26.1x. The company's EV/(EBITDA-CAPEX) is 34.0x with the industry average at 4.7x.
Appendix 1: Peers in Other Leisure Facilities
Below we provide Wonderla Holidays benchmarking against other companies in Other Leisure Facilities 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.
