B.A.G.Films & Media EBITDA Margin dropped on 17.9 pp from 17.9% to in 2015

29-05-2015 • About B.A.G.Films & Media ($BAGFILMS) • By InTwits

B.A.G.Films & Media reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:

B.A.G.Films & Media is a company in decline: FY2015 revenue growth was -11.6%, 5 years revenue CAGR was -3.2%
B.A.G.Films & Media motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 was 0.0%. On average EBITDA Margin was -3.1% for the sames years0

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

B.A.G.Films & Media ($BAGFILMS) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	753	1,169	1,176	1,445	1,277	-11.6%
EBITDA	-260	-101	-78	259		-100.0%
Net Income	-442	-334	-822	61	-151	-348.0%
Balance Sheet
Cash	256	420	219
Short Term Debt	183	238	139
Long Term Debt	560	671	1,096
Cash flow
Capex	423	315
Ratios
Revenue growth	-49.9%	55.3%	0.5%	22.9%	-11.6%
EBITDA growth	1.1%	-61.2%	-22.7%	-431.7%
EBITDA Margin	-34.6%	-8.7%	-6.6%	17.9%	0.0%	-17.9%
Net Income Margin	-58.7%	-28.6%	-69.9%	4.2%	-11.8%	-16.0%
CAPEX, % of revenue	56.1%	27.0%				0.0%
ROIC	-15.7%	-10.3%	-11.8%			0.0%
ROE	-24.1%	-20.6%	-69.6%			0.0%

Revenue and profitability

The company's Revenue dropped on 11.6% in FY2015.

Net Income marign dropped on 16.0 pp from 4.2% to -11.8% in FY2015.

Appendix 1: Peers in Broadcasting & Cable TV

Below we provide B.A.G.Films & Media benchmarking against other companies in Broadcasting & Cable TV 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
Hinduja Ventures ($HINDUJAVEN)		25.6%	31.8%	29.6%	81.8%
Zee Media Corporation ($ZEEMEDIA)		10.6%	-1.7%	11.3%	62.6%
Siti Cable Network ($SITICABLE)		12.0%	37.0%	41.6%	36.2%
Tv18 Broadcast ($TV18BRDCST)		72.1%	21.4%	16.4%	17.8%
Entertainment Network (India) ($ENIL)		-32.9%	9.2%	13.2%	14.0%
Median (9 companies)		10.6%	10.7%	18.6%	14.0%
B.A.G.Films & Media ($BAGFILMS)		55.3%	0.5%	22.9%	-11.6%

Top companies by EBITDA margin, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Hinduja Ventures ($HINDUJAVEN)	22.5%	27.7%	21.0%	18.2%	54.7%
Entertainment Network (India) ($ENIL)	21.9%	32.1%	30.8%	32.4%	33.3%
Raj Television Network ($RAJTV)					29.6%
Dish Tv India ($DISHTV)	17.8%	25.5%	27.3%	26.4%	28.1%
Zee Entertainment Enterprises ($ZEEL)	27.3%	24.4%	25.9%	27.6%	25.7%
Median (12 companies)	16.6%	18.6%	21.0%	19.9%	20.0%

Top companies by CAPEX/Revenue, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Siti Cable Network ($SITICABLE)	10.2%	10.6%	80.9%	73.0%	32.5%
Den Networks ($DEN)	8.4%	12.6%	60.4%	53.2%	28.5%
Dish Tv India ($DISHTV)	70.0%	33.5%	32.2%	11.9%	26.3%
Hinduja Ventures ($HINDUJAVEN)	8.8%	11.6%	65.8%	14.2%	7.1%
Balaji Telefilms ($BALAJITELE)	6.7%	2.4%	1.3%	0.6%	4.3%
Median (10 companies)	6.7%	3.5%	5.9%	11.9%	4.2%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Hinduja Ventures ($HINDUJAVEN)	5.6%	8.3%	4.0%	1.0%	39.5%
Dish Tv India ($DISHTV)	-14.4%	-2.5%	-4.6%	8.7%	24.0%
Zee Entertainment Enterprises ($ZEEL)	21.6%	21.1%	24.2%	25.5%	22.1%
Entertainment Network (India) ($ENIL)	13.4%	15.2%	14.8%	16.7%	17.9%
Raj Television Network ($RAJTV)	-9.1%	10.1%	10.3%	11.5%	9.1%
Median (12 companies)	2.4%	3.0%	3.8%	5.2%	7.2%
B.A.G.Films & Media ($BAGFILMS)	-15.7%	-10.3%	-11.8%

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Zee Media Corporation ($ZEEMEDIA)	-0.6x	0.2x	0.3x	3.0x	10.1x
Siti Cable Network ($SITICABLE)	23.2x	56.0x	9.5x	5.6x	6.7x
Den Networks ($DEN)	-0.8x	-0.5x	2.4x	1.7x	6.0x
Dish Tv India ($DISHTV)	2.1x	2.1x	2.6x	2.0x	1.4x
Tv18 Broadcast ($TV18BRDCST)	7.9x		2.4x	0.9x	1.3x
Median (11 companies)	0.4x	-0.1x	2.4x	1.7x	1.1x

B.A.G.Films & Media stock price chart

B.A.G.Films & Media financials

mln.	FY2010	FY2011	FY2012

Revenue	1,502	752.9	1,169
EBITDA	-257.551	-260.475	-101.157
Net income	-427.788	-441.854	-334.310
CAPEX	2.336	422.7	315.5
Debt	483.9	742.6	908.3
Cash	959.5	255.6	420.4

About B.A.G.Films & Media

B.A.G. Films and Media Limited is engaged in the media and entertainment business in India. The company operates through Audio- Visual production, Movies, Leasing, FM Radio, and Television Broadcasting segments. It operates Studio24 that produces television programs of various genres for a range of channels and audience; News24, a national Hindi free to air news channel available on cable and DTH platforms; and E24, a bollywood entertainment channel. The company also operates Darshan24, a devotional channel that offers programs on Hindu bhajans, kirtans, aartis, aradhanas, and spiritual discourses; good healthy living programs on yoga, general well being, and special educational programming; and documentaries on places of worship, temples, and cities, as well as 10 FM radio stations under the brand name of Dhamaal24. In addition, it operates an International School of Media & Entertainment Studies, a media school that offers full time graduate courses in broadcast journalism; and Greater Valley School, as well as leases property and broadcasting equipment. The company was incorporated in 1993 and is based in Noida, India.

B.A.G.Films & Media EBITDA Margin dropped on 17.9 pp from 17.9% to in 2015

Revenue and profitability

Appendix 1: Peers in Broadcasting & Cable TV

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B.A.G.Films & Media stock price chart

B.A.G.Films & Media financials

About B.A.G.Films & Media