Onmobile Global reports 2.1% revenue decline in FY2015 and almost no change in EBITDA Margin of 15.9%
29-05-2015 • About Onmobile Global (
$ONMOBILE) • By InTwits
Onmobile Global reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Onmobile Global is a company in decline: FY2015 revenue growth was -2.1%, 5 years revenue CAGR was -3.5%
- Onmobile Global has high CAPEX intensity: 5 year average CAPEX/Revenue was 13.0%. At the same time it's a lot of higher than industry average of 7.2%.
- CAPEX is quite volatile: 188 in FY2015, 2,099 in FY2014, 621 in FY2013, 1,004 in FY2012, 778 in FY2011
- The company has unprofitable business model: ROIC is at -1.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Onmobile Global ($ONMOBILE) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 5,372 | 6,380 | 7,253 | 8,653 | 8,471 | -2.1% |
| EBITDA | 1,247 | 1,423 | 1,610 | 1,337 | 1,344 | 0.6% |
| Net Income | 892 | 831 | 472 | -1,320 | -323 | |
Balance Sheet
|
|---|
| Cash | 611 | 1,637 | 1,550 | 815 | 1,812 | 122.2% |
| Short Term Debt | 303 | 817 | 488 | 440 | 277 | -37.0% |
| Long Term Debt | 14 | 5 | 3 | 443 | 185 | -58.3% |
Cash flow
|
|---|
| Capex | 778 | 1,004 | 621 | 2,099 | 188 | -91.0% |
Ratios
|
|---|
| Revenue growth | -46.9% | 18.8% | 13.7% | 19.3% | -2.1% | |
| EBITDA growth | 47.1% | 14.1% | 13.2% | -17.0% | 0.6% | |
| EBITDA Margin | 23.2% | 22.3% | 22.2% | 15.4% | 15.9% | 0.4% |
| Net Income Margin | 16.6% | 13.0% | 6.5% | -15.2% | -3.8% | 11.4% |
| CAPEX, % of revenue | 14.5% | 15.7% | 8.6% | 24.3% | 2.2% | -22.0% |
| ROIC | 8.3% | 6.3% | 6.4% | -0.3% | -1.2% | -0.8% |
| ROE | 11.3% | 9.7% | 5.3% | -15.7% | -4.5% | 11.2% |
| Net Debt/EBITDA | -0.2x | -0.6x | -0.7x | 0.1x | -1.0x | -1.1x |
Revenue and profitability
Onmobile Global's Revenue decreased on 2.1% in FY2015. EBITDA Margin showed almost no change in FY2015.
Net Income marign jumped on 11.4 pp from -15.2% to -3.8% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 2.2% in FY2015. CAPEX/Revenue dropped on 13.5 pp from 15.7% in FY2012 to 2.2% in FY2015. For the last three years the average CAPEX/Revenue was 11.7%.
Return on investment
The company operates at negative ROIC (-1.17%) and ROE (-4.54%). ROIC decreased slightly on 0.85 pp from -0.33% to -1.2% in FY2015. ROE jumped on 11.2 pp from -15.7% to -4.5% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -1.0x and Debt / EBITDA is 0.3x. Net Debt / EBITDA dropped on 1.1x from 0.1x to -1.0x in FY2015. Debt dropped on 47.7% in FY2015 while cash surged on 122% in FY2015.
Appendix 1: Peers in Other Telecom Services
Below you can find Onmobile Global benchmarking vs. other companies in Other Telecom 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 Revenue growth, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gtl ($GTL) | | -40.5% | 39.5% | -37.8% | 10.8% |
| Bharti Infratel ($INFRATEL) | | 11.1% | 8.7% | 5.4% | 7.8% |
| |
|---|
| Median (2 companies) | | -14.7% | 24.1% | -16.2% | 9.3% |
|---|
| Onmobile Global ($ONMOBILE) | | 18.8% | 13.7% | 19.3% | -2.1% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bharti Infratel ($INFRATEL) | 36.8% | 37.4% | 37.3% | 40.6% | 42.9% |
| Gtl ($GTL) | | 6.2% | 5.8% | 12.3% | -12.5% |
| |
|---|
| Median (2 companies) | 36.8% | 21.8% | 21.5% | 26.5% | 15.2% |
|---|
| Onmobile Global ($ONMOBILE) | 23.2% | 22.3% | 22.2% | 15.4% | 15.9% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bharti Infratel ($INFRATEL) | 28.6% | 16.6% | 16.3% | 14.5% | 17.8% |
| Gtl ($GTL) | | 3.8% | 2.6% | 2.3% | 1.4% |
| |
|---|
| Median (2 companies) | 28.6% | 10.2% | 9.5% | 8.4% | 9.6% |
|---|
| Onmobile Global ($ONMOBILE) | 14.5% | 15.7% | 8.6% | 24.3% | 2.2% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bharti Infratel ($INFRATEL) | 5.9% | 7.3% | 7.9% | 10.3% | 12.9% |
| Gtl ($GTL) | | | -0.5% | 1.4% | -10.1% |
| |
|---|
| Median (2 companies) | 5.9% | 7.3% | 3.7% | 5.8% | 1.4% |
|---|
| Onmobile Global ($ONMOBILE) | 8.3% | 6.3% | 6.4% | -0.3% | -1.2% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gtl ($GTL) | | 36.2x | 26.8x | 16.0x | |
| Bharti Infratel ($INFRATEL) | 1.4x | 1.0x | 0.9x | 0.7x | 0.5x |
| |
|---|
| Median (2 companies) | 1.4x | 18.6x | 13.9x | 8.4x | 0.5x |
|---|
| Onmobile Global ($ONMOBILE) | -0.2x | -0.6x | -0.7x | 0.1x | -1.0x |
