Asian Hotels (West) revenue jumped on 16.3%
24-05-2016 • About Asian Hotels (West) (
$AHLWEST) • By InTwits
Asian Hotels (West) reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Asian Hotels (West) is a fast growth stock: FY2016 revenue growth was 16.3%, 5 year revenue CAGR was 18.9% at FY2016 ROIC
- EBITDA Margin is declining: in FY2016 vs. in FY2015 vs. 30.1% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Asian Hotels (West)'s Revenue jumped on 16.3%.
Net Income margin surged on 10.1 pp from -25.9% to -15.8% in FY2016. During the last 5 years Net Income margin bottomed in FY2015 at -25.9%.
Financial and operational results
Asian Hotels (West) ($AHLWEST) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,357 | 1,355 | 1,396 | 2,744 | 3,192 | 16.3% |
| EBITDA | 408 | 307 | 232 | | | |
| Net Income | 84 | -27 | -190 | -711 | -506 | |
Balance Sheet
|
|---|
| Cash | 63 | 45 | | | | |
| Short Term Debt | 304 | 36 | | | | |
| Long Term Debt | 4,268 | 5,735 | | | | |
Cash flow
|
|---|
| Capex | 574 | | | | | |
Ratios
|
|---|
| Revenue growth | 0.8% | -0.2% | 3.1% | 96.5% | 16.3% | |
| EBITDA growth | -12.6% | -24.9% | -24.3% | | | |
|
|---|
| EBITDA Margin | 30.1% | 22.6% | 16.6% | | |
| Net Income Margin | 6.2% | -2.0% | -13.6% | -25.9% | -15.8% | 10.1% |
| CAPEX, % of revenue | 42.3% | | | | | |
|
|---|
| ROIC | 3.9% | 2.0% | | | | |
| ROE | 2.7% | -0.9% | | | | |
| Net Debt/EBITDA | 11.0x | 18.7x | 0.0x | | |
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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sterling Holiday Resorts (India) ($STERLINH) | 69.9% | 50.6% | 21.3% | 26.2% | - |
| Royale Manor Hotels & Industries ($RAYALEMA) | - | 2.2% | 5.5% | 18.9% | -16.0% |
| The Byke Hospitality ($THEBYKE) | - | 105.7% | 54.3% | 16.5% | 27.6% |
| Eih ($EIHOTEL) | - | 4.4% | 5.3% | 7.9% | -0.6% |
| India Tourism Development Corporation ($ITDC) | 6.9% | 3.2% | 7.1% | 7.2% | - |
| |
|---|
| Median (15 companies) | 18.2% | 12.7% | 5.9% | 3.1% | 3.0% |
|---|
| Asian Hotels (West) ($AHLWEST) | - | -0.2% | 3.1% | 96.5% | 16.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jindal Hotels ($JINDHOT) | - | - | - | 37.6% | - |
| Benares Hotels ($BENARAS) | - | - | - | 33.6% | - |
| Fomento Resorts & Hotels ($FOMEHOT) | - | - | - | 27.9% | - |
| Advani Hotels & Resorts (India) ($ADVANIHOTR) | - | - | - | 25.9% | - |
| Country Club (India) ($COUNCLB) | 34.2% | 32.3% | 24.2% | 23.7% | - |
| |
|---|
| Median (21 companies) | 21.7% | 22.9% | 21.0% | 20.5% | 18.2% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Asian Hotels (North) ($ASIANHOTNR) | 30.8% | 60.2% | 37.2% | 36.1% | - |
| Sayaji Hotels ($SAYAJIHOTL) | 18.9% | 17.5% | 12.4% | 30.3% | - |
| Country Club (India) ($COUNCLB) | 58.7% | 36.6% | 49.6% | 28.5% | - |
| Mahindra Holidays & Resorts India ($MHRIL) | 26.0% | 26.5% | 15.4% | 18.0% | 12.6% |
| Eih ($EIHOTEL) | 13.6% | 12.0% | 7.1% | 9.0% | 5.5% |
| |
|---|
| Median (12 companies) | 26.0% | 17.7% | 10.5% | 6.2% | 6.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| The Byke Hospitality ($THEBYKE) | 5.3% | 14.5% | 22.6% | 24.1% | 32.0% |
| Advani Hotels & Resorts (India) ($ADVANIHOTR) | - | - | - | 15.9% | 19.6% |
| Eih ($EIHOTEL) | 5.5% | 4.5% | 5.8% | 6.3% | 6.6% |
| Mahindra Holidays & Resorts India ($MHRIL) | 13.4% | 22.2% | 16.3% | 6.3% | 10.0% |
| Country Club (India) ($COUNCLB) | 8.8% | 8.9% | 5.4% | 5.3% | - |
| |
|---|
| Median (29 companies) | 5.9% | 5.0% | 2.8% | 3.2% | 6.6% |
|---|
| Asian Hotels (West) ($AHLWEST) | 3.9% | 2.0% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hotel Leelaventure ($HOTELEELA) | 62.5x | 40.2x | 33.5x | 46.7x | - |
| Asian Hotels (North) ($ASIANHOTNR) | 28.4x | 11.0x | 15.4x | 24.8x | - |
| Asian Hotels (East) ($AHLEAST) | -0.0x | 9.8x | 8.9x | 7.1x | 2.7x |
| Oriental Hotels ($ORIENTHOT) | 4.3x | 4.6x | 6.0x | 5.5x | 6.5x |
| Tgb Banquets And Hotels ($TGBHOTELS) | 3.7x | 3.0x | 2.7x | 4.0x | - |
| |
|---|
| Median (20 companies) | 1.8x | 2.0x | 1.0x | 0.5x | 0.3x |
|---|
