B.A.G.Films & Media EBITDA Margin jumped on 24.1 pp from to 24.1% in 2016

30-05-2016 • About B.A.G.Films & Media ($BAGFILMS) • By InTwits

B.A.G.Films & Media reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

The company's Revenue decreased on 8.2%.

Net Income margin increased on 9.4 pp from -11.8% to -2.5% in FY2016.

Financial and operational results

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

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,169	1,176	1,445	1,277	1,172	-8.2%
EBITDA	-101	-78	259		283
Net Income	-334	-822	61	-151	-29
Balance Sheet
Cash	420	219
Short Term Debt	238	139
Long Term Debt	671	1,096
Cash flow
Capex	315
Ratios
Revenue growth	55.3%	0.5%	22.9%	-11.6%	-8.2%
EBITDA growth	-61.2%	-22.7%	-431.7%

EBITDA Margin	-8.7%	-6.6%	17.9%		24.1%
Net Income Margin	-28.6%	-69.9%	4.2%	-11.8%	-2.5%	9.4%
CAPEX, % of revenue	27.0%

ROIC	-10.3%	-11.8%
ROE	-20.6%	-69.6%

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	FY2012	FY2013	FY2014	FY2015	FY2016
Siti Cable Network ($SITICABLE)	-	37.0%	41.6%	36.2%	31.2%
Zee Entertainment Enterprises ($ZEEL)	-	21.7%	18.6%	11.5%	19.9%
Dish Tv India ($DISHTV)	-	10.7%	15.8%	7.1%	13.8%
Entertainment Network (India) ($ENIL)	-	9.2%	13.2%	14.0%	12.2%
Den Networks ($DEN)	-	-21.7%	24.8%	1.2%	10.9%
Median (9 companies)	-	10.7%	18.6%	14.0%	10.9%
B.A.G.Films & Media ($BAGFILMS)	-	0.5%	22.9%	-11.6%	-8.2%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Dish Tv India ($DISHTV)	25.5%	27.3%	26.4%	28.1%	34.5%
Entertainment Network (India) ($ENIL)	32.1%	30.8%	32.4%	33.3%	29.1%
Siti Cable Network ($SITICABLE)	1.6%	17.5%	19.9%	15.9%	27.1%
Zee Entertainment Enterprises ($ZEEL)	24.4%	25.9%	27.6%	25.7%	25.8%
Zee Media Corporation ($ZEEMEDIA)	18.6%	13.6%	9.5%	7.7%	17.4%
Median (9 companies)	18.6%	21.0%	19.9%	20.0%	17.4%
B.A.G.Films & Media ($BAGFILMS)	-8.7%	-6.6%	17.9%	-	24.1%

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Siti Cable Network ($SITICABLE)	10.6%	80.9%	73.0%	32.5%	79.5%
Hinduja Ventures ($HINDUJAVEN)	11.6%	65.8%	14.2%	7.1%	65.0%
Den Networks ($DEN)	12.6%	60.4%	53.2%	28.5%	33.3%
Dish Tv India ($DISHTV)	33.5%	32.2%	11.9%	26.3%	29.7%
Zee Media Corporation ($ZEEMEDIA)	3.4%	5.9%	31.6%	0.0%	11.4%
Median (9 companies)	3.5%	5.9%	11.9%	4.2%	11.4%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Dish Tv India ($DISHTV)	-2.5%	-4.6%	8.7%	24.0%	50.0%
Zee Entertainment Enterprises ($ZEEL)	21.1%	24.2%	25.5%	22.1%	23.6%
Entertainment Network (India) ($ENIL)	15.2%	14.8%	16.7%	17.9%	12.5%
Siti Cable Network ($SITICABLE)	-6.0%	2.9%	3.8%	0.5%	8.9%
Zee Media Corporation ($ZEEMEDIA)	18.8%	11.9%	5.2%	-1.3%	5.3%
Median (12 companies)	3.0%	3.8%	5.2%	7.2%	5.3%
B.A.G.Films & Media ($BAGFILMS)	-10.3%	-11.8%	-	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Hinduja Ventures ($HINDUJAVEN)	0.7x	5.9x	5.6x	1.1x	11.0x
Raj Television Network ($RAJTV)	0.6x	0.7x	1.6x	0.9x	5.5x
Zee Media Corporation ($ZEEMEDIA)	0.2x	0.3x	3.0x	10.1x	2.8x
Siti Cable Network ($SITICABLE)	56.0x	9.5x	5.6x	6.7x	1.9x
Entertainment Network (India) ($ENIL)	-0.4x	-0.1x	-0.1x	-0.1x	1.6x
Median (11 companies)	-0.1x	2.4x	1.7x	1.1x	1.4x
B.A.G.Films & Media ($BAGFILMS)	-	-	0.0x	-	0.0x

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.