Ana Hldgs Inc reports 44.0% CAPEX growth and 7.0% Revenue growth
30 Apr 2015 • About Ana Hldgs Inc (
$ANA) • By InTwits
Ana Hldgs Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Ana Hldgs Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 12.3%. At the same time it's a lot of higher than industry average of 7.6%.
- CAPEX is quite volatile: 45,972 in 2015, 23,834 in 2014, 18,674 in 2013, 29,919 in 2012, 57,381 in 2011
- The company has potentially unprofitable business model: ROIC is at 5.8%
- It operates with high leverage: Net Debt/EBITDA is 3.5x while industry average is 0.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ana Hldgs Inc ($ANA) key annual financial indicators
| mln. JPY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,357,653 | 1,411,504 | 1,483,581 | 1,601,013 | 1,713,457 | 7.0% |
| Gross Profit | 286,650 | 324,834 | 335,385 | 331,847 | 378,373 | 14.0% |
| SG&A | 204,787 | 213,814 | 218,074 | 250,069 | 271,600 | 8.6% |
| EBITDA | 186,248 | 216,290 | 227,743 | 202,809 | 223,778 | 10.3% |
| Net Income | 23,305 | 28,178 | 43,140 | 18,886 | 39,239 | 107.8% |
Balance Sheet
|
|---|
| Cash | 36,956 | 41,867 | 86,459 | 28,972 | 43,901 | 51.5% |
| Short Term Debt | 146,395 | 127,405 | 142,601 | 188,748 | 210,029 | 11.3% |
| Long Term Debt | 792,424 | 836,252 | 754,533 | 646,020 | 609,802 | -5.6% |
Cash flow
|
|---|
| Capex | 188,113 | 181,196 | 149,705 | 167,894 | 241,733 | 44.0% |
Ratios
|
|---|
| Revenue growth | 10.5% | 4.0% | 5.1% | 7.9% | 7.0% | |
| EBITDA growth | 212.7% | 16.1% | 5.3% | -10.9% | 10.3% | |
| Gross Margin | 21.1% | 23.0% | 22.6% | 20.7% | 22.1% | 1.4% |
| EBITDA Margin | 13.7% | 15.3% | 15.4% | 12.7% | 13.1% | 0.4% |
| Net Income Margin | 1.7% | 2.0% | 2.9% | 1.2% | 2.3% | 1.1% |
| SG&A, % of revenue | 15.1% | 15.1% | 14.7% | 15.6% | 15.9% | 0.2% |
| CAPEX, % of revenue | 13.9% | 12.8% | 10.1% | 10.5% | 14.1% | 3.6% |
| ROIC | 5.1% | 6.8% | 6.7% | 4.2% | 5.8% | 1.6% |
| ROE | 4.7% | 5.3% | 6.6% | 2.5% | 5.1% | 2.6% |
| Net Debt/EBITDA | 4.8x | 4.3x | 3.6x | 4.0x | 3.5x | -0.5x |
Revenue and profitability
The company's Revenue increased on 7.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.7 pp from 5.9% to 8.6% in 2015.
Gross Margin increased slightly on 1.4 pp from 20.7% to 22.1% in FY2015. SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign increased slightly on 1.1 pp from 1.2% to 2.3% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 14.1%. CAPEX/Revenue increased slightly on 1.3 pp from 12.8% in FY2012 to 14.1% in FY2015. It's average CAPEX/Revenue for the last three years was 11.6%.Ana Hldgs Inc investments to CAPEX were large: 108% of EBITDA.
Return on investment
The company operates at low ROIC (5.81%) and ROE (5.08%). ROIC increased slightly on 1.6 pp from 4.2% to 5.8% in FY2015. ROE increased on 2.6 pp from 2.5% to 5.1% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 3.5x and Debt / EBITDA is 3.7x. Net Debt / EBITDA dropped on 0.5x from 4.0x to 3.5x in FY2015. Debt decreased slightly on 1.8% in FY2015 while cash surged on 51.5% in FY2015.
Appendix 1: Peers in Travel & Leisure
Below we provide Ana Hldgs Inc benchmarking against other companies in Travel & Leisure 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 |
|---|
| Everyman Media Group ($EMAN) | 23.0% | 23.4% | 26.5% | 22.4% | |
| Paddy Power ($PAP) | 17.0% | 30.9% | 14.0% | 18.3% | |
| Irish Continental Group ($ICGC) | -4.0% | 1.7% | 3.4% | 9.6% | |
| Hanatour Service Inc ($TOUR) | 19.1% | 15.0% | 14.6% | 9.3% | |
| Aer Lingus Group ($AERL) | 6.0% | 8.1% | 2.3% | 9.1% | |
| |
|---|
| Median (18 companies) | 17.0% | 8.7% | 8.5% | 3.6% | 6.9% |
|---|
| Ana Hldgs Inc ($ANA) | | 4.0% | 5.1% | 7.9% | 7.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Paddy Power ($PAP) | 91.2% | 84.7% | 82.8% | 81.0% | |
| Everyman Media Group ($EMAN) | 59.9% | 57.6% | 59.2% | 58.9% | |
| Mandarin Oriental International ($MDOB) | 38.6% | 36.0% | 38.9% | 39.7% | |
| Rotala ($ROL) | 15.6% | 16.5% | 17.1% | 17.7% | |
| Peel Hotels ($PHO) | 19.6% | 15.4% | 15.8% | 16.4% | 19.4% |
| |
|---|
| Median (7 companies) | 17.6% | 16.5% | 17.1% | 17.7% | 15.4% |
|---|
| Ana Hldgs Inc ($ANA) | 21.1% | 23.0% | 22.6% | 20.7% | 22.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Irish Continental Group ($ICGC) | 18.9% | 17.1% | 18.6% | 27.3% | |
| Paddy Power ($PAP) | 33.8% | 25.7% | 23.7% | 24.0% | |
| Mandarin Oriental International ($MDOB) | 20.9% | 19.5% | 22.4% | 24.0% | |
| Young & Co'S Brewery ($YNGN) | 22.3% | 21.2% | 21.8% | 21.7% | |
| Ryanair Hldgs ($RYA) | 21.1% | 22.6% | 21.5% | 20.1% | |
| |
|---|
| Median (18 companies) | 13.4% | 13.0% | 16.8% | 12.8% | 16.1% |
|---|
| Ana Hldgs Inc ($ANA) | 13.7% | 15.3% | 15.4% | 12.7% | 13.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Everyman Media Group ($EMAN) | 0.0% | 0.0% | 36.4% | 25.9% | |
| Air China ($AIRC) | 23.9% | 16.8% | 19.1% | 18.7% | |
| Marston'S ($MARS) | | 18.0% | 19.3% | 17.5% | 16.2% |
| Young & Co'S Brewery ($YNGN) | 13.1% | 14.3% | 8.7% | 10.8% | |
| Ryanair Hldgs ($RYA) | 24.7% | 7.2% | 6.4% | 10.0% | |
| |
|---|
| Median (18 companies) | 2.4% | 3.6% | 4.7% | 3.8% | 6.7% |
|---|
| Ana Hldgs Inc ($ANA) | 13.9% | 12.8% | 10.1% | 10.5% | 14.1% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Paddy Power ($PAP) | 58.5% | 53.4% | 47.2% | 47.6% | |
| Irish Continental Group ($ICGC) | 14.3% | 14.6% | 18.9% | 40.0% | |
| Air Partner ($AIP) | 51.1% | 34.8% | 27.5% | 21.2% | 20.0% |
| Hanatour Service Inc ($TOUR) | 17.4% | 22.5% | 19.9% | 19.6% | |
| Netplay Tv ($NPT) | | | 26.3% | 10.2% | |
| |
|---|
| Median (19 companies) | 7.6% | 6.0% | 7.8% | 5.4% | 7.0% |
|---|
| Ana Hldgs Inc ($ANA) | 5.1% | 6.8% | 6.7% | 4.2% | 5.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Marston'S ($MARS) | | | 6.5x | 14.0x | 8.2x |
| Peel Hotels ($PHO) | 5.8x | 8.2x | 7.3x | 5.9x | 4.4x |
| Air China ($AIRC) | 4.7x | 4.7x | 6.4x | 5.6x | |
| Rotala ($ROL) | 1.9x | 2.6x | 3.1x | 2.8x | |
| Fuller Smith & Turner ($BA80) | | 3.0x | 2.7x | 2.7x | 2.8x |
| |
|---|
| Median (16 companies) | 0.5x | 1.0x | 2.0x | 1.1x | 3.6x |
|---|
| Ana Hldgs Inc ($ANA) | 4.8x | 4.3x | 3.6x | 4.0x | 3.5x |
