Webis Holdings revenue jumped on 29.7% in 2015 and EBITDA Margin showed almost no change
30 Nov 2015 • About Webis Holdings (
$WEB) • By InTwits
Webis Holdings reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Webis Holdings doesn't have a profitable business model yet: FY2015 ROIC is -9.4%
- The company operates at negative EBITDA Margin: -0.1%
- EBITDA Margin is quite volatile: -0.1% in FY2015, -0.3% in FY2014, 0.3% in FY2013, 0.2% in FY2012, 0.3% in FY2011
- Webis Holdings has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.0%.
- The company has unprofitable business model: ROIC is at -9.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Webis Holdings ($WEB) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 166.5 | 180.9 | 264.6 | 119.0 | 154.4 | 29.7% |
| Gross Profit | 4.8 | 5.1 | 8.5 | 4.5 | 4.2 | -6.5% |
| EBITDA | 0.5 | 0.3 | 0.9 | -0.3 | -0.2 | -47.4% |
| Net Income | -0.2 | -0.1 | 0.6 | 0.5 | -2.0 | -488.9% |
Balance Sheet
|
|---|
| Cash | 2.4 | 4.2 | 7.8 | 9.7 | 8.5 | -11.9% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -100.0% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | -42.4% |
Ratios
|
|---|
| Revenue growth | -8.6% | 8.7% | 46.3% | -55.0% | 29.7% | |
| EBITDA growth | -30,551.6% | -33.2% | 184.4% | -133.6% | -47.4% | |
| Gross Margin | 2.9% | 2.8% | 3.2% | 3.8% | 2.7% | -1.1% |
| EBITDA Margin | 0.3% | 0.2% | 0.3% | -0.3% | -0.1% | 0.2% |
| Net Income Margin | -0.1% | -0.0% | 0.2% | 0.4% | -1.3% | -1.7% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.1% | 0.1% | 0.0% | -0.0% |
| ROIC | 7.5% | 2.3% | 24.5% | -10.4% | -9.4% | 1.0% |
| ROE | -21.7% | -6.7% | 19.1% | 10.4% | -47.8% | -58.2% |
| Net Debt/EBITDA | -5.0x | -12.9x | -8.4x | | | 0.0x |
Revenue and profitability
The company's Revenue surged on 29.7% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 2.1 pp from -1.7% to 0.39% in FY2015.
Gross Margin decreased slightly on 1.1 pp from 3.8% to 2.7% in FY2015.
Net Income marign decreased slightly on 1.7 pp from 0.43% to -1.3% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Webis Holdings's CAPEX/Revenue was 0.037% in FY2015. Webis Holdings's CAPEX/Revenue showed almost no change from FY2012 to FY2015. For the last three years the average CAPEX/Revenue was 0.058%.
Return on investment
The company operates at negative ROIC (-9.35%) and ROE (-47.82%). ROIC increased slightly on 1.0 pp from -10.4% to -9.4% in FY2015. ROE dropped on 58.2 pp from 10.4% to -47.8% in FY2015.
Leverage (Debt)
The company paid down all the debt in FY2015. Cash dropped on 11.9% in FY2015.
Appendix 1: Peers in Travel & Leisure
Below we provide Webis Holdings 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 |
|---|
| Action Hotels ($AHCG) | 19.5% | 12.3% | 5.4% | 26.2% | |
| Everyman Media Group ($EMAN) | 23.0% | 23.4% | 26.5% | 22.4% | |
| Paddy Power ($PAP) | 17.0% | 30.9% | 14.0% | 18.3% | |
| Eclectic Bar Grp ($BAR) | | 27.6% | 3.8% | 10.5% | -1.9% |
| Richoux Group ($RIC) | 54.2% | 9.4% | 16.5% | 10.4% | |
| |
|---|
| Median (22 companies) | 19.4% | 10.8% | 7.8% | 6.6% | 7.3% |
|---|
| Webis Holdings ($WEB) | | 8.7% | 46.3% | -55.0% | 29.7% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Paddy Power ($PAP) | 91.2% | 84.7% | 82.8% | 81.0% | |
| Eclectic Bar Grp ($BAR) | 80.1% | 79.1% | 78.9% | 79.0% | 79.4% |
| Action Hotels ($AHCG) | 73.2% | 75.1% | 75.0% | 73.3% | |
| Everyman Media Group ($EMAN) | 59.9% | 57.6% | 59.2% | 58.9% | |
| Mandarin Oriental International ($MDOB) | 38.6% | 36.0% | 38.9% | 39.7% | |
| |
|---|
| Median (10 companies) | 21.1% | 29.5% | 30.8% | 30.2% | 20.8% |
|---|
| Webis Holdings ($WEB) | 2.9% | 2.8% | 3.2% | 3.8% | 2.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Action Hotels ($AHCG) | 24.0% | 31.0% | 27.9% | 28.6% | |
| Irish Continental Group ($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 ($YNGN) | 22.3% | 21.2% | 21.8% | 21.7% | 22.9% |
| |
|---|
| Median (22 companies) | 14.0% | 14.6% | 15.7% | 12.7% | 14.0% |
|---|
| Webis Holdings ($WEB) | 0.3% | 0.2% | 0.3% | -0.3% | -0.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Action Hotels ($AHCG) | 47.8% | 21.0% | 25.6% | 90.0% | |
| Everyman Media Group ($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% |
| Richoux Group ($RIC) | 38.6% | 7.0% | 17.3% | 14.3% | |
| |
|---|
| Median (22 companies) | 8.4% | 5.0% | 5.1% | 4.6% | 9.2% |
|---|
| Webis Holdings ($WEB) | 0.0% | 0.0% | 0.1% | 0.1% | 0.0% |
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 ($NPT) | | | 26.3% | 10.2% | |
| |
|---|
| Median (23 companies) | 7.6% | 6.8% | 6.9% | 4.2% | 5.4% |
|---|
| Webis Holdings ($WEB) | 7.5% | 2.3% | 24.5% | -10.4% | -9.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Marston'S ($MARS) | | | 6.5x | 14.0x | 8.2x |
| Meikles Ltd ($MIK) | | | 5.1x | 10.7x | 73.1x |
| Action Hotels ($AHCG) | 14.1x | 11.2x | 7.8x | 9.6x | |
| Peel Hotels ($PHO) | 5.8x | 8.2x | 7.3x | 5.9x | 4.4x |
| Air China ($AIRC) | 4.7x | 4.7x | 6.4x | 5.6x | |
| |
|---|
| Median (21 companies) | 1.8x | 1.8x | 2.5x | 1.3x | 2.8x |
|---|
