All Leisure Group reports 48.4% EBITDA decline and 8.4% Revenue decline
15 Feb 2016 • About All Leisure Group (
$ALLG) • By InTwits
All Leisure Group reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- All Leisure Group doesn't have a profitable business model yet: FY2015 ROIC is -12.3%
- EBITDA Margin is quite volatile: 2.3% in FY2015, 4.1% in FY2014, 4.9% in FY2013, 3.7% in FY2012, 10.2% in FY2011
- All Leisure Group has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.2%. At the same time it's in pair with industry average of 3.7%.
- CAPEX is quite volatile: 4.3 in FY2015, 2.4 in FY2014, 8.3 in FY2013, 4.5 in FY2012, 9.3 in FY2011
- The company has unprofitable business model: ROIC is at -12.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
All Leisure Group ($ALLG) key annual financial indicators
| mln. £ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 80.4 | 127.4 | 142.1 | 138.9 | 127.3 | -8.4% |
| SG&A | | | 28.2 | 23.6 | 22.1 | -6.2% |
| EBITDA | 8.2 | 4.7 | 7.0 | 5.7 | 3.0 | -48.4% |
| Net Income | 5.7 | 0.5 | -13.4 | -7.5 | 0.5 | -107.3% |
Balance Sheet
|
|---|
| Cash | 6.7 | 18.2 | 10.7 | 11.6 | 6.9 | -40.1% |
| Short Term Debt | 0.0 | 0.6 | 0.6 | 0.6 | 0.6 | 0.0% |
| Long Term Debt | 0.0 | 5.2 | 4.6 | 4.1 | 3.5 | -14.2% |
Cash flow
|
|---|
| Capex | 9.3 | 4.5 | 8.3 | 2.4 | 4.3 | 77.6% |
Ratios
|
|---|
| Revenue growth | -2.7% | 58.5% | 11.6% | -2.3% | -8.4% | |
| EBITDA growth | 131.7% | -42.1% | 47.6% | -18.1% | -48.4% | |
| EBITDA Margin | 10.2% | 3.7% | 4.9% | 4.1% | 2.3% | -1.8% |
| Net Income Margin | 7.1% | 0.4% | -9.4% | -5.4% | 0.4% | 5.8% |
| SG&A, % of revenue | | | 19.8% | 17.0% | 17.4% | 0.4% |
| CAPEX, % of revenue | 11.6% | 3.6% | 5.9% | 1.7% | 3.4% | 1.6% |
| ROIC | 11.4% | -1.8% | 0.5% | 2.9% | -12.3% | -15.2% |
| ROE | 18.8% | 1.6% | -52.6% | -48.3% | 4.6% | 52.9% |
| Net Debt/EBITDA | -0.8x | -2.6x | -0.8x | -1.2x | -1.0x | 0.2x |
Revenue and profitability
All Leisure Group's Revenue decreased on 8.4% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 23.7 pp from -31.8% to -8.1% in 2015.
SG&A as a % of Revenue showed almost no change in FY2015.
Net Income marign increased on 5.8 pp from -5.4% to 0.43% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 All Leisure Group had CAPEX/Revenue of 3.4%. All Leisure Group's CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average CAPEX/Revenue for the last three years was 3.7%.All Leisure Group has spent a lot to CAPEX (146% of EBITDA) which didn't stop revenue from falling.
Return on investment
The company operates at negative ROIC (-12.27%) and low but positive ROE (4.62%). ROIC dropped on 15.2 pp from 2.9% to -12.3% in FY2015. ROE surged on 52.9 pp from -48.3% to 4.6% in FY2015.
Leverage (Debt)
Debt level is -1.0x Net Debt / EBITDA and 1.4x Debt / EBITDA. Net Debt / EBITDA jumped on 0.2x from -1.2x to -1.0x in FY2015. Debt dropped on 12.4% in FY2015 while cash dropped on 40.1% in FY2015.
Appendix 1: Peers in Travel & Leisure
Below you can find All Leisure Group benchmarking vs. other companies in Travel & Leisure 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 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 ($RIC) | 54.2% | 9.4% | 16.5% | 10.4% | |
| |
|---|
| Median (22 companies) | 19.5% | 9.0% | 7.8% | 6.6% | 7.6% |
|---|
| All Leisure Group ($ALLG) | | 58.5% | 11.6% | -2.3% | -8.4% |
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 ($MDOB) | 38.6% | 36.0% | 38.9% | 39.7% | |
| |
|---|
| Median (11 companies) | 20.4% | 23.0% | 22.6% | 20.7% | 19.4% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Action Hotels ($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% | 12.4% |
|---|
| All Leisure Group ($ALLG) | 10.2% | 3.7% | 4.9% | 4.1% | 2.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Action Hotels ($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) | 5.0% | 5.0% | 4.7% | 4.6% | 7.4% |
|---|
| All Leisure Group ($ALLG) | 11.6% | 3.6% | 5.9% | 1.7% | 3.4% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Paddy Power ($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 ($TOUR) | 17.4% | 22.5% | 19.9% | 19.6% | 19.4% |
| Netplay Tv ($NPT) | | | 26.3% | 10.2% | |
| |
|---|
| Median (23 companies) | 7.5% | 6.8% | 7.8% | 4.2% | 5.4% |
|---|
| All Leisure Group ($ALLG) | 11.4% | -1.8% | 0.5% | 2.9% | -12.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Marston'S ($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 (20 companies) | 1.8x | 1.8x | 2.5x | 1.9x | 2.7x |
|---|
| All Leisure Group ($ALLG) | -0.8x | -2.6x | -0.8x | -1.2x | -1.0x |
