Mood Media Corp Net Debt / EBITDA surged on 1.6x from 8.2x to 9.8x in 2015 while Revenue decreased on 3.8%
10 Mar 2016 • About Mood Media Corp (
$MM.) • By InTwits
Mood Media Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Mood Media Corp doesn't have a profitable business model yet: 2015 ROIC is -0.9%
- Mood Media Corp has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.4%. At the same time it's a lot of higher than industry average of 2.6%.
- CAPEX is quite volatile: 70.9 in 2015, 88.5 in 2014, 281 in 2013, 238 in 2012, 140 in 2011
- The company has unprofitable business model: ROIC is at -0.9%
- It operates with high leverage: Net Debt/EBITDA is 9.8x while industry average is 2.1x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Mood Media Corp ($MM.) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 330.5 | 443.8 | 513.3 | 494.1 | 475.1 | -3.8% |
| Gross Profit | 203.7 | 260.1 | 279.4 | 266.2 | 245.2 | -7.9% |
| EBITDA | 67.5 | 104.1 | 71.4 | 73.0 | 61.8 | -15.3% |
| Net Income | -60.0 | -79.5 | -129.5 | -82.4 | -80.0 | -2.9% |
Balance Sheet
|
|---|
| Cash | 15.7 | 46.4 | 22.4 | 25.6 | 17.3 | -32.2% |
| Short Term Debt | 3.6 | 2.1 | 2.1 | 51.0 | 8.4 | -83.6% |
| Long Term Debt | 465.7 | 586.2 | 597.1 | 573.3 | 612.3 | 6.8% |
Cash flow
|
|---|
| Capex | 23.2 | 38.0 | 32.7 | 34.0 | 39.1 | 14.9% |
Ratios
|
|---|
| Revenue growth | 128.0% | 34.3% | 15.6% | -3.7% | -3.8% | |
| EBITDA growth | | 54.2% | -31.5% | 2.3% | -15.3% | |
| Gross Margin | 61.6% | 58.6% | 54.4% | 53.9% | 51.6% | -2.3% |
| EBITDA Margin | 20.4% | 23.5% | 13.9% | 14.8% | 13.0% | -1.8% |
| Net Income Margin | -18.1% | -17.9% | -25.2% | -16.7% | -16.8% | -0.2% |
| CAPEX, % of revenue | 7.0% | 8.6% | 6.4% | 6.9% | 8.2% | 1.3% |
| ROIC | 3.3% | 1.5% | -10.2% | 0.1% | -0.9% | -1.0% |
| ROE | -70.8% | -69.7% | -145.3% | | | 0.0% |
| Net Debt/EBITDA | 6.7x | 5.2x | 8.1x | 8.2x | 9.8x | 1.6x |
Revenue and profitability
The company's Revenue decreased on 3.8% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased slightly on 1.8 pp from 14.8% to 13.0% in 2015.
Gross Margin decreased on 2.3 pp from 53.9% to 51.6% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 8.2%. Mood Media Corp showed almost no change in CAPEX/Revenue from 2012 to 2015. Average CAPEX/Revenue for the last three years was 7.2%.Mood Media Corp invested a big chunk of EBITDA (63.2%) to CAPEX which didn't stop revenue from falling.
Leverage (Debt)
Company's Net Debt / EBITDA is 9.8x and Debt / EBITDA is 10.0x. Net Debt / EBITDA surged on 1.6x from 8.2x to 9.8x in 2015. Debt decreased slightly on 0.59% in 2015 while cash dropped on 32.2% in 2015.
Appendix 1: Peers in Media
Below you can find Mood Media Corp benchmarking vs. other companies in Media 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 |
|---|
| Porta Communications ($PTCM) | | 970.2% | 10.7% | 150.9% | |
| Grupo Clarin Sa ($GCLA) | | 21.4% | 24.6% | 39.8% | -57.9% |
| Tangent Communications ($TNG) | | -3.0% | 11.8% | 11.3% | -2.9% |
| Haynes Publishing Group ($HYNS) | | -8.9% | -7.3% | 6.0% | -11.0% |
| Naspers ($NPSN) | | 15.7% | 10.2% | 4.8% | 6.7% |
| |
|---|
| Median (18 companies) | 7.1% | -4.1% | -7.3% | 1.0% | -2.9% |
|---|
| Mood Media Corp ($MM.) | | 34.3% | 15.6% | -3.7% | -3.8% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Porta Communications ($PTCM) | 96.1% | 55.3% | 89.2% | 83.4% | |
| Jaywing ($JWNG) | 80.5% | 79.8% | 76.8% | 81.0% | 89.0% |
| Brainjuicer Group ($BJU) | 77.6% | 77.2% | 78.0% | 78.8% | |
| Tangent Communications ($TNG) | 49.0% | 54.5% | 57.6% | 60.3% | 58.8% |
| Haynes Publishing Group ($HYNS) | 63.5% | 59.9% | 59.6% | 52.9% | 60.2% |
| |
|---|
| Median (18 companies) | 42.4% | 40.6% | 41.6% | 43.5% | 39.2% |
|---|
| Mood Media Corp ($MM.) | 61.6% | 58.6% | 54.4% | 53.9% | 51.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Dq Entertainment ($DQE) | 36.5% | 42.8% | 49.2% | 62.4% | 59.1% |
| Haynes Publishing Group ($HYNS) | 30.2% | 25.7% | 23.4% | 38.8% | 33.5% |
| Quarto Group Inc ($QRT) | 19.9% | 20.0% | 25.9% | 27.8% | |
| Grupo Clarin Sa ($GCLA) | 26.5% | 24.5% | 23.7% | 25.7% | 13.7% |
| Cellcast Group ($CLTV) | 3.0% | 0.5% | -6.3% | 22.6% | |
| |
|---|
| Median (17 companies) | 9.3% | 11.7% | 9.7% | 10.9% | 8.2% |
|---|
| Mood Media Corp ($MM.) | 20.4% | 23.5% | 13.9% | 14.8% | 13.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Avesco Group ($AVS) | 14.3% | 22.7% | 13.2% | 18.6% | 14.4% |
| Grupo Clarin Sa ($GCLA) | 15.9% | 12.2% | 13.2% | 12.8% | 1.6% |
| Trader Media East ($TME) | 5.0% | 4.6% | 3.1% | 3.8% | 2.3% |
| Porta Communications ($PTCM) | 10.5% | 2.2% | 2.0% | 2.7% | |
| Johnston Press ($JPR) | 0.5% | 1.4% | 1.5% | 2.7% | |
| |
|---|
| Median (17 companies) | 1.3% | 1.4% | 2.0% | 1.7% | 1.6% |
|---|
| Mood Media Corp ($MM.) | 7.0% | 8.6% | 6.4% | 6.9% | 8.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Brainjuicer Group ($BJU) | 47.0% | 24.3% | 49.0% | 60.0% | |
| Grupo Clarin Sa ($GCLA) | 21.7% | 21.6% | 21.8% | 29.8% | 6.4% |
| Independent News & Media ($INM) | -3.0% | -43.9% | 136.2% | 29.6% | 65.1% |
| Haynes Publishing Group ($HYNS) | 20.1% | 12.8% | 9.4% | 12.5% | 9.4% |
| Dq Entertainment ($DQE) | 8.2% | 9.3% | 8.9% | 12.1% | 7.0% |
| |
|---|
| Median (19 companies) | 4.6% | 5.4% | 4.2% | 2.1% | 4.6% |
|---|
| Mood Media Corp ($MM.) | 3.3% | 1.5% | -10.2% | 0.1% | -0.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Johnston Press ($JPR) | | 5.8x | | 11.4x | |
| Porta Communications ($PTCM) | | | | 3.4x | |
| Jaywing ($JWNG) | 0.2x | 0.7x | 0.7x | 3.3x | 1.9x |
| Independent News & Media ($INM) | | | 0.8x | 2.9x | -1.5x |
| Dq Entertainment ($DQE) | 0.2x | 1.1x | 1.5x | 1.5x | 2.8x |
| |
|---|
| Median (14 companies) | 0.2x | 1.0x | 0.8x | 1.2x | 1.1x |
|---|
| Mood Media Corp ($MM.) | 6.7x | 5.2x | 8.1x | 8.2x | 9.8x |
