Ana Hldgs Inc reports 27.6% EBITDA growth and 2.9 pp EBITDA Margin growth from 13.1% to 15.9%
28 Apr 2016 • About Ana Hldgs Inc (
$ANA) • By InTwits
Ana Hldgs Inc reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Ana Hldgs Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 12.3%. At the same time it's in pair with industry average of 16.7%.
- CAPEX is quite volatile: 27,819 in 2016, 31,476 in 2015, 31,513 in 2014, 12,249 in 2013, 17,981 in 2012
- The company has business model with low profitability: ROIC is at 8.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ana Hldgs Inc ($ANA) key annual financial indicators
| mln. JPY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,411,504 | 1,483,581 | 1,601,013 | 1,713,457 | 1,791,187 | 4.5% |
| Gross Profit | 324,834 | 335,385 | 331,847 | 378,373 | 453,647 | 19.9% |
| SG&A | 213,814 | 218,074 | 250,069 | 271,600 | 299,394 | 10.2% |
| EBITDA | 216,290 | 227,743 | 202,809 | 223,778 | 285,463 | 27.6% |
| Net Income | 28,178 | 43,140 | 18,886 | 39,239 | 78,169 | 99.2% |
Balance Sheet
|
|---|
| Cash | 41,867 | 86,459 | 28,972 | 43,901 | 55,293 | 25.9% |
| Short Term Debt | 127,405 | 142,601 | 188,748 | 210,029 | 94,781 | -54.9% |
| Long Term Debt | 836,252 | 754,533 | 646,020 | 609,802 | 609,105 | -0.1% |
Cash flow
|
|---|
| Capex | 181,196 | 149,705 | 167,894 | 241,733 | 252,583 | 4.5% |
Ratios
|
|---|
| Revenue growth | 4.0% | 5.1% | 7.9% | 7.0% | 4.5% | |
| EBITDA growth | 16.1% | 5.3% | -10.9% | 10.3% | 27.6% | |
| Gross Margin | 23.0% | 22.6% | 20.7% | 22.1% | 25.3% | 3.2% |
| EBITDA Margin | 15.3% | 15.4% | 12.7% | 13.1% | 15.9% | 2.9% |
| Net Income Margin | 2.0% | 2.9% | 1.2% | 2.3% | 4.4% | 2.1% |
| SG&A, % of revenue | 15.1% | 14.7% | 15.6% | 15.9% | 16.7% | 0.9% |
| CAPEX, % of revenue | 12.8% | 10.1% | 10.5% | 14.1% | 14.1% | -0.0% |
| ROIC | 6.8% | 6.7% | 4.2% | 5.8% | 8.8% | 3.0% |
| ROE | 5.3% | 6.6% | 2.5% | 5.1% | 9.8% | 4.8% |
| Net Debt/EBITDA | 4.3x | 3.6x | 4.0x | 3.5x | 2.3x | -1.2x |
Revenue and profitability
The company's Revenue increased on 4.5% in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.0 pp from 8.6% to 9.6% in 2016.
Gross Margin increased on 3.2 pp from 22.1% to 25.3% in FY2016. SG&A as a % of Revenue increased slightly on 0.86 pp from 15.9% to 16.7% in FY2016.
Net Income marign increased on 2.1 pp from 2.3% to 4.4% in FY2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 14.1% in FY2016. The company showed CAPEX/Revenue growth of 4.0 pp from 10.1% in FY2013 to 14.1% in FY2016. Average CAPEX/Revenue for the last three years was 12.9%.The company invested a large share of EBITDA (88.5%) to CAPEX.
Return on investment
The company operates at low ROIC (8.79%) and ROE (9.84%). ROIC increased on 3.0 pp from 5.8% to 8.8% in FY2016. ROE increased on 4.8 pp from 5.1% to 9.8% in FY2016.
Leverage (Debt)
Debt level is 2.3x Net Debt / EBITDA and 2.5x Debt / EBITDA. Net Debt / EBITDA dropped on 1.2x from 3.5x to 2.3x in FY2016. Debt dropped on 14.1% in FY2016 while cash jumped on 25.9% in FY2016.
Appendix 1: Peers in Travel & Leisure
Below you can find Ana Hldgs Inc 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dalata Hotel Group ($DAL) | 55.4% | 12.0% | 30.4% | 185.4% | |
| Everyman Media Group ($EMAN) | 23.4% | 26.5% | 22.4% | 44.1% | |
| Webis Holdings ($WEB) | 8.7% | 46.3% | -55.0% | 29.7% | |
| Paddy Power ($PAP) | 30.9% | 14.0% | 18.3% | 24.1% | |
| Hanatour Service Inc ($TOUR) | 15.0% | 14.6% | 9.3% | 19.2% | |
| |
|---|
| Median (22 companies) | 13.6% | 8.8% | 6.1% | 7.6% | 9.0% |
|---|
| Ana Hldgs Inc ($ANA) | | 5.1% | 7.9% | 7.0% | 4.5% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Eclectic Bar Grp ($BAR) | 79.1% | 78.9% | 79.0% | 79.4% | |
| Paddy Power ($PAP) | 84.7% | 82.8% | 81.0% | 74.7% | |
| Action Hotels ($AHCG) | 75.1% | 75.0% | 73.3% | 74.0% | |
| Dalata Hotel Group ($DAL) | 61.2% | 62.0% | 62.8% | 61.5% | |
| Everyman Media Group ($EMAN) | 57.6% | 59.2% | 58.9% | 58.0% | |
| |
|---|
| Median (11 companies) | 36.0% | 38.9% | 39.7% | 40.4% | 12.9% |
|---|
| Ana Hldgs Inc ($ANA) | 23.0% | 22.6% | 20.7% | 22.1% | 25.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Action Hotels ($AHCG) | 31.0% | 27.9% | 28.6% | 34.3% | |
| Air China ($AIRC) | 19.7% | 16.0% | 18.4% | 27.3% | |
| Mandarin Oriental International ($MDOB) | 19.5% | 22.4% | 24.0% | 26.2% | |
| Ryanair Hldgs ($RYA) | 22.6% | 21.5% | 20.1% | 25.1% | |
| Irish Continental Group ($ICGC) | 17.1% | 18.6% | 27.3% | 23.6% | |
| |
|---|
| Median (22 companies) | 12.8% | 12.9% | 12.3% | 13.9% | 17.4% |
|---|
| Ana Hldgs Inc ($ANA) | 15.3% | 15.4% | 12.7% | 13.1% | 15.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Action Hotels ($AHCG) | 21.0% | 25.6% | 90.0% | 172.4% | |
| Everyman Media Group ($EMAN) | 0.0% | 36.4% | 25.9% | 56.4% | |
| Marston'S ($MARS) | 18.0% | 19.3% | 17.5% | 16.2% | 15.3% |
| Young & Co'S Brewery ($YNGN) | 14.3% | 8.7% | 10.8% | 14.3% | |
| Ryanair Hldgs ($RYA) | 7.2% | 6.4% | 10.0% | 13.9% | |
| |
|---|
| Median (22 companies) | 3.7% | 4.8% | 4.5% | 8.5% | 15.3% |
|---|
| Ana Hldgs Inc ($ANA) | 12.8% | 10.1% | 10.5% | 14.1% | 14.1% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Paddy Power ($PAP) | 53.4% | 47.2% | 47.6% | 53.2% | |
| Irish Continental Group ($ICGC) | 14.6% | 18.9% | 40.0% | 33.9% | |
| Air Partner ($AIP) | 34.8% | 27.5% | 21.2% | 20.0% | 20.4% |
| Hanatour Service Inc ($TOUR) | 22.5% | 19.9% | 19.6% | 19.4% | |
| Ryanair Hldgs ($RYA) | 9.7% | 10.0% | 9.5% | 13.3% | |
| |
|---|
| Median (22 companies) | 6.4% | 7.8% | 4.3% | 6.3% | 8.8% |
|---|
| Ana Hldgs Inc ($ANA) | 6.8% | 6.7% | 4.2% | 5.8% | 8.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Meikles Ltd ($MIK) | | 5.1x | 10.7x | 73.1x | |
| Action Hotels ($AHCG) | 11.2x | 7.8x | 9.6x | 12.3x | |
| Marston'S ($MARS) | | 6.5x | 14.0x | 8.2x | 6.2x |
| Peel Hotels ($PHO) | 8.2x | 7.3x | 5.9x | 4.4x | |
| Rotala ($ROL) | 2.6x | 3.1x | 2.8x | 3.6x | |
| |
|---|
| Median (20 companies) | 1.0x | 2.2x | 1.1x | 1.9x | 3.2x |
|---|
| Ana Hldgs Inc ($ANA) | 4.3x | 3.6x | 4.0x | 3.5x | 2.3x |
