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Haynes Publishing Group EBITDA dropped on 54.6% in 2016 and Revenue decreased slightly on 1.4%

22 Sep 2016 • About Haynes Publishing Group ($HYNS) • By InTwits

Haynes Publishing Group reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Haynes Publishing Group doesn't have a profitable business model yet: FY2016 ROIC is -8.0%
  • Haynes Publishing Group has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.2%. At the same time it's in pair with industry average of 2.2%.
  • CAPEX is quite volatile: 0.26 in FY2016, 0.41 in FY2015, 0.72 in FY2014, 0.96 in FY2013, 0.73 in FY2012
  • The company has unprofitable business model: ROIC is at -8.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Haynes Publishing Group ($HYNS) key annual financial indicators

mln. £201220132014201520162016/2015
P&L
Revenue29.81427.63229.28426.06525.710-1.4%
Gross Profit17.85016.46915.50115.68513.793-12.1%
SG&A12.94022.45115.841-29.4%
EBITDA7.6666.47711.3598.7243.959-54.6%
Net Income3.2112.1451.118-5.920-1.779-69.9%
Balance Sheet
Cash4.7756.1782.3482.9682.548-14.2%
Short Term Debt0.0000.0731.2342.8272.163-23.5%
Long Term Debt0.0000.0002.1780.0000.000
Cash flow
Capex0.7310.9630.7180.4120.264-35.9%
Ratios
Revenue growth-8.9%-7.3%6.0%-11.0%-1.4%
EBITDA growth-22.5%-15.5%75.4%-23.2%-54.6%
Gross Margin59.9%59.6%52.9%60.2%53.6%-6.5%
EBITDA Margin25.7%23.4%38.8%33.5%15.4%-18.1%
Net Income Margin10.8%7.8%3.8%-22.7%-6.9%15.8%
SG&A, % of revenue44.2%86.1%61.6%-24.5%
CAPEX, % of revenue2.5%3.5%2.5%1.6%1.0%-0.6%
ROIC12.8%9.4%12.5%9.4%-8.0%-17.4%
ROE7.9%5.4%3.0%-19.2%-7.0%12.1%
Net Debt/EBITDA-0.6x-0.9x0.1x-0.0x-0.1x-0.1x

Revenue and profitability


Haynes Publishing Group's Revenue decreased slightly on 1.4% in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 10.0 pp from 4.1% to 14.1% in FY2016.

Gross Margin decreased on 6.5 pp from 60.2% to 53.6% in FY2016. SG&A as a % of Revenue dropped on 24.5 pp from 86.1% to 61.6% in FY2016.

Net Income marign surged on 15.8 pp from -22.7% to -6.9% in FY2016.

Capital expenditures (CAPEX) and working capital investments


Haynes Publishing Group's CAPEX/Revenue was 1.0% in FY2016. The company's CAPEX/Revenue decreased on 2.5 pp from 3.5% in FY2013 to 1.0% in FY2016. It's average CAPEX/Revenue for the last three years was 1.7%.

Return on investment


The company operates at negative ROIC (-7.97%) and ROE (-7.01%). ROIC dropped on 17.4 pp from 9.4% to -8.0% in FY2016. ROE surged on 12.1 pp from -19.2% to -7.0% in FY2016.

Leverage (Debt)


Debt level is -0.1x Net Debt / EBITDA and 0.5x Debt / EBITDA. Net Debt / EBITDA decreased on 0.1x from -0.016x to -0.1x in FY2016. Debt dropped on 23.5% in FY2016 while cash dropped on 14.2% in FY2016.

Appendix 1: Peers in Media


Below you can find Haynes Publishing Group 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 FY2012 FY2013 FY2014 FY2015 FY2016
Tla Worldwide ($TLA)5,338.4%25.0%6.3%130.0%
Porta Communications ($PTCM)970.2%10.7%150.9%46.5%
Jaywing ($JWNG)-27.9%-0.7%26.6%6.5%
Marimedia Ltd ($MARI)24.4%71.1%45.7%20.1%
Nahl Group ($NAH)12.6%-3.2%-10.7%15.7%
 
Median (23 companies)0.7%-0.6%1.2%2.2%10.1%
Haynes Publishing Group ($HYNS)-7.3%6.0%-11.0%-1.4%


Top companies by Gross margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Jaywing ($JWNG)79.8%76.8%81.0%89.0%88.4%
Brainjuicer Group ($BJU)77.2%78.0%78.8%80.4%
Porta Communications ($PTCM)55.3%89.2%83.4%79.0%
Tla Worldwide ($TLA)96.1%96.6%99.9%78.8%
Spaceandpeople ($SAL)62.2%58.8%
 
Median (24 companies)40.6%41.6%43.5%41.2%42.4%
Haynes Publishing Group ($HYNS)59.9%59.6%52.9%60.2%53.6%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Dq Entertainment ($DQE)42.8%49.2%62.4%59.1%
Nahl Group ($NAH)36.6%39.6%28.8%29.5%
Tla Worldwide ($TLA)43.5%39.1%40.6%28.5%
Quarto Group Inc ($QRT)20.0%25.9%27.8%28.4%
Dcd Media ($DCD)41.7%41.6%9.5%23.2%
 
Median (24 companies)14.7%13.9%13.7%9.8%5.8%
Haynes Publishing Group ($HYNS)25.7%23.4%38.8%33.5%15.4%


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Avesco Group ($AVS)22.7%13.2%18.6%14.4%
Mood Media Corp ($MM.)8.6%6.4%6.9%8.2%
Spaceandpeople ($SAL)3.2%4.1%1.6%5.0%
Dq Entertainment ($DQE)6.8%2.0%0.0%4.6%
Naspers ($NPSN)4.7%4.9%4.0%3.1%
 
Median (24 companies)1.1%1.6%1.5%1.0%1.1%
Haynes Publishing Group ($HYNS)2.5%3.5%2.5%1.6%1.0%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Independent News & Media ($INM)-43.9%136.2%29.6%65.1%
Brainjuicer Group ($BJU)24.3%49.0%60.0%58.5%
Uls Technology ($ULS)33.2%44.1%39.6%39.3%
Cellcast Group ($CLTV)-63.1%28.4%
Nahl Group ($NAH)37.1%42.3%31.5%26.0%
 
Median (24 companies)5.4%5.4%7.8%6.4%2.0%
Haynes Publishing Group ($HYNS)12.8%9.4%12.5%9.4%-8.0%


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Johnston Press ($JPR)5.8x11.4x15.6x
Mood Media Corp ($MM.)5.2x8.1x8.2x9.8x
Naspers ($NPSN)1.4x1.9x6.2x14.7x
Grupo Clarin Sa ($GCLA)0.9x0.8x0.7x4.3x
Dq Entertainment ($DQE)1.1x1.5x1.5x2.8x
 
Median (22 companies)1.0x0.8x1.0x0.9x0.5x
Haynes Publishing Group ($HYNS)-0.6x-0.9x0.1x-0.0x-0.1x


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