Webis Holdings reports 45.3% revenue growth in FY2016 and almost no change in EBITDA Margin of -0.32%
30 Nov 2016 • About Webis Holdings (
$WEB) • By InTwits
Webis Holdings reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Webis Holdings doesn't have a profitable business model yet: FY2016 ROIC is -35.2%
- The company operates at negative EBITDA Margin: -0.3%
- Webis Holdings has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.0%.
- The company has unprofitable business model: ROIC is at -35.2%
- It operates with high leverage: Net Debt/EBITDA is 45.5x while industry average is 1.4x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Webis Holdings ($WEB) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 180.9 | 264.6 | 119.0 | 154.4 | 224.3 | 45.3% |
| Gross Profit | 5.1 | 8.5 | 4.5 | 4.2 | 4.1 | -3.2% |
| EBITDA | 0.3 | 0.9 | -0.3 | -0.2 | -0.7 | 339.9% |
| Net Income | -0.1 | 0.6 | 0.5 | -2.0 | -1.2 | -37.7% |
Balance Sheet
|
|---|
| Cash | 4.2 | 7.8 | 9.7 | 8.5 | 8.9 | 4.7% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 107.0% |
Ratios
|
|---|
| Revenue growth | 8.7% | 46.3% | -55.0% | 29.7% | 45.3% | |
| EBITDA growth | -33.2% | 184.4% | -133.6% | -47.4% | 339.9% | |
| Gross Margin | 2.8% | 3.2% | 3.8% | 2.7% | 1.8% | -0.9% |
| EBITDA Margin | 0.2% | 0.3% | -0.3% | -0.1% | -0.3% | -0.2% |
| Net Income Margin | -0.0% | 0.2% | 0.4% | -1.3% | -0.6% | 0.7% |
| CAPEX, % of revenue | 0.0% | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% |
| ROIC | 2.3% | 24.5% | -10.4% | -9.4% | -35.2% | -25.8% |
| ROE | -6.7% | 19.1% | 10.4% | -47.8% | -48.6% | -0.8% |
| Net Debt/EBITDA | -12.9x | -8.4x | | | | 0.0x |
Revenue and profitability
The company's Revenue surged on 45.3% in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.93 pp from 9.5% to 10.4% in FY2016.
Gross Margin decreased slightly on 0.91 pp from 2.7% to 1.8% in FY2016.
Net Income marign increased slightly on 0.74 pp from -1.3% to -0.55% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Webis Holdings's CAPEX/Revenue was 0.053% in FY2016. CAPEX/Revenue showed almost no change from FY2013 to FY2016. Average CAPEX/Revenue for the last three years was 0.058%.
Return on investment
The company operates at negative ROIC (-35.17%) and ROE (-48.65%). ROIC dropped on 25.8 pp from -9.4% to -35.2% in FY2016. ROE decreased slightly on 0.82 pp from -47.8% to -48.6% in FY2016.
Leverage (Debt)
The company has no debt. Cash increased on 4.7% in FY2016.
Appendix 1: Peers in Travel & Leisure
Below you can find Webis Holdings 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% | |
| Paddy Power ($PAP) | 30.9% | 14.0% | 18.3% | 24.1% | |
| Hanatour Service Inc ($TOUR) | 15.0% | 14.6% | 9.3% | 19.2% | |
| Action Hotels ($AHCG) | 12.3% | 5.4% | 26.2% | 15.7% | |
| |
|---|
| Median (23 companies) | 13.6% | 8.2% | 7.2% | 7.6% | 7.5% |
|---|
| Webis Holdings ($WEB) | | 46.3% | -55.0% | 29.7% | 45.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Eclectic Bar Grp ($BAR) | 79.1% | 78.9% | 79.0% | 79.4% | 80.7% |
| Paddy Power ($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 ($EMAN) | 57.6% | 59.2% | 58.9% | 58.0% | |
| |
|---|
| Median (11 companies) | 36.0% | 38.9% | 39.7% | 40.4% | 22.2% |
|---|
| Webis Holdings ($WEB) | 2.8% | 3.2% | 3.8% | 2.7% | 1.8% |
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% | 28.9% |
| Irish Continental Group ($ICGC) | 17.1% | 18.6% | 27.3% | 23.6% | |
| |
|---|
| Median (24 companies) | 13.8% | 15.4% | 12.7% | 12.9% | 15.9% |
|---|
| Webis Holdings ($WEB) | 0.2% | 0.3% | -0.3% | -0.1% | -0.3% |
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% | 16.9% |
| Ana Hldgs Inc ($ANA) | 12.8% | 10.1% | 10.5% | 14.1% | 14.1% |
| |
|---|
| Median (24 companies) | 4.4% | 5.4% | 4.6% | 8.5% | 14.1% |
|---|
| Webis Holdings ($WEB) | 0.0% | 0.1% | 0.1% | 0.0% | 0.1% |
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% | |
| Aer Lingus Group ($AERL) | 3.0% | 3.3% | -11.9% | 31.7% | |
| Air Partner ($AIP) | 34.8% | 27.5% | 21.2% | 20.0% | 20.4% |
| Hanatour Service Inc ($TOUR) | 22.5% | 19.9% | 19.6% | 19.4% | |
| |
|---|
| Median (24 companies) | 6.8% | 6.9% | 4.3% | 6.3% | 7.2% |
|---|
| Webis Holdings ($WEB) | 2.3% | 24.5% | -10.4% | -9.4% | -35.2% |
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 | 3.9x |
| Rotala ($ROL) | 2.6x | 3.1x | 2.8x | 3.6x | |
| |
|---|
| Median (22 companies) | 1.4x | 2.3x | 1.2x | 1.9x | 2.3x |
|---|
