Brainjuicer Group reports 33.4% EBITDA growth and 1.5 pp EBITDA Margin growth from 19.9% to 21.4%
09 Feb 2017 • About Brainjuicer Group (
$BJU) • By InTwits
Brainjuicer Group reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 21.4% in FY2016 vs. 19.9% in FY2015 vs. 10.6% in FY2012
- Brainjuicer Group has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.6%.
- The company has highly profitable business model: ROIC is at 72.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Brainjuicer Group ($BJU) key annual financial indicators
| mln. £ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 20.822 | 24.457 | 24.645 | 25.184 | 31.236 | 24.0% |
| Gross Profit | 16.068 | 19.087 | 19.410 | 20.250 | 25.643 | 26.6% |
| SG&A | | 15.537 | 15.109 | 15.704 | 19.414 | 23.6% |
| EBITDA | 2.199 | 4.015 | 4.726 | 5.005 | 6.675 | 33.4% |
| Net Income | 1.038 | 2.435 | 2.897 | 3.032 | 3.968 | 30.9% |
Balance Sheet
|
|---|
| Cash | 3.755 | 6.188 | 5.347 | 6.365 | 7.754 | 21.8% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.108 | 0.070 | 0.159 | 0.291 | 0.165 | -43.3% |
Ratios
|
|---|
| Revenue growth | 0.5% | 17.5% | 0.8% | 2.2% | 24.0% | |
| EBITDA growth | -32.7% | 82.6% | 17.7% | 5.9% | 33.4% | |
| Gross Margin | 77.2% | 78.0% | 78.8% | 80.4% | 82.1% | 1.7% |
| EBITDA Margin | 10.6% | 16.4% | 19.2% | 19.9% | 21.4% | 1.5% |
| Net Income Margin | 5.0% | 10.0% | 11.8% | 12.0% | 12.7% | 0.7% |
| SG&A, % of revenue | | 63.5% | 61.3% | 62.4% | 62.2% | -0.2% |
| CAPEX, % of revenue | 0.5% | 0.3% | 0.6% | 1.2% | 0.5% | -0.6% |
| ROIC | 24.3% | 49.0% | 60.0% | 58.5% | 72.5% | 14.0% |
| ROE | 14.5% | 31.5% | 36.6% | 35.8% | 42.9% | 7.1% |
| Net Debt/EBITDA | -1.7x | -1.5x | -1.1x | -1.3x | -1.2x | 0.1x |
Revenue and profitability
Brainjuicer Group's Revenue jumped on 24.0% in FY2016. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.5 pp from 19.9% to 21.4% in FY2016.
Gross Margin increased slightly on 1.7 pp from 80.4% to 82.1% in FY2016. SG&A as a % of Revenue showed almost no change in FY2016.
Net Income marign increased slightly on 0.66 pp from 12.0% to 12.7% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 the company had CAPEX/Revenue of 0.53%. The company's CAPEX/Revenue showed almost no change from FY2013 to FY2016. It's average level of CAPEX/Revenue for the last three years was 0.78%.
Return on investment
The company operates at high and attractive ROIC (72.50%) and ROE (42.89%). ROIC jumped on 14.0 pp from 58.5% to 72.5% in FY2016. ROE increased on 7.1 pp from 35.8% to 42.9% in FY2016.
Leverage (Debt)
The company has no debt. Cash surged on 21.8% in FY2016.
Appendix 1: Peers in Media
Below we provide Brainjuicer Group benchmarking against other companies in Media industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
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 ($NAH) | 12.6% | -3.2% | -10.7% | 15.7% | |
| |
|---|
| Median (23 companies) | 9.7% | -2.9% | 1.9% | 0.8% | 6.5% |
|---|
| Brainjuicer Group ($BJU) | | 17.5% | 0.8% | 2.2% | 24.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jaywing ($JWNG) | 79.8% | 76.8% | 81.0% | 89.0% | 88.4% |
| Porta Communications ($PTCM) | 55.3% | 89.2% | 83.4% | 79.0% | |
| Tla Worldwide ($TLA) | 96.1% | 96.6% | 99.9% | 78.8% | |
| Haynes Publishing Group ($HYNS) | 59.9% | 59.6% | 52.9% | 60.2% | 53.6% |
| Spaceandpeople ($SAL) | | | 62.2% | 58.8% | |
| |
|---|
| Median (24 companies) | 40.6% | 41.6% | 43.5% | 41.2% | 41.9% |
|---|
| Brainjuicer Group ($BJU) | 77.2% | 78.0% | 78.8% | 80.4% | 82.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dq Entertainment ($DQE) | 42.8% | 49.2% | 62.4% | 59.1% | |
| Haynes Publishing Group ($HYNS) | 25.7% | 23.4% | 38.8% | 33.5% | 15.4% |
| 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 ($QRT) | 20.0% | 25.9% | 27.8% | 28.4% | |
| |
|---|
| Median (24 companies) | 15.1% | 13.9% | 13.7% | 9.8% | 5.1% |
|---|
| Brainjuicer Group ($BJU) | 10.6% | 16.4% | 19.2% | 19.9% | 21.4% |
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 ($NPSN) | 4.7% | 4.9% | | 4.0% | 3.1% |
| |
|---|
| Median (24 companies) | 1.3% | 1.8% | 1.7% | 1.0% | 0.8% |
|---|
| Brainjuicer Group ($BJU) | 0.5% | 0.3% | 0.6% | 1.2% | 0.5% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Independent News & Media ($INM) | -43.9% | 136.2% | 29.6% | 65.1% | |
| Uls Technology ($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% | |
| Tla Worldwide ($TLA) | | 5.3% | 8.6% | 13.9% | |
| |
|---|
| Median (24 companies) | 5.4% | 5.4% | 7.8% | 6.4% | -1.0% |
|---|
| Brainjuicer Group ($BJU) | 24.3% | 49.0% | 60.0% | 58.5% | 72.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Johnston Press ($JPR) | 5.8x | | 11.4x | 15.6x | |
| Mood Media Corp ($MM.) | 5.2x | 8.1x | 8.2x | 9.8x | |
| Naspers ($NPSN) | 1.4x | 1.9x | | 6.2x | 14.7x |
| Grupo Clarin Sa ($GCLA) | 0.9x | 0.8x | 0.7x | 4.3x | |
| Dq Entertainment ($DQE) | 1.1x | 1.5x | 1.5x | 2.8x | |
| |
|---|
| Median (22 companies) | 1.0x | 0.8x | 1.0x | 0.9x | -0.4x |
|---|
| Brainjuicer Group ($BJU) | -1.7x | -1.5x | -1.1x | -1.3x | -1.2x |
