Mood Media Corp CAPEX dropped on 29.4% in 2016 and Revenue decreased on 2.1%
09 Mar 2017 • About Mood Media Corp (
$MM.) • By InTwits
Mood Media Corp reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Mood Media Corp has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.2%. At the same time it's a lot of higher than industry average of 2.1%.
- CAPEX is quite volatile: 107 in 2016, 70.9 in 2015, 88.5 in 2014, 281 in 2013, 238 in 2012
- The company has potentially unprofitable business model: ROIC is at 2.6%
- It operates with high leverage: Net Debt/EBITDA is 7.9x while industry average is 1.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Mood Media Corp ($MM.) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 443.8 | 513.3 | 494.1 | 475.1 | 465.3 | -2.1% |
| Gross Profit | 260.1 | 279.4 | 266.2 | 245.2 | 242.9 | -0.9% |
| EBITDA | 104.1 | 71.4 | 73.0 | 61.8 | 76.7 | 24.1% |
| Net Income | -79.5 | -129.5 | -82.4 | -80.0 | -57.8 | -27.8% |
Balance Sheet
|
|---|
| Cash | 46.4 | 22.4 | 25.6 | 17.3 | 17.0 | -2.0% |
| Short Term Debt | 2.1 | 2.1 | 51.0 | 8.4 | 8.4 | 0.0% |
| Long Term Debt | 586.2 | 597.1 | 573.3 | 612.3 | 611.0 | -0.2% |
Cash flow
|
|---|
| Capex | 38.0 | 32.7 | 34.0 | 39.1 | 27.6 | -29.4% |
Ratios
|
|---|
| Revenue growth | 34.3% | 15.6% | -3.7% | -3.8% | -2.1% | |
| EBITDA growth | 54.2% | -31.5% | 2.3% | -15.3% | 24.1% | |
| Gross Margin | 58.6% | 54.4% | 53.9% | 51.6% | 52.2% | 0.6% |
| EBITDA Margin | 23.5% | 13.9% | 14.8% | 13.0% | 16.5% | 3.5% |
| Net Income Margin | -17.9% | -25.2% | -16.7% | -16.8% | -12.4% | 4.4% |
| CAPEX, % of revenue | 8.6% | 6.4% | 6.9% | 8.2% | 5.9% | -2.3% |
| ROIC | 1.5% | -10.2% | 0.1% | -0.9% | 2.6% | 3.5% |
| ROE | -69.7% | -145.3% | | | | 0.0% |
| Net Debt/EBITDA | 5.2x | 8.1x | 8.2x | 9.8x | 7.9x | -1.9x |
Revenue and profitability
Mood Media Corp's Revenue decreased on 2.1% in 2016. Revenue decline happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 3.5 pp from 13.0% to 16.5% in 2016.
Gross Margin increased slightly on 0.60 pp from 51.6% to 52.2% in 2016.
Net Income marign increased on 4.4 pp from -16.8% to -12.4% in 2016.
Capital expenditures (CAPEX) and working capital investments
Mood Media Corp's CAPEX/Revenue was 5.9% in 2016. Mood Media Corp showed almost no change in CAPEX/Revenue from 2013 to 2016. Average CAPEX/Revenue for the last three years was 7.0%.
Leverage (Debt)
Debt level is 7.9x Net Debt / EBITDA and 8.1x Debt / EBITDA. Net Debt / EBITDA dropped on 1.9x from 9.8x to 7.9x in 2016. Debt showed almost no change in 2016 while cash decreased on 2.0% in 2016.
Appendix 1: Peers in Media
Below we provide Mood Media Corp 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 ($NAH) | 12.6% | -3.2% | -10.7% | 15.7% | |
| |
|---|
| Median (23 companies) | 5.3% | -2.9% | 1.9% | 2.2% | 10.1% |
|---|
| Mood Media Corp ($MM.) | | 15.6% | -3.7% | -3.8% | -2.1% |
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% | 82.1% |
| 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 ($HYNS) | 59.9% | 59.6% | 52.9% | 60.2% | 53.6% |
| |
|---|
| Median (24 companies) | 40.6% | 41.6% | 43.5% | 41.2% | 42.4% |
|---|
| Mood Media Corp ($MM.) | 58.6% | 54.4% | 53.9% | 51.6% | 52.2% |
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 ($QRT) | 20.0% | 25.9% | 27.8% | 28.4% | |
| |
|---|
| Median (24 companies) | 14.7% | 15.1% | 13.8% | 9.8% | 7.0% |
|---|
| Mood Media Corp ($MM.) | 23.5% | 13.9% | 14.8% | 13.0% | 16.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Avesco Group ($AVS) | 22.7% | 13.2% | 18.6% | 14.4% | |
| Spaceandpeople ($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% |
| Tangent Communications ($TNG) | 4.5% | 3.3% | 1.9% | 3.2% | |
| |
|---|
| Median (24 companies) | 1.1% | 1.6% | 1.5% | 1.0% | 0.7% |
|---|
| Mood Media Corp ($MM.) | 8.6% | 6.4% | 6.9% | 8.2% | 5.9% |
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% | 72.5% |
| Uls Technology ($ULS) | | 33.2% | 44.1% | 39.6% | 39.3% |
| Cellcast Group ($CLTV) | -63.1% | | | 28.4% | |
| Nahl Group ($NAH) | 37.1% | 42.3% | 31.5% | 26.0% | |
| |
|---|
| Median (24 companies) | 5.6% | 5.8% | 7.8% | 6.7% | -0.1% |
|---|
| Mood Media Corp ($MM.) | 1.5% | -10.2% | 0.1% | -0.9% | 2.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Johnston Press ($JPR) | 5.8x | | 11.4x | 15.6x | |
| Naspers ($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 | |
| Porta Communications ($PTCM) | | | 3.4x | 2.7x | |
| |
|---|
| Median (22 companies) | 0.8x | 0.8x | 0.8x | 0.5x | -0.7x |
|---|
| Mood Media Corp ($MM.) | 5.2x | 8.1x | 8.2x | 9.8x | 7.9x |
