Wisdom Marine Lines Co Limited reports 55.2 pp EBITDA Margin decline from 55.2% to in 2016
28 Mar 2017 • About Wisdom Marine Lines Co Limited (
$WML) • By InTwits
Wisdom Marine Lines Co Limited reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Wisdom Marine Lines Co Limited ($WML) key annual financial indicators
| mln. TWD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 8,397 | 8,328 | 9,057 | 11,012 | 10,679 | -3.0% |
| Gross Profit | 2,541 | 1,687 | 1,872 | 2,653 | | -100.0% |
| SG&A | 128 | 148 | 142 | 214 | | -100.0% |
| EBITDA | 4,781 | 4,334 | 4,783 | 6,075 | | -100.0% |
| Net Income | 2,100 | 1,439 | 1,767 | 2,245 | 1,400 | -37.6% |
Balance Sheet
|
|---|
| Cash | 846 | 2,426 | 487 | 1,912 | | -100.0% |
| Short Term Debt | 4,370 | 4,995 | 7,081 | 6,181 | | -100.0% |
| Long Term Debt | 37,029 | 36,540 | 37,101 | 46,815 | | -100.0% |
Cash flow
|
|---|
| Capex | 13,751 | 9,025 | 378 | 573 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 11.2% | -0.8% | 8.8% | 21.6% | -3.0% | |
| EBITDA growth | 5.4% | -9.4% | 10.4% | 27.0% | | |
| Gross Margin | 30.3% | 20.3% | 20.7% | 24.1% | | -24.1% |
| EBITDA Margin | 56.9% | 52.0% | 52.8% | 55.2% | 0.0% | -55.2% |
| Net Income Margin | 25.0% | 17.3% | 19.5% | 20.4% | 13.1% | -7.3% |
| SG&A, % of revenue | 1.5% | 1.8% | 1.6% | 1.9% | | -1.9% |
| CAPEX, % of revenue | 163.8% | 108.4% | 4.2% | 5.2% | | -5.2% |
| ROIC | 4.9% | 2.6% | 2.6% | 3.2% | | -3.2% |
| ROE | 20.4% | 8.6% | 7.5% | 8.0% | | -8.0% |
| Net Debt/EBITDA | 8.5x | 9.0x | 9.1x | 8.4x | | -8.4x |
Revenue and profitability
Wisdom Marine Lines Co Limited's Revenue decreased on 3.0% in FY2016.
Net Income marign decreased on 7.3 pp from 20.4% to 13.1% in FY2016.
Appendix 1: Peers in Industrial Transportation
Below we provide Wisdom Marine Lines Co Limited benchmarking against other companies in Industrial Transportation 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 |
|---|
| Frontline Ltd ($FRO) | | -9.4% | -55.6% | 104.5% | 86.0% |
| Zhejiang Expressway Co ($ZHEH) | | 13.3% | 20.5% | 32.2% | -22.2% |
| Dp World Ltd ($0P5M) | | -1.5% | 12.7% | 16.7% | 4.7% |
| Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN) | 17.8% | 7.7% | -6.6% | 16.2% | |
| Globaltrans Investment ($GLTR) | 28.9% | 12.9% | -7.4% | -0.7% | |
| |
|---|
| Median (14 companies) | -0.3% | -2.3% | 3.4% | -6.2% | -3.2% |
|---|
| Wisdom Marine Lines Co Limited ($WML) | | -0.8% | 8.8% | 21.6% | -3.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Novorossiysk Commercial Sea Port ($NCSP) | 57.9% | 54.3% | 61.0% | 72.9% | |
| Global Ports Investments ($GLPR) | 40.3% | 58.8% | 58.8% | 68.0% | |
| Dp World Ltd ($0P5M) | 35.8% | 39.8% | 41.9% | 48.4% | 50.9% |
| Zhejiang Expressway Co ($ZHEH) | 34.0% | 36.9% | 37.7% | 43.6% | 52.8% |
| Globaltrans Investment ($GLTR) | 31.4% | 25.8% | 23.2% | 20.2% | |
| |
|---|
| Median (9 companies) | 31.4% | 25.8% | 23.2% | 20.2% | 50.9% |
|---|
| Wisdom Marine Lines Co Limited ($WML) | 30.3% | 20.3% | 20.7% | 24.1% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Capital Lease Aviation ($CLA) | 101.2% | 88.5% | 89.2% | 80.5% | |
| Frontline Ltd ($FRO) | 17.2% | -4.6% | 64.5% | 74.6% | 42.5% |
| Global Ports Investments ($GLPR) | 57.1% | 60.3% | 69.6% | 71.2% | |
| Zhejiang Expressway Co ($ZHEH) | 49.6% | 51.1% | 53.5% | 58.0% | 69.6% |
| Dp World Ltd ($0P5M) | 38.2% | 39.3% | 42.4% | 45.7% | 48.8% |
| |
|---|
| Median (14 companies) | 22.6% | 17.1% | 17.0% | 16.8% | 42.5% |
|---|
| Wisdom Marine Lines Co Limited ($WML) | 56.9% | 52.0% | 52.8% | 55.2% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Frontline Ltd ($FRO) | 2.5% | 0.5% | 83.6% | 171.4% | 82.5% |
| Dp World Ltd ($0P5M) | 20.6% | 33.4% | 20.7% | 28.9% | 25.4% |
| Yangming Marine Transport Corp ($YMTD) | 13.1% | 8.2% | 7.0% | 7.7% | |
| Novorossiysk Commercial Sea Port ($NCSP) | 5.4% | 10.4% | 9.9% | 7.3% | |
| Center Fr Cargo Cont Trf Trcnt PJSC ($TRCN) | 15.6% | 16.9% | 11.5% | 5.7% | |
| |
|---|
| Median (14 companies) | 8.0% | 7.7% | 5.6% | 2.8% | 15.1% |
|---|
| Wisdom Marine Lines Co Limited ($WML) | 163.8% | 108.4% | 4.2% | 5.2% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Novorossiysk Commercial Sea Port ($NCSP) | 11.0% | 4.5% | 17.1% | 16.1% | |
| Zhejiang Expressway Co ($ZHEH) | 11.2% | 13.3% | 13.2% | 15.3% | 11.9% |
| Global Ports Investments ($GLPR) | 17.0% | 7.1% | 12.1% | 14.6% | |
| Dx ($DX.) | 9.3% | 9.6% | 14.5% | 12.8% | -52.4% |
| Frontline Ltd ($FRO) | -1.0% | -8.9% | 7.6% | 12.1% | 6.3% |
| |
|---|
| Median (14 companies) | 8.4% | 6.3% | 7.2% | 7.4% | 6.3% |
|---|
| Wisdom Marine Lines Co Limited ($WML) | 4.9% | 2.6% | 2.6% | 3.2% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Evergreen Marine Corp(Taiwan) ($EGMD) | 7.9x | 33.6x | 6.7x | 18.3x | |
| Novorossiysk Commercial Sea Port ($NCSP) | 4.1x | 7.1x | 2.6x | 4.1x | |
| Interbulk Group ($INB) | 3.3x | 4.1x | 3.5x | 3.6x | |
| Global Ports Investments ($GLPR) | 0.8x | 6.6x | 2.8x | 3.6x | |
| Dp World Ltd ($0P5M) | 2.4x | 2.0x | 1.5x | 3.4x | 3.1x |
| |
|---|
| Median (12 companies) | 3.1x | 4.1x | 2.7x | 3.2x | 3.6x |
|---|
| Wisdom Marine Lines Co Limited ($WML) | 8.5x | 9.0x | 9.1x | 8.4x | |
