Ana Hldgs Inc Net Income jumped on 45.6% and Revenue jumped on 11.7%
27 Apr 2018 • About Ana Hldgs Inc (
$ANA) • By InTwits
Ana Hldgs Inc reported FY2018 financial results today. Here are the key drivers of the company's long term financial model:
- Ana Hldgs Inc has high CAPEX intensity: 5 year average CAPEX/Revenue was 13.0%. At the same time it's a lot of higher than industry average of 4.6%.
- CAPEX is quite volatile: ₹0m in FY2018, ₹44,237m in FY2017, ₹37,756m in FY2016, ₹34,523m in FY2015, ₹31,785m in FY2014
- The company has business model with low profitability: ROIC is 9.7%
- It operates with medium-size leverage: Net Debt/EBITDA is 2.3x while industry average is -2.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue surged on 11.7%. During FY2014-FY2018 Revenue growth bottomed in FY2017 at -1.4%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.4 pp from 2.2% to 5.6% in 2018. EBITDA Margin followed a growing trend at 1.0 pp per annum in FY2014-FY2018.
Gross Margin showed almost no change in FY2018. During FY2014-FY2018 Gross Margin topped in FY2016 at 25.3% and was declining since that time. SG&A as a % of Revenue showed almost no change in FY2018. During the last 5 years SG&A as a % of Revenue topped in FY2016 at 16.7% and was declining since that time.
Net Income margin increased slightly on 1.7 pp from 5.6% to 7.3% in FY2018. Net Income margin stuck to a growing trend at 1.6 pp per annum in the last 5 years.
Investments (CAPEX, working capital and M&A)
In FY2018 Ana Hldgs Inc had CAPEX/Revenue of 13.5%. The company showed small CAPEX/Revenue decline of 0.64 pp from 14.1% in FY2015 to 13.5% in FY2018. It's average CAPEX/Revenue for the last three years was 13.4%. To deliver its fast growth the company invested a large share of EBITDA (83.3%) to CAPEX.
Return on investment
The company operates at good ROE (15.1%) while ROIC is low (9.7%). ROIC showed almost no change in FY2018. ROE increased on 3.5 pp from 11.6% to 15.1% in FY2018. ROIC followed a growing trend at 1.5 pp per annum in the last 5 years. ROE stuck to a growing trend at 3.2 pp per annum in the last 5 years.
Leverage (Debt)
Debt level is 2.3x Net Debt / EBITDA and 2.5x Debt / EBITDA. Net Debt / EBITDA decreased on 0.1x from 2.3x to 2.3x in FY2018. Debt increased on 9.4% while cash surged on 28.3%. Net Debt/EBITDA declined at -0.5x per annum in FY2014-FY2018.
Ana Hldgs Inc has short term refinancing risk: cash is only 77.9% of short term debt.
Financial and operational results
FY ended 31 Mar 2018
Ana Hldgs Inc ($ANA) key annual financial indicators| mln. JPY | 2014 | 2015 | 2016 | 2017 | 2018 | 2018/2017 |
|---|
P&L
|
|---|
| Revenue | 1,601,013 | 1,713,457 | 1,791,187 | 1,765,259 | 1,971,799 | 11.7% |
| Gross Profit | 331,847 | 378,373 | 453,647 | 440,413 | 489,918 | 11.2% |
| SG&A | 250,069 | 271,600 | 299,394 | 276,273 | 303,269 | 9.8% |
| EBITDA | 202,809 | 223,778 | 285,463 | 286,069 | 318,955 | 11.5% |
| Net Income | 18,886 | 39,239 | 78,169 | 98,827 | 143,887 | 45.6% |
Balance Sheet
|
|---|
| Cash | 28,972 | 43,901 | 55,293 | 60,835 | 78,036 | 28.3% |
| Short Term Debt | 188,748 | 210,029 | 94,781 | 118,382 | 100,125 | -15.4% |
| Long Term Debt | 646,020 | 609,802 | 609,105 | 611,495 | 698,268 | 14.2% |
Cash flow
|
|---|
| Capex | 167,894 | 241,733 | 252,583 | 224,888 | 265,531 | 18.1% |
Ratios
|
|---|
| Revenue growth | 7.9% | 7.0% | 4.5% | -1.4% | 11.7% | |
| EBITDA growth | -10.9% | 10.3% | 27.6% | 0.2% | 11.5% | |
|
|---|
| Gross Margin | 20.7% | 22.1% | 25.3% | 24.9% | 24.8% | -0.1% |
| EBITDA Margin | 12.7% | 13.1% | 15.9% | 16.2% | 16.2% | -0.0% |
| SG&A, % of revenue | 15.6% | 15.9% | 16.7% | 15.7% | 15.4% | -0.3% |
| Net Income Margin | 1.2% | 2.3% | 4.4% | 5.6% | 7.3% | 1.7% |
| CAPEX, % of revenue | 10.5% | 14.1% | 14.1% | 12.7% | 13.5% | 0.7% |
|
|---|
| ROIC | 4.2% | 5.8% | 8.8% | 9.4% | 9.7% | 0.3% |
| ROE | 2.5% | 5.1% | 9.8% | 11.6% | 15.1% | 3.5% |
| Net Debt/EBITDA | 4.0x | 3.5x | 2.3x | 2.3x | 2.3x | -0.1x |
Peers in Travel & Leisure
Below you can find Ana Hldgs Inc 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 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Nektan ($NKTN) | 75.8% | -71.7% | 995.3% | 129.1% | |
| Celtic ($CCP) | -14.6% | -21.1% | 1.8% | 74.3% | |
| Webis Holdings ($WEB) | -55.0% | 29.7% | 45.3% | 65.8% | |
| Easyhotel ($EZH) | 34.1% | 56.4% | 8.7% | 39.7% | |
| Eclectic Bar Grp ($BAR) | 10.5% | -1.9% | 1.4% | 38.6% | |
| |
|---|
| Median (23 companies) | 2.9% | 7.6% | 8.7% | 7.9% | 7.9% |
|---|
| Ana Hldgs Inc ($ANA) | | 7.0% | 4.5% | -1.4% | 11.7% |
Top companies by Gross margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Intercontinental Hotels Group ($IHG) | 60.1% | 64.5% | 86.0% | 86.0% | |
| Eclectic Bar Grp ($BAR) | 79.0% | 79.4% | 80.7% | 82.3% | |
| Paddy Power ($PAP) | 81.0% | 74.7% | 76.9% | 76.8% | |
| Nektan ($NKTN) | 57.6% | 42.6% | 67.9% | 64.1% | |
| Dalata Hotel Group ($DAL) | 62.8% | 61.5% | 62.2% | 63.2% | |
| |
|---|
| Median (15 companies) | 56.6% | 41.5% | 50.7% | 40.0% | 0.0% |
|---|
| Ana Hldgs Inc ($ANA) | 20.7% | 22.1% | 25.3% | 24.9% | 24.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Irish Continental Group ($ICGC) | 27.3% | 23.6% | 25.7% | 32.8% | |
| Ryanair Hldgs ($RYA) | 20.1% | 25.1% | 28.9% | 30.6% | |
| Dalata Hotel Group ($DAL) | 7.7% | 20.8% | 24.5% | 29.5% | |
| Heavitree Brewery ($HVT) | 22.7% | 23.7% | 25.0% | 27.8% | |
| Paddy Power ($PAP) | 29.8% | 20.4% | 17.0% | 26.7% | |
| |
|---|
| Median (23 companies) | 12.3% | 12.5% | 17.0% | 18.0% | 15.8% |
|---|
| Ana Hldgs Inc ($ANA) | 12.7% | 13.1% | 15.9% | 16.2% | 16.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Easyhotel ($EZH) | 209.8% | 46.8% | 153.2% | 269.8% | |
| Dalata Hotel Group ($DAL) | 26.7% | 12.7% | 37.4% | 39.0% | |
| Everyman Media Group ($EMAN) | 25.9% | 56.4% | 64.2% | 38.4% | |
| Ryanair Hldgs ($RYA) | 10.0% | 13.9% | 18.6% | 21.8% | |
| Marston'S ($MARS) | 17.5% | 16.2% | 15.3% | 19.4% | 14.3% |
| |
|---|
| Median (23 companies) | 5.1% | 5.7% | 8.1% | 5.4% | 10.5% |
|---|
| Ana Hldgs Inc ($ANA) | 10.5% | 14.1% | 14.1% | 12.7% | 13.5% |
Top companies by ROIC, %
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Intercontinental Hotels Group ($IHG) | 56.3% | 96.6% | 51.2% | 92.2% | |
| Irish Continental Group ($ICGC) | 40.0% | 33.9% | 30.1% | 35.4% | |
| Air Partner ($AIP) | 21.2% | 20.0% | 20.4% | 24.6% | |
| Ryanair Hldgs ($RYA) | 9.5% | 13.3% | 17.2% | 17.7% | |
| Hanatour Service Inc ($TOUR) | 19.6% | 19.4% | 8.6% | 15.7% | |
| |
|---|
| Median (24 companies) | 5.3% | 6.3% | 5.3% | 7.7% | 5.2% |
|---|
| Ana Hldgs Inc ($ANA) | 4.2% | 5.8% | 8.8% | 9.4% | 9.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 |
|---|
| Marston'S ($MARS) | 14.0x | 8.2x | 6.2x | 6.9x | 8.7x |
| Rotala ($ROL) | 2.8x | 3.6x | 3.6x | 3.9x | |
| Heavitree Brewery ($HVT) | 2.9x | 4.6x | 4.1x | 3.7x | |
| Fuller Smith & Turner ($BA80) | 2.7x | 2.8x | 3.2x | 3.1x | 3.0x |
| Mandarin Oriental International ($MDOB) | 2.5x | 0.8x | 2.3x | 2.6x | |
| |
|---|
| Median (22 companies) | 1.1x | 0.8x | 1.9x | 1.7x | 5.9x |
|---|
| Ana Hldgs Inc ($ANA) | 4.0x | 3.5x | 2.3x | 2.3x | 2.3x |
