Tui Ag EBITDA dropped on 220% and Revenue dropped on 58.0%
10 Dec 2020 • About Tui Ag (
$TUI) • By InTwits
Tui Ag reported FY2020 financial results today. Here are the key drivers of the company's long term financial model:
- Tui Ag is a company in decline: FY2020 revenue growth was -58.0%, 5 years revenue CAGR was -14.6%
- EBITDA Margin is declining: -14.5% in FY2020 vs. 5.0% in FY2019 vs. 7.5% in FY2016
- EBITDA Margin is quite volatile: -14.5% in FY2020, 5.0% in FY2019, 6.5% in FY2018, 6.9% in FY2017, 7.5% in FY2016
- Tui Ag has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.9%. At the same time it's a lot of higher than industry average of 22.2%.
- CAPEX is quite volatile: £0m in FY2020, £1m in FY2019, £0m in FY2018, £0m in FY2017, £0m in FY2016
- The company has unprofitable business model: ROIC is -35.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 58.0%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 13.0 pp from -25.2% to -12.2% in FY2020. EBITDA Margin followed a declining trend in the last 5 years.
Gross Margin dropped on 33.8 pp from 8.8% to -25.0% in FY2020. SG&A as a % of Revenue increased on 5.3 pp from 6.0% to 11.2% in FY2020.
Net Income margin dropped on 41.8 pp from 2.2% to -39.6% in FY2020.
Investments (CAPEX, working capital and M&A)
In FY2020 the company had CAPEX/Revenue of 8.5%. CAPEX/Revenue increased on 2.5 pp from 6.0% in FY2017 to 8.5% in FY2020. For the last three years the average CAPEX/Revenue was 6.5%.
Leverage (Debt)
Debt level is -0.6x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 1.1x from 1.1x to in FY2020. Debt surged on 190% while cash dropped on 29.2%.
Tui Ag has short term refinancing risk: cash is only 73.1% of short term debt.
Management team
Tui Ag's CEO Friedrich Joussen "Fritz" has spent 6 years with the company.
Financial and operational results
FY ended 30 Sep 2020
Tui Ag ($TUI) key annual financial indicatorsmln. € | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
---|
P&L
|
---|
Revenue | 17,185 | 18,535 | 18,469 | 18,928 | 7,944 | -58.0% |
Gross Profit | 1,907 | 2,000 | 2,003 | 1,671 | -1,982 | -218.7% |
SG&A | 1,154 | 1,163 | 1,216 | 1,127 | 891 | -21.0% |
EBITDA | 1,297 | 1,272 | 1,196 | 955 | -1,150 | -220.4% |
EBIT | | | 755 | 446 | | |
Interest expence | | | 128 | 135 | | |
Tax | | | 191 | 160 | | |
Net Income | 1,037 | 645 | 727 | 416 | -3,148 | -856.5% |
Balance Sheet
|
---|
Cash | 2,073 | 2,516 | 2,548 | 1,742 | 1,233 | -29.2% |
Inventory | | | 119 | 115 | | |
Accounts Payable | | | 2,693 | 2,874 | | |
Short Term Debt | 538 | 172 | 286 | 314 | 1,687 | 436.8% |
Long Term Debt | 1,503 | 1,761 | 2,265 | 2,476 | 6,412 | 158.9% |
Cash flow
|
---|
Capex | 755 | 1,106 | 997 | 1,036 | 676 | -34.8% |
Dividends | | | 382 | 423 | | |
Acquisitions | | | 136 | 295 | | |
Ratios
|
---|
Revenue growth | -1.9% | 7.9% | -0.4% | 2.5% | -58.0% | |
EBITDA growth | -4.0% | -1.9% | -6.0% | -20.1% | -220.4% | |
|
---|
Gross Margin | 11.1% | 10.8% | 10.8% | 8.8% | -25.0% | -33.8% |
EBITDA Margin | 7.5% | 6.9% | 6.5% | 5.0% | -14.5% | -19.5% |
EBIT Margin | | | 4.1% | 2.4% | |
SG&A, % of revenue | 6.7% | 6.3% | 6.6% | 6.0% | 11.2% | 5.3% |
Net Income Margin | 6.0% | 3.5% | 3.9% | 2.2% | -39.6% | -41.8% |
CAPEX, % of revenue | 4.4% | 6.0% | 5.4% | 5.5% | 8.5% | 3.0% |
|
---|
ROIC | 15.5% | 14.4% | 12.1% | 6.2% | -35.1% | -41.4% |
ROE | 45.2% | 23.1% | 22.2% | 11.7% | | |
Net Debt/EBITDA | -0.0x | -0.5x | 0.0x | 1.1x | |
Interest coverage ratio (ICR) | | | 5.9x | 3.3x | |
Interest expence / Average debt | | | 5.7% | 5.1% | | |
People
|
---|
Employees | | | 69,546 | 71,473 | | |
Revenue/Employee, th. € | | | 266 | 265 | | |
Peers in Travel & Leisure
Below you can find Tui Ag 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 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
---|
Easyhotel ($EZH) | 8.7% | 39.7% | 33.7% | 56.0% | - |
Nektan ($NKTN) | 995.3% | 129.1% | 50.1% | 13.5% | - |
Carnival ($CCL) | 4.3% | 6.8% | 7.8% | 10.3% | - |
Intercontinental Hotels Group ($IHG) | 117.0% | 4.2% | 6.4% | 6.7% | - |
Go-Ahead Group ($GOG) | - | 3.6% | -0.6% | 6.1% | 6.1% |
|
---|
Median (9 companies) | 8.9% | 6.1% | 7.6% | 6.1% | -8.2% |
---|
Tui Ag ($TUI) | - | 7.9% | -0.4% | 2.5% | -58.0% |
Top companies by Gross margin, %
Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
---|
Intercontinental Hotels Group ($IHG) | 86.0% | 86.0% | 83.7% | 82.9% | - |
Nektan ($NKTN) | 67.9% | 64.1% | 62.2% | 56.9% | - |
Easyhotel ($EZH) | 64.3% | 61.3% | 53.5% | 48.1% | - |
Rank Group ($RNK) | 44.7% | 44.7% | 45.5% | 45.6% | 42.7% |
Carnival ($CCL) | 42.7% | 40.0% | 41.3% | 38.0% | - |
|
---|
Median (6 companies) | 44.7% | 42.3% | 49.5% | 46.8% | 42.7% |
---|
Tui Ag ($TUI) | 11.1% | 10.8% | 10.8% | 8.8% | -25.0% |
Top companies by EBITDA margin, %
Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
---|
Heavitree Brewery ($HVT) | 25.0% | 27.8% | 24.5% | 27.4% | - |
Carnival ($CCL) | 29.3% | 26.6% | 28.3% | 26.1% | - |
Eclectic Bar Grp ($BAR) | 6.1% | 11.1% | 13.0% | 21.0% | - |
Intercontinental Hotels Group ($IHG) | 20.2% | 19.7% | 14.9% | 16.1% | - |
Easyhotel ($EZH) | 21.6% | 18.0% | 19.4% | 13.5% | - |
|
---|
Median (8 companies) | 17.0% | 17.6% | 15.1% | 14.8% | 14.0% |
---|
Tui Ag ($TUI) | 7.5% | 6.9% | 6.5% | 5.0% | -14.5% |
Top companies by CAPEX/Revenue, %
Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
---|
Easyhotel ($EZH) | 153.2% | 269.8% | 412.1% | 142.5% | - |
Carnival ($CCL) | 18.7% | 16.8% | 19.9% | 26.1% | - |
Heavitree Brewery ($HVT) | 17.8% | 15.3% | 10.2% | 6.7% | - |
Eclectic Bar Grp ($BAR) | 5.5% | 5.4% | 10.5% | 5.5% | - |
Rank Group ($RNK) | 5.4% | 4.2% | 3.7% | 3.3% | 5.1% |
|
---|
Median (7 companies) | 8.1% | 5.2% | 5.6% | 5.5% | 3.6% |
---|
Tui Ag ($TUI) | 4.4% | 6.0% | 5.4% | 5.5% | 8.5% |
Top companies by ROIC, %
Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
---|
Go-Ahead Group ($GOG) | 33.1% | 25.4% | 22.9% | 12.8% | 1.8% |
Heavitree Brewery ($HVT) | 8.5% | 10.3% | 8.7% | 9.6% | - |
Carnival ($CCL) | 9.5% | 8.6% | 9.8% | 9.1% | - |
Rank Group ($RNK) | 19.7% | 17.3% | 10.2% | 8.1% | 3.6% |
Eclectic Bar Grp ($BAR) | 1.2% | 8.3% | 8.1% | 6.4% | - |
|
---|
Median (9 companies) | 6.3% | 7.1% | 8.7% | 8.6% | 2.7% |
---|
Tui Ag ($TUI) | 15.5% | 14.4% | 12.1% | 6.2% | -35.1% |
Top companies by Net Debt / EBITDA
Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
---|
Heavitree Brewery ($HVT) | 4.1x | 3.7x | 3.7x | 2.9x | - |
Easyhotel ($EZH) | -5.0x | -14.0x | -11.4x | 2.5x | - |
Carnival ($CCL) | 1.8x | 1.9x | 1.7x | 2.0x | - |
Eclectic Bar Grp ($BAR) | 6.8x | 2.1x | 3.4x | 0.7x | - |
Intercontinental Hotels Group ($IHG) | 1.9x | 2.3x | 3.1x | 0.0x | - |
|
---|
Median (7 companies) | 1.9x | 1.9x | 1.7x | 0.7x | 2.0x |
---|
Tui Ag ($TUI) | -0.0x | -0.5x | 0.0x | 1.1x | - |