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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 indicators

mln. €201620172018201920202020/2019
P&L
Revenue17,18518,53518,46918,9287,944-58.0%
Gross Profit1,9072,0002,0031,671-1,982-218.7%
SG&A1,1541,1631,2161,127891-21.0%
EBITDA1,2971,2721,196955-1,150-220.4%
EBIT755446
Interest expence128135
Tax191160
Net Income1,037645727416-3,148-856.5%
Balance Sheet
Cash2,0732,5162,5481,7421,233-29.2%
Inventory119115
Accounts Payable2,6932,874
Short Term Debt5381722863141,687436.8%
Long Term Debt1,5031,7612,2652,4766,412158.9%
Cash flow
Capex7551,1069971,036676-34.8%
Dividends382423
Acquisitions136295
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 Margin11.1%10.8%10.8%8.8%-25.0%-33.8%
EBITDA Margin7.5%6.9%6.5%5.0%-14.5%-19.5%
EBIT Margin4.1%2.4%
SG&A, % of revenue6.7%6.3%6.6%6.0%11.2%5.3%
Net Income Margin6.0%3.5%3.9%2.2%-39.6%-41.8%
CAPEX, % of revenue4.4%6.0%5.4%5.5%8.5%3.0%

ROIC15.5%14.4%12.1%6.2%-35.1%-41.4%
ROE45.2%23.1%22.2%11.7%
Net Debt/EBITDA-0.0x-0.5x0.0x1.1x
Interest coverage ratio (ICR)5.9x3.3x
Interest expence / Average debt5.7%5.1%
People
Employees69,54671,473
Revenue/Employee, th. €266265

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 ($HVT)4.1x3.7x3.7x2.9x-
Easyhotel ($EZH)-5.0x-14.0x-11.4x2.5x-
Carnival ($CCL)1.8x1.9x1.7x2.0x-
Eclectic Bar Grp ($BAR)6.8x2.1x3.4x0.7x-
Intercontinental Hotels Group ($IHG)1.9x2.3x3.1x0.0x-
 
Median (7 companies)1.9x1.9x1.7x0.7x2.0x
Tui Ag ($TUI)-0.0x-0.5x0.0x1.1x-