OneVue Holdings Ltd. :OVH-AU: Earnings Analysis: For the six months ended June 30, 2017 : September 1, 2017

OneVue Holdings Ltd. reports financial results for the half-year ended June 30, 2017.

We analyze the earnings along side the following peers of OneVue Holdings Ltd. – Asia Air Survey Co., Ltd., Wilson Learning Worldwide Inc., Citadel Group Ltd. and Aoyama Zaisan Networks Co., Ltd. (9233-JP, 9610-JP, CGL-AU and 8929-JP) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of AUD 22.44 million, Net Earnings of AUD -0.13 million.
  • Gross margins widened from 73.94% to 79.23% compared to the same period last year, operating (EBITDA) margins now 19.31% from -1.74%.
  • Earnings growth from operating margin improvements as well as one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income (See complete table at the end of this report):

2017-06-30 2016-12-31 2016-06-30 2015-12-31 2014-06-30
Relevant Numbers (Semi-Annual)
Revenues 22.44 18.55 14.46 12.36 8.48
Revenue Growth (YOY) 55.15 50.03 70.63 137.47 N/A
Earnings -0.13 0.34 -1.96 -2.04 -3.43
Earnings Growth (YOY) 93.18 116.79 42.76 -13.13 N/A
Net Margin -0.6 1.85 -13.58 -16.53 -40.48
EPS -0 0 -0.01 -0.01 -0.03
Return on Equity -0.16 0.56 -5.54 -10.24 -46.71
Return on Assets -0.24 0.89 -8.69 -13.93 -48

Access our Ratings and Scores for OneVue Holdings Ltd.

Market Share Versus Profits

Revenues History
Earnings History

OVH-AU‘s change in revenue this period compared to the same period last year of 55.15% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that OVH-AU is holding onto its market share. Also, for comparison purposes, revenues changed by 20.98% and earnings by -139.07% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Leader, Earnings Focus, Laggard, Revenues Focus

Earnings Growth Analysis

The company’s earnings growth was influenced by year-on-year improvement in gross margins from 73.94% to 79.23% as well as better cost controls. As a result, operating margins (EBITDA margins) rose from -1.74% to 19.31% compared to the same period last year. For comparison, gross margins were 75.42% and EBITDA margins were 0.23% in the last reporting period.

Gross Margin Versus EBITDA Margin

Quadrant label definitions. Hover to know more

Differentiated; Low Cost, Commodity; Low Cost, Commodity; High Cost, Differentiated; High Cost

Margins

The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from -13.65% to 6.82% and (2) one-time items. The company’s pretax margins are now -0.62% compared to -17.90% for the same period last year.

EBIT Margin Versus PreTax Margin

Quadrant label definitions. Hover to know more

Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables
EBIT Margin History
PreTax Margin History

Access our Ratings and Scores for OneVue Holdings Ltd.

Company Profile

OneVue Holdings Ltd. engages in the provision of middle to back office services to the investment management and superannuation sectors. It also provides self-managed super fund, retail super, and digital member based solutions. It operates through two segments: Fund Services and Platform Services. The Fund Services segment deals with outsourced unit registry services and installed software to a range of investment managers, custodians, trustees, and responsible entity services. The Platform Services segment delivers an investment platform for investment administration, tax, and reporting services for both superannuation and other investments. It also offers retail superannuation fund, specialist self-managed superannuation fund compliance and administration services, and investment management. The company was founded on March 3, 2004 and is headquartered in Sydney, Australia.

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