Onespaworld Holdings Ltd

OSW

Services-Membership Sports & Recreation Clubs

Mkt Cap

$1.534B

PE

45.00

Debt

$139.6M

Cash

$65.39M

EV

$1.608B

FCF

$70.84M

Market Cap

$1.534B

P/E Ratio

45.00

Debt

$139.6M

Cash

$65.39M

EV

$1.608B

FCF

$70.84M

Charts data: {"Earnings":[{"time":"2017-12-30","value":31117000},{"time":"2018-12-30","value":9886000},{"time":"2020-12-30","value":-280491000},{"time":"2021-12-30","value":-68522000},{"time":"2022-12-30","value":53159000},{"time":"2023-12-30","value":-2974000}],"Sales":[{"time":"2017-12-30","value":506685000},{"time":"2018-12-30","value":540778000},{"time":"2020-12-30","value":120925000},{"time":"2021-12-30","value":144031000},{"time":"2022-12-30","value":546259000},{"time":"2023-12-30","value":794045000}],"Net Margins":[{"time":"2017-12-30","value":0.06141290940130456},{"time":"2018-12-30","value":0.018281069126332802},{"time":"2020-12-30","value":-2.3195451726276617},{"time":"2021-12-30","value":-0.4757448049378259},{"time":"2022-12-30","value":0.09731464378618933},{"time":"2023-12-30","value":-0.003745379669917952}],"Assets":[{"time":"2018-12-30","value":272659000},{"time":"2020-12-30","value":702279000},{"time":"2021-12-30","value":688868000},{"time":"2022-12-30","value":717435000},{"time":"2023-12-30","value":706140000}],"Stockholders Equity":[{"time":"2017-12-30","value":225281000},{"time":"2018-12-30","value":-127583000},{"time":"2020-12-30","value":425528000},{"time":"2021-12-30","value":293904000},{"time":"2022-12-30","value":365809000},{"time":"2023-12-30","value":434069000}],"ROE":[{"time":"2017-12-30","value":0.13812527465698393},{"time":"2018-12-30","value":-0.07748681250636841},{"time":"2020-12-30","value":-0.6591599142712113},{"time":"2021-12-30","value":-0.23314415591485654},{"time":"2022-12-30","value":0.14531900527324368},{"time":"2023-12-30","value":-0.006851445277133359}],"ROA":[{"time":"2018-12-30","value":0.17945492354919515},{"time":"2020-12-30","value":-0.377305885552608},{"time":"2021-12-30","value":-0.07557325931818577},{"time":"2022-12-30","value":0.0749656763330476},{"time":"2023-12-30","value":0.07671566544877786}]}

OneSpaWorld Holdings Limited operates health and wellness centers onboard cruise ships and at destination resorts worldwide. Its health and wellness centers offer services, such as traditional body, salon, and skin care services and products; self-service fitness facilities, specialized fitness classes, and personal fitness training; pain management, detoxifying programs, and body composition analyses; weight management programs and products; and medi-spa services. The company also provides its guests access to beauty and wellness brands, including ELEMIS, Kérastase, Restylane, BOTOX Cosmetic, Perlane, Thermage, CoolSculpting, truSculpt 3D, truSculpt iD, and Dysport with various brands offered in the cruise market. The company is based in Nassau, Bahamas.

Sector

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9/30/23
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9/30/19
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6/30/19
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3/31/19
10-K
12/31/18

DCF

Discounted Cash Flow Valuation of Onespaworld Holdings Ltd

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$70.84M	$86.93M	$105M	$124.7M	$145.7M	$167.3M	$188.8M	$209.4M	$228.2M	$244.1M	$256.3M	$2.563B
DCF		$75.59M	$79.38M	$81.99M	$83.29M	$83.18M	$81.64M	$78.74M	$74.59M	$69.38M	$63.35M	$633.5M
Value	$1.405B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 10%

Earnings Stability -110%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	12-2017	12-2018	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	6.1%	1.8%	-230%	-48%	9.7%	-0.37%	4.1%
ROA	-	18%	-38%	-7.6%	7.5%	7.7%	8.5%
ROE	14%	-7.7%	-66%	-23%	15%	-0.69%	6.6%

What is the average Net Margin?

The average Net Margin over the past 5 years is -43.7%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +5.01%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -2.43%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +2.47%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -11.55%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +1.06%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Under the assumption that FCF does not diminish and debt does not increase, the current years to repay the debt are acceptable.

Data are missing

Years	12-2017	12-2018	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	13.00	-6.06	-6.22	10.92	2.75	1.97
Debt Equity	-	-2.79	0.55	0.80	0.60	0.37	0.27
MIN
Graham Stability	-	-	-	-	-	-	-

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 1.97.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.35.

What is the Graham’s Stability?

Graham’s Stability measure stands at -.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Data are missing

Years	12-2017	12-2020	12-2022	Trend
Revenue	9.4%	87%	45%	43%
Net Income	-	-	-	-
Stockholders Equity	14%	0.66%	19%	25%
FCF	-3%	-	190%	63%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +9.4%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +43.42%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +14.02%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +24.8%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -2.98%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +62.52%.