financial analysis lafarge sa - lafarge sa supplies a wide range of building materials to...
TRANSCRIPT
20.02.2013
Ticker: Lafarge SA Benchmark:
Currency: EN Paris: LG, Currency: EUR CAC 40 INDEX (CAC)
Sector: Materials Industry: Construction Materials Year:
Telephone 33-1-44-34-11-11 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)
Website www.lafarge.fr No of Employees Cement 10622 Western Europe 3703
Address 61 Rue des Belles Feuilles Paris, 75782 France Aggregates & Concrete 5238 Middle East & Africa 3589
Share Price Performance in EUR Corporate -576 North America 3001
Price 49.27 1M Return 3.8% Inter-Division Sales Asia 2106
52 Week High 50.20 6M Return 31.3% Other (Gypsum Products, etc...) Rest of the World 1337
52 Week Low 27.14 52 Wk Return 40.8% Gypsum Central and Eastern Europe 1012
52 Wk Beta 1.29 YTD Return 2.1% Latin America 881
Credit Ratings
Bloomberg IG9
S&P BB+ Date 17.03.2011 Outlook NEG
Moody's Ba1 Date - Outlook STABLE
Fitch BB+ Date 09.11.2011 Outlook STABLE
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 20.9x 16.6x 77.0x 32.2x 14.1x 10.8x 9.3x
EV/EBIT 13.0x 14.1x 13.4x - - - -
EV/EBITDA 9.2x 8.6x 7.9x - 7.7x 6.9x 6.4x
P/S 1.0x 0.9x 0.5x 0.9x 0.9x 0.8x 0.8x
P/B 1.1x 0.8x 0.5x - 0.8x 0.8x 0.7x
Div Yield 3.5% 2.1% 1.8% - 1.7% 2.3% 3.6%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 26.3 26.4 23.9 - 24.1 25.0 -
EBITDA Margin 22.1 23.0 18.1 - 22.8 23.8 24.2
Operating Margin 15.6 14.1 10.7 - 16.3 17.5 17.8
Profit Margin 4.6 5.6 3.9 2.7 6.2 7.6 8.3
Return on Assets 1.8 2.0 1.4 - 2.5 3.6 4.7
Return on Equity 5.3 5.3 3.7 - 6.2 7.6 8.5
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 1.1 1.0 1.3 - Current Capitalization in EUR
Quick Ratio 0.6 0.7 0.7 - Common Shares Outstanding (M) 287.0
EBIT/Interest 2.8 2.4 1.7 - Market Capitalization (M) 14151.6
Tot Debt/Capital 0.5 0.5 0.5 - Cash and ST Investments (M) 3422.0
Tot Debt/Equity 1.0 0.9 0.8 - Total Debt (M) 15669.0
Eff Tax Rate % 19.9 21.8 63.9 - Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 2133.0
Enterprise Value (M) 28531.6
Lafarge SA supplies a wide range of building materials to contractors, wholesalers, and
manufacturers. The Company produces cement, aggregates and concrete and gypsum
products. Lafarge markets its products in Europe, Africa, Asia, North America, and
Latin America.
LG FP
15'816
#N/A N/A
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Lafarge SA
Target price in EUR
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
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Company Analysis - Analysts Ratings
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.02.2013
Lafarge SA
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 287.0 Belgium 36.26%
Float 62.1% Cayman Islands 28.61%
Short Interest (M) United States 24.61%
Short Interest as % of Float France 4.71%
Days to Cover Shorts Britain 2.48%
Institutional Ownership 58.44% Luxembourg 0.95%
Retail Ownership 41.49% Ireland 0.60%
Insider Ownership 0.07% Others 1.79%
Institutional Ownership Distribution
Holding Company 64.42%
Investment Advisor 30.55%
Mutual Fund Manager 4.46%
Insurance Company 0.32%
Pricing data is in EUR Others 0.25%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
GROUPE BRUXELLES LAM 60'293'256 0 2'970'347'257 20.99% 15.03.2012 Research BELGIUM
NNS HOLDING 48'120'866 0 2'370'674'463 16.75% 01.10.2012 Research CAYMAN ISLANDS
DODGE & COX 17'214'899 0 848'091'999 5.99% 31.12.2011 Co File UNITED STATES
SOUTHEASTERN ASSET M 14'297'439 -548'579 704'363'332 4.98% 16.08.2012 Research UNITED STATES
BLACKROCK 5'280'213 1'696'829 260'129'693 1.84% 15.02.2013 ULT-AGG UNITED STATES
VANGUARD GROUP INC 3'455'130 69'604 170'216'979 1.20% 31.12.2012 MF-AGG UNITED STATES
NATIXIS ASSET MANAGE 3'438'697 218'017 169'407'408 1.20% 31.12.2012 MF-AGG FRANCE
FMR LLC 1'598'645 -22'694 78'757'246 0.56% 31.12.2012 ULT-AGG UNITED STATES
MANDARINE GESTION 1'044'731 35'923 51'468'673 0.36% 31.12.2012 MF-AGG FRANCE
JP MORGAN 852'037 32'674 41'975'603 0.30% 31.12.2012 ULT-AGG
TIAA CREF INVESTMENT 837'127 -343'177 41'241'062 0.29% 31.12.2012 MF-AGG UNITED STATES
STATE FARM MUTUAL AU 468'856 0 23'098'191 0.16% 30.09.2012 Sch-D UNITED STATES
AGF INVESTMENTS INC 458'248 -190'174 22'575'588 0.16% 28.09.2012 MF-AGG CANADA
AMUNDI 418'013 -98'051 20'593'410 0.15% 28.09.2012 MF-AGG FRANCE
DIMENSIONAL FUND ADV 380'564 0 18'748'485 0.13% 31.07.2012 MF-AGG UNITED STATES
ACTIVEST MUNICH 349'216 99'848 17'204'126 0.12% 30.11.2012 MF-AGG LUXEMBOURG
ING ASSET MANAGEMENT 310'000 -110'000 15'272'150 0.11% 31.07.2012 MF-AGG BELGIUM
AMUNDI 301'345 -45'189 14'845'761 0.10% 28.09.2012 MF-AGG FRANCE
LBPAM 294'119 -45'584 14'489'773 0.10% 31.12.2012 MF-AGG FRANCE
PRINCIPAL FINANCIAL 261'939 298 12'904'425 0.09% 31.12.2012 MF-AGG UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
COLLOMB BERTRAND P 112'942 5'564'088 0.04% 31.12.2011 Co File
LAFONT BRUNO 24'006 1'182'656 0.01% 31.12.2011 Co File
RUDDER THIERRY DE 10'842 534'131 0.00% 31.12.2011 Co File
BON MICHEL MARIE 6'800 335'002 0.00% 31.12.2011 Co File
DESMARAIS JR PAUL 6'715 330'814 0.00% 31.12.2011 Co File
Company Analysis - Ownership
Ownership Type
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Lafarge SA
Financial information is in EUR (M)
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Income Statement
Revenue 14'610 13'658 12'976 14'490 16'909 17'614 19'033 15'884 14'834 15'284 15'816 16'322 17'290 18'340
- Cost of Goods Sold 9'734 9'088 9'425 10'585 12'385 12'700 13'729 11'707 10'920 11'627
Gross Income 4'876 4'570 3'551 3'905 4'524 4'914 5'304 4'177 3'914 3'657 3'925 4'314
- Selling, General & Admin Expenses 2'902 2'649 1'512 1'659 1'752 1'821 1'762 1'700 1'825 2'019
(Research & Dev Costs) 33 36 41
Operating Income 1'974 1'921 2'039 2'246 2'772 3'093 3'542 2'477 2'089 1'638 2'653 3'033 3'266
- Interest Expense 571 518 498 486 591 603 1'032 879 853 943
- Foreign Exchange Losses (Gains) 75 41 5 14 7 10 37 24 79
- Net Non-Operating Losses (Gains) 226 -62 5 -42 -56 -280 82 255 -187 -60
Pretax Income 1'177 1'390 1'495 1'797 2'223 2'763 2'418 1'306 1'399 676 1'684 2'145 2'462
- Income Tax Expense 448 425 247 470 630 725 479 260 305 432
Income Before XO Items 729 965 1'248 1'327 1'593 2'038 1'939 1'046 1'094 244
- Extraordinary Loss Net of Tax -86 -97 4 -118 0 0 -20 -492 0
- Minority Interests 273 237 288 328 217 247 341 310 287 143
Diluted EPS Before XO Items 4.91 5.04 6.75 8.89 7.16 2.77 2.82 0.35
Net Income Adjusted* 456 728 868 1'096 1'471 1'659 1'713 806 827 593 677 1'008 1'318 1'515
EPS Adjusted 2.91 4.28 4.48 5.55 7.32 8.34 7.70 3.03 2.89 2.07 2.35 3.50 4.55 5.31
Dividends Per Share 2.85 3.00 2.09 2.22 2.61 3.48 1.74 2.00 1.00 0.50 0.85 1.14 1.78
Payout Ratio % 66.5 52.6 42.5 44.7 38.5 43.8 24.6 78.1 35.7 143.6 0.24 0.25 0.33
Total Shares Outstanding 159 190 195 201 202 198 224 286 286 287
Diluted Shares Outstanding 158 206 207 204 201 223 266 286 287
EBITDA 3'101 2'942 2'926 3'102 3'712 4'034 4'618 3'507 3'416 2'772 3'722 4'118 4'430
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Balance Sheet
Total Current Assets 5471 5716 6259 7352 9367 6818 7680 6640 7742 9547
+ Cash & Near Cash Items 1'109 1'013 1'550 1'144 990 1'310 1'513 2'114 3'294 3'171
+ Short Term Investments 0 550 591 165 119 78 106
+ Accounts & Notes Receivable 1'816 1'754 2'264 2'737 2'674 2'515 2'320 1'686 1'774 1'765
+ Inventories 1'591 1'422 1'509 1'857 1'619 1'761 2'195 1'702 1'647 1'531
+ Other Current Assets 955 977 936 1'023 3'919 1'113 1'574 1'032 1'027 3'080
Total Long-Term Assets 21'168 19'048 18'241 20'543 20'447 21'490 32'928 32'857 34'752 31'172
+ Long Term Investments 1'381 1'291 696 626 830 1'096 1'147 1'591 863 755
Gross Fixed Assets 20'228 18'772 19'400 22'031 19'972 20'837 26'104 26'520 29'245 25'429
Accumulated Depreciation 8'561 8'370 8'813 9'860 8'789 8'933 9'177 9'821 11'333 9'887
+ Net Fixed Assets 11'667 10'402 10'587 12'171 11'183 11'904 16'927 16'699 17'912 15'542
+ Other Long Term Assets 8'120 7'355 6'958 7'746 8'434 8'490 14'854 14'567 15'977 14'875
Total Current Liabilities 4'197 4'244 4'732 5'859 5'343 5'511 8'930 6'045 7'505 7'258
+ Accounts Payable 1'205 1'234 1'424 1'675 1'598 1'732 1'864 1'652 1'996 1'964
+ Short Term Borrowings 1'054 1'325 1'593 2'077 1'664 1'762 4'472 2'265 3'184 2'940
+ Other Short Term Liabilities 1'938 1'685 1'715 2'107 2'081 2'017 2'594 2'128 2'325 2'354
Total Long Term Liabilities 13'172 10'097 9'867 9'707 12'677 10'720 17'043 16'652 16'765 15'260
+ Long Term Borrowings 10'271 7'370 7'052 6'928 9'421 8'347 14'149 13'712 14'096 12'266
+ Other Long Term Borrowings 2'901 2'727 2'815 2'779 3'256 2'373 2'894 2'940 2'669 2'994
Total Liabilities 17'369 14'341 14'599 15'566 18'020 16'231 25'973 22'697 24'270 22'518
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 2'155 2'191 2'119 2'571 1'391 1'079 1'725 1'823 2'080 2'197
+ Share Capital & APIC 5'078 6'467 6'697 7'020 7'127 6'652 9'243 10'766 10'786 10'833
+ Retained Earnings & Other Equity 2'037 1'765 1'085 2'738 3'276 4'346 3'667 4'211 5'358 5'171
Total Shareholders Equity 9'270 10'423 9'901 12'329 11'794 12'077 14'635 16'800 18'224 18'201
Total Liabilities & Equity 26'639 24'764 24'500 27'895 29'814 28'308 40'608 39'497 42'494 40'719
Book Value Per Share 44.87 43.28 39.98 48.67 51.57 55.58 57.58 52.35 56.43 55.76 58.33 61.00 67.27
Tangible Book Value Per Share -2.23 6.62 7.58 13.75 12.36 15.44 -4.81 3.83 4.04 9.24
Company Analysis - Financials II/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Cash Flows
Net Income 456 728 1'046 1'096 1'372 1'909 1'598 736 827 593 972 1'268 1'553
+ Depreciation & Amortization 1'127 1'021 887 856 940 941 1'076 1'030 1'327 1'134
+ Other Non-Cash Adjustments 373 50 195 268 511 -95 481 411 -417 -150
+ Changes in Non-Cash Capital -165 290 -251 -334 -257 -79 -154 1'029 435 42
Cash From Operating Activities 1'791 2'089 1'877 1'886 2'566 2'676 3'001 3'206 2'172 1'619
+ Disposal of Fixed Assets 725 603 553 143 180 2'492 615 760 208 2'084
+ Capital Expenditures -1'149 -864 -1'008 -1'313 -1'639 -2'113 -2'886 -1'645 -1'272 -1'071 -921 -1'152 -1'220
+ Increase in Investments -27 -102 -108 -9 -14 -238 -128 -150 -103 -119
+ Decrease in Investments 0 0
+ Other Investing Activities -323 -310 -409 -505 -3'374 -844 -6'372 -39 -77 -51
Cash From Investing Activities -774 -673 -972 -1'684 -4'847 -703 -8'771 -1'074 -1'244 843
+ Dividends Paid -388 -395 -383 -408 -447 -521 -784 -393 -575 -288
+ Change in Short Term Borrowings -685 -40 218 -81 1'148 359 -1'143 -153 -323 -42
+ Increase in Long Term Borrowings 642 173 958 2'100 3'341 1'279 9'208 4'495 2'224 622
+ Decrease in Long Term Borrowings -751 -2'042 -1'629 -2'017 -2'213 -2'239 -1'094 -6'829 -1'174 -2'442
+ Increase in Capital Stocks 260 1'438 257 391 222 76 110 1'534 41 18
+ Decrease in Capital Stocks -4 0 -528
+ Other Financing Activities -183 -25 -275 -170 -155 -90 -365 -157 -42 -353
Cash From Financing Activities -1'109 -891 -854 -185 1'896 -1'664 5'932 -1'503 151 -2'485
Net Changes in Cash -92 525 51 17 -385 309 162 629 1'079 -23
Free Cash Flow (CFO-CAPEX) 642 1'225 869 573 927 563 115 1'561 900 548 1'250 1'380 1'577
Free Cash Flow To Firm 996 1'585 1'285 932 1'351 1'008 943 2'265 1'567 888
Free Cash Flow To Equity 573 -81 969 718 3'383 2'454 7'701 -166 1'835 770
Free Cash Flow per Share 4.09 7.19 4.52 2.90 4.61 2.83 0.52 5.88 3.15 1.91
Company Analysis - Financials III/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Ratio Analysis
Valuation Ratios
Price Earnings 20.4x 14.3x 12.4x 13.0x 14.3x 12.0x 5.2x 20.9x 16.6x 77.0x 32.2x 14.1x 10.8x 9.3x
EV to EBIT 11.0x 10.9x 10.4x 10.3x 11.2x 10.1x 7.7x 13.0x 14.1x 13.4x
EV to EBITDA 7.0x 7.1x 7.3x 7.4x 8.4x 7.7x 5.9x 9.2x 8.6x 7.9x 7.7x 6.9x 6.4x
Price to Sales 0.6x 0.8x 0.9x 0.9x 1.2x 1.2x 0.4x 1.0x 0.9x 0.5x 0.9x 0.9x 0.8x 0.8x
Price to Book 1.3x 1.4x 1.5x 1.4x 1.9x 1.9x 0.7x 1.1x 0.8x 0.5x 0.8x 0.8x 0.7x
Dividend Yield 4.8% 4.9% 3.4% 3.4% 2.7% 3.2% 4.6% 3.5% 2.1% 1.8% 1.7% 2.3% 3.6%
Profitability Ratios
Gross Margin 33.4% 33.5% 27.4% 26.9% 26.8% 27.9% 27.9% 26.3% 26.4% 23.9% 24.1% 25.0%
EBITDA Margin 21.2% 21.5% 22.5% 21.4% 22.0% 22.9% 24.3% 22.1% 23.0% 18.1% 22.8% 23.8% 24.2%
Operating Margin 13.5% 14.1% 15.7% 15.5% 16.4% 17.6% 18.6% 15.6% 14.1% 10.7% 16.3% 17.5% 17.8%
Profit Margin 3.1% 5.3% 8.1% 7.6% 8.1% 10.8% 8.4% 4.6% 5.6% 3.9% 2.7% 6.2% 7.6% 8.3%
Return on Assets 1.6% 2.8% 4.2% 4.2% 4.8% 6.6% 4.6% 1.8% 2.0% 1.4% 2.5% 3.6% 4.7%
Return on Equity 6.1% 9.5% 13.1% 12.5% 13.6% 17.8% 13.4% 5.3% 5.3% 3.7% 6.2% 7.6% 8.5%
Leverage & Coverage Ratios
Current Ratio 1.30 1.35 1.32 1.25 1.75 1.24 0.86 1.10 1.03 1.32
Quick Ratio 0.70 0.78 0.81 0.76 0.72 0.72 0.44 0.65 0.68 0.68
Interest Coverage Ratio (EBIT/I) 3.46 3.71 4.09 4.62 4.69 5.13 3.43 2.82 2.45 1.74
Tot Debt/Capital 0.55 0.45 0.47 0.42 0.48 0.46 0.56 0.49 0.49 0.46
Tot Debt/Equity 1.22 0.83 0.87 0.73 0.94 0.84 1.27 0.95 0.95 0.84
Others
Asset Turnover 0.52 0.53 0.53 0.55 0.59 0.61 0.55 0.40 0.36 0.37
Accounts Receivable Turnover 7.22 7.65 6.46 5.79 6.25 6.79 7.87 7.93 8.57 8.64
Accounts Payable Turnover 7.15 7.31 7.16 7.06 7.42 7.71 7.88 6.38 5.96 5.81
Inventory Turnover 5.78 6.03 6.43 6.29 7.13 7.51 6.94 6.01 6.52 7.32
Effective Tax Rate 38.1% 30.6% 16.5% 26.2% 28.3% 26.2% 19.8% 19.9% 21.8% 63.9%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
LAFARGE SA HOLCIM LTD-REGHEIDELBERGCEME
NTSAINT GOBAIN CRH PLC ITALCEMENTI
WIENERBERGER
AGVICAT
CIMENTS
FRANCAIS
CEMENTOS
PORTLNDCEMEX SAB-CPO TITAN CEMENT CO DYCKERHOFF-PRF USG CORP TAIHEIYO CEMENT
12/2012 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2012 12/2011 12/2011 12/2012 03/2012
50.20 74.35 51.97 37.63 16.93 5.94 9.55 52.99 57.13 7.31 14.31 16.48 45.55 30.97 258.00
20.02.2013 20.02.2013 20.02.2013 20.02.2012 16.03.2012 28.02.2012 20.02.2012 15.03.2012 02.03.2012 20.02.2012 30.01.2013 22.10.2012 08.02.2013 13.02.2013 07.02.2013
27.54 49.00 32.12 23.90 12.81 3.08 5.50 32.71 41.63 2.55 7.00 10.07 28.30 13.00 145.00
24.04.2012 14.06.2012 05.06.2012 02.08.2012 05.06.2012 23.07.2012 29.10.2012 26.07.2012 01.06.2012 04.12.2012 14.06.2012 30.05.2012 11.05.2012 06.03.2012 04.06.2012
2'482'761 968'538 850'096 1'825'125 792'421 417'192 183'266 4'354 25'154 27'191 13'240'036 28'965 510 941'140 13'717'000
49.27 73.25 51.31 31.41 16.05 4.50 7.65 45.97 44.95 4.96 13.86 14.75 44.10 28.65 224.00
-1.9% -1.5% -1.3% -16.5% -5.2% -24.2% -19.9% -13.2% -21.3% -32.1% -3.1% -10.5% -3.2% -7.5% -13.2%
78.9% 49.5% 59.8% 31.4% 25.3% 46.2% 39.1% 40.6% 8.0% 94.5% 98.0% 46.5% 55.8% 120.3% 54.5%
287.0 319.8 187.5 526.2 727.9 278.7 115.1 43.9 35.7 37.9 10'918.1 84.6 41.3 107.9 1'228.3
14'151.6 23'959.1 9'620.6 16'682.7 11'659.7 1'042.6 899.1 2'064.1 1'608.2 188.1 151'312.5 1'185.9 1'822.1 3'090.1 277'267.3
15'206.0 14'495.0 9'322.9 11'044.0 4'982.0 2'832.5 1'519.0 1'456.5 1'617.6 1'310.1 207'801.6 1'041.7 870.1 2'309.0 547'964.0
- - - - 1.0 - - - - - - - - - -
2'197.0 2'827.0 951.6 403.0 74.0 1'400.0 3.5 349.1 835.7 233.5 14'487.8 143.0 40.9 13.0 26'529.0
3'171.0 2'950.0 1'932.9 2'949.0 1'324.0 613.3 583.6 359.4 589.8 351.6 12'477.7 334.0 415.4 677.0 62'462.0
28'531.6 38'498.1 17'948.1 26'915.7 15'795.7 4'834.2 2'143.4 3'725.8 3'583.5 1'702.3 361'124.2 1'980.1 2'317.6 4'735.1 735'830.3
LFY 15'816.0 20'744.0 12'901.9 42'116.0 18'081.0 4'720.5 2'023.7 2'265.5 3'886.3 609.1 197'036.4 1'091.4 1'599.6 3'224.0 727'849.0
LTM 15'816.0 21'481.0 13'807.0 42'831.0 18'503.0 4'568.4 2'259.8 2'248.1 3'756.4 632.0 197'036.4 1'099.5 1'617.6 3'280.0 734'165.0
CY+1 16'322.1 21'727.0 13'971.9 42'982.1 18'724.9 4'471.2 2'333.1 2'291.5 3'702.5 570.8 203'813.7 1'105.0 1'679.0 3'619.3 744'112.3
CY+2 17'289.8 22'801.6 14'507.4 43'402.7 19'205.8 4'506.1 2'687.8 2'389.2 3'736.3 553.0 220'698.7 1'135.2 1'775.0 4'009.5 769'069.1
LFY 1.7x 1.6x 1.2x 0.6x 0.8x 1.0x 1.0x 1.5x 0.9x 2.7x 1.8x 1.9x - 1.4x 0.9x
LTM 1.7x 1.6x 1.2x 0.6x 0.8x 1.1x 0.9x 1.5x 1.0x 2.6x 1.8x 1.9x - 1.4x 0.9x
CY+1 1.6x 1.7x 1.3x 0.6x 0.8x 1.0x 0.8x 1.5x 0.9x 2.6x 1.8x 1.8x 0.7x 1.2x 1.0x
CY+2 1.5x 1.6x 1.2x 0.6x 0.8x 1.0x 0.6x 1.4x 0.9x 2.7x 1.7x 1.7x 0.7x 1.0x 0.9x
LFY 2'772.0 3'958.0 2'368.8 5'024.0 1'656.0 825.0 235.9 475.5 702.4 117.6 28'691.7 225.7 441.2 247.0 72'903.0
LTM 2'565.0 4'134.0 2'502.6 4'915.0 1'650.0 806.2 220.8 422.2 635.7 95.7 28'952.0 168.0 - 253.0 76'374.0
CY+1 3'721.8 4'171.4 2'429.2 4'375.2 1'601.4 636.4 237.3 451.2 629.3 100.1 37'833.3 208.3 288.0 415.7 79'408.5
CY+2 4'118.4 4'766.6 2'611.6 4'508.7 1'733.0 668.9 283.8 498.8 651.7 118.5 41'813.7 213.3 319.0 544.4 91'910.2
LFY 9.5x 8.6x 6.8x 5.1x 9.1x 5.9x 8.3x 7.0x 5.2x 14.1x 12.1x 9.1x - 18.9x 9.2x
LTM 10.3x 8.3x 6.4x 5.2x 9.1x 6.0x 8.8x 7.9x 5.8x 17.3x 12.0x 12.3x - 18.5x 8.8x
CY+1 7.1x 9.0x 7.5x 5.9x 9.3x 7.1x 7.4x 7.8x 5.5x 14.9x 9.9x 9.4x 4.2x 10.7x 9.2x
CY+2 6.2x 7.6x 6.7x 5.5x 8.5x 6.8x 6.1x 6.9x 5.4x 12.7x 8.8x 8.8x 4.1x 7.6x 7.6x
LFY 0.38 0.86 2.47 2.63 0.76 -0.18 0.04 3.56 2.69 0.00 -1.08 0.13 1.59 -1.36 9.29
LTM 1.47 1.04 1.98 1.94 0.86 -0.58 -0.05 2.76 1.65 -10.58 -1.07 -0.49 1.74 -1.31 9.72
CY+1 3.50 3.05 2.72 2.35 0.73 (0.21) (0.28) 3.21 2.67 (1.23) (0.01) 0.06 1.88 0.65 9.26
CY+2 4.55 4.48 3.62 2.58 0.86 0.01 (0.06) 3.86 3.21 (0.48) 3.80 0.22 2.10 1.57 18.24
LFY 33.5x 70.4x 25.9x 16.2x 18.6x - - 16.7x 27.2x - - - 25.3x - 23.0x
LTM - 70.4x 30.0x 15.0x 27.9x - - 17.1x 34.8x - - - 25.3x - -
CY+1 14.1x 24.0x 18.9x 13.4x 21.9x - - 14.3x 16.8x - - 234.1x 23.5x 43.9x 24.2x
CY+2 10.8x 16.3x 14.2x 12.2x 18.7x 408.7x - 11.9x 14.0x - 3.6x 68.6x 21.0x 18.3x 12.3x
1 Year 3.5% (4.2%) 9.7% 5.0% 5.3% (1.5%) 16.0% 12.5% (3.8%) (19.1%) 3.8% (19.2%) 13.2% 10.8% 0.2%
5 Year (1.1%) (3.9%) 6.3% 0.2% (2.2%) (5.6%) 4.6% 1.2% (3.8%) (5.6%) (2.6%) (4.4%) 0.6% (6.3%) (4.9%)
1 Year - (12.3%) 17.0% 5.0% 2.6% (5.0%) 18.2% (24.4%) (20.2%) (41.4%) (3.1%) (28.6%) 29.3% 648.5% 16.3%
5 Year (5.7%) (8.2%) 6.7% 0.4% (7.9%) (10.7%) (12.8%) (2.6%) (10.0%) (24.6%) (10.6%) (13.9%) 3.1% (7.7%) (9.0%)
LTM 17.0% 19.2% 18.1% 11.5% 8.9% 17.6% 9.8% 18.8% 16.9% 15.1% 14.7% 15.3% - 7.7% 10.4%
CY+1 22.8% 19.2% 17.4% 10.2% 8.6% 14.2% 10.2% 19.7% 17.0% 17.5% 18.6% 18.9% 17.2% 11.5% 10.7%
CY+2 23.8% 20.9% 18.0% 10.4% 9.0% 14.8% 10.6% 20.9% 17.4% 21.4% 18.9% 18.8% 18.0% 13.6% 12.0%
Total Debt / Equity % 95.0% 86.1% 73.9% 62.0% 47.4% 81.0% 77.4% 69.0% 47.3% 143.0% 147.3% 66.9% 51.6% 38483.3% 323.1%
Total Debt / Capital % 45.5% 42.4% 40.7% 37.7% 32.0% 36.7% 43.6% 37.2% 27.5% 53.3% 57.2% 38.0% 33.5% 99.2% 73.6%
Total Debt / EBITDA 6.109x 3.488x 3.400x 2.709x 3.181x 3.487x 6.806x 3.757x 2.406x 15.062x 7.177x 5.605x - 9.126x 6.498x
Net Debt / EBITDA 4.775x 2.801x 2.906x 2.000x 2.485x 3.008x 5.626x 3.127x 1.815x 13.535x 6.746x 3.970x - 6.451x 5.721x
EBITDA / Int. Expense 2.940x 5.695x 3.722x 8.987x 6.321x 7.468x 4.639x 11.764x 9.428x 2.246x 1.757x 3.072x 3.481x 1.199x 7.682x
S&P LT Credit Rating BB+ BBB NR BBB BBB+ BB+ NR - BB+ - B BB- BB+ B NR
S&P LT Credit Rating Date 17.03.2011 22.01.2009 22.11.2012 24.07.2009 17.12.2007 28.05.2012 14.12.2012 - 28.05.2012 - 25.01.2013 11.05.2011 27.09.2011 11.08.2011 10.04.2009
Moody's LT Credit Rating Ba1 Baa2 (P)Ba2 Baa2 - (P)Ba2 Ba2 - Ba1 - WR - WR B2 WR
Moody's LT Credit Rating Date 05.08.2011 09.04.2009 31.05.2011 31.07.2009 - 15.11.2012 26.04.2012 - 15.12.2011 - 19.10.2006 - 08.11.2004 24.06.2010 27.02.2007
52-Week High Date
52-Week Low
Latest Fiscal Year:
52-Week High
Total Debt
Market Capitalization
Daily Volume
52-Week Low % Change
Current Price (2/dd/yy)
52-Week High % Change
Cash and Equivalents
EBITDA
EV/EBITDA
Enterprise Value
Valuation
Preferred Stock
52-Week Low Date
Minority Interest
Total Common Shares (M)
P/E
Revenue Growth
Total Revenue
EV/Total Revenue
EPS
EBITDA Growth
EBITDA Margin
Credit Ratings
Leverage/Coverage Ratios
Company Analysis - Peers Comparision
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |