company analysis - nokia - nok1v fh equity
DESCRIPTION
Company Analysis - Nokia - NOK1V FH Equity April 19 (Bloomberg) -- Nokia Oyj reported a first-quarteroperating loss of 1.34 billion euros ($1.8 billion), burdened bycosts at the unprofitable equipment venture with Siemens AG . The loss includes 1.1 billion euros in one-time charges, ofwhich 772 million euros were for Nokia Siemens Networks, Espoo,Finland-based Nokia said today. Sales dropped 29 percent to 7.35billion euros, the lowest since 2004, as handset sales slumpedin emerging markets and margins in smartphones shrank. Chief Executive Officer Stephen Elop, five months aftershipping the first phone based on Microsoft Corp.’s WindowsPhone software, is now turning his attention to Nokia Siemens,the venture in which he tried to sell a stake last year beforetalks collapsed. After sales fell 7 percent with an adjustedoperating loss of 5 percent of revenue, the unit predicts a“clear” improvement in profitability in the current quarter. “Whether the rest of the year will become acceptable forNSN is written in the stars,” said Thomas Langer , an analyst atWestLB in Dusseldorf who recommends selling Nokia shares. NokiaSiemens “has to show in coming quarters that it can attain amargin of more than 5 percent. As long as they can’t show thatit will remain a ball and chain for Nokia.” ‘Pretty Deep’ Nokia Siemens, whose main competitors are Ericsson AB andHuawei Technologies Co., announced plans in November toeliminate 17,000 jobs, or about 23 percent of its workforce, tofocus on mobile broadband and services. The venture has beenunprofitable in all but two quarters since it was set up inApril 2007. Nokia has lost about 20 percent of its value in the pastweek alone after saying on April 11 that its main handsetbusiness lost money last quarter and will do so again in thecurrent period. It fell 2.1 percent to 2.97 euros at 2:56 p.m.in Helsinki. The first-quarter net loss was 929 million euros, bringingthe total losses in the past year to 2.4 billion euros. “Even the restructuring we think is pretty deep and prettystructural, and we continue to pursue all options as we goforward,” Elop said on a conference call. He won’t elaborate onthe future structure and ownership of Nokia Siemens. Elop vowed last week to take “significant” structuralactions, including potential asset sales, to survive amidcompetition with Apple Inc. and Chinese manufacturers such asZTE Corp. The CEO has announced more than 10,000 job cuts sincethe linkup with Redmond, Washington-based Microsoft. Six-Year Low “We’re acting with urgency and we will communicate thesedetails as quickly as possible,” Elop said today. “We willmake any changes to our organization and team that arecomplementary to our renewed focus.” Once dominant in the mobile-phone industry, Nokia’s marketcapitalization has fallen by about 70 billion euros since AppleInc. introduced the iPhone in 2007. Last quarter, Nokia’sshipments slid 24 percent to 83 million phones, the lowest levelin almost six years. Nokia, which is phasing out its homegrown Symbian system,sold about 2 million handsets from the new Lumia line runningWindows Phone. It plans to increase advertising spending onLumia this quarter, Elop said. Still, its low-end phones failed to cover the costs ofsmartphone transition as rivals introduced cheaper touchscreenmodels in India and China, many based on Google Inc. ’s Androidsoftware. Debt Rating Colin Giles , a 20-year Nokia veteran who was appointed byElop in February 2011 to lead Nokia’s sales organization, willleave Nokia in June for personal reasons, Nokia said today.Giles ran the company’s China operations before becomingexecutive vice president of sales, and stepped in again lastyear to revamp the company’s China operations. Nokia’s four regional senior vice presidents and tTRANSCRIPT
19.04.2012
Ticker: MC FP Nokia OYJ Benchmark:
Currency: Helsinki: NOK1V, Currency: EUR OMXHCap (HEXP)
Sector: Information Technology Industry: Communications Equipment Year:
Telephone 358-7180-08000 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)Website www.nokia.com No of Employees Devices & Services 23926 Rest of the World 19017Address Keilalahdentie 4 PO Box 226 Espoo, 00045 Finland Nokia Siemens Networks 14035 China 6130Share Price Performance in EUR Location & Commerce 698 India 2923Price 2.95 1M Return -28.1% Reconciliation Brazil 190152 Week High 6.36 6M Return -34.2% Common Group Functions Russia 184352 Week Low 2.94 52 Wk Return -45.5% Enterprise Solutions Germany 160652 Wk Beta 1.16 YTD Return -21.8% Japan 1539Credit Ratings
Bloomberg -S&P BBB- Date 02.03.2012 Outlook NEGMoody's Baa3 Date 16.04.2012 Outlook NEGFitch BBB- Date 07.06.2011 Outlook NEG
Valuation Ratios
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EP/E 10.4x 37.1x 15.5x - - 28.9x 16.9xEV/EBIT 8.2x 15.0x 11.8x 640.6x - - -EV/EBITDA 6.2x 8.1x 6.4x 6.9x 48.5x 4.7x 3.3xP/S 0.8x 0.8x 0.7x 0.4x 0.3x 0.3x 0.3xP/B 2.9x 2.5x 2.0x 1.2x 1.1x 1.2x 1.3xDiv Yield 3.6% 4.5% 5.2% 5.3% 5.2% 5.5% 5.9%Profitability Ratios %
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EGross Margin 34.3 32.4 30.2 29.3 27.0 28.4 28.7EBITDA Margin 13.0 9.5 9.0 4.1 0.5 5.1 7.3Operating Margin 9.8 5.1 4.9 0.0 -2.0 2.3 4.0Profit Margin 7.9 2.2 4.4 -3.0 -2.2 1.0 2.5Return on Assets 10.3 2.4 4.9 -3.1 -3.9 -0.5 -1.0Return on Equity 27.5 6.5 13.5 -8.9 -10.2 -0.7 5.2Leverage and Coverage Ratios
12/08 12/09 12/10 12/11Current Ratio 1.2 1.6 1.5 1.5 Current Capitalization in EURQuick Ratio 0.8 1.1 1.1 1.0 Common Shares Outstanding (M) 3710.2EBIT/Interest 26.9 8.7 8.1 0.1 Market Capitalization (M) 11047.6Tot Debt/Capital 0.2 0.3 0.2 0.3 Cash and ST Investments (M) 10469.0Tot Debt/Equity 0.3 0.4 0.3 0.4 Total Debt (M) 5321.0Eff Tax Rate % 21.8 73.0 24.8 - Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0Investments (M) 2043.0Enterprise Value (M) 7942.6
Nokia Oyj is a global mobile communications company that operates a network of production facilities for mobile products and network infrastructure, as well as a network of sales and customer service. The Company also operates research and software development facilities worldwide.
NOK1V FH
38'659130'050
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Nokia OYJTarget price in EUR
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date0-'JXo'./ 0.% 02% 00% .5'7mo'./ 0(-- 0(10 MlegliX 8Xkh MiZ %BPK& E7KKR O7RE7I7 Yrv 1(-- .5'7mo'.//6'CbY'./ 0-% 05% 0/% .4'7mo'./ 0(-5 0(10 MXobql PbZrofqfbp EBIBK7 KLOAJ7K'HKRQPLK Yrv 0(1- .4'7mo'./0.'GXk'./ 0.% 04% 0.% .3'7mo'./ 0(-- 0(10 BuXkb 8KM MXofYXp 7IBU7KABO MBQBO9 rkabombocloj /(3- .4'7mo'./0-'AbZ'.. 0/% 03% 0/% .0'7mo'./ 0(-3 0(12 MXZfcfZ 9obpq PbZrofqfbp G7JBP C7R9BQQB pbZqlo mbocloj .3'7mo'./0-'Kls'.. /5% 1-% 0/% ./'7mo'./ 0(-1 0(26 PXkcloa 9( 8bokpqbfk 9l MFBOOB CBOO7DR rkabombocloj 0(.- .3'7mo'./0.'LZq'.. 0-% 02% 02% ..'7mo'./ 0(/4 1(06 IXkabpYXkh 8Xabk'TrboqqbjYbodJFOHL J7FBO elia 0(/2 .3'7mo'./0-'Pbm'.. 0.% 00% 02% .-'7mo'./ 0(5/ 1(10 AXv Yv AXv S7IBOFB D7PQ7IAV elia .3'7mo'./0.'7rd'.. //% 04% 1.% 6'7mo'./ 0(56 1(11 8XoZiXvp 9XmfqXi 7KAOBT J D7OAFKBO bnrXitq)kbrqoXi 0(.2 .3'7mo'.//6'Gri'.. //% 02% 10% 3'7mo'./ 0(56 1(11 TrkaboifZe PbZrofqfbp J7QQEBT P OL8FPLK elia 0(2- .2'7mo'./0-'Grk'.. //% 00% 11% 2'7mo'./ 0(56 1(11 AbrqpZeb 8Xkh H7F HLOP9EBIQ elia 0(-- .0'7mo'./0.'JXv'.. 0-% /3% 10% 1'7mo'./ 0(52 1(11 JlodXk PqXkibv CO7K9LFP JBRKFBO Rkabotq)Fk'Ifkb /(3- .0'7mo'.//6'7mo'.. 03% /2% 1-% 0'7mo'./ 1(-1 1(11 CFJ JF9E7BI P9EOLBABO XZZrjriXqb 0(6- .0'7mo'./
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Company Analysis - Analysts Ratings
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19.04.2012
Nokia OYJ
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 3710.2 United States 47.85%
Float Finland 20.14%
Short Interest (M) Luxembourg 5.37%
Short Interest as % of Float France 5.13%
Days to Cover Shorts Sweden 3.89%
Institutional Ownership 25.92% Germany 2.98%
Retail Ownership 74.04% Norway 2.26%
Insider Ownership 0.04% Others 12.38%
Institutional Ownership DistributionInvestment Advisor 65.34%Mutual Fund Manager 13.69%Insurance Company 10.15%Unclassified 4.60%
Pricing data is in EUR Others 6.22%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
CAPITAL RESEARCH GLO 172'926'000 0 510'131'700 4.62% 30.12.2011 13G UNITED STATESDODGE & COX 141'758'825 0 418'188'534 3.79% 31.12.2011 13G UNITED STATESILMARINEN MUTUAL PEN 48'356'000 0 142'650'200 1.29% 31.12.2010 Co File FINLANDVANGUARD GROUP INC 42'946'753 746'015 126'692'921 1.15% 31.12.2011 MF-AGG UNITED STATESCAPITAL WORLD INVEST 41'408'200 0 122'154'190 1.11% 31.12.2011 MF-AGG UNITED STATESVARMA MUTUAL PENSION 38'231'000 0 112'781'450 1.02% 31.12.2010 Co File FINLANDNOKIA GROUP 35'826'052 0 105'686'853 0.96% 31.12.2010 Co File FINLANDBLACKROCK FUND ADVIS 17'980'051 11'934 53'041'150 0.48% 16.04.2012 MF-AGG UNITED STATESFINLAND STATE PENSIO 17'000'000 0 50'150'000 0.45% 31.12.2010 Co File FINLANDOPPENHEIMERFUNDS INC 14'403'317 0 42'489'785 0.38% 29.02.2012 MF-AGG UNITED STATESSVENSKA LITTERATURSA 14'226'000 0 41'966'700 0.38% 31.12.2010 Co File n/aSWEDBANK ROBUR FONDE 12'785'539 7'519'281 37'717'340 0.34% 31.12.2011 MF-AGG SWEDENGOVERNMENT PENSION F 11'800'000 0 34'810'000 0.32% 31.12.2010 Co File NORWAYBLACKROCK ASSET MANA 9'812'632 0 28'947'264 0.26% 16.04.2012 MF-AGG GERMANYMERCURY ASSET MANAGE 9'457'399 -12'924 27'899'327 0.25% 16.04.2012 MF-AGG IRELANDDNB NOR ASSET MANAGE 9'403'364 -355'516 27'739'924 0.25% 29.02.2012 MF-AGG NORWAYSIGRID JUSELIUS FOUN 9'400'000 0 27'730'000 0.25% 31.12.2010 Co File FINLANDOP DELTA FUND 9'100'000 0 26'845'000 0.24% 31.12.2010 Co File FINLANDAMUNDI 7'346'018 136'314 21'670'753 0.20% 29.02.2012 MF-AGG FRANCESWISS NATIONAL BANK 7'227'000 0 21'319'650 0.19% 31.12.2010 Co File SWITZERLAND
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
OLLILA JORMA 761'680 2'246'956 0.02% 31.12.2010 Co File
MCDOWELL MARY T 169'219 499'196 0.01% 31.12.2010 Co File
OEISTAEMOE KAI 84'625 249'644 0.00% 31.12.2010 Co File
SAVANDER NIKLAS 83'465 246'222 0.00% 31.12.2010 Co File
OJANPERA TERO 66'872 197'272 0.00% 31.12.2010 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] |
Nokia OYJFinancial information is in EUR (M)
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Income Statement
Revenue 31'191 30'016 29'455 29'371 34'191 41'121 51'058 50'710 40'984 42'446 38'659 32'262 33'388 33'341
- Cost of Goods Sold 19'787 18'278 17'237 18'179 22'209 27'742 33'754 33'337 27'720 29'629 27'340
Gross Income 11'404 11'738 12'218 11'192 11'982 13'379 17'304 17'373 13'264 12'817 11'319 8'714 9'487 9'578
- Selling, General & Admin Expenses 6'730 6'830 7'341 7'209 7'628 8'220 11'631 12'827 11'497 11'223 11'523
(Research & Dev Costs) 2'985 3'052 3'760 3'776 3'825 3'897 5'647 5'968 5'909 5'863 5'612
Operating Income 4'674 5'135 5'121 4'326 4'639 5'405 7'985 4'972 2'105 2'070 17 -645 777 1'334
- Interest Expense 82 43 25 22 18 22 43 185 243 254 255
- Foreign Exchange Losses (Gains) 25 29 -32 -8 11 31 81 163 128 107 -40
- Net Non-Operating Losses (Gains) 1'092 146 -217 -393 -361 -371 -407 -346 772 -77 1'000
Pretax Income 3'475 4'917 5'345 4'705 4'971 5'723 8'268 4'970 962 1'786 -1'198 -1'081 538 1'113
- Income Tax Expense 1'192 1'484 1'699 1'446 1'281 1'357 1'522 1'081 702 443 290
Income Before XO Items 2'283 3'433 3'646 3'259 3'690 4'366 6'746 3'889 260 1'343 -1'488
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0
- Minority Interests 83 52 54 67 74 60 -459 -99 -631 -507 -324
Diluted EPS Before XO Items
Net Income Adjusted* 2'200 3'381 3'592 3'207 3'616 4'219 5'595 5'018 2'446 2'262 1'078 -707 348 822
EPS Adjusted 0.47 0.71 0.75 0.70 0.83 1.04 1.44 1.34 0.66 0.61 0.29 (0.16) 0.10 0.18
Dividends Per Share 0.27 0.28 0.30 0.33 0.37 0.43 0.53 0.40 0.40 0.40 0.20 0.15 0.16 0.17
Payout Ratio % 58.2 39.7 40.1 48.2 45.4 40.9 29.3 40.0 168.1 81.0 1.59 0.99
Total Shares Outstanding 4'736 4'787 4'700 4'487 4'172 4'095 3'983 3'698 3'708 3'709 3'710
Diluted Shares Outstanding 4'787 4'788 4'761 4'600 4'371 4'087 3'932 3'780 3'721 3'713 3'710
EBITDA 6'104 6'446 6'259 4'830 5'351 6'117 9'191 6'587 3'889 3'841 1'579 164 1'696 2'421
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Balance Sheet
Total Current Assets 15515 17585 20083 19508 18951 18586 29294 24470 23613 27145 25455
+ Cash & Near Cash Items 1'854 1'496 1'145 2'457 3'058 3'525 6'850 1'706 1'142 1'951 1'957
+ Short Term Investments 4'271 7'855 10'967 9'340 6'852 5'012 4'903 5'114 7'151 9'413 8'512
+ Accounts & Notes Receivable 5'719 5'385 5'231 4'382 5'346 5'888 11'200 9'444 7'981 7'570 7'181
+ Inventories 1'788 1'277 1'169 1'305 1'668 1'554 2'876 2'533 1'865 2'523 2'330
+ Other Current Assets 1'883 1'572 1'571 2'024 2'027 2'607 3'465 5'673 5'474 5'688 5'475
Total Long-Term Assets 6'912 5'742 3'837 3'161 3'347 4'031 8'305 15'112 12'125 11'978 10'750
+ Long Term Investments 1'527 1'294 475 169 246 307 351 539 600 597 740
Gross Fixed Assets 4'905 4'354 4'289 4'415 4'819 4'732 5'267 5'652 5'447 5'629 5'652
Accumulated Depreciation 2'391 2'480 2'723 2'881 3'234 3'130 3'355 3'562 3'580 3'675 3'810
+ Net Fixed Assets 2'514 1'874 1'566 1'534 1'585 1'602 1'912 2'090 1'867 1'954 1'842
+ Other Long Term Assets 2'871 2'574 1'796 1'458 1'516 2'122 6'042 12'483 9'658 9'427 8'168
Total Current Liabilities 9'566 8'412 8'280 7'976 9'670 10'161 18'976 20'355 15'188 17'540 17'444
+ Accounts Payable 3'074 2'954 2'919 2'669 3'494 3'732 7'074 5'225 4'950 6'101 5'532
+ Short Term Borrowings 831 377 471 215 377 247 1'071 3'591 771 1'037 1'352
+ Other Short Term Liabilities 5'661 5'081 4'890 5'092 5'799 6'182 10'831 11'539 9'467 10'402 10'560
Total Long Term Liabilities 460 461 328 294 268 396 1'285 2'717 5'801 5'352 4'845
+ Long Term Borrowings 207 187 20 19 21 69 203 861 4'432 4'242 3'969
+ Other Long Term Borrowings 253 274 308 275 247 327 1'082 1'856 1'369 1'110 876
Total Liabilities 10'026 8'873 8'608 8'270 9'938 10'557 20'261 23'072 20'989 22'892 22'289
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 196 173 164 168 205 92 2'565 2'302 1'661 1'847 2'043
+ Share Capital & APIC 2'344 2'512 2'560 2'646 2'724 2'953 890 688 525 558 608
+ Retained Earnings & Other Equity 9'861 11'769 12'588 11'585 9'431 9'015 13'883 13'520 12'563 13'826 11'265
Total Shareholders Equity 12'401 14'454 15'312 14'399 12'360 12'060 17'338 16'510 14'749 16'231 13'916
Total Liabilities & Equity 22'427 23'327 23'920 22'669 22'298 22'617 37'599 39'582 35'738 39'123 36'205
Book Value Per Share 2.58 2.98 3.22 3.17 2.91 2.92 3.71 3.84 3.53 3.88 3.20 2.59 2.40 2.34
Tangible Book Value Per Share 2.16 2.62 3.03 3.04 2.78 2.66 2.67 1.03 1.35 1.80 1.52
Company Analysis - Financials II/IV
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Cash Flows
Net Income 2'200 3'381 3'592 3'192 3'616 4'306 7'205 3'988 891 1'850 -1'164 -1'333 -46 440
+ Depreciation & Amortization 1'430 1'311 1'138 504 712 712 1'206 1'615 1'784 1'771 1'562
+ Other Non-Cash Adjustments 1'935 167 717 428 183 253 -1'122 146 434 -1'195 1'378
+ Changes in Non-Cash Capital -519 955 -203 241 -366 -793 605 -2'546 140 2'349 -638
Cash From Operating Activities 5'046 5'814 5'244 4'365 4'145 4'478 7'894 3'203 3'249 4'775 1'138
+ Disposal of Fixed Assets 175 177 19 6 167 29 72 54 100 21 48
+ Capital Expenditures -1'041 -432 -432 -548 -607 -650 -715 -889 -531 -679 -597 -597 -615 -622
+ Increase in Investments -323 -662 -379 -388 -89 -102 -126 -121 -95 -124 -111
+ Decrease in Investments 204 476 696 716 17 332 50 10 14 83 57
+ Other Investing Activities -1'721 -427 -217 -137 2'355 1'397 -3 -1'965 -1'638 -1'723 2'101
Cash From Investing Activities -2'706 -868 -313 -351 1'843 1'006 -722 -2'911 -2'150 -2'422 1'498
+ Dividends Paid -1'396 -1'348 -1'378 -1'413 -1'531 -1'553 -1'760 -2'048 -1'546 -1'519 -1'536
+ Change in Short Term Borrowings -602 -406 -22 -255 212 -137 661 2'891 -2'842 131 -59
+ Increase in Long Term Borrowings 102 100 8 1 5 56 115 714 3'901 482 1
+ Decrease in Long Term Borrowings -59 -98 -56 -3 -7 -16 -34 -209 -6 -51
+ Increase in Capital Stocks 77 163 23 46 987 53 1 546
+ Decrease in Capital Stocks -21 -17 -1'355 -2'648 -4'258 -3'371 -3'819 -3'121
+ Other Financing Activities 4 -137 -182 -23 185 -51 -15 -49 -25 224 107
Cash From Financing Activities -1'895 -1'743 -2'962 -4'341 -5'387 -5'017 -3'847 -1'594 -721 -687 -992
Net Changes in Cash 445 3'203 1'969 -327 601 467 3'325 -1'302 378 1'666 1'644
Free Cash Flow (CFO-CAPEX) 4'005 5'382 4'812 3'817 3'538 3'828 7'179 2'314 2'718 4'096 541 -575 639 955
Free Cash Flow To Firm 4'059 5'412 4'829 3'832 3'551 3'845 7'214 2'459 2'784 4'287
Free Cash Flow To Equity 3'621 5'155 4'761 3'566 3'922 3'769 8'011 5'939 3'668 4'724 480
Free Cash Flow per Share 0.85 1.13 1.01 0.83 0.81 0.94 1.85 0.62 0.73 1.10 0.15
Company Analysis - Financials III/IV
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Ratio Analysis
Valuation Ratios
Price Earnings 61.9x 21.3x 18.2x 16.7x 18.7x 14.6x 14.3x 10.4x 37.1x 15.5x 28.9x 16.9x
EV to EBIT 28.3x 12.4x 10.3x 9.4x 11.9x 10.2x 12.2x 8.2x 15.0x 11.8x 640.6x
EV to EBITDA 21.7x 9.9x 8.5x 8.4x 10.3x 9.0x 10.6x 6.2x 8.1x 6.4x 6.9x 48.5x 4.7x 3.3x
Price to Sales 4.4x 2.4x 2.2x 1.8x 2.0x 1.5x 2.0x 0.8x 0.8x 0.7x 0.4x 0.3x 0.3x 0.3x
Price to Book 11.2x 5.1x 4.3x 3.7x 5.3x 5.3x 7.1x 2.9x 2.5x 2.0x 1.2x 1.1x 1.2x 1.3x
Dividend Yield 0.9% 1.8% 2.2% 2.8% 2.4% 2.8% 2.0% 3.6% 4.5% 5.2% 5.3% 5.2% 5.5% 5.9%
Profitability Ratios
Gross Margin 36.6% 39.1% 41.5% 38.1% 35.0% 32.5% 33.9% 34.3% 32.4% 30.2% 29.3% 27.0% 28.4% 28.7%
EBITDA Margin 19.6% 21.5% 21.2% 16.4% 15.7% 14.9% 18.0% 13.0% 9.5% 9.0% 4.1% 0.5% 5.1% 7.3%
Operating Margin 15.0% 17.1% 17.4% 14.7% 13.6% 13.1% 15.6% 9.8% 5.1% 4.9% 0.0% -2.0% 2.3% 4.0%
Profit Margin 7.1% 11.3% 12.2% 10.9% 10.6% 10.5% 14.1% 7.9% 2.2% 4.4% -3.0% -2.2% 1.0% 2.5%
Return on Assets 10.4% 14.8% 15.2% 13.7% 16.1% 19.2% 23.9% 10.3% 2.4% 4.9% -3.1% -3.9% -0.5% -1.0%
Return on Equity 19.1% 25.5% 24.4% 21.7% 27.4% 35.7% 53.9% 27.5% 6.5% 13.5% -8.9% -10.2% -0.7% 5.2%
Leverage & Coverage Ratios
Current Ratio 1.62 2.09 2.43 2.45 1.96 1.83 1.54 1.20 1.55 1.55 1.46
Quick Ratio 1.24 1.75 2.09 2.03 1.58 1.42 1.21 0.80 1.07 1.08 1.01
Interest Coverage Ratio (EBIT/I) 57.00 119.42 204.84 196.64 257.72 245.68 185.70 26.88 8.66 8.15 0.07
Tot Debt/Capital 0.08 0.04 0.03 0.02 0.03 0.03 0.07 0.21 0.26 0.25 0.28
Tot Debt/Equity 0.08 0.04 0.03 0.02 0.03 0.03 0.07 0.27 0.35 0.33 0.38
Others
Asset Turnover 1.47 1.31 1.25 1.26 1.52 1.83 1.70 1.31 1.09 1.13 1.03
Accounts Receivable Turnover 5.51 5.41 5.55 6.11 7.03 7.32 5.98 4.91 4.70 5.46 5.24
Accounts Payable Turnover 6.56 5.89 5.83 6.56 7.33 7.65 6.49 5.37 5.32 5.48 4.67
Inventory Turnover 9.77 11.93 14.09 14.70 14.94 17.22 15.24 12.33 12.61 13.50 11.27
Effective Tax Rate 34.3% 30.2% 31.8% 30.7% 25.8% 23.7% 18.4% 21.8% 73.0% 24.8%
Company Analysis - Financials IV/IV
NOKIA OYJ ERICSSON LM-B ALCATEL-LUCENTRESEARCH IN
MOTIAPPLE INC QUALCOMM INC
MOTOROLA MOBILIT
SAMSUNG ELECTRON
CISCO SYSTEMS TOMTOMHEWLETT-PACKARD
MICROSOFT CORP IBM GARMIN LTD HTC CORP
12/2011 12/2011 12/2011 02/2012 09/2011 09/2011 12/2011 12/2011 07/2011 12/2011 10/2011 06/2011 12/2011 12/2011 12/20116.36 96.65 4.47 54.37 644.00 68.87 39.81 1'351'000.00 21.30 6.41 41.74 32.95 210.69 49.93 1'238.10
03.05.2011 12.05.2011 06.05.2011 28.04.2011 10.04.2012 27.03.2012 01.03.2012 04.04.2012 02.04.2012 26.04.2011 10.05.2011 16.03.2012 03.04.2012 22.02.2012 28.04.20112.94 58.15 1.10 12.53 310.50 45.98 20.77 672'000.00 13.30 2.40 21.50 23.65 157.13 29.23 403.00
19.04.2012 25.01.2012 19.12.2011 05.04.2012 20.06.2011 22.08.2011 12.07.2011 19.08.2011 09.08.2011 23.09.2011 23.09.2011 16.06.2011 19.08.2011 05.08.2011 09.12.201136'557'592 4'908'500 18'490'376 2'188'099 34'090'353 21'913'619 5'966'602 263'389 27'563'369 762'700 18'103'007 40'555'467 10'155'310 389'364 14'295'935
2.95 65.70 1.47 13.08 608.34 66.99 38.87 1'307'000.00 20.06 2.96 24.93 31.14 200.13 45.17 462.00
-53.6% -32.0% -67.2% -75.9% -5.5% -2.7% -2.3% -3.3% -5.8% -53.8% -40.3% -5.5% -5.0% -9.5% -62.7%0.3% 13.0% 33.0% 4.4% 95.9% 45.7% 87.1% 94.5% 50.8% 23.7% 16.0% 31.7% 27.4% 54.5% 14.6%
3'710.2 3'210.5 2'267.2 524.2 929.3 1'681.0 301.7 130.4 5'435.0 221.9 1'991.0 8'376.0 1'163.2 194.7 838.011'047.6 215'019.9 3'409.0 6'856.0 567'198.0 114'830.7 11'739.4 192'520'192.0 108'041.9 657.5 49'295.2 261'288.6 231'883.0 8'807.9 393'648.1
5'321.0 31'021.0 4'619.0 - - 994.0 - 4'347'751.0 16'822.0 383.8 30'634.0 11'921.0 31'320.0 - - - - - - - - - 119'467.0 - - - - - - -
2'043.0 2'165.0 747.0 - - 21.0 - - 33.0 2.5 379.0 - 97.0 - - 10'469.0 80'542.0 4'473.0 1'774.0 81'570.0 20'913.0 3'451.0 14'630'145.0 44'585.0 193.6 8'043.0 52'772.0 11'922.0 2'495.3 79'608.4 7'942.6 167'663.9 4'302.0 5'127.9 469'597.0 89'289.7 8'288.4 182'357'258.1 78'222.9 850.2 72'492.2 221'484.6 251'683.0 6'312.6 314'039.8
Average MedianLFY 38'659.0 226'921.0 15'327.0 18'435.0 108'249.0 14'957.0 13'064.0 120'815'977.0 43'218.0 1'273.2 127'245.0 69'943.0 106'916.0 2'758.6 455'079.2 8'137'201 43'218
LTM 35'614.0 226'921.0 15'327.0 18'435.0 127'841.0 17'364.0 13'064.0 120'815'977.0 44'844.0 1'273.2 124'979.0 72'052.0 106'981.0 2'758.6 455'079.2 8'138'567 44'844CY+1 32'261.6 235'184.6 15'493.9 15'443.0 160'928.7 19'336.2 13'091.6 198'736'888.0 46'339.5 1'143.1 122'266.4 73'995.5 108'102.9 2'744.7 445'366.4 13'335'239 46'339CY+2 33'388.3 244'365.6 15'881.3 15'074.9 190'401.2 21'864.2 13'191.9 207'177'831.0 49'243.7 1'110.5 124'724.0 79'977.1 111'762.4 2'800.2 329'751.7 13'894'091 49'244
LFY 0.3x 0.8x 0.2x 0.3x 2.6x 5.9x 0.6x 1.1x 1.7x 0.7x 0.6x 2.5x 2.5x 1.9x 0.7x 1.5x 0.8xLTM 0.3x 0.8x 0.2x 0.3x 2.2x 5.1x 0.6x 1.1x 1.7x 0.7x 0.6x 2.5x 2.5x 1.9x 0.7x 1.4x 0.8x
CY+1 0.3x 0.7x 0.3x 0.2x 3.0x 5.0x 0.6x 0.9x 1.7x 0.7x 0.6x 2.9x 2.3x 2.6x 0.7x 1.5x 0.7xCY+2 0.3x 0.7x 0.3x 0.1x 2.3x 4.2x 0.6x 0.8x 1.5x 0.6x 0.5x 2.4x 2.2x - 1.0x 1.2x 0.7x
LFY 1'579.0 29'647.0 1'151.0 3'368.0 35'604.0 6'087.0 79.0 18'987'465.0 10'959.0 (305.6) 16'373.0 29'927.0 25'101.0 648.3 66'186.3 1'280'925 10'959LTM 1'579.0 30'714.0 1'151.0 3'368.0 45'482.0 6'348.0 112.0 18'987'465.0 12'018.0 (305.6) 14'944.0 29'890.0 25'100.0 648.3 66'186.3 1'281'647 12'018
CY+1 163.8 28'738.0 1'267.9 2'543.0 58'793.4 7'583.3 417.3 40'512'912.0 14'345.5 184.5 16'141.9 30'785.7 27'227.7 650.9 45'944.0 2'716'513 14'346CY+2 1'696.4 34'118.2 1'341.1 2'490.8 68'900.2 8'803.4 490.3 42'890'168.0 14'861.5 183.3 16'921.1 33'570.4 29'306.4 696.0 35'737.5 2'875'952 14'862
LFY 6.9x 6.0x 3.2x 1.6x 7.9x 14.5x 104.5x 6.7x 6.9x -2.8x 4.8x 5.9x 10.6x 8.1x 5.1x 12.7x 6.7xLTM 6.9x 5.8x 3.2x 1.6x 6.2x 14.0x 73.7x 6.7x 6.3x - 5.3x 5.9x 9.3x 8.1x 5.1x 11.3x 6.2x
CY+1 56.1x 6.0x 3.2x 1.4x 8.1x 12.8x 19.7x 4.3x 5.4x 4.2x 4.2x 6.9x 9.2x 11.0x 6.9x 10.6x 6.9xCY+2 5.6x 4.8x 3.2x 0.4x 6.3x 10.3x 15.4x 3.9x 4.9x 3.7x 3.7x 5.7x 8.3x - 8.9x 6.1x 5.2x
LFY - - 0.32 4.20 27.68 3.01 -0.44 66'722.38 1.27 -1.97 4.07 2.64 13.44 2.71 71.91 5'142.40 3.01LTM -0.66 3.80 0.29 3.06 35.11 3.37 -0.42 66'868.00 1.42 -1.97 3.53 2.71 13.87 2.70 61.76 4'466.44 3.06
CY+1 (0.16) 4.55 0.18 1.98 44.37 3.76 0.79 117'782.70 1.85 0.37 4.03 2.69 15.00 2.63 59.51 7'861.62 2.69 CY+2 0.10 5.84 0.20 1.86 50.76 4.19 1.08 135'935.30 1.99 0.36 4.40 3.02 16.59 2.84 60.55 9'072.61 3.02
LFY - 17.3x 5.0x 4.3x 17.3x 19.9x - 19.5x 14.1x - 7.1x 11.5x 14.4x 16.7x 7.5x 12.9x 14.3xLTM - - 4.6x 4.3x 17.3x 19.9x - 19.6x 14.1x - 7.1x 11.5x 14.4x 16.7x - 13.0x 14.3x
CY+1 - 14.4x 8.2x 6.6x 13.7x 17.8x 49.5x 11.1x 10.9x 7.9x 6.2x 11.6x 13.3x 17.2x 7.8x 14.0x 11.3xCY+2 28.9x 11.3x 7.4x 7.1x 12.0x 16.0x 36.1x 9.6x 10.1x 8.1x 5.7x 10.3x 12.1x 15.9x 7.6x 13.2x 10.3x
1 Year (8.9%) 11.6% (4.2%) (7.4%) 66.0% 36.2% 14.0% 7.6% 7.9% (16.3%) 1.0% 11.9% 7.1% 2.6% 65.5% 13.0% 7.6%5 Year (3.1%) 4.1% 2.5% 43.1% 47.2% 18.6% - 15.7% 6.7% (3.4%) 3.9% 11.2% 2.6% 14.8% 38.3% 14.5% 9.0%1 Year (58.9%) 14.4% 17.4% (39.5%) 83.4% 38.6% (74.2%) (6.7%) (2.1%) - (7.7%) 11.5% 9.2% (11.4%) 54.0% 2.0% 3.6%5 Year (23.7%) (4.4%) (2.7%) 29.2% 67.8% 15.5% - 8.5% 5.5% - 12.4% 11.5% 8.2% 1.6% 20.1% 11.5% 8.5%
LTM 4.1% 13.1% 7.5% 18.3% 32.9% 40.7% 0.6% 15.7% 25.4% (24.0%) 12.9% 42.8% 23.5% 23.5% 14.5% 16.8% 15.7%CY+1 0.5% 12.2% 8.2% 16.5% 36.5% 39.2% 3.2% 20.4% 31.0% 16.1% 13.2% 41.6% 25.2% 23.7% 10.3% 19.9% 16.5%CY+2 5.1% 14.0% 8.4% 16.5% 36.2% 40.3% 3.7% 20.7% 30.2% 16.5% 13.6% 42.0% 26.2% 24.9% 10.8% 20.6% 16.5%
Average MedianTotal Debt / Equity % 44.8% 21.7% 119.8% 0.0% 0.0% 3.7% 0.0% 4.9% 35.6% 54.4% 79.3% 20.9% 155.5% 0.0% 38.6% 21.3%Total Debt / Capital % 27.7% 17.6% 50.1% 0.0% 0.0% 3.6% 0.0% 4.7% 26.3% 35.1% 44.0% 17.3% 60.8% 0.0% 20.5% 17.4%Total Debt / EBITDA 3.370x 1.046x 4.013x 0.000x 0.000x 0.163x 0.000x 0.229x 1.535x -1.256x 1.871x 0.398x 1.248x 0.000x 0.9x 0.3xNet Debt / EBITDA -3.260x -1.670x 0.127x -0.527x -2.291x -3.272x -43.684x -0.542x -2.533x - 1.380x -1.365x 0.773x -3.849x -4.7x -1.7xEBITDA / Int. Expense 6.192x 17.378x 3.261x - - 53.395x 6.583x 75.215x 17.451x -12.355x 23.558x 101.447x 59.764x - 32.0x 17.5x
S&P LT Credit Rating BBB- BBB+ B - NR NR - A A+ - BBB+ AAA A+ -S&P LT Credit Rating Date 02.03.2012 15.06.2007 09.11.2009 - 16.04.2004 19.12.2001 - 25.01.2006 10.02.2006 - 30.11.2011 22.09.2008 26.02.1998 -Moody's LT Credit Rating Baa3 A3 B2 - WR - - A1 A1 - A3 Aaa Aa3 -Moody's LT Credit Rating Date 16.04.2012 10.06.2011 10.11.2011 - 31.03.2004 - - 14.07.2005 10.02.2006 - 20.01.2012 11.05.2009 23.11.2010 -
52-Week High Date
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Company Analysis - Peers Comparision