financial analysis bouygues sa - bouygues sa offers construction services, develops real estate,...
TRANSCRIPT
20.02.2013
Ticker: Bouygues SA Benchmark:
Currency: EN Paris: EN, Currency: EUR CAC 40 INDEX (CAC)
Sector: Industrials Industry: Construction & Engineering Year:
Telephone 33-1-44-20-10-79 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)
Website www.bouygues.fr No of Employees Road Works 12295 France 22601
Address 32 Avenue Hoche Paris, 75008 France Construction 9616 European Union 3299
Share Price Performance in EUR Telecoms 5725 US and Canada 2520
Price 20.28 1M Return -10.8% Media 2595 Africa 1327
52 Week High 23.84 6M Return -9.4% Property Development 2464 Asia Pacific 1293
52 Week Low 17.54 52 Wk Return -14.1% Bouygues SA and Other Activities 11 Rest of Europe 1146
52 Wk Beta 1.05 YTD Return -9.5% Adjustment Oceania 209
Credit Ratings
Bloomberg IG8
S&P BBB+ Date 30.11.2011 Outlook STABLE
Moody's (P)A3 Date 31.08.2011 Outlook NEG
Fitch WD Date 28.07.2011 Outlook -
Valuation Ratios
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
P/E 6.9x 9.6x 10.6x 8.0x 9.5x 8.2x 7.2x
EV/EBIT 7.5x 9.0x 8.7x 7.1x - - -
EV/EBITDA 4.6x 5.2x 4.9x 4.0x 4.8x 4.8x 4.6x
P/S 0.3x 0.4x 0.4x 0.3x 0.2x 0.2x 0.2x
P/B 1.4x 1.5x 1.2x 0.9x 0.8x 0.7x 0.7x
Div Yield 5.3% 4.4% 5.0% 6.6% 7.6% 8.0% 8.1%
Profitability Ratios %
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Gross Margin - - - - 53.6 53.7 53.9
EBITDA Margin 10.9 10.3 10.1 9.9 8.6 8.7 9.0
Operating Margin 6.8 5.9 5.6 5.6 3.5 3.9 4.0
Profit Margin 4.6 4.2 3.4 3.3 2.0 2.4 2.7
Return on Assets 4.4 3.8 3.1 3.0 - - -
Return on Equity 20.6 16.4 12.0 12.1 8.6 9.5 10.8
Leverage and Coverage Ratios
12/08 12/09 12/10 12/11
Current Ratio 0.9 1.0 1.0 0.9 Current Capitalization in EUR
Quick Ratio 0.6 0.7 0.7 0.6 Common Shares Outstanding (M) 314.9
EBIT/Interest 5.1 4.4 4.5 5.1 Market Capitalization (M) 6575.4
Tot Debt/Capital 0.5 0.4 0.4 0.4 Cash and ST Investments (M) 2615.0
Tot Debt/Equity 1.0 0.8 0.8 0.8 Total Debt (M) 8430.0
Eff Tax Rate % 26.3 25.2 27.6 29.9 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 1277.0
Enterprise Value (M) 13667.4
134'795
Bouygues SA offers construction services, develops real estate, offers cellular
communications services, produces television programming and movies, and manages
utilities. The Company offers building, civil engineering, and oil and gas contracting
services, develops residential, commercial, and office projects, produces and
distributes water and electricity, and collects waste.
EN FP
32'706
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Bouygues SA
Target price in EUR
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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
Bouygues SA
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 314.9 Unknown Country 53.72%
Float 75.2% France 19.46%
Short Interest (M) United States 18.64%
Short Interest as % of Float Luxembourg 2.70%
Days to Cover Shorts Germany 1.32%
Institutional Ownership 21.60% Ireland 0.86%
Retail Ownership 76.50% Belgium 0.81%
Insider Ownership 1.90% Others 2.50%
Institutional Ownership Distribution
Other 49.60%
Investment Advisor 28.66%
Hedge Fund Manager 10.54%
Mutual Fund Manager 7.01%
Pricing data is in EUR Others 4.20%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
SCDM 66'374'020 0 1'346'065'126 20.47% 31.12.2011 Co File n/a
AMUNDI 16'135'367 -61'801 327'225'243 4.98% 04.01.2013 Research FRANCE
FIRST EAGLE INVESTME 15'760'774 0 319'628'497 4.86% 29.03.2012 Research UNITED STATES
SCDM PARTICIPATIONS 6'044'972 0 122'592'032 1.86% 15.11.2011 Research n/a
BOUYGUES FRANCIS 5'290'144 0 107'284'120 1.63% 31.12.2011 Co File n/a
AKO CAPITAL LLP -3'825'942 -16'026 -77'590'104 -1.18% 10.01.2013 Short BRITAIN
NATIXIS ASSET MANAGE 3'614'826 8'782 73'308'671 1.11% 31.12.2012 MF-AGG FRANCE
VANGUARD GROUP INC 3'499'242 65'974 70'964'628 1.08% 31.12.2012 MF-AGG UNITED STATES
BLACKROCK 3'384'000 -88'302 68'627'520 1.04% 15.02.2013 ULT-AGG UNITED STATES
DNCA FINANCE 3'113'000 98'000 63'131'640 0.96% 28.09.2012 MF-AGG FRANCE
T ROWE PRICE ASSOCIA 1'969'200 -614 39'935'376 0.61% 31.12.2012 MF-AGG UNITED STATES
MANDARINE GESTION 1'480'301 475'721 30'020'504 0.46% 31.12.2012 MF-AGG FRANCE
PALATINE ASSET MANAG 1'176'527 122'874 23'859'968 0.36% 31.01.2013 MF-AGG FRANCE
FMR LLC 1'055'433 879'189 21'404'181 0.33% 31.12.2012 ULT-AGG UNITED STATES
QUALITE3 896'520 0 18'181'426 0.28% 15.11.2011 Research n/a
ACTIBY3 891'945 0 18'088'645 0.28% 15.11.2011 Research
AMUNDI LUXEMBOURG SA 838'159 72'000 16'997'865 0.26% 28.09.2012 MF-AGG LUXEMBOURG
INVESCO LTD 704'838 -84'395 14'294'115 0.22% 19.02.2013 MF-AGG UNITED STATES
ING INTERNATIONAL AD 652'784 -350'170 13'238'460 0.20% 31.07.2012 MF-AGG LUXEMBOURG
TD ASSET MANAGEMENT 569'108 -135'040 11'541'510 0.18% 31.12.2011 MF-AGG CANADA
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
BOUYGUES FRANCIS 5'290'144 107'284'120 1.63% 31.12.2011 Co File
BOUYGUES MARTIN 374'040 7'585'531 0.12% 31.12.2011 Co File
BOUYGUES OLIVIER 281'687 5'712'612 0.09% 31.12.2011 Co File
GABRIEL YVES 116'788 2'368'461 0.04% 31.12.2011 Co File
BERTIERE FRANCOIS 65'882 1'336'087 0.02% 31.12.2011 Co File
Company Analysis - Ownership
Ownership Type
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TOP 20 ALL
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Bouygues SA
Financial 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 20'473 22'247 21'822 20'894 24'073 26'408 29'613 32'459 31'353 31'225 32'706 33'291 33'102 33'348
- Cost of Goods Sold
Gross Income 17'844 17'776 17'975
- Selling, General & Admin Expenses 19'641 21'231 20'626 19'337 22'325 24'475 27'450 30'263 29'498 29'465 30'887
(Research & Dev Costs) 136 137 102 120 121 125 110 114
Operating Income 832 1'016 1'196 1'557 1'748 1'933 2'163 2'196 1'855 1'760 1'819 1'171 1'297 1'338
- Interest Expense 191 292 270 234 224 340 381 432 425 394 359
- Foreign Exchange Losses (Gains) -5 40 -7
- Net Non-Operating Losses (Gains) -132 -461 -73 -293 -84 -192 -444 -495 -499 -379 -305
Pretax Income 778 1'145 1'006 1'616 1'608 1'785 2'226 2'259 1'929 1'745 1'765 948 1'082 1'200
- Income Tax Expense 268 316 380 501 570 559 633 593 487 482 528
Income Before XO Items 510 829 626 1'115 1'038 1'226 1'593 1'666 1'442 1'263 1'237
- Extraordinary Loss Net of Tax 0 0 -364 0 -20 -14 0 0
- Minority Interests 166 163 176 206 206 336 217 185 137 192 167
Diluted EPS Before XO Items 2.68 2.42 2.57 3.94 4.25 3.73 3.03 3.06
Net Income Adjusted* 344 666 450 858 832 882 1'376 1'501 1'333 1'110 1'070 673 795 899
EPS Adjusted 1.03 1.94 1.31 2.57 2.51 2.61 4.06 4.38 3.87 3.13 3.06 2.13 2.47 2.81
Dividends Per Share 0.54 0.54 0.75 0.75 0.90 1.20 1.50 1.60 1.60 1.60 1.60 1.54 1.62 1.64
Payout Ratio % 68.9 18.6 55.5 27.4 36.4 43.3 37.9 37.0 43.4 54.7 47.1 0.72 0.65 0.58
Total Shares Outstanding 344 344 333 332 336 333 347 341 352 361 315
Diluted Shares Outstanding 352 362 339 343 346 349 343 345 353 350
EBITDA 1'714 2'284 2'451 2'628 2'821 3'141 3'416 3'538 3'231 3'152 3'230 2'857 2'876 3'004
*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: 12/01 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 13236 12426 13086 12467 13154 14680 15827 16818 16235 16966 15480
+ Cash & Near Cash Items 633 526 472 442 618 669 905 792 1'690 1'977 1'297
+ Short Term Investments 1'565 1'380 2'144 2'818 2'597 3'107 2'481 3'048 3'023 3'599 2'118
+ Accounts & Notes Receivable 6'445 5'865 5'972 4'575 5'418 6'252 6'911 7'097 6'132 6'167 6'739
+ Inventories 1'681 1'111 1'181 1'691 1'804 2'298 2'763 3'023 2'680 2'680 2'727
+ Other Current Assets 2'912 3'544 3'317 2'941 2'717 2'354 2'767 2'858 2'710 2'543 2'599
Total Long-Term Assets 9'275 12'357 11'983 11'481 11'444 15'085 17'601 18'670 17'700 18'620 19'442
+ Long Term Investments 374 333 306 237 283 1'087 1'223 1'309 399 659 770
Gross Fixed Assets 8'372 10'193 9'481 10'237 10'716 11'717 12'929 14'133 14'298 15'197 16'256
Accumulated Depreciation 3'703 4'668 4'949 5'608 6'101 6'678 7'365 8'013 8'371 9'038 9'714
+ Net Fixed Assets 4'669 5'525 4'532 4'629 4'615 5'039 5'564 6'120 5'927 6'159 6'542
+ Other Long Term Assets 4'232 6'499 7'145 6'615 6'546 8'959 10'814 11'241 11'374 11'802 12'130
Total Current Liabilities 12'139 11'877 12'999 12'988 12'962 14'810 16'579 17'927 15'959 16'247 16'369
+ Accounts Payable 5'236 5'241 5'345 5'207 5'805 6'744 7'442 7'577 6'479 6'347 6'826
+ Short Term Borrowings 362 1'006 1'420 539 892 1'114 604 1'730 984 1'288 455
+ Other Short Term Liabilities 6'541 5'630 6'234 7'242 6'265 6'952 8'533 8'620 8'496 8'612 9'088
Total Long Term Liabilities 4'891 5'983 5'878 5'982 6'075 8'360 8'644 8'796 8'250 8'732 8'875
+ Long Term Borrowings 2'960 4'101 3'982 4'648 4'721 6'844 7'067 7'025 6'434 6'750 6'807
+ Other Long Term Borrowings 1'931 1'882 1'896 1'334 1'354 1'516 1'577 1'771 1'816 1'982 2'068
Total Liabilities 17'030 17'860 18'877 18'970 19'037 23'170 25'223 26'723 24'209 24'979 25'244
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 741 1'024 894 980 931 1'156 1'214 1'211 1'190 1'290 1'317
+ Share Capital & APIC 4'860 5'103 4'750 2'252 2'234 2'882 3'292 3'011 3'229 366 315
+ Retained Earnings & Other Equity -120 796 548 1'746 2'396 2'557 3'699 4'543 5'307 8'951 8'046
Total Shareholders Equity 5'481 6'923 6'192 4'978 5'561 6'595 8'205 8'765 9'726 10'607 9'678
Total Liabilities & Equity 22'511 24'783 25'069 23'948 24'598 29'765 33'428 35'488 33'935 35'586 34'922
Book Value Per Share 13.79 17.13 15.90 12.03 13.77 16.32 20.17 22.16 24.24 25.81 26.55 26.95 27.75 28.94
Tangible Book Value Per Share -4.70 -3.11 -1.09 2.29 3.82 6.79 7.74 4.99
Company Analysis - Financials II/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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 344 666 450 909 832 1'254 1'376 1'501 1'319 1'071 1'070 593 775 902
+ Depreciation & Amortization 882 1'268 1'255 1'071 1'073 1'208 1'253 1'342 1'376 1'392 1'411
+ Other Non-Cash Adjustments -91 -221 368 410 811 489 655 -260 -99 -50 168
+ Changes in Non-Cash Capital 326 438 239 35 -511 -23 74 -183 459 -52 -56
Cash From Operating Activities 1'461 2'151 2'312 2'425 2'205 2'928 3'358 2'400 3'055 2'361 2'593
+ Disposal of Fixed Assets 163 101 203 174 142 96 108 103 95 84 170
+ Capital Expenditures -1'288 -1'946 -1'133 -1'221 -1'371 -1'700 -1'787 -1'833 -1'365 -1'507 -2'056 -2'171 -1'707 -1'691
+ Increase in Investments -663 -1'672 -1'117 -338 -333 -41 -25 -63
+ Decrease in Investments 266 650 474 1'160 83 47 44 219 2
+ Other Investing Activities -61 67 -80 -912 938 -2'530 -1'959 -409 741 -537 70
Cash From Investing Activities -1'583 -2'800 -1'653 -1'137 -541 -4'128 -3'619 -2'139 -529 -1'741 -1'877
+ Dividends Paid -229 -229 -213 -164 -249 -302 -400 -510 -545 -566 -570
+ Change in Short Term Borrowings 0 0 0
+ Increase in Long Term Borrowings 0 644 558 2'328 22 967 565
+ Decrease in Long Term Borrowings 0 0 0 -432 -27 -1'071 -768
+ Increase in Capital Stocks 245 0 0 465 225 78
+ Decrease in Capital Stocks 0 -82 -248 -53 -59 -181 -259 -1'377
+ Other Financing Activities 4 -14 -19 -198 -1'737 -153 -245 -120 -127 130 -107
Cash From Financing Activities 20 319 78 -847 -2'072 1'692 -158 78 -1'518 207 -2'822
Net Changes in Cash -102 -330 737 441 -408 492 -419 339 1'008 827 -2'106
Free Cash Flow (CFO-CAPEX) 173 205 1'179 1'204 834 1'228 1'571 567 1'690 854 537 136 643 946
Free Cash Flow To Firm 298 416 1'347 1'365 979 1'462 1'844 886 2'008 1'139 789
Free Cash Flow To Equity 336 950 1'940 946 949 3'652 1'701 1'637 714 1'503 -61
Free Cash Flow per Share 0.52 0.60 3.43 3.61 2.51 3.66 4.64 1.65 4.90 2.42 1.54
Company Analysis - Financials III/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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 35.7x 13.8x 21.2x 12.5x 16.5x 18.4x 14.0x 6.9x 9.6x 10.6x 8.0x 9.5x 8.2x 7.2x
EV to EBIT 17.4x 13.2x 10.8x 9.1x 9.8x 11.1x 11.7x 7.5x 9.0x 8.7x 7.1x
EV to EBITDA 8.5x 5.9x 5.3x 5.4x 6.1x 6.9x 7.4x 4.6x 5.2x 4.9x 4.0x 4.8x 4.8x 4.6x
Price to Sales 0.6x 0.4x 0.4x 0.5x 0.6x 0.6x 0.7x 0.3x 0.4x 0.4x 0.3x 0.2x 0.2x 0.2x
Price to Book 2.7x 1.6x 1.7x 2.8x 3.0x 3.0x 2.8x 1.4x 1.5x 1.2x 0.9x 0.8x 0.7x 0.7x
Dividend Yield 1.5% 2.0% 2.7% 2.2% 2.2% 2.5% 2.6% 5.3% 4.4% 5.0% 6.6% 7.6% 8.0% 8.1%
Profitability Ratios
Gross Margin 53.6% 53.7% 53.9%
EBITDA Margin 8.4% 10.3% 11.2% 12.6% 11.7% 11.9% 11.5% 10.9% 10.3% 10.1% 9.9% 8.6% 8.7% 9.0%
Operating Margin 4.1% 4.6% 5.5% 7.5% 7.3% 7.3% 7.3% 6.8% 5.9% 5.6% 5.6% 3.5% 3.9% 4.0%
Profit Margin 1.7% 3.0% 2.1% 4.4% 3.5% 4.7% 4.6% 4.6% 4.2% 3.4% 3.3% 2.0% 2.4% 2.7%
Return on Assets 1.6% 2.8% 1.8% 3.7% 3.4% 4.6% 4.4% 4.4% 3.8% 3.1% 3.0%
Return on Equity 7.4% 12.5% 8.0% 19.6% 19.3% 24.9% 22.1% 20.6% 16.4% 12.0% 12.1% 8.6% 9.5% 10.8%
Leverage & Coverage Ratios
Current Ratio 1.09 1.05 1.01 0.96 1.01 0.99 0.95 0.94 1.02 1.04 0.95
Quick Ratio 0.71 0.65 0.66 0.60 0.67 0.68 0.62 0.61 0.68 0.72 0.62
Interest Coverage Ratio (EBIT/I) 4.36 3.48 4.43 6.65 7.80 5.69 5.68 5.08 4.36 4.47 5.07
Tot Debt/Capital 0.38 0.42 0.47 0.51 0.50 0.55 0.48 0.50 0.43 0.43 0.43
Tot Debt/Equity 0.61 0.74 0.87 1.04 1.01 1.21 0.93 1.00 0.76 0.76 0.75
Others
Asset Turnover 0.94 0.94 0.88 0.85 0.99 0.97 0.94 0.94 0.90 0.90 0.93
Accounts Receivable Turnover 3.26 3.61 3.69 3.96 4.82 4.53 4.50 4.63 4.74 5.08 5.07
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate 34.4% 27.6% 37.8% 31.0% 35.4% 31.3% 28.4% 26.3% 25.2% 27.6% 29.9%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
BOUYGUES SA VINCI SA EIFFAGE FOSTER WHEELER BALFOUR BEATTY HOCHTIEF AG BILFINGER SE SKANSKA AB-B FCCHYUNDAI
ENG&CONSALARKO HLDG FLUOR CORP ATLANTIA SPA CHINA STATE -A
12/2011 12/2012 12/2011 12/2011 12/2011 12/2011 12/2012 12/2012 12/2011 12/2012 12/2011 12/2011 12/2011 12/2011
25.74 40.85 37.75 27.13 321.40 55.68 82.43 122.50 20.55 87'500.00 5.66 66.67 14.29 4.18
21.02.2012 16.03.2012 10.01.2013 28.01.2013 01.11.2012 28.02.2012 20.02.2013 20.02.2012 22.02.2012 13.03.2012 24.01.2013 28.01.2013 03.01.2013 18.02.2013
17.54 31.23 20.53 15.26 234.60 34.64 58.82 93.30 7.10 55'600.00 3.39 44.99 9.03 2.90
16.11.2012 01.06.2012 26.07.2012 12.07.2012 13.11.2012 06.09.2012 05.06.2012 01.06.2012 24.07.2012 26.07.2012 23.02.2012 25.06.2012 27.06.2012 24.09.2012
909'044 699'881 33'536 145'824 2'503'936 166'336 74'888 1'020'779 351'749 539'009 73'671 218'875 998'459 118'384'134
20.28 35.39 32.57 25.90 281.30 54.73 81.93 116.00 8.60 68'900.00 5.18 65.63 13.67 3.99
-21.2% -13.4% -13.7% -4.6% -12.5% -1.7% -0.6% -5.3% -58.2% -21.3% -8.5% -1.6% -4.3% -4.5%
15.6% 13.3% 58.7% 69.7% 19.9% 58.0% 39.3% 24.3% 21.1% 23.9% 52.8% 45.9% 51.4% 37.6%
314.9 536.2 85.6 108.3 687.0 73.6 46.0 411.8 114.6 111.4 223.5 169.0 648.5 30'000.0
6'575.4 20'432.3 2'838.9 2'745.8 1'936.7 4'214.2 3'770.8 48'997.6 1'094.4 7'672'412.0 1'157.6 10'928.0 9'047.2 119'700.0
7'262.0 20'193.8 16'112.0 149.1 587.0 3'794.4 1'181.0 11'103.0 9'112.7 1'354'810.8 263.3 533.0 10'759.6 133'022.5
- - - - - - - - - 494.0 - - - -
1'317.0 735.4 (1.0) 47.9 4.0 1'512.0 8.0 166.0 - - 106.3 64.4 450.5 29'331.8
3'415.0 6'516.1 2'402.0 719.3 595.0 2'657.7 1'087.0 5'770.0 2'698.3 1'314'050.1 611.6 2'761.4 619.9 94'380.3
13'667.4 34'845.4 16'945.9 2'224.8 2'258.7 8'142.1 3'872.8 54'496.6 9'588.5 8'263'210.2 969.9 8'728.2 23'206.6 228'382.9
LFY 32'706.0 38'633.6 13'802.0 4'480.7 9'494.0 23'282.2 8'509.0 129'350.0 11'754.8 10'433'442.0 1'322.7 23'381.4 4'306.6 463'876.8
LTM 33'584.0 38'633.6 13'833.0 3'808.1 9'807.0 26'040.3 8'509.0 129'350.0 11'541.2 10'433'442.0 1'570.2 26'806.5 3'891.1 463'876.8
CY+1 33'291.0 38'887.8 14'010.3 3'673.3 10'141.9 25'593.8 8'776.6 129'846.1 11'193.7 12'580'089.0 1'606.8 27'748.4 4'075.1 576'124.5
CY+2 33'101.9 39'821.3 14'211.6 4'189.8 9'650.3 26'701.8 9'196.7 133'178.8 11'120.6 14'137'208.7 2'017.9 29'332.1 4'267.5 671'681.0
LFY 0.4x 0.9x 1.2x 0.5x 0.2x 0.3x 0.4x 0.4x 0.8x 0.8x 0.5x 0.3x 5.1x 0.3x
LTM 0.4x 0.9x 1.2x 0.5x 0.2x 0.3x 0.4x 0.4x 0.8x 0.8x 0.5x 0.3x 5.7x 0.3x
CY+1 0.4x 0.9x 1.1x 0.6x 0.2x 0.3x 0.4x 0.4x 0.7x 0.6x 0.6x 0.3x 4.9x -
CY+2 0.4x 0.8x 1.1x 0.5x 0.2x 0.3x 0.4x 0.4x 0.7x 0.5x 0.5x 0.3x 4.8x -
LFY 3'230.0 5'507.8 1'939.0 280.9 326.0 1'674.2 441.0 4'462.0 1'143.0 513'619.8 141.3 1'187.4 2'345.2 28'914.4
LTM 2'854.0 5'453.4 1'983.0 309.5 373.0 1'625.6 441.0 4'462.0 - 513'619.8 122.7 1'248.0 2'291.8 28'914.4
CY+1 2'856.6 5'533.1 2'028.1 299.9 350.1 1'468.5 580.0 6'146.7 1'031.6 932'080.5 137.1 1'248.5 2'448.1 -
CY+2 2'875.7 5'706.6 2'103.5 346.2 343.7 1'662.6 622.8 6'548.7 1'117.9 1'091'510.0 178.2 1'347.5 2'586.7 -
LFY 4.0x 6.1x 8.4x 7.2x 7.3x 4.0x 7.8x 11.0x 8.4x 15.3x 5.1x 6.0x 9.4x 5.4x
LTM 4.6x 6.2x 8.2x 6.5x 6.4x 4.1x 7.8x 11.0x - 15.3x 5.9x 5.7x 9.7x 5.4x
CY+1 4.5x 6.1x 7.9x 7.4x 5.8x 5.0x 6.4x 8.3x 7.3x 7.9x 7.6x 7.3x 8.2x -
CY+2 4.5x 5.7x 7.5x 6.0x 6.2x 4.3x 5.8x 7.8x 6.7x 6.4x 6.1x 6.4x 7.9x -
LFY 3.06 3.52 2.49 1.40 0.27 -1.70 6.23 - 1.63 4'037.94 - 3.40 1.10 0.43
LTM 2.58 3.58 2.49 1.64 0.29 -0.15 6.23 6.93 -0.30 4'519.00 0.37 3.47 1.14 0.45
CY+1 2.13 3.51 2.59 1.71 0.35 2.53 5.76 8.33 0.72 5'294.18 0.48 3.69 1.06 0.52
CY+2 2.47 3.68 3.10 2.02 0.32 3.80 6.42 9.02 0.96 6'912.81 0.62 4.16 1.02 0.61
LFY 7.9x 9.9x 13.1x 15.8x 9.8x - 13.2x 16.7x - 15.2x 13.8x 18.9x 12.0x 8.9x
LTM 7.9x 10.0x 13.7x 15.8x 12.6x - 13.2x - - 17.1x - 18.9x 11.8x 9.2x
CY+1 9.5x 10.1x 12.6x 15.2x 8.2x 21.6x 14.2x 13.9x 11.9x 13.0x 10.8x 17.8x 12.8x 7.7x
CY+2 8.2x 9.6x 10.5x 12.8x 8.9x 14.4x 12.8x 12.9x 8.9x 10.0x 8.3x 15.8x 13.5x 6.5x
1 Year 4.7% 2.6% 1.8% 10.2% 2.8% 15.5% 3.7% 8.9% (1.3%) 3.3% 10.6% 12.1% 10.4% 30.5%
5 Year 2.7% 4.3% 2.8% (5.3%) 11.6% 8.7% 0.7% (1.1%) (4.2%) 13.7% 23.1% 12.6% 5.1% 29.4%
1 Year 2.5% 1.1% 4.7% (19.6%) 0.3% 13.1% (13.2%) (8.3%) (11.5%) - 854.5% 60.6% 2.6% 38.9%
5 Year 0.6% 3.7% 4.2% (3.3%) 21.1% 28.2% 6.3% (6.6%) (3.4%) 4.4% 59.3% 18.7% 3.8% 40.4%
LTM 8.5% 14.1% 14.3% 8.1% 3.8% 6.2% 5.2% 3.4% - 5.1% 8.3% 4.7% 58.9% 6.2%
CY+1 8.6% 14.2% 14.5% 8.2% 3.5% 5.7% 6.6% 4.7% 9.2% 7.4% 8.5% 4.5% 60.1% -
CY+2 8.7% 14.3% 14.8% 8.3% 3.6% 6.2% 6.8% 4.9% 10.1% 7.7% 8.8% 4.6% 60.6% -
Total Debt / Equity % 86.9% 151.4% 686.2% 21.5% 46.6% 146.0% 58.2% 57.9% 312.6% 31.4% 28.1% 15.7% 306.5% 149.3%
Total Debt / Capital % 42.9% 58.9% 87.3% 16.8% 31.7% 48.0% 36.7% 36.5% 75.8% 23.9% 20.1% 13.3% 73.1% 52.9%
Total Debt / EBITDA 2.954x 3.703x 7.969x 0.459x 2.424x 2.759x 2.678x 2.488x - 2.638x 1.940x 0.440x 6.282x 4.601x
Net Debt / EBITDA 2.037x 2.508x 7.130x -1.833x 0.853x 1.444x 0.213x 1.195x - 0.079x -2.372x -1.836x 5.451x 1.336x
EBITDA / Int. Expense 8.997x 7.578x 2.911x 21.817x 6.037x 6.036x 12.971x 9.637x - 11.405x 48.379x 76.110x 4.195x 5.620x
S&P LT Credit Rating BBB+ BBB+ - BBB- - - BBB+ - - - - A- BBB+ -
S&P LT Credit Rating Date 30.11.2011 29.03.2007 - 09.08.2010 - - 23.10.2012 - - - - 22.01.2004 23.02.2012 -
Moody's LT Credit Rating (P)A3 Baa1 - - - - - - - - - A3 Baa1 -
Moody's LT Credit Rating Date 26.01.2012 23.07.2002 - - - - - - - - - 29.11.2000 16.07.2012 -
EBITDA Growth
EBITDA Margin
Credit Ratings
Leverage/Coverage Ratios
P/E
Revenue Growth
Total Revenue
EV/Total Revenue
EPS
Cash and Equivalents
EBITDA
EV/EBITDA
Enterprise Value
Valuation
Preferred Stock
52-Week Low Date
Minority Interest
Total Common Shares (M)
Total Debt
Market Capitalization
Daily Volume
52-Week Low % Change
Current Price (2/dd/yy)
52-Week High % Change
52-Week High Date
52-Week Low
Latest Fiscal Year:
52-Week High
Company Analysis - Peers Comparision
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |