financial analysis occidental petroleum corp - occidental petroleum corporation explores for,...

20.02.2013

Ticker: Occidental Petroleum Corp Benchmark:

Currency: New York: OXY, Currency: USD S&P 500 INDEX (SPX)

Sector: Energy Industry: Oil, Gas & Consumable Fuels Year:

Telephone 1-310-208-8800 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)

Website www.oxy.com No of Employees Oil & Gas 18906 United States 1

Address 10889 Wilshire Boulevard Suite 1450 Los Angeles, CA 90024-4201 United States Chemical 4580 Total Foreign

Share Price Performance in USD Midstream, Marketing, & Other 1399

Price 86.02 1M Return 4.2% Corporate & Other -713

52 Week High 103.96 6M Return -1.6%

52 Week Low 71.90 52 Wk Return -15.1%

52 Wk Beta 1.44 YTD Return 12.3%

Credit Ratings

Bloomberg IG5

S&P A Date 23.06.2008 Outlook STABLE

Moody's A1 Date 19.04.2012 Outlook STABLE

Fitch A Date 30.07.2007 Outlook POS

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 21.0x 17.1x 11.4x 10.8x 11.7x 10.9x 9.3x

EV/EBIT 13.4x 10.7x 7.4x - - - -

EV/EBITDA 8.7x 7.6x 5.5x - 4.7x 4.3x 4.1x

P/S 4.5x 4.2x 3.2x 2.6x 2.8x 2.6x 2.6x

P/B 2.3x 2.5x 2.0x - 1.5x 1.4x 1.3x

Div Yield 1.6% 1.5% 2.0% 2.8% 2.7% 3.1% 3.5%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin 44.5 48.8 51.6 - 7.9 8.3 -

EBITDA Margin 52.3 56.8 59.2 52.8 63.3 64.0 66.9

Operating Margin 34.2 40.2 44.2 34.1 42.2 42.7 45.8

Profit Margin 19.7 23.8 28.3 19.0 23.4 23.8 27.6

Return on Assets 6.8 9.4 12.0 - 11.3 12.3 16.5

Return on Equity 10.3 14.7 19.3 - 13.7 14.3 14.9

Leverage and Coverage Ratios

12/09 12/10 12/11 12/12

Current Ratio 1.6 1.7 1.5 - Current Capitalization in USD

Quick Ratio 0.8 1.0 1.2 - Common Shares Outstanding (M) 811.0

EBIT/Interest 38.1 66.1 35.5 70.5 Market Capitalization (M) 69692.1

Tot Debt/Capital 0.1 0.1 0.1 - Cash and ST Investments (M) 3760.0

Tot Debt/Equity 0.1 0.2 0.2 - Total Debt (M) 7622.0

Eff Tax Rate % 39.2 39.2 38.8 40.2 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 0.0

Enterprise Value (M) 73554.1

#N/A N/A

Occidental Petroleum Corporation explores for, develops, produces, and markets

crude oil and natural gas. The Company also manufactures and markets a variety of

basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats,

processes, transports, stores, trades and markets crude oil, natural gas, NGLs,

condensate and carbon dioxide (CO2) and generates and markets power.

OXY US

24'172

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.oxy.com

Occidental Petroleum Corp

Target price in USD

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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Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 811.0 United States 83.71%

Float 98.5% Britain 4.70%

Short Interest (M) 8.4 Canada 2.86%

Short Interest as % of Float 1.05% Unknown Country 1.57%

Days to Cover Shorts 1.68 Japan 1.34%

Institutional Ownership 91.10% Switzerland 1.03%

Retail Ownership 7.43% Germany 0.91%

Insider Ownership 1.47% Others 3.87%

Institutional Ownership Distribution

Investment Advisor 85.95%

Hedge Fund Manager 4.75%

Pension Fund (Erisa) 2.53%

Individual 1.57%

Pricing data is in USD Others 5.20%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

BLACKROCK 52'918'905 0 4'552'089'500 6.53% 31.12.2012 ULT-AGG UNITED STATES

VANGUARD GROUP INC 35'582'981 793'395 3'060'851'584 4.39% 31.12.2012 13F UNITED STATES

STATE STREET 34'473'667 612'181 2'965'428'283 4.26% 19.02.2013 ULT-AGG UNITED STATES

WELLINGTON MANAGEMEN 27'838'692 644'741 2'394'687'070 3.44% 31.12.2012 13F UNITED STATES

FMR LLC 23'940'747 -4'596'961 2'059'385'451 2.95% 31.12.2012 ULT-AGG UNITED STATES

JP MORGAN 23'561'075 223'738 2'026'726'028 2.91% 31.12.2012 ULT-AGG

BANK OF NEW YORK MEL 15'986'337 2'480'521 1'375'146'307 1.97% 31.12.2012 13F UNITED STATES

DODGE & COX 15'707'401 -187'812 1'351'152'205 1.94% 31.12.2012 13F UNITED STATES

BARROW HANLEY MEWHIN 14'161'273 -96'926 1'218'154'120 1.75% 31.12.2012 13F UNITED STATES

MASSACHUSETTS FINANC 13'743'012 -349'677 1'182'175'267 1.70% 31.12.2012 13F UNITED STATES

DAVIS SELECTED ADVIS 11'697'856 -3'021'647 1'006'250'743 1.44% 31.12.2012 13F UNITED STATES

NORTHERN TRUST CORPO 10'966'164 370'372 943'310'524 1.35% 31.12.2012 13F UNITED STATES

NEUBERGER BERMAN LLC 8'935'824 -208'912 768'660'474 1.10% 31.12.2012 13F UNITED STATES

FRANKLIN RESOURCES 8'084'634 3'869'888 695'441'025 1.00% 31.12.2012 ULT-AGG UNITED STATES

TIAA CREF INVESTMENT 8'016'543 -246'025 689'583'831 0.99% 31.12.2012 13F UNITED STATES

IRANI RAY R 7'929'622 -49'245 682'106'877 0.98% 21.12.2012 Form 4 n/a

CAPITAL GROUP COMPAN 7'517'536 -4'364 646'659'198 0.93% 31.12.2012 ULT-AGG UNITED STATES

INVESCO LTD 7'182'644 1'087'018 617'851'755 0.89% 31.12.2012 13F UNITED STATES

NORGES BANK 6'626'006 214'339 569'969'699 0.82% 31.12.2011 13F NORWAY

BANK OF AMERICA CORP 6'293'394 -15'413 541'358'381 0.78% 31.12.2012 13F UNITED STATES

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

IRANI RAY R 7'929'622 -49'245 682'106'877 0.98% 21.12.2012 Form 4

CHAZEN STEPHEN I 2'016'392 -76'900 173'450'241 0.25% 09.08.2012 Form 4

de Brier Donald P 662'793 7'373 57'013'520 0.08% 20.07.2012 Form 4

MORGAN JOHN W 434'624 -2'871 37'386'400 0.05% 21.02.2008 Form 4

LIENERT JAMES M 131'862 3'452 11'342'782 0.02% 20.07.2012 Form 4

Company Analysis - Ownership

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Financial information is in USD (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 7'338 9'326 11'368 14'597 17'175 18'784 24'217 14'814 19'045 23'939 24'172 24'966 26'981 26'787

- Cost of Goods Sold 4'397 5'165 5'812 6'847 8'200 9'247 10'721 8'217 9'749 11'581

Gross Income 2'941 4'161 5'556 7'750 8'975 9'537 13'496 6'597 9'296 12'358 1'972 2'239

- Selling, General & Admin Expenses 876 1'057 1'227 1'638 1'652 1'684 1'584 1'529 1'633 1'781

(Research & Dev Costs) 7

Operating Income 2'065 3'104 4'329 6'112 7'323 7'853 11'912 5'068 7'663 10'577 8'254 10'544 11'518 12'261

- Interest Expense 295 332 260 293 291 339 129 133 116 298 117

- Foreign Exchange Losses (Gains) -11 3 13 0 0 0 0 0 0 0

- Net Non-Operating Losses (Gains) 119 -115 -333 -1'221 -635 -1'146 199 -330 -89 -562 384

Pretax Income 1'662 2'884 4'389 7'040 7'667 8'660 11'584 5'265 7'636 10'841 7'753 9'838 10'724 11'667

- Income Tax Expense 422 1'227 1'708 1'927 3'354 3'507 4'629 2'063 2'995 4'201 3'118

Income Before XO Items 1'240 1'657 2'681 5'113 4'313 5'153 6'955 3'202 4'641 6'640 4'635

- Extraordinary Loss Net of Tax 174 68 38 -241 11 -322 -18 236 39 -131 37

- Minority Interests 77 62 75 73 111 75 116 51 72 0

Diluted EPS Before XO Items 1.54 2.06 3.25 6.16 4.88 6.05 8.33 3.87 5.61 8.16 5.71

Net Income Adjusted* 999 1'641 2'489 5'609 4'431 5'311 7'348 3'070 4'668 6'828 5'750 5'844 6'424 7'399

EPS Adjusted 1.32 2.11 3.11 6.45 5.15 5.25 8.95 3.78 5.72 8.39 7.09 7.32 7.90 9.28

Dividends Per Share 0.50 0.52 0.55 0.32 0.80 0.94 1.21 1.31 1.47 1.84 2.16 2.33 2.67 2.97

Payout Ratio % 40.8 18.8 16.7 5.2 16.4 15.5 14.5 33.7 26.1 22.6 37.7 0.32 0.34 0.32

Total Shares Outstanding 756 774 793 804 840 826 810 814 813 811

Diluted Shares Outstanding 759 777 802 818 860 839 821 814 814 813 810

EBITDA 3'077 4'279 5'632 7'534 9'331 10'232 14'622 7'755 10'816 14'168 12'765 15'793 17'278 17'920

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


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 1873 2502 4431 6937 6169 8595 7172 10607 13059 11542

+ Cash & Near Cash Items 146 683 1'449 2'188 1'339 1'964 1'777 1'224 2'578 3'781

+ Short Term Investments 0 0 0 252 240 0 0 0 0 0

+ Accounts & Notes Receivable 929 1'145 1'882 2'531 2'825 4'973 3'117 4'092 5'032 5'395

+ Inventories 491 489 545 716 825 910 958 998 1'041 1'069

+ Other Current Assets 307 185 555 1'250 940 748 1'320 4'293 4'408 1'297

Total Long-Term Assets 14'675 15'666 16'960 19'171 26'262 27'924 34'365 33'622 39'373 48'502

+ Long Term Investments 275 264 0 0 0 0 0 0 0 0

Gross Fixed Assets 19'431 21'389 23'259 26'945 35'480 39'916 48'728 48'811 57'166 69'371

Accumulated Depreciation 6'395 7'405 8'626 9'774 11'342 13'638 16'462 17'674 20'630 23'687

+ Net Fixed Assets 13'036 13'984 14'633 17'171 24'138 26'278 32'266 31'137 36'536 45'684

+ Other Long Term Assets 1'364 1'418 2'327 2'000 2'124 1'646 2'099 2'485 2'837 2'818

Total Current Liabilities 2'235 2'526 3'423 4'272 4'695 6'266 6'134 6'491 7'825 7'947

+ Accounts Payable 785 909 1'557 2'046 2'263 4'263 3'306 3'282 4'646 5'304

+ Short Term Borrowings 206 476 459 46 171 47 698 239 0 0

+ Other Short Term Liabilities 1'244 1'141 1'407 2'180 2'261 1'956 2'130 2'970 3'179 2'643

Total Long Term Liabilities 7'207 7'401 7'091 6'464 8'132 7'395 8'078 8'579 12'123 14'477

+ Long Term Borrowings 3'997 3'993 3'345 2'873 2'619 1'741 2'049 2'557 5'111 5'871

+ Other Long Term Borrowings 3'210 3'408 3'746 3'591 5'513 5'654 6'029 6'022 7'012 8'606

Total Liabilities 9'442 9'927 10'514 10'736 12'827 13'661 14'212 15'070 19'948 22'424

+ Long Preferred Equity 455 0 0 0 0 0 0 0 0 0

+ Minority Interest 333 312 327 340 352 35 25 78 0 0

+ Share Capital & APIC 4'042 4'349 4'731 4'988 7'079 7'246 7'289 7'304 7'368 7'463

+ Retained Earnings & Other Equity 2'276 3'580 5'819 10'044 12'173 15'577 20'011 21'777 25'116 30'157

Total Shareholders Equity 7'106 8'241 10'877 15'372 19'604 22'858 27'325 29'159 32'484 37'620

Total Liabilities & Equity 16'548 18'168 21'391 26'108 32'431 36'519 41'537 44'229 52'432 60'044

Book Value Per Share 8.36 10.24 13.30 18.69 22.92 27.64 33.69 35.75 39.97 46.39 55.98 61.64 66.35

Tangible Book Value Per Share 8.36 10.24 13.30 27.47

Company Analysis - Financials II/IV


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 989 1'527 2'568 5'281 4'191 5'400 6'857 2'915 4'530 6'771 4'598 5'627 6'432

+ Depreciation & Amortization 1'012 1'175 1'303 1'422 2'008 2'379 2'710 2'687 3'153 3'591 4'511

+ Other Non-Cash Adjustments 150 246 384 -1'272 699 -329 1'189 1'325 1'163 1'579

+ Changes in Non-Cash Capital -51 126 -377 -94 -545 -652 -104 -1'120 720 340

Cash From Operating Activities 2'100 3'074 3'878 5'337 6'353 6'798 10'652 5'807 9'566 12'281

+ Disposal of Fixed Assets 41 70 9 0 0 509 27 51 20 50

+ Capital Expenditures -1'236 -1'600 -1'843 -2'324 -2'987 -3'497 -4'664 -3'245 -3'940 -7'518 -10'226 -9'456 -9'221

+ Increase in Investments 0 0 0 0 0 0 0 0 0

+ Decrease in Investments 0 0 0 0 0 0 0 0 0

+ Other Investing Activities -501 -491 -594 -837 -1'396 -140 -4'692 -2'133 -5'375 -2'435

Cash From Investing Activities -1'696 -2'021 -2'428 -3'161 -4'383 -3'128 -9'329 -5'327 -9'295 -9'903

+ Dividends Paid -375 -392 -424 -483 -646 -765 -940 -1'063 -1'159 -1'436

+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0

+ Increase in Long Term Borrowings 248 297 60 236 173 127 1'043 740 2'584 2'111

+ Decrease in Long Term Borrowings -199 -631 -239 -1'134 -1'066 -1'291 -96 -692 -311 -1'523

+ Increase in Capital Stocks 154 210 245 175 193 88 122 45 10 50

+ Decrease in Capital Stocks -9 -2 -466 -8 -1'473 -1'204 -1'511 -40 -67 -274

+ Other Financing Activities -275 2 27 0 0 -128 -23 26 -103

Cash From Financing Activities -456 -516 -824 -1'187 -2'819 -3'045 -1'510 -1'033 1'083 -1'175

Net Changes in Cash -52 537 626 989 -849 625 -187 -553 1'354 1'203

Free Cash Flow (CFO-CAPEX) 864 1'474 2'035 3'013 3'366 3'301 5'988 2'562 5'626 4'763 2'756 4'268

Free Cash Flow To Firm 1'084 1'665 2'194 3'226 3'530 3'503 6'065 2'643 5'697 4'946

Free Cash Flow To Equity 1'409 755 1'865 2'115 2'473 2'646 6'962 2'661 7'919 5'401

Free Cash Flow per Share 1.15 1.92 2.57 3.74 3.95 3.95 7.32 3.16 6.92 5.87

Company Analysis - Financials III/IV


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 10.8x 10.0x 9.4x 6.5x 10.0x 15.6x 6.7x 21.0x 17.1x 11.4x 10.8x 11.7x 10.9x 9.3x

EV to EBIT 7.6x 6.6x 6.0x 5.4x 5.8x 8.1x 4.2x 13.4x 10.7x 7.4x

EV to EBITDA 5.1x 4.8x 4.6x 4.4x 4.6x 6.2x 3.4x 8.7x 7.6x 5.5x 4.7x 4.3x 4.1x

Price to Sales 1.5x 1.7x 2.0x 2.2x 2.4x 3.4x 2.0x 4.5x 4.2x 3.2x 2.6x 2.8x 2.6x 2.6x

Price to Book 1.7x 2.1x 2.2x 2.1x 2.1x 2.8x 1.8x 2.3x 2.5x 2.0x 1.5x 1.4x 1.3x

Dividend Yield 3.5% 2.5% 1.9% 0.8% 1.6% 1.2% 2.0% 1.6% 1.5% 2.0% 2.8% 2.7% 3.1% 3.5%

Profitability Ratios

Gross Margin 40.1% 44.6% 48.9% 53.1% 52.3% 50.8% 55.7% 44.5% 48.8% 51.6% 7.9% 8.3%

EBITDA Margin 41.9% 45.9% 49.5% 51.6% 54.3% 54.5% 60.4% 52.3% 56.8% 59.2% 52.8% 63.3% 64.0% 66.9%

Operating Margin 28.1% 33.3% 38.1% 41.9% 42.6% 41.8% 49.2% 34.2% 40.2% 44.2% 34.1% 42.2% 42.7% 45.8%

Profit Margin 13.5% 16.4% 22.6% 36.2% 24.4% 28.7% 28.3% 19.7% 23.8% 28.3% 19.0% 23.4% 23.8% 27.6%

Return on Assets 5.8% 8.8% 13.0% 22.2% 14.3% 15.7% 17.6% 6.8% 9.4% 12.0% 11.3% 12.3% 16.5%

Return on Equity 16.5% 21.4% 27.8% 41.3% 24.4% 25.7% 27.4% 10.3% 14.7% 19.3% 13.7% 14.3% 14.9%

Leverage & Coverage Ratios

Current Ratio 0.84 0.99 1.29 1.62 1.31 1.37 1.17 1.63 1.67 1.45

Quick Ratio 0.48 0.72 0.97 1.16 0.94 1.11 0.80 0.82 0.97 1.15

Interest Coverage Ratio (EBIT/I) 6.73 9.24 16.03 19.16 21.41 23.17 92.34 38.11 66.06 35.49 70.55

Tot Debt/Capital 0.37 0.35 0.26 0.16 0.12 0.07 0.09 0.09 0.14 0.13

Tot Debt/Equity 0.59 0.54 0.35 0.19 0.14 0.08 0.10 0.10 0.16 0.16

Others

Asset Turnover 0.43 0.54 0.57 0.61 0.59 0.54 0.62 0.35 0.39 0.43

Accounts Receivable Turnover 11.39 8.99 7.51 6.62 6.41 4.82 5.99 4.11 4.17 4.59

Accounts Payable Turnover 5.91 6.10 4.76 3.90 3.86 2.86 2.85 2.51 2.47 2.33

Inventory Turnover 9.41 10.54 11.24 10.86 10.64 10.66 11.48 8.40 9.56 10.98

Effective Tax Rate 25.4% 42.5% 38.9% 27.4% 43.7% 40.5% 40.0% 39.2% 39.2% 38.8% 40.2%

Company Analysis - Financials IV/IV


OCCIDENTAL PETEEXXON MOBIL

CORPCONOCOPHILLIPS HESS CORP APACHE CORP MARATHON OIL

DEVON ENERGY

CO

ROYAL DUTCH SH-

ABP PLC CHEVRON CORP TOTAL SA

NOBLE ENERGY

INC

ANADARKO

PETROLEEOG RESOURCES MURPHY OIL CORP

12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012

106.68 93.67 62.05 70.77 112.09 35.86 76.34 2'349.00 512.00 118.53 42.97 115.59 88.28 138.20 64.10

28.02.2012 19.10.2012 30.01.2013 29.01.2013 24.02.2012 19.02.2013 19.03.2012 24.02.2012 05.03.2012 21.09.2012 14.03.2012 08.02.2013 22.02.2012 14.02.2013 30.01.2013

72.43 77.13 50.62 39.67 74.50 23.17 50.89 1'956.50 389.50 95.73 33.42 76.83 56.42 82.48 41.40

16.11.2012 05.06.2012 04.06.2012 25.06.2012 16.11.2012 22.06.2012 31.12.2012 18.05.2012 18.05.2012 04.06.2012 01.06.2012 25.06.2012 04.06.2012 26.06.2012 25.06.2012

689'006 1'644'160 1'074'697 733'930 940'925 526'540 807'996 1'797'423 23'075'700 620'333 1'844'345 78'178 676'289 512'328 216'481

86.02 89.76 58.47 67.70 76.40 35.47 60.10 2'163.50 449.35 115.99 38.19 113.25 82.89 130.96 61.72

-19.4% -4.2% -5.8% -4.3% -31.8% -1.1% -21.3% -7.9% -12.2% -2.1% -11.1% -2.0% -6.1% -5.2% -3.7%

18.8% 16.4% 15.5% 70.7% 2.6% 53.1% 18.1% 10.6% 15.4% 21.2% 14.3% 47.4% 46.9% 58.8% 49.1%

811.0 4'734.0 1'285.7 341.5 392.0 704.0 404.0 6'305.9 19'119.8 1'981.2 2'257.5 179.0 499.8 271.6 193.3

69'692.0 409'264.8 71'391.6 23'122.7 29'948.8 25'056.6 24'340.5 139'728.9 86'111.6 227'007.6 90'343.2 20'239.5 41'491.9 35'474.6 11'994.6

5'871.0 17'033.0 22'623.0 8'111.0 12'345.0 4'815.0 9'780.0 37'754.0 48'797.0 10'152.0 33'290.0 4'064.0 13'269.0 6'312.2 599.6

- - - - 1'227.0 - - - - - - - - - -

- 6'348.0 510.0 76.0 - 7.0 - 1'433.0 1'206.0 799.0 1'281.0 - 1'253.0 - -

3'781.0 12'664.0 6'361.0 642.0 160.0 493.0 7'058.0 18'550.0 20'114.0 16'113.0 17'031.0 1'387.0 2'471.0 876.4 1'046.0

73'554.0 414'275.8 91'711.6 30'591.7 42'133.8 30'925.6 28'073.5 234'471.1 161'704.3 219'050.6 107'883.2 22'916.5 53'542.9 40'910.3 11'870.9

LFY 24'172.0 449'886.0 57'967.0 37'691.0 16'947.0 15'688.0 9'502.0 467'153.0 370'866.0 222'580.0 182'299.0 4'003.0 14'060.0 11'807.7 28'626.0

LTM 24'172.0 426'252.0 96'888.0 37'691.0 16'947.0 15'688.0 9'627.0 467'153.0 370'866.0 222'580.0 182'299.0 4'079.0 14'058.0 11'807.7 28'690.7

CY+1 24'965.7 422'334.8 51'242.3 36'736.4 17'714.5 16'368.5 9'792.8 455'153.6 337'719.0 227'992.7 179'248.7 5'140.5 15'155.2 12'306.1 26'722.6

CY+2 26'980.7 454'263.9 54'625.6 36'842.8 19'444.0 16'951.4 10'793.3 466'949.4 348'629.6 237'395.0 179'649.8 6'222.2 17'079.1 13'888.4 26'774.4

LFY 3.0x 0.9x 1.5x 0.7x 2.5x 1.7x 3.0x 0.5x 0.4x 1.0x 0.6x 5.2x 3.5x 3.2x 0.4x

LTM 3.1x 1.0x 0.7x 0.7x 2.5x 1.8x 2.9x 0.5x 0.4x 1.0x 0.6x 5.1x 3.5x 3.2x 0.4x

CY+1 3.0x 1.0x 1.7x 0.8x 2.5x 1.9x 3.4x 0.5x 0.5x 1.0x 0.6x 4.6x 3.5x 3.3x 0.6x


LFY 12'765.0 69'687.0 19'396.0 7'022.0 12'283.0 8'648.0 6'389.0 52'114.0 21'187.0 48'426.0 32'343.0 2'545.0 6'950.0 6'045.3 3'313.8

LTM 12'164.0 64'877.0 20'383.0 7'022.0 12'283.0 8'648.0 5'263.0 52'114.0 22'056.0 48'426.0 31'942.0 2'588.0 6'948.0 6'045.3 3'343.3

CY+1 15'793.4 80'165.0 21'776.5 7'558.5 12'435.4 9'889.4 5'768.3 60'695.9 37'939.7 54'850.9 33'338.2 3'723.5 9'609.7 6'830.9 3'343.4

CY+2 17'278.3 83'096.6 24'210.1 7'718.9 13'913.2 10'236.1 6'620.5 62'737.2 42'132.4 57'388.5 34'580.9 4'579.3 11'163.2 8'365.4 4'036.9





LFY 7.09 7.56 5.37 5.95 9.63 2.45 3.26 3.94 0.44 12.10 4.72 4.95 4.10 5.67 6.18

LTM 7.09 7.89 6.09 6.03 9.56 2.45 3.28 4.25 0.61 12.12 4.73 4.84 4.12 5.90 6.25

CY+1 7.32 7.89 5.51 6.27 9.39 3.04 3.95 4.22 0.87 12.17 5.27 6.56 4.24 5.90 5.11

CY+2 7.90 8.30 6.19 6.43 10.95 3.19 5.26 4.32 0.98 12.55 5.36 8.40 5.30 7.96 6.43





1 Year 1.0% 3.8% (74.9%) (2.0%) 0.8% 7.0% (13.3%) (0.6%) (1.2%) (5.8%) 9.5% 22.2% 3.0% 29.0% 3.4%

5 Year 4.0% 2.4% (10.5%) 1.0% 12.1% (13.3%) (3.3%) 3.4% 5.1% (0.1%) 4.5% 6.9% 6.5% 22.2% 7.3%

1 Year (9.9%) - (26.2%) 13.2% (2.1%) 27.7% - (6.8%) (53.7%) (5.4%) (1.7%) 21.1% (5.5%) 28.9% 9.4%

5 Year 4.5% 0.4% (8.8%) 6.0% 10.9% 2.0% (0.4%) (0.7%) (10.8%) 7.1% 1.0% 3.3% 4.5% 17.5% 13.1%

LTM 50.3% 15.2% 21.0% 18.6% 72.5% 55.1% 54.6% 11.2% 5.9% 21.8% 17.5% 63.4% 49.4% 51.2% 11.7%

CY+1 63.3% 19.0% 42.5% 20.6% 70.2% 60.4% 58.9% 13.3% 11.2% 24.1% 18.6% 72.4% 63.4% 55.5% 12.5%

CY+2 64.0% 18.3% 44.3% 21.0% 71.6% 60.4% 61.3% 13.4% 12.1% 24.2% 19.2% 73.6% 65.4% 60.2% 15.1%

Total Debt / Equity % 15.6% 11.0% 34.7% 37.9% 39.4% 28.1% 45.6% 20.0% 41.2% 8.4% 45.7% 49.2% 64.3% 47.5%

Total Debt / Capital % 13.5% 9.6% 25.6% 27.5% 28.3% 21.9% 31.3% 16.6% 29.0% 7.7% 31.0% 33.0% 37.7% 32.2%

Total Debt / EBITDA 0.570x 0.192x 1.008x 1.155x 1.005x 0.825x 2.135x 0.724x 2.212x 0.254x 1.042x 1.570x 1.910x 1.044x

Net Debt / EBITDA 0.289x -0.010x 0.948x 1.064x 0.992x 0.740x 0.709x 0.368x 1.300x -0.190x 0.509x 1.034x 1.554x 0.899x

EBITDA / Int. Expense 109.103x 82.961x 14.650x 15.709x 74.442x 39.489x 15.068x 29.661x 18.833x 177.813x 48.201x 5.960x 9.367x 28.308x

S&P LT Credit Rating A AAA A BBB A- BBB BBB+ AA A AA AA- BBB BBB- A-

S&P LT Credit Rating Date 23.06.2008 16.12.1985 07.02.2012 22.07.2010 26.01.2001 01.07.2011 18.03.2008 03.09.2009 24.09.2010 01.07.1987 12.04.2011 24.02.2009 08.09.2006 12.04.2007

Moody's LT Credit Rating A1 WR A1 Baa2 A3 Baa2 Baa1 Aa1 - Aa1 Aa1 Baa2 Baa3 A3

Moody's LT Credit Rating Date 19.04.2012 16.08.1993 26.04.2012 28.04.2008 29.11.2010 28.06.2011 21.09.2007 20.07.2005 - 27.02.2009 30.08.2005 14.10.1993 23.03.2012 24.03.2006

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

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