Financial Analysis - Barrick Gold Corporation is an international gold company with operating mines...
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Transcript of Financial Analysis - Barrick Gold Corporation is an international gold company with operating mines...
24.04.2013
Ticker: Barrick Gold Corp Benchmark:
Currency: New York: ABX, Currency: USD S&P 500 INDEX (SPX)
Sector: Materials Industry: Metals & Mining Year:
Telephone 1-416-861-9911 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website www.barrick.com No of Employees Gold Mines 12564 Unallocated Sales 1
Address Brookfield Pl,CanadaTrustTower 161 Bay Street, Suite 3700 Toronto, ON M5J 2S1 Canada Copper Mines 1689
Share Price Performance in USD Barrick Energy (Oil & Gas) 153
Price 17.59 1M Return -40.1% Other Metals 141
52 Week High 42.62 6M Return -53.7%
52 Week Low 17.51 52 Wk Return -54.6%
52 Wk Beta 0.58 YTD Return -49.4%
Credit Ratings
Bloomberg IG10
S&P BBB+ Date 30.07.2012 Outlook NEG
Moody's Baa1 *- Date - Outlook -
Fitch - Date - Outlook -
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 16.6x 15.6x 9.8x 9.4x 5.2x 4.8x 4.9x
EV/EBIT 17.0x 11.6x 8.4x 8.8x - - -
EV/EBITDA 12.0x 9.3x 7.0x 6.7x 4.5x 4.1x 3.9x
P/S 4.4x 4.8x 3.2x 2.4x 1.2x 1.2x 1.1x
P/B 2.6x 2.7x 1.9x 1.6x 0.7x 0.7x 0.6x
Div Yield 1.0% 0.8% 1.1% 2.1% 4.6% 4.6% 4.5%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 40.0 53.1 56.2 47.4 56.8 58.9 57.3
EBITDA Margin 44.1 56.5 58.5 50.6 50.1 51.6 53.4
Operating Margin 30.9 45.4 48.5 38.7 38.1 39.2 36.5
Profit Margin -52.5 32.6 31.5 -4.6 23.2 23.9 22.3
Return on Assets -16.7 11.6 10.7 -1.4 7.5 8.2 7.6
Return on Equity -28.2 20.7 20.9 -2.9 14.7 13.6 12.5
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 2.8 2.8 2.2 1.3 Current Capitalization in USD
Quick Ratio 1.6 1.7 1.1 0.6 Common Shares Outstanding (M) 1001.1
EBIT/Interest 7.7 10.8 11.4 7.6 Market Capitalization (M) 17610.0
Tot Debt/Capital 0.3 0.2 0.3 0.4 Cash and ST Investments (M) 2093.0
Tot Debt/Equity 0.4 0.3 0.5 0.6 Total Debt (M) 13943.0
Eff Tax Rate % - 30.8 33.5 - Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 2663.0
Enterprise Value (M) 32123.0
Barrick Gold Corporation is an international gold company with operating mines and
development projects in the United States, Canada, South America, Australia, and
Africa.
ABX UN
14'547
26'140
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Barrick Gold 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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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Barrick Gold Corp
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 1001.1 United States 62.11%
Float 99.7% Canada 27.13%
Short Interest (M) 6.4 Britain 3.51%
Short Interest as % of Float 0.65% Germany 1.44%
Days to Cover Shorts 0.84 Luxembourg 1.04%
Institutional Ownership 80.49% Japan 0.86%
Retail Ownership 19.25% Netherlands 0.84%
Insider Ownership 0.26% Others 3.07%
Institutional Ownership Distribution
Investment Advisor 90.86%
Hedge Fund Manager 3.79%
Insurance Company 1.66%
Bank 1.54%
Pricing data is in USD Others 2.16%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
BLACKROCK 87'777'710 0 1'544'009'919 8.77% 31.03.2013 ULT-AGG UNITED STATES
CAPITAL GROUP COMPAN 58'280'637 -23'472'640 1'025'156'405 5.82% 31.03.2013 ULT-AGG UNITED STATES
VAN ECK ASSOCIATES C 33'799'228 -1'012'978 594'528'421 3.38% 23.04.2013 ULT-AGG UNITED STATES
ROYAL BANK OF CANADA 30'078'073 3'795'193 529'073'304 3.00% 31.12.2012 ULT-AGG CANADA
FMR LLC 20'600'402 -3'418'885 362'361'071 2.06% 28.02.2013 ULT-AGG UNITED STATES
CI INVESTMENTS INC 17'663'919 771'337 310'708'335 1.76% 31.12.2012 MF-AGG CANADA
BMO FINANCIAL CORP 17'095'925 -4'625'429 300'717'321 1.71% 31.03.2013 13F UNITED STATES
ALLIANZ ASSET MANAGE 16'861'844 3'198'995 296'599'836 1.68% 31.03.2013 ULT-AGG GERMANY
CIBC WORLD MARKETS I 14'810'763 38'951 260'521'321 1.48% 31.12.2012 13F CANADA
BANK OF NEW YORK MEL 13'797'555 -4'803'846 242'698'992 1.38% 31.03.2013 13F UNITED STATES
TORONTO DOMINION BAN 13'586'744 1'359'379 238'990'827 1.36% 31.12.2012 13F CANADA
TD ASSET MANAGEMENT 13'422'922 866'236 236'109'198 1.34% 31.12.2012 13F CANADA
INSTITUTIONAL CAPITA 12'729'638 -401'738 223'914'332 1.27% 31.12.2012 13F UNITED STATES
FRANKLIN RESOURCES 10'867'001 372'180 191'150'548 1.09% 31.01.2013 ULT-AGG UNITED STATES
WELLINGTON MANAGEMEN 10'758'391 353'171 189'240'098 1.07% 31.12.2012 13F UNITED STATES
IA CLARINGTON INVEST 10'376'354 -2'442'600 182'520'067 1.04% 31.12.2012 MF-AGG CANADA
CIBC GLOBAL ASSET MA 10'027'723 1'562'724 176'387'648 1.00% 31.12.2012 13F CANADA
HARTFORD INVESTMENT 9'553'806 6'763'418 168'051'448 0.95% 28.02.2013 MF-AGG UNITED STATES
MACKENZIE FINANCIAL 9'250'600 -491'846 162'718'054 0.92% 31.12.2012 13F CANADA
OLDFIELD PARTNERS LL 8'964'554 1'678'488 157'686'505 0.90% 31.03.2013 13F BRITAIN
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
MUNK PETER 1'990'100 301'600 35'005'859 0.20% 19.11.2012 SEDI
DAVID BIRCH CHARLES WILLIA 285'220 5'017'020 0.03% 01.08.2012 SEDI
BECK HOWARD L 169'144 2'975'243 0.02% 01.03.2013 Proxy
REGENT AARON W 60'000 35'000 1'055'400 0.01% 28.02.2012 SEDI
SOKALSKY JAMIE C 52'728 688 927'486 0.01% 15.01.2013 SEDI
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] |
Barrick Gold Corp
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 1'967 2'035 1'932 2'350 5'630 6'332 7'613 8'136 11'001 14'236 14'547 14'143 15'194 15'344
- Cost of Goods Sold 1'590 1'594 1'499 1'641 3'476 4'198 4'663 4'880 5'162 6'240 7'654
Gross Income 377 441 433 709 2'154 2'134 2'950 3'256 5'839 7'996 6'893 8'028 8'953 8'792
- Selling, General & Admin Expenses 168 210 212 212 648 727 897 740 840 1'088 1'257
(Research & Dev Costs) 104 137 119 188 242 85 0 0 0
Operating Income 209 231 221 497 1'506 1'407 2'053 2'516 4'999 6'908 5'636 5'383 5'962 5'595
- Interest Expense 57 44 19 7 126 113 21 57 180 199 177
- Foreign Exchange Losses (Gains) 0 0 0 0 0 0 0 0 0 0 0
- Net Non-Operating Losses (Gains) -25 -35 157 35 -176 -143 537 6'176 -248 -115 6'372
Pretax Income 177 222 45 455 1'556 1'437 1'495 -3'717 5'067 6'824 -913 4'931 5'468 5'089
- Income Tax Expense -16 5 -203 60 348 341 594 648 1'561 2'287 -236
Income Before XO Items 193 217 248 395 1'208 1'096 901 -4'365 3'506 4'537 -677
- Extraordinary Loss Net of Tax 0 17 0 -6 -297 -9 104 -97 -124 0 0
- Minority Interests 0 0 0 0 -1 -14 12 6 48 53 -12
Diluted EPS Before XO Items 0.36 0.40 0.46 0.73 1.42 1.27 1.01 (4.84) 3.47 4.48 (0.66)
Net Income Adjusted* 235 162 87 296 1'419 1'786 1'739 1'810 3'279 4'670 3'830 3'283 3'631 3'425
EPS Adjusted 0.42 0.40 0.46 0.56 1.67 2.04 1.59 2.00 3.32 4.67 3.82 3.40 3.68 3.60
Dividends Per Share 0.22 0.22 0.22 0.22 0.22 0.30 0.40 0.40 0.44 0.51 0.75 0.80 0.81 0.79
Payout Ratio % 61.7 54.4 47.6 29.9 15.8 23.5 39.3 12.6 11.4 0.24 0.22 0.22
Total Shares Outstanding 542 535 534 538 864 870 873 984 999 1'000 1'001
Diluted Shares Outstanding 541 539 534 538 855 879 885 903 997 1'001 1'001
EBITDA 728 753 673 924 2'241 2'461 3'010 3'589 6'211 8'327 7'358 7'081 7'838 8'189
*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 1352 1368 1959 1748 4796 4299 4112 4938 7071 6545 5863
+ Cash & Near Cash Items 1'044 970 1'398 1'037 3'043 2'207 1'437 2'564 3'968 2'745 2'093
+ Short Term Investments 30 0 0 0 0 0 0 0 0 0 0
+ Accounts & Notes Receivable 72 56 58 54 234 256 197 251 370 426 449
+ Inventories 206 164 215 402 931 1'129 1'278 1'540 1'798 2'498 2'695
+ Other Current Assets 0 178 288 255 588 707 1'200 583 935 876 626
Total Long-Term Assets 3'909 3'990 4'328 5'114 16'714 17'652 20'049 22'137 27'566 42'339 41'419
+ Long Term Investments 0 0 0 0 646 1'227 60 92 171 161 78
Gross Fixed Assets 7'045 7'073 7'778 8'916 15'309 16'488 20'170 22'802 29'417 42'050 48'988
Accumulated Depreciation 3'723 3'945 4'387 4'770 6'919 7'903 8'665 9'677 11'527 13'071 20'271
+ Net Fixed Assets 3'322 3'128 3'391 4'146 8'390 8'585 11'505 13'125 17'890 28'979 28'717
+ Other Long Term Assets 587 862 937 968 7'678 7'840 8'484 8'920 9'505 13'199 12'624
Total Current Liabilities 483 364 420 560 1'852 1'296 1'844 1'773 2'491 2'911 4'415
+ Accounts Payable 164 245 335 386 686 808 953 1'221 1'511 2'083 2'265
+ Short Term Borrowings 0 0 31 80 863 233 206 54 14 196 1'848
+ Other Short Term Liabilities 319 119 54 94 303 255 685 498 966 632 302
Total Long Term Liabilities 1'444 1'500 2'293 2'452 5'403 5'317 6'858 9'755 10'929 20'419 18'359
+ Long Term Borrowings 761 719 1'655 1'721 3'244 3'153 4'350 6'281 6'624 13'173 12'095
+ Other Long Term Borrowings 683 781 638 731 2'159 2'164 2'508 3'474 4'305 7'246 6'264
Total Liabilities 1'927 1'864 2'713 3'012 7'255 6'613 8'702 11'528 13'420 23'330 22'774
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 0 0 0 0 56 82 182 484 1'745 2'191 2'663
+ Share Capital & APIC 4'148 4'115 4'129 4'222 13'106 13'273 13'372 17'390 17'820 17'892 17'926
+ Retained Earnings & Other Equity -814 -621 -555 -372 1'093 1'983 1'905 -2'327 1'652 5'471 3'919
Total Shareholders Equity 3'334 3'494 3'574 3'850 14'255 15'338 15'459 15'547 21'217 25'554 24'508
Total Liabilities & Equity 5'261 5'358 6'287 6'862 21'510 21'951 24'161 27'075 34'637 48'884 47'282
Book Value Per Share 6.15 6.53 6.70 7.16 16.43 17.54 17.50 15.30 19.50 23.35 21.82 23.82 26.15 29.00
Tangible Book Value Per Share 9.57 10.74 11.37 9.96 12.92 13.16 12.54
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 193 200 248 401 1'506 1'119 785 -4'274 3'582 4'484 -665 3'328 3'775 3'709
+ Depreciation & Amortization 519 522 452 427 735 1'054 957 1'073 1'212 1'419 1'722
+ Other Non-Cash Adjustments -182 -101 -75 -19 -131 -168 882 1'251 172 120 4'998
+ Changes in Non-Cash Capital 59 -102 -116 -83 41 -252 -370 -372 -381 -708 -616
Cash From Operating Activities 589 519 509 726 2'151 1'753 2'254 -2'322 4'585 5'315 5'439
+ Disposal of Fixed Assets 0 40 43 8 8 100 185 10 61 48 18
+ Capital Expenditures -228 -322 -824 -1'104 -1'087 -1'046 -1'749 -2'351 -3'778 -4'973 -6'369 -5'935 -4'128 -2'524
+ Increase in Investments 0 0 0 0 -245 0 0 0 0 0 0
+ Decrease in Investments 0 0 0 0 46 0 0 0 0 0 0
+ Other Investing Activities 170 -52 -40 -84 2'473 -616 -2'356 -74 -913 -7'902 -170
Cash From Investing Activities -58 -334 -821 -1'180 1'195 -1'562 -3'920 -2'415 -4'630 -12'827 -6'521
+ Dividends Paid -119 -118 -118 -118 -191 -261 -349 -369 -436 -509 -750
+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 0
+ Increase in Long Term Borrowings 0 0 973 179 2'189 408 2'717 2'154 782 6'648 2'000
+ Decrease in Long Term Borrowings -25 -23 -41 -59 -1'581 -1'128 -1'603 -397 -149 -380 -1'462
+ Increase in Capital Stocks 83 29 49 92 74 142 74 3'950 1'011 57 18
+ Decrease in Capital Stocks 0 -154 -95 0 0 0 0 0 0 0 0
+ Other Financing Activities 0 7 -28 -1 -1'831 -188 57 526 241 473 624
Cash From Financing Activities -61 -259 740 93 -1'340 -1'027 896 5'864 1'449 6'289 430
Net Changes in Cash 470 -74 428 -361 2'006 -836 -770 1'127 1'404 -1'223 -652
Free Cash Flow (CFO-CAPEX) 361 197 -315 -378 1'064 707 505 -4'673 807 342 -930 -941 1'348 3'437
Free Cash Flow To Firm 240 -372 1'162 793 518 932 474
Free Cash Flow To Equity 336 214 660 -250 1'680 87 1'804 -2'906 1'501 6'658 -374
Free Cash Flow per Share 0.67 0.37 -0.59 -0.71 1.26 0.82 0.58 -5.17 0.82 0.34 -0.93
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 41.8x 102.8x 150.8x 50.7x 22.0x 33.2x 20.2x 16.6x 15.6x 9.8x 9.4x 5.2x 4.8x 4.9x
EV to EBIT 38.6x 51.3x 59.6x 31.7x 18.4x 27.0x 17.2x 17.0x 11.6x 8.4x 8.8x
EV to EBITDA 11.1x 15.7x 19.6x 17.1x 12.4x 15.4x 11.7x 12.0x 9.3x 7.0x 6.7x 4.5x 4.1x 3.9x
Price to Sales 4.2x 6.0x 6.7x 6.4x 4.6x 5.8x 4.2x 4.4x 4.8x 3.2x 2.4x 1.2x 1.2x 1.1x
Price to Book 2.5x 3.5x 3.6x 3.9x 1.9x 2.4x 2.1x 2.6x 2.7x 1.9x 1.6x 0.7x 0.7x 0.6x
Dividend Yield 1.4% 1.0% 0.9% 0.8% 0.7% 0.7% 1.1% 1.0% 0.8% 1.1% 2.1% 4.6% 4.6% 4.5%
Profitability Ratios
Gross Margin 19.2% 21.7% 22.4% 30.2% 38.3% 33.7% 38.7% 40.0% 53.1% 56.2% 47.4% 56.8% 58.9% 57.3%
EBITDA Margin 37.0% 37.0% 34.8% 39.3% 39.8% 38.9% 39.5% 44.1% 56.5% 58.5% 50.6% 50.1% 51.6% 53.4%
Operating Margin 10.6% 11.4% 11.4% 21.1% 26.7% 22.2% 27.0% 30.9% 45.4% 48.5% 38.7% 38.1% 39.2% 36.5%
Profit Margin 9.8% 9.8% 12.8% 17.1% 26.7% 17.7% 10.3% -52.5% 32.6% 31.5% -4.6% 23.2% 23.9% 22.3%
Return on Assets 3.7% 3.8% 4.3% 6.1% 10.6% 5.1% 3.4% -16.7% 11.6% 10.7% -1.4% 7.5% 8.2% 7.6%
Return on Equity 5.9% 5.9% 7.0% 10.8% 16.7% 7.6% 5.1% -28.2% 20.7% 20.9% -2.9% 14.7% 13.6% 12.5%
Leverage & Coverage Ratios
Current Ratio 2.80 3.76 4.66 3.12 2.59 3.32 2.23 2.79 2.84 2.25 1.33
Quick Ratio 2.37 2.82 3.47 1.95 1.77 1.90 0.89 1.59 1.74 1.09 0.58
Interest Coverage Ratio (EBIT/I) 3.67 5.25 3.68 3.98 6.61 5.94 8.45 7.72 10.75 11.38 7.58
Tot Debt/Capital 0.19 0.17 0.32 0.32 0.22 0.18 0.23 0.29 0.24 0.34 0.36
Tot Debt/Equity 0.23 0.21 0.47 0.47 0.29 0.22 0.29 0.41 0.31 0.52 0.57
Others
Asset Turnover 0.38 0.38 0.33 0.36 0.40 0.29 0.33 0.32 0.36 0.34 0.30
Accounts Receivable Turnover 30.26 31.80 33.89 41.96 39.10 25.84 33.61 36.32 35.43 35.77 33.25
Accounts Payable Turnover 4.59 7.59 5.34 5.07 7.47 5.88 5.47 4.73 3.97 3.86 3.61
Inventory Turnover 7.41 8.62 7.91 5.32 5.22 4.08 3.87 3.46 3.09 2.91 2.95
Effective Tax Rate 2.3% 13.2% 22.4% 23.7% 39.7% 30.8% 33.5%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
BARRICK GOLD
CRP
NEWMONT
MININGGOLDCORP INC KINROSS GOLD
ANGLOGOLD
ASHANT
TECK RESOURCES-
BIAMGOLD CORP
FREEPORT-
MCMORANBHP BILLITON LTD VALE SA-PF RIO TINTO LTD
AGNICO-EAGLE
MIN
BRIGUS GOLD
CORPDRDGOLD LTD
HARMONY GOLD
MNG
12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 06/2012 12/2012 12/2012 12/2012 12/2012 06/2012 06/2012
43.30 57.93 46.31 10.98 31'979.00 39.90 16.45 43.65 39.34 43.09 72.30 57.00 1.06 755.00 8'951.00
06.06.2012 21.09.2012 21.09.2012 04.10.2012 04.06.2012 10.01.2013 05.10.2012 14.09.2012 20.02.2013 02.01.2013 14.02.2013 31.10.2012 21.09.2012 12.02.2013 06.06.2012
17.51 31.77 27.74 5.11 16'133.00 24.10 4.72 27.24 30.09 29.68 48.37 31.55 0.55 449.00 4'201.00
17.04.2013 23.04.2013 15.04.2013 17.04.2013 18.04.2013 23.04.2013 18.04.2013 18.04.2013 12.07.2012 17.04.2013 30.08.2012 18.04.2013 17.04.2013 31.08.2012 18.04.2013
3'915'086 10'160'819 4'271'089 8'162'503 1'494'238 9'034'012 5'331'897 19'287'262 16'783'219 25'425'100 6'203'716 1'115'004 357'616 220'282 994'151
17.59 32.43 28.44 5.55 16'769.00 25.60 5.09 28.52 31.70 31.87 54.68 32.83 0.61 611.00 4'296.00
-59.4% -44.0% -38.6% -49.5% -47.6% -35.8% -69.1% -34.7% -19.4% -26.0% -24.4% -42.4% -42.5% -19.1% -52.0%
0.5% 2.1% 2.5% 8.6% 3.9% 6.2% 7.8% 4.7% 5.4% 7.4% 13.0% 4.1% 10.9% 36.1% 2.3%
1'001.1 496.7 811.5 1'140.1 384.9 582.3 376.5 949.0 5'297.6 5'153.4 1'847.0 172.1 231.4 385.4 431.6
17'610 16'155 23'086 6'335 64'610 14'926 1'917 27'081 158'638 175'975 86'882 5'663 141 2'355 18'699
13'943.0 6'298.0 783.0 2'632.6 30'376.0 7'195.0 641.4 3'527.0 28'330.0 61'855.9 26'819.0 843.0 93.2 30.7 1'844.0
- - - - - - - - - - - - - - -
2'663.0 3'175.0 213.0 75.5 186.5 176.0 76.7 3'768.0 1'215.0 3'245.0 11'156.0 - - 136.7 -
2'093.0 1'647.0 918.0 1'982.7 7'562.2 3'267.0 813.5 3'705.0 4'781.0 11'918.2 7'320.0 351.3 29.8 298.5 1'773.0
32'123 23'981 22'586 6'901 87'610 19'514 1'773 31'487 194'666 229'158 119'939 6'013 201 2'397 18'561
LFY 14'547.0 9'868.0 5'435.0 4'311.4 52'160.3 10'343.0 1'670.0 18'010.0 72'226.0 93'511.5 50'967.0 1'917.7 117.7 1'764.2 15'169.0
LTM 14'340.0 9'868.0 5'435.0 4'311.4 52'152.1 10'126.0 1'670.0 17'988.0 66'950.0 93'511.5 50'967.0 1'917.7 117.7 1'959.2 16'047.0
CY+1 14'142.9 9'805.7 5'611.5 4'181.4 63'271.7 9'828.8 1'649.1 21'856.1 67'569.0 97'241.9 55'585.9 1'819.7 156.5 2'178.3 17'078.8
CY+2 15'194.3 11'369.3 6'971.6 4'446.4 73'396.4 10'752.2 1'820.9 23'601.6 73'914.3 101'462.8 61'445.4 2'105.1 168.0 2'479.2 20'966.1
LFY 3.4x 3.1x 5.5x 2.7x 2.4x 2.1x 2.5x 2.0x 3.3x 2.9x 3.1x 5.0x 2.4x 1.5x 2.1x
LTM 3.4x 3.1x 5.5x 2.7x 2.3x 2.1x 2.5x 2.0x 3.5x 2.9x 3.1x 5.0x 2.4x 1.3x 2.0x
CY+1 2.3x 2.5x 4.2x 1.7x 1.4x 2.0x 1.3x 1.8x 2.9x 2.4x 2.2x 3.4x - 1.0x 1.1x
CY+2 2.1x 2.1x 3.3x 1.7x 1.1x 1.8x 1.4x 1.6x 2.6x 2.3x 1.9x 2.9x - 0.7x 0.9x
LFY 7'358.0 4'169.0 2'798.0 1'962.2 19'105.5 3'736.0 710.1 6'934.0 33'421.0 34'366.5 15'486.0 787.4 48.5 370.8 4'222.0
LTM 7'358.0 4'169.0 2'798.0 1'962.2 19'105.5 3'508.0 710.1 6'617.0 27'133.0 34'366.5 15'486.0 791.4 48.5 399.7 3'562.0
CY+1 7'080.5 4'001.6 2'881.3 1'822.8 25'535.3 3'245.5 670.4 9'267.7 28'726.6 44'120.2 21'006.8 753.2 82.7 547.3 4'778.0
CY+2 7'838.1 4'996.2 3'967.6 2'151.9 31'172.8 3'945.0 780.4 10'831.8 33'552.1 44'434.4 23'251.3 954.9 100.2 762.7 6'956.0
LFY 6.7x 7.4x 10.7x 6.0x 6.5x 5.7x 5.9x 5.2x 7.1x 7.9x 10.2x 12.1x 5.7x 7.0x 7.6x
LTM 6.7x 7.4x 10.7x 6.0x 6.3x 6.0x 5.9x 5.4x 8.7x 7.9x 10.2x 12.0x 5.7x 6.5x 9.0x
CY+1 4.7x 6.1x 8.2x 4.0x 3.4x 6.1x 3.3x 4.2x 6.7x 5.2x 5.7x 8.2x - 3.8x 3.8x
CY+2 4.2x 4.8x 5.8x 3.4x 2.6x 5.0x 3.3x 3.5x 5.7x 5.3x 5.0x 6.5x - 2.4x 2.7x
LFY 3.74 3.78 1.99 0.77 21.85 2.59 0.89 3.27 3.61 4.30 4.06 1.89 0.07 0.49 4.62
LTM 3.30 3.77 1.89 0.77 24.22 2.33 0.93 2.95 1.83 1.88 -1.63 2.08 0.07 0.79 4.95
CY+1 3.40 3.17 1.62 0.49 24.30 2.14 0.56 3.70 2.53 4.56 5.72 1.34 0.13 0.82 4.77
CY+2 3.68 3.98 2.29 0.64 29.46 2.79 0.69 4.22 3.05 4.39 6.62 1.83 0.16 0.93 7.08
LFY 5.3x 8.6x 14.6x 7.0x 6.9x 11.0x 5.3x 9.7x 17.9x 16.9x - 15.4x 8.5x 7.7x 8.7x
LTM 5.3x 8.6x 14.6x 7.0x 6.8x 11.0x 5.3x 9.7x 11.7x 7.5x - 15.4x 8.5x 8.0x 10.8x
CY+1 5.2x 10.2x 17.1x 11.0x 6.9x 12.0x 8.9x 7.7x 12.9x 7.0x 9.8x 23.8x 4.6x 7.5x 9.0x
CY+2 4.8x 8.1x 12.1x 8.5x 5.7x 9.2x 7.2x 6.8x 10.7x 7.3x 8.5x 17.5x 3.8x 6.5x 6.1x
1 Year 2.2% (4.7%) 1.4% 12.2% (4.1%) (10.2%) (0.2%) (13.7%) 0.7% (8.3%) (15.8%) 5.3% 63.8% 27.9% 30.8%
5 Year 13.6% 16.7% 19.3% 34.9% 24.6% 9.2% 21.9% 4.9% 6.8% 25.1% 11.2% 54.5% - 7.9% 19.2%
1 Year (11.6%) (19.2%) 19.8% 1.9% (17.8%) (30.4%) (9.5%) (31.8%) (12.1%) (39.8%) (41.1%) 4.6% 239.9% 64.2% 79.4%
5 Year 24.5% 19.4% 21.0% 40.7% 86.6% 5.7% 30.2% (2.4%) 8.0% 2.8% 8.1% 31.6% 60.5% 12.9% 16.7%
LTM 50.6% 42.2% 51.5% 45.5% 36.6% 34.6% 42.5% 36.8% 40.5% 36.8% 30.4% 41.3% 41.2% 20.4% 22.2%
CY+1 50.1% 40.8% 51.3% 43.6% 40.4% 33.0% 40.7% 42.4% 42.5% 45.4% 37.8% 41.4% 52.8% 25.1% 28.0%
CY+2 51.6% 43.9% 56.9% 48.4% 42.5% 36.7% 42.9% 45.9% 45.4% 43.8% 37.8% 45.4% 59.6% 30.8% 33.2%
Total Debt / Equity % 63.8% 45.7% 3.4% 26.7% 65.8% 40.4% 17.2% 20.1% 43.0% 40.6% 57.2% 24.7% 40.1% 2.0% 5.4%
Total Debt / Capital % 36.3% 27.1% 3.3% 21.0% 39.6% 28.6% 14.4% 14.2% 29.7% 28.4% 31.6% 19.8% 28.6% 1.8% 5.1%
Total Debt / EBITDA 1.895x 1.511x 0.280x 1.342x 1.540x 2.094x 0.903x 1.525x 1.308x 1.800x 1.732x 1.065x 1.922x 0.421x 0.666x
Net Debt / EBITDA 1.610x 1.116x -0.048x 0.331x 1.156x 1.253x -0.242x 0.075x 1.120x 1.453x 1.259x 0.621x 1.307x -0.575x -0.039x
EBITDA / Int. Expense 9.890x 11.711x 93.267x 13.838x 10.074x 6.026x 38.384x 25.970x 44.266x 14.114x 14.848x 13.603x 5.338x 23.648x 14.264x
S&P LT Credit Rating BBB+ BBB+ BBB+ BBB- BBB- BBB BB- BBB A+ A- A- NR - - -
S&P LT Credit Rating Date 30.07.2012 11.08.2008 01.06.2009 15.08.2011 10.12.2012 16.04.2010 10.09.2012 29.07.2011 15.11.2010 23.11.2011 18.04.2011 12.03.2003 - - -
Moody's LT Credit Rating Baa1 *- Baa1 Baa2 Baa3 - Baa2 - Baa3 (P)A1 Baa2 - WR - - -
Moody's LT Credit Rating Date 17.04.2013 26.07.2010 13.03.2013 15.08.2011 - 17.11.2010 - 13.10.2010 15.11.2010 29.08.2008 - 05.03.2002 - - -
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 (4/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] |