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Financial Analysis - Vinci SA builds roads, offers electrical, mechanical, and civil engineering and construction services, and operates toll roads
Citation preview
19.03.2013
Ticker: Vinci SA Benchmark:
Currency: EN Paris: DG, Currency: EUR CAC 40 INDEX (CAC)
Sector: Industrials Industry: Construction & Engineering Year:
Telephone 33-1-47-16-35-00 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)
Website www.vinci.com No of Employees Contracting 33090 France 24324
Address 1 Cours Ferdinand de Lesseps Rueil-Malmaison, 92851 France Concessions 5354 Germany 2374
Share Price Performance in EUR Holdings and Other Activities 811 United Kingdom 2257
Price 35.43 1M Return -1.1% Eliminations -622 Europe- Central & Eastern 2001
52 Week High 38.50 6M Return 0.3% Africa 1695
52 Week Low 30.17 52 Wk Return -7.0% Belgium and Luxembourg 1614
52 Wk Beta 1.24 YTD Return -1.5% Asia Pacific 1435
Credit Ratings
Bloomberg IG7
S&P BBB+ Date 29.03.2007 Outlook STABLE
Moody's Baa1 Date 05.06.2002 Outlook STABLE
Fitch BBB+ Date 26.02.2004 Outlook STABLE
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 12.1x 12.1x 9.6x 10.1x 10.1x 9.5x 9.0x
EV/EBIT 11.2x 10.8x 9.1x 9.4x - - -
EV/EBITDA 7.0x 7.0x 5.9x 6.1x 6.3x 6.1x 5.9x
P/S 0.6x 0.6x 0.5x 0.5x 0.5x 0.5x 0.5x
P/B 2.0x 1.8x 1.4x 1.4x 1.4x 1.3x 1.2x
Div Yield 4.1% 4.1% 5.2% 1.5% 5.1% 5.3% 5.8%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin - - - - 27.3 27.5 27.6
EBITDA Margin 15.4 15.2 14.5 14.1 14.2 14.3 14.6
Operating Margin 9.7 9.9 9.4 9.1 9.5 9.6 9.7
Profit Margin 5.1 5.2 5.1 4.9 5.0 5.1 5.3
Return on Assets 3.1 3.3 3.3 3.1 3.1 3.4 -
Return on Equity 17.5 16.1 15.1 14.6 13.8 14.0 13.7
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 0.9 0.9 0.9 0.9 Current Capitalization in EUR
Quick Ratio 0.6 0.6 0.5 0.5 Common Shares Outstanding (M) 536.2
EBIT/Interest 3.8 4.7 4.8 4.9 Market Capitalization (M) 20535.6
Tot Debt/Capital 0.7 0.6 0.6 0.6 Cash and ST Investments (M) #N/A N/A
Tot Debt/Equity 1.9 1.5 1.5 1.4 Total Debt (M) #N/A N/A
Eff Tax Rate % 29.9 30.8 33.0 32.4 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M)
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and maintains
roads and produces road construction materials, builds electricity and communications
networks, installs fire protection and power and ventilation systems, and operates toll
highways, bridges, parking garages, and a stadium.
DG FP
39'183
#N/A N/A
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Vinci 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: info@qmsadv.com |
19.03.2013
Vinci SA
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 536.2 France 54.15%
Float 87.4% United States 21.70%
Short Interest (M) Luxembourg 9.78%
Short Interest as % of Float Germany 3.38%
Days to Cover Shorts Britain 1.98%
Institutional Ownership 20.77% Ireland 1.69%
Retail Ownership 79.13% Netherlands 1.43%
Insider Ownership 0.10% Others 5.89%
Institutional Ownership Distribution
Investment Advisor 41.11%
Corporation 37.53%
Mutual Fund Manager 16.62%
Holding Company 4.17%
Pricing data is in EUR Others 0.58%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
VINCI SA 40'940'297 0 1'450'514'723 7.06% 31.12.2012 Research FRANCE
COMET LUXEMBOURG HLD 31'714'315 0 1'123'638'180 5.47% 31.12.2012 Research FRANCE
CAPITAL GROUP COMPAN 13'142'000 2'679'200 465'621'060 2.27% 31.12.2012 ULT-AGG UNITED STATES
VANGUARD GROUP INC 9'091'318 176'206 322'105'397 1.57% 31.12.2012 MF-AGG UNITED STATES
ARTEMIS SA 8'072'735 0 286'017'001 1.39% 31.12.2012 Research FRANCE
FRANKLIN RESOURCES 7'751'826 235'656 274'647'195 1.34% 31.12.2012 ULT-AGG UNITED STATES
BLACKROCK 5'320'720 253'338 188'513'110 0.92% 15.03.2013 ULT-AGG UNITED STATES
NATIXIS ASSET MANAGE 5'235'592 -19'518 185'497'025 0.90% 31.01.2013 MF-AGG FRANCE
FMR LLC 4'788'712 1'061'863 169'664'066 0.83% 31.01.2013 ULT-AGG UNITED STATES
AVIVA PLC 2'633'758 0 93'314'046 0.45% 28.02.2013 MF-AGG BRITAIN
AMUNDI 2'147'140 -2'838 76'073'170 0.37% 31.12.2012 MF-AGG FRANCE
PICTET ASSET MANAGEM 2'141'244 -84'252 75'864'275 0.37% 30.11.2012 MF-AGG BRITAIN
LBPAM 1'945'486 19'058 68'928'569 0.34% 31.12.2012 MF-AGG FRANCE
COHEN & STEERS CAPIT 1'663'965 133'200 58'954'280 0.29% 31.12.2012 MF-AGG UNITED STATES
ALLIANZ ASSET MANAGE 1'658'463 -38'563 58'759'344 0.29% 31.01.2013 ULT-AGG GERMANY
UNION INVESTMENT LUX 1'457'470 53'000 51'638'162 0.25% 28.09.2012 MF-AGG LUXEMBOURG
MERCURY ASSET MANAGE 1'430'935 -39'807 50'698'027 0.25% 15.03.2013 MF-AGG IRELAND
DEUTSCHE BANK AG 1'336'179 -286'106 47'340'822 0.23% 31.01.2013 MF-AGG GERMANY
DNCA FINANCE 1'325'000 -180'000 46'944'750 0.23% 28.09.2012 MF-AGG FRANCE
COMMONWEALTH BANK OF 1'235'358 106'285 43'768'734 0.21% 30.11.2012 MF-AGG AUSTRALIA
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
HUILLARD XAVIER 460'403 16'312'078 0.08% 31.12.2011 Co File
OLIVE HENRI SAINT 48'843 1'730'507 0.01% 31.12.2011 Co File
SILGUY YVES-THIBAULT 45'678 1'618'372 0.01% 31.12.2011 Co File
FAURE PATRICK 5'103 180'799 0.00% 31.12.2011 Co File
LEVY JEAN-BERNARD 2'400 85'032 0.00% 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: info@qmsadv.com |
Vinci 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 17'554 18'111 19'520 21'038 25'634 30'874 33'930 31'178 34'003 37'646 39'183 38'899 39'687 40'723
- Cost of Goods Sold
Gross Income 10'619 10'914 11'239
- Selling, General & Admin Expenses 16'487 17'129 18'228 19'478 23'144 27'868 30'634 28'152 30'642 34'096 35'849
(Research & Dev Costs)
Operating Income 1'067 982 1'292 1'560 2'490 3'006 3'296 3'025 3'361 3'551 3'569 3'690 3'811 3'950
- Interest Expense 153 151 273 734 1'007 1'043 797 711 742 727
- Foreign Exchange Losses (Gains) 14 -20 -25 4 12 -1 10 3 3 5 6
- Net Non-Operating Losses (Gains) 273 -31 -63 -184 -305 -319 -226 -205 -101 -176 -159
Pretax Income 781 880 1'229 1'466 2'050 2'319 2'470 2'431 2'748 2'980 2'994 3'021 3'151 3'373
- Income Tax Expense 223 234 388 463 667 741 771 727 847 984 969
Income Before XO Items 558 646 841 1'004 1'383 1'578 1'699 1'703 1'901 1'996 2'025
- Extraordinary Loss Net of Tax 0 1 -49 0 0 0 0 0 0
- Minority Interests 80 105 109 132 162 123 108 107 125 92 109
Diluted EPS Before XO Items 1.91 2.19 2.67 3.01 3.30 3.21 3.30 3.48 3.54
Net Income Adjusted* 478 541 756 871 1'277 1'461 1'591 1'596 1'776 1'904 1'917 1'934 2'023 2'169
EPS Adjusted 1.52 1.68 2.22 2.49 2.81 3.05 3.30 3.21 3.30 3.48 3.54 3.51 3.72 3.95
Dividends Per Share 0.44 0.87 0.86 0.98 1.33 1.52 1.62 1.62 1.67 1.77 0.55 1.81 1.88 2.05
Payout Ratio % 31.2 34.9 39.6 45.1 50.3 50.8 50.5 53.3 51.2 52.5 16.6 0.51 0.51 0.52
Total Shares Outstanding 325 325 322 387 933 468 473 500 541 540 536
Diluted Shares Outstanding 394 393 399 404 458 484 482 497 537 547 542
EBITDA 1'664 1'607 1'989 2'232 3'850 4'588 5'009 4'813 5'166 5'446 5'508 5'534 5'694 5'954
*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: info@qmsadv.com |
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 10947.5 12029.5996 13008 14728.1 16884.7 17220.1 18419 17838.5 20003.5 23372.7 23559.1
+ Cash & Near Cash Items 898 658 830 4'599 1'354 3'570 3'080 3'438 4'584 6'662 4'466
+ Short Term Investments 2'206 3'387 3'711 886 5'024 1'319 2'327 3'113 1'897 880 2'050
+ Accounts & Notes Receivable 6'998 7'151 7'554 8'334 5'549 6'505 6'643 5'389 5'754 5'937 5'963
+ Inventories 424 474 544 541 567 648 786 667 844 1'004 1'016
+ Other Current Assets 422 360 368 369 4'391 5'179 5'583 5'231 6'924 8'889 10'064
Total Long-Term Assets 9'334 9'632 10'509 11'166 30'503 32'557 33'373 33'140 36'410 37'203 38'032
+ Long Term Investments 1'429 1'584 327 440 348 620 622 651 870 1'268 1'715
Gross Fixed Assets 11'126 4'604 4'949 5'418 5'626 9'548 10'296 9'569 10'875 11'350 12'175
Accumulated Depreciation 4'493 2'665 2'908 3'204 3'304 5'306 5'670 5'537 6'423 6'903 7'419
+ Net Fixed Assets 6'633 1'939 2'041 2'262 2'370 4'242 4'626 4'032 4'452 4'447 4'757
+ Other Long Term Assets 1'273 6'109 8'141 8'464 27'785 27'695 28'125 28'457 31'088 31'488 31'560
Total Current Liabilities 11'360 9'812 10'325 14'107 17'506 19'528 21'496 19'344 21'957 25'737 26'959
+ Accounts Payable 8'501 8'725 9'596 5'002 5'554 6'553 6'804 5'876 6'692 7'625 7'604
+ Short Term Borrowings 598 908 677 1'907 3'729 2'793 3'322 2'364 2'275 3'446 3'640
+ Other Short Term Liabilities 2'261 179 52 7'198 8'223 10'182 11'370 11'104 12'990 14'666 15'715
Total Long Term Liabilities 5'812 8'544 9'449 6'469 21'312 22'136 21'271 21'167 21'431 21'223 20'562
+ Long Term Borrowings 5'261 5'869 6'468 5'429 17'635 18'641 17'772 17'656 17'697 17'425 16'554
+ Other Long Term Borrowings 551 2'675 2'981 1'040 3'677 3'496 3'498 3'510 3'735 3'798 4'008
Total Liabilities 17'172 18'355 19'774 20'575 38'818 41'664 42'767 40'511 43'389 46'960 47'521
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 512 551 596 672 748 578 605 656 721 725 735
+ Share Capital & APIC 829 2'371 2'173 3'231 5'652 6'125 6'507 7'155 8'306 8'596 8'931
+ Retained Earnings & Other Equity 1'769 385 975 1'416 2'170 1'411 1'914 2'655 3'999 4'294 4'403
Total Shareholders Equity 3'109 3'307 3'743 5'319 8'570 8'113 9'026 10'467 13'025 13'615 14'070
Total Liabilities & Equity 20'282 21'662 23'517 25'894 47'388 49'777 51'792 50'978 56'413 60'575 61'591
Book Value Per Share 7.99 8.49 9.77 12.02 8.38 16.10 17.79 19.63 22.73 23.86 24.87 25.79 27.23 28.96
Tangible Book Value Per Share 4.56 5.73 4.93 -5.20 -21.05 -42.42 -40.98 -35.79 -33.12 -32.71 -32.10
Company Analysis - Financials II/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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 478 541 731 871 1'270 1'455 1'591 1'596 1'776 1'904 1'917 1'980 2'060 2'184
+ Depreciation & Amortization 597 626 697 672 1'360 1'582 1'713 1'788 1'805 1'895 1'939
+ Other Non-Cash Adjustments 145 210 135 75 -135 -115 134 28 -117 45 47
+ Changes in Non-Cash Capital 353 113 443 114 13 687 733 524 -78 93 -37
Cash From Operating Activities 1'573 1'490 2'006 1'732 2'507 3'609 4'171 3'935 3'385 3'938 3'865
+ Disposal of Fixed Assets 103 97 78 128 200 133 95 90 99 90 129
+ Capital Expenditures -558 -526 -571 -700 -772 -816 -993 -1'703 -1'531 -1'864 -1'994 -1'820 -1'829 -1'596
+ Increase in Investments -1'218 -222 -442 -191 -9'322 -2'095 -480 -157 -691 -197 -612
+ Decrease in Investments 56 94 201 104 80 72 96 59 30 40 7
+ Other Investing Activities -300 -562 -675 570 -585 -987 -1'071 -76 -482 -140 -59
Cash From Investing Activities -1'917 -1'119 -1'409 -89 -10'400 -3'693 -2'353 -1'787 -2'575 -2'072 -2'529
+ Dividends Paid -131 -142 -287 -322 -472 -665 -765 -816 -903 -947 -979
+ Change in Short Term Borrowings 104
+ Increase in Long Term Borrowings 730 5'600 3'612 679 1'450 721 1'627 1'624
+ Decrease in Long Term Borrowings -1 -22 -2'367 -1'273 -2'128 -1'303 -1'724 -2'539
+ Increase in Capital Stocks 53 260 310 3'416 370 381 649 305 394 336
+ Decrease in Capital Stocks -46 -35 -492 -370 -310 -940 -200 -3 -86 -624 -647
+ Other Financing Activities -46 -14 19 -195 48 -820 279 -901 256 810 126
Cash From Financing Activities -224 -137 -522 153 8'387 -810 -899 -1'750 -1'010 -463 -2'079
Net Changes in Cash -568 233 75 1'797 494 -894 919 399 -200 1'403 -744
Free Cash Flow (CFO-CAPEX) 1'015 964 1'435 1'032 1'736 2'793 3'179 2'232 1'854 2'074 1'871 1'966 2'063 2'523
Free Cash Flow To Firm 1'076 1'538 1'219 2'230 3'478 3'896 2'790 2'346 2'570 2'362
Free Cash Flow To Equity 1'117 7'640 4'171 2'680 1'643 1'371 2'067 1'084
Free Cash Flow per Share 2.93 2.99 4.36 2.95 3.96 6.01 6.76 4.58 3.50 3.83 3.48
Company Analysis - Financials III/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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 9.6x 9.6x 11.3x 14.3x 17.4x 16.2x 8.8x 12.1x 12.1x 9.6x 10.1x 10.1x 9.5x 9.0x
EV to EBIT 7.1x 8.7x 8.5x 10.5x 24.4x 13.6x 9.2x 11.2x 10.8x 9.1x 9.4x
EV to EBITDA 4.5x 5.3x 5.5x 7.3x 15.8x 8.9x 6.1x 7.0x 7.0x 5.9x 6.1x 6.3x 6.1x 5.9x
Price to Sales 0.3x 0.3x 0.4x 0.6x 0.8x 0.8x 0.4x 0.6x 0.6x 0.5x 0.5x 0.5x 0.5x 0.5x
Price to Book 1.6x 1.9x 2.5x 3.0x 5.8x 3.1x 1.7x 2.0x 1.8x 1.4x 1.4x 1.4x 1.3x 1.2x
Dividend Yield 3.4% 5.4% 3.5% 2.8% 2.7% 3.0% 5.4% 4.1% 4.1% 5.2% 1.5% 5.1% 5.3% 5.8%
Profitability Ratios
Gross Margin 27.3% 27.5% 27.6%
EBITDA Margin 9.5% 8.9% 10.2% 10.6% 15.0% 14.9% 14.8% 15.4% 15.2% 14.5% 14.1% 14.2% 14.3% 14.6%
Operating Margin 6.1% 5.4% 6.6% 7.4% 9.7% 9.7% 9.7% 9.7% 9.9% 9.4% 9.1% 9.5% 9.6% 9.7%
Profit Margin 2.7% 3.0% 3.7% 4.1% 5.0% 4.7% 4.7% 5.1% 5.2% 5.1% 4.9% 5.0% 5.1% 5.3%
Return on Assets 2.4% 2.6% 3.2% 3.5% 3.5% 3.0% 3.1% 3.1% 3.3% 3.3% 3.1% 3.1% 3.4%
Return on Equity 20.7% 20.2% 24.8% 22.4% 20.4% 18.9% 19.9% 17.5% 16.1% 15.1% 14.6% 13.8% 14.0% 13.7%
Leverage & Coverage Ratios
Current Ratio 0.96 1.23 1.26 1.04 0.96 0.88 0.86 0.92 0.91 0.91 0.87
Quick Ratio 0.89 1.14 1.17 0.98 0.68 0.58 0.56 0.62 0.56 0.52 0.46
Interest Coverage Ratio (EBIT/I) 6.42 8.54 5.71 3.39 2.99 3.16 3.80 4.73 4.79 4.91
Tot Debt/Capital 0.65 0.67 0.66 0.58 0.71 0.73 0.70 0.66 0.61 0.61 0.59
Tot Debt/Equity 1.88 2.05 1.91 1.38 2.49 2.64 2.34 1.91 1.53 1.53 1.44
Others
Asset Turnover 0.87 0.86 0.86 0.85 0.70 0.64 0.67 0.61 0.63 0.64 0.64
Accounts Receivable Turnover 2.46 2.56 2.65 2.65 3.69 5.12 5.16 5.18 6.10 6.44 6.59
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate 28.6% 26.6% 31.6% 31.5% 32.6% 32.0% 31.2% 29.9% 30.8% 33.0% 32.4%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
VINCI SA EIFFAGE BOUYGUES SA FCC HOCHTIEF AG BILFINGER SE ATLANTIA SPA SCHNEIDER ELECTR SKANSKA AB-B ATKINS (WS) PLC LAFARGE SA HOLCIM LTD-REG ACS SAINT GOBAIN CRH PLC
12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 12/2012 12/2012 12/2012 12/2012 12/2012
40.68 37.75 24.33 18.10 55.65 82.43 14.29 60.71 120.00 927.50 55.00 78.25 22.28 37.03 18.03
19.03.2012 10.01.2013 19.03.2012 20.03.2012 27.02.2013 20.02.2013 03.01.2013 14.03.2013 19.03.2012 18.03.2013 15.03.2013 15.03.2013 19.03.2012 19.03.2012 15.03.2013
31.23 20.53 17.54 7.10 34.64 58.82 9.03 39.40 93.30 626.50 27.54 49.00 10.38 23.90 12.81
01.06.2012 26.07.2012 16.11.2012 24.07.2012 06.09.2012 05.06.2012 27.06.2012 27.06.2012 01.06.2012 21.05.2012 24.04.2012 14.06.2012 25.07.2012 02.08.2012 05.06.2012
365'431 22'922 442'593 69'765 29'127 19'967 289'335 400'530 706'615 4'360 164'431 127'195 102'883 405'139 89'054
35.43 35.39 22.27 8.68 54.46 82.12 12.16 58.32 116.10 919.50 53.40 76.35 18.50 30.89 17.59
-12.9% -6.3% -8.5% -52.0% -2.1% -0.4% -14.9% -3.9% -3.3% -0.9% -2.9% -2.4% -17.0% -16.6% -2.4%
13.4% 72.4% 27.0% 22.3% 57.2% 39.6% 34.7% 48.0% 24.4% 46.8% 93.9% 55.8% 78.2% 29.2% 37.3%
536.2 85.6 324.0 114.6 73.6 46.0 661.8 546.8 411.8 100.1 287.1 325.3 314.7 531.1 726.4
20'536 3'085 7'108 1'105 4'193 3'780 8'048 32'392 51'356 921 15'339 24'973 5'820 16'406 12'785
20'193.8 16'112.0 8'642.0 9'430.5 4'456.5 1'180.9 15'384.1 8'132.0 11'103.0 110.6 14'084.0 13'507.0 11'548.0 12'669.0 4'915.0
- - - - - - - - - - - - - - 1.0
735.4 (1.0) 1'500.0 461.7 1'603.4 8.0 1'647.2 174.0 166.0 0.1 2'082.0 2'889.0 3'055.0 412.0 36.0
6'516.1 2'402.0 4'487.0 1'603.5 3'143.6 1'087.2 2'811.2 3'737.0 5'770.0 208.1 2'733.0 3'146.0 6'233.0 4'179.0 1'799.0
34'949 17'192 12'763 9'394 7'110 3'881 22'268 36'961 56'855 856 28'772 38'223 14'190 25'308 15'938
LFY 39'183.2 14'000.0 33'547.0 11'152.2 25'527.7 8'508.8 3'422.9 23'946.0 129'350.0 1'711.1 15'816.0 21'544.0 38'396.0 43'198.0 18'659.0
LTM 38'633.6 14'000.0 33'547.0 11'152.2 25'527.7 8'508.8 3'422.9 23'946.0 129'350.0 1'683.9 15'816.0 21'544.0 38'396.0 43'198.0 18'659.0
CY+1 38'898.6 14'226.8 33'516.2 10'911.6 26'295.3 8'788.6 4'211.4 24'387.4 129'702.9 1'715.2 16'179.6 22'569.9 38'050.0 43'006.3 19'071.5
CY+2 39'687.3 14'569.6 33'717.1 11'056.9 27'382.4 9'209.0 4'535.1 25'630.9 132'874.7 1'698.6 17'141.7 24'140.4 39'085.6 44'475.5 20'125.6
LFY 0.9x 1.2x 0.4x 0.8x 0.2x 0.4x 6.8x 1.4x 0.4x 0.4x 1.7x 1.6x 0.4x 0.6x 0.8x
LTM 0.9x 1.2x 0.4x 0.8x 0.2x 0.4x 6.8x 1.4x 0.4x 0.4x 1.7x 1.6x 0.4x 0.6x 0.8x
CY+1 0.9x 1.1x 0.4x 0.8x 0.3x 0.4x 4.9x 1.5x 0.4x 0.5x 1.7x 1.7x 0.4x 0.6x 0.8x
CY+2 0.8x 1.1x 0.4x 0.7x 0.2x 0.4x 4.6x 1.4x 0.4x 0.5x 1.6x 1.5x 0.4x 0.5x 0.8x
LFY 5'507.8 1'939.0 2'890.0 580.4 1'477.3 577.5 2'285.4 3'837.0 4'462.0 133.0 3'450.0 3'984.0 3'023.0 2'637.0 1'640.0
LTM 5'453.4 1'983.0 2'890.0 580.4 1'477.3 577.5 2'285.4 3'837.0 4'462.0 133.3 3'022.0 3'984.0 3'023.0 2'637.0 1'640.0
CY+1 5'534.1 2'110.2 2'884.9 1'110.3 1'639.9 582.0 2'539.6 4'068.3 6'151.7 130.5 3'810.1 4'779.5 3'042.0 4'425.2 1'724.8
CY+2 5'693.7 2'194.4 2'939.0 1'170.4 1'788.4 624.0 2'690.1 4'435.2 6'526.5 138.1 4'209.2 5'577.3 3'169.3 4'804.0 1'974.8
LFY 6.1x 8.4x 4.5x 16.1x 4.2x 6.0x 10.2x 9.0x 11.0x 5.0x 7.9x 8.8x 4.8x 9.9x 8.7x
LTM 6.2x 8.2x 4.5x 16.1x 4.2x 6.0x 10.2x 9.0x 11.0x 5.0x 9.0x 8.8x 4.8x 9.9x 8.7x
CY+1 6.1x 7.7x 4.6x 7.4x 4.2x 6.4x 8.1x 8.9x 8.7x 6.2x 7.2x 7.8x 4.9x 5.5x 9.1x
CY+2 5.7x 7.2x 4.5x 6.9x 3.8x 5.8x 7.7x 7.9x 8.2x 5.7x 6.3x 6.5x 4.5x 5.0x 7.9x
LFY 3.52 2.49 2.00 -3.56 1.41 6.23 1.23 3.56 - 0.85 2.27 1.92 5.07 0.99 0.50
LTM 3.58 2.52 2.01 -7.07 2.15 6.23 1.22 3.39 6.93 1.16 1.45 1.90 -6.80 1.46 0.76
CY+1 3.51 3.14 2.46 0.86 3.31 5.72 0.96 4.14 8.35 0.78 3.55 4.54 2.47 2.44 0.85
CY+2 3.72 3.62 2.71 1.16 4.04 6.41 1.04 4.62 8.94 0.80 4.71 6.05 2.71 2.95 1.09
LFY 9.9x 14.0x 11.1x - 25.3x 13.2x 9.9x 17.2x 16.8x 7.9x 36.8x 40.2x - 21.2x 23.0x
LTM 10.0x 14.9x 11.1x - 25.3x 13.2x 9.9x 16.4x - 10.1x 36.3x 39.8x - 31.1x 35.0x
CY+1 10.1x 11.3x 9.0x 10.1x 16.5x 14.4x 12.7x 14.1x 13.9x 11.7x 15.0x 16.8x 7.5x 12.6x 20.8x
CY+2 9.5x 9.8x 8.2x 7.5x 13.5x 12.8x 11.7x 12.6x 13.0x 11.6x 11.3x 12.6x 6.8x 10.5x 16.1x
1 Year 4.1% 1.4% 2.6% (5.1%) 9.6% 3.7% (20.5%) 7.2% 8.9% 9.4% 3.5% 3.9% 34.9% 2.6% 3.2%
5 Year 4.3% 1.8% 1.6% (1.3%) 12.5% 0.7% 9.1% 7.9% (1.1%) 6.5% (1.1%) (4.4%) 36.3% 0.2% (1.8%)
1 Year 1.1% - (10.5%) (49.2%) (11.8%) 13.6% (2.5%) 3.0% (8.3%) (5.3%) 24.5% 0.7% 34.5% (47.5%) (1.0%)
5 Year 3.7% 4.2% (3.3%) (21.4%) 32.7% 12.2% 2.8% 4.5% (6.6%) 6.0% (3.1%) (10.5%) 9.2% (14.4%) (10.5%)
LTM 14.1% 14.3% 8.6% 5.2% 5.8% 6.8% 66.8% 16.0% 3.4% 7.9% 19.1% 18.5% 7.9% 6.1% 8.8%
CY+1 14.2% 14.8% 8.6% 10.2% 6.2% 6.6% 60.3% 16.7% 4.7% 7.6% 23.5% 21.2% 8.0% 10.3% 9.0%
CY+2 14.3% 15.1% 8.7% 10.6% 6.5% 6.8% 59.3% 17.3% 4.9% 8.1% 24.6% 23.1% 8.1% 10.8% 9.8%
Total Debt / Equity % 151.4% 686.2% 100.7% 748.5% 168.8% 58.2% 404.7% 48.9% 57.9% 92.7% 89.9% 79.7% 434.8% 72.6% 46.6%
Total Debt / Capital % 58.9% 87.3% 46.2% 84.6% 51.2% 36.7% 73.8% 32.6% 36.5% 48.1% 44.2% 40.5% 66.9% 41.5% 31.7%
Total Debt / EBITDA 3.703x 7.969x 2.990x 16.247x 3.017x 2.045x 6.731x 2.119x 2.488x 0.811x 4.660x 3.390x 3.820x 4.804x 2.997x
Net Debt / EBITDA 2.508x 7.130x 1.438x 13.485x 0.889x 0.162x 5.501x 1.145x 1.195x -0.483x 3.756x 2.601x 1.758x 3.220x 1.900x
EBITDA / Int. Expense 7.578x 2.911x 8.210x - 4.546x 14.259x 4.195x 9.966x 9.637x 8.926x 2.940x 5.842x - 8.987x 5.921x
S&P LT Credit Rating BBB+ - BBB+ - - BBB+ BBB+ A- - - BB+ BBB - BBB BBB+
S&P LT Credit Rating Date 29.03.2007 - 30.11.2011 - - 23.10.2012 23.02.2012 26.11.2008 - - 17.03.2011 22.01.2009 - 24.07.2009 17.12.2007
Moody's LT Credit Rating Baa1 - (P)A3 - - - Baa1 A3 - - Ba1 Baa2 - Baa2 -
Moody's LT Credit Rating Date 23.07.2002 - 26.01.2012 - - - 16.07.2012 12.01.2009 - - 05.08.2011 09.04.2009 - 31.07.2009 -
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 (3/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: info@qmsadv.com |
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