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Lonmin plcSolid 3Q12 operations report, production guidance lowered, growth capex deferredLonmin reported a strong production performance for its third fiscal quarter on the back of higher tons, grade and concentrator recoveries. Platinum produced at the concentrator in the quarter amounted to an annualised run rate of 808koz, while metal produced at the refinery amounted to an annualised rate of 744koz. In past years the group has tended to sell 40% of its refined platinum in 1H, which this year amounted to some 309koz Pt (or 773koz for the year on a 40/60 basis). For the 9m to 30 June 2012, refined production amounted to 491koz Pt, sales to 469koz, so 4Q refined production and sales must amount to 259koz and 281koz, respectively. This likely means that for the group's 750koz Pt sales guidance to be achieved a "trouble-free production run" will be required through year end. Meanwhile capex guidance has been slashed, with FY13 & 14 cut to $250m from $450m, each. This’ll mean the planned build-up to 900koz Pt sales in 2015 will be delayed (by at least two years in our view). FY13 guidance has been cut from 800koz sales to 750koz. Management has advised the market that it is examining possible external funding options that may be required to shore up the balance sheet. Production summary. Sequential improvement in mining and production performance. The improvement is broadly based with increases in tons, grade and process recoveries.Balance sheet. At the end of March 2012, the group’s balance sheet showed net debt of $356m, including $528m of debt. The bulk of the debt (involving a facility of $700m) is subject to a covenant that requires the 12m trailing net debt/EBITDA ratio not to exceed 4x, measured at end-September and end-March each year. At spot metal prices our models show that the September test should be passed - however the March 2013 test could be problematical. In this context we note management’s comments that external funding options are currently being considered. Management mentions specifically debt market options, but has not ruled other options out. In our view the possibility of an equity capital financing cannot be ignored – though management appears to be signaling that it would prefer to access debt financing based on the text of the latest disclosure. Production guidance. Platinum production guidance for FY12 remains at 750koz. FY13 has been lowered c50koz to flat at 750koz. Further out, no specific guidance has been provided though management states that the 2015 target of 900koz will be delayed owing to the planned reduction in capex. It is our view that the delay is likely to be at least two years since reduced investment in the new Hossy, Saffy and K4 shafts was where the bulk of the previously guided increase in production was to be sourced. Conclusion. The current weak PGM market environment though it is unfortunate that the group is not operating at its optimum capacity of 900koz Pt pa. Lonmin’s cost base is largely configured for this level and for as long as it is not achieved, costs will not be optimised (some 70% of operating costs are fixed). What we have here is a kind of “Catch 22 scenario”: Without investment, the group can’t get to where it needs to be to reduce costs. And with depressed rand PGM prices, when it can’t afford to invest, it needs lower costs... PGM markets have always been linked to consumer confidence - particularly in Europe.
Citation preview
20.08.2012
Ticker: MC FP Lonmin PLC Benchmark:
Currency: London: LMI, Currency: GBp FTSE 100 INDEX (UKX)
Sector: Materials Industry: Metals & Mining Year:
Telephone 44-20-7201-6000 Revenue (M) Business Segments in GBp Sales (M) Geographic Segments in GBp Sales (M)
Website www.lonmin.com No of Employees Platinum 79430 Europe 38375
Address 4 Grosvenor Place London, SW1X 7YL United Kingdom Palladium 17443 Asia 34700
Share Price Performance in GBp Rhodium 13706 The Americas 25791
Price 618.50 1M Return -12.6% Nickel 5482 South Africa 25231
52 Week High 1328.00 6M Return -40.7% Ruthenium 1994 Zimbabwe
52 Week Low 592.50 52 Wk Return -44.1% Iridium 1994
52 Wk Beta 1.75 YTD Return -36.2% Gold 1807
Credit Ratings
Bloomberg IG2
S&P - Date - Outlook -
Moody's - Date 04.12.2000 Outlook -
Fitch - Date - Outlook -
Valuation Ratios
9/08 9/09 9/10 9/11 9/12E 9/13E 9/14E
P/E 13.9x - 46.1x 12.2x 39.5x 20.2x 10.3x
EV/EBIT 7.4x - 24.3x 14.0x - - -
EV/EBITDA 6.7x 2'841.6x 15.8x 9.7x 13.3x 9.6x 6.7x
P/S 2.8x 4.4x 3.3x 1.7x 1.2x 1.0x 0.9x
P/B 2.9x 2.2x 2.0x 1.1x 0.7x 0.6x 0.6x
Div Yield 1.5% 0.0% 0.6% 0.9% 1.4% 1.5% 2.1%
Profitability Ratios %
9/08 9/09 9/10 9/11 9/12E 9/13E 9/14E
Gross Margin 46.3 -2.4 22.0 - 14.8 30.8 20.6
EBITDA Margin 46.9 0.2 24.2 20.5 12.0 15.1 19.0
Operating Margin 42.6 -8.7 15.7 14.3 5.3 7.2 9.9
Profit Margin 20.4 -26.8 7.1 13.7 2.1 4.2 6.9
Return on Assets 11.3 -6.8 2.5 5.6 0.7 1.8 1.8
Return on Equity 22.1 -12.7 4.4 9.7 1.6 3.3 5.3
Leverage and Coverage Ratios
9/08 9/09 9/10 9/11
Current Ratio 2.2 2.1 2.1 1.7 Current Capitalization in GBp
Quick Ratio 1.2 1.1 1.0 0.4 Common Shares Outstanding (M) 202.7
EBIT/Interest 158.3 -1.8 4.8 5.1 Market Capitalization (M) 125343.6
Tot Debt/Capital 0.2 0.1 0.1 0.1 Cash and ST Investments (M) 9818.0
Tot Debt/Equity 0.2 0.1 0.2 0.1 Total Debt (M) 32080.5
Eff Tax Rate % 27.3 - 49.2 - Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 25139.1
Enterprise Value (M) 172745.2
Lonmin PLC is a mineral resources group. The Group produces Platinum and other
Platinum group metals such as Palladium and Rhodium. The Company's operations are
located in the district of Marikana, near Rustenberg, in the North West Province of
South Africa.
LMI LN
124'097
25'097
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Lonmin PLC
Target price in GBp
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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Lonmin PLC
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 202.7 Switzerland 34.44%
Float 72.2% Britain 24.10%
Short Interest (M) South Africa 15.30%
Short Interest as % of Float United States 13.67%
Days to Cover Shorts Norway 4.13%
Institutional Ownership 50.65% Netherlands 1.58%
Retail Ownership 49.22% Japan 1.24%
Insider Ownership 0.13% Others 5.56%
Institutional Ownership Distribution
Investment Advisor 50.09%
Corporation 32.74%
Government 6.63%
Bank 3.61%
Pricing data is in GBp Others 6.93%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
XSTRATA PLC 49'826'225 0 30'817'520'163 24.59% 01.03.2012 REG SWITZERLAND
OLD MUTUAL LIFE ASSU 18'670'841 0 11'547'915'159 9.21% 01.03.2012 REG SOUTH AFRICA
OLD MUTUAL INVESTMEN 18'670'841 0 11'547'915'159 9.21% 02.12.2011 RNS-MAJ SOUTH AFRICA
PRUDENTIAL PLC 15'394'864 -1'927'768 9'521'723'384 7.60% 15.05.2012 RNS-MAJ BRITAIN
LEGAL & GENERAL INV 7'297'784 -149'370 4'513'679'404 3.60% 01.03.2012 REG BRITAIN
NORGES BANK 6'268'918 0 3'877'325'783 3.09% 01.08.2012 RNS-MAJ NORWAY
AMERIPRISE FINANCIAL 6'158'652 0 3'809'126'262 3.04% 11.11.2011 Co File UNITED STATES
OLD MUTUAL ASSET MAN 3'677'178 1'235'544 2'274'334'593 1.81% 31.03.2012 MF-AGG BRITAIN
BLACKROCK INV MANAGE 2'585'179 -509'111 1'598'933'212 1.28% 01.03.2012 REG BRITAIN
UNITED SERVICES AUTO 2'130'000 130'000 1'317'405'000 1.05% 31.05.2012 MF-AGG UNITED STATES
ROBECO FUND MANAGEME 2'005'362 35'362 1'240'316'397 0.99% 01.03.2012 REG NETHERLANDS
NEDCOR BANK MGMT CO 1'936'380 46'772 1'197'651'030 0.96% 30.06.2012 MF-AGG SOUTH AFRICA
CREDIT SUISSE PRIVAT 1'920'800 -1'185 1'188'014'800 0.95% 01.03.2012 REG SWITZERLAND
FIDELITY INTERNATION 1'918'256 -6'672'913 1'186'441'336 0.95% 29.02.2012 MF-AGG BERMUDA
VANGUARD GROUP INC 1'913'253 100'851 1'183'346'981 0.94% 30.06.2012 MF-AGG UNITED STATES
FIDELITY INVESTMENTS 1'512'592 -1'169'513 935'538'152 0.75% 01.03.2012 REG BRITAIN
BOSTON COMPANY ASSET 1'496'918 -275'265 925'843'783 0.74% 01.03.2012 REG UNITED STATES
VANGUARD GROUP INC 1'465'027 60'473 906'119'200 0.72% 01.03.2012 REG UNITED STATES
DIMENSIONAL FUND ADV 1'279'553 464'431 791'403'531 0.63% 01.03.2012 REG UNITED STATES
GUARDIAN INVESTOR SE 1'242'578 -105'800 768'534'493 0.61% 31.03.2012 MF-AGG UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
FARMER IAN P 79'712 49'301'872 0.04% 11.11.2011 Co File
SEEDAT MOHAMED 30'621 18'939'089 0.02% 11.11.2011 Co File
PHILLIMORE J ROGER B 22'750 14'070'875 0.01% 11.11.2011 Co File
MUNRO DAVID J C 7'700 4'762'450 0.00% 11.11.2011 Co File
LESLIE JONATHAN 4'900 3'030'650 0.00% 11.11.2011 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] |
Lonmin PLC
Financial information is in GBp (M)
Periodicity: 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12E 9/13E 9/14E
Income Statement
Revenue 60'107 47'449 48'677 57'520 61'053 103'109 98'615 113'334 68'796 101'813 124'097 108'537 119'698 135'251
- Cost of Goods Sold 23'113 22'874 28'744 37'974 40'648 52'750 60'807 70'480 79'395
Gross Income 36'994 24'575 19'933 19'546 20'405 50'360 52'527 -1'684 22'418 16'099 36'867 27'817
- Selling, General & Admin Expenses 1'596 2'315 1'625 2'569 812 3'446 58'377 4'267 4'275 6'424 106'342
(Research & Dev Costs) 0 0 0
Operating Income 35'398 22'261 18'309 16'977 19'593 46'913 40'239 48'259 -5'960 15'995 17'755 5'751 8'616 13'425
- Interest Expense 347 340 750 1'173 1'948 1'001 1'423 305 1'814 578 623
- Foreign Exchange Losses (Gains) 1'388 375 111 -356 -660 -194 1'863 -1'744
- Net Non-Operating Losses (Gains) -2'637 -681 -1'000 -4'300 379 10'617 3'353 9'042 10'041 -1'863 623
Pretax Income 36'300 22'601 18'184 20'104 17'266 35'185 35'819 39'573 -17'620 15'416 18'253 4'825 8'767 16'009
- Income Tax Expense 10'411 5'106 11'435 6'310 6'387 11'228 15'089 10'820 3'304 7'580 -1'744
Income Before XO Items 25'889 17'496 6'749 13'794 10'879 23'957 20'729 28'752 -20'924 7'837 19'998
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0
- Minority Interests 6'871 4'901 2'125 2'904 2'327 6'559 4'776 5'639 -2'462 642 2'990
Diluted EPS Before XO Items
Net Income Adjusted* 19'018 12'594 3'812 7'204 8'822 23'846 23'016 27'941 -7'401 8'864 14'080 2'243 4'990 9'335
EPS Adjusted 121.18 78.92 25.82 22.23 65.59 159.57 143.45 170.58 (38.35) 45.09 69.52 15.68 30.69 60.04
Dividends Per Share 50.46 46.77 42.93 38.37 37.19 53.04 55.75 28.60 0.00 9.64 9.34 8.67 9.16 13.19
Payout Ratio % 40.1 54.6 136.5 52.3 64.3 45.6 57.2 20.2 27.1 11.0 0.55 0.30 0.22
Total Shares Outstanding 156 148 148 148 149 150 164 164 193 202 203
Diluted Shares Outstanding 158 160 148 160 149 152 162 164 174 197 203
EBITDA 38'938 24'916 21'183 19'936 23'219 51'416 44'659 53'136 -130 24'602 25'480 13'036 18'056 25'744
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Periodicity: 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12E 9/13E 9/14E
Balance Sheet
Total Current Assets 44743.6421 11593.8336 19734.0714 12694.5579 16314 32108 37442 50671 52944 60910 39302
+ Cash & Near Cash Items 35'904 2'166 3'971 1'104 623 3'259 10'880 12'696 17'606 9'410 4'857
+ Short Term Investments 68 127 180 276 0 0 392 1'124 0 0 0
+ Accounts & Notes Receivable 5'984 5'351 7'460 5'354 6'684 19'340 14'065 13'988 10'801 20'092 5'240
+ Inventories 2'040 2'612 6'016 4'471 6'231 7'212 9'115 17'920 16'920 25'178 24'540
+ Other Current Assets 748 1'338 2'106 1'490 2'776 2'297 2'989 4'944 7'617 6'231 4'665
Total Long-Term Assets 67'795 75'233 76'530 82'956 107'511 114'328 155'550 181'619 210'089 245'804 271'408
+ Long Term Investments 14'824 18'219 17'147 2'373 2'096 6'251 12'154 6'460 5'806 25'687 25'498
Gross Fixed Assets 67'319 72'748 75'447 93'498 97'145 101'934 106'739 144'205 174'003 195'575 227'186
Accumulated Depreciation 14'688 16'244 16'305 17'883 21'298 23'774 24'749 37'863 46'888 55'760 63'139
+ Net Fixed Assets 52'632 56'504 59'142 75'615 75'847 78'160 81'990 106'342 127'115 139'814 164'047
+ Other Long Term Assets 340 510 241 4'967 29'568 29'918 61'407 68'816 77'168 80'303 81'863
Total Current Liabilities 17'272 11'976 14'981 11'977 14'048 17'203 27'640 22'527 25'286 28'866 23'709
+ Accounts Payable 952 1'083 2'046 1'380 2'209 4'488 5'097 8'370 10'614 10'554 11'439
+ Short Term Borrowings 136 3'631 2'768 1'269 4'928 962 11'615 0 3'621 4'196 639
+ Other Short Term Liabilities 16'184 7'262 10'168 9'328 6'911 11'753 10'929 14'157 11'051 14'115 11'631
Total Long Term Liabilities 10'608 18'792 29'601 34'275 52'906 59'141 49'694 64'041 66'804 81'892 73'492
+ Long Term Borrowings 204 8'409 12'755 14'792 28'662 26'659 17'594 29'717 21'789 29'056 19'172
+ Other Long Term Borrowings 10'404 10'383 16'846 19'483 24'244 32'482 32'100 34'324 45'015 52'836 54'320
Total Liabilities 27'880 30'768 44'582 46'252 66'954 76'344 77'334 86'568 92'090 110'758 97'201
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 11'424 13'059 12'875 8'334 9'403 11'914 19'211 25'111 23'850 23'716 26'265
+ Share Capital & APIC 45'900 14'652 13'838 13'026 8'723 9'029 22'298 25'897 60'498 76'233 76'687
+ Retained Earnings & Other Equity 27'336 28'348 24'968 28'038 38'745 49'151 74'148 94'714 86'595 96'007 110'557
Total Shareholders Equity 84'659 56'058 51'682 49'398 56'871 70'093 115'658 145'722 170'943 195'956 213'510
Total Liabilities & Equity 112'539 86'826 96'264 95'651 123'825 146'437 192'992 232'290 263'033 306'714 310'711
Book Value Per Share 468.96 291.06 262.57 276.69 318.83 388.45 589.36 735.93 761.93 851.44 923.95 933.86 968.80 1'014.68
Tangible Book Value Per Share 468.96 291.06 262.57 159.41 231.14 253.35 371.91 413.63 508.54 575.18
Company Analysis - Financials II/IV
Periodicity: 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12E 9/13E 9/14E
Cash Flows
Net Income 34'010 22'669 18'621 10'890 8'552 17'398 15'953 23'114 -18'462 7'194 17'007 1'972 5'332 9'378
+ Depreciation & Amortization 3'540 2'655 2'874 2'960 3'626 4'502 4'420 4'877 6'089 8'608 7'725
+ Other Non-Cash Adjustments -4'928 -12'118 -3'937 -223 5'467 17'342 10'873 12'141 5'182 3'661 -748
+ Changes in Non-Cash Capital -2'568 -885 -3'374 2'178 -2'544 -11'117 3'912 -4'267 6'348 -14'324 15'263
Cash From Operating Activities 30'054 12'322 14'184 15'804 15'101 28'126 35'158 35'864 -842 5'139 39'248
+ Disposal of Fixed Assets 0 0 1'562 0 0 254 0 0 0 0
+ Capital Expenditures -7'982 -10'348 -10'060 -10'443 -9'634 -8'949 -13'718 -17'983 -14'316 -16'637 -25'418 -27'554 -19'753 -19'935
+ Increase in Investments -833 -5'242 0 -223 -108 -2'001 -3'658 -864 0 0 0
+ Decrease in Investments 0 0 62 21'779 0 1'556 2'591 51 0 0 0
+ Other Investing Activities -7'149 29'409 562 -23'678 -11'962 -1'945 -20'272 -1'067 -1'166 -18'628 -2'118
Cash From Investing Activities -15'964 13'819 -7'873 -12'565 -21'704 -11'339 -34'802 -19'863 -15'482 -35'265 -27'536
+ Dividends Paid -7'635 -7'420 -6'311 -5'696 -5'521 -6'892 -8'688 -9'449 0 0 -1'869
+ Change in Short Term Borrowings -139 -68 0 3'016 4'601 -4'780 12'041 -12'039 3'757 835 -3'800
+ Increase in Long Term Borrowings 0 8'850 13'497 11'041 16'008 3'607 8'636 14'575 7'259 18'689
+ Decrease in Long Term Borrowings 0 0 -8'186 -1'407 -16'453 0 0 -26'236 0 -28'283
+ Increase in Capital Stocks 278 204 0 335 325 834 3'455 305 33'102 14'774 62
+ Decrease in Capital Stocks -1'319 -33'221 0 0 0 0 0 0 0 0
+ Other Financing Activities -6'108 -2'451 -1'437 -2'066 -1'786 -3'446 -2'083 -3'200 -5'247 -1'349 -997
Cash From Financing Activities -14'923 -34'106 -2'437 -4'412 7'253 -14'730 8'332 -15'748 19'952 21'519 -16'197
Net Changes in Cash -833 -7'965 3'874 -1'173 649 2'057 8'688 254 3'628 -8'608 -4'485
Free Cash Flow (CFO-CAPEX) 22'072 1'974 4'124 5'361 5'467 19'177 21'440 17'881 -15'158 -11'498 13'830 -12'719 -6'401 -5'228
Free Cash Flow To Firm 22'319 2'238 4'402 6'166 6'694 19'858 22'264 18'103 -11'204
Free Cash Flow To Equity 21'933 10'756 10'998 13'952 37'343 14'478 -23'061 -3'404 436
Free Cash Flow per Share 140.65 12.37 27.91 36.18 36.80 128.33 133.63 109.16 -87.06 -58.46 68.31
Company Analysis - Financials III/IV
Periodicity: 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12E 9/13E 9/14E
Ratio Analysis
Valuation Ratios
Price Earnings 8.0x 11.0x 29.5x 22.4x 20.5x 21.8x 36.3x 13.9x 46.1x 12.2x 39.5x 20.2x 10.3x
EV to EBIT 3.6x 6.8x 8.8x 10.6x 11.0x 8.9x 15.6x 7.4x 24.3x 14.0x
EV to EBITDA 3.3x 6.1x 7.6x 9.0x 9.3x 8.1x 14.1x 6.7x 2'841.6x 15.8x 9.7x 13.3x 9.6x 6.7x
Price to Sales 2.5x 2.9x 2.8x 2.7x 2.9x 3.7x 5.9x 2.8x 4.4x 3.3x 1.7x 1.2x 1.0x 0.9x
Price to Book 2.0x 2.8x 3.4x 3.8x 3.9x 6.3x 5.9x 2.9x 2.2x 2.0x 1.1x 0.7x 0.6x 0.6x
Dividend Yield 5.2% 5.4% 4.6% 3.6% 3.1% 2.1% 1.5% 1.5% 0.0% 0.6% 0.9% 1.4% 1.5% 2.1%
Profitability Ratios
Gross Margin 61.5% 51.8% 40.9% 34.0% 33.4% 48.8% 46.3% -2.4% 22.0% 14.8% 30.8% 20.6%
EBITDA Margin 64.8% 52.5% 43.5% 34.7% 38.0% 49.9% 45.3% 46.9% 0.2% 24.2% 20.5% 12.0% 15.1% 19.0%
Operating Margin 58.9% 46.9% 37.6% 29.5% 32.1% 45.5% 40.8% 42.6% -8.7% 15.7% 14.3% 5.3% 7.2% 9.9%
Profit Margin 31.6% 26.5% 9.5% 18.9% 14.0% 16.9% 16.2% 20.4% -26.8% 7.1% 13.7% 2.1% 4.2% 6.9%
Return on Assets 17.4% 12.3% 5.0% 11.7% 8.1% 12.7% 9.4% 11.3% -6.8% 2.5% 5.6% 0.7% 1.8% 1.8%
Return on Equity 27.4% 21.1% 11.2% 28.1% 20.0% 32.5% 20.5% 22.1% -12.7% 4.4% 9.7% 1.6% 3.3% 5.3%
Leverage & Coverage Ratios
Current Ratio 2.59 0.97 1.32 1.06 1.16 1.87 1.35 2.25 2.09 2.11 1.66
Quick Ratio 2.43 0.64 0.78 0.56 0.52 1.31 0.92 1.23 1.12 1.02 0.43
Interest Coverage Ratio (EBIT/I) 102.00 65.40 22.54 14.48 9.78 24.82 15.53 158.33 -1.80 4.79 5.09
Tot Debt/Capital 0.00 0.18 0.23 0.25 0.37 0.28 0.20 0.17 0.13 0.15 0.08
Tot Debt/Equity 0.00 0.21 0.30 0.33 0.59 0.39 0.25 0.20 0.15 0.17 0.09
Others
Asset Turnover 0.55 0.46 0.53 0.62 0.58 0.75 0.58 0.55 0.25 0.35 0.41
Accounts Receivable Turnover 9.52 8.10 7.49 9.32 10.49 7.73 5.98 8.32 5.03 6.48 10.01
Accounts Payable Turnover 16.29 22.39 20.35 22.41 24.38 15.84 10.51 6.52 8.10
Inventory Turnover 13.06 9.46 6.52 7.51 7.86 7.75 4.74 3.69 3.71
Effective Tax Rate 28.7% 22.6% 62.9% 31.4% 37.0% 31.9% 42.1% 27.3% 49.2%
Company Analysis - Financials IV/IV
LONMIN PLCAQUARIUS
PLATINU
IMPALA
PLATINUM
ANGLO
AMERICAN P
AFRICAN
RAINBOWXSTRATA PLC
BARRICK GOLD
CRPNORILSK NICKEL
STILLWATER
MININ
NORTH AMER
PALLARIO TINTO LTD ANGLO AMER PLC
ANTOFAGASTA
PLC
VEDANTA
RESOURCERIO TINTO PLC
09/2011 06/2012 06/2011 12/2011 06/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 03/2012 12/2011
1'328.00 3.88 18'950.00 60'950.00 19'821.00 1'268.73 55.36 7'855.00 15.95 3.94 73.81 2'927.00 1'400.28 1'564.00 4'029.00
31.08.2011 30.08.2011 16.11.2011 22.09.2011 15.09.2011 06.02.2012 09.09.2011 15.09.2011 30.08.2011 31.08.2011 01.09.2011 08.02.2012 26.01.2012 27.02.2012 02.02.2012
592.50 0.48 12'402.00 40'006.00 15'133.00 705.22 31.17 4'047.00 7.31 1.46 50.22 1'850.50 851.40 821.00 2'636.50
17.08.2012 02.08.2012 12.07.2012 24.07.2012 06.08.2012 04.10.2011 26.07.2012 27.12.2011 04.10.2011 10.08.2012 26.07.2012 02.08.2012 04.10.2011 26.07.2012 04.10.2011
741'345 2'920'796 148'783 15'055 45'048 584'925 3'999'492 54'003 3'165'432 1'039'311 1'723'330 225'341 82'623 51'455 627'479
618.50 0.56 13'252.00 41'953.00 15'867.00 924.30 35.60 4'935.00 10.05 1.81 54.50 1'921.50 1'100.00 948.00 3'019.00
-53.4% -85.6% -30.1% -31.2% -19.9% -27.1% -35.7% -37.2% -37.0% -54.1% -26.2% -34.4% -21.4% -39.4% -25.1%
4.4% 17.9% 6.9% 4.9% 4.9% 31.1% 14.2% 21.9% 37.5% 23.9% 8.5% 3.8% 29.2% 15.5% 14.5%
202.7 467.3 601.0 269.7 213.1 2'964.7 1'000.4 190.6 115.4 162.9 1'874.1 1'323.4 985.9 296.9 1'872.3
1'253.4 264.8 83'714.7 113'139.6 34'090.6 27'753.9 35'621.1 940'747.9 1'165.7 315.6 87'716.4 26'712.3 10'844.4 2'814.7 58'414.3
310.0 292.0 1'842.0 5'958.0 3'069.0 10'370.0 13'369.0 5'155.0 196.0 70.2 21'804.0 12'873.0 2'140.3 17'361.4 21'804.0
- - - - - - - - - - - - - - -
411.0 - 2'047.0 381.0 958.0 2'037.0 2'191.0 120.0 - - 6'669.0 4'097.0 1'611.2 13'768.9 6'669.0
76.0 328.1 4'542.0 2'296.0 3'668.0 1'948.0 2'745.0 1'627.0 158.6 50.9 10'014.0 11'732.0 3'280.0 6'885.3 10'255.0
2'726.4 343.9 85'336.7 123'053.6 35'482.5 57'421.7 50'070.1 33'006.5 1'165.7 390.0 115'035.8 44'469.0 17'501.6 28'665.2 115'035.8
LFY 1'992.0 485.7 33'132.0 51'117.0 14'893.0 33'877.0 14'312.0 14'122.0 906.0 170.5 60'537.0 30'580.0 6'076.0 14'005.3 60'537.0
LTM 1'805.0 506.8 33'229.0 45'722.0 16'900.0 32'650.0 14'718.0 14'122.0 929.1 167.5 56'817.0 29'021.0 6'076.0 14'005.3 56'817.0
CY+1 1'703.3 460.1 27'945.5 47'979.2 16'708.3 31'558.9 14'635.3 12'469.5 823.5 163.4 55'464.2 32'275.6 6'660.0 16'633.9 55'464.2
CY+2 1'878.4 511.7 33'713.9 55'247.5 18'525.3 35'884.4 16'858.3 12'985.0 983.5 229.8 62'167.3 36'780.8 6'880.4 20'424.6 62'167.3
LFY 2.0x 2.5x 3.1x 2.7x 2.5x 1.5x 3.6x 2.3x 1.1x 2.6x 2.2x 1.6x 3.1x 2.1x 1.8x
LTM 2.3x 1.9x 3.1x 3.0x 2.2x 1.6x 3.5x 2.3x 1.1x 2.6x 2.3x 1.7x 3.1x 2.1x 2.0x
CY+1 1.7x 0.9x 3.1x 2.5x 2.1x 1.8x 3.4x 2.5x 1.4x 2.2x 2.1x 1.7x 2.5x 1.7x 2.1x
CY+2 1.6x 0.8x 2.6x 2.2x 1.8x 1.6x 2.8x 2.4x 1.2x 1.8x 1.8x 1.5x 2.4x 1.3x 1.8x
LFY 409.0 200.5 11'565.0 12'753.0 6'556.0 11'648.0 8'327.0 6'507.0 218.1 3.8 26'304.0 11'889.0 3'519.3 4'465.0 26'657.0
LTM 276.0 - - - 7'088.0 9'835.0 8'109.0 7'738.0 141.3 3.4 21'790.0 10'104.0 3'519.3 4'465.0 22'143.0
CY+1 204.6 84.5 6'870.8 8'450.5 6'712.4 8'630.9 7'975.2 5'740.9 115.3 17.7 21'627.2 10'106.5 3'831.0 5'728.2 21'627.2
CY+2 283.4 128.9 8'464.4 10'333.5 7'805.1 10'979.8 9'416.4 5'919.6 176.5 70.7 25'764.3 12'550.2 3'999.0 6'900.8 25'764.3
LFY 10.0x 6.0x 8.9x 10.7x 5.8x 4.4x 6.2x 5.0x 4.5x 114.0x 5.0x 4.1x 5.4x 6.7x 4.2x
LTM 14.7x - - - 5.4x 5.2x 6.4x 6.4x 7.0x 127.5x 6.0x 4.8x 5.4x 6.7x 5.0x
CY+1 14.0x 5.1x 12.4x 14.4x 5.3x 6.7x 6.2x 5.4x 10.3x 20.0x 5.3x 5.4x 4.4x 5.0x 5.3x
CY+2 10.6x 3.2x 10.4x 11.9x 4.3x 5.3x 5.1x 5.2x 6.8x 5.8x 4.4x 4.3x 4.1x 3.9x 4.4x
LFY 1.43 0.19 11.05 17.71 15.53 1.99 4.65 - 1.30 -0.19 6.45 5.06 1.37 0.80 6.42
LTM 0.79 -0.34 13.33 4.02 17.37 1.63 4.29 23.63 0.75 -0.20 2.50 2.78 1.25 0.22 2.31
CY+1 0.25 0.02 6.72 7.42 16.47 1.31 4.17 19.41 0.29 (0.04) 6.14 2.97 1.41 2.73 6.14
CY+2 0.48 0.08 7.70 14.15 19.72 1.63 4.93 20.36 0.54 0.12 7.18 3.84 1.55 3.76 7.18
LFY 12.4x - 9.9x 104.4x 9.1x 8.9x 8.4x 6.5x 13.4x - 22.8x 10.8x 13.8x 67.9x 20.6x
LTM 11.0x - 7.9x 51.5x 6.4x 8.2x 8.4x - 13.4x - - 7.5x 13.8x 18.6x 8.5x
CY+1 39.5x 36.6x 19.7x 56.5x 9.6x 11.1x 8.6x 7.9x 35.1x - 9.3x 10.2x 12.2x 5.5x 7.7x
CY+2 20.2x 7.1x 17.2x 29.7x 8.0x 8.9x 7.3x 7.6x 18.7x 15.0x 7.9x 7.9x 11.1x 4.0x 6.6x
1 Year 25.7% (27.2%) 30.2% 11.1% 35.1% 11.1% 30.1% 10.5% 63.0% 59.2% 9.7% 9.4% 32.7% 22.6% 9.7%
5 Year 13.1% 4.5% 3.2% (0.3%) 33.8% 6.2% 15.9% 2.6% 16.4% - 26.1% 4.6% 18.9% 24.2% 26.1%
1 Year 6.8% - 42.5% 7.6% 75.1% 12.2% 34.1% (11.7%) 72.0% - 17.1% 15.4% 22.2% 27.9% 17.2%
5 Year (15.1%) (1.4%) 9.2% (7.7%) 35.1% 17.6% 30.0% (3.8%) 18.9% - 21.3% 4.2% 3.5% 10.6% 21.6%
LTM 20.5% 30.0% 34.9% 24.9% 44.0% 34.4% 58.2% 46.1% 24.1% 2.2% 43.5% 38.9% 57.9% 31.9% 44.0%
CY+1 12.0% 18.4% 24.6% 17.6% 40.2% 27.3% 54.5% 46.0% 14.0% 10.8% 39.0% 31.3% 57.5% 34.4% 39.0%
CY+2 15.1% 25.2% 25.1% 18.7% 42.1% 30.6% 55.9% 45.6% 17.9% 30.8% 41.4% 34.1% 58.1% 33.8% 41.4%
Total Debt / Equity % 10.6% 34.3% 3.9% 10.6% 14.5% 23.7% 57.2% 46.4% 23.2% 26.1% 41.5% 32.9% 34.5% 373.3% 41.5%
Total Debt / Capital % 8.5% 25.5% 3.6% 9.5% 12.2% 18.5% 34.3% 31.5% 18.9% 20.7% 26.9% 23.0% 21.5% 48.5% 26.9%
Total Debt / EBITDA 0.758x 1.456x 0.159x 0.467x 0.468x 0.890x 1.606x 0.792x 0.899x 18.322x 0.829x 1.083x 0.608x 3.888x 0.818x
Net Debt / EBITDA 0.572x -0.180x -0.233x 0.287x -0.091x 0.723x 1.276x 0.542x 0.172x 5.034x 0.448x 0.096x -0.324x 2.346x 0.433x
EBITDA / Int. Expense 7.304x 9.885x 21.780x 59.042x 28.754x 25.770x 13.718x 43.093x 33.301x 1.489x 26.570x 11.443x 79.085x 3.815x 19.849x
S&P LT Credit Rating - - - - - BBB+ BBB+ BBB- B - A- BBB+ - - A-
S&P LT Credit Rating Date - - - - - 18.04.2011 30.07.2012 26.09.2011 07.12.2009 - 18.04.2011 18.04.2011 - - 18.04.2011
Moody's LT Credit Rating - - - - - - Baa1 - WR - - Baa1 - Ba3 -
Moody's LT Credit Rating Date - - - - - - 17.05.2011 - 05.10.2011 - - 23.02.2009 - 12.01.2012 -
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 (8/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
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