15.03.2013
Ticker: Commerzbank AG Benchmark:
Currency: Xetra: CBK, Currency: EUR DAX INDEX (DAX)
Sector: Financials Industry: Commercial Banks Year:
Telephone 49-69-136-20 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)
Website www.commerzbank.de/ No of Employees Private and Business Customers 3350 Germany 1
Address Kaiserplatz Frankfurt am Main, 60261 Germany Mittelstand - Corporate Banking 3016 Rest of Europe
Share Price Performance in EUR Corporates & Markets 1596 America
Price 1.18 1M Return -20.7% Central and Eastern Europe 818 Asia
52 Week High 2.00 6M Return -25.8% Others and Consolidation 680 Rest of the World
52 Week Low 1.12 52 Wk Return -38.8% Asset Based Finance 225
52 Wk Beta 1.58 YTD Return -17.5% Portfolio Restructuring Unit 216
Credit Ratings
Bloomberg HY4
S&P A *- Date 07.02.2013 Outlook -
Moody's A3 Date 06.06.2012 Outlook NEG
Fitch A+ Date 09.04.2009 Outlook STABLE
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E - 4.6x 7.2x - 11.8x 7.1x 5.0x
EV/EBIT - - - - - - -
EV/EBITDA - - - - - - -
P/S 0.2x 0.3x 0.2x 0.8x 0.7x 0.7x 0.6x
P/B 0.8x 0.6x 0.3x 0.4x 0.3x 0.3x 0.3x
Div Yield 0.0% 0.0% 0.0% - 0.3% 2.4% 3.8%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin - - - - - - -
EBITDA Margin - - - - - - -
Operating Margin -18.7 9.8 4.3 11.9 14.2 17.0 23.3
Profit Margin -37.1 10.4 5.9 0.1 5.6 9.8 14.3
Return on Assets -0.6 0.2 0.1 0.0 0.1 0.2 0.2
Return on Equity -48.6 14.6 4.0 0.0 1.9 3.5 5.1
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio - - - - Current Capitalization in EUR
Quick Ratio - - - - Common Shares Outstanding (M) 5829.5
EBIT/Interest - - - - Market Capitalization (M) 6896.3
Tot Debt/Capital 0.9 0.9 0.9 - Cash and ST Investments (M) 121104.0
Tot Debt/Equity 12.8 10.6 10.0 - Total Debt (M) 225254.0
Eff Tax Rate % - - - 88.0 Preferred Equity (M) 2376.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 858.0
Enterprise Value (M) 114280.3
Commerzbank AG attracts deposits and offers retail and commercial banking services.
The Bank offers mortgage loans, securities brokerage and asset management services,
private banking, foreign exchange, and treasury services worldwide.
CBK GY
9'855
53'798
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Commerzbank AG
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: [email protected] |
15.03.2013
Commerzbank AG
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 5829.5 Germany 81.67%
Float 74.9% United States 14.08%
Short Interest (M) Luxembourg 1.01%
Short Interest as % of Float France 0.80%
Days to Cover Shorts Britain 0.54%
Institutional Ownership 37.91% Switzerland 0.51%
Retail Ownership 62.09% Ireland 0.38%
Insider Ownership 0.00% Others 1.01%
Institutional Ownership Distribution
Government 65.95%
Investment Advisor 22.97%
Insurance Company 7.19%
Mutual Fund Manager 3.66%
Pricing data is in EUR Others 0.23%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
FEDERAL REPUBLIC OF 1'457'378'418 0 1'724'078'668 25.00% 31.01.2013 Research GERMANY
BLACKROCK 313'123'539 90'512 370'425'147 5.37% 13.03.2013 ULT-AGG UNITED STATES
ALLIANZ SE 158'754'249 0 187'806'277 2.72% 07.03.2012 Research GERMANY
VANGUARD GROUP INC 68'996'872 2'722'059 81'623'300 1.18% 31.12.2012 MF-AGG UNITED STATES
MARSHALL WACE LLP -50'133'818 -9'910'174 -59'308'307 -0.86% 13.03.2013 Short BRITAIN
FRANKFURT TRUST INVE 22'030'550 0 26'062'141 0.38% 28.12.2012 MF-AGG GERMANY
UNION INVESTMENT GMB 21'236'463 2'131'853 25'122'736 0.36% 28.09.2012 MF-AGG GERMANY
THRIVENT FINANCIAL F 11'346'050 -67'100 13'422'377 0.19% 31.12.2012 MF-AGG UNITED STATES
DEUTSCHE BANK AG 8'132'683 2'552'512 9'620'964 0.14% 31.01.2013 MF-AGG GERMANY
ADIG INVESTMENT 7'263'550 0 8'592'780 0.12% 30.11.2012 MF-AGG GERMANY
DEKA INVESTMENT GMBH 6'635'014 -2'979'650 7'849'222 0.11% 28.12.2012 MF-AGG GERMANY
ETFLAB INVESTMENT GM 6'242'873 0 7'385'319 0.11% 14.03.2013 MF-AGG GERMANY
CREDIT SUISSE ASSET 5'847'747 286'355 6'917'885 0.10% 28.12.2012 MF-AGG SWITZERLAND
VERITAS SG INVESTMEN 5'221'900 -864'000 6'177'508 0.09% 30.11.2012 MF-AGG GERMANY
COMMERZBANK AG 5'113'429 0 6'049'187 0.09% 31.12.2011 Co File GERMANY
STATE STREET BANQUE 4'692'099 -91'050 5'550'753 0.08% 31.01.2013 MF-AGG FRANCE
DWS INVESTMENT S A 4'627'388 826'488 5'474'200 0.08% 31.01.2013 MF-AGG LUXEMBOURG
FMR LLC 4'282'228 -7'720'168 5'065'876 0.07% 31.01.2013 ULT-AGG UNITED STATES
DIMENSIONAL FUND ADV 3'348'946 0 3'961'803 0.06% 31.07.2012 MF-AGG UNITED STATES
UNIVERSAL INVESTMENT 3'339'250 198'105 3'950'333 0.06% 02.10.2012 MF-AGG GERMANY
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
Company Analysis - Ownership
Ownership Type
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Commerzbank AG
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 21'148 15'635 15'115 16'666 24'340 27'339 24'181 25'393 25'027 21'462 9'855 9'945 10'305 10'679
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses 5'451 4'845 4'746 4'808 5'425 5'611 5'418 9'511 9'335 8'428 7'025
(Research & Dev Costs)
Operating Income -819 346 835 1'535 2'559 2'477 -418 -2'285 1'351 465 1'170 1'410 1'748 2'485
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains) -447 2'326 39 -145 163 -28 -15 2'374 -2 -42 265
Pretax Income -372 -1'980 796 1'680 2'396 2'505 -403 -4'659 1'353 507 905 937 1'564 2'021
- Income Tax Expense -103 249 353 409 595 580 -465 -26 -136 -240 796
Income Before XO Items -269 -2'229 443 1'271 1'801 1'925 62 -4'633 1'489 747 109
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 0 0
- Minority Interests 29 91 81 106 197 8 59 -96 59 109 103
Diluted EPS Before XO Items 1.96 2.34 0.00 (3.53) 0.97 0.18 0.18
Net Income Adjusted* -298 -2'320 393 1'165 1'597 1'917 22 -2'865 1'405 1'409 986 555 1'014 1'527
EPS Adjusted (0.45) (3.41) 0.53 1.55 1.95 2.34 0.02 (2.22) 0.95 0.40 0.18 0.10 0.17 0.24
Dividends Per Share 0.08 0.00 0.20 0.40 0.60 0.80 0.00 0.00 0.00 0.00 0.00 0.03 0.05
Payout Ratio % 41.4 28.2 30.7 34.3 0.0 0.0 0.0 0.03 0.17 0.19
Total Shares Outstanding 677 746 742 818 820 820 901 1'473 1'463 5'113 5'830
Diluted Shares Outstanding 666 679 740 754 819 819 845 1'288 1'471 3'460 5'612
EBITDA
*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
+ Cash & Near Cash Items 6'612 5'711 3'634 5'465 5'129 4'962 6'566 10'329 8'053 6'075
+ Short Term Investments 121'834 91'563 175'219 189'323 99'340 114'154 136'856 239'655 183'515 165'993
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments 80'974 85'542 2'379 3'643 121'469 115'595 108'867 111'246 101'210 85'038
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets 2'505 2'063 1'766 1'525 1'388 1'293 1'240 1'779 1'590 1'399
+ Other Long Term Assets 12'385 11'786 9'879 9'807 18'670 22'958 23'883 22'211 21'560 18'882
Total Current Liabilities
+ Accounts Payable
+ Short Term Borrowings 140'750 110'383 132'391 151'388 131'769 126'081 128'656 142'123 110'629 72'740
+ Other Short Term Liabilities 92'497 74'981 89'091 30'573 78'752 91'925 121'407 224'971 172'280 158'489
Total Long Term Liabilities
+ Long Term Borrowings 76'203 78'269 79'165 83'575 197'120 179'601 149'649 148'663 131'428 127'889
+ Other Long Term Borrowings 6'914 7'648 8'143 8'335 3'662 4'001 4'369 5'596 4'461 3'513
Total Liabilities 412'064 371'281 413'854 431'211 593'020 600'342 605'292 817'527 725'641 636'960
+ Long Preferred Equity 0 0 0 0 0 0 8'200 17'178 17'178 2'687 2'376
+ Minority Interest 1'262 1'213 1'269 947 1'023 997 1'877 570 785 699 858
+ Share Capital & APIC 7'541 6'020 6'027 7'391 7'381 7'417 7'276 4'405 4'349 16'271 17'509
+ Retained Earnings & Other Equity 1'267 3'071 3'727 5'312 6'854 7'718 2'551 4'423 6'346 5'146 4'496
Total Shareholders Equity 10'070 10'304 11'023 13'650 15'258 16'132 19'904 26'576 28'658 24'803 25'239
Total Liabilities & Equity 422'134 381'585 424'877 444'861 608'278 616'474 625'196 844'103 754'299 661'763
Book Value Per Share 13.02 12.19 13.15 15.53 17.36 18.46 10.90 5.99 7.31 4.19 3.77 4.15 4.44 4.58
Tangible Book Value Per Share 11.32 11.11 12.07 14.34 15.31 16.91 9.42 3.81 5.19 3.59
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 -298 -2'320 362 1'165 1'604 1'917 3 -4'537 1'430 638 260 922 1'353
+ Depreciation & Amortization 1'114 929 1'551 1'288 4'093 -156 520 743 4'101 4'006
+ Other Non-Cash Adjustments 615 1'293 1'843 -3'161 1'403 -2'289 -424 6'542 2'685 -11'771
+ Changes in Non-Cash Capital 21'741 17'010 -30'763 -1'050 4'212 -1'372 15'863 -32'794 -45'202 -32'544
Cash From Operating Activities 23'172 16'912 -27'007 -1'758 11'312 -1'900 15'962 -30'046 -36'986 -39'671
+ Disposal of Fixed Assets 1'955 424 285 66 334 467 293 663 187 74
+ Capital Expenditures -738 -317 -505 -429 -1'212 -275 -624 -4'426 -492 -296
+ Increase in Investments -47'039 -52'351 -45'806 -57'560 -104'227 -385 -4 -5'240 -504 -335
+ Decrease in Investments 65'905 48'593 39'720 44'045 55'894 2'874 2'999 858 15'274 17'783
+ Other Investing Activities -238 68 -3 333 3'579 -71 2'453 298 83
Cash From Investing Activities 91'710 6'493 -3'496 -16'942 -186'429 7'743 1'854 -77'027 39'374 49'682
+ Dividends Paid -217 -54 0 -150 -328 -493 -657
+ Change in Short Term Borrowings 5'898 -19'735 20'181 14'470 -4'075 -705 3'372
+ Increase in Long Term Borrowings 0 0 3'258 9'670 138'504 8'734
+ Decrease in Long Term Borrowings -97'938 -8'740 -529 -733 -23'422 -39'822
+ Increase in Capital Stocks 0 831 1 1'364 1'079 2'528
+ Decrease in Capital Stocks -82 0 -10 0 -56 -2'774
+ Other Financing Activities -1'181 -908 -13 37 -3 -6 -129 13'893 -2'817 -1'732
Cash From Financing Activities -114'218 -24'306 27'962 22'440 172'456 -6'653 -16'407 110'836 -4'664 -11'989
Net Changes in Cash 664 -901 -2'541 3'740 -2'661 -810 1'409 3'763 -2'276 -1'978
Free Cash Flow (CFO-CAPEX) 22'434 16'595 -27'512 -2'187 10'100 -2'175 15'338 -34'472 -37'478 -39'967
Free Cash Flow To Firm
Free Cash Flow To Equity -67'651 -11'456 -4'317 21'286 144'863 -25'835 -3'885
Free Cash Flow per Share 33.69 24.44 -37.16 -2.90 12.33 -2.65 18.16 -26.77 -25.48 -11.55
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 24.9x 13.5x 11.8x 9.0x 1'870.4x 4.6x 7.2x 11.8x 7.1x 5.0x
EV to EBIT
EV to EBITDA
Price to Sales 0.2x 0.5x 0.6x 0.9x 0.8x 0.6x 0.2x 0.2x 0.3x 0.2x 0.8x 0.7x 0.7x 0.6x
Price to Book 0.5x 1.0x 0.9x 1.3x 1.3x 1.1x 0.5x 0.8x 0.6x 0.3x 0.4x 0.3x 0.3x 0.3x
Dividend Yield 1.3% 0.0% 1.6% 1.9% 2.6% 3.8% 0.0% 0.0% 0.0% 0.0% 0.3% 2.4% 3.8%
Profitability Ratios
Gross Margin
EBITDA Margin - - -
Operating Margin -13.1% 5.2% 12.4% 21.0% 27.2% 26.8% -5.5% -18.7% 9.8% 4.3% 11.9% 14.2% 17.0% 23.3%
Profit Margin -4.8% -34.9% 5.4% 15.9% 17.0% 20.7% 0.0% -37.1% 10.4% 5.9% 0.1% 5.6% 9.8% 14.3%
Return on Assets -0.1% -0.6% 0.1% 0.3% 0.3% 0.3% 0.0% -0.6% 0.2% 0.1% 0.0% 0.1% 0.2% 0.2%
Return on Equity -2.9% -25.9% 3.8% 10.4% 11.9% 13.1% 0.0% -48.6% 14.6% 4.0% 0.0% 1.9% 3.5% 5.1%
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital 0.96 0.95 0.95 0.95 0.96 0.96 0.94 0.93 0.91 0.91
Tot Debt/Equity 21.54 18.31 19.19 21.21 24.92 21.85 15.99 12.79 10.61 9.99
Others
Asset Turnover 0.05 0.04 0.04 0.04 0.05 0.04 0.04 0.03 0.03 0.03 0.02
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate 44.3% 24.3% 24.8% 23.2% 88.0%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
COMMERZBANKDEUTSCHE BANK-
RG
DEUTSCHE
POSTBANUBS AG-REG CREDIT SUISS-REG CREDIT AGRICOLE
IKB DEUT
INDBANKSOC GENERALE BNP PARIBAS AAREAL BANK AG UNICREDIT SPA COMDIRECT BANK NATIXIS DEUTSCHE BOERSE INTESA SANPAOLO
12/2012 12/2012 12/2011 12/2012 12/2012 12/2012 03/2012 12/2012 12/2012 12/2012 12/2011 12/2012 12/2012 12/2012 12/2012
2.00 39.58 35.30 16.39 27.85 8.00 0.72 34.40 47.92 18.49 4.88 8.90 3.69 52.30 1.59
19.03.2012 19.03.2012 18.02.2013 25.01.2013 07.02.2013 20.02.2013 07.11.2012 14.01.2013 29.01.2013 20.02.2013 30.01.2013 27.03.2012 18.02.2013 25.02.2013 16.03.2012
1.12 22.11 26.83 9.69 15.97 2.84 0.18 15.10 24.54 11.42 2.25 6.73 1.76 36.05 0.85
23.07.2012 26.07.2012 23.07.2012 24.07.2012 03.08.2012 01.06.2012 18.07.2012 18.05.2012 30.05.2012 04.06.2012 23.07.2012 07.06.2012 24.07.2012 04.06.2012 23.07.2012
28'766'124 895'052 2'980 11'343'526 4'013'246 1'278'999 0 573'381 532'412 28'687 25'115'807 8'041 850'478 113'905 41'004'664
1.18 34.39 32.27 15.45 26.88 7.27 0.43 30.51 44.29 18.14 3.88 8.36 3.29 51.13 1.25
-40.7% -13.1% -8.6% -5.7% -3.5% -9.0% -39.6% -11.3% -7.6% -1.9% -20.5% -6.1% -10.9% -2.2% -21.2%
5.9% 55.5% 20.3% 59.5% 68.3% 156.0% 141.1% 102.0% 80.5% 58.8% 72.1% 24.3% 86.9% 41.8% 46.3%
5'829.5 929.0 218.8 3'747.4 1'292.7 2'490.7 633.4 754.0 1'240.1 59.9 2'930.0 141.2 3'079.4 183.4 16'434.0
6'896.3 31'960.8 7'059.6 59'273.4 35'503.9 18'165.6 274.9 23'802.3 55'013.6 1'085.8 22'473.8 1'180.5 10'153.6 9'868.1 20'349.8
247'823.0 284'516.0 38'189.0 267'401.0 330'510.0 936'095.0 16'516.7 740'837.0 1'012'615.0 27'489.0 334'658.3 1.9 251'200.0 1'775.4 114'813.0
2'376.0 - - - - 2'104.0 - 5'270.0 7'241.0 300.0 - - - - -
858.0 1'270.0 4.0 4'353.0 6'786.0 5'505.0 - 4'288.0 8'536.0 243.0 3'318.2 - 500.0 212.6 586.0
42'259.0 177'928.0 23'974.0 66'383.0 63'708.0 428'281.0 19.1 110'225.0 139'568.0 588.0 56'215.5 551.8 34'700.0 1'223.5 39'926.0
- - - 264'644.4 - - 15'222.1 - - 26'114.8 - 630.6 - 10'937.0 -
LFY 9'855.0 33'582.0 8'015.0 37'754.0 38'313.0 39'785.0 1'633.8 43'733.0 97'525.0 1'347.0 41'968.2 566.1 6'264.0 2'209.0 17'813.0
LTM 17'595.0 47'151.0 10'204.0 37'758.0 38'313.0 - 1'891.3 - 97'525.0 1'263.0 26'215.4 566.1 6'264.0 2'143.5 17'685.0
CY+1 9'945.4 33'832.3 4'002.0 26'694.4 26'555.5 17'385.2 - 23'928.8 40'090.3 673.0 25'442.2 326.4 6'836.9 2'150.9 16'777.4
CY+2 10'305.4 34'823.9 4'036.0 27'388.4 27'486.4 17'979.9 221.0 24'751.5 41'256.8 710.0 24'912.8 346.5 7'211.5 2'263.7 17'212.7
LFY - - - 6.9x - - 9.3x - - 19.3x - 1.0x - 4.1x -
LTM - - - 6.9x - - 8.0x - - 20.6x - 1.0x - 4.1x -
CY+1 - 2.0x - - 35.0x -1.0x - - - - - - - 5.0x -
CY+2 - 2.0x - - 33.8x -0.9x - - - - - - - 4.7x -
LFY - - - 15'529.0 - - 1'108.8 - - 787.0 - 233.6 - 1'229.4 -
LTM - - - 15'530.0 - - - - - - - - - 1'108.5 -
CY+1 - - - - - - - - - - - - - 1'151.6 -
CY+2 - - - - - - - - - - - - - 1'258.5 -
LFY - - - 16.7x - - 13.7x - - 33.0x - 2.4x - 7.4x -
LTM - - - 16.7x - - - - - - - - - 8.2x -
CY+1 - - - - - - - - - - - - - 9.4x -
CY+2 - - - - - - - - - - - - - 8.4x -
LFY 0.34 3.18 0.51 0.52 0.77 -0.14 -0.82 4.02 5.47 1.75 -0.03 0.52 0.27 4.54 0.10
LTM 0.19 0.68 1.98 -0.67 0.84 -2.31 -0.45 0.95 5.33 1.75 -2.50 0.52 0.27 3.44 0.13
CY+1 0.10 3.96 1.66 0.91 2.66 0.99 - 3.60 5.10 1.71 0.14 0.45 0.32 3.86 0.12
CY+2 0.17 5.10 1.69 1.20 3.14 1.23 (0.17) 4.32 5.77 2.21 0.27 0.52 0.37 4.30 0.16
LFY 6.2x 50.6x 16.3x - 32.0x - - 32.0x 8.3x 10.3x - 16.1x 12.2x 14.9x 9.6x
LTM 3.4x 9.0x 16.3x 30.2x 12.1x 17.7x - 11.1x 7.9x 10.3x - 16.1x 12.0x 15.2x 13.7x
CY+1 11.8x 8.7x 19.5x 17.0x 10.1x 7.3x - 8.5x 8.7x 10.6x 27.1x 18.4x 10.3x 13.2x 10.8x
CY+2 7.1x 6.7x 19.1x 12.9x 8.6x 5.9x - 7.1x 7.7x 8.2x 14.4x 16.0x 8.8x 11.9x 8.1x
1 Year (54.1%) (36.2%) (5.6%) (7.6%) (10.3%) (14.1%) (34.3%) (9.9%) 37.3% - 1.8% (0.6%) (51.9%) (4.3%) (29.5%)
5 Year (13.8%) (5.8%) (9.6%) (10.1%) 30.2% - - - 11.4% (13.3%) 1.7% 8.2% (10.2%) (6.8%) (11.8%)
1 Year - - - (11.1%) - - (39.1%) - - - - (11.0%) - - -
5 Year - - - (31.3%) - - (20.8%) - - (12.2%) - (1.8%) - 1.8% -
LTM - - - 41.1% - - - - - - - - - 50.1% -
CY+1 - - - - - - - - - - - - - 53.5% -
CY+2 - - - - - - - - - - - - - 55.6% -
Total Debt / Equity % 0.0% 0.0% 669.4% 582.6% 927.6% 2488.1% 3888.1% 1663.3% 1287.6% 1690.6% 650.1% 0.3% 1288.2% 60.1% 231.4%
Total Debt / Capital % 90.9% 83.9% 87.0% 84.2% 88.6% 95.4% 97.5% 93.2% 91.5% 92.7% 85.9% 0.3% 92.6% 35.9% 84.8%
Total Debt / EBITDA - - - 17.218x - - - - - - - - - 1.317x -
Net Debt / EBITDA - - - 10.520x - - - - - - - - - 0.775x -
EBITDA / Int. Expense - - - - - - - - - - - - - 14.082x -
S&P LT Credit Rating A *- A+ NR A A A - A A+ - BBB+ - A AA BBB+
S&P LT Credit Rating Date 07.02.2013 25.01.2012 04.01.2013 29.11.2011 19.12.2008 23.01.2012 - 23.01.2012 25.10.2012 - 10.02.2012 - 23.01.2012 13.02.2012 10.02.2012
Moody's LT Credit Rating A3 A2 A2 A2 (P)A2 A2 NR A2 A2 - Baa2 - A2 WR Baa2
Moody's LT Credit Rating Date 06.06.2012 21.06.2012 22.06.2012 21.06.2012 21.06.2012 21.06.2012 12.09.2012 21.06.2012 21.06.2012 - 16.07.2012 - 15.06.2012 17.05.2006 16.07.2012
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 (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: [email protected] |