20.02.2013                                                                                           Company Analysis - Ov...
Company Analysis - Analysts RatingsBanque Cantonale VaudoiseTarget price in CHFBroker Recommendation                      ...
20.02.2013Banque Cantonale Vaudoise                                                                             Company An...
Company Analysis - Financials I/IVBanque Cantonale VaudoiseFinancial information is in CHF (M)                            ...
Company Analysis - Financials II/IVPeriodicity:                           12/02    12/03    12/04       12/05        12/06...
Company Analysis - Financials III/IVPeriodicity:                           12/02    12/03   12/04      12/05        12/06 ...
Company Analysis - Financials IV/IVPeriodicity:                          12/02    12/03    12/04      12/05        12/06  ...
Company Analysis - Peers Comparision                                         BANQUE CANTO-                                ...
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Financial Analysis - Banque Cantonale Vaudoise - Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. BCV operates primarily in the Canton of Vaud.pdf

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Financial Analysis - Banque Cantonale Vaudoise - Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. BCV operates primarily in the Canton of Vaud.pdf

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Financial Analysis - Banque Cantonale Vaudoise - Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. BCV operates primarily in the Canton of Vaud.pdf

  1. 1. 20.02.2013 Company Analysis - Overview Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, andTicker: BCVN SW Banque Cantonale Vaudoise Benchmark: corporate banking services. The Bank offers consumer loans, treasury management,Currency: SIX Swiss Ex: BCVN, Currency: CHF SWISS MARKET INDEX (SMI) pension funds, and investment management services, trades in commodities, advises on mergers and acquisitions, and offers securities brokerage services. BCV operatesSector: Financials Industry: Commercial Banks Year: primarily in the Canton of Vaud.Telephone 41-21-212-1000 Revenue (M) 1321 Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)Website www.bcv.ch No of Employees 1967 Wealth Management 368 Switzerland 1Address Place Saint-Francois 14 Case postale 300 Lausanne, 1001 Switzerland Corporate Banking 287 Rest of the WorldShare Price Performance in CHF Retail Banking 214Price 522.00 1M Return 6.9% Corporate Center 8652 Week High 524.00 6M Return 3.4% Trading 6252 Week Low 436.94 52 Wk Return 14.9%52 Wk Beta 0.67 YTD Return 7.7%Credit RatingsBloomberg IG3 6%S&P AA Date 05.12.2011 Outlook NEG 8%Moodys - Date - Outlook STABLEFitch - Date - Outlook - 37%Valuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 21%P/E 11.8x 13.5x 13.0x 13.4x 14.4x 14.2x 13.7xEV/EBIT - - - - - - -EV/EBITDA - - - - - - -P/S 2.6x 3.1x 2.9x 3.2x 4.4x 4.3x 4.2xP/B 1.4x 1.7x 1.5x 1.6x 1.3x 1.2x 1.3xDiv Yield 5.1% 4.5% 7.0% 6.6% 6.1% 6.2% 6.3% 28% 100%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E Wealth ManagementGross Margin - - - - - - -EBITDA Margin - - - - - - - Corporate BankingOperating Margin 35.0 36.5 34.5 36.5 51.6 52.5 51.4 Retail BankingProfit Margin 28.8 29.1 27.7 29.1 30.3 30.1 30.4 SwitzerlandReturn on Assets 0.8 0.9 0.8 0.8 0.9 0.9 0.9 Corporate CenterReturn on Equity 12.1 12.4 11.8 12.0 9.3 9.3 9.4 TradingLeverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio - - - - Current Capitalization in CHFQuick Ratio - - - - Common Shares Outstanding (M) 8.6EBIT/Interest - - - - Market Capitalization (M) 4492.4Tot Debt/Capital 0.8 0.7 0.8 0.8 Cash and ST Investments (M) 6738.0Tot Debt/Equity 3.2 3.0 3.1 3.2 Total Debt (M) 8850.0Eff Tax Rate % 22.6 22.9 23.0 22.8 Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 20.0 Enterprise Value (M) 6624.4 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Company Analysis - Analysts RatingsBanque Cantonale VaudoiseTarget price in CHFBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 600 600 100% 0% 0% 0% 20% 20% 17% 17% 17% 17% 20% 500 500 33% 33% 80% 400 400 60% 300 100% 100% 100% 300 40% 80% 80% 83% 83% 83% 83% 80% 200 67% 67% 200 100 20% 100 0 Main First Helvea Dimensions Bank Vontobel Kantonalbank Bank AG 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 Zuercher EVA févr.12 mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 AG Buy Hold Sell Price Target Price Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date 31-Jan-13 0% 80% 20% 20-Feb-13 522.00 515.00 EVA Dimensions AUSTIN BURKETT sell 20-Feb-13 31-Dec-12 0% 83% 17% 19-Feb-13 512.00 515.00 Bank Vontobel AG TERESA NIELSEN hold 530.00 19-Feb-13 30-Nov-12 0% 100% 0% 18-Feb-13 505.50 501.67 Zuercher Kantonalbank ANDREAS VENDITTI market perform 15-Feb-13 31-Oct-12 0% 83% 17% 15-Feb-13 496.00 507.50 Main First Bank AG KILIAN MAIER underperform 490.00 14-Feb-13 28-Sep-12 0% 83% 17% 14-Feb-13 503.00 507.50 Helvea TIM DAWSON neutral 525.00 14-Feb-13 31-Aug-12 0% 83% 17% 13-Feb-13 471.25 492.50 31-Jul-12 0% 100% 0% 12-Feb-13 481.00 492.50 29-Jun-12 0% 100% 0% 11-Feb-13 488.25 492.50 31-May-12 0% 80% 20% 8-Feb-13 485.50 491.67 30-Apr-12 0% 80% 20% 7-Feb-13 486.25 491.67 30-Mar-12 0% 67% 33% 6-Feb-13 487.00 491.67 29-Feb-12 0% 67% 33% 5-Feb-13 490.75 475.00 4-Feb-13 488.75 475.00 1-Feb-13 489.75 475.00 31-Jan-13 486.25 475.00 30-Jan-13 485.25 475.00 29-Jan-13 486.75 475.00 28-Jan-13 493.75 475.00 25-Jan-13 488.75 475.00 24-Jan-13 486.25 475.00 23-Jan-13 486.25 475.00 22-Jan-13 489.00 475.00 21-Jan-13 490.00 475.00 18-Jan-13 488.50 475.00 17-Jan-13 491.75 475.00 16-Jan-13 487.00 475.00 15-Jan-13 486.75 475.00 14-Jan-13 491.25 475.00 11-Jan-13 493.00 475.00 10-Jan-13 491.25 475.00 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 20.02.2013Banque Cantonale Vaudoise Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 0%Shares Outstanding (M) 8.6 Switzerland 93.03% 25% 1% 0%0%0%Float 32.7% United States 3.08% 1% 0%Short Interest (M) Britain 1.47% 4%Short Interest as % of Float Luxembourg 1.34%Days to Cover Shorts Unknown Country 0.40%Institutional Ownership 74.88% Germany 0.15%Retail Ownership 24.81% France 0.14%Insider Ownership 0.30% Others 0.40% 75% Institutional Ownership Distribution 94% Government 89.05% Investment Advisor 7.37% Mutual Fund Manager 2.79% Switzerland United States Britain Institutional Ownership Retail Ownership Insider Ownership Individual 0.40% Luxembourg Unknown Country GermanyPricing data is in CHF Others 0.39% France OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryCANTON OF VAUD 5762252 0 3007895544 66.95% 01.01.2012 Co File SWITZERLAND 0% 0% 3%UBS FUND MANAGEMENT 99092 -291 51726024 1.15% 31.10.2012 MF-AGG SWITZERLANDBLACKROCK 58620 7662 30599640 0.68% 15.02.2013 ULT-AGG UNITED STATES 7%VANGUARD GROUP INC 55668 1997 29058696 0.65% 31.12.2012 MF-AGG UNITED STATESJUPITER ASSET MANAGE 54169 -11500 28276218 0.63% 31.07.2012 MF-AGG BRITAINCREDIT SUISSE ASSET 45660 775 23834520 0.53% 28.12.2012 MF-AGG SWITZERLANDTHORNBURG INVESTMENT 44400 0 23176800 0.52% 31.12.2012 MF-AGG UNITED STATESSWISSCANTO FONDSLEIT 31940 -514 16672680 0.37% 30.11.2012 MF-AGG SWITZERLANDNEW JERSEY DIVISION 24618 0 12850596 0.29% 30.06.2012 MF-AGG UNITED STATESPICTET & CIE 23611 0 12324942 0.27% 31.10.2012 MF-AGG SWITZERLAND 90%ALLIANZ ASSET MANAGE 22742 0 11871324 0.26% 31.12.2012 ULT-AGG GERMANYSCHRODER INVESTMENT 18595 3950 9706590 0.22% 30.06.2012 MF-AGG BRITAINBNP PARIBAS INV PART 18469 -113 9640818 0.21% 30.11.2012 ULT-AGG FRANCEVONTOBEL ASSET MANAG 16600 3350 8665200 0.19% 31.10.2012 MF-AGG SWITZERLAND Government Investment Advisor Mutual Fund Manager Individual OthersSCHRODER INVESTMENT 16170 0 8440740 0.19% 28.09.2012 MF-AGG SWITZERLANDBARING FUND MANAGERS 12574 0 6563628 0.15% 31.10.2012 MF-AGG BRITAINPRUDENTIAL FINANCIAL 10122 0 5283684 0.12% 31.12.2012 ULT-AGG UNITED STATESINTERNATIONAL VALUE 9890 -5912 5162580 0.11% 31.03.2012 MF-AGG UNITED STATESSARASIN 9201 0 4802922 0.11% 30.11.2012 ULT-AGGSTEIMER OLIVIER 8074 0 4214628 0.09% 31.12.2011 Co File n/aTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceSTEIMER OLIVIER 8074 4214628 0.09% 31.12.2011 Co FileKIENER PASCAL 7177 3746394 0.08% 31.12.2011 Co FileACHARD AIME 1642 857124 0.02% 31.12.2011 Co FileSCHWARZ JEAN-FRANCOIS 1583 826326 0.02% 31.12.2011 Co FileSAGER BERTRAND 1566 817452 0.02% 31.12.2011 Co File Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Company Analysis - Financials I/IVBanque Cantonale VaudoiseFinancial information is in CHF (M) Equivalent EstimatesPeriodicity: Fiscal Year 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 12/15EIncome StatementRevenue 1604 1516 1438 1499 1590 1727 1566 1371 1352 1352 1321 1029 1050 1074 - Cost of Goods SoldGross Income - Selling, General & Admin Expenses 856 732 674 643 656 645 589 590 608 622 611 (Research & Dev Costs)Operating Income -977 156 427 378 433 429 325 365 393 377 391 531 551 552 - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains) -36 -18 -12 -210 -247 -287 -134 -24 -14 -14 -12Pretax Income -1192 174 359 477 558 576 459 390 407 391 403 414 424 433 - Income Tax Expense 8 17 22 20 23 99 101 88 93 90 92Income Before XO Items -1200 157 337 457 534 477 358 301 314 301 311 - Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 - Minority Interests 0 3 2 3 4 4 1 1 1 -1 0Diluted EPS Before XO Items 41.40 34.93 36.39 35.10 36.14Net Income Adjusted* -1200 154 335 356 410 473 330 279 313 302 304 312 316 326EPS Adjusted (141.39) 6.98 39.31 41.36 47.85 55.28 38.39 32.41 36.39 35.10 35.28 36.18 36.66 38.22Dividends Per Share 0.00 2.00 3.00 4.50 7.00 14.00 20.00 21.00 22.00 32.00 32.00 32.00 32.25 33.00 Payout Ratio % 40.4 7.6 8.5 11.4 25.5 48.3 60.1 60.4 91.2 88.6 0.88 0.88 0.86Total Shares Outstanding 8 22 8 9 9 9 9 9 9 9 9Diluted Shares Outstanding 9 9 9 9 9EBITDA*Net income excludes extraordinary gains and losses and one-time charges. Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. Company Analysis - Financials II/IVPeriodicity: 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 12/15EBalance SheetTotal Current Assets + Cash & Near Cash Items 399 368 400 282 321 353 546 1404 388 1711 4735 + Short Term Investments 1142 1360 1489 1806 2116 2146 702 485 2413 601 693 + Accounts & Notes Receivable + Inventories + Other Current AssetsTotal Long-Term Assets + Long Term Investments 1508 1539 1573 1697 1669 1671 1634 2951 2966 2975 3153 Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets 424 410 392 381 365 286 283 597 588 628 621 + Other Long Term Assets 3373 2714 2413 4244 1857 2037 1897 515 710 895 633Total Current Liabilities + Accounts Payable + Short Term Borrowings 3318 2987 2458 3554 2091 2477 2361 2243 1994 2749 2447 + Other Short Term Liabilities 2250 2130 1854 4925 2336 2084 1592 926 974 944 867Total Long Term Liabilities + Long Term Borrowings 9255 7628 6331 5475 6684 6938 6508 5937 5582 5202 5968 + Other Long Term Borrowings 254 253 332 484 628 765 1076 704 704 704 704Total Liabilities 31618 29789 27950 32088 30176 32816 33138 33215 33018 35306 37189 + Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0 + Minority Interest 20 21 14 15 14 15 13 14 14 20 1 + Share Capital & APIC 1695 1714 1722 1596 1345 891 613 529 445 446 361 + Retained Earnings & Other Equity -814 575 853 1176 1495 1615 1847 1975 2108 2131 2249Total Shareholders Equity 901 2310 2588 2787 2855 2521 2473 2518 2567 2597 2611Total Liabilities & Equity 32519 32098 30537 34875 33031 35337 35611 35733 35585 37903 39800Book Value Per Share 103.78 104.24 304.18 325.40 331.73 291.80 286.37 291.49 297.12 300.04 303.28 410.56 418.23 402.06 Tangible Book Value Per Share 89.84 100.82 293.24 314.24 329.80 290.44 285.73 290.95 296.69 295.97 298.98 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. Company Analysis - Financials III/IVPeriodicity: 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 12/15ECash FlowsNet Income -1200 154 335 454 530 473 356 301 313 302 311 313 316 323 + Depreciation & Amortization 1357 262 1 -77 -110 -175 35 102 58 98 + Other Non-Cash Adjustments 224 -9 82 119 130 144 3 -1 2 -1 + Changes in Non-Cash Capital -34 6 -6 -30 1 85 -79 -11 25 -22Cash From Operating Activities 347 413 412 467 551 527 315 391 397 377 + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing ActivitiesCash From Investing Activities + Dividends Paid -121 + Change in Short Term Borrowings + Increase in Long Term Borrowings + Decrease in Long Term Borrowings + Increase in Capital Stocks + Decrease in Capital Stocks + Other Financing ActivitiesCash From Financing Activities -121Net Changes in CashFree Cash Flow (CFO-CAPEX) 347 413 412 467 525 498 304 379 377 353Free Cash Flow To FirmFree Cash Flow To EquityFree Cash Flow per Share 40.87 18.71 48.33 54.50 61.09 57.90 35.34 43.99 43.77 41.02 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. Company Analysis - Financials IV/IVPeriodicity: 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 12/15ERatio AnalysisValuation Ratios Price Earnings 20.2x 5.2x 7.1x 12.2x 12.8x 7.7x 11.8x 13.5x 13.0x 13.4x 14.4x 14.2x 13.7x EV to EBIT EV to EBITDA Price to Sales 0.4x 2.1x 1.2x 2.2x 3.2x 2.5x 1.7x 2.6x 3.1x 2.9x 3.2x 4.4x 4.3x 4.2x Price to Book 0.8x 1.4x 0.7x 1.2x 1.8x 1.7x 1.1x 1.4x 1.7x 1.5x 1.6x 1.3x 1.2x 1.3x Dividend Yield 0.0% 1.4% 1.5% 1.2% 1.2% 2.8% 6.3% 5.1% 4.5% 7.0% 6.6% 6.1% 6.2% 6.3%Profitability Ratios Gross Margin EBITDA Margin - - - Operating Margin -103.7% 15.3% 41.7% 33.9% 36.8% 36.7% 32.4% 35.0% 36.5% 34.5% 36.5% 51.6% 52.5% 51.4% Profit Margin -127.3% 15.1% 32.7% 40.8% 45.1% 40.5% 35.5% 28.8% 29.1% 27.7% 29.1% 30.3% 30.1% 30.4% Return on Assets -3.6% 0.5% 1.1% 1.4% 1.6% 1.4% 1.0% 0.8% 0.9% 0.8% 0.8% 0.9% 0.9% 0.9% Return on Equity -104.4% 9.7% 13.8% 17.0% 18.9% 17.7% 14.3% 12.1% 12.4% 11.8% 12.0% 9.3% 9.3% 9.4%Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital 0.93 0.82 0.77 0.76 0.75 0.79 0.78 0.76 0.75 0.75 0.76 Tot Debt/Equity 13.95 4.60 3.40 3.24 3.07 3.73 3.59 3.25 2.95 3.06 3.22Others Asset Turnover 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.03 Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover Effective Tax Rate 9.6% 6.1% 4.3% 4.2% 17.1% 22.1% 22.6% 22.9% 23.0% 22.8% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. Company Analysis - Peers Comparision BANQUE CANTO- VONTOBEL HLDG- VERWALTUNGS-U- BASLER KANTON- LUZERNER KAN- PARTNERS GROUP UBS AG-REG CREDIT SUISS-REG BANK SARASIN-B GAM HOLDING AG LIECHTENSTEIN-BR ST GALLER KA-REG EFG INTERNAT AG VZ HOLDING AG VALIANT HLDG AG REG R BR PC REG JLatest Fiscal Year: 12/2012 12/2012 12/2012 12/2011 12/2011 12/2012 12/2011 12/2012 12/2011 12/2011 12/2011 12/2011 12/2012 12/2011 12/201152-Week High 524.00 16.39 27.85 28.80 16.25 33.00 42.45 404.50 11.95 84.00 130.00 113.60 360.00 111.64 223.7052-Week High Date 20.02.2013 25.01.2013 07.02.2013 20.02.2012 15.02.2013 20.02.2013 22.02.2012 19.02.2013 20.02.2013 20.02.2012 11.02.2013 27.04.2012 06.02.2013 02.03.2012 11.01.201352-Week Low 456.96 9.69 15.97 24.50 9.92 17.80 25.50 320.75 4.77 60.00 85.00 98.00 311.00 74.35 157.2052-Week Low Date 07.03.2012 24.07.2012 03.08.2012 08.10.2012 25.05.2012 28.06.2012 16.11.2012 21.05.2012 24.07.2012 21.11.2012 26.07.2012 16.11.2012 29.02.2012 31.08.2012 04.06.2012Daily Volume 17955 6729041 4236189 1193 327314 62761 9127 1546 94015 5665 3371 794 2056 38297 26033 Current Price (2/dd/yy) 522.00 15.31 27.34 27.00 16.15 33.00 31.80 401.00 11.70 80.25 129.50 98.90 360.00 87.35 213.50 52-Week High % Change -0.4% -6.6% -1.8% -6.2% -0.6% 0.0% -25.1% -0.9% -2.1% -4.5% -0.4% -12.9% 0.0% -21.8% -4.6% 52-Week Low % Change 14.2% 58.1% 71.2% 10.2% 62.8% 85.4% 24.7% 25.0% 145.3% 33.8% 52.4% 0.9% 15.8% 17.5% 35.8%Total Common Shares (M) 8.6 3747.4 1292.7 62.9 177.1 63.4 28.4 5.5 146.7 5.8 7.8 29.9 8.5 15.8 25.4 Market Capitalization 4492.4 58727.0 36111.5 1698.3 2961.2 2145.0 979.4 2234.9 1716.0 474.7 1036.0 3096.7 3060.0 1379.5 5700.5Total Debt 8415.0 267400.0 330510.0 2024.9 17.5 7456.5 1844.5 5065.0 1269.7 928.9 1.4 7662.3 5639.3 6379.3 -Preferred Stock - - - - - - - - - - - - - - -Minority Interest 1.0 4353.0 6786.0 37.4 - - 101.2 - 24.6 19.0 - 361.6 - - 0.8Cash and Equivalents 6742.0 66383.0 63708.0 2764.8 600.1 2999.6 7716.7 2183.0 3286.2 5389.3 361.2 3907.4 2920.5 1946.1 96.7 Enterprise Value - 264097.0 - - - 6978.0 - - - - 804.8 - - - 5605.2 ValuationTotal Revenue LFY 1321.2 37392.0 38313.0 831.5 812.2 890.7 555.0 501.6 1078.2 320.7 143.8 935.8 685.4 693.4 448.8 LTM 1321.2 37470.0 38313.0 795.5 983.4 861.4 569.7 501.6 1146.3 314.0 144.3 940.7 685.4 663.4 480.4 CY+1 1029.3 26730.4 26558.3 680.7 581.8 842.4 407.0 509.0 791.2 217.0 148.5 672.0 427.0 386.0 425.0 CY+2 1050.3 27411.1 27461.6 741.3 621.8 912.0 407.0 523.0 796.1 221.0 170.7 648.0 437.0 391.0 509.3EV/Total Revenue LFY - 6.9x - - - 6.8x - - - - 2.7x - - - 9.3x LTM - 6.9x - - - 7.0x - - - - 2.7x - - - 8.7x CY+1 - - - - 4.5x - - - - - - - - - 13.2x CY+2 - - - - 4.3x - - - - - - - - - 10.9xEBITDA LFY - 17464.0 - - - 213.9 - - - - 66.4 - - - 236.2 LTM - 17575.0 - - - 202.6 - - - - 64.7 - - - 250.0 CY+1 - - - - - - - - - - 65.3 - - - 267.2 CY+2 - - - - - - - - - - 80.5 - - - 324.7EV/EBITDA LFY - 14.8x - - - 28.2x - - - - 5.8x - - - 17.6x LTM - 16.1x - - - 29.8x - - - - 5.9x - - - 16.6x CY+1 - - - - - - - - - - - - - - 20.9x CY+2 - - - - - - - - - - - - - - 17.1xEPS LFY 35.48 1.68 0.77 1.63 -0.52 1.76 0.38 27.28 -0.52 0.75 6.48 5.99 19.51 6.85 7.75 LTM 36.14 -0.75 0.84 1.04 -0.32 1.55 1.34 27.28 -2.21 2.07 6.33 7.37 19.79 7.90 8.46 CY+1 36.18 0.93 2.70 1.62 0.87 2.32 2.91 30.88 0.79 2.69 6.40 9.34 21.85 7.28 9.67 CY+2 36.66 1.21 3.11 1.83 1.09 2.68 3.60 31.97 0.93 4.51 7.69 7.75 22.48 6.84 11.69P/E LFY 14.4x - 32.5x 26.0x - 21.3x 23.7x 14.7x - 38.8x 20.5x 13.4x 18.2x 11.1x 25.2x LTM 14.7x 15.3x 12.3x 26.0x - 20.6x 23.7x 14.7x - 38.8x 20.6x 14.0x 15.2x 14.4x 25.7x CY+1 14.4x 16.5x 10.1x 16.6x 18.6x 14.2x 10.9x 13.0x 14.9x 29.8x 20.2x 10.6x 16.5x 12.0x 22.1x CY+2 14.2x 12.6x 8.8x 14.8x 14.8x 12.3x 8.8x 12.5x 12.6x 17.8x 16.8x 12.8x 16.0x 12.8x 18.3xRevenue Growth 1 Year (2.3%) (8.5%) (10.3%) (2.3%) (15.8%) - (8.3%) (28.6%) 80.6% (7.7%) 8.1% (6.6%) (4.7%) (1.9%) 0.3% 5 Year (4.5%) (10.7%) 30.2% (5.5%) - (5.5%) (7.6%) (16.3%) 399.5% (13.5%) 10.2% (3.5%) (4.1%) (0.2%) 13.9%EBITDA Growth 1 Year - - - - - - - - - - 3.9% - - - (26.4%) 5 Year - (29.1%) - - - (9.9%) - - - - - - - - 7.6%EBITDA Margin LTM - 47.0% - - - 23.5% - - - - 44.9% - - - 52.0% CY+1 - - - - - - - - - - 44.0% - - - 62.9% CY+2 - - - - - - - - - - 47.2% - - - 63.7% Leverage/Coverage RatiosTotal Debt / Equity % 322.4% 582.6% 927.6% 164.7% 0.8% 498.2% 119.7% 271.9% 128.7% 105.6% 0.7% 283.6% 364.2% 351.2% 0.0%Total Debt / Capital % 76.3% 84.2% 88.6% 61.5% 0.8% 83.3% 52.9% 73.1% 55.7% 50.8% 0.7% 71.4% 78.5% 77.8% 0.0%Total Debt / EBITDA - 18.434x - - - 34.709x - - - - 0.068x - - - 0.000xNet Debt / EBITDA - 9.520x - - - 23.855x - - - - -3.575x - - - -0.384xEBITDA / Int. Expense - - - - - - - - - - - - - - - Credit RatingsS&P LT Credit Rating AA A A A - A - - - A- - AA+ AA+ - -S&P LT Credit Rating Date 05.12.2011 29.11.2011 19.12.2008 17.12.2012 - 30.03.2009 - - - 24.02.2009 - 18.10.2001 12.09.2008 - -Moodys LT Credit Rating - A2 (P)A2 - - - - Aa1 - - - - - - -Moodys LT Credit Rating Date - 21.06.2012 21.06.2012 - - - - 02.12.2003 - - - - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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