15.03.2013                                                                                            Company Analysis - O...
Company Analysis - Analysts RatingsCommerzbank AGTarget price in EURBroker Recommendation                                 ...
15.03.2013Commerzbank AG                                                                             Company Analysis - Ow...
Company Analysis - Financials I/IVCommerzbank AGFinancial information is in EUR (M)                                       ...
Company Analysis - Financials II/IVPeriodicity:                            12/02     12/03     12/04       12/05        12...
Company Analysis - Financials III/IVPeriodicity:                             12/02     12/03     12/04       12/05        ...
Company Analysis - Financials IV/IVPeriodicity:                         12/02    12/03    12/04      12/05        12/06   ...
Company Analysis - Peers Comparision                                                             DEUTSCHE BANK-       DEUT...
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Financial Analysis - Commerzbank AG attracts deposits and offers retail an…

  1. 1. 15.03.2013 Company Analysis - OverviewTicker: CBK GY Commerzbank AG Benchmark: Commerzbank AG attracts deposits and offers retail and commercial banking services.Currency: Xetra: CBK, Currency: EUR DAX INDEX (DAX) The Bank offers mortgage loans, securities brokerage and asset management services, private banking, foreign exchange, and treasury services worldwide.Sector: Financials Industry: Commercial Banks Year:Telephone 49-69-136-20 Revenue (M) 9855 Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)Website www.commerzbank.de/ No of Employees 53798 Private and Business Customers 3350 Germany 1Address Kaiserplatz Frankfurt am Main, 60261 Germany Mittelstand - Corporate Banking 3016 Rest of EuropeShare Price Performance in EUR Corporates & Markets 1596 AmericaPrice 1.18 1M Return -20.7% Central and Eastern Europe 818 Asia52 Week High 2.00 6M Return -25.8% Others and Consolidation 680 Rest of the World52 Week Low 1.12 52 Wk Return -38.8% Asset Based Finance 22552 Wk Beta 1.58 YTD Return -17.5% Portfolio Restructuring Unit 216Credit RatingsBloomberg HY4 2%2%S&P A *- Date 07.02.2013 Outlook - 7%Moodys A3 Date 06.06.2012 Outlook NEGFitch A+ Date 09.04.2009 Outlook STABLE 8% 35%Valuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E - 4.6x 7.2x - 11.8x 7.1x 5.0x 16%EV/EBIT - - - - - - -EV/EBITDA - - - - - - -P/S 0.2x 0.3x 0.2x 0.8x 0.7x 0.7x 0.6xP/B 0.8x 0.6x 0.3x 0.4x 0.3x 0.3x 0.3xDiv Yield 0.0% 0.0% 0.0% - 0.3% 2.4% 3.8% 30% 100%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E Private and Business CustomersGross Margin - - - - - - - Mittelstand - Corporate BankingEBITDA Margin - - - - - - - Corporates & MarketsOperating Margin -18.7 9.8 4.3 11.9 14.2 17.0 23.3 Central and Eastern EuropeProfit Margin -37.1 10.4 5.9 0.1 5.6 9.8 14.3 Germany Others and ConsolidationReturn on Assets -0.6 0.2 0.1 0.0 0.1 0.2 0.2Return on Equity -48.6 14.6 4.0 0.0 1.9 3.5 5.1 Asset Based Finance Portfolio Restructuring UnitLeverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio - - - - Current Capitalization in EURQuick Ratio - - - - Common Shares Outstanding (M) 5829.5EBIT/Interest - - - - Market Capitalization (M) 6896.3Tot Debt/Capital 0.9 0.9 0.9 - Cash and ST Investments (M) 121104.0Tot Debt/Equity 12.8 10.6 10.0 - Total Debt (M) 225254.0Eff 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 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Company Analysis - Analysts RatingsCommerzbank AGTarget price in EURBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 4 3 100% 3 2 29% 29% 28% 26% 29% 80% 37% 42% 44% 44% 44% 44% 50% 2 3 1 60% 2 42% 44% 40% 1 43% 43% 2 40% 49% 0 44% 41% Morgan Stanley Barclays Bankhaus Metzler Kepler Capital Markets RBC Capital Markets Main First Bank AG Equinet Institutional S&P Capital IQ CA Cheuvreux Natixis Credit Suisse JPMorgan Macquarie Oddo & Cie Exane BNP Paribas Nord/LB DZ Bank AG Grupo Santander Nomura Societe Generale M.M. Warburg Investment HSBC Mediobanca SpA EVA Dimensions AlphaValue Berenberg Bank Goldman Sachs Hamburger Sparkasse Independent Research GmbH Deutsche Bank Landesbank Baden- Keefe, Bruyette & Woods 44% 44% 44% 35% Services(ESN) 1 Wuerttemberg 20% Research 29% 29% 31% 29% 31% 1 14% 14% 11% 11% 12% 15% 15% 0% 0 mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 Buy Hold Sell Price Target Price Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date 28-Feb-13 15% 35% 50% 15-Mar-13 1.18 1.36 DZ Bank AG CHRISTOPH BAST sell 1.00 15-Mar-13 31-Jan-13 15% 41% 44% 14-Mar-13 1.20 1.37 Barclays KIRI VIJAYARAJAH underweight 1.10 15-Mar-13 31-Dec-12 12% 44% 44% 13-Mar-13 1.26 1.43 Grupo Santander TANIA GOLD underweight 1.15 14-Mar-13 30-Nov-12 11% 44% 44% 12-Mar-13 1.40 1.50 Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1.10 14-Mar-13 31-Oct-12 11% 44% 44% 11-Mar-13 1.44 1.50 Goldman Sachs MARTIN LEITGEB neutral/neutral 1.55 14-Mar-13 28-Sep-12 14% 44% 42% 8-Mar-13 1.45 1.50 RBC Capital Markets ANKE REINGEN underperform 1.20 14-Mar-13 31-Aug-12 14% 49% 37% 7-Mar-13 1.42 1.50 Credit Suisse MAXENCE LE GOUVELLO outperform 2.00 14-Mar-13 31-Jul-12 31% 40% 29% 6-Mar-13 1.43 1.50 JPMorgan JAIME BECERRIL neutral 1.02 14-Mar-13 29-Jun-12 29% 44% 26% 5-Mar-13 1.41 1.50 Macquarie THOMAS STOEGNER neutral 1.20 14-Mar-13 31-May-12 31% 42% 28% 4-Mar-13 1.40 1.50 Landesbank Baden-Wuerttemberg INGO FROMMEN hold 1.30 14-Mar-13 30-Apr-12 29% 43% 29% 1-Mar-13 1.40 1.51 Independent Research GmbH STEFAN BONGARDT sell 1.10 14-Mar-13 30-Mar-12 29% 43% 29% 28-Feb-13 1.41 1.51 Oddo & Cie JEAN SASSUS reduce 1.40 14-Mar-13 27-Feb-13 1.42 1.50 Bankhaus Metzler GUIDO HOYMANN sell 1.30 14-Mar-13 26-Feb-13 1.40 1.50 Exane BNP Paribas GUILLAUME TIBERGHIEN underperform 1.30 14-Mar-13 25-Feb-13 1.45 1.50 Nord/LB MICHAEL SEUFERT hold 1.25 13-Mar-13 22-Feb-13 1.41 1.50 Keefe, Bruyette & Woods RONNY REHN underperform 1.20 13-Mar-13 21-Feb-13 1.43 1.50 Kepler Capital Markets DIRK BECKER reduce 0.70 13-Mar-13 20-Feb-13 1.47 1.50 Nomura OMAR KEENAN reduce 1.50 13-Mar-13 19-Feb-13 1.51 1.50 Equinet Institutional Services(ESN) PHILIPP HAESSLER sell 1.00 13-Mar-13 18-Feb-13 1.53 1.50 S&P Capital IQ FRANK BRADEN hold 1.55 13-Mar-13 15-Feb-13 1.49 1.48 Main First Bank AG KILIAN MAIER underperform 1.20 13-Mar-13 14-Feb-13 1.47 1.49 AlphaValue DIETER HEIN add 1.65 7-Mar-13 13-Feb-13 1.50 1.49 Societe Generale PHILIP RICHARDS sell 1.10 5-Mar-13 12-Feb-13 1.51 1.49 Hamburger Sparkasse CHRISTIAN HAMANN sell 15-Feb-13 11-Feb-13 1.51 1.49 M.M. Warburg Investment Research ANDREAS PLAESIER hold 1.45 15-Feb-13 8-Feb-13 1.49 1.49 Berenberg Bank NICK ANDERSON sell 1.00 15-Feb-13 7-Feb-13 1.46 1.49 HSBC JOHANNES THORMANN overweight 1.90 31-Jan-13 6-Feb-13 1.49 1.49 EVA Dimensions AUSTIN BURKETT underweight 17-Jan-13 5-Feb-13 1.51 1.49 Deutsche Bank ALEXANDER HENDRICKS hold 1.50 1-Nov-12 4-Feb-13 1.52 1.49 CA Cheuvreux CYRIL MEILLAND underperform 1.30 10-Aug-12 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 15.03.2013Commerzbank AG Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 0%Shares Outstanding (M) 5829.5 Germany 81.67%Float 74.9% United States 14.08% 1% 1%1% 0% 1% 1%Short Interest (M) Luxembourg 1.01% 38%Short Interest as % of Float France 0.80% 14%Days to Cover Shorts Britain 0.54%Institutional Ownership 37.91% Switzerland 0.51%Retail Ownership 62.09% Ireland 0.38% 62%Insider Ownership 0.00% Others 1.01% Institutional Ownership Distribution 81% Government 65.95% Investment Advisor 22.97% Insurance Company 7.19% Institutional Ownership Retail Ownership Insider Ownership Mutual Fund Manager 3.66% Germany United States Luxembourg FrancePricing data is in EUR Others 0.23% Britain Switzerland Ireland OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryFEDERAL REPUBLIC OF 1457378418 0 1724078668 25.00% 31.01.2013 Research GERMANY 4% 0%BLACKROCK 313123539 90512 370425147 5.37% 13.03.2013 ULT-AGG UNITED STATES 7%ALLIANZ SE 158754249 0 187806277 2.72% 07.03.2012 Research GERMANYVANGUARD GROUP INC 68996872 2722059 81623300 1.18% 31.12.2012 MF-AGG UNITED STATESMARSHALL WACE LLP -50133818 -9910174 -59308307 -0.86% 13.03.2013 Short BRITAINFRANKFURT TRUST INVE 22030550 0 26062141 0.38% 28.12.2012 MF-AGG GERMANYUNION INVESTMENT GMB 21236463 2131853 25122736 0.36% 28.09.2012 MF-AGG GERMANY 23%THRIVENT FINANCIAL F 11346050 -67100 13422377 0.19% 31.12.2012 MF-AGG UNITED STATES 66%DEUTSCHE BANK AG 8132683 2552512 9620964 0.14% 31.01.2013 MF-AGG GERMANYADIG INVESTMENT 7263550 0 8592780 0.12% 30.11.2012 MF-AGG GERMANYDEKA INVESTMENT GMBH 6635014 -2979650 7849222 0.11% 28.12.2012 MF-AGG GERMANYETFLAB INVESTMENT GM 6242873 0 7385319 0.11% 14.03.2013 MF-AGG GERMANYCREDIT SUISSE ASSET 5847747 286355 6917885 0.10% 28.12.2012 MF-AGG SWITZERLANDVERITAS SG INVESTMEN 5221900 -864000 6177508 0.09% 30.11.2012 MF-AGG GERMANY Government Investment Advisor Insurance Company Mutual Fund Manager OthersCOMMERZBANK AG 5113429 0 6049187 0.09% 31.12.2011 Co File GERMANYSTATE STREET BANQUE 4692099 -91050 5550753 0.08% 31.01.2013 MF-AGG FRANCEDWS INVESTMENT S A 4627388 826488 5474200 0.08% 31.01.2013 MF-AGG LUXEMBOURGFMR LLC 4282228 -7720168 5065876 0.07% 31.01.2013 ULT-AGG UNITED STATESDIMENSIONAL FUND ADV 3348946 0 3961803 0.06% 31.07.2012 MF-AGG UNITED STATESUNIVERSAL INVESTMENT 3339250 198105 3950333 0.06% 02.10.2012 MF-AGG GERMANYTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date Source Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Company Analysis - Financials I/IVCommerzbank AGFinancial information is in EUR (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 21148 15635 15115 16666 24340 27339 24181 25393 25027 21462 9855 9945 10305 10679 - Cost of Goods SoldGross Income - Selling, General & Admin Expenses 5451 4845 4746 4808 5425 5611 5418 9511 9335 8428 7025 (Research & Dev Costs)Operating Income -819 346 835 1535 2559 2477 -418 -2285 1351 465 1170 1410 1748 2485 - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains) -447 2326 39 -145 163 -28 -15 2374 -2 -42 265Pretax Income -372 -1980 796 1680 2396 2505 -403 -4659 1353 507 905 937 1564 2021 - Income Tax Expense -103 249 353 409 595 580 -465 -26 -136 -240 796Income Before XO Items -269 -2229 443 1271 1801 1925 62 -4633 1489 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 103Diluted EPS Before XO Items 1.96 2.34 0.00 (3.53) 0.97 0.18 0.18Net Income Adjusted* -298 -2320 393 1165 1597 1917 22 -2865 1405 1409 986 555 1014 1527EPS 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 0.24Dividends 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 0.19Total Shares Outstanding 677 746 742 818 820 820 901 1473 1463 5113 5830Diluted Shares Outstanding 666 679 740 754 819 819 845 1288 1471 3460 5612EBITDA*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 6612 5711 3634 5465 5129 4962 6566 10329 8053 6075 + Short Term Investments 121834 91563 175219 189323 99340 114154 136856 239655 183515 165993 + Accounts & Notes Receivable + Inventories + Other Current AssetsTotal Long-Term Assets + Long Term Investments 80974 85542 2379 3643 121469 115595 108867 111246 101210 85038 Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets 2505 2063 1766 1525 1388 1293 1240 1779 1590 1399 + Other Long Term Assets 12385 11786 9879 9807 18670 22958 23883 22211 21560 18882Total Current Liabilities + Accounts Payable + Short Term Borrowings 140750 110383 132391 151388 131769 126081 128656 142123 110629 72740 + Other Short Term Liabilities 92497 74981 89091 30573 78752 91925 121407 224971 172280 158489Total Long Term Liabilities + Long Term Borrowings 76203 78269 79165 83575 197120 179601 149649 148663 131428 127889 + Other Long Term Borrowings 6914 7648 8143 8335 3662 4001 4369 5596 4461 3513Total Liabilities 412064 371281 413854 431211 593020 600342 605292 817527 725641 636960 + Long Preferred Equity 0 0 0 0 0 0 8200 17178 17178 2687 2376 + Minority Interest 1262 1213 1269 947 1023 997 1877 570 785 699 858 + Share Capital & APIC 7541 6020 6027 7391 7381 7417 7276 4405 4349 16271 17509 + Retained Earnings & Other Equity 1267 3071 3727 5312 6854 7718 2551 4423 6346 5146 4496Total Shareholders Equity 10070 10304 11023 13650 15258 16132 19904 26576 28658 24803 25239Total Liabilities & Equity 422134 381585 424877 444861 608278 616474 625196 844103 754299 661763Book 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 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 -298 -2320 362 1165 1604 1917 3 -4537 1430 638 260 922 1353 + Depreciation & Amortization 1114 929 1551 1288 4093 -156 520 743 4101 4006 + Other Non-Cash Adjustments 615 1293 1843 -3161 1403 -2289 -424 6542 2685 -11771 + Changes in Non-Cash Capital 21741 17010 -30763 -1050 4212 -1372 15863 -32794 -45202 -32544Cash From Operating Activities 23172 16912 -27007 -1758 11312 -1900 15962 -30046 -36986 -39671 + Disposal of Fixed Assets 1955 424 285 66 334 467 293 663 187 74 + Capital Expenditures -738 -317 -505 -429 -1212 -275 -624 -4426 -492 -296 + Increase in Investments -47039 -52351 -45806 -57560 -104227 -385 -4 -5240 -504 -335 + Decrease in Investments 65905 48593 39720 44045 55894 2874 2999 858 15274 17783 + Other Investing Activities -238 68 -3 333 3579 -71 2453 298 83Cash From Investing Activities 91710 6493 -3496 -16942 -186429 7743 1854 -77027 39374 49682 + Dividends Paid -217 -54 0 -150 -328 -493 -657 + Change in Short Term Borrowings 5898 -19735 20181 14470 -4075 -705 3372 + Increase in Long Term Borrowings 0 0 3258 9670 138504 8734 + Decrease in Long Term Borrowings -97938 -8740 -529 -733 -23422 -39822 + Increase in Capital Stocks 0 831 1 1364 1079 2528 + Decrease in Capital Stocks -82 0 -10 0 -56 -2774 + Other Financing Activities -1181 -908 -13 37 -3 -6 -129 13893 -2817 -1732Cash From Financing Activities -114218 -24306 27962 22440 172456 -6653 -16407 110836 -4664 -11989Net Changes in Cash 664 -901 -2541 3740 -2661 -810 1409 3763 -2276 -1978Free Cash Flow (CFO-CAPEX) 22434 16595 -27512 -2187 10100 -2175 15338 -34472 -37478 -39967Free Cash Flow To FirmFree Cash Flow To Equity -67651 -11456 -4317 21286 144863 -25835 -3885Free Cash Flow per Share 33.69 24.44 -37.16 -2.90 12.33 -2.65 18.16 -26.77 -25.48 -11.55 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 24.9x 13.5x 11.8x 9.0x 1870.4x 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 9.99Others 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% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. Company Analysis - Peers Comparision DEUTSCHE BANK- DEUTSCHE IKB DEUT COMMERZBANK UBS AG-REG CREDIT SUISS-REG CREDIT AGRICOLE SOC GENERALE BNP PARIBAS AAREAL BANK AG UNICREDIT SPA COMDIRECT BANK NATIXIS DEUTSCHE BOERSE INTESA SANPAOLO RG POSTBAN INDBANKLatest Fiscal Year: 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 12/201252-Week High 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 1.5952-Week High Date 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 16.03.201252-Week Low 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 0.8552-Week Low Date 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 23.07.2012Daily Volume 28766124 895052 2980 11343526 4013246 1278999 0 573381 532412 28687 25115807 8041 850478 113905 41004664 Current Price (3/dd/yy) 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 52-Week High % Change -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% 52-Week Low % Change 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%Total Common Shares (M) 5829.5 929.0 218.8 3747.4 1292.7 2490.7 633.4 754.0 1240.1 59.9 2930.0 141.2 3079.4 183.4 16434.0 Market Capitalization 6896.3 31960.8 7059.6 59273.4 35503.9 18165.6 274.9 23802.3 55013.6 1085.8 22473.8 1180.5 10153.6 9868.1 20349.8Total Debt 247823.0 284516.0 38189.0 267401.0 330510.0 936095.0 16516.7 740837.0 1012615.0 27489.0 334658.3 1.9 251200.0 1775.4 114813.0Preferred Stock 2376.0 - - - - 2104.0 - 5270.0 7241.0 300.0 - - - - -Minority Interest 858.0 1270.0 4.0 4353.0 6786.0 5505.0 - 4288.0 8536.0 243.0 3318.2 - 500.0 212.6 586.0Cash and Equivalents 42259.0 177928.0 23974.0 66383.0 63708.0 428281.0 19.1 110225.0 139568.0 588.0 56215.5 551.8 34700.0 1223.5 39926.0 Enterprise Value - - - 264644.4 - - 15222.1 - - 26114.8 - 630.6 - 10937.0 - ValuationTotal Revenue LFY 9855.0 33582.0 8015.0 37754.0 38313.0 39785.0 1633.8 43733.0 97525.0 1347.0 41968.2 566.1 6264.0 2209.0 17813.0 LTM 17595.0 47151.0 10204.0 37758.0 38313.0 - 1891.3 - 97525.0 1263.0 26215.4 566.1 6264.0 2143.5 17685.0 CY+1 9945.4 33832.3 4002.0 26694.4 26555.5 17385.2 - 23928.8 40090.3 673.0 25442.2 326.4 6836.9 2150.9 16777.4 CY+2 10305.4 34823.9 4036.0 27388.4 27486.4 17979.9 221.0 24751.5 41256.8 710.0 24912.8 346.5 7211.5 2263.7 17212.7EV/Total Revenue 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 -EBITDA LFY - - - 15529.0 - - 1108.8 - - 787.0 - 233.6 - 1229.4 - LTM - - - 15530.0 - - - - - - - - - 1108.5 - CY+1 - - - - - - - - - - - - - 1151.6 - CY+2 - - - - - - - - - - - - - 1258.5 -EV/EBITDA LFY - - - 16.7x - - 13.7x - - 33.0x - 2.4x - 7.4x - LTM - - - 16.7x - - - - - - - - - 8.2x - CY+1 - - - - - - - - - - - - - 9.4x - CY+2 - - - - - - - - - - - - - 8.4x -EPS 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 0.16P/E 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 8.1xRevenue Growth 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%)EBITDA Growth 1 Year - - - (11.1%) - - (39.1%) - - - - (11.0%) - - - 5 Year - - - (31.3%) - - (20.8%) - - (12.2%) - (1.8%) - 1.8% -EBITDA Margin LTM - - - 41.1% - - - - - - - - - 50.1% - CY+1 - - - - - - - - - - - - - 53.5% - CY+2 - - - - - - - - - - - - - 55.6% - Leverage/Coverage RatiosTotal 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 - Credit RatingsS&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 10.02.2012Moodys LT Credit Rating A3 A2 A2 A2 (P)A2 A2 NR A2 A2 - Baa2 - A2 WR Baa2Moodys 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 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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