24.04.2013Ticker: Credit Suisse Group AG Benchmark:Currency: SIX Swiss Ex: CSGN, Currency: CHF SWISS MARKET INDEX (SMI)Sec...
Credit Suisse Group AGTarget price in CHFDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target D...
24.04.2013Credit Suisse Group AGOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 1293.8 United...
Credit Suisse Group AGFinancial information is in CHF (M)Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/1...
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 12/15EBalance SheetTotal Curr...
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 12/15ECash FlowsNet Income -3...
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 12/15ERatio AnalysisValuation...
CREDIT SUISS-REG UBS AG-REGDEUTSCHE BANK-RGCITIGROUP INC JPMORGAN CHASE BARCLAYS PLC MORGAN STANLEYGOLDMAN SACHSGPHSBC HLD...
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Financial analysis credit suisse group ag is an international financial services group. the group provides investment banking, private banking, and asset management services to customers located around the world

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Financial analysis credit suisse group ag is an international financial services group. the group provides investment banking, private banking, and asset management services to customers located around the world

  1. 1. 24.04.2013Ticker: Credit Suisse Group AG Benchmark:Currency: SIX Swiss Ex: CSGN, Currency: CHF SWISS MARKET INDEX (SMI)Sector: Financials Industry: Capital Markets Year:Telephone 41-44-332-64-00 Revenue (M) Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)Website www.credit-suisse.com No of Employees Investment Banking 12558 Americas 9507Address Paradeplatz 8 Zurich, 8070 Switzerland Private Banking 11078 Switzerland 7455Share Price Performance in CHF Asset Management 2463 Europe, Middle East & Africa 6749Price 26.41 1M Return 3.0% Corporate Center -2493 Asia Pacific 238852 Week High 27.85 6M Return 23.8% Reconciliation Corporate Center -249352 Week Low 15.97 52 Wk Return 16.5% Real Estate52 Wk Beta 1.61 YTD Return 18.6% Other Alternative Investment StrategiesCredit RatingsBloomberg HY1S&P A Date 19.12.2008 Outlook NEGMoodys (P)A2 Date - Outlook STABLEFitch A Date 15.12.2011 Outlook STABLEValuation Ratios12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 10.0x 9.6x 16.1x 27.1x 9.9x 8.7x 7.9xEV/EBIT - - - - - - -EV/EBITDA - - - - - - -P/S 1.2x 0.9x 0.6x 0.7x 1.5x 1.5x 1.4xP/B 1.6x 1.3x 0.8x 0.8x 1.0x 0.9x 0.9xDiv Yield 3.9% 3.5% 3.4% 3.4% 3.5% 4.2% 5.2%Profitability Ratios %12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin - - - - - - -EBITDA Margin - - - - - - -Operating Margin 23.9 23.8 12.9 6.7 24.8 27.9 29.2Profit Margin 20.3 16.3 7.5 5.8 15.8 18.2 20.0Return on Assets 0.6 0.5 0.2 0.1 0.5 0.5 0.6Return on Equity 19.3 14.4 5.8 3.0 10.8 11.4 11.4Leverage and Coverage Ratios12/09 12/10 12/11 12/12Current Ratio - - - - Current Capitalization in CHFQuick Ratio - - - - Common Shares Outstanding (M) 1293.8EBIT/Interest - - - - Market Capitalization (M) 40661.3Tot Debt/Capital 0.9 0.9 0.9 0.9 Cash and ST Investments (M) 59023.0Tot Debt/Equity 8.2 9.3 9.9 7.8 Total Debt (M) 329966.0Eff Tax Rate % 22.7 20.7 19.4 22.7 Preferred Equity (M) 0.0LT Investments in Affiliate Companies (M) 0.0Investments (M) 7121.0Enterprise Value (M) 318725.3Credit Suisse Group AG is an international financial services group. The Group providesinvestment banking, private banking, and asset management services to customerslocated around the world.CSGN VX3831346900Company Analysis - Overview43%39%9%9%Investment BankingPrivate BankingAsset ManagementCorporate Center33%26%24%8%9%AmericasSwitzerlandEurope, Middle East & AfricaAsia PacificCorporate CenterQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Credit Suisse Group AGTarget price in CHFDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date29-Mar-13 41% 49% 10% 24-Apr-13 26.41 27.86 Keefe, Bruyette & Woods ANDREW STIMPSON outperform 34.40 24-Apr-1328-Feb-13 43% 48% 10% 23-Apr-13 26.45 28.09 Oddo & Cie JEAN SASSUS neutral 28.00 24-Apr-1331-Jan-13 40% 45% 15% 22-Apr-13 26.24 28.05 Canaccord Genuity Corp ARUN MELMANE hold 29.00 24-Apr-1331-Dec-12 26% 62% 13% 19-Apr-13 25.53 28.04 Nomura JON PEACE buy 32.00 24-Apr-1330-Nov-12 27% 61% 12% 18-Apr-13 25.27 28.04 AlphaValue DIETER HEIN reduce 24.80 23-Apr-1331-Oct-12 27% 56% 17% 17-Apr-13 25.74 27.90 Deutsche Bank MATT SPICK hold 29.00 22-Apr-1328-Sep-12 26% 52% 21% 16-Apr-13 26.45 28.01 Goldman Sachs JERNEJ OMAHEN neutral/neutral 30.80 22-Apr-1331-Aug-12 26% 52% 21% 15-Apr-13 26.26 28.01 Commerzbank Corporates & Markets MICHAEL DUNST hold 27.00 18-Apr-1331-Jul-12 24% 52% 24% 12-Apr-13 26.10 28.01 Bank Vontobel AG TERESA NIELSEN hold 27.00 18-Apr-1329-Jun-12 26% 48% 26% 11-Apr-13 26.31 28.01 Liberum Capital Ltd CORMAC LEECH hold 25.00 18-Apr-1331-May-12 29% 46% 24% 10-Apr-13 26.07 28.19 Bankhaus Lampe NEIL SMITH sell 24.50 17-Apr-1330-Apr-12 29% 46% 24% 9-Apr-13 24.89 28.19 Exane BNP Paribas DANIEL DAVIES outperform 32.00 17-Apr-138-Apr-13 24.35 28.19 Berenberg Bank JAMES CHAPPELL sell 13.00 11-Apr-135-Apr-13 24.49 28.19 Day by Day VALERIE GASTALDY buy 30.58 10-Apr-134-Apr-13 24.44 28.26 Redburn Partners NICHOLAS WATTS neutral 8-Apr-133-Apr-13 25.09 28.26 Bankhaus Metzler GUIDO HOYMANN sell 22.20 5-Apr-132-Apr-13 25.49 28.26 RBC Capital Markets FIONA SWAFFIELD outperform 30.00 4-Apr-131-Apr-13 24.91 28.53 Societe Generale DIRK HOFFMANN-BECKING buy 33.00 3-Apr-1329-Mar-13 24.91 28.53 Grupo Santander AURELIA FAURE hold 20.40 2-Apr-1328-Mar-13 24.91 28.53 Helvea TIM DAWSON neutral 27.00 27-Mar-1327-Mar-13 25.35 28.53 Mediobanca SpA CHRISTOPHER J WHEELER outperform 31.00 25-Mar-1326-Mar-13 25.33 28.53 Morgan Stanley HUW VAN STEENIS Overwt/In-Line 30.00 15-Mar-1325-Mar-13 24.95 28.53 JPMorgan KIAN ABOUHOSSEIN overweight 34.00 11-Mar-1322-Mar-13 25.65 28.53 CA Cheuvreux CHRISTIAN STARK select list 30.00 11-Mar-1321-Mar-13 25.31 28.53 Macquarie PIERS BROWN outperform 30.00 5-Mar-1320-Mar-13 25.69 28.53 DZ Bank AG CHRISTOPH BAST sell 24.00 19-Feb-1319-Mar-13 25.55 28.53 Barclays JEREMY SIGEE equalweight 27.00 12-Feb-1318-Mar-13 26.24 28.53 Zuercher Kantonalbank ANDREAS VENDITTI market perform 11-Feb-1315-Mar-13 26.89 28.53 Main First Bank AG KILIAN MAIER outperform 30.00 11-Feb-1314-Mar-13 26.86 28.53 Natixis ANTOINE BURGARD neutral 24.00 8-Feb-13Company Analysis - Analysts RatingsBuy and Sell Recommendations vs Price and Target Price29% 29% 26% 24% 26% 26% 27% 27% 26%40% 43% 41%46% 46%48% 52%52% 52%56%61% 62%45%48% 49%24% 24% 26% 24% 21% 21% 17%12% 13% 15%10% 10%0%20%40%60%80%100%avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13BrokerRecommendation051015202530PriceBuy Hold Sell Price Target PriceBrokers Target Price0510152025303540Keefe,Bruyette&WoodsOddo&CieCanaccordGenuityCorpNomuraAlphaValueDeutscheBankGoldmanSachsCommerzbankCorporates&BankVontobelAGLiberumCapitalLtdBankhausLampeExaneBNPParibasBerenbergBankDaybyDayRedburnPartnersBankhausMetzlerRBCCapitalMarketsSocieteGeneraleGrupoSantanderHelveaMediobancaSpAMorganStanleyJPMorganCACheuvreuxMacquarieDZBankAGBarclaysZuercherKantonalbankMainFirstBankAGNatixisS&PCapitalIQIndependentResearchGmbHKeplerCapitalMarketsAhorroCorporacionFinancieraEspiritoSantoInvestmentBankLandesbankBaden-EVADimensionsHSBCNord/LBHammerPartnersSAQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 24.04.2013Credit Suisse Group AGOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 1293.8 United States 54.37%Float 91.6% Austria 11.02%Short Interest (M) Qatar 10.19%Short Interest as % of Float Switzerland 6.22%Days to Cover Shorts Norway 5.04%Institutional Ownership 52.03% France 4.35%Retail Ownership 47.78% Luxembourg 3.02%Insider Ownership 0.19% Others 5.79%Institutional Ownership DistributionInvestment Advisor 83.63%Government 15.14%Pension Fund (Erisa) 0.56%Individual 0.37%Pricing data is in CHF Others 0.30%Top 20 Owners:Holder Name Position Position Change Market Value % of Ownership Report Date Source CountryFRANKLIN RESOURCES 88790736 134170 2344963338 5.77% 31.12.2012 ULT-AGG UNITED STATESCRESCENT HOLDING GMB 88475201 0 2336630058 5.75% 25.02.2013 EXCH AUSTRIAQATAR INVESTMENT AUT 81886795 0 2162630256 5.32% 31.12.2012 Co File QATARDODGE & COX 66037738 0 1744056661 4.29% 31.12.2012 Co File UNITED STATESNORGES BANK 39815613 0 1051530339 2.59% 12.03.2013 EXCH NORWAYBLACKROCK 39622643 0 1046434002 2.57% 22.04.2013 ULT-AGG UNITED STATESHARRIS ASSOCIATES LP 39622643 0 1046434002 2.57% 31.12.2012 Co File UNITED STATESCAPITAL GROUP COMPAN 39396381 5348082 1040458422 2.56% 31.03.2013 ULT-AGG UNITED STATESMORGAN STANLEY 32818874 12068962 866746462 2.13% 28.06.2010 ULT-AGG UNITED STATESAXA 32002938 -26636525 845197593 2.08% 25.08.2009 ULT-AGG FRANCEVANGUARD GROUP INC 18487508 2658228 488255086 1.20% 31.03.2013 MF-AGG UNITED STATESCREDIT SUISSE ASSET 18009256 -420940 475624451 1.17% 28.02.2013 MF-AGG SWITZERLANDT ROWE PRICE ASSOCIA 10920531 1000906 288411224 0.71% 31.03.2013 MF-AGG UNITED STATESUBS FUND MANAGEMENT 10430028 -17909 275457039 0.68% 28.12.2012 MF-AGG SWITZERLANDPICTET & CIE 6196536 57768 163650516 0.40% 31.01.2013 MF-AGG SWITZERLANDONTARIO TEACHERS PEN 4500000 0 118845000 0.29% 31.12.2011 Research CANADAFMR LLC 4473231 2840511 118138031 0.29% 28.02.2013 ULT-AGG UNITED STATESCREDIT SUISSE 4287758 -32944156 113239689 0.28% 05.04.2013 EXCH SWITZERLANDSWISSCANTO FONDSLEIT 4158113 -2604905 109815764 0.27% 28.02.2013 MF-AGG SWITZERLANDTEMPLETON INVESTMENT 4030117 -17300 106435390 0.26% 31.12.2012 MF-AGG BRITAINTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceDOUGAN BRADY W 906929 23951995 0.06% 31.12.2012 Co FileSHAFIR ROBERT S 387544 10235037 0.03% 31.12.2012 Co FileKIELHOLZ WALTER B 292424 7722918 0.02% 31.12.2012 Co FileROHNER URS 244422 6455185 0.02% 31.12.2012 Co FileTHORNBURGH RICHARD E 218456 5769423 0.01% 31.12.2012 Co FileCompany Analysis - OwnershipOwnership Type52%48%0%Institutional Ownership Retail Ownership Insider OwnershipGeographic Ownership55%6%10%5%6%4%3%11%United States Austria Qatar SwitzerlandNorway France Luxembourg OthersInstitutional Ownership84%1% 0%0%15%Investment Advisor Government Pension Fund (Erisa)Individual OthersTOP 20 ALLQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Credit Suisse Group AGFinancial information is in CHF (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 12/15EIncome StatementRevenue 52487 67990 73021 59366 82160 93174 48697 51547 50345 42693 38313 26589 27487 28202- Cost of Goods SoldGross Income- Selling, General & Admin Expenses 30586 45717 43696 21326 21864 22925 21003 22714 21830 20585 19840(Research & Dev Costs)Operating Income -3658 3456 8387 7106 14432 13491 -14816 7933 7454 3360 1573 6586 7671 8226- Interest Expense- Foreign Exchange Losses (Gains)- Net Non-Operating Losses (Gains) 172 1645 85 -295 132 -249 86 -144 -33 -101 -608Pretax Income -3250 1811 8302 7401 14300 13740 -14902 8077 7487 3461 2181 6115 7147 7931- Income Tax Expense 596 -3 1441 927 2389 1248 -4596 1835 1548 671 496Income Before XO Items -3846 1814 6861 6474 11911 12492 -10306 6242 5939 2790 1685- Extraordinary Loss Net of Tax -520 1075 106 -1324 -3046 -6 531 -169 19 0 0- Minority Interests -17 -31 1127 1948 3630 4738 -2619 -313 822 837 336Diluted EPS Before XO Items 0.63 4.75 3.90 7.19 6.95 (7.33) 5.01 3.91 1.36 0.81Net Income Adjusted* -3829 4680 5734 5863 8281 8549 -7687 6555 5117 2406 3054 4208 5012 5633EPS Adjusted (3.22) 3.87 5.05 5.18 7.53 7.65 (7.28) 5.15 3.93 1.69 2.39 2.66 3.05 3.35Dividends Per Share 0.10 1.50 2.00 2.24 2.50 0.10 2.00 1.30 0.75 0.75 0.92 1.11 1.36Payout Ratio % 31.8 54.0 31.7 36.0 36.2 29.7 46.9 92.9 0.35 0.36 0.41Total Shares Outstanding 1190 1130 1111 1125 1062 1021 1164 1169 1174 1220 1294Diluted Shares Outstanding 1190 1179 1209 1186 1152 1115 1057 1210 1201 1207 1286EBITDA*Net income excludes extraordinary gains and losses and one-time charges.Equivalent EstimatesCompany Analysis - Financials I/IVFiscal YearQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 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 12/15EBalance SheetTotal Current Assets+ Cash & Near Cash Items 2551 24799 25648 27577 29040 38459 90035 51857 65467 110573 61763+ Short Term Investments 342341 418736 467123 525573 446407 480414 283208 329515 379226 318227 259588+ Accounts & Notes Receivable+ Inventories+ Other Current AssetsTotal Long-Term Assets+ Long Term Investments 32876 15352 20550 19157 19077 23273 22232 17074 9026 7361 7001Gross Fixed AssetsAccumulated Depreciation+ Net Fixed Assets 5273 7819 7231 8328 6577 6149 6350 6436 6725 7193 5618+ Other Long Term Assets 81423 100348 112418 194322 219552 271383 261688 178689 130752 133163 162687Total Current Liabilities+ Accounts Payable+ Short Term Borrowings 321440 11497 15343 19472 21556 110254 69147 43859 59176 66263 49655+ Other Short Term Liabilities 91902 239007 249204 313010 347956 391478 360253 301494 300104 287660 241682Total Long Term Liabilities+ Long Term Borrowings 71521 89697 106261 132975 147832 163223 153373 159365 173752 162655 148134+ Other Long Term Borrowings 141616 130537 137161 149589 2886 0 0 0 0 1542 1492Total Liabilities 924462 969574 1047034 1289087 1197052 1300841 1123129 983099 988990 1008080 881996+ Long Preferred Equity 0 0 0 0 0 0 0 0 0+ Minority Interest 2878 743 6178 7847 15318 16640 14919 10811 9733 7411 6786+ Share Capital & APIC 21900 24781 24042 25263 25424 24599 25213 24753 23073 21845 23689+ Retained Earnings & Other Equity 2521 9210 12231 16855 18162 18600 7089 12764 10209 11829 11809Total Shareholders Equity 27299 34734 42451 49965 58904 59839 47221 48328 43015 41085 42284Total Liabilities & Equity 951761 1004308 1089485 1339052 1255956 1360680 1170350 1031427 1032005 1049165 924280Book Value Per Share 20.52 30.07 32.65 37.43 41.02 42.33 27.75 32.09 28.35 27.59 27.44 27.38 29.24 30.88Tangible Book Value Per Share 5.09 15.58 18.92 23.19 30.20 31.23 19.37 23.88 20.77 20.32 20.77Company Analysis - Financials II/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 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 12/15ECash FlowsNet Income -3309 770 5628 5850 11327 7760 -8218 6724 5098 1953 1349 4401 5171 5711+ Depreciation & Amortization 6471 3518 2104 781 779 1127 1927 1620 1087 1383 1464+ Other Non-Cash Adjustments 6431 13172 5158 3448 -2347 -1177 -4327 677 2575 988 190+ Changes in Non-Cash Capital 47900 -33456 -60217 -30921 -58342 -65654 140489 -23207 83 34306 -15677Cash From Operating Activities 57493 -15996 -47327 -20842 -48583 -57944 129871 -14186 8843 38630 -12674+ Disposal of Fixed Assets 0 240 81 54 17 11 26+ Capital Expenditures 0 -883 -994 -977 -1530 -1550 -1473 -1387 -1689 -1739 -1242+ Increase in Investments -133808 -117687 -52960 -14280 -2980 -928 -1727 -2189 -2752 -1542 -480+ Decrease in Investments 131909 104798 61843 9667 8391 8961 5397 7059 7203 11364 5666+ Other Investing Activities -32092 -3888 -4762 -10020 85 -8879 -5136 -3086 -1399 -1560 1644Cash From Investing Activities -110282 -33310 -40715 -80183 -9700 -30034 4352 60684 -21449 -25972 42955+ Dividends Paid 0 -273 -609 -1782 -2346 -2512 -2946 -375 -2800 -1948 -1296+ Change in Short Term Borrowings 10002 3430 24412 39259 1675 29976 -52887 -42556 3837 11280 -47798+ Increase in Long Term Borrowings 41848 23782 43087 54415 75921 81151 107638 62829 57910 34234 38405+ Decrease in Long Term Borrowings -26803 -26255 -17007 -34739 -51295 -65306 -86567 -72472 -51390 -37127 -55936+ Increase in Capital Stocks 726 6932 15287 10756 17333 36338 29111 17674 24758 12980 10285+ Decrease in Capital Stocks -2548 -7009 -17950 -13929 -23461 -41879 -25032 -19019 -26846 -11790 -8859+ Other Financing Activities -195 -1849 -4683 4325 1856 5569 1851 -3054 -5644 -3116 -837Cash From Financing Activities 52248 45644 88891 102954 58216 95847 -84120 -86063 26216 32448 -79091Net Changes in Cash -541 -3662 849 1929 -67 7869 50103 -39565 13610 45106 -48810Free Cash Flow (CFO-CAPEX) 57493 -16879 -48321 -21819 -50113 -59494 128398 -15573 7154 36891 -13916Free Cash Flow To FirmFree Cash Flow To Equity 82540 -23812 -13673 96582 -67772 17528 45289 -79219Free Cash Flow per Share 48.31 -14.44 -42.53 -19.58 -45.56 -56.95 121.52 -13.26 5.99 30.78 -10.88Company Analysis - Financials III/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 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 12/15ERatio AnalysisValuation RatiosPrice Earnings 28.6x 9.5x 16.8x 11.3x 9.2x 10.0x 9.6x 16.1x 27.1x 9.9x 8.7x 7.9xEV to EBITEV to EBITDAPrice to Sales 0.7x 0.8x 0.7x 1.3x 1.1x 0.8x 0.6x 1.2x 0.9x 0.6x 0.7x 1.5x 1.5x 1.4xPrice to Book 1.5x 1.5x 1.5x 1.8x 2.1x 1.6x 1.0x 1.6x 1.3x 0.8x 0.8x 1.0x 0.9x 0.9xDividend Yield 0.3% 3.1% 3.0% 2.6% 3.7% 0.4% 3.9% 3.5% 3.4% 3.4% 3.5% 4.2% 5.2%Profitability RatiosGross MarginEBITDA Margin - - -Operating Margin -11.4% 6.7% 15.5% 23.6% 37.5% 34.5% -159.4% 23.9% 23.8% 12.9% 6.7% 24.8% 27.9% 29.2%Profit Margin -10.3% 1.5% 10.4% 19.4% 29.5% 19.9% -88.4% 20.3% 16.3% 7.5% 5.8% 15.8% 18.2% 20.0%Return on Assets -0.3% 0.1% 0.5% 0.5% 0.9% 0.6% -0.6% 0.6% 0.5% 0.2% 0.1% 0.5% 0.5% 0.6%Return on Equity -12.6% 2.6% 16.0% 14.9% 26.4% 17.9% -21.8% 19.3% 14.4% 5.8% 3.0% 10.8% 11.4% 11.4%Leverage & Coverage RatiosCurrent RatioQuick RatioInterest Coverage Ratio (EBIT/I)Tot Debt/Capital 0.94 0.91 0.89 0.90 0.89 0.91 0.91 0.89 0.90 0.91 0.89Tot Debt/Equity 14.39 9.73 8.51 9.25 7.77 9.59 9.87 8.17 9.33 9.87 7.82OthersAsset Turnover 0.05 0.07 0.07 0.05 0.06 0.07 0.04 0.05 0.05 0.04 0.04Accounts Receivable TurnoverAccounts Payable TurnoverInventory TurnoverEffective Tax Rate 17.4% 12.5% 16.7% 9.1% 22.7% 20.7% 19.4% 22.7%Company Analysis - Financials IV/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. CREDIT SUISS-REG UBS AG-REGDEUTSCHE BANK-RGCITIGROUP INC JPMORGAN CHASE BARCLAYS PLC MORGAN STANLEYGOLDMAN SACHSGPHSBC HLDGS PLCBANCOSANTANDERNOMURAHOLDINGSMITSUBISHI UFJ FMIZUHOFINANCIALING GROEP NVTORONTO-DOMBANK12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 03/2012 03/2012 12/2012 10/201227.85 16.39 38.73 47.92 51.00 330.05 24.47 159.00 741.20 6.68 795.00 692.00 225.00 7.91 86.2007.02.2013 25.01.2013 01.02.2013 11.03.2013 14.03.2013 13.02.2013 20.02.2013 19.02.2013 14.03.2013 14.01.2013 12.04.2013 10.04.2013 05.04.2013 14.01.2013 25.02.201315.97 9.69 22.11 24.61 30.83 148.20 12.26 90.43 501.20 3.98 241.00 328.00 110.00 4.44 75.7003.08.2012 24.07.2012 26.07.2012 04.06.2012 04.06.2012 26.07.2012 04.06.2012 26.06.2012 30.05.2012 23.07.2012 04.06.2012 04.06.2012 04.06.2012 04.06.2012 04.06.20123867467 5831044 4328033 28839907 20568406 42158639 23443270 3698618 7372125 60388340 54890400 71746800 182845800 14770368 225980526.41 15.39 31.71 46.46 48.17 292.65 21.61 142.94 692.60 5.53 753.00 646.00 214.00 6.20 80.88-5.2% -6.1% -18.1% -3.0% -5.5% -11.3% -11.7% -10.1% -6.6% -17.2% -5.3% -6.6% -4.9% -21.6% -6.2%65.4% 58.9% 43.4% 88.8% 56.2% 97.5% 76.3% 58.1% 38.2% 39.1% 212.4% 97.0% 94.5% 39.5% 6.8%1293.8 3747.4 929.2 3028.9 3804.0 12243.0 1974.0 480.5 18476.0 10321.0 3663.5 14145.0 24011.1 3801.4 918.240661 59050 29474 141373 182555 37643 42368 68636 128577 60004 2878390 9146446 5171281 23737 74606330510.0 267401.0 278501.0 623537.0 695583.0 437951.0 450846.0 510691.0 284987.0 367524.0 31238237.0 53760773.0 54752099.0 207649.0 85793.0- - - 2562.0 9058.0 - 1508.0 6200.0 2728.0 - - 390001.0 410368.0 - 3395.06786.0 4353.0 407.0 1948.0 - 9371.0 7628.0 508.0 7887.0 9672.0 281896.0 1674821.0 1957699.0 1081.0 1477.063708.0 66383.0 147433.0 36453.0 471833.0 128120.0 46904.0 72669.0 256366.0 182116.0 1070520.0 9384046.0 7527509.0 17657.0 25128.0- 264421 - 799437 - - 455446 513366 - - 36366838 - - 214810 -LFY 38313.0 37754.0 52299.0 90708.0 108184.0 38837.0 32036.0 41664.0 88382.0 43575.0 1851760.0 4536724.0 2453016.0 39304.0 30334.0LTM 39068.0 37758.0 52356.0 90629.0 106713.0 38837.0 33168.0 41636.0 69265.0 43575.0 1925202.0 4296873.0 2633625.0 42241.0 30552.0CY+1 26588.8 26834.9 33805.5 78925.3 99662.3 29278.7 31901.2 34266.2 68573.2 44058.6 1658721.1 3548294.1 2143031.7 45826.3 24459.3CY+2 27486.8 27871.0 34795.0 80915.9 102507.3 30109.3 34096.6 35053.0 72313.1 46116.8 1453771.5 3455446.5 2053211.1 47228.2 25844.8LFY - 6.9x - 8.7x - - 14.1x 12.1x - - 19.1x - - 5.5x -LTM - 6.9x - 8.7x - - 13.9x 12.1x - - 18.4x - - 5.2x -CY+1 35.2x - 1.9x - - -6.8x - - 1.0x - 4.9x - - - -CY+2 34.0x - 1.9x - - -7.3x - - 0.4x - 5.7x - - - -LFY - 15529.0 - 41810.0 - - 8020.0 20446.0 - - 501430.0 - - - -LTM - 15530.0 - 41647.0 - - 8293.0 20446.0 - - 490214.0 - - - -CY+1 - - - - - - - - - - 220851.5 - - - -CY+2 - - - - - - - - - - 377479.8 - - - -LFY - 16.7x - 19.0x - - 56.2x 24.7x - - 70.5x - - - -LTM - 16.7x - 17.1x - - 54.4x 24.7x - - 72.1x - - - -CY+1 - - - - - - - - - - 37.2x - - - -CY+2 - - - - - - - - - - 22.1x - - - -LFY 2.26 0.52 1.91 4.83 6.04 0.45 1.58 15.03 0.49 0.60 - - - 0.68 7.13LTM 1.59 -0.67 0.26 4.15 5.97 -0.09 1.57 15.25 0.79 0.24 12.74 48.70 25.01 0.75 7.55CY+1 2.66 0.89 3.83 4.70 5.63 0.36 2.05 14.31 0.98 0.57 18.94 51.79 21.37 1.00 7.84CY+2 3.05 1.19 4.93 5.32 5.94 0.44 2.54 15.25 1.09 0.67 38.70 51.83 18.44 1.11 8.38LFY 16.6x - 122.0x 11.2x 8.1x - 13.8x 9.4x 13.3x 23.2x 59.1x 13.3x 8.6x 8.3x 10.7xLTM 9.2x 30.1x 17.2x 11.2x 8.1x 6.4x 13.8x 9.4x - 8.8x - - - 7.7x 10.7xCY+1 9.9x 17.3x 8.3x 9.9x 8.6x 8.0x 10.6x 10.0x 10.8x 9.8x 39.8x 12.5x 10.0x 6.2x 10.3xCY+2 8.7x 12.9x 6.4x 8.7x 8.1x 6.7x 8.5x 9.4x 9.7x 8.3x 19.5x 12.5x 11.6x 5.6x 9.7x1 Year (10.3%) (7.6%) (0.7%) (11.6%) (2.4%) 1.1% (18.1%) 13.2% (6.8%) (44.1%) 33.7% 4.2% 0.1% (25.5%) 4.9%5 Year (5.2%) (10.1%) 3.8% (2.3%) 0.8% (1.3%) 3.1% (6.8%) - 9.5% 2341.5% (3.2%) (1.9%) (9.3%) 3.2%1 Year - (11.1%) - (21.9%) - - (44.3%) 27.6% - - 18.4% - - - -5 Year - (31.3%) - (15.7%) - - (33.5%) (19.6%) - - (17.7%) - - - -LTM - 41.1% - 45.8% - - 25.6% 49.1% - - 25.5% - - - -CY+1 - - - - - - - - - - 13.3% - - - -CY+2 - - - - - - - - - - 26.0% - - - -Total Debt / Equity % 931.1% 582.6% 515.7% 334.4% 356.7% 817.3% 744.0% 734.6% 165.2% 492.3% 1482.4% 559.4% 1216.4% 366.8% 194.4%Total Debt / Capital % 88.7% 84.2% 83.7% 76.6% 77.3% 87.4% 86.6% 87.0% 60.9% 81.3% 92.9% 82.2% 88.9% 78.3% 63.6%Total Debt / EBITDA - 17.218x - 14.972x - - 54.365x 24.978x - - 69.442x - - - -Net Debt / EBITDA - 10.520x - 14.097x - - 48.709x 21.423x - - 67.769x - - - -EBITDA / Int. Expense - - - - - - - - - - - - - - -S&P LT Credit Rating A A A+ *- A- A A A- A- A+ BBB BBB+ A A A AA-S&P LT Credit Rating Date 19.12.2008 29.11.2011 26.03.2013 29.11.2011 29.11.2011 29.11.2011 29.11.2011 29.11.2011 29.11.2011 16.10.2012 27.01.2009 30.09.2008 18.06.2007 03.09.2009 15.03.2007Moodys LT Credit Rating (P)A2 A2 A2 Baa2 A2 (P)A3 Baa1 A3 Aa3 (P)Baa2 Baa3 - - A3 Aa1Moodys LT Credit Rating Date 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 21.06.2012 24.10.2012 15.03.2012 - - 15.06.2012 28.01.201352-Week High Date52-Week LowLatest Fiscal Year:52-Week HighTotal DebtMarket CapitalizationDaily Volume52-Week Low % ChangeCurrent Price (4/dd/yy)52-Week High % ChangeCash and EquivalentsEBITDAEV/EBITDAEnterprise ValueValuationPreferred Stock52-Week Low DateMinority InterestTotal Common Shares (M)P/ERevenue GrowthTotal RevenueEV/Total RevenueEPSEBITDA GrowthEBITDA MarginCredit RatingsLeverage/Coverage RatiosCompany Analysis - Peers ComparisionQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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