03.05.2013Ticker: Enel SpA Benchmark:Currency: BrsaItaliana: ENEL, Currency: EUR FTSE MIB INDEX (FTSEMIB)Sector: Utilities...
Enel SpATarget price in EURDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date30-Apr-13 2...
03.05.2013Enel SpAOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 9403.4 Italy 81.69%Float 68...
Enel SpAFinancial 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 ...
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 20...
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...
ENEL SPA E.ON SE EDF IBERDROLA SA A2A SPA RWE AG ACEA SPA GDF SUEZ ENDESA TERNA SPA SNAM SPA GAS NATURAL SDG ACQUE POTABIL...
Upcoming SlideShare
Loading in …5
×

Financial analysis enel s.p.a. generates, transmits, distributes, and trades electricity. the company operates hydroelectric, geothermal, and other generating plants. enel, through subsidiaries

487 views
402 views

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
487
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Financial analysis enel s.p.a. generates, transmits, distributes, and trades electricity. the company operates hydroelectric, geothermal, and other generating plants. enel, through subsidiaries

  1. 1. 03.05.2013Ticker: Enel SpA Benchmark:Currency: BrsaItaliana: ENEL, Currency: EUR FTSE MIB INDEX (FTSEMIB)Sector: Utilities Industry: Electric Utilities Year:Telephone 39-06-8305-1 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)Website www.enel.it No of Employees Endesa 34169 Europe 1Address Viale Regina Margherita 125/137 Rome, 00198 Italy Generation & Energy management - Italy 25237 ItalyShare Price Performance in EUR Market - Italy 18351 AmericasPrice 2.95 1M Return 17.0% International Operations 8703 Middle East52 Week High 3.30 6M Return 0.3% Infrastructures - Italy 8117 Rest of the World52 Week Low 2.02 52 Wk Return 31.6% Enel Green Power 269652 Wk Beta 1.00 YTD Return -5.9% Services & Holding 2017Credit RatingsBloomberg IG9S&P BBB+ Date 08.03.2012 Outlook NEGMoodys Baa2 Date 05.11.2012 Outlook NEGFitch BBB+ Date 16.01.2013 Outlook NEGValuation Ratios12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 5.9x 8.0x 7.2x 34.1x 9.0x 8.8x 8.3xEV/EBIT 10.5x 9.9x 9.2x 13.3x - - -EV/EBITDA 7.3x 6.7x 6.1x 6.3x 6.3x 6.3x 6.2xP/S 0.5x 0.5x 0.4x 0.4x 0.3x 0.3x 0.3xP/B 1.1x 0.9x 0.8x 0.8x 0.7x 0.7x 0.6xDiv Yield 6.2% 7.5% 8.3% 4.8% 4.6% 4.6% 4.9%Profitability Ratios %12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin - - - - 21.7 21.2 -EBITDA Margin 25.4 23.3 22.1 19.5 19.6 19.4 19.4Operating Margin 17.7 15.6 14.5 9.4 12.0 11.8 11.8Profit Margin 8.9 6.1 5.3 1.0 3.8 3.8 4.0Return on Assets 3.8 2.7 2.4 0.5 1.7 1.7 -Return on Equity 20.8 12.3 10.8 2.3 7.5 7.3 7.3Leverage and Coverage Ratios12/09 12/10 12/11 12/12Current Ratio 0.9 1.1 0.9 1.1 Current Capitalization in EURQuick Ratio 0.5 0.5 0.5 0.6 Common Shares Outstanding (M) 9403.4EBIT/Interest 4.6 4.2 4.1 2.6 Market Capitalization (M) 27758.7Tot Debt/Capital 0.6 0.6 0.5 0.6 Cash and ST Investments (M) 9891.0Tot Debt/Equity 1.5 1.2 1.2 1.3 Total Debt (M) 66539.0Eff Tax Rate % 27.8 29.7 36.3 57.0 Preferred Equity (M) 0.0LT Investments in Affiliate Companies (M) 0.0Investments (M) 16387.0Enterprise Value (M) 100793.7Enel S.p.A. generates, transmits, distributes, and trades electricity. The Companyoperates hydroelectric, geothermal, and other generating plants. Enel, throughsubsidiaries, also provides fixed-line and mobile telephone services, installs publiclighting systems, and operates real estate, factoring, insurance, telecommunications,and Internet service provider businesses.ENEL IM8269973702Company Analysis - Overview35%25%18%9%8%3%2%0%EndesaGeneration & Energy management - ItalyMarket - ItalyInternational OperationsInfrastructures - ItalyEnel Green PowerServices & Holding100%EuropeQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Enel SpATarget price in EURDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date30-Apr-13 23% 65% 13% 3-May-13 2.95 2.92 Grupo Santander OSCAR NAJAR RIOS buy 3.87 3-May-1329-Mar-13 24% 61% 15% 2-May-13 2.94 2.92 ICBPI SIMONA PEDRAZZINI neutral 2.84 2-May-1328-Feb-13 27% 55% 18% 1-May-13 2.94 2.92 AlphaValue MYRIAM COHEN add 3.32 2-May-1331-Jan-13 27% 52% 21% 30-Apr-13 2.94 2.92 Exane BNP Paribas PHILIP GOTTSCHALK underperform 2.50 30-Apr-1331-Dec-12 24% 58% 18% 29-Apr-13 2.99 2.92 Goldman Sachs DARIO CARRADORI neutral/neutral 3.00 26-Apr-1330-Nov-12 21% 61% 18% 26-Apr-13 2.89 2.92 Raymond James EMMANUEL RETIF market perform 17-Apr-1331-Oct-12 24% 61% 15% 25-Apr-13 2.93 2.95 Banca IMI ROBERTO RANIERI hold 2.70 11-Apr-1328-Sep-12 23% 60% 17% 24-Apr-13 2.90 2.95 Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 2.90 9-Apr-1331-Aug-12 17% 64% 19% 23-Apr-13 2.86 2.97 Credit Suisse STEFANO BEZZATO neutral 2.85 9-Apr-1331-Jul-12 17% 63% 20% 22-Apr-13 2.74 2.97 Banca Akros(ESN) DARIO MICHI hold 2.80 9-Apr-1329-Jun-12 17% 63% 20% 19-Apr-13 2.67 2.98 Societe Generale ALBERTO PONTI buy 3.20 8-Apr-1331-May-12 17% 58% 25% 18-Apr-13 2.65 2.98 Centrobanca EDOARDO MONTALBANO hold 2.70 3-Apr-1317-Apr-13 2.60 2.98 JPMorgan JAVIER GARRIDO underweight 2.60 25-Mar-1316-Apr-13 2.62 2.98 HSBC ADAM DICKENS underweight 2.40 21-Mar-1315-Apr-13 2.64 2.98 S&P Capital IQ CLIVE ROBERTS buy 2.93 18-Mar-1312-Apr-13 2.65 2.98 Day by Day VALERIE GASTALDY hold 18-Mar-1311-Apr-13 2.70 2.98 Deutsche Bank VIRGINIA SANZ DE MADRID hold 2.80 15-Mar-1310-Apr-13 2.70 2.98 Independent Research GmbH SVEN DIERMEIER hold 2.70 14-Mar-139-Apr-13 2.61 3.03 Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA neutral 3.10 14-Mar-138-Apr-13 2.58 3.04 Natixis PHILIPPE OURPATIAN neutral 2.64 14-Mar-135-Apr-13 2.58 3.04 Kepler Capital Markets CLAUDIA INTROVIGNE hold 2.60 13-Mar-134-Apr-13 2.53 3.04 Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3.00 6-Feb-133-Apr-13 2.52 3.04 Berenberg Bank TEAM COVERAGE hold 3.30 5-Feb-132-Apr-13 2.60 3.04 Barclays SUSANNA INVERNIZZI equalweight 3.50 25-Jan-131-Apr-13 2.55 3.04 EVA Dimensions AUSTIN BURKETT overweight 17-Jan-1329-Mar-13 2.55 3.04 Equita SIM SpA ROBERTO LETIZIA hold 3.30 30-Nov-1228-Mar-13 2.55 3.04 Banco Sabadell JORGE GONZALEZ SADORNIL sell 3-Aug-1227-Mar-13 2.54 3.06 Nord/LB HEINO HAMMANN hold 5-Jun-1226-Mar-13 2.57 3.06 Hammer Partners SA CHRIS MOORE sell 8-Mar-1225-Mar-13 2.61 3.06 DZ Bank AG HASIM SENGUEL hold 3.20 18-Nov-11Company Analysis - Analysts RatingsBuy and Sell Recommendations vs Price and Target Price17% 17% 17% 17%23% 24% 21% 24% 27% 27% 24% 23%58%63% 63% 64%60% 61%61% 58% 52% 55% 61% 65%25%20% 20% 19% 17% 15% 18% 18% 21% 18% 15% 13%0%20%40%60%80%100%mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13 avr.13BrokerRecommendation01122334455PriceBuy Hold Sell Price Target PriceBrokers Target Price0112233445GrupoSantanderICBPIAlphaValueExaneBNPParibasGoldmanSachsRaymondJamesBancaIMIMorganStanleyCreditSuisseBancaAkros(ESN)SocieteGeneraleCentrobancaJPMorganHSBCS&PCapitalIQDaybyDayDeutscheBankIndependentResearchGmbHEspiritoSantoInvestmentBankResearchNatixisKeplerCapitalMarketsLandesbankBaden-WuerttembergBerenbergBankBarclaysEVADimensionsEquitaSIMSpABancoSabadellNord/LBHammerPartnersSADZBankAGQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 03.05.2013Enel SpAOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 9403.4 Italy 81.69%Float 68.8% United States 5.98%Short Interest (M) Luxembourg 4.24%Short Interest as % of Float France 1.91%Days to Cover Shorts Ireland 1.50%Institutional Ownership 38.70% Germany 1.35%Retail Ownership 61.30% Britain 0.81%Insider Ownership 0.00% Others 2.53%Institutional Ownership DistributionGovernment 80.73%Investment Advisor 19.16%Insurance Company 0.06%Hedge Fund Manager 0.05%Pricing data is in EUR Others 0.00%Top 20 Owners:Holder Name Position Position Change Market Value % of Ownership Report Date Source CountryMINISTERO DELLECONO 2937984993 0 8672931699 31.24% 20.11.2012 EXCH ITALYBLACKROCK 100480950 230633 296619764 1.07% 01.05.2013 ULT-AGG UNITED STATESVANGUARD GROUP INC 68741014 2459753 202923473 0.73% 31.03.2013 MF-AGG UNITED STATESPICTET ASSET MANAGEM 52151916 -26014603 153952456 0.55% 31.01.2013 MF-AGG BRITAINFMR LLC 31343024 6530806 92524607 0.33% 31.03.2013 ULT-AGG UNITED STATESAMUNDI 22887035 8411425 67562527 0.24% 31.12.2012 MF-AGG FRANCEMERCURY ASSET MANAGE 16888699 0 49855439 0.18% 01.05.2013 MF-AGG IRELANDSTATE STREET 15692915 1496958 46325485 0.17% 02.05.2013 ULT-AGG UNITED STATESBNP PARIBAS INV PART 13158176 -1671692 38842936 0.14% 28.02.2013 ULT-AGG FRANCEARCA SGR SPA 12811686 -50000 37820097 0.14% 28.03.2013 MF-AGG ITALYALLIANZ ASSET MANAGE 12805557 -24665 37802004 0.14% 28.03.2013 ULT-AGG GERMANYAVIVA PLC 9331460 317904 27546470 0.10% 28.03.2013 MF-AGG BRITAINCREDIT SUISSE ASSET 8917565 24838 26324652 0.09% 28.02.2013 MF-AGG SWITZERLANDING INTERNATIONAL AD 7795262 -260134 23011613 0.08% 31.01.2013 MF-AGG LUXEMBOURGUNION INVESTMENT LUX 7754520 -198780 22891343 0.08% 28.09.2012 MF-AGG LUXEMBOURGBANK OF NEW YORK MEL 7092561 21014 20937240 0.08% 01.05.2013 MF-AGG UNITED STATESDEKA INVESTMENT GMBH 6703470 3326443 19788643 0.07% 28.02.2013 MF-AGG GERMANYJOHN HANCOCK INVESTM 6490913 -438855 19161175 0.07% 28.02.2013 MF-AGG UNITED STATESSCHRODER INVESTMENT 6322995 2679130 18665481 0.07% 31.03.2013 MF-AGG BRITAINWELLS FARGO 6306114 -1854 18615649 0.07% 28.02.2013 ULT-AGGTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceCompany Analysis - OwnershipOwnership Type39%61%0%Institutional Ownership Retail Ownership Insider OwnershipGeographic Ownership81%3%4%2%2%1% 1%6%Italy United States Luxembourg FranceIreland Germany Britain OthersInstitutional Ownership81%0% 0%0%19%Government Investment Advisor Insurance CompanyHedge Fund Manager OthersTOP 20 ALLQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Enel SpAFinancial 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 12/15EIncome StatementRevenue 28415 28937 28658 32272 37497 42734 59577 62498 71943 77573 82699 81744 82557 84309- Cost of Goods SoldGross Income 17738 17502- Selling, General & Admin Expenses 26245 25613 25141 28521 32957 36907 51643 53330 62119 68236 77154(Research & Dev Costs) 100 16Operating Income 2880 4732 5870 5538 5556 6781 9541 11032 11258 11278 7735 9840 9738 9921- Interest Expense 1464 1555 771 686 635 1498 3274 2416 2667 2753 2932- Foreign Exchange Losses (Gains) 0 0 -22 29 -83 -319 -167 -17 509 417 -67- Net Non-Operating Losses (Gains) -963 -216 103 29 -164 -306 55 -712 8 -242 50Pretax Income 2379 3393 5018 4794 5168 5908 6379 9345 8074 8350 4820 6938 7011 7373- Income Tax Expense 608 966 2116 1934 2067 1956 585 2597 2401 3027 2745Income Before XO Items 1771 2427 2902 2860 3101 3952 5794 6748 5673 5323 2075- Extraordinary Loss Net of Tax 155 -1272 0 -179 -240 158- Minority Interests -237 -82 116 237 65 215 741 1004 1283 1210 1210Diluted EPS Before XO Items 0.42 0.41 0.43 0.53 0.72 0.69 0.47 0.44 0.09Net Income Adjusted* 2008 2509 3419 2623 3036 3433 5053 5553 4380 4148 3455 3074 3114 3343EPS Adjusted 0.29 0.36 0.50 0.41 0.43 0.49 0.72 0.66 0.47 0.44 0.37 0.33 0.34 0.35Dividends Per Share 0.32 0.32 0.61 0.56 0.43 0.43 0.43 0.25 0.28 0.26 0.15 0.14 0.14 0.15Payout Ratio % 108.7 87.0 155.0 148.1 104.7 81.1 60.0 40.9 60.0 64.0 163.1 0.42 0.40 0.41Total Shares Outstanding 6878 6878 6924 6985 7006 7016 7018 9403 9403 9403 9403Diluted Shares Outstanding 6901 6954 7073 7096 7017 8369 9403 9403 9403EBITDA 7357 9248 9355 8407 7909 9694 13722 15883 16768 17110 16150 16054 16053 16342*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 15382 17048 13532 12746 13000 35895 32903 29462 37775 35967 38539+ Cash & Near Cash Items 364 426 331 476 547 1234 5106 4170 5164 7015 9891+ Short Term Investments 552 545 32 28 25+ Accounts & Notes Receivable 6924 6972 8027 8316 7958 11576 12378 13010 12505 11570 11719+ Inventories 3266 4211 1345 884 1209 1726 2182 2500 2803 3148 3338+ Other Current Assets 4276 4894 3797 3042 3261 21359 13237 9782 17303 14234 13591Total Long-Term Assets 52555 52791 51846 37756 41537 94956 100304 132869 130277 133924 133117+ Long Term Investments 282 91 68 170 481 37 462 295 299 245 197Gross Fixed Assets 84274 87531 86751 74588 82139 109023 111371 130281 161419 166648 173382Accumulated Depreciation 46741 49998 50049 44400 47293 48541 49846 53694 83325 86056 90267+ Net Fixed Assets 37533 37533 36702 30188 34846 60482 61525 76587 78094 80592 83115+ Other Long Term Assets 14740 15167 15076 7398 6210 34437 38317 55987 51884 53087 49805Total Current Liabilities 22301 23290 18607 13446 13586 29356 33116 33262 34990 40706 35371+ Accounts Payable 6664 5602 6818 6610 6188 9622 10600 11174 12373 12931 13903+ Short Term Borrowings 8371 8648 6829 2472 1409 8014 8577 10451 11208 14471 8027+ Other Short Term Liabilities 7266 9040 4960 4364 5989 11720 13939 11637 11409 13304 13441Total Long Term Liabilities 25381 27190 27705 17640 21926 74862 73796 83136 79517 74885 83127+ Long Term Borrowings 18292 20488 20291 10967 12194 53826 53653 58814 55031 51010 58512+ Other Long Term Borrowings 7089 6702 7414 6673 9732 21036 20143 24322 24486 23875 24615Total Liabilities 47682 50480 46312 31086 35512 104218 106912 116398 114507 115591 118498+ Long Preferred Equity 0 0 0 0 0 0 0 0 0+ Minority Interest 70 191 1113 359 565 7080 5897 12665 15684 15650 16387+ Share Capital & APIC 6063 6063 6312 6668 6783 6835 6848 14695 14695 14695 14695+ Retained Earnings & Other Equity 14709 15061 11641 12389 11677 12718 13550 18573 23166 23955 22076Total Shareholders Equity 20842 21315 19066 19416 19025 26633 26295 45933 53545 54300 53158Total Liabilities & Equity 68524 71795 65378 50502 54537 130851 133207 162331 168052 169891 171656Book Value Per Share 3.02 3.07 2.59 2.73 2.63 2.79 2.91 3.54 4.03 4.11 3.91 4.26 4.43 4.63Tangible Book Value Per Share 1.13 1.10 1.14 2.42 2.21 -0.74 -0.77 -0.58 -0.13 -0.04 0.09Company 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 2008 2509 2631 3895 3036 3916 5293 5586 4390 4113 865 3094 3192 3463+ Depreciation & Amortization 4477 4516 3485 2869 2353 2913 4181 4851 5510 5832 8415+ Other Non-Cash Adjustments -2135 518 253 -792 748 38 -1427 -999 996 640 1171+ Changes in Non-Cash Capital 443 -370 -1534 -279 619 -797 2463 -512 829 1128 -36Cash From Operating Activities 4793 7173 4835 5693 6756 6070 10510 8926 11725 11713 10415+ Disposal of Fixed Assets 3778 884 0 0 0 0 0+ Capital Expenditures -5109 -3623 -3538 -3037 -2759 -4882 -7059 -6591 -6468 -6957 -6522 -5928 -5565 -4929+ Increase in Investments -2378 -1638 -126 -524 0 0 -42+ Decrease in Investments 0 1941 4652 0 267 0+ Other Investing Activities -497 -318 -230 1 385 -30738 4961 -6085 1558 -443 -66Cash From Investing Activities -4206 -4695 -1953 1092 -2374 -35353 -2140 -12676 -4910 -7400 -6588+ Dividends Paid -2183 -2183 -4256 -3472 -3959 -3180 -3401 -3135 -3147 -3517 -2229+ Change in Short Term Borrowings 924 -2056 0 0 0 0+ Increase in Long Term Borrowings 1382 2069 1039 0 1524 33356 4788 21990 5497 10486 13739+ Decrease in Long Term Borrowings 0 0 -3524 -1995 0 -5916 -24180 -10748 -9427 -12505+ Increase in Capital Stocks 0 241 339 108 50 12 7991+ Decrease in Capital Stocks 0 0 0 0 0 0+ Other Financing Activities -897 -256 5 17 4 -52 -105 162 2636 -125 29Cash From Financing Activities -774 -2426 -2971 -6640 -4318 30174 -4622 2828 -5762 -2583 -966Net Changes in Cash -187 52 -89 145 64 891 3748 -922 1053 1730 2861Free Cash Flow (CFO-CAPEX) -316 3550 1297 2656 3997 1188 3451 2335 5257 4756 3893 3014 3763 4108Free Cash Flow To Firm 774 4662 1743 3065 4378 2190 6425 4080 7131 6511 5155Free Cash Flow To Equity 5768 4447 34544 2323 145 6 5815 5127Free Cash Flow per Share -0.05 0.52 0.19 0.38 0.57 0.17 0.49 0.28 0.56 0.51 0.41Company 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 15.0x 13.0x 15.2x 14.3x 15.9x 13.5x 5.5x 5.9x 8.0x 7.2x 34.1x 9.0x 8.8x 8.3xEV to EBIT 19.4x 12.9x 12.3x 9.8x 11.1x 17.4x 9.5x 10.5x 9.9x 9.2x 13.3xEV to EBITDA 7.6x 6.6x 7.7x 6.4x 7.8x 12.2x 6.6x 7.3x 6.7x 6.1x 6.3x 6.3x 6.3x 6.2xPrice to Sales 1.1x 1.1x 1.5x 1.3x 1.3x 1.2x 0.5x 0.5x 0.5x 0.4x 0.4x 0.3x 0.3x 0.3xPrice to Book 1.4x 1.5x 2.5x 2.1x 2.6x 2.6x 1.4x 1.1x 0.9x 0.8x 0.8x 0.7x 0.7x 0.6xDividend Yield 7.3% 6.7% 9.5% 9.5% 6.3% 6.0% 10.8% 6.2% 7.5% 8.3% 4.8% 4.6% 4.6% 4.9%Profitability RatiosGross Margin 21.7% 21.2%EBITDA Margin 25.9% 32.0% 32.6% 26.1% 21.1% 22.7% 23.0% 25.4% 23.3% 22.1% 19.5% 19.6% 19.4% 19.4%Operating Margin 10.1% 16.4% 20.5% 17.2% 14.8% 15.9% 16.0% 17.7% 15.6% 14.5% 9.4% 12.0% 11.8% 11.8%Profit Margin 7.1% 8.7% 9.2% 12.1% 8.1% 9.2% 8.9% 8.9% 6.1% 5.3% 1.0% 3.8% 3.8% 4.0%Return on Assets 3.0% 3.6% 3.9% 6.7% 5.8% 4.2% 4.0% 3.8% 2.7% 2.4% 0.5% 1.7% 1.7%Return on Equity 9.6% 12.0% 13.5% 21.0% 16.2% 20.6% 26.5% 20.8% 12.3% 10.8% 2.3% 7.5% 7.3% 7.3%Leverage & Coverage RatiosCurrent Ratio 0.69 0.73 0.73 0.95 0.96 1.22 0.99 0.89 1.08 0.88 1.09Quick Ratio 0.35 0.34 0.45 0.66 0.63 0.44 0.53 0.52 0.50 0.46 0.61Interest Coverage Ratio (EBIT/I) 1.97 3.04 7.61 8.07 8.75 4.53 2.91 4.57 4.22 4.10 2.64Tot Debt/Capital 0.56 0.58 0.59 0.41 0.42 0.70 0.70 0.60 0.55 0.55 0.56Tot Debt/Equity 1.28 1.37 1.42 0.69 0.72 2.32 2.37 1.51 1.24 1.21 1.25OthersAsset Turnover 0.43 0.42 0.42 0.56 0.71 0.46 0.45 0.42 0.44 0.46 0.48Accounts Receivable Turnover 4.14 4.16 3.82 3.95 4.61 4.38 4.97 4.92 5.64 6.44 7.10Accounts Payable TurnoverInventory TurnoverEffective Tax Rate 25.6% 28.5% 42.2% 40.3% 40.0% 33.1% 9.2% 27.8% 29.7% 36.3% 57.0%Company Analysis - Financials IV/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. ENEL SPA E.ON SE EDF IBERDROLA SA A2A SPA RWE AG ACEA SPA GDF SUEZ ENDESA TERNA SPA SNAM SPA GAS NATURAL SDG ACQUE POTABILI EDP FORTUM OYJ12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/20123.30 19.80 17.91 4.29 0.65 36.47 5.45 20.35 19.53 3.58 3.86 16.39 0.86 2.63 16.6914.01.2013 14.09.2012 03.07.2012 02.01.2013 03.05.2013 12.09.2012 03.05.2013 21.08.2012 13.03.2013 02.05.2013 23.04.2013 03.05.2013 18.10.2012 25.04.2013 08.05.20122.02 12.42 13.39 2.63 0.29 25.83 3.61 14.05 11.30 2.50 3.07 8.36 0.43 1.63 12.8124.07.2012 08.02.2013 29.11.2012 26.07.2012 25.07.2012 19.04.2013 14.06.2012 01.03.2013 25.07.2012 25.07.2012 24.07.2012 23.07.2012 31.07.2012 31.05.2012 23.07.201219556433 13678918 2094980 22882805 22724276 2227976 152056 3340397 94084 4308422 3144732 749352 500 1956544 28595512.96 13.97 17.84 4.20 0.63 27.72 5.32 16.66 17.45 3.51 3.74 16.31 0.79 2.61 14.52-10.2% -29.5% -0.4% -2.2% -2.9% -24.0% -2.5% -18.2% -10.6% -1.9% -3.0% -0.5% -8.2% -0.8% -13.0%46.6% 12.4% 33.2% 59.6% 118.8% 7.3% 47.1% 18.5% 54.4% 40.3% 22.1% 95.0% 82.1% 60.3% 13.3%9403.4 1906.8 1846.7 6053.2 3106.0 614.7 213.0 2357.3 1058.8 2010.0 3568.3 1000.7 36.0 3624.6 888.427853 27944 32975 26368 1961 16991 1132 40186 18475 7055 12661 16316 28 9544 1289966539.0 25944.0 64501.0 32884.1 5024.0 19946.0 3104.4 57552.0 10860.0 8978.8 12554.0 20201.0 31.0 20524.0 8777.0- - - - - - - - - - - - - - -16387.0 3862.0 4854.0 324.8 851.0 1613.0 77.3 11462.0 5716.0 - 1.0 1618.0 - 3239.0 616.09891.0 6097.0 22307.0 6575.5 553.0 5276.0 423.7 11383.0 7423.0 2510.1 15.0 5693.0 7.7 2123.0 963.0100888 51653 80023 54025 7283 33274 3890 97817 27628 13524 24800 32442 60 31184 20999LFY 82699.0 132093.0 72729.0 34201.2 6281.0 50771.0 3526.3 97038.0 33933.0 1732.8 3730.0 24904.0 58.6 16339.9 6159.0LTM 82699.0 132093.0 72729.0 34597.8 6281.0 50771.0 3526.3 97038.0 33781.0 1732.8 3751.0 24904.0 58.6 16048.9 6249.0CY+1 81744.2 111418.7 73749.5 33746.5 6899.0 53546.9 3549.8 81162.0 33336.3 1862.0 3577.1 24437.8 - 15466.6 6344.3CY+2 82556.8 112638.7 75979.2 34867.6 6957.0 53803.9 3597.0 81900.2 34224.8 1917.0 3660.1 25224.7 - 16116.3 6470.1LFY 1.2x 0.4x 1.0x 1.5x 1.1x 0.7x 1.1x 1.0x 0.8x 7.2x 6.5x 1.2x 0.9x 1.8x 3.6xLTM 1.2x 0.4x 1.0x 1.5x 1.1x 0.7x 1.1x 1.0x 0.8x 7.2x 6.4x 1.2x 0.9x 1.8x 3.5xCY+1 1.1x 0.5x 1.1x 1.6x 1.0x 0.6x 1.0x 1.1x 0.9x 7.3x 7.2x 1.3x - 2.0x 3.4xCY+2 1.0x 0.4x 1.1x 1.5x 1.0x 0.6x 1.0x 1.0x 0.8x 7.3x 7.3x 1.2x - 1.9x 3.3xLFY 16150.0 8443.0 14342.0 7177.7 990.0 9055.0 695.2 18401.0 7005.0 1372.7 2813.0 4865.0 12.8 3612.0 2360.0LTM 16150.0 8443.0 14342.0 7639.5 1098.0 9201.0 627.4 18401.0 7031.0 1372.7 2822.0 4885.0 12.1 3720.6 2413.0CY+1 16053.9 9554.8 15982.1 7580.0 1160.3 8828.3 713.3 13786.8 6625.3 1445.4 2781.9 4906.8 - 3645.3 2446.0CY+2 16053.2 9754.7 17030.6 7816.1 1157.2 8597.0 730.3 13928.0 6760.7 1498.9 2855.7 5024.0 - 3860.7 2428.7LFY 6.3x 6.0x 5.1x 7.0x 6.7x 3.9x 5.4x 5.1x 3.9x 9.1x 8.6x 6.1x 4.1x 8.3x 9.3xLTM 6.3x 6.0x 5.1x 6.6x 6.1x 3.9x 5.9x 5.1x 3.8x 9.1x 8.6x 6.1x 4.4x 7.9x 9.1xCY+1 5.4x 5.3x 5.0x 7.2x 6.0x 3.9x 5.1x 6.2x 4.4x 9.4x 9.3x 6.6x - 8.4x 8.8xCY+2 5.2x 5.1x 4.8x 6.8x 5.8x 4.0x 5.0x 6.0x 3.9x 9.3x 9.3x 6.2x - 7.8x 8.8xLFY 0.09 1.81 2.06 0.46 0.06 1.95 0.36 1.33 1.93 0.23 0.23 1.43 0.00 0.28 -LTM 0.09 1.14 1.80 0.44 0.06 2.13 0.36 0.71 1.92 0.23 0.22 1.46 0.00 0.30 1.48CY+1 0.33 1.32 1.74 0.40 0.06 3.89 0.54 1.36 1.72 0.23 0.27 1.35 - 0.26 1.29CY+2 0.34 1.39 1.92 0.41 0.05 3.48 0.55 1.42 1.84 0.25 0.29 1.44 - 0.28 1.25LFY 32.2x 12.3x 9.9x 9.6x 10.8x 13.0x 14.6x 23.4x 9.1x 15.2x 17.0x 11.2x 392.5x 8.7x 9.8xLTM - 7.7x 9.9x 9.5x 10.8x 13.0x 14.6x 12.5x 8.9x 15.2x - - 14017.9x 8.8x -CY+1 9.1x 10.6x 10.3x 10.5x 11.2x 7.1x 9.8x 12.3x 10.1x 15.1x 13.7x 12.1x - 10.1x 11.2xCY+2 8.8x 10.1x 9.3x 10.3x 12.5x 8.0x 9.6x 11.7x 9.5x 13.9x 12.9x 11.3x - 9.4x 11.7x1 Year 6.6% 16.9% 11.4% 8.1% 3.0% 3.3% 9.6% 7.0% 3.8% 8.9% 5.4% 18.2% 3.6% 8.1% (0.0%)5 Year 9.1% 16.4% 6.1% 8.2% - 4.1% 63.7% 7.2% 43.3% 6.9% 18.1% 19.2% (4.5%) 9.5% 7.1%1 Year (5.6%) 97.8% 1.7% 2.5% 55.4% 9.3% 22.2% 14.5% (3.6%) 12.4% 7.3% 3.6% 4.9% (3.8%) (1.5%)5 Year 10.7% (5.3%) (1.7%) 8.0% 14.2% 3.1% 8.2% 20.7% 1.1% 7.2% 13.2% 17.0% (3.0%) 6.1% 3.4%LTM 19.5% 6.4% 19.7% 22.1% 17.5% 18.1% 17.8% 19.0% 20.8% 79.2% 75.2% 19.6% 21.2% 23.2% 38.6%CY+1 19.6% 8.6% 21.7% 22.5% 16.8% 16.5% 20.1% 17.0% 19.9% 77.6% 77.8% 20.1% - 23.6% 38.6%CY+2 19.4% 8.7% 22.4% 22.4% 16.6% 16.0% 20.3% 17.0% 19.8% 78.2% 78.0% 19.9% - 24.0% 37.5%Total Debt / Equity % 181.0% 74.2% 249.4% 97.4% 176.5% 134.6% 247.3% 96.3% 52.6% 321.3% 211.7% 152.3% 36.9% 250.5% 86.0%Total Debt / Capital % 55.6% 40.1% 67.7% 49.1% 57.6% 54.8% 70.0% 44.7% 29.2% 76.3% 67.9% 57.6% 26.9% 64.2% 44.8%Total Debt / EBITDA 4.120x 3.073x 4.497x 4.335x 4.576x 2.168x 4.948x 3.128x 1.545x 6.541x 4.302x 4.135x 3.585x 5.549x 3.793xNet Debt / EBITDA 3.508x 2.351x 2.942x 3.586x 4.072x 1.594x 4.273x 2.509x 0.489x 4.712x 4.301x 2.970x 2.610x 4.953x 3.080xEBITDA / Int. Expense 5.508x 2.900x 5.871x 4.822x 3.944x 7.250x 5.693x 7.199x 10.317x 6.826x 7.015x 5.624x 5.398x 3.460x 7.867xS&P LT Credit Rating BBB+ A- A+ BBB BBB BBB+ BBB- A *- BBB+ A- A- BBB - BB+ A-S&P LT Credit Rating Date 08.03.2012 27.07.2012 17.01.2012 28.11.2012 05.04.2012 27.07.2012 31.10.2012 29.01.2013 08.03.2012 08.03.2012 13.06.2012 17.12.2010 - 01.02.2012 27.11.2012Moodys LT Credit Rating Baa2 A3 Aa3 (P)Baa1 Baa3 A3 - A1 WR Baa1 Baa1 WR - Ba1 A2Moodys LT Credit Rating Date 05.11.2012 05.10.2011 14.01.2009 05.11.2012 19.11.2012 19.07.2011 - 03.07.2012 25.02.2009 16.07.2012 27.09.2012 27.10.1999 - 16.02.2012 15.07.200552-Week High Date52-Week LowLatest Fiscal Year:52-Week HighTotal DebtMarket CapitalizationDaily Volume52-Week Low % ChangeCurrent Price (5/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 |

×