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Financial Analysis - Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers
 

Financial Analysis - Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers

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Financial Analysis - Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers

Financial Analysis - Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers

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    Financial Analysis - Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers Financial Analysis - Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers Presentation Transcript

    • 04.03.2013 Company Analysis - Overview Facebook Inc. operates a social networking website. The Companys website allowsTicker: FB UN Facebook Inc Benchmark: people to communicate with their family, friends, and coworkers. Facebook developsCurrency: NASDAQ GS: FB, Currency: USD S&P 500 INDEX (SPX) technologies that facilitate the sharing of information, photographs, website links, and videos. Facebook users have the ability to share and restrict information based on theirSector: Information Technology Industry: Internet Software & Services Year: own specific criteria.Telephone 1-650-308-7300 Revenue (M) 5089 Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website investor.fb.com No of Employees 4619 Advertising 4279 US & Canada 2520Address 1601 Willow Road Menlo Park, CA 94025 United States Payments and Other Fees 810 Europe 1449Share Price Performance in USD Asia 606Price #N/A N/A 1M Return #VALUE! Rest of World 49852 Week High #N/A N/A 6M Return #VALUE! Adjustments (Rounding) 1652 Week Low #N/A N/A 52 Wk Return #VALUE!52 Wk Beta #N/A N/A YTD Return #VALUE!Credit RatingsBloomberg - 10% 0%S&P - Date - Outlook - 16%Moodys - Date - Outlook -Fitch - Date - Outlook - 12%Valuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 50%P/E - - - 2662.0x - - -EV/EBIT - - - 103.9x - - -EV/EBITDA - - - 47.1x 17.2x 13.1x 10.1xP/S - - - 10.5x 9.9x 7.8x 6.2x 28%P/B - - - 5.4x - - -Div Yield - - - 0.0% - - - 84%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin 71.3 75.0 76.8 73.2 73.8 73.9 74.4 US & CanadaEBITDA Margin 43.8 59.3 56.0 23.3 50.9 53.1 55.0 EuropeOperating Margin 33.7 52.3 47.3 10.6 33.6 36.2 37.6 Advertising Payments and Other FeesProfit Margin 15.7 18.8 18.0 0.6 21.6 24.2 28.5 AsiaReturn on Assets 15.1 18.2 14.3 0.3 8.7 9.8 13.2 Rest of WorldReturn on Equity 20.3 30.8 22.9 0.4 9.2 11.0 14.1 Adjustments (Rounding)Leverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio - 5.8 5.1 10.7 Current Capitalization in USDQuick Ratio - 5.5 5.0 9.8 Common Shares Outstanding (M) 2372.0EBIT/Interest 26.2 46.9 41.8 10.5 Market Capitalization (M) #N/A N/ATot Debt/Capital - 0.2 0.1 0.2 Cash and ST Investments (M) 9626.0Tot Debt/Equity - 0.2 0.1 0.2 Total Debt (M) 2356.0Eff Tax Rate % 9.8 39.9 41.0 89.3 Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 0.0 Enterprise Value (M) Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Company Analysis - Analysts RatingsFacebook IncTarget price in USDBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 50 50 100% 5% 5% 5% 5% 5% 8% 7% 7% 8% 15% 45 45 40 40 80% 33% 30% 32% 36% 35 23% 44% 44% 40% 36% 45% 35 30 60% 30 25 25 20 40% 20 15 62% 61% 63% 65% 59% 15 10 52% 56% 51% 51% 47% 5 20% 10 0 5 Telsey Advisory Morgan Stanley Barclays Lazard Capital BMO Capital Piper Jaffray Raymond James S&P Capital IQ Credit Agricole Atlantic Equities Pivotal Research RBC Capital Macquarie Sterne, Agee & Evercore Battle Road Cantor JPMorgan Credit Suisse Cowen and Sanford C. Edward Jones Stifel Nicolaus Oppenheimer & Nomura Pacific Crest Needham & Co EVA Dimensions IPOfinancial.com BTIG LLC Argus Research Goldman Sachs Deutsche Bank Jefferies Topeka Capital William Blair & Robert W. Baird Wells Fargo Wedge Partners Wedbush 0% 0% 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 56% 36% 8% 4-Mar-13 #N/A N/A 33.61 Robert W. Baird & Co COLIN SEBASTIAN outperform 34.00 1-Mar-13 31-Jan-13 59% 36% 5% 1-Mar-13 #N/A N/A 33.61 Sanford C. Bernstein & Co CARLOS KIRJNER market perform 27.00 1-Mar-13 31-Dec-12 65% 30% 5% 28-Feb-13 #N/A N/A 33.61 Cantor Fitzgerald YOUSSEF H SQUALI buy 35.00 1-Mar-13 30-Nov-12 63% 33% 5% 27-Feb-13 #N/A N/A 33.61 Morgan Stanley SCOTT W DEVITT Overwt/Attractive 34.00 28-Feb-13 31-Oct-12 61% 32% 7% 26-Feb-13 #N/A N/A 33.61 Needham & Co LAURA A MARTIN buy 33.00 22-Feb-13 28-Sep-12 52% 40% 7% 25-Feb-13 #N/A N/A 33.61 BTIG LLC RICHARD GREENFIELD sell 22.00 14-Feb-13 31-Aug-12 51% 44% 5% 22-Feb-13 #N/A N/A 33.61 Pivotal Research Group LLC BRIAN WIESER buy 36.00 12-Feb-13 31-Jul-12 51% 44% 5% 21-Feb-13 #N/A N/A 33.61 Telsey Advisory Group THOMAS FORTE no rating system 38.00 10-Feb-13 29-Jun-12 47% 45% 8% 20-Feb-13 #N/A N/A 33.61 JPMorgan DOUGLAS ANMUTH overweight 35.00 4-Feb-13 31-May-12 62% 23% 15% 19-Feb-13 #N/A N/A 33.61 Wells Fargo Securities, LLC JASON MAYNARD outperform 4-Feb-13 30-Apr-12 #DIV/0! #DIV/0! #DIV/0! 18-Feb-13 #N/A N/A 33.61 Argus Research Corp JOSEPH F BONNER hold 1-Feb-13 30-Mar-12 #DIV/0! #DIV/0! #DIV/0! 15-Feb-13 #N/A N/A 33.61 BMO Capital Markets DANIEL SALMON market perform 32.00 31-Jan-13 14-Feb-13 #N/A N/A 33.61 Deutsche Bank ROSS SANDLER buy 37.00 31-Jan-13 13-Feb-13 #N/A N/A 33.61 Goldman Sachs HEATHER BELLINI Buy/Neutral 40.00 31-Jan-13 12-Feb-13 #N/A N/A 33.61 RBC Capital Markets MARK S MAHANEY outperform 32.00 31-Jan-13 11-Feb-13 #N/A N/A 34.26 Credit Suisse STEPHEN JU neutral 31.00 31-Jan-13 8-Feb-13 #N/A N/A 34.26 Edward Jones JOSH OLSON buy 31-Jan-13 7-Feb-13 #N/A N/A 34.26 Jefferies BRIAN J PITZ hold 30.00 31-Jan-13 6-Feb-13 #N/A N/A 34.26 Wedbush MICHAEL PACHTER outperform 35.00 31-Jan-13 5-Feb-13 #N/A N/A 34.26 William Blair & Co RALPH SCHACKART outperform 31-Jan-13 4-Feb-13 #N/A N/A 34.26 Raymond James AARON M KESSLER outperform 37.00 31-Jan-13 1-Feb-13 #N/A N/A 34.29 Macquarie BENJAMIN A SCHACHTER outperform 30.00 31-Jan-13 31-Jan-13 #N/A N/A 34.29 Stifel Nicolaus JORDAN ROHAN hold 31-Jan-13 30-Jan-13 #N/A N/A 33.86 Sterne, Agee & Leach ARVIND BHATIA buy 37.00 31-Jan-13 29-Jan-13 #N/A N/A 33.72 Evercore Partners KEN SENA equalweight 32.00 31-Jan-13 28-Jan-13 #N/A N/A 33.82 Oppenheimer & Co JASON S HELFSTEIN outperform 33.00 31-Jan-13 25-Jan-13 #N/A N/A 33.67 Nomura BRIAN NOWAK buy 32.00 31-Jan-13 24-Jan-13 #N/A N/A 33.32 Cowen and Company JOHN BLACKLEDGE neutral 31-Jan-13 23-Jan-13 #N/A N/A 33.32 S&P Capital IQ SCOTT H KESSLER hold 31.00 31-Jan-13 22-Jan-13 #N/A N/A 33.32 Credit Agricole Securities (USA) JAMES LEE buy 40.00 31-Jan-13 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 04.03.2013Facebook Inc Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 2%Shares Outstanding (M) 2372.0 United States 83.30%Float 96.8% Britain 5.34% 1% 1% 1% 2% 2%Short Interest (M) 25.4 Unknown Country 4.71% 5%Short Interest as % of Float 1.11% Luxembourg 1.53% 5%Days to Cover Shorts 0.48 Japan 1.29%Institutional Ownership 51.60% 46% 52% Switzerland 0.82%Retail Ownership 46.03% Germany 0.60%Insider Ownership 2.36% Others 2.42% Institutional Ownership Distribution 83% Investment Advisor 76.43% Hedge Fund Manager 12.06% Individual 4.38% United States Britain Unknown Country Institutional Ownership Retail Ownership Insider Ownership Venture Capital 2.53% Luxembourg Japan SwitzerlandPricing data is in USD Others 4.61% Germany OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryFMR LLC 77644473 37380569 4.61% 31.12.2012 ULT-AGG UNITED STATES 5% 3%CAPITAL GROUP COMPAN 39095420 15722220 2.32% 31.12.2012 ULT-AGG UNITED STATES 4%MORGAN STANLEY 33281620 6803009 1.98% 31.12.2012 ULT-AGG UNITED STATEST ROWE PRICE ASSOCIA 33193967 13789661 1.97% 31.12.2012 13F UNITED STATESSANDS CAPITAL MANAGE 26797536 9685751 1.59% 31.12.2012 13F UNITED STATES 12%VANGUARD GROUP INC 26311904 12411139 1.56% 31.12.2012 13F UNITED STATESBLACKROCK 22993914 6546408 1.37% 28.02.2013 ULT-AGG UNITED STATESJENNISON ASSOCIATES 22376854 9675216 1.33% 31.12.2012 13F UNITED STATESUBS 21977538 5431928 1.30% 31.12.2012 ULT-AGG 76%WINSLOW CAPITAL MANA 21263110 21263110 1.26% 31.12.2012 13F UNITED STATESBAILLIE GIFFORD AND 20578390 364134 1.22% 31.12.2012 13F BRITAINWELLINGTON MANAGEMEN 20370317 20370317 1.21% 31.12.2012 13F UNITED STATESGOLDMAN SACHS GROUP 18422852 -20142720 1.09% 31.12.2012 13F UNITED STATESINVESCO LTD 18204867 17235166 1.08% 31.12.2012 13F UNITED STATES Investment Advisor Hedge Fund Manager Individual Venture Capital OthersAMERIPRISE FINANCIAL 18122565 17425168 1.08% 31.12.2012 13F UNITED STATESSANDBERG SHERYL KARA 17806956 -176452 1.06% 21.02.2013 Form 4 n/aELEVATION MANAGEMENT 16989027 16989027 1.01% 31.12.2012 13F UNITED STATESMERITECH CAPITAL ASS 16268858 16268858 0.97% 31.12.2012 ULT-AGG UNITED STATESALLIANZ ASSET MANAGE 14465499 4414890 0.86% 31.01.2013 ULT-AGG GERMANYMACKAY SHIELDS LLC 14176100 1643500 0.84% 31.12.2012 MF-AGG UNITED STATESTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceSANDBERG SHERYL KARA 17806956 -176452 1.06% 21.02.2013 Form 4BREYER JAMES W 9166654 -3000000 0.54% 04.02.2013 Form 4ANDREESSEN MARC LOWELL 6842256 15344 0.41% 20.02.2013 Form 4EBERSMAN DAVID A 2263500 35519 0.13% 20.02.2013 Form 4SCHROEPFER MICHAEL TODD 1271705 -55000 0.08% 25.02.2013 Form 4 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Company Analysis - Financials I/IVFacebook IncFinancial information is in USD (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 153 272 777 1974 3711 5089 6678 8435 10561 - Cost of Goods Sold 41 124 223 493 860 1364Gross Income 112 148 554 1481 2851 3725 4928 6235 7853 - Selling, General & Admin Expenses 236 203 292 449 1095 3187 (Research & Dev Costs) 81 47 87 144 388 1399Operating Income -124 -55 262 1032 1756 538 2245 3049 3974 - Interest Expense 10 22 42 51 - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains) 11 1 -2 2 19 -7Pretax Income -135 -56 254 1008 1695 494 2133 2904 4038 - Income Tax Expense 3 0 25 402 695 441Income Before XO Items -138 -56 229 606 1000 53 - Extraordinary Loss Net of Tax - Minority Interests 107 234 332 21Diluted EPS Before XO Items (0.16) (0.06) 0.10 0.28 0.46 0.01Net Income Adjusted* 1137 1444 2039 3011EPS Adjusted 0.52 0.57 0.78 1.07Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Payout Ratio % 0.0 0.0 0.0 0.0 0.00 0.00 0.00Total Shares Outstanding 1112 1330 2372Diluted Shares Outstanding 1366 1414 1508 2166EBITDA 340 1171 2079 1187 3400 4480 5808*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 |
    • 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 2246 4604 11267 + Cash & Near Cash Items 305 297 633 1785 1512 2384 + Short Term Investments 0 2396 7242 + Accounts & Notes Receivable 373 547 719 + Inventories 0 0 0 + Other Current Assets 88 149 922Total Long-Term Assets 82 131 148 744 1727 3836 + Long Term Investments Gross Fixed Assets 820 1925 3273 Accumulated Depreciation 246 450 882 + Net Fixed Assets 82 131 148 574 1475 2391 + Other Long Term Assets 170 252 1445Total Current Liabilities 389 899 1052 + Accounts Payable 29 63 65 + Short Term Borrowings 106 279 365 + Other Short Term Liabilities 254 557 622Total Long Term Liabilities 439 533 2296 + Long Term Borrowings 367 398 1991 + Other Long Term Borrowings 72 135 305Total Liabilities 828 1432 3348 + Long Preferred Equity 615 615 0 + Minority Interest 0 + Share Capital & APIC 947 2684 10094 + Retained Earnings & Other Equity 273 335 868 600 1600 1661Total Shareholders Equity 273 335 868 2162 4899 11755Total Liabilities & Equity 2990 6331 15103Book Value Per Share 1.39 3.22 4.96 5.43 6.18 7.29 Tangible Book Value Per Share 1.22 3.04 4.37 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 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 122 372 668 32 898 1377 2311 + Depreciation & Amortization 78 139 323 649 + Other Non-Cash Adjustments 135 294 568 1467 + Changes in Non-Cash Capital -180 -107 -10 -536Cash From Operating Activities 155 698 1549 1612 + Disposal of Fixed Assets + Capital Expenditures -33 -293 -606 -1235 -1604 -1714 -1823 + Increase in Investments 0 0 -3 -2 + Decrease in Investments 0 0 + Other Investing Activities -29 -31 -2414 -5787Cash From Investing Activities -62 -324 -3023 -7024 + Dividends Paid + Change in Short Term Borrowings 0 1496 + Increase in Long Term Borrowings 0 250 0 0 + Decrease in Long Term Borrowings 0 0 -250 0 + Increase in Capital Stocks 260 621 1459 7810 + Decrease in Capital Stocks + Other Financing Activities -17 -93 -8 -3022Cash From Financing Activities 243 778 1201 6284Net Changes in Cash 336 1152 -273 872Free Cash Flow (CFO-CAPEX) 122 405 943 377 408 829 1356Free Cash Flow To Firm 131 418 968 382Free Cash Flow To Equity 693 1258Free Cash Flow per Share 0.12 0.37 0.73 0.19 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 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 2662.0x EV to EBIT 103.9x EV to EBITDA 47.1x 17.2x 13.1x 10.1x Price to Sales 10.5x 9.9x 7.8x 6.2x Price to Book 5.4x Dividend Yield 0.0%Profitability Ratios Gross Margin 73.2% 54.4% 71.3% 75.0% 76.8% 73.2% 73.8% 73.9% 74.4% EBITDA Margin 43.8% 59.3% 56.0% 23.3% 50.9% 53.1% 55.0% Operating Margin -81.0% -20.2% 33.7% 52.3% 47.3% 10.6% 33.6% 36.2% 37.6% Profit Margin -90.2% -20.6% 15.7% 18.8% 18.0% 0.6% 21.6% 24.2% 28.5% Return on Assets -11.8% 15.1% 18.2% 14.3% 0.3% 8.7% 9.8% 13.2% Return on Equity -18.4% 20.3% 30.8% 22.9% 0.4% 9.2% 11.0% 14.1%Leverage & Coverage Ratios Current Ratio 5.77 5.12 10.71 Quick Ratio 5.55 4.96 9.83 Interest Coverage Ratio (EBIT/I) 26.20 46.91 41.81 10.55 Tot Debt/Capital 0.18 0.12 0.17 Tot Debt/Equity 0.22 0.14 0.20Others Asset Turnover 0.57 0.96 0.96 0.80 0.47 Accounts Receivable Turnover 8.07 8.04 Accounts Payable Turnover 18.70 21.31 Inventory Turnover Effective Tax Rate 9.8% 39.9% 41.0% 89.3% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Company Analysis - Peers Comparision #N/A Invalid FACEBOOK INC-A GOOGLE INC-CL A TWITTER INC MYSPACE INC CRAIGSLIST YELP INC MICROSOFT CORP IAC/INTERACTIVEC APPLE INC YAHOO! INC EBAY INC AOL INC AMAZON.COM INC GROUPON INC SecurityLatest Fiscal Year: 12/2012 12/2012 12/2011 - - - 12/2012 06/2012 12/2012 09/2012 12/2012 12/2012 12/2012 12/2012 12/201252-Week High - 814.47 - - - - - 32.95 55.57 705.07 22.62 57.27 39.75 284.72 19.2152-Week High Date - 04.03.2013 - - - - - 16.03.2012 16.10.2012 21.09.2012 04.03.2013 01.02.2013 19.02.2013 25.01.2013 05.03.201252-Week Low - 556.52 - - - - - 26.26 38.20 424.55 14.35 34.83 14.49 178.04 2.6052-Week Low Date - 14.06.2012 - - - - - 05.12.2012 24.01.2013 04.03.2013 06.03.2012 06.03.2012 06.03.2012 06.03.2012 12.11.2012Daily Volume 0 872724 0 0 - 0 0 6245098 175767 5380198 10465454 2539774 204422 732834 11541690 Current Price (3/dd/yy) - 813.71 - - - - - 27.79 40.76 424.68 22.36 54.59 37.09 268.84 5.24 52-Week High % Change - -0.1% - - - - - -15.7% -26.7% -39.8% -1.2% -4.7% -6.7% -5.6% -72.7% 52-Week Low % Change - 46.2% - - - - - 5.8% 6.7% 0.0% 55.8% 56.7% 155.9% 51.0% 101.5%Total Common Shares (M) 2372.0 330.0 - - - - - 8381.0 87.6 939.2 1182.7 1294.0 76.6 454.0 656.9 Market Capitalization - 269449.8 - - - - - 232734.0 3434.5 398800.1 26439.6 70776.6 2860.1 122201.5 3436.0Total Debt 2356.0 5537.0 - - - - - 11944.0 595.8 - - 4519.0 105.9 4218.0 -Preferred Stock - - - - - - - - - - - - - - -Minority Interest - - - - - - - - 110.0 - 45.4 - 13.1 - (1.9)Cash and Equivalents 9626.0 49557.0 - - - - 95.1 63040.0 770.6 121251.0 6022.4 9408.0 466.6 11448.0 1209.3 Enterprise Value - 225429.9 - - - - - 178610.0 3369.8 261688.1 20462.6 65887.6 2512.5 114971.5 2224.7 ValuationTotal Revenue LFY 5089.0 50175.0 - - - - 137.6 73723.0 2800.9 156508.0 4986.6 14072.0 2191.7 61093.0 2334.5 LTM 5089.0 51379.0 - - - - 137.6 72930.0 2800.9 164687.0 4986.6 14071.0 2191.7 61093.0 2334.5 CY+1 6677.7 49451.2 - - - - 211.4 79605.0 3253.9 182372.5 4674.1 16345.5 2222.9 75751.6 2561.5 CY+2 8434.7 57163.0 - - - - 294.9 86100.8 3636.6 205752.0 4845.7 18730.9 2289.2 93067.6 2833.0EV/Total Revenue LFY 11.0x 3.8x - - - - 8.0x 2.3x 1.5x 2.2x 3.5x 4.3x 0.9x 1.7x 0.8x LTM 11.0x 3.7x - - - - 8.0x 2.3x 1.5x 2.1x 3.5x 4.3x 0.9x 1.7x 0.8x CY+1 8.5x 4.4x - - - - - 2.0x 0.9x 1.5x 4.6x 3.9x 1.1x 1.5x 0.8x CY+2 6.6x 3.6x - - - - - 1.6x 0.8x 1.3x 4.2x 3.2x 0.8x 1.2x 0.6xEBITDA LFY 1187.0 15722.0 - - - - (10.3) 30923.0 411.8 58518.0 1457.1 4088.0 330.0 2835.0 155.4 LTM 1187.0 15684.0 - - - - (10.3) 29120.0 411.8 59255.0 1457.1 4090.0 330.0 2834.0 143.7 CY+1 3400.1 22087.3 - - - - 21.1 32414.5 613.6 60649.2 1664.4 5383.4 427.3 4646.4 254.9 CY+2 4479.8 25944.5 - - - - 46.6 35504.1 711.8 68430.3 1740.8 6241.8 449.4 6384.0 319.3EV/EBITDA LFY 47.1x 12.0x - - - - -107.2x 5.5x 9.9x 5.8x 12.0x 14.9x 5.8x 37.6x 12.8x LTM 47.1x 12.1x - - - - - 5.8x 9.9x 5.8x 12.0x 14.9x 5.8x 37.6x 13.8x CY+1 16.7x 9.9x - - - - - 5.0x 5.0x 4.5x 12.9x 11.9x 5.6x 24.6x 7.8x CY+2 12.4x 7.8x - - - - - 3.9x 3.9x 3.8x 11.7x 9.6x 4.3x 17.1x 5.2xEPS LFY 0.01 34.02 - - - - - 2.73 2.02 44.15 1.17 1.95 4.81 0.05 -0.03 LTM 0.02 33.74 - - - - - 2.56 2.04 44.10 1.17 1.94 4.64 0.36 -0.08 CY+1 0.57 45.71 - - - - 0.09 2.85 3.55 44.55 1.16 2.75 1.93 3.13 0.20 CY+2 0.78 53.86 - - - - 0.37 3.15 4.24 50.73 1.27 3.21 2.18 5.54 0.29P/E LFY - 24.1x - - - - - 10.9x 20.0x 9.6x 19.1x 28.1x 8.0x 746.8x - LTM - 24.1x - - - - - 10.9x 20.0x 9.6x 19.1x 28.1x 8.0x 746.8x - CY+1 - 17.8x - - - - - 9.7x 11.5x 9.5x 19.4x 19.8x 19.2x 85.9x 26.3x CY+2 - 15.1x - - - - - 8.8x 9.6x 8.4x 17.6x 17.0x 17.0x 48.6x 18.1xRevenue Growth 1 Year 37.1% 32.4% - - - - 65.2% 5.4% 36.0% 44.6% 0.0% 20.8% (0.5%) 27.1% 45.0% 5 Year - 24.7% - - - - - 5.7% 16.3% 41.5% (5.8%) 13.7% - 30.6% -EBITDA Growth 1 Year (42.9%) 15.7% - - - - 13.9% 3.3% 48.9% 64.4% (1.1%) 23.4% (2.5%) 45.8% - 5 Year - 21.0% - - - - - 9.1% 89.0% 65.4% 1.5% 9.4% (30.0%) 25.8% -EBITDA Margin LTM 23.3% 30.5% - - - - (7.5%) 39.9% 14.7% 36.0% 29.2% 29.1% 15.1% 4.6% 6.2% CY+1 50.9% 44.7% - - - - 10.0% 40.7% 18.9% 33.3% 35.6% 32.9% 19.2% 6.1% 10.0% CY+2 53.1% 45.4% - - - - 15.8% 41.2% 19.6% 33.3% 35.9% 33.3% 19.6% 6.9% 11.3% Leverage/Coverage RatiosTotal Debt / Equity % 20.0% 7.7% - - - - 0.0% 18.0% 36.0% 0.0% 0.0% 21.7% 5.0% 51.5% 0.0%Total Debt / Capital % 16.7% 7.2% - - - - 0.0% 15.3% 25.2% 0.0% 0.0% 17.8% 4.7% 34.0% 0.0%Total Debt / EBITDA 1.985x 0.353x - - - - - 0.487x 1.447x 0.000x 0.000x 1.105x 0.321x 1.488x 0.000xNet Debt / EBITDA -6.125x -2.807x - - - - - -1.859x -0.424x -2.314x -4.133x -1.195x -1.093x -2.551x -8.416xEBITDA / Int. Expense 23.275x 187.167x - - - - - 81.376x 50.928x - - 64.889x - 30.815x - Credit RatingsS&P LT Credit Rating - AA - - - - - AAA BB+ NR NR A - AA- -S&P LT Credit Rating Date - 19.11.2012 - - - - - 22.09.2008 17.12.2012 16.04.2004 18.04.2008 02.03.2010 - 26.11.2012 -Moodys LT Credit Rating - Aa2 - - - - - Aaa Ba3 WR - A2 - Baa1 -Moodys LT Credit Rating Date - 16.05.2011 - - - - - 11.05.2009 21.08.2008 31.03.2004 - 21.10.2010 - 26.11.2012 - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |