04.03.2013                                                                                         Company Analysis - Over...
Company Analysis - Analysts RatingsLinkedIn CorpTarget price in USDBroker Recommendation                                  ...
04.03.2013LinkedIn Corp                                                                             Company Analysis - Own...
Company Analysis - Financials I/IVLinkedIn CorpFinancial information is in USD (M)                                        ...
Company Analysis - Financials II/IVPeriodicity:                           12/02   12/03   12/04      12/05        12/06   ...
Company Analysis - Financials III/IVPeriodicity:                           12/02   12/03   12/04      12/05        12/06  ...
Company Analysis - Financials IV/IVPeriodicity:                         12/02   12/03   12/04      12/05        12/06     ...
Company Analysis - Peers Comparision                                                                             MONSTER  ...
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Financial Analysis - LinkedIn Corporation operates a social networking website used for professional networking. The Company's website allows members to post a profile of their professional expertise and accomplishments

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Financial Analysis - LinkedIn Corporation operates a social networking website used for professional networking. The Company's website allows members to post a profile of their professional expertise and accomplishments

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Financial Analysis - LinkedIn Corporation operates a social networking website used for professional networking. The Company's website allows members to post a profile of their professional expertise and accomplishments

  1. 1. 04.03.2013 Company Analysis - OverviewTicker: lnkd un LinkedIn Corp Benchmark: LinkedIn Corporation operates a social networking website used for professional New York: LNKD, Currency: USD S&P 500 INDEX (SPX) networking. The Companys website allows members to post a profile of theirCurrency: professional expertise and accomplishments. LinkedIn allows members to be introduced to potential clients, service providers, and subject experts.Sector: Information Technology Industry: Internet Software & Services Year:Telephone 1-650-687-3600 Revenue (M) 972 Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.linkedin.com No of Employees 3458 Hiring Solutions 524 United States 619Address 2029 Stierlin Court Mountain View, CA 94043 United States Marketing Solutions 258 EMEA 217Share Price Performance in USD Premium Subscriptions 190 APAC 69Price 173.39 1M Return 40.6% Other Americas 6652 Week High 173.78 6M Return 61.5% All Other Countries52 Week Low 84.10 52 Wk Return 98.2%52 Wk Beta 1.33 YTD Return 51.0%Credit RatingsBloomberg IG4 7%S&P - Date - Outlook - 20% 7%Moodys - Date - Outlook -Fitch - Date - Outlook -Valuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 22%P/E - - 572.8x 604.3x 130.2x 84.0x 56.2x 53%EV/EBIT - - 218.7x 208.3x - - -EV/EBITDA - - 82.0x 86.6x 53.4x 34.6x 23.4x 64% 27%P/S - - 9.3x 12.4x 12.5x 8.9x 6.9xP/B - - 10.2x 13.9x 18.7x 15.3x 12.8xDiv Yield - - 0.0% 0.0% 0.0% 0.0% 0.0%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin 78.5 81.6 84.4 87.1 87.3 87.4 87.6 Hiring SolutionsEBITDA Margin 7.1 16.1 13.2 14.1 22.5 24.7 28.3 United States EMEAOperating Margin -2.8 8.1 4.9 5.8 7.6 12.0 16.0 Marketing SolutionsProfit Margin -3.3 6.3 2.3 2.2 10.5 11.8 13.4Return on Assets -2.9 8.0 2.1 1.9 7.1 10.3 14.8 APAC Other AmericasReturn on Equity - - 3.7 2.8 10.3 15.7 20.8 Premium SubscriptionsLeverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio 2.5 1.6 3.2 2.5 Current Capitalization in USDQuick Ratio 2.3 1.4 3.0 2.3 Common Shares Outstanding (M) 109.7EBIT/Interest - - - - Market Capitalization (M) 18635.9Tot Debt/Capital 0.0 0.0 0.0 0.0 Cash and ST Investments (M) 749.5Tot Debt/Equity 0.0 0.0 0.0 0.0 Total Debt (M) 0.0Eff Tax Rate % - 18.9 48.1 62.2 Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 0.0 Enterprise Value (M) 17886.3 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Company Analysis - Analysts RatingsLinkedIn CorpTarget price in USDBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 200 250 100% 5% 4% 4% 0% 0% 0% 0% 0% 0% 0% 0% 0% 180 35% 160 200 80% 42% 39% 39% 40% 39% 39% 41% 38% 44% 40% 48% 140 150 60% 120 100 100 40% 80 61% 61% 60% 65% 61% 61% 59% 60 50 57% 56% 58% 52% 52% 20% 40 0 20 Telsey Advisory Morgan Stanley Genuity Corp Barclays Fitzgerald Lazard Capital BMO Capital Piper Jaffray Daiwa Securities Raymond James Securities (USA) Evercore Macquarie Sterne, Agee & Partners LLC Securities Inc JPMorgan Cowen and Securities Financial Group Needham & Co EVA Dimensions IPOfinancial.com Robinson Argus Research Goldman Sachs Jefferies William Blair & Wedge Partners Wunderlich Wedbush SunTrust Montrose Partners Securities Company Credit Agricole Susquehanna Canaccord Cantor Northland Avondale Markets Markets 0% 0 Co. Ltd. Leach Group Corp Co 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 52% 48% 0% 4-Mar-13 173.39 158.42 Cantor Fitzgerald YOUSSEF H SQUALI hold 143.00 1-Mar-13 31-Jan-13 59% 41% 0% 1-Mar-13 170.46 158.42 Wunderlich Securities BLAKE T HARPER buy 195.00 27-Feb-13 31-Dec-12 61% 39% 0% 28-Feb-13 168.18 158.42 Evercore Partners KEN SENA overweight 200.00 27-Feb-13 30-Nov-12 61% 39% 0% 27-Feb-13 168.55 158.42 Morgan Stanley SCOTT W DEVITT Overwt/Attractive 180.00 26-Feb-13 31-Oct-12 65% 35% 0% 26-Feb-13 157.77 156.32 SunTrust Robinson Humphrey SO YOUNG LEE buy 150.00 21-Feb-13 28-Sep-12 60% 40% 0% 25-Feb-13 156.05 156.32 Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 165.00 19-Feb-13 31-Aug-12 61% 39% 0% 22-Feb-13 160.44 156.32 Canaccord Genuity Corp MICHAEL GRAHAM buy 150.00 18-Feb-13 31-Jul-12 61% 39% 0% 21-Feb-13 157.36 156.32 Argus Research Corp JOSEPH F BONNER hold 11-Feb-13 29-Jun-12 58% 42% 0% 20-Feb-13 158.09 156.32 Avondale Partners LLC RANDLE G REECE market outperform 180.00 11-Feb-13 31-May-12 56% 40% 4% 19-Feb-13 160.76 155.53 Northland Securities Inc BILL SUTHERLAND market perform 145.00 11-Feb-13 30-Apr-12 52% 44% 4% 18-Feb-13 162.66 153.00 Telsey Advisory Group THOMAS FORTE no rating system 165.00 10-Feb-13 30-Mar-12 57% 38% 5% 15-Feb-13 162.66 153.00 BMO Capital Markets DANIEL SALMON market perform 130.00 8-Feb-13 14-Feb-13 161.34 153.00 JPMorgan DOUGLAS ANMUTH overweight 163.00 8-Feb-13 13-Feb-13 157.71 153.00 Jefferies BRIAN J PITZ buy 175.00 8-Feb-13 12-Feb-13 155.00 153.00 Needham & Co KERRY RICE hold 8-Feb-13 11-Feb-13 155.41 153.00 Wedbush MICHAEL PACHTER neutral 140.00 8-Feb-13 8-Feb-13 150.48 151.42 Raymond James AARON M KESSLER market perform 8-Feb-13 7-Feb-13 124.09 134.72 Macquarie THOMAS WHITE outperform 160.00 8-Feb-13 6-Feb-13 125.77 133.71 Sterne, Agee & Leach ARVIND BHATIA neutral 8-Feb-13 5-Feb-13 124.45 133.31 Cowen and Company JOHN BLACKLEDGE neutral 8-Feb-13 4-Feb-13 123.30 133.31 Lazard Capital Markets WILLIAM BIRD neutral 8-Feb-13 1-Feb-13 123.82 135.00 Susquehanna Financial Group DEEPAK MATHIVANAN Positive 155.00 8-Feb-13 31-Jan-13 123.79 135.00 Piper Jaffray EUGENE E MUNSTER overweight 176.00 8-Feb-13 30-Jan-13 123.46 135.00 Credit Agricole Securities (USA) JAMES LEE buy 161.00 8-Feb-13 29-Jan-13 124.53 135.00 Barclays MARK MAY equalweight 135.00 8-Feb-13 28-Jan-13 127.20 135.00 Wedge Partners MARTIN PYYKKONEN no rating system 8-Feb-13 25-Jan-13 123.78 135.00 William Blair & Co TIMOTHY J MCHUGH market perform 7-Feb-13 24-Jan-13 121.22 135.00 EVA Dimensions ANDREW S ZAMFOTIS hold 15-Jan-13 23-Jan-13 120.26 135.00 Goldman Sachs HEATH P TERRY buy/attractive 157.00 3-Aug-12 22-Jan-13 119.29 135.00 IPOfinancial.com TEAM COVERAGE buy 17-Feb-12 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 04.03.2013LinkedIn Corp Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 1% 2%Shares Outstanding (M) 109.7 United States 93.97% 1% 1%0% 0%Float 98.5% Britain 1.34% 1% 1%Short Interest (M) 4.5 Canada 0.99% 1%Short Interest as % of Float 4.17% Japan 0.86%Days to Cover Shorts 1.13 Unknown Country 0.75%Institutional Ownership 101.52% Switzerland 0.44%Retail Ownership -2.28% Luxembourg 0.44%Insider Ownership 0.76% Others 1.20% Institutional Ownership Distribution 97% 95% Investment Advisor 87.38% Hedge Fund Manager 8.60% Pension Fund (Erisa) 0.97% United States Britain Canada Institutional Ownership Retail Ownership Insider Ownership Individual 0.75% Japan Unknown Country SwitzerlandPricing data is in USD Others 2.32% Luxembourg OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryT ROWE PRICE ASSOCIA 7833170 1466654 1358193346 8.75% 31.12.2012 13F UNITED STATES 1% 2% 1%JENNISON ASSOCIATES 7705593 82273 1336072770 8.61% 31.12.2012 13F UNITED STATESFMR LLC 5083134 2948557 881364604 5.68% 31.12.2012 ULT-AGG UNITED STATES 9%MORGAN STANLEY 4016541 -434658 696428044 4.49% 31.12.2012 ULT-AGG UNITED STATESAMERIPRISE FINANCIAL 3998973 175610 693381928 4.47% 31.12.2012 13F UNITED STATESJP MORGAN 3703400 981364 642132526 4.14% 31.12.2012 ULT-AGGVANGUARD GROUP INC 3578026 720002 620393928 4.00% 31.12.2012 13F UNITED STATESWELLINGTON MANAGEMEN 3413977 727331 591949472 3.81% 31.12.2012 13F UNITED STATESCAPITAL GROUP COMPAN 2544120 20000 441124967 2.84% 31.12.2012 ULT-AGG UNITED STATESBLACKROCK 2427438 132541 420893475 2.71% 28.02.2013 ULT-AGG UNITED STATES 87%HARBOR CAPITAL ADVIS 2381116 10273 412861703 2.66% 31.12.2012 MF-AGG UNITED STATESALLIANCE BERNSTEIN 1721263 965169 298449792 1.92% 31.12.2012 ULT-AGG UNITED STATESARTISAN PARTNERS HOL 1598200 259900 277111898 1.79% 31.12.2012 13F UNITED STATESAMERICAN CENTURY COM 1444680 291230 250493065 1.61% 31.12.2012 13F UNITED STATES Investment Advisor Hedge Fund Manager Pension Fund (Erisa) Individual OthersMANAGED ACCOUNT ADVI 1407827 -237663 244103124 1.57% 31.12.2012 13F UNITED STATESWELLS FARGO 1312350 640126 227548367 1.47% 31.12.2012 ULT-AGGFRANKLIN RESOURCES 1277750 581660 221549073 1.43% 31.12.2012 ULT-AGG UNITED STATESSTATE STREET 1072678 68511 185991638 1.20% 01.03.2013 ULT-AGG UNITED STATESGILDER GAGNON HOWE 1047375 -133817 181604351 1.17% 31.12.2012 13F UNITED STATESNEUBERGER BERMAN LLC 1014523 -983863 175908143 1.13% 31.12.2012 13F UNITED STATESTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceSZE DAVID 409557 -15937 71013088 0.46% 19.02.2013 Form 4WEINER JEFFREY 85770 -3303 14871660 0.10% 19.02.2013 Form 4SORDELLO STEVEN J 41268 -1211 7155459 0.05% 19.02.2013 Form 4NISHAR DIPCHAND 37620 -12500 6522932 0.04% 20.02.2013 Form 4HENKE DAVID 35758 6200080 0.04% 05.02.2013 Form 4 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Company Analysis - Financials I/IVLinkedIn CorpFinancial 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 32 79 120 243 522 972 1491 2088 2702 - Cost of Goods Sold 7 19 26 45 81 126Gross Income 25 60 94 198 441 847 1302 1826 2367 - Selling, General & Admin Expenses 26 66 98 179 415 790 (Research & Dev Costs) 12 29 39 65 132 257Operating Income -0 -6 -3 20 26 57 114 250 433 - Interest Expense 0 0 0 0 0 0 - Foreign Exchange Losses (Gains) 0 0 0 0 0 0 - Net Non-Operating Losses (Gains) -1 -1 -0 1 3 -0Pretax Income 0 -4 -3 19 23 57 176 324 521 - Income Tax Expense 0 0 1 4 11 36Income Before XO Items 0 -5 -4 15 12 22 - Extraordinary Loss Net of Tax 0 0 0 0 0 0 - Minority Interests 0 0 0 0 0 0Diluted EPS Before XO Items 0.00 (0.11) (0.10) 0.07 0.11 0.19Net Income Adjusted* 7 28 156 247 361EPS Adjusted 0.06 0.25 1.33 2.06 3.08Dividends 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 0.00 0.00 0.00Total Shares Outstanding 42 42 43 101 110Diluted Shares Outstanding 39 42 41 46 104 113EBITDA 2 1 8 39 69 137 335 517 765*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 99.211 121.158 172.206 725.927 1018.797 + Cash & Near Cash Items 80 90 93 339 270 + Short Term Investments 0 0 0 238 479 + Accounts & Notes Receivable 15 24 58 111 204 + Inventories 0 0 0 0 0 + Other Current Assets 4 7 21 37 66Total Long-Term Assets 23 27 66 148 364 + Long Term Investments 0 0 0 Gross Fixed Assets 31 47 95 192 328 Accumulated Depreciation 9 21 38 77 142 + Net Fixed Assets 22 26 57 115 187 + Other Long Term Assets 1 2 9 33 177Total Current Liabilities 28 49 105 227 415 + Accounts Payable 3 5 2 28 54 + Short Term Borrowings 0 0 0 0 0 + Other Short Term Liabilities 25 44 103 198 362Total Long Term Liabilities 1 2 8 22 59 + Long Term Borrowings 0 1 2 0 0 + Other Long Term Borrowings 1 2 7 22 59Total Liabilities 29 51 114 249 474 + Long Preferred Equity 103 103 104 0 + Minority Interest 0 0 0 0 + Share Capital & APIC 6 14 25 618 879 + Retained Earnings & Other Equity -16 -20 -5 7 29Total Shareholders Equity 93 97 124 625 908Total Liabilities & Equity 122 149 238 874 1382Book Value Per Share -0.24 -0.15 0.47 6.16 8.28 9.28 11.31 13.50 Tangible Book Value Per Share -0.26 -0.16 0.35 5.96 6.93 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 0 -5 -4 15 12 22 38 108 250 + Depreciation & Amortization 2 6 12 20 43 80 + Other Non-Cash Adjustments 2 5 7 11 31 51 + Changes in Non-Cash Capital 3 2 7 9 47 114Cash From Operating Activities 8 9 21 54 133 267 + Disposal of Fixed Assets 0 0 + Capital Expenditures -8 -20 -13 -50 -89 -125 -183 -216 -256 + Increase in Investments -251 -444 + Decrease in Investments 12 199 + Other Investing Activities -1 0 -6 -10 -62Cash From Investing Activities -8 -20 -13 -56 -338 -433 + Dividends Paid 0 0 + Change in Short Term Borrowings 0 0 + Increase in Long Term Borrowings 0 0 + Decrease in Long Term Borrowings 0 0 + Increase in Capital Stocks 15 78 2 5 269 97 + Decrease in Capital Stocks -0 -4 -1 -0 -0 -0 + Other Financing Activities -0 -0 0 -0 183 0Cash From Financing Activities 14 74 1 4 451 97Net Changes in Cash 14 63 9 3 246 -69Free Cash Flow (CFO-CAPEX) -0 -10 8 4 44 142 164 241 326Free Cash Flow To Firm -0 4 44 142Free Cash Flow To EquityFree Cash Flow per Share -0.01 -0.25 0.20 0.10 0.58 1.35 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 572.8x 604.3x 130.2x 84.0x 56.2x EV to EBIT 218.7x 208.3x EV to EBITDA 82.0x 86.6x 53.4x 34.6x 23.4x Price to Sales 9.3x 12.4x 12.5x 8.9x 6.9x Price to Book 10.2x 13.9x 18.7x 15.3x 12.8x Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0%Profitability Ratios Gross Margin 77.3% 76.4% 78.5% 81.6% 84.4% 87.1% 87.3% 87.4% 87.6% EBITDA Margin 5.2% 1.1% 7.1% 16.1% 13.2% 14.1% 22.5% 24.7% 28.3% Operating Margin -1.3% -7.0% -2.8% 8.1% 4.9% 5.8% 7.6% 12.0% 16.0% Profit Margin 1.0% -5.7% -3.3% 6.3% 2.3% 2.2% 10.5% 11.8% 13.4% Return on Assets -2.9% 8.0% 2.1% 1.9% 7.1% 10.3% 14.8% Return on Equity 3.7% 2.8% 10.3% 15.7% 20.8%Leverage & Coverage Ratios Current Ratio 3.58 2.46 1.63 3.20 2.45 Quick Ratio 3.44 2.32 1.43 3.04 2.29 Interest Coverage Ratio (EBIT/I) -36.00 Tot Debt/Capital 0.00 0.01 0.01 0.00 0.00 Tot Debt/Equity 0.00 0.01 0.01 0.00 0.00Others Asset Turnover 0.89 1.26 0.94 0.86 Accounts Receivable Turnover 6.11 5.89 6.16 6.17 Accounts Payable Turnover 6.96 12.84 5.38 3.07 Inventory Turnover Effective Tax Rate 3.8% 18.9% 48.1% 62.2% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. Company Analysis - Peers Comparision MONSTER LINKEDIN CORP-A FACEBOOK INC-A GOOGLE INC-CL A YAHOO! INC EBAY INC AMAZON.COM INC YELP INC GROUPON INC ZYNGA INC- CL A WORLDWIDLatest Fiscal Year: 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/201252-Week High 173.78 45.00 10.40 814.47 22.62 57.27 284.72 31.96 19.21 14.4852-Week High Date 04.03.2013 18.05.2012 26.03.2012 04.03.2013 04.03.2013 01.02.2013 25.01.2013 28.03.2012 05.03.2012 21.03.201252-Week Low 84.10 17.55 4.94 556.52 14.35 34.83 178.04 14.10 2.60 2.0952-Week Low Date 06.03.2012 04.09.2012 04.03.2013 14.06.2012 06.03.2012 06.03.2012 06.03.2012 04.06.2012 12.11.2012 09.11.2012Daily Volume 166440 12825634 442852 887636 10465454 2539774 732834 201086 11541690 15699751 Current Price (3/dd/yy) 173.39 27.55 4.96 813.54 22.36 54.59 268.84 22.68 5.24 3.55 52-Week High % Change -0.2% -38.8% -52.3% -0.1% -1.2% -4.7% -5.6% -29.0% -72.7% -75.5% 52-Week Low % Change 106.2% 57.0% 0.4% 46.2% 55.8% 56.7% 51.0% 60.9% 101.5% 69.9%Total Common Shares (M) 109.7 2372.0 111.1 330.0 1182.7 1294.0 454.0 63.5 656.9 779.3 Market Capitalization 18637.7 65627.8 579.5 269393.6 26439.6 70776.6 122201.5 1435.6 3436.0 2788.5Total Debt - 2356.0 164.2 5537.0 - 4519.0 4218.0 - - 100.0Preferred Stock - - - - - - - - - -Minority Interest - - - - 45.4 - - - (1.9) -Cash and Equivalents 749.5 9626.0 148.2 49557.0 6022.4 9408.0 11448.0 95.1 1209.3 1652.3 Enterprise Value 17888.1 58357.8 595.6 225373.5 20462.6 65887.6 114971.5 1340.5 2224.7 1236.2 ValuationTotal Revenue LFY 972.3 5089.0 890.4 50175.0 4986.6 14072.0 61093.0 137.6 2334.5 1281.3 LTM 972.3 5089.0 916.0 51379.0 4986.6 14071.0 61093.0 137.6 2334.5 1281.3 CY+1 1490.8 6677.7 831.8 49451.2 4674.1 16345.5 75751.6 211.4 2561.5 1057.4 CY+2 2088.2 8434.7 849.6 57163.0 4845.7 18730.9 93067.6 294.9 2833.0 1101.9EV/Total Revenue LFY 12.2x 11.0x 0.7x 3.8x 3.5x 4.3x 1.7x 8.0x 0.8x 0.2x LTM 12.2x 11.0x 0.7x 3.7x 3.5x 4.3x 1.7x 8.0x 0.8x 0.2x CY+1 11.9x 8.5x 0.6x 4.4x 4.6x 3.9x 1.5x 6.3x 0.8x 1.4x CY+2 8.4x 6.6x 0.5x 3.6x 4.2x 3.2x 1.2x 4.4x 0.6x 1.3xEBITDA LFY 136.7 1187.0 142.5 15722.0 1457.1 4088.0 2835.0 (10.3) 155.4 54.0 LTM 136.7 1187.0 118.0 15684.0 1457.1 4090.0 2834.0 (10.3) 143.7 54.0 CY+1 335.2 3400.1 152.4 22087.3 1664.4 5383.4 4646.4 21.1 254.9 58.9 CY+2 516.7 4479.8 161.4 25944.5 1740.8 6241.8 6384.0 46.6 319.3 122.6EV/EBITDA LFY 86.6x 47.1x 4.5x 12.0x 12.0x 14.9x 37.6x -107.2x 12.8x 5.3x LTM 86.6x 47.1x 5.4x 12.1x 12.0x 14.9x 37.6x - 13.8x 5.3x CY+1 53.1x 16.7x 3.3x 10.0x 12.9x 11.9x 24.6x 62.7x 7.8x 25.8x CY+2 33.9x 12.3x 2.4x 7.9x 11.7x 9.6x 17.1x 27.8x 5.2x 11.5xEPS LFY 0.19 0.01 0.71 34.02 1.17 1.95 0.05 -0.33 -0.03 -0.20 LTM 0.19 0.02 0.21 33.74 1.17 1.94 0.36 -0.44 -0.08 -0.23 CY+1 1.33 0.57 0.36 45.71 1.16 2.75 3.13 0.09 0.20 (0.04) CY+2 2.06 0.78 0.42 53.86 1.27 3.21 5.54 0.37 0.29 0.00P/E LFY 912.6x 1377.5x 23.6x 24.1x 19.1x 28.1x 746.8x - - - LTM 912.6x 1377.5x 23.6x 24.1x 19.1x 28.1x 746.8x - - - CY+1 130.2x 48.2x 13.9x 17.8x 19.4x 19.8x 85.9x 257.7x 26.3x - CY+2 84.0x 35.2x 11.8x 15.1x 17.6x 17.0x 48.6x 61.6x 18.1x 3550.0xRevenue Growth 1 Year 86.2% 37.1% (10.4%) 32.4% 0.0% 20.8% 27.1% 65.2% 45.0% 12.4% 5 Year - - (8.6%) 24.7% (5.8%) 13.7% 30.6% - - -EBITDA Growth 1 Year 98.3% (42.9%) (17.7%) 15.7% (1.1%) 23.4% 45.8% 13.9% - - 5 Year 141.2% - (12.8%) 21.0% 1.5% 9.4% 25.8% - - -EBITDA Margin LTM 14.1% 23.3% 12.9% 30.5% 29.2% 29.1% 4.6% (7.5%) 6.2% 4.2% CY+1 22.5% 50.9% 18.3% 44.7% 35.6% 32.9% 6.1% 10.0% 10.0% 5.6% CY+2 24.7% 53.1% 19.0% 45.4% 35.9% 33.3% 6.9% 15.8% 11.3% 11.1% Leverage/Coverage RatiosTotal Debt / Equity % 0.0% 20.0% 18.7% 7.7% 0.0% 21.7% 51.5% 0.0% 0.0% 5.5% FALSE FALSE FALSE FALSE FALSETotal Debt / Capital % 0.0% 16.7% 15.7% 7.2% 0.0% 17.8% 34.0% 0.0% 0.0% 5.2% FALSE FALSE FALSE FALSE FALSETotal Debt / EBITDA 0.000x 1.985x 1.392x 0.353x 0.000x 1.105x 1.488x - 0.000x 1.852x FALSE FALSE FALSE FALSE FALSENet Debt / EBITDA -5.483x -6.125x 0.136x -2.807x -4.133x -1.195x -2.551x - -8.416x -28.746x FALSE FALSE FALSE FALSE FALSEEBITDA / Int. Expense - 23.275x - 187.167x - 64.889x 30.815x - - - FALSE FALSE FALSE FALSE FALSE Credit RatingsS&P LT Credit Rating - - - AA NR A AA- - - - FALSE FALSE FALSE FALSE FALSES&P LT Credit Rating Date - - - 19.11.2012 18.04.2008 02.03.2010 26.11.2012 - - - FALSE FALSE FALSE FALSE FALSEMoodys LT Credit Rating - - - Aa2 - A2 Baa1 - - - FALSE FALSE FALSE FALSE FALSEMoodys LT Credit Rating Date - - - 16.05.2011 - 21.10.2010 26.11.2012 - - - FALSE FALSE FALSE FALSE FALSE Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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