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Financial analysis   mining and metallurgical company norilsk nickel ojsc or gmk norilsk nickel is a producer of base and precious metals.  the company's main products are nickel and palladium
 

Financial analysis mining and metallurgical company norilsk nickel ojsc or gmk norilsk nickel is a producer of base and precious metals. the company's main products are nickel and palladium

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    Financial analysis   mining and metallurgical company norilsk nickel ojsc or gmk norilsk nickel is a producer of base and precious metals.  the company's main products are nickel and palladium Financial analysis mining and metallurgical company norilsk nickel ojsc or gmk norilsk nickel is a producer of base and precious metals. the company's main products are nickel and palladium Presentation Transcript

    • 24.04.2013 Company Analysis - Overview Mining and Metallurgical Company Norilsk Nickel OJSC or GMK Norilsk Nickel is aTicker: MNOD LI MMC Norilsk Nickel OJSC Benchmark: producer of base and precious metals. The Companys main products are nickel andCurrency: London Intl: MNOD, Currency: USD FTSE 100 INDEX (UKX) palladium. MMC Norilsk Nickel also produces copper, cobalt, platinum, gold, silver and other precious metals. MMC Norilsk Nickel is headquartered in Moscow with its mainSector: Materials Industry: Metals & Mining Year: production facilities in Taimyr and Kola peninsula.Telephone 7-495-787-76-67 Revenue (M) 12065 Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.nornik.ru No of Employees #N/A N/A Mining and Metallurgy 11075 Europe 6066Address 22 Voznesensky pereulok Moscow, 115230 Russian Federation Other 990 Asia 2750Share Price Performance in USD Energy and Utilities North America 1226Price 16.05 1M Return -3.9% Russian Federation 101552 Week High 20.44 6M Return 4.0% Adjustments 100452 Week Low 13.96 52 Wk Return -3.8% Other 452 Wk Beta 1.11 YTD Return -12.9% NickelCredit RatingsBloomberg - 8% 8% 0%S&P BBB- Date 26.09.2011 Outlook NEGMoodys - Date 11.07.2012 Outlook STABLE 8%Fitch BB+ Date 19.08.2011 Outlook STABLEValuation Ratios 10% 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 51%P/E - - - - 8.8x 8.2x 7.3xEV/EBIT 8.4x 6.5x 5.1x 8.0x - - -EV/EBITDA 6.8x 5.8x 4.6x 6.8x - - -P/S - - - - 2.2x 2.2x 2.0xP/B - - - - 1.8x 1.8x 1.7x 23%Div Yield - - - - 9.3% 10.3% 8.8% 92%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin 51.1 61.8 59.0 49.1 48.1 48.3 46.2 EuropeEBITDA Margin 50.9 57.7 51.3 40.9 42.3 42.8 43.2 AsiaOperating Margin 41.4 51.4 45.9 34.3 35.9 35.2 35.2 North America Mining and Metallurgy OtherProfit Margin 30.4 25.8 25.5 18.0 25.0 25.5 26.1 Russian FederationReturn on Assets 11.9 14.1 16.8 10.9 17.5 15.5 18.8 AdjustmentsReturn on Equity 21.3 21.2 25.3 18.1 21.5 22.8 23.4 OtherLeverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio 2.0 4.8 1.7 1.7 Current Capitalization in USDQuick Ratio 1.0 2.4 0.7 0.4 Common Shares Outstanding (M) #N/A Field Not ApplicableEBIT/Interest 27.6 75.5 61.7 17.1 Market Capitalization (M) 27631.2Tot Debt/Capital 0.3 0.1 0.3 0.3 Cash and ST Investments (M) #N/A N/ATot Debt/Equity 0.4 0.2 0.5 0.4 Total Debt (M) #N/A N/AEff Tax Rate % 24.3 22.8 25.9 31.8 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 RatingsMMC Norilsk Nickel OJSCTarget price in USDBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 25 30 100% 6% 5% 5% 7% 7% 7% 6% 6% 7% 7% 13% 18% 25 80% 20 37% 20 44% 42% 24% 40% 15 60% 67% 64% 15 75% 10 81% 87% 87% 87% 40% 10 5 59% 58% 0 50% 53% Morgan Stanley Barclays Otkritie Capital Gazprombank UFS-Finance Investment Credit Suisse JPMorgan HSBC Sberbank CIB Societe Generale BCS Aton LLC VTB Capital TKB Capital Alfa-Bank Goldman Sachs Renaissance Capital Deutsche Bank 47% 20% 5 27% 29% Company 19% 13% 7% 7% 7% 0% 0 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13 Buy Hold Sell Price Target Price Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date 29-Mar-13 58% 37% 5% 24-Apr-13 16.05 19.82 Gazprombank NATALIA SHEVELEVA overweight 20.00 24-Apr-13 28-Feb-13 53% 42% 5% 23-Apr-13 15.53 19.82 Morgan Stanley DMITRIY KOLOMYTSYN Underwt/In-Line 11.00 23-Apr-13 31-Jan-13 50% 44% 6% 22-Apr-13 15.78 20.55 HSBC VLADIMIR ZHUKOV neutral 16.50 21-Apr-13 31-Dec-12 59% 24% 18% 19-Apr-13 15.74 20.84 Deutsche Bank ERIK DANEMAR hold 20.00 19-Apr-13 30-Nov-12 47% 40% 13% 18-Apr-13 15.50 20.84 Alfa-Bank BARRY EHRLICH equalweight 17.30 16-Apr-13 31-Oct-12 29% 64% 7% 17-Apr-13 15.25 20.84 Sberbank CIB MIKHAIL STISKIN hold 18.32 16-Apr-13 28-Sep-12 27% 67% 7% 16-Apr-13 15.68 21.18 UFS-Finance Investment Company ILYA BALAKIREV buy 23.60 16-Apr-13 31-Aug-12 19% 75% 6% 15-Apr-13 15.89 21.47 Societe Generale ABHISHEK SHUKLA buy 23.00 15-Apr-13 31-Jul-12 13% 81% 6% 12-Apr-13 16.57 21.58 Credit Suisse SEMYON MIRONOV outperform 19.60 3-Apr-13 29-Jun-12 7% 87% 7% 11-Apr-13 16.76 21.58 Goldman Sachs YULIA CHEKUNAEVA neutral/neutral 21.00 15-Mar-13 31-May-12 7% 87% 7% 10-Apr-13 17.17 21.48 Otkritie Capital DENIS GABRIELIK buy 19.70 15-Mar-13 30-Apr-12 7% 87% 7% 9-Apr-13 17.07 21.48 JPMorgan YURIY A VLASOV neutral 19.10 21-Feb-13 8-Apr-13 16.59 21.60 Barclays VLADIMIR SERGIEVSKIY overweight 22.50 14-Feb-13 5-Apr-13 16.48 21.60 Renaissance Capital BORIS KRASNOJENOV buy 23.00 28-Jan-13 4-Apr-13 16.60 21.60 BCS KIRILL CHUYKO buy 23.00 18-Jan-13 3-Apr-13 16.73 21.60 VTB Capital NIKOLAY SOSNOVSKIY hold 20.00 21-Dec-12 2-Apr-13 16.85 21.81 Aton LLC DINNUR GALIKHANOV sell 14.60 4-Dec-12 1-Apr-13 16.89 21.81 TKB Capital MARIA KALVARSKAIA buy 27.00 11-Jan-11 29-Mar-13 16.89 21.81 28-Mar-13 16.89 21.81 27-Mar-13 16.65 21.81 26-Mar-13 16.51 21.81 25-Mar-13 16.27 21.72 22-Mar-13 16.71 21.72 21-Mar-13 16.76 21.59 20-Mar-13 16.74 21.59 19-Mar-13 16.59 21.70 18-Mar-13 16.65 21.70 15-Mar-13 17.21 21.70 14-Mar-13 17.35 21.57 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.04.2013MMC Norilsk Nickel OJSC Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 1%Shares Outstanding (M) #N/A Field Not Applicable Others 100.00% 0% 0% 0% 0%Float 0.00% 0% 0%Short Interest (M) 0.00%Short Interest as % of Float 0.00%Days to Cover Shorts 0.00%Institutional Ownership 0.00%Retail Ownership 0.00%Insider Ownership Others 0.00% Institutional Ownership Distribution Others 100.00% 100% 0.00% 0.00% Institutional Ownership Retail Ownership Insider Ownership 0.00%Pricing data is in USD Others 0.00% Others OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryVANGUARD GROUP INC 8318711 -446840 133515312 0.48% 31.12.2012 MF-AGG UNITED STATES 0% 0% 0%BARING INTERNATIONAL 8137574 8137574 130608063 0.47% 31.12.2012 13F BRITAIN 0%BNP PARIBAS INV PART 5129290 1274754 82325105 0.30% 28.02.2013 ULT-AGG FRANCEFRANKLIN RESOURCES 5073960 75900 81437058 0.29% 31.12.2012 ULT-AGG UNITED STATESBARING ASSET MANAGEM 4797930 944039 77006777 0.28% 31.12.2012 MF-AGG IRELANDJP MORGAN 4561641 25615 73214338 0.26% 28.02.2013 ULT-AGGVAN ECK ASSOCIATES C 4434338 52940 71171125 0.26% 23.04.2013 ULT-AGG UNITED STATESBLACKROCK 4352197 432194 69852762 0.25% 22.04.2013 ULT-AGG UNITED STATESDWS INVESTMENT SA 3536560 300000 56761788 0.21% 28.02.2013 MF-AGG LUXEMBOURGGRANTHAM MAYO VAN OT 3337724 0 53570470 0.19% 31.05.2012 MF-AGG UNITED STATES 100%ALLIANZ ASSET MANAGE 2533017 903464 40654923 0.15% 31.03.2013 ULT-AGG GERMANYALLIANCE BERNSTEIN 2528259 900371 40578557 0.15% 28.02.2013 ULT-AGG UNITED STATESTEMPLETON INVESTMENT 2453764 0 39382912 0.14% 31.12.2012 MF-AGG BRITAINSEB 2103863 7738 33767001 0.12% 31.12.2012 ULT-AGG Others OthersPICTET CONSEIL EN IN 1655244 819149 26566666 0.10% 31.01.2013 MF-AGG LUXEMBOURGCARNEGIE FONDER AB/S 1573000 0 25246650 0.09% 28.02.2013 MF-AGG SWEDENTHAMES RIVER CAPITAL 1504605 0 24148910 0.09% 30.09.2012 MF-AGG BRITAINSTATE STREET 1373744 -1964 22048591 0.08% 23.04.2013 ULT-AGG UNITED STATESPRINCIPAL FINANCIAL 1179718 451070 18934474 0.07% 31.03.2013 ULT-AGG UNITED STATESPICTET & CIE 1157555 1157555 18578758 0.07% 31.01.2013 MF-AGG SWITZERLANDTop 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 |
    • Company Analysis - Financials I/IVMMC Norilsk Nickel OJSCFinancial 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 3133 5201 7033 7169 11550 17119 13980 8542 12775 14122 12065 12301 12833 13838 - Cost of Goods Sold 1774 2873 3179 2994 3158 5882 7626 4177 4883 5793 6145Gross Income 1360 2328 3854 4175 8392 11237 6354 4365 7892 8329 5920 5912 6201 6386 - Selling, General & Admin Expenses 568 751 866 841 1090 3878 1869 830 1325 1851 1777 (Research & Dev Costs) 40 14 20 18 19Operating Income 792 1577 2988 3334 7302 7359 4485 3535 6567 6478 4143 4415 4518 4876 - Interest Expense 109 40 68 83 67 284 397 128 87 105 242 - Foreign Exchange Losses (Gains) -17 -15 12 25 -65 -146 397 141 22 334 -214 - Net Non-Operating Losses (Gains) -174 213 355 110 523 -514 3964 -40 -324 393 972Pretax Income 874 1339 2553 3116 6777 7735 -273 3306 6782 5646 3143 3933 4198 4425 - Income Tax Expense 290 493 696 838 1805 2459 282 802 1548 1460 1000Income Before XO Items 584 846 1857 2278 4972 5276 -555 2504 5234 4186 2143 - Extraordinary Loss Net of Tax 0 0 0 -74 -993 0 0 -147 2145 560 0 - Minority Interests -8 -16 -21 -3 -24 -51 -106 51 -209 22 -27Diluted EPS Before XO ItemsNet Income Adjusted* 592 862 1878 2281 4996 5327 4279 2651 5442 4164 3119 3071 3269 3610EPS Adjusted 1.83 1.96 2.21Dividends Per Share 1.50 1.66 1.41 Payout Ratio % 24.6 33.6 16.4 12.3 7.7 14.9 48.2 20.7 0.82 0.85 0.64Total Shares OutstandingDiluted Shares OutstandingEBITDA 1215 2029 3528 3912 7888 8296 5788 4352 7370 7240 4932 5202 5487 5983*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 3265.99906 3701.64305 3967 5553 5205 12510 7059 8408 12974 6569 6814 + Cash & Near Cash Items 262 958 1346 922 2178 4008 1995 3632 5405 1627 1037 + Short Term Investments 94 136 + Accounts & Notes Receivable 212 361 290 278 534 661 278 683 995 970 697 + Inventories 1826 1503 1442 1301 1471 2108 1959 1990 2246 2623 3197 + Other Current Assets 873 744 889 3052 1022 5733 2827 2103 4328 1349 1883Total Long-Term Assets 6424 7633 9665 9177 11074 23186 13764 14352 10935 12343 14160 + Long Term Investments 104 163 1407 690 2615 2982 523 Gross Fixed Assets 6731 8190 9276 8985 10892 19432 18071 18548 19730 19477 23100 Accumulated Depreciation 415 920 1424 1840 2758 4451 7334 7531 10577 9892 11173 + Net Fixed Assets 6315 7270 7852 7145 8134 14981 10737 11017 9153 9585 11927 + Other Long Term Assets 4 199 406 1342 325 5223 2504 3335 1782 2758 2233Total Current Liabilities 1468 1638 1383 1594 1251 6434 2126 4112 2697 3830 3969 + Accounts Payable 211 156 151 170 191 352 281 243 374 346 449 + Short Term Borrowings 453 267 552 357 158 3973 872 2986 1256 2754 2526 + Other Short Term Liabilities 804 1215 680 1067 902 2109 973 883 1067 730 994Total Long Term Liabilities 956 1088 1606 1739 1892 7441 6912 3893 3238 3860 4065 + Long Term Borrowings 146 182 657 635 632 4103 5568 2378 1575 2401 2497 + Other Long Term Borrowings 810 906 949 1104 1260 3338 1344 1515 1663 1459 1568Total Liabilities 2425 2726 2989 3333 3143 13875 9038 8005 5935 7690 8034 + Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0 + Minority Interest 101 346 366 334 319 2318 1054 1080 598 120 109 + Share Capital & APIC 688 751 792 9 619 1398 1398 1398 1519 1519 1519 + Retained Earnings & Other Equity 6476 7511 9485 11054 12198 18105 9333 12277 15857 9583 11312Total Shareholders Equity 7265 8609 10643 11397 13136 21821 11785 14755 17974 11222 12940Total Liabilities & Equity 9690 11335 13632 14730 16279 35696 20823 22760 23909 18912 20974Book Value Per Share 8.78 8.90 9.41 Tangible Book Value Per Share 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 592 862 1878 2355 5989 5327 -449 2600 3298 3604 2170 2763 2984 3419 + Depreciation & Amortization 423 451 540 578 586 937 1303 817 803 762 789 + Other Non-Cash Adjustments -276 133 -3412 -3913 -655 1026 -309 586 1826 996 1071 + Changes in Non-Cash Capital -127 208 3498 3974 -273 75 370 -560 -410 -658 -595Cash From Operating Activities 611 1655 2504 2994 5647 7365 915 3443 5517 4704 3435 + Disposal of Fixed Assets 4 21 57 38 46 88 88 38 33 23 10 + Capital Expenditures -353 -440 -618 -773 -743 -1140 -2360 -1061 -1728 -2201 -2692 -2441 -2324 -2216 + Increase in Investments -40 -142 0 0 + Decrease in Investments 191 5 0 0 + Other Investing Activities -271 -60 -1467 -720 1075 -11732 2730 513 249 300 -233Cash From Investing Activities -470 -617 -2028 -1455 378 -12784 458 -510 -1446 -1878 -2915 + Dividends Paid -170 -147 -618 -201 -1079 -849 -1670 -1208 -1234 -960 + Change in Short Term Borrowings -660 -292 -36 85 -482 + Increase in Long Term Borrowings 228 175 872 112 10183 3723 113 628 3694 2478 + Decrease in Long Term Borrowings -20 -213 -197 -417 -11 -3915 -5240 -1193 -3048 -1351 -2666 + Increase in Capital Stocks 0 0 0 0 1705 1246 0 + Decrease in Capital Stocks 0 0 0 -1457 -999 -29 -8995 0 + Other Financing Activities -109 16 47 -64 -2198 1838 -2617 -78 -111 36 38Cash From Financing Activities -731 -461 68 -1942 -4769 7257 -5804 -1187 -2034 -6604 -1110Net Changes in Cash -590 577 544 -403 1256 1838 -4431 1746 2037 -3778 -590Free Cash Flow (CFO-CAPEX) 258 1214 1886 2221 4904 6225 -1445 2382 3789 2503 743Free Cash Flow To Firm 331 1239 1935 2282 4953 6419 2479 3856 2581 908Free Cash Flow To Equity -190 905 2582 2039 4457 12581 -2874 1340 1402 4869 565Free Cash Flow per Share 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 8.8x 8.2x 7.3x EV to EBIT 7.7x 3.8x 8.4x 6.5x 5.1x 8.0x EV to EBITDA 6.8x 3.0x 6.8x 5.8x 4.6x 6.8x Price to Sales 2.2x 2.2x 2.0x Price to Book 1.8x 1.8x 1.7x Dividend Yield 9.3% 10.3% 8.8%Profitability Ratios Gross Margin 43.4% 44.8% 54.8% 58.2% 72.7% 65.6% 45.5% 51.1% 61.8% 59.0% 49.1% 48.1% 48.3% 46.2% EBITDA Margin 38.8% 39.0% 50.2% 54.6% 68.3% 48.5% 41.4% 50.9% 57.7% 51.3% 40.9% 42.3% 42.8% 43.2% Operating Margin 25.3% 30.3% 42.5% 46.5% 63.2% 43.0% 32.1% 41.4% 51.4% 45.9% 34.3% 35.9% 35.2% 35.2% Profit Margin 18.9% 16.6% 26.7% 32.8% 51.9% 31.1% -3.2% 30.4% 25.8% 25.5% 18.0% 25.0% 25.5% 26.1% Return on Assets 6.1% 8.2% 15.0% 16.6% 38.6% 20.5% -1.6% 11.9% 14.1% 16.8% 10.9% 17.5% 15.5% 18.8% Return on Equity 8.9% 11.2% 20.3% 22.1% 50.2% 33.0% -3.0% 21.3% 21.2% 25.3% 18.1% 21.5% 22.8% 23.4%Leverage & Coverage Ratios Current Ratio 2.22 2.26 2.87 3.48 4.16 1.94 3.32 2.04 4.81 1.72 1.72 Quick Ratio 0.39 0.89 1.18 0.75 2.17 0.73 1.07 1.05 2.37 0.68 0.44 Interest Coverage Ratio (EBIT/I) 7.27 39.40 43.94 40.17 108.99 25.91 11.30 27.62 75.48 61.70 17.12 Tot Debt/Capital 0.08 0.05 0.10 0.08 0.06 0.27 0.35 0.27 0.14 0.31 0.28 Tot Debt/Equity 0.08 0.05 0.11 0.09 0.06 0.37 0.55 0.36 0.16 0.46 0.39Others Asset Turnover 0.32 0.50 0.56 0.51 0.74 0.66 0.49 0.39 0.55 0.66 0.60 Accounts Receivable Turnover 14.07 18.41 21.62 25.24 28.45 28.65 29.78 17.78 15.23 14.37 14.48 Accounts Payable Turnover 6.63 13.05 20.31 17.78 18.44 24.01 23.62 16.06 16.66 17.14 16.90 Inventory Turnover 0.95 1.72 2.16 2.18 2.28 3.29 3.75 2.12 2.31 2.38 2.11 Effective Tax Rate 33.1% 36.8% 27.3% 26.9% 26.6% 31.8% 24.3% 22.8% 25.9% 31.8% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Company Analysis - Peers Comparision MMC NORILSK POLYUS GOLD IMPALA TECK RESOURCES- EVRAZ PLC BHP BILLITON LTD UNITED CO RUSAL XSTRATA PLC ANGLO AMER PLC LONMIN PLC MAGNITOGORSK SEVERSTAL NLMK OAO MECHEL RIO TINTO LTD ADR OJSC PLATINUM BLatest Fiscal Year: 12/2012 12/2012 06/2012 12/2012 12/2012 12/2012 12/2012 09/2012 12/2012 12/2012 06/2012 12/2012 12/2012 12/2012 12/201252-Week High 20.44 384.30 39.34 5.70 1310.00 1201.00 2440.00 568.60 12.70 470.00 17600.00 69.86 264.00 39.90 72.3052-Week High Date 25.01.2013 30.04.2012 20.02.2013 26.04.2012 01.02.2013 01.02.2013 02.05.2012 02.05.2012 02.05.2012 14.09.2012 15.01.2013 17.09.2012 27.04.2012 10.01.2013 14.02.201352-Week Low 13.96 151.10 30.09 3.81 787.60 760.47 1540.00 226.96 6.70 233.00 10845.00 45.51 111.30 24.10 48.3752-Week Low Date 01.06.2012 18.04.2013 12.07.2012 02.04.2013 27.11.2012 27.06.2012 18.04.2013 09.11.2012 15.04.2013 17.04.2013 15.04.2013 04.04.2013 23.04.2013 23.04.2013 30.08.2012Daily Volume 3278994 3241562 16783219 4595000 15793 4406533 3018744 1024259 11494300 1967720 1045689 4623300 693255 9034012 6203716 Current Price (4/dd/yy) 16.05 166.30 31.70 3.94 918.00 989.80 1616.50 267.60 7.20 255.80 12014.00 54.09 119.70 25.60 54.68 52-Week High % Change -21.5% -56.7% -19.4% -30.9% -29.9% -17.6% -33.8% -52.9% -43.3% -45.6% -31.7% -22.6% -54.7% -35.8% -24.4% 52-Week Low % Change 15.0% 10.1% 5.4% 3.4% 16.6% 30.2% 5.0% 17.9% 7.5% 9.8% 10.8% 18.9% 7.5% 6.2% 13.0%Total Common Shares (M) - 1339.9 5297.6 15193.0 3032.2 3002.7 1391.0 381.8 11006.0 837.7 615.8 5993.2 416.3 582.3 1847.0 Market Capitalization 27631 2449 158638 59860 174996 29721 22529 1521 80455 214288 75954 324174 49828 14926 86882Total Debt 5023.0 8169.0 28330.0 11334.0 348.3 17067.0 16760.0 736.0 3867.0 5709.5 3609.0 4631.7 9870.1 7195.0 26819.0Preferred Stock - - - - - - - - - - - - 25.3 - -Minority Interest 109.0 200.0 1215.0 - 282.6 2339.0 6130.0 257.0 155.0 20.8 2307.0 (32.9) 362.3 176.0 11156.0Cash and Equivalents 1037.0 1320.0 4781.0 490.0 1038.3 1983.0 9094.0 315.0 424.0 1750.1 1193.0 1058.2 295.0 3267.0 7320.0 Enterprise Value - 10788 194666 18554 5152 62800 48193 3001 6154 10788 80872 13839 11546 19514 119939 ValuationTotal Revenue LFY 12065.0 14726.0 72226.0 10891.0 2848.1 31618.0 28761.0 1614.0 9328.0 14103.7 27593.0 12156.6 11274.9 10343.0 50967.0 LTM 12065.0 14726.0 66950.0 10891.0 2028.1 31618.0 28761.0 1614.0 9328.0 14103.7 27342.0 12156.6 11274.9 10126.0 50967.0 CY+1 12301.2 14735.6 67569.0 11064.4 - 33840.4 34519.9 1621.9 9462.2 14606.9 32481.6 12518.1 11482.4 9828.8 55585.9 CY+2 12832.7 15475.0 73914.3 11619.3 - 35525.1 36176.5 1995.0 10023.3 15369.4 37931.1 13450.3 11466.8 10752.2 61445.4EV/Total Revenue LFY 2.8x 0.9x 3.3x 1.9x 4.1x 2.2x 2.0x 1.6x 0.8x 1.0x 3.9x 1.3x 1.1x 2.1x 3.1x LTM 2.8x 0.9x 3.5x 1.9x 6.7x 2.2x 2.0x 1.6x 0.8x 1.0x 3.9x 1.3x 1.1x 2.1x 3.1x CY+1 2.5x 0.7x 2.9x 1.6x - 1.8x 1.5x 1.5x 0.6x 0.7x 2.5x 1.1x 1.0x 2.0x 2.2x CY+2 2.5x 0.7x 2.6x 1.5x - 1.7x 1.4x 1.2x 0.6x 0.7x 2.2x 1.0x 1.0x 1.8x 1.9xEBITDA LFY 4932.0 1599.0 33421.0 1223.0 1426.1 8122.0 7682.0 776.0 1218.0 2127.4 7300.0 1900.5 462.4 3736.0 15486.0 LTM 4932.0 1599.0 27133.0 1223.0 673.9 8122.0 7682.0 776.0 1218.0 2127.4 5736.0 1900.5 462.4 3508.0 15486.0 CY+1 5201.9 2102.6 28726.6 1221.2 - 9266.4 9657.0 182.5 1317.7 2252.8 6759.4 2044.6 1538.3 3245.5 21006.8 CY+2 5487.1 2415.1 33552.1 1417.8 - 10563.3 10177.3 418.0 1485.8 2403.5 8936.5 2322.0 1510.4 3945.0 23251.3EV/EBITDA LFY 6.8x 7.9x 7.1x 16.7x 8.2x 8.5x 7.4x 3.2x 6.1x 6.7x 14.6x 8.2x 27.6x 5.7x 10.2x LTM 6.8x 7.9x 8.7x 16.7x 17.4x 8.5x 7.4x 3.2x 6.1x 6.7x 18.6x 8.2x 27.6x 6.0x 10.2x CY+1 6.0x 5.0x 6.7x 14.8x - 6.7x 5.3x 13.1x 4.6x 4.8x 12.0x 6.7x 7.4x 6.1x 5.7x CY+2 5.8x 4.2x 5.7x 12.3x - 5.7x 5.1x 5.7x 3.9x 4.3x 9.2x 5.8x 7.4x 5.0x 5.0xEPS LFY - -0.36 3.61 0.02 - 1.26 2.59 0.36 - - 6.85 - - 2.59 4.06 LTM - -0.23 1.83 -0.02 2.19 0.40 -1.13 -1.08 -0.01 0.85 2.40 0.10 -3.93 2.33 -1.63 CY+1 1.83 0.16 2.53 0.06 - 1.21 2.17 0.05 0.00 1.00 5.24 0.15 (0.62) 2.14 5.72 CY+2 1.96 0.31 3.05 0.07 - 1.45 2.61 0.26 0.02 1.10 8.48 0.18 0.11 2.79 6.62P/E LFY - - 17.9x - 13.3x 37.8x - - - 9.5x 50.1x 17.3x - 11.0x - LTM - - 11.7x - - 12.0x 9.8x 11.4x - - 50.0x - - 11.0x - CY+1 8.8x 15.9x 12.9x 9.1x - 12.4x 11.4x 90.8x 57.2x 8.2x 22.9x 11.5x - 12.0x 9.8x CY+2 8.2x 8.1x 10.7x 7.0x - 10.4x 9.5x 15.5x 12.7x 7.4x 14.2x 9.4x 33.7x 9.2x 8.5xRevenue Growth 1 Year (14.6%) (10.2%) 0.7% (11.4%) 18.5% (6.7%) (5.9%) (19.0%) 0.2% (10.8%) (16.7%) 3.6% (10.1%) (10.2%) (15.8%) 5 Year (4.4%) - 6.8% - 28.0% 3.5% 13.5% (1.6%) 2.6% 17.8% 0.9% 6.9% 9.2% 9.2% 11.2%EBITDA Growth 1 Year (31.9%) (42.8%) (12.1%) (55.7%) 38.9% (30.3%) (32.5%) 89.7% (2.7%) (40.6%) (36.9%) (15.7%) (81.2%) (30.4%) (41.1%) 5 Year (9.9%) - 8.0% (23.3%) 47.8% (5.7%) (5.8%) (2.5%) (12.0%) (10.3%) (13.0%) (11.0%) (22.8%) 5.7% 8.1%EBITDA Margin LTM 40.9% 10.9% 40.5% 11.2% 38.5% 25.7% 26.7% 48.1% 13.1% 15.1% 21.0% 15.6% 4.1% 34.6% 30.4% CY+1 42.3% 14.3% 42.5% 11.0% - 27.4% 28.0% 11.2% 13.9% 15.4% 20.8% 16.3% 13.4% 33.0% 37.8% CY+2 42.8% 15.6% 45.4% 12.2% - 29.7% 28.1% 21.0% 14.8% 15.6% 23.6% 17.3% 13.2% 36.7% 37.8% Leverage/Coverage RatiosTotal Debt / Equity % 39.1% 157.9% 43.0% 103.8% 8.3% 38.4% 44.5% 29.6% 40.0% 79.4% 7.2% 41.6% 313.1% 40.4% 57.2%Total Debt / Capital % 28.0% 60.3% 29.7% 50.9% 7.2% 26.7% 27.7% 21.1% 28.3% 44.2% 6.4% 29.5% 73.6% 28.6% 31.6%Total Debt / EBITDA 1.018x 5.109x 1.308x 9.267x 0.302x 2.101x 2.182x 0.948x 3.175x 2.684x 0.720x 2.437x 21.346x 2.094x 1.732xNet Debt / EBITDA 0.808x 4.283x 1.120x 8.867x -0.446x 1.857x 0.998x 0.543x 2.827x 1.861x 0.447x 1.880x 20.708x 1.253x 1.259xEBITDA / Int. Expense 20.380x 2.479x 44.266x 1.637x 62.969x 20.458x 7.080x 17.244x 5.462x 4.825x 21.283x 27.760x 0.691x 6.026x 14.848x Credit RatingsS&P LT Credit Rating BBB- - A+ - - BBB+ *- BBB - NR BB+ - BBB- - BBB A-S&P LT Credit Rating Date 26.09.2011 - 15.11.2010 - - 29.11.2012 04.04.2013 - 20.01.2010 21.06.2012 - 23.07.2008 - 16.04.2010 18.04.2011Moodys LT Credit Rating - - (P)A1 - - - Baa1 - - Ba1 - - - Baa2 -Moodys LT Credit Rating Date - - 15.11.2010 - - - 23.02.2009 - - 07.06.2012 - - - 17.11.2010 - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |