20.02.2013                                                                                         Company Analysis - Over...
Company Analysis - Analysts RatingsNobel Biocare Holding AGTarget price in CHFBroker Recommendation                       ...
20.02.2013Nobel Biocare Holding AG                                                                              Company An...
Company Analysis - Financials I/IVNobel Biocare Holding AGFinancial information is in CHF (M)                             ...
Company Analysis - Financials II/IVPeriodicity:                               12/02       12/03      12/04       12/05    ...
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                                         NOBEL BIOCAR-     STRAUMANN                  ...
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Financial analysis nobel biocare holding ag develops and produces dental implants and dental prosthetics. the company manufactures permanent replacements for tooth roots, and dental crowns and bridges

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Financial analysis nobel biocare holding ag develops and produces dental implants and dental prosthetics. the company manufactures permanent replacements for tooth roots, and dental crowns and bridges

  1. 1. 20.02.2013 Company Analysis - OverviewTicker: NOBN SW Nobel Biocare Holding AG Benchmark: Nobel Biocare Holding AG develops and produces dental implants and dental SIX Swiss Ex: NOBN, Currency: CHF SWISS MARKET INDEX (SMI) prosthetics. The Company manufactures permanent replacements for tooth roots, andCurrency: dental crowns and bridges. Nobel Biocare sells under the brand names Branemark System, Steri-Oss/Replace, and Procera on the global market.Sector: Health Care Industry: Health Care Equipment & Suppli Year:Telephone 41-43-211-4200 Revenue (M) 700 Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)Website www.nobelbiocare.com No of Employees 2496 Dental Implants 700 EMEA 277Address PO Box CH-8058 Zurich-Airport Glattbrugg, 8152 Switzerland Reconciliation 0 Americas 275Share Price Performance in CHF Asia/Pacific 147Price 9.13 1M Return -3.9% Reconciliation 052 Week High 11.68 6M Return -1.6% Rest of the World52 Week Low 7.09 52 Wk Return -21.1% North America52 Wk Beta 1.27 YTD Return 17.7%Credit RatingsBloomberg IG1 0% 0%S&P - Date - Outlook - 21%Moodys - Date - Outlook -Fitch - Date - Outlook - 40%Valuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 27.2x 38.3x 28.1x 17.4x 18.8x 16.4x 12.7xEV/EBIT 20.3x 20.5x 15.5x 10.7x - - -EV/EBITDA 17.0x 15.2x 10.7x 7.3x 8.5x 7.9x 7.1xP/S 5.0x 3.0x 1.9x 1.4x 1.6x 1.5x 1.5xP/B 9.1x 5.4x 3.9x 2.4x 2.7x 2.5x 2.2x 39%Div Yield 1.6% 2.5% 1.7% 2.5% 2.3% 2.7% 3.1% 100%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin 80.5 77.7 76.0 75.4 75.5 75.7 76.1EBITDA Margin 29.1 19.9 18.4 17.4 17.7 18.5 19.4 EMEA AmericasOperating Margin 24.4 14.7 12.7 11.8 11.7 12.6 14.1 Dental Implants ReconciliationProfit Margin 18.2 7.9 7.0 7.9 8.7 9.5 11.1Return on Assets 14.9 6.1 5.8 7.7 8.7 9.2 10.0 Asia/Pacific ReconciliationReturn on Equity 36.2 14.3 13.2 15.1 16.3 17.2 16.7Leverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio 3.2 1.0 1.5 2.2 Current Capitalization in CHFQuick Ratio 2.9 0.9 1.3 1.9 Common Shares Outstanding (M) 122.8EBIT/Interest 8.8 4.8 5.0 13.5 Market Capitalization (M) 1130.2Tot Debt/Capital 0.4 0.4 0.3 0.2 Cash and ST Investments (M) 187.0Tot Debt/Equity 0.8 0.8 0.5 0.3 Total Debt (M) 120.1Eff Tax Rate % 22.9 54.5 28.3 24.8 Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 0.0 Enterprise Value (M) 1063.2 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Company Analysis - Analysts RatingsNobel Biocare Holding AGTarget price in CHFBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 16 30 100% 14 25 80% 42% 42% 20 46% 46% 46% 46% 46% 46% 50% 50% 50% 50% 12 15 10 60% 10 8 5 40% 33% 33% 42% 6 0 38% 38% 38% 46% 42% Bryan Garnier & Cie Morgan Stanley Barclays Kepler Capital Markets Main First Bank AG Equita SIM SpA S&P Capital IQ Commerzbank Corporates & CA Cheuvreux Credit Suisse Exane BNP Paribas Sanford C. Bernstein & Co JPMorgan Helvea Nomura Bank Vontobel AG HSBC EVA Dimensions Berenberg Bank Goldman Sachs Northcoast Research Deutsche Bank Zuercher Kantonalbank Jefferies 42% 42% 42% 46% 4 20% 2 Markets 17% 21% 21% 17% 17% 17% 13% 12% 8% 8% 8% 4% 0% 0 févr.12 mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 Buy Hold Sell Price Target Price Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date 31-Jan-13 4% 46% 50% 20-Feb-13 9.13 8.69 Deutsche Bank YI-DAN WANG sell 5.90 20-Feb-13 31-Dec-12 8% 42% 50% 19-Feb-13 9.61 8.91 Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 9.20 20-Feb-13 30-Nov-12 8% 42% 50% 18-Feb-13 9.93 8.91 Credit Suisse CHRISTOPH GRETLER neutral 10.80 20-Feb-13 31-Oct-12 8% 42% 50% 15-Feb-13 9.62 8.91 Berenberg Bank TOM JONES buy 12.25 20-Feb-13 28-Sep-12 12% 42% 46% 14-Feb-13 9.62 8.58 Kepler Capital Markets MAJA PATAKI hold 9.30 20-Feb-13 31-Aug-12 13% 46% 42% 13-Feb-13 9.78 8.58 S&P Capital IQ JACOB THRANE sell 8.60 20-Feb-13 31-Jul-12 17% 38% 46% 12-Feb-13 9.44 8.42 Main First Bank AG STEPHAN VOLLERT underperform 8.80 20-Feb-13 29-Jun-12 17% 38% 46% 11-Feb-13 9.38 8.42 Exane BNP Paribas JULIEN DORMOIS underperform 9.00 20-Feb-13 31-May-12 17% 42% 42% 8-Feb-13 9.34 8.63 Barclays ALEXANDER KLEBAN underweight 6.60 20-Feb-13 30-Apr-12 21% 33% 46% 7-Feb-13 9.15 8.63 Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 5.90 19-Feb-13 30-Mar-12 21% 33% 46% 6-Feb-13 9.33 8.63 JPMorgan DAVID J ADLINGTON underweight 7.30 19-Feb-13 29-Feb-12 17% 38% 46% 5-Feb-13 9.28 8.63 Sanford C. Bernstein & Co LISA BEDELL CLIVE market perform 9.00 19-Feb-13 4-Feb-13 9.17 8.63 Bank Vontobel AG CARLA BAENZIGER hold 8.60 19-Feb-13 1-Feb-13 9.46 8.63 Bryan Garnier & Cie MATHIEU CHABERT sell 8.90 19-Feb-13 31-Jan-13 9.54 8.63 Nomura MARTIN BRUNNINGER neutral 10.00 19-Feb-13 30-Jan-13 9.58 8.56 Helvea SIMON GOETSCHMANN neutral 9.70 19-Feb-13 29-Jan-13 9.58 8.52 Northcoast Research EDWIN SNYDER sell 6.50 19-Feb-13 28-Jan-13 9.69 8.52 Commerzbank Corporates & Markets OLIVER METZGER hold 9.10 15-Feb-13 25-Jan-13 9.71 8.52 HSBC HENDRIK LOFRUTHE neutral 9.00 15-Feb-13 24-Jan-13 9.70 8.52 EVA Dimensions ANDREW S ZAMFOTIS underweight 23-Jan-13 23-Jan-13 9.90 8.52 Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK underperform 16-Jan-13 22-Jan-13 9.44 8.40 CA Cheuvreux DANIEL JELOVCAN underperform 7.25 8-Nov-12 21-Jan-13 9.42 8.40 Jefferies INGEBORG OIE hold 9.00 15-Oct-12 18-Jan-13 9.50 8.40 Equita SIM SpA FABIO FAZZARI not rated 26.00 21-May-09 17-Jan-13 9.05 8.40 16-Jan-13 8.69 8.40 15-Jan-13 8.70 8.43 14-Jan-13 8.60 8.43 11-Jan-13 8.65 8.43 10-Jan-13 8.65 8.43 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 20.02.2013Nobel Biocare Holding AG Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 0%Shares Outstanding (M) 122.8 United States 29.78% 5% 5%Float 87.0% Britain 24.96% 6%Short Interest (M) Switzerland 10.66% 30%Short Interest as % of Float Singapore 9.98%Days to Cover Shorts 45% Canada 8.38% 8%Institutional Ownership 54.70% 55% Norway 5.69%Retail Ownership 45.07% Luxembourg 5.32%Insider Ownership 0.23% Others 5.23% 10% 25% Institutional Ownership Distribution Investment Advisor 62.78% 11% Government 15.52% Mutual Fund Manager 10.29% Institutional Ownership Retail Ownership Insider Ownership Other 5.74% United States Britain Switzerland SingaporePricing data is in CHF Others 5.66% Canada Norway Luxembourg OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountrySILCHESTER INTL INVE 12605473 6383119 115087968 10.18% 24.08.2012 EXCH BRITAIN 6%FRANKLIN RESOURCES 7387481 72834 67447702 5.97% 14.01.2013 ULT-AGG UNITED STATES 6%GOVT OF SINGAPORE IN 6795557 0 62043435 5.49% 31.12.2011 ULT-AGG SINGAPOREINVESCO LTD 6216059 2445504 56752619 5.02% 11.04.2012 EXCH UNITED STATES 10%TRIMARK INVESTMENT M 5030544 0 45928867 4.06% 30.09.2012 MF-AGG CANADAGOVERNANCE FOR OWNER 3909643 0 35695041 3.16% 31.12.2011 Co File BRITAINNORGES BANK 3768834 0 34409454 3.04% 05.02.2013 EXCH NORWAY 62%CREDIT SUISSE ASSET 2500726 -42449 22831628 2.02% 28.12.2012 MF-AGG SWITZERLAND 16%VANGUARD GROUP INC 2274825 21757 20769152 1.84% 31.12.2012 MF-AGG UNITED STATESNEW JERSEY DIVISION 2183120 0 19931886 1.76% 30.06.2012 MF-AGG UNITED STATESUNION INVESTMENT GMB 2000000 -232723 18260000 1.62% 28.09.2012 MF-AGG GERMANYCAPITAL GROUP COMPAN 1350000 0 12325500 1.09% 31.12.2012 ULT-AGG UNITED STATESSWISSCANTO FONDSLEIT 1325169 -51431 12098793 1.07% 30.11.2012 MF-AGG SWITZERLANDUNION INVESTMENT LUX 1323847 0 12086723 1.07% 28.09.2012 MF-AGG LUXEMBOURG Investment Advisor Government Mutual Fund Manager Other OthersNOBEL BIOCARE HOLDIN 1303120 0 11897486 1.05% 31.12.2011 Co File SWITZERLANDPICTET & CIE 681647 1555 6223437 0.55% 31.10.2012 MF-AGG SWITZERLANDUBS FUND MANAGEMENT 670183 1761 6118771 0.54% 31.10.2012 MF-AGG SWITZERLANDINVESCO CANADA LTD 565501 0 5163024 0.46% 30.09.2012 MF-AGG CANADASCHRODER INVESTMENT 529332 -192242 4832801 0.43% 31.10.2012 MF-AGG BRITAINFMR LLC 427359 427359 3901788 0.35% 30.04.2012 ULT-AGG UNITED STATESTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceLAUBE RICHARD T 110000 1004300 0.09% 31.12.2011 Co FileBREU RAYMUND 70000 639100 0.06% 31.12.2011 Co FileWATTER ROLF URS 53500 488455 0.04% 31.12.2011 Co FileLILJA ROBERT 18375 167764 0.02% 31.12.2011 Co FileFLURI EDGAR 16500 150645 0.01% 31.12.2011 Co File Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Company Analysis - Financials I/IVNobel Biocare Holding AGFinancial information is in CHF (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 456 508 600 750 945 1094 982 878 796 702 700 705 731 770 - Cost of Goods Sold 111 120 122 133 151 175 199 171 178 168 172Gross Income 345 388 478 617 794 919 783 706 619 533 527 532 553 586 - Selling, General & Admin Expenses 242 255 291 364 452 548 572 493 501 444 444 (Research & Dev Costs) 19 21 22 26 28 37 52 38 44 36 42Operating Income 103 133 190 270 342 371 211 214 117 89 83 83 92 109 - Interest Expense 4 5 3 4 3 6 28 24 24 18 6 - Foreign Exchange Losses (Gains) 1 0 13 19 16 4 -97 -40 -44 -36 -0 - Net Non-Operating Losses (Gains) 9 -11 -5 -44 4 12 27 23 -2 39 4Pretax Income 90 139 179 292 319 348 253 207 139 68 74 80 91 110 - Income Tax Expense 34 28 37 52 70 75 79 47 76 19 18Income Before XO Items 56 111 142 239 249 273 174 160 63 49 55 - Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 - Minority Interests 1 1 1 0 0 0 0 0 0 0 0Diluted EPS Before XO Items 1.09 1.85 1.98 2.20 1.43 1.28 0.51 0.39 0.45Net Income Adjusted* 55 109 147 201 249 273 184 160 109 49 59 61 70 85EPS Adjusted 0.44 0.87 1.15 1.57 1.99 2.21 1.50 1.30 0.88 0.39 0.47 0.49 0.56 0.72Dividends Per Share 0.15 0.26 0.53 0.70 0.85 0.95 0.59 0.55 0.48 0.18 0.19 0.21 0.24 0.29 Payout Ratio % 34.8 29.5 74.5 58.7 44.0 46.2 41.7 42.4 95.0 46.3 43.6 0.44 0.44 0.40Total Shares Outstanding 126 127 129 126 124 122 123 123 123 122 123Diluted Shares Outstanding 132 132 130 130 126 124 122 124 123 123 123EBITDA 135 163 221 290 366 399 256 256 158 129 121 125 135 149*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 206.207909 331.12563 463.403059 500.117142 492.379793 762.130423 629.90881 626.598869 532.918185 325.679126 365.411287 + Cash & Near Cash Items 76 171 301 201 213 312 246 358 299 131 177 + Short Term Investments 0 0 54 0 82 6 15 9 10 + Accounts & Notes Receivable 77 92 110 163 200 253 211 203 166 133 116 + Inventories 41 35 27 47 49 59 55 30 29 29 25 + Other Current Assets 12 33 25 35 31 139 37 30 23 24 38Total Long-Term Assets 265 259 263 302 319 324 410 445 430 395 359 + Long Term Investments 1 1 1 3 4 3 0 Gross Fixed Assets 104 126 136 159 180 204 215 239 241 251 249 Accumulated Depreciation 64 82 86 94 102 110 109 127 128 146 164 + Net Fixed Assets 40 44 49 66 78 94 106 112 113 105 86 + Other Long Term Assets 224 214 213 234 237 227 304 332 317 290 274Total Current Liabilities 78 97 120 201 185 270 213 198 519 212 163 + Accounts Payable 20 14 20 29 51 49 42 33 24 19 23 + Short Term Borrowings 2 0 1 2 3 42 3 315 45 0 + Other Short Term Liabilities 56 83 100 171 131 217 128 162 179 148 140Total Long Term Liabilities 81 48 56 45 46 373 429 402 45 166 170 + Long Term Borrowings 43 1 1 0 0 342 356 351 0 120 120 + Other Long Term Borrowings 37 46 55 45 46 31 72 51 45 47 50Total Liabilities 159 144 176 246 231 643 641 600 563 378 333 + Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0 + Minority Interest 3 4 2 0 0 0 0 0 0 0 0 + Share Capital & APIC 135 175 188 205 247 365 322 294 228 174 169 + Retained Earnings & Other Equity 174 267 361 352 334 78 77 177 171 169 223Total Shareholders Equity 312 446 551 557 581 444 399 471 399 342 392Total Liabilities & Equity 471 590 727 803 811 1086 1040 1071 963 721 725Book Value Per Share 2.46 3.47 4.27 4.42 4.67 3.64 3.24 3.83 3.25 2.80 3.19 3.34 3.64 4.22 Tangible Book Value Per Share 2.79 2.72 2.91 1.95 0.99 1.33 0.98 0.68 1.17 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 55 109 141 239 249 273 174 160 63 49 55 61 71 86 + Depreciation & Amortization 32 30 31 20 24 28 45 42 41 40 39 + Other Non-Cash Adjustments 24 1 43 -37 7 -4 -12 17 5 -0 2 + Changes in Non-Cash Capital -11 -13 -10 -53 -27 -76 56 39 17 21 21Cash From Operating Activities 100 128 205 170 254 222 263 258 126 110 117 + Disposal of Fixed Assets 0 0 + Capital Expenditures -16 -19 -25 -30 -31 -41 -48 -28 -32 -21 -9 -30 -31 -36 + Increase in Investments -54 + Decrease in Investments + Other Investing Activities -4 5 -26 46 42 -120 -50 -43 2 -39 0Cash From Investing Activities -20 -14 -51 -39 11 -161 -98 -71 -30 -60 -9 + Dividends Paid -12 -20 -33 -68 -88 -106 -117 -68 -64 -41 -18 + Change in Short Term Borrowings 22 -38 -2 -284 -45 + Increase in Long Term Borrowings 7 0 382 0 118 + Decrease in Long Term Borrowings -33 -42 -1 0 -18 -49 + Increase in Capital Stocks 1 39 13 17 41 248 50 8 0 3 + Decrease in Capital Stocks -182 -214 -486 -26 -10 -7 -6 + Other Financing Activities -3 -4 -2 -0 0 -9 -130 55 24 0 -1Cash From Financing Activities -39 -27 -22 -234 -260 30 -201 -70 -98 -213 -61Net Changes in Cash 41 87 132 -103 5 91 -36 117 -2 -163 47Free Cash Flow (CFO-CAPEX) 84 108 180 139 222 181 215 230 94 89 108 66 78 86Free Cash Flow To Firm 86 112 183 142 224 186 234 249 105 102 112Free Cash Flow To Equity 58 67 138 222 563 236 175 43 -77Free Cash Flow per Share 0.67 0.86 1.41 1.09 1.78 1.46 1.76 1.87 0.76 0.73 0.88 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 40.8x 28.1x 37.2x 30.7x 35.3x 27.1x 16.0x 27.2x 38.3x 28.1x 17.4x 18.8x 16.4x 12.7x EV to EBIT 21.6x 22.2x 26.2x 25.9x 25.0x 19.8x 13.7x 20.3x 20.5x 15.5x 10.7x EV to EBITDA 16.5x 18.0x 22.6x 24.1x 23.3x 18.4x 11.3x 17.0x 15.2x 10.7x 7.3x 8.5x 7.9x 7.1x Price to Sales 4.9x 6.1x 8.8x 9.8x 9.3x 6.8x 2.8x 5.0x 3.0x 1.9x 1.4x 1.6x 1.5x 1.5x Price to Book 7.3x 7.3x 9.7x 13.1x 15.4x 16.6x 6.6x 9.1x 5.4x 3.9x 2.4x 2.7x 2.5x 2.2x Dividend Yield 0.9% 1.1% 1.3% 1.2% 1.2% 1.6% 2.6% 1.6% 2.5% 1.7% 2.5% 2.3% 2.7% 3.1%Profitability Ratios Gross Margin 75.6% 76.4% 79.7% 82.3% 84.0% 84.0% 79.7% 80.5% 77.7% 76.0% 75.4% 75.5% 75.7% 76.1% EBITDA Margin 29.5% 32.1% 36.9% 38.7% 38.7% 36.5% 26.0% 29.1% 19.9% 18.4% 17.4% 17.7% 18.5% 19.4% Operating Margin 22.6% 26.1% 31.8% 36.0% 36.2% 33.9% 21.5% 24.4% 14.7% 12.7% 11.8% 11.7% 12.6% 14.1% Profit Margin 12.1% 21.6% 23.6% 31.9% 26.3% 25.0% 17.7% 18.2% 7.9% 7.0% 7.9% 8.7% 9.5% 11.1% Return on Assets 11.5% 20.6% 21.6% 31.4% 31.0% 28.7% 16.2% 14.9% 6.1% 5.8% 7.7% 8.7% 9.2% 10.0% Return on Equity 17.9% 29.1% 28.7% 43.4% 44.0% 52.9% 41.0% 36.2% 14.3% 13.2% 15.1% 16.3% 17.2% 16.7%Leverage & Coverage Ratios Current Ratio 2.64 3.42 3.86 2.49 2.67 2.83 2.96 3.16 1.03 1.54 2.24 Quick Ratio 1.96 2.72 3.42 2.08 2.23 2.09 2.54 2.86 0.93 1.29 1.86 Interest Coverage Ratio (EBIT/I) 27.26 28.76 67.10 70.90 132.22 58.89 7.54 8.75 4.81 5.04 13.51 Tot Debt/Capital 0.13 0.00 0.00 0.00 0.00 0.44 0.50 0.43 0.44 0.32 0.23 Tot Debt/Equity 0.14 0.00 0.00 0.00 0.00 0.78 1.00 0.75 0.79 0.48 0.31Others Asset Turnover 0.95 0.95 0.92 0.98 1.18 1.15 0.92 0.82 0.77 0.83 0.97 Accounts Receivable Turnover 5.80 5.97 5.97 5.51 5.24 4.81 4.21 4.18 4.28 4.70 5.65 Accounts Payable Turnover 6.34 6.42 6.73 6.19 3.78 3.62 4.37 3.86 6.35 7.92 8.07 Inventory Turnover 2.93 3.14 3.94 3.60 3.16 3.24 3.49 3.98 5.86 5.77 6.44 Effective Tax Rate 37.4% 20.4% 20.7% 17.9% 22.0% 21.6% 31.2% 22.9% 54.5% 28.3% 24.8% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. Company Analysis - Peers Comparision NOBEL BIOCAR- STRAUMANN SONOVA HOLDING SIRONA DENTAL FRESENIUS TECAN GROUP AG- ZIMMER HLDGS DENTSPLY INTL WILLIAM DEMANT SMITH & NEPHEW FRESENIUS SE & C CELESIO AG GALENICA -REG REG HLDG-R A SY MEDICA RLatest Fiscal Year: 12/2012 12/2011 12/2012 03/2012 12/2012 09/2012 12/2011 12/2011 12/2012 12/2011 12/2011 12/2011 12/201152-Week High 11.68 160.70 76.75 115.30 43.51 73.98 60.27 596.50 738.00 96.93 90.00 15.57 626.0052-Week High Date 27.04.2012 29.05.2012 13.02.2013 15.02.2013 19.02.2013 08.02.2013 30.07.2012 19.07.2012 30.01.2013 16.10.2012 13.02.2013 22.10.2012 11.07.201252-Week Low 7.09 97.90 57.46 82.23 35.04 40.59 47.79 454.00 567.50 68.60 59.05 10.72 479.2552-Week Low Date 21.11.2012 16.11.2012 26.07.2012 22.05.2012 02.08.2012 04.06.2012 10.01.2013 16.11.2012 06.06.2012 26.04.2012 06.06.2012 05.06.2012 16.11.2012Daily Volume 1761304 97702 314095 97282 218400 347910 424277 88274 806940 312402 15262 303411 8643 Current Price (2/dd/yy) 9.13 127.00 76.04 113.80 43.14 71.51 51.84 487.50 711.00 88.74 88.15 13.50 539.50 52-Week High % Change -21.8% -21.0% -0.9% -1.3% -0.9% -3.3% -14.0% -18.3% -3.7% -8.4% -2.1% -13.3% -13.8% 52-Week Low % Change 28.8% 29.7% 32.3% 38.4% 23.1% 76.2% 8.5% 7.4% 25.3% 29.4% 49.3% 25.9% 12.6%Total Common Shares (M) 122.8 15.5 173.5 66.5 141.7 55.1 304.1 57.6 902.5 163.2 11.4 170.1 6.4 Market Capitalization 1130.2 1990.9 13193.1 7600.9 6122.8 4063.6 15865.5 28445.6 6432.9 15815.0 1008.8 2296.4 3506.8Total Debt 99.5 1.8 1820.9 257.8 1766.7 75.5 7211.4 2312.0 468.0 10208.0 4.4 2067.0 1165.2Preferred Stock - - - - - - - - - - - - -Minority Interest - - - 1.8 36.1 3.0 570.0 4.0 - 4923.0 - 32.2 45.7Cash and Equivalents 154.9 378.0 1555.9 198.7 77.1 151.1 457.3 288.0 178.0 635.0 165.1 448.3 345.3 Enterprise Value 860.3 1874.1 13458.1 7648.6 7754.6 4018.3 22364.4 30530.6 10127.5 31578.0 875.8 4142.0 4422.8 ValuationTotal Revenue LFY 580.5 693.6 4471.7 1619.8 2928.4 979.4 12795.1 8041.0 4137.0 16522.0 377.0 23026.4 3480.6 LTM 580.5 688.0 4471.7 1729.3 2928.4 993.6 13417.2 8399.0 4137.0 18533.0 377.3 22560.6 3545.8 CY+1 570.8 694.9 4612.8 1839.0 2996.3 1086.7 13734.6 8673.0 4408.4 19233.0 393.0 22542.0 3441.6 CY+2 591.7 699.3 4798.8 1988.6 3172.3 1181.4 14706.6 9384.5 4599.3 20953.4 425.3 22562.5 3558.3EV/Total Revenue LFY 1.3x 3.0x 2.6x 3.9x 2.4x 3.6x 2.4x 4.1x 2.5x 1.9x 1.5x 0.2x 1.4x LTM 1.3x 3.0x 2.6x 3.7x 2.4x 3.5x 2.3x 3.9x 2.5x 1.7x 1.5x 0.2x 1.4x CY+1 1.5x 2.6x 2.9x 4.1x 2.4x 3.6x 2.2x 3.5x 2.2x 1.6x 2.2x 0.2x 1.2x CY+2 1.4x 2.5x 2.7x 3.7x 2.2x 3.1x 2.0x 3.2x 2.0x 1.4x 1.9x 0.2x 1.1xEBITDA LFY 100.7 116.7 1676.9 366.1 421.6 263.5 2632.2 1905.0 1271.0 3237.0 60.4 486.6 399.9 LTM 100.7 128.5 1676.9 416.9 488.9 266.7 2817.0 - 1236.0 3672.0 62.1 597.0 408.2 CY+1 100.9 130.2 1767.4 462.0 632.9 297.0 2907.4 1955.8 1257.4 3830.3 63.6 554.7 417.9 CY+2 109.4 156.6 1846.2 522.1 672.9 330.1 3114.3 2260.3 1365.9 4161.5 72.3 612.1 421.7EV/EBITDA LFY 7.3x 17.7x 7.1x 17.4x 16.7x 13.3x 11.7x 17.2x 8.1x 9.9x 9.6x 8.7x 12.1x LTM 7.3x 16.1x 7.1x 15.3x 14.4x 13.1x 11.0x - 8.3x 8.7x 9.3x 7.1x 11.8x CY+1 8.6x 14.0x 7.6x 16.2x 11.4x 13.0x 10.2x 15.5x 7.7x 8.0x 13.4x 7.4x 10.1x CY+2 7.5x 11.3x 7.0x 14.0x 10.2x 11.1x 9.3x 13.2x 6.8x 7.2x 11.1x 6.4x 9.6xEPS LFY 0.37 4.54 5.30 3.71 1.99 2.33 3.51 - 0.67 4.18 4.12 0.46 34.46 LTM 0.37 4.91 5.32 4.40 1.94 2.42 4.08 21.23 0.82 5.30 3.63 1.01 36.64 CY+1 0.39 5.27 5.76 5.02 2.45 3.46 3.72 21.12 0.78 5.41 4.06 1.20 37.80 CY+2 0.45 6.75 6.26 5.73 2.72 3.84 4.00 25.90 0.85 5.94 4.86 1.34 39.02P/E LFY 20.0x 25.9x 14.3x 25.9x 22.2x 29.5x 17.0x 23.0x 13.3x 16.7x 24.3x 13.4x 14.7x LTM 20.0x 25.9x 14.3x 25.9x 22.2x 29.5x 17.1x - 16.0x 18.7x 24.4x 12.8x 14.8x CY+1 18.8x 24.1x 13.2x 22.7x 17.6x 20.7x 18.6x 23.1x 13.9x 16.4x 21.7x 11.3x 14.3x CY+2 16.4x 18.8x 12.1x 19.9x 15.9x 18.6x 17.3x 18.8x 12.8x 14.9x 18.1x 10.1x 13.8xRevenue Growth 1 Year 2.0% (6.0%) 0.4% 0.2% 15.4% 7.2% 6.2% 16.7% (3.1%) 3.4% 1.7% (1.1%) 1.0% 5 Year (3.2%) 0.9% 2.0% 8.4% 7.5% 6.8% 7.1% 10.0% 2.3% 11.9% (1.2%) 0.2% 7.4%EBITDA Growth 1 Year (3.7%) (44.7%) 3.7% (2.0%) - 8.8% 8.5% 17.5% 5.2% 5.9% (6.8%) (26.8%) (9.9%) 5 Year (16.1%) (11.5%) 1.6% 3.7% 2.6% 11.9% 10.7% 6.0% 6.2% 11.9% (0.9%) (9.3%) 21.9%EBITDA Margin LTM 17.4% 18.7% 37.5% 24.1% 16.8% 26.8% 21.0% - 29.9% 19.8% 16.4% 2.6% 11.5% CY+1 17.7% 18.7% 38.3% 25.1% 21.1% 27.3% 21.2% 22.6% 28.5% 19.9% 16.2% 2.5% 12.1% CY+2 18.5% 22.4% 38.5% 26.3% 21.2% 27.9% 21.2% 24.1% 29.7% 19.9% 17.0% 2.7% 11.9% Leverage/Coverage RatiosTotal Debt / Equity % 30.6% 0.3% 31.0% 17.5% 95.6% 7.6% 91.3% 70.1% 12.0% 171.0% 1.6% 81.2% 100.7% FALSETotal Debt / Capital % 23.4% 0.3% 23.7% 14.9% 48.4% 7.1% 46.0% 41.2% 10.8% 48.4% 1.6% 44.5% 49.2% FALSETotal Debt / EBITDA 0.988x 0.011x 1.086x 0.604x 3.373x 0.283x 2.996x - 0.379x 3.072x 0.101x 3.317x 2.978x FALSENet Debt / EBITDA -0.550x -0.910x 0.158x 0.111x 3.258x -0.183x 2.777x - 0.235x 2.808x -2.143x 3.041x 2.189x FALSEEBITDA / Int. Expense 19.811x 197.209x 23.003x 61.253x 9.623x 54.441x 7.386x 22.952x 105.917x 5.514x 597.723x 3.093x 10.010x FALSE Credit RatingsS&P LT Credit Rating - - A- - BBB+ - BB+ - - BB+ - - - FALSES&P LT Credit Rating Date - - 13.04.2007 - 02.09.2011 - 19.09.2012 - - 19.09.2012 - - - FALSEMoodys LT Credit Rating - - Baa1 - Baa2 - - - - WR - - - FALSEMoodys LT Credit Rating Date - - 12.11.2009 - 16.08.2011 - - - - 30.04.2006 - - - FALSE Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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