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Financial Analysis - Swiss Re AG - Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance
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Financial Analysis - Swiss Re AG - Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance

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Financial Analysis - Swiss Re AG - Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, …

Financial Analysis - Swiss Re AG - Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance

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  • 1. 21.02.2013 Company Analysis - OverviewTicker: SREN VX Swiss Re AG Benchmark: Swiss Re AG offers reinsurance, insurance and insurance linked financial market SIX Swiss Ex: SREN, Currency: CHF SWISS MARKET INDEX (SMI) products. The Company offers automobile, liability, accident, engineering, marine,Currency: aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.Sector: Financials Industry: Insurance Year:Telephone 41-43-285-2121 Revenue (M) 24646 Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)Website www.swissre.com No of Employees 11071 Property & Casualty - Reinsurance 1 Unallocated Sales 1Address Mythenquai 50/60 Zurich Switzerland Life & Health - ReinsuranceShare Price Performance in CHF Financial Markets/AllocationPrice 75.60 1M Return 9.3% Admin Re52 Week High 76.60 6M Return 23.2% Legacy52 Week Low 50.33 52 Wk Return 46.5% Group Items52 Wk Beta 1.03 YTD Return 14.7%Credit RatingsBloomberg IG9S&P - Date - Outlook -Moodys - Date - Outlook -Fitch - Date - Outlook -Valuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 33.4x 21.3x 6.6x 6.1x 10.0x 9.7x 9.3xEV/EBIT - - - - - - -EV/EBITDA - - - - - - -P/S 0.5x 0.6x 0.6x - 0.9x 0.9x 0.8xP/B 0.7x 0.7x 0.6x - 0.9x 0.8x 0.8xDiv Yield 2.0% 4.9% 5.9% - 5.1% 5.2% 5.2% 100% 100%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin - - - - - - -EBITDA Margin - - - - - - -Operating Margin 5.5 12.0 12.4 - 12.8 12.1 11.6 Property & Casualty - ReinsuranceProfit Margin 1.5 3.0 9.4 - 9.0 8.6 8.1 Unallocated SalesReturn on Assets 0.2 0.4 1.2 - 3.3 3.3 1.2Return on Equity 2.2 3.4 9.6 13.2 8.4 8.9 9.0Leverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio - - - - Current Capitalization in CHFQuick Ratio - - - - Common Shares Outstanding (M) 342.7EBIT/Interest - - - - Market Capitalization (M) 28025.4Tot Debt/Capital 0.5 0.5 0.4 - Cash and ST Investments (M) 12163.1Tot Debt/Equity 1.1 1.1 0.7 - Total Debt (M) 18070.0Eff Tax Rate % 31.3 34.7 2.7 - Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 22.5 Enterprise Value (M) 33954.9 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 2. Company Analysis - Analysts RatingsSwiss Re AGTarget price in CHFBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 80 100 100% 90 18% 22% 22% 21% 21% 18% 70 80 23% 23% 23% 26% 24% 27% 70 80% 60 60 50 50 40 60% 43% 30 44% 44% 44% 45% 48% 54% 46% 42% 41% 41% 20 51% 40 10 0 40% 30 Day by Day Bryan Garnier & Cie Morgan Stanley Bankhaus Metzler Barclays Canaccord Genuity Corp Main First Bank AG Kepler Capital Markets RBC Capital Markets Espirito Santo Investment Bank S&P Capital IQ Raymond James CA Cheuvreux Macquarie Credit Suisse Helvea Oddo & Cie JPMorgan Exane BNP Paribas Sanford C. Bernstein & Co Nord/LB Societe Generale Nomura DZ Bank AG Bank Vontobel AG Mediobanca SpA HSBC EVA Dimensions Berenberg Bank AlphaValue Goldman Sachs Hamburger Sparkasse Zuercher Kantonalbank Keefe, Bruyette & Woods Landesbank Baden- 20 20% 40% 36% 35% 34% 34% 30% 34% 31% 32% 32% 28% 26% 10 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 32% 41% 27% 21-Feb-13 75.55 71.93 Societe Generale JASON KALAMBOUSSIS buy 75.00 21-Feb-13 31-Dec-12 35% 41% 24% 20-Feb-13 73.80 71.93 Bryan Garnier & Cie OLIVIER PAUCHAUT sell 70.00 21-Feb-13 30-Nov-12 32% 42% 26% 19-Feb-13 73.35 71.93 Bankhaus Metzler JOCHEN SCHMITT buy 78.00 19-Feb-13 31-Oct-12 31% 46% 23% 18-Feb-13 73.15 71.80 Main First Bank AG RENE LOCHER underperform 72.00 19-Feb-13 28-Sep-12 26% 51% 23% 15-Feb-13 72.90 71.16 CA Cheuvreux FRANK KOPFINGER select list 86.00 18-Feb-13 31-Aug-12 28% 54% 18% 14-Feb-13 73.80 71.16 Credit Suisse ADAM MCINALLY neutral 67.50 15-Feb-13 31-Jul-12 34% 45% 21% 13-Feb-13 73.00 71.16 Berenberg Bank TOM CARSTAIRS sell 66.10 15-Feb-13 29-Jun-12 36% 44% 21% 12-Feb-13 72.05 71.16 Day by Day VALERIE GASTALDY hold 14-Feb-13 31-May-12 30% 48% 23% 11-Feb-13 71.35 71.16 AlphaValue DIETER HEIN sell 63.40 14-Feb-13 30-Apr-12 34% 44% 22% 8-Feb-13 70.35 71.40 Helvea DANIEL BISCHOF neutral 70.00 13-Feb-13 30-Mar-12 34% 44% 22% 7-Feb-13 69.65 71.40 Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 79.00 12-Feb-13 29-Feb-12 40% 43% 18% 6-Feb-13 70.75 71.40 Nomura MICHAEL KLIEN reduce 60.00 12-Feb-13 5-Feb-13 70.50 71.26 Zuercher Kantonalbank GEORG MARTI market perform 6-Feb-13 4-Feb-13 67.75 70.89 Bank Vontobel AG STEFAN SCHUERMANN buy 80.00 6-Feb-13 1-Feb-13 68.20 70.89 Kepler Capital Markets FABRIZIO CROCE buy 83.00 5-Feb-13 31-Jan-13 67.75 70.89 Oddo & Cie NICOLAS JACOB buy 78.00 4-Feb-13 30-Jan-13 68.00 70.89 Barclays ANDREW BROADFIELD overweight 77.89 4-Feb-13 29-Jan-13 69.10 71.03 JPMorgan MICHAEL HUTTNER overweight 71.00 31-Jan-13 28-Jan-13 69.45 71.03 Mediobanca SpA GIANLUCA FERRARI neutral 75.00 30-Jan-13 25-Jan-13 70.00 70.89 RBC Capital Markets GORDON AITKEN sector perform 66.00 28-Jan-13 24-Jan-13 69.80 70.89 Exane BNP Paribas NICCOLO DALLA PALMA neutral 67.00 28-Jan-13 23-Jan-13 69.40 70.75 Goldman Sachs VINIT MALHOTRA Sell/Neutral 67.00 18-Jan-13 22-Jan-13 68.90 70.75 EVA Dimensions AUSTIN BURKETT buy 17-Jan-13 21-Jan-13 69.15 70.75 HSBC THOMAS FOSSARD neutral 75.00 16-Jan-13 18-Jan-13 69.85 70.75 Canaccord Genuity Corp BEN COHEN buy 70.00 9-Jan-13 17-Jan-13 71.05 70.68 Sanford C. Bernstein & Co THOMAS SEIDL underperform 50.00 13-Dec-12 16-Jan-13 69.65 70.68 S&P Capital IQ RODERICK WALLACE hold 78.00 30-Nov-12 15-Jan-13 69.50 70.51 Macquarie HADLEY COHEN neutral 72.00 27-Nov-12 14-Jan-13 68.90 69.89 Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 70.70 15-Nov-12 11-Jan-13 69.45 69.71 Hamburger Sparkasse CHRISTIAN HAMANN buy 14-Nov-12 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. 21.02.2013Swiss Re AG Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 0%Shares Outstanding (M) 342.7 United States 54.59%Float 99.9% Britain 20.42% 1% 1% 1% 3%Short Interest (M) Luxembourg 10.90% 9%Short Interest as % of Float Switzerland 9.40% 43%Days to Cover Shorts Canada 0.69%Institutional Ownership 43.20% Germany 0.68% 11% 57% 54%Retail Ownership 56.67% Ireland 0.67%Insider Ownership 0.13% Others 2.66% Institutional Ownership Distribution 20% Investment Advisor 72.24% Unclassified 16.99% Mutual Fund Manager 10.04% Institutional Ownership Retail Ownership Insider Ownership Insurance Company 0.43% United States Britain Luxembourg SwitzerlandPricing data is in CHF Others 0.31% Canada Germany Ireland OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountrySWISS RE 27282124 -1396672 2062528574 7.36% 29.03.2012 EXCH BRITAIN 0% 0%FRANKLIN RESOURCES 19016988 -465989 1437684293 5.13% 31.12.2012 ULT-AGG UNITED STATES 10%BLACKROCK 15114719 763755 1142672756 4.08% 19.02.2013 ULT-AGG UNITED STATESVANGUARD GROUP INC 13188586 -222639 997057102 3.56% 31.12.2012 MF-AGG UNITED STATESDODGE & COX 12639368 0 955536221 3.41% 31.12.2011 Co File UNITED STATESMFS INVESTMENT MANAG 11485890 0 868333284 3.10% 31.12.2011 Co File LUXEMBOURG 17%BERKSHIRE HATHAWAY I 11262000 0 851407200 3.04% 31.12.2011 ULT-AGG UNITED STATESCREDIT SUISSE ASSET 5610148 -9893 424127189 1.51% 28.12.2012 MF-AGG SWITZERLANDMASSACHUSETTS FINANC 5482330 154354 414464148 1.48% 31.12.2012 MF-AGG UNITED STATES 73%UBS FUND MANAGEMENT 2870923 -16783 217041779 0.77% 31.10.2012 MF-AGG SWITZERLANDPICTET & CIE 2181639 -8205 164931908 0.59% 31.10.2012 MF-AGG SWITZERLANDSARASIN 1986440 4568 150174864 0.54% 28.12.2012 ULT-AGGSWISSCANTO FONDSLEIT 1464844 -33255 110742206 0.40% 30.11.2012 MF-AGG SWITZERLANDTEMPLETON INVESTMENT 1299889 -264683 98271608 0.35% 30.11.2012 MF-AGG BRITAIN Investment Advisor Unclassified Mutual Fund Manager Insurance Company OthersDIMENSIONAL FUND ADV 1238106 0 93600814 0.33% 30.04.2012 MF-AGG UNITED STATESJP MORGAN 1214600 -801 91823760 0.33% 31.12.2012 ULT-AGGHARTFORD INVESTMENT 1102833 -174506 83374175 0.30% 31.12.2012 MF-AGG UNITED STATESFMR LLC 833022 -181060 62976463 0.22% 31.12.2012 ULT-AGG UNITED STATESBESSEMER GROUP INCOR 819676 145000 61967506 0.22% 31.10.2012 MF-AGG UNITED STATESVONTOBEL ASSET MANAG 635477 -6100 48042061 0.17% 31.10.2012 MF-AGG SWITZERLANDTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceKIELHOLZ WALTER B 185000 13986000 0.05% 31.12.2011 Co FileCOOMBER JOHN R 134707 10183849 0.04% 31.12.2011 Co FileBAER JAKOB 34922 2640103 0.01% 31.12.2011 Co FileBREU RAYMUND 31789 2403248 0.01% 31.12.2011 Co FileSCOTT ROBERT AVISSON 24096 1821658 0.01% 31.12.2011 Co File Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. Company Analysis - Financials I/IVSwiss Re 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 34347 36469 36070 37592 39877 42464 25922 33155 29688 24646 29457 31691 34977 - Cost of Goods SoldGross Income - Selling, General & Admin Expenses 3590 3257 3217 3081 4111 4077 3211 3198 2633 2705 (Research & Dev Costs)Operating Income -32 2375 3344 2139 5467 6591 1095 1820 3562 3050 3762 3824 4072 - Interest Expense 0 0 0 1814 1501 1311 2304 755 - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains) -68 39 -23 -420 -389 -410 944 -228 -366 -254Pretax Income 36 2336 3367 2559 5856 5187 -1350 737 1624 2549 3701 3932 4094 - Income Tax Expense 127 634 892 255 1296 1025 -486 231 564 68Income Before XO Items -91 1702 2475 2304 4560 4162 -864 506 1060 2481 - Extraordinary Loss Net of Tax 0 0 0 0 0 - Minority Interests 0 0 0 161 153Diluted EPS Before XO Items 7.14 12.53 11.23 (2.61) 1.48 2.53 6.64Net Income Adjusted* 2328 3939 2637 2723 2841EPS Adjusted 6.80 11.11 7.46 7.69 8.02Dividends Per Share 1.00 1.10 1.60 2.50 3.40 4.00 0.10 1.00 2.75 2.66 3.84 3.88 3.93 Payout Ratio % 20.1 20.1 33.7 26.7 33.3 69.9 39.2 0.52 0.50 0.49Total Shares Outstanding 321 321 321 310 358 347 336 343 343 343Diluted Shares Outstanding 310 320 325 333 375 383 331 342 449 352EBITDA*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. 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 + Cash & Near Cash Items 3773 5429 6402 8368 13606 11531 17268 28749 15809 10708 + Short Term Investments 3356 7339 5514 98340 125213 168389 123201 112563 106136 108619 + Accounts & Notes Receivable 38116 39189 32365 39251 49418 44917 37059 35348 31905 31505 + Inventories + Other Current AssetsTotal Long-Term Assets + Long Term Investments 86591 88095 98506 130601 172507 227812 163965 156449 146573 152280 Gross Fixed Assets Accumulated Depreciation 4142 4754 4875 5393 5270 5152 4311 4025 3335 3683 + Net Fixed Assets + Other Long Term Assets 29098 32121 42344 37686 50499 17875 17274 16033 15684 13877Total Current Liabilities + Accounts Payable + Short Term Borrowings 1331 1207 693 1015 1917 12658 6522 8378 10084 3874 + Other Short Term Liabilities 30079 33985 33559 43683 57072 47992 33379 28543 21977 23193Total Long Term Liabilities + Long Term Borrowings 5663 4807 5296 5852 7973 23337 20453 19831 17209 15527 + Other Long Term Borrowings 1423 4013 14645 2838 2685 3817 1329 959 1603 2678Total Liabilities 145171 151187 165315 196906 260416 275420 219424 214403 188178 182682 + Long Preferred Equity 0 0 0 0 + Minority Interest 0 0 0 1461 1593 + Share Capital & APIC 6001 5853 5865 6884 11173 11245 10812 11193 9867 8467 + Retained Earnings & Other Equity 10548 12548 13312 17509 19711 20622 9641 15008 13800 19309 31098Total Shareholders Equity 16549 18401 19177 24393 30884 31867 20453 26201 25128 29369 31098Total Liabilities & Equity 161720 169588 184492 221299 291300 307287 239877 240604 213306 212051Book Value Per Share 51.52 57.36 59.72 78.58 86.21 91.92 60.93 76.45 69.08 81.04 86.98 90.17 97.54 Tangible Book Value Per Share 41.03 48.37 51.99 67.54 72.70 77.80 48.23 63.98 57.95 69.95 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 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 -91 1702 2475 2304 4560 4162 -864 506 899 2328 2672 2763 2808 + Depreciation & Amortization 983 1366 1271 782 886 676 871 21 283 2762 + Other Non-Cash Adjustments 645 3 -1615 -3379 210 13393 -2321 -4187 -6975 -1571 + Changes in Non-Cash Capital -212 -1412 2628 2265 -3290 -19977 -3775 -4506 -1716 -2192Cash From Operating Activities 1325 1659 4759 1972 2366 -1746 -6089 -8166 -7508 1327 + Disposal of Fixed Assets 0 0 0 + Capital Expenditures 0 0 0 + Increase in Investments -96798 -74620 -47595 -48971 -60347 -61542 -83727 -180631 -134343 -132045 + Decrease in Investments 89180 72947 43951 44698 66897 59059 102376 196074 132204 134994 + Other Investing Activities 1056 -50 -1342 643 -3506 1615 170 103 71Cash From Investing Activities -6562 -1723 -4986 -3630 3044 -868 18819 15546 -2139 3020 + Dividends Paid -776 -310 -341 -497 -776 -1162 -1331 -34 -332 -918 + Change in Short Term Borrowings 747 -1017 -965 -599 -380 2057 -5354 -1383 -4341 -7972 + Increase in Long Term Borrowings 1655 135 1016 987 3146 4342 1327 3440 1096 + Decrease in Long Term Borrowings 0 0 0 -29 + Increase in Capital Stocks 212 0 0 32 1323 38 1 1 + Decrease in Capital Stocks 0 -148 -119 -63 -2303 -1553 -231 + Other Financing Activities -451 -92 -198 422 -2610 -415 -83 2077 717 -92Cash From Financing Activities 2964 1720 1200 345 640 2557 -6993 4101 -2860 -9242Net Changes in Cash -2273 1656 973 -1313 6050 -57 5737 11481 -12506 -4895Free Cash Flow (CFO-CAPEX) 1325 1659 4759Free Cash Flow To Firm 1325 1659 4759Free Cash Flow To Equity 3727 777 4810Free Cash Flow per Share 4.27 5.35 15.39 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 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 15.2x 10.2x 12.9x 7.7x 6.8x 33.4x 21.3x 6.6x 6.1x 10.1x 9.8x 9.4x EV to EBIT EV to EBITDA Price to Sales 0.8x 0.7x 0.7x 0.8x 0.9x 0.7x 0.6x 0.5x 0.6x 0.6x 0.9x 0.9x 0.8x Price to Book 1.8x 1.5x 1.4x 1.2x 1.2x 0.9x 0.8x 0.7x 0.7x 0.6x 0.9x 0.8x 0.8x Dividend Yield 1.1% 1.3% 2.0% 2.6% 3.3% 4.9% 0.2% 2.0% 4.9% 5.9% 5.1% 5.2% 5.2%Profitability Ratios Gross Margin EBITDA Margin - - - Operating Margin -0.1% 6.5% 9.3% 5.7% 13.7% 15.5% 4.2% 5.5% 12.0% 12.4% 12.8% 12.1% 11.6% Profit Margin -0.3% 4.7% 6.9% 6.1% 11.4% 9.8% -3.3% 1.5% 3.0% 9.4% 9.0% 8.6% 8.1% Return on Assets -0.1% 1.0% 1.4% 1.1% 1.8% 1.4% -0.3% 0.2% 0.4% 1.2% 3.3% 3.3% 1.2% Return on Equity -0.5% 9.7% 13.2% 10.6% 16.5% 13.3% -3.3% 2.2% 3.4% 9.6% 13.2% 8.4% 8.9% 9.0%Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital 0.30 0.25 0.24 0.22 0.24 0.53 0.57 0.52 0.52 0.40 Tot Debt/Equity 0.42 0.33 0.31 0.28 0.32 1.13 1.32 1.08 1.09 0.66Others Asset Turnover 0.21 0.22 0.20 0.19 0.16 0.14 0.09 0.14 0.12 0.12 Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover Effective Tax Rate 352.8% 27.1% 26.5% 10.0% 22.1% 19.8% 31.3% 34.7% 2.7% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. Company Analysis - Peers Comparision MUENCHENER HANNOVER RUE- REINSURANCE ARCH CAPITAL EVEREST RE ZURICH SWISS RE AG SCOR SE ALLIANZ SE-REG AXA XL GROUP PLC PARTNERRE LTD RENAISSANCERE SWISS LIFE H AG RUE-R REG GROU GRP GROUP INSURANCELatest Fiscal Year: 12/2012 12/2012 12/2011 12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/201152-Week High 76.60 139.75 60.60 22.24 108.65 13.98 28.91 61.86 91.24 87.38 49.98 123.26 264.00 148.0052-Week High Date 21.02.2013 05.02.2013 03.01.2013 07.02.2013 02.01.2013 19.02.2013 19.02.2013 01.02.2013 07.02.2013 07.02.2013 12.02.2013 20.02.2013 28.01.2013 19.02.201352-Week Low 50.00 95.85 39.80 17.06 68.50 8.65 19.52 48.36 62.59 70.00 36.08 85.99 192.50 74.3552-Week Low Date 22.02.2012 04.06.2012 06.03.2012 01.06.2012 04.06.2012 04.06.2012 05.06.2012 16.11.2012 07.03.2012 01.08.2012 23.03.2012 22.02.2012 05.06.2012 01.06.2012Daily Volume 806188 144918 27668 67085 547294 3323441 2303229 290787 452574 272045 533072 427053 116985 38073 Current Price (2/dd/yy) 75.50 133.45 57.86 21.71 103.05 13.31 28.53 59.00 86.43 84.23 47.83 122.38 253.60 143.80 52-Week High % Change -1.4% -4.5% -4.5% -2.4% -5.2% -4.8% -1.3% -4.6% -5.3% -3.6% -4.3% -0.7% -3.9% -2.8% 52-Week Low % Change 51.0% 39.2% 45.4% 27.2% 50.4% 53.8% 46.2% 22.0% 38.1% 20.3% 32.6% 42.3% 31.7% 93.4%Total Common Shares (M) 342.7 177.6 120.6 184.7 452.5 2374.0 298.7 73.9 58.9 45.5 133.8 51.4 147.0 31.9 Market Capitalization 27988.4 23933.1 6977.8 4166.9 46985.6 31785.6 8522.8 4361.7 5229.0 4056.2 6401.7 6292.5 37608.9 4613.3Total Debt 20668.0 5562.0 1934.4 1425.0 28411.0 16693.0 1672.8 2467.3 821.0 351.8 400.0 818.2 12521.0 2624.0Preferred Stock - - - - - 6059.0 - - 893.8 400.0 325.0 - - -Minority Interest 1697.0 247.0 636.0 7.0 2338.0 2371.0 1346.3 - - 972.3 - - 2368.0 35.0Cash and Equivalents 11407.0 2490.0 507.0 1281.0 10492.0 31072.0 2618.4 1259.9 1121.7 325.4 371.0 537.1 9098.0 5084.0 Enterprise Value 36375.5 27506.1 8917.1 4595.9 65617.6 26630.6 8923.6 5569.1 5822.0 5454.9 6755.7 6573.6 46202.2 2282.3 ValuationTotal Revenue LFY 27797.0 60908.0 12125.7 7405.0 106400.0 118423.0 7172.0 9840.9 5562.6 1377.5 3408.9 4922.8 70446.0 17291.0 LTM 33328.0 66138.0 13374.4 8524.0 96790.0 118423.0 7172.0 9840.9 5562.6 1377.5 3408.9 4922.8 70446.0 18137.0 CY+1 31900.3 57929.3 12952.6 9062.4 105751.4 99780.0 7554.8 10159.0 5595.0 1314.3 3589.9 4807.6 60452.2 17263.0 CY+2 34319.4 61480.0 13582.2 9570.5 108336.4 101989.9 7764.8 10723.0 5951.2 1350.0 3778.6 4955.8 62644.9 17277.9EV/Total Revenue LFY 1.1x 0.4x 0.7x 0.6x 0.6x 0.2x 1.1x 0.5x 1.0x 3.7x 1.8x 1.2x 0.6x 0.0x LTM 0.9x 0.4x 0.6x 0.5x 0.6x 0.2x 1.1x 0.5x 1.0x 3.7x 1.8x 1.2x 0.6x 0.0x CY+1 1.3x 0.5x 0.7x 0.6x 0.5x 0.4x 1.3x 0.6x 1.0x 4.3x 1.9x - 0.9x 0.0x CY+2 - - 0.7x 0.6x 0.5x - 1.2x - 0.9x 4.2x 1.8x - - 0.0xEBITDA LFY - - - - - - - - - - - - - - LTM - - - - - - - - - - - - - - CY+1 - - - - - - - - - - - - - - CY+2 - - - - - - - - - - - - - -EV/EBITDA LFY - - - - - - - - - - - - - - LTM - - - - - - - - - - - - - - CY+1 - - - - - - - - - - - - - - CY+2 - - - - - - - - - - - - - -EPS LFY 7.49 3.94 5.02 1.77 11.42 1.81 1.98 6.96 10.57 7.93 3.07 13.62 26.48 19.21 LTM 12.22 17.99 7.42 2.71 11.42 1.71 1.97 6.96 10.55 7.84 3.06 13.58 26.46 17.66 CY+1 8.08 15.89 6.78 2.24 12.11 1.93 2.54 7.41 8.51 9.04 3.09 13.83 28.80 19.00 CY+2 8.33 16.25 6.61 2.54 12.65 2.08 2.75 8.07 8.04 9.61 3.19 15.00 30.39 18.10P/E LFY 6.6x 7.4x 7.8x 8.0x 9.0x 7.8x 14.5x 8.5x 8.2x 10.7x 15.6x 9.0x 10.3x 8.1x LTM 6.7x 7.1x 7.8x 8.2x 9.0x 7.2x 14.5x 8.5x 8.2x 10.7x 15.6x 9.0x 10.3x 8.1x CY+1 10.0x 8.4x 8.5x 9.7x 8.5x 6.9x 11.2x 8.0x 10.2x 9.3x 15.5x 8.8x 9.5x 7.6x CY+2 9.7x 8.2x 8.7x 8.6x 8.1x 6.4x 10.4x 7.3x 10.8x 8.8x 15.0x 8.2x 9.0x 7.9xRevenue Growth 1 Year - - 6.2% 10.1% 21.8% 20.4% 7.5% 11.5% 3.9% 21.0% 10.9% 4.9% 33.0% (3.1%) 5 Year 11.9% 9.2% 15.6% 15.2% 3.7% 61.3% 2.0% 13.9% 4.9% 11.8% 2.4% 7.3% 11.8% (1.1%)EBITDA Growth 1 Year - - - - - - - - - - - - - - 5 Year - - - - - - - - - - - - - -EBITDA Margin LTM - - - - - - - - - - - - - - CY+1 - - - - - - - - - - - - - - CY+2 - - - - - - - - - - - - - - Leverage/Coverage RatiosTotal Debt / Equity % 0.0% 0.0% 38.9% 32.4% 0.0% 0.0% 15.9% 35.7% 13.6% 11.3% 8.3% 12.2% 36.3% 28.7% FALSETotal Debt / Capital % 39.8% 19.3% 25.7% 24.4% 37.5% 24.7% 12.4% 26.3% 10.6% 7.3% 7.2% 10.8% 25.4% 22.3% FALSETotal Debt / EBITDA - - - - - - - - - - - - - - FALSENet Debt / EBITDA - - - - - - - - - - - - - - FALSEEBITDA / Int. Expense - - - - - - - - - - - - - - FALSE Credit RatingsS&P LT Credit Rating - AA- AA- A+ AA A- NR A- A- A A- A- - BBB FALSES&P LT Credit Rating Date - 22.12.2006 10.06.2006 04.06.2012 27.01.2012 18.12.2012 31.12.2011 01.07.2005 17.02.2012 13.12.2007 29.07.2010 07.04.2010 - 03.05.2012 FALSEMoodys LT Credit Rating - - - WR Aa3 A2 WR Baa1 - A3 A3 - - - FALSEMoodys LT Credit Rating Date - - - 21.06.2007 03.05.2004 19.03.2003 31.12.2011 14.07.2005 - 02.11.2009 16.12.2011 - - - FALSE Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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