24.04.2013Ticker: Barrick Gold Corp Benchmark:Currency: New York: ABX, Currency: USD S&P 500 INDEX (SPX)Sector: Materials ...
Barrick Gold CorpTarget price in USDDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date29...
24.04.2013Barrick Gold CorpOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 1001.1 United Stat...
Barrick Gold CorpFinancial information is in USD (M)Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/...
Periodicity: 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 Curr...
Periodicity: 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 19...
Periodicity: 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...
BARRICK GOLDCRPNEWMONTMININGGOLDCORP INC KINROSS GOLDANGLOGOLDASHANTTECK RESOURCES-BIAMGOLD CORPFREEPORT-MCMORANBHP BILLIT...
Upcoming SlideShare
Loading in …5
×

Financial Analysis - Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa

672 views

Published on

Financial Analysis - Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
672
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
6
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Financial Analysis - Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa

  1. 1. 24.04.2013Ticker: Barrick Gold Corp Benchmark:Currency: New York: ABX, Currency: USD S&P 500 INDEX (SPX)Sector: Materials Industry: Metals & Mining Year:Telephone 1-416-861-9911 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.barrick.com No of Employees Gold Mines 12564 Unallocated Sales 1Address Brookfield Pl,CanadaTrustTower 161 Bay Street, Suite 3700 Toronto, ON M5J 2S1 Canada Copper Mines 1689Share Price Performance in USD Barrick Energy (Oil & Gas) 153Price 17.59 1M Return -40.1% Other Metals 14152 Week High 42.62 6M Return -53.7%52 Week Low 17.51 52 Wk Return -54.6%52 Wk Beta 0.58 YTD Return -49.4%Credit RatingsBloomberg IG10S&P BBB+ Date 30.07.2012 Outlook NEGMoodys Baa1 *- Date - Outlook -Fitch - Date - Outlook -Valuation Ratios12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 16.6x 15.6x 9.8x 9.4x 5.2x 4.8x 4.9xEV/EBIT 17.0x 11.6x 8.4x 8.8x - - -EV/EBITDA 12.0x 9.3x 7.0x 6.7x 4.5x 4.1x 3.9xP/S 4.4x 4.8x 3.2x 2.4x 1.2x 1.2x 1.1xP/B 2.6x 2.7x 1.9x 1.6x 0.7x 0.7x 0.6xDiv Yield 1.0% 0.8% 1.1% 2.1% 4.6% 4.6% 4.5%Profitability Ratios %12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin 40.0 53.1 56.2 47.4 56.8 58.9 57.3EBITDA Margin 44.1 56.5 58.5 50.6 50.1 51.6 53.4Operating Margin 30.9 45.4 48.5 38.7 38.1 39.2 36.5Profit Margin -52.5 32.6 31.5 -4.6 23.2 23.9 22.3Return on Assets -16.7 11.6 10.7 -1.4 7.5 8.2 7.6Return on Equity -28.2 20.7 20.9 -2.9 14.7 13.6 12.5Leverage and Coverage Ratios12/09 12/10 12/11 12/12Current Ratio 2.8 2.8 2.2 1.3 Current Capitalization in USDQuick Ratio 1.6 1.7 1.1 0.6 Common Shares Outstanding (M) 1001.1EBIT/Interest 7.7 10.8 11.4 7.6 Market Capitalization (M) 17610.0Tot Debt/Capital 0.3 0.2 0.3 0.4 Cash and ST Investments (M) 2093.0Tot Debt/Equity 0.4 0.3 0.5 0.6 Total Debt (M) 13943.0Eff Tax Rate % - 30.8 33.5 - Preferred Equity (M) 0.0LT Investments in Affiliate Companies (M) 0.0Investments (M) 2663.0Enterprise Value (M) 32123.0Barrick Gold Corporation is an international gold company with operating mines anddevelopment projects in the United States, Canada, South America, Australia, andAfrica.ABX UN1454726140Company Analysis - Overview86%12%1%1%Gold MinesCopper MinesBarrick Energy (Oil & Gas)Other Metals100%Unallocated SalesQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Barrick Gold CorpTarget price in USDDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date29-Mar-13 55% 42% 3% 24-Apr-13 17.59 35.12 Sterne, Agee & Leach MICHAEL S DUDAS neutral 24-Apr-1328-Feb-13 55% 42% 3% 23-Apr-13 17.59 35.12 HSBC PATRICK CHIDLEY overweight 43.00 23-Apr-1331-Jan-13 52% 45% 3% 22-Apr-13 18.01 35.40 Salman Partners DAVID WEST buy 44.82 23-Apr-1331-Dec-12 50% 47% 3% 19-Apr-13 18.17 37.87 Barclays FAROOQ HAMED equalweight 24.00 23-Apr-1330-Nov-12 52% 45% 3% 18-Apr-13 17.98 38.16 Deutsche Bank JORGE M BERISTAIN hold 22.50 22-Apr-1331-Oct-12 63% 34% 3% 17-Apr-13 17.65 38.18 RBC Capital Markets STEPHEN D WALKER sector perform 25.00 22-Apr-1328-Sep-12 68% 29% 3% 16-Apr-13 18.86 38.18 Credit Suisse ANITA SONI outperform 38.00 22-Apr-1331-Aug-12 71% 26% 3% 15-Apr-13 19.78 38.79 Stifel GEORGE J TOPPING buy 34.00 22-Apr-1331-Jul-12 71% 26% 3% 12-Apr-13 22.62 39.45 Davenport & Co LLOYD T OCARROLL buy 26.00 22-Apr-1329-Jun-12 77% 23% 0% 11-Apr-13 24.73 39.84 Cormark Securities Inc. RICHARD GRAY market perform 25.32 22-Apr-1331-May-12 77% 23% 0% 10-Apr-13 24.46 41.91 JPMorgan JOHN BRIDGES neutral 34.00 19-Apr-1330-Apr-12 79% 21% 0% 9-Apr-13 26.69 41.99 Haywood Securities Inc. KERRY SMITH buy 42.56 16-Apr-138-Apr-13 26.33 41.99 TD Securities GREG BARNES hold 31.00 16-Apr-135-Apr-13 26.69 42.39 BMO Capital Markets DAVID HAUGHTON market perform 32.50 15-Apr-134-Apr-13 27.01 42.82 Canaccord Genuity Corp STEVEN BUTLER hold 31.00 15-Apr-133-Apr-13 26.70 42.91 Mackie Research Capital Corp. BARRY D ALLAN buy 33.56 12-Apr-132-Apr-13 28.29 43.27 CIBC World Markets ALEC KODATSKY sector perform 43.00 11-Apr-131-Apr-13 29.02 43.27 Macquarie TONY LESIAK neutral 33.16 11-Apr-1329-Mar-13 29.40 43.27 GMP GEORGE V ALBINO buy 49.49 11-Apr-1328-Mar-13 29.40 43.27 Veritas Investment Research Co PAWEL RAJSZEL buy 38.00 11-Apr-1327-Mar-13 29.37 43.27 Cowen Securities LLC ADAM P GRAF hold 11-Apr-1326-Mar-13 28.82 43.25 Jefferies PETER D WARD buy 45.00 21-Mar-1325-Mar-13 29.01 43.25 Scotia Capital TANYA M JAKUSCONEK sector perform 39.00 21-Mar-1322-Mar-13 29.38 43.25 EVA Dimensions CRAIG STERLING sell 26-Feb-1321-Mar-13 29.61 43.25 Argus Research Corp WILLIAM V SELESKY hold 20-Feb-1320-Mar-13 28.81 43.25 Hamburger Sparkasse INGO SCHMIDT buy 15-Feb-1319-Mar-13 28.84 43.25 S&P Capital IQ LEO LARKIN buy 38.00 15-Feb-1318-Mar-13 28.87 43.27 Morgan Stanley PARETOSH MISRA Equalwt/In-Line 20-Nov-1215-Mar-13 28.62 43.27 Investec PIETER MARAIS hold 48.28 18-Mar-1114-Mar-13 28.59 43.28Company Analysis - Analysts RatingsBuy and Sell Recommendations vs Price and Target Price79% 77% 77%71% 71% 68%63%52% 50% 52% 55% 55%21% 23% 23%26% 26% 29%34%45% 47% 45% 42% 42%0% 0% 0% 3% 3% 3% 3% 3% 3% 3% 3% 3%0%20%40%60%80%100%avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13BrokerRecommendation01020304050607080PriceBuy Hold Sell Price Target PriceBrokers Target Price0102030405060Sterne,Agee&LeachHSBCSalmanPartnersBarclaysDeutscheBankRBCCapitalMarketsCreditSuisseStifelDavenport&CoCormarkSecuritiesInc.JPMorganHaywoodSecuritiesInc.TDSecuritiesBMOCapitalMarketsCanaccordGenuityCorpMackieResearchCapitalCorp.CIBCWorldMarketsMacquarieGMPVeritasInvestmentResearchCoCowenSecuritiesLLCJefferiesScotiaCapitalEVADimensionsArgusResearchCorpHamburgerSparkasseS&PCapitalIQMorganStanleyInvestecQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 24.04.2013Barrick Gold CorpOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 1001.1 United States 62.11%Float 99.7% Canada 27.13%Short Interest (M) 6.4 Britain 3.51%Short Interest as % of Float 0.65% Germany 1.44%Days to Cover Shorts 0.84 Luxembourg 1.04%Institutional Ownership 80.49% Japan 0.86%Retail Ownership 19.25% Netherlands 0.84%Insider Ownership 0.26% Others 3.07%Institutional Ownership DistributionInvestment Advisor 90.86%Hedge Fund Manager 3.79%Insurance Company 1.66%Bank 1.54%Pricing data is in USD Others 2.16%Top 20 Owners:Holder Name Position Position Change Market Value % of Ownership Report Date Source CountryBLACKROCK 87777710 0 1544009919 8.77% 31.03.2013 ULT-AGG UNITED STATESCAPITAL GROUP COMPAN 58280637 -23472640 1025156405 5.82% 31.03.2013 ULT-AGG UNITED STATESVAN ECK ASSOCIATES C 33799228 -1012978 594528421 3.38% 23.04.2013 ULT-AGG UNITED STATESROYAL BANK OF CANADA 30078073 3795193 529073304 3.00% 31.12.2012 ULT-AGG CANADAFMR LLC 20600402 -3418885 362361071 2.06% 28.02.2013 ULT-AGG UNITED STATESCI INVESTMENTS INC 17663919 771337 310708335 1.76% 31.12.2012 MF-AGG CANADABMO FINANCIAL CORP 17095925 -4625429 300717321 1.71% 31.03.2013 13F UNITED STATESALLIANZ ASSET MANAGE 16861844 3198995 296599836 1.68% 31.03.2013 ULT-AGG GERMANYCIBC WORLD MARKETS I 14810763 38951 260521321 1.48% 31.12.2012 13F CANADABANK OF NEW YORK MEL 13797555 -4803846 242698992 1.38% 31.03.2013 13F UNITED STATESTORONTO DOMINION BAN 13586744 1359379 238990827 1.36% 31.12.2012 13F CANADATD ASSET MANAGEMENT 13422922 866236 236109198 1.34% 31.12.2012 13F CANADAINSTITUTIONAL CAPITA 12729638 -401738 223914332 1.27% 31.12.2012 13F UNITED STATESFRANKLIN RESOURCES 10867001 372180 191150548 1.09% 31.01.2013 ULT-AGG UNITED STATESWELLINGTON MANAGEMEN 10758391 353171 189240098 1.07% 31.12.2012 13F UNITED STATESIA CLARINGTON INVEST 10376354 -2442600 182520067 1.04% 31.12.2012 MF-AGG CANADACIBC GLOBAL ASSET MA 10027723 1562724 176387648 1.00% 31.12.2012 13F CANADAHARTFORD INVESTMENT 9553806 6763418 168051448 0.95% 28.02.2013 MF-AGG UNITED STATESMACKENZIE FINANCIAL 9250600 -491846 162718054 0.92% 31.12.2012 13F CANADAOLDFIELD PARTNERS LL 8964554 1678488 157686505 0.90% 31.03.2013 13F BRITAINTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceMUNK PETER 1990100 301600 35005859 0.20% 19.11.2012 SEDIDAVID BIRCH CHARLES WILLIA 285220 5017020 0.03% 01.08.2012 SEDIBECK HOWARD L 169144 2975243 0.02% 01.03.2013 ProxyREGENT AARON W 60000 35000 1055400 0.01% 28.02.2012 SEDISOKALSKY JAMIE C 52728 688 927486 0.01% 15.01.2013 SEDICompany Analysis - OwnershipOwnership Type81%19%0%Institutional Ownership Retail Ownership Insider OwnershipGeographic Ownership62%3%4%1%1%1% 1%27%United States Canada Britain GermanyLuxembourg Japan Netherlands OthersInstitutional Ownership90%2%2%2%4%Investment Advisor Hedge Fund Manager Insurance CompanyBank OthersTOP 20 ALLQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Barrick Gold CorpFinancial information is in USD (M)Periodicity: 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 1967 2035 1932 2350 5630 6332 7613 8136 11001 14236 14547 14143 15194 15344- Cost of Goods Sold 1590 1594 1499 1641 3476 4198 4663 4880 5162 6240 7654Gross Income 377 441 433 709 2154 2134 2950 3256 5839 7996 6893 8028 8953 8792- Selling, General & Admin Expenses 168 210 212 212 648 727 897 740 840 1088 1257(Research & Dev Costs) 104 137 119 188 242 85 0 0 0Operating Income 209 231 221 497 1506 1407 2053 2516 4999 6908 5636 5383 5962 5595- Interest Expense 57 44 19 7 126 113 21 57 180 199 177- Foreign Exchange Losses (Gains) 0 0 0 0 0 0 0 0 0 0 0- Net Non-Operating Losses (Gains) -25 -35 157 35 -176 -143 537 6176 -248 -115 6372Pretax Income 177 222 45 455 1556 1437 1495 -3717 5067 6824 -913 4931 5468 5089- Income Tax Expense -16 5 -203 60 348 341 594 648 1561 2287 -236Income Before XO Items 193 217 248 395 1208 1096 901 -4365 3506 4537 -677- Extraordinary Loss Net of Tax 0 17 0 -6 -297 -9 104 -97 -124 0 0- Minority Interests 0 0 0 0 -1 -14 12 6 48 53 -12Diluted EPS Before XO Items 0.36 0.40 0.46 0.73 1.42 1.27 1.01 (4.84) 3.47 4.48 (0.66)Net Income Adjusted* 235 162 87 296 1419 1786 1739 1810 3279 4670 3830 3283 3631 3425EPS Adjusted 0.42 0.40 0.46 0.56 1.67 2.04 1.59 2.00 3.32 4.67 3.82 3.40 3.68 3.60Dividends Per Share 0.22 0.22 0.22 0.22 0.22 0.30 0.40 0.40 0.44 0.51 0.75 0.80 0.81 0.79Payout Ratio % 61.7 54.4 47.6 29.9 15.8 23.5 39.3 12.6 11.4 0.24 0.22 0.22Total Shares Outstanding 542 535 534 538 864 870 873 984 999 1000 1001Diluted Shares Outstanding 541 539 534 538 855 879 885 903 997 1001 1001EBITDA 728 753 673 924 2241 2461 3010 3589 6211 8327 7358 7081 7838 8189*Net income excludes extraordinary gains and losses and one-time charges.Equivalent EstimatesCompany Analysis - Financials I/IVFiscal YearQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. Periodicity: 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 1352 1368 1959 1748 4796 4299 4112 4938 7071 6545 5863+ Cash & Near Cash Items 1044 970 1398 1037 3043 2207 1437 2564 3968 2745 2093+ Short Term Investments 30 0 0 0 0 0 0 0 0 0 0+ Accounts & Notes Receivable 72 56 58 54 234 256 197 251 370 426 449+ Inventories 206 164 215 402 931 1129 1278 1540 1798 2498 2695+ Other Current Assets 0 178 288 255 588 707 1200 583 935 876 626Total Long-Term Assets 3909 3990 4328 5114 16714 17652 20049 22137 27566 42339 41419+ Long Term Investments 0 0 0 0 646 1227 60 92 171 161 78Gross Fixed Assets 7045 7073 7778 8916 15309 16488 20170 22802 29417 42050 48988Accumulated Depreciation 3723 3945 4387 4770 6919 7903 8665 9677 11527 13071 20271+ Net Fixed Assets 3322 3128 3391 4146 8390 8585 11505 13125 17890 28979 28717+ Other Long Term Assets 587 862 937 968 7678 7840 8484 8920 9505 13199 12624Total Current Liabilities 483 364 420 560 1852 1296 1844 1773 2491 2911 4415+ Accounts Payable 164 245 335 386 686 808 953 1221 1511 2083 2265+ Short Term Borrowings 0 0 31 80 863 233 206 54 14 196 1848+ Other Short Term Liabilities 319 119 54 94 303 255 685 498 966 632 302Total Long Term Liabilities 1444 1500 2293 2452 5403 5317 6858 9755 10929 20419 18359+ Long Term Borrowings 761 719 1655 1721 3244 3153 4350 6281 6624 13173 12095+ Other Long Term Borrowings 683 781 638 731 2159 2164 2508 3474 4305 7246 6264Total Liabilities 1927 1864 2713 3012 7255 6613 8702 11528 13420 23330 22774+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0+ Minority Interest 0 0 0 0 56 82 182 484 1745 2191 2663+ Share Capital & APIC 4148 4115 4129 4222 13106 13273 13372 17390 17820 17892 17926+ Retained Earnings & Other Equity -814 -621 -555 -372 1093 1983 1905 -2327 1652 5471 3919Total Shareholders Equity 3334 3494 3574 3850 14255 15338 15459 15547 21217 25554 24508Total Liabilities & Equity 5261 5358 6287 6862 21510 21951 24161 27075 34637 48884 47282Book Value Per Share 6.15 6.53 6.70 7.16 16.43 17.54 17.50 15.30 19.50 23.35 21.82 23.82 26.15 29.00Tangible Book Value Per Share 9.57 10.74 11.37 9.96 12.92 13.16 12.54Company Analysis - Financials II/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. Periodicity: 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 193 200 248 401 1506 1119 785 -4274 3582 4484 -665 3328 3775 3709+ Depreciation & Amortization 519 522 452 427 735 1054 957 1073 1212 1419 1722+ Other Non-Cash Adjustments -182 -101 -75 -19 -131 -168 882 1251 172 120 4998+ Changes in Non-Cash Capital 59 -102 -116 -83 41 -252 -370 -372 -381 -708 -616Cash From Operating Activities 589 519 509 726 2151 1753 2254 -2322 4585 5315 5439+ Disposal of Fixed Assets 0 40 43 8 8 100 185 10 61 48 18+ Capital Expenditures -228 -322 -824 -1104 -1087 -1046 -1749 -2351 -3778 -4973 -6369 -5935 -4128 -2524+ Increase in Investments 0 0 0 0 -245 0 0 0 0 0 0+ Decrease in Investments 0 0 0 0 46 0 0 0 0 0 0+ Other Investing Activities 170 -52 -40 -84 2473 -616 -2356 -74 -913 -7902 -170Cash From Investing Activities -58 -334 -821 -1180 1195 -1562 -3920 -2415 -4630 -12827 -6521+ Dividends Paid -119 -118 -118 -118 -191 -261 -349 -369 -436 -509 -750+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 0+ Increase in Long Term Borrowings 0 0 973 179 2189 408 2717 2154 782 6648 2000+ Decrease in Long Term Borrowings -25 -23 -41 -59 -1581 -1128 -1603 -397 -149 -380 -1462+ Increase in Capital Stocks 83 29 49 92 74 142 74 3950 1011 57 18+ Decrease in Capital Stocks 0 -154 -95 0 0 0 0 0 0 0 0+ Other Financing Activities 0 7 -28 -1 -1831 -188 57 526 241 473 624Cash From Financing Activities -61 -259 740 93 -1340 -1027 896 5864 1449 6289 430Net Changes in Cash 470 -74 428 -361 2006 -836 -770 1127 1404 -1223 -652Free Cash Flow (CFO-CAPEX) 361 197 -315 -378 1064 707 505 -4673 807 342 -930 -941 1348 3437Free Cash Flow To Firm 240 -372 1162 793 518 932 474Free Cash Flow To Equity 336 214 660 -250 1680 87 1804 -2906 1501 6658 -374Free Cash Flow per Share 0.67 0.37 -0.59 -0.71 1.26 0.82 0.58 -5.17 0.82 0.34 -0.93Company Analysis - Financials III/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. Periodicity: 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 RatiosPrice Earnings 41.8x 102.8x 150.8x 50.7x 22.0x 33.2x 20.2x 16.6x 15.6x 9.8x 9.4x 5.2x 4.8x 4.9xEV to EBIT 38.6x 51.3x 59.6x 31.7x 18.4x 27.0x 17.2x 17.0x 11.6x 8.4x 8.8xEV to EBITDA 11.1x 15.7x 19.6x 17.1x 12.4x 15.4x 11.7x 12.0x 9.3x 7.0x 6.7x 4.5x 4.1x 3.9xPrice to Sales 4.2x 6.0x 6.7x 6.4x 4.6x 5.8x 4.2x 4.4x 4.8x 3.2x 2.4x 1.2x 1.2x 1.1xPrice to Book 2.5x 3.5x 3.6x 3.9x 1.9x 2.4x 2.1x 2.6x 2.7x 1.9x 1.6x 0.7x 0.7x 0.6xDividend Yield 1.4% 1.0% 0.9% 0.8% 0.7% 0.7% 1.1% 1.0% 0.8% 1.1% 2.1% 4.6% 4.6% 4.5%Profitability RatiosGross Margin 19.2% 21.7% 22.4% 30.2% 38.3% 33.7% 38.7% 40.0% 53.1% 56.2% 47.4% 56.8% 58.9% 57.3%EBITDA Margin 37.0% 37.0% 34.8% 39.3% 39.8% 38.9% 39.5% 44.1% 56.5% 58.5% 50.6% 50.1% 51.6% 53.4%Operating Margin 10.6% 11.4% 11.4% 21.1% 26.7% 22.2% 27.0% 30.9% 45.4% 48.5% 38.7% 38.1% 39.2% 36.5%Profit Margin 9.8% 9.8% 12.8% 17.1% 26.7% 17.7% 10.3% -52.5% 32.6% 31.5% -4.6% 23.2% 23.9% 22.3%Return on Assets 3.7% 3.8% 4.3% 6.1% 10.6% 5.1% 3.4% -16.7% 11.6% 10.7% -1.4% 7.5% 8.2% 7.6%Return on Equity 5.9% 5.9% 7.0% 10.8% 16.7% 7.6% 5.1% -28.2% 20.7% 20.9% -2.9% 14.7% 13.6% 12.5%Leverage & Coverage RatiosCurrent Ratio 2.80 3.76 4.66 3.12 2.59 3.32 2.23 2.79 2.84 2.25 1.33Quick Ratio 2.37 2.82 3.47 1.95 1.77 1.90 0.89 1.59 1.74 1.09 0.58Interest Coverage Ratio (EBIT/I) 3.67 5.25 3.68 3.98 6.61 5.94 8.45 7.72 10.75 11.38 7.58Tot Debt/Capital 0.19 0.17 0.32 0.32 0.22 0.18 0.23 0.29 0.24 0.34 0.36Tot Debt/Equity 0.23 0.21 0.47 0.47 0.29 0.22 0.29 0.41 0.31 0.52 0.57OthersAsset Turnover 0.38 0.38 0.33 0.36 0.40 0.29 0.33 0.32 0.36 0.34 0.30Accounts Receivable Turnover 30.26 31.80 33.89 41.96 39.10 25.84 33.61 36.32 35.43 35.77 33.25Accounts Payable Turnover 4.59 7.59 5.34 5.07 7.47 5.88 5.47 4.73 3.97 3.86 3.61Inventory Turnover 7.41 8.62 7.91 5.32 5.22 4.08 3.87 3.46 3.09 2.91 2.95Effective Tax Rate 2.3% 13.2% 22.4% 23.7% 39.7% 30.8% 33.5%Company Analysis - Financials IV/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. BARRICK GOLDCRPNEWMONTMININGGOLDCORP INC KINROSS GOLDANGLOGOLDASHANTTECK RESOURCES-BIAMGOLD CORPFREEPORT-MCMORANBHP BILLITON LTD VALE SA-PF RIO TINTO LTDAGNICO-EAGLEMINBRIGUS GOLDCORPDRDGOLD LTDHARMONY GOLDMNG12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 06/2012 12/2012 12/2012 12/2012 12/2012 06/2012 06/201243.30 57.93 46.31 10.98 31979.00 39.90 16.45 43.65 39.34 43.09 72.30 57.00 1.06 755.00 8951.0006.06.2012 21.09.2012 21.09.2012 04.10.2012 04.06.2012 10.01.2013 05.10.2012 14.09.2012 20.02.2013 02.01.2013 14.02.2013 31.10.2012 21.09.2012 12.02.2013 06.06.201217.51 31.77 27.74 5.11 16133.00 24.10 4.72 27.24 30.09 29.68 48.37 31.55 0.55 449.00 4201.0017.04.2013 23.04.2013 15.04.2013 17.04.2013 18.04.2013 23.04.2013 18.04.2013 18.04.2013 12.07.2012 17.04.2013 30.08.2012 18.04.2013 17.04.2013 31.08.2012 18.04.20133915086 10160819 4271089 8162503 1494238 9034012 5331897 19287262 16783219 25425100 6203716 1115004 357616 220282 99415117.59 32.43 28.44 5.55 16769.00 25.60 5.09 28.52 31.70 31.87 54.68 32.83 0.61 611.00 4296.00-59.4% -44.0% -38.6% -49.5% -47.6% -35.8% -69.1% -34.7% -19.4% -26.0% -24.4% -42.4% -42.5% -19.1% -52.0%0.5% 2.1% 2.5% 8.6% 3.9% 6.2% 7.8% 4.7% 5.4% 7.4% 13.0% 4.1% 10.9% 36.1% 2.3%1001.1 496.7 811.5 1140.1 384.9 582.3 376.5 949.0 5297.6 5153.4 1847.0 172.1 231.4 385.4 431.617610 16155 23086 6335 64610 14926 1917 27081 158638 175975 86882 5663 141 2355 1869913943.0 6298.0 783.0 2632.6 30376.0 7195.0 641.4 3527.0 28330.0 61855.9 26819.0 843.0 93.2 30.7 1844.0- - - - - - - - - - - - - - -2663.0 3175.0 213.0 75.5 186.5 176.0 76.7 3768.0 1215.0 3245.0 11156.0 - - 136.7 -2093.0 1647.0 918.0 1982.7 7562.2 3267.0 813.5 3705.0 4781.0 11918.2 7320.0 351.3 29.8 298.5 1773.032123 23981 22586 6901 87610 19514 1773 31487 194666 229158 119939 6013 201 2397 18561LFY 14547.0 9868.0 5435.0 4311.4 52160.3 10343.0 1670.0 18010.0 72226.0 93511.5 50967.0 1917.7 117.7 1764.2 15169.0LTM 14340.0 9868.0 5435.0 4311.4 52152.1 10126.0 1670.0 17988.0 66950.0 93511.5 50967.0 1917.7 117.7 1959.2 16047.0CY+1 14142.9 9805.7 5611.5 4181.4 63271.7 9828.8 1649.1 21856.1 67569.0 97241.9 55585.9 1819.7 156.5 2178.3 17078.8CY+2 15194.3 11369.3 6971.6 4446.4 73396.4 10752.2 1820.9 23601.6 73914.3 101462.8 61445.4 2105.1 168.0 2479.2 20966.1LFY 3.4x 3.1x 5.5x 2.7x 2.4x 2.1x 2.5x 2.0x 3.3x 2.9x 3.1x 5.0x 2.4x 1.5x 2.1xLTM 3.4x 3.1x 5.5x 2.7x 2.3x 2.1x 2.5x 2.0x 3.5x 2.9x 3.1x 5.0x 2.4x 1.3x 2.0xCY+1 2.3x 2.5x 4.2x 1.7x 1.4x 2.0x 1.3x 1.8x 2.9x 2.4x 2.2x 3.4x - 1.0x 1.1xCY+2 2.1x 2.1x 3.3x 1.7x 1.1x 1.8x 1.4x 1.6x 2.6x 2.3x 1.9x 2.9x - 0.7x 0.9xLFY 7358.0 4169.0 2798.0 1962.2 19105.5 3736.0 710.1 6934.0 33421.0 34366.5 15486.0 787.4 48.5 370.8 4222.0LTM 7358.0 4169.0 2798.0 1962.2 19105.5 3508.0 710.1 6617.0 27133.0 34366.5 15486.0 791.4 48.5 399.7 3562.0CY+1 7080.5 4001.6 2881.3 1822.8 25535.3 3245.5 670.4 9267.7 28726.6 44120.2 21006.8 753.2 82.7 547.3 4778.0CY+2 7838.1 4996.2 3967.6 2151.9 31172.8 3945.0 780.4 10831.8 33552.1 44434.4 23251.3 954.9 100.2 762.7 6956.0LFY 6.7x 7.4x 10.7x 6.0x 6.5x 5.7x 5.9x 5.2x 7.1x 7.9x 10.2x 12.1x 5.7x 7.0x 7.6xLTM 6.7x 7.4x 10.7x 6.0x 6.3x 6.0x 5.9x 5.4x 8.7x 7.9x 10.2x 12.0x 5.7x 6.5x 9.0xCY+1 4.7x 6.1x 8.2x 4.0x 3.4x 6.1x 3.3x 4.2x 6.7x 5.2x 5.7x 8.2x - 3.8x 3.8xCY+2 4.2x 4.8x 5.8x 3.4x 2.6x 5.0x 3.3x 3.5x 5.7x 5.3x 5.0x 6.5x - 2.4x 2.7xLFY 3.74 3.78 1.99 0.77 21.85 2.59 0.89 3.27 3.61 4.30 4.06 1.89 0.07 0.49 4.62LTM 3.30 3.77 1.89 0.77 24.22 2.33 0.93 2.95 1.83 1.88 -1.63 2.08 0.07 0.79 4.95CY+1 3.40 3.17 1.62 0.49 24.30 2.14 0.56 3.70 2.53 4.56 5.72 1.34 0.13 0.82 4.77CY+2 3.68 3.98 2.29 0.64 29.46 2.79 0.69 4.22 3.05 4.39 6.62 1.83 0.16 0.93 7.08LFY 5.3x 8.6x 14.6x 7.0x 6.9x 11.0x 5.3x 9.7x 17.9x 16.9x - 15.4x 8.5x 7.7x 8.7xLTM 5.3x 8.6x 14.6x 7.0x 6.8x 11.0x 5.3x 9.7x 11.7x 7.5x - 15.4x 8.5x 8.0x 10.8xCY+1 5.2x 10.2x 17.1x 11.0x 6.9x 12.0x 8.9x 7.7x 12.9x 7.0x 9.8x 23.8x 4.6x 7.5x 9.0xCY+2 4.8x 8.1x 12.1x 8.5x 5.7x 9.2x 7.2x 6.8x 10.7x 7.3x 8.5x 17.5x 3.8x 6.5x 6.1x1 Year 2.2% (4.7%) 1.4% 12.2% (4.1%) (10.2%) (0.2%) (13.7%) 0.7% (8.3%) (15.8%) 5.3% 63.8% 27.9% 30.8%5 Year 13.6% 16.7% 19.3% 34.9% 24.6% 9.2% 21.9% 4.9% 6.8% 25.1% 11.2% 54.5% - 7.9% 19.2%1 Year (11.6%) (19.2%) 19.8% 1.9% (17.8%) (30.4%) (9.5%) (31.8%) (12.1%) (39.8%) (41.1%) 4.6% 239.9% 64.2% 79.4%5 Year 24.5% 19.4% 21.0% 40.7% 86.6% 5.7% 30.2% (2.4%) 8.0% 2.8% 8.1% 31.6% 60.5% 12.9% 16.7%LTM 50.6% 42.2% 51.5% 45.5% 36.6% 34.6% 42.5% 36.8% 40.5% 36.8% 30.4% 41.3% 41.2% 20.4% 22.2%CY+1 50.1% 40.8% 51.3% 43.6% 40.4% 33.0% 40.7% 42.4% 42.5% 45.4% 37.8% 41.4% 52.8% 25.1% 28.0%CY+2 51.6% 43.9% 56.9% 48.4% 42.5% 36.7% 42.9% 45.9% 45.4% 43.8% 37.8% 45.4% 59.6% 30.8% 33.2%Total Debt / Equity % 63.8% 45.7% 3.4% 26.7% 65.8% 40.4% 17.2% 20.1% 43.0% 40.6% 57.2% 24.7% 40.1% 2.0% 5.4%Total Debt / Capital % 36.3% 27.1% 3.3% 21.0% 39.6% 28.6% 14.4% 14.2% 29.7% 28.4% 31.6% 19.8% 28.6% 1.8% 5.1%Total Debt / EBITDA 1.895x 1.511x 0.280x 1.342x 1.540x 2.094x 0.903x 1.525x 1.308x 1.800x 1.732x 1.065x 1.922x 0.421x 0.666xNet Debt / EBITDA 1.610x 1.116x -0.048x 0.331x 1.156x 1.253x -0.242x 0.075x 1.120x 1.453x 1.259x 0.621x 1.307x -0.575x -0.039xEBITDA / Int. Expense 9.890x 11.711x 93.267x 13.838x 10.074x 6.026x 38.384x 25.970x 44.266x 14.114x 14.848x 13.603x 5.338x 23.648x 14.264xS&P LT Credit Rating BBB+ BBB+ BBB+ BBB- BBB- BBB BB- BBB A+ A- A- NR - - -S&P LT Credit Rating Date 30.07.2012 11.08.2008 01.06.2009 15.08.2011 10.12.2012 16.04.2010 10.09.2012 29.07.2011 15.11.2010 23.11.2011 18.04.2011 12.03.2003 - - -Moodys LT Credit Rating Baa1 *- Baa1 Baa2 Baa3 - Baa2 - Baa3 (P)A1 Baa2 - WR - - -Moodys LT Credit Rating Date 17.04.2013 26.07.2010 13.03.2013 15.08.2011 - 17.11.2010 - 13.10.2010 15.11.2010 29.08.2008 - 05.03.2002 - - -52-Week High Date52-Week LowLatest Fiscal Year:52-Week HighTotal DebtMarket CapitalizationDaily Volume52-Week Low % ChangeCurrent Price (4/dd/yy)52-Week High % ChangeCash and EquivalentsEBITDAEV/EBITDAEnterprise ValueValuationPreferred Stock52-Week Low DateMinority InterestTotal Common Shares (M)P/ERevenue GrowthTotal RevenueEV/Total RevenueEPSEBITDA GrowthEBITDA MarginCredit RatingsLeverage/Coverage RatiosCompany Analysis - Peers ComparisionQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

×