24.04.2013                                                                                                Company Analysis...
Company Analysis - Analysts RatingsElectricite de France SATarget price in EURBroker Recommendation                       ...
24.04.2013Electricite de France SA                                                                             Company Ana...
Company Analysis - Financials I/IVElectricite de France SAFinancial information is in EUR (M)                             ...
Company Analysis - Financials II/IVPeriodicity:                            12/02     12/03     12/04       12/05        12...
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                                                                                      ...
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Financial Analysis - EDF SA (Electricite de France) produces, transmits, distributes, imports and exports electricity. The Company, using nuclear power, coal and gas, provides electricity for French energy consumer

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Financial Analysis - EDF SA (Electricite de France) produces, transmits, distributes, imports and exports electricity. The Company, using nuclear power, coal and gas, provides electricity for French energy consumer

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Financial Analysis - EDF SA (Electricite de France) produces, transmits, distributes, imports and exports electricity. The Company, using nuclear power, coal and gas, provides electricity for French energy consumer

  1. 1. 24.04.2013 Company Analysis - OverviewTicker: EDF FP Electricite de France SA Benchmark: EDF SA (Electricite de France) produces, transmits, distributes, imports and exportsCurrency: EN Paris: EDF, Currency: EUR CAC 40 INDEX (CAC) electricity. The Company, using nuclear power, coal and gas, provides electricity for French energy consumers.Sector: Utilities Industry: Electric Utilities Year:Telephone 33-1-40-42-22-22 Revenue (M) 72729 Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)Website www.edf.fr No of Employees 154730 Generation Supply 54594 France 39120Address 22-30 Avenue de Wagram Paris Cedex 08, 75382 France Distribution 14625 Italy 10098Share Price Performance in EUR Other 4073 United Kingdom 9739Price 16.24 1M Return 6.9% Eliminations -563 Other International 797652 Week High 17.19 6M Return 1.1% Transmission Other Activities 579652 Week Low 12.86 52 Wk Return 13.7% Integrated Utilities Germany52 Wk Beta 0.82 YTD Return 16.2%Credit RatingsBloomberg IG10 6% 1% 8%S&P A+ Date 17.01.2012 Outlook STABLEMoodys Aa3 Date 14.01.2009 Outlook NEG 11%Fitch A+ Date 07.01.2009 Outlook STABLE 20%Valuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 13%P/E 21.1x 89.1x 11.1x 7.8x 9.3x 8.5x 7.9x 54%EV/EBIT 13.3x 15.1x 9.2x 9.7x - - -EV/EBITDA 7.7x 6.0x 5.1x 5.1x 4.8x 4.6x 4.3xP/S 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.4xP/B 2.6x 1.8x 1.2x 1.0x 0.9x 0.9x 0.9x 73% 14%Div Yield 2.8% 3.7% 6.1% 8.2% 7.2% 7.2% 7.4%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin - - - - 20.7 21.7 - France Generation Supply DistributionEBITDA Margin 27.2 24.0 21.6 19.7 21.8 22.3 22.7 ItalyOperating Margin 15.7 9.6 12.0 10.3 11.9 12.4 12.6Profit Margin 6.6 1.6 4.8 4.6 4.5 4.8 5.1 United KingdomReturn on Assets 1.8 0.4 1.3 1.4 2.7 2.7 1.9 Other Eliminations Other InternationalReturn on Equity 14.7 3.3 10.5 12.2 10.6 10.5 10.6 Other ActivitiesLeverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio 1.1 1.3 1.3 1.2 Current Capitalization in EURQuick Ratio 0.7 0.8 0.8 0.8 Common Shares Outstanding (M) 1846.7EBIT/Interest 3.4 2.3 3.4 3.1 Market Capitalization (M) 30025.6Tot Debt/Capital 0.6 0.6 0.6 0.7 Cash and ST Investments (M) #N/A N/ATot Debt/Equity 1.8 1.4 1.7 2.1 Total Debt (M) #N/A N/AEff Tax Rate % 27.5 55.4 28.3 30.8 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 |
  2. 2. Company Analysis - Analysts RatingsElectricite de France SATarget price in EURBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 30 35 100% 4% 4% 4% 8% 17% 30 22% 24% 25% 30% 33% 33% 25 80% 41% 25 50% 50% 48% 46% 20 20 42% 35% 60% 38% 15 45% 15 50% 42% 38% 10 40% 36% 10 5 48% 0 46% 46% 46% 42% 43% Day by Day Bryan Garnier & Cie Morgan Stanley 20% Barclays Main First Bank AG Kepler Capital Markets Raymond James S&P Capital IQ Natixis Exane BNP Paribas Credit Suisse JPMorgan Macquarie Societe Generale HSBC DZ Bank AG EVA Dimensions AlphaValue Berenberg Bank Goldman Sachs Deutsche Bank Landesbank Baden- 38% 5 30% 29% Wuerttemberg 23% 25% 20% 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 29% 38% 33% 24-Apr-13 16.24 15.90 Exane BNP Paribas BENJAMIN LEYRE outperform 20.00 24-Apr-13 28-Feb-13 25% 42% 33% 23-Apr-13 16.28 15.90 Morgan Stanley EMMANUEL TURPIN Overwt/In-Line 19.00 23-Apr-13 31-Jan-13 23% 36% 41% 22-Apr-13 15.90 15.90 Bryan Garnier & Cie JULIEN DESMARETZ sell 12.00 22-Apr-13 31-Dec-12 30% 45% 25% 19-Apr-13 15.77 15.90 Deutsche Bank MARTIN BROUGH sell 12.50 19-Apr-13 30-Nov-12 20% 50% 30% 18-Apr-13 15.54 16.25 Credit Suisse MICHEL DEBS underperform 12.00 18-Apr-13 31-Oct-12 38% 38% 24% 17-Apr-13 15.57 16.56 AlphaValue MYRIAM COHEN add 16.80 18-Apr-13 28-Sep-12 43% 35% 22% 16-Apr-13 15.76 16.54 Goldman Sachs ANDREW MEAD Buy/Neutral 19.60 17-Apr-13 31-Aug-12 42% 42% 17% 15-Apr-13 16.17 16.54 Raymond James EMMANUEL RETIF underperform 12.90 17-Apr-13 31-Jul-12 46% 46% 8% 12-Apr-13 16.16 16.31 Societe Generale VINCENT AYRAL buy 20.00 12-Apr-13 29-Jun-12 48% 48% 4% 11-Apr-13 16.33 16.04 Day by Day VALERIE GASTALDY buy 18.25 10-Apr-13 31-May-12 46% 50% 4% 10-Apr-13 16.37 16.04 HSBC ADAM DICKENS neutral 17.00 5-Apr-13 30-Apr-12 46% 50% 4% 9-Apr-13 15.78 16.04 JPMorgan VINCENT DE BLIC overweight 20.00 4-Apr-13 8-Apr-13 15.54 16.04 Macquarie SHAI HILL outperform 19.00 21-Mar-13 5-Apr-13 15.57 15.83 EVA Dimensions AUSTIN BURKETT hold 25-Feb-13 4-Apr-13 15.59 15.77 S&P Capital IQ CLIVE ROBERTS hold 15.00 21-Feb-13 3-Apr-13 15.29 15.77 Natixis PHILIPPE OURPATIAN neutral 16.20 15-Feb-13 2-Apr-13 15.42 15.95 Barclays JULIE ARAV underweight 13.00 15-Feb-13 1-Apr-13 14.96 15.95 Berenberg Bank TEAM COVERAGE hold 14.60 5-Feb-13 29-Mar-13 14.96 15.95 Main First Bank AG ANDREAS THIELEN underperform 15.50 29-Jan-13 28-Mar-13 14.96 15.95 Kepler Capital Markets INGO BECKER reduce 13.00 14-Jan-13 27-Mar-13 15.07 15.95 Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 16.50 3-Dec-12 26-Mar-13 15.31 15.95 DZ Bank AG HASIM SENGUEL buy 33.00 15-Nov-11 25-Mar-13 14.95 15.95 22-Mar-13 15.20 16.17 21-Mar-13 15.22 16.17 20-Mar-13 14.95 16.23 19-Mar-13 14.73 16.23 18-Mar-13 14.73 16.23 15-Mar-13 14.65 16.23 14-Mar-13 14.88 16.23 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 24.04.2013Electricite de France SA Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 0%Shares Outstanding (M) 1846.7 13% France 98.28% 0% 0% 0% 0%Float 15.5% United States 1.03% 1% 0%Short Interest (M) Luxembourg 0.23%Short Interest as % of Float Britain 0.09%Days to Cover Shorts Ireland 0.08%Institutional Ownership 86.56% Spain 0.06%Retail Ownership 13.44% Germany 0.04%Insider Ownership 0.00% Others 0.19% Institutional Ownership Distribution 87% 99% Government 97.62% Investment Advisor 2.37% Insurance Company 0.01% Institutional Ownership Retail Ownership Insider Ownership Individual 0.00% France United States Luxembourg BritainPricing data is in EUR Others 0.00% Ireland Spain Germany OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryFRENCH STATE 1561222705 0 25354256729 84.44% 31.12.2011 Co File FRANCE 0% 0% 0%THORNBURG INVESTMENT 3709100 -650900 60235784 0.20% 28.02.2013 MF-AGG UNITED STATES 2%NATIXIS ASSET MANAGE 3302225 -33501 53628134 0.18% 28.03.2013 MF-AGG FRANCEALLIANCE BERNSTEIN 2489471 1033639 40429009 0.13% 28.02.2013 ULT-AGG UNITED STATESVANGUARD GROUP INC 2448957 61552 39771062 0.13% 31.03.2013 MF-AGG UNITED STATESBLACKROCK 2285754 -4180 37120645 0.12% 22.04.2013 ULT-AGG UNITED STATESING INTERNATIONAL AD 1950132 227402 31670144 0.11% 31.12.2012 MF-AGG LUXEMBOURGNUVEEN ASSET MANAGEM 1830103 -118251 29720873 0.10% 31.03.2013 MF-AGG UNITED STATESAVIVA PLC 1574700 0 25573128 0.09% 28.03.2013 MF-AGG BRITAINELECTRICITE DE FRANC 1175594 0 19091647 0.06% 31.12.2011 Co File FRANCE 98%JP MORGAN 972086 116930 15786677 0.05% 28.02.2013 ULT-AGGAMUNDI 889716 -15345 14448988 0.05% 30.11.2012 MF-AGG FRANCEAMUNDI 828591 0 13456318 0.04% 30.11.2012 MF-AGG FRANCE Government Investment Advisor Insurance CompanySTATE STREET 807076 -13911 13106914 0.04% 23.04.2013 ULT-AGG UNITED STATES Individual OthersBANK OF NEW YORK MEL 668765 0 10860744 0.04% 23.04.2013 MF-AGG UNITED STATESFMR LLC 662193 59201 10754014 0.04% 28.02.2013 ULT-AGG UNITED STATESSANFORD C BERNSTEIN 656530 0 10662047 0.04% 30.11.2012 MF-AGG UNITED STATESAGICAM 644691 0 10469782 0.03% 28.02.2013 MF-AGG FRANCEROTHSCHILD & COMPAGN 640000 0 10393600 0.03% 31.01.2013 MF-AGG FRANCETAUBE HODSON STONEX 610970 0 9922153 0.03% 31.01.2013 MF-AGG BRITAINTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceGRILLAT ALEXANDRE 328 5327 0.00% 31.12.2011 Co FileCROUZET PHILIPPE 200 3248 0.00% 31.12.2011 Co FileJAY MICHAEL 200 3248 0.00% 31.12.2011 Co FileLAFONT BRUNO 150 2436 0.00% 31.12.2011 Co FileFAUGERE MIREILLE 106 1721 0.00% 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/IVElectricite de France SAFinancial information is in EUR (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 48359 44919 46788 51047 58932 59637 63847 59140 65320 65307 72729 73496 75671 78233 - Cost of Goods SoldGross Income 15214 16421 - Selling, General & Admin Expenses 43893 38930 38403 43054 49576 49646 55937 49834 59080 57495 65236 (Research & Dev Costs) 402 389 375 421 438 486 518 527Operating Income 4466 5989 8385 7993 9356 9991 7910 9306 6240 7812 7493 8765 9398 9837 - Interest Expense 1986 1508 1568 1556 1655 1660 1684 2529 2528 2017 2018 - Foreign Exchange Losses (Gains) 96 -24 59 -175 -36 72 66 9 -63 15 -2 - Net Non-Operating Losses (Gains) 983 2003 5075 1844 819 634 933 1562 1827 1057 334Pretax Income 1401 2502 1683 4768 6918 7625 5227 5206 1948 4723 5143 4981 5459 5760 - Income Tax Expense 986 1567 1072 1445 1146 1841 1599 1432 1079 1336 1586Income Before XO Items 415 935 611 3323 5772 5784 3628 3774 869 3387 3557 - Extraordinary Loss Net of Tax 0 0 0 -5 -9 0 -311 -380 0 0 - Minority Interests -66 78 -13 93 172 175 144 183 229 239 241Diluted EPS Before XO Items 0.53 0.38 1.96 3.07 3.08 1.91 1.97 0.34 1.70 1.80Net Income Adjusted* 481 857 1341 3242 4227 4718 4308 3905 3925 3520 4216 3330 3649 3951EPS Adjusted 0.00 0.00 0.38 1.97 2.33 2.59 2.37 2.14 2.12 1.91 2.29 1.75 1.91 2.06Dividends Per Share 0.00 0.79 1.16 1.28 1.28 1.15 1.15 1.15 1.15 1.16 1.17 1.20 Payout Ratio % 0.0 0.0 44.6 37.7 41.6 66.8 59.2 331.6 67.5 64.1 0.67 0.61 0.58Total Shares Outstanding 1626 1626 1822 1822 1822 1819 1849 1848 1848 1847Diluted Shares Outstanding 1626 1626 1648 1822 1822 1823 1824 1848 1847 1847EBITDA 9881 12523 13227 13010 14719 15619 13624 16102 15688 14097 14342 15997 16909 17756*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 30765 31909 35784 47612 48262 51577 59154 60214 63670 67980 68085 + Cash & Near Cash Items 1172 2523 3820 7220 3308 6035 5869 6982 4829 5743 5874 + Short Term Investments 2511 11966 17010 14876 12450 16788 16980 16433 + Accounts & Notes Receivable 12368 14394 13733 16107 15716 16100 19144 19633 19524 20908 22497 + Inventories 8102 6924 6678 6695 7431 8678 9290 12662 12685 13581 14213 + Other Current Assets 6612 8068 11553 5624 4797 5888 24851 8487 9844 10768 9068Total Long-Term Assets 114074 114991 115675 123524 130824 134572 141338 179821 176889 163982 182033 + Long Term Investments 8569 7315 8118 9012 13094 15805 18103 24498 24921 24260 30471 Gross Fixed Assets 180818 179049 181351 188655 193422 198301 204620 231582 199645 208464 222167 Accumulated Depreciation 85396 80037 83706 86988 89541 93360 97045 103540 92445 96496 99925 + Net Fixed Assets 95422 99012 97645 101667 103881 104941 107575 128042 107200 111968 122242 + Other Long Term Assets 10083 8664 9912 12845 13849 13826 15660 27281 44768 27754 29320Total Current Liabilities 33583 35356 37278 39932 44922 48692 58217 57177 49651 51409 58368 + Accounts Payable 6353 8164 6663 8872 9457 9867 13957 13348 12805 13681 14643 + Short Term Borrowings 8146 9890 9759 11933 15110 16918 18958 16560 12766 12789 17521 + Other Short Term Liabilities 19084 17302 20856 19127 20355 21907 25302 27269 24080 24939 26204Total Long Term Liabilities 96387 91705 104212 110930 109365 108661 117277 148191 154005 147881 161038 + Long Term Borrowings 21366 19714 20636 23511 19983 17607 25584 44755 40646 42688 46980 + Other Long Term Borrowings 75021 71991 83576 87419 89382 91054 91693 103436 113359 105193 114058Total Liabilities 129970 127061 141490 150862 154287 157353 175494 205368 203656 199290 219406 + Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0 + Minority Interest 986 915 897 961 1490 1586 1801 4776 5586 4189 4854 + Share Capital & APIC 8154 8129 8129 911 911 911 911 924 924 924 924 + Retained Earnings & Other Equity 5729 10795 943 18402 22398 26299 22286 28967 30393 27559 24934Total Shareholders Equity 14869 19839 9969 20274 24799 28796 24998 34667 36903 32672 30712Total Liabilities & Equity 144839 146900 151459 171136 179086 186149 200492 240035 240559 231962 250118Book Value Per Share 11.64 5.58 10.60 12.79 14.93 12.75 16.17 16.94 15.42 14.00 17.17 17.73 18.45 Tangible Book Value Per Share 7.63 1.48 5.62 7.73 9.62 7.31 5.83 7.94 6.57 4.24 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 481 857 624 3230 5605 5618 3484 3902 1020 3148 3316 3322 3622 3890 + Depreciation & Amortization 5415 6534 4842 5017 5363 5628 5714 6796 9448 6285 6849 + Other Non-Cash Adjustments 2753 -712 2056 -1179 173 -755 -1415 1983 977 849 2149 + Changes in Non-Cash Capital 470 17 473 1371 654 -269 -211 -1468 -335 -1785 -2390Cash From Operating Activities 9119 6696 7995 8439 11795 10222 7572 11213 11110 8497 9924 + Disposal of Fixed Assets 1683 1778 383 392 272 229 214 201 188 497 748 + Capital Expenditures -7486 -4963 -4940 -5168 -5935 -7490 -9703 -11777 -12241 -11134 -13386 -12750 -12803 -13035 + Increase in Investments 0 -1413 -2894 -8797 -6895 -6272 -1792 + Decrease in Investments 0 0 761 1580 462 222 + Other Investing Activities -4080 -557 -97 -2951 691 253 -281 -14120 3398 3624 20Cash From Investing Activities -9883 -5155 -3893 -10621 -13769 -5428 -16665 -25234 -14927 -6791 -14410 + Dividends Paid -378 -208 -321 -374 -1439 -3170 -2438 -1228 -2163 -2122 -2125 + Change in Short Term Borrowings 0 0 + Increase in Long Term Borrowings 6250 8236 3865 2810 3686 7059 15717 29272 8642 5846 12431 + Decrease in Long Term Borrowings -3893 -9287 -7230 -3247 -4254 -6357 -4882 -15244 -4652 -4071 -4869 + Increase in Capital Stocks 0 33 43 6377 24 178 249 12 + Decrease in Capital Stocks 0 0 -6 -180 -10 -14 -15 + Other Financing Activities 178 122 162 686 45 229 461 2549 488 -1176 -809Cash From Financing Activities 2157 -1104 -3481 6252 -1938 -2067 8927 15361 2305 -1537 4613Net Changes in Cash 1393 437 621 4070 -3912 2727 -166 1340 -1512 169 127Free Cash Flow (CFO-CAPEX) 1633 1733 3055 3271 5860 2732 -2131 -564 -1131 -2637 -3462 -1683 -792 -653Free Cash Flow To Firm 2221 2297 3624 4355 7241 3991 -962 1269 -3 -1191 -2066Free Cash Flow To Equity 5673 2460 73 3226 5564 3663 8918 13665 3047 -365 4848Free Cash Flow per Share 1.07 1.88 1.98 3.22 1.50 -1.17 -0.31 -0.61 -1.43 -1.87 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 16.3x 17.9x 26.5x 21.7x 21.1x 89.1x 11.1x 7.8x 9.3x 8.5x 7.9x EV to EBIT 9.4x 12.5x 16.4x 14.7x 13.3x 15.1x 9.2x 9.7x EV to EBITDA 5.8x 7.9x 10.5x 8.5x 7.7x 6.0x 5.1x 5.1x 4.8x 4.6x 4.3x Price to Sales 1.0x 1.7x 2.5x 1.2x 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.4x Price to Book 3.0x 4.3x 5.5x 3.3x 2.6x 1.8x 1.2x 1.0x 0.9x 0.9x 0.9x Dividend Yield 2.5% 2.1% 1.6% 3.1% 2.8% 3.7% 6.1% 8.2% 7.2% 7.2% 7.4%Profitability Ratios Gross Margin 20.7% 21.7% EBITDA Margin 20.4% 27.9% 28.3% 25.5% 25.0% 26.2% 21.3% 27.2% 24.0% 21.6% 19.7% 21.8% 22.3% 22.7% Operating Margin 9.2% 13.3% 17.9% 15.7% 15.9% 16.8% 12.4% 15.7% 9.6% 12.0% 10.3% 11.9% 12.4% 12.6% Profit Margin 1.0% 1.9% 1.3% 6.3% 9.5% 9.4% 5.5% 6.6% 1.6% 4.8% 4.6% 4.5% 4.8% 5.1% Return on Assets 0.3% 0.6% 0.4% 2.0% 3.2% 3.1% 1.8% 1.8% 0.4% 1.3% 1.4% 2.7% 2.7% 1.9% Return on Equity 3.5% 5.2% 4.5% 22.8% 26.3% 22.2% 13.8% 14.7% 3.3% 10.5% 12.2% 10.6% 10.5% 10.6%Leverage & Coverage Ratios Current Ratio 0.92 0.90 0.96 1.19 1.07 1.06 1.02 1.05 1.28 1.32 1.17 Quick Ratio 0.48 0.48 0.47 0.88 0.80 0.76 0.43 0.68 0.83 0.85 0.77 Interest Coverage Ratio (EBIT/I) 2.25 3.97 5.35 5.14 5.65 6.02 4.70 3.43 2.27 3.44 3.07 Tot Debt/Capital 0.66 0.60 0.75 0.64 0.59 0.55 0.64 0.64 0.59 0.63 0.68 Tot Debt/Equity 1.98 1.49 3.05 1.75 1.42 1.20 1.78 1.77 1.45 1.70 2.10Others Asset Turnover 0.34 0.31 0.31 0.32 0.34 0.33 0.33 0.27 0.27 0.28 0.30 Accounts Receivable Turnover 4.08 3.36 3.33 3.42 3.70 3.75 3.62 3.05 3.34 3.23 3.35 Accounts Payable Turnover Inventory Turnover Effective Tax Rate 70.4% 62.6% 63.7% 30.3% 16.6% 24.1% 30.6% 27.5% 55.4% 28.3% 30.8% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. Company Analysis - Peers Comparision VEOLIA SUEZ EDF GDF SUEZ E.ON SE RWE AG CENTRICA PLC IBERDROLA SA SSE PLC ENEL SPA ENDESA EDP ELETROBRAS-PR B NATIONAL GRID PL FORTUM OYJ ENVIRONNE ENVIRONNEMELatest Fiscal Year: 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 12/2012 12/2012 12/2012 12/2011 03/2012 12/2012 12/201252-Week High 17.91 20.35 19.80 36.47 394.30 11.35 4.29 1553.00 3.30 19.53 2.61 23.42 809.00 16.69 10.9352-Week High Date 03.07.2012 21.08.2012 14.09.2012 12.09.2012 23.04.2013 30.04.2012 02.01.2013 24.04.2013 14.01.2013 13.03.2013 24.04.2013 25.04.2012 24.04.2013 08.05.2012 02.05.201252-Week Low 13.39 14.05 12.42 25.83 301.20 7.38 2.63 1286.00 2.02 11.30 1.63 7.05 636.00 12.81 7.8152-Week Low Date 29.11.2012 01.03.2013 08.02.2013 19.04.2013 22.06.2012 16.11.2012 26.07.2012 25.07.2012 24.07.2012 25.07.2012 31.05.2012 22.11.2012 25.07.2012 23.07.2012 19.11.2012Daily Volume 713624 2629506 6529945 2054661 4612863 1444790 24531359 580364 28121013 148017 3947338 2018700 1355058 783858 468943 Current Price (4/dd/yy) 16.24 16.47 13.60 26.60 377.10 9.88 4.00 1542.00 2.84 16.52 2.61 10.37 807.00 14.12 10.26 52-Week High % Change -9.3% -19.1% -31.3% -27.1% -4.4% -12.9% -6.8% -0.7% -13.9% -15.4% -0.2% -55.7% -0.2% -15.4% -6.1% 52-Week Low % Change 21.3% 17.2% 9.5% 3.0% 25.2% 33.9% 52.1% 19.9% 40.7% 46.2% 60.1% 47.1% 26.9% 10.2% 31.3%Total Common Shares (M) 1846.7 2357.3 1906.8 614.7 5199.0 507.8 6053.2 944.7 9403.4 1058.8 3624.6 1352.6 3701.0 888.4 509.1 Market Capitalization 30026 39739 27214 16290 19538 5158 25131 14870 26724 17485 9529 8768 29579 12544 5235Total Debt 64501.0 57552.0 25944.0 19946.0 5328.0 17001.6 32884.1 6245.6 66539.0 10860.0 20524.0 52563.3 23025.0 8777.0 9918.4Preferred Stock - - - - - - - - - - - - - - -Minority Interest 4854.0 11462.0 3862.0 1613.0 - 1973.6 324.8 - 16387.0 5716.0 3239.0 196.6 7.0 616.0 1995.3Cash and Equivalents 22307.0 11383.0 6097.0 5276.0 938.0 5547.8 6575.5 189.2 9891.0 7423.0 2123.0 11456.3 2723.0 963.0 2270.8 Enterprise Value 77074 97370 50923 32573 23928 18585 52788 20116 99759 26638 31169 50071 50514 20974 14878 ValuationTotal Revenue LFY 72729.0 97038.0 132093.0 50771.0 23942.0 29438.5 34201.2 31723.9 82699.0 33933.0 16339.9 39538.9 13832.0 6159.0 15101.6 LTM 72729.0 97038.0 132093.0 50771.0 23942.0 29438.5 34597.8 31337.3 82699.0 33781.0 16048.9 39232.5 13605.0 6159.0 15101.6 CY+1 73495.9 81066.0 111727.6 53564.3 24435.7 25878.6 33650.9 32084.9 81748.9 33340.3 15469.8 25594.0 14434.5 6287.6 15342.3 CY+2 75671.3 81882.3 112918.9 53835.1 25406.1 26477.5 34720.8 32589.7 82355.9 34293.1 16114.8 28261.5 15051.6 6472.2 15916.0EV/Total Revenue LFY 1.0x 1.0x 0.4x 0.7x 0.9x 0.6x 1.5x 0.6x 1.2x 0.8x 1.8x 1.3x 3.3x 3.4x 0.9x LTM 1.0x 1.0x 0.4x 0.7x 0.9x 0.6x 1.5x 0.6x 1.2x 0.8x 1.8x 1.3x 3.4x 3.4x 0.9x CY+1 1.0x 1.1x 0.4x 0.6x 1.0x 0.7x 1.6x 0.7x 1.0x 0.8x 2.0x - 3.6x 3.4x 1.0x CY+2 1.0x 1.0x 0.4x 0.6x 0.9x 0.6x 1.5x 0.7x 1.0x 0.7x 1.9x - 3.5x 3.3x 1.0xEBITDA LFY 14342.0 18401.0 8443.0 9055.0 3698.0 2684.9 7177.7 1946.8 16150.0 7005.0 3612.0 3443.4 4777.0 2360.0 2246.9 LTM 14342.0 18401.0 8443.0 9201.0 3698.0 2684.9 7639.5 2073.9 16150.0 7031.0 3720.6 3443.4 4991.0 2403.0 2246.9 CY+1 15996.5 13804.7 9553.9 8830.0 3962.1 2252.6 7578.4 2179.3 16055.7 6672.4 3648.0 2351.0 5079.0 2453.2 2508.3 CY+2 16908.5 13953.3 9743.5 8600.0 4176.9 2398.0 7826.3 2323.9 16115.8 6811.7 3859.3 3500.0 5444.0 2440.7 2676.5EV/EBITDA LFY 5.1x 5.1x 6.0x 3.9x 5.9x 6.7x 7.0x 9.5x 6.3x 3.9x 8.3x 14.5x 9.6x 8.9x 6.4x LTM 5.1x 5.1x 6.0x 3.9x 5.9x 6.7x 6.6x 9.0x 6.3x 3.8x 7.9x 14.5x 9.2x 8.7x 6.4x CY+1 4.8x 6.2x 5.2x 3.8x 6.1x 7.5x 7.1x 10.0x 5.3x 4.2x 8.4x - 10.1x 8.6x 6.0x CY+2 4.7x 6.0x 5.1x 3.9x 5.7x 7.1x 6.7x 9.6x 5.1x 3.7x 7.8x - 9.6x 8.6x 5.7xEPS LFY 2.06 1.33 1.81 1.95 0.26 -0.04 0.46 1.29 0.09 1.93 0.28 2.36 0.51 - 0.72 LTM 1.80 0.71 1.14 2.13 0.25 0.02 0.44 0.25 0.09 1.92 0.30 -5.09 0.64 1.59 0.67 CY+1 1.75 1.36 1.32 3.89 0.28 0.51 0.40 1.13 0.33 1.76 0.26 0.37 0.54 1.29 0.65 CY+2 1.91 1.43 1.39 3.49 0.30 0.69 0.41 1.17 0.34 1.89 0.28 1.74 0.56 1.25 0.76P/E LFY 9.0x 23.1x 11.9x 12.5x 15.3x 548.5x 9.1x 62.7x 31.6x 8.6x 8.7x - 12.7x 8.9x 15.4x LTM 9.0x 12.3x 7.5x 12.5x 14.5x - 9.1x 14.0x - 8.4x 8.8x 4.4x 14.8x - 11.2x CY+1 9.3x 12.1x 10.3x 6.8x 13.5x 19.6x 10.1x 13.6x 8.7x 9.4x 10.0x 28.3x 15.0x 11.0x 15.7x CY+2 8.5x 11.5x 9.8x 7.6x 12.7x 14.3x 9.7x 13.2x 8.4x 8.7x 9.4x 6.0x 14.5x 11.3x 13.5xRevenue Growth 1 Year 11.4% 7.0% 16.9% 3.3% 4.9% 3.0% 8.1% 12.0% 6.6% 3.8% 8.1% 16.5% (3.6%) (0.0%) 1.8% 5 Year 6.1% 7.2% 16.4% 4.1% 10.5% (2.9%) 8.2% 18.0% 9.1% 43.3% 9.5% 21.7% 8.6% 7.7% -EBITDA Growth 1 Year 1.7% 14.5% 97.8% 9.3% 11.7% 5.9% 2.5% 4.9% (5.6%) (3.6%) (3.8%) (37.9%) (1.4%) (1.5%) 8.1% 5 Year (1.7%) 20.7% (5.3%) 3.1% 8.1% (6.3%) 8.0% 5.7% 10.7% 1.1% 6.1% (4.7%) 7.5% 3.4% 4.3%EBITDA Margin LTM 19.7% 19.0% 6.4% 18.1% 15.4% 9.1% 22.1% 6.6% 19.5% 20.8% 23.2% 8.8% 36.7% 39.0% 14.9% CY+1 21.8% 17.0% 8.6% 16.5% 16.2% 8.7% 22.5% 6.8% 19.6% 20.0% 23.6% 9.2% 35.2% 39.0% 16.3% CY+2 22.3% 17.0% 8.6% 16.0% 16.4% 9.1% 22.5% 7.1% 19.6% 19.9% 23.9% 12.4% 36.2% 37.7% 16.8% Leverage/Coverage RatiosTotal Debt / Equity % 249.4% 96.3% 74.2% 134.6% 89.9% 237.7% 97.4% 136.2% 181.0% 52.6% 250.5% 78.4% 249.2% 86.0% 203.9%Total Debt / Capital % 67.7% 44.7% 40.1% 54.8% 47.3% 65.1% 49.1% 57.7% 55.6% 29.2% 64.2% 43.9% 71.3% 44.8% 59.1%Total Debt / EBITDA 4.497x 3.128x 3.073x 2.168x 1.441x 6.332x 4.335x 2.961x 4.120x 1.545x 5.549x 15.265x 4.830x 3.653x 4.414xNet Debt / EBITDA 2.942x 2.509x 2.351x 1.594x 1.187x 4.266x 3.586x 2.530x 3.508x 0.489x 4.953x 11.938x 4.193x 3.252x 3.404xEBITDA / Int. Expense 5.871x 7.199x 2.900x 7.250x 7.441x 3.201x 4.822x 3.881x 5.508x 10.317x 3.460x 1.476x 2.040x 7.867x 4.979x Credit RatingsS&P LT Credit Rating A+ A *- A- BBB+ A- BBB+ BBB A- BBB+ BBB+ BB+ A- A- A- -S&P LT Credit Rating Date 17.01.2012 29.01.2013 27.07.2012 27.07.2012 29.05.2009 24.11.2000 28.11.2012 21.08.2009 08.03.2012 08.03.2012 01.02.2012 17.11.2011 24.08.2007 27.11.2012 -Moodys LT Credit Rating Aa3 A1 A3 A3 A3 Baa1 (P)Baa1 A3 Baa2 WR Ba1 Baa3 Baa1 A2 A3Moodys LT Credit Rating Date 14.01.2009 03.07.2012 05.10.2011 19.07.2011 21.06.2006 07.02.2012 05.11.2012 22.09.2009 05.11.2012 25.02.2009 16.02.2012 19.12.2012 12.01.2007 15.07.2005 20.05.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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