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12.03.2013                                                                                           Company Analysis - Ov...
Company Analysis - Analysts RatingsEFG Financial Products HoldingTarget price in CHFBroker Recommendation                 ...
12.03.2013EFG Financial Products Holding                                                                                Co...
Company Analysis - Financials I/IVEFG Financial Products HoldingFinancial information is in CHF (M)                       ...
Company Analysis - Financials II/IVPeriodicity:                           12/02   12/03   12/04      12/05        12/06   ...
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     ...
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Financial Analysis - EFG Financial Products Holding AG provides financial services in a number of areas most notably structured products, asset management and pension solutions

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Financial Analysis - EFG Financial Products Holding AG provides financial services in a number of areas most notably structured products, asset management and pension solutions

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Financial Analysis - EFG Financial Products Holding AG provides financial services in a number of areas most notably structured products, asset management and pension solutions

  1. 1. 12.03.2013 Company Analysis - OverviewTicker: FPHN SW EFG Financial Products Holding Benchmark: EFG Financial Products Holding AG provides financial services in a number of areasCurrency: SIX Swiss Ex: FPHN, Currency: CHF SWISS MARKET INDEX (SMI) most notably structured products, asset management and pension solutions. The Company has offices in Zurich, Geneva, Guernsey, Monaco, Hong Kong and Frankfurt.Sector: Financials Industry: Capital Markets Year:Telephone 41-58-800-11-11 Revenue (M) 128 Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)Website www-en.efgfp.com No of Employees 271 Unallocated Sales 1 Unallocated Sales 1Address Brandschenkestr. 90 Zurich, 8027 SwitzerlandShare Price Performance in CHFPrice 53.00 1M Return 11.0%52 Week High 53.00 6M Return #VALUE!52 Week Low 42.35 52 Wk Return #VALUE!52 Wk Beta 0.34 YTD Return 17.5%Credit RatingsBloomberg -S&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 - - - 14.7x 13.1x 9.6x 7.5xEV/EBIT - - - - - - -EV/EBITDA - - - - 14.2x 10.8x 8.5xP/S - - - 2.4x 2.4x 2.1x 1.8xP/B - - - - 2.3x 2.0x 1.7xDiv Yield - - - - 2.3% 3.1% 4.0% 100% 100%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin - - - - - - -EBITDA Margin 22.5 22.5 18.6 - 27.3 31.1 34.5Operating Margin 18.1 18.3 12.9 - 20.3 24.4 28.2 Unallocated SalesProfit Margin 18.5 15.6 11.7 16.0 18.4 21.8 24.2 Unallocated SalesReturn on Assets - 0.6 0.3 - - - -Return on Equity - 56.5 32.8 - - - -Leverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio - - - - Current Capitalization in CHFQuick Ratio - - - - Common Shares Outstanding (M) #N/A N/AEBIT/Interest - - - - Market Capitalization (M) 353.3Tot Debt/Capital - - - - Cash and ST Investments (M) 100.6Tot Debt/Equity 10.6 10.7 5.7 - Total Debt (M) 258.4Eff Tax Rate % - 14.6 9.0 - Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 0.0 Enterprise Value (M) 511.2 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Company Analysis - Analysts RatingsEFG Financial Products HoldingTarget price in CHFBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 70 70 100% 0% 0% 0% 60 60 80% 50 50 60% 40 40 100% 100% 100% 30 30 40% 20 20 20% 10 10 0 Credit Suisse 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 Buy Hold Sell Price Target Price Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date 28-Feb-13 100% 0% 0% 12-Mar-13 53.00 58.00 Credit Suisse GURJIT KAMBO outperform 58.00 12-Mar-13 31-Jan-13 100% 0% 0% 11-Mar-13 49.30 58.00 31-Dec-12 100% 0% 0% 8-Mar-13 50.00 58.00 30-Nov-12 #VALUE! #VALUE! #VALUE! 7-Mar-13 50.40 58.00 31-Oct-12 #VALUE! #VALUE! #VALUE! 6-Mar-13 50.45 58.00 28-Sep-12 #VALUE! #VALUE! #VALUE! 5-Mar-13 49.70 58.00 31-Aug-12 #VALUE! #VALUE! #VALUE! 4-Mar-13 50.00 58.00 31-Jul-12 #VALUE! #VALUE! #VALUE! 1-Mar-13 49.00 58.00 29-Jun-12 #VALUE! #VALUE! #VALUE! 28-Feb-13 49.00 58.00 31-May-12 #VALUE! #VALUE! #VALUE! 27-Feb-13 48.10 58.00 30-Apr-12 #VALUE! #VALUE! #VALUE! 26-Feb-13 48.00 58.00 30-Mar-12 #VALUE! #VALUE! #VALUE! 25-Feb-13 48.55 58.00 22-Feb-13 48.90 58.00 21-Feb-13 49.60 52.00 20-Feb-13 49.30 52.00 19-Feb-13 48.70 52.00 18-Feb-13 49.00 52.00 15-Feb-13 48.80 52.00 14-Feb-13 48.00 52.00 13-Feb-13 46.80 52.00 12-Feb-13 47.75 52.00 11-Feb-13 48.80 52.00 8-Feb-13 47.85 52.00 7-Feb-13 48.00 52.00 6-Feb-13 48.00 52.00 5-Feb-13 47.50 52.00 4-Feb-13 48.50 52.00 1-Feb-13 49.00 52.00 31-Jan-13 48.50 52.00 30-Jan-13 48.60 52.00 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 12.03.2013EFG Financial Products Holding Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic OwnershipShares Outstanding (M) #N/A N/A 18% Switzerland 49.13% 1% 1% 1%Float 46.6% Unknown Country 32.13% 5% 1%Short Interest (M) Bahamas 10.23%Short Interest as % of Float Singapore 5.05% 10% 42%Days to Cover Shorts Luxembourg 0.99% 49%Institutional Ownership 42.19% Britain 0.86%Retail Ownership 40.05% United States 0.78%Insider Ownership 17.75% Others 0.82% 40% 32% Institutional Ownership Distribution Bank 36.99% Individual 26.59% Corporation 10.23% Switzerland Unknown Country Bahamas Institutional Ownership Retail Ownership Insider Ownership Mutual Fund Manager 8.77% Singapore Luxembourg BritainPricing data is in CHF Others 17.43% United States OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryEFG INTERNATIONAL AG 1646675 0 87273775 24.70% 19.10.2012 EXCH SWITZERLAND 17%SCHOCH JAN 506100 0 26823300 7.59% 08.10.2012 Co File n/aTABATSEKA LIMITED 455490 0 24140970 6.83% 19.10.2012 EXCH BAHAMASHARTWEG MICHAEL 448015 0 23744795 6.72% 08.10.2012 Co File n/a 37%DORIGO SANDRO 229515 0 12164295 3.44% 08.10.2012 Co File n/aGOVT OF SINGAPORE IN 225000 0 11925000 3.38% 19.10.2012 ULT-AGG SINGAPORE 9%CREDIT SUISSE FUND A 200939 0 10649767 3.01% 05.12.2012 EXCH SWITZERLANDMOORE GLOBAL INVESTM 199332 -668 10564596 2.99% 03.01.2013 EXCHIST FUND MANAGERS 133306 133306 7065218 2.00% 31.01.2013 MF-AGG SWITZERLAND 10%CREDIT SUISSE ASSET 81999 7989 4345947 1.23% 28.12.2012 MF-AGG SWITZERLAND 27%SWISSCANTO FONDSLEIT 69434 27794 3680002 1.04% 28.12.2012 MF-AGG SWITZERLANDJP MORGAN 52380 -20711 2776140 0.79% 31.01.2013 ULT-AGGTERRA FELICE LIMITED 47525 0 2518825 0.71% 19.10.2012 EXCHPICTET & CIE 32538 0 1724514 0.49% 30.11.2012 MF-AGG SWITZERLAND Bank Individual Corporation Mutual Fund Manager OthersMILLENNIUM BCP GFI S 30092 0 1594876 0.45% 30.11.2012 MF-AGG PORTUGALVONTOBEL ASSET MANAG 18000 18000 954000 0.27% 31.10.2012 MF-AGG LUXEMBOURGBARING FUND MANAGERS 17000 0 901000 0.26% 30.11.2012 MF-AGG BRITAINGLOBAL INVESTMENT SE 12000 12000 636000 0.18% 31.10.2012 MF-AGG LUXEMBOURGOPPENHEIM PRAMERICA 11000 0 583000 0.17% 30.11.2012 MF-AGG LUXEMBOURGZUERCHER KANTONALBAN 6700 6700 355100 0.10% 31.10.2012 MF-AGG SWITZERLANDTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceSCHOCH JAN 506100 26823300 7.59% 08.10.2012 Co FileHARTWEG MICHAEL 448015 23744795 6.72% 08.10.2012 Co FileDORIGO SANDRO 229515 12164295 3.44% 08.10.2012 Co FileRUFLIN LUKAS 5 265 0.00% 08.10.2012 Co File 17.76% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Company Analysis - Financials I/IVEFG Financial Products HoldingFinancial 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 67 92 108 128 146 169 194 - Cost of Goods SoldGross Income - Selling, General & Admin Expenses 55 71 91 (Research & Dev Costs)Operating Income 12 17 14 30 41 55 - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)Pretax Income 12 17 14 30 41 55 - Income Tax Expense -0 2 1Income Before XO Items 12 14 13 - Extraordinary Loss Net of Tax 0 0 0 0 - Minority InterestsDiluted EPS Before XO Items 12.30 14.27 12.68 3.08Net Income Adjusted* 21 27 37 47EPS Adjusted 3.08 4.04 5.52 7.05Dividends Per Share 0.00 0.00 0.00 1.21 1.66 2.11 Payout Ratio % 0.0 0.0 0.0 0.30 0.30 0.30Total Shares OutstandingDiluted Shares Outstanding 1 1 1 7EBITDA 15 21 20 40 53 67*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 + Cash & Near Cash Items 31 204 101 + Short Term Investments 311 626 816 + Accounts & Notes Receivable 17 57 46 + Inventories + Other Current AssetsTotal Long-Term Assets + Long Term Investments Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets 5 7 8 + Other Long Term Assets 1295 2540 3243Total Current Liabilities + Accounts Payable + Short Term Borrowings 192 346 258 + Other Short Term Liabilities 1418 3017 3855Total Long Term Liabilities 30 39 56 + Long Term Borrowings + Other Long Term Borrowings 30 39 56Total Liabilities 1640 3402 4169 + Long Preferred Equity 0 0 0 + Minority Interest 0 0 0 + Share Capital & APIC 19 19 19 + Retained Earnings & Other Equity -1 13 26Total Shareholders Equity 18 32 45Total Liabilities & Equity 1658 3434 4214Book Value Per Share 23.15 27.01 31.95 Tangible Book Value Per Share 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 12 14 13 + Depreciation & Amortization 3 4 6 + Other Non-Cash Adjustments -0 2 1 + Changes in Non-Cash Capital -47 7 -25Cash From Operating Activities -32 27 -5 + Disposal of Fixed Assets + Capital Expenditures -2 -4 -3 + Increase in Investments + Decrease in Investments + Other Investing Activities -0 -4 -7Cash From Investing Activities -2 -8 -10 + Dividends Paid + Change in Short Term Borrowings 41 154 -88 + Increase in Long Term Borrowings + Decrease in Long Term Borrowings + Increase in Capital Stocks + Decrease in Capital Stocks + Other Financing ActivitiesCash From Financing Activities 41 154 -88Net Changes in Cash 7 173 -103Free Cash Flow (CFO-CAPEX) -34 23 -8Free Cash Flow To FirmFree Cash Flow To EquityFree Cash Flow per Share -34.13 23.16 -8.36 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 14.7x 13.1x 9.6x 7.5x EV to EBIT EV to EBITDA 14.2x 10.8x 8.5x Price to Sales 2.4x 2.4x 2.1x 1.8x Price to Book 2.3x 2.0x 1.7x Dividend Yield 2.3% 3.1% 4.0%Profitability Ratios Gross Margin EBITDA Margin 22.5% 22.5% 18.6% 27.3% 31.1% 34.5% Operating Margin 18.1% 18.3% 12.9% 20.3% 24.4% 28.2% Profit Margin 18.5% 15.6% 11.7% 16.0% 18.4% 21.8% 24.2% Return on Assets 0.6% 0.3% Return on Equity 56.5% 32.8%Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital Tot Debt/Equity 10.58 10.70 5.75Others Asset Turnover 0.04 0.03 Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover Effective Tax Rate 14.6% 9.0% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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