20.02.2013                                                                                                Company Analysis...
Company Analysis - Analysts RatingsElectricite de France SATarget price in EURBroker Recommendation                       ...
20.02.2013Electricite 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 electricite de france sa - produces, transmits, distributes, imports and exports electricity. the company, using nuclear power, coal and gas, provides electricity for french energy consumers

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Financial analysis electricite de france sa - produces, transmits, distributes, imports and exports electricity. the company, using nuclear power, coal and gas, provides electricity for french energy consumers

  1. 1. 20.02.2013 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 #N/A N/A Transmission 1 France 39120Address 22-30 Avenue de Wagram Paris Cedex 08, 75382 France Distribution Italy 10098Share Price Performance in EUR Eliminations United Kingdom 9739Price 14.77 1M Return 1.3% Other Other International 797652 Week High 18.22 6M Return -7.8% Generation Supply Other Activities 579652 Week Low 12.86 52 Wk Return -16.3% Integrated Utilities Germany52 Wk Beta 0.78 YTD Return 5.7%Credit RatingsBloomberg HY1 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 STABLEValuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 13%P/E 21.1x 89.1x 11.5x 7.8x 8.2x 7.8x 7.1x 54%EV/EBIT 13.3x 15.1x 8.7x 8.8x - - -EV/EBITDA 7.7x 6.0x 4.9x 4.8x 4.6x 4.4x 4.2xP/S 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.3xP/B 2.6x 1.8x 1.1x 1.0x 0.8x 0.8x 0.8x 14%Div Yield 2.8% 3.7% 6.1% 8.9% 7.9% 7.9% 8.0% 100%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin - - - - 20.1 20.8 - FranceEBITDA Margin 27.2 24.0 22.3 20.8 22.0 22.2 22.5 ItalyOperating Margin 15.7 9.6 12.7 11.3 12.4 12.6 12.8 TransmissionProfit Margin 6.6 1.6 4.6 4.6 4.7 4.8 5.1 United KingdomReturn on Assets 1.8 0.4 1.3 1.4 2.7 2.7 1.9 Other InternationalReturn on Equity 14.7 3.3 9.7 11.8 10.4 10.5 10.5 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 0.9 0.8 Common Shares Outstanding (M) 1847.7EBIT/Interest 3.4 2.3 3.6 3.4 Market Capitalization (M) 27307.8Tot 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 1.6 2.1 Total Debt (M) #N/A N/AEff Tax Rate % 27.5 55.4 28.7 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 35 35 100% 4% 4% 4% 8% 15% 15% 17% 30 22% 24% 25% 30 30% 80% 41% 25 50% 50% 48% 25 46% 20 42% 35% 60% 50% 50% 38% 20 15 45% 50% 10 15 40% 36% 5 10 48% 0 46% 46% 46% 42% 43% Day by Day Bryan Garnier & Cie Morgan Stanley 20% Barclays Kepler Capital Markets Main First Bank AG S&P Capital IQ Raymond James Natixis Exane BNP Paribas Macquarie Credit Suisse Societe Generale Nomura HSBC DZ Bank AG EVA Dimensions AlphaValue Berenberg Bank Goldman Sachs Deutsche Bank Landesbank Baden- 35% 35% 38% 30% 5 Wuerttemberg 20% 23% 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 23% 36% 41% 20-Feb-13 14.77 16.05 Societe Generale VINCENT AYRAL buy 20.00 20-Feb-13 31-Dec-12 30% 45% 25% 19-Feb-13 14.95 16.05 AlphaValue MYRIAM COHEN add 16.00 19-Feb-13 30-Nov-12 20% 50% 30% 18-Feb-13 14.80 16.05 Kepler Capital Markets INGO BECKER reduce 13.00 15-Feb-13 31-Oct-12 38% 38% 24% 15-Feb-13 14.68 16.05 Bryan Garnier & Cie JULIEN DESMARETZ sell 12.00 15-Feb-13 28-Sep-12 43% 35% 22% 14-Feb-13 14.95 16.07 Natixis PHILIPPE OURPATIAN neutral 16.20 15-Feb-13 31-Aug-12 42% 42% 17% 13-Feb-13 14.24 16.07 Exane BNP Paribas BENJAMIN LEYRE outperform 20.00 15-Feb-13 31-Jul-12 46% 46% 8% 12-Feb-13 14.20 16.07 Barclays JULIE ARAV underweight 13.00 15-Feb-13 29-Jun-12 48% 48% 4% 11-Feb-13 14.24 16.07 Goldman Sachs ANDREW MEAD buy/attractive 18.90 8-Feb-13 31-May-12 46% 50% 4% 8-Feb-13 14.16 16.07 Macquarie ATALLAH ESTEPHAN outperform 19.00 7-Feb-13 30-Apr-12 46% 50% 4% 7-Feb-13 13.73 16.09 Berenberg Bank ROBERT CHANTRY hold 14.60 5-Feb-13 30-Mar-12 35% 50% 15% 6-Feb-13 13.78 16.09 Day by Day VALERIE GASTALDY hold 31-Jan-13 29-Feb-12 35% 50% 15% 5-Feb-13 13.90 16.17 Main First Bank AG ANDREAS THIELEN underperform 15.50 29-Jan-13 4-Feb-13 13.92 16.26 S&P Capital IQ CLIVE ROBERTS sell 12.00 28-Jan-13 1-Feb-13 14.21 16.26 EVA Dimensions AUSTIN BURKETT underweight 17-Jan-13 31-Jan-13 14.15 16.45 Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 23.00 15-Jan-13 30-Jan-13 14.41 16.45 Credit Suisse MICHEL DEBS underperform 12.00 11-Jan-13 29-Jan-13 14.59 16.45 Deutsche Bank MARTIN BROUGH sell 12.50 7-Jan-13 28-Jan-13 14.43 16.51 Nomura MARTIN YOUNG buy 18.75 12-Dec-12 25-Jan-13 14.55 16.51 Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 16.50 3-Dec-12 24-Jan-13 14.52 16.51 HSBC ADAM DICKENS neutral 17.00 14-Nov-12 23-Jan-13 14.50 16.51 Raymond James EMMANUEL RETIF market perform 13-Nov-12 22-Jan-13 14.71 16.51 DZ Bank AG HASIM SENGUEL buy 33.00 15-Nov-11 21-Jan-13 14.88 16.51 18-Jan-13 14.58 16.51 17-Jan-13 14.71 16.51 16-Jan-13 14.52 16.51 15-Jan-13 14.67 16.51 14-Jan-13 14.37 16.51 11-Jan-13 13.66 16.51 10-Jan-13 13.89 16.41 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 20.02.2013Electricite de France SA Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 0%Shares Outstanding (M) 1847.7 13% France 97.94% 0% 0% 0%0%0%Float 15.5% United States 1.29% 1% 0%Short Interest (M) Luxembourg 0.18%Short Interest as % of Float Canada 0.17%Days to Cover Shorts Britain 0.09%Institutional Ownership 87.04% Ireland 0.07%Retail Ownership 12.96% Spain 0.05%Insider Ownership 0.00% Others 0.21% Institutional Ownership Distribution 87% 99% Government 97.08% Investment Advisor 2.08% Mutual Fund Manager 0.83% Institutional Ownership Retail Ownership Insider Ownership Insurance Company 0.00% France United States Luxembourg CanadaPricing data is in EUR Others 0.00% Britain Ireland Spain OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryFRENCH STATE 1561222705 0 23059259353 84.44% 31.12.2011 Co File FRANCE 0% 1% 0%THORNBURG INVESTMENT 7870200 -2229800 116242854 0.43% 31.12.2012 MF-AGG UNITED STATES 2%NATIXIS ASSET MANAGE 5682211 -305942 83926256 0.31% 31.12.2012 MF-AGG FRANCEVANGUARD GROUP INC 4291487 61401 63385263 0.23% 31.12.2012 MF-AGG UNITED STATESBLACKROCK 2348697 2036 34690255 0.13% 15.02.2013 ULT-AGG UNITED STATESNUVEEN ASSET MANAGEM 2056924 -93060 30380767 0.11% 31.01.2013 MF-AGG UNITED STATESCI INVESTMENTS INC 1966710 1964810 29048307 0.11% 30.06.2012 MF-AGG CANADAAVIVA PLC 1574700 0 23258319 0.09% 31.01.2013 MF-AGG BRITAINING INTERNATIONAL AD 1371198 -156801 20252594 0.07% 31.07.2012 MF-AGG LUXEMBOURGELECTRICITE DE FRANC 1175594 0 17363523 0.06% 31.12.2011 Co File FRANCE 97%ALLIANCE BERNSTEIN 1171218 5290 17298890 0.06% 31.12.2012 ULT-AGG UNITED STATESAMUNDI 1017724 -66541 15031783 0.06% 28.09.2012 MF-AGG FRANCEAMUNDI 843591 0 12459839 0.05% 28.09.2012 MF-AGG FRANCECI INVESTMENTS INC 763219 603463 11272745 0.04% 31.08.2012 MF-AGG CANADA Government Investment Advisor Mutual Fund Manager Insurance Company OthersBANK OF NEW YORK MEL 711261 0 10505325 0.04% 15.02.2013 MF-AGG UNITED STATESROTHSCHILD & COMPAGN 680000 40000 10043600 0.04% 31.12.2012 MF-AGG FRANCESANFORD C BERNSTEIN 656530 0 9696948 0.04% 30.11.2012 MF-AGG UNITED STATESAGICAM 639382 -5309 9443672 0.03% 30.04.2012 MF-AGG FRANCETAUBE HODSON STONEX 610970 -2190 9024027 0.03% 30.11.2012 MF-AGG BRITAINSTATE STREET BANQUE 591042 -27639 8729690 0.03% 31.12.2012 MF-AGG FRANCETop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceGRILLAT ALEXANDRE 328 4845 0.00% 31.12.2011 Co FileCROUZET PHILIPPE 200 2954 0.00% 31.12.2011 Co FileJAY MICHAEL HASTIN 200 2954 0.00% 31.12.2011 Co FileLAFONT BRUNO 150 2216 0.00% 31.12.2011 Co FileFAUGERE MIREILLE 106 1566 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 72842 75945 79298 - Cost of Goods SoldGross Income 14641 15797 - Selling, General & Admin Expenses 43893 38930 38403 43054 49576 49646 55937 49834 59080 57021 64484 (Research & Dev Costs) 402 389 375 421 438 486 518Operating Income 4466 5989 8385 7993 9356 9991 7910 9306 6240 8286 8245 9038 9580 10138 - Interest Expense 1986 1508 1568 1556 1655 1660 1684 2529 2528 2017 2443 - Foreign Exchange Losses (Gains) 96 -24 59 -175 -36 72 66 9 -63 15 - Net Non-Operating Losses (Gains) 983 2003 5075 1844 819 634 933 1562 1827 1703 659Pretax Income 1401 2502 1683 4768 6918 7625 5227 5206 1948 4551 5143 5056 5441 5663 - Income Tax Expense 986 1567 1072 1445 1146 1841 1599 1432 1079 1305 1586Income Before XO Items 415 935 611 3323 5772 5784 3628 3774 869 3246 3557 - Extraordinary Loss Net of Tax 0 0 0 -5 -9 0 -311 -380 0 0 - Minority Interests -66 78 -13 93 172 175 144 183 229 236 241Diluted EPS Before XO Items 0.53 0.38 1.96 3.07 3.08 1.91 1.97 0.34 1.63 1.80Net Income Adjusted* 481 857 1341 3242 4227 4718 4308 3905 3925 3520 4216 3420 3635 4026EPS Adjusted 0.00 0.00 0.38 1.97 2.33 2.59 2.37 2.14 2.12 1.91 2.29 1.80 1.91 2.09Dividends Per Share 0.00 0.79 1.16 1.28 1.28 1.15 1.15 1.15 1.25 1.16 1.16 1.18 Payout Ratio % 0.0 0.0 44.6 37.7 41.6 66.8 59.2 331.6 70.6 69.7 0.65 0.61 0.56Total Shares Outstanding 1626 1626 1822 1822 1822 1819 1849 1848 1848 1848Diluted Shares Outstanding 1626 1626 1648 1822 1822 1823 1824 1848 1847 1842EBITDA 9881 12523 13227 13010 14719 15619 13624 16102 15688 14571 15094 16058 16878 17841*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 163727 182033 + Long Term Investments 8569 7315 8118 9012 13094 15805 18103 24498 24921 24517 30471 Gross Fixed Assets 180818 179049 181351 188655 193422 198301 204620 231582 199645 208464 Accumulated Depreciation 85396 80037 83706 86988 89541 93360 97045 103540 92445 96496 + 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 27242 29320Total Current Liabilities 33583 35356 37278 39932 44922 48692 58217 57177 49651 50909 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 24439 26204Total Long Term Liabilities 96387 91705 104212 110930 109365 108661 117277 148191 154005 145891 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 103203 114058Total Liabilities 129970 127061 141490 150862 154287 157353 175494 205368 203656 196800 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 4337 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 29646 24934Total Shareholders Equity 14869 19839 9969 20274 24799 28796 24998 34667 36903 34907 30712Total Liabilities & Equity 144839 146900 151459 171136 179086 186149 200492 240035 240559 231707 250118Book Value Per Share 11.64 5.58 10.60 12.79 14.93 12.75 16.17 16.94 16.54 13.99 18.00 17.69 18.86 Tangible Book Value Per Share 7.63 1.48 5.62 7.73 9.62 7.31 5.83 7.94 7.70 4.23 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 3010 3316 3449 3600 3949 + 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 977 987 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 -12737 -12808 -13620 + 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 -1230 -809Cash From Financing Activities 2157 -1104 -3481 6252 -1938 -2067 8927 15361 2305 -1591 4613Net Changes in Cash 1393 437 621 4070 -3912 2727 -166 1340 -1512 115 127Free Cash Flow (CFO-CAPEX) 1633 1733 3055 3271 5860 2732 -2131 -564 -1131 -2637 -3462 -1844 -1146 -1878Free Cash Flow To Firm 2221 2297 3624 4355 7241 3991 -962 1269 -3 -1198 -1772Free 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 -1.88 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 16.3x 17.9x 26.5x 21.7x 21.1x 89.1x 11.5x 7.8x 8.2x 7.8x 7.1x EV to EBIT 9.4x 12.5x 16.4x 14.7x 13.3x 15.1x 8.7x 8.8x EV to EBITDA 5.8x 7.9x 10.5x 8.5x 7.7x 6.0x 4.9x 4.8x 4.6x 4.4x 4.2x Price to Sales 1.0x 1.7x 2.5x 1.2x 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.3x Price to Book 3.0x 4.3x 5.5x 3.3x 2.6x 1.8x 1.1x 1.0x 0.8x 0.8x 0.8x Dividend Yield 2.5% 2.1% 1.6% 3.1% 2.8% 3.7% 6.1% 8.9% 7.9% 7.9% 8.0%Profitability Ratios Gross Margin 20.1% 20.8% EBITDA Margin 20.4% 27.9% 28.3% 25.5% 25.0% 26.2% 21.3% 27.2% 24.0% 22.3% 20.8% 22.0% 22.2% 22.5% Operating Margin 9.2% 13.3% 17.9% 15.7% 15.9% 16.8% 12.4% 15.7% 9.6% 12.7% 11.3% 12.4% 12.6% 12.8% Profit Margin 1.0% 1.9% 1.3% 6.3% 9.5% 9.4% 5.5% 6.6% 1.6% 4.6% 4.6% 4.7% 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% 9.7% 11.8% 10.4% 10.5% 10.5%Leverage & Coverage Ratios Current Ratio 0.92 0.90 0.96 1.19 1.07 1.06 1.02 1.05 1.28 1.34 1.17 Quick Ratio 0.48 0.48 0.47 0.88 0.80 0.76 0.43 0.68 0.83 0.86 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 3.65 3.37 Tot Debt/Capital 0.66 0.60 0.75 0.64 0.59 0.55 0.64 0.64 0.59 0.61 0.68 Tot Debt/Equity 1.98 1.49 3.05 1.75 1.42 1.20 1.78 1.77 1.45 1.59 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% 28.7% 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 EDF GDF SUEZ E.ON SE RWE AG CENTRICA PLC SSE PLC ENEL SPA IBERDROLA SA ENDESA EDP ELETROBRAS-PR B FORTUM OYJ NATIONAL GRID PL UNITED UTILITIES ENVIRONNELatest Fiscal Year: 12/2012 12/2011 12/2011 12/2011 12/2011 12/2011 03/2012 12/2011 12/2012 12/2011 12/2011 12/2011 12/2012 03/2012 03/201252-Week High 19.72 20.35 19.80 37.12 359.20 13.06 1470.00 3.30 4.59 17.88 2.45 27.08 19.36 722.00 816.0052-Week High Date 02.03.2012 21.08.2012 14.09.2012 20.03.2012 04.02.2013 16.03.2012 24.12.2012 14.01.2013 21.02.2012 09.01.2013 18.01.2013 22.02.2012 02.03.2012 13.12.2012 14.08.201252-Week Low 13.39 14.51 12.42 26.36 290.10 7.38 1266.00 2.02 2.63 11.30 1.63 7.05 12.81 622.50 590.0052-Week Low Date 29.11.2012 18.02.2013 08.02.2013 08.02.2013 23.02.2012 16.11.2012 27.02.2012 24.07.2012 26.07.2012 25.07.2012 31.05.2012 22.11.2012 23.07.2012 30.03.2012 12.04.2012Daily Volume 864051 1845709 8937428 1641657 3322492 1882661 976088 15425305 12558743 112252 4631629 161100 2048243 3961987 1462289 Current Price (2/dd/yy) 14.77 14.56 12.89 27.86 352.60 9.40 1438.00 2.91 3.70 17.25 2.31 11.72 14.60 708.00 735.50 52-Week High % Change -25.1% -28.5% -34.9% -25.0% -1.8% -28.0% -2.2% -11.7% -19.5% -3.5% -5.6% -56.7% -24.6% -1.9% -9.9% 52-Week Low % Change 10.3% 0.3% 3.8% 5.7% 21.5% 27.4% 13.6% 44.3% 40.5% 52.7% 41.8% 66.2% 14.0% 13.7% 24.7%Total Common Shares (M) 1847.7 2213.8 1905.5 586.6 5173.2 505.4 944.7 9403.4 6138.9 1058.8 3624.2 1352.6 888.4 3701.0 681.8 Market Capitalization 27307.8 35130.7 25794.9 17074.0 18332.5 4906.6 13781.8 27401.4 23209.0 18263.5 8439.3 10344.7 12970.2 25946.0 5015.3Total Debt 64501.0 57272.0 29914.0 21923.0 4171.0 21089.2 6245.6 65481.0 33373.0 13681.0 18785.1 45367.2 8777.0 23025.0 5855.2Preferred Stock - - - - - - - - - 180.0 - - - - -Minority Interest 4854.0 17340.0 3876.0 1344.0 - 2765.4 - 15650.0 325.0 5388.0 3277.2 358.8 616.0 7.0 -Cash and Equivalents 22307.0 14675.0 6931.0 7004.0 546.0 5723.9 189.2 7015.0 6575.0 8440.0 1731.7 16610.6 963.0 2723.0 321.2 Enterprise Value 74355.8 94409.7 49653.9 34221.0 23060.5 22865.6 19028.1 102403.4 50332.0 29112.5 30035.2 49218.0 21400.2 46881.0 10842.1 ValuationTotal Revenue LFY 72729.0 90673.0 112954.0 49153.0 22824.0 29647.3 31723.9 77573.0 34750.1 32686.0 15120.9 33061.4 6159.0 13832.0 1564.9 LTM 72729.0 95530.0 125308.0 49485.0 23292.0 30124.1 31337.3 82455.0 34848.9 33393.0 16048.9 40310.7 6159.0 13605.0 1595.1 CY+1 72841.7 93543.0 112559.6 51061.5 23250.8 29402.8 32010.7 78736.1 33220.0 32238.6 14932.7 31485.0 6259.3 14377.7 1643.6 CY+2 75945.4 82709.4 110835.4 51956.9 24184.2 28166.4 32902.8 78524.0 34381.4 32363.2 15273.3 23364.8 6459.0 14862.6 1700.2EV/Total Revenue LFY 1.0x 1.1x 0.6x 0.8x 0.9x 0.8x 0.6x 1.3x 1.5x 0.8x 1.9x 1.7x 3.4x 3.3x 6.8x LTM 1.0x 1.1x 0.5x 0.8x 0.9x 0.8x 0.6x 1.2x 1.5x 0.8x 1.8x 1.4x 3.4x 3.4x 6.7x CY+1 1.0x 1.0x 0.5x 0.7x 1.0x 0.7x 0.6x 1.1x 1.6x 1.0x 2.0x 0.9x 3.4x 3.3x 6.4x CY+2 1.0x 1.1x 0.4x 0.7x 0.9x 0.7x 0.6x 1.1x 1.5x 0.9x 1.9x 1.3x 3.3x 3.3x 6.4xEBITDA LFY 15094.0 16071.0 4269.0 8286.0 3310.0 3805.3 1946.8 17198.0 7193.0 7265.0 3754.9 5866.8 2403.0 4777.0 900.0 LTM 15094.0 16622.0 4532.0 7646.0 2596.0 3604.0 2073.9 19353.0 7151.9 7239.0 3720.6 6729.2 2403.0 4991.0 905.1 CY+1 16058.4 17089.4 10690.1 8631.3 3628.9 2716.6 2167.6 16561.4 7591.3 7051.6 3720.3 6673.5 2442.6 5102.9 965.1 CY+2 16877.5 14590.0 9527.5 8783.1 3901.2 2666.6 2295.1 16393.5 7937.2 6719.4 3731.6 3763.0 2442.0 5379.7 1008.8EV/EBITDA LFY 4.8x 6.4x 14.6x 4.7x 6.4x 6.0x 9.5x 5.9x 7.4x 3.7x 7.8x 9.4x 8.7x 9.6x 11.9x LTM 4.8x 6.2x 13.8x 5.1x 8.2x 6.4x 9.0x 5.2x 7.4x 3.7x 7.9x 8.2x 8.7x 9.2x 11.8x CY+1 4.7x 5.6x 4.8x 4.3x 6.3x 7.4x 9.6x 5.2x 6.8x 4.5x 8.0x 4.1x 8.8x 9.3x 11.0x CY+2 4.6x 6.1x 5.1x 4.1x 5.8x 7.1x 9.3x 5.2x 6.4x 4.4x 7.8x 8.2x 8.8x 9.1x 10.8xEPS LFY 1.80 2.04 -0.01 3.35 0.24 -0.89 1.29 0.44 0.47 2.01 0.31 2.76 - 0.51 0.47 LTM 1.80 1.61 -0.01 3.76 0.18 -0.04 0.25 0.37 0.47 1.79 0.30 3.09 1.59 0.64 0.48 CY+1 1.80 1.56 2.21 4.07 0.27 0.41 1.14 0.37 0.40 1.97 0.29 3.23 1.29 0.54 0.40 CY+2 1.91 1.39 1.31 3.95 0.28 0.63 1.17 0.36 0.42 1.77 0.27 1.31 1.26 0.55 0.44P/E LFY 8.2x 9.0x - 7.4x 19.4x - 58.5x 8.0x 7.8x 9.6x 7.7x 3.8x 9.2x 11.1x 15.5x LTM 8.2x 8.5x 10.6x 7.4x 9.6x 376.5x 13.1x - 7.8x 9.4x 7.8x 3.8x - 13.0x 15.0x CY+1 8.2x 9.4x 5.8x 6.8x 13.1x 23.1x 12.6x 7.9x 9.3x 8.8x 8.1x 3.6x 11.3x 13.2x 18.2x CY+2 7.8x 10.5x 9.9x 7.1x 12.7x 14.9x 12.3x 8.2x 8.8x 9.8x 8.7x 9.0x 11.6x 12.9x 16.9xRevenue Growth 1 Year 11.4% 7.3% 21.6% (3.1%) 1.8% 3.1% 12.0% 7.8% 9.8% 4.8% 6.7% 10.9% (0.0%) (3.6%) 3.4% 5 Year 6.1% 34.1% 13.3% 6.4% 7.2% (0.3%) 18.0% 18.2% 7.9% 9.3% 9.5% 13.7% 7.7% 8.6% (5.1%)EBITDA Growth 1 Year 3.6% 1.0% (67.2%) (10.2%) (0.8%) 2.9% 4.9% 2.6% 2.8% (2.8%) 7.0% 10.0% 0.3% (1.4%) 0.0% 5 Year (0.7%) 26.1% (12.7%) 2.6% 11.3% 3.1% 5.7% 16.8% 8.1% 3.0% 10.2% (2.9%) 3.8% 7.5% 0.9%EBITDA Margin LTM 20.8% 17.4% 3.6% 15.5% 11.1% 12.0% 6.6% 23.5% 20.5% 21.7% 23.2% 16.7% 39.0% 36.7% 56.7% CY+1 22.0% 18.3% 9.5% 16.9% 15.6% 9.2% 6.8% 21.0% 22.9% 21.9% 24.9% 21.2% 39.0% 35.5% 58.7% CY+2 22.2% 17.6% 8.6% 16.9% 16.1% 9.5% 7.0% 20.9% 23.1% 20.8% 24.4% 16.1% 37.8% 36.2% 59.3% Leverage/Coverage RatiosTotal Debt / Equity % 249.4% 91.0% 83.7% 139.3% 74.5% 298.3% 136.2% 168.8% 98.9% 70.9% 231.6% 59.0% 86.0% 249.2%Total Debt / Capital % 67.7% 41.6% 43.0% 56.2% 42.7% 68.2% 57.7% 54.6% 49.5% 35.5% 62.3% 37.0% 44.8% 71.3%Total Debt / EBITDA 4.273x 3.980x 6.872x 2.731x 2.207x 5.500x 2.961x 3.401x 4.666x 1.799x 5.549x 7.515x 3.653x 4.830xNet Debt / EBITDA 2.795x 2.878x 5.863x 2.041x 1.821x 4.238x 2.530x 3.032x 3.747x 0.710x 4.953x 5.746x 3.252x 4.193xEBITDA / Int. Expense 6.178x 6.400x 1.367x 7.795x 8.193x 4.417x 3.881x 6.247x 4.728x 9.290x 3.460x 1.457x 8.010x 2.040x Credit RatingsS&P LT Credit Rating A+ A *- A- BBB+ A- BBB+ A- BBB+ 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 21.08.2009 08.03.2012 28.11.2012 08.03.2012 01.02.2012 17.11.2011 27.11.2012 24.08.2007Moodys LT Credit Rating Aa3 A1 A3 A3 A3 Baa1 A3 Baa2 (P)Baa1 WR Ba1 Baa3 A2 Baa1Moodys LT Credit Rating Date 14.01.2009 03.07.2012 05.10.2011 19.07.2011 21.06.2006 07.02.2012 22.09.2009 05.11.2012 05.11.2012 25.02.2009 16.02.2012 19.12.2012 15.07.2005 12.01.2007 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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