03.05.2013Ticker: Fortum OYJ Benchmark:Currency: Helsinki: FUM1V, Currency: EUR OMXHCap (HEXP)Sector: Utilities Industry: ...
Fortum OYJTarget price in EURDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date30-Apr-13...
03.05.2013Fortum OYJOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 888.4 Finland 87.55%Float...
Fortum OYJFinancial information is in EUR (M)Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/1...
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 66...
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...
FORTUM OYJ E.ON SE RWE AG EDF GDF SUEZALPIQ HOLDIN-REGENEL SPAVEOLIAENVIRONNEVERBUND AG DRAX GROUP PLC AES CORP NATIONAL G...
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Financial analysis fortum oyj provides a full range of energy related products and services. the company's activities cover the generation, distribution, and sale of electricity and heat and steam

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Financial analysis fortum oyj provides a full range of energy related products and services. the company's activities cover the generation, distribution, and sale of electricity and heat and steam

  1. 1. 03.05.2013Ticker: Fortum OYJ Benchmark:Currency: Helsinki: FUM1V, Currency: EUR OMXHCap (HEXP)Sector: Utilities Industry: Electric Utilities Year:Telephone 358-10-4511 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)Website www.fortum.com No of Employees Power Generation 2119 Nordic 4641Address P.O. Box 1 Espoo, 00048 Finland Heat 1610 Russia 1029Share Price Performance in EUR Distribution 1033 Poland 220Price 14.53 1M Return -4.8% Russian Operations 1030 Other European Countries 20052 Week High 15.66 6M Return 5.3% Markets 667 Estonia 6952 Week Low 12.02 52 Wk Return -4.9% Other 203 Sweden52 Wk Beta 0.73 YTD Return 9.4% Netting of Nord Pool Transactions -503 NorwayCredit RatingsBloomberg IG5S&P A- Date 27.11.2012 Outlook NEGMoodys A2 Date 15.07.2005 Outlook NEGFitch A- Date 05.10.2009 Outlook NEGValuation Ratios12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 12.8x 15.4x 8.3x 8.9x 11.2x 11.7x 11.2xEV/EBIT 12.8x 15.0x 12.4x 12.4x - - -EV/EBITDA 10.0x 11.5x 9.3x 8.9x 8.6x 8.6x 8.4xP/S 3.1x 3.2x 2.4x 2.0x 2.0x 2.0x 1.9xP/B 2.1x 2.4x 1.5x 1.2x 1.2x 1.2x 1.2xDiv Yield 5.3% 4.4% 6.1% 7.1% 6.8% 6.7% 6.5%Profitability Ratios %12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin - - - - 43.6 41.9 43.5EBITDA Margin 42.9 38.0 38.9 38.3 38.6 37.5 37.3Operating Margin 33.5 29.0 29.0 27.5 27.8 26.4 26.0Profit Margin 24.1 20.6 28.7 22.9 18.1 17.2 17.3Return on Assets 6.5 6.2 7.9 5.9 5.0 4.8 4.2Return on Equity 16.4 16.0 19.8 14.2 11.1 10.4 10.2Leverage and Coverage Ratios12/09 12/10 12/11 12/12Current Ratio 1.2 0.7 1.1 1.1 Current Capitalization in EURQuick Ratio 0.8 0.4 0.6 0.7 Common Shares Outstanding (M) 888.4EBIT/Interest 7.6 9.3 6.3 5.7 Market Capitalization (M) 12908.0Tot Debt/Capital 0.4 0.5 0.4 0.4 Cash and ST Investments (M) 1719.0Tot Debt/Equity 0.8 0.8 0.8 0.8 Total Debt (M) 9152.0Eff Tax Rate % 17.4 16.2 16.4 4.6 Preferred Equity (M) 0.0LT Investments in Affiliate Companies (M) 0.0Investments (M) 667.0Enterprise Value (M) 21008.0Fortum Oyj provides a full range of energy related products and services. TheCompanys activities cover the generation, distribution, and sale of electricity and heatand steam, as well as the operation of power plants, and energy-related services.Fortum operates worldwide but mainly in Northern Europe.FUM1V FH615910313Company Analysis - Overview31%22%14%14%9%3%7%Power GenerationHeatDistributionRussian OperationsMarketsOtherNetting of Nord Pool Transactions75%17%4% 3%1%NordicRussiaPolandOther European CountriesEstoniaQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Fortum OYJTarget price in EURDate Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date30-Apr-13 40% 31% 29% 3-May-13 14.53 14.86 JPMorgan NATHALIE F CASALI neutral 14.00 2-May-1329-Mar-13 44% 28% 28% 2-May-13 14.02 14.86 AlphaValue MYRIAM COHEN buy 18.00 2-May-1328-Feb-13 46% 26% 29% 1-May-13 14.11 14.90 Inderes JUHA KINNUNEN buy 16.00 27-Apr-1331-Jan-13 50% 21% 29% 30-Apr-13 14.11 14.90 Pohjola Bank Plc (ESN) HENRI PARKKINEN accumulate 16.00 26-Apr-1331-Dec-12 52% 21% 27% 29-Apr-13 14.02 14.90 Goldman Sachs DEBORAH WILKENS Buy/Neutral 19.00 26-Apr-1330-Nov-12 53% 22% 25% 26-Apr-13 14.06 14.95 Macquarie ROBERT SCHRAMM-FUCHS outperform 16.00 26-Apr-1331-Oct-12 50% 25% 25% 25-Apr-13 14.19 15.15 Nordea Equity Research PASI VAISANEN buy 17.00 26-Apr-1328-Sep-12 53% 25% 22% 24-Apr-13 14.26 15.18 Handelsbanken KARRI RINTA reduce 14.00 26-Apr-1331-Aug-12 56% 21% 24% 23-Apr-13 14.13 15.18 FIM SANNA KAJE accumulate 16.00 26-Apr-1331-Jul-12 56% 18% 26% 22-Apr-13 13.95 15.18 Evli Bank Plc MARKKU JARVINEN accumulate 16.00 26-Apr-1329-Jun-12 51% 20% 29% 19-Apr-13 13.93 15.28 Exane BNP Paribas BENJAMIN LEYRE outperform 18.00 26-Apr-1331-May-12 46% 29% 26% 18-Apr-13 13.64 15.28 Barclays PETER BISZTYGA underweight 13.52 26-Apr-1317-Apr-13 13.77 15.30 Danske Markets ANTTI KOSKIVUORI hold 14.00 26-Apr-1316-Apr-13 13.88 15.39 Deutsche Bank JAMES BRAND hold 13.00 25-Apr-1315-Apr-13 15.01 15.50 Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 15.00 25-Apr-1312-Apr-13 15.03 15.50 ABG Sundal Collier PETTER NYSTROM buy 18.00 25-Apr-1311-Apr-13 15.12 15.50 SEB Enskilda JUHA ISO-HERTTUA sell 12.60 25-Apr-1310-Apr-13 15.39 15.50 Carnegie TIMO HEINONEN hold 25-Apr-139-Apr-13 15.14 15.50 S&P Capital IQ CLIVE ROBERTS hold 14.00 25-Apr-138-Apr-13 15.09 15.50 DNB Markets HAAKON LEVY buy 16.50 25-Apr-135-Apr-13 15.35 15.50 Pareto Securities TEEMU VAINIO buy 15.50 22-Apr-134-Apr-13 15.34 15.50 Commerzbank Corporates & Markets TANJA MARKLOFF reduce 13.00 18-Apr-133-Apr-13 15.25 15.50 Raymond James EMMANUEL RETIF outperform 15.60 17-Apr-132-Apr-13 15.29 15.36 Credit Suisse ZOLTAN FEKETE neutral 14.20 22-Mar-131-Apr-13 14.75 15.36 Kepler Capital Markets INGO BECKER hold 15.00 22-Mar-1329-Mar-13 14.75 15.36 HSBC ADAM DICKENS underweight 14.00 21-Mar-1328-Mar-13 14.75 15.36 Main First Bank AG ANDREAS THIELEN underperform 14.50 15-Feb-1327-Mar-13 14.83 15.49 Berenberg Bank TEAM COVERAGE hold 14.30 5-Feb-1326-Mar-13 14.77 15.49 EVA Dimensions AUSTIN BURKETT underweight 17-Jan-1325-Mar-13 14.91 15.49 Swedbank PETRI KARHUNKOSKI strong buy 18.50 7-Nov-12Company Analysis - Analysts RatingsBuy and Sell Recommendations vs Price and Target Price46%51% 56% 56% 53% 50% 53% 52% 50% 46% 44% 40%29% 20%18% 21% 25%25% 22% 21% 21% 26% 28%31%26% 29% 26% 24% 22% 25% 25% 27% 29% 29% 28% 29%0%20%40%60%80%100%mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13 avr.13BrokerRecommendation0510152025PriceBuy Hold Sell Price Target PriceBrokers Target Price02468101214161820JPMorganAlphaValueInderesPohjolaBankPlc(ESN)GoldmanSachsMacquarieNordeaEquityResearchHandelsbankenFIMEvliBankPlcExaneBNPParibasBarclaysDanskeMarketsDeutscheBankMorganStanleyABGSundalCollierSEBEnskildaCarnegieS&PCapitalIQDNBMarketsParetoSecuritiesCommerzbankCorporates&RaymondJamesCreditSuisseKeplerCapitalMarketsHSBCMainFirstBankAGBerenbergBankEVADimensionsSwedbankCACheuvreuxNatixisQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 03.05.2013Fortum OYJOwnership Statistics Geographic Ownership DistributionShares Outstanding (M) 888.4 Finland 87.55%Float United States 3.04%Short Interest (M) Luxembourg 2.10%Short Interest as % of Float Norway 1.22%Days to Cover Shorts Sweden 1.20%Institutional Ownership 68.42% Unknown Country 0.98%Retail Ownership 31.55% Switzerland 0.80%Insider Ownership 0.03% Others 3.11%Institutional Ownership DistributionGovernment 77.70%Investment Advisor 12.93%Insurance Company 5.49%Other 2.14%Pricing data is in EUR Others 1.74%Top 20 Owners:Holder Name Position Position Change Market Value % of Ownership Report Date Source CountryREPUBLIC OF FINLAND 450932988 0 6552056316 50.76% 31.10.2012 Research FINLANDILMARINEN MUTUAL PEN 13467550 0 195683502 1.52% 31.10.2012 Research FINLANDVARMA MUTUAL PENSION 8324300 0 120952079 0.94% 31.10.2012 Research FINLANDFINLAND STATE PENSIO 7268387 0 105609663 0.82% 31.10.2012 Research FINLANDSOCIAL INSUR INSTITU 7195896 0 104556369 0.81% 31.10.2012 Research FINLANDBLACKROCK 6511764 -700 94615931 0.73% 01.05.2013 ULT-AGG UNITED STATESCITY OF KURIKKA 6203500 0 90136855 0.70% 31.10.2012 Research FINLANDMANDATUM LIFE INSURA 4954834 0 71993738 0.56% 31.10.2012 Research FINLANDSTATE STREET 4874884 23704 70832065 0.55% 02.05.2013 ULT-AGG UNITED STATESVANGUARD GROUP INC 4864048 -144664 70674617 0.55% 31.03.2013 MF-AGG UNITED STATESPICTET ASSET MANAGEM 4732124 -630470 68757762 0.53% 31.01.2013 MF-AGG BRITAINNORDEA INVESTMENT FU 4540294 -134003 65970472 0.51% 28.03.2013 MF-AGG FINLANDOPPENHEIMERFUNDS INC 3359544 0 48814174 0.38% 28.02.2013 MF-AGG UNITED STATESDEUTSCHE BANK AG 3081997 -526406 44781416 0.35% 31.03.2013 MF-AGG GERMANYLOCAL GOVERNMENT PEN 2951403 0 42883886 0.33% 31.10.2012 Research FINLANDING INTERNATIONAL AD 2829932 273154 41118912 0.32% 31.01.2013 MF-AGG LUXEMBOURGSWISS NATIONAL BANK 2669409 0 38786513 0.30% 31.10.2012 Research SWITZERLANDSOCIETY OF SWEDISH L 2195400 0 31899162 0.25% 31.10.2012 Research FINLANDOP DELTA FUND 2160000 0 31384800 0.24% 31.10.2012 Research FINLANDOP-FOCUS NON UCITS F 2075000 0 30149750 0.23% 31.10.2012 Research n/aTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceKUULA TAPIO TEUVO 101232 1470901 0.01% 31.12.2011 Co FileKARTTINEN TIMO 55015 799368 0.01% 31.12.2011 Co FileLAAKSONEN JUHA OLAVI 40861 593710 0.01% 31.12.2011 Co FileFRISK MIKAEL 28473 413713 0.00% 31.12.2011 Co FileLANGER PER 12751 185272 0.00% 31.12.2011 Co FileCompany Analysis - OwnershipOwnership Type68%32%0%Institutional Ownership Retail Ownership Insider OwnershipGeographic Ownership88%3%2%1%1%1% 1%3%Finland United States LuxembourgNorway Sweden Unknown CountrySwitzerland OthersInstitutional Ownership78%5%2%2%13%Government Investment Advisor Insurance CompanyOther OthersTOP 20 ALLQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Fortum OYJFinancial information is in EUR (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 11148 11392 3835 3877 4491 4479 5636 5435 6296 6161 6159 6344 6470 6698- Cost of Goods SoldGross Income 2766 2708 2914- Selling, General & Admin Expenses 10234 10150 2731 2631 3116 3025 3903 3687 4571 4450 4529(Research & Dev Costs) 38 35 26 14 17 21 27 30 30 38 41Operating Income 945 1318 1195 1347 1455 1541 1817 1822 1827 1789 1696 1766 1710 1742- Interest Expense 357 320 260 203 176 220 330 211 152 231 220- Foreign Exchange Losses (Gains) -1 -1 -185 0 -2 -3- Net Non-Operating Losses (Gains) -419 -185 -27 -123 43 -613 -361 -22 60 -670 -99Pretax Income 1008 1184 962 1267 1421 1934 1850 1636 1615 2228 1575 1514 1482 1540- Income Tax Expense 269 325 259 331 301 326 254 285 261 366 72Income Before XO Items 739 859 703 936 1120 1608 1596 1351 1354 1862 1503- Extraordinary Loss Net of Tax 0 0 -589 -474 0 0 0 0 0 0- Minority Interests 73 90 33 52 49 56 54 39 54 93 94Diluted EPS Before XO Items 0.78 1.00Net Income Adjusted* 666 769 1227 936 1053 1320 1538 1312 1394 1319 1287 1150 1115 1158EPS Adjusted 0.79 0.91 1.44 1.09 1.20 1.48 1.73 1.48 1.57 1.48 1.45 1.29 1.25 1.30Dividends Per Share 0.31 0.42 0.58 1.12 1.26 0.77 1.00 1.00 1.00 1.00 1.00 1.00 0.97 0.94Payout Ratio % 39.4 46.3 75.5 110.9 104.5 44.2 57.6 67.7 68.3 50.2 63.0 0.77 0.78 0.73Total Shares Outstanding 846 849 870 875 887 887 888 888 888 888 888Diluted Shares Outstanding 851 859 862 888 887 891 888 888 888 888 888EBITDA 1613 1842 1583 1754 1884 1992 2332 2332 2390 2395 2360 2446 2429 2496*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 3086 2390 2354 2055 1736 1886 3761 2549 2529 2788 2884+ Cash & Near Cash Items 591 439 145 788 157 100 1321 890 556 731 963+ Short Term Investments 1 327+ Accounts & Notes Receivable 1281 951 1047 716 1052 840 849 784 943 689 914+ Inventories 504 551 654 256 329 285 444 447 387 528 428+ Other Current Assets 709 449 508 295 198 334 1147 428 643 840 579Total Long-Term Assets 14874 14172 15213 13075 15103 15788 16517 17292 19435 20210 21744+ Long Term Investments 121 124 1296 1104 781 835 742 918 1149 1196 1384Gross Fixed Assets 19157 17764 18499 15311 17411 17612 18133 19459 22125 23476 24984Accumulated Depreciation 6445 6132 6574 5135 5940 6269 5995 6604 7504 8242 8487+ Net Fixed Assets 12712 11632 11925 10176 11471 11343 12138 12855 14621 15234 16497+ Other Long Term Assets 2041 2416 1992 1795 2851 3610 3637 3519 3665 3780 3863Total Current Liabilities 3934 2688 2466 2048 1568 1763 2090 2133 3384 2438 2649+ Accounts Payable 689 449 570 262 844 272 343 317 435 443 558+ Short Term Borrowings 2134 1225 790 828 442 605 980 857 862 925 1078+ Other Short Term Liabilities 1111 1014 1106 958 282 886 767 959 2087 1070 1013Total Long Term Liabilities 6698 7236 7451 5671 7110 7260 9777 9217 9838 10399 11158+ Long Term Borrowings 4306 4840 4450 3118 4060 4288 6520 6002 6520 6845 7699+ Other Long Term Borrowings 2392 2396 3001 2553 3050 2972 3257 3215 3318 3554 3459Total Liabilities 10632 9924 9917 7719 8678 9023 11867 11350 13222 12837 13807+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0+ Minority Interest 1432 232 150 260 253 292 457 457 532 529 616+ Share Capital & APIC 2938 2927 2948 2976 3023 3040 3134 3119 3119 3119 3119+ Retained Earnings & Other Equity 2958 3479 4552 4175 4885 5319 4820 4915 5091 6513 7086Total Shareholders Equity 7328 6638 7650 7411 8161 8651 8411 8491 8742 10161 10821Total Liabilities & Equity 17960 16562 17567 15130 16839 17674 20278 19841 21964 22998 24628Book Value Per Share 6.97 7.55 8.62 8.17 8.91 9.43 8.96 9.04 9.24 10.84 11.49 11.70 11.98 12.38Tangible Book Value Per Share 6.77 7.38 8.49 8.08 8.80 9.33 8.52 8.60 8.77 10.35 10.99Company 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 666 769 1259 1358 1071 1552 1542 1312 1300 1769 1409 1143 1102 1142+ Depreciation & Amortization 668 524 388 407 429 451 515 510 563 606 664+ Other Non-Cash Adjustments 82 170 84 -268 -211 -384 47 423 -464 -863 -520+ Changes in Non-Cash Capital 88 111 27 -93 -178 51 -102 19 38 101 -171Cash From Operating Activities 1504 1574 1758 1404 1111 1670 2002 2264 1437 1613 1382+ Disposal of Fixed Assets 120 142 60 30 83 14 37 48 7 15 13+ Capital Expenditures -649 -550 -335 -346 -485 -592 -1018 -845 -1134 -1285 -1422 -1204 -1037 -879+ Increase in Investments -1 -27 0 -1 -21 -4 -1 -2+ Decrease in Investments 7 9 4 11 1 29 0 1+ Other Investing Activities -855 608 -465 1063 -884 -56 -1300 -176 25 445 281Cash From Investing Activities -1378 182 -736 757 -1306 -609 -2282 -974 -1102 -825 -1128+ Dividends Paid -220 -264 -357 -506 -987 -1122 -1198 -888 -888 -888 -888+ Change in Short Term Borrowings 605 -233 -265 -384 32 -37 551 -215 191 -278 168+ Increase in Long Term Borrowings 804 1622 319 28 1263 942 5550 2168 924 951 1375+ Decrease in Long Term Borrowings -1200 -1788 -865 -706 -803 -417 -3479 -2711 -912 -365 -669+ Increase in Capital Stocks 1 22 95 22 49 17 4 2+ Decrease in Capital Stocks 0 -30 -175+ Other Financing Activities 29 -1267 -237 28 1 -108 -27 -25 -10 -33Cash From Financing Activities 19 -1908 -1310 -1518 -476 -791 1320 -1671 -710 -590 -47Net Changes in Cash 145 -152 -288 643 -671 270 1040 -381 -375 198 207Free Cash Flow (CFO-CAPEX) 855 1024 1423 1058 626 1078 984 1419 303 328 -40 681 727 921Free Cash Flow To Firm 1117 1256 1613 1208 765 1261 1269 1593 430 521 170Free Cash Flow To Equity 1184 767 672 26 1201 1580 3643 709 513 651 847Free Cash Flow per Share 1.01 1.21 1.67 1.21 0.71 1.21 1.11 1.60 0.34 0.37 -0.05Company 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 7.9x 9.0x 17.3x 15.6x 17.7x 17.7x 8.8x 12.8x 15.4x 8.3x 8.9x 11.2x 11.7x 11.2xEV to EBIT 13.3x 9.7x 14.3x 12.8x 16.3x 20.8x 11.1x 12.8x 15.0x 12.4x 12.4xEV to EBITDA 7.8x 6.9x 10.8x 9.9x 12.6x 16.1x 8.6x 10.0x 11.5x 9.3x 8.9x 8.6x 8.6x 8.4xPrice to Sales 0.5x 0.6x 3.0x 3.6x 4.2x 6.1x 2.4x 3.1x 3.2x 2.4x 2.0x 2.0x 2.0x 1.9xPrice to Book 0.9x 1.1x 1.6x 1.9x 2.4x 3.3x 1.7x 2.1x 2.4x 1.5x 1.2x 1.2x 1.2x 1.2xDividend Yield 5.0% 5.1% 4.3% 7.1% 5.8% 2.5% 6.6% 5.3% 4.4% 6.1% 7.1% 6.8% 6.7% 6.5%Profitability RatiosGross Margin 43.6% 41.9% 43.5%EBITDA Margin 14.5% 16.2% 41.3% 45.2% 42.0% 44.5% 41.4% 42.9% 38.0% 38.9% 38.3% 38.6% 37.5% 37.3%Operating Margin 8.5% 11.6% 31.2% 34.7% 32.4% 34.4% 32.2% 33.5% 29.0% 29.0% 27.5% 27.8% 26.4% 26.0%Profit Margin 6.0% 6.8% 32.8% 35.0% 23.8% 34.7% 27.4% 24.1% 20.6% 28.7% 22.9% 18.1% 17.2% 17.3%Return on Assets 4.1% 4.5% 7.4% 8.3% 6.7% 9.0% 8.1% 6.5% 6.2% 7.9% 5.9% 5.0% 4.8% 4.2%Return on Equity 11.7% 12.5% 18.1% 18.5% 14.2% 19.1% 18.9% 16.4% 16.0% 19.8% 14.2% 11.1% 10.4% 10.2%Leverage & Coverage RatiosCurrent Ratio 0.78 0.89 0.95 1.00 1.11 1.07 1.80 1.20 0.75 1.14 1.09Quick Ratio 0.48 0.52 0.48 0.73 0.77 0.72 1.04 0.78 0.44 0.58 0.71Interest Coverage Ratio (EBIT/I) 2.63 4.12 4.60 6.64 8.27 7.00 5.18 7.56 9.27 6.30 5.65Tot Debt/Capital 0.47 0.48 0.41 0.35 0.36 0.36 0.47 0.45 0.46 0.43 0.45Tot Debt/Equity 0.88 0.91 0.68 0.53 0.55 0.57 0.89 0.81 0.84 0.76 0.81OthersAsset Turnover 0.69 0.66 0.22 0.24 0.28 0.26 0.30 0.27 0.30 0.27 0.26Accounts Receivable Turnover 9.37 10.21 3.84 4.40 5.08 4.73 6.67 6.66 7.29 7.55 7.68Accounts Payable TurnoverInventory TurnoverEffective Tax Rate 26.7% 27.4% 26.9% 26.1% 21.2% 16.9% 13.7% 17.4% 16.2% 16.4% 4.6%Company Analysis - Financials IV/IVQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. FORTUM OYJ E.ON SE RWE AG EDF GDF SUEZALPIQ HOLDIN-REGENEL SPAVEOLIAENVIRONNEVERBUND AG DRAX GROUP PLC AES CORP NATIONAL GRID PL CENTRICA PLC SSE PLC UNITED UTILITIES12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 12/2012 03/2012 03/201216.69 19.80 36.47 17.91 20.35 160.53 3.30 11.10 21.49 660.50 13.98 828.00 394.30 1575.00 816.0008.05.2012 14.09.2012 12.09.2012 03.07.2012 21.08.2012 07.05.2012 14.01.2013 04.05.2012 03.05.2012 20.02.2013 03.05.2013 02.05.2013 23.04.2013 03.05.2013 14.08.201212.81 12.42 25.83 13.39 14.05 102.73 2.02 7.38 14.50 390.00 9.52 636.00 301.20 1286.00 617.5023.07.2012 08.02.2013 19.04.2013 29.11.2012 01.03.2013 14.02.2013 24.07.2012 16.11.2012 25.07.2012 25.07.2012 14.11.2012 25.07.2012 22.06.2012 25.07.2012 21.05.20122859551 13805210 2227976 2094980 3340397 6903 20827018 5111028 149497 142171 503763 2276433 4044482 640795 135489114.52 13.98 27.72 17.84 16.66 118.00 2.95 10.61 16.25 622.00 13.97 826.00 377.30 1571.00 745.00-13.0% -29.4% -24.0% -0.4% -18.2% -26.5% -10.5% -4.4% -24.4% -5.8% -0.1% -0.2% -4.3% -0.3% -8.7%13.3% 12.5% 7.3% 33.2% 18.5% 14.9% 46.1% 43.8% 12.1% 59.5% 46.7% 29.9% 25.3% 22.2% 20.6%888.4 1906.8 614.7 1846.7 2357.3 27.2 9403.4 507.8 347.4 401.6 744.3 3701.0 5199.0 944.7 681.812899 27964 16991 32975 40186 3208 27759 5539 5646 2500 10415 30292 19573 15150 50808777.0 25944.0 19946.0 64501.0 57552.0 5270.0 66539.0 17001.6 4321.1 90.7 21373.0 23025.0 5328.0 6245.6 5855.2- - - - - - - - - - 78.0 - - - -616.0 3862.0 1613.0 4854.0 11462.0 106.0 16387.0 1973.6 641.0 - 2945.0 7.0 - - -963.0 6097.0 5276.0 22307.0 11383.0 1359.0 9891.0 5547.8 121.7 401.7 2666.0 2723.0 938.0 189.2 321.220999 51673 33274 80023 97817 7225 100794 18967 10456 2189 32145 51227 23963 20396 10907LFY 6159.0 132093.0 50771.0 72729.0 97038.0 12710.0 82699.0 29438.5 3174.3 1779.8 18141.0 13832.0 23942.0 31723.9 1564.9LTM 6249.0 132093.0 50771.0 72729.0 97038.0 12710.0 82699.0 29438.5 3198.8 1779.8 18159.0 13605.0 23942.0 31337.3 1595.1CY+1 6344.3 111418.7 53546.9 73749.5 81162.0 10925.5 81744.2 25737.4 3271.5 1868.2 18518.2 14417.8 24542.4 31332.2 1644.4CY+2 6470.1 112638.7 53803.9 75979.2 81900.2 10724.5 82556.8 25914.5 3175.8 2138.0 19017.8 15066.6 25538.9 31732.5 1699.0LFY 3.6x 0.4x 0.7x 1.0x 1.0x 0.6x 1.2x 0.6x 3.4x 1.1x 1.6x 3.3x 0.9x 0.6x 6.8xLTM 3.5x 0.4x 0.7x 1.0x 1.0x 0.6x 1.2x 0.6x 3.3x 1.1x 1.6x 3.4x 0.9x 0.6x 6.7xCY+1 3.4x 0.5x 0.6x 1.1x 1.1x 0.6x 1.1x 0.7x 3.1x 1.3x 1.7x 3.6x 1.0x 0.7x 6.5xCY+2 3.3x 0.4x 0.6x 1.1x 1.0x 0.5x 1.0x 0.6x 3.2x 1.2x 1.6x 3.5x 0.9x 0.7x 6.4xLFY 2360.0 8443.0 9055.0 14342.0 18401.0 1200.0 16150.0 2684.9 1228.2 298.4 4807.0 4777.0 3698.0 1946.8 900.0LTM 2413.0 8443.0 9201.0 14342.0 18401.0 1200.0 16150.0 2684.9 1211.8 298.4 4807.0 4991.0 3698.0 2073.9 905.1CY+1 2446.0 9554.8 8828.3 15982.1 13786.8 800.0 16053.9 2213.2 1136.3 200.5 5011.5 5042.9 3965.5 2208.6 980.8CY+2 2428.7 9754.7 8597.0 17030.6 13928.0 714.5 16053.2 2294.5 1035.4 245.5 5271.0 5419.3 4200.6 2356.2 1021.8LFY 9.3x 6.0x 3.9x 5.1x 5.1x 6.3x 6.3x 6.7x 8.7x 6.3x 6.2x 9.6x 5.9x 9.5x 11.9xLTM 9.1x 6.0x 3.9x 5.1x 5.1x 6.3x 6.3x 6.7x 8.8x 6.3x 6.2x 9.2x 5.9x 9.0x 11.8xCY+1 8.8x 5.3x 3.9x 5.0x 6.2x 7.5x 5.4x 7.6x 9.0x 12.2x 6.4x 10.2x 6.1x 10.0x 10.9xCY+2 8.8x 5.2x 4.0x 4.8x 6.0x 8.2x 5.1x 7.3x 9.9x 10.5x 6.0x 9.8x 5.6x 9.6x 10.7xLFY - 1.81 1.95 2.06 1.33 -38.43 0.09 0.01 1.10 0.44 1.24 0.51 0.26 1.29 0.47LTM 1.48 1.14 2.13 1.80 0.71 -38.43 0.09 0.02 1.00 0.44 -1.21 0.64 0.25 0.25 0.48CY+1 1.29 1.32 3.89 1.74 1.36 9.13 0.33 0.46 1.02 0.25 1.28 0.54 0.28 1.14 0.39CY+2 1.25 1.39 3.48 1.92 1.42 8.18 0.34 0.64 0.96 0.30 1.37 0.56 0.30 1.18 0.41LFY 9.8x 12.3x 13.0x 9.9x 23.4x - 32.1x 589.1x 16.3x 14.1x - 13.0x 15.3x 63.9x 15.7xLTM - 7.7x 13.0x 9.9x 12.5x - - - 16.5x 14.2x - 15.2x 14.5x 14.3x 15.2xCY+1 11.2x 10.6x 7.1x 10.3x 12.3x 12.9x 9.0x 23.0x 15.9x 25.4x 10.9x 15.3x 13.6x 13.8x 19.0xCY+2 11.7x 10.1x 8.0x 9.3x 11.7x 14.4x 8.8x 16.5x 16.9x 20.6x 10.2x 14.9x 12.7x 13.3x 18.1x1 Year (0.0%) 16.9% 3.3% 11.4% 7.0% (9.0%) 6.6% 3.0% 4.8% (3.1%) 7.2% (3.6%) 4.9% 12.0% 3.4%5 Year 7.1% 16.4% 4.1% 6.1% 7.2% (0.5%) 9.1% (2.9%) (0.1%) 11.2% 6.6% 8.6% 10.5% 18.0% (5.1%)1 Year (1.5%) 97.8% 9.3% 1.7% 14.5% 28.1% (5.6%) 5.9% 26.6% (10.6%) (2.6%) (1.4%) 11.7% 4.9% 0.0%5 Year 3.4% (5.3%) 3.1% (1.7%) 20.7% 0.2% 10.7% (6.3%) 2.3% (10.0%) 4.0% 7.5% 8.1% 5.7% 0.9%LTM 38.6% 6.4% 18.1% 19.7% 19.0% 9.4% 19.5% 9.1% 37.9% 16.8% 26.5% 36.7% 15.4% 6.6% 56.7%CY+1 38.6% 8.6% 16.5% 21.7% 17.0% 7.3% 19.6% 8.6% 34.7% 10.7% 27.1% 35.0% 16.2% 7.0% 59.6%CY+2 37.5% 8.7% 16.0% 22.4% 17.0% 6.7% 19.4% 8.9% 32.6% 11.5% 27.7% 36.0% 16.4% 7.4% 60.1%Total Debt / Equity % 86.0% 74.2% 134.6% 249.4% 96.3% 107.5% 181.0% 237.7% 96.9% 6.1% 467.8% 249.2% 89.9% 136.2% 331.8%Total Debt / Capital % 44.8% 40.1% 54.8% 67.7% 44.7% 51.3% 55.6% 65.1% 45.9% 5.8% 73.8% 71.3% 47.3% 57.7% 76.8%Total Debt / EBITDA 3.793x 3.073x 2.168x 4.497x 3.128x 4.392x 4.120x 6.332x 3.510x 0.304x 4.446x 4.830x 1.441x 2.961x 6.606xNet Debt / EBITDA 3.080x 2.351x 1.594x 2.942x 2.509x 3.259x 3.508x 4.266x 3.424x -1.042x 3.892x 4.193x 1.187x 2.530x 6.438xEBITDA / Int. Expense 7.867x 2.900x 7.250x 5.871x 7.199x 6.218x 5.508x 3.201x 6.094x 19.503x 2.856x 2.040x 7.441x 3.881x 2.853xS&P LT Credit Rating A- A- BBB+ A+ A *- - BBB+ BBB+ A- - BB- A- A- A- -S&P LT Credit Rating Date 27.11.2012 27.07.2012 27.07.2012 17.01.2012 29.01.2013 - 08.03.2012 24.11.2000 21.09.2009 - 17.05.2011 24.08.2007 29.05.2009 21.08.2009 -Moodys LT Credit Rating A2 A3 A3 Aa3 A1 - Baa2 Baa1 A3 - Ba3 Baa1 A3 A3 -Moodys LT Credit Rating Date 15.07.2005 05.10.2011 19.07.2011 14.01.2009 03.07.2012 - 05.11.2012 07.02.2012 12.04.2013 - 28.11.2011 12.01.2007 21.06.2006 22.09.2009 -52-Week High Date52-Week LowLatest Fiscal Year:52-Week HighTotal DebtMarket CapitalizationDaily Volume52-Week Low % ChangeCurrent Price (5/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 |

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