24.04.2013                                                                                         Company Analysis - Over...
Company Analysis - Analysts RatingsGoldcorp IncTarget price in USDBroker Recommendation                                   ...
24.04.2013Goldcorp Inc                                                                              Company Analysis - Own...
Company Analysis - Financials I/IVGoldcorp IncFinancial information is in USD (M)                                         ...
Company Analysis - Financials II/IVPeriodicity:                               12/02      12/03       12/04      12/05     ...
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                                                          BARRICK GOLD                ...
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Financial analysis goldcorp, inc. is engaged in the acquisition, exploration, development and operation of precious metal properties in canada, the unites states, mexico and central and south america

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Financial analysis goldcorp, inc. is engaged in the acquisition, exploration, development and operation of precious metal properties in canada, the unites states, mexico and central and south america

  1. 1. 24.04.2013 Company Analysis - OverviewTicker: GG UN Goldcorp Inc Benchmark: Goldcorp, Inc. is engaged in the acquisition, exploration, development and operationCurrency: New York: GG, Currency: USD S&P 500 INDEX (SPX) of precious metal properties in Canada, the Unites States, Mexico and Central and South America.Sector: Materials Industry: Metals & Mining Year:Telephone 1-604-696-3000 Revenue (M) 5435 Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.goldcorp.com No of Employees #N/A N/A Gold Equivalents 5435 Mexico 2290Address Park Place Suite 3400 - 666 Burrard St. Vancouver, BC V6C 2X8 Canada Canada 1694Share Price Performance in USD Argentina 615Price 27.75 1M Return -17.2% Guatemala 55152 Week High 46.97 6M Return -31.9% United States 28552 Week Low 27.11 52 Wk Return -30.3% Silver Wheaton52 Wk Beta 0.73 YTD Return -23.9% Corporate & OtherCredit RatingsBloomberg IG5 5%S&P BBB+ Date 01.06.2009 Outlook STABLE 10%Moodys Baa2 Date - Outlook STABLEFitch BBB Date 01.06.2009 Outlook STABLEValuation Ratios 11% 43% 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 50.8x 30.4x 22.2x 18.5x 17.2x 12.1x 10.6xEV/EBIT 34.1x 26.1x 21.6x 14.1x - - -EV/EBITDA 20.9x 18.4x 15.2x 10.7x 7.9x 5.7x 5.1xP/S 10.5x 9.1x 6.7x 5.5x 4.0x 3.2x 3.0xP/B 1.9x 1.9x 1.7x 1.3x 1.0x 0.9x 0.9xDiv Yield 0.5% 0.5% 0.9% 1.5% 2.1% 2.1% 2.1% 31% 100%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin 37.1 60.5 49.0 44.6 53.4 58.0 - Mexico CanadaEBITDA Margin 50.2 54.2 43.6 51.5 51.3 56.9 59.7Operating Margin 30.8 38.1 30.6 39.1 32.5 42.6 39.5 Gold EquivalentsProfit Margin 8.8 54.9 22.1 32.2 24.4 28.8 29.5 Argentina GuatemalaReturn on Assets 1.2 8.4 4.2 5.8 4.8 6.8 7.6Return on Equity 1.6 11.7 5.8 8.0 5.9 7.9 8.5 United StatesLeverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio 2.2 1.7 3.8 2.2 Current Capitalization in USDQuick Ratio 1.5 1.2 2.6 1.4 Common Shares Outstanding (M) 811.5EBIT/Interest 10.8 54.8 71.4 70.8 Market Capitalization (M) 22656.7Tot Debt/Capital 0.0 0.0 0.0 0.0 Cash and ST Investments (M) 918.0Tot Debt/Equity 0.0 0.0 0.0 0.0 Total Debt (M) 783.0Eff Tax Rate % 46.5 17.9 36.6 22.3 Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 213.0 Enterprise Value (M) 22734.7 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Company Analysis - Analysts RatingsGoldcorp IncTarget price in USDBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 80 70 100% 4% 4% 8% 8% 8% 8% 8% 7% 7% 8% 8% 8% 60 70 19% 15% 15% 15% 15% 15% 50 19% 19% 27% 80% 23% 23% 23% 60 40 30 50 60% 20 40 10 0 40% 77% 77% 77% 77% 77% 77% 30 Morgan Stanley BMO Capital Markets Barclays Canaccord Genuity Corp RBC Capital Markets Cormark Securities Inc. Raymond James Davenport & Co GMP Mackie Research Capital Corp. Veritas Investment Research Scotia Capital Cowen Securities LLC Credit Suisse JPMorgan Salman Partners Macquarie Stifel HSBC TD Securities EVA Dimensions Deutsche Bank Jefferies CIBC World Markets 74% 74% 69% 69% 69% 69% 20 20% 10 Co 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 69% 27% 4% 24-Apr-13 27.75 42.02 Scotia Capital TANYA M JAKUSCONEK sector outperform 40.50 23-Apr-13 28-Feb-13 69% 23% 8% 23-Apr-13 27.75 42.02 Barclays FAROOQ HAMED overweight 40.00 23-Apr-13 31-Jan-13 69% 23% 8% 22-Apr-13 28.56 42.61 Deutsche Bank JORGE M BERISTAIN hold 28.00 22-Apr-13 31-Dec-12 69% 23% 8% 19-Apr-13 27.86 43.96 Credit Suisse ANITA SONI neutral 37.00 22-Apr-13 30-Nov-12 74% 19% 7% 18-Apr-13 27.84 44.58 Stifel GEORGE J TOPPING buy 36.00 22-Apr-13 31-Oct-12 74% 19% 7% 17-Apr-13 27.21 44.58 Davenport & Co LLOYD T OCARROLL buy 35.00 22-Apr-13 28-Sep-12 77% 15% 8% 16-Apr-13 27.78 44.58 Cormark Securities Inc. RICHARD GRAY buy 41.88 22-Apr-13 31-Aug-12 77% 15% 8% 15-Apr-13 27.64 45.20 RBC Capital Markets STEPHEN D WALKER outperform 36.00 19-Apr-13 31-Jul-12 77% 15% 8% 12-Apr-13 29.63 46.13 JPMorgan JOHN BRIDGES overweight 50.00 19-Apr-13 29-Jun-12 77% 15% 8% 11-Apr-13 31.15 46.13 TD Securities GREG BARNES buy 45.00 16-Apr-13 31-May-12 77% 15% 8% 10-Apr-13 31.50 46.73 BMO Capital Markets DAVID HAUGHTON outperform 48.50 15-Apr-13 30-Apr-12 77% 19% 4% 9-Apr-13 32.35 46.32 Canaccord Genuity Corp STEVEN BUTLER buy 46.00 15-Apr-13 8-Apr-13 31.34 46.21 CIBC World Markets ALEC KODATSKY sector outperform 46.00 11-Apr-13 5-Apr-13 31.73 46.49 Cowen Securities LLC ADAM P GRAF hold 9-Apr-13 4-Apr-13 31.51 46.85 HSBC PATRICK CHIDLEY overweight 45.50 3-Apr-13 3-Apr-13 31.16 46.94 GMP GEORGE V ALBINO buy 60.13 2-Apr-13 2-Apr-13 32.33 47.05 Salman Partners DAVID WEST top pick 59.03 1-Apr-13 1-Apr-13 33.38 47.02 Jefferies PETER D WARD hold 35.00 21-Mar-13 29-Mar-13 33.57 47.01 EVA Dimensions CRAIG STERLING hold 15-Mar-13 28-Mar-13 33.57 47.01 Mackie Research Capital Corp. BARRY D ALLAN buy 47.75 12-Mar-13 27-Mar-13 33.66 47.01 Macquarie TONY LESIAK outperform 48.62 9-Mar-13 26-Mar-13 32.84 47.01 Veritas Investment Research Co PAWEL RAJSZEL sell 33.00 19-Feb-13 25-Mar-13 32.96 47.01 Morgan Stanley PARETOSH MISRA Equalwt/In-Line 8-Jan-13 22-Mar-13 33.50 47.01 Raymond James BRAD HUMPHREY Under Review 19-Nov-08 21-Mar-13 33.39 47.01 20-Mar-13 32.66 47.01 19-Mar-13 32.52 47.01 18-Mar-13 32.46 47.05 15-Mar-13 32.38 47.05 14-Mar-13 32.37 47.05 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. 24.04.2013Goldcorp Inc Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 0%Shares Outstanding (M) 811.5 United States 57.15% 22% 1% 1% 4%Float 99.7% Canada 30.09% 1% 2%Short Interest (M) 4.1 France 3.94% 4%Short Interest as % of Float 0.51% Britain 1.85%Days to Cover Shorts 0.81 Luxembourg 1.33%Institutional Ownership 77.38% Norway 0.93% 57%Retail Ownership 22.27% Japan 0.83%Insider Ownership 0.35% Others 3.90% 30% 78% Institutional Ownership Distribution Investment Advisor 88.92% Hedge Fund Manager 4.78% Pension Fund (Erisa) 1.70% Institutional Ownership Retail Ownership Insider Ownership Insurance Company 1.57% United States Canada France BritainPricing data is in USD Others 3.03% Luxembourg Norway Japan OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryBLACKROCK 95391332 0 2647109463 11.75% 31.03.2013 ULT-AGG UNITED STATES 2% 3%FMR LLC 32937156 -9098135 914006079 4.06% 28.02.2013 ULT-AGG UNITED STATES 2%VAN ECK ASSOCIATES C 31593509 -836637 876719875 3.89% 23.04.2013 ULT-AGG UNITED STATES 5%ROYAL BANK OF CANADA 22991630 1883662 638017733 2.83% 31.12.2012 ULT-AGG CANADABMO FINANCIAL CORP 19122015 -574672 530635916 2.36% 31.03.2013 13F UNITED STATESCARMIGNAC GESTION 17580357 17580357 487854907 2.17% 31.12.2012 13F FRANCETD ASSET MANAGEMENT 15632925 5971920 433813669 1.93% 31.12.2012 13F CANADACI INVESTMENTS INC 12996285 -440597 360646909 1.60% 31.12.2012 MF-AGG CANADACIBC WORLD MARKETS I 11806864 70556 327640476 1.45% 31.12.2012 13F CANADATORONTO DOMINION BAN 11409803 1401951 316622033 1.41% 31.12.2012 13F CANADA 88%FIRST EAGLE INVESTME 11152441 95200 309480238 1.37% 31.12.2012 13F UNITED STATESFRANKLIN RESOURCES 10114617 -651961 280680622 1.25% 28.02.2013 ULT-AGG UNITED STATESIA CLARINGTON INVEST 8426680 -27800 233840370 1.04% 31.12.2012 MF-AGG CANADA Investment Advisor Hedge Fund Manager Pension Fund (Erisa)CIBC GLOBAL ASSET MA 7362990 699268 204322973 0.91% 31.12.2012 13F CANADA Insurance Company OthersCAISSE DE DEPOT ET P 7239262 -4220800 200889521 0.89% 31.12.2012 13F CANADAGREYSTONE MANAGED IN 7106968 -2294891 197218362 0.88% 31.12.2012 13F CANADAFIERA CAPITAL CORPOR 6835256 1053271 189678354 0.84% 31.03.2013 13F CANADAMACKENZIE FINANCIAL 6271509 -3832372 174034375 0.77% 31.12.2012 13F CANADASUN LIFE FINANCIAL I 6162583 -935880 171011678 0.76% 28.02.2013 ULT-AGG CANADANORGES BANK 5776522 1267153 160298486 0.71% 31.12.2012 13F NORWAYTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceREIFEL P RANDY 1444107 3500 40073969 0.18% 01.05.2012 SEDIJEANNES CHARLES A 416561 18333 11559568 0.05% 11.03.2013 SEDIHALL LINDSAY A 117023 8667 3247388 0.01% 11.03.2013 SEDISEDESTROM CHERYL A 93303 5333 2589158 0.01% 11.03.2013 SEDIRONKOS CHARLES JOSEPH 91937 5333 2551252 0.01% 11.03.2013 SEDI Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. Company Analysis - Financials I/IVGoldcorp IncFinancial information is in USD (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 185 263 191 896 1649 2207 2420 2724 3738 5362 5435 5612 6972 7467 - Cost of Goods Sold 83 113 89 439 917 1419 1663 1714 1476 2736 3012Gross Income 103 150 102 457 732 788 756 1010 2262 2626 2423 2997 4044 - Selling, General & Admin Expenses 13 15 21 52 111 176 203 170 838 984 300 (Research & Dev Costs) 4 3 7Operating Income 90 135 81 405 621 612 553 840 1424 1642 2123 1823 2972 2947 - Interest Expense 0 0 0 0 45 45 7 78 26 23 30 - Foreign Exchange Losses (Gains) 1 1 -0 -0 0 0 -1059 367 0 0 0 - Net Non-Operating Losses (Gains) -19 -19 -0 -35 -13 -14 -174 -50 -321 -254 -159Pretax Income 107 153 81 440 590 582 1779 445 1719 1873 2252 1892 2868 3109 - Income Tax Expense 39 54 30 142 153 160 295 207 307 686 503Income Before XO Items 68 99 51 298 436 422 1483 238 1412 1187 1749 - Extraordinary Loss Net of Tax 0 0 0 0 -8 -85 0 0 -631 0 0 - Minority Interests 0 0 0 12 36 46 8 -2 -8 0 0Diluted EPS Before XO Items 0.37 0.53 0.27 0.83 0.91 0.53 2.06 0.33 1.87 2.18 1.95Net Income Adjusted* 59 93 57 259 444 440 397 243 1000 1833 1600 1367 2010 2205EPS Adjusted 0.32 0.49 0.29 0.75 1.00 0.62 0.56 0.33 1.37 2.22 2.03 1.62 2.29 2.62Dividends Per Share 0.14 0.27 0.28 0.68 0.18 0.18 0.18 0.18 0.21 0.41 0.54 0.59 0.58 0.58 Payout Ratio % 28.8 50.8 61.0 52.9 19.6 33.8 8.7 54.8 10.8 27.8 25.0 0.37 0.25 0.22Total Shares Outstanding 182 189 190 340 704 708 730 734 798 810 812Diluted Shares Outstanding 184 188 194 345 441 709 715 735 756 826 831EBITDA 107 159 101 541 926 1077 1052 1366 2026 2336 2798 2881 3968 4456*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 326.504431 423.290009 426.673004 772.351 883.4 951.8 760.8 1601.5 1578 2950 2528 + Cash & Near Cash Items 260 379 333 562 555 511 262 875 556 1502 918 + Short Term Investments 6 12 23 11 15 26 9 25 0 0 0 + Accounts & Notes Receivable 3 9 7 75 67 155 179 233 508 513 718 + Inventories 56 21 49 77 147 191 226 349 397 574 722 + Other Current Assets 1 2 14 47 100 69 85 120 117 361 170Total Long-Term Assets 130 215 275 3294 17083 18000 18241 19347 26061 26424 28684 + Long Term Investments 0 0 0 34 134 228 73 390 971 249 199 Gross Fixed Assets 312 424 511 3328 15786 17355 18314 19734 25445 27131 Accumulated Depreciation 187 217 246 347 657 902 1258 1733 2220 2922 + Net Fixed Assets 124 207 265 2981 15129 16453 17055 18001 23225 24209 26367 + Other Long Term Assets 6 8 10 279 1820 1320 1112 956 1865 1966 2118Total Current Liabilities 53 61 27 191 466 321 486 735 916 771 1175 + Accounts Payable 5 6 7 98 229 277 305 416 567 619 886 + Short Term Borrowings 0 0 0 0 135 29 0 17 0 0 0 + Other Short Term Liabilities 48 55 20 93 102 16 182 302 349 152 289Total Long Term Liabilities 56 70 97 793 4671 5203 3505 4669 6957 7118 7108 + Long Term Borrowings 0 0 0 0 790 1036 5 719 695 737 783 + Other Long Term Borrowings 56 70 97 793 3881 4166 3500 3950 6262 6381 6325Total Liabilities 109 131 124 984 5136 5524 3991 5404 7873 7889 8283 + Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0 + Minority Interest 0 0 0 109 355 450 51 51 213 213 213 + Share Capital & APIC 348 378 387 2609 11706 11815 12625 12909 16407 16992 17117 + Retained Earnings & Other Equity 0 130 191 364 769 1164 2334 2584 3146 4280 5599Total Shareholders Equity 348 508 578 3082 12830 13428 15010 15544 19766 21485 22929Total Liabilities & Equity 457 639 702 4066 17966 18952 19002 20949 27639 29374 31212Book Value Per Share 1.91 2.68 3.04 8.76 17.73 18.32 20.50 21.12 24.49 26.26 27.99 28.62 30.14 32.05 Tangible Book Value Per Share 1.91 2.68 3.04 8.34 15.83 17.17 19.46 20.08 22.32 24.12 25.85 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 68 99 51 286 408 460 1476 240 2051 1881 1749 1406 2173 2403 + Depreciation & Amortization 18 24 20 135 304 465 499 526 602 694 675 + Other Non-Cash Adjustments -14 -5 30 -2 -8 13 -1042 414 -944 117 -16 + Changes in Non-Cash Capital 32 -22 -49 47 57 -214 -67 90 71 -326 -311Cash From Operating Activities 104 95 53 466 761 724 866 1270 1780 2366 2097 + Disposal of Fixed Assets 0 0 0 0 189 217 0 0 267 0 43 + Capital Expenditures -7 -75 -56 -278 -472 -871 -1372 -1356 -1213 -1778 -2608 -2806 -1753 -1286 + Increase in Investments 0 0 0 -34 -99 -50 0 0 0 0 0 + Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0 + Other Investing Activities -38 41 -17 90 -1893 -159 930 -102 -1142 212 279Cash From Investing Activities -45 -33 -73 -221 -2276 -863 -442 -1459 -2088 -1566 -2286 + Dividends Paid -20 -28 -53 -151 -79 -127 -129 -132 -154 -330 -438 + Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 0 + Increase in Long Term Borrowings 0 0 0 0 1465 1406 206 1332 1120 0 0 + Decrease in Long Term Borrowings 0 0 0 0 -620 -1266 -845 -460 -1120 0 0 + Increase in Capital Stocks 141 27 4 44 528 70 108 82 96 477 44 + Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 0 0 + Other Financing Activities 3 57 24 91 185 40 -13 -21 47 -1 -1Cash From Financing Activities 124 56 -26 -16 1479 123 -673 801 -11 146 -395Net Changes in Cash 183 118 -46 229 -36 -16 -249 612 -319 946 -584Free Cash Flow (CFO-CAPEX) 97 21 -3 188 289 -148 -506 -86 567 588 -511 -612 1199 2247Free Cash Flow To Firm 97 21 -3 188 322 -115 -500 -44 588 603 -488Free Cash Flow To Equity 97 21 -3 188 1323 209 -1145 786 834 588 -468Free Cash Flow per Share 0.55 0.11 -0.02 0.60 0.66 -0.21 -0.71 -0.12 0.77 0.73 -0.63 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 38.7x 32.3x 51.3x 28.6x 31.2x 68.2x 57.3x 50.8x 30.4x 22.2x 18.5x 17.2x 12.1x 10.6x EV to EBIT 23.0x 19.4x 30.9x 17.5x 33.3x 41.1x 41.2x 34.1x 26.1x 21.6x 14.1x EV to EBITDA 19.2x 16.5x 24.8x 13.1x 22.4x 23.3x 21.7x 20.9x 18.4x 15.2x 10.7x 7.9x 5.7x 5.1x Price to Sales 12.2x 11.1x 14.9x 7.8x 7.5x 10.9x 9.3x 10.5x 9.1x 6.7x 5.5x 4.0x 3.2x 3.0x Price to Book 6.7x 5.9x 4.9x 2.5x 1.6x 1.9x 1.5x 1.9x 1.9x 1.7x 1.3x 1.0x 0.9x 0.9x Dividend Yield 1.1% 1.7% 1.9% 3.1% 0.6% 0.5% 0.6% 0.5% 0.5% 0.9% 1.5% 2.1% 2.1% 2.1%Profitability Ratios Gross Margin 55.4% 57.1% 53.2% 51.0% 44.4% 35.7% 31.3% 37.1% 60.5% 49.0% 44.6% 53.4% 58.0% EBITDA Margin 58.0% 60.5% 52.8% 60.3% 56.1% 48.8% 43.5% 50.2% 54.2% 43.6% 51.5% 51.3% 56.9% 59.7% Operating Margin 48.4% 51.4% 42.3% 45.2% 37.7% 27.7% 22.9% 30.8% 38.1% 30.6% 39.1% 32.5% 42.6% 39.5% Profit Margin 36.8% 37.6% 26.9% 31.9% 24.8% 20.8% 61.0% 8.8% 54.9% 22.1% 32.2% 24.4% 28.8% 29.5% Return on Assets 19.8% 18.0% 7.7% 12.0% 3.7% 2.5% 7.8% 1.2% 8.4% 4.2% 5.8% 4.8% 6.8% 7.6% Return on Equity 26.8% 23.1% 9.5% 16.1% 5.3% 3.6% 10.6% 1.6% 11.7% 5.8% 8.0% 5.9% 7.9% 8.5%Leverage & Coverage Ratios Current Ratio 6.17 6.93 16.01 4.05 1.90 2.96 1.56 2.18 1.72 3.83 2.15 Quick Ratio 5.09 6.55 13.63 3.40 1.37 2.15 0.92 1.54 1.16 2.61 1.39 Interest Coverage Ratio (EBIT/I) 13.87 13.70 76.82 10.76 54.77 71.39 70.77 Tot Debt/Capital 0.00 0.00 0.00 0.00 0.07 0.07 0.00 0.05 0.03 0.03 0.03 Tot Debt/Equity 0.00 0.00 0.00 0.00 0.07 0.08 0.00 0.05 0.04 0.03 0.03Others Asset Turnover 0.54 0.48 0.29 0.38 0.15 0.12 0.13 0.14 0.15 0.19 0.18 Accounts Receivable Turnover 60.59 43.90 23.77 21.77 23.20 19.93 14.53 13.25 10.09 10.50 8.83 Accounts Payable Turnover 13.48 14.26 18.85 8.96 6.05 5.78 5.83 5.09 3.10 4.91 4.20 Inventory Turnover 2.30 2.91 2.53 6.95 8.20 8.40 7.97 5.95 3.95 5.64 4.65 Effective Tax Rate 36.5% 35.4% 36.9% 32.3% 26.0% 27.6% 16.6% 46.5% 17.9% 36.6% 22.3% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. Company Analysis - Peers Comparision BARRICK GOLD NEWMONT FREEPORT- ANGLOGOLD AGNICO-EAGLE YAMANA GOLD HARMONY GOLD GOLDCORP INC KINROSS GOLD BHP BILLITON LTD DRDGOLD LTD RIO TINTO LTD SILVER WHEATON ELDORADO GOLD IAMGOLD CORP CRP MINING MCMORAN ASHANT MIN INC MNGLatest Fiscal Year: 12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 06/2012 12/2012 06/2012 06/2012 12/2012 12/2012 12/2012 12/201252-Week High 47.41 44.75 10.98 57.93 43.65 31979.00 57.00 39.34 20.61 755.00 8951.00 72.30 41.18 15.78 16.4552-Week High Date 21.09.2012 06.06.2012 04.10.2012 21.09.2012 14.09.2012 04.06.2012 31.10.2012 20.02.2013 09.11.2012 12.02.2013 06.06.2012 14.02.2013 01.11.2012 19.09.2012 05.10.201252-Week Low 27.11 17.97 5.11 31.77 27.24 16133.00 31.55 30.09 11.32 449.00 4201.00 48.37 22.37 6.77 4.7252-Week Low Date 17.04.2013 17.04.2013 17.04.2013 23.04.2013 18.04.2013 18.04.2013 18.04.2013 12.07.2012 17.04.2013 31.08.2012 18.04.2013 30.08.2012 18.04.2013 17.04.2013 18.04.2013Daily Volume 1406618 6272923 8162503 10160819 19287262 1494238 1115004 16783219 5371563 220282 994151 6203716 2271009 4722150 5331897 Current Price (4/dd/yy) 27.75 18.01 5.55 32.43 28.52 16769.00 32.83 31.70 11.85 611.00 4296.00 54.68 23.23 7.29 5.09 52-Week High % Change -41.5% -59.8% -49.5% -44.0% -34.7% -47.6% -42.4% -19.4% -42.5% -19.1% -52.0% -24.4% -43.6% -53.8% -69.1% 52-Week Low % Change 2.4% 0.2% 8.6% 2.1% 4.7% 3.9% 4.1% 5.4% 4.7% 36.1% 2.3% 13.0% 3.8% 7.7% 7.8%Total Common Shares (M) 811.5 1001.1 1140.1 496.7 949.0 384.9 172.1 5297.6 752.2 385.4 431.6 1847.0 354.4 714.3 376.5 Market Capitalization 22657 18030 6335 16155 27081 64610 5663 158638 8915 2355 18699 86882 8233 5209 1917Total Debt 783.0 13943.0 2632.6 6298.0 3527.0 30376.0 843.0 28330.0 765.9 30.7 1844.0 26819.0 50.1 593.3 641.4Preferred Stock - - - - - - - - - - - - - - -Minority Interest 213.0 2663.0 75.5 3175.0 3768.0 186.5 - 1215.0 46.8 136.7 - 11156.0 - 284.1 76.7Cash and Equivalents 918.0 2093.0 1982.7 1647.0 3705.0 7562.2 351.3 4781.0 349.6 298.5 1773.0 7320.0 778.2 818.8 813.5 Enterprise Value 22735 32093 6901 23981 31487 87610 6013 194666 9155 2397 18561 119939 7299 5137 1773 ValuationTotal Revenue LFY 5435.0 14547.0 4311.4 9868.0 18010.0 52160.3 1917.7 72226.0 2336.8 1764.2 15169.0 50967.0 849.6 1147.5 1670.0 LTM 5435.0 14340.0 4311.4 9868.0 17988.0 52152.1 1917.7 66950.0 2336.8 1959.2 16047.0 50967.0 849.6 1147.5 1670.0 CY+1 5611.5 14142.9 4181.4 9805.7 21856.1 63271.7 1819.7 67569.0 2722.4 2178.3 17078.8 55585.9 1026.4 1347.0 1649.1 CY+2 6971.6 15194.3 4446.4 11369.3 23601.6 73396.4 2105.1 73914.3 3247.1 2479.2 20966.1 61445.4 1144.2 1562.8 1820.9EV/Total Revenue LFY 5.5x 3.4x 2.7x 3.1x 2.0x 2.4x 5.0x 3.3x 5.7x 1.5x 2.1x 3.1x 14.2x 8.1x 2.5x LTM 5.5x 3.4x 2.7x 3.1x 2.0x 2.3x 5.0x 3.5x 5.7x 1.3x 2.0x 3.1x 14.2x 8.1x 2.5x CY+1 4.2x 2.3x 1.7x 2.5x 1.8x 1.4x 3.4x 2.9x 3.4x 1.0x 1.1x 2.2x 8.2x 4.0x 1.3x CY+2 3.3x 2.1x 1.7x 2.1x 1.6x 1.1x 2.9x 2.6x 2.7x 0.7x 0.9x 1.9x 7.3x 3.7x 1.4xEBITDA LFY 2798.0 7358.0 1962.2 4169.0 6934.0 19105.5 787.4 33421.0 1269.4 370.8 4222.0 15486.0 701.5 584.4 710.1 LTM 2798.0 7358.0 1962.2 4169.0 6617.0 19105.5 791.4 27133.0 1502.0 399.7 3562.0 15486.0 701.5 584.4 710.1 CY+1 2881.3 7080.5 1822.8 4001.6 9267.7 25535.3 753.2 28726.6 1533.6 547.3 4778.0 21006.8 844.3 715.2 670.4 CY+2 3967.6 7838.1 2151.9 4996.2 10831.8 31172.8 954.9 33552.1 1929.8 762.7 6956.0 23251.3 951.2 866.5 780.4EV/EBITDA LFY 10.7x 6.7x 6.0x 7.4x 5.2x 6.5x 12.1x 7.1x 10.6x 7.0x 7.6x 10.2x 17.2x 15.8x 5.9x LTM 10.7x 6.7x 6.0x 7.4x 5.4x 6.3x 12.0x 8.7x 8.9x 6.5x 9.0x 10.2x 17.2x 15.8x 5.9x CY+1 8.3x 4.7x 4.0x 6.1x 4.2x 3.4x 8.2x 6.7x 6.0x 3.8x 3.8x 5.7x 9.9x 7.6x 3.3x CY+2 5.9x 4.1x 3.4x 4.8x 3.5x 2.6x 6.5x 5.7x 4.5x 2.4x 2.7x 5.0x 8.8x 6.7x 3.3xEPS LFY 1.99 3.74 0.77 3.78 3.27 21.85 1.89 3.61 0.93 0.49 4.62 4.06 1.65 0.47 0.89 LTM 1.89 3.30 0.77 3.77 2.95 24.22 2.08 1.83 0.63 0.79 4.95 -1.63 1.65 0.47 0.93 CY+1 1.62 3.40 0.49 3.17 3.70 24.30 1.34 2.53 0.88 0.82 4.77 5.72 1.66 0.48 0.56 CY+2 2.29 3.68 0.64 3.98 4.22 29.46 1.83 3.05 1.22 0.93 7.08 6.62 1.80 0.60 0.69P/E LFY 14.7x 5.3x 7.0x 8.6x 9.7x 6.9x 15.4x 17.9x 18.3x 7.7x 8.7x - 13.7x 15.1x 5.3x LTM 14.7x 5.3x 7.0x 8.6x 9.7x 6.8x 15.4x 11.7x 18.3x 8.0x 10.8x - 13.7x 15.1x 5.3x CY+1 17.2x 5.2x 11.0x 10.2x 7.7x 6.9x 23.8x 12.9x 13.2x 7.5x 9.0x 9.8x 13.6x 14.9x 8.9x CY+2 12.1x 4.8x 8.5x 8.1x 6.8x 5.7x 17.5x 10.7x 9.5x 6.5x 6.1x 8.5x 12.6x 11.8x 7.2xRevenue Growth 1 Year 1.4% 2.2% 12.2% (4.7%) (13.7%) (4.1%) 5.3% 0.7% 7.5% 27.9% 30.8% (15.8%) 16.4% 4.0% (0.2%) 5 Year 19.3% 13.6% 34.9% 16.7% 4.9% 24.6% 54.5% 6.8% 203.5% 7.9% 19.2% 11.2% 63.1% 78.1% 21.9%EBITDA Growth 1 Year 19.8% (11.6%) 1.9% (19.2%) (31.8%) (17.8%) 4.6% (12.1%) 0.5% 64.2% 79.4% (41.1%) 13.4% (9.2%) (9.5%) 5 Year 21.0% 24.5% 40.7% 19.4% (2.4%) 86.6% 31.6% 8.0% 26.8% 12.9% 16.7% 8.1% 43.7% 54.0% 30.2%EBITDA Margin LTM 51.5% 50.6% 45.5% 42.2% 36.8% 36.6% 41.3% 40.5% 64.3% 20.4% 22.2% 30.4% 82.6% 50.9% 42.5% CY+1 51.3% 50.1% 43.6% 40.8% 42.4% 40.4% 41.4% 42.5% 56.3% 25.1% 28.0% 37.8% 82.3% 53.1% 40.7% CY+2 56.9% 51.6% 48.4% 43.9% 45.9% 42.5% 45.4% 45.4% 59.4% 30.8% 33.2% 37.8% 83.1% 55.4% 42.9% Leverage/Coverage RatiosTotal Debt / Equity % 3.4% 63.8% 26.7% 45.7% 20.1% 65.8% 24.7% 43.0% 9.8% 2.0% 5.4% 57.2% 1.6% 10.0% 17.2%Total Debt / Capital % 3.3% 36.3% 21.0% 27.1% 14.2% 39.6% 19.8% 29.7% 8.9% 1.8% 5.1% 31.6% 1.6% 8.7% 14.4%Total Debt / EBITDA 0.280x 1.895x 1.342x 1.511x 1.525x 1.540x 1.065x 1.308x 0.510x 0.421x 0.666x 1.732x 0.071x 1.015x 0.903xNet Debt / EBITDA -0.048x 1.610x 0.331x 1.116x 0.075x 1.156x 0.621x 1.120x 0.277x -0.575x -0.039x 1.259x -1.038x -0.386x -0.242xEBITDA / Int. Expense 93.267x 9.890x 13.838x 11.711x 25.970x 10.074x 13.603x 44.266x 22.032x 23.648x 14.264x 14.848x - 83.689x 38.384x Credit RatingsS&P LT Credit Rating BBB+ BBB+ BBB- BBB+ BBB BBB- NR A+ - - - A- - BB BB-S&P LT Credit Rating Date 01.06.2009 30.07.2012 15.08.2011 11.08.2008 29.07.2011 10.12.2012 12.03.2003 15.11.2010 - - - 18.04.2011 - 13.11.2012 10.09.2012Moodys LT Credit Rating Baa2 Baa1 *- Baa3 Baa1 Baa3 - WR (P)A1 - - - - - Ba3 -Moodys LT Credit Rating Date 13.03.2013 17.04.2013 15.08.2011 26.07.2010 13.10.2010 - 05.03.2002 15.11.2010 - - - - - 12.11.2012 - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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