Financial analysis kinross gold corp - kinross gold corporation is involved in the exploration, development, and production of gold in countries located in the united states, brazil, chile, ecuador and russia
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Financial analysis kinross gold corp - kinross gold corporation is involved in the exploration, development, and production of gold in countries located in the united states, brazil, chile, ecuador and russia
- 1. 20.02.2013 Company Analysis - Overview Ticker: K CN Kinross Gold Corp Benchmark: Kinross Gold Corporation is involved in the exploration, development, and production Currency: Toronto: K, Currency: CAD S&P/TSX COMPOSITE INDEX (SPTSX) of gold in countries located around the world. The Company currently has operations in the United States, Brazil, Chile, Ecuador and Russia. Sector: Materials Industry: Metals & Mining Year: Telephone 1-416-365-5123 Revenue (M) 4'309 Business Segments in CAD Sales (M) Geographic Segments in CAD Sales (M) Website www.kinross.com No of Employees #N/A N/A Gold Equivalents 4309 Unallocated Sales 1 Address 25 York Street 17th Floor Toronto, ON M5J 2V5 Canada Share Price Performance in CAD Price 7.86 1M Return -16.8% 52 Week High 11.47 6M Return -4.7% 52 Week Low 7.09 52 Wk Return -26.6% 52 Wk Beta 1.73 YTD Return -18.6% Credit Ratings Bloomberg IG8 S&P BBB- Date 15.08.2011 Outlook STABLE Moody's Baa3 Date 21.06.2002 Outlook STABLE Fitch BBB- Date 15.08.2011 Outlook STABLE Valuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E P/E 41.7x 146.3x 15.3x 12.6x 9.2x 8.2x 10.1x EV/EBIT 20.1x 32.1x 9.5x 9.2x - - - EV/EBITDA 11.9x 17.3x 6.7x 6.0x 4.3x 3.8x 4.4x P/S 5.3x 5.2x 3.4x 2.6x 1.9x 1.8x 2.0x P/B 2.3x 1.5x 1.1x 1.1x 0.7x 0.7x 0.7x Div Yield 0.5% 0.5% 1.0% 1.6% 2.0% 2.0% 2.1% 100% 100% Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E Gross Margin 38.0 40.2 59.8 57.1 59.3 62.2 - EBITDA Margin 45.3 39.9 50.1 45.5 47.9 52.2 49.6 Operating Margin 26.8 21.6 35.4 29.7 34.7 36.3 32.2 Gold Equivalents Profit Margin 12.8 25.2 -54.0 -58.1 21.1 22.9 18.2 Unallocated Sales Return on Assets 4.0 5.9 -12.1 -16.0 7.5 8.0 5.6 Return on Equity 6.0 7.6 -15.4 -22.5 9.2 10.2 9.0 Leverage and Coverage Ratios 12/09 12/10 12/11 12/12 Current Ratio 2.2 2.7 3.9 2.8 Current Capitalization in CAD Quick Ratio 1.2 1.8 2.6 1.7 Common Shares Outstanding (M) 1140.1 EBIT/Interest 23.3 10.3 14.8 9.0 Market Capitalization (M) 8961.2 Tot Debt/Capital 0.1 0.0 0.1 0.2 Cash and ST Investments (M) 1972.6 Tot Debt/Equity 0.1 0.0 0.1 0.3 Total Debt (M) 2619.2 Eff Tax Rate % 26.8 27.6 - - Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 75.1 Enterprise Value (M) 9682.9 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 2. Company Analysis - Analysts Ratings Kinross Gold Corp Target price in CAD Broker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers' Target Price 25 16 100% 5% 5% 4% 4% 4% 0% 0% 0% 5% 8% 8% 9% 14 12 80% 32% 20 10 43% 25% 26% 41% 41% 39% 39% 39% 52% 48% 33% 8 6 60% 15 4 2 10 0 40% Morgan Stanley BMO Capital Markets Canaccord Genuity Corp Barclays RBC Capital Markets Mackie Research Capital Corp. Cormark Securities Inc. GMP Veritas Investment Research Paradigm Capital Inc Salman Partners Macquarie Scotia Capital Credit Suisse HSBC National Bank Financial Stifel Nicolaus TD Securities EVA Dimensions Deutsche Bank CIBC World Markets 67% 65% 64% 55% 55% 57% 57% 57% 57% 58% 48% 52% 20% 5 Co 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 64% 32% 5% 20-Feb-13 7.87 11.82 Canaccord Genuity Corp STEVEN BUTLER buy 11.90 19-Feb-13 31-Dec-12 65% 26% 9% 19-Feb-13 8.04 11.82 RBC Capital Markets STEPHEN D WALKER outperform 11.13 18-Feb-13 30-Nov-12 67% 25% 8% 18-Feb-13 8.03 11.81 HSBC PATRICK CHIDLEY overweight 15.11 15-Feb-13 31-Oct-12 58% 33% 8% 15-Feb-13 8.03 11.96 CIBC World Markets ALEC KODATSKY sector perform 11.08 15-Feb-13 28-Sep-12 52% 48% 0% 14-Feb-13 8.34 12.09 Salman Partners DAVID WEST buy 11.85 15-Feb-13 31-Aug-12 48% 52% 0% 13-Feb-13 7.91 12.63 Mackie Research Capital Corp. BARRY D ALLAN buy 12.00 15-Feb-13 31-Jul-12 57% 43% 0% 12-Feb-13 8.00 12.77 National Bank Financial PAOLO LOSTRITTO outperform 12.50 15-Feb-13 29-Jun-12 57% 39% 4% 11-Feb-13 8.00 12.76 BMO Capital Markets DAVID HAUGHTON outperform 12.53 14-Feb-13 31-May-12 57% 39% 4% 8-Feb-13 8.18 12.74 Credit Suisse ANITA SONI outperform 11.52 14-Feb-13 30-Apr-12 57% 39% 4% 7-Feb-13 8.23 12.73 Macquarie TONY LESIAK outperform 11.50 14-Feb-13 30-Mar-12 55% 41% 5% 6-Feb-13 8.20 12.73 Scotia Capital TANYA M JAKUSCONEK sector perform 11.52 14-Feb-13 29-Feb-12 55% 41% 5% 5-Feb-13 8.17 12.73 Cormark Securities Inc. RICHARD GRAY buy 12.50 14-Feb-13 4-Feb-13 8.23 12.73 GMP GEORGE V ALBINO buy 12.00 14-Feb-13 1-Feb-13 8.30 12.84 TD Securities GREG BARNES buy 12.03 14-Feb-13 31-Jan-13 8.18 12.84 Veritas Investment Research Co PAWEL RAJSZEL buy 10.00 14-Feb-13 30-Jan-13 8.39 13.00 Barclays FAROOQ HAMED equalweight 11.02 14-Feb-13 29-Jan-13 8.47 13.00 Stifel Nicolaus GEORGE J TOPPING hold 8-Feb-13 28-Jan-13 8.36 13.00 EVA Dimensions CRAIG STERLING hold 28-Jan-13 25-Jan-13 8.58 13.00 Deutsche Bank JORGE M BERISTAIN buy 11.81 15-Jan-13 24-Jan-13 9.04 13.00 Morgan Stanley PARETOSH MISRA Underwt/In-Line 10-Oct-12 23-Jan-13 9.48 13.00 Paradigm Capital Inc DON MACLEAN buy 25-Jan-12 22-Jan-13 9.80 13.00 21-Jan-13 9.88 13.00 18-Jan-13 9.45 13.05 17-Jan-13 9.37 13.05 16-Jan-13 9.49 13.08 15-Jan-13 9.56 13.08 14-Jan-13 9.29 13.31 11-Jan-13 9.31 13.31 10-Jan-13 9.32 13.31 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 3. 20.02.2013 Kinross Gold Corp Company Analysis - Ownership Ownership Type Ownership Statistics Geographic Ownership Distribution Geographic Ownership 0% Shares Outstanding (M) 1140.1 United States 65.31% 21% 1% 1% 4% Float 99.8% Canada 19.78% 2% Short Interest (M) 38.3 Britain 3.39% 3% Short Interest as % of Float 3.36% France 2.80% 3% Days to Cover Shorts 3.50 Germany 1.52% Institutional Ownership 78.88% Japan 1.45% Retail Ownership 20.94% Norway 1.27% 20% Insider Ownership 0.18% Others 4.48% 66% 79% Institutional Ownership Distribution Investment Advisor 83.01% Hedge Fund Manager 8.44% Mutual Fund Manager 2.70% Institutional Ownership Retail Ownership Insider Ownership Government 1.63% United States Canada Britain France Pricing data is in CAD Others 4.22% Germany Japan Norway Others Top 20 Owners: TOP 20 ALL Institutional Ownership Holder Name Position Position Change Market Value % of Ownership Report Date Source Country BLACKROCK 167'473'865 0 1'316'344'579 14.69% 31.12.2012 ULT-AGG UNITED STATES 4% 2% VAN ECK ASSOCIATES C 59'376'977 2'536'128 466'703'039 5.21% 31.12.2012 13F UNITED STATES 3% VAN ECK ASSOCIATES C 49'340'342 0 387'815'088 4.33% 15.02.2013 MF-AGG UNITED STATES ROYAL BANK OF CANADA 24'321'082 14'542'877 191'163'705 2.13% 31.01.2013 ULT-AGG CANADA 8% BMO FINANCIAL CORP 22'053'460 -1'843'737 173'340'196 1.93% 31.12.2012 13F UNITED STATES LAZARD ASSET MANAGEM 21'571'575 -1'616'513 169'552'580 1.89% 31.12.2012 ULT-AGG TRADEWINDS GLOBAL IN 20'641'596 -9'067'104 162'242'945 1.81% 31.12.2012 13F UNITED STATES CAISSE DE DEPOT ET P 18'547'731 -100'100 145'785'166 1.63% 31.12.2012 13F CANADA JP MORGAN 17'639'227 -310'195 138'644'324 1.55% 31.12.2012 ULT-AGG JENNISON ASSOCIATES 17'311'077 -452'461 136'065'065 1.52% 31.12.2012 13F UNITED STATES 83% FMR LLC 17'079'796 -17'854'327 134'247'197 1.50% 31.12.2012 ULT-AGG UNITED STATES CIBC WORLD MARKETS I 16'893'867 68'796 132'785'795 1.48% 31.12.2012 13F CANADA INVESCO LTD 16'216'880 1'845'992 127'464'677 1.42% 31.12.2012 13F UNITED STATES HEXAVEST INC 15'130'133 3'109'489 118'922'845 1.33% 31.12.2012 13F CANADA Investment Advisor Hedge Fund Manager Mutual Fund Manager Government Others ALTRINSIC GLOBAL ADV 14'907'433 -259'550 117'172'423 1.31% 31.12.2012 13F UNITED STATES FRANKLIN RESOURCES 14'669'690 -147'000 115'303'763 1.29% 31.12.2012 ULT-AGG UNITED STATES TORONTO DOMINION BAN 14'146'557 -132'094 111'191'938 1.24% 31.12.2012 13F CANADA PASSPORT CAPITAL LLC 14'121'122 4'740'498 110'992'019 1.24% 31.12.2012 13F UNITED STATES FIRST EAGLE INVESTME 13'801'799 0 108'482'140 1.21% 31.12.2012 13F UNITED STATES OPPENHEIMERFUNDS INC 13'517'771 0 106'249'680 1.19% 30.12.2012 MF-AGG UNITED STATES Top 5 Insiders: Holder Name Position Position Change Market Value % of Ownership Report Date Source BURT TYE WINSTON 622'497 6'106 4'892'826 0.06% 06.07.2012 SEDI LUNDIN LUKAS HENRIK 409'993 -18'740 3'222'545 0.04% 09.11.2010 SEDI GOLD GEOFFREY PETER 123'310 1'953 969'217 0.01% 09.01.2013 SEDI ROLLINSON J PAUL 89'043 2'227 699'878 0.01% 02.10.2012 SEDI BOEHLERT THOMAS M 80'042 8'982 629'130 0.01% 01.03.2011 SEDI Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 4. Company Analysis - Financials I/IV Kinross Gold Corp Financial information is in CAD (M) Equivalent Estimates Periodicity: 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 12/15E Income Statement Revenue 432 801 867 879 1'027 1'174 1'726 2'752 3'100 3'801 4'309 4'660 4'899 4'445 - Cost of Goods Sold 134 761 772 746 669 762 1'113 1'705 1'855 1'530 1'850 Gross Income 298 39 95 133 358 412 613 1'047 1'246 2'272 2'459 2'765 3'045 - Selling, General & Admin Expenses 310 92 107 172 171 168 205 310 578 924 1'179 (Research & Dev Costs) 27 Operating Income -12 -53 -13 -39 187 244 408 737 668 1'347 1'280 1'616 1'780 1'433 - Interest Expense 8 1 1 8 9 1 1 22 64 65 42 - Foreign Exchange Losses (Gains) 7 27 17 0 11 39 -44 104 0 -11 53 - Net Non-Operating Losses (Gains) 11 526 66 230 -50 -231 1'160 -31 -637 2'813 3'476 Pretax Income -38 -607 -97 -277 217 435 -708 642 1'241 -1'520 -2'291 1'556 1'840 1'343 - Income Tax Expense 10 6 -15 -16 29 79 108 172 343 491 261 Income Before XO Items -49 -613 -82 -262 188 355 -816 470 898 -2'011 -2'552 - Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 -20 -44 - Minority Interests 0 0 -0 -0 -0 -3 45 117 116 60 -5 Diluted EPS Before XO Items (1.51) (1.95) (0.23) (0.76) 0.53 0.63 (1.37) 0.50 0.95 (1.82) (2.24) Net Income Adjusted* -81 563 -6 -10 161 205 266 247 493 862 879 984 1'124 810 EPS Adjusted (0.68) 0.01 (0.01) (0.02) 0.46 0.37 0.43 0.50 0.60 0.76 0.77 0.85 0.96 0.77 Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.10 0.10 0.11 0.16 0.16 0.16 0.16 Payout Ratio % 0.0 0.0 20.1 9.3 0.18 0.16 0.21 Total Shares Outstanding 136 346 345 345 363 612 659 696 1'133 1'138 1'140 Diluted Shares Outstanding 40 309 346 345 353 566 629 697 829 1'136 1'139 EBITDA 122 189 209 164 310 383 700 1'247 1'236 1'906 1'961 2'234 2'555 2'203 *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. Company Analysis - Financials II/IV 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 12/15E Balance Sheet Total Current Assets 609.875736 521.58195 244.666127 281.18456 341.4329 925.39007 1369.34077 1468.92949 2647.92033 3169.55548 3582.43592 + Cash & Near Cash Items 423 319 58 113 180 546 597 668 1'458 1'795 1'625 + Short Term Investments 0 0 7 0 0 10 42 0 0 1 348 + Accounts & Notes Receivable 38 55 45 32 8 94 154 143 328 315 286 + Inventories 96 142 133 134 116 241 532 586 727 992 1'251 + Other Current Assets 52 7 2 2 38 34 44 72 135 66 73 Total Long-Term Assets 871 1'805 1'959 1'693 2'052 5'744 7'623 6'994 15'046 13'613 11'224 + Long Term Investments 29 3 31 25 30 127 226 309 203 81 49 Gross Fixed Assets 1'969 2'156 2'404 2'286 2'714 4'673 7'283 6'762 10'132 11'990 13'673 Accumulated Depreciation 1'151 846 909 1'048 1'163 1'228 1'503 1'492 2'293 2'882 4'740 + Net Fixed Assets 817 1'310 1'495 1'238 1'551 3'445 5'780 5'270 7'840 9'108 8'933 + Other Long Term Assets 25 492 434 430 470 2'172 1'617 1'415 7'004 4'424 2'242 Total Current Liabilities 183 195 211 207 242 404 671 674 971 809 1'300 + Accounts Payable 88 39 40 49 57 88 183 98 150 154 128 + Short Term Borrowings 58 38 7 11 21 75 203 187 48 33 514 + Other Short Term Liabilities 37 118 165 147 164 240 285 389 773 622 658 Total Long Term Liabilities 550 356 429 499 423 1'447 2'426 1'777 2'014 3'296 3'632 + Long Term Borrowings 413 5 140 174 84 484 954 544 424 1'627 2'106 + Other Long Term Borrowings 137 351 289 325 339 963 1'472 1'233 1'591 1'669 1'526 Total Liabilities 733 551 641 706 665 1'851 3'097 2'451 2'985 4'105 4'931 + Long Preferred Equity 38 16 16 16 17 10 12 0 0 0 0 + Minority Interest 0 1 0 0 0 14 69 140 261 82 75 + Share Capital & APIC 2'654 2'351 2'193 2'127 2'396 5'143 7'354 6'989 14'678 14'983 14'707 + Retained Earnings & Other Equity -1'944 -593 -647 -877 -686 -348 -1'539 -1'118 -229 -2'387 -4'907 Total Shareholders Equity 748 1'776 1'563 1'268 1'728 4'819 5'896 6'012 14'709 12'678 9'875 Total Liabilities & Equity 1'481 2'327 2'204 1'974 2'393 6'669 8'993 8'463 17'694 16'783 14'806 Book Value Per Share 5.21 5.09 4.48 3.62 4.72 7.84 8.82 8.44 12.75 11.07 8.60 10.59 11.57 11.37 Tangible Book Value Per Share 5.21 3.80 3.33 2.54 3.77 4.57 6.64 6.65 7.17 8.02 7.60 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 6. Company Analysis - Financials III/IV 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 12/15E Cash Flows Net Income -49 -613 -82 -262 188 359 -861 354 783 -2'051 -2'504 1'106 1'299 913 + Depreciation & Amortization 134 242 221 203 123 139 292 510 568 558 681 + Other Non-Cash Adjustments -1 557 33 222 10 -161 1'246 124 -504 2'611 2'979 + Changes in Non-Cash Capital 14 -60 37 -2 11 30 -204 -92 185 246 146 Cash From Operating Activities 99 125 210 162 331 366 473 896 1'032 1'364 1'302 + Disposal of Fixed Assets 2 8 2 13 12 250 0 1 3 2 3 + Capital Expenditures -35 -103 -220 -172 -230 -646 -763 -597 -647 -1'665 -1'926 -1'676 -1'362 -1'302 + Increase in Investments 0 0 0 0 0 -31 -180 -203 -636 -211 -106 + Decrease in Investments 2 0 0 0 0 66 40 8 872 100 12 + Other Investing Activities -33 24 -357 13 22 -1 -11 -66 629 65 -348 Cash From Investing Activities -65 -70 -575 -147 -196 -361 -914 -857 220 -1'709 -2'366 + Dividends Paid 0 0 0 0 0 -6 -55 -101 -73 -123 -182 + Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 + Increase in Long Term Borrowings 0 0 121 0 40 309 612 89 131 1'591 1'540 + Decrease in Long Term Borrowings -53 -223 0 -20 -119 -95 -132 -372 -345 -474 -577 + Increase in Capital Stocks 177 263 4 2 9 232 34 481 16 29 6 + Decrease in Capital Stocks -18 -0 -15 0 0 0 0 0 0 0 + Other Financing Activities 0 11 -1 62 -1 -19 -83 -14 -87 -389 -5 Cash From Financing Activities 106 50 108 45 -71 421 376 83 -357 633 782 Net Changes in Cash 141 105 -257 60 64 427 -65 122 895 288 -281 Free Cash Flow (CFO-CAPEX) 63 23 -11 -11 101 -279 -289 300 385 -301 -623 30 598 395 Free Cash Flow To Firm 109 -278 316 431 Free Cash Flow To Equity -77 -209 113 -17 36 180 190 6 174 818 342 Free Cash Flow per Share 1.59 0.07 -0.03 -0.03 0.29 -0.50 -0.46 0.43 0.47 -0.27 -0.55 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 7. Company Analysis - Financials IV/IV 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 12/15E Ratio Analysis Valuation Ratios Price Earnings 29.6x 65.9x 46.2x 41.7x 146.3x 15.3x 12.6x 9.2x 8.1x 10.1x EV to EBIT 25.8x 49.9x 33.2x 20.1x 32.1x 9.5x 9.2x EV to EBITDA 13.7x 18.9x 15.6x 24.2x 15.6x 31.8x 19.3x 11.9x 17.3x 6.7x 6.0x 4.3x 3.8x 4.4x Price to Sales 1.1x 4.3x 3.6x 4.4x 4.6x 9.4x 7.2x 5.3x 5.2x 3.4x 2.6x 1.9x 1.8x 2.0x Price to Book 2.2x 2.0x 1.9x 3.0x 2.9x 2.3x 2.6x 2.3x 1.5x 1.1x 1.1x 0.7x 0.7x 0.7x Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.4% 0.5% 0.5% 1.0% 1.6% 2.0% 2.0% 2.1% Profitability Ratios Gross Margin 69.0% 4.9% 10.9% 15.1% 34.8% 35.1% 35.5% 38.0% 40.2% 59.8% 57.1% 59.3% 62.2% EBITDA Margin 28.2% 23.6% 24.1% 18.6% 30.1% 32.6% 40.6% 45.3% 39.9% 50.1% 45.5% 47.9% 52.2% 49.6% Operating Margin -2.8% -6.6% -1.5% -4.5% 18.2% 20.8% 23.7% 26.8% 21.6% 35.4% 29.7% 34.7% 36.3% 32.2% Profit Margin -11.2% -76.5% -9.5% -29.8% 18.3% 30.6% -49.9% 12.8% 25.2% -54.0% -58.1% 21.1% 22.9% 18.2% Return on Assets -3.3% -32.0% -3.5% -12.2% 8.8% 7.6% -11.4% 4.0% 5.9% -12.1% -16.0% 7.5% 8.0% 5.6% Return on Equity -9.9% -47.3% -4.8% -18.3% 13.0% 10.6% -16.8% 6.0% 7.6% -15.4% -22.5% 9.2% 10.2% 9.0% Leverage & Coverage Ratios Current Ratio 3.34 2.67 1.16 1.36 1.41 2.29 2.04 2.18 2.73 3.92 2.76 Quick Ratio 2.52 1.91 0.52 0.70 0.77 1.61 1.18 1.20 1.84 2.61 1.74 Interest Coverage Ratio (EBIT/I) -1.56 -47.00 -12.13 -4.78 21.38 283.63 478.13 23.32 10.25 14.81 9.03 Tot Debt/Capital 0.39 0.02 0.09 0.13 0.06 0.10 0.16 0.11 0.03 0.12 0.21 Tot Debt/Equity 0.63 0.02 0.09 0.15 0.06 0.12 0.20 0.12 0.03 0.13 0.27 Others Asset Turnover 0.30 0.42 0.37 0.41 0.48 0.25 0.23 0.31 0.23 0.22 0.27 Accounts Receivable Turnover 11.88 17.18 16.71 22.19 52.65 21.47 14.59 18.41 12.95 12.03 14.45 Accounts Payable Turnover 1.50 13.83 18.94 16.56 12.64 12.33 10.34 13.29 16.27 11.87 15.23 Inventory Turnover 1.33 6.38 5.39 5.44 5.50 4.15 3.07 3.01 2.80 1.81 1.66 Effective Tax Rate 13.5% 18.2% 26.8% 27.6% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 8. Company Analysis - Peers Comparision BARRICK GOLD NEWMONT AGNICO-EAGLE YAMANA GOLD TECK RESOURCES- FREEPORT- ANGLOGOLD COEUR D'ALENE NEWCREST CENTERRA GOLD KINROSS GOLD GOLDCORP INC IAMGOLD CORP ELDORADO GOLD SILVER WHEATON CRP MINING MIN INC B MCMORAN ASHANT MN MINING IN Latest Fiscal Year: 12/2012 12/2012 12/2012 12/2011 12/2012 12/2011 12/2012 12/2012 12/2012 12/2011 06/2012 12/2011 12/2011 12/2011 12/2011 52-Week High 11.65 49.93 50.17 64.43 57.00 20.61 41.12 44.74 33'439.00 31.97 36.10 17.71 15.78 41.18 22.35 52-Week High Date 23.02.2012 23.02.2012 29.02.2012 23.02.2012 31.10.2012 09.11.2012 29.02.2012 24.02.2012 23.02.2012 01.11.2012 23.02.2012 23.02.2012 19.09.2012 01.11.2012 24.02.2012 52-Week Low 7.14 31.17 32.32 41.70 31.91 12.76 26.02 30.54 22'867.00 15.15 20.89 7.86 9.86 23.11 6.20 52-Week Low Date 09.05.2012 26.07.2012 12.07.2012 20.02.2013 23.04.2012 16.05.2012 05.09.2012 06.12.2012 20.02.2013 12.07.2012 23.07.2012 20.02.2013 19.02.2013 16.05.2012 23.07.2012 Daily Volume 1'091'445 631'285 495'510 2'056'845 292'662 950'663 352'533 4'270'298 1'927'809 968'099 6'234'703 381'830 490'819 908'926 34'519 Current Price (2/dd/yy) 7.87 31.65 33.77 41.70 40.38 14.74 32.35 33.42 23'220.00 18.70 22.16 7.88 9.92 34.09 7.60 52-Week High % Change -32.4% -36.6% -32.7% -35.3% -29.2% -28.5% -21.3% -25.3% -30.6% -41.5% -38.6% -55.5% -37.1% -17.2% -66.0% 52-Week Low % Change 10.2% 1.5% 4.5% 0.0% 26.5% 15.5% 24.3% 9.4% 1.5% 23.4% 6.1% 0.3% 0.6% 47.5% 22.6% Total Common Shares (M) 1'140.1 1'000.7 811.5 494.7 172.3 745.8 582.3 949.3 384.9 89.7 764.6 375.9 551.7 353.5 236.3 Market Capitalization 8'972.6 31'685.1 27'400.9 20'772.3 6'952.9 11'087.8 18'852.2 31'726.2 89'388.1 1'673.2 16'972.5 2'967.1 7'086.3 12'078.9 1'796.5 Total Debt 2'632.6 13'943.0 783.0 4'313.0 843.0 431.8 7'195.0 3'527.0 30'376.0 148.5 2'408.0 6.6 81.0 78.6 - Preferred Stock - - - - - - - - - - - - - - - Minority Interest 75.5 2'663.0 213.0 2'875.0 - 46.8 176.0 3'768.0 186.5 - 119.0 54.4 56.5 - - Cash and Equivalents 1'982.7 2'093.0 918.0 1'854.0 332.0 550.4 3'267.0 3'705.0 7'562.2 215.1 242.0 1'051.6 396.4 840.2 568.2 Enterprise Value 9'550.7 45'677.6 27'028.8 28'419.3 7'349.6 11'317.7 22'956.2 35'316.2 112'388.4 1'559.8 20'224.5 2'729.4 7'109.6 11'382.6 1'582.5 Valuation Total Revenue LFY 4'311.4 14'547.0 5'435.0 10'358.0 1'917.7 2'173.3 10'343.0 18'010.0 52'160.3 1'021.2 4'416.0 1'673.2 1'098.9 730.0 1'020.3 LTM 4'311.4 14'547.0 5'435.0 10'157.0 1'917.7 2'276.0 10'343.0 18'010.0 52'152.1 936.5 3'879.0 1'683.2 1'100.9 754.2 540.2 CY+1 4'626.1 15'845.9 6'042.0 10'031.9 1'974.4 2'374.6 10'214.2 22'676.3 70'420.3 903.4 4'090.7 1'641.6 1'155.5 821.0 667.9 CY+2 4'863.8 16'833.5 7'556.1 10'758.2 2'234.9 3'005.2 10'956.4 23'753.0 76'968.4 1'069.8 5'358.7 1'873.9 1'433.1 1'108.4 1'168.6 EV/Total Revenue LFY 2.7x 3.4x 5.5x 3.4x 5.0x 6.8x 2.4x 2.0x 2.4x 2.4x 4.6x 3.5x 10.0x 18.6x 2.7x LTM 2.7x 3.4x 5.5x 3.5x 5.0x 6.5x 2.4x 2.0x 2.3x 2.6x 5.2x 3.4x 10.0x 18.0x 5.1x CY+1 2.0x 2.8x 4.6x 2.8x 3.7x 4.7x 2.3x 1.9x 1.5x 1.7x 4.9x 1.7x 5.7x 13.7x 2.2x CY+2 1.9x 2.6x 3.5x 2.6x 3.2x 3.6x 2.1x 1.8x 1.2x 1.2x 3.7x 1.7x 4.9x 10.8x 1.0x EBITDA LFY 1'962.2 7'358.0 2'798.0 5'162.0 791.4 1'262.7 3'736.0 6'934.0 32'020.3 531.3 2'150.0 785.0 639.1 618.8 480.3 LTM 1'962.2 7'358.0 2'798.0 4'470.0 791.4 1'199.3 3'656.0 6'934.0 19'105.5 412.0 1'715.0 743.3 554.4 627.8 63.4 CY+1 2'218.1 8'701.4 3'308.3 4'316.7 893.2 1'313.1 3'510.5 10'395.4 30'989.1 371.5 1'989.6 737.1 606.7 686.7 170.1 CY+2 2'536.7 9'493.7 4'526.8 4'917.2 1'079.9 1'797.8 4'123.4 10'992.4 35'744.2 539.5 2'935.0 798.7 797.4 939.5 701.7 EV/EBITDA LFY 6.0x 6.7x 10.7x 6.8x 12.1x 11.7x 6.7x 5.2x 3.9x 4.6x 9.4x 7.4x 17.2x 21.9x 5.8x LTM 6.0x 6.7x 10.7x 7.9x 12.1x 12.3x 6.9x 5.2x 6.3x 6.0x 11.8x 7.8x 19.9x 21.6x 43.7x CY+1 4.3x 5.2x 8.3x 6.6x 8.2x 8.5x 6.6x 4.1x 3.4x 4.2x 10.1x 3.8x 10.9x 16.4x 8.6x CY+2 3.6x 4.6x 5.8x 5.8x 6.7x 5.9x 5.6x 3.8x 2.7x 2.4x 6.8x 3.9x 8.8x 12.7x 1.7x EPS LFY 0.77 3.82 1.99 4.31 1.89 0.96 2.59 3.10 21.85 1.08 1.44 0.97 0.58 1.55 1.57 LTM 0.77 3.69 1.89 3.66 2.08 0.60 2.71 3.18 24.22 0.30 1.02 1.03 0.44 1.56 -0.15 CY+1 0.84 4.46 2.12 3.56 2.20 0.91 2.34 4.44 37.19 0.57 1.16 0.86 0.46 1.66 0.04 CY+2 0.95 4.76 2.92 4.47 2.61 1.19 2.99 4.54 42.59 2.02 1.84 0.94 0.60 2.10 1.89 P/E LFY 10.1x 8.4x 17.5x 11.4x 19.1x 24.2x 11.9x 10.5x 9.6x 62.3x 21.8x 7.5x 22.2x 21.5x - LTM 10.1x 8.4x 17.5x 11.4x 19.1x 24.2x 11.9x 10.5x 9.3x 62.3x - 7.5x 22.2x 21.5x - CY+1 9.2x 7.0x 15.7x 11.7x 18.1x 15.9x 13.8x 7.5x 6.2x 32.6x 19.2x 9.0x 21.3x 20.2x 213.6x CY+2 8.2x 6.5x 11.4x 9.3x 15.2x 12.2x 10.8x 7.4x 5.5x 9.2x 12.1x 8.2x 16.4x 16.0x 3.9x Revenue Growth 1 Year 12.2% 1.6% 1.4% 8.6% 5.3% 28.8% (10.2%) (13.7%) (4.1%) 98.1% 7.7% 52.5% 38.9% 72.4% 20.1% 5 Year 34.9% 17.9% 19.3% 11.4% 54.5% 26.0% 13.2% 15.3% 24.6% 60.9% 13.7% 22.1% 57.4% 39.3% 17.7% EBITDA Growth 1 Year 1.9% (11.6%) (7.7%) 0.9% 5.1% 42.8% (30.4%) (31.8%) 37.7% 142.9% 3.9% 66.9% 51.0% 95.7% 29.8% 5 Year 40.7% 24.5% 21.0% 22.3% 31.8% 232.3% 5.7% (2.4%) 107.3% 41.0% 16.4% 46.4% - 44.0% 44.5% EBITDA Margin LTM 45.5% 50.6% 51.5% 44.0% 41.3% 52.7% 35.3% 38.5% 36.6% 44.0% 44.2% 44.2% 50.4% 83.2% 11.7% CY+1 47.9% 54.9% 54.8% 43.0% 45.2% 55.3% 34.4% 45.8% 44.0% 41.1% 48.6% 44.9% 52.5% 83.6% 25.5% CY+2 52.2% 56.4% 59.9% 45.7% 48.3% 59.8% 37.6% 46.3% 46.4% 50.4% 54.8% 42.6% 55.6% 84.8% 60.0% Leverage/Coverage Ratios Total Debt / Equity % 26.7% 63.8% 3.4% 33.4% 24.7% 5.8% 40.4% 20.1% 65.8% 6.9% 16.1% 0.2% 2.5% 3.0% Total Debt / Capital % 21.0% 36.3% 3.3% 21.5% 19.8% 5.4% 28.6% 14.2% 39.6% 6.5% 13.8% 0.2% 2.4% 2.9% Total Debt / EBITDA 1.342x 1.895x 0.280x 1.370x 1.065x 0.638x 1.968x 0.509x 1.540x 0.149x 1.868x 0.862x 0.172x 0.091x Net Debt / EBITDA 0.331x 1.610x -0.048x 1.004x 0.646x 0.305x 1.074x -0.026x 1.156x -0.275x 1.811x -0.344x -0.323x -0.793x EBITDA / Int. Expense 13.838x 41.571x 93.267x 17.439x 13.672x 26.129x 6.026x 37.280x 16.883x 14.379x 37.069x 110.077x 119.880x - Credit Ratings S&P LT Credit Rating BBB- BBB+ BBB+ BBB+ NR - BBB BBB BBB- B+ BBB+ BB- BB - S&P LT Credit Rating Date 15.08.2011 30.07.2012 01.06.2009 11.08.2008 12.03.2003 - 16.04.2010 29.07.2011 10.12.2012 25.06.2012 19.10.2011 10.09.2012 13.11.2012 - Moody's LT Credit Rating Baa3 Baa1 - Baa1 WR - Baa2 Baa3 - B3 - - Ba3 - Moody's LT Credit Rating Date 15.08.2011 17.05.2011 - 26.07.2010 05.03.2002 - 17.11.2010 13.10.2010 - 24.01.2013 - - 12.11.2012 - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |