Financial analysis lafarge sa - lafarge sa supplies a wide range of building materials to contractors, wholesalers, and manufacturers. lafarge markets its products in europe, africa, asia, north america, and latin america
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Lafarge SA is a French supplier of construction materials that produces cement, aggregates, concrete, and gypsum products. It markets its products across Europe, Africa, Asia, North America, and Latin America. In 2012, Lafarge generated over 15 billion euros in revenue with cement and aggregates & concrete accounting for the majority of sales. The company operates geographically diverse segments with its largest markets being Western Europe, Middle East & Africa, and North America.
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Financial analysis lafarge sa - lafarge sa supplies a wide range of building materials to contractors, wholesalers, and manufacturers. lafarge markets its products in europe, africa, asia, north america, and latin america
- 1. 20.02.2013 Company Analysis - Overview Ticker: LG FP Lafarge SA Benchmark: Lafarge SA supplies a wide range of building materials to contractors, wholesalers, and EN Paris: LG, Currency: EUR CAC 40 INDEX (CAC) manufacturers. The Company produces cement, aggregates and concrete and gypsum Currency: products. Lafarge markets its products in Europe, Africa, Asia, North America, and Latin America. Sector: Materials Industry: Construction Materials Year: Telephone 33-1-44-34-11-11 Revenue (M) 15'816 Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M) Website www.lafarge.fr No of Employees #N/A N/A Cement 10622 Western Europe 3703 Address 61 Rue des Belles Feuilles Paris, 75782 France Aggregates & Concrete 5238 Middle East & Africa 3589 Share Price Performance in EUR Corporate -576 North America 3001 Price 49.27 1M Return 3.8% Inter-Division Sales Asia 2106 52 Week High 50.20 6M Return 31.3% Other (Gypsum Products, etc...) Rest of the World 1337 52 Week Low 27.14 52 Wk Return 40.8% Gypsum Central and Eastern Europe 1012 52 Wk Beta 1.29 YTD Return 2.1% Latin America 881 Credit Ratings Bloomberg IG9 4% 6% 0% S&P BB+ Date 17.03.2011 Outlook NEG 6% 24% Moody's Ba1 Date - Outlook STABLE Fitch BB+ Date 09.11.2011 Outlook STABLE 9% Valuation Ratios 32% 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E P/E 20.9x 16.6x 77.0x 32.2x 14.1x 10.8x 9.3x 13% EV/EBIT 13.0x 14.1x 13.4x - - - - EV/EBITDA 9.2x 8.6x 7.9x - 7.7x 6.9x 6.4x 64% P/S 1.0x 0.9x 0.5x 0.9x 0.9x 0.8x 0.8x 23% P/B 1.1x 0.8x 0.5x - 0.8x 0.8x 0.7x Div Yield 3.5% 2.1% 1.8% - 1.7% 2.3% 3.6% 19% Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E Gross Margin 26.3 26.4 23.9 - 24.1 25.0 - Cement Western Europe Middle East & Africa EBITDA Margin 22.1 23.0 18.1 - 22.8 23.8 24.2 North America Operating Margin 15.6 14.1 10.7 - 16.3 17.5 17.8 Asia Aggregates & Concrete Profit Margin 4.6 5.6 3.9 2.7 6.2 7.6 8.3 Rest of the World Return on Assets 1.8 2.0 1.4 - 2.5 3.6 4.7 Central and Eastern Europe Return on Equity 5.3 5.3 3.7 - 6.2 7.6 8.5 Corporate Latin America Leverage and Coverage Ratios 12/09 12/10 12/11 12/12 Current Ratio 1.1 1.0 1.3 - Current Capitalization in EUR Quick Ratio 0.6 0.7 0.7 - Common Shares Outstanding (M) 287.0 EBIT/Interest 2.8 2.4 1.7 - Market Capitalization (M) 14151.6 Tot Debt/Capital 0.5 0.5 0.5 - Cash and ST Investments (M) 3422.0 Tot Debt/Equity 1.0 0.9 0.8 - Total Debt (M) 15669.0 Eff Tax Rate % 19.9 21.8 63.9 - Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 2133.0 Enterprise Value (M) 28531.6 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 2. Company Analysis - Analysts Ratings Lafarge SA Target price in EUR Broker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers' Target Price 60 70 100% 6% 6% 13% 13% 13% 16% 16% 15% 23% 20% 23% 19% 60 50 80% 38% 50 29% 32% 42% 31% 25% 31% 30% 40 40 60% 42% 50% 50% 52% 30 30 40% 20 20 58% 55% 56% 56% 59% 52% 53% 55% 10 20% 39% 30% 10 27% 26% 0 Day by Day Bryan Garnier & Morgan Stanley Davy Equita SIM SpA Raymond Main First Bank S&P Capital IQ CA Cheuvreux Natixis Liberum Capital Securities(ESN) Kepler Capital Oddo & Cie Helvea Bernstein & Co Exane BNP Credit Suisse JPMorgan Generale HSBC DZ Bank AG AlphaValue Redburn Dimensions Berenberg Bank Goldman Sachs Deutsche Bank Jefferies Landesbank Partners Societe James Paribas Sanford C. Baden- Markets CM - CIC 0% 0 EVA AG Ltd Cie 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 55% 30% 15% 20-Feb-13 49.27 52.91 Societe Generale MURIEL FELLOUS hold 50.00 20-Feb-13 31-Dec-12 59% 25% 16% 19-Feb-13 46.72 52.86 Jefferies MICHAEL F BETTS buy 60.00 20-Feb-13 30-Nov-12 53% 31% 16% 18-Feb-13 45.83 53.10 Oddo & Cie VIRGINIE ROUSSEAU neutral 52.00 20-Feb-13 31-Oct-12 56% 31% 13% 15-Feb-13 45.65 53.10 Bryan Garnier & Cie SVEN EDELFELT Under Review 20-Feb-13 28-Sep-12 56% 38% 6% 14-Feb-13 45.58 53.10 Helvea PATRICK APPENZELLER reduce 40.00 20-Feb-13 31-Aug-12 52% 42% 6% 13-Feb-13 45.87 52.74 Sanford C. Bernstein & Co PHIL ROSEBERG underperform 42.00 19-Feb-13 31-Jul-12 55% 32% 13% 12-Feb-13 44.38 52.74 Liberum Capital Ltd CHARLIE CAMPBELL hold 48.00 19-Feb-13 29-Jun-12 58% 29% 13% 11-Feb-13 44.15 52.53 CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 55.00 18-Feb-13 31-May-12 39% 42% 19% 8-Feb-13 44.33 51.93 AlphaValue GAETAN DUPONT buy 55.80 14-Feb-13 30-Apr-12 26% 52% 23% 7-Feb-13 44.59 51.93 Goldman Sachs WILL MORGAN Buy/Neutral 57.00 12-Feb-13 30-Mar-12 30% 50% 20% 6-Feb-13 44.60 51.93 Kepler Capital Markets JOSEP PUJAL buy 56.00 4-Feb-13 29-Feb-12 27% 50% 23% 5-Feb-13 44.22 51.93 Deutsche Bank GLYNIS JOHNSON buy 65.00 30-Jan-13 4-Feb-13 44.10 51.93 HSBC JOHN FRASER-ANDREWS overweight 56.00 29-Jan-13 1-Feb-13 45.82 51.53 Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 50.00 25-Jan-13 31-Jan-13 45.03 51.53 CA Cheuvreux NABIL AHMED outperform 54.00 25-Jan-13 30-Jan-13 44.37 51.53 Day by Day VALERIE GASTALDY hold 24-Jan-13 29-Jan-13 45.18 51.55 Natixis RAFIC EL HADDAD buy 55.00 21-Jan-13 28-Jan-13 45.77 51.26 Exane BNP Paribas YASSINE TOUAHRI outperform 56.00 18-Jan-13 25-Jan-13 46.87 51.26 EVA Dimensions CRAIG STERLING hold 17-Jan-13 24-Jan-13 46.23 51.41 Credit Suisse HARRY GOAD outperform 55.00 17-Dec-12 23-Jan-13 46.12 51.77 Morgan Stanley ALEJANDRA PEREDA Overwt/In-Line 56.00 29-Nov-12 22-Jan-13 47.10 51.57 Berenberg Bank ROBERT MUIR hold 47.00 27-Nov-12 21-Jan-13 48.08 51.57 Equita SIM SpA GIUSEPPE MAPELLI reduce 45.50 13-Nov-12 18-Jan-13 47.44 51.38 JPMorgan MICHAEL MORRIS neutral 41.50 12-Nov-12 17-Jan-13 47.98 50.94 S&P Capital IQ JAWAHAR HINGORANI sell 40.00 9-Nov-12 16-Jan-13 47.56 50.31 Redburn Partners JOHN MESSENGER buy 7-Nov-12 15-Jan-13 46.65 50.00 DZ Bank AG MARC NETTELBECK hold 39.00 16-Oct-12 14-Jan-13 48.05 50.00 Raymond James ARNAUD PALLIEZ outperform 51.00 19-Sep-12 11-Jan-13 47.86 50.00 Davy TIM CAHILL outperform 31-Aug-12 10-Jan-13 48.50 49.78 Main First Bank AG CHRISTIAN KORTH sell 25.00 22-Jun-12 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 3. 20.02.2013 Lafarge SA Company Analysis - Ownership Ownership Type Ownership Statistics Geographic Ownership Distribution Geographic Ownership 0% Shares Outstanding (M) 287.0 Belgium 36.26% Float 62.1% Cayman Islands 28.61% 2% 1% 1%2% 5% Short Interest (M) United States 24.61% Short Interest as % of Float France 4.71% 35% 41% Days to Cover Shorts Britain 2.48% Institutional Ownership 58.44% Luxembourg 0.95% 59% 25% Retail Ownership 41.49% Ireland 0.60% Insider Ownership 0.07% Others 1.79% Institutional Ownership Distribution 29% Holding Company 64.42% Investment Advisor 30.55% Mutual Fund Manager 4.46% Institutional Ownership Retail Ownership Insider Ownership Insurance Company 0.32% Belgium Cayman Islands United States France Pricing data is in EUR Others 0.25% Britain Luxembourg Ireland Others Top 20 Owners: TOP 20 ALL Institutional Ownership Holder Name Position Position Change Market Value % of Ownership Report Date Source Country GROUPE BRUXELLES LAM 60'293'256 0 2'970'347'257 20.99% 15.03.2012 Research BELGIUM 0% 0% 4% NNS HOLDING 48'120'866 0 2'370'674'463 16.75% 01.10.2012 Research CAYMAN ISLANDS DODGE & COX 17'214'899 0 848'091'999 5.99% 31.12.2011 Co File UNITED STATES SOUTHEASTERN ASSET M 14'297'439 -548'579 704'363'332 4.98% 16.08.2012 Research UNITED STATES BLACKROCK 5'280'213 1'696'829 260'129'693 1.84% 15.02.2013 ULT-AGG UNITED STATES VANGUARD GROUP INC 3'455'130 69'604 170'216'979 1.20% 31.12.2012 MF-AGG UNITED STATES 31% NATIXIS ASSET MANAGE 3'438'697 218'017 169'407'408 1.20% 31.12.2012 MF-AGG FRANCE FMR LLC 1'598'645 -22'694 78'757'246 0.56% 31.12.2012 ULT-AGG UNITED STATES 65% MANDARINE GESTION 1'044'731 35'923 51'468'673 0.36% 31.12.2012 MF-AGG FRANCE JP MORGAN 852'037 32'674 41'975'603 0.30% 31.12.2012 ULT-AGG TIAA CREF INVESTMENT 837'127 -343'177 41'241'062 0.29% 31.12.2012 MF-AGG UNITED STATES STATE FARM MUTUAL AU 468'856 0 23'098'191 0.16% 30.09.2012 Sch-D UNITED STATES AGF INVESTMENTS INC 458'248 -190'174 22'575'588 0.16% 28.09.2012 MF-AGG CANADA AMUNDI 418'013 -98'051 20'593'410 0.15% 28.09.2012 MF-AGG FRANCE Holding Company Investment Advisor Mutual Fund Manager Insurance Company Others DIMENSIONAL FUND ADV 380'564 0 18'748'485 0.13% 31.07.2012 MF-AGG UNITED STATES ACTIVEST MUNICH 349'216 99'848 17'204'126 0.12% 30.11.2012 MF-AGG LUXEMBOURG ING ASSET MANAGEMENT 310'000 -110'000 15'272'150 0.11% 31.07.2012 MF-AGG BELGIUM AMUNDI 301'345 -45'189 14'845'761 0.10% 28.09.2012 MF-AGG FRANCE LBPAM 294'119 -45'584 14'489'773 0.10% 31.12.2012 MF-AGG FRANCE PRINCIPAL FINANCIAL 261'939 298 12'904'425 0.09% 31.12.2012 MF-AGG UNITED STATES Top 5 Insiders: Holder Name Position Position Change Market Value % of Ownership Report Date Source COLLOMB BERTRAND P 112'942 5'564'088 0.04% 31.12.2011 Co File LAFONT BRUNO 24'006 1'182'656 0.01% 31.12.2011 Co File RUDDER THIERRY DE 10'842 534'131 0.00% 31.12.2011 Co File BON MICHEL MARIE 6'800 335'002 0.00% 31.12.2011 Co File DESMARAIS JR PAUL 6'715 330'814 0.00% 31.12.2011 Co File Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 4. Company Analysis - Financials I/IV Lafarge SA Financial information is in EUR (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 14'610 13'658 12'976 14'490 16'909 17'614 19'033 15'884 14'834 15'284 15'816 16'322 17'290 18'340 - Cost of Goods Sold 9'734 9'088 9'425 10'585 12'385 12'700 13'729 11'707 10'920 11'627 Gross Income 4'876 4'570 3'551 3'905 4'524 4'914 5'304 4'177 3'914 3'657 3'925 4'314 - Selling, General & Admin Expenses 2'902 2'649 1'512 1'659 1'752 1'821 1'762 1'700 1'825 2'019 (Research & Dev Costs) 33 36 41 Operating Income 1'974 1'921 2'039 2'246 2'772 3'093 3'542 2'477 2'089 1'638 2'653 3'033 3'266 - Interest Expense 571 518 498 486 591 603 1'032 879 853 943 - Foreign Exchange Losses (Gains) 75 41 5 14 7 10 37 24 79 - Net Non-Operating Losses (Gains) 226 -62 5 -42 -56 -280 82 255 -187 -60 Pretax Income 1'177 1'390 1'495 1'797 2'223 2'763 2'418 1'306 1'399 676 1'684 2'145 2'462 - Income Tax Expense 448 425 247 470 630 725 479 260 305 432 Income Before XO Items 729 965 1'248 1'327 1'593 2'038 1'939 1'046 1'094 244 - Extraordinary Loss Net of Tax -86 -97 4 -118 0 0 -20 -492 0 - Minority Interests 273 237 288 328 217 247 341 310 287 143 Diluted EPS Before XO Items 4.91 5.04 6.75 8.89 7.16 2.77 2.82 0.35 Net Income Adjusted* 456 728 868 1'096 1'471 1'659 1'713 806 827 593 677 1'008 1'318 1'515 EPS Adjusted 2.91 4.28 4.48 5.55 7.32 8.34 7.70 3.03 2.89 2.07 2.35 3.50 4.55 5.31 Dividends Per Share 2.85 3.00 2.09 2.22 2.61 3.48 1.74 2.00 1.00 0.50 0.85 1.14 1.78 Payout Ratio % 66.5 52.6 42.5 44.7 38.5 43.8 24.6 78.1 35.7 143.6 0.24 0.25 0.33 Total Shares Outstanding 159 190 195 201 202 198 224 286 286 287 Diluted Shares Outstanding 158 206 207 204 201 223 266 286 287 EBITDA 3'101 2'942 2'926 3'102 3'712 4'034 4'618 3'507 3'416 2'772 3'722 4'118 4'430 *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 5471 5716 6259 7352 9367 6818 7680 6640 7742 9547 + Cash & Near Cash Items 1'109 1'013 1'550 1'144 990 1'310 1'513 2'114 3'294 3'171 + Short Term Investments 0 550 591 165 119 78 106 + Accounts & Notes Receivable 1'816 1'754 2'264 2'737 2'674 2'515 2'320 1'686 1'774 1'765 + Inventories 1'591 1'422 1'509 1'857 1'619 1'761 2'195 1'702 1'647 1'531 + Other Current Assets 955 977 936 1'023 3'919 1'113 1'574 1'032 1'027 3'080 Total Long-Term Assets 21'168 19'048 18'241 20'543 20'447 21'490 32'928 32'857 34'752 31'172 + Long Term Investments 1'381 1'291 696 626 830 1'096 1'147 1'591 863 755 Gross Fixed Assets 20'228 18'772 19'400 22'031 19'972 20'837 26'104 26'520 29'245 25'429 Accumulated Depreciation 8'561 8'370 8'813 9'860 8'789 8'933 9'177 9'821 11'333 9'887 + Net Fixed Assets 11'667 10'402 10'587 12'171 11'183 11'904 16'927 16'699 17'912 15'542 + Other Long Term Assets 8'120 7'355 6'958 7'746 8'434 8'490 14'854 14'567 15'977 14'875 Total Current Liabilities 4'197 4'244 4'732 5'859 5'343 5'511 8'930 6'045 7'505 7'258 + Accounts Payable 1'205 1'234 1'424 1'675 1'598 1'732 1'864 1'652 1'996 1'964 + Short Term Borrowings 1'054 1'325 1'593 2'077 1'664 1'762 4'472 2'265 3'184 2'940 + Other Short Term Liabilities 1'938 1'685 1'715 2'107 2'081 2'017 2'594 2'128 2'325 2'354 Total Long Term Liabilities 13'172 10'097 9'867 9'707 12'677 10'720 17'043 16'652 16'765 15'260 + Long Term Borrowings 10'271 7'370 7'052 6'928 9'421 8'347 14'149 13'712 14'096 12'266 + Other Long Term Borrowings 2'901 2'727 2'815 2'779 3'256 2'373 2'894 2'940 2'669 2'994 Total Liabilities 17'369 14'341 14'599 15'566 18'020 16'231 25'973 22'697 24'270 22'518 + Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 + Minority Interest 2'155 2'191 2'119 2'571 1'391 1'079 1'725 1'823 2'080 2'197 + Share Capital & APIC 5'078 6'467 6'697 7'020 7'127 6'652 9'243 10'766 10'786 10'833 + Retained Earnings & Other Equity 2'037 1'765 1'085 2'738 3'276 4'346 3'667 4'211 5'358 5'171 Total Shareholders Equity 9'270 10'423 9'901 12'329 11'794 12'077 14'635 16'800 18'224 18'201 Total Liabilities & Equity 26'639 24'764 24'500 27'895 29'814 28'308 40'608 39'497 42'494 40'719 Book Value Per Share 44.87 43.28 39.98 48.67 51.57 55.58 57.58 52.35 56.43 55.76 58.33 61.00 67.27 Tangible Book Value Per Share -2.23 6.62 7.58 13.75 12.36 15.44 -4.81 3.83 4.04 9.24 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 456 728 1'046 1'096 1'372 1'909 1'598 736 827 593 972 1'268 1'553 + Depreciation & Amortization 1'127 1'021 887 856 940 941 1'076 1'030 1'327 1'134 + Other Non-Cash Adjustments 373 50 195 268 511 -95 481 411 -417 -150 + Changes in Non-Cash Capital -165 290 -251 -334 -257 -79 -154 1'029 435 42 Cash From Operating Activities 1'791 2'089 1'877 1'886 2'566 2'676 3'001 3'206 2'172 1'619 + Disposal of Fixed Assets 725 603 553 143 180 2'492 615 760 208 2'084 + Capital Expenditures -1'149 -864 -1'008 -1'313 -1'639 -2'113 -2'886 -1'645 -1'272 -1'071 -921 -1'152 -1'220 + Increase in Investments -27 -102 -108 -9 -14 -238 -128 -150 -103 -119 + Decrease in Investments 0 0 + Other Investing Activities -323 -310 -409 -505 -3'374 -844 -6'372 -39 -77 -51 Cash From Investing Activities -774 -673 -972 -1'684 -4'847 -703 -8'771 -1'074 -1'244 843 + Dividends Paid -388 -395 -383 -408 -447 -521 -784 -393 -575 -288 + Change in Short Term Borrowings -685 -40 218 -81 1'148 359 -1'143 -153 -323 -42 + Increase in Long Term Borrowings 642 173 958 2'100 3'341 1'279 9'208 4'495 2'224 622 + Decrease in Long Term Borrowings -751 -2'042 -1'629 -2'017 -2'213 -2'239 -1'094 -6'829 -1'174 -2'442 + Increase in Capital Stocks 260 1'438 257 391 222 76 110 1'534 41 18 + Decrease in Capital Stocks -4 0 -528 + Other Financing Activities -183 -25 -275 -170 -155 -90 -365 -157 -42 -353 Cash From Financing Activities -1'109 -891 -854 -185 1'896 -1'664 5'932 -1'503 151 -2'485 Net Changes in Cash -92 525 51 17 -385 309 162 629 1'079 -23 Free Cash Flow (CFO-CAPEX) 642 1'225 869 573 927 563 115 1'561 900 548 1'250 1'380 1'577 Free Cash Flow To Firm 996 1'585 1'285 932 1'351 1'008 943 2'265 1'567 888 Free Cash Flow To Equity 573 -81 969 718 3'383 2'454 7'701 -166 1'835 770 Free Cash Flow per Share 4.09 7.19 4.52 2.90 4.61 2.83 0.52 5.88 3.15 1.91 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 20.4x 14.3x 12.4x 13.0x 14.3x 12.0x 5.2x 20.9x 16.6x 77.0x 32.2x 14.1x 10.8x 9.3x EV to EBIT 11.0x 10.9x 10.4x 10.3x 11.2x 10.1x 7.7x 13.0x 14.1x 13.4x EV to EBITDA 7.0x 7.1x 7.3x 7.4x 8.4x 7.7x 5.9x 9.2x 8.6x 7.9x 7.7x 6.9x 6.4x Price to Sales 0.6x 0.8x 0.9x 0.9x 1.2x 1.2x 0.4x 1.0x 0.9x 0.5x 0.9x 0.9x 0.8x 0.8x Price to Book 1.3x 1.4x 1.5x 1.4x 1.9x 1.9x 0.7x 1.1x 0.8x 0.5x 0.8x 0.8x 0.7x Dividend Yield 4.8% 4.9% 3.4% 3.4% 2.7% 3.2% 4.6% 3.5% 2.1% 1.8% 1.7% 2.3% 3.6% Profitability Ratios Gross Margin 33.4% 33.5% 27.4% 26.9% 26.8% 27.9% 27.9% 26.3% 26.4% 23.9% 24.1% 25.0% EBITDA Margin 21.2% 21.5% 22.5% 21.4% 22.0% 22.9% 24.3% 22.1% 23.0% 18.1% 22.8% 23.8% 24.2% Operating Margin 13.5% 14.1% 15.7% 15.5% 16.4% 17.6% 18.6% 15.6% 14.1% 10.7% 16.3% 17.5% 17.8% Profit Margin 3.1% 5.3% 8.1% 7.6% 8.1% 10.8% 8.4% 4.6% 5.6% 3.9% 2.7% 6.2% 7.6% 8.3% Return on Assets 1.6% 2.8% 4.2% 4.2% 4.8% 6.6% 4.6% 1.8% 2.0% 1.4% 2.5% 3.6% 4.7% Return on Equity 6.1% 9.5% 13.1% 12.5% 13.6% 17.8% 13.4% 5.3% 5.3% 3.7% 6.2% 7.6% 8.5% Leverage & Coverage Ratios Current Ratio 1.30 1.35 1.32 1.25 1.75 1.24 0.86 1.10 1.03 1.32 Quick Ratio 0.70 0.78 0.81 0.76 0.72 0.72 0.44 0.65 0.68 0.68 Interest Coverage Ratio (EBIT/I) 3.46 3.71 4.09 4.62 4.69 5.13 3.43 2.82 2.45 1.74 Tot Debt/Capital 0.55 0.45 0.47 0.42 0.48 0.46 0.56 0.49 0.49 0.46 Tot Debt/Equity 1.22 0.83 0.87 0.73 0.94 0.84 1.27 0.95 0.95 0.84 Others Asset Turnover 0.52 0.53 0.53 0.55 0.59 0.61 0.55 0.40 0.36 0.37 Accounts Receivable Turnover 7.22 7.65 6.46 5.79 6.25 6.79 7.87 7.93 8.57 8.64 Accounts Payable Turnover 7.15 7.31 7.16 7.06 7.42 7.71 7.88 6.38 5.96 5.81 Inventory Turnover 5.78 6.03 6.43 6.29 7.13 7.51 6.94 6.01 6.52 7.32 Effective Tax Rate 38.1% 30.6% 16.5% 26.2% 28.3% 26.2% 19.8% 19.9% 21.8% 63.9% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
- 8. Company Analysis - Peers Comparision HEIDELBERGCEME WIENERBERGER CIMENTS CEMENTOS LAFARGE SA HOLCIM LTD-REG SAINT GOBAIN CRH PLC ITALCEMENTI VICAT CEMEX SAB-CPO TITAN CEMENT CO DYCKERHOFF-PRF USG CORP TAIHEIYO CEMENT NT AG FRANCAIS PORTLND Latest Fiscal Year: 12/2012 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2012 12/2011 12/2011 12/2012 03/2012 52-Week High 50.20 74.35 51.97 37.63 16.93 5.94 9.55 52.99 57.13 7.31 14.31 16.48 45.55 30.97 258.00 52-Week High Date 20.02.2013 20.02.2013 20.02.2013 20.02.2012 16.03.2012 28.02.2012 20.02.2012 15.03.2012 02.03.2012 20.02.2012 30.01.2013 22.10.2012 08.02.2013 13.02.2013 07.02.2013 52-Week Low 27.54 49.00 32.12 23.90 12.81 3.08 5.50 32.71 41.63 2.55 7.00 10.07 28.30 13.00 145.00 52-Week Low Date 24.04.2012 14.06.2012 05.06.2012 02.08.2012 05.06.2012 23.07.2012 29.10.2012 26.07.2012 01.06.2012 04.12.2012 14.06.2012 30.05.2012 11.05.2012 06.03.2012 04.06.2012 Daily Volume 2'482'761 968'538 850'096 1'825'125 792'421 417'192 183'266 4'354 25'154 27'191 13'240'036 28'965 510 941'140 13'717'000 Current Price (2/dd/yy) 49.27 73.25 51.31 31.41 16.05 4.50 7.65 45.97 44.95 4.96 13.86 14.75 44.10 28.65 224.00 52-Week High % Change -1.9% -1.5% -1.3% -16.5% -5.2% -24.2% -19.9% -13.2% -21.3% -32.1% -3.1% -10.5% -3.2% -7.5% -13.2% 52-Week Low % Change 78.9% 49.5% 59.8% 31.4% 25.3% 46.2% 39.1% 40.6% 8.0% 94.5% 98.0% 46.5% 55.8% 120.3% 54.5% Total Common Shares (M) 287.0 319.8 187.5 526.2 727.9 278.7 115.1 43.9 35.7 37.9 10'918.1 84.6 41.3 107.9 1'228.3 Market Capitalization 14'151.6 23'959.1 9'620.6 16'682.7 11'659.7 1'042.6 899.1 2'064.1 1'608.2 188.1 151'312.5 1'185.9 1'822.1 3'090.1 277'267.3 Total Debt 15'206.0 14'495.0 9'322.9 11'044.0 4'982.0 2'832.5 1'519.0 1'456.5 1'617.6 1'310.1 207'801.6 1'041.7 870.1 2'309.0 547'964.0 Preferred Stock - - - - 1.0 - - - - - - - - - - Minority Interest 2'197.0 2'827.0 951.6 403.0 74.0 1'400.0 3.5 349.1 835.7 233.5 14'487.8 143.0 40.9 13.0 26'529.0 Cash and Equivalents 3'171.0 2'950.0 1'932.9 2'949.0 1'324.0 613.3 583.6 359.4 589.8 351.6 12'477.7 334.0 415.4 677.0 62'462.0 Enterprise Value 28'531.6 38'498.1 17'948.1 26'915.7 15'795.7 4'834.2 2'143.4 3'725.8 3'583.5 1'702.3 361'124.2 1'980.1 2'317.6 4'735.1 735'830.3 Valuation Total Revenue LFY 15'816.0 20'744.0 12'901.9 42'116.0 18'081.0 4'720.5 2'023.7 2'265.5 3'886.3 609.1 197'036.4 1'091.4 1'599.6 3'224.0 727'849.0 LTM 15'816.0 21'481.0 13'807.0 42'831.0 18'503.0 4'568.4 2'259.8 2'248.1 3'756.4 632.0 197'036.4 1'099.5 1'617.6 3'280.0 734'165.0 CY+1 16'322.1 21'727.0 13'971.9 42'982.1 18'724.9 4'471.2 2'333.1 2'291.5 3'702.5 570.8 203'813.7 1'105.0 1'679.0 3'619.3 744'112.3 CY+2 17'289.8 22'801.6 14'507.4 43'402.7 19'205.8 4'506.1 2'687.8 2'389.2 3'736.3 553.0 220'698.7 1'135.2 1'775.0 4'009.5 769'069.1 EV/Total Revenue LFY 1.7x 1.6x 1.2x 0.6x 0.8x 1.0x 1.0x 1.5x 0.9x 2.7x 1.8x 1.9x - 1.4x 0.9x LTM 1.7x 1.6x 1.2x 0.6x 0.8x 1.1x 0.9x 1.5x 1.0x 2.6x 1.8x 1.9x - 1.4x 0.9x CY+1 1.6x 1.7x 1.3x 0.6x 0.8x 1.0x 0.8x 1.5x 0.9x 2.6x 1.8x 1.8x 0.7x 1.2x 1.0x CY+2 1.5x 1.6x 1.2x 0.6x 0.8x 1.0x 0.6x 1.4x 0.9x 2.7x 1.7x 1.7x 0.7x 1.0x 0.9x EBITDA LFY 2'772.0 3'958.0 2'368.8 5'024.0 1'656.0 825.0 235.9 475.5 702.4 117.6 28'691.7 225.7 441.2 247.0 72'903.0 LTM 2'565.0 4'134.0 2'502.6 4'915.0 1'650.0 806.2 220.8 422.2 635.7 95.7 28'952.0 168.0 - 253.0 76'374.0 CY+1 3'721.8 4'171.4 2'429.2 4'375.2 1'601.4 636.4 237.3 451.2 629.3 100.1 37'833.3 208.3 288.0 415.7 79'408.5 CY+2 4'118.4 4'766.6 2'611.6 4'508.7 1'733.0 668.9 283.8 498.8 651.7 118.5 41'813.7 213.3 319.0 544.4 91'910.2 EV/EBITDA LFY 9.5x 8.6x 6.8x 5.1x 9.1x 5.9x 8.3x 7.0x 5.2x 14.1x 12.1x 9.1x - 18.9x 9.2x LTM 10.3x 8.3x 6.4x 5.2x 9.1x 6.0x 8.8x 7.9x 5.8x 17.3x 12.0x 12.3x - 18.5x 8.8x CY+1 7.1x 9.0x 7.5x 5.9x 9.3x 7.1x 7.4x 7.8x 5.5x 14.9x 9.9x 9.4x 4.2x 10.7x 9.2x CY+2 6.2x 7.6x 6.7x 5.5x 8.5x 6.8x 6.1x 6.9x 5.4x 12.7x 8.8x 8.8x 4.1x 7.6x 7.6x EPS LFY 0.38 0.86 2.47 2.63 0.76 -0.18 0.04 3.56 2.69 0.00 -1.08 0.13 1.59 -1.36 9.29 LTM 1.47 1.04 1.98 1.94 0.86 -0.58 -0.05 2.76 1.65 -10.58 -1.07 -0.49 1.74 -1.31 9.72 CY+1 3.50 3.05 2.72 2.35 0.73 (0.21) (0.28) 3.21 2.67 (1.23) (0.01) 0.06 1.88 0.65 9.26 CY+2 4.55 4.48 3.62 2.58 0.86 0.01 (0.06) 3.86 3.21 (0.48) 3.80 0.22 2.10 1.57 18.24 P/E LFY 33.5x 70.4x 25.9x 16.2x 18.6x - - 16.7x 27.2x - - - 25.3x - 23.0x LTM - 70.4x 30.0x 15.0x 27.9x - - 17.1x 34.8x - - - 25.3x - - CY+1 14.1x 24.0x 18.9x 13.4x 21.9x - - 14.3x 16.8x - - 234.1x 23.5x 43.9x 24.2x CY+2 10.8x 16.3x 14.2x 12.2x 18.7x 408.7x - 11.9x 14.0x - 3.6x 68.6x 21.0x 18.3x 12.3x Revenue Growth 1 Year 3.5% (4.2%) 9.7% 5.0% 5.3% (1.5%) 16.0% 12.5% (3.8%) (19.1%) 3.8% (19.2%) 13.2% 10.8% 0.2% 5 Year (1.1%) (3.9%) 6.3% 0.2% (2.2%) (5.6%) 4.6% 1.2% (3.8%) (5.6%) (2.6%) (4.4%) 0.6% (6.3%) (4.9%) EBITDA Growth 1 Year - (12.3%) 17.0% 5.0% 2.6% (5.0%) 18.2% (24.4%) (20.2%) (41.4%) (3.1%) (28.6%) 29.3% 648.5% 16.3% 5 Year (5.7%) (8.2%) 6.7% 0.4% (7.9%) (10.7%) (12.8%) (2.6%) (10.0%) (24.6%) (10.6%) (13.9%) 3.1% (7.7%) (9.0%) EBITDA Margin LTM 17.0% 19.2% 18.1% 11.5% 8.9% 17.6% 9.8% 18.8% 16.9% 15.1% 14.7% 15.3% - 7.7% 10.4% CY+1 22.8% 19.2% 17.4% 10.2% 8.6% 14.2% 10.2% 19.7% 17.0% 17.5% 18.6% 18.9% 17.2% 11.5% 10.7% CY+2 23.8% 20.9% 18.0% 10.4% 9.0% 14.8% 10.6% 20.9% 17.4% 21.4% 18.9% 18.8% 18.0% 13.6% 12.0% Leverage/Coverage Ratios Total Debt / Equity % 95.0% 86.1% 73.9% 62.0% 47.4% 81.0% 77.4% 69.0% 47.3% 143.0% 147.3% 66.9% 51.6% 38483.3% 323.1% Total Debt / Capital % 45.5% 42.4% 40.7% 37.7% 32.0% 36.7% 43.6% 37.2% 27.5% 53.3% 57.2% 38.0% 33.5% 99.2% 73.6% Total Debt / EBITDA 6.109x 3.488x 3.400x 2.709x 3.181x 3.487x 6.806x 3.757x 2.406x 15.062x 7.177x 5.605x - 9.126x 6.498x Net Debt / EBITDA 4.775x 2.801x 2.906x 2.000x 2.485x 3.008x 5.626x 3.127x 1.815x 13.535x 6.746x 3.970x - 6.451x 5.721x EBITDA / Int. Expense 2.940x 5.695x 3.722x 8.987x 6.321x 7.468x 4.639x 11.764x 9.428x 2.246x 1.757x 3.072x 3.481x 1.199x 7.682x Credit Ratings S&P LT Credit Rating BB+ BBB NR BBB BBB+ BB+ NR - BB+ - B BB- BB+ B NR S&P LT Credit Rating Date 17.03.2011 22.01.2009 22.11.2012 24.07.2009 17.12.2007 28.05.2012 14.12.2012 - 28.05.2012 - 25.01.2013 11.05.2011 27.09.2011 11.08.2011 10.04.2009 Moody's LT Credit Rating Ba1 Baa2 (P)Ba2 Baa2 - (P)Ba2 Ba2 - Ba1 - WR - WR B2 WR Moody's LT Credit Rating Date 05.08.2011 09.04.2009 31.05.2011 31.07.2009 - 15.11.2012 26.04.2012 - 15.12.2011 - 19.10.2006 - 08.11.2004 24.06.2010 27.02.2007 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |