financial analysis - petrochina company limited explores, develops, and produces crude oil and...
TRANSCRIPT
19.03.2013
Ticker: PetroChina Co Ltd Benchmark:
Currency: Hong Kong: 857, Currency: HKD HANG SENG INDEX (HSI)
Sector: Energy Industry: Oil, Gas & Consumable Fuels Year:
Telephone 86-10-5998-6959 Revenue (M) Business Segments in HKD Sales (M) Geographic Segments in HKD Sales (M)
Website www.petrochina.com.cn No of Employees Marketing Net 1799884 China 1722139
Address 9 Dongzhimen North Street Beijing China Refining and Chemicals Net 227292 Other 691698
Share Price Performance in HKD Exploration and Production Net 195575
Price 10.36 1M Return -0.8% Natural Gas and Pipeline Net 188757
52 Week High 11.40 6M Return 1.4% Other Net 2330
52 Week Low 9.02 52 Wk Return -4.7%
52 Wk Beta 1.00 YTD Return -5.6%
Credit Ratings
Bloomberg -
S&P - Date - Outlook -
Moody's - Date - Outlook -
Fitch - Date - Outlook STABLE
Valuation Ratios
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
P/E 9.5x 14.7x 11.3x 10.7x 12.7x 10.9x 10.0x
EV/EBIT 11.8x 18.1x 11.8x 11.2x - - -
EV/EBITDA 7.5x 11.0x 7.4x 6.4x 6.1x 5.5x 5.1x
P/S 1.0x 1.5x 1.1x 0.7x 0.8x 0.7x 0.7x
P/B 1.4x 1.8x 1.7x 1.4x 1.4x 1.3x 1.2x
Div Yield 4.7% 3.1% 4.0% 4.2% 3.6% 4.0% 4.4%
Profitability Ratios %
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Gross Margin - - - - 25.3 25.6 26.0
EBITDA Margin 23.9 23.3 20.7 16.1 16.1 16.9 17.6
Operating Margin 15.1 14.2 13.0 9.2 8.7 9.2 10.0
Profit Margin 10.7 10.1 9.6 6.6 5.8 6.3 6.7
Return on Assets 10.1 7.8 9.0 7.4 6.5 6.8 6.9
Return on Equity 15.0 12.6 15.7 13.7 11.4 12.1 12.3
Leverage and Coverage Ratios
12/08 12/09 12/10 12/11
Current Ratio 0.8 0.8 0.7 0.7 Current Capitalization in HKD
Quick Ratio 0.2 0.3 0.2 0.2 Common Shares Outstanding (M) 183021.0
EBIT/Interest 40.0 22.2 24.3 16.0 Market Capitalization (M) 2015969.4
Tot Debt/Capital 0.1 0.2 0.2 0.2 Cash and ST Investments (M) 154174.4
Tot Debt/Equity 0.1 0.3 0.2 0.3 Total Debt (M) 549989.3
Eff Tax Rate % 21.7 23.9 20.3 20.8 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 119488.6
Enterprise Value (M) 2531272.9
PetroChina Company Limited explores, develops, and produces crude oil and natural
gas. The Company also refines, transports, and distributes crude oil and petroleum
products, produces and sells chemicals, and transmits, markets and sells natural gas.
857 HK
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552'810
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
PetroChina Co Ltd
Target price in HKD
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
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Company Analysis - Analysts Ratings
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
19.03.2013
PetroChina Co Ltd
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 183021.0 United States 49.46%
Float 98.6% Britain 18.08%
Short Interest (M) Singapore 11.46%
Short Interest as % of Float Luxembourg 4.90%
Days to Cover Shorts Hong Kong 3.39%
Institutional Ownership 53.96% China 3.18%
Retail Ownership 46.04% Ireland 2.57%
Insider Ownership 0.00% Others 6.97%
Institutional Ownership Distribution
Investment Advisor 90.37%
Mutual Fund Manager 6.32%
Government 2.56%
Unclassified 0.59%
Pricing data is in HKD Others 0.16%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
BLACKROCK 2'040'161'304 23'987'865 21'136'071'109 9.67% 15.03.2013 ULT-AGG UNITED STATES
ABERDEEN 1'720'031'963 0 17'819'531'137 8.15% 08.08.2012 ULT-AGG
JP MORGAN 1'475'541'067 72'000 15'286'605'454 6.99% 13.12.2012 ULT-AGG
VANGUARD GROUP INC 1'078'263'034 -16'333'200 11'170'805'032 5.11% 31.12.2012 MF-AGG UNITED STATES
HARBOR CAPITAL ADVIS 350'420'000 0 3'630'351'200 1.66% 31.12.2012 MF-AGG UNITED STATES
CHINA NATIONAL PETRO 291'518'000 0 3'020'126'480 1.38% 31.03.2012 20F CHINA
FMR LLC 200'300'218 -37'870'666 2'075'110'258 0.95% 31.01.2013 ULT-AGG UNITED STATES
HANG SENG INVESTMENT 175'819'770 0 1'821'492'817 0.83% 30.06.2012 MF-AGG HONG KONG
STATE STREET GLOBAL 175'742'108 -9'780'632 1'820'688'239 0.83% 30.06.2012 MF-AGG HONG KONG
FRANKLIN RESOURCES 114'556'902 0 1'186'809'505 0.54% 31.12.2012 ULT-AGG UNITED STATES
TEMPLETON INVESTMENT 79'104'272 -64'000 819'520'258 0.37% 30.09.2012 MF-AGG BRITAIN
BANK OF NEW YORK MEL 77'028'000 10'000'000 798'010'080 0.37% 15.03.2013 MF-AGG UNITED STATES
SHINHAN BNP PARIBAS 69'053'243 2'168'000 715'391'597 0.33% 28.09.2012 MF-AGG SOUTH KOREA
MANULIFE FUNDS DIREC 66'938'000 0 693'477'680 0.32% 30.06.2012 MF-AGG BRITAIN
PICTET & CIE 63'218'000 -16'836'000 654'938'480 0.30% 30.11.2012 MF-AGG SWITZERLAND
DANSKE INVEST A/S 61'756'335 996'000 639'795'631 0.29% 31.01.2013 MF-AGG DENMARK
HARVEST FUND MANAGEM 59'934'000 -14'076'000 620'916'240 0.28% 30.06.2012 MF-AGG CHINA
STATE STREET 55'376'608 -80'000 573'701'659 0.26% 18.03.2013 ULT-AGG UNITED STATES
BARING ASSET MANAGEM 54'346'000 -10'416'000 563'024'560 0.26% 30.11.2012 MF-AGG IRELAND
INVESCO ASSET MANAGE 47'938'000 5'938'000 496'637'680 0.23% 31.05.2012 MF-AGG IRELAND
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
Company Analysis - Ownership
Ownership Type
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
PetroChina Co Ltd
Financial information is in HKD (M)
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Income Statement
Revenue 227'396 230'323 285'795 373'922 524'312 671'414 858'059 1'202'117 1'156'546 1'682'222 2'413'837 2'568'058 2'727'535 2'816'212
- Cost of Goods Sold
Gross Income 650'746 698'467 732'215
- Selling, General & Admin Expenses 159'715 159'600 188'828 228'919 340'058 476'948 650'352 1'034'511 992'121 1'463'614 2'192'564
(Research & Dev Costs) 1'787 1'702 2'268 2'801 3'033 4'151 5'453 8'697 11'219 13'592 15'930
Operating Income 67'681 70'723 96'967 145'002 184'254 194'466 207'707 181'472 164'425 218'609 223'207 222'207 250'820 281'136
- Interest Expense 4'154 3'313 2'207 2'725 2'622 3'138 2'464 1'455 3'777 4'522 9'172
- Foreign Exchange Losses (Gains) -236 298 169 -8 -84 -72 770 1'212 888 1'345 1'128
- Net Non-Operating Losses (Gains) -437 1'867 2'090 -40 -2'308 -2'695 -5'804 -2'769 868 -4'571 -8'998
Pretax Income 64'200 65'246 92'501 142'325 184'024 194'096 210'276 181'576 158'891 217'313 221'906 214'519 240'949 265'536
- Income Tax Expense 21'735 20'948 26'410 41'027 51'441 48'507 51'073 39'463 37'981 44'211 46'083
Income Before XO Items 42'465 44'297 66'091 101'298 132'583 145'588 159'203 142'113 120'910 173'102 175'823
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 0 0
- Minority Interests -381 93 598 3'579 5'963 6'990 8'645 13'840 3'599 12'398 15'657
Diluted EPS Before XO Items 0.56 0.71 0.77 0.84 0.71 0.64 0.87 0.88
Net Income Adjusted* 44'107 44'204 65'493 96'857 126'620 138'598 149'404 128'248 117'311 160'704 160'165 149'562 172'119 189'193
EPS Adjusted 0.25 0.25 0.38 0.56 0.71 0.77 0.83 0.71 0.64 0.87 0.88 0.81 0.95 1.04
Dividends Per Share 0.11 0.11 0.17 0.25 0.32 0.35 0.37 0.32 0.29 0.40 0.39 0.37 0.42 0.45
Payout Ratio % 46.3 45.0 45.0 44.6 45.0 45.0 44.7 45.0 45.0 45.0 45.0 0.46 0.44 0.44
Total Shares Outstanding 175'824 175'824 175'824 175'824 179'021 179'021 183'021 183'021 183'021 183'021 183'021
Diluted Shares Outstanding 175'824 175'824 175'824 175'820 176'770 179'021 179'700 183'021 183'021 183'021 183'021
EBITDA 99'356 105'383 135'099 190'512 232'966 254'289 276'727 287'673 269'109 348'567 389'530 414'261 460'469 494'961
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Balance Sheet
Total Current Assets 81036.7129 70818.709 80831.7888 114815.752 168996.687 161681.613 251766.376 255417.771 334324.845 337810.179 471826.159
+ Cash & Near Cash Items 10'483 9'400 10'535 10'977 77'732 48'397 73'379 37'641 98'719 53'915 75'416
+ Short Term Investments 13'904 11'681 25'199 32'535 1'850 3'002 20'185 11'837 33 3'554 515
+ Accounts & Notes Receivable 9'188 8'121 5'327 8'152 7'358 11'294 24'904 23'991 37'538 60'109 81'997
+ Inventories 26'674 26'797 27'082 44'495 60'273 75'785 94'589 102'969 130'354 159'105 224'691
+ Other Current Assets 20'788 14'820 12'689 18'657 21'784 23'203 38'709 78'979 67'681 61'126 89'207
Total Long-Term Assets 354'841 384'399 417'939 484'791 578'556 707'576 889'423 1'102'862 1'312'738 1'616'079 1'892'274
+ Long Term Investments 1'363 1'446 1'725 5'031 4'475 4'538 8'286 5'160 4'171 6'449 5'598
Gross Fixed Assets 552'640 605'359 656'142 762'402 901'060 1'074'157 1'347'611 1'683'983 1'975'257 2'377'433 2'814'710
Accumulated Depreciation 206'917 230'558 249'592 294'774 343'687 410'570 503'896 631'745 719'533 873'812 1'063'769
+ Net Fixed Assets 345'723 374'801 406'550 467'628 557'373 663'587 843'714 1'052'238 1'255'725 1'503'620 1'750'941
+ Other Long Term Assets 7'754 8'152 9'664 12'132 16'707 39'451 37'423 45'465 52'842 106'010 135'735
Total Current Liabilities 87'584 84'187 106'960 122'585 147'805 179'280 212'938 301'637 441'272 506'890 690'444
+ Accounts Payable 4'798 7'682 9'521 7'469 13'210 22'415 43'360 44'050 71'366 114'841 139'819
+ Short Term Borrowings 23'857 19'440 27'099 32'812 27'564 35'644 33'000 106'299 168'989 120'574 169'304
+ Other Short Term Liabilities 58'929 57'066 70'340 82'304 107'031 121'221 136'579 151'288 200'917 271'475 381'321
Total Long Term Liabilities 69'674 68'088 52'045 60'999 77'402 74'444 92'304 93'953 174'933 255'514 339'037
+ Long Term Borrowings 61'751 57'148 39'358 44'262 43'827 36'507 42'420 37'302 97'068 154'935 222'746
+ Other Long Term Borrowings 7'923 10'940 12'687 16'737 33'575 37'937 49'883 56'651 77'866 100'579 116'291
Total Liabilities 157'258 152'276 159'005 183'583 225'207 253'724 305'242 395'589 616'205 762'404 1'029'481
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 4'839 4'573 5'260 14'274 27'169 30'811 46'918 64'642 68'684 83'987 98'383
+ Share Capital & APIC 165'644 165'659 164'924 165'128 172'000 178'425 195'622 207'814 207'853 215'880 225'638
+ Retained Earnings & Other Equity 108'136 132'709 169'581 236'622 323'176 406'298 593'407 690'235 754'321 891'618 1'010'599
Total Shareholders Equity 278'619 302'942 339'766 416'024 522'345 615'534 835'947 962'691 1'030'858 1'191'485 1'334'619
Total Liabilities & Equity 435'877 455'218 498'771 599'607 747'552 869'258 1'141'189 1'358'280 1'647'063 1'953'889 2'364'100
Book Value Per Share 1.56 1.70 1.90 2.28 2.77 3.27 4.31 4.91 5.26 6.05 6.75 7.34 7.86 8.43
Tangible Book Value Per Share 1.55 1.69 1.89 2.27 2.75 3.25 4.26 4.87 5.17 5.95 6.61
Company Analysis - Financials II/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Cash Flows
Net Income 42'845 44'204 65'493 97'719 126'620 138'598 150'559 128'273 117'311 160'704 160'165 151'890 173'232 187'677
+ Depreciation & Amortization 31'675 34'660 38'132 45'510 48'711 59'823 69'020 106'201 104'684 129'958 166'323
+ Other Non-Cash Adjustments 3'578 7'522 16'035 12'744 12'854 7'604 593 10'034 28'892 32'144 19'641
+ Changes in Non-Cash Capital 1'745 6'368 11'085 -21'886 6'037 -10'928 -8'462 -48'534 42'928 36'437 1'659
Cash From Operating Activities 79'844 92'753 130'745 134'088 194'222 195'097 211'710 195'974 293'815 359'243 347'788
+ Disposal of Fixed Assets 1'046 468 190 822 853 337 1'040 489 4'599 829 966
+ Capital Expenditures -48'515 -66'620 -76'307 -88'499 -113'200 -127'085 -177'765 -241'644 -292'249 -297'457 -322'804 -373'132 -382'845 -394'190
+ Increase in Investments -166 -218 -679 -448 -742 -60 -337 -26 -126 -84 -93
+ Decrease in Investments 93 91 82 78 927 4 283 58 154 87 25
+ Other Investing Activities -10'678 -1'335 -15'436 -8'950 24'573 -29'653 -14'662 -3'488 -11'548 -47'984 -31'882
Cash From Investing Activities -58'220 -67'614 -92'150 -96'997 -87'590 -156'457 -191'440 -244'611 -299'169 -344'609 -353'787
+ Dividends Paid -25'158 -16'632 -27'921 -32'304 -50'954 -66'840 -66'191 -60'112 -56'838 -61'069 -76'251
+ Change in Short Term Borrowings -10'792 -5'486 -4'934 4'000 -2'383 1'787 3'754 77'301 50'339 -43'029 3'840
+ Increase in Long Term Borrowings 20'029 9'315 2'656 17'365 14'730 13'833 21'186 5'012 77'022 92'786 122'054
+ Decrease in Long Term Borrowings -13'059 -13'238 -7'542 -26'693 -18'226 -17'188 -24'847 -15'910 -9'017 -50'343 -22'015
+ Increase in Capital Stocks 0 0 0 0 18'696 0 67'962 0 0 0
+ Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 0
+ Other Financing Activities 801 -183 327 612 -2'777 -1'753 -3'763 2'373 4'867 -294 -3'002
Cash From Financing Activities -28'180 -26'224 -37'415 -37'020 -40'914 -70'162 -1'899 8'663 66'372 -61'948 24'626
Net Changes in Cash -6'557 -1'084 1'180 71 65'718 -31'521 18'371 -39'974 61'017 -47'314 18'627
Free Cash Flow (CFO-CAPEX) 31'329 26'133 54'438 45'589 81'022 68'013 33'945 -45'670 1'566 61'786 24'985 -18'987 24'926 34'994
Free Cash Flow To Firm 34'076 28'382 56'015 47'529 82'911 70'367 35'810 -44'532 4'440 65'388 32'252
Free Cash Flow To Equity 28'552 17'192 44'807 41'082 75'996 66'782 35'078 21'221 124'508 62'029 129'830
Free Cash Flow per Share 0.18 0.15 0.31 0.26 0.46 0.38 0.19 -0.25 0.01 0.34 0.14
Company Analysis - Financials III/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Ratio Analysis
Valuation Ratios
Price Earnings 5.6x 6.1x 11.9x 7.5x 8.8x 14.0x 15.9x 9.5x 14.7x 11.3x 10.7x 12.7x 10.9x 10.0x
EV to EBIT 4.6x 4.7x 8.5x 5.4x 6.2x 10.2x 26.3x 11.8x 18.1x 11.8x 11.2x
EV to EBITDA 3.1x 3.2x 6.1x 4.1x 4.9x 7.8x 19.7x 7.5x 11.0x 7.4x 6.4x 6.1x 5.5x 5.1x
Price to Sales 1.1x 1.2x 2.7x 2.0x 2.1x 2.9x 2.8x 1.0x 1.5x 1.1x 0.7x 0.8x 0.7x 0.7x
Price to Book 0.9x 0.9x 2.3x 1.8x 2.3x 3.4x 3.2x 1.4x 1.8x 1.7x 1.4x 1.4x 1.3x 1.2x
Dividend Yield 8.2% 7.3% 3.8% 6.0% 5.1% 3.2% 2.8% 4.7% 3.1% 4.0% 4.2% 3.6% 4.0% 4.4%
Profitability Ratios
Gross Margin 25.3% 25.6% 26.0%
EBITDA Margin 43.7% 45.8% 47.3% 50.9% 44.4% 37.9% 32.3% 23.9% 23.3% 20.7% 16.1% 16.1% 16.9% 17.6%
Operating Margin 29.8% 30.7% 33.9% 38.8% 35.1% 29.0% 24.2% 15.1% 14.2% 13.0% 9.2% 8.7% 9.2% 10.0%
Profit Margin 18.8% 19.2% 22.9% 26.1% 24.1% 20.6% 17.5% 10.7% 10.1% 9.6% 6.6% 5.8% 6.3% 6.7%
Return on Assets 10.2% 9.9% 13.7% 17.7% 18.8% 17.2% 15.1% 10.1% 7.8% 9.0% 7.4% 6.5% 6.8% 6.9%
Return on Equity 16.1% 15.4% 20.7% 26.5% 28.3% 25.8% 22.2% 15.0% 12.6% 15.7% 13.7% 11.4% 12.1% 12.3%
Leverage & Coverage Ratios
Current Ratio 0.93 0.84 0.76 0.94 1.14 0.90 1.18 0.85 0.76 0.67 0.68
Quick Ratio 0.38 0.35 0.38 0.42 0.59 0.35 0.56 0.24 0.31 0.23 0.23
Interest Coverage Ratio (EBIT/I) 14.19 17.01 28.11 39.49 50.71 44.00 48.95 39.98 22.19 24.32 16.01
Tot Debt/Capital 0.24 0.20 0.16 0.16 0.12 0.10 0.08 0.13 0.21 0.19 0.23
Tot Debt/Equity 0.31 0.25 0.20 0.19 0.14 0.12 0.09 0.15 0.26 0.23 0.29
Others
Asset Turnover 0.54 0.52 0.60 0.68 0.78 0.84 0.86 0.95 0.77 0.94 1.12
Accounts Receivable Turnover 19.37 26.61 42.49 55.35 67.60 72.56 48.30 48.28 37.62 34.89 34.12
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate 33.9% 32.1% 28.6% 28.8% 28.0% 25.0% 24.3% 21.7% 23.9% 20.3% 20.8%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
PETROCHINA CO-H CNOOC LTDCHINA PETROLEU-
H
EXXON MOBIL
CORPCHEVRON CORP
BANGCHAK
PETROLECHINA OILFIELD-H
12/2011 12/2011 12/2011 12/2012 12/2012 12/2012 12/2011
11.86 17.38 9.57 93.67 120.26 40.25 17.66
27.04.2012 04.01.2013 30.01.2013 19.10.2012 14.03.2013 15.02.2013 31.01.2013
9.03 13.18 6.38 77.13 95.73 21.20 10.02
05.09.2012 05.06.2012 11.07.2012 05.06.2012 04.06.2012 10.07.2012 23.05.2012
49'304'191 74'339'217 68'526'212 11'554'806 4'828'671 2'212'800 9'892'341
10.36 14.28 8.68 88.77 119.13 35.75 15.44
-12.6% -17.8% -9.3% -5.2% -0.9% -11.2% -12.6%
14.7% 8.3% 36.1% 15.1% 24.4% 68.6% 54.1%
183'021.0 44'659.2 86'702.6 4'502.0 1'946.7 1'376.9 4'495.3
2'015'969 637'549 813'126 397'730 231'434 49'225 87'425
318'002.0 37'995.0 240'555.0 11'581.0 12'192.0 19'215.7 28'110.1
- - - - - - -
79'801.0 - 35'016.0 5'797.0 1'308.0 180.4 0.6
61'590.0 99'197.0 25'197.0 9'582.0 21'205.0 8'018.6 6'528.3
2'032'263 450'139 958'070 405'525 223'729 60'602 89'841
LFY 2'003'843.0 240'944.0 2'463'767.0 420'714.0 222'580.0 165'245.9 18'426.1
LTM 1'997'142.0 234'644.0 2'574'292.0 426'252.0 222'580.0 165'245.9 20'297.6
CY+1 2'056'279.5 239'215.5 2'572'721.0 435'718.8 236'505.0 193'919.4 21'222.5
CY+2 2'183'975.1 248'530.0 2'638'217.0 444'541.0 232'832.6 201'519.5 24'051.3
LFY 1.0x 2.1x 0.4x 0.9x 0.9x 0.3x 4.5x
LTM 1.0x 2.1x 0.3x 0.9x 0.9x 0.3x 4.1x
CY+1 1.0x 2.1x 0.4x 1.0x 1.0x 0.3x 4.2x
CY+2 1.0x 2.0x 0.4x 0.9x 1.0x 0.3x 3.7x
LFY 323'368.0 119'044.0 170'962.0 65'769.0 48'426.0 5'622.4 8'159.6
LTM - 113'987.0 156'927.0 67'270.0 48'426.0 5'622.4 8'609.8
CY+1 331'704.1 123'432.3 167'116.2 81'325.3 55'736.4 9'107.3 9'196.3
CY+2 368'703.5 128'801.8 193'127.2 82'738.2 57'037.2 10'627.9 10'340.4
LFY 6.2x 4.2x 5.1x 6.0x 4.2x 9.8x 10.2x
LTM - 4.4x 5.5x 5.9x 4.2x 9.8x 9.7x
CY+1 6.2x 4.1x 5.7x 5.1x 4.1x 7.3x 9.8x
CY+2 5.7x 3.9x 5.0x 5.0x 4.1x 6.3x 8.6x
LFY 0.74 1.53 0.83 7.56 12.10 - 0.92
LTM 0.64 1.40 0.65 7.89 12.12 3.10 0.97
CY+1 0.65 1.45 0.70 7.94 12.37 3.61 1.03
CY+2 0.76 1.41 0.84 8.21 12.49 4.11 1.19
LFY 12.9x 8.2x 10.7x 11.3x 9.8x 11.5x 12.7x
LTM - - - 11.3x 9.8x - 12.5x
CY+1 12.7x 7.9x 9.9x 11.2x 9.6x 9.9x 12.1x
CY+2 10.9x 8.1x 8.2x 10.8x 9.5x 8.7x 10.4x
1 Year 36.7% 33.8% 31.3% (3.0%) (5.8%) 4.2% 4.9%
5 Year 23.9% 34.6% 24.1% 2.4% (0.1%) 11.0% 20.2%
1 Year 6.5% 21.5% (4.0%) (5.6%) (5.4%) (37.5%) (4.7%)
5 Year 4.4% 18.8% 9.3% (1.2%) 7.1% 4.8% 28.7%
LTM - 48.6% 6.1% 15.8% 21.8% 3.4% 42.4%
CY+1 16.1% 51.6% 6.5% 18.7% 23.6% 4.7% 43.3%
CY+2 16.9% 51.8% 7.3% 18.6% 24.5% 5.3% 43.0%
Total Debt / Equity % 31.7% 14.5% 50.9% 7.0% 8.9% 59.8% 98.8% FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
Total Debt / Capital % 22.7% 12.6% 32.2% 6.3% 8.1% 37.3% 49.7% FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
Total Debt / EBITDA - 0.482x 1.962x 0.172x 0.252x 3.418x 3.268x FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
Net Debt / EBITDA - -0.530x 1.873x 0.030x -0.186x 1.992x 2.395x FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
EBITDA / Int. Expense 27.942x 76.408x 18.191x 78.954x 200.107x 5.982x 15.048x FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
S&P LT Credit Rating - AA- A+ AAA AA - A- FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
S&P LT Credit Rating Date - 16.12.2010 16.12.2010 16.12.1985 01.07.1987 - 20.12.2012 FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
Moody's LT Credit Rating - - - WR Aa1 - - FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
Moody's LT Credit Rating Date - - - 16.08.1993 27.02.2009 - - FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE
52-Week High Date
52-Week Low
Latest Fiscal Year:
52-Week High
Total Debt
Market Capitalization
Daily Volume
52-Week Low % Change
Current Price (3/dd/yy)
52-Week High % Change
Cash and Equivalents
EBITDA
EV/EBITDA
Enterprise Value
Valuation
Preferred Stock
52-Week Low Date
Minority Interest
Total Common Shares (M)
P/E
Revenue Growth
Total Revenue
EV/Total Revenue
EPS
EBITDA Growth
EBITDA Margin
Credit Ratings
Leverage/Coverage Ratios
Company Analysis - Peers Comparision
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |