Financial analysis nobel biocare holding ag develops and produces dental implants and dental prosthetics. the company manufactures permanent replacements for tooth roots, and dental crowns and bridges
Similaire à Financial analysis nobel biocare holding ag develops and produces dental implants and dental prosthetics. the company manufactures permanent replacements for tooth roots, and dental crowns and bridges
Similaire à Financial analysis nobel biocare holding ag develops and produces dental implants and dental prosthetics. the company manufactures permanent replacements for tooth roots, and dental crowns and bridges (20)
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Marke...
Financial analysis nobel biocare holding ag develops and produces dental implants and dental prosthetics. the company manufactures permanent replacements for tooth roots, and dental crowns and bridges
1. 20.02.2013
Company Analysis - Overview
Ticker: NOBN SW Nobel Biocare Holding AG Benchmark: Nobel Biocare Holding AG develops and produces dental implants and dental
SIX Swiss Ex: NOBN, Currency: CHF SWISS MARKET INDEX (SMI) prosthetics. The Company manufactures permanent replacements for tooth roots, and
Currency:
dental crowns and bridges. Nobel Biocare sells under the brand names Branemark
System, Steri-Oss/Replace, and Procera on the global market.
Sector: Health Care Industry: Health Care Equipment & Suppli Year:
Telephone 41-43-211-4200 Revenue (M) 700 Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)
Website www.nobelbiocare.com No of Employees 2'496 Dental Implants 700 EMEA 277
Address PO Box CH-8058 Zurich-Airport Glattbrugg, 8152 Switzerland Reconciliation 0 Americas 275
Share Price Performance in CHF Asia/Pacific 147
Price 9.13 1M Return -3.9% Reconciliation 0
52 Week High 11.68 6M Return -1.6% Rest of the World
52 Week Low 7.09 52 Wk Return -21.1% North America
52 Wk Beta 1.27 YTD Return 17.7%
Credit Ratings
Bloomberg IG1 0% 0%
S&P - Date - Outlook - 21%
Moody's - Date - Outlook -
Fitch - Date - Outlook -
40%
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 27.2x 38.3x 28.1x 17.4x 18.8x 16.4x 12.7x
EV/EBIT 20.3x 20.5x 15.5x 10.7x - - -
EV/EBITDA 17.0x 15.2x 10.7x 7.3x 8.5x 7.9x 7.1x
P/S 5.0x 3.0x 1.9x 1.4x 1.6x 1.5x 1.5x
P/B 9.1x 5.4x 3.9x 2.4x 2.7x 2.5x 2.2x 39%
Div Yield 1.6% 2.5% 1.7% 2.5% 2.3% 2.7% 3.1% 100%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 80.5 77.7 76.0 75.4 75.5 75.7 76.1
EBITDA Margin 29.1 19.9 18.4 17.4 17.7 18.5 19.4 EMEA Americas
Operating Margin 24.4 14.7 12.7 11.8 11.7 12.6 14.1
Dental Implants Reconciliation
Profit Margin 18.2 7.9 7.0 7.9 8.7 9.5 11.1
Return on Assets 14.9 6.1 5.8 7.7 8.7 9.2 10.0
Asia/Pacific Reconciliation
Return on Equity 36.2 14.3 13.2 15.1 16.3 17.2 16.7
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 3.2 1.0 1.5 2.2 Current Capitalization in CHF
Quick Ratio 2.9 0.9 1.3 1.9 Common Shares Outstanding (M) 122.8
EBIT/Interest 8.8 4.8 5.0 13.5 Market Capitalization (M) 1130.2
Tot Debt/Capital 0.4 0.4 0.3 0.2 Cash and ST Investments (M) 187.0
Tot Debt/Equity 0.8 0.8 0.5 0.3 Total Debt (M) 120.1
Eff Tax Rate % 22.9 54.5 28.3 24.8 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M) 1063.2
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
2. Company Analysis - Analysts Ratings
Nobel Biocare Holding AG
Target price in CHF
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
16 30
100%
14 25
80% 42% 42% 20
46% 46% 46% 46% 46% 46% 50% 50% 50% 50% 12
15
10
60% 10
8
5
40% 33% 33% 42% 6 0
38% 38% 38% 46%
42%
Bryan Garnier & Cie
Morgan Stanley
Barclays
Kepler Capital Markets
Main First Bank AG
Equita SIM SpA
S&P Capital IQ
Commerzbank Corporates &
CA Cheuvreux
Credit Suisse
Exane BNP Paribas
Sanford C. Bernstein & Co
JPMorgan
Helvea
Nomura
Bank Vontobel AG
HSBC
EVA Dimensions
Berenberg Bank
Goldman Sachs
Northcoast Research
Deutsche Bank
Zuercher Kantonalbank
Jefferies
42% 42% 42% 46% 4
20%
2
Markets
17% 21% 21% 17% 17% 17% 13% 12% 8% 8% 8% 4%
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 4% 46% 50% 20-Feb-13 9.13 8.69 Deutsche Bank YI-DAN WANG sell 5.90 20-Feb-13
31-Dec-12 8% 42% 50% 19-Feb-13 9.61 8.91 Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 9.20 20-Feb-13
30-Nov-12 8% 42% 50% 18-Feb-13 9.93 8.91 Credit Suisse CHRISTOPH GRETLER neutral 10.80 20-Feb-13
31-Oct-12 8% 42% 50% 15-Feb-13 9.62 8.91 Berenberg Bank TOM JONES buy 12.25 20-Feb-13
28-Sep-12 12% 42% 46% 14-Feb-13 9.62 8.58 Kepler Capital Markets MAJA PATAKI hold 9.30 20-Feb-13
31-Aug-12 13% 46% 42% 13-Feb-13 9.78 8.58 S&P Capital IQ JACOB THRANE sell 8.60 20-Feb-13
31-Jul-12 17% 38% 46% 12-Feb-13 9.44 8.42 Main First Bank AG STEPHAN VOLLERT underperform 8.80 20-Feb-13
29-Jun-12 17% 38% 46% 11-Feb-13 9.38 8.42 Exane BNP Paribas JULIEN DORMOIS underperform 9.00 20-Feb-13
31-May-12 17% 42% 42% 8-Feb-13 9.34 8.63 Barclays ALEXANDER KLEBAN underweight 6.60 20-Feb-13
30-Apr-12 21% 33% 46% 7-Feb-13 9.15 8.63 Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 5.90 19-Feb-13
30-Mar-12 21% 33% 46% 6-Feb-13 9.33 8.63 JPMorgan DAVID J ADLINGTON underweight 7.30 19-Feb-13
29-Feb-12 17% 38% 46% 5-Feb-13 9.28 8.63 Sanford C. Bernstein & Co LISA BEDELL CLIVE market perform 9.00 19-Feb-13
4-Feb-13 9.17 8.63 Bank Vontobel AG CARLA BAENZIGER hold 8.60 19-Feb-13
1-Feb-13 9.46 8.63 Bryan Garnier & Cie MATHIEU CHABERT sell 8.90 19-Feb-13
31-Jan-13 9.54 8.63 Nomura MARTIN BRUNNINGER neutral 10.00 19-Feb-13
30-Jan-13 9.58 8.56 Helvea SIMON GOETSCHMANN neutral 9.70 19-Feb-13
29-Jan-13 9.58 8.52 Northcoast Research EDWIN SNYDER sell 6.50 19-Feb-13
28-Jan-13 9.69 8.52 Commerzbank Corporates & Markets OLIVER METZGER hold 9.10 15-Feb-13
25-Jan-13 9.71 8.52 HSBC HENDRIK LOFRUTHE neutral 9.00 15-Feb-13
24-Jan-13 9.70 8.52 EVA Dimensions ANDREW S ZAMFOTIS underweight 23-Jan-13
23-Jan-13 9.90 8.52 Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK underperform 16-Jan-13
22-Jan-13 9.44 8.40 CA Cheuvreux DANIEL JELOVCAN underperform 7.25 8-Nov-12
21-Jan-13 9.42 8.40 Jefferies INGEBORG OIE hold 9.00 15-Oct-12
18-Jan-13 9.50 8.40 Equita SIM SpA FABIO FAZZARI not rated 26.00 21-May-09
17-Jan-13 9.05 8.40
16-Jan-13 8.69 8.40
15-Jan-13 8.70 8.43
14-Jan-13 8.60 8.43
11-Jan-13 8.65 8.43
10-Jan-13 8.65 8.43
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
3. 20.02.2013
Nobel Biocare Holding AG
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
0%
Shares Outstanding (M) 122.8 United States 29.78%
5% 5%
Float 87.0% Britain 24.96%
6%
Short Interest (M) Switzerland 10.66% 30%
Short Interest as % of Float Singapore 9.98%
Days to Cover Shorts 45% Canada 8.38% 8%
Institutional Ownership 54.70% 55% Norway 5.69%
Retail Ownership 45.07% Luxembourg 5.32%
Insider Ownership 0.23% Others 5.23%
10% 25%
Institutional Ownership Distribution
Investment Advisor 62.78% 11%
Government 15.52%
Mutual Fund Manager 10.29%
Institutional Ownership Retail Ownership Insider Ownership Other 5.74%
United States Britain Switzerland Singapore
Pricing data is in CHF Others 5.66% Canada Norway Luxembourg Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
SILCHESTER INTL INVE 12'605'473 6'383'119 115'087'968 10.18% 24.08.2012 EXCH BRITAIN 6%
FRANKLIN RESOURCES 7'387'481 72'834 67'447'702 5.97% 14.01.2013 ULT-AGG UNITED STATES 6%
GOVT OF SINGAPORE IN 6'795'557 0 62'043'435 5.49% 31.12.2011 ULT-AGG SINGAPORE
INVESCO LTD 6'216'059 2'445'504 56'752'619 5.02% 11.04.2012 EXCH UNITED STATES
10%
TRIMARK INVESTMENT M 5'030'544 0 45'928'867 4.06% 30.09.2012 MF-AGG CANADA
GOVERNANCE FOR OWNER 3'909'643 0 35'695'041 3.16% 31.12.2011 Co File BRITAIN
NORGES BANK 3'768'834 0 34'409'454 3.04% 05.02.2013 EXCH NORWAY 62%
CREDIT SUISSE ASSET 2'500'726 -42'449 22'831'628 2.02% 28.12.2012 MF-AGG SWITZERLAND 16%
VANGUARD GROUP INC 2'274'825 21'757 20'769'152 1.84% 31.12.2012 MF-AGG UNITED STATES
NEW JERSEY DIVISION 2'183'120 0 19'931'886 1.76% 30.06.2012 MF-AGG UNITED STATES
UNION INVESTMENT GMB 2'000'000 -232'723 18'260'000 1.62% 28.09.2012 MF-AGG GERMANY
CAPITAL GROUP COMPAN 1'350'000 0 12'325'500 1.09% 31.12.2012 ULT-AGG UNITED STATES
SWISSCANTO FONDSLEIT 1'325'169 -51'431 12'098'793 1.07% 30.11.2012 MF-AGG SWITZERLAND
UNION INVESTMENT LUX 1'323'847 0 12'086'723 1.07% 28.09.2012 MF-AGG LUXEMBOURG Investment Advisor Government Mutual Fund Manager
Other Others
NOBEL BIOCARE HOLDIN 1'303'120 0 11'897'486 1.05% 31.12.2011 Co File SWITZERLAND
PICTET & CIE 681'647 1'555 6'223'437 0.55% 31.10.2012 MF-AGG SWITZERLAND
UBS FUND MANAGEMENT 670'183 1'761 6'118'771 0.54% 31.10.2012 MF-AGG SWITZERLAND
INVESCO CANADA LTD 565'501 0 5'163'024 0.46% 30.09.2012 MF-AGG CANADA
SCHRODER INVESTMENT 529'332 -192'242 4'832'801 0.43% 31.10.2012 MF-AGG BRITAIN
FMR LLC 427'359 427'359 3'901'788 0.35% 30.04.2012 ULT-AGG UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
LAUBE RICHARD T 110'000 1'004'300 0.09% 31.12.2011 Co File
BREU RAYMUND 70'000 639'100 0.06% 31.12.2011 Co File
WATTER ROLF URS 53'500 488'455 0.04% 31.12.2011 Co File
LILJA ROBERT 18'375 167'764 0.02% 31.12.2011 Co File
FLURI EDGAR 16'500 150'645 0.01% 31.12.2011 Co File
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |