Financial Analysis - Banque Cantonale Vaudoise - Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. BCV operates primarily in the Canton of Vaud.pdf

1. 20.02.2013
Company Analysis - Overview
Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and
Ticker: BCVN SW Banque Cantonale Vaudoise Benchmark: corporate banking services. The Bank offers consumer loans, treasury management,
Currency: SIX Swiss Ex: BCVN, Currency: CHF SWISS MARKET INDEX (SMI) pension funds, and investment management services, trades in commodities, advises
on mergers and acquisitions, and offers securities brokerage services. BCV operates
Sector: Financials Industry: Commercial Banks Year: primarily in the Canton of Vaud.
Telephone 41-21-212-1000 Revenue (M) 1'321 Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)
Website www.bcv.ch No of Employees 1'967 Wealth Management 368 Switzerland 1
Address Place Saint-Francois 14 Case postale 300 Lausanne, 1001 Switzerland Corporate Banking 287 Rest of the World
Share Price Performance in CHF Retail Banking 214
Price 522.00 1M Return 6.9% Corporate Center 86
52 Week High 524.00 6M Return 3.4% Trading 62
52 Week Low 436.94 52 Wk Return 14.9%
52 Wk Beta 0.67 YTD Return 7.7%
Credit Ratings
Bloomberg IG3 6%
S&P AA Date 05.12.2011 Outlook NEG 8%
Moody's - Date - Outlook STABLE
Fitch - Date - Outlook -
37%
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 21%
P/E 11.8x 13.5x 13.0x 13.4x 14.4x 14.2x 13.7x
EV/EBIT - - - - - - -
EV/EBITDA - - - - - - -
P/S 2.6x 3.1x 2.9x 3.2x 4.4x 4.3x 4.2x
P/B 1.4x 1.7x 1.5x 1.6x 1.3x 1.2x 1.3x
Div Yield 5.1% 4.5% 7.0% 6.6% 6.1% 6.2% 6.3% 28% 100%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Wealth Management
Gross Margin - - - - - - -
EBITDA Margin - - - - - - - Corporate Banking
Operating Margin 35.0 36.5 34.5 36.5 51.6 52.5 51.4
Retail Banking
Profit Margin 28.8 29.1 27.7 29.1 30.3 30.1 30.4 Switzerland
Return on Assets 0.8 0.9 0.8 0.8 0.9 0.9 0.9 Corporate Center
Return on Equity 12.1 12.4 11.8 12.0 9.3 9.3 9.4
Trading
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio - - - - Current Capitalization in CHF
Quick Ratio - - - - Common Shares Outstanding (M) 8.6
EBIT/Interest - - - - Market Capitalization (M) 4492.4
Tot Debt/Capital 0.8 0.7 0.8 0.8 Cash and ST Investments (M) 6738.0
Tot Debt/Equity 3.2 3.0 3.1 3.2 Total Debt (M) 8850.0
Eff Tax Rate % 22.6 22.9 23.0 22.8 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 20.0
Enterprise Value (M) 6624.4
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2. Company Analysis - Analysts Ratings
Banque Cantonale Vaudoise
Target price in CHF
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
600 600
100% 0% 0% 0%
20% 20% 17% 17% 17% 17% 20%
500 500
33% 33%
80%
400 400
60%
300
100% 100% 100% 300
40% 80% 80% 83% 83% 83% 83% 80% 200
67% 67% 200
100
20%
100
0
Main First
Helvea
Dimensions
Bank Vontobel
Kantonalbank
Bank AG
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0
Zuercher
EVA
févr.12 mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13
AG
Buy Hold Sell Price Target Price
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
31-Jan-13 0% 80% 20% 20-Feb-13 522.00 515.00 EVA Dimensions AUSTIN BURKETT sell 20-Feb-13
31-Dec-12 0% 83% 17% 19-Feb-13 512.00 515.00 Bank Vontobel AG TERESA NIELSEN hold 530.00 19-Feb-13
30-Nov-12 0% 100% 0% 18-Feb-13 505.50 501.67 Zuercher Kantonalbank ANDREAS VENDITTI market perform 15-Feb-13
31-Oct-12 0% 83% 17% 15-Feb-13 496.00 507.50 Main First Bank AG KILIAN MAIER underperform 490.00 14-Feb-13
28-Sep-12 0% 83% 17% 14-Feb-13 503.00 507.50 Helvea TIM DAWSON neutral 525.00 14-Feb-13
31-Aug-12 0% 83% 17% 13-Feb-13 471.25 492.50
31-Jul-12 0% 100% 0% 12-Feb-13 481.00 492.50
29-Jun-12 0% 100% 0% 11-Feb-13 488.25 492.50
31-May-12 0% 80% 20% 8-Feb-13 485.50 491.67
30-Apr-12 0% 80% 20% 7-Feb-13 486.25 491.67
30-Mar-12 0% 67% 33% 6-Feb-13 487.00 491.67
29-Feb-12 0% 67% 33% 5-Feb-13 490.75 475.00
4-Feb-13 488.75 475.00
1-Feb-13 489.75 475.00
31-Jan-13 486.25 475.00
30-Jan-13 485.25 475.00
29-Jan-13 486.75 475.00
28-Jan-13 493.75 475.00
25-Jan-13 488.75 475.00
24-Jan-13 486.25 475.00
23-Jan-13 486.25 475.00
22-Jan-13 489.00 475.00
21-Jan-13 490.00 475.00
18-Jan-13 488.50 475.00
17-Jan-13 491.75 475.00
16-Jan-13 487.00 475.00
15-Jan-13 486.75 475.00
14-Jan-13 491.25 475.00
11-Jan-13 493.00 475.00
10-Jan-13 491.25 475.00
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3. 20.02.2013
Banque Cantonale Vaudoise
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
0%
Shares Outstanding (M) 8.6 Switzerland 93.03%
25% 1% 0%0%0%
Float 32.7% United States 3.08% 1% 0%
Short Interest (M) Britain 1.47% 4%
Short Interest as % of Float Luxembourg 1.34%
Days to Cover Shorts Unknown Country 0.40%
Institutional Ownership 74.88% Germany 0.15%
Retail Ownership 24.81% France 0.14%
Insider Ownership 0.30% Others 0.40%
75%
Institutional Ownership Distribution
94%
Government 89.05%
Investment Advisor 7.37%
Mutual Fund Manager 2.79%
Switzerland United States Britain
Institutional Ownership Retail Ownership Insider Ownership Individual 0.40%
Luxembourg Unknown Country Germany
Pricing data is in CHF Others 0.39% France Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
CANTON OF VAUD 5'762'252 0 3'007'895'544 66.95% 01.01.2012 Co File SWITZERLAND 0% 0%
3%
UBS FUND MANAGEMENT 99'092 -291 51'726'024 1.15% 31.10.2012 MF-AGG SWITZERLAND
BLACKROCK 58'620 7'662 30'599'640 0.68% 15.02.2013 ULT-AGG UNITED STATES 7%
VANGUARD GROUP INC 55'668 1'997 29'058'696 0.65% 31.12.2012 MF-AGG UNITED STATES
JUPITER ASSET MANAGE 54'169 -11'500 28'276'218 0.63% 31.07.2012 MF-AGG BRITAIN
CREDIT SUISSE ASSET 45'660 775 23'834'520 0.53% 28.12.2012 MF-AGG SWITZERLAND
THORNBURG INVESTMENT 44'400 0 23'176'800 0.52% 31.12.2012 MF-AGG UNITED STATES
SWISSCANTO FONDSLEIT 31'940 -514 16'672'680 0.37% 30.11.2012 MF-AGG SWITZERLAND
NEW JERSEY DIVISION 24'618 0 12'850'596 0.29% 30.06.2012 MF-AGG UNITED STATES
PICTET & CIE 23'611 0 12'324'942 0.27% 31.10.2012 MF-AGG SWITZERLAND 90%
ALLIANZ ASSET MANAGE 22'742 0 11'871'324 0.26% 31.12.2012 ULT-AGG GERMANY
SCHRODER INVESTMENT 18'595 3'950 9'706'590 0.22% 30.06.2012 MF-AGG BRITAIN
BNP PARIBAS INV PART 18'469 -113 9'640'818 0.21% 30.11.2012 ULT-AGG FRANCE
VONTOBEL ASSET MANAG 16'600 3'350 8'665'200 0.19% 31.10.2012 MF-AGG SWITZERLAND Government Investment Advisor Mutual Fund Manager
Individual Others
SCHRODER INVESTMENT 16'170 0 8'440'740 0.19% 28.09.2012 MF-AGG SWITZERLAND
BARING FUND MANAGERS 12'574 0 6'563'628 0.15% 31.10.2012 MF-AGG BRITAIN
PRUDENTIAL FINANCIAL 10'122 0 5'283'684 0.12% 31.12.2012 ULT-AGG UNITED STATES
INTERNATIONAL VALUE 9'890 -5'912 5'162'580 0.11% 31.03.2012 MF-AGG UNITED STATES
SARASIN 9'201 0 4'802'922 0.11% 30.11.2012 ULT-AGG
STEIMER OLIVIER 8'074 0 4'214'628 0.09% 31.12.2011 Co File n/a
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
STEIMER OLIVIER 8'074 4'214'628 0.09% 31.12.2011 Co File
KIENER PASCAL 7'177 3'746'394 0.08% 31.12.2011 Co File
ACHARD AIME 1'642 857'124 0.02% 31.12.2011 Co File
SCHWARZ JEAN-FRANCOIS 1'583 826'326 0.02% 31.12.2011 Co File
SAGER BERTRAND 1'566 817'452 0.02% 31.12.2011 Co File
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4. Company Analysis - Financials I/IV
Banque Cantonale Vaudoise
Financial information is in CHF (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 1'604 1'516 1'438 1'499 1'590 1'727 1'566 1'371 1'352 1'352 1'321 1'029 1'050 1'074
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses 856 732 674 643 656 645 589 590 608 622 611
(Research & Dev Costs)
Operating Income -977 156 427 378 433 429 325 365 393 377 391 531 551 552
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains) -36 -18 -12 -210 -247 -287 -134 -24 -14 -14 -12
Pretax Income -1'192 174 359 477 558 576 459 390 407 391 403 414 424 433
- Income Tax Expense 8 17 22 20 23 99 101 88 93 90 92
Income Before XO Items -1'200 157 337 457 534 477 358 301 314 301 311
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0
- Minority Interests 0 3 2 3 4 4 1 1 1 -1 0
Diluted EPS Before XO Items 41.40 34.93 36.39 35.10 36.14
Net Income Adjusted* -1'200 154 335 356 410 473 330 279 313 302 304 312 316 326
EPS Adjusted (141.39) 6.98 39.31 41.36 47.85 55.28 38.39 32.41 36.39 35.10 35.28 36.18 36.66 38.22
Dividends Per Share 0.00 2.00 3.00 4.50 7.00 14.00 20.00 21.00 22.00 32.00 32.00 32.00 32.25 33.00
Payout Ratio % 40.4 7.6 8.5 11.4 25.5 48.3 60.1 60.4 91.2 88.6 0.88 0.88 0.86
Total Shares Outstanding 8 22 8 9 9 9 9 9 9 9 9
Diluted Shares Outstanding 9 9 9 9 9
EBITDA
*Net income excludes extraordinary gains and losses and one-time charges.
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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
+ Cash & Near Cash Items 399 368 400 282 321 353 546 1'404 388 1'711 4'735
+ Short Term Investments 1'142 1'360 1'489 1'806 2'116 2'146 702 485 2'413 601 693
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments 1'508 1'539 1'573 1'697 1'669 1'671 1'634 2'951 2'966 2'975 3'153
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets 424 410 392 381 365 286 283 597 588 628 621
+ Other Long Term Assets 3'373 2'714 2'413 4'244 1'857 2'037 1'897 515 710 895 633
Total Current Liabilities
+ Accounts Payable
+ Short Term Borrowings 3'318 2'987 2'458 3'554 2'091 2'477 2'361 2'243 1'994 2'749 2'447
+ Other Short Term Liabilities 2'250 2'130 1'854 4'925 2'336 2'084 1'592 926 974 944 867
Total Long Term Liabilities
+ Long Term Borrowings 9'255 7'628 6'331 5'475 6'684 6'938 6'508 5'937 5'582 5'202 5'968
+ Other Long Term Borrowings 254 253 332 484 628 765 1'076 704 704 704 704
Total Liabilities 31'618 29'789 27'950 32'088 30'176 32'816 33'138 33'215 33'018 35'306 37'189
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 20 21 14 15 14 15 13 14 14 20 1
+ Share Capital & APIC 1'695 1'714 1'722 1'596 1'345 891 613 529 445 446 361
+ Retained Earnings & Other Equity -814 575 853 1'176 1'495 1'615 1'847 1'975 2'108 2'131 2'249
Total Shareholders Equity 901 2'310 2'588 2'787 2'855 2'521 2'473 2'518 2'567 2'597 2'611
Total Liabilities & Equity 32'519 32'098 30'537 34'875 33'031 35'337 35'611 35'733 35'585 37'903 39'800
Book Value Per Share 103.78 104.24 304.18 325.40 331.73 291.80 286.37 291.49 297.12 300.04 303.28 410.56 418.23 402.06
Tangible Book Value Per Share 89.84 100.82 293.24 314.24 329.80 290.44 285.73 290.95 296.69 295.97 298.98
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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 -1'200 154 335 454 530 473 356 301 313 302 311 313 316 323
+ Depreciation & Amortization 1'357 262 1 -77 -110 -175 35 102 58 98
+ Other Non-Cash Adjustments 224 -9 82 119 130 144 3 -1 2 -1
+ Changes in Non-Cash Capital -34 6 -6 -30 1 85 -79 -11 25 -22
Cash From Operating Activities 347 413 412 467 551 527 315 391 397 377
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities
+ Dividends Paid -121
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash From Financing Activities -121
Net Changes in Cash
Free Cash Flow (CFO-CAPEX) 347 413 412 467 525 498 304 379 377 353
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share 40.87 18.71 48.33 54.50 61.09 57.90 35.34 43.99 43.77 41.02
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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 20.2x 5.2x 7.1x 12.2x 12.8x 7.7x 11.8x 13.5x 13.0x 13.4x 14.4x 14.2x 13.7x
EV to EBIT
EV to EBITDA
Price to Sales 0.4x 2.1x 1.2x 2.2x 3.2x 2.5x 1.7x 2.6x 3.1x 2.9x 3.2x 4.4x 4.3x 4.2x
Price to Book 0.8x 1.4x 0.7x 1.2x 1.8x 1.7x 1.1x 1.4x 1.7x 1.5x 1.6x 1.3x 1.2x 1.3x
Dividend Yield 0.0% 1.4% 1.5% 1.2% 1.2% 2.8% 6.3% 5.1% 4.5% 7.0% 6.6% 6.1% 6.2% 6.3%
Profitability Ratios
Gross Margin
EBITDA Margin - - -
Operating Margin -103.7% 15.3% 41.7% 33.9% 36.8% 36.7% 32.4% 35.0% 36.5% 34.5% 36.5% 51.6% 52.5% 51.4%
Profit Margin -127.3% 15.1% 32.7% 40.8% 45.1% 40.5% 35.5% 28.8% 29.1% 27.7% 29.1% 30.3% 30.1% 30.4%
Return on Assets -3.6% 0.5% 1.1% 1.4% 1.6% 1.4% 1.0% 0.8% 0.9% 0.8% 0.8% 0.9% 0.9% 0.9%
Return on Equity -104.4% 9.7% 13.8% 17.0% 18.9% 17.7% 14.3% 12.1% 12.4% 11.8% 12.0% 9.3% 9.3% 9.4%
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital 0.93 0.82 0.77 0.76 0.75 0.79 0.78 0.76 0.75 0.75 0.76
Tot Debt/Equity 13.95 4.60 3.40 3.24 3.07 3.73 3.59 3.25 2.95 3.06 3.22
Others
Asset Turnover 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.03
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate 9.6% 6.1% 4.3% 4.2% 17.1% 22.1% 22.6% 22.9% 23.0% 22.8%
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8. Company Analysis - Peers Comparision
BANQUE CANTO- VONTOBEL HLDG- VERWALTUNGS-U- BASLER KANTON- LUZERNER KAN- PARTNERS GROUP
UBS AG-REG CREDIT SUISS-REG BANK SARASIN-B GAM HOLDING AG LIECHTENSTEIN-BR ST GALLER KA-REG EFG INTERNAT AG VZ HOLDING AG VALIANT HLDG AG
REG R BR PC REG J
Latest Fiscal Year: 12/2012 12/2012 12/2012 12/2011 12/2011 12/2012 12/2011 12/2012 12/2011 12/2011 12/2011 12/2011 12/2012 12/2011 12/2011
52-Week High 524.00 16.39 27.85 28.80 16.25 33.00 42.45 404.50 11.95 84.00 130.00 113.60 360.00 111.64 223.70
52-Week High Date 20.02.2013 25.01.2013 07.02.2013 20.02.2012 15.02.2013 20.02.2013 22.02.2012 19.02.2013 20.02.2013 20.02.2012 11.02.2013 27.04.2012 06.02.2013 02.03.2012 11.01.2013
52-Week Low 456.96 9.69 15.97 24.50 9.92 17.80 25.50 320.75 4.77 60.00 85.00 98.00 311.00 74.35 157.20
52-Week Low Date 07.03.2012 24.07.2012 03.08.2012 08.10.2012 25.05.2012 28.06.2012 16.11.2012 21.05.2012 24.07.2012 21.11.2012 26.07.2012 16.11.2012 29.02.2012 31.08.2012 04.06.2012
Daily Volume 17'955 6'729'041 4'236'189 1'193 327'314 62'761 9'127 1'546 94'015 5'665 3'371 794 2'056 38'297 26'033
Current Price (2/dd/yy) 522.00 15.31 27.34 27.00 16.15 33.00 31.80 401.00 11.70 80.25 129.50 98.90 360.00 87.35 213.50
52-Week High % Change -0.4% -6.6% -1.8% -6.2% -0.6% 0.0% -25.1% -0.9% -2.1% -4.5% -0.4% -12.9% 0.0% -21.8% -4.6%
52-Week Low % Change 14.2% 58.1% 71.2% 10.2% 62.8% 85.4% 24.7% 25.0% 145.3% 33.8% 52.4% 0.9% 15.8% 17.5% 35.8%
Total Common Shares (M) 8.6 3'747.4 1'292.7 62.9 177.1 63.4 28.4 5.5 146.7 5.8 7.8 29.9 8.5 15.8 25.4
Market Capitalization 4'492.4 58'727.0 36'111.5 1'698.3 2'961.2 2'145.0 979.4 2'234.9 1'716.0 474.7 1'036.0 3'096.7 3'060.0 1'379.5 5'700.5
Total Debt 8'415.0 267'400.0 330'510.0 2'024.9 17.5 7'456.5 1'844.5 5'065.0 1'269.7 928.9 1.4 7'662.3 5'639.3 6'379.3 -
Preferred Stock - - - - - - - - - - - - - - -
Minority Interest 1.0 4'353.0 6'786.0 37.4 - - 101.2 - 24.6 19.0 - 361.6 - - 0.8
Cash and Equivalents 6'742.0 66'383.0 63'708.0 2'764.8 600.1 2'999.6 7'716.7 2'183.0 3'286.2 5'389.3 361.2 3'907.4 2'920.5 1'946.1 96.7
Enterprise Value - 264'097.0 - - - 6'978.0 - - - - 804.8 - - - 5'605.2
Valuation
Total Revenue LFY 1'321.2 37'392.0 38'313.0 831.5 812.2 890.7 555.0 501.6 1'078.2 320.7 143.8 935.8 685.4 693.4 448.8
LTM 1'321.2 37'470.0 38'313.0 795.5 983.4 861.4 569.7 501.6 1'146.3 314.0 144.3 940.7 685.4 663.4 480.4
CY+1 1'029.3 26'730.4 26'558.3 680.7 581.8 842.4 407.0 509.0 791.2 217.0 148.5 672.0 427.0 386.0 425.0
CY+2 1'050.3 27'411.1 27'461.6 741.3 621.8 912.0 407.0 523.0 796.1 221.0 170.7 648.0 437.0 391.0 509.3
EV/Total Revenue LFY - 6.9x - - - 6.8x - - - - 2.7x - - - 9.3x
LTM - 6.9x - - - 7.0x - - - - 2.7x - - - 8.7x
CY+1 - - - - 4.5x - - - - - - - - - 13.2x
CY+2 - - - - 4.3x - - - - - - - - - 10.9x
EBITDA LFY - 17'464.0 - - - 213.9 - - - - 66.4 - - - 236.2
LTM - 17'575.0 - - - 202.6 - - - - 64.7 - - - 250.0
CY+1 - - - - - - - - - - 65.3 - - - 267.2
CY+2 - - - - - - - - - - 80.5 - - - 324.7
EV/EBITDA LFY - 14.8x - - - 28.2x - - - - 5.8x - - - 17.6x
LTM - 16.1x - - - 29.8x - - - - 5.9x - - - 16.6x
CY+1 - - - - - - - - - - - - - - 20.9x
CY+2 - - - - - - - - - - - - - - 17.1x
EPS LFY 35.48 1.68 0.77 1.63 -0.52 1.76 0.38 27.28 -0.52 0.75 6.48 5.99 19.51 6.85 7.75
LTM 36.14 -0.75 0.84 1.04 -0.32 1.55 1.34 27.28 -2.21 2.07 6.33 7.37 19.79 7.90 8.46
CY+1 36.18 0.93 2.70 1.62 0.87 2.32 2.91 30.88 0.79 2.69 6.40 9.34 21.85 7.28 9.67
CY+2 36.66 1.21 3.11 1.83 1.09 2.68 3.60 31.97 0.93 4.51 7.69 7.75 22.48 6.84 11.69
P/E LFY 14.4x - 32.5x 26.0x - 21.3x 23.7x 14.7x - 38.8x 20.5x 13.4x 18.2x 11.1x 25.2x
LTM 14.7x 15.3x 12.3x 26.0x - 20.6x 23.7x 14.7x - 38.8x 20.6x 14.0x 15.2x 14.4x 25.7x
CY+1 14.4x 16.5x 10.1x 16.6x 18.6x 14.2x 10.9x 13.0x 14.9x 29.8x 20.2x 10.6x 16.5x 12.0x 22.1x
CY+2 14.2x 12.6x 8.8x 14.8x 14.8x 12.3x 8.8x 12.5x 12.6x 17.8x 16.8x 12.8x 16.0x 12.8x 18.3x
Revenue Growth 1 Year (2.3%) (8.5%) (10.3%) (2.3%) (15.8%) - (8.3%) (28.6%) 80.6% (7.7%) 8.1% (6.6%) (4.7%) (1.9%) 0.3%
5 Year (4.5%) (10.7%) 30.2% (5.5%) - (5.5%) (7.6%) (16.3%) 399.5% (13.5%) 10.2% (3.5%) (4.1%) (0.2%) 13.9%
EBITDA Growth 1 Year - - - - - - - - - - 3.9% - - - (26.4%)
5 Year - (29.1%) - - - (9.9%) - - - - - - - - 7.6%
EBITDA Margin LTM - 47.0% - - - 23.5% - - - - 44.9% - - - 52.0%
CY+1 - - - - - - - - - - 44.0% - - - 62.9%
CY+2 - - - - - - - - - - 47.2% - - - 63.7%
Leverage/Coverage Ratios
Total Debt / Equity % 322.4% 582.6% 927.6% 164.7% 0.8% 498.2% 119.7% 271.9% 128.7% 105.6% 0.7% 283.6% 364.2% 351.2% 0.0%
Total Debt / Capital % 76.3% 84.2% 88.6% 61.5% 0.8% 83.3% 52.9% 73.1% 55.7% 50.8% 0.7% 71.4% 78.5% 77.8% 0.0%
Total Debt / EBITDA - 18.434x - - - 34.709x - - - - 0.068x - - - 0.000x
Net Debt / EBITDA - 9.520x - - - 23.855x - - - - -3.575x - - - -0.384x
EBITDA / Int. Expense - - - - - - - - - - - - - - -
Credit Ratings
S&P LT Credit Rating AA A A A - A - - - A- - AA+ AA+ - -
S&P LT Credit Rating Date 05.12.2011 29.11.2011 19.12.2008 17.12.2012 - 30.03.2009 - - - 24.02.2009 - 18.10.2001 12.09.2008 - -
Moody's LT Credit Rating - A2 (P)A2 - - - - Aa1 - - - - - - -
Moody's LT Credit Rating Date - 21.06.2012 21.06.2012 - - - - 02.12.2003 - - - - - - -
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