Similaire à Financial Analysis - Herbalife Ltd. is a network marketing company that sells weight management, nutritional supplement and personal care products
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Similaire à Financial Analysis - Herbalife Ltd. is a network marketing company that sells weight management, nutritional supplement and personal care products (20)
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Financial Analysis - Herbalife Ltd. is a network marketing company that sells weight management, nutritional supplement and personal care products
1. 04.03.2013
Company Analysis - Overview
Ticker: HLF UN Herbalife Ltd Benchmark: Herbalife Ltd. is a network marketing company that sells weight management,
New York: HLF, Currency: USD S&P 500 INDEX (SPX) nutritional supplement and personal care products. The Company sells its products
Currency:
globally through a network of independent distributors. Herbalife also sells literature
and promotional materials.
Sector: Consumer Staples Industry: Personal Products Year:
Telephone 1-213-745-0500 Revenue (M) 4'072 Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website www.herbalife.com No of Employees 6'200 Weight Management 1 Asia Pacific 1140
Address Ugland House, South Church St PO Box 309GT Grand Cayman, 90015 Cayman Islands Targeted Nutrition North America 841
Share Price Performance in USD Literature, promotional and other(2) South America and Southeast Asia(4) 689
Price 40.10 1M Return 13.7% Energy and Fitness EMEA 628
52 Week High 71.10 6M Return -18.2% Outer Nutrition Mexico & Central America 496
52 Week Low 24.07 52 Wk Return -38.7% Greater China 279
52 Wk Beta 1.13 YTD Return 22.6%
Credit Ratings
Bloomberg - 7%
S&P NR Date 25.03.2011 Outlook -
Moody's WR Date 07.07.2005 Outlook - 12% 28%
Fitch - Date - Outlook -
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 12.4x 14.3x 15.6x 8.1x 8.6x 7.4x - 15%
EV/EBIT 8.6x 10.4x 10.5x 5.6x - - -
EV/EBITDA 7.1x 8.8x 9.3x 5.0x 5.4x 4.8x -
P/S 1.1x 1.5x 1.8x 0.9x 0.9x 0.8x -
P/B 6.8x 8.3x 10.7x 8.4x 6.6x 3.9x - 21%
Div Yield 2.0% 1.3% 1.4% 3.6% 3.3% 3.6% - 17%
100%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 78.8 79.6 80.3 80.0 80.0 80.2 - Asia Pacific
EBITDA Margin 15.4 16.7 18.4 18.1 17.2 17.5 - North America
Operating Margin 12.7 14.2 16.3 16.2 15.6 15.8 - South America and Southeast Asia(4)
Weight Management
Profit Margin 8.7 10.6 11.9 11.7 10.8 11.0 - EMEA
Return on Assets 17.9 24.4 30.8 30.3 49.1 70.2 -
Mexico & Central America
Return on Equity 67.7 68.6 78.8 97.3 -29.9 64.3 -
Greater China
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 1.2 1.3 1.4 1.3 Current Capitalization in USD
Quick Ratio 0.5 0.6 0.6 0.6 Common Shares Outstanding (M) 106.9
EBIT/Interest 58.0 40.1 57.0 39.5 Market Capitalization (M) 4133.8
Tot Debt/Capital 0.4 0.3 0.3 0.5 Cash and ST Investments (M) 333.5
Tot Debt/Equity 0.7 0.4 0.4 1.2 Total Debt (M) 487.6
Eff Tax Rate % 30.1 23.6 26.3 26.7 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M) 4287.9
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
2. Company Analysis - Analysts Ratings
Herbalife Ltd
Target price in USD
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
90 90
100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
8% 8% 11%
80 80
80% 36% 36% 70 70
60
60
60% 50
50
100% 100% 100% 100% 100% 100% 100% 40
92% 92% 89% 40
40% 30
64% 64%
30
20
20 10
20%
10 0
Montgomery
Genuity Corp
Barclays
Humphrey
S&P Capital IQ
Makor Capital
D.A. Davidson
Dimensions
Research Corp
Wedbush
Robinson
SunTrust
Canaccord
Scott LLC
0% 0
Janney
EVA
Argus
& Co
mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13
Buy Hold Sell Price Target Price
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
28-Feb-13 64% 36% 0% 4-Mar-13 40.10 57.13 S&P Capital IQ THOMAS GRAVES hold 45.00 28-Feb-13
31-Jan-13 64% 36% 0% 1-Mar-13 40.10 57.13 D.A. Davidson & Co TIMOTHY S RAMEY buy 78.00 21-Feb-13
31-Dec-12 89% 11% 0% 28-Feb-13 39.99 57.13 Wedbush ROMMEL T DIONISIO outperform 54.00 21-Feb-13
30-Nov-12 100% 0% 0% 27-Feb-13 37.16 57.13 Canaccord Genuity Corp SCOTT VAN WINKLE buy 63.00 21-Feb-13
31-Oct-12 100% 0% 0% 26-Feb-13 35.86 57.13 Barclays BRIAN WANG overweight 60.00 21-Feb-13
28-Sep-12 100% 0% 0% 25-Feb-13 35.36 57.13 SunTrust Robinson Humphrey MICHAEL A SWARTZ buy 65.00 20-Feb-13
31-Aug-12 100% 0% 0% 22-Feb-13 36.52 57.13 Janney Montgomery Scott LLC JOHN SAN MARCO neutral 45.00 20-Feb-13
31-Jul-12 100% 0% 0% 21-Feb-13 37.51 57.13 Makor Capital ALBERT SAPORTA buy 60.00 30-Jan-13
29-Jun-12 100% 0% 0% 20-Feb-13 37.50 60.89 EVA Dimensions AUSTIN BURKETT hold 15-Jan-13
31-May-12 100% 0% 0% 19-Feb-13 39.44 58.63 Argus Research Corp JOHN D STASZAK hold 21-Dec-12
30-Apr-12 92% 8% 0% 18-Feb-13 38.45 58.63
30-Mar-12 92% 8% 0% 15-Feb-13 38.45 58.63
14-Feb-13 37.99 58.63
13-Feb-13 36.13 58.63
12-Feb-13 35.73 58.63
11-Feb-13 35.82 58.63
8-Feb-13 35.58 58.63
7-Feb-13 35.65 58.63
6-Feb-13 35.52 58.63
5-Feb-13 35.48 58.63
4-Feb-13 35.28 58.63
1-Feb-13 34.81 58.63
31-Jan-13 36.05 58.63
30-Jan-13 36.81 58.63
29-Jan-13 38.38 58.43
28-Jan-13 39.72 58.43
25-Jan-13 43.27 58.43
24-Jan-13 42.93 58.43
23-Jan-13 42.69 58.43
22-Jan-13 43.81 58.43
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
3. 04.03.2013
Herbalife Ltd
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
1%
Shares Outstanding (M) 106.9 United States 84.46%
1%
Float 84.4% Britain 3.69% 1% 1% 3%
27% 2%
Short Interest (M) 33.6 Luxembourg 3.15% 3%
Short Interest as % of Float 37.23% France 1.96%
4%
Days to Cover Shorts 3.69 Canada 1.47%
Institutional Ownership 155.57% Unknown Country 1.25%
Retail Ownership -57.54% Japan 0.80%
Insider Ownership 1.98% Others 3.21%
72%
Institutional Ownership Distribution 85%
Investment Advisor 69.63%
Hedge Fund Manager 25.24%
Pension Fund (Erisa) 1.81%
United States Britain Luxembourg
Institutional Ownership Retail Ownership Insider Ownership Individual 1.25%
France Canada Unknown Country
Pricing data is in USD Others 2.06% Japan Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
FMR LLC 14'968'673 -2'114'101 600'243'787 14.52% 31.12.2012 ULT-AGG UNITED STATES 1% 2%
2%
ICAHN ASSOCIATES COR 14'015'151 11'542'344 562'007'555 13.60% 01.03.2013 13D UNITED STATES
THIRD POINT LLC 8'900'000 5'800'000 356'890'000 8.63% 03.01.2013 13G UNITED STATES
MORGAN STANLEY 6'729'188 0 269'840'439 6.53% 31.12.2012 ULT-AGG UNITED STATES
VANGUARD GROUP INC 5'735'691 -403'576 230'001'209 5.56% 31.12.2012 13F UNITED STATES 25%
BLACKROCK 4'403'432 -1'155'288 176'577'623 4.27% 31.01.2013 ULT-AGG UNITED STATES
WELLINGTON MANAGEMEN 4'313'399 2'704'201 172'967'300 4.18% 31.12.2012 13F UNITED STATES
BNP PARIBAS INV PART 3'840'783 1'148'356 154'015'398 3.73% 31.12.2012 ULT-AGG FRANCE 70%
CAPITAL GROWTH MANAG 3'346'500 980'000 134'194'650 3.25% 31.12.2012 13F UNITED STATES
THIRD POINT LLC 3'100'000 3'100'000 124'310'000 3.01% 31.12.2012 13F UNITED STATES
RR PARTNERS LP 3'019'100 199'900 121'065'910 2.93% 31.12.2012 13F UNITED STATES
JENNISON ASSOCIATES 2'935'548 918'335 117'715'475 2.85% 31.12.2012 13F UNITED STATES
GOLDMAN SACHS GROUP 2'854'717 1'743'756 114'474'152 2.77% 31.12.2012 13F UNITED STATES
MUNDER CAPITAL MANAG 2'617'700 423'402 104'969'770 2.54% 31.12.2012 13F UNITED STATES Investment Advisor Hedge Fund Manager Pension Fund (Erisa)
Individual Others
HERNDON CAPITAL MANA 2'549'737 149'920 102'244'454 2.47% 31.12.2012 13F UNITED STATES
STATE STREET 2'450'067 3'119 98'247'687 2.38% 31.12.2012 ULT-AGG UNITED STATES
TIGER CONSUMER MANAG 2'315'619 874'244 92'856'322 2.25% 31.12.2012 13F UNITED STATES
VISIUM ASSET MANAGEM 2'165'000 2'065'000 86'816'500 2.10% 31.12.2012 13F UNITED STATES
INVESTEC ASSET MANAG 2'073'207 137'317 83'135'601 2.01% 31.12.2012 13F BRITAIN
RENAISSANCE TECHNOLO 1'943'900 -249'300 77'950'390 1.89% 31.12.2012 13F UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
JOHNSON MICHAEL O 1'117'814 -17'004 44'824'341 1.08% 27.02.2013 Form 4
TARTOL JOHN 232'943 -7'000 9'341'014 0.23% 03.12.2012 Form 4
GOUDIS RICHARD 171'912 -8'502 6'893'671 0.17% 27.02.2013 Form 4
LEVY ROBERT 167'167 521 6'703'397 0.16% 29.11.2012 Form 4
WALSH DESMOND 111'868 -10'203 4'485'907 0.11% 27.02.2013 Form 4
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |