1. 20.02.2013
Company Analysis - Overview
Ticker: PDN AU Paladin Energy Ltd Benchmark:
Currency: ASE: PDN, Currency: AUD S&P/ASX 200 INDEX (AS51) Paladin Energy Limited primarily explores for uranium in Australia and Southern Africa.
Sector: Energy Industry: Oil, Gas & Consumable Fuels Year:
Telephone 61-8-9381-4366 Revenue (M) 355 Business Segments in AUD Sales (M) Geographic Segments in AUD Sales (M)
Website www.paladinresources.com.au No of Employees #N/A N/A Uranium Mining 355 Namibia 232
Address Level 4 502 Hay Street Subiaco, WA 6008 Australia Reconciliation Malawi 123
Share Price Performance in AUD Australia
Price 1.24 1M Return 3.3% Reconciliation
52 Week High 2.01 6M Return -11.4% Namibia
52 Week Low 0.74 52 Wk Return -29.9%
52 Wk Beta 2.47 YTD Return 20.4%
Credit Ratings
Bloomberg -
S&P - Date - Outlook -
Moody's - Date - Outlook -
Fitch - Date - Outlook - 35%
Valuation Ratios
6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
P/E - - - - - 30.4x 14.8x
EV/EBIT - 13'176.3x - - - - -
EV/EBITDA - 124.9x - - 100.0x 12.5x 8.6x 65%
P/S 22.0x 10.5x 7.5x 2.9x 2.6x 2.2x 1.9x
P/B 4.4x 2.4x 1.7x 0.9x 1.0x 1.0x 0.9x
Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 100%
Profitability Ratios %
6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
Gross Margin 40.6 24.1 16.7 17.5 - - -
EBITDA Margin -670.9 10.4 -1.1 -37.3 4.4 29.6 37.5
Operating Margin -679.7 0.1 -15.0 -51.3 -23.8 10.9 22.2
Uranium Mining
Profit Margin -429.5 -22.6 -30.8 -47.2 -18.4 4.6 13.1 Namibia Malawi
Return on Assets -23.9 -2.7 -3.8 -7.3 -1.7 2.1 5.3
Return on Equity -53.8 -6.2 -7.6 -14.3 -6.1 1.6 6.3
Leverage and Coverage Ratios
6/09 6/10 6/11 6/12
Current Ratio 2.0 4.2 2.8 1.5 Current Capitalization in AUD
Quick Ratio 0.9 3.0 1.0 0.6 Common Shares Outstanding (M) 835.6
EBIT/Interest -55.9 0.1 -1.1 -5.2 Market Capitalization (M) 1037.8
Tot Debt/Capital 0.5 0.4 0.3 0.4 Cash and ST Investments (M) 138.9
Tot Debt/Equity 0.9 0.8 0.5 0.7 Total Debt (M) 802.6
Eff Tax Rate % - - - - Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 46.9
Enterprise Value (M) 1748.4
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Company Analysis - Analysts Ratings
Paladin Energy Ltd
Target price in AUD
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
4 5
100% 5%
9% 10% 13% 13% 9%
17% 17% 14% 17% 17% 5
21% 4
4
80% 3
26% 26% 30% 4
22% 22% 36% 38% 45% 32% 26% 30%
29% 3 3
60%
3
2
2
40% 2 2
61% 61%
55%
61% 61% 61%
55% 57% 1
50% 52% 50% 52% 1
20% 1
1 0
Securities Pty
Genuity Corp
Raymond
BMO Capital
Securities Inc.
Securities Inc.
Partners Ltd
JPMorgan
Securities Corp
Commonwealth
Morgan
RBC Capital
Macquarie
Securities Ltd
Capital Inc
Credit Suisse
Securities
Stanley
Dimensions
Deutsche Bank
CIBC World
Paterson
Paradigm
Octa Phillip
Canaccord
James
Ambrian
Markets
Markets
Argonaut
Haywood
Markets
Cormark
0% 0
EVA
Dundee
Bank
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 52% 30% 17% 20-Feb-13 1.24 1.64 Deutsche Bank PAUL-D YOUNG hold 1.30 15-Feb-13
31-Dec-12 57% 26% 17% 19-Feb-13 1.21 1.64 JPMorgan MARK BUSUTTIL neutral 1.80 15-Feb-13
30-Nov-12 55% 32% 14% 18-Feb-13 1.20 1.64 Raymond James DAVID SADOWSKI outperform 1.93 15-Feb-13
31-Oct-12 61% 30% 9% 15-Feb-13 1.21 1.63 Dundee Securities Corp DAVID A TALBOT buy 2.31 15-Feb-13
28-Sep-12 61% 26% 13% 14-Feb-13 1.22 1.68 Cormark Securities Inc. MIKE KOZAK speculative buy 2.41 15-Feb-13
31-Aug-12 61% 26% 13% 13-Feb-13 1.15 1.68 Commonwealth Bank ANDREW KNUCKEY underweight 0.95 15-Feb-13
31-Jul-12 50% 45% 5% 12-Feb-13 1.12 1.64 BMO Capital Markets EDWARD STERCK market perform 1.45 14-Feb-13
29-Jun-12 52% 38% 10% 11-Feb-13 1.13 1.64 Morgan Stanley STEFAN HANSEN Equalwt/In-Line 1.35 14-Feb-13
31-May-12 55% 36% 9% 8-Feb-13 1.09 1.64 RBC Capital Markets ADAM SCHATZKER outperform 1.35 14-Feb-13
30-Apr-12 50% 29% 21% 7-Feb-13 1.08 1.64 Credit Suisse RALPH M PROFITI outperform 1.93 14-Feb-13
30-Mar-12 61% 22% 17% 6-Feb-13 1.10 1.64 CIBC World Markets MATTHEW GIBSON sector outperform 3.38 14-Feb-13
29-Feb-12 61% 22% 17% 5-Feb-13 1.11 1.65 Canaccord Genuity Corp OREST WOWKODAW buy 1.69 14-Feb-13
4-Feb-13 1.14 1.65 Haywood Securities Inc. COLIN HEALEY sector outperform 1.93 13-Feb-13
1-Feb-13 1.13 1.65 Paterson Securities SIMON TONKIN hold 1.20 11-Feb-13
31-Jan-13 1.14 1.65 EVA Dimensions CRAIG STERLING underweight 23-Jan-13
30-Jan-13 1.15 1.65 Macquarie MICHAEL BOGUSZ neutral 1.35 18-Jan-13
29-Jan-13 1.16 1.65 Argonaut Securities Pty Ltd TROY IRVIN speculative buy 1.75 17-Jan-13
28-Jan-13 1.12 1.65 Octa Phillip Securities Ltd ANDREW SHEARER buy 1.40 15-Nov-12
25-Jan-13 1.12 1.65 Ambrian Partners Ltd ADAM KILEY hold 1.69 12-Apr-12
24-Jan-13 1.14 1.65 Paradigm Capital Inc DAVID DAVIDSON hold 4.76 16-Nov-10
23-Jan-13 1.18 1.66
22-Jan-13 1.17 1.66
21-Jan-13 1.19 1.66
18-Jan-13 1.20 1.66
17-Jan-13 1.18 1.66
16-Jan-13 1.16 1.67
15-Jan-13 1.12 1.63
14-Jan-13 1.07 1.63
11-Jan-13 1.05 1.62
10-Jan-13 1.03 1.62
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 20.02.2013
Paladin Energy Ltd
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
3%
Shares Outstanding (M) 835.6 United States 31.40%
5% 1%
Float 84.8% Australia 30.14% 1%
6%
Short Interest (M) 108.3 35% Singapore 13.89% 32%
Short Interest as % of Float 15.28% Switzerland 10.87%
Days to Cover Shorts 6.84 Unknown Country 6.39%
11%
Institutional Ownership 34.93% Canada 4.83%
Retail Ownership 62.26% Luxembourg 1.05%
Insider Ownership 2.81% 62% Others 1.44%
14%
30%
Institutional Ownership Distribution
Investment Advisor 32.59%
Mutual Fund Manager 21.03%
Corporation 14.16%
United States Australia Singapore
Institutional Ownership Retail Ownership Insider Ownership Government 13.85%
Switzerland Unknown Country Canada
Pricing data is in AUD Others 18.37% Luxembourg Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
L1 CAPITAL PTY LTD 63'119'387 9'584'967 78'268'040 7.54% 24.08.2012 EXCH AUSTRALIA 18%
NEWMONT MINING CORP 52'097'937 0 64'601'442 6.22% 16.09.2011 Co File UNITED STATES
GOVT OF SINGAPORE IN 50'957'433 8'651'860 63'187'217 6.09% 05.12.2012 ULT-AGG SINGAPORE 33%
NATIONAL AUSTRALIA B 41'932'448 21'028 51'996'236 5.01% 14.02.2012 EXCH AUSTRALIA
UBS 39'980'126 -2'257'895 49'575'356 4.78% 07.05.2012 ULT-AGG
GLOBAL X MANAGEMENT 17'558'695 -416'532 21'772'782 2.10% 28.01.2013 MF-AGG UNITED STATES
BORSHOFF JOHN 15'877'394 0 19'687'969 1.90% 29.01.2013 EXCH n/a 14%
FMR LLC 14'406'619 273'415 17'864'208 1.72% 31.12.2012 ULT-AGG UNITED STATES
21%
VANGUARD GROUP INC 8'621'660 219'813 10'690'858 1.03% 31.12.2012 MF-AGG UNITED STATES
DIMENSIONAL FUND ADV 8'040'918 0 9'970'738 0.96% 31.07.2012 MF-AGG UNITED STATES 14%
IG INVESTMENT MANAGE 6'537'500 0 8'106'500 0.78% 28.09.2012 MF-AGG CANADA
INVESCO LTD 5'784'204 0 7'172'413 0.69% 19.02.2013 MF-AGG UNITED STATES
CRABB RICK WAYNE 5'181'528 300'000 6'425'095 0.62% 15.11.2012 PROXY n/a
VANGUARD INVESTMENTS 4'004'702 -31'839 4'965'830 0.48% 30.09.2012 MF-AGG AUSTRALIA Investment Advisor Mutual Fund Manager Corporation
Government Others
VAN ECK ASSOCIATES C 3'879'233 0 4'810'249 0.46% 15.02.2013 MF-AGG UNITED STATES
TD ASSET MANAGEMENT 3'757'200 913'037 4'658'928 0.45% 31.12.2011 MF-AGG CANADA
MANNING & NAPIER ADV 2'564'930 463'070 3'180'513 0.31% 31.12.2012 MF-AGG UNITED STATES
CI INVESTMENTS INC 2'290'300 0 2'839'972 0.27% 30.06.2012 MF-AGG CANADA
NATIXIS INTERNATIONA 2'238'906 0 2'776'243 0.27% 31.12.2012 MF-AGG LUXEMBOURG
SWABY GILLIAN 2'081'655 -755'000 2'581'252 0.25% 12.09.2011 SEDI n/a
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
BORSHOFF JOHN 15'877'394 19'687'969 1.90% 29.01.2013 EXCH
CRABB RICK WAYNE 5'181'528 300'000 6'425'095 0.62% 15.11.2012 Proxy
SWABY GILLIAN 2'081'655 -755'000 2'581'252 0.25% 12.09.2011 SEDI
SHUMKA DONALD M 200'000 100'000 248'000 0.02% 16.11.2012 SEDI
LLEWELYN SEAN REVEILLE 100'000 124'000 0.01% 11.10.2012 Proxy
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Company Analysis - Financials I/IV
Paladin Energy Ltd
Financial information is in AUD (M) Equivalent Estimates
Periodicity: Fiscal Year 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
Income Statement
Revenue 0 0 0 4 105 152 229 271 355 397 475 544
- Cost of Goods Sold 15 74 90 174 225 293
Gross Income -11 31 62 55 45 62
- Selling, General & Admin Expenses 1 1 1 10 13 44 50 1'095 55 86 245
(Research & Dev Costs) 0 0 0 0 0 0 0 0 0
Operating Income -1 -1 -1 -10 -12 -55 -18 -1'033 0 -41 -182 -94 52 121
- Interest Expense 0 0 0 0 0 15 21 18 5 37 35
- Foreign Exchange Losses (Gains) 0 0 0 0 -1 1 4 -1 6 6 -1
- Net Non-Operating Losses (Gains) 1 -0 -1 -1 -4 -8 7 56 10 23 55
Pretax Income -2 -1 0 -10 -7 -63 -49 -1'106 -20 -107 -271 -96 37 103
- Income Tax Expense 0 0 0 0 0 -15 -8 -322 32 -17 -76
Income Before XO Items -2 -1 0 -10 -7 -48 -42 -784 -53 -90 -195
- Extraordinary Loss Net of Tax 0 0 0 -0 0 0 0 0 0 0 0
- Minority Interests 0 0 0 0 0 -1 -1 -131 -1 -6 -27
Diluted EPS Before XO Items 0.00 (0.03) (0.02) (0.09) (0.07) (1.06) (0.07) (0.11) (0.20)
Net Income Adjusted* -21 -38 -653 -54 -72 -31 -73 22 71
EPS Adjusted (0.04) (0.06) (1.06) (0.08) (0.10) (0.04) (0.08) 0.04 0.08
Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratio % 0.0 0.02 0.01
Total Shares Outstanding 227 266 334 401 454 602 613 624 717 778 836
Diluted Shares Outstanding 211 208 288 363 433 511 608 618 697 744 820
EBITDA -1 -0 -1 -10 -12 -52 -6 -1'020 24 -3 -132 18 140 204
*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: 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
Balance Sheet
Total Current Assets 0.497 1.426 5.802 40.057 63.473 274.555935 468.073989 225.386997 609.30672 307.563025 382.608696
+ Cash & Near Cash Items 0 0 5 39 60 215 353 82 411 110 110
+ Short Term Investments 0 0 0 0 0 0 0 0 0 0 0
+ Accounts & Notes Receivable 0 0 0 0 0 4 30 16 17 0 51
+ Inventories 0 0 0 0 0 45 72 106 129 166 182
+ Other Current Assets 0 1 1 1 4 11 13 21 53 32 40
Total Long-Term Assets 5 4 5 5 97 2'147 2'210 1'587 1'725 1'937 1'911
+ Long Term Investments 1 1 1 0 0 71 0 86 42 39 15
Gross Fixed Assets 2 1 1 2 82 163 265 663 1'649 1'864 1'904
Accumulated Depreciation 1 1 0 1 1 4 12 28 48 77 220
+ Net Fixed Assets 2 0 0 1 80 159 253 634 1'601 1'788 1'684
+ Other Long Term Assets 3 3 4 4 16 1'917 1'958 867 82 110 212
Total Current Liabilities 0 1 1 1 12 36 57 113 143 111 248
+ Accounts Payable 0 0 1 1 11 16 43 83 75 65 66
+ Short Term Borrowings 0 1 1 1 0 7 11 18 57 41 179
+ Other Short Term Liabilities 0 0 0 0 1 13 2 12 12 5 3
Total Long Term Liabilities 1 0 0 0 24 847 1'128 918 1'045 868 878
+ Long Term Borrowings 1 0 0 0 19 315 597 708 806 631 640
+ Other Long Term Borrowings 0 0 0 0 5 532 531 209 239 237 238
Total Liabilities 1 1 1 1 36 882 1'185 1'031 1'188 979 1'126
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 0 0 0 0 0 217 217 85 86 78 51
+ Share Capital & APIC 19 19 24 66 148 1'265 1'138 1'377 1'742 1'651 1'797
+ Retained Earnings & Other Equity -14 -15 -15 -22 -23 57 139 -680 -681 -464 -681
Total Shareholders Equity 5 4 9 44 125 1'539 1'494 782 1'147 1'265 1'167
Total Liabilities & Equity 6 6 11 45 160 2'421 2'679 1'812 2'335 2'244 2'294
Book Value Per Share 0.02 0.02 0.03 0.11 0.27 2.19 2.08 1.12 1.48 1.53 1.34 1.28 1.28 1.35
Tangible Book Value Per Share 0.02 0.02 0.03 0.11 0.27 2.16 2.05 1.07 1.44 1.50 1.31
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. Company Analysis - Financials III/IV
Periodicity: 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
Cash Flows
Net Income -2 -1 0 -9 -7 -48 -40 -653 -52 -83 -168 -131 23 71
+ Depreciation & Amortization 0 0 0 0 0 3 12 13 24 38 50
+ Other Non-Cash Adjustments 2 0 -1 8 7 3 35 648 42 52 135
+ Changes in Non-Cash Capital -0 0 0 -0 1 -7 -28 -19 -53 -110 -140
Cash From Operating Activities -0 -0 -0 -1 1 -49 -21 -11 -39 -103 -122
+ Disposal of Fixed Assets 0 0 0 1 0 0 2 0 0 12 0
+ Capital Expenditures -0 0 -0 -1 -71 -113 -111 -323 -202 -149 -80 -36 -28 -61
+ Increase in Investments -0 0 0 0 -1 -17 -20 -16 -2 0 0
+ Decrease in Investments 0 0 1 0 0 1 0 0 0 3 0
+ Other Investing Activities -0 -0 -1 -5 -5 -26 -40 -12 -1
Cash From Investing Activities -1 -0 -0 -5 -76 -155 -169 -351 -204 -134 -80
+ Dividends Paid 0 0 0 0 0 0 0 0 0 0 0
+ Change in Short Term Borrowings 0 0 0 0
+ Increase in Long Term Borrowings 0 0 0 1 23 382 368 0 165 316 402
+ Decrease in Long Term Borrowings -0 0 -0 -1 -1 0 -5 -17 -7 -309 -260
+ Increase in Capital Stocks 1 0 5 41 76 9 12 8 414 1 61
+ Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 0
+ Other Financing Activities 0 0 -0 0 -3 -9 -12 1 -7 -4 -6
Cash From Financing Activities 1 0 5 41 96 382 362 -8 564 4 197
Net Changes in Cash -0 -0 5 35 20 177 173 -369 321 -234 -5
Free Cash Flow (CFO-CAPEX) -1 -0 -0 -2 -71 -162 -132 -333 -241 -252 -202 33 85 76
Free Cash Flow To Firm -0
Free Cash Flow To Equity -1 -0 -0 -1 -48 219 233 -350 -84 -234 -59
Free Cash Flow per Share 0.00 0.00 0.00 -0.01 -0.16 -0.32 -0.22 -0.54 -0.35 -0.34 -0.25
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. Company Analysis - Financials IV/IV
Periodicity: 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
Ratio Analysis
Valuation Ratios
Price Earnings 192.9x 30.4x 14.8x
EV to EBIT 13'176.3x
EV to EBITDA 124.9x 100.0x 12.5x 8.6x
Price to Sales 1'087.7x 39.8x 22.0x 10.5x 7.5x 2.9x 2.6x 2.2x 1.9x
Price to Book 1.5x 0.7x 4.8x 10.7x 15.0x 3.8x 3.1x 4.4x 2.4x 1.7x 0.9x 1.0x 1.0x 0.9x
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1%
Profitability Ratios
Gross Margin -263.6% 29.2% 40.6% 24.1% 16.7% 17.5%
EBITDA Margin -1245.5% -5.5% -670.9% 10.4% -1.1% -37.3% 4.4% 29.6% 37.5%
Operating Margin -1309.1% -17.2% -679.7% 0.1% -15.0% -51.3% -23.8% 10.9% 22.2%
Profit Margin -1139.4% -38.4% -429.5% -22.6% -30.8% -47.2% -18.4% 4.6% 13.1%
Return on Assets -34.9% -10.0% 2.3% -33.5% -7.3% -3.5% -1.6% -23.9% -2.7% -3.8% -7.3% -1.7% 2.1% 5.3%
Return on Equity -41.3% -12.6% 2.7% -35.2% -8.9% -6.2% -3.1% -53.8% -6.2% -7.6% -14.3% -6.1% 1.6% 6.3%
Leverage & Coverage Ratios
Current Ratio 1.85 1.11 4.40 30.23 5.45 7.73 8.28 1.99 4.25 2.77 1.54
Quick Ratio 1.07 0.09 3.53 29.81 5.13 6.16 6.77 0.87 2.98 0.99 0.65
Interest Coverage Ratio (EBIT/I) -13.10 -8.87 -17.95 -27.88 -83.36 -3.63 -0.88 -55.88 0.05 -1.10 -5.16
Tot Debt/Capital 0.14 0.14 0.07 0.01 0.13 0.17 0.29 0.48 0.43 0.35 0.41
Tot Debt/Equity 0.16 0.17 0.08 0.01 0.16 0.21 0.41 0.93 0.75 0.53 0.70
Others
Asset Turnover 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.06 0.12 0.12 0.15
Accounts Receivable Turnover 0.00 0.00 0.00 2.00 5.86 5.34 14.74 37.58 14.07
Accounts Payable Turnover 4.54 3.53 1.54 2.71 4.37 4.54
Inventory Turnover 0.63 1.24 0.86 1.57 1.55 1.66
Effective Tax Rate 0.0%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. Company Analysis - Peers Comparision
DENISON MINES URANIUM ONE FORTESCUE MOUNT GIBSON
PALADIN ENERGY ENERGY RES AUST CAMECO CORP BHP BILLITON LTD ALUMINA LTD ILUKA RESOURCES
CO INC METALS IRO
Latest Fiscal Year: 06/2012 12/2012 12/2012 12/2011 12/2011 06/2012 12/2011 12/2011 06/2012 06/2012
52-Week High 2.01 1.83 26.43 1.74 3.45 39.34 1.41 18.40 6.18 1.32
52-Week High Date 14.03.2012 03.05.2012 22.02.2012 23.02.2012 29.02.2012 20.02.2013 14.02.2013 02.04.2012 22.03.2012 24.02.2012
52-Week Low 0.74 1.09 16.50 1.04 1.78 30.09 0.63 7.36 2.81 0.62
52-Week Low Date 16.11.2012 10.12.2012 16.11.2012 15.11.2012 07.12.2012 12.07.2012 18.07.2012 19.11.2012 06.09.2012 29.11.2012
Daily Volume 10'509'581 1'865'307 466'924 46'713 153'732 13'806'043 20'974'288 6'222'607 25'745'397 12'356'513
Current Price (2/dd/yy) 1.24 1.41 22.94 1.34 2.73 38.65 1.25 10.35 4.92 0.82
52-Week High % Change -38.3% -23.0% -13.2% -23.1% -20.9% -1.8% -11.0% -43.8% -20.4% -37.9%
52-Week Low % Change 67.6% 29.5% 39.0% 28.8% 53.4% 28.4% 100.0% 40.6% 75.1% 33.3%
Total Common Shares (M) 835.6 517.7 395.4 384.7 957.2 5'297.6 2'440.2 416.4 3'113.8 1'085.5
Market Capitalization 1'037.8 727.4 9'069.3 532.8 2'613.1 192'806.5 3'507.8 4'333.6 15'319.9 894.3
Total Debt 838.5 - 1'530.0 0.2 782.8 28'330.0 490.6 164.0 8'501.0 47.0
Preferred Stock - - - - - - - - - -
Minority Interest 52.4 - 0.6 - - 1'215.0 - - - -
Cash and Equivalents 112.1 467.3 799.4 53.5 619.0 4'781.0 19.0 320.7 2'343.0 40.7
Enterprise Value 1'804.3 260.1 9'800.6 483.7 2'975.7 229'982.0 4'210.9 4'450.8 26'490.6 900.6
Valuation
Total Revenue LFY 365.8 422.8 2'321.5 96.8 530.4 72'226.0 0.0 1'536.7 6'681.0 637.0
LTM 324.1 422.8 2'321.5 67.3 493.2 66'950.0 - 1'629.3 6'625.1 671.4
CY+1 408.5 397.0 2'612.5 38.1 532.0 69'060.4 0.1 1'074.2 8'287.8 886.9
CY+2 489.1 345.7 2'830.4 17.2 657.2 75'838.5 0.2 1'004.6 11'721.2 719.8
EV/Total Revenue LFY 5.0x 0.4x 3.7x 5.5x 5.1x 3.3x #DIV/0! 3.1x 3.9x 1.5x
LTM 5.6x 0.4x 3.7x 7.9x 5.5x 3.5x - 3.0x 3.9x 1.5x
CY+1 3.8x 0.9x 3.9x 12.9x 5.5x 3.3x 37093.8x 4.2x 3.1x 0.6x
CY+2 3.1x 1.0x 3.6x 25.2x 4.6x 3.0x 24272.7x 4.4x 2.2x 0.6x
EBITDA LFY (136.4) 86.4 729.0 0.7 331.7 33'421.0 - 1'012.6 2'830.0 538.1
LTM (134.0) 86.4 729.0 13.7 200.4 22'246.0 - 1'235.2 2'304.2 538.1
CY+1 18.0 72.8 777.4 (1.9) 244.6 29'441.0 (22.1) 714.6 3'087.7 394.7
CY+2 144.6 63.3 901.9 (23.4) 361.5 34'978.0 10.7 492.6 4'429.2 324.3
EV/EBITDA LFY -13.3x 2.2x 11.6x 722.8x 8.1x 7.1x - 4.8x 9.1x 1.7x
LTM - 2.2x 11.6x 38.9x 13.4x 10.6x - 3.9x 11.2x 1.7x
CY+1 85.8x 5.0x 13.1x - 12.1x 7.7x - 6.3x 8.4x 1.4x
CY+2 10.5x 5.5x 11.3x - 8.4x 6.4x 357.1x 8.9x 5.7x 1.3x
EPS LFY -0.05 - 0.99 -0.10 0.11 3.61 - 1.24 0.50 0.16
LTM -0.11 -0.42 0.99 -0.19 0.05 1.83 0.02 1.61 0.40 0.08
CY+1 (0.08) (0.27) 1.18 (0.05) 0.04 2.56 (0.02) 0.91 0.48 0.15
CY+2 0.04 (0.24) 1.33 (0.05) 0.12 3.03 (0.01) 0.55 0.71 0.13
P/E LFY - - 23.2x - 53.7x 21.8x 71.4x 6.4x 12.7x 10.0x
LTM - - 23.2x - 53.7x 12.7x - - - -
CY+1 - - 19.4x - 61.0x 15.5x - 11.3x 10.6x 5.6x
CY+2 30.4x - 17.3x - 22.2x 13.1x - 19.0x 7.2x 6.2x
Revenue Growth 1 Year 37.1% (35.1%) (2.6%) (24.6%) 62.3% 0.7% - 73.3% 22.8% (1.6%)
5 Year 33.8% 5.0% 15.5% 58.9% 178.8% 6.8% - 26.1% - 20.4%
EBITDA Growth 1 Year (4603.4%) - (9.3%) (98.3%) 162.0% (12.1%) - 242.7% 2.1% 3.2%
5 Year - (11.1%) (4.1%) - - 8.0% - 30.8% - 38.7%
EBITDA Margin LTM (41.3%) 20.4% 31.4% 20.3% 40.6% 33.2% - 75.8% 34.8% 84.5%
CY+1 4.4% 18.3% 29.8% (5.0%) 46.0% 42.6% (19248.7%) 66.5% 37.3% 44.5%
CY+2 29.6% 18.3% 31.9% (135.7%) 55.0% 46.1% 6797.5% 49.0% 37.8% 45.1%
Leverage/Coverage Ratios
Total Debt / Equity % 73.4% 0.0% 30.9% 0.0% 39.3% 43.0% 17.2% 10.7% 226.0% 3.7% FALSE FALSE FALSE FALSE
Total Debt / Capital % 41.2% 0.0% 23.6% 0.0% 28.2% 29.7% 14.7% 9.7% 69.3% 3.6% FALSE FALSE FALSE FALSE
Total Debt / EBITDA - 0.000x 2.099x 0.020x 4.231x 1.595x - 0.120x 5.541x 0.087x FALSE FALSE FALSE FALSE
Net Debt / EBITDA - -5.411x 1.002x -2.959x 2.023x 1.366x - 0.095x 4.655x 0.012x FALSE FALSE FALSE FALSE
EBITDA / Int. Expense -3.747x 2.931x 9.073x 19.316x 6.728x 44.266x - 83.686x 3.871x 85.257x FALSE FALSE FALSE FALSE
Credit Ratings
S&P LT Credit Rating - - BBB+ - BB- A+ BBB- - BB- - FALSE FALSE FALSE FALSE
S&P LT Credit Rating Date - - 19.12.2003 - 11.11.2011 15.11.2010 29.08.2012 - 28.09.2012 - FALSE FALSE FALSE FALSE
Moody's LT Credit Rating - - WR - - (P)A1 - - - - FALSE FALSE FALSE FALSE
Moody's LT Credit Rating Date - - 17.01.2006 - - 15.11.2010 - - - - FALSE FALSE FALSE FALSE
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