financial analysis - china railway group ltd. offers transportation systems construction services....
DESCRIPTION
Financial Analysis - China Railway Group Ltd. offers transportation systems construction services. The Company builds railroads, roads, tunnels, and bridgesTRANSCRIPT
19.03.2013
Ticker: China Railway Group Ltd Benchmark:
Currency: Hong Kong: 390, Currency: HKD HANG SENG INDEX (HSI)
Sector: Industrials Industry: Construction & Engineering Year:
Telephone 86-10-51845717 Revenue (M) Business Segments in HKD Sales (M) Geographic Segments in HKD Sales (M)
Website www.crec.cn No of Employees Infrastructure Construction 464016 China 1
Address No 1 Xinghuo Road Fengtai District, Beijing, 100070 China Other Businesses (Trading of Infra. Construction Materials)44729
Share Price Performance in HKD Property Development 20423
Price 3.88 1M Return -9.3% Engineering Equipment and Component Manufacturing 10987
52 Week High 4.98 6M Return 14.1% Survey, Design and Consulting Service (Infra. Construction Proje10067
52 Week Low 2.44 52 Wk Return 46.1% Reconciliation -17527
52 Wk Beta 1.23 YTD Return -14.3% Adjustment
Credit Ratings
Bloomberg -
S&P BBB+ Date 23.01.2013 Outlook STABLE
Moody's - Date - Outlook -
Fitch BBB+ Date 23.01.2013 Outlook STABLE
Valuation Ratios
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
P/E 94.6x 16.5x 13.7x 6.3x 9.4x 8.3x 7.4x
EV/EBIT 18.3x 16.9x 12.4x 10.4x - - -
EV/EBITDA 12.5x 11.0x 8.4x 6.9x 9.8x 8.8x 8.2x
P/S 0.4x 0.3x 0.2x 0.1x 0.1x 0.1x 0.1x
P/B 1.8x 1.9x 1.5x 0.6x 0.9x 0.8x 0.7x
Div Yield - 1.2% 1.2% 2.4% 1.7% 1.9% 2.2%
Profitability Ratios %
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Gross Margin 7.5 6.1 6.0 7.3 8.3 8.4 8.5
EBITDA Margin 4.4 3.9 3.4 4.3 4.1 4.2 4.1
Operating Margin 3.0 2.5 2.3 2.9 2.9 2.9 3.0
Profit Margin 0.5 2.1 1.6 1.5 1.5 1.6 1.6
Return on Assets 0.5 2.4 2.1 1.6 1.6 1.7 1.7
Return on Equity 2.0 11.7 11.5 9.6 9.3 9.7 10.0
Leverage and Coverage Ratios
12/08 12/09 12/10 12/11
Current Ratio 1.2 1.1 1.1 1.2 Current Capitalization in HKD
Quick Ratio 0.6 0.6 0.5 0.5 Common Shares Outstanding (M) 21299.9
EBIT/Interest 2.0 2.4 3.2 2.0 Market Capitalization (M) 77362.4
Tot Debt/Capital 0.5 0.5 0.5 0.6 Cash and ST Investments (M) 81337.4
Tot Debt/Equity 0.9 0.8 1.2 1.6 Total Debt (M) 219853.4
Eff Tax Rate % 25.8 14.8 22.2 27.6 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 11789.5
Enterprise Value (M) 227667.8
China Railway Group Ltd. offers transportation systems construction services. The
Company builds railroads, roads, tunnels, and bridges.
390 HK
532'695
291'772
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
China Railway Group Ltd
Target price in HKD
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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
China Railway Group Ltd
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 21299.9 United States 52.21%
Float 100.0% China 22.80%
Short Interest (M) Switzerland 7.87%
Short Interest as % of Float Britain 4.28%
Days to Cover Shorts Luxembourg 3.51%
Institutional Ownership 39.27% Hong Kong 2.26%
Retail Ownership 60.73% Japan 1.93%
Insider Ownership 0.00% Others 5.15%
Institutional Ownership Distribution
Investment Advisor 58.98%
Government 22.78%
Unclassified 7.37%
Mutual Fund Manager 5.61%
Pricing data is in HKD Others 5.27%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
SOCIAL SECURITY FUND 382'490'000 0 1'484'061'200 9.09% 31.12.2010 Co File CHINA
BLACKROCK 265'676'530 7'057'281 1'030'824'936 6.31% 15.03.2013 ULT-AGG UNITED STATES
JP MORGAN 209'525'317 -1'308'000 812'958'230 4.98% 28.09.2012 ULT-AGG
VANGUARD GROUP INC 203'800'355 -9'200 790'745'377 4.84% 31.12.2012 MF-AGG UNITED STATES
LEHMAN BROTHERS FINA 123'652'010 0 479'769'799 2.94% 31.12.2010 Co File SWITZERLAND
LEHMAN BROTHERS INTE 59'870'550 0 232'297'734 1.42% 31.12.2010 Co File BRITAIN
GRANTHAM MAYO VAN OT 46'799'000 0 181'580'120 1.11% 31.05.2012 MF-AGG UNITED STATES
HANG SENG INVESTMENT 34'148'451 0 132'495'990 0.81% 30.06.2012 MF-AGG HONG KONG
LEHMAN BROTHERS HOLD 26'551'000 0 103'017'880 0.63% 31.12.2010 Co File UNITED STATES
BANK OF NEW YORK MEL 23'623'273 -4'178'000 91'658'299 0.56% 15.03.2013 MF-AGG UNITED STATES
FMR LLC 22'799'019 -38'429'666 88'460'194 0.54% 31.01.2013 ULT-AGG UNITED STATES
ROBECO INVESTOR SERV 22'662'612 11'662'612 87'930'935 0.54% 31.01.2013 MF-AGG LUXEMBOURG
ING INVESTMENT MANAG 17'498'917 57'160 67'895'798 0.42% 31.01.2013 MF-AGG NETHERLANDS
ING INTERNATIONAL AD 11'577'000 -693'000 44'918'760 0.28% 31.12.2012 MF-AGG LUXEMBOURG
BNP PARIBAS INV PART 11'441'000 -528'000 44'391'080 0.27% 31.12.2012 ULT-AGG FRANCE
STATE STREET 10'873'408 0 42'188'823 0.26% 18.03.2013 ULT-AGG UNITED STATES
DAIWA SB INVESTMENTS 9'296'000 9'238'000 36'068'480 0.22% 24.07.2012 MF-AGG JAPAN
JP MORGAN ASSET MGMT 9'175'000 0 35'599'000 0.22% 26.10.2012 MF-AGG JAPAN
DIMENSIONAL FUND ADV 9'020'000 0 34'997'600 0.21% 31.07.2012 MF-AGG UNITED STATES
FIDELITY INVT ASSET 5'611'000 5'611'000 21'770'680 0.13% 28.09.2012 MF-AGG SOUTH KOREA
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] |
China Railway Group 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 82'873 106'716 150'721 183'335 254'685 379'032 523'651 532'695 573'639 627'862 678'178
- Cost of Goods Sold 75'522 97'699 138'900 170'015 235'566 355'837 492'492 493'843
Gross Income 5'751 7'943 11'821 13'321 19'119 23'195 31'159 38'852 47'669 52'489 57'849
- Selling, General & Admin Expenses 5'924 7'111 8'573 8'908 11'427 14'613 20'199 26'384
(Research & Dev Costs) 738 2'397 6'439
Operating Income 2'593 2'832 3'248 4'412 7'692 9'554 12'164 15'190 16'759 18'466 20'519
- Interest Expense 456 808 1'109 1'750 2'603 2'520 2'669 4'865
- Foreign Exchange Losses (Gains) 32 -12 16 252 4'639 -1'235 -428 -112
- Net Non-Operating Losses (Gains) -18 -10 -758 -2'128 -1'716 -1'583 -2'186 -1'607
Pretax Income 370 790 2'882 4'539 2'167 9'851 12'109 12'044 12'903 14'658 16'107
- Income Tax Expense 114 241 620 871 559 1'459 2'683 3'322
Income Before XO Items 2'009 1'804 2'262 3'668 1'607 8'392 9'426 8'721
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0
- Minority Interests -71 246 658 356 358 591 933 663
Diluted EPS Before XO Items 0.37 0.40 0.38
Net Income Adjusted* 7'815 8'598 8'059 8'726 9'942 11'013
EPS Adjusted 0.37 0.40 0.37 0.41 0.47 0.52
Dividends Per Share 0.07 0.06 0.06 0.07 0.07 0.08
Payout Ratio % 0.0 0.0 0.0 0.0 19.5 15.8 15.3 0.16 0.16 0.16
Total Shares Outstanding 21'300 21'300 21'300 21'300 21'300
Diluted Shares Outstanding 21'300 21'300 21'300
EBITDA 2'829 3'571 5'657 7'442 11'249 14'689 18'025 22'860 23'461 26'211 28'000
*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 60631.0661 78102.3182 117368.119 183986.132 218346.361 270322.471 352365.675 443948.901
+ Cash & Near Cash Items 12'539 16'516 31'140 63'001 56'065 56'139 64'788 74'284
+ Short Term Investments 213 149 10 129 108 92 180 74
+ Accounts & Notes Receivable 19'649 24'527 31'171 43'272 57'551 77'690 98'130 122'168
+ Inventories 14'762 21'359 33'160 52'779 72'246 93'550 140'327 187'022
+ Other Current Assets 13'468 15'552 21'887 24'805 32'377 42'851 48'939 60'400
Total Long-Term Assets 19'380 21'570 25'582 47'435 67'899 84'464 109'540 133'716
+ Long Term Investments 1'356 1'995 2'643 4'247 6'869 9'006 14'918 18'471
Gross Fixed Assets 39'745 49'544 60'721 72'514 86'683
Accumulated Depreciation 13'002 16'024 19'015 23'732 29'719
+ Net Fixed Assets 12'993 13'993 16'954 26'743 33'520 41'707 48'782 56'964
+ Other Long Term Assets 5'031 5'582 5'985 16'445 27'510 33'751 45'840 58'282
Total Current Liabilities 59'722 78'319 118'287 145'919 187'976 239'059 312'554 376'725
+ Accounts Payable 22'070 28'175 41'651 54'335 72'153 107'651 161'286 196'134
+ Short Term Borrowings 11'514 15'752 27'867 31'602 46'353 32'979 48'361 69'872
+ Other Short Term Liabilities 26'138 34'393 48'769 59'983 69'470 98'429 102'906 110'719
Total Long Term Liabilities 13'516 13'266 14'841 21'453 28'742 40'109 61'927 100'858
+ Long Term Borrowings 3'445 3'428 5'083 10'944 19'109 31'132 52'442 91'109
+ Other Long Term Borrowings 10'070 9'838 9'758 10'286 9'633 8'976 9'485 9'749
Total Liabilities 73'237 91'585 133'128 167'372 216'718 279'168 374'481 477'584
+ Long Preferred Equity 0 0 0
+ Minority Interest 3'472 4'107 3'246 4'237 5'596 6'155 8'422 11'503
+ Share Capital & APIC 54'900 58'321 62'402 64'812 67'742
+ Retained Earnings & Other Equity 3'302 3'981 6'576 4'913 5'453 7'061 14'191 20'838
Total Shareholders Equity 6'774 8'088 9'822 64'049 69'371 75'618 87'425 100'082
Total Liabilities & Equity 80'011 99'673 142'950 231'421 286'089 354'786 461'906 577'665
Book Value Per Share 2.81 2.99 3.26 3.71 4.16 4.53 5.04 5.47
Tangible Book Value Per Share 2.39 2.19 2.20 2.29 2.18
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 328 304 1'604 3'312 1'250 7'801 8'493 8'059 8'785 10'081 10'838
+ Depreciation & Amortization 1'989 1'994 2'409 3'030 3'557 5'136 5'861 7'670
+ Other Non-Cash Adjustments 238 349 196 -1'245 3'327 -2'858 -728 -2'496
+ Changes in Non-Cash Capital -4'885 76 2'278 -7'205 -9'581 8'270 -14'867 -35'265
Cash From Operating Activities -2'330 2'722 6'487 -2'109 -1'447 18'348 -1'241 -22'032
+ Disposal of Fixed Assets 636 664 843 124 751 1'923 1'107 1'213
+ Capital Expenditures -3'403 -3'400 -6'839 -11'312 -16'325 -11'029 -10'826 -10'074 -13'699 -13'716 -13'533
+ Increase in Investments -1'400 -1'036 -2'201 -714 -4'215 -5'756
+ Decrease in Investments 32 366 289 599 1'627 708
+ Other Investing Activities 64 9 -279 -5'569 -8'559 -10'489 -7'971 -1'758
Cash From Investing Activities -4'070 -3'397 -8'185 -16'756 -24'133 -19'709 -20'280 -15'666
+ Dividends Paid 0 -4'301 -1'411
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings 13'874 15'383 35'843 42'732 60'420 64'667 80'577 109'352
+ Decrease in Long Term Borrowings -7'840 -11'761 -20'978 -45'102 -44'687 -61'392 -49'145 -63'680
+ Increase in Capital Stocks 0 0 0
+ Decrease in Capital Stocks 0 0 0
+ Other Financing Activities 286 314 85 48'971 -1'277 692 660 -146
Cash From Financing Activities 6'320 3'936 14'950 46'601 14'456 3'968 27'791 44'115
Net Changes in Cash -81 3'261 13'252 27'736 -11'124 2'606 6'270 6'417
Free Cash Flow (CFO-CAPEX) -5'733 -678 -351 -13'421 -17'772 7'319 -12'067 -32'106 -5'520 1'514 -306
Free Cash Flow To Firm -5'417 -116 519 -12'006 -15'841 9'465 -9'990 -28'583
Free Cash Flow To Equity 3'608 15'357 -15'666 20'471 14'778
Free Cash Flow per Share -1.00 -0.83 0.34 -0.57 -1.51
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 41.9x 94.6x 16.5x 13.7x 6.3x 9.4x 8.3x 7.4x
EV to EBIT 46.2x 18.3x 16.9x 12.4x 10.4x
EV to EBITDA 27.4x 12.5x 11.0x 8.4x 6.9x 9.8x 8.8x 8.2x
Price to Sales 0.8x 0.4x 0.3x 0.2x 0.1x 0.1x 0.1x 0.1x
Price to Book 3.8x 1.8x 1.9x 1.5x 0.6x 0.9x 0.8x 0.7x
Dividend Yield 0.0% 1.2% 1.2% 2.4% 1.7% 1.9% 2.2%
Profitability Ratios
Gross Margin 7.0% 7.5% 7.8% 7.3% 7.5% 6.1% 6.0% 7.3% 8.3% 8.4% 8.5%
EBITDA Margin 3.5% 3.4% 3.8% 4.1% 4.4% 3.9% 3.4% 4.3% 4.1% 4.2% 4.1%
Operating Margin 1.0% 1.5% 2.2% 2.4% 3.0% 2.5% 2.3% 2.9% 2.9% 2.9% 3.0%
Profit Margin 0.4% 0.3% 1.1% 1.8% 0.5% 2.1% 1.6% 1.5% 1.5% 1.6% 1.6%
Return on Assets 0.3% 1.3% 1.8% 0.5% 2.4% 2.1% 1.6% 1.6% 1.7% 1.7%
Return on Equity 8.3% 30.7% 10.3% 2.0% 11.7% 11.5% 9.6% 9.3% 9.7% 10.0%
Leverage & Coverage Ratios
Current Ratio 1.02 1.00 0.99 1.26 1.16 1.13 1.13 1.18
Quick Ratio 0.54 0.53 0.53 0.73 0.60 0.56 0.52 0.52
Interest Coverage Ratio (EBIT/I) 1.84 1.95 2.50 1.95 1.96 2.42 3.19 1.99
Tot Debt/Capital 0.69 0.70 0.77 0.40 0.49 0.46 0.54 0.62
Tot Debt/Equity 2.21 2.37 3.35 0.66 0.94 0.85 1.15 1.61
Others
Asset Turnover 1.18 1.25 0.99 0.97 1.18 1.30 1.03
Accounts Receivable Turnover 4.80 5.45 4.98 4.99 5.61 6.02 4.85
Accounts Payable Turnover 4.15 4.32 3.93 3.92 4.20 4.02 2.99
Inventory Turnover 5.43 5.14 4.01 3.72 4.30 4.26 3.03
Effective Tax Rate 30.8% 30.5% 21.5% 19.2% 25.8% 14.8% 22.2% 27.6%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
CHINA RAIL GR-HCHINA COM CONS-
HCHINA RAIL CN-H CHINA STATE -A ZHEJIANG EXPRESS SHIMIZU CORP BOUYGUES SA
HYUNDAI
ENG&CONSZHUZHOU CSR CSR CORP LTD -A
12/2011 12/2011 12/2011 12/2011 12/2012 03/2012 12/2012 12/2012 12/2011 12/2011
4.98 8.43 9.54 4.18 7.00 341.00 24.33 86'200.00 30.25 5.24
10.01.2013 23.01.2013 15.01.2013 18.02.2013 11.01.2013 15.01.2013 19.03.2012 20.03.2012 02.01.2013 05.02.2013
2.48 5.75 4.81 2.90 4.80 223.00 17.54 55'600.00 16.38 3.75
30.03.2012 05.09.2012 30.03.2012 24.09.2012 18.05.2012 14.11.2012 16.11.2012 26.07.2012 26.07.2012 27.09.2012
16'696'500 12'782'070 7'563'500 96'668'255 2'266'259 2'076'000 439'573 381'724 4'094'776 22'807'447
3.88 6.69 7.26 3.41 6.47 309.00 22.28 64'200.00 22.90 4.34
-22.1% -20.6% -23.9% -18.4% -7.6% -9.4% -8.4% -25.5% -24.3% -17.2%
56.5% 16.3% 50.9% 17.6% 34.8% 38.6% 27.0% 15.5% 39.8% 15.7%
21'299.9 14'825.0 12'337.5 30'000.0 4'343.1 784.7 324.0 111.4 1'084.3 11'840.0
77'363 97'971 80'930 102'300 28'100 243'651 7'109 7'149'040 24'829 60'085
130'576.0 106'045.0 100'663.6 133'022.5 1'462.6 375'812.0 8'642.0 1'566'738.0 647.9 27'040.8
- - - - - - - 494.0 - -
9'330.0 10'739.0 970.4 29'331.8 3'420.6 2'738.0 1'500.0 - 121.0 5'526.3
60'314.0 45'170.0 80'520.6 94'380.3 6'908.5 209'793.0 4'487.0 1'260'966.0 2'158.8 23'104.3
183'799 154'416 75'857 210'983 19'899 452'356 12'764 7'455'306 19'909 78'612
LFY 442'216.0 294'281.0 443'319.3 463'876.8 6'700.3 1'336'194.0 33'547.0 10'433'442.0 7'079.1 79'517.0
LTM 418'599.0 280'093.0 417'448.9 463'876.8 6'700.3 1'374'435.0 33'547.0 10'433'442.0 7'079.1 81'803.7
CY+1 459'520.7 295'062.1 467'694.0 576'124.5 7'104.4 1'407'840.0 33'516.2 12'580'089.0 6'545.9 88'279.7
CY+2 502'956.7 329'738.3 508'533.0 671'681.0 7'330.8 1'387'306.8 33'717.1 14'137'208.7 8'114.9 102'099.0
LFY 0.4x 0.6x 0.2x 0.3x 2.3x 0.3x 0.4x 0.8x 1.9x 1.0x
LTM 0.4x 0.6x 0.2x 0.3x 2.3x 0.3x 0.4x 0.8x 1.9x 1.0x
CY+1 0.3x 0.6x 0.2x - 3.0x 0.3x 0.4x 0.5x 2.9x 0.6x
CY+2 0.3x 0.5x 0.2x - 2.8x 0.3x 0.4x 0.5x 2.3x 0.5x
LFY 18'977.0 21'465.0 21'822.9 28'914.4 3'511.9 27'006.0 2'890.0 433'227.0 1'402.0 7'310.0
LTM 19'609.0 22'252.0 22'290.2 28'914.4 3'454.4 21'238.0 2'890.0 433'227.0 1'402.0 7'352.0
CY+1 18'794.1 24'549.0 22'322.3 - 3'523.8 24'397.0 2'884.9 932'080.5 1'253.8 7'279.8
CY+2 20'996.6 27'984.5 24'268.5 - 3'591.9 27'690.7 2'939.0 1'091'510.0 1'604.2 8'766.7
LFY 8.5x 7.7x 3.7x 5.4x 4.4x 14.9x 4.5x 18.7x 9.7x 11.0x
LTM 8.2x 7.4x 3.6x 5.4x 4.5x 19.0x 4.5x 18.7x 9.7x 11.0x
CY+1 8.2x 6.6x 3.8x - 6.0x 18.4x 4.6x 7.3x 14.9x 7.6x
CY+2 7.5x 6.3x 3.7x - 5.7x 16.0x 4.5x 5.9x 11.5x 6.4x
LFY 0.32 0.76 0.68 0.43 0.42 1.54 2.00 - 1.09 0.33
LTM 0.31 0.72 0.61 0.45 0.39 -1.87 2.01 3'116.00 1.09 0.31
CY+1 0.33 0.71 0.67 0.52 0.42 7.54 2.46 5'294.18 0.89 0.29
CY+2 0.38 0.79 0.74 0.61 0.41 11.59 2.71 6'912.81 1.18 0.35
LFY 10.1x 7.4x 9.5x 7.6x 13.3x - 11.1x 20.6x 16.8x 14.2x
LTM 9.8x 7.8x - 7.9x 12.5x - 11.1x - 16.8x -
CY+1 9.4x 7.5x 8.7x 6.6x 12.4x 41.0x 9.0x 12.1x 20.5x 14.8x
CY+2 8.3x 6.8x 7.9x 5.6x 12.5x 26.7x 8.2x 9.3x 15.5x 12.5x
1 Year (3.1%) 7.9% (2.8%) 30.5% (1.2%) 2.5% 2.6% 3.3% 21.4% 24.0%
5 Year 23.0% 17.3% - 29.4% (0.8%) 1.4% 1.6% 13.7% 42.8% 28.5%
1 Year 20.9% 16.8% 51.3% 38.9% - (11.7%) (10.5%) (15.7%) 10.7% 47.9%
5 Year 26.7% 21.2% 34.4% 40.4% 0.8% (14.6%) (3.3%) 2.4% 33.9% 36.6%
LTM 4.7% 7.9% 5.3% 6.2% 51.0% 1.5% 8.6% 4.2% 19.8% 9.0%
CY+1 4.1% 8.3% 4.8% - 49.6% 1.7% 8.6% 7.4% 19.2% 8.2%
CY+2 4.2% 8.5% 4.8% - 49.0% 2.0% 8.7% 7.7% 19.8% 8.6%
Total Debt / Equity % 181.7% 151.0% 155.5% 149.3% 9.6% 123.5% 100.7% 34.7% 12.2% 119.9% FALSE FALSE FALSE FALSE FALSE
Total Debt / Capital % 61.7% 56.7% 60.5% 52.9% 7.3% 55.0% 46.2% 25.8% 10.6% 49.1% FALSE FALSE FALSE FALSE FALSE
Total Debt / EBITDA 7.676x 5.938x 4.627x 4.601x 0.304x 16.394x 2.990x 3.616x 0.462x 3.136x FALSE FALSE FALSE FALSE FALSE
Net Debt / EBITDA 4.897x 3.353x 1.024x 1.336x -1.749x 9.154x 1.438x 0.706x -1.078x 1.478x FALSE FALSE FALSE FALSE FALSE
EBITDA / Int. Expense 2.989x 4.776x 5.926x 5.620x 43.875x 6.084x 8.210x 7.115x 42.973x 6.888x FALSE FALSE FALSE FALSE FALSE
S&P LT Credit Rating BBB+ - - - - NR BBB+ - - - FALSE FALSE FALSE FALSE FALSE
S&P LT Credit Rating Date 23.01.2013 - - - - 09.01.2007 30.11.2011 - - - FALSE FALSE FALSE FALSE FALSE
Moody's LT Credit Rating - - - - - - (P)A3 - - - FALSE FALSE FALSE FALSE FALSE
Moody's LT Credit Rating Date - - - - - - 26.01.2012 - - - 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] |