powerwave-technologies: modefinance credit report
DESCRIPTION
POWERWAVE-TECHNOLOGIES: modeFinance Credit ReportTRANSCRIPT
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POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name POWERWAVE TECHNOLOGIES INCORPORATED
Identification number US112723423
Country United States of America
ZIP code and city 92705 - SANTA ANA
Address 1801, EAST SAINT ANDREW PLACE
+1 714 466 1000
www.powerwave.com
Legal form Not available
Account Consolidated
Incorporation date 1985/01
NACE 2 Sector 2630 - Manufacture of communication equipment
Listed
Status Active
MORE Credit limit Not assessable on the base of the available informations
01/01/2012 02/01/2011 03/01/2010
Turnover (th e) 343,512 443,596 395,793
Rating CC BB CCC
Probability of default 42.00% 1.20% 16.00%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio -11.47 5.95 635.78
Total asset/Total liabilities 0.91 1.17 1.00
Liquidity ratios
Current Ratio 2.70 1.62 2.48
Quick Ratio 1.93 1.38 1.97
Profitability and economic equili-
brium ratios
Return on investement ROI (%) -17.15 6.02 3.76
Return on equity ROE (%) -237.39 6.06 -926.23
Asset turnover 1.30 1.39 1.46
Interest paid weight -0.23 0.55 1.16
Gross Profit/Operating revenue 0.25 0.33 0.29
Interest Coverage ratios
EBIT interest coverage ratio -3.59 2.16 0.16
Analysis and trend of financial
strength
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio -11.47 0.54 1.64 3.21 -1.78
Total asset/Total liabilities 0.91 2.84 1.60 1.27 0.89
Liquidity ratios
Current Ratio 2.70 2.70 1.48 1.09 0.64
Quick Ratio 1.93 2.09 1.09 0.80 0.38
Profitability and economic equilibrium ratios
Return on investement ROI (%) -17.15 12.72 5.23 -1.77 -18.40
Return on equity ROE (%) -237.39 15.98 7.46 -11.74 -120.00
Asset turnover 1.30 1.23 1.14 1.02 1.00
Interest paid weight -0.23 0.01 0.18 -0.03 -0.14
Gross Profit/Operating revenue 0.25 0.30 0.21 0.16 0.13
Interest Coverage ratios
EBIT interest coverage ratio -3.59 69.97 3.83 -1.28 -5.50
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) 73 44 49 57 57
Days Sales Outstanding (DSO) 79 68 73 75 49
Days Payable Outstanding (DPO) 58 30 42 57 57
Cash Conversion Cycle (DIO + DSO - DPO) 94 78 88 84 55
Numer of analyzed companies - 378 700 305 86
(Average) Rating CC A BBB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 2630 with financial data of year 2012.
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 01/01/2012 02/01/2011 03/01/2010
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.7729 0.75 0.69745
Number of months 12 12 12
Total assets 264,587 319,188 271,902
Fixed assets 26,250 60,082 66,632
Intangible fixed assets 0 0 0
Tangible fixed assets 21,464 57,207 62,689
Other fixed assets 4,786 2,875 3,943
Current assets 238,337 259,106 205,270
Stocks 68,500 37,813 42,226
Debtors 74,799 140,220 99,700
Other current assets 95,038 81,073 63,344
Cash & cash equivalent 49,559 46,201 42,153
Shareholders funds -25,272 45,959 427
Capital 669,885 662,040 575,643
Other shareholders funds -695,157 -616,081 -575,216
Total liabilities 289,859 273,229 271,475
Non current liabilities 201,729 112,942 188,548
Long term debt 194,918 112,500 187,602
Other non-current liabilities 6,812 442 946
Current liabilities 88,130 160,287 82,928
Loans 0 41,528 0
Creditors 54,949 84,679 57,072
Other current liabilities 33,181 34,079 25,855
Total shareh. funds & liab. 264,587 319,188 271,902
NET DEBT (th e) 01/01/2012 02/01/2011 03/01/2010
Short term debts 0 41,528 0
Long term debt 194,918 112,500 187,602
Cash & cash equivalent 49,559 46,201 42,153
Net debt 145,359 107,827 145,449
01/01/2012 02/01/2011 03/01/2010
Working capital 88,350 93,353 84,854
Net Current Assets 150,207 98,819 122,342
01/01/2012 02/01/2011 03/01/2010
Days Sales Of Inventory (DIO) 73 31 39
Days Sales Outstanding (DSO) 79 115 92
Days Payable Outstanding (DPO) 58 70 53
Cash Conversion Cycle (DIO + DSO - DPO) 94 76 78
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 01/01/2012 02/01/2011 03/01/2010
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.7729 0.75 0.69745
Number of months 12 12 12
Sales 343,512 443,596 395,793
Revenues growth (%) -23 12 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized0 0 0
Operating revenue / turnover 343,512 443,596 395,793
Total operating costs 381,228 420,614 393,934
Costs growth (%) -9 7 -
Service costs - - -
Material costs - - -
Costs of employees - - -
EBITDA -22,995 40,448 17,761
Depreciation 14,721 17,467 15,902
EBIT -37,715 22,981 1,859
Financial P/L -18,167 -14,399 -3,525
Financial revenue 150 149 399
Financial expenses 18,317 14,548 3,924
Interest paid 10,504 10,624 11,882
P/L before tax -55,882 8,582 -1,666
Extr. and other P/L - 0 0
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L - 8,582 -1,666
Taxation 4,110 5,797 2,289
P/L for period -59,992 2,785 -3,955
01/01/2012 02/01/2011 03/01/2010
Costs of Good Sold 258,434 296,932 279,823
Gross Profit 85,079 146,663 115,970
Other Operating Expenses 122,794 123,682 114,110
01/01/2012 02/01/2011 03/01/2010
Cash flow -45,271 20,251 11,947
Added value - - -
01/01/2012 02/01/2011 03/01/2010
Number of employees 2,179 2,140 2,256
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview This is an American company engaged in the design, manufacture and marketing of antenna systems, base station
systems and coverage systems. It is a global leader in end - to - end wireless coverage and capacity solutions for
wireless communications networks. The company was formerly known as Milcom International, Inc. It was foun-
ded in 1985 and its corporate headquarters is located in Santa Ana, state of California. The company’s extensive
product line includes base station antennas, antennas with Remote Electrical Tilt (RET), tower mounted amplifiers
(TMA), filters, power amplifier products, RF (radio frequency) conditioning products, multi - carrier RF power am-
plifiers, boosters, combiners, repeaters and coverage solution products for cellular, PCS (Personal Communications
Service) and 3G wireless communications network applications. The company aims to attain profitable and sustai-
nable growth in pursuit of providing advanced wireless solutions through operational excellence and innovative
technology. It has operations in Asia - Pacific; Europe; Middle East; Africa; and South America. The company’s
customers include original equipment manufacturers, and wireless network operators such as Nokia and Siemens
Communications.
History Formerly known as Milcom International, Inc.
Primary business line Engaged in the design, manufacture and marketing of antenna systems, base station systems and coverage
systems.
Secondary business line Not available.
Main activity Manufacturing; Wholesale.
Secondary activity Not available.
Main products and services Base station antennas, antennas with Remote Electrical Tilt (RET), tower mounted amplifiers (TMA), filters, po-
wer amplifier products, RF (radio frequency) conditioning products, multi - carrier RF power amplifiers, boosters,
combiners, repeaters and coverage solution products for cellular, PCS (Personal Communications Service) and 3G
wireless communications network applications.
Size estimate A global leader in end - to - end wireless coverage and capacity solutions for wireless communications networks.
Strategy, organization and policy Aims to attain profitable and sustainable growth in pursuit of providing advanced wireless solutions through
operational excellence and innovative technology.
Strategic alliances Not available.
Membership of a network Not available.
Main brand names Not available.
Main domestic country United States of America.
Main foreign countries or regions Asia - Pacific; Europe; Middle East; Africa; and South America.
Main production sites Santa Ana.
Main distribution sites Santa Ana.
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Main sales representation sites Not available.
Main customers Nokia and Siemens Communications.
Auditor/Advisor/Bank
name type address
DELOITTE & TOUCHE LLP Auditor -
U.S. Stock Transfer Corporation Transfer Agent -
Board
name date of birth nationality function
Mr. Carl William Neun 23/01/1943 United States Independent Chairman of the Board
Mr. Moiz M Beguwala 30/04/1946 - Independent Director
Mr. Ken J Bradley - - Independent Director
Mr. Richard Burns - - Independent Director
Mr. Ronald Joseph Buschur 07/03/1964 - President, Chief Executive Officer, Director
Mr. John L Clendenin - - Independent Director
Mr. David L George - - Independent Director
Mr. Eugene Louis Goda 20/04/1936 - Independent Director
Sharehoders (the first twenty shareholders ordered by Direct %)
KRYZANOWSKI JOHN A. Rating:
Country ISO code SY Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 9.70 Number of Employees -
Total % - Information date 2012/10
Address : Not available
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
ARTIS CAPITAL MANAGEMENT LP via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 7.84 Information date 2012/08
Address : Not available
EMPIRE CAPITAL PARTNERS via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 0.46
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 10
Total % 6.64 Information date 2012/08
Address : Not available
GFH LP via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 4.21 Information date 2012/06
Address : Not available
BLACKROCK, INC. via its funds Rating: BB
Country ISO code US Operating Revenue (MIL $) 9081
NACE Rev. 2, Core code - Total Assets (MIL $) 179896
Direct % - Number of Employees 10100
Total % 3.91 Information date 2012/08
Address : Not available
VANGUARD GROUP, INC. THE via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 2017.7
NACE Rev. 2, Core code - Total Assets (MIL $) 1830.07
Direct % - Number of Employees 9500
Total % 1.93 Information date 2012/06
Address : Not available
GOLDMAN SACHS GROUP, INC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 28811
NACE Rev. 2, Core code - Total Assets (MIL $) 923225
Direct % - Number of Employees 33300
Total % 1.56 Information date 2012/06
Address : Not available
D. E. SHAW INVESTMENTS, L.P. via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 119.33
NACE Rev. 2, Core code - Total Assets (MIL $) 24014.19
Direct % - Number of Employees 159
Total % 0.90 Information date 2012/06
Address : Not available
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
PARADIGM CAPITAL MANAGEMENT, INC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 2
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 65
Total % 0.89 Information date 2012/06
Address : Not available
AQR CAPITAL MANAGEMENT LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 10.9
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 75
Total % 0.86 Information date 2012/06
Address : Not available
DIMENSIONAL FUND ADVISORS LP via its funds Rating: A
Country ISO code US Operating Revenue (MIL $) 36.72
NACE Rev. 2, Core code - Total Assets (MIL $) 2186.66
Direct % - Number of Employees 260
Total % 0.76 Information date 2012/06
Address : Not available
SUSQUEHANNA INTL GROUP via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 0.76 Information date 2012/06
Address : Not available
UBS AG via its funds Rating:
Country ISO code CH Operating Revenue (MIL $) 10970.68
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 36693
Total % 0.73 Information date 2012/06
Address : Not available
BARCLAYS PLC via its funds Rating: CCC
Country ISO code GB Operating Revenue (MIL $) 45739.82
NACE Rev. 2, Core code - Total Assets (MIL $) 2417369.13
Direct % - Number of Employees 141100
Total % 0.72 Information date 2012/06
Address : Not available
GOVERNMENT OF NORWAY via its funds Rating:
Country ISO code NO Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 0.61 Information date 2011/12
Address : Not available
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
CHARLES SCHWAB CORPORATION via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 4740
NACE Rev. 2, Core code - Total Assets (MIL $) 108553
Direct % - Number of Employees 14100
Total % 0.57 Information date 2012/09
Address : Not available
STATE OF CALIFORNIA via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 0.57 Information date 2012/06
Address : Not available
POWER CORPORATION OF CANADA via its funds Rating:
Country ISO code CA Operating Revenue (MIL $) 19601.37
NACE Rev. 2, Core code - Total Assets (MIL $) 248222.33
Direct % - Number of Employees 0
Total % 0.55 Information date 2012/09
Address : Not available
JANE STREET HOLDING II LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 0.51 Information date 2012/06
Address : Not available
INVESCO LTD. via its funds Rating: BB
Country ISO code BM Operating Revenue (MIL $) 4122.7
NACE Rev. 2, Core code - Total Assets (MIL $) 19347
Direct % - Number of Employees 0
Total % 0.41 Information date 2012/06
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
POWERWAVE OVERSEAS HOLDINGS LIMITED Rating: A
Country ISO code GB Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) 69.76
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 2011/11
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
POWERWAVE UK LIMITED Rating: A
Country ISO code GB Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) 4.71
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 2012/07
P - WAVE LTD Rating:
Country ISO code IL Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % >50.00 Number of Employees -
Total % - Information date 2011/01
COGNITION NETWORK LLC Rating:
Country ISO code US Operating Revenue (MIL $) 0.13
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 2
Total % - Information date 2012/01
FEICHUANG( SUZHOU ) TELECOM PRODUCTS CO.,LTD Rating: BBB
Country ISO code CN Operating Revenue (MIL $) 250.48
NACE Rev. 2, Core code - Total Assets (MIL $) 152.07
Direct % - Number of Employees 1609
Total % MO Information date 2012/01
MICROWAVE VENTURES INC Rating:
Country ISO code PH Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
P - WAVE LTD Rating:
Country ISO code IL Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
POWERWAVE ASIA INC Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
POWERWAVE COGNITION INC Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
POWERWAVE ENTERPRISES, LLC Rating:
Country ISO code US Operating Revenue (MIL $) 0.06
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 1
Total % - Information date 2011/03
POWERWAVE FINLAND OY Rating: BB
Country ISO code FI Operating Revenue (MIL $) 11.58
NACE Rev. 2, Core code - Total Assets (MIL $) 12.34
Direct % MO Number of Employees 70
Total % - Information date 2012/01
POWERWAVE HOLDINGS PHILIPPINES INC Rating:
Country ISO code PH Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
POWERWAVE HUNGARY KFT Rating:
Country ISO code HU Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
POWERWAVE TECHNOLOGIES (SUZHOU) CO, LTD Rating:
Country ISO code - Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
POWERWAVE TECHNOLOGIES (THAILAND) LIMITED Rating:
Country ISO code TH Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
POWERWAVE TECHNOLOGIES BRAZIL COMÉRCIO EQUIPAMENTOS DE TELECO-
MUNICAÇÕES LTDA.Rating:
Country ISO code BR Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 20
Total % MO Information date 2012/01
POWERWAVE TECHNOLOGIES CANADA, LTD. Rating:
Country ISO code CA Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % - Information date 2012/01
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
POWERWAVE TECHNOLOGIES ESTONIA OÜ Rating: A
Country ISO code EE Operating Revenue (MIL $) 45.79
NACE Rev. 2, Core code - Total Assets (MIL $) 16.44
Direct % - Number of Employees 248
Total % MO Information date 2012/01
POWERWAVE TECHNOLOGIES FRANCE Rating: BBB
Country ISO code FR Operating Revenue (MIL $) 2.19
NACE Rev. 2, Core code - Total Assets (MIL $) 0.74
Direct % MO Number of Employees 7
Total % - Information date 2012/01
POWERWAVE TECHNOLOGIES GERMANY GMBH Rating: A
Country ISO code DE Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) 0.49
Direct % - Number of Employees -
Total % MO Information date 2012/01
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
ASKMORE rating guide
General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of
an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk
factors.
The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial
companies by using data included in financial statements.
The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy
model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the
model are obtained by applying newly developed numerical methodologies, drawing together financial theory,
data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective
algorithm that produces a classification of each company, by taking into account any attributes (such as sector and
country) characterizing a firm.
The model gives the opportunity to assign a rating to a company even without considering a complete data analysis
and allows to process quality information. It induces a better understanding of a company’s strength and weakness
thanks to sophisticated data mining tools and taking into account the analyst knowledge.
The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the
rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium
between the different aspects, better will be the final rating.
This is done studying, evaluating and aggregating the most important sections of the financial and economic
behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals. Adverse market events and an inadequate management could affect with high probability the
company’s solvency.
CC
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
Return on Investement(ROI)This measures the profitability of company investments without regard to
the way the investment is financed.
Return on Equity(ROE) This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level
assumed from the ratio depends on the sector in which the company
operates.
Profit margin This indicates the profitability of sales.
Interest coverage ratio Interest Paid coverage
This indicate the ability of the company to cover interest expenses through
the economic margins (Gross profit and EBIT) and through the cash flow
from operating activities.
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
MORE Credit Limit, Probability of default and Confidence Level
MORE Credit Limit MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial
relationship with the analyzed company with an outlook of one year.
modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size;
• Years in Business;
• Average number of suppliers;
• Liquidity of the company and the comparison with its sector;
• The funds dedicated to be paid to suppliers;
• The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual
public data. This value should be reviewed by paying attention to the Confidence Level value and by using other
information such as other business information, news... etc; and private information such as the relationship with
client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence
Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of
confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go
into default.
As the probability of default is strongly affected by the economic climate that the company is operating in,
companies in the same MORE class will not necessarily have the same probability of default.
The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
∑Available Information∑
Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in
availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the
MORE rating is able to take into account for each company.
For companies with fully populated records a confidence level of 100% would be applied: companies where no
financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
POWERWAVE TECHNOLOGIESINCORPORATEDTuesday, 29 January 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Notes and disclaimer
NOTES modeFinance has based the present analysis on the company available financial statements, coming from one or
more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s
database etc.
DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of
the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot
be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will
be based on information gathered in good faith from both primary and secondary sources, whose accuracy we
are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken
based on any information that may subsequently prove to be incorrect.
Contacts
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337