Tuesday, 29 January 2013
POWERWAVE TECHNOLOGIES INCORPORATED
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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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 invest@pwav.com
Legal form
Not available
Account
Consolidated
Incorporation date
1985/01
NACE 2 Sector
2630 - Manufacture of communication equipment
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Company name
Listed Status
Active
MORE Credit limit
Not assessable on the base of the available informations
plans 3 types of reports:
Turnover (th e) Rating s-peek
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ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
02/01/2011
03/01/2010
343,512
443,596
395,793
CC
BB
CCC
42.00%
1.20%
16.00%
100%
100%
100%
-11.47
5.95
635.78
0.91
1.17
1.00
Current Ratio
2.70
1.62
2.48
Quick Ratio
1.93
1.38
1.97
Probability of default
Plus
Basic
01/01/2012
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-17.15
6.02
3.76
-237.39
6.06
-926.23
1.30
1.39
1.46
-0.23
0.55
1.16
0.25
0.33
0.29
-3.59
2.16
0.16
Asset turnover Interest paid weight Gross Profit/Operating revenue Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength
modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
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MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
-11.47
0.54
1.64
3.21
-1.78
0.91
2.84
1.60
1.27
0.89
Current Ratio
2.70
2.70
1.48
1.09
0.64
Quick Ratio
1.93
2.09
1.09
0.80
0.38
Total asset/Total liabilities Liquidity ratios
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
-3.59
69.97
3.83
-1.28
-5.50
Interest Coverage ratios EBIT interest coverage ratio 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
-
378
700
305
86
CC
A
BBB
B
CC
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 2630 with financial data of year 2012.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
01/01/2012
02/01/2011
03/01/2010
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.7729
0.75
0.69745
12
12
12
Total assets
264,587
319,188
271,902
Fixed assets
26,250
60,082
66,632
0
0
0
21,464
57,207
62,689
Exchange rate USD - EUR Number of months
Intangible fixed assets Tangible fixed assets
4,786
2,875
3,943
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
49,559
46,201
42,153
Other fixed assets Current assets
Cash & cash equivalent 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
6,812
442
946
88,130
160,287
82,928
Other non-current liabilities Current liabilities
0
41,528
0
Creditors
54,949
84,679
57,072
Other current liabilities
33,181
34,079
25,855
264,587
319,188
271,902
01/01/2012
02/01/2011
03/01/2010
Loans
Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent
0
41,528
0
194,918
112,500
187,602
49,559
46,201
42,153
145,359
107,827
145,449
01/01/2012
02/01/2011
03/01/2010
88,350
93,353
84,854
150,207
98,819
122,342
01/01/2012
02/01/2011
03/01/2010
Net debt
Working capital Net Current Assets
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
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
01/01/2012
02/01/2011
03/01/2010
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.7729
0.75
0.69745
12
12
12
343,512
443,596
395,793
-23
12
-
0
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
-
-
-
-22,995
40,448
17,761 15,902
Exchange rate USD - EUR Number of months Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation
14,721
17,467
EBIT
-37,715
22,981
1,859
Financial P/L
-18,167
-14,399
-3,525
Financial revenue Financial expenses
150
149
399
18,317
14,548
3,924
10,504
10,624
11,882
-55,882
8,582
-1,666
-
0
0
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-
8,582
-1,666
4,110
5,797
2,289
-59,992
2,785
-3,955
Interest paid P/L before tax Extr. and other P/L
P/L before tax + Extr. and other P/L Taxation P/L for period
01/01/2012
02/01/2011
03/01/2010
258,434
296,932
279,823
85,079
146,663
115,970
122,794
123,682
114,110
01/01/2012
02/01/2011
03/01/2010
-45,271
20,251
11,947
-
-
-
Costs of Good Sold Gross Profit Other Operating Expenses
Cash flow Added value
01/01/2012 Number of employees
2,179
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
02/01/2011 2,140
03/01/2010 2,256
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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 founded 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 amplifiers, 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 sustainable 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, power 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.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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. Mr. Mr. Mr.
Carl William Neun Moiz M Beguwala Ken J Bradley Richard Burns
23/01/1943 30/04/1946 -
United States -
Independent Chairman of the Board Independent Director Independent Director Independent Director
Mr. Mr. Mr. Mr.
Ronald Joseph Buschur John L Clendenin David L George Eugene Louis Goda
07/03/1964 20/04/1936
-
President, Chief Executive Officer, Director Independent Director Independent Director Independent Director
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
KRYZANOWSKI JOHN A. Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
SY
Operating Revenue (MIL $)
9.70 -
Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2012/10
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
ARTIS CAPITAL MANAGEMENT LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 7.84
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
EMPIRE CAPITAL PARTNERS via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.46
6.64
Total Assets (MIL $) Number of Employees Information date
US 4.21
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
10 2012/08
0 2012/06
Rating:
BB
US
Operating Revenue (MIL $)
Rating:
GFH LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
0 2012/08
Address : Not available
BLACKROCK, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
3.91
9081
Total Assets (MIL $) Number of Employees Information date
179896 10100 2012/08
Rating:
VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
2017.7 1830.07 9500
Total % Address : Not available
1.93
Information date
2012/06
US 1.56
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
119.33 24014.19
Direct % Total % Address : Not available
0.90
Number of Employees Information date
159 2012/06
Rating:
GOLDMAN SACHS GROUP, INC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
28811 923225 33300 2012/06
Rating:
D. E. SHAW INVESTMENTS, L.P. via its funds
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
PARADIGM CAPITAL MANAGEMENT, INC via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.89
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
AQR CAPITAL MANAGEMENT LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.86
Total Assets (MIL $) Number of Employees Information date
US 0.76
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
10.9 75 2012/06
Rating:
DIMENSIONAL FUND ADVISORS LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
2 65 2012/06
A 36.72 2186.66 260 2012/06
Address : Not available
Rating:
SUSQUEHANNA INTL GROUP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.76
-
Total Assets (MIL $) Number of Employees Information date
0 2012/06
Rating:
UBS AG via its funds Country ISO code NACE Rev. 2, Core code Direct %
CH -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
10970.68 36693
Total % Address : Not available
0.73
Information date
2012/06
GB 0.72
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
NO -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total % Address : Not available
0.61
Number of Employees Information date
Rating:
BARCLAYS PLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
CCC 45739.82 2417369.13 141100 2012/06
Rating:
GOVERNMENT OF NORWAY via its funds
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2011/12
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
CHARLES SCHWAB CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.57
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
STATE OF CALIFORNIA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.57
Total Assets (MIL $) Number of Employees Information date
CA 0.55
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
2012/06
Rating:
POWER CORPORATION OF CANADA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
4740 108553 14100 2012/09
19601.37 248222.33 0 2012/09
Address : Not available
Rating:
JANE STREET HOLDING II LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
-
0.51
Total Assets (MIL $) Number of Employees Information date
0 2012/06
Rating:
BB
Country ISO code NACE Rev. 2, Core code Direct %
BM -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
4122.7 19347 0
Total % Address : Not available
0.41
Information date
2012/06
INVESCO LTD. via its funds
Subsidiaries (the first twenty subsidiaries ordered by Direct %) POWERWAVE OVERSEAS HOLDINGS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
GB 100.00 100.00
Rating:
A
Operating Revenue (MIL $) Total Assets (MIL $)
69.76
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2011/11
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
POWERWAVE UK LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL >50.00 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
FEICHUANG( SUZHOU ) TELECOM PRODUCTS CO.,LTD
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
CN MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
PH MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2012/01
2012/01
2012/01
Rating:
POWERWAVE COGNITION INC Country ISO code NACE Rev. 2, Core code Direct % Total %
250.48 152.07 1609 2012/01
Rating:
POWERWAVE ASIA INC Country ISO code NACE Rev. 2, Core code Direct % Total %
BBB
Rating:
P - WAVE LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
0.13 2 2012/01
Rating:
MICROWAVE VENTURES INC Country ISO code NACE Rev. 2, Core code Direct % Total %
2011/01
Rating:
COGNITION NETWORK LLC Country ISO code NACE Rev. 2, Core code Direct % Total %
4.71 2012/07
Rating:
P - WAVE LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
A
GB 100.00 100.00
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2012/01
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
POWERWAVE ENTERPRISES, LLC Country ISO code NACE Rev. 2, Core code Direct % Total %
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
0.06 1 2011/03
Rating:
BB
FI MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
11.58 12.34 70 2012/01
PH MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
HU MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
POWERWAVE FINLAND OY Country ISO code NACE Rev. 2, Core code Direct % Total %
Rating:
POWERWAVE HOLDINGS PHILIPPINES INC Country ISO code NACE Rev. 2, Core code Direct % Total %
Rating:
POWERWAVE HUNGARY KFT Country ISO code NACE Rev. 2, Core code Direct % Total %
2012/01
Rating:
POWERWAVE TECHNOLOGIES (SUZHOU) CO, LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
2012/01
POWERWAVE TECHNOLOGIES (THAILAND) LIMITED
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
TH MO -
POWERWAVE TECHNOLOGIES BRAZIL COMÉRCIO EQUIPAMENTOS DE TELECOMUNICAÇÕES LTDA.
Rating:
Country ISO code
BR
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total %
MO
Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
CA -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total %
MO -
Number of Employees Information date
2012/01
2012/01
20 2012/01
Rating:
POWERWAVE TECHNOLOGIES CANADA, LTD.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2012/01
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
POWERWAVE TECHNOLOGIES ESTONIA OĂœ Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
FR MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
DE MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
POWERWAVE TECHNOLOGIES FRANCE Country ISO code NACE Rev. 2, Core code Direct % Total %
45.79 16.44 248 2012/01 BBB
Rating:
POWERWAVE TECHNOLOGIES GERMANY GMBH Country ISO code NACE Rev. 2, Core code Direct % Total %
A
EE MO
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2.19 0.74 7 2012/01 A
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
0.49 2012/01
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A 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.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
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
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
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 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.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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 =
P Available Information P 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.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
POWERWAVE TECHNOLOGIES INCORPORATED
Tuesday, 29 January 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
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
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741