Tuesday, 19 March 2013
DEX ONE CORPORATION
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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DEX ONE CORPORATION
Identification number
Not available
Country
United States of America
ZIP code and city
27513 - CARY
Address
1001, WINSTEAD DRIVE +1 919 297 1600 www.dexone.com info@dexone.com
Legal form
Not available
Account
Consolidated
Incorporation date
1886
NACE 2 Sector
5819 - Other publishing activities
TM
ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
ASKMORE
Company name
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
plans 3 types of reports:
Turnover (th e) Rating s-peek
TM
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.
31/12/2010
31/12/2009
1,144,310
741,462
1,528,840
CC
B
CC
42.00%
3.80%
42.00%
78%
78%
78%
-351.67
7.54
-1.65
1.00
1.13
0.39
Current Ratio
0.99
0.97
0.81
Quick Ratio
0.99
0.97
0.81
Probability of default
Plus
Basic
31/12/2011
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 (%)
-
-
-
-5,259.44
1,140.19
-93.27
0.43
0.22
0.49
Asset turnover Interest paid weight Gross Profit/Operating revenue
-
-
-
0.81
0.76
0.83
-
-
-
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
key askMORETM is a registered mark of modeFinanceTM
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
DEX ONE CORPORATION
Tuesday, 19 March 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
-351.67
0.57
1.87
2.07
-2.63
1.00
2.75
1.53
1.14
0.91
Current Ratio
0.99
2.63
1.42
1.06
0.82
Quick Ratio
0.99
2.07
1.17
0.87
0.61
Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-
16.82
7.29
0.71
-12.05
-5,259.44
19.54
9.98
-11.31
-82.79
0.43
1.23
1.38
1.35
1.33
-
0.01
0.14
0.01
-0.18
0.81
0.42
0.39
0.34
0.24
-
143.80
6.00
0.09
-5.19
Days Sales Of Inventory (DIO)
0
40
26
23
29
Days Sales Outstanding (DSO)
149
62
66
63
73
0
26
32
39
33
149
81
58
36
44
-
80
114
69
21
CC
A
BBB
B
CC
Return on equity ROE (%) Asset turnover Interest paid weight Gross Profit/Operating revenue Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO) Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 5819 with financial data of year 2011.
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
DEX ONE CORPORATION
Tuesday, 19 March 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
DEX ONE CORPORATION
Tuesday, 19 March 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.7729
0.748
0.6942
12
12
12
Total assets
2,674,244
3,357,658
3,122,860
Fixed assets
1,813,616
2,519,818
1,928,417
1,686,446
2,371,332
1,498,141
117,123
141,184
109,171
10,048
7,302
321,105
860,628
837,840
1,194,443
0
0
0
Debtors
468,124
507,462
573,223
Other current assets
392,503
330,378
621,219
199,350
95,633
462,266
-7,626
393,385
-4,802,892
39
37
61,203
-7,664
393,348
-4,864,095
Total liabilities
2,681,870
2,964,273
7,925,752
Non current liabilities
1,811,784
2,098,604
6,451,632
Long term debt
1,687,964
1,860,964
1,777,903
123,819
237,640
4,673,729
Current liabilities
870,086
865,669
1,474,120
Loans
252,183
186,477
689,662
0
0
0
617,902
679,192
784,458
2,674,244
3,357,658
3,122,860
31/12/2011
31/12/2010
31/12/2009
Exchange rate USD - EUR Number of months
Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks
Cash & cash equivalent Shareholders funds Capital Other shareholders funds
Other non-current liabilities
Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt
252,183
186,477
689,662
1,687,964
1,860,964
1,777,903
Cash & cash equivalent Net debt
199,350
95,633
462,266
1,740,798
1,951,808
2,005,300
31/12/2011
31/12/2010
31/12/2009
Working capital Net Current Assets
-
-
-
-9,458
-27,829
-279,677
31/12/2011
31/12/2010
31/12/2009
Days Sales Of Inventory (DIO)
0
0
0
Days Sales Outstanding (DSO)
149
250
137
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0
0
0
149
250
137
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
DEX ONE CORPORATION
Tuesday, 19 March 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.7729
0.748
0.6942
12
12
12
Exchange rate USD - EUR Number of months Sales
1,144,310
741,462
1,528,840
54
-52
-
0
0
0
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover
1,144,310
741,462
1,528,840
Total operating costs
1,476,922
1,661,638
6,247,360
Costs growth (%)
-11
-73
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
481,109
124,890
776,858
EBITDA Depreciation EBIT Financial P/L
813,721
1,045,066
5,495,379
-332,612
-920,176
-4,718,521
-164,893
5,627,970
-405,602
Financial revenue
-175,278
-201,292
-339,818
Financial expenses
-10,385
-5,829,263
65,784
-
-
-
-497,505
4,707,794
-5,124,123
-
-
-
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-
-
-
-96,420
222,475
-644,537
-401,085
4,485,320
-4,479,586
31/12/2011
31/12/2010
31/12/2009
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
Costs of Good Sold
221,945
179,639
257,223
Gross Profit
922,366
561,823
1,271,616
1,254,978
1,481,999
5,990,137
31/12/2011
Other Operating Expenses
Cash flow Added value
31/12/2010
31/12/2009
412,636
5,530,386
1,015,793
-
-
-
31/12/2010
31/12/2009
3,200
3,500
31/12/2011 Number of employees
2,700
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
DEX ONE CORPORATION
Tuesday, 19 March 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
DEX ONE CORPORATION
Tuesday, 19 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
It is a publicly quoted company primarily engaged in providing print, online and mobile yellow pages and search solutions as well as major search engines. The company was founded as R. H. Donnelley Company in 1886 by Reuben H. Donnelley. The US - based company has its corporate headquarters located in Cary, North Carolina. It is a leading marketing solutions company that helps local businesses reach, win and keep ready - to - buy customers. The company’s highly - skilled, locally based marketing consultants offer a wide range of marketing products and services that help businesses get found more than one billion times each year by actively shopping consumers. It offers local businesses personalized marketing consulting services and exposure across a broad network of local marketing products, including its “official� print, online and mobile yellow pages and search solutions, such as www. dexknows. com, as well as major search engines. Through access to a vast collection of highly valuable, proprietary local market intelligence, as well as the personal, hands - on service from approximately 1,500 dedicated marketing consultants, the company helps about 435,000 local businesses create custom - tailored marketing programs that effectively reach potential customers - wherever, whenever, and however they search. It delivers a broad range of products and services to help local businesses grow - from identifying target audiences and developing messaging, to optimizing marketing programs and leveraging appropriate products, such as online and mobile search solutions, print yellow pages directories, voice based search platforms, and one of the largest pay - per - click ad networks in the United States.
History
Founded as R. H. Donnelley Company by Reuben H. Donnelley.
Primary business line
Engaged in providing print, online and mobile yellow pages and search solutions as well as major search engines.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Print, online and mobile yellow pages and search solutions, such as www. dexknows. com; and major search engines.
Size estimate
Leading marketing solutions company.
Strategy, organization and policy
Not available.
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
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
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
DEX ONE CORPORATION
Tuesday, 19 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main sales representation sites
Not available.
Main customers
Not available.
Auditor/Advisor/Bank name
type
address
KPMG LLP
Auditor
-
The Bank of New York
Transfer Agent
-
Board name
date of birth
nationality
function
Mr. Mr. Mr. Mr.
14/10/1960 -
-
Independent Director Independent Director Independent Director Independent Director
31/01/1949
United States
President, Chief Executive Officer, Director
Jonathan B Bulkeley Richard L Kuersteiner W. Kirk Liddell Mark A McEachen
Mr. Alfred Thomas Mockett
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
FRANKLIN RESOURCES, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
US 26.18
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US 9.95 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
7205.5 14751.5 8558 2012/09
Address : Not available
Rating:
HAYMAN CAPITAL MANAGEMENT LP Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
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
0 2012/12
DEX ONE CORPORATION
Tuesday, 19 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
BENNETT JAMES DONALD via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 9.55
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
RESTRUCTURING CAPITAL ASSOCIATES LP Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
9.10
Total Assets (MIL $) Number of Employees Information date
US 8.64 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
0 2012/12
Rating:
MEAD ROBERT E. Country ISO code NACE Rev. 2, Core code Direct % Total %
2012/06
2012/12
Address : Not available
Rating:
PAULSON & CO. INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
7.14
Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code Direct %
US 4.60
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
-
75 2012/06
Rating:
BENNETT RESTRUCTURING FUND LP
Information date
0 2012/12
Rating:
ALYESKA INVESTMENT GROUP, L.P. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
11.8
US 4.26
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 $)
Direct % Total % Address : Not available
3.23
2.8 25 2012/06
Rating:
TCS CAPITAL MANAGEMENT LLC via its funds
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0.9 10 2012/06
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
DEX ONE CORPORATION
Tuesday, 19 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
AA
US 3.19
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
9337 179896 10100 2012/06
DE
Operating Revenue (MIL $)
89665.98
3.13
Total Assets (MIL $) Number of Employees Information date
813342.96 141938 2012/06
US 2.95
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
BLACKROCK, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
Rating:
ALLIANZ SE via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
Rating:
VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
2017.7 1830.07 9500 2012/06
Address : Not available
BRIDGEWAY CAPITAL MANAGEMENT INC via its funds
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
US 1.92
Total Assets (MIL $) Number of Employees Information date
Rating:
MITTLEMAN BROTHERS LLC via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Total % Address : Not available
1.79
Information date
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
US 1.79
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 $)
Direct % Total % Address : Not available
1.57
0.16 3 2012/06
Rating:
RENAISSANCE TECHNOLOGIES LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0 2012/06
1245.2 947.51 42 2012/06
Rating:
STATE OF CALIFORNIA via its funds
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2012/06
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
DEX ONE CORPORATION
Tuesday, 19 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
DEUTSCHE BANK AG via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
DE 0.98
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
ALGERT COLDIRON INVESTORS, LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.96
Total Assets (MIL $) Number of Employees Information date
US 0.85
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2.1 20 2012/06
Rating:
PRUDENTIAL FINANCIAL INC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
43152.86 2800132.9 100996 2012/06
15787 709298 0 2012/06
Address : Not available
WELLINGTON MANAGEMENT COMPANY, LLP via its funds
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.73
Total Assets (MIL $) Number of Employees Information date
85.5 741 2012/06
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
DEX MEDIA EAST LLC Country ISO code NACE Rev. 2, Core code Direct % Total %
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
Rating:
DEX ONE SERVICE, INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
2012/07
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
0.04 1 2012/08
DEX ONE CORPORATION
Tuesday, 19 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
R.H. DONNELLEY INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
US MO -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
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
88.1 1300 2012/11
DEX ONE CORPORATION
Tuesday, 19 March 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
DEX ONE CORPORATION
Tuesday, 19 March 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
DEX ONE CORPORATION
Tuesday, 19 March 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
DEX ONE CORPORATION
Tuesday, 19 March 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
DEX ONE CORPORATION
Tuesday, 19 March 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