19.03.2013
Company Analysis - Overview Ticker:
China Railway Construction Cor
1186 HK
Currency: Sector: Industrials
Industry: Construction & Engineering
Year:
Telephone 86-10-5268-8600 Revenue (M) Website www.crcc.cn No of Employees Address 40 Fuxing Road East Haidian District Beijing China Share Price Performance in HKD Price 7.26 1M Return 52 Week High 9.54 6M Return 52 Week Low 4.72 52 Wk Return 52 Wk Beta 1.27 YTD Return Credit Ratings Bloomberg S&P Moody's Fitch
China Railway Construction Corporation Ltd is a full service construction company. The Company's services include construction operations, survey design and consulting. China Railway also has manufacturing operations, real estate operations, and logistics. The Company specializes in railway construction.
Benchmark: HANG SENG INDEX (HSI)
Hong Kong: 1186, Currency: HKD
534'024 241'621 -11.8% 6.1% 45.7% -17.6%
-
Date Date Date
12/08 31.4x 16.4x 9.4x 0.5x 2.6x 1.0%
12/09 16.4x 10.1x 5.4x 0.3x 2.0x 1.8%
12/10 23.3x 12.2x 5.6x 0.2x 1.7x 1.3%
12/11 5.4x 5.4x 3.1x 0.1x 0.7x 2.9%
12/12E 8.7x 3.4x 0.1x 1.0x 2.0%
12/13E 7.9x 3.1x 0.1x 0.9x 2.3%
12/14E 7.1x 2.9x 0.1x 0.8x 2.7%
12/08 Gross Margin 7.0 EBITDA Margin 4.5 Operating Margin 2.6 Profit Margin 1.7 Return on Assets 1.9 Return on Equity 13.8 Leverage and Coverage Ratios 12/08 Current Ratio 1.2 Quick Ratio 0.6 EBIT/Interest 3.3 Tot Debt/Capital 0.4 Tot Debt/Equity 0.5 Eff Tax Rate % 18.9
12/09 6.5 4.0 2.1 1.9 2.6 13.1
12/10 6.0 3.2 1.5 0.9 1.3 7.7
12/11 7.7 4.9 2.8 1.8 2.0 12.9
12/12E 8.8 4.8 2.8 1.7 2.0 11.9
12/13E 8.8 4.8 2.8 1.8 2.1 12.0
12/14E 9.2 4.9 2.9 1.8 2.2 12.0
12/09 1.2 0.5 4.7 0.3 0.5 19.0
12/10 1.1 0.4 4.1 0.5 0.9 29.1
12/11 1.1 0.5 3.4 0.6 1.5 21.6
-
Outlook Outlook Outlook
-
Business Segments in HKD Sales (M) Construction Operations 484272 Other Business Operations - Real Estate Dev. & Logistic Serv. 48702 Survey, Design and consultancy operations 8989 Manufacturing Operations 8981 Taxes and Surcharges -16921
9%
Geographic Segments in HKD Mainland China Outside China Reconciliation
Sales (M) 530227 20718 -16921
4% 3%
2%3% 2%
Valuation Ratios P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios %
84%
93%
Construction Operations Other Business Operations - Real Estate Dev. & Logistic Serv. Survey, Design and consultancy operations Manufacturing Operations
Mainland China
Outside China
Reconciliation Taxes and Surcharges
Current Capitalization in HKD Common Shares Outstanding (M) Market Capitalization (M) Cash and ST Investments (M) Total Debt (M) Preferred Equity (M) LT Investments in Affiliate Companies (M) Investments (M) Enterprise Value (M)
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12337.5 80929.0 107067.5 119458.9 0.0 0.0 1230.5 94550.9
Company Analysis - Analysts Ratings China Railway Construction Cor Buy and Sell Recommendations vs Price and Target Price 7%
12
20%
37%
40%
mars.12
avr.12
62%
62%
64%
67%
69%
69%
69% 57%
59%
4 2
0%
0 mai.12
juin.12
juil.12
Buy
août.12
Hold
sept.12
Sell
oct.12
Price
nov.12
déc.12
janv.13
févr.13
Target Price
Date
Buy
Hold
Sell
Date
28-Feb-13 31-Jan-13 31-Dec-12 30-Nov-12 31-Oct-12 28-Sep-12 31-Aug-12 31-Jul-12 29-Jun-12 31-May-12 30-Apr-12 30-Mar-12
59% 57% 69% 69% 69% 67% 64% 62% 62% 57% 40% 37%
34% 36% 23% 23% 31% 33% 36% 38% 38% 43% 60% 42%
7% 7% 8% 8% 0% 0% 0% 0% 0% 0% 0% 21%
19-Mar-13 18-Mar-13 15-Mar-13 14-Mar-13 13-Mar-13 12-Mar-13 11-Mar-13 8-Mar-13 7-Mar-13 6-Mar-13 5-Mar-13 4-Mar-13 1-Mar-13 28-Feb-13 27-Feb-13 26-Feb-13 25-Feb-13 22-Feb-13 21-Feb-13 20-Feb-13 19-Feb-13 18-Feb-13 15-Feb-13 14-Feb-13 13-Feb-13 12-Feb-13 11-Feb-13 8-Feb-13 7-Feb-13 6-Feb-13
Price Target Price 7.26 7.24 7.30 7.52 7.30 7.73 8.27 8.37 8.27 8.20 8.09 8.01 8.20 8.13 7.87 7.80 8.02 7.91 8.08 8.34 8.23 8.27 8.30 8.31 8.30 8.30 8.30 8.30 8.29 8.43
9.46 9.46 9.46 9.46 9.46 9.46 9.46 9.46 9.46 9.53 9.46 9.46 9.46 9.46 9.26 9.26 9.40 9.40 9.40 9.42 9.42 9.42 9.54 9.40 9.30 9.30 9.30 9.30 9.30 9.30
0
Broker
Analyst
Sun Hung Kai Securities UOB Kay Hian Standard Chartered Deutsche Bank AMTD Financial Planning Limited HSBC Masterlink Securities China International Capital Corp Goldman Sachs EVA Dimensions Macquarie JPMorgan Nomura Bank of China International Capital Securities Corp Daiwa Securities Co. Ltd. Morgan Stanley Guotai Junan Jefferies DBS Vickers GuoSen Securities Co Ltd CCB International Securities Ltd Religare Capital Markets Barclays SinoPac Credit Suisse
EVA YIP MARK PO BEN HARTWRIGHT PHYLLIS WANG KENNY TANG SING HING ANDERSON CHOW JAMES CHUNG WU HUIMIN TIAN LU CRAIG STERLING SAIYI HE KAREN LI GE WENJIE LI PAN LI XIAOLU JOSEPH HO KEVIN LUO GARY WONG JULIAN BU RACHEL MIU ETHANE CHENG ELIZA LIU PETER WILLIAMSON PATRICK XU VIVIAN LIU INGRID WEI
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Recommendation buy buy outperform buy buy neutral sell accumulate neutral/neutral buy neutral overweight neutral hold buy buy Overwt/Attractive neutral hold buy buy neutral buy overweight buy outperform
SinoPac
57%
2 Credit Suisse
40%
4
Barclays
6
6
Religare Capital Markets
42%
8
GuoSen Securities Co Ltd
60%
8
CCB International Securities Ltd
60%
10
Jefferies
34%
DBS Vickers
36%
Guotai Junan
23%
Morgan Stanley
23%
Capital Securities Corp
38%
Daiwa Securities Co. Ltd.
38%
Nomura
43%
10
Bank of China International
80%
36%
JPMorgan
7%
Macquarie
8%
21%
Goldman Sachs
8%
Brokers' Target Price 14
EVA Dimensions
33%
31%
12
China International Capital Corp
0%
HSBC
0%
Masterlink Securities
0%
Deutsche Bank
0%
AMTD Financial Planning Limited
0%
UOB Kay Hian
0%
Standard Chartered
0%
Sun Hung Kai Securities
100%
Price
Broker Recommendation
Target price in HKD
Target
Date
10.40 9.53 9.90 9.74 9.30 9.00 7.20 8.70 9.50
15-Mar-13 7-Mar-13 28-Feb-13 28-Feb-13 4-Feb-13 31-Jan-13 25-Jan-13 21-Jan-13 20-Jan-13 17-Jan-13 11-Jan-13 9-Jan-13 9-Jan-13 20-Dec-12 19-Dec-12 6-Dec-12 15-Nov-12 14-Nov-12 31-Oct-12 31-Oct-12 22-Oct-12 17-Oct-12 15-Oct-12 12-Oct-12 16-May-12 2-Nov-11
9.64 11.60 10.10 7.76 9.50 10.53 10.90 7.59 7.30 8.20
10.50 11.85 6.40 6.40
19.03.2013
China Railway Construction Cor
Company Analysis - Ownership Ownership Type
Ownership Statistics Shares Outstanding (M) Float Short Interest (M) Short Interest as % of Float Days to Cover Shorts Institutional Ownership Retail Ownership Insider Ownership
37%
62.88% 37.12% 0.00%
63%
Institutional Ownership
Retail Ownership
Insider Ownership
Pricing data is in HKD Top 20 Owners: Holder Name SOCIAL SECURITY FUND BLACKROCK HSBC GLOBAL ASSET MA CAPITAL GROUP COMPAN VANGUARD GROUP INC BAILLIE GIFFORD AND JP MORGAN DEUTSCHE BANK AG DEUTSCHE BANK AG DIMENSIONAL FUND ADV INVESTEC ASSET MANAG PRINCIPAL FINANCIAL SHINHAN BNP PARIBAS FMR LLC GRANTHAM MAYO VAN OT STATE STREET HSBC HOLDINGS PLC BNP PARIBAS INV PART MACKENZIE FINANCIAL JYSKE INVEST
United States China Britain Hong Kong Germany Luxembourg South Korea Others
45.82% 14.52% 8.41% 8.13% 6.68% 2.75% 2.37% 11.32%
Institutional Ownership Distribution Investment Advisor Government Mutual Fund Manager Unclassified Others
77.71% 14.46% 7.71% 0.06% 0.07%
11%
2% 3% 7%
46%
8% 8%
15%
United States
China
Britain
Hong Kong
Germany
Luxembourg
South Korea
Others
TOP 20 ALL
Position 188'754'500 128'553'896 104'343'882 102'088'800 101'221'828 99'459'500 94'058'957 85'802'995 -76'992'004 38'002'701 24'338'766 23'437'996 23'168'500 16'016'385 14'771'000 14'394'039 14'307'500 12'624'500 10'280'000 9'511'000
Position Change 0 -950'500 0 0 181'000 0 0 0 0 0 412'500 0 8'723'500 -2'422'727 0 -105'500 686'000 -431'000 -5'720'000 377'000
Market Value 1'370'357'670 933'301'285 757'536'583 741'164'688 734'870'471 722'075'970 682'868'028 622'929'744 -558'961'949 275'899'609 176'699'441 170'159'851 168'203'310 116'278'955 107'237'460 104'500'723 103'872'450 91'653'870 74'632'800 69'049'860
% of Ownership 9.09% 6.19% 5.03% 4.92% 4.88% 4.79% 4.53% 4.13% -3.71% 1.83% 1.17% 1.13% 1.12% 0.77% 0.71% 0.69% 0.69% 0.61% 0.50% 0.46%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
31.12.2011 15.03.2013 08.03.2013 31.12.2012 31.12.2012 19.07.2012 28.01.2013 08.02.2013 08.02.2013 31.07.2012 31.12.2012 31.01.2013 28.09.2012 31.01.2013 31.05.2012 18.03.2013 21.05.2012 31.12.2012 31.12.2012 31.01.2013
Source Co File ULT-AGG EXCH ULT-AGG MF-AGG EXCH ULT-AGG EXCH Short MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG
Top 5 Insiders: Holder Name
Geographic Ownership
Geographic Ownership Distribution
0%
12337.5 90.9%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Source
Institutional Ownership
Country CHINA UNITED STATES HONG KONG UNITED STATES UNITED STATES BRITAIN GERMANY GERMANY UNITED STATES GUERNSEY UNITED STATES SOUTH KOREA UNITED STATES UNITED STATES UNITED STATES BRITAIN FRANCE CANADA DENMARK
0% 8%
0%
14%
78%
Investment Advisor
Government
Unclassified
Others
Mutual Fund Manager
Company Analysis - Financials I/IV China Railway Construction Cor Financial information is in HKD (M) Periodicity:
Fiscal Year
Equivalent Estimates 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
81'105 75'097
105'194 97'669
149'693 140'342
176'461 164'766
245'847 228'746
391'436 365'851
523'680 492'065
534'024 493'077
583'842
634'823
675'260
Gross Income - Selling, General & Admin Expenses (Research & Dev Costs)
6'008 5'765 37
7'524 6'476 27
9'351 6'967 97
11'695 7'878 292
17'101 10'722
25'585 18'002 5'858
31'615 24'381 10'130
40'947 26'517 10'206
51'098
55'985
62'158
Operating Income - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)
332 392 20 -430
1'131 743 -83 -418
2'503 886 57 -485
4'002 1'305 94 -1'284
6'379 1'423 952 -1'115
8'374 1'384 -351 -2'085
7'601 1'367 -280 -476
14'979 3'803 -135 -803
16'163
17'794
19'921
Pretax Income - Income Tax Expense
350 169
888 389
2'045 581
3'886 1'520
5'119 966
9'426 1'788
6'990 2'034
12'113 2'619
13'236
14'856
16'283
Income Before XO Items - Extraordinary Loss Net of Tax - Minority Interests
181 0 84
499 0 168
1'464 0 282
2'366 0 5
4'153 0 70
7'638 0 150
4'955 0 81
9'495 0 33
0.15
0.30
0.61
0.39
0.77
4'083 0.36 0.11 33.9
6'438 0.52 0.18 29.9
4'874 0.39 0.11 29.1
9'461 0.77 0.12 15.7
10'212 0.83 0.15 0.18
11'276 0.92 0.17 0.18
12'401 1.02 0.20 0.20
27'866
30'295
32'752
Income Statement Revenue - Cost of Goods Sold
Diluted EPS Before XO Items
0.01
0.04
Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio %
0.00 0.0
0.00 0.0
0.00 0.0
2'360 0.30 0.00 0.0
Total Shares Outstanding Diluted Shares Outstanding
8'000 8'000
8'000 8'000
8'000 8'000
8'000 8'000
12'338
12'338 12'338
12'338 12'338
12'338 12'338
EBITDA
1'988
3'005
4'848
7'566
11'075
15'607
16'562
26'288
*Net income excludes extraordinary gains and losses and one-time charges.
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Financials II/IV 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
7.20
8.09
8.94
Balance Sheet Total Current Assets + Cash & Near Cash Items + Short Term Investments + Accounts & Notes Receivable + Inventories + Other Current Assets
57769.7662 77748.5593 101712.747 12'773 16'044 20'891 447 280 369 10'196 12'215 17'562 16'756 27'723 35'810 17'598 21'487 27'081
138497.63 209843.064 271449.337 27'993 65'162 70'833 160 37 111 27'416 37'160 44'080 51'110 25'114 97'098 31'818 82'370 59'328
344420.27 444226.476 65'963 91'438 6'482 7'832 58'996 80'053 141'213 185'152 71'766 79'752
Total Long-Term Assets + Long Term Investments Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets + Other Long Term Assets
17'030 1'321 19'682 8'303 11'379 4'330
18'663 1'829 21'323 9'052 12'271 4'564
22'422 2'121 26'061 10'506 15'555 4'746
29'181 2'057 34'754 12'636 22'118 5'006
39'716 1'884 47'247 16'806 30'441 7'391
49'937 4'503 62'585 22'411 40'174 5'260
68'731 12'426 80'183 30'094 50'089 6'216
77'249 13'626 96'335 39'993 56'342 7'280
Total Current Liabilities + Accounts Payable + Short Term Borrowings + Other Short Term Liabilities
59'550 22'067 7'348 30'136
78'596 28'022 9'450 41'124
103'594 37'388 12'473 53'733
147'652 48'545 22'196 76'911
179'224 85'220 23'315 70'689
235'762 115'817 14'286 105'659
309'993 150'496 36'607 122'890
392'961 184'187 82'106 126'668
Total Long Term Liabilities + Long Term Borrowings + Other Long Term Borrowings
13'161 1'666 11'495
15'316 3'713 11'603
16'865 5'445 11'420
14'389 6'347 8'043
15'569 6'253 9'316
24'208 17'464 6'744
34'472 28'552 5'920
47'492 41'997 5'495
Total Liabilities + Long Preferred Equity + Minority Interest + Share Capital & APIC + Retained Earnings & Other Equity
72'712 0 581 1'506 0
93'911 0 796 1'705 0
120'459 0 1'047 2'629 0
162'042 0 231 8'551 -3'145
194'793 0 598 53'386 782
259'970 0 924 14'011 46'481
344'465 0 977 55'538 12'172
440'454 0 1'196 58'048 21'777
2'088
2'500
3'675
5'637
54'766
61'417
68'686
81'022
74'799
96'412
124'135
167'679
249'559
321'386
413'151
521'475
0.19 0.17
0.21 0.20
0.33 0.29
0.68 0.52
4.39 4.20
4.90 4.83
5.49 5.37
6.47 6.30
Total Shareholders Equity Total Liabilities & Equity Book Value Per Share Tangible Book Value Per Share
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Financials III/IV 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
97 1'656 472 300
332 1'874 621 1'027
1'182 2'345 469 1'659
2'360 3'564 103 2'898
4'083 4'696 -952 -1'524
7'488 7'233 -767 5'378
4'874 8'961 -882 -7'812
9'461 11'309 -1'420 -38'765
10'207
11'249
12'512
Cash From Operating Activities + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing Activities
2'525 606 -2'705 -284 79 -812
3'854 757 -4'322 -344 414 -1'358
5'655 946 -5'209 -117 169 -1'010
8'925 1'143 -9'667 -102 246 -4'925
6'302 1'329 -12'059
5'141 1'477 -19'532 -1'355 137 1'450
-19'415 1'491 -14'520 -252 11 498
-14'622
-14'335
-13'121
-3'993
19'332 513 -14'242 -331 60 -2'664
Cash From Investing Activities + Dividends Paid + Change in Short Term Borrowings + Increase in Long Term Borrowings + Decrease in Long Term Borrowings + Increase in Capital Stocks + Decrease in Capital Stocks + Other Financing Activities
-3'115 0
-4'852 0
-5'221 0
-13'305 -2'156
-14'723 -1'136
-16'663 -1'400
-17'822 -2'105
-12'772 -1'450
8'070 -6'661 44 0 -196
12'895 -9'227 0 0 -251
16'008 -11'896 0 0 -503
27'718 -18'385 0 0 2'143
29'357 -33'945 0 0 43'576
34'547 -30'030 0 0 585
39'295 -23'304 0 0 -226
85'786 -30'003 0 0 -168
1'257
3'418
3'610
9'320
37'852
3'702
13'660
54'164
666
2'419
4'043
4'940
29'432
6'371
979
21'977
-181
-468
446
-742
-5'756
5'090
-14'390
-33'934
-13'327
8'477
9'913
22
-50 3'958 -0.06
1'080 5'505 0.06
52 9'734 -0.09
-4'602 -9'015 -0.51
6'212 10'120 0.41
-13'421 3'078 -1.17
-30'953 23'339 -2.75
Cash Flows Net Income + Depreciation & Amortization + Other Non-Cash Adjustments + Changes in Non-Cash Capital
Cash From Financing Activities Net Changes in Cash Free Cash Flow (CFO-CAPEX) Free Cash Flow To Firm Free Cash Flow To Equity Free Cash Flow per Share
-0.02
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Company Analysis - Financials IV/IV 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
31.4x 16.4x 9.4x 0.5x 2.6x 1.0%
16.4x 10.1x 5.4x 0.3x 2.0x 1.8%
23.3x 12.2x 5.6x 0.2x 1.7x 1.3%
5.4x 5.4x 3.1x 0.1x 0.7x 2.9%
8.7x
7.9x
7.1x
3.4x 0.1x 1.0x 2.0%
3.1x 0.1x 0.9x 2.3%
2.9x 0.1x 0.8x 2.7%
8.8% 4.8% 2.8% 1.7% 2.0% 11.9%
8.8% 4.8% 2.8% 1.8% 2.1% 12.0%
9.2% 4.9% 3.0% 1.8% 2.2% 12.0%
Ratio Analysis Valuation Ratios Price Earnings EV to EBIT EV to EBITDA Price to Sales Price to Book Dividend Yield Profitability Ratios Gross Margin EBITDA Margin Operating Margin Profit Margin Return on Assets Return on Equity Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital Tot Debt/Equity
7.4% 2.5% 0.4% 0.1%
7.2% 2.9% 1.1% 0.3% 0.4% 20.7%
6.2% 3.2% 1.7% 0.8% 1.1% 55.0%
6.6% 4.3% 2.3% 1.3% 1.6% 59.8%
7.0% 4.5% 2.6% 1.7% 1.9% 13.8%
6.5% 4.0% 2.1% 1.9% 2.6% 13.1%
6.0% 3.2% 1.5% 0.9% 1.3% 7.7%
7.7% 4.9% 2.8% 1.8% 2.0% 12.9%
0.97 0.39 0.81 0.81 4.32
0.99 0.36 1.38 0.84 5.26
0.98 0.37 2.41 0.83 4.88
0.94 0.38 2.57 0.84 5.06
1.17 0.57 3.25 0.35 0.54
1.15 0.49 4.73 0.34 0.52
1.11 0.42 4.09 0.49 0.95
1.13 0.46 3.38 0.61 1.53
1.23 9.40 4.33 4.41
1.37 10.13 4.53 4.45
1.22 7.95 4.16 3.84
1.16 7.51 2.96 5.84
1.37 9.64 4.36 5.99
1.44 10.27 4.03 4.18
1.15 7.71 3.18 3.03
43.8%
28.4%
39.1%
18.9%
19.0%
29.1%
21.6%
Others Asset Turnover Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover Effective Tax Rate
48.2%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Peers Comparision Latest Fiscal Year: 52-Week High 52-Week High Date 52-Week Low 52-Week Low Date Daily Volume
Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change Total Common Shares (M)
Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents
Enterprise Value
CHINA RAIL CN-H
CHINA RAIL GR-H
CHINA COM CONSH
12/2011 9.54 15.01.2013 4.81 30.03.2012 7'563'500
12/2011 4.98 10.01.2013 2.48 30.03.2012 16'696'500
12/2011 8.43 23.01.2013 5.75 05.09.2012 12'782'070
ZHUZHOU CSR 12/2011 30.25 02.01.2013 16.38 26.07.2012 4'094'776
7.26
3.88
6.69
22.90
-23.9% 50.9% 12'337.5
-22.1% 56.5% 21'299.9
-20.6% 16.3% 14'825.0
-24.3% 39.8% 1'084.3
80'930
77'362
97'971
24'829
100'663.6 970.4 80'520.6
130'576.0 9'330.0 60'314.0
106'045.0 10'739.0 45'170.0
647.9 121.0 2'158.8
183'800
154'416
19'909
443'319.3 417'448.9 467'694.0 508'533.0 0.2x 0.2x 0.2x 0.2x 21'822.9 22'290.2 22'322.3 24'268.5 3.7x 3.6x 3.8x 3.7x 0.68 0.61 0.67 0.74 9.5x 8.7x 7.9x (2.8%) 51.3% 34.4% 5.3% 4.8% 4.8%
75'857
442'216.0 418'599.0 459'520.7 502'956.7 0.4x 0.4x 0.3x 0.3x 18'977.0 19'609.0 18'794.1 20'996.6 8.5x 8.2x 8.2x 7.5x 0.32 0.31 0.33 0.38 10.1x 9.8x 9.4x 8.3x (3.1%) 23.0% 20.9% 26.7% 4.7% 4.1% 4.2%
294'281.0 280'093.0 295'062.1 329'738.3 0.6x 0.6x 0.6x 0.5x 21'465.0 22'252.0 24'549.0 27'984.5 7.7x 7.4x 6.6x 6.3x 0.76 0.72 0.71 0.79 7.4x 7.8x 7.5x 6.8x 7.9% 17.3% 16.8% 21.2% 7.9% 8.3% 8.5%
7'079.1 7'079.1 6'545.9 8'114.9 1.9x 1.9x 2.9x 2.3x 1'402.0 1'402.0 1'253.8 1'604.2 9.7x 9.7x 14.9x 11.5x 1.09 1.09 0.89 1.18 16.8x 16.8x 20.5x 15.5x 21.4% 42.8% 10.7% 33.9% 19.8% 19.2% 19.8%
155.5% 60.5% 4.627x 1.024x 5.926x
181.7% 61.7% 7.676x 4.897x 2.989x
151.0% 56.7% 5.938x 3.353x 4.776x
12.2% 10.6% 0.462x -1.078x 42.973x
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BBB+ 23.01.2013 -
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Valuation Total Revenue
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth EBITDA Growth EBITDA Margin
LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 1 Year 5 Year 1 Year 5 Year LTM CY+1 CY+2
Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense
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FALSE FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
Credit Ratings S&P LT Credit Rating S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date
FALSE FALSE FALSE FALSE
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