24.04.2013
Company Analysis - Overview Ticker:
Electricite de France SA
EDF FP
Sector: Utilities
Benchmark: CAC 40 INDEX (CAC)
EN Paris: EDF, Currency: EUR
Currency:
Industry: Electric Utilities
Year:
Telephone 33-1-40-42-22-22 Revenue (M) Website www.edf.fr No of Employees Address 22-30 Avenue de Wagram Paris Cedex 08, 75382 France Share Price Performance in EUR Price 16.24 1M Return 52 Week High 17.19 6M Return 52 Week Low 12.86 52 Wk Return 52 Wk Beta 0.82 YTD Return Credit Ratings Bloomberg S&P Moody's Fitch
EDF SA (Electricite de France) produces, transmits, distributes, imports and exports electricity. The Company, using nuclear power, coal and gas, provides electricity for French energy consumers.
72'729 154'730 6.9% 1.1% 13.7% 16.2%
IG10 A+ Aa3 A+
Date Date Date
12/09 21.1x 13.3x 7.7x 1.3x 2.6x 2.8%
12/10 89.1x 15.1x 6.0x 0.9x 1.8x 3.7%
12/11 11.1x 9.2x 5.1x 0.5x 1.2x 6.1%
12/12 7.8x 9.7x 5.1x 0.4x 1.0x 8.2%
12/13E 9.3x 4.8x 0.4x 0.9x 7.2%
12/14E 8.5x 4.6x 0.4x 0.9x 7.2%
12/15E 7.9x 4.3x 0.4x 0.9x 7.4%
12/09 Gross Margin EBITDA Margin 27.2 Operating Margin 15.7 Profit Margin 6.6 Return on Assets 1.8 Return on Equity 14.7 Leverage and Coverage Ratios 12/09 Current Ratio 1.1 Quick Ratio 0.7 EBIT/Interest 3.4 Tot Debt/Capital 0.6 Tot Debt/Equity 1.8 Eff Tax Rate % 27.5
12/10 24.0 9.6 1.6 0.4 3.3
12/11 21.6 12.0 4.8 1.3 10.5
12/12 19.7 10.3 4.6 1.4 12.2
12/13E 20.7 21.8 11.9 4.5 2.7 10.6
12/14E 21.7 22.3 12.4 4.8 2.7 10.5
12/15E 22.7 12.6 5.1 1.9 10.6
12/10 1.3 0.8 2.3 0.6 1.4 55.4
12/11 1.3 0.8 3.4 0.6 1.7 28.3
12/12 1.2 0.8 3.1 0.7 2.1 30.8
17.01.2012 14.01.2009 07.01.2009
Outlook Outlook Outlook
STABLE NEG STABLE
Business Segments in EUR Generation Supply Distribution Other Eliminations Transmission Integrated Utilities
Sales (M) 54594 14625 4073 -563
Geographic Segments in EUR France Italy United Kingdom Other International Other Activities Germany
6% 1%
Sales (M) 39120 10098 9739 7976 5796
8% 11%
20%
Valuation Ratios P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios %
13%
73%
Generation Supply
Distribution
54%
14%
France Italy United Kingdom
Other
Eliminations
Other International Other Activities
Current Capitalization in EUR 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 |
1846.7 30025.6 #N/A N/A #N/A N/A 0.0 0.0 0.0
Company Analysis - Analysts Ratings Electricite de France SA Buy and Sell Recommendations vs Price and Target Price
30 24%
33%
41%
20
46%
15
38%
45% 42%
50%
40%
38%
15
36%
10
25%
29%
janv.13
févr.13
mars.13
0%
0 avr.12
mai.12
juin.12
juil.12
août.12
Buy
sept.12
Hold
oct.12
Sell
nov.12
Price
déc.12
Target Price
Date
Buy
Hold
Sell
Date
29-Mar-13 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
29% 25% 23% 30% 20% 38% 43% 42% 46% 48% 46% 46%
38% 42% 36% 45% 50% 38% 35% 42% 46% 48% 50% 50%
33% 33% 41% 25% 30% 24% 22% 17% 8% 4% 4% 4%
24-Apr-13 23-Apr-13 22-Apr-13 19-Apr-13 18-Apr-13 17-Apr-13 16-Apr-13 15-Apr-13 12-Apr-13 11-Apr-13 10-Apr-13 9-Apr-13 8-Apr-13 5-Apr-13 4-Apr-13 3-Apr-13 2-Apr-13 1-Apr-13 29-Mar-13 28-Mar-13 27-Mar-13 26-Mar-13 25-Mar-13 22-Mar-13 21-Mar-13 20-Mar-13 19-Mar-13 18-Mar-13 15-Mar-13 14-Mar-13
Price Target Price 16.24 16.28 15.90 15.77 15.54 15.57 15.76 16.17 16.16 16.33 16.37 15.78 15.54 15.57 15.59 15.29 15.42 14.96 14.96 14.96 15.07 15.31 14.95 15.20 15.22 14.95 14.73 14.73 14.65 14.88
15.90 15.90 15.90 15.90 16.25 16.56 16.54 16.54 16.31 16.04 16.04 16.04 16.04 15.83 15.77 15.77 15.95 15.95 15.95 15.95 15.95 15.95 15.95 16.17 16.17 16.23 16.23 16.23 16.23 16.23
Broker
Analyst
Exane BNP Paribas Morgan Stanley Bryan Garnier & Cie Deutsche Bank Credit Suisse AlphaValue Goldman Sachs Raymond James Societe Generale Day by Day HSBC JPMorgan Macquarie EVA Dimensions S&P Capital IQ Natixis Barclays Berenberg Bank Main First Bank AG Kepler Capital Markets Landesbank Baden-Wuerttemberg DZ Bank AG
BENJAMIN LEYRE EMMANUEL TURPIN JULIEN DESMARETZ MARTIN BROUGH MICHEL DEBS MYRIAM COHEN ANDREW MEAD EMMANUEL RETIF VINCENT AYRAL VALERIE GASTALDY ADAM DICKENS VINCENT DE BLIC SHAI HILL AUSTIN BURKETT CLIVE ROBERTS PHILIPPE OURPATIAN JULIE ARAV TEAM COVERAGE ANDREAS THIELEN INGO BECKER ERKAN AYCICEK HASIM SENGUEL
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Recommendation outperform Overwt/In-Line sell sell underperform add Buy/Neutral underperform buy buy neutral overweight outperform hold hold neutral underweight hold underperform reduce hold buy
DZ Bank AG
23%
Landesbank BadenWuerttemberg
20%
5
Kepler Capital Markets
30%
Berenberg Bank
0 38%
Main First Bank AG
43%
Natixis
42%
Barclays
46%
S&P Capital IQ
48%
5 Macquarie
46%
10
EVA Dimensions
46%
20
HSBC
35%
25
JPMorgan
42%
60%
30
Day by Day
48%
25
Raymond James
50%
33%
Societe Generale
50%
20%
25%
30%
AlphaValue
22%
80%
Goldman Sachs
17%
Credit Suisse
8%
Brokers' Target Price 35
Deutsche Bank
4%
Bryan Garnier & Cie
4%
Morgan Stanley
4%
Exane BNP Paribas
100%
Price
Broker Recommendation
Target price in EUR
Target
Date
20.00 19.00 12.00 12.50 12.00 16.80 19.60 12.90 20.00 18.25 17.00 20.00 19.00
24-Apr-13 23-Apr-13 22-Apr-13 19-Apr-13 18-Apr-13 18-Apr-13 17-Apr-13 17-Apr-13 12-Apr-13 10-Apr-13 5-Apr-13 4-Apr-13 21-Mar-13 25-Feb-13 21-Feb-13 15-Feb-13 15-Feb-13 5-Feb-13 29-Jan-13 14-Jan-13 3-Dec-12 15-Nov-11
15.00 16.20 13.00 14.60 15.50 13.00 16.50 33.00
24.04.2013
Electricite de France SA
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
13%
1846.7 15.5%
86.56% 13.44% 0.00% 87%
Institutional Ownership
Retail Ownership
Insider Ownership
Pricing data is in EUR Top 20 Owners: Holder Name FRENCH STATE THORNBURG INVESTMENT NATIXIS ASSET MANAGE ALLIANCE BERNSTEIN VANGUARD GROUP INC BLACKROCK ING INTERNATIONAL AD NUVEEN ASSET MANAGEM AVIVA PLC ELECTRICITE DE FRANC JP MORGAN AMUNDI AMUNDI STATE STREET BANK OF NEW YORK MEL FMR LLC SANFORD C BERNSTEIN AGICAM ROTHSCHILD & COMPAGN TAUBE HODSON STONEX
France United States Luxembourg Britain Ireland Spain Germany Others
98.28% 1.03% 0.23% 0.09% 0.08% 0.06% 0.04% 0.19%
Institutional Ownership Distribution Government Investment Advisor Insurance Company Individual Others
97.62% 2.37% 0.01% 0.00% 0.00%
GRILLAT ALEXANDRE CROUZET PHILIPPE JAY MICHAEL LAFONT BRUNO FAUGERE MIREILLE
0% 0%0%0% 0% 1%
99%
France
United States
Luxembourg
Britain
Ireland
Spain
Germany
Others
TOP 20 ALL
Position 1'561'222'705 3'709'100 3'302'225 2'489'471 2'448'957 2'285'754 1'950'132 1'830'103 1'574'700 1'175'594 972'086 889'716 828'591 807'076 668'765 662'193 656'530 644'691 640'000 610'970
Position Change 0 -650'900 -33'501 1'033'639 61'552 -4'180 227'402 -118'251 0 0 116'930 -15'345 0 -13'911 0 59'201 0 0 0 0
Market Value 25'354'256'729 60'235'784 53'628'134 40'429'009 39'771'062 37'120'645 31'670'144 29'720'873 25'573'128 19'091'647 15'786'677 14'448'988 13'456'318 13'106'914 10'860'744 10'754'014 10'662'047 10'469'782 10'393'600 9'922'153
% of Ownership 84.44% 0.20% 0.18% 0.13% 0.13% 0.12% 0.11% 0.10% 0.09% 0.06% 0.05% 0.05% 0.04% 0.04% 0.04% 0.04% 0.04% 0.03% 0.03% 0.03%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
31.12.2011 28.02.2013 28.03.2013 28.02.2013 31.03.2013 22.04.2013 31.12.2012 31.03.2013 28.03.2013 31.12.2011 28.02.2013 30.11.2012 30.11.2012 23.04.2013 23.04.2013 28.02.2013 30.11.2012 28.02.2013 31.01.2013 31.01.2013
Source Co File MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG
Top 5 Insiders: Holder Name
Geographic Ownership
Geographic Ownership Distribution
0%
328 200 200 150 106
5'327 3'248 3'248 2'436 1'721
0.00% 0.00% 0.00% 0.00% 0.00%
Source 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Co File Co File Co File Co File Co File
Institutional Ownership
Country FRANCE UNITED STATES FRANCE UNITED STATES UNITED STATES UNITED STATES LUXEMBOURG UNITED STATES BRITAIN FRANCE FRANCE FRANCE UNITED STATES UNITED STATES UNITED STATES UNITED STATES FRANCE FRANCE BRITAIN
0% 0% 2%
0%
98%
Government
Investment Advisor
Individual
Others
Insurance Company
Company Analysis - Financials I/IV Electricite de France SA Financial information is in EUR (M) Periodicity:
Fiscal Year
Equivalent Estimates 12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
48'359
44'919
46'788
51'047
58'932
59'637
63'847
59'140
65'320
65'307
72'729
73'496
75'671
78'233
Gross Income - Selling, General & Admin Expenses (Research & Dev Costs)
15'214
16'421
43'893
38'930
38'403
43'054 402
49'576 389
49'646 375
55'937 421
49'834 438
59'080 486
57'495 518
65'236 527
Operating Income - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)
4'466 1'986 96 983
5'989 1'508 -24 2'003
8'385 1'568 59 5'075
7'993 1'556 -175 1'844
9'356 1'655 -36 819
9'991 1'660 72 634
7'910 1'684 66 933
9'306 2'529 9 1'562
6'240 2'528 -63 1'827
7'812 2'017 15 1'057
7'493 2'018 -2 334
8'765
9'398
9'837
Pretax Income - Income Tax Expense
1'401 986
2'502 1'567
1'683 1'072
4'768 1'445
6'918 1'146
7'625 1'841
5'227 1'599
5'206 1'432
1'948 1'079
4'723 1'336
5'143 1'586
4'981
5'459
5'760
415
935 0 78
611 0 -13
3'323 0 93
5'772 -5 172
5'784 -9 175
3'628 0 144
3'774 -311 183
869 -380 229
3'387 0 239
3'557 0 241
3'330 1.75 1.16 0.67
3'649 1.91 1.17 0.61
3'951 2.06 1.20 0.58
15'997
16'909
17'756
Income Statement Revenue - Cost of Goods Sold
Income Before XO Items - Extraordinary Loss Net of Tax - Minority Interests
-66
Diluted EPS Before XO Items Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio %
481 0.00 0.0
Total Shares Outstanding Diluted Shares Outstanding EBITDA
9'881
0.53
0.38
1.96
3.07
3.08
1.91
1.97
0.34
1.70
1.80
857 0.00 0.00 0.0
1'341 0.38
3'242 1.97 0.79 44.6
4'227 2.33 1.16 37.7
4'718 2.59 1.28 41.6
4'308 2.37 1.28 66.8
3'905 2.14 1.15 59.2
3'925 2.12 1.15 331.6
3'520 1.91 1.15 67.5
4'216 2.29 1.15 64.1
1'626 1'626
1'626 1'626
1'822 1'648
1'822 1'822
1'822 1'822
1'819 1'823
1'849 1'824
1'848 1'848
1'848 1'847
1'847 1'847
12'523
13'227
13'010
14'719
15'619
13'624
16'102
15'688
14'097
14'342
*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:
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
30765 1'172 2'511 12'368 8'102 6'612
31909 2'523
35784 3'820 13'733 6'678 11'553
48262 3'308 17'010 15'716 7'431 4'797
51577 6'035 14'876 16'100 8'678 5'888
59154 5'869
14'394 6'924 8'068
47612 7'220 11'966 16'107 6'695 5'624
19'144 9'290 24'851
60214 6'982 12'450 19'633 12'662 8'487
63670 4'829 16'788 19'524 12'685 9'844
67980 5'743 16'980 20'908 13'581 10'768
68085 5'874 16'433 22'497 14'213 9'068
114'074 8'569 180'818 85'396 95'422 10'083
114'991 7'315 179'049 80'037 99'012 8'664
115'675 8'118 181'351 83'706 97'645 9'912
123'524 9'012 188'655 86'988 101'667 12'845
130'824 13'094 193'422 89'541 103'881 13'849
134'572 15'805 198'301 93'360 104'941 13'826
141'338 18'103 204'620 97'045 107'575 15'660
179'821 24'498 231'582 103'540 128'042 27'281
176'889 24'921 199'645 92'445 107'200 44'768
163'982 24'260 208'464 96'496 111'968 27'754
182'033 30'471 222'167 99'925 122'242 29'320
Total Current Liabilities + Accounts Payable + Short Term Borrowings + Other Short Term Liabilities
33'583 6'353 8'146 19'084
35'356 8'164 9'890 17'302
37'278 6'663 9'759 20'856
39'932 8'872 11'933 19'127
44'922 9'457 15'110 20'355
48'692 9'867 16'918 21'907
58'217 13'957 18'958 25'302
57'177 13'348 16'560 27'269
49'651 12'805 12'766 24'080
51'409 13'681 12'789 24'939
58'368 14'643 17'521 26'204
Total Long Term Liabilities + Long Term Borrowings + Other Long Term Borrowings
96'387 21'366 75'021
91'705 19'714 71'991
104'212 20'636 83'576
110'930 23'511 87'419
109'365 19'983 89'382
108'661 17'607 91'054
117'277 25'584 91'693
148'191 44'755 103'436
154'005 40'646 113'359
147'881 42'688 105'193
161'038 46'980 114'058
129'970 0 986 8'154 5'729
127'061 0 915 8'129 10'795
141'490 0 897 8'129 943
150'862 0 961 911 18'402
154'287 0 1'490 911 22'398
157'353 0 1'586 911 26'299
175'494 0 1'801 911 22'286
205'368 0 4'776 924 28'967
203'656 0 5'586 924 30'393
199'290 0 4'189 924 27'559
219'406 0 4'854 924 24'934
14'869
19'839
9'969
20'274
24'799
28'796
24'998
34'667
36'903
32'672
30'712
144'839
146'900
151'459
171'136
179'086
186'149
200'492
240'035
240'559
231'962
250'118
11.64 7.63
5.58 1.48
10.60 5.62
12.79 7.73
14.93 9.62
12.75 7.31
16.17 5.83
16.94 7.94
15.42 6.57
14.00 4.24
12/13E
12/14E
12/15E
17.17
17.73
18.45
Balance Sheet Total Current Assets + Cash & Near Cash Items + Short Term Investments + Accounts & Notes Receivable + Inventories + Other Current Assets Total Long-Term Assets + Long Term Investments Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets + Other Long Term Assets
Total Liabilities + Long Preferred Equity + Minority Interest + Share Capital & APIC + Retained Earnings & Other Equity Total Shareholders Equity Total Liabilities & Equity Book Value Per Share Tangible Book Value Per Share
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Company Analysis - Financials III/IV Periodicity:
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
481 5'415 2'753 470
857 6'534 -712 17
624 4'842 2'056 473
3'230 5'017 -1'179 1'371
5'605 5'363 173 654
5'618 5'628 -755 -269
3'484 5'714 -1'415 -211
3'902 6'796 1'983 -1'468
1'020 9'448 977 -335
3'148 6'285 849 -1'785
3'316 6'849 2'149 -2'390
3'322
3'622
3'890
Cash From Operating Activities + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing Activities
9'119 1'683 -7'486 0 0 -4'080
6'696 1'778 -4'963 -1'413 0 -557
7'995 383 -4'940
8'439 392 -5'168 -2'894
11'795 272 -5'935 -8'797
10'222 229 -7'490
7'572 214 -9'703 -6'895
11'213 201 -11'777
11'110 188 -12'241 -6'272
8'497 497 -11'134
9'924 748 -13'386 -1'792
-12'750
-12'803
-13'035
761 -97
-2'951
691
1'580 253
-281
462 -14'120
3'398
222 3'624
20
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
-9'883 -378 0 6'250 -3'893 0 0 178
-5'155 -208 0 8'236 -9'287 33 0 122
-3'893 -321
-10'621 -374
-13'769 -1'439
-5'428 -3'170
-16'665 -2'438
-25'234 -1'228
-14'927 -2'163
-6'791 -2'122
-14'410 -2'125
3'865 -7'230 43
2'810 -3'247 6'377
3'686 -4'254 24
8'642 -4'652
5'846 -4'071
12'431 -4'869
686
45
15'717 -4'882 249 -180 461
29'272 -15'244 12
162
7'059 -6'357 178 -6 229
2'549
-10 488
-14 -1'176
-15 -809
Cash From Financing Activities
2'157
-1'104
-3'481
6'252
-1'938
-2'067
8'927
15'361
2'305
-1'537
4'613
Net Changes in Cash
1'393
437
621
4'070
-3'912
2'727
-166
1'340
-1'512
169
127
Free Cash Flow (CFO-CAPEX)
1'633
1'733
3'055
3'271
5'860
2'732
-2'131
-564
-1'131
-2'637
-3'462
-1'683
-792
-653
Free Cash Flow To Firm Free Cash Flow To Equity Free Cash Flow per Share
2'221 5'673
2'297 2'460 1.07
3'624 73 1.88
4'355 3'226 1.98
7'241 5'564 3.22
3'991 3'663 1.50
-962 8'918 -1.17
1'269 13'665 -0.31
-3 3'047 -0.61
-1'191 -365 -1.43
-2'066 4'848 -1.87
Cash Flows Net Income + Depreciation & Amortization + Other Non-Cash Adjustments + Changes in Non-Cash Capital
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Financials IV/IV Periodicity:
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
16.3x 9.4x 5.8x 1.0x 3.0x 2.5%
17.9x 12.5x 7.9x 1.7x 4.3x 2.1%
26.5x 16.4x 10.5x 2.5x 5.5x 1.6%
21.7x 14.7x 8.5x 1.2x 3.3x 3.1%
21.1x 13.3x 7.7x 1.3x 2.6x 2.8%
89.1x 15.1x 6.0x 0.9x 1.8x 3.7%
11.1x 9.2x 5.1x 0.5x 1.2x 6.1%
7.8x 9.7x 5.1x 0.4x 1.0x 8.2%
9.3x
8.5x
7.9x
4.8x 0.4x 0.9x 7.2%
4.6x 0.4x 0.9x 7.2%
4.3x 0.4x 0.9x 7.4%
20.7% 21.8% 11.9% 4.5% 2.7% 10.6%
21.7% 22.3% 12.4% 4.8% 2.7% 10.5%
22.7% 12.6% 5.1% 1.9% 10.6%
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 Others Asset Turnover Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover Effective Tax Rate
20.4% 9.2% 1.0% 0.3% 3.5%
27.9% 13.3% 1.9% 0.6% 5.2%
28.3% 17.9% 1.3% 0.4% 4.5%
25.5% 15.7% 6.3% 2.0% 22.8%
25.0% 15.9% 9.5% 3.2% 26.3%
26.2% 16.8% 9.4% 3.1% 22.2%
21.3% 12.4% 5.5% 1.8% 13.8%
27.2% 15.7% 6.6% 1.8% 14.7%
24.0% 9.6% 1.6% 0.4% 3.3%
21.6% 12.0% 4.8% 1.3% 10.5%
19.7% 10.3% 4.6% 1.4% 12.2%
0.92 0.48 2.25 0.66 1.98
0.90 0.48 3.97 0.60 1.49
0.96 0.47 5.35 0.75 3.05
1.19 0.88 5.14 0.64 1.75
1.07 0.80 5.65 0.59 1.42
1.06 0.76 6.02 0.55 1.20
1.02 0.43 4.70 0.64 1.78
1.05 0.68 3.43 0.64 1.77
1.28 0.83 2.27 0.59 1.45
1.32 0.85 3.44 0.63 1.70
1.17 0.77 3.07 0.68 2.10
0.34 4.08
0.31 3.36
0.31 3.33
0.32 3.42
0.34 3.70
0.33 3.75
0.33 3.62
0.27 3.05
0.27 3.34
0.28 3.23
0.30 3.35
70.4%
62.6%
63.7%
30.3%
16.6%
24.1%
30.6%
27.5%
55.4%
28.3%
30.8%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Peers Comparision EDF Latest Fiscal Year:
12/2012 17.91 03.07.2012 13.39 29.11.2012 713'624
52-Week High 52-Week High Date 52-Week Low 52-Week Low Date Daily Volume
Current Price (4/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 Total Revenue
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth EBITDA Growth EBITDA Margin
GDF SUEZ
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
12/2012 20.35 21.08.2012 14.05 01.03.2013 2'629'506
E.ON SE 12/2012 19.80 14.09.2012 12.42 08.02.2013 6'529'945
RWE AG
CENTRICA PLC
12/2012 36.47 12.09.2012 25.83 19.04.2013 2'054'661
12/2012 394.30 23.04.2013 301.20 22.06.2012 4'612'863
VEOLIA ENVIRONNE 12/2012 11.35 30.04.2012 7.38 16.11.2012 1'444'790
IBERDROLA SA
SSE PLC
12/2012 4.29 02.01.2013 2.63 26.07.2012 24'531'359
03/2012 1'553.00 24.04.2013 1'286.00 25.07.2012 580'364
ENEL SPA 12/2012 3.30 14.01.2013 2.02 24.07.2012 28'121'013
ENDESA 12/2012 19.53 13.03.2013 11.30 25.07.2012 148'017
EDP
ELETROBRAS-PR B NATIONAL GRID PL
12/2012 2.61 24.04.2013 1.63 31.05.2012 3'947'338
12/2011 23.42 25.04.2012 7.05 22.11.2012 2'018'700
03/2012 809.00 24.04.2013 636.00 25.07.2012 1'355'058
FORTUM OYJ
SUEZ ENVIRONNEME
12/2012 16.69 08.05.2012 12.81 23.07.2012 783'858
12/2012 10.93 02.05.2012 7.81 19.11.2012 468'943
16.24
16.47
13.60
26.60
377.10
9.88
4.00
1'542.00
2.84
16.52
2.61
10.37
807.00
14.12
10.26
-9.3% 21.3% 1'846.7
-19.1% 17.2% 2'357.3
-31.3% 9.5% 1'906.8
-27.1% 3.0% 614.7
-4.4% 25.2% 5'199.0
-12.9% 33.9% 507.8
-6.8% 52.1% 6'053.2
-0.7% 19.9% 944.7
-13.9% 40.7% 9'403.4
-15.4% 46.2% 1'058.8
-0.2% 60.1% 3'624.6
-55.7% 47.1% 1'352.6
-0.2% 26.9% 3'701.0
-15.4% 10.2% 888.4
-6.1% 31.3% 509.1
30'026
39'739
27'214
16'290
19'538
5'158
25'131
14'870
26'724
17'485
9'529
8'768
29'579
12'544
5'235
64'501.0 4'854.0 22'307.0
57'552.0 11'462.0 11'383.0
25'944.0 3'862.0 6'097.0
19'946.0 1'613.0 5'276.0
5'328.0 938.0
17'001.6 1'973.6 5'547.8
32'884.1 324.8 6'575.5
6'245.6 189.2
66'539.0 16'387.0 9'891.0
10'860.0 5'716.0 7'423.0
20'524.0 3'239.0 2'123.0
52'563.3 196.6 11'456.3
23'025.0 7.0 2'723.0
8'777.0 616.0 963.0
9'918.4 1'995.3 2'270.8
52'788 Valuation
77'074
97'370
32'573
23'928
18'585
72'729.0 72'729.0 73'495.9 75'671.3 1.0x 1.0x 1.0x 1.0x 14'342.0 14'342.0 15'996.5 16'908.5 5.1x 5.1x 4.8x 4.7x 2.06 1.80 1.75 1.91 9.0x 9.0x 9.3x 8.5x 11.4% 6.1% 1.7% (1.7%) 19.7% 21.8% 22.3%
97'038.0 97'038.0 81'066.0 81'882.3 1.0x 1.0x 1.1x 1.0x 18'401.0 18'401.0 13'804.7 13'953.3 5.1x 5.1x 6.2x 6.0x 1.33 0.71 1.36 1.43 23.1x 12.3x 12.1x 11.5x 7.0% 7.2% 14.5% 20.7% 19.0% 17.0% 17.0%
132'093.0 132'093.0 111'727.6 112'918.9 0.4x 0.4x 0.4x 0.4x 8'443.0 8'443.0 9'553.9 9'743.5 6.0x 6.0x 5.2x 5.1x 1.81 1.14 1.32 1.39 11.9x 7.5x 10.3x 9.8x 16.9% 16.4% 97.8% (5.3%) 6.4% 8.6% 8.6%
50'923
50'771.0 50'771.0 53'564.3 53'835.1 0.7x 0.7x 0.6x 0.6x 9'055.0 9'201.0 8'830.0 8'600.0 3.9x 3.9x 3.8x 3.9x 1.95 2.13 3.89 3.49 12.5x 12.5x 6.8x 7.6x 3.3% 4.1% 9.3% 3.1% 18.1% 16.5% 16.0%
23'942.0 23'942.0 24'435.7 25'406.1 0.9x 0.9x 1.0x 0.9x 3'698.0 3'698.0 3'962.1 4'176.9 5.9x 5.9x 6.1x 5.7x 0.26 0.25 0.28 0.30 15.3x 14.5x 13.5x 12.7x 4.9% 10.5% 11.7% 8.1% 15.4% 16.2% 16.4%
29'438.5 29'438.5 25'878.6 26'477.5 0.6x 0.6x 0.7x 0.6x 2'684.9 2'684.9 2'252.6 2'398.0 6.7x 6.7x 7.5x 7.1x -0.04 0.02 0.51 0.69 548.5x 19.6x 14.3x 3.0% (2.9%) 5.9% (6.3%) 9.1% 8.7% 9.1%
249.4% 67.7% 4.497x 2.942x 5.871x
96.3% 44.7% 3.128x 2.509x 7.199x
74.2% 40.1% 3.073x 2.351x 2.900x
134.6% 54.8% 2.168x 1.594x 7.250x
89.9% 47.3% 1.441x 1.187x 7.441x
237.7% 65.1% 6.332x 4.266x 3.201x
A+ 17.01.2012 Aa3 14.01.2009
A *29.01.2013 A1 03.07.2012
A27.07.2012 A3 05.10.2011
BBB+ 27.07.2012 A3 19.07.2011
A29.05.2009 A3 21.06.2006
BBB+ 24.11.2000 Baa1 07.02.2012
34'201.2 34'597.8 33'650.9 34'720.8 1.5x 1.5x 1.6x 1.5x 7'177.7 7'639.5 7'578.4 7'826.3 7.0x 6.6x 7.1x 6.7x 0.46 0.44 0.40 0.41 9.1x 9.1x 10.1x 9.7x 8.1% 8.2% 2.5% 8.0% 22.1% 22.5% 22.5%
20'116
99'759
26'638
31'169
50'071
50'514
20'974
14'878
31'723.9 31'337.3 32'084.9 32'589.7 0.6x 0.6x 0.7x 0.7x 1'946.8 2'073.9 2'179.3 2'323.9 9.5x 9.0x 10.0x 9.6x 1.29 0.25 1.13 1.17 62.7x 14.0x 13.6x 13.2x 12.0% 18.0% 4.9% 5.7% 6.6% 6.8% 7.1%
82'699.0 82'699.0 81'748.9 82'355.9 1.2x 1.2x 1.0x 1.0x 16'150.0 16'150.0 16'055.7 16'115.8 6.3x 6.3x 5.3x 5.1x 0.09 0.09 0.33 0.34 31.6x 8.7x 8.4x 6.6% 9.1% (5.6%) 10.7% 19.5% 19.6% 19.6%
33'933.0 33'781.0 33'340.3 34'293.1 0.8x 0.8x 0.8x 0.7x 7'005.0 7'031.0 6'672.4 6'811.7 3.9x 3.8x 4.2x 3.7x 1.93 1.92 1.76 1.89 8.6x 8.4x 9.4x 8.7x 3.8% 43.3% (3.6%) 1.1% 20.8% 20.0% 19.9%
16'339.9 16'048.9 15'469.8 16'114.8 1.8x 1.8x 2.0x 1.9x 3'612.0 3'720.6 3'648.0 3'859.3 8.3x 7.9x 8.4x 7.8x 0.28 0.30 0.26 0.28 8.7x 8.8x 10.0x 9.4x 8.1% 9.5% (3.8%) 6.1% 23.2% 23.6% 23.9%
39'538.9 39'232.5 25'594.0 28'261.5 1.3x 1.3x 3'443.4 3'443.4 2'351.0 3'500.0 14.5x 14.5x 2.36 -5.09 0.37 1.74 4.4x 28.3x 6.0x 16.5% 21.7% (37.9%) (4.7%) 8.8% 9.2% 12.4%
13'832.0 13'605.0 14'434.5 15'051.6 3.3x 3.4x 3.6x 3.5x 4'777.0 4'991.0 5'079.0 5'444.0 9.6x 9.2x 10.1x 9.6x 0.51 0.64 0.54 0.56 12.7x 14.8x 15.0x 14.5x (3.6%) 8.6% (1.4%) 7.5% 36.7% 35.2% 36.2%
6'159.0 6'159.0 6'287.6 6'472.2 3.4x 3.4x 3.4x 3.3x 2'360.0 2'403.0 2'453.2 2'440.7 8.9x 8.7x 8.6x 8.6x 1.59 1.29 1.25 8.9x 11.0x 11.3x (0.0%) 7.7% (1.5%) 3.4% 39.0% 39.0% 37.7%
15'101.6 15'101.6 15'342.3 15'916.0 0.9x 0.9x 1.0x 1.0x 2'246.9 2'246.9 2'508.3 2'676.5 6.4x 6.4x 6.0x 5.7x 0.72 0.67 0.65 0.76 15.4x 11.2x 15.7x 13.5x 1.8% 8.1% 4.3% 14.9% 16.3% 16.8%
136.2% 57.7% 2.961x 2.530x 3.881x
181.0% 55.6% 4.120x 3.508x 5.508x
52.6% 29.2% 1.545x 0.489x 10.317x
250.5% 64.2% 5.549x 4.953x 3.460x
78.4% 43.9% 15.265x 11.938x 1.476x
249.2% 71.3% 4.830x 4.193x 2.040x
86.0% 44.8% 3.653x 3.252x 7.867x
203.9% 59.1% 4.414x 3.404x 4.979x
A21.08.2009 A3 22.09.2009
BBB+ 08.03.2012 Baa2 05.11.2012
BBB+ 08.03.2012 WR 25.02.2009
BB+ 01.02.2012 Ba1 16.02.2012
A17.11.2011 Baa3 19.12.2012
A24.08.2007 Baa1 12.01.2007
A27.11.2012 A2 15.07.2005
A3 20.05.2009
Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense
97.4% 49.1% 4.335x 3.586x 4.822x
Credit Ratings S&P LT Credit Rating S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date
BBB 28.11.2012 (P)Baa1 05.11.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |