24.04.2013
Company Analysis - Overview Ticker:
MMC Norilsk Nickel OJSC
MNOD LI
London Intl: MNOD, Currency: USD
Currency: Sector: Materials
Industry: Metals & Mining
Year:
Telephone 7-495-787-76-67 Revenue (M) Website www.nornik.ru No of Employees Address 22 Voznesensky pereulok Moscow, 115230 Russian Federation Share Price Performance in USD Price 16.05 1M Return 52 Week High 20.44 6M Return 52 Week Low 13.96 52 Wk Return 52 Wk Beta 1.11 YTD Return Credit Ratings Bloomberg S&P Moody's Fitch
Mining and Metallurgical Company Norilsk Nickel OJSC or GMK Norilsk Nickel is a producer of base and precious metals. The Company's main products are nickel and palladium. MMC Norilsk Nickel also produces copper, cobalt, platinum, gold, silver and other precious metals. MMC Norilsk Nickel is headquartered in Moscow with its main production facilities in Taimyr and Kola peninsula.
Benchmark: FTSE 100 INDEX (UKX)
12'065 #N/A N/A
Sales (M) 11075 990
-3.9% 4.0% -3.8% -12.9%
BBBBB+
Date Date Date
12/09 8.4x 6.8x -
12/10 6.5x 5.8x -
12/11 5.1x 4.6x -
12/12 8.0x 6.8x -
12/13E 8.8x 2.2x 1.8x 9.3%
12/14E 8.2x 2.2x 1.8x 10.3%
12/15E 7.3x 2.0x 1.7x 8.8%
12/09 Gross Margin 51.1 EBITDA Margin 50.9 Operating Margin 41.4 Profit Margin 30.4 Return on Assets 11.9 Return on Equity 21.3 Leverage and Coverage Ratios 12/09 Current Ratio 2.0 Quick Ratio 1.0 EBIT/Interest 27.6 Tot Debt/Capital 0.3 Tot Debt/Equity 0.4 Eff Tax Rate % 24.3
12/10 61.8 57.7 51.4 25.8 14.1 21.2
12/11 59.0 51.3 45.9 25.5 16.8 25.3
12/12 49.1 40.9 34.3 18.0 10.9 18.1
12/13E 48.1 42.3 35.9 25.0 17.5 21.5
12/14E 48.3 42.8 35.2 25.5 15.5 22.8
12/15E 46.2 43.2 35.2 26.1 18.8 23.4
26.09.2011 11.07.2012 19.08.2011
Business Segments in USD Mining and Metallurgy Other Energy and Utilities
Outlook Outlook Outlook
NEG STABLE STABLE
Sales (M) 6066 2750 1226 1015 1004 4
8% 0%
8% 8%
Valuation Ratios P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios %
Geographic Segments in USD Europe Asia North America Russian Federation Adjustments Other Nickel
10% 51%
23% 92%
Europe Asia Mining and Metallurgy
Other
North America Russian Federation Adjustments Other
12/10 4.8 2.4 75.5 0.1 0.2 22.8
12/11 1.7 0.7 61.7 0.3 0.5 25.9
12/12 1.7 0.4 17.1 0.3 0.4 31.8
Current Capitalization in USD 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 |
#N/A Field Not Applicable 27631.2 #N/A N/A #N/A N/A 0.0 0.0 0.0
Company Analysis - Analysts Ratings MMC Norilsk Nickel OJSC Buy and Sell Recommendations vs Price and Target Price
25 7%
7%
5%
6%
13%
5%
18%
25 20
80% 40%
10 10
avr.12
mai.12
juin.12
19%
27%
29%
sept.12
oct.12
août.12
Buy
Hold
Sell
nov.12
Price
déc.12
févr.13
mars.13
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
58% 53% 50% 59% 47% 29% 27% 19% 13% 7% 7% 7%
37% 42% 44% 24% 40% 64% 67% 75% 81% 87% 87% 87%
5% 5% 6% 18% 13% 7% 7% 6% 6% 7% 7% 7%
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 16.05 15.53 15.78 15.74 15.50 15.25 15.68 15.89 16.57 16.76 17.17 17.07 16.59 16.48 16.60 16.73 16.85 16.89 16.89 16.89 16.65 16.51 16.27 16.71 16.76 16.74 16.59 16.65 17.21 17.35
19.82 19.82 20.55 20.84 20.84 20.84 21.18 21.47 21.58 21.58 21.48 21.48 21.60 21.60 21.60 21.60 21.81 21.81 21.81 21.81 21.81 21.81 21.72 21.72 21.59 21.59 21.70 21.70 21.70 21.57
Broker
Analyst
Gazprombank Morgan Stanley HSBC Deutsche Bank Alfa-Bank Sberbank CIB UFS-Finance Investment Company Societe Generale Credit Suisse Goldman Sachs Otkritie Capital JPMorgan Barclays Renaissance Capital BCS VTB Capital Aton LLC TKB Capital
NATALIA SHEVELEVA DMITRIY KOLOMYTSYN VLADIMIR ZHUKOV ERIK DANEMAR BARRY EHRLICH MIKHAIL STISKIN ILYA BALAKIREV ABHISHEK SHUKLA SEMYON MIRONOV YULIA CHEKUNAEVA DENIS GABRIELIK YURIY A VLASOV VLADIMIR SERGIEVSKIY BORIS KRASNOJENOV KIRILL CHUYKO NIKOLAY SOSNOVSKIY DINNUR GALIKHANOV MARIA KALVARSKAIA
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Recommendation overweight Underwt/In-Line neutral hold equalweight hold buy buy outperform neutral/neutral buy neutral overweight buy buy hold sell buy
BCS
janv.13
0 juil.12
Aton LLC
13%
5
TKB Capital
7%
0
58%
VTB Capital
7%
53%
Renaissance Capital
0%
7%
50%
Barclays
59% 47%
20%
5 JPMorgan
40%
Otkritie Capital
81%
15
Goldman Sachs
87%
15
64%
Credit Suisse
87%
67%
20
Societe Generale
87%
75%
37%
Sberbank CIB
60%
42%
44%
24%
UFS-Finance Investment Company
6%
Alfa-Bank
6%
Deutsche Bank
7%
HSBC
7%
Morgan Stanley
7%
Brokers' Target Price 30
Gazprombank
100%
Price
Broker Recommendation
Target price in USD
Target
Date
20.00 11.00 16.50 20.00 17.30 18.32 23.60 23.00 19.60 21.00 19.70 19.10 22.50 23.00 23.00 20.00 14.60 27.00
24-Apr-13 23-Apr-13 21-Apr-13 19-Apr-13 16-Apr-13 16-Apr-13 16-Apr-13 15-Apr-13 3-Apr-13 15-Mar-13 15-Mar-13 21-Feb-13 14-Feb-13 28-Jan-13 18-Jan-13 21-Dec-12 4-Dec-12 11-Jan-11
24.04.2013
MMC Norilsk Nickel OJSC
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
Others
100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Others Institutional Ownership Distribution Others
Institutional Ownership
Retail Ownership
Insider Ownership
Pricing data is in USD Top 20 Owners: Holder Name VANGUARD GROUP INC BARING INTERNATIONAL BNP PARIBAS INV PART FRANKLIN RESOURCES BARING ASSET MANAGEM JP MORGAN VAN ECK ASSOCIATES C BLACKROCK DWS INVESTMENT SA GRANTHAM MAYO VAN OT ALLIANZ ASSET MANAGE ALLIANCE BERNSTEIN TEMPLETON INVESTMENT SEB PICTET CONSEIL EN IN CARNEGIE FONDER AB/S THAMES RIVER CAPITAL STATE STREET PRINCIPAL FINANCIAL PICTET & CIE
Others
100.00% 0.00% 0.00% 0.00% 0.00%
0% 0%0%0% 0% 0%
100%
Others
Others
TOP 20 ALL
Position 8'318'711 8'137'574 5'129'290 5'073'960 4'797'930 4'561'641 4'434'338 4'352'197 3'536'560 3'337'724 2'533'017 2'528'259 2'453'764 2'103'863 1'655'244 1'573'000 1'504'605 1'373'744 1'179'718 1'157'555
Position Change -446'840 8'137'574 1'274'754 75'900 944'039 25'615 52'940 432'194 300'000 0 903'464 900'371 0 7'738 819'149 0 0 -1'964 451'070 1'157'555
Market Value 133'515'312 130'608'063 82'325'105 81'437'058 77'006'777 73'214'338 71'171'125 69'852'762 56'761'788 53'570'470 40'654'923 40'578'557 39'382'912 33'767'001 26'566'666 25'246'650 24'148'910 22'048'591 18'934'474 18'578'758
% of Ownership 0.48% 0.47% 0.30% 0.29% 0.28% 0.26% 0.26% 0.25% 0.21% 0.19% 0.15% 0.15% 0.14% 0.12% 0.10% 0.09% 0.09% 0.08% 0.07% 0.07%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 23.04.2013 22.04.2013 28.02.2013 31.05.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.01.2013 28.02.2013 30.09.2012 23.04.2013 31.03.2013 31.01.2013
Source MF-AGG 13F ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG
Top 5 Insiders: Holder Name
Geographic Ownership
Geographic Ownership Distribution
1%
#N/A Field Not Applicable
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Source
Country UNITED STATES BRITAIN FRANCE UNITED STATES IRELAND
Institutional Ownership 0% 0% 0%
UNITED STATES UNITED STATES LUXEMBOURG UNITED STATES GERMANY UNITED STATES BRITAIN LUXEMBOURG SWEDEN BRITAIN UNITED STATES UNITED STATES SWITZERLAND
0%
100%
Others
Others
Company Analysis - Financials I/IV MMC Norilsk Nickel OJSC Financial information is in USD (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
Revenue - Cost of Goods Sold
3'133 1'774
5'201 2'873
7'033 3'179
7'169 2'994
11'550 3'158
17'119 5'882
13'980 7'626
8'542 4'177
12'775 4'883
14'122 5'793
12'065 6'145
12'301
12'833
13'838
Gross Income - Selling, General & Admin Expenses (Research & Dev Costs)
1'360 568
2'328 751
3'854 866 40
4'175 841 14
8'392 1'090 20
11'237 3'878 18
6'354 1'869 19
4'365 830
7'892 1'325
8'329 1'851
5'920 1'777
5'912
6'201
6'386
Operating Income - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)
792 109 -17 -174
1'577 40 -15 213
2'988 68 12 355
3'334 83 25 110
7'302 67 -65 523
7'359 284 -146 -514
4'485 397 397 3'964
3'535 128 141 -40
6'567 87 22 -324
6'478 105 334 393
4'143 242 -214 972
4'415
4'518
4'876
Pretax Income - Income Tax Expense
874 290
1'339 493
2'553 696
3'116 838
6'777 1'805
7'735 2'459
-273 282
3'306 802
6'782 1'548
5'646 1'460
3'143 1'000
3'933
4'198
4'425
Income Before XO Items - Extraordinary Loss Net of Tax - Minority Interests
584 0 -8
846 0 -16
1'857 0 -21
2'278 -74 -3
4'972 -993 -24
5'276 0 -51
-555 0 -106
2'504 -147 51
5'234 2'145 -209
4'186 560 22
2'143 0 -27
592
862
1'878
2'281
4'996
5'327
4'279
2'651
5'442
4'164
3'119
48.2
20.7
3'071 1.83 1.50 0.82
3'269 1.96 1.66 0.85
3'610 2.21 1.41 0.64
4'352
7'370
7'240
4'932
5'202
5'487
5'983
Income Statement
Diluted EPS Before XO Items Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio %
24.6
33.6
16.4
12.3
7.7
14.9
1'215
2'029
3'528
3'912
7'888
8'296
Total Shares Outstanding Diluted Shares Outstanding EBITDA
5'788
*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
3265.99906 3701.64305 262 958 94 136 212 361 1'826 1'503 873 744
3967 1'346
5553 922
5205 2'178
12510 4'008
7059 1'995
8408 3'632
12974 5'405
6569 1'627
6814 1'037
290 1'442 889
278 1'301 3'052
534 1'471 1'022
661 2'108 5'733
278 1'959 2'827
683 1'990 2'103
995 2'246 4'328
970 2'623 1'349
697 3'197 1'883
12/13E
12/14E
12/15E
8.78
8.90
9.41
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
6'424 104 6'731 415 6'315 4
7'633 163 8'190 920 7'270 199
9'665 1'407 9'276 1'424 7'852 406
9'177 690 8'985 1'840 7'145 1'342
11'074 2'615 10'892 2'758 8'134 325
23'186 2'982 19'432 4'451 14'981 5'223
13'764 523 18'071 7'334 10'737 2'504
14'352
10'935
12'343
14'160
18'548 7'531 11'017 3'335
19'730 10'577 9'153 1'782
19'477 9'892 9'585 2'758
23'100 11'173 11'927 2'233
Total Current Liabilities + Accounts Payable + Short Term Borrowings + Other Short Term Liabilities
1'468 211 453 804
1'638 156 267 1'215
1'383 151 552 680
1'594 170 357 1'067
1'251 191 158 902
6'434 352 3'973 2'109
2'126 281 872 973
4'112 243 2'986 883
2'697 374 1'256 1'067
3'830 346 2'754 730
3'969 449 2'526 994
956 146 810
1'088 182 906
1'606 657 949
1'739 635 1'104
1'892 632 1'260
7'441 4'103 3'338
6'912 5'568 1'344
3'893 2'378 1'515
3'238 1'575 1'663
3'860 2'401 1'459
4'065 2'497 1'568
Total Liabilities + Long Preferred Equity + Minority Interest + Share Capital & APIC + Retained Earnings & Other Equity
2'425 0 101 688 6'476
2'726 0 346 751 7'511
2'989 0 366 792 9'485
3'333 0 334 9 11'054
3'143 0 319 619 12'198
13'875 0 2'318 1'398 18'105
9'038 0 1'054 1'398 9'333
8'005 0 1'080 1'398 12'277
5'935 0 598 1'519 15'857
7'690 0 120 1'519 9'583
8'034 0 109 1'519 11'312
Total Shareholders Equity
7'265
8'609
10'643
11'397
13'136
21'821
11'785
14'755
17'974
11'222
12'940
Total Liabilities & Equity
9'690
11'335
13'632
14'730
16'279
35'696
20'823
22'760
23'909
18'912
20'974
Total Long Term Liabilities + Long Term Borrowings + Other Long Term Borrowings
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:
12/02
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
Net Income + Depreciation & Amortization + Other Non-Cash Adjustments + Changes in Non-Cash Capital
592 423 -276 -127
862 451 133 208
1'878 540 -3'412 3'498
2'355 578 -3'913 3'974
5'989 586 -655 -273
5'327 937 1'026 75
-449 1'303 -309 370
2'600 817 586 -560
3'298 803 1'826 -410
3'604 762 996 -658
2'170 789 1'071 -595
2'763
2'984
3'419
Cash From Operating Activities + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing Activities
611 4 -353 -40 191 -271
1'655 21 -440 -142 5 -60
2'504 57 -618 0 0 -1'467
2'994 38 -773 0 0 -720
5'647 46 -743
7'365 88 -1'140
915 88 -2'360
3'443 38 -1'061
5'517 33 -1'728
4'704 23 -2'201
3'435 10 -2'692
-2'441
-2'324
-2'216
1'075
-11'732
2'730
513
249
300
-233
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
-470 -170 -660 228 -20 0 0 -109
-617 -147 -292 175 -213 0 0 16
-2'028 -618 -36 872 -197 0 0 47
-1'455 -201 85 112 -417 0 -1'457 -64
378 -1'079 -482
-12'784 -849
458 -1'670
-510
-1'446 -1'208
-1'878 -1'234
-2'915 -960
-11
10'183 -3'915
3'723 -5'240
113 -1'193
628 -3'048 1'705
-999 -2'198
1'838
-2'617
-29 -78
-111
3'694 -1'351 1'246 -8'995 36
2'478 -2'666 0 0 38
Cash From Financing Activities
-731
-461
68
-1'942
-4'769
7'257
-5'804
-1'187
-2'034
-6'604
-1'110
Net Changes in Cash
-590
577
544
-403
1'256
1'838
-4'431
1'746
2'037
-3'778
-590
258
1'214
1'886
2'221
4'904
6'225
-1'445
2'382
3'789
2'503
743
331 -190
1'239 905
1'935 2'582
2'282 2'039
4'953 4'457
6'419 12'581
-2'874
2'479 1'340
3'856 1'402
2'581 4'869
908 565
Cash Flows
Free Cash Flow (CFO-CAPEX) Free Cash Flow To Firm Free Cash Flow To Equity Free Cash Flow per Share
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
7.7x 6.8x
3.8x 3.0x
8.4x 6.8x
6.5x 5.8x
5.1x 4.6x
8.0x 6.8x
12/13E
12/14E
12/15E
8.8x
8.2x
7.3x
2.2x 1.8x 9.3%
2.2x 1.8x 10.3%
2.0x 1.7x 8.8%
48.1% 42.3% 35.9% 25.0% 17.5% 21.5%
48.3% 42.8% 35.2% 25.5% 15.5% 22.8%
46.2% 43.2% 35.2% 26.1% 18.8% 23.4%
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
43.4% 38.8% 25.3% 18.9% 6.1% 8.9%
44.8% 39.0% 30.3% 16.6% 8.2% 11.2%
54.8% 50.2% 42.5% 26.7% 15.0% 20.3%
58.2% 54.6% 46.5% 32.8% 16.6% 22.1%
72.7% 68.3% 63.2% 51.9% 38.6% 50.2%
65.6% 48.5% 43.0% 31.1% 20.5% 33.0%
45.5% 41.4% 32.1% -3.2% -1.6% -3.0%
51.1% 50.9% 41.4% 30.4% 11.9% 21.3%
61.8% 57.7% 51.4% 25.8% 14.1% 21.2%
59.0% 51.3% 45.9% 25.5% 16.8% 25.3%
49.1% 40.9% 34.3% 18.0% 10.9% 18.1%
Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital Tot Debt/Equity
2.22 0.39 7.27 0.08 0.08
2.26 0.89 39.40 0.05 0.05
2.87 1.18 43.94 0.10 0.11
3.48 0.75 40.17 0.08 0.09
4.16 2.17 108.99 0.06 0.06
1.94 0.73 25.91 0.27 0.37
3.32 1.07 11.30 0.35 0.55
2.04 1.05 27.62 0.27 0.36
4.81 2.37 75.48 0.14 0.16
1.72 0.68 61.70 0.31 0.46
1.72 0.44 17.12 0.28 0.39
Others Asset Turnover Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover
0.32 14.07 6.63 0.95
0.50 18.41 13.05 1.72
0.56 21.62 20.31 2.16
0.51 25.24 17.78 2.18
0.74 28.45 18.44 2.28
0.66 28.65 24.01 3.29
0.49 29.78 23.62 3.75
0.39 17.78 16.06 2.12
0.55 15.23 16.66 2.31
0.66 14.37 17.14 2.38
0.60 14.48 16.90 2.11
33.1%
36.8%
27.3%
26.9%
26.6%
31.8%
24.3%
22.8%
25.9%
31.8%
Effective Tax Rate
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Peers Comparision MMC NORILSK ADR Latest Fiscal Year:
EVRAZ PLC
BHP BILLITON LTD UNITED CO RUSAL
12/2012 20.44 25.01.2013 13.96 01.06.2012 3'278'994
12/2012 384.30 30.04.2012 151.10 18.04.2013 3'241'562
Current Price (4/dd/yy)
16.05
166.30
52-Week High % Change
-21.5% 15.0% -
-56.7% 10.1% 1'339.9
52-Week High 52-Week High Date 52-Week Low 52-Week Low Date Daily Volume
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
XSTRATA PLC
ANGLO AMER PLC
LONMIN PLC
MAGNITOGORSK
12/2012 5.70 26.04.2012 3.81 02.04.2013 4'595'000
12/2012 1'310.00 01.02.2013 787.60 27.11.2012 15'793
12/2012 1'201.00 01.02.2013 760.47 27.06.2012 4'406'533
12/2012 2'440.00 02.05.2012 1'540.00 18.04.2013 3'018'744
09/2012 568.60 02.05.2012 226.96 09.11.2012 1'024'259
31.70
3.94
918.00
989.80
1'616.50
-19.4% 5.4% 5'297.6
-30.9% 3.4% 15'193.0
-29.9% 16.6% 3'032.2
-17.6% 30.2% 3'002.7
-33.8% 5.0% 1'391.0
SEVERSTAL
IMPALA PLATINUM
NLMK OAO
12/2012 12.70 02.05.2012 6.70 15.04.2013 11'494'300
12/2012 470.00 14.09.2012 233.00 17.04.2013 1'967'720
06/2012 17'600.00 15.01.2013 10'845.00 15.04.2013 1'045'689
267.60
7.20
255.80
-52.9% 17.9% 381.8
-43.3% 7.5% 11'006.0
-45.6% 9.8% 837.7
12'014.00
54.09
119.70
25.60
54.68
-31.7% 10.8% 615.8
-22.6% 18.9% 5'993.2
-54.7% 7.5% 416.3
-35.8% 6.2% 582.3
-24.4% 13.0% 1'847.0
2'449
158'638
59'860
174'996
29'721
22'529
1'521
80'455
214'288
75'954
8'169.0 200.0 1'320.0
28'330.0 1'215.0 4'781.0
11'334.0 490.0
348.3 282.6 1'038.3
17'067.0 2'339.0 1'983.0
16'760.0 6'130.0 9'094.0
736.0 257.0 315.0
3'867.0 155.0 424.0
5'709.5 20.8 1'750.1
3'609.0 2'307.0 1'193.0
48'193 Valuation
10'788
194'666
18'554
5'152
62'800
14'726.0 14'726.0 14'735.6 15'475.0 0.9x 0.9x 0.7x 0.7x 1'599.0 1'599.0 2'102.6 2'415.1 7.9x 7.9x 5.0x 4.2x -0.36 -0.23 0.16 0.31 15.9x 8.1x (10.2%) (42.8%) 10.9% 14.3% 15.6%
72'226.0 66'950.0 67'569.0 73'914.3 3.3x 3.5x 2.9x 2.6x 33'421.0 27'133.0 28'726.6 33'552.1 7.1x 8.7x 6.7x 5.7x 3.61 1.83 2.53 3.05 17.9x 11.7x 12.9x 10.7x 0.7% 6.8% (12.1%) 8.0% 40.5% 42.5% 45.4%
10'891.0 10'891.0 11'064.4 11'619.3 1.9x 1.9x 1.6x 1.5x 1'223.0 1'223.0 1'221.2 1'417.8 16.7x 16.7x 14.8x 12.3x 0.02 -0.02 0.06 0.07 9.1x 7.0x (11.4%) (55.7%) (23.3%) 11.2% 11.0% 12.2%
2'848.1 2'028.1 4.1x 6.7x 1'426.1 673.9 8.2x 17.4x 2.19 13.3x 18.5% 28.0% 38.9% 47.8% 38.5% -
31'618.0 31'618.0 33'840.4 35'525.1 2.2x 2.2x 1.8x 1.7x 8'122.0 8'122.0 9'266.4 10'563.3 8.5x 8.5x 6.7x 5.7x 1.26 0.40 1.21 1.45 37.8x 12.0x 12.4x 10.4x (6.7%) 3.5% (30.3%) (5.7%) 25.7% 27.4% 29.7%
39.1% 28.0% 1.018x 0.808x 20.380x
157.9% 60.3% 5.109x 4.283x 2.479x
43.0% 29.7% 1.308x 1.120x 44.266x
103.8% 50.9% 9.267x 8.867x 1.637x
8.3% 7.2% 0.302x -0.446x 62.969x
38.4% 26.7% 2.101x 1.857x 20.458x
BBB26.09.2011 -
-
A+ 15.11.2010 (P)A1 15.11.2010
-
-
BBB+ *29.11.2012 -
28'761.0 28'761.0 34'519.9 36'176.5 2.0x 2.0x 1.5x 1.4x 7'682.0 7'682.0 9'657.0 10'177.3 7.4x 7.4x 5.3x 5.1x 2.59 -1.13 2.17 2.61 9.8x 11.4x 9.5x (5.9%) 13.5% (32.5%) (5.8%) 26.7% 28.0% 28.1%
3'001
6'154
324'174 4'631.7 (32.9) 1'058.2
12/2012 39.90 10.01.2013 24.10 23.04.2013 9'034'012
RIO TINTO LTD
12/2012 264.00 27.04.2012 111.30 23.04.2013 693'255
5'023.0 109.0 1'037.0
12'065.0 12'065.0 12'301.2 12'832.7 2.8x 2.8x 2.5x 2.5x 4'932.0 4'932.0 5'201.9 5'487.1 6.8x 6.8x 6.0x 5.8x 1.83 1.96 8.8x 8.2x (14.6%) (4.4%) (31.9%) (9.9%) 40.9% 42.3% 42.8%
TECK RESOURCESB
MECHEL
12/2012 69.86 17.09.2012 45.51 04.04.2013 4'623'300
27'631
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
06/2012 39.34 20.02.2013 30.09 12.07.2012 16'783'219
POLYUS GOLD OJSC
12/2012 72.30 14.02.2013 48.37 30.08.2012 6'203'716
49'828
14'926
86'882
9'870.1 25.3 362.3 295.0
7'195.0 176.0 3'267.0
26'819.0 11'156.0 7'320.0
10'788
80'872
13'839
11'546
19'514
119'939
1'614.0 1'614.0 1'621.9 1'995.0 1.6x 1.6x 1.5x 1.2x 776.0 776.0 182.5 418.0 3.2x 3.2x 13.1x 5.7x 0.36 -1.08 0.05 0.26 11.4x 90.8x 15.5x (19.0%) (1.6%) 89.7% (2.5%) 48.1% 11.2% 21.0%
9'328.0 9'328.0 9'462.2 10'023.3 0.8x 0.8x 0.6x 0.6x 1'218.0 1'218.0 1'317.7 1'485.8 6.1x 6.1x 4.6x 3.9x -0.01 0.00 0.02 57.2x 12.7x 0.2% 2.6% (2.7%) (12.0%) 13.1% 13.9% 14.8%
14'103.7 14'103.7 14'606.9 15'369.4 1.0x 1.0x 0.7x 0.7x 2'127.4 2'127.4 2'252.8 2'403.5 6.7x 6.7x 4.8x 4.3x 0.85 1.00 1.10 9.5x 8.2x 7.4x (10.8%) 17.8% (40.6%) (10.3%) 15.1% 15.4% 15.6%
27'593.0 27'342.0 32'481.6 37'931.1 3.9x 3.9x 2.5x 2.2x 7'300.0 5'736.0 6'759.4 8'936.5 14.6x 18.6x 12.0x 9.2x 6.85 2.40 5.24 8.48 50.1x 50.0x 22.9x 14.2x (16.7%) 0.9% (36.9%) (13.0%) 21.0% 20.8% 23.6%
12'156.6 12'156.6 12'518.1 13'450.3 1.3x 1.3x 1.1x 1.0x 1'900.5 1'900.5 2'044.6 2'322.0 8.2x 8.2x 6.7x 5.8x 0.10 0.15 0.18 17.3x 11.5x 9.4x 3.6% 6.9% (15.7%) (11.0%) 15.6% 16.3% 17.3%
11'274.9 11'274.9 11'482.4 11'466.8 1.1x 1.1x 1.0x 1.0x 462.4 462.4 1'538.3 1'510.4 27.6x 27.6x 7.4x 7.4x -3.93 (0.62) 0.11 33.7x (10.1%) 9.2% (81.2%) (22.8%) 4.1% 13.4% 13.2%
10'343.0 10'126.0 9'828.8 10'752.2 2.1x 2.1x 2.0x 1.8x 3'736.0 3'508.0 3'245.5 3'945.0 5.7x 6.0x 6.1x 5.0x 2.59 2.33 2.14 2.79 11.0x 11.0x 12.0x 9.2x (10.2%) 9.2% (30.4%) 5.7% 34.6% 33.0% 36.7%
50'967.0 50'967.0 55'585.9 61'445.4 3.1x 3.1x 2.2x 1.9x 15'486.0 15'486.0 21'006.8 23'251.3 10.2x 10.2x 5.7x 5.0x 4.06 -1.63 5.72 6.62 9.8x 8.5x (15.8%) 11.2% (41.1%) 8.1% 30.4% 37.8% 37.8%
29.6% 21.1% 0.948x 0.543x 17.244x
40.0% 28.3% 3.175x 2.827x 5.462x
79.4% 44.2% 2.684x 1.861x 4.825x
7.2% 6.4% 0.720x 0.447x 21.283x
41.6% 29.5% 2.437x 1.880x 27.760x
313.1% 73.6% 21.346x 20.708x 0.691x
40.4% 28.6% 2.094x 1.253x 6.026x
57.2% 31.6% 1.732x 1.259x 14.848x
-
NR 20.01.2010 -
BB+ 21.06.2012 Ba1 07.06.2012
-
BBB23.07.2008 -
-
BBB 16.04.2010 Baa2 17.11.2010
A18.04.2011 -
Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense
44.5% 27.7% 2.182x 0.998x 7.080x
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 04.04.2013 Baa1 23.02.2009
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