30.04.2013
Company Analysis - Overview Ticker:
Nuance Communications Inc
NUAN US
Benchmark: S&P 500 INDEX (SPX)
NASDAQ GS: NUAN, Currency: USD
Currency: Sector: Information Technology
Industry: Software
Year:
Telephone 1-781-565-5000 Revenue (M) Website www.nuance.com No of Employees Address 1 Wayside Road Burlington, MA 01803 United States Share Price Performance in USD Price 19.14 1M Return 52 Week High 25.89 6M Return 52 Week Low 18.00 52 Wk Return 52 Wk Beta 1.60 YTD Return Credit Ratings Bloomberg S&P Moody's Fitch
Nuance Communications, Inc. provides speech and imaging solutions for businesses and consumers around the world. The Company's products include a speech recognizer, call steering, and a product that converts text into speech.
1'652 12'000 -5.2% -14.4% -21.7% -14.3%
IG8 BBBa3 -
Date Date Date
9/09 56.8x 21.0x 4.0x 2.0x 0.0%
9/10 70.8x 61.1x 20.8x 4.0x 2.0x 0.0%
9/11 52.7x 68.5x 24.9x 4.7x 2.5x 0.0%
9/12 26.3x 45.3x 23.0x 4.6x 2.8x -
9/13E 10.6x 8.5x 2.8x 2.1x -
9/14E 9.4x 7.6x 2.5x 1.9x -
9/15E 8.8x 7.1x 2.3x 1.8x 0.0%
9/09 Gross Margin 62.2 EBITDA Margin 22.4 Operating Margin 8.3 Profit Margin -2.0 Return on Assets -0.6 Return on Equity -1.1 Leverage and Coverage Ratios 9/09 Current Ratio 1.9 Quick Ratio 1.7 EBIT/Interest 1.7 Tot Debt/Capital 0.3 Tot Debt/Equity 0.4 Eff Tax Rate % 192.3
9/10 63.4 21.3 7.3 -1.7 -0.5 -0.9
9/11 62.1 20.3 7.4 2.9 1.0 1.6
9/12 63.4 23.0 11.7 12.5 4.2 7.9
9/13E 67.2 40.2 31.4 27.2 -0.2 6.9
9/14E 66.9 39.6 32.7 27.7 1.0 2.3
9/15E 65.6 39.6 36.1 29.2 -
9/10 2.2 1.9 2.0 0.3 0.4 -
9/11 1.8 1.6 2.7 0.3 0.3 -
9/12 1.8 1.6 2.3 0.4 0.8 -
11.02.2011 -
Outlook Outlook Outlook
Business Segments in USD Healthcare and Dictation Mobile and Enterprise Enterprise Imaging Acquisition related revenue
Sales (M) 669 508 332 228 -87
Sales (M) 1175 476
5%
STABLE STABLE -
13%
29% 36%
Valuation Ratios P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios %
Geographic Segments in USD United States International
18%
71% 28% Healthcare and Dictation Mobile and Enterprise Enterprise
United States
International
Imaging Acquisition related revenue
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 |
312.1 6053.5 1005.3 2341.6 4.6 0.0 0.0 7394.4
Company Analysis - Analysts Ratings Nuance Communications Inc
15
40% 68%
74%
72%
72%
74%
72%
76%
76%
72% 53%
53%
20%
50%
10 5
0%
0 mai.12
juin.12
juil.12
août.12
sept.12
oct.12
Buy
Hold
nov.12
Sell
déc.12
Price
janv.13
févr.13
mars.13
avr.13
Target Price
Date
Buy
Hold
Sell
Date
30-Apr-13 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
50% 53% 53% 72% 76% 76% 72% 74% 72% 72% 74% 68%
39% 37% 37% 17% 18% 18% 17% 16% 17% 17% 16% 21%
11% 11% 11% 11% 6% 6% 11% 11% 11% 11% 11% 11%
30-Apr-13 29-Apr-13 26-Apr-13 25-Apr-13 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
Price Target Price 19.14 23.30 22.77 22.75 22.27 21.35 21.04 20.39 20.24 20.69 21.12 20.82 21.61 21.65 21.60 20.96 20.27 20.52 20.81 21.06 21.33 20.18 20.18 20.18 20.11 19.99 19.81 19.86 19.86 19.50
26.33 26.33 26.33 26.33 26.33 26.33 26.33 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46 26.46
Broker
Analyst
Oppenheimer & Co Wells Fargo Securities, LLC Raymond James Morgan Stanley Mizuho Securities USA Inc Stifel Avondale Partners LLC B Riley & Company, Inc Goldman Sachs Needham & Co FBR Capital Markets Craig-Hallum Capital Group LLC Northland Securities Inc Canaccord Genuity Corp Piper Jaffray EVA Dimensions Deutsche Bank Wedbush Wedge Partners
SHAUL EYAL GRAY W POWELL TAVIS C MCCOURT JENNIFER LOWE JOANNA MAKRIS TOM RODERICK JOHN F BRIGHT DANIEL CUMMINS GREG DUNHAM SCOTT ZELLER DANIEL H IVES JEFF VAN RHEE MICHAEL JAMES LATIMORE RICHARD DAVIS JR MARK R MURPHY ANDREW S ZAMFOTIS NANDAN AMLADI SCOTT P SUTHERLAND BRIAN BLAIR
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Recommendation outperform market perform Under Review Overwt/In-Line buy hold market outperform neutral neutral/neutral hold outperform hold outperform buy neutral sell buy underperform no rating system
Wedge Partners
20
Wedbush
60%
25
Deutsche Bank
39%
EVA Dimensions
37%
Piper Jaffray
37%
Canaccord Genuity Corp
30 17%
Northland Securities Inc
11%
FBR Capital Markets
11%
Craig-Hallum Capital Group LLC
11%
11%
Needham & Co
17%
6% 18%
Goldman Sachs
16%
6% 18%
B Riley & Company, Inc
17%
11%
Avondale Partners LLC
17%
11%
Stifel
16%
11%
Mizuho Securities USA Inc
21%
11%
Morgan Stanley
80%
11%
Raymond James
11%
Brokers' Target Price 40 35 30 25 20 15 10 5 0 Wells Fargo Securities, LLC
35
100%
Oppenheimer & Co
Buy and Sell Recommendations vs Price and Target Price
Price
Broker Recommendation
Target price in USD
Target
Date
30.00
30-Apr-13 30-Apr-13 22-Apr-13 3-Apr-13 3-Apr-13 2-Apr-13 1-Apr-13 20-Feb-13 8-Feb-13 8-Feb-13 8-Feb-13 8-Feb-13 8-Feb-13 7-Feb-13 7-Feb-13 15-Jan-13 15-Nov-12 7-Aug-12 15-Mar-12
28.00 26.00 35.00 21.00 22.00 28.00 24.00 26.00 26.00 22.00 30.00 19.00
30.04.2013
Nuance Communications Inc
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
97%
Institutional Ownership
Retail Ownership
Insider Ownership
Pricing data is in USD Top 20 Owners: Holder Name WARBURG PINCUS LLC WARBURG PINCUS LLC T ROWE PRICE ASSOCIA ICAHN ASSOCIATES COR FMR LLC VANGUARD GROUP INC AMERIPRISE FINANCIAL BLACKROCK PRIMECAP MANAGEMENT FRANKLIN RESOURCES ALLIANZ ASSET MANAGE INVESCO LTD STATE STREET RICCI PAUL A WESTFIELD CAPITAL MG FAIRPOINTE CAPITAL L STERLING CAPITAL MAN PIONEER INVESTMENT M LUTHER KING CAPITAL LORD ABBETT & CO LLC
United States Unknown Country Britain Netherlands Luxembourg Japan Bermuda Others
86.48% 2.49% 2.05% 1.82% 1.29% 1.05% 0.90% 3.93%
Institutional Ownership Distribution Investment Advisor Private Equity Hedge Fund Manager Individual Others
67.64% 13.78% 12.34% 2.49% 3.74%
RICCI PAUL A BEAUDOIN THOMAS LINWOOD CHAMBERS STEVEN G NELSON WILLIAM KENNET DILLIONE JANET D
2% 2%
1%
1% 1% 4%
2%
87%
United States
Unknown Country
Britain
Netherlands
Luxembourg
Japan
Bermuda
Others
TOP 20 ALL
Position 53'004'254 43'058'531 29'398'004 29'329'291 17'851'319 12'376'660 11'852'538 11'389'347 10'227'210 9'958'317 6'623'224 5'228'721 4'667'315 4'125'444 3'948'645 3'843'339 3'549'830 3'545'481 2'994'953 2'812'375
Position Change 0 -9'945'723 -6'904'115 0 2'757'603 914'836 -214'677 730'503 -715'000 1'280'271 206'337 -21'414 259'356 0 338'110 104'968 3'251'234 593'927 -6'741 58'903
Market Value 1'014'501'422 824'140'283 562'677'797 561'362'630 341'674'246 236'889'272 226'857'577 217'992'102 195'748'799 190'602'187 126'768'507 100'077'720 89'332'409 78'960'998 75'577'065 73'561'508 67'943'746 67'860'506 57'323'400 53'828'858
% of Ownership 16.76% 13.61% 9.30% 9.27% 5.64% 3.91% 3.75% 3.60% 3.23% 3.15% 2.09% 1.65% 1.48% 1.30% 1.25% 1.22% 1.12% 1.12% 0.95% 0.89%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
31.12.2012 14.03.2013 31.12.2012 20.03.2013 31.03.2013 31.03.2013 31.12.2012 26.04.2013 31.12.2012 31.03.2013 31.03.2013 29.04.2013 29.04.2013 24.04.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012
Source 13F 13D 13F 13G ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG Form 4 13F 13F 13F 13F 13F 13F
24.04.2013 01.04.2013 17.12.2012 15.04.2013 15.04.2013
Form 4 Form 4 Form 4 Form 4 Form 4
Top 5 Insiders: Holder Name
Geographic Ownership
Geographic Ownership Distribution
1%2%
312.1 83.9% 24.6 9.39% 4.16 96.34% 1.20% 2.46%
4'125'444 617'331 492'753 322'210 295'160
-5'000 -16'559 -16'565
78'960'998 11'815'715 9'431'292 6'167'099 5'649'362
1.30% 0.20% 0.16% 0.10% 0.09%
Source
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Institutional Ownership
Country UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES GERMANY UNITED STATES n/a UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES
2%
4%
12%
14%
68%
Investment Advisor
Private Equity
Individual
Others
Hedge Fund Manager
Company Analysis - Financials I/IV Nuance Communications Inc Financial information is in USD (M) Periodicity:
Fiscal Year
Equivalent Estimates 9/02
9/03
9/04
9/05
9/06
9/07
9/08
9/09
9/10
9/11
9/12
9/13E
9/14E
9/15E
107 16
135 26
131 42
232 60
389 108
602 185
868 316
950 360
1'119 409
1'319 500
1'652 605
2'160
2'444
2'605
Gross Income - Selling, General & Admin Expenses (Research & Dev Costs)
90 83 28
109 112 34
89 96 26
172 163 39
280 273 59
417 378 80
553 510 115
591 512 117
710 628 152
819 722 179
1'047 853 225
1'451
1'636
1'709
Operating Income - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)
8 0 0 1
-3 1 0 2
-7 0 0 1
9 2
7 18
79 47 0 11
81 41 0 41
97 37 0 31
679
799
941
-3
42 55 0 3
193 85
6
39 37 0 -6
Pretax Income - Income Tax Expense
7 0
-6 -0
-8 1
1 7
-7 15
8 23
-16 15
21 40
-1 18
30 -8
65 -142
628
750
858
Income Before XO Items - Extraordinary Loss Net of Tax - Minority Interests
6 0 0
-6 0 0
-9 0 0
-5
-22 1
-14 0 0
-30 0 0
-19 0 0
-19 0 0
38 0 0
207
(0.09)
(0.05)
(0.13)
(0.08)
(0.14)
(0.08)
(0.07)
0.12
0.65
23 0.20
45 0.24
65 0.32 0.00
134 0.56 0.00
217 0.79 0.00
259 0.86 0.00
283 0.90 0.00 0.0
381 1.19
589 1.81
676 2.03
761 2.17 0.00 0.00
869
968
1'032
Income Statement Revenue - Cost of Goods Sold
43
Diluted EPS Before XO Items
0.09
(0.07)
Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio %
19 0.25 0.00 0.0
11 0.12 0.00
Total Shares Outstanding Diluted Shares Outstanding
63 73
103 79
106 104
157 119
170 164
193 176
229 210
277 254
298 287
309 316
312 321
EBITDA
21
12
6
27
46
89
141
213
239
268
380
0.00
*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:
9/02
9/03
9/04
9/05
9/06
9/07
9/08
9/09
9/10
9/11
9/12
73.488 174.901993 263.321014 421.615997 23 72 112 184 7 24 3 37 70 131 210 0 0 7 8 6 9 14 17
515.283 262 0 204 7 43
795.827 527 0 200 9 61
841.642 517 5 218 9 94
854.927 447 31 280 11 85
1701.306 1'130 0 381 11 179
2'704 0 118 65 53 2'650
2'928 28 149 87 62 2'838
3'240 0 192 113 78 3'162
4'098 0 255 139 116 3'982
9/13E
9/14E
9/15E
9.25
9.99
10.55
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
40.429 94.6790009 19 43 0 0 17 40 1 0 3 11 103 0 9 7 3 100
307 0 16 9 7 300
319 17 20 12 8 294
582
972
1'751
31 17 14 568
55 24 31 941
73 35 38 1'714
2'331 0 95 49 46 2'284
24 7 3 13
50 7 1 42
46 8 0 37
163 17 28 118
212 28 4 180
257 56 7 194
382 32 7 343
419 60 7 353
382 79 8 296
475 83 7 385
965 113 380 471
1 0 1
48 28 20
45 28 18
80 0 80
446 350 96
1'038 900 138
1'040 894 145
1'037 849 188
1'090 851 239
1'127 853 274
2'088 1'736 352
24 5 0 270 -155
99 5 0 464 -166
91 5 0 476 -179
243 5
658 5
700 -190
773 -201
1'295 5 0 1'078 -205
1'421 5 0 1'659 -238
1'456 5 0 2'309 -271
1'473 5 0 2'582 -290
1'602 5 0 2'746 -258
3'052 5 0 2'927 -185
Total Shareholders Equity
119
303
302
515
577
878
1'425
2'043
2'297
2'493
2'747
Total Liabilities & Equity
144
402
393
757
1'235
2'173
2'846
3'499
3'770
4'095
5'799
Book Value Per Share Tangible Book Value Per Share
1.81 0.28
2.91 0.01
2.81 0.06
3.26 -0.26
3.36 -2.04
4.52 -3.97
6.19 -3.58
7.36 -2.02
7.69 -1.58
8.06 -1.91
8.79 -3.59
Total Current Liabilities + Accounts Payable + Short Term Borrowings + Other Short Term Liabilities Total Long Term Liabilities + Long Term Borrowings + Other Long Term Borrowings Total Liabilities + Long Preferred Equity + Minority Interest + Share Capital & APIC + Retained Earnings & Other Equity
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Financials III/IV Periodicity:
9/02
9/03
9/04
9/05
9/06
9/07
9/08
9/09
9/10
9/11
9/12
9/13E
9/14E
9/15E
Net Income + Depreciation & Amortization + Other Non-Cash Adjustments + Changes in Non-Cash Capital
6 13 1 -8
-6 15 2 -6
-9 13 2 0
-5 18 4 -1
-23 38 38 9
-14 50 65 5
-30 99 83 44
-19 134 104 40
-19 157 125 33
38 171 144 4
207 187 49 30
-10
114
206
Cash From Operating Activities + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing Activities
12 0 -2 0 0 -4
5 0 -3 0 0 27
6 0 0 -25 0 -0
16 0 -5
62 0 -8 0 0 -362
106 0 -13 0 0 -565
196 0 -18 0 0 -428
259 0 -20 0 0 -165
296 0 -26 0 0 -290
357 0 -46 0 0 -380
473 0 -63 0 0 -862
-62
-59
-85
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
-6 0 0 0 0 8 -7 -3
24 0 0 0 -11 10 -3 -2
-25 0 0 0 -1 7 -0 -3
-45
-578 0 0 551 -18 33 -6 -17
-446 0 0 0 -19 336 -1 11
-185 0 0 0 -16 216 -0 -8
-316 0 0 0 -18 43 -1 -15
-426 0 0 0 -18 54 0 -37
-924 0
-0 80 -0 -2
-370 0 0 346 -14 32 -1 -14
1'365 -15 24 -200 -40
Cash From Financing Activities
-2
-6
3
77
349
543
327
191
9
-1
1'134
5
24
-16
49
41
72
77
265
-10
-69
683
10
2
6
12
54
94
178
239
270
312
410
474
554
739
10 10 0.15
-8 0.03
5 0.06
5 11 0.11
386 0.33
33 627 0.53
159 0.85
196 223 0.94
252 0.94
294 1.03
1'760 1.34
Cash Flows
Net Changes in Cash Free Cash Flow (CFO-CAPEX) Free Cash Flow To Firm Free Cash Flow To Equity Free Cash Flow per Share
-40
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Financials IV/IV Periodicity:
9/02
9/03
9/04
9/05
9/06
9/07
9/08
9/09
9/10
9/11
9/12
9/13E
9/14E
9/15E
Valuation Ratios Price Earnings EV to EBIT EV to EBITDA Price to Sales Price to Book Dividend Yield
20.8x 41.7x 15.3x 3.3x 2.9x 0.0%
44.3x
24.2x 83.3x 28.1x 2.5x 1.6x
29.2x 229.3x 35.9x 3.4x 2.4x
128.7x 114.5x 50.2x 5.7x 4.3x 0.0%
14.0x 81.1x 24.3x 2.9x 2.0x 0.0%
70.8x 61.1x 20.8x 4.0x 2.0x 0.0%
52.7x 68.5x 24.9x 4.7x 2.5x 0.0%
26.3x 45.3x 23.0x 4.6x 2.8x
10.6x
9.4x
8.8x
56.8x 21.0x 4.0x 2.0x 0.0%
43.0x 3.1x 1.8x 0.0%
68.1x 3.2x 1.5x 0.0%
8.4x 2.8x 2.1x
7.6x 2.5x 1.9x
7.1x 2.3x 1.8x 0.0%
Profitability Ratios Gross Margin EBITDA Margin Operating Margin Profit Margin Return on Assets Return on Equity
84.6% 19.5% 7.2% 5.9% 4.4% 5.6%
80.7% 9.2% -2.0% -4.1% -2.0% -2.7%
68.1% 4.7% -5.5% -7.2% -2.4% -3.1%
74.2% 11.8% 4.0% -2.3% -0.9% -1.3%
72.2% 11.7% 1.8% -5.9% -2.3% -4.2%
69.3% 14.7% 6.5% -2.3% -0.8% -1.9%
63.7% 16.3% 4.9% -3.5% -1.2% -2.6%
62.2% 22.4% 8.3% -2.0% -0.6% -1.1%
63.4% 21.3% 7.3% -1.7% -0.5% -0.9%
62.1% 20.3% 7.4% 2.9% 1.0% 1.6%
63.4% 23.0% 11.7% 12.5% 4.2% 7.9%
67.2% 40.2% 31.4% 27.2% -0.2% 6.9%
66.9% 39.6% 32.7% 27.7% 1.0% 2.3%
65.6% 39.6% 36.1% 29.2%
Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital Tot Debt/Equity
1.71 1.53 20.72 0.03 0.03
1.88 1.64 -3.49 0.09 0.09
1.61 1.47 -21.15 0.09 0.09
1.07 1.02 5.63 0.05 0.05
1.24 1.15 0.41 0.38 0.61
1.64 1.55 1.07 0.51 1.03
1.35 1.22 0.77 0.39 0.63
1.90 1.73 1.67 0.30 0.42
2.20 1.93 1.99 0.27 0.37
1.80 1.60 2.65 0.26 0.34
1.76 1.57 2.27 0.44 0.77
Others Asset Turnover Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover
0.75 7.20 2.77 18.79
0.50 4.71 3.53 31.32
0.33 3.41 5.46 104.32
0.40 4.38 4.72 174.70
0.39 3.88 5.08 30.43
0.35 3.54 4.46 24.97
0.35 4.20 7.22 41.63
0.30 4.72 7.92 45.87
0.31 5.36 5.93 47.81
0.34 5.30 6.23 50.10
0.33 4.99 6.18 53.24
Ratio Analysis
Effective Tax Rate
3.9%
488.3%
265.1%
192.3%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Peers Comparision NUANCE COMMUNICA Latest Fiscal Year:
MICROSOFT CORP
IBM
ADOBE SYS INC
GOOGLE INC-CL A
CISCO SYSTEMS
09/2012 25.89 13.09.2012 18.00 01.03.2013 15'838'193
06/2012 32.84 25.04.2013 26.26 05.12.2012 19'604'178
12/2012 215.90 15.03.2013 181.85 12.07.2012 1'723'443
11/2012 45.59 29.04.2013 29.52 12.07.2012 1'038'559
12/2012 844.00 06.03.2013 556.52 14.06.2012 970'187
07/2012 21.98 11.03.2013 14.96 25.07.2012 6'328'991
Current Price (4/dd/yy)
19.14
32.76
198.79
44.99
819.55
52-Week High % Change
-26.1% 6.3% 312.1
-0.2% 24.8% 8'381.0
-7.9% 9.3% 1'117.4
-1.3% 52.4% 494.1
-2.9% 47.3% 330.0
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
OMTOOL LTD
IRIS
SYMANTEC CORP
12/2007 6.70 16.05.2012 3.10 08.03.2013 400
12/2012 44.52 04.04.2013 26.60 25.07.2012 200
03/2012 24.91 08.03.2013 13.06 24.07.2012 2'746'852
21.03
3.30
43.20
24.28
-4.3% 40.5% 5'298.0
-50.7% 6.5% 4.6
-3.0% 62.4% 1.8
-2.5% 86.0% 724.0
6'052
273'582
221'549
22'582
271'278
112'105
16
81
16'734
2'115.9 4.6 1'129.8
11'944.0 63'040.0
33'269.0 124.0 11'129.0
1'509.8 3'538.4
5'537.0 49'557.0
16'328.0 15.0 48'716.0
1.6 2.3
5.5 11.0
2'039.0 78.0 3'211.0
74
15'558
7'388
213'294
243'076
20'466
224'849
82'030
1'651.5 1'813.8 2'160.5 2'443.6 4.7x 4.3x 3.3x 2.8x 380.4 372.2 869.2 967.6 20.3x 20.7x 8.1x 7.0x 0.95 0.80 1.81 2.03 23.8x 23.8x 10.6x 9.4x 25.2% 17.3% 41.8% 33.8% 20.5% 40.2% 39.6%
73'723.0 76'012.0 78'899.8 84'767.9 2.4x 2.3x 2.6x 2.2x 30'923.0 30'645.0 32'214.4 35'428.6 5.8x 5.8x 6.3x 5.3x 2.73 2.68 2.77 3.08 12.2x 12.2x 11.8x 10.6x 5.4% 7.5% 3.3% 9.1% 40.3% 40.8% 41.8%
104'507.0 103'242.0 103'588.6 106'372.5 2.5x 2.5x 2.4x 2.3x 25'119.0 25'121.0 27'868.5 29'375.5 10.3x 9.4x 8.8x 8.3x 15.25 15.52 16.69 18.34 12.8x 12.8x 11.9x 10.8x (2.3%) (0.7%) 0.1% 6.1% 24.0% 26.9% 27.6%
4'403.7 4'366.3 4'118.5 4'512.0 4.1x 4.1x 4.8x 4.4x 1'477.0 1'296.0 1'204.0 1'438.3 12.1x 13.8x 16.6x 13.9x 1.62 1.41 1.45 1.80 31.9x 31.9x 31.0x 25.1x 4.4% 3.1% 0.7% 4.7% 29.7% 29.2% 31.9%
50'175.0 54'703.0 47'546.3 55'173.4 4.3x 3.9x 4.5x 3.5x 15'722.0 16'160.0 21'383.4 25'240.6 13.7x 13.3x 9.9x 7.7x 34.02 34.99 46.17 53.26 23.4x 23.4x 17.8x 15.4x 32.4% 22.2% 15.7% 21.0% 29.5% 45.0% 45.7%
46'061.0 47'252.0 48'677.8 51'367.1 1.8x 1.7x 2.1x 1.8x 12'971.0 13'372.0 15'211.6 15'691.9 6.4x 6.2x 6.8x 5.8x 1.60 1.48 2.00 2.11 14.2x 14.2x 10.5x 10.0x 6.6% 4.4% 18.4% 5.1% 28.3% 31.2% 30.5%
77.2% 43.5% 6.292x 3.591x 4.460x
18.0% 15.3% 0.463x -1.967x 81.376x
176.4% 63.7% 1.324x 0.881x 52.660x
22.7% 18.5% 1.192x -1.633x 21.886x
7.7% 7.2% 0.318x -2.873x 187.167x
31.8% 24.1% 1.218x -2.250x 21.763x
BB11.02.2011 Ba3 06.08.2012
AAA 22.09.2008 Aaa 11.05.2009
AA30.05.2012 Aa3 23.11.2010
BBB+ 25.01.2010 Baa1 25.01.2010
AA 19.11.2012 Aa2 16.05.2011
A+ 10.02.2006 A1 10.02.2006
15 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
16.5 16.2 0.5x 0.5x (1.6) (0.5) -5.2x -0.54 -0.27 20.0% 3.4% 67.7% (2.9%) -
100.0 100.0 123.0 129.0 0.6x 0.4x 7.7 8.6 8.7 9.6 7.3x 6.5x 1.91 1.99 2.73 3.10 21.7x 22.6x 15.8x 13.9x (17.6%) 1.5% 7.5% 6.3% 7.1% 7.5%
6'730.0 6'839.0 6'885.0 6'998.0 1.7x 1.7x 2.1x 1.9x 1'795.0 1'834.0 2'283.2 2'458.5 6.3x 6.2x 6.3x 5.4x 1.20 1.22 1.71 1.93 19.9x 19.9x 14.2x 12.6x 8.7% 3.4% 8.9% 5.1% 26.8% 33.2% 35.1%
9.1% 8.3% 0.543x -0.786x 30.085x
40.0% 28.3% 1.677x -0.641x 15.609x
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
-
BBB 13.09.2010 Baa2 13.09.2010
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
FALSE FALSE FALSE FALSE
Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense
203.3% 67.0% -9.390x
Credit Ratings S&P LT Credit Rating S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date
-
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |