19.03.2013
Company Analysis - Overview Ticker:
Shanghai Construction Co Ltd
600170 CH
Sector: Industrials
Industry: Construction & Engineering
-
Date Date Date
80'743 24'324 -7.4% -12.2% 34.9% -6.9%
-
Outlook Outlook Outlook
Business Segments in CNY Public Facilities Construction Civil Building Construction Government Building Construction General Contract Project Sales of Concrete Material Industrial Building Construction Design Services
Sales (M) 22847 22686 8889 8166 4028 3675 2278
Geographic Segments in CNY China Other Countries Other Operating Income Sales Tax & Surcharges Russia Eastern China Maucao
Sales (M) 80009 2583 265 -2113
2% 3%0%
5% 3%0%
-
6% 32% 11%
Valuation Ratios 12/08 21.5x 2.4x 0.8x 0.2x 1.7x 1.4%
12/09 21.8x 0.3x 1.6x 0.8%
12/10 15.5x 3.1x 1.7x 0.2x 1.6x 1.0%
12/11 7.6x 1.0x 0.5x 0.1x 1.0x 1.1%
12/12E 10.5x -
12/13E 9.4x -
12/14E -
12/08 Gross Margin 2.6 EBITDA Margin 1.9 Operating Margin 0.6 Profit Margin 1.0 Return on Assets 1.7 Return on Equity 8.2 Leverage and Coverage Ratios 12/08 Current Ratio 1.1 Quick Ratio 0.8 EBIT/Interest Tot Debt/Capital 0.2 Tot Debt/Equity 0.2 Eff Tax Rate % 20.8
12/09 4.0 3.1 1.5 1.4 2.5 13.9
12/10 4.4 2.5 1.4 1.5 2.3 13.5
12/11 4.7 2.9 1.7 1.7 2.2 13.8
12/12E 14.3
12/13E 14.2
12/14E -
12/09 1.1 0.7 7.1 0.3 0.4 23.7
12/10 1.1 0.6 6.3 0.4 0.6 21.9
12/11 1.1 0.6 3.3 0.5 0.9 20.1
P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios %
Shanghai Construction Co., Ltd. undertakes a variety of construction projects. The Company constructs residential buildings, industrial buildings, municipal buildings, and public infrastructure facilities, as well as provides engineering and renovation services.
Year:
Telephone 86-21-68872178 Revenue (M) Website www.shconstruction.cn No of Employees Address 33 Fushan Road Pudong, Shanghai, 200120 China Share Price Performance in CNY Price 7.27 1M Return 52 Week High 9.59 6M Return 52 Week Low 5.18 52 Wk Return 52 Wk Beta 1.17 YTD Return Credit Ratings Bloomberg S&P Moody's Fitch
Benchmark: SHANGHAI SE A SHARE INDX (SHASHR)
Shanghai: 600170, Currency: CNY
Currency:
12%
95%
31% Public Facilities Construction Civil Building Construction
China
Government Building Construction General Contract Project
Other Countries
Sales of Concrete Material Industrial Building Construction Design Services
Current Capitalization in CNY 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 |
Other Operating Income Sales Tax & Surcharges
2312.7 16813.5 20145.5 14645.2 0.0 0.0 1129.7 12442.9
Company Analysis - Analysts Ratings Shanghai Construction Co Ltd
0%
0%
0%
0%
0%
0%
80%
50%
0%
50%
0%
50%
20 18
18
16
16
14
14
12
60% 100%
100%
100%
100%
100%
100%
100%
100%
10
100%
8
40%
6 50%
20%
50%
50%
0%
Brokers' Target Price 20
12 10 8 6 4
4
2
2
0
0 mars.12
avr.12
mai.12
juin.12
juil.12
Buy
août.12
Hold
sept.12
Sell
Date
Buy
Hold
Sell
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
50% 50% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100%
50% 50% 50% 0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
oct.12
Price
nov.12
déc.12
janv.13
févr.13
Target Price
Date 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 7.27 7.17 7.17 7.15 7.16 7.27 7.43 7.47 7.55 7.61 7.56 7.43 7.90 7.90 7.76 7.77 7.73 7.72 7.71 7.91 7.85 8.06 8.11 8.11 8.11 8.11 8.11 8.11 8.08 8.09
18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58 18.58
Broker
Analyst
Bank of China International AJ Securities Northeast Securities Co Ltd SWS Research Co Ltd GuoYuan Securities Central China Securities
LI PAN ZUO HONGYING XIE WENJIE WANG SHENG BAO SHE WU JIANXIONG
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Central China Securities
0%
GuoYuan Securities
0%
SWS Research Co Ltd
0%
Northeast Securities Co Ltd
0%
Bank of China International
100%
AJ Securities
Buy and Sell Recommendations vs Price and Target Price
Price
Broker Recommendation
Target price in CNY
Recommendation hold buy add outperform buy add
Target
Date
18.58 8.00
20-Dec-12 27-Apr-12 21-Feb-11 31-May-10 25-Mar-10 11-Nov-09
19.03.2013
Shanghai Construction Co Ltd
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
2312.7 26.6%
China Unknown Country Hong Kong Japan Others
26%
74%
Retail Ownership
Insider Ownership
Pricing data is in CNY Top 20 Owners: Holder Name SHANGHAI CONSTRUCTIO XU JIANMIN HARVEST FUND MANAGEM GUOTAI JUNAN SECURIT FULLGOAL FUND MANAGE CHINA ASSET MANAGEME WU YINSHU CHINA ASSET MANAGEME MAO LIHONG YUNNAN MACHINERY & E AEGON INDUSTRIAL FUN CHINA UNIVERSAL ASSE BOSHI FUND MANAGEMEN E FUND MANAGEMENT DACHENG FUND MANAGME GUOTAI ASSET MANAGEM CCB PRINCIPAL ASSET ICBC CREDIT SUISSE A HUAAN FUND MANAGEMEN BOSERA FUND MANAGEME
99.32% 0.54% 0.14% 0.00% 0.00% 0.00% 0.00%
73.98% 26.02% 0.01%
Institutional Ownership
Institutional Ownership Distribution Government Investment Advisor Other Corporation Others
CHANGSONG XIAO ZHIQUAN JIANG GUOLIN LIU ZHENG XU ZHONGWEI FAN
97.89% 1.46% 0.53% 0.10% 0.01%
0% 0%0% 0% 0% 0% 1%
99%
China
Unknown Country
Hong Kong
Japan
Others
TOP 20 ALL
Position 1'685'602'974 5'359'020 3'661'082 2'600'402 2'480'945 2'465'400 1'920'500 1'888'700 1'800'000 1'788'400 1'318'116 1'270'034 1'225'030 995'110 847'136 703'455 551'040 515'540 473'102 470'305
Position Change 0 0 -135'300 0 2'092'757 -600'000 0 0 0 0 1'018'074 0 -328'622 44'040 -5'707'198 -36'083 -80'174 -42'400 -13'220 470'305
Market Value 12'254'333'621 38'960'075 26'616'066 18'904'923 18'036'470 17'923'458 13'962'035 13'730'849 13'086'000 13'001'668 9'582'703 9'233'147 8'905'968 7'234'450 6'158'679 5'114'118 4'006'061 3'747'976 3'439'452 3'419'117
% of Ownership 72.88% 0.23% 0.16% 0.11% 0.11% 0.11% 0.08% 0.08% 0.08% 0.08% 0.06% 0.05% 0.05% 0.04% 0.04% 0.03% 0.02% 0.02% 0.02% 0.02%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
31.12.2011 31.12.2011 30.06.2012 31.12.2011 30.06.2012 30.06.2012 31.12.2011 18.03.2013 31.12.2011 31.12.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012
Source Co File Co File MF-AGG Co File MF-AGG MF-AGG Co File MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG
Top 5 Insiders: Holder Name
Geographic Ownership
Geographic Ownership Distribution
0%
41'600 25'086 25'084 25'084 25'084
302'432 182'375 182'361 182'361 182'361
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
Country CHINA n/a CHINA CHINA CHINA CHINA n/a HONG KONG n/a CHINA CHINA CHINA CHINA CHINA CHINA CHINA CHINA CHINA CHINA CHINA
Institutional Ownership 0% 1% 1%
0%
98%
Government
Investment Advisor
Other
Corporation
Others
Company Analysis - Financials I/IV Shanghai Construction Co Ltd Financial information is in CNY (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
7'766 7'335
8'770 8'335
10'561 10'097
13'710 13'128
17'727 17'097
20'364 19'754
24'500 23'871
29'699 28'937
54'258 52'062
73'289 70'097
80'743 76'967
Gross Income - Selling, General & Admin Expenses (Research & Dev Costs)
431 294
435 299
464 324
582 393
630 436
609 404
629 468
762 575
2'197 1'394
3'193 2'153 67
3'776 2'441 71
Operating Income - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)
151 18 0 -88
150 14 0 -93
149 27 0 -90
195 34 0 -96
215 31 0 -103
206 0 0 -112
161
187
-178
-178
803 114 6 -397
1'040 92 6 -581
1'335 184 0 -705
Pretax Income - Income Tax Expense
221 34
229 34
212 37
257 45
286 51
318 43
339 38
365 76
1'080 256
1'522 333
1'855 373
Income Before XO Items - Extraordinary Loss Net of Tax - Minority Interests
187 0 2
195 0 2
174 0 -9
212 0 3
235 0 4
275 0 18
301 0 1
289 0 -14
824 0 87
1'189 0 105
1'482 0 125
0.36
0.47
0.59
12/12E
12/13E
0.69
0.77
Income Statement Revenue - Cost of Goods Sold
Diluted EPS Before XO Items Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio % Total Shares Outstanding Diluted Shares Outstanding EBITDA
0.04 32.4
0.06 46.6
0.06 48.9
0.00 0.0
0.09 54.5
0.08 42.1
301 0.21 0.08 35.9
302 0.21 0.06 29.8
359 0.25 0.06 12.2
916 0.44 0.08 14.4
1'357 0.59 0.05 8.5
1'439
1'439
1'439
1'439
1'439
1'439 1'439
1'439 1'439
1'439 1'439
1'439 2'084
2'084 2'084
2'313 2'313
274
210
271
314
514
489
468
558
1'672
1'854
2'353
*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 |
12/14E
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
Balance Sheet Total Current Assets + Cash & Near Cash Items + Short Term Investments + Accounts & Notes Receivable + Inventories + Other Current Assets
5347.03223 5739.69092 2'069 2'473 0 0 855 959 213 172 2'211 2'135
5509.1499 5593.29199 7375.70215 9991.60598 2'346 2'164 3'126 5'036 0 0 129 429 1'251 1'426 1'699 1'815 1'803 229 2'190 2'302 109 1'774 231 409
12467.394 15502.1006 32643.0696 42782.9726 54288.6234 6'406 7'444 15'703 18'257 18'877 0 0 1 543 801 2'097 2'941 4'954 6'576 8'781 3'078 4'325 9'601 13'673 22'521 887 792 2'384 3'734 3'309
Total Long-Term Assets + Long Term Investments Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets + Other Long Term Assets
1'215 574 768 423 345 296
3'391 705 3'036 447 2'589 97
3'831 326 3'391 510 2'881 624
4'069 712 3'312 555 2'757 600
4'028 12 3'355 664 2'691 1'325
3'758 449 3'836 1'049 2'787 523
3'327 481 1'358 801 557 2'289
3'527 464 1'607 933 674 2'389
7'869 921 6'142 2'663 3'478 3'470
11'422 1'152 8'446 2'876 5'570 4'700
13'972 1'262 9'494 3'324 6'170 6'540
Total Current Liabilities + Accounts Payable + Short Term Borrowings + Other Short Term Liabilities
3'785 824 199 2'762
4'614 1'146 388 3'081
4'580 1'198 129 3'254
4'919 1'227 164 3'527
6'672 1'763 122 4'787
8'733 2'592 129 6'011
10'757 3'190 203 7'364
13'817 4'092 93 9'633
30'849 8'429 1'741 20'678
40'195 10'720 3'059 26'416
50'929 12'587 4'775 33'568
5 0 5
1'423 1'420 3
1'346 1'320 26
1'215 1'200 15
1'093 1'080 13
1'176 960 216
1'010 840 170
1'016 875 141
2'133 1'292 841
3'884 2'879 1'005
5'930 4'932 998
Total Liabilities + Long Preferred Equity + Minority Interest + Share Capital & APIC + Retained Earnings & Other Equity
3'790 0 57 1'887 828
6'037 0 275 2'007 812
5'926 0 412 2'007 995
6'133 0 408 2'007 1'114
7'765 0 412 2'007 1'219
9'908 0 431 2'007 1'404
11'767 0 433 2'007 1'588
14'833 0 417 2'007 1'773
32'982 0 695 4'100 2'735
44'079 0 895 5'488 3'743
56'859 0 987 5'489 4'926
Total Shareholders Equity
2'772
3'094
3'414
3'529
3'638
3'842
4'028
4'197
7'530
10'126
11'402
Total Liabilities & Equity
6'562
9'131
9'341
9'662
11'403
13'750
15'795
19'030
40'512
54'205
68'260
1.89 1.88
1.96 1.95
2.09 2.06
2.17 2.15
2.24 2.22
2.37 2.35
2.50 0.97
2.63 1.16
4.75 3.35
4.43 3.49
4.50 3.64
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 |
12/12E
12/13E
12/14E
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
185 123 17 580
193 61 104 223
184 122 138 439
208 119 147 146
231 299 30 1'105
256 283 -141 1'413
301 307 -136 793
302 371 -144 1'124
736 869 -232 4'700
1'084 814 -162 -2'892
1'357 1'018 -348 -4'910
905 153 -190
580 4 -692
883 8 -606
620 22 -570
1'665 11 -698
1'811 4 -287
1'264 23 -296
1'653 19 -715
-1'157 55 -1'633
-2'882 49 -2'155
-5
43
-76
-26
270
495
607
291
6'074 50 -2'122 -19 446 395
-84
1'165
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
-42 -85 146
-645
-674
-575
-417 -126
213
334 -107
-405 -108
-1'251 -57
-1'662 -60
-942 -100
0 524 0 -3
789 -236 0 0 -80
0 -346 0 0 15
22 -570 0 0 328
0 -150 0 0 -1
30 -150 0 0 -1
20 -120 0 0 -185
1'010 -1'025 0 0 -1
1'436 -1'303 0 0 41
3'567 -1'169 0 0 -21
5'653 -1'808 0 0 956
Cash From Financing Activities
581
473
-330
-220
-276
-121
-392
-124
118
2'318
4'700
1'445
409
-121
-176
972
1'903
1'206
1'124
4'941
-501
877
716
-112
278
50
967
1'525
969
938
3'952
-2'790
-5'037
731 1'015 0.55
-100 446 -0.08
300 -60 0.19
78 -478 0.03
993 828 0.67
1'525 1'409 1.06
891 0.67
942 0.65
4'038 4'134 1.90
-2'718 -337 -1.34
-4'890 -1'144 -2.18
Cash Flows Net Income + Depreciation & Amortization + Other Non-Cash Adjustments + Changes in Non-Cash Capital Cash From Operating Activities + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing 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
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12/12E
12/13E
12/14E
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
Valuation Ratios Price Earnings EV to EBIT EV to EBITDA Price to Sales Price to Book Dividend Yield
31.9x 31.0x 17.1x 0.8x 2.4x 0.9%
29.9x 36.2x 25.8x 0.7x 2.1x 1.5%
27.6x 31.5x 17.3x 0.5x 1.7x 1.7%
18.0x 17.3x 10.7x 0.3x 1.2x 0.0%
11.5x 4.7x 2.0x 0.1x 0.8x 4.7%
14.6x
21.5x 2.4x 0.8x 0.2x 1.7x 1.4%
21.8x
7.6x 1.0x 0.5x 0.1x 1.0x 1.1%
9.4x
0.3x 1.6x 0.8%
15.5x 3.1x 1.7x 0.2x 1.6x 1.0%
10.5x
0.2x 1.1x 2.9%
36.7x 38.2x 13.2x 0.5x 3.1x 1.0%
Profitability Ratios Gross Margin EBITDA Margin Operating Margin Profit Margin Return on Assets Return on Equity
5.5% 3.5% 1.9% 2.4% 3.2% 7.7%
5.0% 2.4% 1.7% 2.2% 2.5% 7.0%
4.4% 2.6% 1.4% 1.7% 2.0% 6.3%
4.2% 2.3% 1.4% 1.5% 2.2% 6.8%
3.6% 2.9% 1.2% 1.3% 2.2% 7.3%
3.0% 2.4% 1.0% 1.3% 2.0% 7.7%
2.6% 1.9% 0.7% 1.2% 2.0% 8.6%
2.6% 1.9% 0.6% 1.0% 1.7% 8.2%
4.0% 3.1% 1.5% 1.4% 2.5% 13.9%
4.4% 2.5% 1.4% 1.5% 2.3% 13.5%
4.7% 2.9% 1.7% 1.7% 2.2% 13.8%
Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital Tot Debt/Equity
1.41 0.77 8.31 0.07 0.07
1.24 0.74 10.90 0.37 0.58
1.20 0.79 5.50 0.30 0.42
1.14 0.73 5.76 0.28 0.39
1.11 0.74 6.92 0.25 0.33
1.14 0.83
1.16 0.79
1.12 0.75
0.22 0.28
0.21 0.26
0.19 0.23
1.06 0.67 7.05 0.29 0.40
1.06 0.63 6.30 0.37 0.59
1.07 0.56 3.32 0.46 0.85
Others Asset Turnover Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover
1.33 10.16 10.11 42.01
1.12 9.67 8.42 43.33
1.14 9.56 10.01 10.22
1.44 10.24 9.53 12.92
1.68 11.34 12.75 14.13
1.62 11.59 9.12 8.79
1.66 12.53 8.53 8.87
1.71 11.79 8.29 7.82
1.82 13.75 9.16 7.48
1.55 12.71 7.75 6.02
1.32 10.51 7.36 4.25
15.5%
14.7%
17.7%
17.4%
17.8%
13.5%
11.2%
20.8%
23.7%
21.9%
20.1%
12/14E
Ratio Analysis
Effective Tax Rate
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
-
14.3%
-
14.2%
Company Analysis - Peers Comparision SHANG CONSTR-A SHANG TUNNEL-A Latest Fiscal Year:
12/2011 9.65 08.05.2012 5.21 23.03.2012 6'843'197
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
12/2011 9.84 06.02.2013 7.14 30.08.2012 2'571'513
7.27
8.65
-24.6% 39.5% 2'312.7
-12.1% 21.1% 733.5
16'813
11'233
9'707.0 987.2 19'677.6
5'774.0 35.7 4'120.5
12'443
23'364
80'743.4 87'206.6 0.2x 0.2x 2'352.8 6.5x 0.40 0.66 0.69 0.77 11.0x 10.5x 9.4x 10.2% 37.8% 26.9% 36.9% -
13'780.8 17'368.4 30'741.0 35'561.0 1.6x 1.3x 945.4 23.9x 0.56 0.92 0.85 0.96 9.4x 10.2x 9.0x (6.4%) 15.8% 41.4% -
93.2% 46.0% 5.859x
119.2% 54.2% 2.916x
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
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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Credit Ratings S&P LT Credit Rating S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date
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