08.08.2013
Company Analysis - Overview Ticker:
Syngenta AG
SYNN VX
Sector: Materials
Benchmark: SWISS MARKET INDEX (SMI)
SIX Swiss Ex: SYNN, Currency: CHF
Currency: Industry: Chemicals
Year:
Telephone 41-61-323-1111 Revenue (M) Website www.syngenta.com No of Employees Address Schwarzwaldallee 215 Basel, 4002 Switzerland Share Price Performance in CHF Price 363.80 1M Return 52 Week High 405.92 6M Return 52 Week Low 313.32 52 Wk Return 52 Wk Beta 0.73 YTD Return Credit Ratings Bloomberg S&P Moody's Fitch
Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.
13'319 27'400 -4.4% -4.9% 10.6% 1.6%
IG1 A -
Date Date Date
12/09 19.1x 14.7x 11.9x 2.4x 3.7x 2.0%
12/10 19.4x 14.6x 11.6x 2.3x 3.6x 2.4%
12/11 16.8x 12.3x 9.7x 2.0x 3.6x 3.0%
12/12 19.7x 15.1x 12.3x 2.6x 4.2x 2.6%
12/13E 16.8x 12.0x 2.4x 3.7x 2.7%
12/14E 15.0x 10.9x 2.3x 3.4x 3.0%
12/15E 13.7x 10.1x 2.2x 3.0x 3.3%
12/09 Gross Margin 49.2 EBITDA Margin 21.5 Operating Margin 17.3 Profit Margin 12.5 Return on Assets 8.8 Return on Equity 21.1 Leverage and Coverage Ratios 12/09 Current Ratio 2.1 Quick Ratio 1.0 EBIT/Interest 11.7 Tot Debt/Capital 0.3 Tot Debt/Equity 0.5 Eff Tax Rate % 16.3
12/10 49.6 21.1 16.8 12.0 8.2 19.2
12/11 48.9 21.8 17.2 12.1 9.3 21.4
12/12 49.2 22.2 18.0 13.2 10.2 23.1
12/13E 49.2 22.2 18.1 14.6 11.2 23.1
12/14E 49.7 22.9 19.0 15.2 12.2 23.0
12/15E 50.2 23.3 19.7 15.4 12.3 22.4
15.06.2007 04.07.2007 -
Outlook Outlook Outlook
STABLE STABLE -
Business Segments in CHF Crop Protection Seeds Lawn and Garden Eliminations Business Development
Sales (M) 9676 3036 710 -103
Geographic Segments in CHF Europe, Africa and Middle East NAFTA Latin America Asia Pacific Lawn and Garden Eliminations
Sales (M) 3762 3728 3507 1715 710 -103
5% 1%
5% 1% 13%
27%
22%
Valuation Ratios P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios %
26% 72% 28%
Crop Protection
Seeds
Europe, Africa and Middle East NAFTA Latin America Asia Pacific
Lawn and Garden
Eliminations
Lawn and Garden Eliminations
12/10 1.8 0.8 11.3 0.3 0.5 16.4
12/11 1.7 0.8 15.0 0.3 0.4 15.8
12/12 1.7 0.7 18.0 0.3 0.4 12.9
Current Capitalization in CHF 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 |
91.7 33879.3 #N/A N/A #N/A N/A 0.0 0.0 0.0
Company Analysis - Analysts Ratings Syngenta AG
53%
52%
52%
59%
55%
150
0
20%
100 50
0%
0 août.12
sept.12
oct.12
nov.12
déc.12
Buy
janv.13
Hold
févr.13
Sell
mars.13
Price
avr.13
mai.13
juin.13
juil.13
Target Price
Date
Buy
Hold
Sell
Date
31-Jul-13 28-Jun-13 31-May-13 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
55% 59% 52% 52% 53% 56% 59% 55% 55% 55% 55% 55%
39% 34% 39% 39% 38% 35% 28% 32% 32% 32% 30% 30%
6% 6% 9% 9% 9% 9% 13% 13% 13% 13% 15% 15%
8-Aug-13 7-Aug-13 6-Aug-13 5-Aug-13 2-Aug-13 1-Aug-13 31-Jul-13 30-Jul-13 29-Jul-13 26-Jul-13 25-Jul-13 24-Jul-13 23-Jul-13 22-Jul-13 19-Jul-13 18-Jul-13 17-Jul-13 16-Jul-13 15-Jul-13 12-Jul-13 11-Jul-13 10-Jul-13 9-Jul-13 8-Jul-13 5-Jul-13 4-Jul-13 3-Jul-13 2-Jul-13 1-Jul-13 28-Jun-13
Price Target Price
Broker
Analyst
363.80 365.90 366.60 370.50 371.20 367.30 367.30 369.70 370.80 370.20 369.70 371.00 386.40 388.60 393.40 393.60 389.70 390.60 393.70 391.80 393.60 389.80 388.20 380.40 378.70 380.50 371.70 373.80 369.40 369.60
Canaccord Genuity Corp Sanford C. Bernstein & Co Kepler Cheuvreux AlphaValue Bank am Bellevue EVA Dimensions UBS Bank Vontobel AG Deutsche Bank Hamburger Sparkasse Barclays Morgan Stanley Goldman Sachs Credit Suisse Jefferies Macquarie Nomura S&P Capital IQ Liberum Capital Ltd Exane BNP Paribas HSBC Berenberg Bank Redburn Partners Zuercher Kantonalbank JPMorgan Day by Day Equita SIM SpA Bankhaus Metzler Main First Bank AG National Bank AG
PAUL W SATCHELL JEREMY REDENIUS MARTIN ROEDIGER FABRICE FARIGOULE BRUNO ESCHLI TIMOTHY STANISH THOMAS GILBERT PATRICK RAFAISZ VIRGINIE BOUCHER-FERTE MARCO GUENTHER ANDREAS HEINE PAUL R WALSH RAKESH PATEL CHRIS COUNIHAN LAURENCE ALEXANDER CHRISTIAN FAITZ PATRICK LAMBERT JACOB THRANE SOPHIE JOURDIER JAMES KNIGHT GEOFF HAIRE JOHN PHILIPP KLEIN TONY JONES MARTIN SCHREIBER MARTIN EVANS VALERIE GASTALDY MASSIMO BONISOLI DANIEL SEIDENSPINNER RONALD KOEHLER STEFFEN MANSKE
410.90 410.90 410.90 410.90 410.90 410.90 410.90 410.90 412.00 416.32 417.78 418.28 423.13 417.94 416.39 416.58 416.21 416.21 416.21 416.21 416.00 416.00 416.00 416.00 416.00 416.00 416.00 416.00 415.72 415.72
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Recommendation buy underperform buy buy buy hold sell hold buy buy equalweight Equalwt/In-Line Buy/Neutral outperform hold outperform buy hold hold neutral neutral buy buy outperform neutral hold hold buy outperform buy
National Bank AG
56%
Main First Bank AG
59%
Equita SIM SpA
55%
Bankhaus Metzler
55%
100 JPMorgan
55%
200
200
Day by Day
40% 55%
300
250
Redburn Partners
60%
55%
400
300
39%
Zuercher Kantonalbank
39%
HSBC
39%
Berenberg Bank
34%
38%
Liberum Capital Ltd
35%
Exane BNP Paribas
28%
Nomura
32%
S&P Capital IQ
32%
Jefferies
32%
500
350
Macquarie
30%
400
Credit Suisse
30%
6%
Goldman Sachs
80%
6%
Barclays
9%
Morgan Stanley
9%
Deutsche Bank
9%
Hamburger Sparkasse
9%
UBS
13%
Bank Vontobel AG
13%
EVA Dimensions
13%
AlphaValue
13%
Bank am Bellevue
15%
Canaccord Genuity Corp
15%
Brokers' Target Price 600
Kepler Cheuvreux
450
100%
Sanford C. Bernstein & Co
Buy and Sell Recommendations vs Price and Target Price
Price
Broker Recommendation
Target price in CHF
Target
Date
430.00 313.00 410.00 464.00 435.00
8-Aug-13 6-Aug-13 5-Aug-13 1-Aug-13 30-Jul-13 30-Jul-13 29-Jul-13 26-Jul-13 25-Jul-13 25-Jul-13 25-Jul-13 24-Jul-13 24-Jul-13 24-Jul-13 24-Jul-13 24-Jul-13 24-Jul-13 24-Jul-13 24-Jul-13 18-Jul-13 12-Jul-13 2-Jul-13 1-Jul-13 27-Jun-13 7-Jun-13 4-Apr-13 8-Feb-13 7-Feb-13 20-Nov-12 9-Feb-09
330.00 390.00 430.00 389.00 380.00 470.00 420.00 400.00 430.00 488.00 395.00 400.00 383.00 420.00 510.00
381.00 390.00 450.00 415.00 280.00
08.08.2013
Syngenta AG
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
45% 44.89% 54.96% 0.15%
55%
Institutional Ownership
Retail Ownership
Insider Ownership
Pricing data is in CHF Top 20 Owners: Holder Name BLACKROCK CAPITAL GROUP COMPAN BANK OF NEW YORK NORGES BANK FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS CREDIT SUISSE AG UBS THORNBURG INVESTMENT PICTET FUNDS JUPITER ASSET MANAGE MANNING & NAPIER ADV THREADNEEDLE INVESTM DWS INVESTMENT S A SCHRODER INVESTMENT INVESCO LTD DEUTSCHE BANK AG WILLIAM BLAIR & COMP T ROWE PRICE ASSOCIA
United States Switzerland Luxembourg Britain Norway Germany Canada Others
66.65% 8.18% 6.28% 6.17% 5.18% 1.47% 1.23% 4.84%
Institutional Ownership Distribution Investment Advisor Government Individual Insurance Company Others
94.18% 5.05% 0.34% 0.32% 0.11%
MACK MICHAEL T LAWRENCE DAVID TAYLOR MARTIN PISK DAVOR ATKIN JOHN
1% 1% 5%
5% 6% 6%
68%
8%
United States
Switzerland
Luxembourg
Britain
Norway
Germany
Canada
Others
TOP 20 ALL
Position 4'640'124 4'634'983 3'907'159 2'118'825 1'946'127 1'826'340 1'664'500 1'398'194 1'033'568 932'280 580'099 577'569 536'300 408'606 394'230 378'887 374'701 324'956 282'549 281'193
Position Change 0 0 42'023 0 -171'420 64'575 0 -15'975 -6'783 0 -8'401 -9'092 -76'790 20'021 462 120'406 -2'695 49'768 -310'200 70'471
Market Value 1'688'077'111 1'686'206'815 1'421'424'444 770'828'535 708'001'003 664'422'492 605'545'100 508'662'977 376'012'038 339'163'464 211'040'016 210'119'602 195'105'940 148'650'863 143'420'874 137'839'091 136'316'224 118'218'993 102'791'326 102'298'013
% of Ownership 4.98% 4.98% 4.20% 2.28% 2.09% 1.96% 1.79% 1.50% 1.11% 1.00% 0.62% 0.62% 0.58% 0.44% 0.42% 0.41% 0.40% 0.35% 0.30% 0.30%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
06.08.2013 30.06.2013 26.02.2013 31.12.2012 30.06.2013 30.06.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 30.04.2013 30.04.2013 31.12.2012 28.02.2013 30.04.2013 28.06.2013 07.08.2013 28.06.2013 30.06.2013 30.06.2013
Source ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG 13F MF-AGG
Top 5 Insiders: Holder Name
Geographic Ownership
Geographic Ownership Distribution
0%
91.7 99.8%
47'251 12'119 11'451 10'788 10'583
17'189'914 4'408'892 4'165'874 3'924'674 3'850'095
0.05% 0.01% 0.01% 0.01% 0.01%
Source 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
20F 20F 20F 20F 20F
Country UNITED STATES UNITED STATES UNITED STATES NORWAY BRITAIN UNITED STATES UNITED STATES SWITZERLAND
Institutional Ownership 0% 0% 5%
UNITED STATES BRITAIN UNITED STATES BRITAIN LUXEMBOURG BRITAIN GERMANY UNITED STATES UNITED STATES
0%
95%
Investment Advisor
Government
Insurance Company
Others
Individual
Company Analysis - Financials I/IV Syngenta AG Financial information is in CHF (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
9'642 4'873
8'773 4'367
9'030 4'388
10'103 4'924
10'082 4'990
11'089 5'603
12'585 6'185
11'929 6'062
12'133 6'114
11'764 6'017
13'319 6'769
13'944
14'877
15'727
Gross Income - Selling, General & Admin Expenses (Research & Dev Costs)
4'769 3'544 1'084
4'406 3'486 976
4'642 3'530 1'005
5'179 3'842 1'025
5'092 3'676 997
5'486 3'668 996
6'400 4'156 1'049
5'867 3'797 1'042
6'019 3'985 1'076
5'747 3'724 1'056
6'550 4'158 1'175
6'865
7'394
7'890
Operating Income - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)
1'225 293 -87 943
920 167 77 163
1'112 147 12 374
1'336 212 17 152
1'416 177 -64 303
1'818 161 -19 -26
2'243 161 117 133
2'070 177 33 79
2'035 179 39 69
2'023 135 76 127
2'391 133 95 145
2'530
2'843
3'116
Pretax Income - Income Tax Expense
76 109
514 180
579 -87
955 175
1'000 202
1'703 370
1'832 332
1'781 290
1'748 287
1'685 267
2'018 260
2'343
2'666
2'927
Income Before XO Items - Extraordinary Loss Net of Tax - Minority Interests
-33 0 9
333 -8 5
666 134 -40
780 0 5
798
1'333 0 2
1'499 0 0
1'491 0 3
1'461 0 5
1'419 0 1
1'758 0 3
2'040 21.63 9.99 0.46
2'259 24.35 11.04 0.45
2'423 26.56 11.87 0.45
3'094
3'404
3'670
Income Statement
Diluted EPS Before XO Items Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio % Total Shares Outstanding Diluted Shares Outstanding EBITDA
4
3.23
6.66
7.64
7.96
13.71
15.84
15.87
15.62
15.35
19.06
-42 (0.42) 0.85
328 3.23
706 6.70 0.00 0.0
981 9.81 0.00 0.0
1'093 11.13 1.60 19.6
1'331 13.87 5.12 36.5
1'667 17.75 6.14 38.4
1'567 16.82 6.00 41.4
1'549 16.71 7.30 46.4
1'622 17.65 7.82 50.3
1'942 21.19 9.73 50.9
102 102
102 102
99 106
99 101
97 100
95 97
93 95
93 94
92 93
91 92
92 92
2'245
1'320
1'590
1'897
1'911
2'320
2'701
2'570
2'564
2'561
2'952
*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
5937.1649 321 18 2'213 2'354 1'031
5873.1216 256 6 2'120 2'250 1'241
6169.5054 258 1 2'152 2'500 1'258
6857.4528 597 5 2'453 2'913 889
6810.04 543 99 2'442 2'905 821
7591.888 571 102 2'710 3'007 1'201
8144.256 858 0 2'470 3'694 1'122
9202.6218 1'606
9073.7724 1'837
2'593 4'058 946
2'385 3'590 1'262
2'568 3'933 1'087
2'918 4'330 1'317
Total Long-Term Assets + Long Term Investments Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets + Other Long Term Assets
8'607 477 6'748 3'556 3'192 4'938
7'751 534 6'690 3'742 2'949 4'268
7'527 292 6'054 3'559 2'496 4'739
8'409 287 6'370 3'888 2'482 5'641
7'649 1'099 6'365 3'977 2'388 4'163
7'494 1'069 6'132 3'703 2'429 3'996
7'443 446 5'362 3'024 2'339 4'659
8'073 269 5'989 3'156 2'833 4'971
7'069 231 5'845 3'077 2'768 4'070
7'032 256 6'168 3'329 2'840 3'936
7'716 461 6'445 3'525 2'920 4'335
Total Current Liabilities + Accounts Payable + Short Term Borrowings + Other Short Term Liabilities
4'363 1'002 1'668 1'694
3'617 1'071 930 1'616
3'677 1'672 482 1'523
4'557 2'129 676 1'752
3'621 1'913 174 1'534
4'459 2'153 453 1'853
4'525 2'394 226 1'906
4'399 2'554 291 1'554
4'999 2'419 926 1'654
5'297 2'704 697 1'895
5'878 3'118 896 1'864
Total Long Term Liabilities + Long Term Borrowings + Other Long Term Borrowings
4'059 1'278 2'781
3'643 1'263 2'380
3'543 1'274 2'269
3'567 1'114 2'453
3'892 1'914 1'978
3'765 1'961 1'804
4'755 3'066 1'689
5'474 3'385 2'089
4'187 2'414 1'773
3'844 2'044 1'799
3'858 2'166 1'692
Total Liabilities + Long Preferred Equity + Minority Interest + Share Capital & APIC + Retained Earnings & Other Equity
8'423 0 111 6'407 -397
7'261 0 83 5'945 335
7'220 0 23 5'297 1'157
8'124 0 37 5'607 1'499
7'513 0 34 4'851 2'062
8'224 0 22 4'233 2'608
9'280 0 18 6 6'282
9'872 14 6 7'383
9'186 0 9 3'266 3'681
9'141 0 8 3'254 3'781
9'736 0 10 3'149 4'849
Total Shareholders Equity
6'121
6'364
6'476
7'143
6'947
6'863
6'307
7'403
6'957
7'043
8'008
14'544
13'624
13'696
15'267
14'459
15'086
15'587
17'275
16'142
16'184
17'744
59.19 20.91
61.77 29.30
65.02 31.11
71.59 35.39
70.95 36.84
72.23 38.77
67.65 32.20
79.46 44.95
75.34 44.08
77.09 47.58
87.18 52.28
12/13E
12/14E
12/15E
97.42
108.02
121.31
Balance Sheet Total Current Assets + Cash & Near Cash Items + Short Term Investments + Accounts & Notes Receivable + Inventories + Other Current Assets
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 |
9152.325 10027.6744 1'564 1'462
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
-42 1'021 -366 635
336 401 241 85
571 478 311 317
775 561 -455 -262
794 495 44 -170
1'331 502 -200 -230
1'499 458 284 -654
1'488 500 -279 -169
1'456 529 -337 130
1'418 538 -253 -44
1'756 561 -236 -806
1'901
2'135
2'342
Cash From Operating Activities + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing Activities
1'248 84 -257 0 0 -232
1'062 42 -284 0 28 -98
1'677 61 -206
1'163 78 -272 0 69 -390
1'402 55 -380
1'587 31 -481
1'540 36 -708
1'779 14 -413
1'659 18 -425
1'275 28 -476
-611
-649
-675
24 -730
620 41 -217 0 25 -29
31 -148
45 -254
94 -378
44 -114
20 -31
20 -714
-405 -75
-312 -87
-852 -176
-180 -258
-515 -326
-442 -359
-658 -489
-955 -536
-469 -546
-418 -626
-1'142 -742
795 -1'660 5
496 -1'261 5
5
62
251 -795 56 -178 43
1'490 -1'095 85 -313 -61
822 -471 90 -788 9
358 -139 79 -874 44
1'068 -409 76 -739 -109
1'005 -199 50 -136 43
145 -172 51 -307 -48
270 -803 40 -374 -14
1'178 -676 98 -76 23
-930
-785
-799
-152
-664
-890
-604
228
-878
-1'507
-195
Net Changes in Cash
-87
-35
26
288
-16
70
325
813
433
-267
-63
Free Cash Flow (CFO-CAPEX)
991
778
1'471
403
891
1'021
1'106
832
1'366
1'234
798
1'722
1'978
2'175
Free Cash Flow To Firm Free Cash Flow To Equity Free Cash Flow per Share
866 210 9.76
887 55 7.66
576 839 4.03
1'032 1'319 9.08
1'147 1'295 10.64
1'239 1'796 11.78
980
1'516
988 13.98
8.94
14.74
1'348 719 13.43
914 1'328 8.71
Cash Flows
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 Cash From Financing Activities
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
27.8x 12.3x 8.6x 1.0x 1.3x
19.8x 13.3x 9.3x 1.5x 1.9x 0.0%
20.0x 12.4x 8.7x 1.5x 2.3x 0.0%
28.8x 17.1x 12.7x 2.3x 3.2x 0.7%
22.1x 17.0x 13.3x 2.7x 4.0x 1.7%
12.9x 9.6x 8.0x 1.5x 3.0x 3.0%
19.1x 14.7x 11.9x 2.4x 3.7x 2.0%
19.4x 14.6x 11.6x 2.3x 3.6x 2.4%
16.8x 12.3x 9.7x 2.0x 3.6x 3.0%
19.7x 15.1x 12.3x 2.6x 4.2x 2.6%
16.8x
15.0x
13.7x
12.0x 2.4x 3.7x 2.7%
10.9x 2.3x 3.4x 3.0%
10.1x 2.2x 3.0x 3.3%
49.5% 23.3% 12.7% -0.4% -0.3% -0.6%
50.2% 15.0% 10.5% 3.8% 2.3% 5.3%
51.4% 17.6% 12.3% 6.3% 4.0% 8.6%
51.3% 18.8% 13.2% 7.7% 5.3% 11.2%
50.5% 19.0% 14.0% 7.9% 5.4% 11.5%
49.5% 20.9% 16.4% 12.0% 8.8% 19.0%
50.9% 21.5% 17.8% 11.9% 9.9% 23.3%
49.2% 21.5% 17.3% 12.5% 8.8% 21.1%
49.6% 21.1% 16.8% 12.0% 8.2% 19.2%
48.9% 21.8% 17.2% 12.1% 9.3% 21.4%
49.2% 22.2% 18.0% 13.2% 10.2% 23.1%
49.2% 22.2% 18.1% 14.6% 11.2% 23.1%
49.7% 22.9% 19.1% 15.2% 12.2% 23.0%
50.2% 23.3% 19.8% 15.4% 12.3% 22.4%
Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital Tot Debt/Equity
1.36 0.58 4.19 0.32 0.48
1.62 0.66 5.52 0.26 0.34
1.68 0.66 7.58 0.21 0.27
1.50 0.67 6.31 0.20 0.25
1.88 0.85 8.01 0.23 0.30
1.70 0.76 11.31 0.26 0.35
1.80 0.74 13.91 0.34 0.52
2.09 0.95 11.70 0.33 0.50
1.82 0.84 11.35 0.32 0.48
1.73 0.78 15.01 0.28 0.39
1.71 0.75 17.96 0.28 0.38
Others Asset Turnover Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover
0.58 3.58 4.42 1.83
0.61 3.94 4.23 1.85
0.63 4.05 3.36 1.76
0.69 4.32 2.58 1.79
0.69 4.16 2.60 1.73
0.74 4.21 2.85 1.86
0.83 4.95 3.15 1.87
0.70 4.56 2.57 1.51
0.69 4.60 2.29 1.51
0.77 5.02 2.61 1.69
0.78 4.79 2.47 1.62
142.9%
35.1%
18.3%
20.2%
21.7%
18.1%
16.3%
16.4%
15.8%
12.9%
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
Effective Tax Rate
9.9x 5.4x 0.9x 1.3x 0.9%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Company Analysis - Peers Comparision SYNGENTA AGREG Latest Fiscal Year:
12/2012 416.00 15.03.2013 321.10 03.09.2012 88'939
52-Week High 52-Week High Date 52-Week Low 52-Week Low Date Daily Volume
BASF SE 12/2012 76.39 04.06.2013 60.00 06.09.2012 1'234'151
MONSANTO CO
BAYER AG-REG
DSM (KONIN)
FMC CORP
NIPPON SODA CO
08/2012 109.33 15.05.2013 82.70 15.11.2012 4'198'103
12/2012 91.03 06.08.2013 60.38 24.08.2012 624'434
12/2012 57.04 08.08.2013 36.97 05.09.2012 496'222
12/2012 67.46 05.08.2013 50.76 15.11.2012 833'531
03/2013 608.00 02.08.2013 307.00 10.10.2012 633'000
AKZO NOBEL
CLARIANT AG-REG
AIR LIQUIDE SA
YARA INTL ASA
LINDE AG
12/2012 53.82 21.03.2013 39.95 16.11.2012 292'989
12/2012 14.98 05.08.2013 9.37 01.11.2012 404'144
12/2012 101.15 05.08.2013 88.55 21.02.2013 169'859
12/2012 305.50 17.09.2012 236.50 24.06.2013 365'710
12/2012 154.80 28.05.2013 122.45 13.08.2012 178'590
K+S AG-REG 12/2012 40.98 21.08.2012 15.02 06.08.2013 5'399'451
LANXESS AG
SOLVAY SA-A
12/2012 69.99 20.02.2013 42.45 08.07.2013 391'881
12/2012 121.05 07.05.2013 85.70 05.09.2012 53'587
Current Price (8/dd/yy)
363.80
65.53
95.00
87.62
56.95
65.23
563.00
45.28
14.84
100.20
253.80
142.60
18.03
45.39
104.10
52-Week High % Change
-12.5% 13.3% 91.7
-14.2% 9.2% 918.5
-13.1% 14.9% 534.4
-3.7% 45.1% 826.9
-0.2% 54.1% 168.7
-3.3% 28.5% 137.7
-7.4% 83.4% 152.1
-15.9% 13.3% 239.0
-0.9% 58.4% 295.8
-0.9% 13.2% 311.3
-16.9% 7.3% 284.2
-7.9% 16.5% 185.2
-56.0% 20.0% 191.4
-35.1% 6.9% 83.2
-14.0% 21.5% 83.0
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
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
33'879
60'188
50'645
72'457
10'332
8'895
86'881
10'962
4'926
31'237
72'132
26'413
3'451
3'777
8'817
3'348.0 11.0 1'599.0
12'798.0 1'010.0 1'661.0
2'074.0 203.0 3'585.0
9'532.0 100.0 2'551.0
2'564.0 168.0 1'195.0
965.1 74.5 77.1
50'982.0 5'763.0 14'368.0
4'050.0 465.0 1'752.0
3'476.0 86.0 1'667.0
7'273.7 232.6 1'154.2
10'895.0 1'745.0 9'941.0
10'204.0 564.0 2'041.0
1'265.8 3.6 786.8
2'334.0 16.0 803.0
3'652.0 444.0 1'768.0
130'510 Valuation
39'945
73'610
49'965
81'384
12'486
9'939
14'202.0 14'327.0 15'062.1 16'069.0 2.8x 2.8x 2.5x 2.3x 3'148.0 3'058.0 3'341.9 3'677.0 12.6x 12.9x 11.5x 10.2x 22.76 19.36 23.47 26.42 20.4x 18.3x 16.8x 15.0x 7.0% 3.1% 9.0% 10.2% 21.3% 22.2% 22.9%
72'129.0 73'544.0 74'137.6 71'355.3 1.1x 1.0x 1.0x 1.0x 9'669.0 10'184.1 10'889.8 7.9x 7.2x 6.6x 5.25 4.91 5.40 5.90 13.3x 13.4x 12.1x 11.1x (1.9%) 3.9% (18.4%) (1.6%) 13.7% 15.3%
13'504.0 14'769.0 14'960.7 16'145.8 3.9x 3.6x 3.3x 3.0x 3'760.0 4'206.0 4'206.8 4'919.2 14.1x 12.6x 11.6x 9.7x 3.77 4.55 4.58 5.35 20.9x 20.9x 20.7x 17.8x 14.2% 4.5% 20.7% 14.2% 28.5% 28.1% 30.5%
39'760.0 40'153.0 41'017.9 43'338.5 1.9x 1.9x 1.9x 1.8x 9'001.0 8'900.0 8'554.2 9'400.0 8.5x 8.6x 9.3x 8.2x 5.59 3.51 5.75 6.49 25.0x 17.7x 15.2x 13.5x 8.8% 4.3% 0.4% 6.2% 22.2% 20.9% 21.7%
9'131.0 9'417.0 9'961.3 10'573.7 1.2x 1.1x 1.3x 1.2x 941.0 1'016.0 1'354.5 1'534.8 11.5x 10.6x 9.2x 8.0x 1.67 1.89 3.45 4.10 30.1x 29.7x 16.5x 13.9x 0.9% 1.1% (27.1%) (7.6%) 10.8% 13.6% 14.5%
3'748.3 3'852.0 4'009.9 4'375.3 2.5x 2.4x 2.4x 2.1x 834.1 848.2 919.1 1'040.8 11.2x 11.0x 10.5x 9.0x 3.31 3.44 3.89 4.63 19.0x 19.0x 16.8x 14.1x 11.0% 3.9% 11.8% 9.6% 22.0% 22.9% 23.8%
38.3% 27.7% 1.285x 1.028x 22.169x
52.0% 33.3% 13.355x
17.5% 14.7% 0.517x -0.211x 17.736x
51.6% 33.9% 1.270x 0.992x 12.114x
43.6% 29.8% 2.611x 1.953x 8.713x
65.2% 38.3% 1.262x 1.171x 18.372x
A 15.06.2007 -
A+ 10.05.2011 A1 17.11.2010
A+ 21.10.2008 A1 21.02.2012
A30.04.2008 A3 17.07.2006
A 10.11.2010 A3 27.09.2007
A17.12.2012 Baa1 24.11.2009
127'581.0 131'053.0 135'900.0 139'633.3 0.9x 0.9x 0.9x 0.9x 10'200.0 10'200.0 12'650.0 13'200.0 11.7x 10.7x 9.7x 9.2x 38.99 36.70 48.41 50.63 15.3x 11.6x 11.1x 5.3% (4.1%) (8.2%) (9.9%) 8.0% 9.3% 9.5%
13'628
6'957
38'316
74'889
36'260
3'688
5'845
11'660
15'390.0 15'283.0 14'869.5 15'400.9 0.9x 0.9x 0.9x 0.9x 1'497.0 1'472.0 1'624.6 1'907.4 8.8x 8.9x 8.3x 7.0x -0.75 -8.39 2.89 3.50 15.7x 13.0x 5.4% 0.3% (12.5%) 6.3% 9.6% 10.9% 12.4%
6'038.0 6'502.0 6'201.9 6'457.1 1.1x 1.0x 1.0x 0.9x 772.0 751.0 835.3 931.1 8.4x 8.6x 7.4x 6.4x 0.95 0.78 1.07 1.24 19.0x 15.4x 13.9x 12.0x (18.1%) (5.0%) (11.7%) (0.1%) 11.6% 13.5% 14.4%
15'326.3 15'355.3 15'809.3 16'933.3 2.4x 2.4x 2.4x 2.2x 3'792.3 3'823.9 3'974.3 4'326.8 9.7x 9.6x 9.5x 8.7x 5.20 5.07 5.35 5.93 19.8x 19.9x 18.7x 16.9x 6.0% 3.7% 6.4% 6.8% 24.9% 25.1% 25.6%
83'997.0 85'386.0 84'379.0 86'427.8 0.8x 0.8x 0.9x 0.8x 14'591.0 13'323.0 14'038.2 13'532.9 4.8x 5.3x 5.3x 5.3x 31.73 30.10 29.11 8.0x 8.4x 8.7x 8.1% 1.7% (8.3%) 17.6% 15.6% 16.6% 15.7%
15'280.0 16'313.0 17'103.0 18'277.8 2.4x 2.2x 2.0x 1.9x 3'443.0 3'785.0 4'039.3 4'359.5 10.6x 9.6x 8.6x 7.9x 6.93 7.14 8.34 9.40 20.0x 20.2x 17.1x 15.2x 10.8% 5.5% 11.0% 8.0% 23.2% 23.6% 23.9%
3'935.3 3'777.5 4'004.0 3'747.0 1.8x 1.9x 1.0x 1.3x 1'079.9 1'067.7 952.6 649.0 6.7x 6.8x 4.4x 7.3x 3.00 2.84 2.47 1.30 6.3x 6.1x 7.3x 13.9x (1.5%) 4.4% (3.8%) 20.9% 28.3% 23.8% 17.3%
9'094.0 8'518.0 8'418.9 9'090.7 0.7x 0.7x 0.7x 0.6x 1'261.0 887.0 758.7 1'046.8 4.7x 6.7x 7.3x 5.3x 6.55 2.16 1.97 4.40 21.0x 21.0x 23.1x 10.3x 3.6% 7.4% 14.7% 13.2% 10.4% 9.0% 11.5%
12'831.0 12'778.0 12'221.7 12'369.9 0.9x 0.9x 0.9x 0.9x 1'839.0 1'757.0 1'861.0 2'043.8 6.2x 6.5x 5.9x 5.3x 6.33 5.51 6.45 8.23 18.9x 19.0x 16.1x 12.6x 69.6% 13.5% 89.0% 1.4% 13.8% 15.2% 16.5%
58.8% 35.5% 2.793x 1.493x 4.592x
117.7% 53.3% 3.389x 2.591x 4.981x
71.2% 41.1% 2.058x 1.790x 13.835x
22.6% 17.9% 0.797x 0.056x 12.282x
77.9% 42.8% 2.872x 2.391x 8.629x
36.4% 26.7% 1.188x 0.218x 6.494x
100.8% 50.0% 2.729x 2.306x 12.485x
59.4% 35.6% 2.060x 1.375x 10.754x
BBB+ 25.02.2009 Baa1 26.02.2013
BBB14.03.2011 Ba1 03.03.2009
A 02.07.2007 -
BBB 15.03.2010 Baa2 17.03.2010
A 25.05.2012 A3 28.04.2010
BBB+ *05.08.2013 Baa2 *07.08.2013
BBB 31.07.2007 -
BBB+ 07.09.2011 Baa1 05.09.2011
Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense
54.0% 33.7% 4.998x 3.590x 16.694x
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 |