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20.02.

2013

Company Analysis - Overview


Ticker:

Banque Cantonale Vaudoise

BCVN SW

SIX Swiss Ex: BCVN, Currency: CHF

Currency:
Sector: Financials

Benchmark:
SWISS MARKET INDEX (SMI)

Industry: Commercial Banks

Year:

Telephone
41-21-212-1000
Revenue (M)
Website
www.bcv.ch
No of Employees
Address
Place Saint-Francois 14 Case postale 300 Lausanne, 1001 Switzerland
Share Price Performance in CHF
Price
522.00
1M Return
52 Week High
524.00
6M Return
52 Week Low
436.94
52 Wk Return
52 Wk Beta
0.67
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

1'321
1'967
6.9%
3.4%
14.9%
7.7%

IG3
AA
-

Date
Date
Date

12/09
11.8x
2.6x
1.4x
5.1%

12/10
13.5x
3.1x
1.7x
4.5%

12/11
13.0x
2.9x
1.5x
7.0%

12/12
13.4x
3.2x
1.6x
6.6%

12/13E
14.4x
4.4x
1.3x
6.1%

12/14E
14.2x
4.3x
1.2x
6.2%

12/15E
13.7x
4.2x
1.3x
6.3%

12/09
Gross Margin
EBITDA Margin
Operating Margin
35.0
Profit Margin
28.8
Return on Assets
0.8
Return on Equity
12.1
Leverage and Coverage Ratios
12/09
Current Ratio
Quick Ratio
EBIT/Interest
Tot Debt/Capital
0.8
Tot Debt/Equity
3.2
Eff Tax Rate %
22.6

12/10
36.5
29.1
0.9
12.4

12/11
34.5
27.7
0.8
11.8

12/12
36.5
29.1
0.8
12.0

12/13E
51.6
30.3
0.9
9.3

12/14E
52.5
30.1
0.9
9.3

12/15E
51.4
30.4
0.9
9.4

12/10
0.7
3.0
22.9

12/11
0.8
3.1
23.0

12/12
0.8
3.2
22.8

05.12.2011
-

Outlook
Outlook
Outlook

Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and
corporate banking services. The Bank offers consumer loans, treasury management,
pension funds, and investment management services, trades in commodities, advises
on mergers and acquisitions, and offers securities brokerage services. BCV operates
primarily in the Canton of Vaud.

Business Segments in CHF


Wealth Management
Corporate Banking
Retail Banking
Corporate Center
Trading

Sales (M)
368
287
214
86
62

Geographic Segments in CHF


Switzerland
Rest of the World

Sales (M)
1

6%

NEG
STABLE
-

8%
37%

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

21%

28%

100%

Wealth Management
Corporate Banking
Retail Banking

Switzerland

Corporate Center
Trading

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 |

8.6
4492.4
6738.0
8850.0
0.0
0.0
20.0
6624.4

Company Analysis - Analysts Ratings


Banque Cantonale Vaudoise
Buy and Sell Recommendations vs Price and Target Price

100%

0%
20%

80%

33%

0%
17%

20%

600

0%
17%

17%

17%

20%

33%

40%

80%
67%

100%

500

400

400

83%

80%

300

100%
83%

83%

83%

Brokers' Target Price


600

500

60%
100%

Price

300
200

80%

200

67%

100

20%

100
0%

fvr.12

mars.12

avr.12

mai.12

0%

0%

0%

0%

0%

juin.12

juil.12

aot.12

sept.12

oct.12

Buy

Date
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
29-Feb-12

Hold

Sell

Price

0%

0%

0%

nov.12

dc.12

janv.13

Target Price

Buy

Hold

Sell

Date

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

80%
83%
100%
83%
83%
83%
100%
100%
80%
80%
67%
67%

20%
17%
0%
17%
17%
17%
0%
0%
20%
20%
33%
33%

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
5-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
30-Jan-13
29-Jan-13
28-Jan-13
25-Jan-13
24-Jan-13
23-Jan-13
22-Jan-13
21-Jan-13
18-Jan-13
17-Jan-13
16-Jan-13
15-Jan-13
14-Jan-13
11-Jan-13
10-Jan-13

Price Target Price

Broker

Analyst

522.00
512.00
505.50
496.00
503.00
471.25
481.00
488.25
485.50
486.25
487.00
490.75
488.75
489.75
486.25
485.25
486.75
493.75
488.75
486.25
486.25
489.00
490.00
488.50
491.75
487.00
486.75
491.25
493.00
491.25

EVA Dimensions
Bank Vontobel AG
Zuercher Kantonalbank
Main First Bank AG
Helvea

AUSTIN BURKETT
TERESA NIELSEN
ANDREAS VENDITTI
KILIAN MAIER
TIM DAWSON

515.00
515.00
501.67
507.50
507.50
492.50
492.50
492.50
491.67
491.67
491.67
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00
475.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Recommendation
sell
hold
market perform
underperform
neutral

Helvea

0%

Main First
Bank AG

0%

Zuercher
Kantonalbank

0%

Bank Vontobel
AG

0
0%

EVA
Dimensions

Broker Recommendation

Target price in CHF

Target
530.00
490.00
525.00

Date
20-Feb-13
19-Feb-13
15-Feb-13
14-Feb-13
14-Feb-13

20.02.2013

Banque Cantonale Vaudoise

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

8.6
32.7%

25%

74.88%
24.81%
0.30%
75%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in CHF


Top 20 Owners:
Holder Name
CANTON OF VAUD
UBS FUND MANAGEMENT
BLACKROCK
VANGUARD GROUP INC
JUPITER ASSET MANAGE
CREDIT SUISSE ASSET
THORNBURG INVESTMENT
SWISSCANTO FONDSLEIT
NEW JERSEY DIVISION
PICTET & CIE
ALLIANZ ASSET MANAGE
SCHRODER INVESTMENT
BNP PARIBAS INV PART
VONTOBEL ASSET MANAG
SCHRODER INVESTMENT
BARING FUND MANAGERS
PRUDENTIAL FINANCIAL
INTERNATIONAL VALUE
SARASIN
STEIMER OLIVIER

Switzerland
United States
Britain
Luxembourg
Unknown Country
Germany
France
Others

93.03%
3.08%
1.47%
1.34%
0.40%
0.15%
0.14%
0.40%

Institutional Ownership Distribution


Government
Investment Advisor
Mutual Fund Manager
Individual
Others

89.05%
7.37%
2.79%
0.40%
0.39%

STEIMER OLIVIER
KIENER PASCAL
ACHARD AIME
SCHWARZ JEAN-FRANCOIS
SAGER BERTRAND

0%0%0%
0%

1%
1%
4%

94%

Switzerland

United States

Britain

Luxembourg

Unknown Country

Germany

France

Others

TOP 20 ALL

Position
5'762'252
99'092
58'620
55'668
54'169
45'660
44'400
31'940
24'618
23'611
22'742
18'595
18'469
16'600
16'170
12'574
10'122
9'890
9'201
8'074

Position Change
0
-291
7'662
1'997
-11'500
775
0
-514
0
0
0
3'950
-113
3'350
0
0
0
-5'912
0
0

Market Value
3'007'895'544
51'726'024
30'599'640
29'058'696
28'276'218
23'834'520
23'176'800
16'672'680
12'850'596
12'324'942
11'871'324
9'706'590
9'640'818
8'665'200
8'440'740
6'563'628
5'283'684
5'162'580
4'802'922
4'214'628

% of Ownership
66.95%
1.15%
0.68%
0.65%
0.63%
0.53%
0.52%
0.37%
0.29%
0.27%
0.26%
0.22%
0.21%
0.19%
0.19%
0.15%
0.12%
0.11%
0.11%
0.09%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

01.01.2012
31.10.2012
15.02.2013
31.12.2012
31.07.2012
28.12.2012
31.12.2012
30.11.2012
30.06.2012
31.10.2012
31.12.2012
30.06.2012
30.11.2012
31.10.2012
28.09.2012
31.10.2012
31.12.2012
31.03.2012
30.11.2012
31.12.2011

Source
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

8'074
7'177
1'642
1'583
1'566

4'214'628
3'746'394
857'124
826'326
817'452

0.09%
0.08%
0.02%
0.02%
0.02%

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
SWITZERLAND
SWITZERLAND
UNITED STATES
UNITED STATES
BRITAIN
SWITZERLAND
UNITED STATES
SWITZERLAND
UNITED STATES
SWITZERLAND
GERMANY
BRITAIN
FRANCE
SWITZERLAND
SWITZERLAND
BRITAIN
UNITED STATES
UNITED STATES
n/a

Institutional Ownership
0%
3%

0%

7%

90%

Government

Investment Advisor

Individual

Others

Mutual Fund Manager

Company Analysis - Financials I/IV


Banque Cantonale Vaudoise
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

1'604

1'516

1'438

1'499

1'590

1'727

1'566

1'371

1'352

1'352

1'321

1'029

1'050

1'074

856

732

674

643

656

645

589

590

608

622

611

-977

156

427

378

433

429

325

365

393

377

391

531

551

552

-36

-18

-12

-210

-247

-287

-134

-24

-14

-14

-12

Pretax Income
- Income Tax Expense

-1'192
8

174
17

359
22

477
20

558
23

576
99

459
101

390
88

407
93

391
90

403
92

414

424

433

Income Before XO Items


- Extraordinary Loss Net of Tax
- Minority Interests

-1'200
0
0

157
0
3

337
0
2

457
0
3

534

477
4

301
0
1

314
0
1

301

358
0
1

311
0
0

312
36.18
32.00
0.88

316
36.66
32.25
0.88

326
38.22
33.00
0.86

Income Statement
Revenue
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

Diluted EPS Before XO Items


Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %
Total Shares Outstanding
Diluted Shares Outstanding

-1

41.40

34.93

36.39

35.10

36.14

-1'200
(141.39)
0.00

154
6.98
2.00
40.4

335
39.31
3.00
7.6

356
41.36
4.50
8.5

410
47.85
7.00
11.4

473
55.28
14.00
25.5

330
38.39
20.00
48.3

279
32.41
21.00
60.1

313
36.39
22.00
60.4

302
35.10
32.00
91.2

304
35.28
32.00
88.6

22

9
9

9
9

9
9

9
9

9
9

EBITDA
*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

399
1'142

368
1'360

400
1'489

282
1'806

321
2'116

353
2'146

546
702

1'404
485

388
2'413

1'711
601

4'735
693

1'508

1'539

1'573

1'697

1'669

1'671

1'634

2'951

2'966

2'975

3'153

424
3'373

410
2'714

392
2'413

381
4'244

365
1'857

286
2'037

283
1'897

597
515

588
710

628
895

621
633

Total Current Liabilities


+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

3'318
2'250

2'987
2'130

2'458
1'854

3'554
4'925

2'091
2'336

2'477
2'084

2'361
1'592

2'243
926

1'994
974

2'749
944

2'447
867

Total Long Term Liabilities


+ Long Term Borrowings
+ Other Long Term Borrowings

9'255
254

7'628
253

6'331
332

5'475
484

6'684
628

6'938
765

6'508
1'076

5'937
704

5'582
704

5'202
704

5'968
704

31'618
0
20
1'695
-814

29'789
0
21
1'714
575

27'950
0
14
1'722
853

32'088
0
15
1'596
1'176

30'176
0
14
1'345
1'495

32'816
0
15
891
1'615

33'138
0
13
613
1'847

33'215
0
14
529
1'975

33'018
0
14
445
2'108

35'306
0
20
446
2'131

37'189
0
1
361
2'249

901

2'310

2'588

2'787

2'855

2'521

2'473

2'518

2'567

2'597

2'611

Total Liabilities & Equity

32'519

32'098

30'537

34'875

33'031

35'337

35'611

35'733

35'585

37'903

39'800

Book Value Per Share


Tangible Book Value Per Share

103.78
89.84

104.24
100.82

304.18
293.24

325.40
314.24

331.73
329.80

291.80
290.44

286.37
285.73

291.49
290.95

297.12
296.69

300.04
295.97

303.28
298.98

12/13E

12/14E

12/15E

410.56

418.23

402.06

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

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

-1'200
1'357
224
-34

154
262
-9
6

335
1
82
-6

454
-77
119
-30

530
-110
130
1

473
-175
144
85

356
35
3
-79

301
102
-1
-11

313
58
2
25

302
98
-1
-22

311

313

316

323

347

413

412

467

551

527

315

391

397

377

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
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

-121

Cash From Financing Activities

-121

Net Changes in Cash


Free Cash Flow (CFO-CAPEX)
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share

347

413

412

467

525

498

304

379

377

353

40.87

18.71

48.33

54.50

61.09

57.90

35.34

43.99

43.77

41.02

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

20.2x

5.2x

7.1x

12.2x

12.8x

7.7x

11.8x

13.5x

13.0x

13.4x

14.4x

14.2x

13.7x

0.4x
0.8x
0.0%

2.1x
1.4x
1.4%

1.2x
0.7x
1.5%

2.2x
1.2x
1.2%

3.2x
1.8x
1.2%

2.5x
1.7x
2.8%

1.7x
1.1x
6.3%

2.6x
1.4x
5.1%

3.1x
1.7x
4.5%

2.9x
1.5x
7.0%

3.2x
1.6x
6.6%

4.4x
1.3x
6.1%

4.3x
1.2x
6.2%

4.2x
1.3x
6.3%

-103.7%
-127.3%
-3.6%
-104.4%

15.3%
15.1%
0.5%
9.7%

41.7%
32.7%
1.1%
13.8%

33.9%
40.8%
1.4%
17.0%

36.8%
45.1%
1.6%
18.9%

36.7%
40.5%
1.4%
17.7%

32.4%
35.5%
1.0%
14.3%

35.0%
28.8%
0.8%
12.1%

36.5%
29.1%
0.9%
12.4%

34.5%
27.7%
0.8%
11.8%

36.5%
29.1%
0.8%
12.0%

0.93
13.95

0.82
4.60

0.77
3.40

0.76
3.24

0.75
3.07

0.79
3.73

0.78
3.59

0.76
3.25

0.75
2.95

0.75
3.06

0.76
3.22

0.05

0.05

0.05

0.05

0.05

0.05

0.04

0.04

0.04

0.04

0.03

9.6%

6.1%

4.3%

4.2%

17.1%

22.1%

22.6%

22.9%

23.0%

22.8%

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

51.6%
30.3%
0.9%
9.3%

52.5%
30.1%
0.9%
9.3%

51.4%
30.4%
0.9%
9.4%

Company Analysis - Peers Comparision


BANQUE CANTOREG
Latest Fiscal Year:
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

Current Price (2/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

UBS AG-REG

CREDIT SUISS-REG BANK SARASIN-B GAM HOLDING AG

VONTOBEL HLDGVERWALTUNGS-ULIECHTENSTEIN-BR ST GALLER KA-REG EFG INTERNAT AG


R
BR

12/2012
524.00
20.02.2013
456.96
07.03.2012
17'955

12/2012
16.39
25.01.2013
9.69
24.07.2012
6'729'041

12/2012
27.85
07.02.2013
15.97
03.08.2012
4'236'189

12/2011
28.80
20.02.2012
24.50
08.10.2012
1'193

12/2011
16.25
15.02.2013
9.92
25.05.2012
327'314

12/2012
33.00
20.02.2013
17.80
28.06.2012
62'761

12/2011
42.45
22.02.2012
25.50
16.11.2012
9'127

12/2012
404.50
19.02.2013
320.75
21.05.2012
1'546

522.00

15.31

27.34

27.00

16.15

-0.4%
14.2%
8.6

-6.6%
58.1%
3'747.4

-1.8%
71.2%
1'292.7

-6.2%
10.2%
62.9

-0.6%
62.8%
177.1

33.00

31.80

0.0%
85.4%
63.4

-25.1%
24.7%
28.4

VZ HOLDING AG

12/2011
11.95
20.02.2013
4.77
24.07.2012
94'015

12/2011
84.00
20.02.2012
60.00
21.11.2012
5'665

12/2011
130.00
11.02.2013
85.00
26.07.2012
3'371

401.00

11.70

80.25

-0.9%
25.0%
5.5

-2.1%
145.3%
146.7

-4.5%
33.8%
5.8

BASLER KANTONPC

LUZERNER KANREG

VALIANT HLDG AG

PARTNERS GROUP
J

12/2011
111.64
02.03.2012
74.35
31.08.2012
38'297

12/2011
223.70
11.01.2013
157.20
04.06.2012
26'033

12/2011
113.60
27.04.2012
98.00
16.11.2012
794

12/2012
360.00
06.02.2013
311.00
29.02.2012
2'056

129.50

98.90

360.00

87.35

213.50

-0.4%
52.4%
7.8

-12.9%
0.9%
29.9

0.0%
15.8%
8.5

-21.8%
17.5%
15.8

-4.6%
35.8%
25.4

4'492.4

58'727.0

36'111.5

1'698.3

2'961.2

2'145.0

979.4

2'234.9

1'716.0

474.7

1'036.0

3'096.7

3'060.0

1'379.5

5'700.5

8'415.0
1.0
6'742.0

267'400.0
4'353.0
66'383.0

330'510.0
6'786.0
63'708.0

2'024.9
37.4
2'764.8

17.5
600.1

7'456.5
2'999.6

1'844.5
101.2
7'716.7

5'065.0
2'183.0

1'269.7
24.6
3'286.2

928.9
19.0
5'389.3

1.4
361.2

7'662.3
361.6
3'907.4

5'639.3
2'920.5

6'379.3
1'946.1

0.8
96.7

264'097.0

6'978.0

804.8

5'605.2

38'313.0
38'313.0
26'558.3
27'461.6

831.5
795.5
680.7
741.3

812.2
983.4
581.8
621.8

0.77
0.84
2.70
3.11
32.5x
12.3x
10.1x
8.8x
(10.3%)
30.2%
-

1.63
1.04
1.62
1.83
26.0x
26.0x
16.6x
14.8x
(2.3%)
(5.5%)
-

4.5x
4.3x
-0.52
-0.32
0.87
1.09
18.6x
14.8x
(15.8%)
-

890.7
861.4
842.4
912.0
6.8x
7.0x
213.9
202.6
28.2x
29.8x
1.76
1.55
2.32
2.68
21.3x
20.6x
14.2x
12.3x
(5.5%)
(9.9%)
23.5%
-

555.0
569.7
407.0
407.0

501.6
501.6
509.0
523.0

1'078.2
1'146.3
791.2
796.1

320.7
314.0
217.0
221.0

935.8
940.7
672.0
648.0

685.4
685.4
427.0
437.0

693.4
663.4
386.0
391.0

0.75
2.07
2.69
4.51
38.8x
38.8x
29.8x
17.8x
(7.7%)
(13.5%)
-

143.8
144.3
148.5
170.7
2.7x
2.7x
66.4
64.7
65.3
80.5
5.8x
5.9x
6.48
6.33
6.40
7.69
20.5x
20.6x
20.2x
16.8x
8.1%
10.2%
3.9%
44.9%
44.0%
47.2%

5.99
7.37
9.34
7.75
13.4x
14.0x
10.6x
12.8x
(6.6%)
(3.5%)
-

19.51
19.79
21.85
22.48
18.2x
15.2x
16.5x
16.0x
(4.7%)
(4.1%)
-

6.85
7.90
7.28
6.84
11.1x
14.4x
12.0x
12.8x
(1.9%)
(0.2%)
-

448.8
480.4
425.0
509.3
9.3x
8.7x
13.2x
10.9x
236.2
250.0
267.2
324.7
17.6x
16.6x
20.9x
17.1x
7.75
8.46
9.67
11.69
25.2x
25.7x
22.1x
18.3x
0.3%
13.9%
(26.4%)
7.6%
52.0%
62.9%
63.7%

0.38
1.34
2.91
3.60
23.7x
23.7x
10.9x
8.8x
(8.3%)
(7.6%)
-

27.28
27.28
30.88
31.97
14.7x
14.7x
13.0x
12.5x
(28.6%)
(16.3%)
-

-0.52
-2.21
0.79
0.93
14.9x
12.6x
80.6%
399.5%
-

271.9%
73.1%
-

128.7%
55.7%
-

105.6%
50.8%
-

0.7%
0.7%
0.068x
-3.575x
-

283.6%
71.4%
-

364.2%
78.5%
-

351.2%
77.8%
-

0.0%
0.0%
0.000x
-0.384x
-

Aa1
02.12.2003

A24.02.2009
-

AA+
18.10.2001
-

AA+
12.09.2008
-

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

1'321.2
1'321.2
1'029.3
1'050.3
35.48
36.14
36.18
36.66
14.4x
14.7x
14.4x
14.2x
(2.3%)
(4.5%)
-

37'392.0
37'470.0
26'730.4
27'411.1
6.9x
6.9x
17'464.0
17'575.0
14.8x
16.1x
1.68
-0.75
0.93
1.21
15.3x
16.5x
12.6x
(8.5%)
(10.7%)
(29.1%)
47.0%
-

322.4%
76.3%
-

582.6%
84.2%
18.434x
9.520x
-

927.6%
88.6%
-

164.7%
61.5%
-

0.8%
0.8%
-

498.2%
83.3%
34.709x
23.855x
-

AA
05.12.2011
-

A
29.11.2011
A2
21.06.2012

A
19.12.2008
(P)A2
21.06.2012

A
17.12.2012
-

A
30.03.2009
-

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

119.7%
52.9%
-

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 |