15.03.

2013

Company Analysis - Overview

Ticker:

Anglo American PLC

AAL LN

London: AAL, Currency: GBp

Currency:
Sector: Materials

Industry: Metals & Mining

Year:

Telephone
44-20-7968-8888
Revenue (M)
Website
www.angloamerican.com
No of Employees
Address
20 Carlton House Terrace London, SW1Y 5AN United Kingdom
Share Price Performance in GBp
Price
1892.00
1M Return
52 Week High
2571.71
6M Return
52 Week Low
1662.50
52 Wk Return
52 Wk Beta
1.73
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

IG2
BBB+
Baa1
BBB+

Date
Date
Date

Anglo American PLC is a global mining company. The Company's mining portfolio
includes bulk commodities including iron ore, manganese and metallurgical coal, base
metals including copper and nickel and precious metals and minerals including
platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe,
North and South America, Asia and Australia.

Benchmark:
FTSE 100 INDEX (UKX)

18.04.2011
23.02.2009
11.08.2009

1'814'898
106'000
-7.2%
-9.2%
-24.8%
-0.1%

Outlook
Outlook
Outlook

NEG
NEG
STABLE

Business Segments in GBp

Metals & Mining
Iron & Steel
Thermal Coal
Diamonds
Construction & Building
Other Sales
Phosphates

7%

Sales (M)
711988
590263
270521
254115
136996
67268
37672

0%
3% 2%

34%

12%

12/09
21.7x
25.8x
15.8x
2.5x
2.2x
0.0%

12/10
9.6x
9.5x
7.7x
2.2x
2.0x
1.2%

12/11
7.2x
5.4x
4.5x
1.5x
1.2x
2.0%

12/12
10.6x
7.5x
1.3x
1.1x
2.8%

12/13E
12.1x
5.5x
1.2x
0.9x
2.9%

12/14E
10.0x
5.0x
1.1x
0.8x
3.2%

12/15E
8.5x
4.7x
1.1x
0.8x
3.7%

12/09
Gross Margin
26.7
EBITDA Margin
21.4
Operating Margin
13.1
Profit Margin
11.6
Return on Assets
4.6
Return on Equity
10.5
Leverage and Coverage Ratios
12/09
Current Ratio
1.6
Quick Ratio
0.9
EBIT/Interest
2.7
Tot Debt/Capital
0.3
Tot Debt/Equity
0.5
Eff Tax Rate %
27.7

12/10
43.0
36.8
30.0
23.4
10.6
21.7

12/11
43.3
38.9
32.4
20.2
8.9
16.8

12/12
26.8
18.9
-5.2
-2.0
-3.9

12/13E
29.8
28.9
21.3
8.7
3.6
7.5

12/14E
29.6
30.2
22.9
10.3
4.5
8.5

12/15E
30.7
30.8
23.2
11.4
5.7
9.3

12/10
1.8
1.2
7.9
0.3
0.4
25.7

12/11
2.3
1.8
9.5
0.2
0.3
26.5

12/12
2.4
1.0
6.8
0.3
0.4
-

Sales (M)
920795
474974
291282
205463
141035
35274
-253925

11%

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

Geographic Segments in GBp

South Africa
South America
Australia and Asia
Rest of Africa
Europe
North America
Unallocated Investment in Associates

2%
6%
39%
9%

13%
13%
20%

29%
Metals & Mining
Iron & Steel

South Africa

Thermal Coal

South America

Diamonds

Australia and Asia

Construction & Building

Rest of Africa

Other Sales

Europe

Phosphates

North America
Unallocated Investment in Associates

Current Capitalization in GBp

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 |

1391.0
2636350.0
559906.4
1093092.0
0.0
0.0
377416.6
3546952.1

Company Analysis - Analysts Ratings

Anglo American PLC

30%

23%

26%

28%

25%

22%

sept.12

oct.12

nov.12

dc.12

janv.13

28%

0%

500
0

mars.12

avr.12

mai.12

juin.12

juil.12

Buy

aot.12

Hold

Sell

Price

fvr.13

Target Price

Date

Buy

Hold

Sell

Date

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

28%
22%
25%
28%
26%
23%
30%
36%
52%
50%
54%
50%

47%
56%
66%
59%
58%
57%
56%
54%
41%
39%
39%
43%

25%
22%
9%
13%
16%
20%
15%
11%
7%
11%
7%
7%

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
5-Feb-13
4-Feb-13

Price Target Price

1892.00
1863.50
1860.00
1868.50
1861.00
1850.50
1851.00
1846.50
1878.50
1849.00
1900.00
1922.00
1952.50
1938.50
1981.50
1942.00
1923.00
1951.00
1995.50
1983.00
2039.00
2013.00
2013.50
1978.50
1971.50
1972.50
1937.00
1944.50
1932.00
1924.50

2050.64
2050.64
2045.64
2045.64
2045.64
2045.64
2045.64
2045.64
2045.64
2045.64
2041.09
2041.09
2041.09
2041.09
2041.09
2041.09
2041.09
2022.91
2022.91
2002.91
1980.24
1981.14
1981.14
1981.14
1981.14
1978.86
1978.86
1966.43
1966.43
1953.41

Broker

Analyst

Morgan Stanley
Jefferies
Sanford C. Bernstein & Co
Exane BNP Paribas
AlphaValue
RBC Capital Markets
Nomura
EVA Dimensions
Societe Generale
Independent Research GmbH
Deutsche Bank
Credit Suisse
JPMorgan
Natixis
SBG Securities
S&P Capital IQ
BMO Capital Markets
Goldman Sachs
HSBC
Imara
Investec
Redburn Partners
Barclays
Macquarie
Liberum Capital Ltd
Day by Day
Standard Chartered
Avior Research
CA Cheuvreux
Daiwa Securities Co. Ltd.

MENNO SANDERSE
Christopher LaFemina
PAUL GAIT
RAPHAEL VEVERKA
SACHIN KUMAR
DES KILALEA
SAM CATALANO
CRAIG STERLING
ALAIN WILLIAM
SVEN DIERMEIER
GRANT SPORRE
LIAM FITZPATRICK
FRASER JAMIESON
RAOUDHA BOUZEKRI
PETER DAVEY
JOHNSON IMODE
TONY ROBSON
EUGENE KING
ANDREW KEEN
STEPHEN MEINTJES
ALBERT MINASSIAN
SIMON TOYNE
IAN ROSSOUW
KIERAN DALY
ASH LAZENBY
VALERIE GASTALDY
SUBRAMANIAM VARADA
CLINTON DUNCAN
JOAKIM AHLBERG
SCOTT FINLAY

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

Recommendation
Equalwt/In-Line
buy
outperform
underperform
add
sector perform
reduce
underweight
sell
sell
buy
neutral
underweight
neutral
sell
hold
market perform
sell/attractive
overweight
hold
hold
sell
equalweight
outperform
hold
hold
in-line
outperform
outperform
hold

Panmure Gordon & Co Limited

36%

CA Cheuvreux

1'000

52%

Daiwa Securities Co. Ltd.

50%

Avior Research

54%

0
Day by Day

50%

500
Standard Chartered

20%

1'500

1000

Liberum Capital Ltd

40%

2'000

Barclays

47%

Macquarie

56%

1500

Redburn Partners

66%

Imara

57%

59%

58%

Investec

56%

HSBC

2'500

54%

60%

2000

Goldman Sachs

41%

S&P Capital IQ

39%

BMO Capital Markets

39%

2500

Natixis

43%

3'000

3000

SBG Securities

80%

3'500

JPMorgan

25%

Credit Suisse

22%

Deutsche Bank

9%

13%

16%

Societe Generale

20%

Independent Research GmbH

15%

Nomura

11%

EVA Dimensions

7%

AlphaValue

11%

RBC Capital Markets

7%

Exane BNP Paribas

7%

Brokers' Target Price

3500

Jefferies

4'000

Sanford C. Bernstein & Co

100%

Morgan Stanley

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in GBp

Target

Date

2080.00
2450.00
2225.00
1700.00
2161.00
1900.00
1700.00

15-Mar-13
13-Mar-13
13-Mar-13
12-Mar-13
7-Mar-13
4-Mar-13
4-Mar-13
22-Feb-13
19-Feb-13
19-Feb-13
18-Feb-13
18-Feb-13
18-Feb-13
18-Feb-13
18-Feb-13
16-Feb-13
15-Feb-13
11-Feb-13
7-Feb-13
17-Jan-13
16-Jan-13
16-Jan-13
14-Jan-13
10-Jan-13
30-Nov-12
3-Oct-12
8-Sep-12
27-Aug-12
30-Jul-12
21-Apr-11

1900.00
1800.00
2290.00
2100.00
1640.00
1900.00
2000.00
2100.00
2200.00
1550.00
2240.00
2259.00
1970.00
2250.00

1960.00
2338.00
2250.00
3329.00

15.03.2013

Anglo American PLC

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%
55.36%
44.59%
0.05%

55%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in GBp

Top 20 Owners:
Holder Name
BLACKROCK
PUBLIC INVESTMENT CO
LEGAL & GENERAL
TARL INVESTMENT HOLD
EPOCH TWO INVESTMENT
FMR LLC
NORGES BANK INVESTME
SCOTTISH WIDOWS
VANGUARD GROUP INC
E OPPENHEIMER & SON
OPPENHEIMERFUNDS INC
UBS
PEOPLES REPUBLIC OF
OPPENHEIMERFUNDS INC
VANGUARD GROUP INC
CORONATION ASSET MAN
GOVT OF SINGAPORE IN
AVIVA INVESTORS
STATE STREET
Northern Cross Inter

United States
South Africa
Britain
Unknown Country
Luxembourg
China
Switzerland
Others

27.51%
23.44%
18.90%
9.31%
2.56%
2.25%
2.19%
13.85%

Institutional Ownership Distribution

Investment Advisor
Government
Unclassified
Holding Company
Others

51.07%
14.59%
10.65%
5.62%
18.09%

O'ROURKE RAYMOND GABRIE

CARROLL CYNTHIA BLUM
MEDORI RENE
PARKER JOHN
WOICKE PETER L

14%
2%

28%

2%
3%

9%
23%
19%

United States

South Africa

Britain

Unknown Country

Luxembourg

China

Switzerland

Others

TOP 20 ALL

Position
78'986'629
77'592'603
51'464'626
47'275'613
42'166'686
31'102'799
29'466'453
29'199'945
25'211'973
25'200'000
21'574'878
17'579'059
17'290'964
15'661'337
14'199'373
11'914'195
10'535'767
10'437'360
9'759'820
9'024'700

Position Change
0
0
371'930
0
0
2'875'107
-2'557'012
3'632'677
549'175
0
3'080'902
497'364
0
6'944'224
1'122'571
1'346'501
1'922'748
-639'640
391'188
95'026

Market Value
149'442'702'068
146'805'204'876
97'371'072'392
89'445'459'796
79'779'369'912
58'846'495'708
55'750'529'076
55'246'295'940
47'701'052'916
47'678'400'000
40'819'669'176
33'259'579'628
32'714'503'888
29'631'249'604
26'865'213'716
22'541'656'940
19'933'671'164
19'747'485'120
18'465'579'440
17'074'732'400

% of Ownership
5.67%
5.57%
3.69%
3.39%
3.03%
2.23%
2.11%
2.10%
1.81%
1.81%
1.55%
1.26%
1.24%
1.12%
1.02%
0.86%
0.76%
0.75%
0.70%
0.65%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

145'617'780
123'625'172
103'059'132
50'911'828
33'444'884

0.01%
0.01%
0.00%
0.00%
0.00%

13.03.2013
01.11.2012
31.01.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
31.12.2012
01.11.2012
31.01.2013
31.01.2013
01.11.2012
01.11.2012
01.11.2012
31.12.2012
01.11.2012
01.11.2012
14.03.2013
01.11.2012

Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
MF-AGG
ULT-AGG
REG
REG
REG
MF-AGG
ULT-AGG
REG
ULT-AGG
REG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

1391.0
88.0%

76'965
65'341
54'471
26'909
17'677

Source
16.02.2012
16.02.2012
16.02.2012
16.02.2012
16.02.2012

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

Institutional Ownership

Country
UNITED STATES
SOUTH AFRICA
SOUTH AFRICA
BRITAIN
UNITED STATES
NORWAY

18%

6%

50%

11%
UNITED STATES
15%
UNITED STATES
CHINA
UNITED STATES
UNITED STATES
SOUTH AFRICA
SINGAPORE
BRITAIN
UNITED STATES
UNITED STATES

Investment Advisor

Government

Holding Company

Others

Unclassified

Company Analysis - Financials I/IV

Anglo American PLC
Financial information is in GBp (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

1'009'266
678'464

1'140'770
841'270

1'433'897
1'027'168

1'619'921
1'101'539

1'356'813
766'333

1'273'474
704'736

1'436'105
848'804

1'336'927
979'396

1'810'577
1'032'793

1'907'333
1'081'716

1'814'898

2'282'007

2'377'847

2'503'621

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

330'802
174'197
6'198

299'500
184'487
7'651

406'729
209'560
2'456

518'381
230'655
2'201

590'481
141'268
2'009

568'738
119'648
2'050

587'302
124'611
1'965

357'531
79'352
2'179

777'784
234'999
1'878

825'617
206'763
2'370

678'897

703'843

768'612

1'472'439
5'048

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

159'137
20'525
5'131
-57'910

116'115
28'218
4'285
-80'001

197'169
53'168
-1'583
-119'928

287'727
50'963
-6'384
-43'478

449'213
36'321
-2'117
-43'379

449'091
41'049
200
-33'199

462'691
46'395
27'346
-78'871

175'625
49'995
-12'499
-120'117

542'785
51'870
-8'030
-208'709

618'854
43'348
15'967
-112'956

342'459
50'356
-757
307'941

486'762

545'664

580'699

Pretax Income
- Income Tax Expense

191'391
52'046

163'614
45'051

265'512
50'384

286'626
70'171

458'388
136'707

441'041
134'647

467'822
133'780

258'245
71'596

707'653
181'900

672'494
178'384

-15'082
23'664

454'745

511'257

554'186

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

139'345
0
35'186

118'564
0
21'117

215'128
0
24'018

216'455
0
22'675

321'681
-54'129
39'959

306'394
-102'198
43'399

334'041
0
49'397

186'649
0
31'215

525'754
0
101'991

494'110
0
109'338

-38'745
0
55'467

105'491
82.17
37.35
46.1

91'693
71.23
36.32
48.1

114'306
103.99
41.99
28.8

215'575
163.71
54.43
38.2

297'032
222.36
64.43
48.0

287'974
220.00
62.00
99.2

294'306
244.85
48.03
9.9

164'664
136.97
0.00
0.0

322'226
267.18
42.09
12.0

381'716
315.48
46.16
14.5

179'149
142.86
53.64

199'347
157.67
55.41
0.35

244'290
190.10
60.01
0.32

284'365
223.21
70.40
0.32

1'337
1'298

1'343
1'345

1'359
1'365

1'359
1'377

1'361
1'369

1'322
1'327

1'316
1'215

1'316
1'253

1'320
1'281

1'323
1'282

1'391
1'254

232'508

205'666

312'184

422'069

525'982

518'989

545'055

286'191

667'051

741'540

486'901

659'050

719'083

771'961

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

*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

12/13E

12/14E

12/15E

2'198.31

2'290.36

2'353.56

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

442471.282 503252.215 630963.566 754407.401

66'439
61'344
154'244
199'569
70'972
57'867
104
931
138'590
171'638
201'117
235'178
112'636
153'863
185'249
207'657
53'834
58'540
90'250
111'072

665289.47 532657.487 658593.482 670361.655 920851.773 1216390.48 1305073.27

155'141
157'815
190'120
202'440
410'557
756'464
559'906
0
0
11'870
186
0
0
0
224'190
151'309
135'094
154'570
191'906
185'183
153'592
118'223
185'386
198'910
231'159
226'772
308'152
132'366
105'311
136'123
114'256
87'230
47'972
437'015

1'642'658
71'282
1'344'241
317'790
1'026'451
544'924

1'913'760
49'008
1'806'549
439'554
1'366'996
497'757

2'159'046
56'739
2'405'001
673'505
1'731'496
370'811

2'264'735
52'947
2'565'835
774'015
1'791'819
419'969

1'735'320
102'825
1'857'357
643'805
1'213'552
418'943

1'724'971
242'598
1'673'123
486'155
1'186'967
295'405

2'753'962
217'633
2'646'792
619'691
2'027'101
509'228

2'816'634
177'793
3'003'468
823'755
2'179'713
459'128

3'354'435
217'946
3'501'700
948'304
2'553'396
583'093

3'454'575
197'563
3'594'429
979'883
2'614'546
642'466

3'581'579
140'254

Total Current Liabilities

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

387'892
95'685
119'093
173'114

522'485
141'752
229'562
151'172

500'157
151'634
176'584
171'939

554'547
182'580
120'789
251'178

454'423
168'517
104'736
181'170

579'008
128'411
297'322
153'276

957'942
218'388
465'455
274'099

417'699
182'004
92'829
142'866

505'548
176'256
98'454
230'838

527'307
193'501
65'639
268'167

541'990

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

544'489
362'620
181'869

595'436
373'724
221'711

843'303
408'028
435'275

860'010
370'222
489'789

545'215
217'941
327'274

451'506
121'249
330'257

961'921
494'751
467'170

1'331'063
793'659
537'404

1'334'295
763'517
570'778

1'358'888
764'395
594'494

1'648'750
932'767
715'983

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

932'381
0
143'061
121'143
888'544

1'117'921
0
190'423
113'379
995'290

1'343'460

1'414'558

239'482
124'230
1'082'837

230'232
138'709
1'235'643

999'638
0
147'498
179'931
1'073'542

1'030'514
0
94'265
174'056
958'794

1'919'863
0
105'317
236'775
1'150'600

1'748'761
0
120'634
213'711
1'403'889

1'839'843
0
239'369
221'346
1'974'729

1'886'195
0
264'169
222'580
2'298'021

2'190'740
0
377'417
315'786
2'002'709

Total Shareholders Equity

1'152'748

1'299'092

1'446'550

1'604'585

1'400'971

1'227'115

1'492'693

1'738'234

2'435'444

2'784'770

2'695'912

Total Liabilities & Equity

2'085'129

2'417'012

2'790'009

3'019'142

2'400'609

2'257'628

3'412'556

3'486'995

4'275'287

4'670'965

4'886'652

755.23
647.94

825.25
730.63

887.95
786.42

1'010.99
900.91

920.73
839.78

856.84
797.48

1'053.85
897.19

1'228.72
1'098.14

1'663.63
1'551.10

1'904.60
1'791.47

1'666.84
1'464.51

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 |

2'776'074
665'251

160'325
381'665

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

159'137
73'371
-17'060
-133

116'115
89'550
-28'524
-12'242

191'110
115'015
-11'845
-33'298

193'781
134'342
54'816
-28'288

335'851
76'769
54'238
-21'174

365'193
69'899
-50'249
-34'399

284'645
82'364
49'888
-1'255

155'434
110'567
22'434
-58'328

423'763
124'267
-62'036
-24'607

384'772
122'686
57'881
-9'917

-94'212
144'442
302'704
-33'255

204'866

241'966

257'771

Cash From Operating Activities

+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities

215'314
20'858
-142'543
0
0
-179'662

164'900
7'162
-185'160
0
0
-32'564

260'981
8'243
-172'823
-5'895
14'356
-47'928

354'650
17'997
-181'948
-11'172
13'484
-3'082

445'684
5'429
-157'936
-2'172
3'909
42'294

350'443
5'550
-196'546
-2'350
30'049
38'849

415'641
1'637
-280'879
-40'445
46'449
-383'984

230'107
2'948
-295'293
-17'242
130'821
20'639

461'386
4'144
-341'912
-8'677
453
170'826

555'422
4'803
-386'893
-998
0
58'567

319'679
4'165
-353'817
-1'010
0
-286'676

-418'807

-392'380

-300'847

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

-301'347
-48'781
-34'253
195'389
0
2'732
0
-25'057

-210'562
-45'357
53'559
32'503
0
23'015
0
-21'179

-204'047
-45'144
-99'895
54'041
-32'752
2'511
0
-3'876

-164'722
-62'576
-74'628
0
-34'783
13'209
0
-20'198

-108'476
-156'796
22'857
14'496
-869
0
-212'934
-5'266

-124'447
-76'898
138'997
17'050
0
6'700
-310'844
3'700

-657'221
-84'602
78'161
282'953
0
2'183
-38'753
-16'375

-158'126
0
-401'437
377'657
0
1'859
-4'807
-8'397

-175'165
-19'556
-151'399
77'319
0
0
-6'864
17'678

-324'521
-51'020
-78'651
60'127
0
0
-22'890
190'359

-637'338
-61'210
-47'138
355'458
0
0
-15'965
-66'195

90'031

42'541

-125'114

-178'976

-338'511

-221'295

223'568

-35'125

-82'823

97'924

164'951

3'998

-3'122

-68'179

10'952

-1'303

4'700

-18'012

36'856

203'399

328'825

-152'709

72'771

-20'261

88'158

172'702

287'748

153'897

134'763

-65'186

119'475

168'529

-34'139

46'847

104'949

227'127

87'715
254'765
56.67

188
72'962
-15.73

131'237

211'189

313'237

67.56

131.16

215.40

182'414
315'494
117.57

167'890
497'514
112.12

-29'052
-86'018
-54.23

158'011
49'538
99.07

200'379
154'807
139.28

278'346
-27.22

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital

Cash From Financing 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 |

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

Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield

13.4x
12.4x
8.5x
1.4x
1.3x
3.4%

19.0x
23.1x
13.0x
1.6x
1.6x
2.5%

9.7x
13.3x
8.4x
1.3x
1.5x
3.0%

14.0x
11.4x
7.8x
1.7x
2.2x
2.6%

13.9x
9.6x
8.2x
2.9x
3.0x
2.2%

15.1x
9.8x
8.5x
3.1x
3.6x
2.0%

5.2x
5.0x
4.2x
1.0x
1.5x
3.9%

21.7x
25.8x
15.8x
2.5x
2.2x
0.0%

9.6x
9.5x
7.7x
2.2x
2.0x
1.2%

7.2x
5.4x
4.5x
1.5x
1.2x
2.0%

10.6x
7.5x
1.3x
1.1x
2.8%

Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

32.8%
23.0%
15.8%
10.3%
5.3%
10.7%

26.3%
18.0%
10.2%
8.5%
4.2%
8.8%

28.4%
21.8%
13.8%
13.3%
7.3%
16.3%

32.0%
26.1%
17.8%
12.0%
6.7%
15.1%

43.5%
38.8%
33.1%
24.8%
12.6%
25.8%

44.7%
40.8%
35.3%
28.7%
16.0%
31.3%

40.9%
38.0%
32.2%
19.8%
11.0%
24.4%

26.7%
21.4%
13.1%
11.6%
4.6%
10.5%

43.0%
36.8%
30.0%
23.4%
10.6%
21.7%

43.3%
38.9%
32.4%
20.2%
8.9%
16.8%

26.8%
18.9%
-5.2%
-2.0%
-3.9%

Leverage & Coverage Ratios

Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity

1.14
0.71
7.02
0.29
0.42

0.96
0.56
3.78
0.32
0.46

1.26
0.71
3.71
0.29
0.40

1.36
0.79
5.65
0.23
0.31

1.46
0.83
12.37
0.19
0.23

0.92
0.53
10.94
0.25
0.34

0.69
0.35
7.96
0.39
0.64

1.60
0.86
2.67
0.34
0.51

1.82
1.19
7.93
0.26
0.35

2.31
1.79
9.55
0.23
0.30

2.41
1.03
6.80
0.29
0.41

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

0.51
7.41
7.02
6.37

0.49
7.04
7.21
6.03

0.54
7.60
7.22
5.98

0.56
7.46
6.63
5.62

0.51
5.96
4.22
4.31

0.56
6.94
4.64
5.30

0.56
10.59
5.55
6.16

0.39
9.34
5.16
5.17

0.45
10.19
5.75
4.68

0.44
10.43
6.00
4.87

0.38

27.2%

27.5%

19.0%

24.5%

29.8%

30.5%

28.6%

27.7%

25.7%

26.5%

12/13E

12/14E

12/15E

12.1x

10.0x

8.5x

5.5x
1.2x
0.9x
2.9%

5.0x
1.1x
0.8x
3.2%

4.7x
1.1x
0.8x
3.7%

29.8%
28.9%
21.3%
8.7%
3.6%
7.5%

29.6%
30.2%
22.9%
10.3%
4.5%
8.5%

30.7%
30.8%
23.2%
11.4%
5.7%
9.3%

Ratio Analysis

Effective Tax Rate

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

Company Analysis - Peers Comparision

ANGLO AMER PLC
Latest Fiscal Year:
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
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

XSTRATA PLC

BHP BILLITON LTD

12/2012
2'629.00
19.03.2012
1'662.50
16.11.2012
2'183'513

12/2012
1'201.00
01.02.2013
760.47
27.06.2012
2'777'402

06/2012
39.34
20.02.2013
30.09
12.07.2012
14'670'764

1'892.00

1'158.00

-28.0%
13.8%
1'391.0

-3.6%
52.3%
3'002.7

VALE SA-PF

VEDANTA
RESOURCE

GLENCORE INT PLC

12/2012
43.21
13.04.2012
31.73
04.09.2012
26'036'800

03/2012
1'426.00
16.03.2012
821.00
26.07.2012
181'810

12/2012
439.95
27.04.2012
289.35
27.06.2012
7'136'362

35.55

33.63

1'167.00

-9.6%
18.1%
5'297.6

-22.2%
6.0%
5'153.4

-18.2%
42.1%
296.9

FREEPORTMCMORAN

IMPALA
PLATINUM

TECK RESOURCESB

12/2012
43.65
14.09.2012
30.54
06.12.2012
10'966'430

06/2012
17'600.00
15.01.2013
12'347.00
05.09.2012
861'037

385.35

33.16

13'764.00

-12.4%
33.2%
7'099.5

-24.0%
8.6%
949.0

-21.8%
11.5%
615.8

12/2012
39.90
10.01.2013
26.02
05.09.2012
3'887'404

RIO TINTO LTD

NORILSK NICKEL

INDUSTRIAS
PENOL

ANTOFAGASTA
PLC

KUMBA IRON ORE

L

EXXARO
RESOURCES

12/2012
72.30
14.02.2013
48.37
30.08.2012
4'694'974

12/2011
6'848.00
09.04.2012
4'502.00
14.11.2012
145'700

12/2012
694.50
18.10.2012
504.05
15.06.2012
386'761

12/2012
1'392.00
02.01.2013
972.00
01.06.2012
770'184

12/2012
61'955.00
04.02.2013
45'675.00
06.09.2012
191'856

12/2012
21'495.00
03.05.2012
14'505.00
05.09.2012
450'879

30.10

61.30

5'388.00

553.13

1'088.00

51'492.00

16'615.00

-24.6%
15.7%
582.3

-15.2%
26.7%
1'847.0

-21.3%
19.7%
190.6

-20.4%
9.7%
397.5

-21.8%
11.9%
985.9

-16.9%
12.7%
321.0

-22.7%
14.5%
358.0

26'363.5

34'771.2

178'481.8

184'896.9

3'109.2

27'357.8

31'486.4

87'018.0

17'541.3

95'694.4

1'027'102.3

219'855.8

10'726.1

165'834.4

59'446.4

17'754.0
6'130.0
9'094.0

17'067.0
2'339.0
1'983.0

28'330.0
1'215.0
4'781.0

61'855.9
3'245.0
11'918.2

16'955.4
13'768.9
6'885.3

35'526.0
3'034.0
2'820.0

3'527.0
3'768.0
3'705.0

3'609.0
2'307.0
1'193.0

7'195.0
176.0
3'267.0

26'819.0
11'156.0
7'615.0

5'155.0
120.0
1'627.0

9'961.5
12'356.3
11'562.4

1'889.2
1'694.2
4'296.5

5'869.0
4'345.0
1'527.0

2'876.0
12.0
553.0

54'759.7

70'143.1

216'754.4

238'079.5

28'801.3

77'219.8

35'076.4
Valuation

91'936.0

21'645.3

129'609.5

36'760.3

230'611.1

15'549.8

174'521.4

61'781.4

28'761.0
28'761.0
34'428.6
35'874.6
2.0x
2.0x
1.6x
1.6x
7'716.0
7'716.0
9'943.1
10'848.8
7.5x
7.5x
5.7x
5.3x
2.59
-1.19
2.38
2.87
11.1x
12.1x
10.0x
(5.9%)
13.5%
(35.1%)
(5.8%)
26.8%
28.9%
30.2%

31'618.0
31'618.0
34'061.8
36'336.9
2.2x
2.2x
2.0x
1.9x
8'122.0
8'122.0
9'720.4
11'062.1
8.5x
8.5x
7.1x
6.1x
1.26
0.40
1.25
1.58
43.9x
14.0x
14.0x
11.1x
(6.7%)
3.5%
(30.3%)
(5.7%)
25.7%
28.5%
30.4%

72'226.0
66'950.0
68'346.5
75'485.7
3.3x
3.5x
3.1x
2.8x
33'421.0
22'246.0
29'048.7
34'597.2
7.1x
10.6x
7.4x
6.1x
3.61
1.83
2.57
3.05
20.2x
13.2x
14.3x
12.1x
0.7%
6.8%
(12.1%)
8.0%
33.2%
42.5%
45.8%

93'511.5
93'511.5
96'380.6
104'705.4
2.9x
2.9x
2.5x
2.3x
34'366.5
34'366.5
43'884.2
43'757.0
7.9x
7.9x
5.5x
5.6x
1.91
1.89
4.67
4.57
17.8x
17.8x
7.2x
7.4x
(8.3%)
25.1%
(39.8%)
2.8%
36.8%
45.5%
41.8%

14'005.3
14'904.6
14'789.9
17'355.1
2.0x
1.9x
1.9x
1.6x
4'465.0
5'316.1
4'960.4
5'903.6
6.4x
5.4x
5.7x
4.6x
1.04
0.75
1.50
2.52
23.7x
14.1x
11.8x
7.0x
22.6%
17.5%
27.9%
10.6%
35.7%
33.5%
34.0%

214'436.0
214'436.0
218'279.7
229'604.8
0.4x
0.4x
0.3x
0.3x
4'601.0
4'601.0
7'326.0
9'157.2
16.6x
16.6x
9.8x
7.7x
0.18
0.14
0.60
0.74
40.5x
32.6x
9.8x
7.9x
15.2%
17.1%
4.0%
(3.6%)
2.1%
3.4%
4.0%

47.1%
28.8%
2.301x
1.122x
9.669x

38.4%
26.7%
2.101x
1.857x
20.458x

43.0%
29.7%
1.595x
1.366x
44.266x

40.6%
28.4%
1.800x
1.453x
14.114x

364.6%
47.9%
3.199x
1.852x
3.815x

113.6%
50.9%
7.721x
7.108x
3.356x

BBB+
18.04.2011
Baa1
23.02.2009

BBB+ *29.11.2012
-

A+
15.11.2010
(P)A1
15.11.2010

A23.11.2011
Baa2
29.08.2008

Ba3
12.01.2012

BBB
29.11.2012
-

18'010.0
18'010.0
22'595.9
23'661.4
2.0x
2.0x
1.9x
1.8x
6'934.0
6'934.0
10'319.7
10'912.7
5.2x
5.2x
4.1x
3.8x
3.27
3.18
4.34
4.52
10.4x
10.4x
7.6x
7.3x
(13.7%)
15.3%
(31.8%)
(2.4%)
38.5%
45.7%
46.1%

27'593.0
27'342.0
32'140.5
37'705.7
3.9x
3.9x
2.9x
2.5x
7'300.0
5'736.0
6'757.0
9'084.1
14.6x
18.6x
13.7x
10.2x
6.85
2.40
5.27
8.64
57.4x
57.3x
26.1x
15.9x
(16.7%)
0.9%
(36.9%)
(13.0%)
21.0%
21.0%
24.1%

10'343.0
10'343.0
10'095.0
10'926.5
2.4x
2.4x
2.2x
2.0x
3'736.0
3'656.0
3'443.5
4'043.3
6.7x
6.9x
6.3x
5.4x
2.59
2.71
2.37
2.94
11.1x
11.1x
12.7x
10.2x
(10.2%)
13.2%
(30.4%)
5.7%
35.3%
34.1%
37.0%

50'967.0
50'967.0
58'619.0
62'382.0
3.1x
3.1x
2.2x
2.0x
15'902.0
15'486.0
22'096.8
24'237.6
9.9x
10.1x
5.8x
5.2x
6.45
-1.63
6.11
6.87
10.4x
9.3x
(15.8%)
11.2%
(39.5%)
8.7%
30.4%
37.7%
38.9%

14'122.0
12'716.0
11'965.4
12'536.2
2.5x
2.7x
3.1x
2.9x
7'240.0
5'979.0
5'060.7
5'464.8
4.8x
5.8x
7.3x
6.7x
20.18
18.15
19.96
8.7x
9.7x
8.8x
10.5%
2.0%
(1.8%)
(1.7%)
47.0%
42.3%
43.6%

97'771.3
97'771.3
101'455.0
105'161.0
2.8x
2.8x
2.3x
2.2x
25'553.7
25'826.7
27'889.0
29'938.7
10.5x
10.4x
8.3x
7.8x
24.80
27.72
32.27
22.3x
20.0x
17.1x
0.9%
15.9%
(19.0%)
26.6%
26.4%
27.5%
28.5%

6'740.1
6'740.1
6'619.0
6'488.5
3.0x
3.0x
2.4x
2.4x
3'854.4
3'854.4
3'416.9
3'316.3
5.3x
5.3x
4.7x
4.7x
1.45
1.05
1.32
1.25
15.8x
11.4x
12.5x
13.2x
10.9%
23.9%
9.5%
6.7%
57.2%
51.6%
51.1%

45'446.0
45'446.0
52'423.0
52'558.3
4.2x
4.2x
3.3x
3.3x
24'653.0
24'653.0
28'162.4
25'603.2
7.8x
7.8x
6.1x
6.7x
37.90
37.97
44.82
42.43
13.6x
13.6x
11.5x
12.1x
(6.4%)
35.7%
(27.6%)
31.8%
54.2%
53.7%
48.7%

12'229.0
12'229.0
13'898.8
16'791.7
5.1x
5.1x
4.6x
3.7x
(1'799.0)
(1'799.0)
3'073.3
4'253.9
-34.9x
17.7x
20.7x
14.6x
2.45
14.01
15.88
18.73
11.9x
67.8x
10.5x
8.9x
(1.9%)
6.7%
50.4%
(14.7%)
22.1%
25.3%

7.2%
6.4%
0.720x
0.447x
21.283x

40.4%
28.6%
1.968x
1.074x
6.475x

57.2%
31.6%
1.732x
1.240x
22.980x

46.4%
31.5%
0.694x
0.527x
68.952x

24.0%
15.6%
0.386x
-0.062x
68.654x

26.6%
17.7%
0.490x
-0.625x
33.371x

39.2%
23.3%
0.238x
0.176x
60.872x

10.0%
9.1%
0.830x
0.522x
-5.535x

BBB
16.04.2010
Baa2
17.11.2010

A18.04.2011
-

BBB26.09.2011
-

BBB
02.06.2011
Baa2
12.08.2010

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

20.1%
14.2%
0.509x
-0.026x
25.970x

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
29.07.2011
Baa3
13.10.2010

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