04.03.

2013

Company Analysis - Overview

Ticker:

Facebook Inc

FB UN

NASDAQ GS: FB, Currency: USD

Currency:
Sector: Information Technology

Industry: Internet Software & Services

Year:

Telephone
1-650-308-7300
Revenue (M)
Website
investor.fb.com
No of Employees
Address
1601 Willow Road Menlo Park, CA 94025 United States
Share Price Performance in USD
Price
#N/A N/A
1M Return
52 Week High
#N/A N/A
6M Return
52 Week Low
#N/A N/A
52 Wk Return
52 Wk Beta
#N/A N/A
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Facebook Inc. operates a social networking website. The Company's website allows
people to communicate with their family, friends, and coworkers. Facebook develops
technologies that facilitate the sharing of information, photographs, website links, and
videos. Facebook users have the ability to share and restrict information based on their
own specific criteria.

Benchmark:
S&P 500 INDEX (SPX)

5'089
4'619

Business Segments in USD

Advertising
Payments and Other Fees

Sales (M)
4279
810

#VALUE!
#VALUE!
#VALUE!
#VALUE!

Date
Date
Date

12/09
-

12/10
-

12/11
-

12/12
2'662.0x
103.9x
47.1x
10.5x
5.4x
0.0%

12/13E
17.2x
9.9x
-

12/14E
13.1x
7.8x
-

12/15E
10.1x
6.2x
-

12/09
Gross Margin
71.3
EBITDA Margin
43.8
Operating Margin
33.7
Profit Margin
15.7
Return on Assets
15.1
Return on Equity
20.3
Leverage and Coverage Ratios
12/09
Current Ratio
Quick Ratio
EBIT/Interest
26.2
Tot Debt/Capital
Tot Debt/Equity
Eff Tax Rate %
9.8

12/10
75.0
59.3
52.3
18.8
18.2
30.8

12/11
76.8
56.0
47.3
18.0
14.3
22.9

12/12
73.2
23.3
10.6
0.6
0.3
0.4

12/13E
73.8
50.9
33.6
21.6
8.7
9.2

12/14E
73.9
53.1
36.2
24.2
9.8
11.0

12/15E
74.4
55.0
37.6
28.5
13.2
14.1

12/10
5.8
5.5
46.9
0.2
0.2
39.9

12/11
5.1
5.0
41.8
0.1
0.1
41.0

12/12
10.7
9.8
10.5
0.2
0.2
89.3

Outlook
Outlook
Outlook

Geographic Segments in USD

US & Canada
Europe
Asia
Rest of World
Adjustments (Rounding)

10%

16%

Sales (M)
2520
1449
606
498
16

0%

12%

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

50%

28%
84%

US & Canada
Europe
Advertising

Payments and Other Fees

Asia
Rest of World
Adjustments (Rounding)

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 |

2372.0
#N/A N/A
9626.0
2356.0
0.0
0.0
0.0

Company Analysis - Analysts Ratings

Facebook Inc
Buy and Sell Recommendations vs Price and Target Price

50
15%

8%

5%

5%

7%

80%
23%

45%

44%

44%

40%

5%

7%

5%

30%

33%

32%

5%

36%

8%

36%

45

45

40

40

35
30

60%

40%
62%
47%

20%

51%

51%

52%

65%

63%

61%

59%

56%

0%

0%

mars.12

avr.12

juin.12

juil.12

Buy

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

aot.12

Hold

Sell

Buy

Hold

Sell

56%
59%
65%
63%
61%
52%
51%
51%
47%
62%
#DIV/0!
#DIV/0!

36%
36%
30%
33%
32%
40%
44%
44%
45%
23%
#DIV/0!
#DIV/0!

8%
5%
5%
5%
7%
7%
5%
5%
8%
15%
#DIV/0!
#DIV/0!

oct.12

Price

nov.12

dc.12

janv.13

fvr.13

Target Price

Date
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
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

Price Target Price

#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A

33.61
33.61
33.61
33.61
33.61
33.61
33.61
33.61
33.61
33.61
33.61
33.61
33.61
33.61
33.61
34.26
34.26
34.26
34.26
34.26
34.26
34.29
34.29
33.86
33.72
33.82
33.67
33.32
33.32
33.32

25
20
15

15

10

10

sept.12

30

20

0
mai.12

35

25

5
0%

Brokers' Target Price

50

5
0
Robert W. Baird
Sanford C.
Cantor
Morgan Stanley
Needham & Co
BTIG LLC
Pivotal Research
Telsey Advisory
JPMorgan
Wells Fargo
Argus Research
BMO Capital
Deutsche Bank
Goldman Sachs
RBC Capital
Credit Suisse
Edward Jones
Jefferies
Wedbush
William Blair &
Raymond James
Macquarie
Stifel Nicolaus
Sterne, Agee &
Evercore
Oppenheimer &
Nomura
Cowen and
S&P Capital IQ
Credit Agricole
Barclays
Wedge Partners
Topeka Capital
Pacific Crest
Lazard Capital
Piper Jaffray
EVA Dimensions
IPOfinancial.com
Battle Road
Atlantic Equities

100%

Price

Broker Recommendation

Target price in USD

Broker

Analyst

Robert W. Baird & Co

Sanford C. Bernstein & Co
Cantor Fitzgerald
Morgan Stanley
Needham & Co
BTIG LLC
Pivotal Research Group LLC
Telsey Advisory Group
JPMorgan
Wells Fargo Securities, LLC
Argus Research Corp
BMO Capital Markets
Deutsche Bank
Goldman Sachs
RBC Capital Markets
Credit Suisse
Edward Jones
Jefferies
Wedbush
William Blair & Co
Raymond James
Macquarie
Stifel Nicolaus
Sterne, Agee & Leach
Evercore Partners
Oppenheimer & Co
Nomura
Cowen and Company
S&P Capital IQ
Credit Agricole Securities (USA)

COLIN SEBASTIAN
CARLOS KIRJNER
YOUSSEF H SQUALI
SCOTT W DEVITT
LAURA A MARTIN
RICHARD GREENFIELD
BRIAN WIESER
THOMAS FORTE
DOUGLAS ANMUTH
JASON MAYNARD
JOSEPH F BONNER
DANIEL SALMON
ROSS SANDLER
HEATHER BELLINI
MARK S MAHANEY
STEPHEN JU
JOSH OLSON
BRIAN J PITZ
MICHAEL PACHTER
RALPH SCHACKART
AARON M KESSLER
BENJAMIN A SCHACHTER
JORDAN ROHAN
ARVIND BHATIA
KEN SENA
JASON S HELFSTEIN
BRIAN NOWAK
JOHN BLACKLEDGE
SCOTT H KESSLER
JAMES LEE

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

Recommendation
outperform
market perform
buy
Overwt/Attractive
buy
sell
buy
no rating system
overweight
outperform
hold
market perform
buy
Buy/Neutral
outperform
neutral
buy
hold
outperform
outperform
outperform
outperform
hold
buy
equalweight
outperform
buy
neutral
hold
buy

Target

Date

34.00
27.00
35.00
34.00
33.00
22.00
36.00
38.00
35.00

1-Mar-13
1-Mar-13
1-Mar-13
28-Feb-13
22-Feb-13
14-Feb-13
12-Feb-13
10-Feb-13
4-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13

32.00
37.00
40.00
32.00
31.00
30.00
35.00
37.00
30.00
37.00
32.00
33.00
32.00
31.00
40.00

04.03.2013

Facebook 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

2372.0
96.8%
25.4
1.11%
0.48
51.60%
46.03%
2.36%

46%

52%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in USD

Top 20 Owners:
Holder Name
FMR LLC
CAPITAL GROUP COMPAN
MORGAN STANLEY
T ROWE PRICE ASSOCIA
SANDS CAPITAL MANAGE
VANGUARD GROUP INC
BLACKROCK
JENNISON ASSOCIATES
UBS
WINSLOW CAPITAL MANA
BAILLIE GIFFORD AND
WELLINGTON MANAGEMEN
GOLDMAN SACHS GROUP
INVESCO LTD
AMERIPRISE FINANCIAL
SANDBERG SHERYL KARA
ELEVATION MANAGEMENT
MERITECH CAPITAL ASS
ALLIANZ ASSET MANAGE
MACKAY SHIELDS LLC

United States
Britain
Unknown Country
Luxembourg
Japan
Switzerland
Germany
Others

83.30%
5.34%
4.71%
1.53%
1.29%
0.82%
0.60%
2.42%

Institutional Ownership Distribution

Investment Advisor
Hedge Fund Manager
Individual
Venture Capital
Others

76.43%
12.06%
4.38%
2.53%
4.61%

SANDBERG SHERYL KARA

BREYER JAMES W
ANDREESSEN MARC LOWELL
EBERSMAN DAVID A
SCHROEPFER MICHAEL TODD

1% 1% 1% 2%

2%
5%
5%

83%

United States

Britain

Unknown Country

Luxembourg

Japan

Switzerland

Germany

Others

TOP 20 ALL

Position
77'644'473
39'095'420
33'281'620
33'193'967
26'797'536
26'311'904
22'993'914
22'376'854
21'977'538
21'263'110
20'578'390
20'370'317
18'422'852
18'204'867
18'122'565
17'806'956
16'989'027
16'268'858
14'465'499
14'176'100

Position Change
37'380'569
15'722'220
6'803'009
13'789'661
9'685'751
12'411'139
6'546'408
9'675'216
5'431'928
21'263'110
364'134
20'370'317
-20'142'720
17'235'166
17'425'168
-176'452
16'989'027
16'268'858
4'414'890
1'643'500

Market Value

Position

Position Change

Market Value

17'806'956
9'166'654
6'842'256
2'263'500
1'271'705

-176'452
-3'000'000
15'344
35'519
-55'000

% of Ownership
4.61%
2.32%
1.98%
1.97%
1.59%
1.56%
1.37%
1.33%
1.30%
1.26%
1.22%
1.21%
1.09%
1.08%
1.08%
1.06%
1.01%
0.97%
0.86%
0.84%

Report Date

% of Ownership

Report Date

31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
21.02.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Form 4
13F
ULT-AGG
ULT-AGG
MF-AGG

21.02.2013
04.02.2013
20.02.2013
20.02.2013
25.02.2013

Form 4
Form 4
Form 4
Form 4
Form 4

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

2%

1.06%
0.54%
0.41%
0.13%
0.08%

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

3%
4%

5%

12%

76%
UNITED STATES
BRITAIN
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
n/a
UNITED STATES
UNITED STATES
GERMANY
UNITED STATES

Investment Advisor

Hedge Fund Manager

Venture Capital

Others

Individual

Company Analysis - Financials I/IV

Facebook Inc
Financial information is in USD (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

153
41

272
124

777
223

1'974
493

3'711
860

5'089
1'364

6'678

8'435

10'561

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

112
236
81

148
203
47

554
292
87

1'481
449
144

2'851
1'095
388

3'725
3'187
1'399

4'928

6'235

7'853

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

-124

-55

262
10

1'032
22

1'756
42

538
51

2'245

3'049

3'974

11

-2

19

-7

Pretax Income
- Income Tax Expense

-135
3

-56
0

254
25

1'008
402

1'695
695

494
441

2'133

2'904

4'038

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

-138

-56

229

606

1'000

53

107

234

332

21

1'444
0.57
0.00
0.00

2'039
0.78
0.00
0.00

3'011
1.07
0.00
0.00

3'400

4'480

5'808

Income Statement

Diluted EPS Before XO Items

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

(0.16)

0.00

(0.06)

0.00

0.10

0.28

0.46

0.01

0.00
0.0

0.00
0.0

0.00
0.0

1'137
0.52
0.00
0.0

1'366

1'112
1'414

1'330
1'508

2'372
2'166

340

1'171

2'079

1'187

*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

305

297

633

2246
1'785
0
373
0
88

4604
1'512
2'396
547
0
149

11267
2'384
7'242
719
0
922

82

131

148

744

1'727

3'836

820
246
574
170

1'925
450
1'475
252

3'273
882
2'391
1'445

Total Current Liabilities

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

389
29
106
254

899
63
279
557

1'052
65
365
622

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

439
367
72

533
398
135

2'296
1'991
305

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

828
615

1'432
615

273

335

868

947
600

2'684
1'600

3'348
0
0
10'094
1'661

Total Shareholders Equity

273

335

868

2'162

4'899

11'755

2'990

6'331

15'103

1.39
1.22

3.22
3.04

4.96
4.37

12/13E

12/14E

12/15E

5.43

6.18

7.29

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

82

131

148

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 |

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

122
78
135
-180

372
139
294
-107

668
323
568
-10

32
649
1'467
-536

898

1'377

2'311

Cash From Operating Activities

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

155

698

1'549

1'612

-33
0

-293
0

-1'714

-1'823

-31

-1'235
-2
0
-5'787

-1'604

-29

-606
-3
0
-2'414

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

-62

-324

-3'023

-7'024

0
0
260

250
0
621

0
0
-250
1'459

1'496
0
0
7'810

-17

-93

-8

-3'022

Cash From Financing Activities

243

778

1'201

6'284

Net Changes in Cash

336

1'152

-273

872

Free Cash Flow (CFO-CAPEX)

122

405

943

377

408

829

1'356

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

131

418

0.12

0.37

968
693
0.73

382
1'258
0.19

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

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

2'662.0x
103.9x
47.1x
10.5x
5.4x
0.0%

17.2x
9.9x

13.1x
7.8x

10.1x
6.2x

73.8%
50.9%
33.6%
21.6%
8.7%
9.2%

73.9%
53.1%
36.2%
24.2%
9.8%
11.0%

74.4%
55.0%
37.6%
28.5%
13.2%
14.1%

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

73.2%

54.4%

-81.0%
-90.2%

-20.2%
-20.6%
-11.8%
-18.4%

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

0.57

71.3%
43.8%
33.7%
15.7%
15.1%
20.3%

75.0%
59.3%
52.3%
18.8%
18.2%
30.8%

76.8%
56.0%
47.3%
18.0%
14.3%
22.9%

73.2%
23.3%
10.6%
0.6%
0.3%
0.4%

26.20

5.77
5.55
46.91
0.18
0.22

5.12
4.96
41.81
0.12
0.14

10.71
9.83
10.55
0.17
0.20

0.96

0.96

0.80
8.07
18.70

0.47
8.04
21.31

9.8%

39.9%

41.0%

89.3%

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

Company Analysis - Peers Comparision

GOOGLE INC-CL A

12/2012
0

12/2012
814.47
04.03.2013
556.52
14.06.2012
872'724

12/2011
0

12/2012
0

Current Price (3/dd/yy)

813.71

52-Week High % Change

-0.1%
46.2%
330.0

Latest Fiscal Year:

52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

52-Week Low % Change

Total Common Shares (M)

2'372.0

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value

TWITTER INC

#N/A Invalid
Security

FACEBOOK INC-A

MYSPACE INC

CRAIGSLIST

YELP INC

MICROSOFT CORP IAC/INTERACTIVEC

06/2012
32.95
16.03.2012
26.26
05.12.2012
6'245'098

APPLE INC

YAHOO! INC

EBAY INC

12/2012
55.57
16.10.2012
38.20
24.01.2013
175'767

09/2012
705.07
21.09.2012
424.55
04.03.2013
5'380'198

12/2012
22.62
04.03.2013
14.35
06.03.2012
10'465'454

12/2012
57.27
01.02.2013
34.83
06.03.2012
2'539'774

27.79

40.76

424.68

22.36

-15.7%
5.8%
8'381.0

-26.7%
6.7%
87.6

-39.8%
0.0%
939.2

-1.2%
55.8%
1'182.7

AOL INC

AMAZON.COM INC

12/2012
39.75
19.02.2013
14.49
06.03.2012
204'422

12/2012
284.72
25.01.2013
178.04
06.03.2012
732'834

54.59

37.09

268.84

5.24

-4.7%
56.7%
1'294.0

-6.7%
155.9%
76.6

-5.6%
51.0%
454.0

-72.7%
101.5%
656.9

269'449.8

232'734.0

3'434.5

398'800.1

26'439.6

70'776.6

2'860.1

122'201.5

2'356.0
9'626.0

5'537.0
49'557.0

95.1

11'944.0
63'040.0

595.8
110.0
770.6

121'251.0

45.4
6'022.4

4'519.0
9'408.0

105.9
13.1
466.6

4'218.0
11'448.0

225'429.9

178'610.0

3'369.8

261'688.1

20'462.6

65'887.6

2'512.5

114'971.5

5'089.0
5'089.0
6'677.7
8'434.7
11.0x
11.0x
8.5x
6.6x
1'187.0
1'187.0
3'400.1
4'479.8
47.1x
47.1x
16.7x
12.4x
0.01
0.02
0.57
0.78
37.1%
(42.9%)
23.3%
50.9%
53.1%

50'175.0
51'379.0
49'451.2
57'163.0
3.8x
3.7x
4.4x
3.6x
15'722.0
15'684.0
22'087.3
25'944.5
12.0x
12.1x
9.9x
7.8x
34.02
33.74
45.71
53.86
24.1x
24.1x
17.8x
15.1x
32.4%
24.7%
15.7%
21.0%
30.5%
44.7%
45.4%

20.0%
16.7%
1.985x
-6.125x
23.275x

7.7%
7.2%
0.353x
-2.807x
187.167x

AA
19.11.2012
Aa2
16.05.2011

GROUPON INC
12/2012
19.21
05.03.2012
2.60
12.11.2012
11'541'690

3'436.0
(1.9)
1'209.3

2'224.7

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

137.6
137.6
211.4
294.9
8.0x
8.0x
(10.3)
(10.3)
21.1
46.6
-107.2x
0.09
0.37
65.2%
13.9%
(7.5%)
10.0%
15.8%

73'723.0
72'930.0
79'605.0
86'100.8
2.3x
2.3x
2.0x
1.6x
30'923.0
29'120.0
32'414.5
35'504.1
5.5x
5.8x
5.0x
3.9x
2.73
2.56
2.85
3.15
10.9x
10.9x
9.7x
8.8x
5.4%
5.7%
3.3%
9.1%
39.9%
40.7%
41.2%

2'800.9
2'800.9
3'253.9
3'636.6
1.5x
1.5x
0.9x
0.8x
411.8
411.8
613.6
711.8
9.9x
9.9x
5.0x
3.9x
2.02
2.04
3.55
4.24
20.0x
20.0x
11.5x
9.6x
36.0%
16.3%
48.9%
89.0%
14.7%
18.9%
19.6%

156'508.0
164'687.0
182'372.5
205'752.0
2.2x
2.1x
1.5x
1.3x
58'518.0
59'255.0
60'649.2
68'430.3
5.8x
5.8x
4.5x
3.8x
44.15
44.10
44.55
50.73
9.6x
9.6x
9.5x
8.4x
44.6%
41.5%
64.4%
65.4%
36.0%
33.3%
33.3%

4'986.6
4'986.6
4'674.1
4'845.7
3.5x
3.5x
4.6x
4.2x
1'457.1
1'457.1
1'664.4
1'740.8
12.0x
12.0x
12.9x
11.7x
1.17
1.17
1.16
1.27
19.1x
19.1x
19.4x
17.6x
0.0%
(5.8%)
(1.1%)
1.5%
29.2%
35.6%
35.9%

14'072.0
14'071.0
16'345.5
18'730.9
4.3x
4.3x
3.9x
3.2x
4'088.0
4'090.0
5'383.4
6'241.8
14.9x
14.9x
11.9x
9.6x
1.95
1.94
2.75
3.21
28.1x
28.1x
19.8x
17.0x
20.8%
13.7%
23.4%
9.4%
29.1%
32.9%
33.3%

2'191.7
2'191.7
2'222.9
2'289.2
0.9x
0.9x
1.1x
0.8x
330.0
330.0
427.3
449.4
5.8x
5.8x
5.6x
4.3x
4.81
4.64
1.93
2.18
8.0x
8.0x
19.2x
17.0x
(0.5%)
(2.5%)
(30.0%)
15.1%
19.2%
19.6%

61'093.0
61'093.0
75'751.6
93'067.6
1.7x
1.7x
1.5x
1.2x
2'835.0
2'834.0
4'646.4
6'384.0
37.6x
37.6x
24.6x
17.1x
0.05
0.36
3.13
5.54
746.8x
746.8x
85.9x
48.6x
27.1%
30.6%
45.8%
25.8%
4.6%
6.1%
6.9%

2'334.5
2'334.5
2'561.5
2'833.0
0.8x
0.8x
0.8x
0.6x
155.4
143.7
254.9
319.3
12.8x
13.8x
7.8x
5.2x
-0.03
-0.08
0.20
0.29
26.3x
18.1x
45.0%
6.2%
10.0%
11.3%

18.0%
15.3%
0.487x
-1.859x
81.376x

36.0%
25.2%
1.447x
-0.424x
50.928x

0.0%
0.0%
0.000x
-2.314x
-

0.0%
0.0%
0.000x
-4.133x
-

21.7%
17.8%
1.105x
-1.195x
64.889x

5.0%
4.7%
0.321x
-1.093x
-

51.5%
34.0%
1.488x
-2.551x
30.815x

0.0%
0.0%
0.000x
-8.416x
-

AAA
22.09.2008
Aaa
11.05.2009

BB+
17.12.2012
Ba3
21.08.2008

NR
16.04.2004
WR
31.03.2004

NR
18.04.2008
-

A
02.03.2010
A2
21.10.2010

AA26.11.2012
Baa1
26.11.2012

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

0.0%
0.0%
-

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 |