19.03.

2013

Company Analysis - Overview

Ticker:

Skanska AB

SKAB SS

Currency:
Sector: Industrials

Industry: Construction & Engineering

Year:

Telephone
46-10-448-0000
Revenue (M)
Website
www.skanska.com
No of Employees
Address
Rasundavagen 2 169 83 Solna Stockholm Sweden
Share Price Performance in SEK
Price
116.10
1M Return
52 Week High
117.10
6M Return
52 Week Low
93.30
52 Wk Return
52 Wk Beta
0.83
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Skanska AB offers construction related and project development services. The

Company focuses on construction of housing, commercial buildings, roads, and
railways, as well as develops and carries out civil engineering projects. Skanska is also a
provider of facilities management services and provides all services internationally.

Benchmark:
OMX STOCKHOLM 30 INDEX (OMX)

Stockholm: SKAB, Currency: SEK

129'350
56'618
0.6%
5.5%
3.1%
9.3%

IG2
-

Date
Date
Date

12/09
12.0x
8.2x
6.5x
0.4x
2.5x
5.1%

12/10
13.7x
10.9x
8.6x
0.4x
2.6x
9.0%

12/11
6.2x
14.4x
10.3x
0.4x
2.4x
5.3%

12/12
15.3x
16.1x
11.0x
0.3x
2.3x
5.6%

12/13E
13.9x
9.2x
0.4x
2.4x
5.4%

12/14E
13.0x
8.7x
0.4x
2.3x
5.6%

12/15E
12.4x
8.6x
0.4x
2.2x
5.8%

12/09
Gross Margin
9.9
EBITDA Margin
5.1
Operating Margin
4.0
Profit Margin
3.0
Return on Assets
5.0
Return on Equity
21.6
Leverage and Coverage Ratios
12/09
Current Ratio
1.2
Quick Ratio
0.5
EBIT/Interest
12.4
Tot Debt/Capital
0.2
Tot Debt/Equity
0.3
Eff Tax Rate %
27.2

12/10
10.2
5.1
4.0
3.3
5.0
19.8

12/11
9.5
4.1
2.9
6.4
9.5
37.9

12/12
8.9
3.4
2.4
2.2
3.3
14.8

12/13E
10.4
4.7
3.5
2.7
4.8
17.4

12/14E
10.5
4.9
3.7
2.8
5.0
18.1

12/15E
9.8
5.0
3.7
2.9
5.0
17.7

Outlook
Outlook
Outlook

Business Segments in SEK

Construction
Residential Development
Commercial Development
Central
Infrastructure Development
Reconciliation to IFRSs
Eliminations

Sales (M)
124509
8682
6742
498
242
-2581
-8742

Geographic Segments in SEK

United States
Sweden
Nordic Countries
Europe
Latin America
Central
Unallocated

Sales (M)
40038
31784
30652
29023
8224
498
454

0%
0%
6% 0%

2% 6%
0%
4%

28%

6%

21%

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

82%

12/11
1.1
0.4
10.3
0.3
0.4
9.9

12/12
1.2
0.1
6.6
0.4
0.6
24.4

23%

Construction
Residential Development
Commercial Development
Central
Infrastructure Development

United States

Sweden

Nordic Countries

Europe

Latin America

Central

Reconciliation to IFRSs
Eliminations

12/10
1.2
0.4
18.8
0.2
0.2
25.7

22%

Current Capitalization in SEK

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 |

Unallocated

411.8
51355.8
5770.0
11103.0
0.0
0.0
166.0
56854.8

Company Analysis - Analysts Ratings

Skanska AB
Buy and Sell Recommendations vs Price and Target Price

140

100%
35%

35%

41%

44%

47%

47%

40

dc.12

janv.13

0%

0%

mai.12

juin.12

Buy

Hold

Sell

nov.12

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

0%
18%
17%
24%
18%
18%
25%
25%
38%
33%
25%
25%

53%
35%
39%
35%
47%
47%
44%
44%
38%
47%
44%
44%

47%
47%
44%
41%
35%
35%
31%
31%
25%
20%
31%
31%

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

Broker

Analyst

116.10
116.10
116.30
116.10
115.60
116.00
116.90
116.70
116.00
115.90
115.30
114.70
114.50
114.80
114.80
114.00
115.70
116.10
114.60
116.00
115.40
114.40
113.80
113.60
113.60
111.80
111.60
111.70
110.60
105.40

Carnegie
Berenberg Bank
Nordea Equity Research
Swedbank
S&P Capital IQ
DNB Markets
Danske Markets
ABG Sundal Collier
SEB Enskilda
Handelsbanken
EVA Dimensions
Goldman Sachs
Deutsche Bank
HSBC
CA Cheuvreux

TOBIAS KAJ
CHRIS MOORE
JONAS L ANDERSSON
NICLAS HOGLUND
JAWAHAR HINGORANI
SIMEN MORTENSEN
PETER TRIGARSZKY
FREDRIC CYON
STEFAN ANDERSSON
ALBIN SANDBERG
CRAIG STERLING
WILL MORGAN
MANU RIMPELA
TOBIAS LOSKAMP
BJORN GUSTAFSSON

107.77
107.77
107.57
107.57
107.57
107.57
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
107.36
106.64
105.71

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

Recommendation
hold
sell
hold
neutral
hold
hold
sell
hold
hold
reduce
underweight
Sell/Neutral
hold
underweight
underperform

Target
99.00
118.00
115.00
115.00
120.00
104.00
113.00
115.00
104.00
108.00
112.00
95.00
105.00

CA Cheuvreux

oct.12

18%

HSBC

sept.12

17%

Deutsche Bank

aot.12

18%

20
Goldman
Sachs

juil.12

18%

20

24%

EVA
Dimensions

25%

Handelsbanken

avr.12

25%

SEB Enskilda

mars.12

38%

40

ABG Sundal
Collier

35%
53%

33%

80

60

35%

47%

39%

25%

100

60

44%
47%

25%

100

Danske
Markets

44%

40%

20%

120

80

38%

44%

120

DNB Markets

44%

31%

S&P Capital IQ

47%

31%

Swedbank

60%

25%

Nordea Equity
Research

31%

Berenberg
Bank

31%

Brokers' Target Price

140

Carnegie

20%

80%

Price

Broker Recommendation

Target price in SEK

Date
27-Feb-13
11-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
7-Feb-13
7-Feb-13
7-Feb-13
17-Jan-13
14-Jan-13
21-Dec-12
21-Dec-12
17-Dec-12

19.03.2013

Skanska AB

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

15%

411.8

84.59%
15.04%
0.37%
85%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in SEK

Top 20 Owners:
Holder Name
AMF FORSAKRING
ALECTA PENSIONSFORSA
INDUSTRIVARDEN AB
NORDEA FONDER AB/SWE
SWEDBANK ROBUR FONDE
NORDEA FONDER AB
LUNDBERGS
FOLKSAM GROUP
VANGUARD GROUP INC
AMF FONDER AB
CARNEGIE FONDER AB/S
LANSFORSAKRINGAR GRO
DIDNER & GERGE FONDE
SEB
FOLKSAM LO FOND AB
HANDELSBANKEN FONDER
LANSFORSAKRINGAR FON
SPP FONDER AB
MARSHALL WACE LLP
XACT FONDER AB

Unknown Country
Sweden
United States
Luxembourg
Britain
Japan
Ireland
Others

52.92%
41.50%
3.11%
0.85%
0.38%
0.32%
0.27%
0.65%

Institutional Ownership Distribution

Other
Investment Advisor
Pension Fund (Erisa)
Holding Company
Others

54.08%
23.36%
9.30%
5.89%
7.38%

Country

LUNDBERG FREDRIK
KARLSTROM JOHAN
GRAHAM STUART E
WILLIAMSON MATS WILLIAM
WIECZOREK ROMAN

1% 0%0% 0%
1%
3%

53%
42%

Unknown Country

Sweden

United States

Luxembourg

Britain

Japan

Ireland

Others

TOP 20 ALL

Position
191'244'600
33'870'000
21'443'238
16'968'154
14'688'599
14'022'076
7'550'000
6'858'966
6'755'570
6'639'600
6'100'000
5'762'867
5'450'000
4'866'216
4'760'326
3'970'956
3'944'877
3'126'831
-2'099'516
1'662'776

Position Change
0
0
0
404'852
0
0
0
0
132'140
0
0
0
0
1'148'562
-12'738
-99'436
-495'581
98'366
0
218'976

Market Value
22'203'498'060
3'932'307'000
2'489'559'932
1'970'002'679
1'705'346'344
1'627'963'024
876'555'000
796'325'953
784'321'677
770'857'560
708'210'000
669'068'859
632'745'000
564'967'678
552'673'849
461'027'992
458'000'220
363'025'079
-243'753'808
193'048'294

% of Ownership
45.54%
8.07%
5.11%
4.04%
3.50%
3.34%
1.80%
1.63%
1.61%
1.58%
1.45%
1.37%
1.30%
1.16%
1.13%
0.95%
0.94%
0.74%
-0.50%
0.40%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

116'100'000
18'263'111
11'108'332
9'569'659
5'264'903

0.24%
0.04%
0.02%
0.02%
0.01%

30.09.2012
30.09.2012
30.09.2012
28.02.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
31.12.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
28.02.2013
15.03.2013
28.02.2013

Source
Research
Research
Research
MF-AGG
Research
Research
Research
Research
MF-AGG
MF-AGG
Research
Research
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

1'000'000
157'305
95'679
82'426
45'348

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

Institutional Ownership
7%

SWEDEN
SWEDEN
SWEDEN
SWEDEN
SWEDEN
SWEDEN
SWEDEN
UNITED STATES
SWEDEN
SWEDEN
SWEDEN
SWEDEN
SWEDEN
SWEDEN
SWEDEN
SWEDEN
BRITAIN
SWEDEN

6%
9%
55%

23%

Other

Investment Advisor

Holding Company

Others

Pension Fund (Erisa)

Company Analysis - Financials I/IV

Skanska AB
Financial information is in SEK (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

142'033

132'879

116'257
106'696

124'106
112'952

125'603
114'220

138'781
125'807

143'674
131'532

139'124
125'417

122'224
109'774

118'734
107'410

129'350
117'789

129'703

132'875

134'166

11'154
6'593
47

11'383
6'985
72

12'974
7'970

12'142
8'932

13'707
8'078
58

12'450
7'533
43

11'324
7'853
42

11'561
8'508

13'919

13'148

128'440
55

9'561
6'343
48

13'424

140'767
57
1'266
1'026
51
116

4'439
685
6
-324

3'218
332
-17
-457

4'561
137
28
-547

4'398
73
-37
-623

5'004
165
43
-871

3'210
264
50
-1'514

5'629
265
54
-490

4'917
215
12
-733

3'471
204
-11
-5'147

3'053
312

4'565

4'911

4'933

-1'043

73
856

4'072
1'303

3'360
1'141

4'943
1'230

4'985
1'330

5'667
1'546

4'410
1'253

5'800
1'579

5'423
1'395

8'425
830

3'784
923

4'843

5'062

5'160

-783
0
54

2'769
0
8

2'219
-967
13

3'713
-177
11

3'655
0
20

4'121
0
25

3'157
0
55

4'221
0
5

4'028
0
6

7'595
0
6

2'861
0
8

-837
(2.00)
2.00

2'761
6.60
3.00
45.5

2'648
6.33
4.00
75.9

3'702
8.84
6.50
73.5

3'639
8.69
8.25
95.0

4'096
9.79
5.25
84.3

3'719
8.92
5.25
70.4

3'621
8.72
6.25
61.2

4'022
9.76
12.00
122.7

2'989
7.26
6.00
32.5

2'853
6.92
6.00
86.6

3'490
8.35
6.27
0.75

3'683
8.94
6.50
0.73

3'825
9.36
6.76
0.72

419
419

419
419

419
419

419
419

419
419

419
419

416
418

409
417

408
416

412
415

412
414

3'609

6'247

4'828

5'820

5'545

6'276

4'521

7'106

6'224

4'864

4'462

6'152

6'526

6'646

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)
Pretax Income
- Income Tax Expense
Income Before XO Items
- Extraordinary Loss Net of Tax
- Minority Interests
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

Total Current Assets

+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets

58602
5'460
303
21'499
865
30'475

50345
6'819
218
18'481
828
23'999

49508
5'815
3'053
15'949
610
24'081

55918
10'583
3'095
18'941
501
22'798

55250
8'839
2'131
18'995
484
24'801

64097
14'209

67522
7'881

67753
9'409

62166
6'654

64277
5'309

69715
5'770

769
49'119

20'407
901
38'333

18'765
835
38'744

17'069
926
37'517

18'044
1'014
39'910

1'079
62'866

Total Long-Term Assets

+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

18'146
547
18'024
10'216
7'808
9'791

16'391
76
16'506
9'778
6'728
9'587

13'573
0
14'528
9'021
5'507
8'066

15'393
0
14'924
9'681
5'243
10'150

16'057
0
15'104
9'647
5'457
10'600

14'844

15'956

16'012

15'546

18'493

18'520

17'002
11'029
5'973
8'871

18'715
11'796
6'919
9'037

18'794
12'491
6'303
9'709

18'291
12'385
5'906
9'640

20'388
13'370
7'018
11'475

7'938
10'582

Total Current Liabilities

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

42'009
16'540
1'280
24'189

36'795
14'019

44'919
14'343
1'080
29'496

45'364
13'861
1'396
30'107

53'948
2'703
51'245

58'206
14'026
2'081
42'099

57'879
12'536
3'706
41'637

52'932
10'716
2'786
39'430

57'151
11'684
5'563
39'904

59'385

22'776

39'676
12'438
1'006
26'232

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

20'224
13'494
6'730

15'574
5'774
9'800

7'037
3'046
3'991

7'805
2'424
5'381

6'606
2'039
4'567

4'269
955
3'314

6'023
1'077
4'946

5'719
1'913
3'806

3'988
1'107
2'881

6'036
1'335
4'701

9'497
4'820
4'677

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

62'233
0
298
2'685
11'532

52'369
200
2'902
11'267

46'713
0
117
1'786
14'465

52'724
0
133
3'014
15'440

51'970
0
147
1'585
17'605

58'217
0
210
1'585
18'929

64'229
0
178
1'585
17'486

63'598
0
170
1'771
18'226

56'920
0
122
1'979
18'691

63'187
0
170
2'198
17'215

68'882
0
166

Total Shareholders Equity

14'515

14'369

16'368

18'587

19'337

20'724

19'249

20'167

20'792

19'583

19'353

Total Liabilities & Equity

76'748

66'738

63'081

71'311

71'307

78'941

83'478

83'765

77'712

82'770

88'235

33.97
20.01

33.85
22.58

38.83
28.23

44.09
32.63

45.85
33.35

49.01
36.49

45.87
33.25

48.91
37.73

50.72
40.24

47.17
34.61

46.59
34.28

12/13E

12/14E

12/15E

47.63

49.92

53.92

Balance Sheet

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 |

6'283
53'102

19'187

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

-837
2'343
576
426

2'761
1'808
-1'195
8'545

3'173
1'610
-3'786
5'522

3'879
1'259
-3'274
4'843

3'635
1'147
-2'310
1'245

4'096
1'272
-2'174
5'905

3'102
1'311
-2'792
-1'067

4'216
1'477
-1'183
3'075

4'022
1'307
-2'442
3'351

7'589
1'393
-7'408
-1'329

2'853
1'409
-4'353

3'435

3'718

3'904

Cash From Operating Activities

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

2'508
522
-1'636
-41
351
-2'207

11'919
381
-1'309
10
433
-1'444

6'519
641
-1'319
-7
491
1'400

6'707
648
-1'931
-3
42
921

3'717
688
-2'014
-2'068
791
-597

9'099
685
-1'967
-3'201
1'986
51

554
1'920
-2'538

7'585
538
-1'718

6'238
643
-2'030

245
6'006
-3'194

-91
-2'663

-2'588

-2'989

-1'300

-1'951

-2'463

-1'894

-1'193

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

-3'011
-1'256
0
2'614
-3'586
0
0
-562

-1'929
-837

1'206
-1'256

-323
-1'674

-3'200
-2'721

-2'446
-3'453

-1'918
-3'448

-3'131
-2'185

-3'850
-2'582

918
-4'945

-1'193

-6'808

694
-5'186

410
-1'397

912
-1'123

595
-951

295
-2'426

1'333
-1'269

473
-2'445

3'443
-677

-457

-56

-85

72

115

-271
274

-355
-280

-252
-82

-184
-75

1'872

Cash From Financing Activities

-2'790

-8'102

-5'804

-2'746

-2'860

-3'694

-5'576

-2'756

-4'888

-2'438

1'872

Net Changes in Cash

-3'293

1'888

1'921

3'638

-2'343

2'959

-6'940

1'698

-2'500

-1'275

588

872

10'610

5'200

4'776

1'703

7'132

-1'984

5'867

4'208

-2'949

1'727

2'064

1'228

-10'133
422
2.08

11'076

5'419

25.35

12.42

4'879
4'437
11.41

1'757
2'180
4.07

7'252
7'461
17.04

-1'795
-2'195
-4.76

6'060
6'469
14.14

4'368
2'879
10.21

-2'765
5'823
-7.16

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

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

12/13E

12/14E

12/15E

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

9.6x
5.7x
4.1x
0.2x
1.9x
4.7%

15.1x
8.8x
5.9x
0.3x
2.1x
5.0%

13.7x
8.9x
7.0x
0.4x
2.7x
5.4%

15.5x
11.2x
8.9x
0.4x
2.9x
6.1%

12.5x
8.1x
6.5x
0.4x
2.5x
4.3%

10.4x
8.6x
6.1x
0.2x
1.7x
6.8%

12.0x
8.2x
6.5x
0.4x
2.5x
5.1%

13.7x
10.9x
8.6x
0.4x
2.6x
9.0%

6.2x
14.4x
10.3x
0.4x
2.4x
5.3%

15.3x
16.1x
11.0x
0.3x
2.3x
5.6%

13.9x

13.0x

12.4x

24.0x
8.4x
0.2x
1.5x
3.9%

9.2x
0.4x
2.4x
5.4%

8.7x
0.4x
2.3x
5.6%

8.6x
0.4x
2.2x
5.8%

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

2.5%
0.9%
-0.6%
-1.0%
-5.2%

4.7%
3.3%
2.1%
3.8%
19.5%

8.2%
4.2%
2.8%
2.7%
4.9%
20.9%

9.0%
4.7%
3.7%
3.1%
5.8%
22.4%

9.1%
4.4%
3.5%
2.9%
5.1%
19.3%

9.3%
4.5%
3.6%
3.0%
5.5%
20.6%

8.5%
3.1%
2.2%
2.2%
3.8%
15.7%

9.9%
5.1%
4.0%
3.0%
5.0%
21.6%

10.2%
5.1%
4.0%
3.3%
5.0%
19.8%

9.5%
4.1%
2.9%
6.4%
9.5%
37.9%

8.9%
3.4%
2.4%
2.2%
3.3%
14.8%

10.4%
4.7%
3.5%
2.7%
4.8%
17.4%

10.5%
4.9%
3.7%
2.8%
5.0%
18.1%

9.8%
5.0%
3.7%
2.9%
5.0%
17.7%

1.39
0.65
1.08
0.50
1.02

1.37
0.69
5.56
0.29
0.40

1.25
0.63
9.69
0.20
0.25

1.24
0.73
33.29
0.16
0.19

1.22
0.66
60.25
0.15
0.18

1.19
0.26
11.07
0.15
0.18

1.16
0.49
7.02
0.14
0.16

1.17
0.49
12.43
0.22
0.28

1.17
0.45
18.84
0.16
0.19

1.12
0.41
10.27
0.26
0.35

1.17
0.10
6.59
0.36
0.57

1.67
6.09

1.85
6.65

1.79
6.75
8.05
148.39

1.85
7.11
8.43
203.33

1.76
6.62
8.10
231.92

1.85

1.77

157.52

1.51
6.82
9.45
124.67

1.48
6.76
9.60
110.73

1.51

200.81

1.66
7.10
9.44
144.49

112.56

34.0%

24.9%

26.7%

27.3%

28.4%

27.2%

25.7%

9.9%

24.4%

Ratio Analysis

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

1172.6%

32.0%

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

Company Analysis - Peers Comparision

SKANSKA AB-B
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

HOCHTIEF AG

12/2012
120.00
19.03.2012
93.30
01.06.2012
706'615

12/2012
55.65
27.02.2013
34.64
06.09.2012
29'127

116.10
-3.3%
24.4%
411.8

BILFINGER SE

EIFFAGE

FLUOR CORP

BOUYGUES SA

12/2012
40.68
19.03.2012
31.23
01.06.2012
366'121

12/2012
82.43
20.02.2013
58.82
05.06.2012
19'967

12/2012
37.75
10.01.2013
20.53
26.07.2012
23'003

12/2012
66.67
28.01.2013
44.99
25.06.2012
1'506'224

12/2012
24.33
19.03.2012
17.54
16.11.2012
442'593

54.46

35.45

82.12

35.43

63.55

-2.1%
57.2%
73.6

-12.9%
13.5%
536.2

-0.4%
39.6%
46.0

-6.2%
72.6%
85.6

-4.7%
41.3%
162.4

51'356

4'193

20'544

3'780

11'103.0
166.0
5'770.0

4'456.5
1'603.4
3'143.6

20'193.8
735.4
6'516.1

1'180.9
8.0
1'087.2

56'855
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

VINCI SA

7'110

3'088
16'112.0
(1.0)
2'402.0

FOSTER WHEELER

JACOBS ENGIN
GRP

GRANITE CONSTR TUTOR PERINI COR

12/2012
27.13
28.01.2013
15.26
12.07.2012
1'655'988

09/2012
54.23
18.03.2013
33.61
25.06.2012
1'237'601

22.27

22.57

-8.5%
27.0%
324.0

-16.8%
47.9%
104.4

10'348

7'108

541.0
85.8
2'610.0

8'642.0
1'500.0
4'487.0

8'365

12'763
Valuation

34'957

3'881

17'195

129'350.0
129'350.0
129'702.9
132'874.7
0.4x
0.4x
0.4x
0.4x
4'462.0
4'462.0
6'151.7
6'526.5
11.0x
11.0x
8.7x
8.2x
6.93
8.35
8.94
16.8x
13.9x
13.0x
8.9%
(1.1%)
(8.3%)
(6.6%)
3.4%
4.7%
4.9%

25'527.7
25'527.7
26'295.3
27'382.4
0.2x
0.2x
0.3x
0.2x
1'477.3
1'477.3
1'639.9
1'788.4
4.2x
4.2x
4.2x
3.8x
1.41
2.15
3.31
4.04
25.3x
25.3x
16.5x
13.5x
9.6%
12.5%
(11.8%)
32.7%
5.8%
6.2%
6.5%

39'183.2
38'633.6
38'898.6
39'687.3
0.9x
0.9x
0.9x
0.8x
5'507.8
5'453.4
5'534.1
5'693.7
6.1x
6.2x
6.1x
5.7x
3.52
3.58
3.51
3.72
9.9x
10.0x
10.1x
9.5x
4.1%
4.3%
1.1%
3.7%
14.1%
14.2%
14.3%

8'508.8
8'508.8
8'788.6
9'209.0
0.4x
0.4x
0.4x
0.4x
577.5
577.5
582.0
624.0
6.0x
6.0x
6.4x
5.8x
6.23
6.23
5.72
6.41
13.2x
13.2x
14.4x
12.8x
3.7%
0.7%
13.6%
12.2%
6.8%
6.6%
6.8%

14'000.0
14'000.0
14'226.8
14'569.6
1.2x
1.2x
1.1x
1.1x
1'939.0
1'983.0
2'110.2
2'194.4
8.4x
8.2x
7.7x
7.2x
2.49
2.52
3.14
3.62
14.0x
14.9x
11.3x
9.8x
1.4%
1.8%
4.2%
14.3%
14.8%
15.1%

27'577.1
27'577.1
29'087.4
30'313.9
0.3x
0.3x
0.3x
0.3x
946.4
946.4
1'345.9
1'482.9
8.0x
8.0x
6.2x
5.3x
4.28
4.30
4.16
4.68
14.8x
14.8x
15.3x
13.6x
17.9%
9.2%
(20.3%)
4.6%
3.4%
4.6%
4.9%

57.9%
36.5%
2.488x
1.195x
9.637x

168.8%
51.2%
3.017x
0.889x
4.546x

151.4%
58.9%
3.703x
2.508x
7.578x

58.2%
36.7%
2.045x
0.162x
14.259x

686.2%
87.3%
7.969x
7.130x
2.911x

16.2%
13.6%
0.572x
-2.186x
33.514x

BBB+
29.03.2007
Baa1
23.07.2002

BBB+
23.10.2012
-

A22.01.2004
A3
29.11.2000

33'547.0
33'547.0
33'516.2
33'717.1
0.4x
0.4x
0.4x
0.4x
2'890.0
2'890.0
2'884.9
2'939.0
4.5x
4.5x
4.6x
4.5x
2.00
2.01
2.46
2.71
11.1x
11.1x
9.0x
8.2x
2.6%
1.6%
(10.5%)
(3.3%)
8.6%
8.6%
8.7%

COLAS SA

NCC AB-B

JM AB

PEAB AB

12/2012
37.74
20.02.2013
21.38
04.06.2012
166'061

12/2012
19.08
19.02.2013
9.21
07.08.2012
381'500

12/2012
137.99
02.04.2012
96.00
15.05.2012
36

12/2011
171.20
08.03.2013
110.30
14.06.2012
63'664

12/2012
161.00
11.03.2013
106.75
21.11.2012
26'076

12/2012
39.35
12.03.2013
28.91
04.09.2012
21'129

54.05

30.77

18.26

120.55

165.10

152.00

38.04

-0.3%
60.8%
129.9

-18.5%
43.9%
38.7

-4.3%
98.3%
47.6

-12.6%
25.6%
32.7

-3.6%
49.7%
108.0

-5.6%
42.4%
80.5

-3.3%
31.6%
295.0

2'358

7'046

1'192

868

3'937

17'912

12'718

11'262

137.7
43.4
582.3

528.3
36.4
1'032.5

290.1
41.9
433.4

737.1
168.1

404.0
34.0
446.0

9'243.0
15.0
2'802.0

877.0
2'475.0

8'633.0
439.0

1'090

1'437

24'368

11'120

19'456

3'414.6
3'414.6
3'778.3
4'291.7
0.6x
0.6x
0.5x
0.4x
309.2
309.2
272.1
338.2
6.9x
6.9x
6.9x
5.2x
1.55
1.54
1.50
2.00
14.7x
14.7x
15.0x
11.3x
(23.8%)
10.1%
(10.5%)
9.1%
7.2%
7.9%

1'957

10'893.8
11'021.7
11'868.1
13'149.6
0.4x
0.4x
0.5x
0.4x
696.9
714.5
789.1
869.7
6.8x
6.7x
7.9x
6.7x
2.91
2.97
3.33
3.72
18.2x
18.2x
16.2x
14.5x
4.9%
3.8%
13.4%
7.0%
6.5%
6.6%
6.6%

6'370

2'083.0
2'083.0
2'507.0
2'718.8
0.6x
0.6x
0.5x
0.4x
105.8
108.3
177.4
223.6
11.4x
11.1x
6.5x
5.1x
0.64
0.72
1.84
2.55
42.7x
42.7x
16.7x
12.1x
3.7%
(2.6%)
(27.7%)
(15.6%)
5.2%
7.1%
8.2%

4'111.5
4'111.5
4'535.0
4'875.7
0.3x
0.3x
0.4x
0.3x
216.2
216.2
258.3
295.0
5.6x
5.6x
6.2x
5.4x
1.48
-1.00
1.94
2.42
9.4x
7.5x
10.6%
4.3%
0.1%
7.3%
5.3%
5.7%
6.1%

13'036.0
13'036.0
0.3x
0.4x
932.0
891.0
4.8x
5.0x
9.25
9.25
13.0x
13.0x
5.0%
2.2%
1.0%
7.1%
-

5'039

57'227.0
57'226.0
56'057.0
58'170.9
0.4x
0.4x
0.4x
0.4x
3'156.0
3'155.0
3'013.1
3'145.4
6.7x
6.7x
8.0x
7.7x
17.54
15.64
16.83
9.4x
10.6x
9.8x
8.9%
2.3%
24.6%
(0.6%)
5.5%
5.4%
5.4%

12'480.0
12'480.0
12'853.4
13'674.2
0.6x
0.6x
0.9x
0.8x
1'492.0
1'460.8
1'618.2
5.2x
7.9x
6.9x
11.63
12.94
14.44
13.1x
11.7x
10.5x
4.0%
4.7%
(2.9%)
11.4%
11.8%

46'840.0
46'840.0
46'588.9
47'519.4
0.4x
0.4x
0.4x
0.4x
1'885.0
2'503.6
2'709.5
9.2x
7.2x
6.5x
2.47
3.95
4.43
15.4x
9.6x
8.6x
7.6%
8.0%
(17.1%)
5.0%
5.4%
5.7%

19.1%
15.2%
0.445x
-1.438x
22.413x

14.2%
12.3%
0.725x
-1.013x
59.635x

35.0%
25.0%
2.679x
-1.323x
9.975x

64.4%
39.2%
3.409x
2.632x
4.895x

16.2%
13.8%
1.572x
1.196x
20.261x

103.0%
50.7%
2.930x
2.042x
11.057x

18.8%
15.8%
17.149x

108.1%
51.9%
6.352x

BBB09.08.2010
-

BB07.10.2010
B1
14.09.2012

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

100.7%
46.2%
2.990x
1.438x
8.210x

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+
30.11.2011
(P)A3
26.01.2012

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