Professional Documents
Culture Documents
2013
ThyssenKrupp AG
TKA GY
Currency:
Sector: Materials
Year:
Telephone
49-201-844-0
Revenue (M)
Website
www.thyssenkrupp.com
No of Employees
Address
ThyssenKrupp Allee 1 Essen, D-45143 Germany
Share Price Performance in EUR
Price
16.10
1M Return
52 Week High
19.25
6M Return
52 Week Low
13.11
52 Wk Return
52 Wk Beta
1.34
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
40'124
151'352
4.3%
-8.6%
-0.2%
-9.3%
IG10
BB
Ba1
BBB-
Date
Date
Date
9/09
15.5x
0.3x
1.4x
1.3%
9/10
12.2x
14.6x
6.8x
0.3x
1.3x
1.9%
9/11
5.2x
4.8x
3.4x
0.2x
1.0x
2.4%
9/12
12.7x
5.5x
0.2x
2.4x
0.0%
9/13E
58.8x
6.6x
0.2x
2.7x
0.9%
9/14E
14.0x
5.0x
0.2x
2.4x
2.1%
9/15E
9.1x
4.3x
0.2x
2.0x
3.1%
9/09
Gross Margin
9.0
EBITDA Margin
2.2
Operating Margin
-2.4
Profit Margin
-4.6
Return on Assets
-4.5
Return on Equity
-19.6
Leverage and Coverage Ratios
9/09
Current Ratio
1.3
Quick Ratio
0.7
EBIT/Interest
-1.0
Tot Debt/Capital
0.4
Tot Debt/Equity
0.8
Eff Tax Rate %
-
9/10
16.1
6.4
3.0
2.2
1.9
10.0
9/11
17.2
9.5
6.7
-3.0
-3.0
-14.7
9/12
14.4
6.4
2.8
-11.6
-11.4
-74.3
9/13E
14.8
5.0
2.3
0.5
0.2
-6.7
9/14E
16.2
6.4
3.7
1.6
2.8
16.0
9/15E
17.4
7.2
4.5
2.3
4.1
21.1
9/10
1.2
0.5
1.8
0.4
0.7
15.4
9/11
1.3
0.5
6.3
0.4
0.6
21.9
9/12
1.3
0.4
2.3
0.6
1.6
135.6
06.06.2012
24.01.2013
20.05.2009
Outlook
Outlook
Outlook
NEG
NEG
NEG
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
Benchmark:
DAX INDEX (DAX)
Sales (M)
12707
12237
10590
5739
5704
68
-6921
Sales (M)
40124
13%
23%
0%
11%
11%
22%
20%
100%
Services
Technologies
Steel
Stainless
Worldwide
Elevator
Corporate
Reconciliation(Discontinued Operation)
514.5
8283.3
4962.0
8403.0
0.0
0.0
670.0
12394.3
30
100%
Price
25
80%
20
15
10
60%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
15
Buy
Date
#N/A N/A
0-Jan-00
0-Jan-00
0-Jan-00
0-Jan-00
0-Jan-00
0-Jan-00
0-Jan-00
0-Jan-00
0-Jan-00
0-Jan-00
0-Jan-00
Hold
Sell
Price
Target Price
Buy
Hold
Sell
Date
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
#VALUE!
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
14-Aug-13
13-Aug-13
12-Aug-13
9-Aug-13
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
17.79
17.76
17.76
17.72
17.72
17.72
17.72
17.72
17.58
17.58
17.58
17.58
17.58
17.58
17.71
17.71
17.71
17.71
17.71
17.71
17.71
17.71
17.71
17.71
17.71
17.72
17.76
17.76
17.76
17.76
Analyst
INGO-MARTIN SCHACHEL
BASTIAN SYNAGOWITZ
HERMANN REITH
TIMOTHY HUFF
ALESSANDRO ABATE
SETH ROSENFELD
THORSTEN ZIMMERMANN
MARC GABRIEL
NEIL SAMPAT
STEFAN FREUDENREICH
MICHAEL BROEKER
BJOERN VOSS
WIKTOR BIELSKI
HANS-PETER WODNIOK
CARSTEN RIEK
ALAIN WILLIAM
MICHAEL SHILLAKER
SVEN DIERMEIER
ALEXANDER HAUENSTEIN
CHRISTIAN OBST
VALERIE GASTALDY
TIM CAHILL
SYLVAIN BRUNET
ROCHUS BRAUNEISER
DIRK SCHLAMP
TIMOTHY STANISH
HOLGER FECHNER
JEFFREY LARGEY
LARS HETTCHE
JOHNSON IMODE
Recommendation
buy
hold
market weight
sector perform
overweight
buy
overweight
buy
buy
hold
buy
hold
hold
sell
sell
hold
outperform
sell
outperform
buy
hold
outperform
neutral
hold
hold
buy
sell
outperform
sell
hold
Cyrrus
Goldman Sachs
S&P Capital IQ
Nord/LB
Macquarie
DZ Bank AG
EVA Dimensions
Davy
Day by Day
Baader Bank
Credit Suisse
UBS
AlphaValue
VTB Capital
Steubing AG
Nomura
HSBC
Jefferies
Broker
Commerzbank Corporates & Markets
Deutsche Bank
BHF-Bank
RBC Capital Markets
JPMorgan
Jefferies
HSBC
Bankhaus Lampe
Nomura
Equinet Institutional Services(ESN)
Steubing AG
M.M. Warburg Investment Research
VTB Capital
AlphaValue
UBS
Societe Generale
Credit Suisse
Independent Research GmbH
Main First Bank AG
Baader Bank
Day by Day
Davy
Exane BNP Paribas
Kepler Cheuvreux
DZ Bank AG
EVA Dimensions
Nord/LB
Macquarie
Bankhaus Metzler
S&P Capital IQ
National Bank AG
0%
Hamburger Sparkasse
0%
Landesbank Baden-
0%
Bankhaus Metzler
0%
Kepler Cheuvreux
0%
0%
0%
0%
Societe Generale
0%
0%
Equinet Institutional
0%
Bankhaus Lampe
0%
#N/A N/A 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00
JPMorgan
BHF-Bank
20%
10
Deutsche Bank
40%
0%
20
Broker Recommendation
Target
Date
18.00
18.00
16.00
17.00
19.00
21.00
20.00
19.00
17.00
18.00
19.00
18.00
18.00
9.88
16.00
18.00
23.80
15.50
22.00
25.00
14-Aug-13
14-Aug-13
14-Aug-13
14-Aug-13
14-Aug-13
14-Aug-13
14-Aug-13
14-Aug-13
14-Aug-13
12-Aug-13
12-Aug-13
8-Aug-13
5-Aug-13
1-Aug-13
31-Jul-13
26-Jul-13
26-Jul-13
26-Jul-13
22-Jul-13
16-Jul-13
16-Jul-13
10-Jul-13
4-Jul-13
3-Jul-13
20-Jun-13
11-Jun-13
29-May-13
16-May-13
16-May-13
16-May-13
15.00
14.00
15.50
13.00
22.00
14.00
16.00
14.08.2013
ThyssenKrupp AG
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
34%
34.06%
65.94%
0.00%
66%
Institutional Ownership
Retail Ownership
Insider Ownership
Unknown Country
United States
Switzerland
Germany
Norway
Luxembourg
France
Others
42.65%
31.62%
9.41%
5.19%
4.22%
3.37%
1.05%
2.49%
52.84%
42.65%
4.34%
0.12%
0.06%
3% 1%
4%
2%
5%
44%
9%
32%
Unknown Country
United States
Switzerland
Germany
Norway
Luxembourg
France
Others
TOP 20 ALL
Position
130'320'067
38'436'951
28'820'435
26'046'328
12'848'471
9'017'500
4'287'553
4'009'858
1'709'400
1'235'631
1'205'497
1'018'052
1'002'630
933'970
813'504
790'686
650'272
593'014
567'750
552'800
Position Change
0
26'496
-1'676'529
0
0
443'325
77'375
8'408
160'000
1'131'884
968'786
0
-207'900
107'573
215'460
123'746
13'522
-3'157
-14'150
0
Market Value
2'098'153'079
618'834'911
464'009'004
419'345'881
206'860'383
145'181'750
69'029'603
64'558'714
27'521'340
19'893'659
19'408'502
16'390'637
16'142'343
15'036'917
13'097'414
12'730'045
10'469'379
9'547'525
9'140'775
8'900'080
% of Ownership
25.33%
7.47%
5.60%
5.06%
2.50%
1.75%
0.83%
0.78%
0.33%
0.24%
0.23%
0.20%
0.19%
0.18%
0.16%
0.15%
0.13%
0.12%
0.11%
0.11%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
30.09.2012
12.08.2013
31.07.2013
28.06.2013
12.01.2012
31.03.2013
30.06.2013
28.03.2013
28.02.2013
31.03.2013
28.02.2013
30.04.2013
30.06.2013
31.05.2013
13.08.2013
28.03.2013
13.08.2013
31.05.2013
30.04.2013
30.04.2013
Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Top 5 Insiders:
Holder Name
Geographic Ownership
0%
514.5
72.2%
Source
Country
n/a
UNITED STATES
UNITED STATES
NORWAY
UNITED STATES
UNITED STATES
GERMANY
LUXEMBOURG
UNITED STATES
FRANCE
GERMANY
UNITED STATES
BRITAIN
FRANCE
UNITED STATES
SWITZERLAND
UNITED STATES
GERMANY
Institutional Ownership
0%
4%
0%
53%
43%
Investment Advisor
Other
Others
Government
Fiscal Year
Equivalent Estimates
9/02
9/03
9/04
9/05
9/06
9/07
9/08
9/09
9/10
9/11
9/12
9/13E
9/14E
9/15E
36'698
30'222
35'327
29'016
37'303
30'655
42'927
35'695
47'125
39'142
51'723
42'291
53'426
44'150
40'563
36'905
37'711
31'648
42'725
35'377
40'124
34'344
37'289
38'697
40'474
6'476
6'047
6'311
5'524
629
6'648
5'192
7'232
5'190
733
7'983
5'518
743
9'432
6'272
815
9'276
6'131
841
3'658
4'985
735
6'063
5'197
178
7'348
4'844
208
5'780
5'240
222
5'519
6'259
7'032
894
407
1'090
310
1'721
298
3'418
725
-8
-427
-981
964
1
418
1'126
643
-38
-684
864
1'447
1'807
-54
3'699
677
-23
-285
1'115
476
3'207
705
0
-121
2'883
455
-275
2'340
741
-1
397
134
324
Pretax Income
- Income Tax Expense
762
175
774
161
1'477
587
1'203
737
2'623
919
3'330
1'140
3'128
852
-2'364
-491
1'205
185
2'294
502
315
427
136
892
1'339
587
338
33
613
16
45
890
-74
60
466
-613
41
1'704
0
61
2'190
0
88
2'276
0
81
-1'873
0
-16
1'020
93
103
1'792
3'575
-492
-112
4'930
-374
1.67
0.85
3.24
8.60
4.59
(4.01)
1.97
3.57
(0.38)
176
0.27
0.14
0.51
602
1.15
0.34
0.29
930
1.76
0.51
0.29
1'873
2'466
2'912
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)
554
1.08
0.40
37.2
518
1.02
0.50
43.8
884
1.78
0.60
36.0
581
1.17
0.80
96.8
1'643
3.24
1.00
29.7
2'073
4.24
1.30
30.2
2'280
4.59
1.30
27.5
-797
(1.72)
0.30
745
1.61
0.45
22.8
884
1.72
0.45
10.2
262
0.55
0.00
0.0
514
514
498
498
514
499
514
508
489
489
463
478
463
463
464
464
514
476
514
514
2'843
2'639
3'237
4'412
4'828
5'173
4'842
876
2'412
4'043
2'576
*Net income excludes extraordinary gains and losses and one-time charges.
9/02
9/03
9/04
9/05
9/06
9/07
9/08
9/09
9/10
9/11
9/12
13766
921
20
5'305
6'001
1'519
13342
690
20
5'261
5'787
1'584
13739
1'350
42
5'715
6'274
358
20149
4'625
20811
4'446
6'668
6'862
1'994
7'105
7'337
1'923
21911
3'658
0
6'799
9'480
1'974
22461
2'725
881
7'012
9'494
2'349
20201
5'349
1'253
4'397
6'735
2'467
21167
3'380
685
5'882
8'262
2'958
24430
3'230
499
5'138
8'105
7'458
25227
2'221
289
5'126
6'367
11'224
17'394
221
25'336
13'727
11'609
5'564
16'859
733
25'169
14'250
10'919
5'207
16'436
728
25'222
14'619
10'574
5'134
15'152
738
23'153
14'410
8'743
5'671
14'919
679
23'239
14'842
8'397
5'843
16'163
1'300
24'272
14'836
9'436
5'427
19'181
1'348
27'649
15'521
12'128
5'705
21'166
1'158
30'524
16'731
13'793
6'215
22'749
464
33'128
16'806
16'322
5'963
19'173
372
29'742
17'093
12'649
6'152
13'057
368
20'628
14'575
6'053
6'636
10'184
3'099
1'075
6'010
10'004
3'046
1'036
5'922
6'732
3'644
3'088
14'194
3'976
1'773
8'445
14'319
4'571
842
8'906
15'875
4'949
825
10'101
18'425
5'731
1'348
11'346
15'796
4'128
305
11'363
18'294
5'411
1'278
11'605
18'807
4'926
178
13'703
19'961
3'514
1'929
14'518
12'392
4'608
7'784
12'206
3'908
8'298
15'264
4'232
11'032
13'163
3'085
10'078
12'484
2'946
9'538
11'752
2'813
8'939
11'728
3'068
8'660
15'875
7'160
8'715
15'234
6'157
9'077
14'414
6'494
7'920
13'797
5'256
8'541
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
22'576
0
297
6'001
2'286
22'210
320
6'001
1'670
21'996
0
410
6'001
2'326
27'357
0
389
6'001
1'554
26'803
0
414
6'001
2'512
27'627
0
421
6'001
4'025
30'153
0
482
6'001
5'006
31'671
0
1'769
6'001
1'926
33'528
0
1'888
6'001
2'499
33'221
0
1'370
6'001
3'011
33'758
0
967
6'001
-2'442
8'584
7'991
8'737
7'944
8'927
10'447
11'489
9'696
10'388
10'382
4'526
31'160
30'201
30'733
35'301
35'730
38'074
41'642
41'367
43'916
43'603
38'284
16.11
14.91
16.71
9.58
14.68
5.76
16.55
7.41
20.51
11.14
23.75
13.56
17.10
7.09
18.30
8.29
17.52
9.42
6.92
-1.42
9/13E
9/14E
9/15E
5.99
6.85
8.14
Balance Sheet
9/02
9/03
9/04
9/05
9/06
9/07
9/08
9/09
9/10
9/11
9/12
9/13E
9/14E
9/15E
216
1'949
-322
611
552
1'549
77
-151
904
1'516
375
-236
1'038
2'072
221
-980
1'643
1'621
554
-351
2'102
1'474
63
-1'419
2'195
1'424
88
-28
-1'857
1'857
-15
3'714
824
1'286
-554
-688
-1'291
1'160
1'423
-516
-4'668
1'461
3'874
-883
-777
541
900
2'454
277
-1'453
-236
780
86
2'027
188
-1'186
-314
218
-75
2'559
204
-1'325
-297
537
-98
2'351
147
-1'463
3'467
172
-1'473
2'220
414
-2'700
3'679
118
-3'774
3'699
121
-3'821
868
69
-2'960
776
58
-955
-216
50
-1'051
-1'305
-1'299
-1'303
106
2'131
59
-454
111
-149
-242
59
-396
-68
-1'450
-349
-546
-309
-20
834
-2'603
-1'169
-206
-14
1'228
-1'667
-979
-249
-1'393
750
-5
12
-2'959
-139
200
649
-790
8
-2'347
-209
201
1'676
-2'320
1'631
-1'350
-232
95
4'209
-3'189
0
-2'324
-489
-137
1'016
-968
0
0
-107
-4'037
-603
-48
6'231
-3'029
-406
-21
-1'696
-412
-962
697
-810
268
-697
-123
-3'898
-635
369
1'041
-649
-123
921
-299
-928
1'446
-9
12
0
-174
-880
40
0
437
461
487
-368
-2'221
-1'086
-878
48
-2'039
-685
-714
2'988
389
1'466
515
-313
-228
702
3'320
-268
-789
-933
2'650
-1'702
-105
-1'051
1'001
841
1'234
888
1'994
-480
-95
-122
-2'092
-179
-1'267
-142
327
487
1'315
1'087
1'414
1'175
1'544
1.78
2'452
1'091
3.93
-35
-155
-0.98
433
784
-0.20
3'153
-0.26
-1'548
-1'964
-4.51
176
-564
-0.38
-1'436
-102
-2.46
Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
1.95
1.66
2.48
9/02
9/03
9/04
9/05
9/06
9/07
9/08
9/09
9/10
9/11
9/12
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
10.4x
12.1x
3.8x
0.2x
0.7x
3.6%
10.3x
9.6x
4.0x
0.2x
0.8x
4.3%
9.4x
6.4x
3.4x
0.2x
0.9x
3.8%
20.5x
4.1x
2.2x
0.2x
1.2x
4.6%
8.2x
4.2x
2.8x
0.3x
1.6x
3.8%
10.4x
6.0x
4.3x
0.4x
2.2x
2.9%
4.7x
3.3x
2.3x
0.2x
0.9x
6.1%
15.5x
0.3x
1.4x
1.3%
12.2x
14.6x
6.8x
0.3x
1.3x
1.9%
5.2x
4.8x
3.4x
0.2x
1.0x
2.4%
12.7x
5.5x
0.2x
2.4x
0.0%
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
17.6%
7.7%
2.4%
0.6%
0.7%
2.5%
17.9%
7.5%
3.1%
1.4%
1.7%
6.4%
17.8%
8.7%
4.6%
2.4%
3.0%
11.3%
16.8%
10.3%
5.5%
2.4%
3.2%
13.1%
16.9%
10.2%
6.8%
3.5%
4.6%
20.5%
18.2%
10.0%
7.2%
4.1%
5.7%
22.7%
17.4%
9.1%
6.4%
4.1%
5.5%
20.9%
9.0%
2.2%
-2.4%
-4.6%
-4.5%
-19.6%
16.1%
6.4%
3.0%
2.2%
1.9%
10.0%
17.2%
9.5%
6.7%
-3.0%
-3.0%
-14.7%
14.4%
6.4%
2.8%
-11.6%
-11.4%
-74.3%
1.35
0.61
2.20
0.40
0.66
1.33
0.60
3.52
0.38
0.62
2.04
1.06
5.78
0.33
0.48
1.42
0.80
3.16
0.38
0.61
1.45
0.81
4.55
0.30
0.42
1.38
0.66
5.46
0.26
0.35
1.22
0.58
4.71
0.28
0.38
1.28
0.70
-1.02
0.43
0.77
1.16
0.54
1.75
0.42
0.72
1.30
0.47
6.34
0.39
0.64
1.26
0.38
2.34
0.61
1.59
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
1.12
6.70
9.41
4.83
1.15
6.69
9.37
4.92
1.24
6.80
9.31
5.08
1.31
6.93
9.52
5.43
1.33
6.84
9.27
5.51
1.40
7.44
9.33
5.03
1.34
7.74
8.27
4.65
0.98
7.11
6.93
4.55
0.88
7.34
6.96
4.22
0.98
7.75
6.81
4.32
0.98
7.82
7.73
4.75
23.0%
20.8%
39.7%
61.3%
35.0%
34.2%
27.2%
15.4%
21.9%
135.6%
9/13E
9/14E
9/15E
58.8x
14.0x
9.1x
6.6x
0.2x
2.7x
0.9%
5.0x
0.2x
2.4x
2.1%
4.3x
0.2x
2.0x
3.1%
14.8%
5.0%
2.3%
0.5%
0.2%
-6.7%
16.2%
6.4%
3.7%
1.6%
2.8%
16.0%
17.4%
7.2%
4.5%
2.3%
4.1%
21.1%
Ratio Analysis
09/2012
19.25
10.01.2013
13.11
23.04.2013
2'875'365
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume
ARCELORMITTAL
12/2012
13.76
22.01.2013
8.35
03.07.2013
1'636'767
SALZGITTER AG
POSCO
12/2012
41.56
03.01.2013
24.54
07.08.2013
51'049
12/2012
395'000.00
20.08.2012
286'000.00
24.06.2013
176'018
US STEEL CORP
UNITED TECH
CORP
12/2012
26.29
03.01.2013
15.80
22.04.2013
6'167'226
12/2012
107.86
02.08.2013
74.44
14.11.2012
2'625'475
ACERINOX
VOESTALPINE AG INGERSOLL-RAND
ITOCHU CORP
MARUBENI CORP
NSSMC
MAN SE
GEA GROUP AG
12/2012
9.77
17.09.2012
6.87
24.06.2013
94'680
03/2013
32.89
12.08.2013
22.11
18.04.2013
47'992
12/2012
63.35
22.07.2013
43.85
10.10.2012
1'467'003
03/2013
1'568.00
22.05.2013
755.00
10.10.2012
5'981'100
03/2013
185.00
22.05.2013
56.00
13.09.2012
92'307'000
03/2013
872.00
22.05.2013
478.00
06.09.2012
9'490'000
03/2013
313.00
23.07.2013
144.00
03.09.2012
43'878'000
12/2012
90.80
10.01.2013
70.39
05.09.2012
15'408
12/2012
32.53
31.07.2013
20.30
30.08.2012
47'720
16.10
10.47
29.46
335'000.00
18.75
106.80
8.18
32.69
62.02
1'209.00
169.00
755.00
306.00
86.03
31.85
-16.4%
22.8%
514.5
-23.9%
25.3%
1'549.1
-29.1%
20.1%
54.1
-15.2%
17.1%
77.2
-28.7%
18.7%
144.3
-1.0%
43.5%
918.8
-16.3%
19.0%
249.3
-0.6%
47.9%
172.4
-2.1%
41.4%
295.6
-22.9%
60.1%
1'580.5
-8.6%
201.8%
3'000.9
-13.4%
57.9%
1'736.0
-2.2%
112.5%
9'074.6
-5.3%
22.2%
147.0
-2.1%
56.9%
192.5
8'283
17'428
1'770
29'207'590
2'712
97'990
2'102
5'637
18'050
1'916'131
526'445
1'312'145
2'907'984
12'648
6'131
7'185.0
967.0
2'510.0
25'752.0
3'474.0
4'398.0
770.3
8.2
1'011.1
9'611'108.0
2'668'637.9
3'953.0
1.0
570.0
23'221.0
1'393.0
4'819.0
1'164.2
144.5
599.3
3'883.4
67.3
1'092.7
3'233.0
81.5
882.1
2'973'018.0
347'184.0
580'292.0
1'023'762.0
57'871.0
93'047.0
2'927'464.0
56'545.0
936'597.0
2'539'853.0
544'213.0
95'420.0
5'299.0
69.0
1'367.0
1'137.9
2.6
909.8
5'926
116'293
3'044
Valuation
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
12'394
42'682
40'124.0
36'347.0
37'288.7
38'697.2
0.3x
0.3x
0.4x
0.4x
2'576.0
2'230.0
1'872.8
2'466.2
4.6x
5.3x
7.6x
5.7x
-0.38
-0.53
0.27
1.15
58.8x
14.0x
(6.1%)
(5.7%)
(36.3%)
(13.0%)
6.1%
5.0%
6.4%
84'213.0
78'981.0
81'718.8
84'913.0
0.5x
0.5x
0.5x
0.5x
6'493.0
5'963.0
6'690.8
7'965.0
5.9x
6.4x
6.6x
5.4x
0.01
-3.69
(0.10)
0.97
14.3x
(10.4%)
(4.6%)
(34.4%)
(19.7%)
7.5%
8.2%
9.4%
10'397.2
9'996.0
9'867.1
10'199.2
0.2x
0.2x
0.2x
0.2x
416.2
416.7
307.8
518.0
3.9x
3.8x
7.6x
4.5x
-1.54
-7.30
(2.40)
1.23
24.0x
5.7%
(2.5%)
(31.0%)
(22.5%)
4.1%
3.1%
5.1%
1'683
35'664'933.0
35'664'933.0
32'165'882.1
34'267'066.0
1.0x
1.0x
1.1x
1.1x
4'670'790.1
4'670'790.1
4'604'106.2
5'191'367.8
7.3x
7.3x
8.0x
7.1x
32'359.00
23'687.30
29'543.89
10.4x
14.1x
11.3x
(9.0%)
11.6%
(23.5%)
(5.0%)
13.1%
14.3%
15.1%
36'127'933
19'328.0
18'163.0
17'807.5
18'847.5
0.3x
0.3x
0.3x
0.3x
1'044.0
676.0
774.1
1'159.8
5.5x
8.5x
8.0x
5.4x
1.88
-0.66
(1.43)
0.91
20.5x
(2.8%)
9.5%
26.5%
(8.8%)
3.7%
4.3%
6.2%
57'708.0
61'890.0
63'923.4
67'290.2
1.8x
1.7x
1.8x
1.7x
9'208.0
10'087.0
10'804.3
11'881.4
11.2x
10.3x
10.6x
9.4x
5.40
5.81
6.15
6.97
18.4x
18.4x
17.4x
15.3x
3.5%
0.7%
1.1%
2.3%
16.3%
16.9%
17.7%
201.9%
61.4%
3.768x
1.543x
5.412x
49.8%
31.8%
3.871x
2.711x
3.197x
21.2%
17.5%
1.851x
-0.231x
4.404x
24.5%
19.7%
2.058x
1.484x
10.195x
113.7%
53.2%
5.888x
4.753x
4.094x
89.6%
46.0%
2.147x
1.660x
10.096x
BB
06.06.2012
Ba1
24.01.2013
BB+
02.08.2012
Ba1
06.11.2012
BBB+
22.10.2012
Baa1
24.10.2012
BB17.06.2013
B1
24.10.2011
A
02.10.2003
A2
22.04.1993
4'554.7
4'207.1
4'543.9
5'076.1
0.6x
0.6x
0.7x
0.6x
195.7
150.4
239.1
355.9
13.9x
18.1x
13.0x
8.8x
0.07
-0.17
0.10
0.39
83.4x
21.1x
(2.5%)
1.0%
(42.3%)
(21.5%)
3.6%
5.3%
7.0%
20'713
4'826'214
1'422'229
3'546'519
5'813'774
17'520
6'593
11'524.4
11'409.9
11'565.9
11'970.7
0.7x
0.7x
0.8x
0.7x
1'453.5
1'469.5
1'575.0
5.2x
6.0x
5.6x
2.67
2.56
2.78
3.27
12.8x
12.8x
11.8x
10.0x
(4.4%)
0.5%
11.3%
(7.1%)
12.7%
13.2%
8'474
14'034.9
14'108.1
14'379.1
15'030.4
1.3x
1.3x
1.4x
1.3x
1'876.2
1'862.8
2'005.0
2'158.4
10.0x
10.1x
9.9x
9.3x
3.35
3.50
3.58
4.19
17.7x
17.7x
17.3x
14.8x
(5.1%)
5.3%
(1.8%)
9.4%
13.2%
13.9%
14.4%
4'579'763.0
4'786'306.0
13'930'732.2
14'303'032.8
1.0x
1.0x
0.3x
0.3x
331'729.0
338'203.0
421'316.4
442'619.4
14.2x
14.0x
10.9x
10.2x
161.22
181.54
193.46
199.64
6.7x
6.2x
6.1x
7.2%
11.4%
(5.2%)
(0.6%)
7.1%
3.0%
3.1%
1'685'529.0
1'670'002.0
1'838'157.1
1'875'821.4
0.8x
0.8x
0.8x
0.8x
117'959.0
134'580.0
165'119.2
177'780.0
10.7x
9.4x
8.4x
8.0x
-8.52
7.99
14.26
13.46
21.2x
11.8x
12.6x
(9.6%)
(3.6%)
(34.0%)
(17.8%)
8.1%
9.0%
9.5%
4'861'311.0
5'390'828.0
13'218'265.2
13'807'464.9
0.7x
0.6x
0.3x
0.3x
203'413.0
228'219.0
304'197.1
329'847.5
16.6x
14.8x
11.9x
11.2x
108.00
125.20
123.20
129.37
6.0x
6.1x
5.8x
10.7%
10.7%
(11.5%)
(7.3%)
4.2%
2.3%
2.4%
4'389'922.0
4'716'102.0
5'383'751.5
5'428'321.4
1.2x
1.1x
1.0x
1.0x
314'934.0
390'876.0
647'742.1
705'585.4
16.9x
13.7x
8.7x
7.7x
1.30
-1.46
24.29
27.25
12.6x
11.2x
7.3%
5.1%
(13.4%)
(16.9%)
8.3%
12.0%
13.0%
15'772.0
15'617.0
15'832.9
16'611.6
1.1x
1.1x
1.0x
0.9x
1'487.0
875.0
1'108.1
1'668.2
11.6x
19.7x
14.1x
9.4x
2.06
-1.64
1.35
4.33
63.9x
19.9x
(4.2%)
1.6%
(37.1%)
(5.6%)
5.6%
7.0%
10.0%
5'720.1
5'739.9
5'905.5
6'164.6
1.0x
1.0x
1.1x
1.0x
635.9
677.4
705.7
773.3
9.0x
8.4x
9.1x
8.1x
1.70
1.85
2.01
2.28
17.2x
17.5x
15.8x
14.0x
5.6%
3.0%
6.9%
8.7%
11.8%
11.9%
12.5%
77.5%
43.3%
5.350x
45.2%
30.9%
2.567x
1.386x
7.392x
168.4%
58.5%
8.987x
7.547x
14.294x
199.9%
64.2%
7.084x
6.218x
5.863x
258.6%
71.1%
13.117x
9.533x
6.412x
106.1%
46.4%
6.296x
6.037x
13.379x
95.5%
48.5%
6.078x
5.487x
3.872x
52.6%
34.4%
1.611x
0.679x
6.085x
BBB
28.05.2013
Baa2
04.06.2013
A28.03.2008
WR
18.11.2009
NR
10.04.2009
WR
24.04.2009
BBB
01.09.2009
WR
15.02.2008
BBB
17.10.2012
A3
23.05.2012
NR
20.12.2012
A3
30.04.2009
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
74.2%
40.5%
8.084x
5.387x
2.559x
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date