Professional Documents
Culture Documents
2013
MTN SJ
Benchmark:
FTSE/JSE AFRICA ALL SHR (JALSH)
Currency:
Sector: Telecommunication Services
Telephone
27-11-912-3000
Revenue (M)
Website
www.mtn.co.za
No of Employees
Address
216-14th Avenue Fairland 2195 PO Box 9955 Cresta, 2118 South Africa
Share Price Performance in ZAr
Price
19606.00
1M Return
52 Week High
19736.00
6M Return
52 Week Low
14426.08
52 Wk Return
52 Wk Beta
1.03
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
Year:
13'511'200
26'716
Date
Date
Date
12/09
14.7x
7.3x
5.0x
1.9x
3.1x
1.6%
12/10
17.7x
7.9x
5.4x
2.2x
3.5x
3.7%
12/11
13.5x
7.0x
4.9x
2.2x
3.0x
5.2%
12/12
16.3x
8.3x
5.8x
2.4x
3.7x
4.6%
12/13E
14.8x
6.5x
2.6x
3.7x
4.9%
12/14E
13.1x
6.0x
2.4x
3.5x
5.5%
12/15E
11.9x
5.5x
2.3x
3.3x
6.1%
12/09
Gross Margin
66.6
EBITDA Margin
41.4
Operating Margin
28.5
Profit Margin
13.1
Return on Assets
9.0
Return on Equity
20.0
Leverage and Coverage Ratios
12/09
Current Ratio
0.8
Quick Ratio
0.6
EBIT/Interest
2.6
Tot Debt/Capital
0.3
Tot Debt/Equity
0.5
Eff Tax Rate %
33.4
12/10
68.4
41.4
28.0
12.5
9.2
20.2
12/11
66.9
43.0
30.3
17.0
12.3
25.8
12/12
66.5
42.6
29.8
15.3
11.4
23.3
12/13E
66.5
42.9
29.5
17.2
14.0
26.1
12/14E
66.5
43.0
29.7
17.9
15.0
26.9
12/15E
66.5
43.1
29.4
18.2
15.0
27.4
12/10
1.2
1.0
5.2
0.3
0.5
40.1
12/11
1.2
1.0
5.6
0.3
0.4
36.8
12/12
1.1
0.8
4.0
0.3
0.4
34.9
Outlook
Outlook
Outlook
3.6%
13.3%
32.6%
13.8%
14.02.2012
-
MTN Group Limited provides a wide range of communication services. The Company's
services include cellular network access and business solutions. MTN Group is a
multinational telecommunications group, operating in countries in Africa and the
Middle East.
POS
STABLE
Sales (M)
12893500
617700
5%
13%
Sales (M)
4135000
3869700
3781800
1776100
-51400
0%
31%
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
28%
28%
95%
Wireless Telecommunications
1861.1
36927643.8
2541600.0
4214800.0
0.0
0.0
413100.0
39013943.8
100%
0%
21%
0%
26%
0%
0%
21%
22%
0%
28%
80%
5%
26%
5%
26%
5%
29%
0%
0%
29%
29%
0%
25'000
5%
Price
33%
30%
20'000
15'000
60%
15000
10000
5000
0%
0
aot.12
sept.12
oct.12
nov.12
dc.12
Buy
janv.13
Hold
fvr.13
Sell
Date
Buy
Hold
Sell
31-Jul-13
28-Jun-13
31-May-13
30-Apr-13
29-Mar-13
28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
65%
67%
71%
71%
67%
68%
68%
72%
78%
79%
74%
79%
30%
33%
29%
29%
29%
26%
26%
28%
22%
21%
26%
21%
5%
0%
0%
0%
5%
5%
5%
0%
0%
0%
0%
0%
mars.13
Price
avr.13
mai.13
juin.13
juil.13
Target Price
Date
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
Broker
Analyst
JPMorgan
SBG Securities
Deutsche Bank
Renaissance Capital
Goldman Sachs
Barclays
NOAH Capital Markets
Avior Research
UBS
Credit Suisse
Morgan Stanley
EVA Dimensions
New Street Research
BNP Paribas Cadiz Securities
BPI
HSBC
Imara
Afrifocus Securities
Gabelli & Co
ZIYAD JOOSUB
JONATHAN KENNEDY-GOOD
MICHAEL GRESTY
JOHAN SNYMAN
ALEXANDER BALAKHNIN
JOHN-PAUL DAVIDS
CRAIG HACKNEY
DAVID LERCHE
CHRIS GRUNDBERG
RICHARD BARKER
EDWARD C HILL-WOOD
ANDREW S ZAMFOTIS
ALASTAIR JONES
IAN BRINK
KATE TURNER-SMITH
HERVE DROUET
SIBONGINKOSI NYANGA
SAMEERA CASSIM
EVAN D MILLER
Recommendation
overweight
buy
buy
buy
neutral/neutral
equalweight
sell
outperform
buy
outperform
Overwt/In-Line
overweight
neutral
buy
buy
overweight
add
hold
buy
Gabelli & Co
Imara
HSBC
BPI
Afrifocus Securities
5'000
20%
65%
67%
EVA Dimensions
71%
Morgan Stanley
71%
Credit Suisse
67%
UBS
68%
Avior Research
10'000
68%
72%
Barclays
78%
Goldman Sachs
79%
Renaissance Capital
74%
Deutsche Bank
79%
SBG Securities
40%
JPMorgan
Broker Recommendation
Target
Date
20500.00
20000.00
19000.00
20270.00
20300.00
18700.00
16600.00
20609.00
20000.00
19000.00
18500.00
9-Aug-13
2-Aug-13
1-Aug-13
1-Aug-13
24-Jul-13
9-Jul-13
8-Jul-13
13-Jun-13
4-Jun-13
31-May-13
28-May-13
13-May-13
9-May-13
23-Apr-13
13-Mar-13
12-Mar-13
12-Mar-13
14-Dec-12
18-Jul-12
17500.00
19000.00
21200.00
21000.00
17348.00
14.08.2013
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
92.24%
7.61%
0.15%
92%
Institutional Ownership
Retail Ownership
Insider Ownership
South Africa
United States
Britain
Unknown Country
Luxembourg
Norway
Switzerland
Others
40.78%
21.33%
14.89%
13.52%
3.45%
0.97%
0.84%
4.22%
43.81%
26.60%
14.31%
4.01%
11.27%
1% 1% 4%
3%
41%
14%
15%
21%
South Africa
United States
Britain
Unknown Country
Luxembourg
Norway
Switzerland
Others
TOP 20 ALL
Position
237'910'529
173'925'121
163'061'574
88'929'091
51'135'115
42'927'564
41'182'400
40'046'235
38'491'604
31'350'715
28'455'870
27'138'344
26'581'035
25'241'049
25'163'479
23'826'388
22'757'493
22'336'163
19'644'363
19'339'224
Position Change
-5'300'000
8'238'163
1'420'982
6'582'500
1'054'340
0
550'000
-417'509
2'597'744
-2'157'286
-115'200
117'016
134'283
1'094'028
140'980
1'279'653
-471'215
400'878
0
2'357'766
Position
Position Change
Market Value
4'664'473'831'574
3'409'975'922'326
3'196'985'219'844
1'743'543'758'146
1'002'555'064'690
841'637'819'784
807'422'134'400
785'146'483'410
754'666'388'024
614'662'118'290
557'905'787'220
532'074'372'464
521'147'772'210
494'876'006'694
493'355'169'274
467'140'163'128
446'183'407'758
437'922'811'778
385'147'380'978
379'164'825'744
% of Ownership
12.63%
9.23%
8.66%
4.72%
2.71%
2.28%
2.19%
2.13%
2.04%
1.66%
1.51%
1.44%
1.41%
1.34%
1.34%
1.27%
1.21%
1.19%
1.04%
1.03%
Report Date
Market Value
% of Ownership
Report Date
31.05.2013
31.05.2013
31.05.2013
30.06.2013
30.06.2013
31.05.2013
30.06.2013
31.05.2013
31.05.2013
28.06.2013
31.05.2013
31.05.2013
12.08.2013
13.08.2013
31.05.2013
31.03.2013
31.05.2013
31.05.2013
30.06.2013
30.06.2013
Source
SJ-REG
SJ-REG
ULT-AGG
ULT-AGG
MF-AGG
SJ-REG
MF-AGG
SJ-REG
SJ-REG
ULT-AGG
SJ-REG
SJ-REG
ULT-AGG
ULT-AGG
SJ-REG
MF-AGG
SJ-REG
SJ-REG
MF-AGG
ULT-AGG
Top 5 Insiders:
Holder Name
Geographic Ownership
8% 0%
1861.1
77.1%
1'473'552
1'059'618
265'970
48'429
9'400
28'890'460'512
20'774'870'508
5'214'607'820
949'498'974
184'296'400
0.08%
0.06%
0.01%
0.00%
0.00%
Source
31.05.2013
31.05.2013
31.05.2013
31.05.2013
31.05.2013
SJ-REG
SJ-REG
SJ-REG
SJ-REG
SJ-REG
Country
SOUTH AFRICA
BRITAIN
Institutional Ownership
11%
4%
UNITED STATES
UNITED STATES
44%
14%
UNITED STATES
UNITED STATES
SOUTH AFRICA
27%
SOUTH AFRICA
UNITED STATES
UNITED STATES
UNITED STATES
SOUTH AFRICA
BRITAIN
BRITAIN
UNITED STATES
Investment Advisor
Other
Government
Unclassified
Others
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
1'243'200
508'100
1'940'500
832'100
2'387'100
965'900
2'899'400
1'084'800
5'159'500
1'594'100
7'314'500
2'404'600
10'252'600
3'334'200
11'194'700
3'738'800
11'468'400
3'623'000
12'188'400
4'033'700
13'511'200
4'529'400
14'016'577
15'190'185
16'311'342
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
735'100
557'400
0
1'108'400
698'100
1'421'200
753'300
1'814'600
908'200
3'565'400
1'966'300
4'909'900
2'593'600
6'918'400
3'692'900
7'455'900
4'267'200
7'845'400
4'637'000
8'154'700
4'610'400
8'981'800
5'041'100
9'321'024
10'101'473
10'847'042
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
177'700
44'700
0
-12'600
410'300
95'700
0
23'600
667'900
74'800
906'400
57'100
3'225'500
864'400
171'100
-659'000
3'208'400
617'100
3'690'100
661'000
4'030'100
1'012'300
4'134'543
4'506'000
4'798'114
-32'300
2'316'300
495'300
200
-149'900
3'188'700
1'223'000
-15'300
1'599'100
330'700
300
-200'900
-611'600
-218'200
-734'900
-680'300
Pretax Income
- Income Tax Expense
145'600
90'800
291'000
68'700
608'400
110'100
881'600
150'200
1'469'000
259'100
1'970'700
779'100
2'849'000
1'135'500
2'577'300
861'200
2'809'500
1'126'800
3'764'000
1'385'300
3'698'100
1'291'300
4'175'538
4'613'431
5'014'267
54'800
0
-4'400
222'300
0
28'900
498'300
0
61'200
731'400
0
90'700
1'209'900
0
148'900
1'191'600
0
130'800
1'713'500
0
182'000
1'716'100
251'100
1'682'700
0
252'700
2'378'700
0
303'300
2'406'800
0
336'400
57'260
35.10
0.00
0.0
192'900
117.00
41.00
35.0
370'000
223.60
65.00
24.7
640'700
386.00
65.00
16.9
1'187'600
677.70
90.00
15.8
1'084'200
582.40
136.00
23.9
1'531'500
821.00
181.00
22.1
1'396'300
791.40
192.00
24.1
1'383'325
750.00
500.00
65.4
1'981'100
1068.60
749.00
67.9
2'001'800
1089.10
824.00
74.1
2'409'940
1324.21
951.60
0.72
2'719'508
1498.38
1071.42
0.72
2'970'400
1650.79
1202.26
0.73
1'640
1'701
1'652
1'665
1'658
1'654
1'662
1'660
1'860
1'766
1'865
1'876
1'868
1'875
1'841
1'860
1'885
1'852
1'848
1'868
1'861
1'849
362'600
658'300
905'500
1'201'900
2'231'000
3'213'600
4'501'400
4'636'200
4'745'200
5'236'000
5'754'700
6'014'131
6'527'623
7'036'983
Income Statement
Revenue
- Cost of Goods Sold
*Net income excludes extraordinary gains and losses and one-time charges.
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
417000
121'400
0
156'900
53'300
85'400
530300
213'700
0
201'700
43'500
71'400
864300
533'600
1063700
642'900
330'700
420'800
2063500
996'100
0
661'900
104'300
301'200
3350100
1'686'800
0
903'600
116'700
643'000
5478700
2'696'100
700
1'179'400
237'200
1'365'300
4602400
2'399'900
600
944'100
152'200
1'105'600
5505900
3'594'700
0
879'300
158'900
873'000
6762100
3'580'600
948'000
1'225'900
262'900
744'700
6028700
2'570'000
707'400
1'286'200
259'300
1'205'800
2'324'300
0
1'156'700
324'500
832'200
1'492'100
2'285'400
37'500
1'404'800
467'400
937'400
1'310'500
1'363'700
56'000
1'872'700
60'400
1'090'400
217'300
1'562'300
250'000
7'628'200
285'200
4'878'900
1'814'200
3'064'700
4'278'300
8'208'500
243'300
6'413'900
2'467'600
3'946'300
4'018'900
11'531'900
0
10'238'200
3'818'900
6'419'300
5'112'600
11'021'300
0
10'353'100
3'599'000
6'754'100
4'267'200
9'972'700
0
10'533'000
4'196'900
6'336'100
3'636'600
11'378'700
0
13'018'100
5'857'100
7'161'000
4'217'700
12'109'700
0
13'907'100
6'158'600
7'748'500
4'361'200
447'500
102'800
47'800
296'900
616'300
134'600
160'000
321'700
635'800
748'900
43'900
591'900
21'700
727'200
1'998'500
463'000
471'600
1'063'900
3'497'000
632'800
1'065'000
1'799'200
5'459'100
1'015'700
1'249'000
3'194'400
5'494'500
627'500
1'585'100
3'281'900
4'671'700
334'200
1'047'100
3'290'400
5'531'700
761'500
1'046'200
3'724'000
5'519'000
650'800
1'079'000
3'789'200
620'200
529'800
90'400
405'600
324'900
80'700
437'600
371'000
66'600
361'800
301'100
60'700
3'420'300
2'858'700
561'600
2'911'400
2'300'700
610'700
3'497'300
2'910'000
587'300
2'842'600
2'106'600
736'000
3'399'500
2'485'700
913'800
3'339'200
2'374'300
964'900
3'330'700
2'174'200
1'156'500
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
1'067'700
0
82'000
1'434'800
156'800
1'021'900
0
88'200
1'408'300
297'300
1'073'400
0
141'800
1'110'700
0
232'400
1'012'800
1'593'300
5'418'800
0
403'300
2'380'400
1'489'200
6'408'400
0
418'700
2'386'400
2'345'100
8'956'400
0
415'600
2'390'500
5'248'100
8'337'100
0
285'500
4'429'700
2'571'400
8'071'200
0
221'900
4'560'200
2'625'300
8'870'900
0
380'200
4'467'800
4'421'900
8'849'700
0
388'100
4'259'300
4'641'300
1'673'600
1'793'800
1'154'600
1'825'700
4'272'900
5'150'200
8'054'200
7'286'600
7'407'400
9'269'900
9'288'700
2'741'300
2'815'700
2'228'000
2'936'400
9'691'700
11'558'600
17'010'600
15'623'700
15'478'600
18'140'800
18'138'400
970.23
87.05
1'032.41
272.08
610.96
501.35
958.38
854.98
2'080.13
-75.74
2'537.27
456.78
4'089.16
1'638.11
3'803.84
1'844.41
3'812.93
2'206.89
4'810.31
2'941.31
4'782.32
2'958.98
12/13E
12/14E
12/15E
5'251.56
5'556.91
5'895.83
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
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
145'600
184'900
-91'800
72'200
193'400
248'000
37'500
60'400
437'100
237'600
185'000
640'700
295'500
13'900
1'061'000
631'900
141'500
36'100
1'060'800
897'300
755'800
38'600
1'531'500
1'275'900
827'200
42'600
1'465'000
1'447'500
763'300
290'500
1'430'000
1'536'800
1'070'700
66'600
2'075'400
1'545'900
938'100
-599'800
2'070'400
1'724'600
695'400
-188'900
2'550'950
2'820'186
2'999'200
310'900
700
-335'600
0
0
-15'300
539'300
1'500
-391'900
-48'000
859'700
950'100
1'870'500
10'200
-937'900
-6'700
0
-2'926'200
2'752'500
14'200
-1'445'800
-89'100
0
-194'500
3'677'200
14'700
-2'689'600
0
0
-42'800
3'966'300
11'500
-2'772'000
0
0
-558'700
4'104'100
16'200
-1'534'300
0
0
-52'000
3'959'600
3'600
-1'410'300
-850'800
0
195'900
4'301'500
23'500
-2'257'200
0
196'800
-669'000
-2'655'663
-2'500'088
-2'485'043
-350'200
0
-35'900
49'900
0
0
0
56'200
-439'100
0
0
18'700
0
0
0
-49'200
-489'800
-755'100
-3'860'600
-108'300
130'100
1'906'600
0
0
0
-137'400
-1'715'200
-167'500
597'300
0
-583'600
6'000
0
-235'700
-2'717'700
-397'900
92'800
2'043'100
-1'644'400
4'100
0
-52'200
-3'319'200
-270'100
0
1'194'500
-1'064'700
3'600
0
-805'400
-1'570'100
-631'300
0
672'400
-826'300
130'600
0
-182'200
-2'061'600
-1'172'200
0
484'800
-1'000'700
600
0
-279'900
-2'705'900
-1'491'900
0
1'110'800
-1'455'200
300
0
-727'800
70'200
-30'500
23'300
-85'900
1'791'000
-383'500
45'500
-942'100
-836'800
-1'967'400
-2'563'800
30'900
69'700
393'200
109'100
-199'100
653'800
1'005'000
-295'000
1'697'200
-69'400
-968'200
-24'700
147'400
932'600
1'306'700
987'600
1'194'300
2'569'800
2'549'300
2'044'300
1'856'178
2'499'442
2'933'363
-7'876
-10'000
-15.13
220'507
167'600
89.50
1'204'972
2'979'500
532.21
1'606'187
1'334'600
701.98
1'507'484
1'493'800
529.46
2'008'637
1'335'600
645.13
2'939'401
2'432'100
1'394.95
2'967'026
2'037'000
1'375.08
2'703'126
1'723'400
1'112.25
Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
-700
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
18.3x
15.3x
7.5x
1.7x
1.4x
0.0%
7.9x
5.7x
3.6x
1.0x
1.2x
3.4%
12.5x
8.2x
6.1x
2.3x
5.4x
2.0%
11.4x
8.0x
6.0x
2.5x
4.6x
1.5%
14.1x
11.6x
8.3x
2.9x
4.1x
1.1%
21.9x
11.2x
8.1x
3.3x
5.0x
1.1%
13.0x
6.9x
4.9x
2.0x
2.7x
1.7%
14.7x
7.3x
5.0x
1.9x
3.1x
1.6%
17.7x
7.9x
5.4x
2.2x
3.5x
3.7%
13.5x
7.0x
4.9x
2.2x
3.0x
5.2%
16.3x
8.3x
5.8x
2.4x
3.7x
4.6%
14.8x
13.1x
11.9x
6.5x
2.6x
3.7x
4.9%
6.0x
2.4x
3.5x
5.5%
5.5x
2.3x
3.3x
6.1%
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
59.1%
29.2%
14.3%
4.8%
2.4%
3.9%
57.1%
33.9%
21.1%
10.0%
7.0%
11.7%
59.5%
37.9%
28.0%
18.3%
17.3%
32.2%
62.6%
41.5%
31.3%
22.1%
24.8%
49.2%
69.1%
43.2%
31.0%
20.6%
16.8%
38.8%
67.1%
43.9%
31.7%
14.5%
10.0%
24.7%
67.5%
43.9%
31.5%
14.9%
10.7%
24.8%
66.6%
41.4%
28.5%
13.1%
9.0%
20.0%
68.4%
41.4%
28.0%
12.5%
9.2%
20.2%
66.9%
43.0%
30.3%
17.0%
12.3%
25.8%
66.5%
42.6%
29.8%
15.3%
11.4%
23.3%
66.5%
42.9%
29.5%
17.2%
14.0%
26.1%
66.5%
43.0%
29.7%
17.9%
15.0%
26.9%
66.5%
43.1%
29.4%
18.2%
15.0%
27.4%
0.93
0.62
3.98
0.26
0.35
0.86
0.67
4.29
0.21
0.27
1.36
0.84
8.93
0.26
0.36
1.42
0.86
15.87
0.15
0.18
1.03
0.83
4.84
0.44
0.78
0.96
0.74
4.68
0.40
0.65
1.00
0.71
3.73
0.34
0.52
0.84
0.61
2.61
0.34
0.51
1.18
0.96
5.20
0.32
0.48
1.22
1.04
5.58
0.27
0.37
1.09
0.83
3.98
0.26
0.35
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
0.50
9.46
5.27
12.73
0.70
10.82
6.93
17.19
0.95
1.12
0.82
0.69
9.34
4.41
21.76
0.72
9.84
4.19
18.84
0.69
10.54
4.45
19.20
0.74
12.58
7.55
23.29
0.73
11.58
7.55
19.13
0.74
10.76
6.41
17.35
62.4%
23.6%
18.1%
17.0%
17.6%
39.5%
39.9%
33.4%
40.1%
36.8%
34.9%
Ratio Analysis
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
12/2012
19'736.00
14.08.2013
14'944.00
25.10.2012
1'717'923
03/2013
12'988.00
07.01.2013
9'857.00
15.08.2012
134'968
03/2013
2'367.00
12.08.2013
1'134.00
06.05.2013
78'477
19'606.00
12'199.00
-0.7%
31.2%
1'861.1
-6.1%
23.8%
1'466.6
ORASCOM
TELECOM
MOBILE
TELECOMMU
MILLICOM INTL
12/2012
5.19
30.05.2013
3.11
26.11.2012
4'207'313
12/2012
850.00
28.11.2012
650.00
30.06.2013
379'407
2'219.00
4.63
-6.3%
95.7%
510.6
-10.8%
48.9%
5'245.7
ETISALAT
NASPERS LTD-N
12/2012
95.25
01.02.2013
70.05
24.06.2013
4'320
12/2012
12.10
15.05.2013
8.56
12.12.2012
548'651
03/2013
84'700.00
12.08.2013
46'005.00
14.08.2012
161'156
670.00
82.60
11.80
-21.2%
3.1%
3'889.6
-13.3%
17.9%
99.6
-2.5%
37.9%
7'906.1
VIMPELCOM LTADR
12/2012
11.99
07.03.2013
8.69
14.08.2012
537'415
05/2012
915.00
04.02.2013
577.00
16.08.2012
785'244
84'080.00
10.74
850.00
-0.7%
82.8%
395.0
-10.4%
23.6%
1'619.2
-7.1%
47.3%
661.5
369'276
181'516
11'556
24'288
2'891
8'257
93'292
350'222
18'867
5'733
32'532.0
3'881.0
32'774.0
14'511.0
416.0
7'698.0
6'657.0
379.0
2'387.0
30'179.0
474.0
13'807.0
651.8
120.1
305.3
3'259.0
312.0
1'174.0
5'815.9
5'547.8
13'934.1
28'901.0
2'112.0
15'813.0
25'693.0
503.0
4'949.0
12.0
(9.3)
1'978.4
93'631
Valuation
365'422
41'842
50'249.0
50'249.0
60'694.8
70'907.3
4.8x
4.8x
6.0x
5.1x
6'945.0
6'945.0
8'439.9
10'276.9
34.8x
34.8x
43.0x
35.4x
16.69
17.22
28.43
36.04
48.8x
50.4x
29.6x
23.3x
27.3%
23.1%
(3.2%)
6.7%
13.8%
13.9%
14.5%
23'061.0
23'006.0
23'522.8
23'814.9
1.8x
1.8x
1.8x
1.7x
9'768.0
9'749.0
9'956.3
10'070.8
4.2x
4.2x
4.2x
4.1x
1.57
1.65
1.19
1.35
6.5x
6.5x
9.0x
8.0x
13.8%
18.3%
42.4%
42.3%
42.3%
18'715.4
18'932.4
19'253.3
19'722.7
0.2x
0.2x
0.2x
0.2x
766.6
696.2
766.7
814.7
5.3x
5.8x
5.4x
4.5x
0.64
0.63
0.69
0.76
13.6x
13.9x
12.4x
11.1x
3.6%
10.8%
37.4%
30.4%
3.7%
4.0%
4.1%
53.8%
34.1%
4.161x
1.885x
3.971x
172.8%
62.6%
2.775x
2.309x
4.814x
0.4%
0.4%
0.017x
-1.379x
4.233x
BB
22.06.2011
-
390'139
188'745
16'205
42'686
3'474
10'953
135'112.0
133'934.0
140'165.8
151'901.8
2.7x
2.7x
2.6x
2.4x
57'547.0
56'441.0
60'141.3
65'276.2
6.4x
6.5x
6.2x
5.6x
11.03
12.07
13.24
14.98
16.2x
16.1x
14.8x
13.1x
10.9%
7.6%
9.9%
12.4%
42.1%
42.9%
43.0%
69'917.0
69'917.0
73'169.7
77'010.3
2.4x
2.4x
2.6x
2.5x
25'470.0
25'470.0
27'184.8
28'864.0
6.6x
6.6x
7.0x
6.6x
8.73
8.72
9.23
9.74
14.0x
14.0x
13.2x
12.5x
4.5%
10.7%
9.1%
36.4%
37.2%
37.5%
32'501.0
32'501.0
32'761.8
32'875.1
0.4x
0.4x
0.5x
0.5x
7'218.0
7'218.0
7'741.2
7'986.9
1.7x
1.7x
2.0x
1.9x
-22.55
0.87
2.36
2.53
25.5x
9.4x
8.8x
(1.7%)
35.4%
(15.5%)
(13.6%)
22.2%
23.6%
24.3%
22'018.0
22'908.1
25'240.4
26'581.8
1.8x
1.6x
1.6x
1.5x
11'177.0
11'227.2
11'752.5
12'093.0
3.5x
3.2x
3.5x
3.4x
0.59
-0.75
0.76
1.23
18.2x
6.1x
3.8x
1.9%
(5.9%)
5.1%
(0.4%)
49.0%
46.6%
45.5%
1'281.9
1'230.3
1'254.6
1'299.9
2.4x
2.5x
2.6x
2.4x
557.6
525.4
540.4
570.4
5.6x
5.9x
6.0x
5.6x
0.07
0.06
0.06
0.07
11.7x
11.6x
11.2x
10.2x
(3.0%)
(6.9%)
(5.2%)
(3.9%)
42.7%
43.1%
43.9%
4'814.0
4'969.0
5'142.6
5'601.6
2.1x
2.0x
2.0x
1.8x
1'915.0
1'816.7
1'713.0
1'777.8
5.2x
5.5x
6.1x
5.7x
5.00
4.21
4.79
5.26
19.6x
19.6x
17.2x
15.7x
6.3%
10.4%
(4.1%)
13.5%
36.6%
33.3%
31.7%
36.6%
25.9%
0.747x
0.296x
5.685x
69.8%
40.6%
0.570x
0.267x
27.476x
37.3%
26.7%
0.922x
0.592x
10.936x
306.6%
74.5%
2.815x
1.460x
4.069x
41.0%
27.6%
1.527x
0.858x
21.132x
161.0%
58.2%
1.838x
1.335x
8.705x
BBB04.12.2012
WR
12.04.2005
NR
23.06.2011
-
NR
18.02.2009
Ba2
24.10.2012
32'946.3
35'973.0
37'146.5
38'653.9
2.7x
2.5x
2.4x
2.3x
10'346.3
11'666.1
18'668.9
19'162.9
8.6x
7.7x
4.7x
4.6x
1.21
0.87
0.99
1.03
13.6x
12.1x
12.0x
11.4x
2.2%
9.5%
5.3%
3.8%
32.4%
50.3%
49.6%
4'753
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
14.3%
11.2%
0.494x
-0.448x
32.038x
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date
AA- *26.04.2013
-