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20.08.

2013

Company Analysis - Overview


Ticker:

JC Penney Co Inc

JCP UN

New York: JCP, Currency: USD

Currency:
Sector: Consumer Discretionary

Industry: Multiline Retail

Year:

Telephone
1-972-431-1000
Revenue (M)
Website
www.jcpenney.com
No of Employees
Address
6501 Legacy Drive Plano, TX 75024-3698 United States
Share Price Performance in USD
Price
13.22
1M Return
52 Week High
32.52
6M Return
52 Week Low
12.34
52 Wk Return
52 Wk Beta
1.09
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

J.C. Penney Company, Inc., through a subsidiary, operates department stores in the
United States and Puerto Rico. The Company provides merchandise and services to
consumers through department stores, catalog departments, and the Internet.
JCPenney markets primarily family apparel, jewelry, shoes, accessories, and home
furnishings.

Benchmark:
S&P 500 INDEX (SPX)

12'985
116'000

Business Segments in USD


Department Stores

Sales (M)
12985

Geographic Segments in USD


United States

Sales (M)
12985

-19.1%
-34.5%
-46.4%
-32.9%

HY5
CCC+
B-

Date
Date
Date

1/10
21.1x
9.4x
5.4x
0.3x
1.2x
3.2%

1/11
18.8x
9.8x
6.1x
0.4x
1.4x
2.5%

1/12
58.5x
23.5x
10.9x
0.5x
2.2x
1.9%

1/13
0.3x
1.4x
1.0%

1/14E
0.2x
1.2x
0.0%

1/15E
33.3x
0.2x
1.5x
0.0%

1/16E
9.8x
0.2x
2.3x
0.0%

1/10
Gross Margin
39.4
EBITDA Margin
6.6
Operating Margin
3.8
Profit Margin
1.4
Return on Assets
2.0
Return on Equity
5.6
Leverage and Coverage Ratios
1/10
Current Ratio
2.0
Quick Ratio
0.9
EBIT/Interest
2.5
Tot Debt/Capital
0.4
Tot Debt/Equity
0.7
Eff Tax Rate %
38.2

1/11
39.2
7.6
4.7
2.2
3.0
7.6

1/12
36.0
5.6
2.6
-0.9
-1.2
-3.2

1/13
31.3
-3.6
-7.8
-7.6
-9.3
-27.4

1/14E
31.9
-4.0
-8.9
-7.2
-8.5
-32.0

1/15E
35.3
1.3
-2.9
-3.7
-4.5
-28.4

1/16E
37.1
4.3
0.0
-1.4
-2.3
-22.6

1/11
2.4
1.0
3.6
0.4
0.6
34.9

1/12
1.8
0.5
2.0
0.4
0.8
-

1/13
1.4
0.4
-4.5
0.5
0.9
-

28.02.2013
28.02.2013

Outlook
Outlook
Outlook

NEG
NEG
NEG

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

100%

Department Stores

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 |

100%

United States

219.3
2912.4
821.0
3826.0
0.0
0.0
0.0
5917.4

Company Analysis - Analysts Ratings


JC Penney Co Inc

40

25

35

20

30

15

24%

25%

25%

20%

20%

15%

14%

9%

janv.13

fvr.13

mars.13

0%
aot.12

sept.12

oct.12

nov.12

dc.12

Buy

Hold

Sell

17%

21%

24%

avr.13

mai.13

juin.13

24%

juil.13

5
0

Price

Target Price

Date

Buy

Hold

Sell

Date

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

24%
24%
21%
17%
9%
14%
15%
20%
20%
25%
25%
24%

44%
44%
46%
48%
55%
50%
55%
55%
55%
60%
60%
62%

32%
32%
33%
35%
36%
36%
30%
25%
25%
15%
15%
14%

20-Aug-13
19-Aug-13
16-Aug-13
15-Aug-13
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

Price Target Price


13.22
13.22
13.40
13.83
13.11
12.68
13.17
12.87
13.66
12.80
13.28
13.82
14.28
14.58
14.60
16.26
16.52
16.49
16.12
15.92
16.10
16.13
16.35
16.50
16.56
17.13
17.62
17.57
17.67
17.08

16.81
16.81
17.11
17.11
17.11
17.11
16.90
16.90
16.90
16.95
17.11
17.11
17.21
17.21
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68
17.68

Broker

Analyst

Deutsche Bank
Buckingham Research Group
Piper Jaffray
Sterne, Agee & Leach
Telsey Advisory Group
BMO Capital Markets
Northcoast Research
Gilford Securities
JPMorgan
Oppenheimer & Co
Morgan Stanley
Imperial Capital LLC
CRT Capital Group
Wells Fargo Securities, LLC
Maxim Group LLC
Atlantic Equities LLP
Argus Research Corp
Credit Suisse
EVA Dimensions
Macquarie
Robert W. Baird & Co
Barclays
S&P Capital IQ
BTIG LLC
UBS

PAUL TRUSSELL
DAVID J GLICK
NEELY J N TAMMINGA
CHARLES P GROM
DANA TELSEY
WAYNE HOOD
JEFFERY STEIN
BERNARD SOSNICK
MATTHEW BOSS
BRIAN NAGEL
KIMBERLY GREENBERGER
MARY ROSS-GILBERT
KIRK LUDTKE
PAUL LEJUEZ
RICK SNYDER
DANIELA NEDIALKOVA
CHRISTOPHER GRAJA
MICHAEL B EXSTEIN
CRAIG STERLING
LIZABETH DUNN
ERIKA K MASCHMEYER
ROBERT S DRBUL
JASON ASAEDA
WILLIAM FROHNHOEFER
MICHAEL BINETTI

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

Recommendation
hold
buy
neutral
buy
no rating system
underperform
neutral
buy
neutral
market perform
Underwt/In-Line
underperform
not rated
underperform
buy
overweight
buy
underperform
sell
neutral
neutral
equalweight
hold
buy
sell

UBS

BTIG LLC

Barclays

10

20%

0
S&P Capital IQ

15

5
Robert W. Baird & Co

55%

20

Macquarie

44%

Credit Suisse

44%

EVA Dimensions

46%

48%

Argus Research Corp

50%

Maxim Group LLC

55%

Atlantic Equities LLP

55%

Wells Fargo Securities, LLC

55%

40%

10

CRT Capital Group

25

60%

Morgan Stanley

32%

Imperial Capital LLC

60%

32%

JPMorgan

62%

33%

35%

36%

Oppenheimer & Co

60%

36%

Gilford Securities

80%

30%

Northcoast Research

25%

BMO Capital Markets

25%

Telsey Advisory Group

15%

Piper Jaffray

15%

Deutsche Bank

14%

Brokers' Target Price


30

Sterne, Agee & Leach

45

100%

Buckingham Research Group

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in USD

Target

Date

15.00
23.00
13.00
23.00
20.00
7.00

19-Aug-13
19-Aug-13
18-Aug-13
16-Aug-13
14-Aug-13
13-Aug-13
13-Aug-13
12-Aug-13
12-Aug-13
9-Aug-13
6-Aug-13
5-Aug-13
1-Aug-13
1-Aug-13
1-Aug-13
1-Aug-13
30-Jul-13
17-Jul-13
9-Jul-13
21-May-13
17-May-13
16-May-13
9-Apr-13
14-Mar-13
28-Feb-13

13.00
15.00
9.00
8.00

27.00
22.00
25.00
15.00
16.00
19.00
20.00
17.00
22.00
10.00

20.08.2013

JC Penney Co 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

14%

219.3
66.9%
44.5
30.33%
5.28
117.47%
-18.66%
1.18%

85%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in USD


Top 20 Owners:
Holder Name
PERSHING SQUARE CAPI
PERSHING SQUARE CAPI
SOROS FUND MANAGEMEN
STATE STREET
SOROS FUND MANAGEMEN
PERRY CORP
UBS
VORNADO REALTY TRUST
EVERCORE TRUST COMPA
DEUTSCHE BANK AG
BLACKROCK
VANGUARD GROUP INC
GLENVIEW CAPITAL MAN
TIGER CONSUMER MANAG
FMR LLC
INVESCO LTD
DIMENSIONAL FUND ADV
NORTHERN TRUST CORPO
BANK OF AMERICA CORP
BANK OF NEW YORK MEL

Geographic Ownership

Geographic Ownership Distribution

1%

United States
Switzerland
Germany
Britain
Unknown Country
Japan
France
Others

83.78%
5.51%
3.98%
2.34%
1.00%
0.67%
0.64%
2.09%

Institutional Ownership Distribution


Investment Advisor
Hedge Fund Manager
Other
Pension Fund (Erisa)
Others

51.94%
38.98%
5.18%
1.44%
2.47%

2%
4%

1% 1% 1%2%

6%

83%

United States

Switzerland

Germany

Britain

Unknown Country

Japan

France

Others

TOP 20 ALL

Position
39'075'771
39'075'771
19'986'361
17'782'597
17'386'361
16'000'000
14'884'131
13'400'000
11'187'093
9'966'099
9'837'351
9'115'850
8'431'879
5'423'692
4'652'940
2'511'624
2'166'962
2'007'493
1'723'847
1'647'707

Position Change
0
0
19'986'361
0
0
4'000'000
32'056
-10'000'000
139'108
1'356'458
-2'187'626
-134'813
-1'122'418
2'052'887
-3'749'027
2'192'702
-23'353
538
-722'203
70'480

Market Value
516'581'693
516'581'693
264'219'692
235'085'932
229'847'692
211'520'000
196'768'212
177'148'000
147'893'369
131'751'829
130'049'780
120'511'537
111'469'440
71'701'208
61'511'867
33'203'669
28'647'238
26'539'057
22'789'257
21'782'687

% of Ownership
17.74%
17.74%
9.07%
8.07%
7.89%
7.26%
6.76%
6.08%
5.08%
4.52%
4.47%
4.14%
3.83%
2.46%
2.11%
1.14%
0.98%
0.91%
0.78%
0.75%

Report Date

Holder Name

Position

Position Change

Market Value

% of Ownership

Report Date

JOHNSON RONALD B
KRAMER MICHAEL W
TERUEL JAVIER G
DHILLON JANET L
DASTUGUE MICHAEL P

883'330
872'405
168'278
124'975
104'319

556
-17'134
-1'903

11'677'623
11'533'194
2'224'635
1'652'170
1'379'097

30.06.2013
12.08.2013
30.06.2013
19.08.2013
15.04.2013
09.08.2013
30.06.2013
05.03.2013
30.06.2013
30.06.2013
16.08.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
19.08.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013

Source
13F
13D
13F
ULT-AGG
13G
13D
ULT-AGG
13D
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F

27.01.2012
05.12.2012
03.06.2013
16.05.2013
16.03.2012

Form 4
Form 4
Form 4
Form 4
Form 4

Top 5 Insiders:

0.40%
0.40%
0.08%
0.06%
0.05%

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
GERMANY
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
BRITAIN

UNITED STATES
UNITED STATES
UNITED STATES

1%
5%

2%

53%
39%

Investment Advisor

Hedge Fund Manager

Pension Fund (Erisa)

Others

Other

Company Analysis - Financials I/IV


JC Penney Co Inc
Financial information is in USD (M)
Periodicity:

Fiscal Year

Equivalent Estimates
1/03

1/04

1/05

1/06

1/07

1/08

1/09

1/10

1/11

1/12

1/13

1/14E

1/15E

1/16E

32'347
22'573

17'786
11'166

18'096
11'107

18'781
11'405

19'903
12'078

19'860
12'189

18'486
11'571

17'556
10'646

17'759
10'799

17'260
11'042

12'985
8'919

12'329

13'263

14'049

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

9'774
8'760

6'620
5'830

6'989
5'702

7'376
5'799

7'825
5'903

7'671
5'783

6'915
5'780
0

6'910
6'247
0

6'960
6'128
0

6'218
5'769
0

4'066
5'078
0

3'938

4'688

5'216

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

1'014
388
0
42

790
261

1'577
280
0
-147

1'922
270
0
-140

1'888
278
0
-113

1'135
268
0
-43

663
260
0
0

832
233

-1'012
226
0
298

-383

-4

18

449
228
0
450

-1'098

-17

1'287
373
0
-91

Pretax Income
- Income Tax Expense

584
213

546
182

1'005
348

1'444
467

1'792
658

1'723
618

910
343

403
154

581
203

-229
-77

-1'536
-551

-1'361

-733

-353

Income Before XO Items


- Extraordinary Loss Net of Tax
- Minority Interests

371
-34
0

364
1'292

657
133
0

977
-111
0

1'134
-19
0

1'105
-6
0

567
-5
0

249
-2
0

378
-11
0

-152
0
0

-985
0
0

4.96

4.90

2.54

1.07

1.59

(0.70)

(4.49)

0.80
16.1

567
2.54
0.80
31.3

291
1.25
0.80
74.5

397
1.67
0.80
50.3

154
0.70
0.80

-766
(3.49)
0.20

-884
(3.85)
0.00

-487
(1.95)
0.00

-193
(0.67)
0.00

-491

178

603

Income Statement
Revenue
- Cost of Goods Sold

Diluted EPS Before XO Items

1.25

1.21

2.20

3.83

Net Income Adjusted*


EPS Adjusted
Dividends Per Share
Payout Ratio %

256
0.95
0.50
46.8

339
1.21
0.50
47.5

679
2.31
0.50
23.3

925
3.63
0.50
12.8

269
293

274
297

271
307

233
255

226
232

222
225

222
223

236
233

237
238

216
217

219
219

1'681

1'184

1'646

1'949

2'311

2'314

1'604

1'158

1'343

967

-469

Total Shares Outstanding


Diluted Shares Outstanding
EBITDA

0.72
14.6

*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:

1/03

1/04

1/05

1/06

1/07

1/08

1/09

1/10

1/11

1/12

1/13

Total Current Assets


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

8353
2'388
86
705
4'945
229

6513
2'907
87
233
3'156
130

8232
4'586
63
274
3'142
167

6702
2'951
65
270
3'210
206

6648
2'747

6751
2'471

263
3'400
238

430
3'641
209

6220
2'352
0
0
3'259
609

6652
3'011
0
0
3'024
617

6370
2'622
0
0
3'213
535

5081
1'507
0
0
2'916
658

3683
930
0
0
2'341
412

Total Long-Term Assets


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

9'514

11'787

8'154
3'253
4'901
4'613

5'637
2'122
3'515
8'272

5'895
0
5'607
2'032
3'575
2'320

5'759
0
5'845
2'097
3'748
2'011

6'025
0
6'277
2'115
4'162
1'863

7'558
0
7'178
2'219
4'959
2'599

5'791
0
7'806
2'439
5'367
424

5'929
0
8'058
2'701
5'357
572

6'672
0
8'085
2'854
5'231
1'441

6'343
0
8'141
2'965
5'176
1'167

6'098
0
8'233
2'880
5'353
745

Total Current Liabilities


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

4'159
3'791
288
80

3'754
2'551
260
943

3'297
1'143
459
1'695

2'762
1'171
21
1'570

3'492
1'366
434
1'692

3'338
1'472
203
1'663

2'794
1'194
0
1'600

3'249
1'226
393
1'630

2'647
1'133
0
1'514

2'756
1'022
231
1'503

2'583
1'162
26
1'395

Total Long Term Liabilities


+ Long Term Borrowings
+ Other Long Term Borrowings

7'338
4'940
2'398

9'121
5'114
4'007

5'974
3'464
2'510

5'692
3'444
2'248

4'893
3'010
1'883

5'659
3'505
2'154

5'062
3'505
1'557

4'554
2'999
1'555

4'935
3'099
1'836

4'658
2'871
1'787

4'027
2'956
1'071

11'497
333

12'875
304

3'423
2'614

3'531
1'590

9'271
0
0
4'176
680

8'454
0
0
3'479
528

8'385
0
0
3'542
746

8'997
0
0
3'564
1'748

7'856
0
0
3'610
545

7'803
0
0
3'985
793

7'582
0
0
4'043
1'417

7'414
0
0
3'807
203

6'610
0
0
3'909
-738

6'370

5'425

4'856

4'007

4'288

5'312

4'155

4'778

5'460

4'010

3'171

17'867

18'300

14'127

12'461

12'673

14'309

12'011

12'581

13'042

11'424

9'781

22.44
12.04

18.69
18.54

17.92
17.76

17.20
17.20

18.97
18.97

23.93
23.93

18.72
18.72

20.25
20.25

23.04
23.04

18.57
18.57

14.46
14.46

1/14E

1/15E

1/16E

10.65

8.73

5.75

Balance Sheet

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

1/03

1/04

1/05

1/06

1/07

1/08

1/09

1/10

1/11

1/12

1/13

1/14E

1/15E

1/16E

405
667
76
181

-928
394
1'338
-56

524
359
-879
315

1'088
372
58
-99

1'153
389
-303
27

1'111
426
-69
-211

572
469
35
81

251
495
439
388

389
511
8
-316

-152
518
313
141

-985
543
-316
748

-905

-480

-239

1'329

748

-658

-373

1'266
20
-772
0
0
-32

1'257
26
-1'243
0
0
-25

1'157
13
-969
0
0
-1

1'573
13
-600
0
0
0

592
14
-499
0
0
0

820
15
-634
0
0
-251

-10
526
-810
0
0
-9

-497

-412

120

1'419
0
-535
0
0
127

-860

38

319
0
-398
0
0
4'437

-620
-161
25

-253
-160
5
607
-450
52
-29

4'039
-150
0
0
-856
248
-1'901
-14

-408
-131
0
0
-474
205
-2'252
8

-784
-153
0
0
-21
174
-750
-1

-1'242
-174
0
980
-746
62
-400
-8

-957
-178
0
0
-203
5
0
-4

-587
-183
0
0
-113
4
0
-35

-485
-189
0
392
-693
10
0
-16

-870
-178
0
0
0
78
-900
-65

-293
-86
0
0
-250
83
0
-21

-1'041

25

-2'673

-2'644

-751

-286

-380

-327

-496

-1'065

-274

-332

520

1'685

-1'633

-269

-271

-180

659

-389

-1'115

-577

671

375

-79

884

494

14

188

973

93

186

-820

-1'252

-481

-262

917
-300
2.51

549
483
1.38

165
-1'251
-0.28

1'073
410
3.49

665
493
2.16

192
274
0.06

355
-2
0.85

1'134
873
4.19

245
-194
0.39

201
0.86

-544
-3.74

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operating Activities
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
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
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

-939
30
-30
34

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

Company Analysis - Financials IV/IV


Periodicity:

1/03

1/04

1/05

1/06

1/07

1/08

1/09

1/10

1/11

1/12

1/13

1/14E

1/15E

1/16E

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

15.5x
8.2x
4.9x
0.2x
0.9x
2.6%

21.6x
12.5x
8.3x
0.4x
1.4x
1.9%

18.3x
8.2x
6.4x
0.6x
2.3x
1.2%

15.5x
8.6x
7.0x
0.8x
3.3x
0.9%

17.5x
10.2x
8.5x
1.0x
4.4x
0.9%

10.2x
6.4x
5.2x
0.5x
2.0x
1.6%

6.7x
4.3x
3.0x
0.2x
0.9x
4.8%

21.1x
9.4x
5.4x
0.3x
1.2x
3.2%

18.8x
9.8x
6.1x
0.4x
1.4x
2.5%

58.5x
23.5x
10.9x
0.5x
2.2x
1.9%

0.3x
1.4x
1.0%

0.2x
1.2x
0.0%

33.3x
0.2x
1.5x
0.0%

9.8x
0.2x
2.3x
0.0%

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

30.2%
5.2%
3.1%
1.3%
2.3%
6.4%

37.2%
6.7%
4.4%
-5.2%
-5.1%
-17.1%

38.6%
9.1%
7.1%
2.9%
3.2%
10.3%

39.3%
10.4%
8.4%
5.8%
8.2%
24.6%

39.3%
11.6%
9.7%
5.8%
9.2%
27.8%

38.6%
11.7%
9.5%
5.6%
8.2%
23.1%

37.4%
8.7%
6.1%
3.1%
4.3%
12.1%

39.4%
6.6%
3.8%
1.4%
2.0%
5.6%

39.2%
7.6%
4.7%
2.2%
3.0%
7.6%

36.0%
5.6%
2.6%
-0.9%
-1.2%
-3.2%

31.3%
-3.6%
-7.8%
-7.6%
-9.3%
-27.4%

31.9%
-4.0%
-8.9%
-7.2%
-8.5%
-32.0%

35.3%
1.3%
-2.9%
-3.7%
-4.5%
-28.4%

37.1%
4.3%
0.0%
-1.4%
-2.3%
-22.6%

Leverage & Coverage Ratios


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

2.01
0.76
2.61
0.45
0.82

1.73
0.86
3.03
0.50
0.99

2.50
1.49
3.44
0.45
0.81

2.43
1.19
5.59
0.46
0.86

1.90
0.86
6.99
0.45
0.80

2.02
0.87
6.56
0.41
0.70

2.23
0.84
4.08
0.46
0.84

2.05
0.93
2.51
0.42
0.71

2.41
0.99
3.57
0.36
0.57

1.84
0.55
1.97
0.44
0.77

1.43
0.36
-4.48
0.48
0.94

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

1.80
46.11
6.23
4.57

0.98
37.92
2.96
2.76

1.12
71.38
6.01
3.53

1.41
69.05
9.92
3.59

1.58
74.68
9.67
3.65

1.47
57.32
8.76
3.46

1.40
85.98
8.39
3.35

1.43

1.39

1.41

1.22

8.60
3.39

9.32
3.46

9.97
3.60

7.64
3.39

36.5%

33.3%

34.6%

32.3%

36.7%

35.9%

37.7%

38.2%

34.9%

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


J.C. PENNEY CO
Latest Fiscal Year:

01/2013
32.52
19.09.2012
12.34
09.08.2013
2'600'707

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

MACY'S INC

KOHLS CORP

01/2013
50.77
09.07.2013
36.30
26.12.2012
4'554'457

01/2013
55.25
01.11.2012
41.35
03.01.2013
2'778'043

NORDSTROM INC

WAL-MART
STORES

TARGET CORP

01/2013
63.34
11.07.2013
50.94
26.12.2012
1'806'511

01/2013
79.96
15.05.2013
67.37
31.12.2012
5'364'944

01/2013
73.50
24.07.2013
58.01
02.01.2013
3'870'238

SEARS HOLDINGS

SAKS INC

COSTCO
WHOLESALE

GAP INC/THE

01/2013
68.77
06.11.2012
38.40
28.12.2012
1'581'405

01/2013
17.51
19.07.2013
9.24
13.11.2012
1'786'390

08/2012
120.20
05.08.2013
87.33
15.11.2012
1'260'770

01/2013
46.56
02.08.2013
29.84
28.12.2012
3'359'999

DILLARDS INC-A

TJX COS INC

ROSS STORES INC BON-TON STORES

01/2013
94.86
22.05.2013
67.66
28.09.2012
1'372'548

01/2013
54.29
05.08.2013
40.08
09.11.2012
4'306'580

01/2013
70.82
20.08.2012
52.01
27.12.2012
2'134'613

BED BATH
&BEYOND

01/2013
22.68
28.05.2013
6.58
20.08.2012
192'597

02/2013
78.25
06.08.2013
54.33
20.12.2012
1'438'636

Current Price (8/dd/yy)

13.22

44.95

51.56

56.26

73.58

68.24

40.12

15.97

112.08

42.59

79.00

50.75

65.18

14.26

73.26

52-Week High % Change

-59.3%
7.1%
219.3

-11.5%
23.8%
387.7

-6.7%
24.7%
222.0

-11.2%
10.4%
197.0

-8.0%
9.2%
3'314.0

-7.2%
17.6%
645.3

-41.7%
4.5%
106.0

-8.8%
72.8%
149.7

-6.8%
28.3%
432.4

-8.5%
42.7%
463.0

-16.7%
16.8%
47.8

-6.5%
26.6%
723.9

-8.0%
25.3%
220.7

-37.1%
116.7%
20.1

-6.4%
34.8%
221.5

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

2'912

16'987

11'419

11'008

241'098

43'790

4'269

2'398

48'944

19'919

3'659

36'528

14'253

290

15'954

2'982.0
930.0

6'930.0
1'836.0

4'553.0
537.0

3'131.0
1'285.0

54'136.0
5'395.0
7'781.0

17'648.0
784.0

3'120.0
417.0
609.0

359.6
80.4

1'382.0
157.0
4'854.0

1'246.0
1'510.0

824.0
124.1

774.6
2'047.8

150.0
647.8

901.2
7.9

1'014.9

7'956
Valuation

5'917
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

22'477

15'414

13'002

294'332

56'185

12'985.0
12'468.0
12'329.4
13'263.2
0.5x
0.5x
0.5x
0.5x
(469.0)
(722.0)
(491.3)
177.5
-14.5x
37.2x
-3.49
-4.80
(3.85)
(1.95)
(24.8%)
(8.2%)
(5.8%)
(4.0%)
1.3%

27'686.0
27'878.0
28'132.8
28'996.4
0.9x
0.9x
0.8x
0.7x
3'715.0
3'730.0
3'775.8
3'942.1
6.5x
6.5x
5.8x
5.4x
3.46
3.68
3.86
4.40
12.2x
12.2x
11.6x
10.2x
4.9%
1.4%
7.0%
1.9%
13.4%
13.4%
13.6%

19'279.0
19'320.0
19'281.0
19'631.0
0.8x
0.8x
0.8x
0.8x
2'723.0
2'740.0
2'719.2
2'781.9
5.8x
5.8x
5.5x
5.3x
4.17
4.27
4.26
4.68
12.1x
12.1x
12.1x
11.0x
2.5%
2.9%
(7.3%)
3.8%
14.2%
14.1%
14.2%

12'148.0
12'455.0
12'579.9
13'657.4
1.2x
1.1x
1.0x
0.9x
1'774.0
1'827.0
1'790.8
1'938.9
8.0x
7.7x
7.2x
6.6x
3.56
3.77
3.69
4.12
14.9x
14.9x
15.3x
13.7x
11.7%
6.5%
9.5%
3.9%
14.7%
14.2%
14.2%

469'162.0
472'980.0
481'963.8
503'440.3
0.7x
0.7x
0.6x
0.6x
36'302.0
36'650.0
37'665.8
39'417.4
8.5x
8.4x
7.8x
7.5x
5.02
5.14
5.23
5.75
14.3x
14.3x
14.1x
12.8x
5.0%
2.7%
4.7%
5.1%
7.7%
7.8%
7.8%

73'301.0
73'140.0
74'788.9
79'256.3
0.8x
0.8x
0.8x
0.7x
7'352.0
7'092.0
7'267.7
8'055.9
7.8x
8.1x
7.8x
7.1x
4.36
3.77
4.75
5.40
18.1x
18.1x
14.4x
12.6x
4.9%
2.5%
(1.4%)
1.2%
9.7%
9.7%
10.2%

94.0%
48.5%
-2.075x

114.5%
53.4%
1.854x
1.472x
8.443x

75.3%
42.9%
1.674x
1.458x
8.227x

163.7%
62.1%
1.709x
1.091x
10.951x

70.9%
39.8%
1.561x
1.315x
15.614x

106.6%
51.6%
2.004x
1.748x
9.499x

CCC+
28.02.2013
-

BBB
10.04.2012
Baa3
09.01.2012

BBB+
20.09.2007
Baa1
24.09.2007

A03.02.2011
Baa1
11.02.2011

AA
09.07.1999
Aa2
06.03.1996

A+
20.11.2007
A2
27.11.2007

39'854.0
39'036.0
37'204.7
36'395.3
0.2x
0.2x
0.2x
0.2x
(146.0)
(330.0)
248.5
483.5
-62.6x
31.2x
16.7x
2.26
1.44
(4.80)
(4.06)
27.9x
27.9x
(4.1%)
(5.2%)
(131.7%)
(0.8%)
0.7%
1.3%

19'556

4'168

35'575

13'688

1'199

15'032

3'147.6
3'190.9
3'247.2
3'401.1
0.9x
0.9x
0.8x
0.8x
271.1
214.8
246.9
277.7
10.2x
12.8x
10.5x
9.4x
0.46
0.41
0.38
0.49
39.0x
39.0x
42.5x
32.7x
4.4%
1.9%
(2.1%)
2.3%
6.7%
7.6%
8.2%

2'730

99'137.0
104'887.0
105'652.7
114'885.3
0.5x
0.4x
0.5x
0.4x
3'667.0
3'991.0
4'048.3
4'524.9
12.7x
11.7x
12.0x
10.6x
3.94
4.48
4.57
5.05
25.0x
25.0x
24.5x
22.2x
11.5%
7.9%
11.0%
10.9%
3.8%
3.8%
3.9%

47'496

15'651.0
15'893.0
16'355.0
17'114.3
1.1x
1.1x
1.2x
1.1x
2'501.0
2'631.0
2'646.7
2'857.9
7.1x
6.7x
7.3x
6.5x
2.33
2.56
2.78
3.07
16.6x
16.6x
15.3x
13.9x
7.6%
2.1%
28.7%
6.1%
16.6%
16.2%
16.7%

6'751.6
6'746.6
6'716.5
6'857.3
0.7x
0.7x
0.7x
0.6x
800.1
834.7
851.3
862.3
6.0x
5.7x
5.1x
5.1x
5.00
5.72
7.33
7.96
13.8x
13.8x
10.8x
9.9x
5.4%
(1.5%)
17.5%
11.7%
12.4%
12.7%
12.6%

25'878.4
26'269.9
27'313.2
29'179.8
1.3x
1.3x
1.3x
1.2x
3'615.5
3'665.9
3'897.4
4'268.0
9.6x
9.5x
9.1x
8.2x
2.55
2.62
2.82
3.19
19.4x
19.4x
18.0x
15.9x
11.6%
7.7%
23.3%
13.9%
14.0%
14.3%
14.6%

9'721.1
9'904.1
10'314.7
11'029.4
1.4x
1.4x
1.3x
1.3x
1'457.2
1'502.1
1'587.1
1'742.5
9.5x
9.2x
8.7x
7.9x
3.53
3.67
3.89
4.38
17.8x
17.8x
16.7x
14.9x
12.9%
10.3%
19.1%
21.9%
15.2%
15.4%
15.8%

2'978.8
2'986.4
3'015.0
3'093.0
0.4x
0.4x
0.4x
0.4x
164.1
173.8
195.0
213.0
7.4x
7.0x
6.0x
5.3x
-0.66
0.08
0.70
1.54
178.3x
178.3x
20.4x
9.3x
0.9%
(1.7%)
(0.8%)
(8.5%)
5.8%
6.5%
6.9%

10'914.6
11'308.4
11'651.6
12'272.7
1.3x
1.2x
1.3x
1.2x
1'832.9
1'851.9
1'923.5
2'039.2
7.6x
7.5x
8.0x
7.4x
4.56
4.62
5.02
5.61
15.9x
15.9x
14.6x
13.1x
14.9%
9.8%
4.6%
13.0%
16.4%
16.5%
16.6%

31.3%
23.8%
1.591x
1.544x
6.916x

11.2%
9.9%
1.225x
-0.407x
34.924x

43.1%
30.1%
0.474x
-0.138x
28.747x

41.8%
29.5%
0.746x
0.610x
11.267x

21.1%
17.4%
0.348x
-0.260x
64.181x

8.5%
7.8%
0.100x
-0.376x
127.750x

814.7%
89.1%
5.283x
5.231x
1.968x

0.0%
0.0%
0.000x
-0.498x
436.416x

BB *22.07.2013
Ba3
15.04.2013

A+
28.11.2012
A1
26.03.2012

BBB10.05.2013
Baa3
07.04.2011

BB+
12.03.2013
Ba3
04.04.2013

A
18.09.2002
A3
17.09.1998

A12.06.2013
-

B10.01.2012
Caa2
13.05.2013

BBB+
30.06.2011
-

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

113.2%
49.6%
-0.545x

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

CCC+
05.01.2012
-

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

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