Professional Documents
Culture Documents
2013
NUAN US
Benchmark:
S&P 500 INDEX (SPX)
Currency:
Sector: Information Technology
Industry: Software
Year:
Telephone
1-781-565-5000
Revenue (M)
Website
www.nuance.com
No of Employees
Address
1 Wayside Road Burlington, MA 01803 United States
Share Price Performance in USD
Price
19.14
1M Return
52 Week High
25.89
6M Return
52 Week Low
18.00
52 Wk Return
52 Wk Beta
1.60
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
Nuance Communications, Inc. provides speech and imaging solutions for businesses
and consumers around the world. The Company's products include a speech
recognizer, call steering, and a product that converts text into speech.
1'652
12'000
-5.2%
-14.4%
-21.7%
-14.3%
IG8
BBBa3
-
Date
Date
Date
9/09
56.8x
21.0x
4.0x
2.0x
0.0%
9/10
70.8x
61.1x
20.8x
4.0x
2.0x
0.0%
9/11
52.7x
68.5x
24.9x
4.7x
2.5x
0.0%
9/12
26.3x
45.3x
23.0x
4.6x
2.8x
-
9/13E
10.6x
8.5x
2.8x
2.1x
-
9/14E
9.4x
7.6x
2.5x
1.9x
-
9/15E
8.8x
7.1x
2.3x
1.8x
0.0%
9/09
Gross Margin
62.2
EBITDA Margin
22.4
Operating Margin
8.3
Profit Margin
-2.0
Return on Assets
-0.6
Return on Equity
-1.1
Leverage and Coverage Ratios
9/09
Current Ratio
1.9
Quick Ratio
1.7
EBIT/Interest
1.7
Tot Debt/Capital
0.3
Tot Debt/Equity
0.4
Eff Tax Rate %
192.3
9/10
63.4
21.3
7.3
-1.7
-0.5
-0.9
9/11
62.1
20.3
7.4
2.9
1.0
1.6
9/12
63.4
23.0
11.7
12.5
4.2
7.9
9/13E
67.2
40.2
31.4
27.2
-0.2
6.9
9/14E
66.9
39.6
32.7
27.7
1.0
2.3
9/15E
65.6
39.6
36.1
29.2
-
9/10
2.2
1.9
2.0
0.3
0.4
-
9/11
1.8
1.6
2.7
0.3
0.3
-
9/12
1.8
1.6
2.3
0.4
0.8
-
11.02.2011
-
Outlook
Outlook
Outlook
Sales (M)
669
508
332
228
-87
Sales (M)
1175
476
5%
STABLE
STABLE
-
13%
29%
36%
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
18%
71%
28%
Healthcare and Dictation
Mobile and Enterprise
Enterprise
United States
International
Imaging
Acquisition related revenue
312.1
6053.5
1005.3
2341.6
4.6
0.0
0.0
7394.4
15
40%
68%
74%
72%
72%
74%
72%
76%
76%
72%
53%
53%
20%
50%
10
5
0%
0
mai.12
juin.12
juil.12
aot.12
sept.12
oct.12
Buy
Hold
nov.12
Sell
dc.12
Price
janv.13
fvr.13
mars.13
avr.13
Target Price
Date
Buy
Hold
Sell
Date
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
31-Jul-12
29-Jun-12
31-May-12
50%
53%
53%
72%
76%
76%
72%
74%
72%
72%
74%
68%
39%
37%
37%
17%
18%
18%
17%
16%
17%
17%
16%
21%
11%
11%
11%
11%
6%
6%
11%
11%
11%
11%
11%
11%
30-Apr-13
29-Apr-13
26-Apr-13
25-Apr-13
24-Apr-13
23-Apr-13
22-Apr-13
19-Apr-13
18-Apr-13
17-Apr-13
16-Apr-13
15-Apr-13
12-Apr-13
11-Apr-13
10-Apr-13
9-Apr-13
8-Apr-13
5-Apr-13
4-Apr-13
3-Apr-13
2-Apr-13
1-Apr-13
29-Mar-13
28-Mar-13
27-Mar-13
26-Mar-13
25-Mar-13
22-Mar-13
21-Mar-13
20-Mar-13
26.33
26.33
26.33
26.33
26.33
26.33
26.33
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
Broker
Analyst
Oppenheimer & Co
Wells Fargo Securities, LLC
Raymond James
Morgan Stanley
Mizuho Securities USA Inc
Stifel
Avondale Partners LLC
B Riley & Company, Inc
Goldman Sachs
Needham & Co
FBR Capital Markets
Craig-Hallum Capital Group LLC
Northland Securities Inc
Canaccord Genuity Corp
Piper Jaffray
EVA Dimensions
Deutsche Bank
Wedbush
Wedge Partners
SHAUL EYAL
GRAY W POWELL
TAVIS C MCCOURT
JENNIFER LOWE
JOANNA MAKRIS
TOM RODERICK
JOHN F BRIGHT
DANIEL CUMMINS
GREG DUNHAM
SCOTT ZELLER
DANIEL H IVES
JEFF VAN RHEE
MICHAEL JAMES LATIMORE
RICHARD DAVIS JR
MARK R MURPHY
ANDREW S ZAMFOTIS
NANDAN AMLADI
SCOTT P SUTHERLAND
BRIAN BLAIR
Recommendation
outperform
market perform
Under Review
Overwt/In-Line
buy
hold
market outperform
neutral
neutral/neutral
hold
outperform
hold
outperform
buy
neutral
sell
buy
underperform
no rating system
Wedge Partners
20
Wedbush
60%
25
Deutsche Bank
39%
EVA Dimensions
37%
Piper Jaffray
37%
30
17%
11%
11%
11%
11%
Needham & Co
17%
6%
18%
Goldman Sachs
16%
6%
18%
17%
11%
17%
11%
Stifel
16%
11%
21%
11%
Morgan Stanley
80%
11%
Raymond James
11%
35
100%
Oppenheimer & Co
Price
Broker Recommendation
Target
Date
30.00
30-Apr-13
30-Apr-13
22-Apr-13
3-Apr-13
3-Apr-13
2-Apr-13
1-Apr-13
20-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
7-Feb-13
7-Feb-13
15-Jan-13
15-Nov-12
7-Aug-12
15-Mar-12
28.00
26.00
35.00
21.00
22.00
28.00
24.00
26.00
26.00
22.00
30.00
19.00
30.04.2013
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
97%
Institutional Ownership
Retail Ownership
Insider Ownership
United States
Unknown Country
Britain
Netherlands
Luxembourg
Japan
Bermuda
Others
86.48%
2.49%
2.05%
1.82%
1.29%
1.05%
0.90%
3.93%
67.64%
13.78%
12.34%
2.49%
3.74%
RICCI PAUL A
BEAUDOIN THOMAS LINWOOD
CHAMBERS STEVEN G
NELSON WILLIAM KENNET
DILLIONE JANET D
2%
2%
1%
1% 1% 4%
2%
87%
United States
Unknown Country
Britain
Netherlands
Luxembourg
Japan
Bermuda
Others
TOP 20 ALL
Position
53'004'254
43'058'531
29'398'004
29'329'291
17'851'319
12'376'660
11'852'538
11'389'347
10'227'210
9'958'317
6'623'224
5'228'721
4'667'315
4'125'444
3'948'645
3'843'339
3'549'830
3'545'481
2'994'953
2'812'375
Position Change
0
-9'945'723
-6'904'115
0
2'757'603
914'836
-214'677
730'503
-715'000
1'280'271
206'337
-21'414
259'356
0
338'110
104'968
3'251'234
593'927
-6'741
58'903
Market Value
1'014'501'422
824'140'283
562'677'797
561'362'630
341'674'246
236'889'272
226'857'577
217'992'102
195'748'799
190'602'187
126'768'507
100'077'720
89'332'409
78'960'998
75'577'065
73'561'508
67'943'746
67'860'506
57'323'400
53'828'858
% of Ownership
16.76%
13.61%
9.30%
9.27%
5.64%
3.91%
3.75%
3.60%
3.23%
3.15%
2.09%
1.65%
1.48%
1.30%
1.25%
1.22%
1.12%
1.12%
0.95%
0.89%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
31.12.2012
14.03.2013
31.12.2012
20.03.2013
31.03.2013
31.03.2013
31.12.2012
26.04.2013
31.12.2012
31.03.2013
31.03.2013
29.04.2013
29.04.2013
24.04.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
Source
13F
13D
13F
13G
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Form 4
13F
13F
13F
13F
13F
13F
24.04.2013
01.04.2013
17.12.2012
15.04.2013
15.04.2013
Form 4
Form 4
Form 4
Form 4
Form 4
Top 5 Insiders:
Holder Name
Geographic Ownership
1%2%
312.1
83.9%
24.6
9.39%
4.16
96.34%
1.20%
2.46%
4'125'444
617'331
492'753
322'210
295'160
-5'000
-16'559
-16'565
78'960'998
11'815'715
9'431'292
6'167'099
5'649'362
1.30%
0.20%
0.16%
0.10%
0.09%
Source
Institutional Ownership
Country
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
GERMANY
UNITED STATES
n/a
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
2%
4%
12%
14%
68%
Investment Advisor
Private Equity
Individual
Others
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
107
16
135
26
131
42
232
60
389
108
602
185
868
316
950
360
1'119
409
1'319
500
1'652
605
2'160
2'444
2'605
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
90
83
28
109
112
34
89
96
26
172
163
39
280
273
59
417
378
80
553
510
115
591
512
117
710
628
152
819
722
179
1'047
853
225
1'451
1'636
1'709
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
8
0
0
1
-3
1
0
2
-7
0
0
1
9
2
7
18
79
47
0
11
81
41
0
41
97
37
0
31
679
799
941
-3
42
55
0
3
193
85
39
37
0
-6
Pretax Income
- Income Tax Expense
7
0
-6
-0
-8
1
1
7
-7
15
8
23
-16
15
21
40
-1
18
30
-8
65
-142
628
750
858
6
0
0
-6
0
0
-9
0
0
-5
-22
1
-14
0
0
-30
0
0
-19
0
0
-19
0
0
38
0
0
207
(0.09)
(0.05)
(0.13)
(0.08)
(0.14)
(0.08)
(0.07)
0.12
0.65
23
0.20
45
0.24
65
0.32
0.00
134
0.56
0.00
217
0.79
0.00
259
0.86
0.00
283
0.90
0.00
0.0
381
1.19
589
1.81
676
2.03
761
2.17
0.00
0.00
869
968
1'032
Income Statement
Revenue
- Cost of Goods Sold
43
0.09
(0.07)
19
0.25
0.00
0.0
11
0.12
0.00
63
73
103
79
106
104
157
119
170
164
193
176
229
210
277
254
298
287
309
316
312
321
EBITDA
21
12
27
46
89
141
213
239
268
380
0.00
*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
515.283
262
0
204
7
43
795.827
527
0
200
9
61
841.642
517
5
218
9
94
854.927
447
31
280
11
85
1701.306
1'130
0
381
11
179
2'704
0
118
65
53
2'650
2'928
28
149
87
62
2'838
3'240
0
192
113
78
3'162
4'098
0
255
139
116
3'982
9/13E
9/14E
9/15E
9.25
9.99
10.55
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
40.429 94.6790009
19
43
0
0
17
40
1
0
3
11
103
0
9
7
3
100
307
0
16
9
7
300
319
17
20
12
8
294
582
972
1'751
31
17
14
568
55
24
31
941
73
35
38
1'714
2'331
0
95
49
46
2'284
24
7
3
13
50
7
1
42
46
8
0
37
163
17
28
118
212
28
4
180
257
56
7
194
382
32
7
343
419
60
7
353
382
79
8
296
475
83
7
385
965
113
380
471
1
0
1
48
28
20
45
28
18
80
0
80
446
350
96
1'038
900
138
1'040
894
145
1'037
849
188
1'090
851
239
1'127
853
274
2'088
1'736
352
24
5
0
270
-155
99
5
0
464
-166
91
5
0
476
-179
243
5
658
5
700
-190
773
-201
1'295
5
0
1'078
-205
1'421
5
0
1'659
-238
1'456
5
0
2'309
-271
1'473
5
0
2'582
-290
1'602
5
0
2'746
-258
3'052
5
0
2'927
-185
119
303
302
515
577
878
1'425
2'043
2'297
2'493
2'747
144
402
393
757
1'235
2'173
2'846
3'499
3'770
4'095
5'799
1.81
0.28
2.91
0.01
2.81
0.06
3.26
-0.26
3.36
-2.04
4.52
-3.97
6.19
-3.58
7.36
-2.02
7.69
-1.58
8.06
-1.91
8.79
-3.59
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
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
6
13
1
-8
-6
15
2
-6
-9
13
2
0
-5
18
4
-1
-23
38
38
9
-14
50
65
5
-30
99
83
44
-19
134
104
40
-19
157
125
33
38
171
144
4
207
187
49
30
-10
114
206
12
0
-2
0
0
-4
5
0
-3
0
0
27
6
0
0
-25
0
-0
16
0
-5
62
0
-8
0
0
-362
106
0
-13
0
0
-565
196
0
-18
0
0
-428
259
0
-20
0
0
-165
296
0
-26
0
0
-290
357
0
-46
0
0
-380
473
0
-63
0
0
-862
-62
-59
-85
-6
0
0
0
0
8
-7
-3
24
0
0
0
-11
10
-3
-2
-25
0
0
0
-1
7
-0
-3
-45
-578
0
0
551
-18
33
-6
-17
-446
0
0
0
-19
336
-1
11
-185
0
0
0
-16
216
-0
-8
-316
0
0
0
-18
43
-1
-15
-426
0
0
0
-18
54
0
-37
-924
0
-0
80
-0
-2
-370
0
0
346
-14
32
-1
-14
1'365
-15
24
-200
-40
-2
-6
77
349
543
327
191
-1
1'134
24
-16
49
41
72
77
265
-10
-69
683
10
12
54
94
178
239
270
312
410
474
554
739
10
10
0.15
-8
0.03
5
0.06
5
11
0.11
386
0.33
33
627
0.53
159
0.85
196
223
0.94
252
0.94
294
1.03
1'760
1.34
Cash Flows
-40
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
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
20.8x
41.7x
15.3x
3.3x
2.9x
0.0%
44.3x
24.2x
83.3x
28.1x
2.5x
1.6x
29.2x
229.3x
35.9x
3.4x
2.4x
128.7x
114.5x
50.2x
5.7x
4.3x
0.0%
14.0x
81.1x
24.3x
2.9x
2.0x
0.0%
70.8x
61.1x
20.8x
4.0x
2.0x
0.0%
52.7x
68.5x
24.9x
4.7x
2.5x
0.0%
26.3x
45.3x
23.0x
4.6x
2.8x
10.6x
9.4x
8.8x
56.8x
21.0x
4.0x
2.0x
0.0%
43.0x
3.1x
1.8x
0.0%
68.1x
3.2x
1.5x
0.0%
8.4x
2.8x
2.1x
7.6x
2.5x
1.9x
7.1x
2.3x
1.8x
0.0%
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
84.6%
19.5%
7.2%
5.9%
4.4%
5.6%
80.7%
9.2%
-2.0%
-4.1%
-2.0%
-2.7%
68.1%
4.7%
-5.5%
-7.2%
-2.4%
-3.1%
74.2%
11.8%
4.0%
-2.3%
-0.9%
-1.3%
72.2%
11.7%
1.8%
-5.9%
-2.3%
-4.2%
69.3%
14.7%
6.5%
-2.3%
-0.8%
-1.9%
63.7%
16.3%
4.9%
-3.5%
-1.2%
-2.6%
62.2%
22.4%
8.3%
-2.0%
-0.6%
-1.1%
63.4%
21.3%
7.3%
-1.7%
-0.5%
-0.9%
62.1%
20.3%
7.4%
2.9%
1.0%
1.6%
63.4%
23.0%
11.7%
12.5%
4.2%
7.9%
67.2%
40.2%
31.4%
27.2%
-0.2%
6.9%
66.9%
39.6%
32.7%
27.7%
1.0%
2.3%
65.6%
39.6%
36.1%
29.2%
1.71
1.53
20.72
0.03
0.03
1.88
1.64
-3.49
0.09
0.09
1.61
1.47
-21.15
0.09
0.09
1.07
1.02
5.63
0.05
0.05
1.24
1.15
0.41
0.38
0.61
1.64
1.55
1.07
0.51
1.03
1.35
1.22
0.77
0.39
0.63
1.90
1.73
1.67
0.30
0.42
2.20
1.93
1.99
0.27
0.37
1.80
1.60
2.65
0.26
0.34
1.76
1.57
2.27
0.44
0.77
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
0.75
7.20
2.77
18.79
0.50
4.71
3.53
31.32
0.33
3.41
5.46
104.32
0.40
4.38
4.72
174.70
0.39
3.88
5.08
30.43
0.35
3.54
4.46
24.97
0.35
4.20
7.22
41.63
0.30
4.72
7.92
45.87
0.31
5.36
5.93
47.81
0.34
5.30
6.23
50.10
0.33
4.99
6.18
53.24
Ratio Analysis
3.9%
488.3%
265.1%
192.3%
MICROSOFT CORP
IBM
GOOGLE INC-CL A
CISCO SYSTEMS
09/2012
25.89
13.09.2012
18.00
01.03.2013
15'838'193
06/2012
32.84
25.04.2013
26.26
05.12.2012
19'604'178
12/2012
215.90
15.03.2013
181.85
12.07.2012
1'723'443
11/2012
45.59
29.04.2013
29.52
12.07.2012
1'038'559
12/2012
844.00
06.03.2013
556.52
14.06.2012
970'187
07/2012
21.98
11.03.2013
14.96
25.07.2012
6'328'991
19.14
32.76
198.79
44.99
819.55
-26.1%
6.3%
312.1
-0.2%
24.8%
8'381.0
-7.9%
9.3%
1'117.4
-1.3%
52.4%
494.1
-2.9%
47.3%
330.0
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
OMTOOL LTD
IRIS
SYMANTEC CORP
12/2007
6.70
16.05.2012
3.10
08.03.2013
400
12/2012
44.52
04.04.2013
26.60
25.07.2012
200
03/2012
24.91
08.03.2013
13.06
24.07.2012
2'746'852
21.03
3.30
43.20
24.28
-4.3%
40.5%
5'298.0
-50.7%
6.5%
4.6
-3.0%
62.4%
1.8
-2.5%
86.0%
724.0
6'052
273'582
221'549
22'582
271'278
112'105
16
81
16'734
2'115.9
4.6
1'129.8
11'944.0
63'040.0
33'269.0
124.0
11'129.0
1'509.8
3'538.4
5'537.0
49'557.0
16'328.0
15.0
48'716.0
1.6
2.3
5.5
11.0
2'039.0
78.0
3'211.0
74
15'558
7'388
213'294
243'076
20'466
224'849
82'030
1'651.5
1'813.8
2'160.5
2'443.6
4.7x
4.3x
3.3x
2.8x
380.4
372.2
869.2
967.6
20.3x
20.7x
8.1x
7.0x
0.95
0.80
1.81
2.03
23.8x
23.8x
10.6x
9.4x
25.2%
17.3%
41.8%
33.8%
20.5%
40.2%
39.6%
73'723.0
76'012.0
78'899.8
84'767.9
2.4x
2.3x
2.6x
2.2x
30'923.0
30'645.0
32'214.4
35'428.6
5.8x
5.8x
6.3x
5.3x
2.73
2.68
2.77
3.08
12.2x
12.2x
11.8x
10.6x
5.4%
7.5%
3.3%
9.1%
40.3%
40.8%
41.8%
104'507.0
103'242.0
103'588.6
106'372.5
2.5x
2.5x
2.4x
2.3x
25'119.0
25'121.0
27'868.5
29'375.5
10.3x
9.4x
8.8x
8.3x
15.25
15.52
16.69
18.34
12.8x
12.8x
11.9x
10.8x
(2.3%)
(0.7%)
0.1%
6.1%
24.0%
26.9%
27.6%
4'403.7
4'366.3
4'118.5
4'512.0
4.1x
4.1x
4.8x
4.4x
1'477.0
1'296.0
1'204.0
1'438.3
12.1x
13.8x
16.6x
13.9x
1.62
1.41
1.45
1.80
31.9x
31.9x
31.0x
25.1x
4.4%
3.1%
0.7%
4.7%
29.7%
29.2%
31.9%
50'175.0
54'703.0
47'546.3
55'173.4
4.3x
3.9x
4.5x
3.5x
15'722.0
16'160.0
21'383.4
25'240.6
13.7x
13.3x
9.9x
7.7x
34.02
34.99
46.17
53.26
23.4x
23.4x
17.8x
15.4x
32.4%
22.2%
15.7%
21.0%
29.5%
45.0%
45.7%
46'061.0
47'252.0
48'677.8
51'367.1
1.8x
1.7x
2.1x
1.8x
12'971.0
13'372.0
15'211.6
15'691.9
6.4x
6.2x
6.8x
5.8x
1.60
1.48
2.00
2.11
14.2x
14.2x
10.5x
10.0x
6.6%
4.4%
18.4%
5.1%
28.3%
31.2%
30.5%
77.2%
43.5%
6.292x
3.591x
4.460x
18.0%
15.3%
0.463x
-1.967x
81.376x
176.4%
63.7%
1.324x
0.881x
52.660x
22.7%
18.5%
1.192x
-1.633x
21.886x
7.7%
7.2%
0.318x
-2.873x
187.167x
31.8%
24.1%
1.218x
-2.250x
21.763x
BB11.02.2011
Ba3
06.08.2012
AAA
22.09.2008
Aaa
11.05.2009
AA30.05.2012
Aa3
23.11.2010
BBB+
25.01.2010
Baa1
25.01.2010
AA
19.11.2012
Aa2
16.05.2011
A+
10.02.2006
A1
10.02.2006
15
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
16.5
16.2
0.5x
0.5x
(1.6)
(0.5)
-5.2x
-0.54
-0.27
20.0%
3.4%
67.7%
(2.9%)
-
100.0
100.0
123.0
129.0
0.6x
0.4x
7.7
8.6
8.7
9.6
7.3x
6.5x
1.91
1.99
2.73
3.10
21.7x
22.6x
15.8x
13.9x
(17.6%)
1.5%
7.5%
6.3%
7.1%
7.5%
6'730.0
6'839.0
6'885.0
6'998.0
1.7x
1.7x
2.1x
1.9x
1'795.0
1'834.0
2'283.2
2'458.5
6.3x
6.2x
6.3x
5.4x
1.20
1.22
1.71
1.93
19.9x
19.9x
14.2x
12.6x
8.7%
3.4%
8.9%
5.1%
26.8%
33.2%
35.1%
9.1%
8.3%
0.543x
-0.786x
30.085x
40.0%
28.3%
1.677x
-0.641x
15.609x
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
BBB
13.09.2010
Baa2
13.09.2010
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
FALSE
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
203.3%
67.0%
-9.390x
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date