14.08.

2013

Company Analysis - Overview

Ticker:

ThyssenKrupp AG

TKA GY

Currency:
Sector: Materials

Industry: Metals & Mining

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 %

ThyssenKrupp AG manufactures industrial components. The Company produces flat

rolled and cast steel, automobile parts, elevators and escalators, machine tools,
bearings, nonferrous metals and plastics, develops and manages real estate, and
designs and constructs factories.

Benchmark:
DAX INDEX (DAX)

Xetra: TKA, Currency: EUR

Business Segments in EUR

Services
Technologies
Steel
Stainless
Elevator
Corporate
Reconciliation(Discontinued Operation)

Sales (M)
12707
12237
10590
5739
5704
68
-6921

Geographic Segments in EUR

Worldwide

Sales (M)
40124

13%
23%

0%
11%

11%
22%
20%

100%

Services
Technologies
Steel
Stainless

Worldwide

Elevator
Corporate
Reconciliation(Discontinued Operation)

Current Capitalization in EUR

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 |

514.5
8283.3
4962.0
8403.0
0.0
0.0
670.0
12394.3

Company Analysis - Analysts Ratings

ThyssenKrupp AG
Buy and Sell Recommendations vs Price and Target Price

30

100%

Price

Brokers' Target Price

30
25

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

Price Target Price

16.10
16.84
17.11
16.98
16.71
16.35
16.61
16.94
17.02
16.79
16.35
17.06
17.07
16.85
17.36
17.27
17.07
16.95
17.02
16.91
16.31
15.78
15.36
15.44
15.29
14.89
14.87
14.43
14.55
14.96

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

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

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%

Exane BNP Paribas

0%

Main First Bank AG

0%

Independent Research GmbH

0%

Societe Generale

0%

M.M. Warburg Investment

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%

RBC Capital Markets

10

Deutsche Bank

40%

0%

20

Commerzbank Corporates &

Broker Recommendation

Target price in EUR

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

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

34%

34.06%
65.94%
0.00%

66%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
ALFRIED KRUPP VON BO
BLACKROCK
UBS
FRANKLIN RESOURCES
NORGES BANK
JANUS CAPITAL MANAGE
VANGUARD GROUP INC
DEKA INVESTMENT GMBH
OYSTER ASSET MANAGEM
PUTNAM INVESTMENT MA
AMUNDI
ADIG INVESTMENT
INSTITUTIONAL CAPITA
JO HAMBRO CAPITAL MA
INVESCO LTD
FORTIS INVESTMENT MG
STATE STREET
CREDIT SUISSE AG
THRIVENT FINANCIAL F
FRANKFURT TRUST INVE

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%

Institutional Ownership Distribution

Investment Advisor
Other
Government
Pension Fund (Erisa)
Others

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

Geographic Ownership Distribution

0%

514.5
72.2%

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

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

Pension Fund (Erisa)

Others

Government

Company Analysis - Financials I/IV

ThyssenKrupp AG
Financial information is in EUR (M)
Periodicity:

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

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

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)

Diluted EPS Before XO Items

Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %
Total Shares Outstanding
Diluted Shares Outstanding
EBITDA

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.

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

Company Analysis - Financials II/IV

Periodicity:

9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

Total Current Assets

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

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

Total Long-Term Assets

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

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

Total Current Liabilities

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

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

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

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

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:

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

Cash From Operating Activities

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

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

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

-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

Cash From Financing Activities

-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

Free Cash Flow (CFO-CAPEX)

1'001

841

1'234

888

1'994

-480

-95

-122

-2'092

-179

-1'267

-142

327

487

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

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

Net Changes in Cash

1.95

1.66

2.48

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

Company Analysis - Financials IV/IV

Periodicity:

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%

Leverage & Coverage Ratios

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

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

Effective Tax Rate

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

Company Analysis - Peers Comparision

THYSSENKRUPP
AG
Latest Fiscal Year:

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

KOBE STEEL LTD

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

Current Price (8/dd/yy)

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

52-Week High % Change

-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

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

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

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