Professional Documents
Culture Documents
2013
JC Penney Co Inc
JCP UN
Currency:
Sector: Consumer Discretionary
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
Sales (M)
12985
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
100%
United States
219.3
2912.4
821.0
3826.0
0.0
0.0
0.0
5917.4
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
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
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%
50%
55%
55%
55%
40%
10
25
60%
Morgan Stanley
32%
60%
32%
JPMorgan
62%
33%
35%
36%
Oppenheimer & Co
60%
36%
Gilford Securities
80%
30%
Northcoast Research
25%
25%
15%
Piper Jaffray
15%
Deutsche Bank
14%
45
100%
Price
Broker Recommendation
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
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
Geographic Ownership
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%
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
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
Others
Other
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
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
1.25
1.21
2.20
3.83
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
0.72
14.6
*Net income excludes extraordinary gains and losses and one-time charges.
1/03
1/04
1/05
1/06
1/07
1/08
1/09
1/10
1/11
1/12
1/13
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
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
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
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
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
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%
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
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
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
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
-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
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
-