20.02.

2013

Company Analysis - Overview

Ticker:

Bouygues SA

EN FP

EN Paris: EN, Currency: EUR

Currency:
Sector: Industrials

Industry: Construction & Engineering

Telephone
33-1-44-20-10-79
Website
www.bouygues.fr
Address
32 Avenue Hoche Paris, 75008 France
Share Price Performance in EUR
Price
20.28
52 Week High
23.84
52 Week Low
17.54
52 Wk Beta
1.05
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

IG8
BBB+
(P)A3
WD

Date
Date
Date

Bouygues SA offers construction services, develops real estate, offers cellular

communications services, produces television programming and movies, and manages
utilities. The Company offers building, civil engineering, and oil and gas contracting
services, develops residential, commercial, and office projects, produces and
distributes water and electricity, and collects waste.

Benchmark:
CAC 40 INDEX (CAC)
Year:

Revenue (M)
No of Employees

32'706
134'795

1M Return
6M Return
52 Wk Return
YTD Return

-10.8%
-9.4%
-14.1%
-9.5%

30.11.2011
31.08.2011
28.07.2011

Outlook
Outlook
Outlook

Business Segments in EUR

Road Works
Construction
Telecoms
Media
Property Development
Bouygues SA and Other Activities
Adjustment

Geographic Segments in EUR

France
European Union
US and Canada
Africa
Asia Pacific
Rest of Europe
Oceania

8% 0%

STABLE
NEG
-

4%

8%

Sales (M)
22601
3299
2520
1327
1293
1146
209

0%
4% 4%1%

8%
37%

Valuation Ratios
12/08
6.9x
7.5x
4.6x
0.3x
1.4x
5.3%

12/09
9.6x
9.0x
5.2x
0.4x
1.5x
4.4%

12/10
10.6x
8.7x
4.9x
0.4x
1.2x
5.0%

12/11
8.0x
7.1x
4.0x
0.3x
0.9x
6.6%

12/12E
9.5x
4.8x
0.2x
0.8x
7.6%

12/13E
8.2x
4.8x
0.2x
0.7x
8.0%

12/14E
7.2x
4.6x
0.2x
0.7x
8.1%

12/08
Gross Margin
EBITDA Margin
10.9
Operating Margin
6.8
Profit Margin
4.6
Return on Assets
4.4
Return on Equity
20.6
Leverage and Coverage Ratios
12/08
Current Ratio
0.9
Quick Ratio
0.6
EBIT/Interest
5.1
Tot Debt/Capital
0.5
Tot Debt/Equity
1.0
Eff Tax Rate %
26.3

12/09
10.3
5.9
4.2
3.8
16.4

12/10
10.1
5.6
3.4
3.1
12.0

12/11
9.9
5.6
3.3
3.0
12.1

12/12E
53.6
8.6
3.5
2.0
8.6

12/13E
53.7
8.7
3.9
2.4
9.5

12/14E
53.9
9.0
4.0
2.7
10.8

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

Sales (M)
12295
9616
5725
2595
2464
11

18%

10%

69%
29%
Road Works
Construction
Telecoms
Media

12/10
1.0
0.7
4.5
0.4
0.8
27.6

12/11
0.9
0.6
5.1
0.4
0.8
29.9

European Union

US and Canada

Africa

Asia Pacific

Rest of Europe

Property Development
Bouygues SA and Other Activities

12/09
1.0
0.7
4.4
0.4
0.8
25.2

France

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 |

Oceania

314.9
6575.4
2615.0
8430.0
0.0
0.0
1277.0
13667.4

Company Analysis - Analysts Ratings

Bouygues SA
Buy and Sell Recommendations vs Price and Target Price

40

100%
26%

26%

25%

27%

26%

80%

60%

30%

30%

28%

33%

28%

28%

35
30%

30
26%

26%

25%
32%

35%

35%

35%

40%

33%

40%

44%

43%

40%

Price

Brokers' Target Price

45
40
35
30

25

25

20

20

15

15
10

oct.12

nov.12

dc.12

janv.13

Buy

Hold

Sell

Price

Target Price

Date

Buy

Hold

Sell

Date

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
30-Apr-12
30-Mar-12
29-Feb-12

26%
28%
32%
32%
33%
35%
35%
39%
41%
50%
48%
48%

43%
44%
40%
40%
33%
35%
35%
35%
32%
25%
26%
26%

30%
28%
28%
28%
33%
30%
30%
26%
27%
25%
26%
26%

20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
7-Feb-13
6-Feb-13
5-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
30-Jan-13
29-Jan-13
28-Jan-13
25-Jan-13
24-Jan-13
23-Jan-13
22-Jan-13
21-Jan-13
18-Jan-13
17-Jan-13
16-Jan-13
15-Jan-13
14-Jan-13
11-Jan-13
10-Jan-13

Price Target Price

20.28
20.25
19.89
20.45
19.87
20.06
20.16
20.50
20.48
20.22
20.29
20.66
20.38
21.34
20.91
21.32
22.02
22.06
21.87
22.20
21.86
21.95
22.88
22.75
22.57
22.37
22.70
22.24
22.81
22.32

22.21
22.21
22.21
22.13
22.13
22.13
22.13
22.13
22.13
22.13
22.13
22.13
22.13
22.13
21.67
21.59
21.91
21.91
21.91
21.91
21.91
21.91
21.91
21.65
21.65
21.97
21.97
21.97
21.97
21.97

Broker

Analyst

EVA Dimensions
Societe Generale
Exane BNP Paribas
Day by Day
AlphaValue
Goldman Sachs
HSBC
JPMorgan
Oddo & Cie
RBC Capital Markets
Credit Suisse
Barclays
Jefferies
CM - CIC Securities(ESN)
Morgan Stanley
Raymond James
Kepler Capital Markets
Nomura
Natixis
S&P Capital IQ
Makor Capital
CA Cheuvreux
Gabelli & Co
National Bank AG

CRAIG STERLING
STEPHANE SCHLATTER
ANTOINE PRADAYROL
VALERIE GASTALDY
JEAN-MICHEL SALVADOR
ANDREW LEE
NICOLAS COTE-COLISSON
TORSTEN ACHTMANN
VINCENT MAULAY
OLIVIA PETERS
JAKOB BLUESTONE
SAN DHILLON
JEREMY A DELLIS
JEAN-MICHEL KOSTER
SAROOP PUREWAL
STEPHANE BEYAZIAN
JOSEP PUJAL
FREDERIC BOULAN
BENOIT MAYNARD
JAMES CRAWSHAW
ALBERT SAPORTA
GIOVANNI MONTALTI
EVAN D MILLER
STEFFEN MANSKE

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

Recommendation
overweight
hold
neutral
hold
buy
Buy/Neutral
neutral
neutral
reduce
sector perform
underperform
equalweight
underperform
sell
Equalwt/In-Line
outperform
buy
neutral
buy
sell
buy
suspended coverage
buy
buy

Natixis

sept.12

Target
19.00
24.00
31.00
29.90
23.00
26.00
18.00
20.00
19.00
21.50
16.00
16.00
28.80
25.00
30.00
21.80
26.90
16.00
30.00
35.00
42.00

Gabelli & Co

juin.12

National Bank
AG

mai.12

CA Cheuvreux

avr.12

Makor Capital

mars.12

0
S&P Capital IQ

aot.12

0
fvr.12

5
Nomura

juil.12

0%

Raymond
James
Kepler Capital
Markets

26%

Morgan Stanley

28%

Jefferies

32%

CM - CIC
Securities(ESN)

32%

Barclays

33%

Credit Suisse

35%

RBC Capital
Markets

35%

JPMorgan

39%

Oddo & Cie

41%

HSBC

10

AlphaValue

50%

Goldman Sachs

48%

Day by Day

20%

48%

EVA
Dimensions
Societe
Generale
Exane BNP
Paribas

Broker Recommendation

Target price in EUR

Date
20-Feb-13
19-Feb-13
18-Feb-13
14-Feb-13
14-Feb-13
1-Feb-13
31-Jan-13
30-Jan-13
30-Jan-13
29-Jan-13
24-Jan-13
24-Jan-13
21-Jan-13
10-Jan-13
18-Dec-12
14-Dec-12
4-Dec-12
30-Nov-12
15-Nov-12
15-Nov-12
19-Sep-12
14-Jul-11
24-May-11
16-Dec-09

20.02.2013

Bouygues SA

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

22%

21.60%
76.50%
1.90%
76%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
SCDM
AMUNDI
FIRST EAGLE INVESTME
SCDM PARTICIPATIONS
BOUYGUES FRANCIS
AKO CAPITAL LLP
NATIXIS ASSET MANAGE
VANGUARD GROUP INC
BLACKROCK
DNCA FINANCE
T ROWE PRICE ASSOCIA
MANDARINE GESTION
PALATINE ASSET MANAG
FMR LLC
QUALITE3
ACTIBY3
AMUNDI LUXEMBOURG SA
INVESCO LTD
ING INTERNATIONAL AD
TD ASSET MANAGEMENT

Unknown Country
France
United States
Luxembourg
Germany
Ireland
Belgium
Others

53.72%
19.46%
18.64%
2.70%
1.32%
0.86%
0.81%
2.50%

Institutional Ownership Distribution

Other
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Others

49.60%
28.66%
10.54%
7.01%
4.20%

BOUYGUES FRANCIS
BOUYGUES MARTIN
BOUYGUES OLIVIER
GABRIEL YVES
BERTIERE FRANCOIS

3%

1% 1% 1% 3%

19%
53%

19%

Unknown Country

France

United States

Luxembourg

Germany

Ireland

Belgium

Others

TOP 20 ALL

Position
66'374'020
16'135'367
15'760'774
6'044'972
5'290'144
-3'825'942
3'614'826
3'499'242
3'384'000
3'113'000
1'969'200
1'480'301
1'176'527
1'055'433
896'520
891'945
838'159
704'838
652'784
569'108

Position Change
0
-61'801
0
0
0
-16'026
8'782
65'974
-88'302
98'000
-614
475'721
122'874
879'189
0
0
72'000
-84'395
-350'170
-135'040

Market Value
1'346'065'126
327'225'243
319'628'497
122'592'032
107'284'120
-77'590'104
73'308'671
70'964'628
68'627'520
63'131'640
39'935'376
30'020'504
23'859'968
21'404'181
18'181'426
18'088'645
16'997'865
14'294'115
13'238'460
11'541'510

% of Ownership
20.47%
4.98%
4.86%
1.86%
1.63%
-1.18%
1.11%
1.08%
1.04%
0.96%
0.61%
0.46%
0.36%
0.33%
0.28%
0.28%
0.26%
0.22%
0.20%
0.18%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

107'284'120
7'585'531
5'712'612
2'368'461
1'336'087

1.63%
0.12%
0.09%
0.04%
0.02%

31.12.2011
04.01.2013
29.03.2012
15.11.2011
31.12.2011
10.01.2013
31.12.2012
31.12.2012
15.02.2013
28.09.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
15.11.2011
15.11.2011
28.09.2012
19.02.2013
31.07.2012
31.12.2011

Source
Co File
Research
Research
Research
Co File
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

2%

314.9
75.2%

5'290'144
374'040
281'687
116'788
65'882

Source
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011

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

Co File
Co File
Co File
Co File
Co File

Country
n/a
FRANCE
UNITED STATES
n/a
n/a
BRITAIN
FRANCE
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
FRANCE
FRANCE
UNITED STATES
n/a
LUXEMBOURG
UNITED STATES
LUXEMBOURG
CANADA

Institutional Ownership
4%
7%
11%
49%

29%

Other

Investment Advisor

Mutual Fund Manager

Others

Hedge Fund Manager

Company Analysis - Financials I/IV

Bouygues SA
Financial information is in EUR (M)
Periodicity:

Fiscal Year

Equivalent Estimates
12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

20'473

22'247

21'822

20'894

24'073

26'408

29'613

32'459

31'353

31'225

32'706

33'291

33'102

33'348

17'844

17'776

17'975

19'641

21'231

20'626

19'337
136

22'325
137

24'475
102

27'450
120

30'263
121

29'498
125

29'465
110

30'887
114

832
191
-5
-132

1'016
292
40
-461

1'196
270
-7
-73

1'557
234

1'748
224

1'933
340

2'163
381

2'196
432

1'855
425

1'760
394

1'819
359

1'171

1'297

1'338

-293

-84

-192

-444

-495

-499

-379

-305

Pretax Income
- Income Tax Expense

778
268

1'145
316

1'006
380

1'616
501

1'608
570

1'785
559

2'226
633

2'259
593

1'929
487

1'745
482

1'765
528

948

1'082

1'200

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

510

829

626

166

163

176

1'115
0
206

1'038
0
206

1'226
-364
336

1'593
0
217

1'666
-20
185

1'442
-14
137

1'263
0
192

1'237
0
167

2.68

2.42

2.57

3.94

4.25

3.73

3.03

3.06
673
2.13
1.54
0.72

795
2.47
1.62
0.65

899
2.81
1.64
0.58

2'857

2'876

3'004

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

344
1.03
0.54
68.9

666
1.94
0.54
18.6

450
1.31
0.75
55.5

858
2.57
0.75
27.4

832
2.51
0.90
36.4

882
2.61
1.20
43.3

1'376
4.06
1.50
37.9

1'501
4.38
1.60
37.0

1'333
3.87
1.60
43.4

1'110
3.13
1.60
54.7

1'070
3.06
1.60
47.1

344
352

344
362

333

332
339

336
343

333
346

347
349

341
343

352
345

361
353

315
350

1'714

2'284

2'451

2'628

2'821

3'141

3'416

3'538

3'231

3'152

3'230

*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:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

Total Current Assets

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

13236
633
1'565
6'445
1'681
2'912

12426
526
1'380
5'865
1'111
3'544

13086
472
2'144
5'972
1'181
3'317

12467
442
2'818
4'575
1'691
2'941

13154
618
2'597
5'418
1'804
2'717

14680
669
3'107
6'252
2'298
2'354

15827
905
2'481
6'911
2'763
2'767

16818
792
3'048
7'097
3'023
2'858

16235
1'690
3'023
6'132
2'680
2'710

16966
1'977
3'599
6'167
2'680
2'543

15480
1'297
2'118
6'739
2'727
2'599

Total Long-Term Assets

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

9'275
374
8'372
3'703
4'669
4'232

12'357
333
10'193
4'668
5'525
6'499

11'983
306
9'481
4'949
4'532
7'145

11'481
237
10'237
5'608
4'629
6'615

11'444
283
10'716
6'101
4'615
6'546

15'085
1'087
11'717
6'678
5'039
8'959

17'601
1'223
12'929
7'365
5'564
10'814

18'670
1'309
14'133
8'013
6'120
11'241

17'700
399
14'298
8'371
5'927
11'374

18'620
659
15'197
9'038
6'159
11'802

19'442
770
16'256
9'714
6'542
12'130

12'139
5'236
362
6'541

11'877
5'241
1'006
5'630

12'999
5'345
1'420
6'234

12'988
5'207
539
7'242

12'962
5'805
892
6'265

14'810
6'744
1'114
6'952

16'579
7'442
604
8'533

17'927
7'577
1'730
8'620

15'959
6'479
984
8'496

16'247
6'347
1'288
8'612

16'369
6'826
455
9'088

4'891
2'960
1'931

5'983
4'101
1'882

5'878
3'982
1'896

5'982
4'648
1'334

6'075
4'721
1'354

8'360
6'844
1'516

8'644
7'067
1'577

8'796
7'025
1'771

8'250
6'434
1'816

8'732
6'750
1'982

8'875
6'807
2'068

17'030
0
741
4'860
-120

17'860
0
1'024
5'103
796

18'877
0
894
4'750
548

18'970
0
980
2'252
1'746

19'037
0
931
2'234
2'396

23'170
0
1'156
2'882
2'557

25'223
0
1'214
3'292
3'699

26'723
0
1'211
3'011
4'543

24'209
0
1'190
3'229
5'307

24'979
0
1'290
366
8'951

25'244
0
1'317
315
8'046

5'481

6'923

6'192

4'978

5'561

6'595

8'205

8'765

9'726

10'607

9'678

22'511

24'783

25'069

23'948

24'598

29'765

33'428

35'488

33'935

35'586

34'922

13.79

17.13

15.90

12.03
-4.70

13.77
-3.11

16.32
-1.09

20.17
2.29

22.16
3.82

24.24
6.79

25.81
7.74

26.55
4.99

12/12E

12/13E

12/14E

26.95

27.75

28.94

Balance Sheet

Total Current Liabilities

+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities
Total Long Term Liabilities
+ Long Term Borrowings
+ Other Long Term Borrowings
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:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

344
882
-91
326

666
1'268
-221
438

450
1'255
368
239

909
1'071
410
35

832
1'073
811
-511

1'254
1'208
489
-23

1'376
1'253
655
74

1'501
1'342
-260
-183

1'319
1'376
-99
459

1'071
1'392
-50
-52

1'070
1'411
168
-56

593

775

902

Cash From Operating Activities

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

1'461
163
-1'288
-663
266
-61

2'151
101
-1'946
-1'672
650
67

2'312
203
-1'133
-1'117
474
-80

2'425
174
-1'221
-338
1'160
-912

2'205
142
-1'371
-333
83
938

2'928
96
-1'700
-41
47
-2'530

3'358
108
-1'787
-25
44
-1'959

2'400
103
-1'833

3'055
95
-1'365

2'361
84
-1'507

-2'171

-1'707

-1'691

-409

741

219
-537

2'593
170
-2'056
-63
2
70

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

-1'583
-229
0
0
0
245
0
4

-2'800
-229
0
644
0
0
-82
-14

-1'653
-213
0
558
0
0
-248
-19

-1'137
-164

-541
-249

-4'128
-302

-3'619
-400

-2'139
-510

-529
-545

-1'741
-566

-1'877
-570

2'328

22

967

-432

-27

-53
-198

-59
-1'737

-181
-153

-245

20

319

78

-847

-2'072

1'692

-102

-330

737

441

-408

Free Cash Flow (CFO-CAPEX)

173

205

1'179

1'204

136

643

946

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

298
336
0.52

416
950
0.60

1'347
1'940
3.43

1'365
946
3.61

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital

Cash From Financing Activities

Net Changes in Cash

565
-1'071
225

78

-259
-120

-127

130

-1'377
-107

-158

78

-1'518

207

-2'822

492

-419

339

1'008

827

-2'106

834

1'228

1'571

567

1'690

854

537

979
949
2.51

1'462
3'652
3.66

1'844
1'701
4.64

886
1'637
1.65

2'008
714
4.90

1'139
1'503
2.42

789
-61
1.54

465

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

-768

Company Analysis - Financials IV/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

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

35.7x
17.4x
8.5x
0.6x
2.7x
1.5%

13.8x
13.2x
5.9x
0.4x
1.6x
2.0%

21.2x
10.8x
5.3x
0.4x
1.7x
2.7%

12.5x
9.1x
5.4x
0.5x
2.8x
2.2%

16.5x
9.8x
6.1x
0.6x
3.0x
2.2%

18.4x
11.1x
6.9x
0.6x
3.0x
2.5%

14.0x
11.7x
7.4x
0.7x
2.8x
2.6%

6.9x
7.5x
4.6x
0.3x
1.4x
5.3%

9.6x
9.0x
5.2x
0.4x
1.5x
4.4%

10.6x
8.7x
4.9x
0.4x
1.2x
5.0%

8.0x
7.1x
4.0x
0.3x
0.9x
6.6%

9.5x

8.2x

7.2x

4.8x
0.2x
0.8x
7.6%

4.8x
0.2x
0.7x
8.0%

4.6x
0.2x
0.7x
8.1%

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

8.4%
4.1%
1.7%
1.6%
7.4%

10.3%
4.6%
3.0%
2.8%
12.5%

11.2%
5.5%
2.1%
1.8%
8.0%

12.6%
7.5%
4.4%
3.7%
19.6%

11.7%
7.3%
3.5%
3.4%
19.3%

11.9%
7.3%
4.7%
4.6%
24.9%

11.5%
7.3%
4.6%
4.4%
22.1%

10.9%
6.8%
4.6%
4.4%
20.6%

10.3%
5.9%
4.2%
3.8%
16.4%

10.1%
5.6%
3.4%
3.1%
12.0%

9.9%
5.6%
3.3%
3.0%
12.1%

53.6%
8.6%
3.5%
2.0%

53.7%
8.7%
3.9%
2.4%

53.9%
9.0%
4.0%
2.7%

8.6%

9.5%

10.8%

Leverage & Coverage Ratios

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

1.09
0.71
4.36
0.38
0.61

1.05
0.65
3.48
0.42
0.74

1.01
0.66
4.43
0.47
0.87

0.96
0.60
6.65
0.51
1.04

1.01
0.67
7.80
0.50
1.01

0.99
0.68
5.69
0.55
1.21

0.95
0.62
5.68
0.48
0.93

0.94
0.61
5.08
0.50
1.00

1.02
0.68
4.36
0.43
0.76

1.04
0.72
4.47
0.43
0.76

0.95
0.62
5.07
0.43
0.75

0.94
3.26

0.94
3.61

0.88
3.69

0.85
3.96

0.99
4.82

0.97
4.53

0.94
4.50

0.94
4.63

0.90
4.74

0.90
5.08

0.93
5.07

34.4%

27.6%

37.8%

31.0%

35.4%

31.3%

28.4%

26.3%

25.2%

27.6%

29.9%

Ratio Analysis

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate

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

Company Analysis - Peers Comparision

BOUYGUES SA
Latest Fiscal Year:

12/2011
25.74
21.02.2012
17.54
16.11.2012
909'044

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

VINCI SA
12/2012
40.85
16.03.2012
31.23
01.06.2012
699'881

EIFFAGE

FOSTER WHEELER BALFOUR BEATTY

HOCHTIEF AG

BILFINGER SE

SKANSKA AB-B

HYUNDAI
ENG&CONS

FCC

12/2011
37.75
10.01.2013
20.53
26.07.2012
33'536

12/2011
27.13
28.01.2013
15.26
12.07.2012
145'824

12/2011
321.40
01.11.2012
234.60
13.11.2012
2'503'936

12/2011
55.68
28.02.2012
34.64
06.09.2012
166'336

12/2012
82.43
20.02.2013
58.82
05.06.2012
74'888

12/2012
122.50
20.02.2012
93.30
01.06.2012
1'020'779

ALARKO HLDG

12/2011
20.55
22.02.2012
7.10
24.07.2012
351'749

12/2012
87'500.00
13.03.2012
55'600.00
26.07.2012
539'009

FLUOR CORP

ATLANTIA SPA

12/2011
5.66
24.01.2013
3.39
23.02.2012
73'671

12/2011
66.67
28.01.2013
44.99
25.06.2012
218'875

12/2011
14.29
03.01.2013
9.03
27.06.2012
998'459

CHINA STATE -A
12/2011
4.18
18.02.2013
2.90
24.09.2012
118'384'134

Current Price (2/dd/yy)

20.28

35.39

32.57

25.90

281.30

54.73

81.93

116.00

8.60

68'900.00

5.18

65.63

13.67

3.99

52-Week High % Change

-21.2%
15.6%
314.9

-13.4%
13.3%
536.2

-13.7%
58.7%
85.6

-4.6%
69.7%
108.3

-12.5%
19.9%
687.0

-1.7%
58.0%
73.6

-0.6%
39.3%
46.0

-5.3%
24.3%
411.8

-58.2%
21.1%
114.6

-21.3%
23.9%
111.4

-8.5%
52.8%
223.5

-1.6%
45.9%
169.0

-4.3%
51.4%
648.5

-4.5%
37.6%
30'000.0

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

6'575.4

20'432.3

2'838.9

7'262.0
1'317.0
3'415.0

20'193.8
735.4
6'516.1

16'112.0
(1.0)
2'402.0

13'667.4

34'845.4

16'945.9

2'745.8

1'936.7

4'214.2

3'770.8

48'997.6

1'094.4

7'672'412.0

1'157.6

10'928.0

9'047.2

119'700.0

149.1
47.9
719.3

587.0
4.0
595.0

3'794.4
1'512.0
2'657.7

1'181.0
8.0
1'087.0

11'103.0
166.0
5'770.0

9'112.7
2'698.3

1'354'810.8
494.0
1'314'050.1

263.3
106.3
611.6

533.0
64.4
2'761.4

10'759.6
450.5
619.9

133'022.5
29'331.8
94'380.3

2'224.8

3'872.8
Valuation

23'206.6

228'382.9

2'258.7

8'142.1

32'706.0
33'584.0
33'291.0
33'101.9
0.4x
0.4x
0.4x
0.4x
3'230.0
2'854.0
2'856.6
2'875.7
4.0x
4.6x
4.5x
4.5x
3.06
2.58
2.13
2.47
7.9x
7.9x
9.5x
8.2x
4.7%
2.7%
2.5%
0.6%
8.5%
8.6%
8.7%

38'633.6
38'633.6
38'887.8
39'821.3
0.9x
0.9x
0.9x
0.8x
5'507.8
5'453.4
5'533.1
5'706.6
6.1x
6.2x
6.1x
5.7x
3.52
3.58
3.51
3.68
9.9x
10.0x
10.1x
9.6x
2.6%
4.3%
1.1%
3.7%
14.1%
14.2%
14.3%

13'802.0
13'833.0
14'010.3
14'211.6
1.2x
1.2x
1.1x
1.1x
1'939.0
1'983.0
2'028.1
2'103.5
8.4x
8.2x
7.9x
7.5x
2.49
2.49
2.59
3.10
13.1x
13.7x
12.6x
10.5x
1.8%
2.8%
4.7%
4.2%
14.3%
14.5%
14.8%

4'480.7
3'808.1
3'673.3
4'189.8
0.5x
0.5x
0.6x
0.5x
280.9
309.5
299.9
346.2
7.2x
6.5x
7.4x
6.0x
1.40
1.64
1.71
2.02
15.8x
15.8x
15.2x
12.8x
10.2%
(5.3%)
(19.6%)
(3.3%)
8.1%
8.2%
8.3%

9'494.0
9'807.0
10'141.9
9'650.3
0.2x
0.2x
0.2x
0.2x
326.0
373.0
350.1
343.7
7.3x
6.4x
5.8x
6.2x
0.27
0.29
0.35
0.32
9.8x
12.6x
8.2x
8.9x
2.8%
11.6%
0.3%
21.1%
3.8%
3.5%
3.6%

23'282.2
26'040.3
25'593.8
26'701.8
0.3x
0.3x
0.3x
0.3x
1'674.2
1'625.6
1'468.5
1'662.6
4.0x
4.1x
5.0x
4.3x
-1.70
-0.15
2.53
3.80
21.6x
14.4x
15.5%
8.7%
13.1%
28.2%
6.2%
5.7%
6.2%

86.9%
42.9%
2.954x
2.037x
8.997x

151.4%
58.9%
3.703x
2.508x
7.578x

686.2%
87.3%
7.969x
7.130x
2.911x

21.5%
16.8%
0.459x
-1.833x
21.817x

46.6%
31.7%
2.424x
0.853x
6.037x

146.0%
48.0%
2.759x
1.444x
6.036x

BBB+
30.11.2011
(P)A3
26.01.2012

BBB+
29.03.2007
Baa1
23.07.2002

BBB09.08.2010
-

8'509.0
8'509.0
8'776.6
9'196.7
0.4x
0.4x
0.4x
0.4x
441.0
441.0
580.0
622.8
7.8x
7.8x
6.4x
5.8x
6.23
6.23
5.76
6.42
13.2x
13.2x
14.2x
12.8x
3.7%
0.7%
(13.2%)
6.3%
5.2%
6.6%
6.8%

54'496.6

9'588.5

8'263'210.2

969.9

8'728.2

129'350.0
129'350.0
129'846.1
133'178.8
0.4x
0.4x
0.4x
0.4x
4'462.0
4'462.0
6'146.7
6'548.7
11.0x
11.0x
8.3x
7.8x
6.93
8.33
9.02
16.7x
13.9x
12.9x
8.9%
(1.1%)
(8.3%)
(6.6%)
3.4%
4.7%
4.9%

11'754.8
11'541.2
11'193.7
11'120.6
0.8x
0.8x
0.7x
0.7x
1'143.0
1'031.6
1'117.9
8.4x
7.3x
6.7x
1.63
-0.30
0.72
0.96
11.9x
8.9x
(1.3%)
(4.2%)
(11.5%)
(3.4%)
9.2%
10.1%

10'433'442.0
10'433'442.0
12'580'089.0
14'137'208.7
0.8x
0.8x
0.6x
0.5x
513'619.8
513'619.8
932'080.5
1'091'510.0
15.3x
15.3x
7.9x
6.4x
4'037.94
4'519.00
5'294.18
6'912.81
15.2x
17.1x
13.0x
10.0x
3.3%
13.7%
4.4%
5.1%
7.4%
7.7%

1'322.7
1'570.2
1'606.8
2'017.9
0.5x
0.5x
0.6x
0.5x
141.3
122.7
137.1
178.2
5.1x
5.9x
7.6x
6.1x
0.37
0.48
0.62
13.8x
10.8x
8.3x
10.6%
23.1%
854.5%
59.3%
8.3%
8.5%
8.8%

23'381.4
26'806.5
27'748.4
29'332.1
0.3x
0.3x
0.3x
0.3x
1'187.4
1'248.0
1'248.5
1'347.5
6.0x
5.7x
7.3x
6.4x
3.40
3.47
3.69
4.16
18.9x
18.9x
17.8x
15.8x
12.1%
12.6%
60.6%
18.7%
4.7%
4.5%
4.6%

4'306.6
3'891.1
4'075.1
4'267.5
5.1x
5.7x
4.9x
4.8x
2'345.2
2'291.8
2'448.1
2'586.7
9.4x
9.7x
8.2x
7.9x
1.10
1.14
1.06
1.02
12.0x
11.8x
12.8x
13.5x
10.4%
5.1%
2.6%
3.8%
58.9%
60.1%
60.6%

463'876.8
463'876.8
576'124.5
671'681.0
0.3x
0.3x
28'914.4
28'914.4
5.4x
5.4x
0.43
0.45
0.52
0.61
8.9x
9.2x
7.7x
6.5x
30.5%
29.4%
38.9%
40.4%
6.2%
-

57.9%
36.5%
2.488x
1.195x
9.637x

312.6%
75.8%
-

31.4%
23.9%
2.638x
0.079x
11.405x

28.1%
20.1%
1.940x
-2.372x
48.379x

15.7%
13.3%
0.440x
-1.836x
76.110x

306.5%
73.1%
6.282x
5.451x
4.195x

149.3%
52.9%
4.601x
1.336x
5.620x

A22.01.2004
A3
29.11.2000

BBB+
23.02.2012
Baa1
16.07.2012

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

58.2%
36.7%
2.678x
0.213x
12.971x

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

BBB+
23.10.2012
-

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