20.02.

2013

Company Analysis - Overview

Ticker:

France Telecom SA

FTE FP

EN Paris: FTE, Currency: EUR

Currency:
Sector: Telecommunication Services

Industry: Diversified Telecommunication

Telephone
33-1-44-44-22-22
Revenue (M)
Website
www.francetelecom.fr
No of Employees
Address
6 Place D'Alleray Paris Cedex 15 France
Share Price Performance in EUR
Price
7.56
1M Return
52 Week High
10.98
6M Return
52 Week Low
7.43
52 Wk Return
52 Wk Beta
0.93
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

IG10
AA3
BBB+

Date
Date
Date

Year:
43'515
170'338
-16.0%
-30.6%
-24.8%
-9.3%

10.02.2005
23.06.2005
30.10.2012

France Telecom SA provides telecommunications services to residential, professional,

and large business customers. The Company offers public fixed-line telephone, leased
lines and data transmission, mobile telecommunications, cable television, Internet and
wireless applications, and broadcasting services, and telecommunications equipment
sales and rentals.

Benchmark:
CAC 40 INDEX (CAC)

Outlook
Outlook
Outlook

NEG
NEG
STABLE

Business Segments in EUR

Personal Communication Services
Home Communication Services
Entreprise Communication Services
International Carrier & Shared Services
Elimination and Other Adjustments

Sales (M)
24197
16514
7101
1610
-2381

Sales (M)
22534
9053
7101
3993
3625
1610
-2381

3% 5%

3% 5%

7%

14%
8%

Valuation Ratios
12/09
16.4x
9.9x
5.6x
1.0x
1.7x
8.0%

12/10
10.8x
8.5x
4.9x
0.9x
1.4x
9.0%

12/11
8.3x
7.8x
4.3x
0.7x
1.2x
11.5%

12/12
26.9x
9.1x
0.5x
0.9x
9.4%

12/13E
6.8x
4.1x
0.5x
0.7x
10.4%

12/14E
6.9x
4.2x
0.5x
0.7x
10.3%

12/15E
6.9x
4.3x
0.5x
0.6x
10.2%

12/09
Gross Margin
EBITDA Margin
32.3
Operating Margin
18.4
Profit Margin
6.7
Return on Assets
3.3
Return on Equity
11.2
Leverage and Coverage Ratios
12/09
Current Ratio
0.9
Quick Ratio
0.4
EBIT/Interest
3.7
Tot Debt/Capital
0.6
Tot Debt/Equity
1.2
Eff Tax Rate %
41.2

12/10
33.6
19.4
10.7
5.3
17.4

12/11
33.2
18.3
8.6
4.1
13.7

12/12
13.9
1.9
0.9
3.2

12/13E
53.4
30.7
15.7
7.1
5.3
10.8

12/14E
53.4
30.4
15.4
7.0
5.1
10.1

12/15E
30.1
15.0
7.3
9.3

12/10
0.6
0.5
4.2
0.5
1.1
31.6

12/11
0.8
0.5
4.0
0.6
1.3
35.3

12/12
0.6
0.5
3.4
0.6
1.5
52.7

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

Geographic Segments in EUR

France
Rest of the World
Wordwide Enterprise Service
Spain
Poland
International Carrier and Shared Services
Adjustments/ Eliminations

45%

46%
14%
32%
18%
Personal Communication Services

France

Home Communication Services

Rest of the World

Entreprise Communication Services

Wordwide Enterprise Service

International Carrier & Shared Services

Spain
Poland

Elimination and Other Adjustments

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 |

International Carrier and Shared

2633.4
20025.6
#N/A N/A
#N/A N/A
0.0
0.0
0.0

Company Analysis - Analysts Ratings

France Telecom SA
Buy and Sell Recommendations vs Price and Target Price

18

100%
27%

23%

26%

28%

26%

16
14

80%

12
42%
38%

49%

46%

44%

44%

40%

aot.12

Buy

Hold

Sell

sept.12

janv.13

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

29%
29%
29%
28%
35%
39%
41%
41%
42%
42%
37%
43%

44%
49%
46%
44%
38%
42%
38%
35%
34%
34%
37%
35%

26%
23%
26%
28%
27%
19%
22%
24%
24%
24%
26%
23%

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

7.56
7.72
7.60
7.56
7.67
7.74
7.83
7.88
7.89
7.89
7.85
8.03
8.03
8.37
8.36
8.55
8.60
8.51
8.45
8.50
8.47
8.71
9.12
9.01
8.92
8.68
8.79
8.87
8.73
8.76

9.51
9.48
9.27
9.33
9.25
9.29
9.29
9.29
9.29
9.29
9.41
9.56
9.56
9.65
9.78
9.62
9.83
9.83
10.14
10.13
10.18
10.23
10.23
10.22
10.22
10.22
10.22
10.22
10.22
10.22

Broker

Analyst

Societe Generale
STEPHANE SCHLATTER
Jefferies
JEREMY A DELLIS
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Independent Research GmbH
MARKUS FRIEBEL
Oddo & Cie
VINCENT MAULAY
Nomura
FREDERIC BOULAN
Grupo Santander
CARLOS JAVIER TREVINO
Berenberg Bank
STUART GORDON
Banco Sabadell
ANDRES BOLUMBURU
AlphaValue
JEAN-MICHEL SALVADOR
Macquarie
GUY R PEDDY
S&P Capital IQ
ALEXANDER WISCH
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Kepler Capital Markets
JAVIER BORRACHERO
Goldman Sachs
ANDREW LEE
JPMorgan
HANNES C WITTIG
HSBC
NICOLAS COTE-COLISSON
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
Credit Suisse
JAKOB BLUESTONE
Barclays
JONATHAN DANN
Exane BNP Paribas
ANTOINE PRADAYROL
EVA Dimensions
ANDREW S ZAMFOTIS
Morgan Stanley
NICK DELFAS
Hamburger Sparkasse
TINA HECKING-VELTMAN
CM - CIC Securities(ESN)
JEAN-MICHEL KOSTER
Day by Day
VALERIE GASTALDY
Deutsche Bank
MATTHEW BLOXHAM
Espirito Santo Investment Bank Research WILL DRAPER
Natixis
BENOIT MAYNARD
CA Cheuvreux
PETER KURT NIELSEN

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

Recommendation
hold
buy
underperform
buy
neutral
neutral
hold
hold
sell
buy
outperform
sell
sell
hold
Sell/Neutral
underweight
overweight
buy
neutral
underweight
neutral
hold
Underwt/In-Line
hold
hold
hold
hold
buy
buy
underperform

Natixis

dc.12

Fincorp SAOG

juil.12

Raymond

juin.12

National Bank

mai.12

CA Cheuvreux

avr.12

Espirito Santo

nov.12

0
mars.12

0
Deutsche Bank

oct.12

CM - CIC

29%

Day by Day

29%

Hamburger

29%

EVA

28%

Morgan Stanley

35%

0%
fvr.12

4
Barclays

39%

Exane BNP

41%

Credit Suisse

41%

HSBC

42%

Landesbank

42%

JPMorgan

37%

Goldman Sachs

43%

10

Ahorro

20%

15

10

Kepler Capital

38%

Macquarie

35%

S&P Capital IQ

34%

AlphaValue

37%

34%

Banco Sabadell

35%

Grupo

60%

20

Berenberg Bank

19%

Nomura

22%

Oddo & Cie

24%

Sanford C.

24%

Independent

24%

Societe

26%

Brokers' Target Price

25

Jefferies

23%

Price

Broker Recommendation

Target price in EUR

Target

Date

9.00
11.50
7.25
10.00
11.00
8.30
14.00
8.00
11.00
19.60
12.00
7.00
7.00
9.00
7.80
7.50
11.00
11.00
9.00
8.80
9.50

20-Feb-13
20-Feb-13
20-Feb-13
20-Feb-13
20-Feb-13
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
7-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
31-Jan-13
25-Jan-13
24-Jan-13
24-Jan-13
21-Jan-13
15-Jan-13
14-Jan-13
13-Dec-12
26-Nov-12
6-Nov-12
26-Oct-12
26-Oct-12
26-Oct-12
26-Sep-12

8.90
8.60
10.25
13.00
13.60
11.50

20.02.2013

France Telecom 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

France
United States
Luxembourg
Germany
Ireland
Britain
Canada
Others

37%

36.87%
63.13%
0.00%

Geographic Ownership

Geographic Ownership Distribution

0%

2633.4
86.0%

63%

74.73%
14.10%
2.44%
2.08%
1.61%
1.48%
0.86%
2.69%

2%
2%

2% 1% 1% 3%

14%

75%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
FRENCH STATE
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
BLACKROCK
AMUNDI
FRANCE TELECOM SA
DNCA FINANCE
LBPAM
AVIVA PLC
MERCURY ASSET MANAGE
BNP ASSET MANAGEMENT
TEMPLETON INVESTMENT
DIMENSIONAL FUND ADV
CAPITAL GROUP COMPAN
AMUNDI
STATE STREET
MORGAN STANLEY

Institutional Ownership Distribution

Investment Advisor
Government
Bank
Mutual Fund Manager
Others

RICHARD STEPHANE
PELLISSIER GERVAIS GILLES
FILIPPI CHARLES-HENRI
DUFAU BERNARD
MAOUCHE MARC

France

United States

Luxembourg

Germany

Ireland

Britain

Canada

Others

TOP 20 ALL

Position
356'194'433
132'135'951
129'217'007
39'956'515
38'053'493
30'658'099
27'549'306
21'101'112
15'456'045
13'910'873
7'761'976
7'460'542
5'987'536
5'931'576
5'174'475
4'642'622
4'580'800
3'776'349
3'631'219
3'542'207

Position Change
0
-27'339'807
-3'894'321
618'498
4'937'505
1'937'969
47'132
-23'738'395
0
-368'000
-527'072
-2'123
0
34'665
-26'670
0
-9'177'060
264'343
0
1'153'077

Market Value
2'692'829'913
998'947'790
976'880'573
302'071'253
287'684'407
231'775'228
208'272'753
159'524'407
116'847'700
105'166'200
58'680'539
56'401'698
45'265'772
44'842'715
39'119'031
35'098'222
34'630'848
28'549'198
27'452'016
26'779'085

% of Ownership
13.45%
4.99%
4.88%
1.51%
1.44%
1.16%
1.04%
0.80%
0.58%
0.53%
0.29%
0.28%
0.23%
0.22%
0.20%
0.18%
0.17%
0.14%
0.14%
0.13%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

31.12.2011
16.05.2012
11.06.2012
31.12.2012
31.12.2012
31.12.2012
15.02.2013
30.11.2012
31.12.2011
28.09.2012
31.12.2012
31.01.2013
15.02.2013
30.09.2012
30.11.2012
31.07.2012
31.12.2012
28.09.2012
19.02.2013
31.12.2012

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

Top 5 Insiders:
Holder Name

37.91%
35.90%
13.32%
11.20%
1.68%

57'959
20'584
10'001
6'692
2'377

438'170
155'615
75'608
50'592
17'970

0.00%
0.00%
0.00%
0.00%
0.00%

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
FRANCE
FRANCE
FRANCE
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
FRANCE
FRANCE
FRANCE
FRANCE
BRITAIN
IRELAND
FRANCE
BRITAIN
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
UNITED STATES

Institutional Ownership
2%

11%

38%
13%

36%

Investment Advisor

Government

Mutual Fund Manager

Others

Bank

Company Analysis - Financials I/IV

France Telecom SA
Financial information is in EUR (M)
Periodicity:

Fiscal Year

Equivalent Estimates
12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Revenue
- Cost of Goods Sold

46'630
18'558

46'121
17'223

46'158

49'038

51'702

52'959

46'712

44'845

45'503

45'277

43'515

42'096

41'467

40'800

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

28'072
23'764
576

28'898
22'285
478

22'479

22'143

36'904

38'216

41'266

41'823

36'116

36'599

36'673

36'993

37'470

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

4'308
4'041
-136
18'810

6'613
3'965
25
1'486

9'254
3'746
-144
-35

10'822
2'882
147
-135

10'436
2'625
-26
4'100

11'136
2'425
4
558

10'596
3'018
51
657

8'246
2'232
42
528

8'830
2'117
-56
1'207

8'284
2'066
21
282

6'045
1'769
28
1'913

6'618

6'403

6'132

Pretax Income
- Income Tax Expense

-18'407
2'499

1'137
-2'591

5'687
2'477

7'928
1'568

3'737
2'180

8'149
1'330

6'870
2'856

5'444
2'242

5'562
1'755

5'915
2'087

2'335
1'231

4'812

4'653

4'643

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

-20'906

3'728

-170

522

3'210
0
193

6'360
0
651

1'557
-3'211
629

6'819
0
519

4'014
-404
345

3'202
-200
384

3'807
-1'070
-3

3'828
0
-67

1'104
0
284

1.22

2.20

0.36

2.36

1.39

1.06

1.43

1.46

0.31
2'991
1.11
0.79
0.71

2'899
1.10
0.78
0.71

2'992
1.09
0.77
0.71

12'943

12'588

12'293

Income Statement

Diluted EPS Before XO Items

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

-20'736
(16.49)
0.00

3'206
1.63
0.00
0.0

2'784
1.14
0.48
39.3

5'709
2.28
1.00
45.6

4'706
1.81
1.20
280.4

5'557
2.14
1.30
53.9

4'808
1.85
1.40
99.8

4'544
1.71
1.40
131.6

4'499
1.70
1.40
97.3

4'074
1.54
1.40
95.2

3'387
1.28
0.78
252.2

1'265
1'343

2'411
2'195

2'477
2'483

2'603
2'686

2'607
2'652

2'614
2'764

2'605
2'659

2'647
2'649

2'649
2'710

2'633
2'712

2'633
2'645

14'570

16'965

17'244

17'856

18'260

19'247

17'300

14'480

15'291

15'019

*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:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

Total Current Assets

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

13847
2'819
45
5'474
696
4'813

14458
3'350
1'874
3'819
516
4'899

14231
3'153
240
6'589
644
3'605

15079
4'097
39
7'121
854
2'968

14784
3'970
505
6'756
844
2'709

16974
4'025
534
6'556
1'068
4'791

15456
4'694
720
6'117
958
2'967

21716
3'805
91
5'451
617
11'752

15130
4'428
758
5'596
708
3'640

20552
8'044
948
4'905
631
6'024

16127
8'321
141
4'635
586
2'444

Total Long-Term Assets

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

92'740
1'418
86'389
50'121
36'268
55'054

85'375
1'045
82'582
51'947
30'635
53'695

84'462
4'900

88'387
987
83'261
55'039
28'222
59'178

84'209
240
86'222
58'373
27'849
56'120

78'196
1'861

69'194
2'973

25'826
50'509

23'547
42'674

79'146
1'106
85'596
60'840
24'756
53'284

75'531
1'197
85'468
61'834
23'634
50'700

73'853
1'301

26'502
53'060

94'271
1'769
81'309
52'739
28'570
63'932

Total Current Liabilities

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

44'882
8'503
23'985
12'394

31'812
7'368
10'627
13'817

31'023
7'757
12'652
10'614

30'001
9'518
10'589
9'894

27'487
9'015
8'057
10'415

28'280
9'580
8'694
10'006

26'338
9'279
8'152
8'907

25'273
7'531
6'230
11'512

23'591
8'274
4'525
10'792

27'212
8'151
5'440
13'621

24'917
7'697
7'331
9'889

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

61'876
46'898
14'978

50'029
38'764
11'265

49'987
42'793
7'194

50'911
42'636
8'275

44'046
30'829
13'217

38'578
32'686
5'892

36'771
31'326
5'445

36'060
30'502
5'558

39'136
31'617
7'519

39'279
33'933
5'346

38'679
31'883
6'796

106'758
0
9'780
29'511
-39'462

81'841
0
5'966
24'942
-12'916

81'010
0
3'232
22'544
-8'093

80'912
0
3'578
25'543
-683

71'533
0
4'844
25'606
1'188

66'858
0
4'470
25'774
4'081

63'109
0
3'511
25'785
1'247

61'333
0
2'713
26'328
536

62'727
0
2'448
26'330
2'771

66'491
0
2'019
26'327
1'246

63'596
0
2'078
27'386
-3'080

-171

17'992

17'683

28'438

31'638

34'325

30'543

29'577

31'549

29'592

26'384

106'587

99'833

98'693

109'350

103'171

101'183

93'652

90'910

94'276

96'083

89'980

-7.86
-44.28

4.99
-12.59

5.84
-11.62

9.55
-10.65

10.28
-8.99

11.42
-6.96

10.38
-6.48

10.15
-4.11

10.99
-4.24

10.47
-4.22

9.23
-5.04

12/13E

12/14E

12/15E

10.70

11.00

11.93

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 |

23'662
48'890

Company Analysis - Financials III/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

-20'736
10'262
19'052
3'261

3'206
10'352
-3'478
1'242

3'017
7'990
937
753

5'709
7'034
-650
1'281

4'139
7'824
1'721
179

6'300
8'111
-376
609

4'073
6'704
3'797
169

3'018
6'234
3'980
771

4'880
6'461
1'893
-646

3'895
6'735
1'880
369

820

2'965

2'898

2'973

11'839
366
-7'943
-673
146
-3'410

11'322
178
-5'102
-2'041
352
2'876

12'697
199
-5'141

13'374
215
-6'142

14'743
232
-6'885
-171
56
-399

14'003
92
-5'877
-88
619
-143

12'588
64
-6'102
-668
1'670
-912

12'879
74
-6'711
-67
963
-567

-5'794

-5'595

-5'530

-5'750

14'644
113
-7'064
-757
67
760

10'016

-649

13'863
105
-7'039
-539
112
2'670

-11'514
-395
-1'077
4'394
-3'380
0
0
9

-3'737
0
-9'079
7'398
-18'100
14'894
0
-2'167

-5'591
-105
388
7'983
-15'009

-11'677
-1'184
359
4'132
-6'815
2'997

-4'691
-2'602
-1'117
1'513
-5'934
54

-6'881
-3'117
-906
3'946
-6'447
140

-242

-1'213

-1'324

-5'397
-3'141
-1'253
5'059
-7'211
2
-8
-3'002

-5'948
-3'706
238
4'353
-6'988
12
0
-29

-6'308
-3'703
-570
4'331
-1'717
1
-275
-1'005

-4'710
-3'632
1'001
2'771
-3'139

-580

-7'167
-4'949
966
5'358
-7'036
11
-33
-1'023

Cash From Financing Activities

-449

-7'054

-7'323

-753

-9'299

-7'708

-6'706

-9'554

-6'120

-2'938

-5'072

Net Changes in Cash

-124

531

-217

944

-127

55

870

-948

520

3'633

234

Free Cash Flow (CFO-CAPEX)

3'896

6'220

7'556

7'232

6'824

7'580

7'858

8'126

6'486

6'168

3'172

3'612

3'499

2'016

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

4'199
3.10

-13'383
3.17

9'670
1'117
3.08

9'544
5'123
2.89

7'918
1'391
2.62

9'609
4'286
2.91

9'621
7'378
3.01

9'439
4'813
3.07

7'935
4'153
2.45

7'505
8'286
2.33

4'008
3'805
1.20

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

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

284
8'912

-6'844
842
1'292

-94
-1'979

Company Analysis - Financials IV/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

19.8x
12.5x
6.7x
1.3x
4.2x
2.0%

9.2x
9.9x
6.0x
1.1x
2.2x
4.8%

58.7x
9.0x
5.1x
1.1x
2.0x
5.7%

10.2x
9.5x
5.5x
1.2x
2.2x
5.3%

14.2x
8.5x
5.2x
1.1x
1.9x
7.0%

16.4x
9.9x
5.6x
1.0x
1.7x
8.0%

10.8x
8.5x
4.9x
0.9x
1.4x
9.0%

8.3x
7.8x
4.3x
0.7x
1.2x
11.5%

26.9x
9.1x

6.8x

6.9x

6.9x

0.0%

13.8x
15.8x
6.2x
1.0x
4.5x
0.0%

0.5x
0.9x
9.4%

4.1x
0.5x
0.7x
10.4%

4.2x
0.5x
0.7x
10.3%

4.3x
0.5x
0.6x
10.2%

60.2%
31.2%
9.2%
-44.5%
-17.7%

62.7%
36.8%
14.3%
7.0%
3.1%

37.4%
20.0%
6.5%
3.0%
22.8%

36.4%
22.1%
11.6%
5.5%
29.0%

35.3%
20.2%
8.0%
3.9%
16.0%

36.3%
21.0%
11.9%
6.2%
22.2%

37.0%
22.7%
8.7%
4.2%
14.3%

32.3%
18.4%
6.7%
3.3%
11.2%

33.6%
19.4%
10.7%
5.3%
17.4%

33.2%
18.3%
8.6%
4.1%
13.7%

13.9%
1.9%
0.9%
3.2%

53.4%
30.7%
15.7%
7.1%
5.3%
10.8%

53.4%
30.4%
15.4%
7.0%
5.1%
10.1%

Ratio Analysis
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate

22.3x
6.6x
0.4x

0.31
0.19
1.07
1.00

0.45
0.28
1.67
0.73
2.75

0.46
0.32
2.47
0.76
3.14

0.50
0.38
3.76
0.65
1.87

0.54
0.41
3.98
0.55
1.23

0.60
0.39
4.59
0.55
1.21

0.59
0.44
3.51
0.56
1.29

0.86
0.37
3.69
0.55
1.24

0.64
0.46
4.17
0.53
1.15

0.76
0.51
4.01
0.57
1.33

0.65
0.53
3.42
0.60
1.49

0.40
7.14
2.14
23.26

0.45
9.93
2.15
28.42

0.47
8.87

0.47
7.15

0.49
7.45

0.52
7.96

0.48
7.37

0.49
7.75

0.49
8.24

0.48
8.62

0.47
9.12

43.6%

19.8%

58.3%

16.3%

41.6%

41.2%

31.6%

35.3%

52.7%

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

30.1%
15.0%
7.3%
9.3%

Company Analysis - Peers Comparision

FRANCE TELECOM
Latest Fiscal Year:
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

Current Price (2/dd/yy)

52-Week High % Change
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

VODAFONE
GROUP

DEUTSCHE
TELEKOM

12/2012
11.79
23.02.2012
7.43
18.02.2013
18'145'987

03/2012
191.75
14.08.2012
154.20
31.12.2012
81'854'030

12/2011
10.06
20.09.2012
7.69
05.06.2012
15'921'323

7.56

162.15

8.11

-35.9%
1.7%
2'633.4

-15.4%
5.2%
49'645.9

-19.4%
5.5%
4'321.3

TELEFONICA
12/2011
12.98
21.02.2012
7.90
26.07.2012
17'031'541

KPN (KONIN) NV

BT GROUP PLC

12/2012
8.59
27.03.2012
2.87
20.02.2013
52'522'059

03/2012
282.80
20.02.2013
197.40
15.06.2012
8'585'055

9.68

2.92

281.40

-25.4%
22.5%
4'479.8

-66.1%
1.5%
1'431.5

-0.5%
42.6%
8'151.2

TELECOM ITALIA S

BELGACOM SA

12/2012
0.93
27.03.2012
0.60
26.07.2012
84'408'309

CABLE & WIRELESS

12/2011
23.99
28.03.2012
20.36
05.06.2012
543'094

03/2012
43.14
18.02.2013
27.07
01.06.2012
3'429'230

0.61

20.88

-34.8%
0.7%
19'280.7

-13.0%
2.6%
317.6

VIVENDI

TELE2 AB-B SHS

AT&T INC

MAROC TELECOM BRITISH SKY BROA

12/2011
17.44
28.12.2012
12.01
19.04.2012
3'671'553

12/2012
130.39
03.04.2012
101.60
05.02.2013
1'557'952

12/2012
38.58
21.09.2012
29.95
10.04.2012
6'352'344

12/2011
142.00
07.03.2012
92.50
18.10.2012
363'436

06/2012
841.00
11.02.2013
629.00
05.04.2012
2'367'838

12/2011
129.00
20.08.2012
92.00
11.12.2012
265'740

42.08

15.47

103.00

35.88

106.40

827.00

123.00

-2.5%
55.4%
2'665.6

-11.3%
28.7%
1'287.5

-21.0%
1.4%
440.5

-7.0%
19.8%
5'581.0

-25.1%
15.0%
879.1

-1.7%
31.5%
1'674.5

-4.7%
33.7%
891.6

20'025.6

79'354.3

35'058.9

44'053.9

4'172.9

22'164.6

11'353.6

7'058.0

1'063.8

20'475.1

46'174.9

203'798.4

93'535.7

13'381.8

39'214.0
2'078.0
8'462.0

34'620.0
1'267.0
8'461.0

48'318.0
4'647.0
6'122.0

66'311.0
5'747.0
6'760.0

13'896.0
51.0
1'286.0

10'486.0
11.0
844.0

41'951.0
3'904.0
8'183.0

1'972.0
225.0
356.0

1'707.0
493.0
312.0

15'710.0
2'623.0
3'782.0

17'512.0
3.0
1'732.0

69'844.0
333.0
4'868.0

7'601.0
4'304.0
617.0

2'414.0
1'174.0

52'855.6

108'299.3

80'496.9

108'792.9

16'833.9

30'689.6

48'143.6
Valuation

8'895.0

3'738.9

38'090.1

61'957.9

269'107.4

108'805.7

14'813.8

43'515.0
43'515.0
42'095.6
41'466.7
1.3x
1.3x
1.2x
1.2x
15'019.0
14'234.0
12'942.8
12'588.0
3.6x
4.3x
4.0x
4.0x
0.74
0.31
1.11
1.10
24.4x
7.9x
6.8x
6.9x
(3.9%)
(3.6%)
(3.8%)
31.9%
30.7%
30.4%

46'417.0
44'677.0
44'362.3
45'114.3
2.5x
2.6x
2.4x
2.3x
18'214.0
13'907.0
13'202.2
13'295.0
6.3x
8.3x
8.1x
8.0x
0.22
-0.03
0.15
0.16
11.1x
10.0x
1.2%
5.4%
24.2%
7.9%
31.1%
29.8%
29.5%

58'653.0
58'373.0
58'119.4
57'589.8
1.5x
1.5x
1.3x
1.3x
20'202.0
19'326.0
18'002.6
17'490.5
4.3x
4.5x
4.3x
4.4x
0.50
-1.72
0.64
0.66
12.7x
12.2x
(6.0%)
(1.3%)
14.0%
4.3%
33.1%
31.0%
30.4%

62'837.0
62'684.0
62'381.6
60'556.9
1.8x
1.8x
1.6x
1.6x
19'392.0
20'903.0
21'180.0
20'637.6
5.8x
5.4x
4.8x
4.8x
1.32
1.37
1.19
1.20
7.1x
8.2x
8.1x
3.5%
2.0%
(24.8%)
0.3%
33.3%
34.0%
34.1%

12'409.0
12'409.0
12'061.6
11'980.5
1.4x
1.4x
1.3x
1.3x
4'528.0
4'528.0
4'166.1
4'094.4
4.0x
4.0x
3.6x
3.7x
0.49
0.49
0.52
0.46
5.9x
4.1x
5.6x
6.3x
(4.7%)
(3.1%)
(11.9%)
(1.6%)
36.5%
34.5%
34.2%

19'307.0
18'107.0
18'130.0
17'795.2
1.4x
1.5x
1.7x
1.6x
6'190.0
5'881.0
6'096.3
6'064.9
4.3x
4.5x
4.9x
4.8x
0.24
0.27
0.25
0.25
10.3x
11.6x
11.1x
11.1x
(3.8%)
(3.2%)
5.2%
1.9%
32.5%
33.6%
34.1%

161.3%
59.8%
2.751x
2.231x
7.270x

45.0%
30.7%
2.554x
2.007x
9.428x

136.9%
54.7%
2.360x
2.113x
7.791x

306.5%
70.8%
3.317x
2.843x
7.260x

576.6%
85.0%
3.069x
2.785x
6.186x

808.5%
88.9%
1.825x
1.448x
8.945x

A10.02.2005
A3
23.06.2005

A30.05.2006
A3
03.08.2011

BBB+
19.05.2008
Baa1
22.12.2011

BBB
20.12.2012
Baa2
18.10.2012

BBB08.02.2013
Baa2
06.02.2013

BBB
19.07.2011
-

29'957.0
29'959.0
28'782.2
28'747.0
1.7x
1.7x
1.5x
1.4x
12'246.0
11'941.0
11'436.7
11'338.0
4.2x
4.3x
3.7x
3.5x
0.02
-0.07
0.12
0.12
7.3x
5.2x
5.1x
8.7%
(1.0%)
7.3%
(1.0%)
39.9%
39.7%
39.4%

6'361.0
6'392.0
6'426.9
6'372.9
1.6x
1.5x
1.4x
1.4x
1'912.0
1'806.0
1'794.2
1'754.8
5.2x
5.5x
5.0x
5.2x
2.38
2.24
2.24
2.09
9.3x
9.2x
9.3x
10.0x
(2.9%)
1.6%
(21.0%)
(2.3%)
28.3%
27.9%
27.5%

2'875.0
2'864.0
2'758.6
2'521.9
1.3x
1.3x
1.3x
1.3x
889.0
893.0
852.4
779.4
4.1x
4.1x
4.2x
4.1x
0.09
-0.03
0.06
0.05
8.4x
11.5x
13.1x
17.8%
(3.8%)
8.4%
(0.8%)
31.2%
30.9%
30.9%

28'813.0
28'534.0
28'528.1
28'744.4
1.3x
1.3x
1.3x
1.2x
8'847.0
9'389.0
7'946.3
7'834.0
4.3x
4.0x
4.6x
4.6x
2.41
1.17
2.01
1.93
13.3x
10.0x
7.7x
8.0x
(0.2%)
4.6%
10.3%
9.1%
32.9%
27.9%
27.3%

43'726.0
43'726.0
45'048.4
46'741.6
1.5x
1.5x
1.4x
1.3x
10'395.0
10'393.0
11'439.3
12'187.0
6.5x
6.5x
5.5x
5.1x
7.30
7.34
9.99
11.15
14.0x
14.1x
10.3x
9.2x
7.3%
6.1%
(3.1%)
9.3%
23.8%
25.4%
26.1%

127'434.0
127'434.0
128'995.4
131'400.7
2.0x
2.0x
2.2x
2.1x
31'140.0
31'140.0
42'567.9
44'151.8
8.1x
8.1x
6.5x
6.3x
2.31
2.33
2.52
2.70
15.4x
15.4x
14.2x
13.3x
0.6%
1.4%
2.1%
(5.8%)
24.4%
33.0%
33.6%

30'837.0
30'686.0
29'965.7
29'938.9
3.7x
3.7x
3.5x
3.5x
17'055.0
16'897.0
16'374.9
16'257.6
6.6x
6.7x
6.4x
6.4x
9.20
8.30
8.21
8.34
12.8x
12.8x
13.0x
12.8x
(2.5%)
3.2%
(9.0%)
5.9%
55.1%
54.6%
54.3%

6'791.0
6'960.0
7'148.3
7'475.4
2.0x
2.0x
2.1x
1.9x
1'587.0
1'629.0
1'662.5
1'707.7
8.7x
8.5x
8.8x
8.4x
0.53
0.57
0.57
0.59
14.5x
14.5x
14.6x
14.0x
3.4%
7.7%
12.9%
9.6%
23.4%
23.3%
22.8%

64.1%
37.4%
1.101x
0.885x
16.920x

80.4%
2.076x
1.778x
5.169x

80.8%
41.6%
1.967x
1.594x
16.724x

85.7%
46.2%
1.685x
1.518x
10.862x

75.6%
43.0%
2.243x
2.087x
9.042x

42.7%
25.6%
0.703x
0.662x
51.526x

255.7%
71.9%
1.737x
0.879x
14.297x

A
02.12.2011
A1
21.01.2010

BB
26.03.2010
B1
10.08.2006

BBB
26.10.2012
Baa2
13.09.2005

A06.12.2010
A3
29.01.2013

BBB+
30.11.2009
Baa1
09.04.2009

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

184.1%
61.1%
3.427x
2.762x
6.157x

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 *14.02.2013
Baa3
11.02.2013

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

COLT GROUP SA

1'098.8
(1.4)
343.7

968.2
1'554.3
1'586.0
1'576.2
1'613.3
0.7x
0.7x
0.6x
0.6x
328.8
333.4
325.7
341.5
3.3x
3.3x
3.0x
2.9x
0.07
0.09
0.07
0.08
16.1x
16.1x
21.7x
18.1x
(1.9%)
(0.4%)
4.0%
21.0%
20.7%
21.2%