04.03.

2013

Company Analysis - Overview

Ticker:

LinkedIn Corp

lnkd un

Currency:
Sector: Information Technology

Industry: Internet Software & Services

Year:

Telephone
1-650-687-3600
Revenue (M)
Website
www.linkedin.com
No of Employees
Address
2029 Stierlin Court Mountain View, CA 94043 United States
Share Price Performance in USD
Price
173.39
1M Return
52 Week High
173.78
6M Return
52 Week Low
84.10
52 Wk Return
52 Wk Beta
1.33
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

972
3'458

Business Segments in USD

Hiring Solutions
Marketing Solutions
Premium Subscriptions

Sales (M)
524
258
190

40.6%
61.5%
98.2%
51.0%

IG4
-

Date
Date
Date

12/09
-

12/10
-

12/11
572.8x
218.7x
82.0x
9.3x
10.2x
0.0%

12/12
604.3x
208.3x
86.6x
12.4x
13.9x
0.0%

12/13E
130.2x
53.4x
12.5x
18.7x
0.0%

12/14E
84.0x
34.6x
8.9x
15.3x
0.0%

12/15E
56.2x
23.4x
6.9x
12.8x
0.0%

12/09
Gross Margin
78.5
EBITDA Margin
7.1
Operating Margin
-2.8
Profit Margin
-3.3
Return on Assets
-2.9
Return on Equity
Leverage and Coverage Ratios
12/09
Current Ratio
2.5
Quick Ratio
2.3
EBIT/Interest
Tot Debt/Capital
0.0
Tot Debt/Equity
0.0
Eff Tax Rate %
-

12/10
81.6
16.1
8.1
6.3
8.0
-

12/11
84.4
13.2
4.9
2.3
2.1
3.7

12/12
87.1
14.1
5.8
2.2
1.9
2.8

12/13E
87.3
22.5
7.6
10.5
7.1
10.3

12/14E
87.4
24.7
12.0
11.8
10.3
15.7

12/15E
87.6
28.3
16.0
13.4
14.8
20.8

12/10
1.6
1.4
0.0
0.0
18.9

12/11
3.2
3.0
0.0
0.0
48.1

12/12
2.5
2.3
0.0
0.0
62.2

LinkedIn Corporation operates a social networking website used for professional

networking. The Company's website allows members to post a profile of their
professional expertise and accomplishments. LinkedIn allows members to be
introduced to potential clients, service providers, and subject experts.

Benchmark:
S&P 500 INDEX (SPX)

New York: LNKD, Currency: USD

Outlook
Outlook
Outlook

Geographic Segments in USD

United States
EMEA
APAC
Other Americas
All Other Countries

Sales (M)
619
217
69
66

7%

7%

20%

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

53%

22%
64%

27%

Hiring Solutions
United States

EMEA

APAC

Other Americas

Marketing Solutions

Premium Subscriptions

Current Capitalization in USD

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 |

109.7
18635.9
749.5
0.0
0.0
0.0
0.0
17886.3

Company Analysis - Analysts Ratings

LinkedIn Corp
Buy and Sell Recommendations vs Price and Target Price

38%

44%

4%

40%

0%

0%

0%

0%

0%

0%

0%

0%

0%

200

Brokers' Target Price

250

180
42%

39%

39%

40%

35%

39%

39%

41%

160
48%

140
120

60%

100

200
150
100

80
60%

65%

61%

61%

59%

52%

20%

60
40
20

0%

0
mars.12

avr.12

mai.12

juin.12

juil.12

Buy

aot.12

Hold

sept.12

Sell

Date

Buy

Hold

Sell

28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12

52%
59%
61%
61%
65%
60%
61%
61%
58%
56%
52%
57%

48%
41%
39%
39%
35%
40%
39%
39%
42%
40%
44%
38%

0%
0%
0%
0%
0%
0%
0%
0%
0%
4%
4%
5%

oct.12

nov.12

Price

dc.12

janv.13

fvr.13

Target Price

Date
4-Mar-13
1-Mar-13
28-Feb-13
27-Feb-13
26-Feb-13
25-Feb-13
22-Feb-13
21-Feb-13
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

50
0

Price Target Price

Broker

Analyst

173.39
170.46
168.18
168.55
157.77
156.05
160.44
157.36
158.09
160.76
162.66
162.66
161.34
157.71
155.00
155.41
150.48
124.09
125.77
124.45
123.30
123.82
123.79
123.46
124.53
127.20
123.78
121.22
120.26
119.29

Cantor Fitzgerald
Wunderlich Securities
Evercore Partners
Morgan Stanley
SunTrust Robinson Humphrey
Daiwa Securities Co. Ltd.
Canaccord Genuity Corp
Argus Research Corp
Avondale Partners LLC
Northland Securities Inc
Telsey Advisory Group
BMO Capital Markets
JPMorgan
Jefferies
Needham & Co
Wedbush
Raymond James
Macquarie
Sterne, Agee & Leach
Cowen and Company
Lazard Capital Markets
Susquehanna Financial Group
Piper Jaffray
Credit Agricole Securities (USA)
Barclays
Wedge Partners
William Blair & Co
EVA Dimensions
Goldman Sachs
IPOfinancial.com

YOUSSEF H SQUALI
BLAKE T HARPER
KEN SENA
SCOTT W DEVITT
SO YOUNG LEE
KAZUYA NISHIMURA
MICHAEL GRAHAM
JOSEPH F BONNER
RANDLE G REECE
BILL SUTHERLAND
THOMAS FORTE
DANIEL SALMON
DOUGLAS ANMUTH
BRIAN J PITZ
KERRY RICE
MICHAEL PACHTER
AARON M KESSLER
THOMAS WHITE
ARVIND BHATIA
JOHN BLACKLEDGE
WILLIAM BIRD
DEEPAK MATHIVANAN
EUGENE E MUNSTER
JAMES LEE
MARK MAY
MARTIN PYYKKONEN
TIMOTHY J MCHUGH
ANDREW S ZAMFOTIS
HEATH P TERRY
TEAM COVERAGE

158.42
158.42
158.42
158.42
156.32
156.32
156.32
156.32
156.32
155.53
153.00
153.00
153.00
153.00
153.00
153.00
151.42
134.72
133.71
133.31
133.31
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00
135.00

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

Recommendation
hold
buy
overweight
Overwt/Attractive
buy
neutral
buy
hold
market outperform
market perform
no rating system
market perform
overweight
buy
hold
neutral
market perform
outperform
neutral
neutral
neutral
Positive
overweight
buy
equalweight
no rating system
market perform
hold
buy/attractive
buy

Goldman Sachs

61%

IPOfinancial.com
Montrose
Securities

61%

Wedge Partners
William Blair &
Co
EVA Dimensions

58%

Macquarie
Sterne, Agee &
Leach
Cowen and
Company
Lazard Capital
Markets
Susquehanna
Financial Group
Piper Jaffray
Credit Agricole
Securities (USA)
Barclays

56%

Wedbush

52%

Raymond James

57%

Jefferies

40%

Needham & Co

80%

5%

4%

Cantor
Fitzgerald
Wunderlich
Securities
Evercore
Partners
Morgan Stanley
SunTrust
Robinson
Daiwa Securities
Co. Ltd.
Canaccord
Genuity Corp
Argus Research
Corp
Avondale
Partners LLC
Northland
Securities Inc
Telsey Advisory
Group
BMO Capital
Markets
JPMorgan

100%

Price

Broker Recommendation

Target price in USD

Target

Date

143.00
195.00
200.00
180.00
150.00
165.00
150.00

1-Mar-13
27-Feb-13
27-Feb-13
26-Feb-13
21-Feb-13
19-Feb-13
18-Feb-13
11-Feb-13
11-Feb-13
11-Feb-13
10-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
7-Feb-13
15-Jan-13
3-Aug-12
17-Feb-12

180.00
145.00
165.00
130.00
163.00
175.00
140.00
160.00

155.00
176.00
161.00
135.00

157.00

04.03.2013

LinkedIn Corp

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

97%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in USD

Top 20 Owners:
Holder Name
T ROWE PRICE ASSOCIA
JENNISON ASSOCIATES
FMR LLC
MORGAN STANLEY
AMERIPRISE FINANCIAL
JP MORGAN
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
CAPITAL GROUP COMPAN
BLACKROCK
HARBOR CAPITAL ADVIS
ALLIANCE BERNSTEIN
ARTISAN PARTNERS HOL
AMERICAN CENTURY COM
MANAGED ACCOUNT ADVI
WELLS FARGO
FRANKLIN RESOURCES
STATE STREET
GILDER GAGNON HOWE
NEUBERGER BERMAN LLC

Geographic Ownership

Geographic Ownership Distribution

2%1%

109.7
98.5%
4.5
4.17%
1.13
101.52%
-2.28%
0.76%

United States
Britain
Canada
Japan
Unknown Country
Switzerland
Luxembourg
Others

93.97%
1.34%
0.99%
0.86%
0.75%
0.44%
0.44%
1.20%

Institutional Ownership Distribution

Investment Advisor
Hedge Fund Manager
Pension Fund (Erisa)
Individual
Others

87.38%
8.60%
0.97%
0.75%
2.32%

1%
1%
1%

1%0% 0%
1%

95%

United States

Britain

Canada

Japan

Unknown Country

Switzerland

Luxembourg

Others

TOP 20 ALL

Position
7'833'170
7'705'593
5'083'134
4'016'541
3'998'973
3'703'400
3'578'026
3'413'977
2'544'120
2'427'438
2'381'116
1'721'263
1'598'200
1'444'680
1'407'827
1'312'350
1'277'750
1'072'678
1'047'375
1'014'523

Position Change
1'466'654
82'273
2'948'557
-434'658
175'610
981'364
720'002
727'331
20'000
132'541
10'273
965'169
259'900
291'230
-237'663
640'126
581'660
68'511
-133'817
-983'863

Market Value
1'358'193'346
1'336'072'770
881'364'604
696'428'044
693'381'928
642'132'526
620'393'928
591'949'472
441'124'967
420'893'475
412'861'703
298'449'792
277'111'898
250'493'065
244'103'124
227'548'367
221'549'073
185'991'638
181'604'351
175'908'143

% of Ownership
8.75%
8.61%
5.68%
4.49%
4.47%
4.14%
4.00%
3.81%
2.84%
2.71%
2.66%
1.92%
1.79%
1.61%
1.57%
1.47%
1.43%
1.20%
1.17%
1.13%

Report Date

Holder Name

Position

Position Change

Market Value

% of Ownership

Report Date

SZE DAVID
WEINER JEFFREY
SORDELLO STEVEN J
NISHAR DIPCHAND
HENKE DAVID

409'557
85'770
41'268
37'620
35'758

-15'937
-3'303
-1'211
-12'500

71'013'088
14'871'660
7'155'459
6'522'932
6'200'080

31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
01.03.2013
31.12.2012
31.12.2012

Source
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F

19.02.2013
19.02.2013
19.02.2013
20.02.2013
05.02.2013

Form 4
Form 4
Form 4
Form 4
Form 4

Top 5 Insiders:

0.46%
0.10%
0.05%
0.04%
0.04%

Source

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

Institutional Ownership

Country
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES

1%
1%

2%

9%

87%

Investment Advisor

Hedge Fund Manager

Individual

Others

Pension Fund (Erisa)

Company Analysis - Financials I/IV

LinkedIn Corp
Financial information is in USD (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

32
7

79
19

120
26

243
45

522
81

972
126

1'491

2'088

2'702

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

25
26
12

60
66
29

94
98
39

198
179
65

441
415
132

847
790
257

1'302

1'826

2'367

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

-0
0
0
-1

-6
0
0
-1

-3
0
0
-0

20
0
0
1

26
0
0
3

57
0
0
-0

114

250

433

Pretax Income
- Income Tax Expense

0
0

-4
0

-3
1

19
4

23
11

57
36

176

324

521

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

0
0
0

-5
0
0

-4
0
0

15
0
0

12
0
0

22
0
0

(0.11)

(0.10)

156
1.33
0.00
0.00

247
2.06
0.00
0.00

361
3.08
0.00
0.00

335

517

765

Income Statement

Diluted EPS Before XO Items

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

0.00

0.00

0.00

0.00

0.07

0.11

0.19

0.00
0.0

7
0.06
0.00
0.0

28
0.25
0.00
0.0

39

42
42

42
41

43
46

101
104

110
113

39

69

137

*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

99.211
80
0
15
0
4

121.158
90
0
24
0
7

172.206
93
0
58
0
21

725.927
339
238
111
0
37

1018.797
270
479
204
0
66

Total Long-Term Assets

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

23

27

31
9
22
1

47
21
26
2

66
0
95
38
57
9

148
0
192
77
115
33

364
0
328
142
187
177

Total Current Liabilities

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

28
3
0
25

49
5
0
44

105
2
0
103

227
28
0
198

415
54
0
362

1
0
1

2
1
2

8
2
7

22
0
22

59
0
59

29
103
0
6
-16

51
103
0
14
-20

114
104
0
25
-5

249

618
7

474
0
0
879
29

93

97

124

625

908

122

149

238

874

1'382

-0.24
-0.26

-0.15
-0.16

0.47
0.35

6.16
5.96

8.28
6.93

12/13E

12/14E

12/15E

9.28

11.31

13.50

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

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:

12/02

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

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

0
2
2
3

-5
6
5
2

-4
12
7
7

15
20
11
9

12
43
31
47

22
80
51
114

38

108

250

Cash From Operating Activities

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

21

54

-8

-20

-13

-50

-216

-256

-6

267
0
-125
-444
199
-62

-183

-1

133
0
-89
-251
12
-10

-433
0
0
0
0
97
-0
0

164

241

326

Cash Flows

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

-8

-20

-13

-56

15
-0
-0

78
-4
-0

2
-1
0

5
-0
-0

-338
0
0
0
0
269
-0
183

Cash From Financing Activities

14

74

451

97

Net Changes in Cash

14

63

246

-69

Free Cash Flow (CFO-CAPEX)

-0

-10

44

142

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

-0

44

142

0.10

0.58

1.35

-0.01

-0.25

0.20

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

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

572.8x
218.7x
82.0x
9.3x
10.2x
0.0%

604.3x
208.3x
86.6x
12.4x
13.9x
0.0%

130.2x

84.0x

56.2x

53.4x
12.5x
18.7x
0.0%

34.6x
8.9x
15.3x
0.0%

23.4x
6.9x
12.8x
0.0%

87.3%
22.5%
7.6%
10.5%
7.1%
10.3%

87.4%
24.7%
12.0%
11.8%
10.3%
15.7%

87.6%
28.3%
16.0%
13.4%
14.8%
20.8%

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

77.3%
5.2%
-1.3%
1.0%

78.5%
7.1%
-2.8%
-3.3%
-2.9%

81.6%
16.1%
8.1%
6.3%
8.0%

84.4%
13.2%
4.9%
2.3%
2.1%
3.7%

87.1%
14.1%
5.8%
2.2%
1.9%
2.8%

3.58
3.44

2.46
2.32

1.63
1.43

3.20
3.04

2.45
2.29

0.00
0.00

0.01
0.01

0.01
0.01

0.00
0.00

0.00
0.00

0.89
6.11
6.96

1.26
5.89
12.84

0.94
6.16
5.38

0.86
6.17
3.07

18.9%

48.1%

62.2%

-36.00

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

76.4%
1.1%
-7.0%
-5.7%

3.8%

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

Company Analysis - Peers Comparision

LINKEDIN CORP-A FACEBOOK INC-A
Latest Fiscal Year:

12/2012
173.78
04.03.2013
84.10
06.03.2012
166'440

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

12/2012
45.00
18.05.2012
17.55
04.09.2012
12'825'634

MONSTER
WORLDWID

GOOGLE INC-CL A

YAHOO! INC

EBAY INC

AMAZON.COM INC

12/2012
10.40
26.03.2012
4.94
04.03.2013
442'852

12/2012
814.47
04.03.2013
556.52
14.06.2012
887'636

12/2012
22.62
04.03.2013
14.35
06.03.2012
10'465'454

12/2012
57.27
01.02.2013
34.83
06.03.2012
2'539'774

12/2012
284.72
25.01.2013
178.04
06.03.2012
732'834

YELP INC

GROUPON INC

12/2012
31.96
28.03.2012
14.10
04.06.2012
201'086

ZYNGA INC- CL A

12/2012
19.21
05.03.2012
2.60
12.11.2012
11'541'690

12/2012
14.48
21.03.2012
2.09
09.11.2012
15'699'751

Current Price (3/dd/yy)

173.39

27.55

4.96

813.54

22.36

54.59

268.84

22.68

5.24

3.55

52-Week High % Change

-0.2%
106.2%
109.7

-38.8%
57.0%
2'372.0

-52.3%
0.4%
111.1

-0.1%
46.2%
330.0

-1.2%
55.8%
1'182.7

-4.7%
56.7%
1'294.0

-5.6%
51.0%
454.0

-29.0%
60.9%
63.5

-72.7%
101.5%
656.9

-75.5%
69.9%
779.3

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

18'637.7

65'627.8

579.5

269'393.6

26'439.6

70'776.6

122'201.5

1'435.6

749.5

2'356.0
9'626.0

164.2
148.2

5'537.0
49'557.0

45.4
6'022.4

4'519.0
9'408.0

4'218.0
11'448.0

95.1

17'888.1

58'357.8

595.6

225'373.5

20'462.6

65'887.6

114'971.5
Valuation

1'340.5

972.3
972.3
1'490.8
2'088.2
12.2x
12.2x
11.9x
8.4x
136.7
136.7
335.2
516.7
86.6x
86.6x
53.1x
33.9x
0.19
0.19
1.33
2.06
912.6x
912.6x
130.2x
84.0x
86.2%
98.3%
141.2%
14.1%
22.5%
24.7%

5'089.0
5'089.0
6'677.7
8'434.7
11.0x
11.0x
8.5x
6.6x
1'187.0
1'187.0
3'400.1
4'479.8
47.1x
47.1x
16.7x
12.3x
0.01
0.02
0.57
0.78
1377.5x
1377.5x
48.2x
35.2x
37.1%
(42.9%)
23.3%
50.9%
53.1%

890.4
916.0
831.8
849.6
0.7x
0.7x
0.6x
0.5x
142.5
118.0
152.4
161.4
4.5x
5.4x
3.3x
2.4x
0.71
0.21
0.36
0.42
23.6x
23.6x
13.9x
11.8x
(10.4%)
(8.6%)
(17.7%)
(12.8%)
12.9%
18.3%
19.0%

50'175.0
51'379.0
49'451.2
57'163.0
3.8x
3.7x
4.4x
3.6x
15'722.0
15'684.0
22'087.3
25'944.5
12.0x
12.1x
10.0x
7.9x
34.02
33.74
45.71
53.86
24.1x
24.1x
17.8x
15.1x
32.4%
24.7%
15.7%
21.0%
30.5%
44.7%
45.4%

4'986.6
4'986.6
4'674.1
4'845.7
3.5x
3.5x
4.6x
4.2x
1'457.1
1'457.1
1'664.4
1'740.8
12.0x
12.0x
12.9x
11.7x
1.17
1.17
1.16
1.27
19.1x
19.1x
19.4x
17.6x
0.0%
(5.8%)
(1.1%)
1.5%
29.2%
35.6%
35.9%

14'072.0
14'071.0
16'345.5
18'730.9
4.3x
4.3x
3.9x
3.2x
4'088.0
4'090.0
5'383.4
6'241.8
14.9x
14.9x
11.9x
9.6x
1.95
1.94
2.75
3.21
28.1x
28.1x
19.8x
17.0x
20.8%
13.7%
23.4%
9.4%
29.1%
32.9%
33.3%

0.0%
0.0%
0.000x
-5.483x
-

20.0%
16.7%
1.985x
-6.125x
23.275x

18.7%
15.7%
1.392x
0.136x
-

7.7%
7.2%
0.353x
-2.807x
187.167x

0.0%
0.0%
0.000x
-4.133x
-

21.7%
17.8%
1.105x
-1.195x
64.889x

AA
19.11.2012
Aa2
16.05.2011

NR
18.04.2008
-

A
02.03.2010
A2
21.10.2010

61'093.0
61'093.0
75'751.6
93'067.6
1.7x
1.7x
1.5x
1.2x
2'835.0
2'834.0
4'646.4
6'384.0
37.6x
37.6x
24.6x
17.1x
0.05
0.36
3.13
5.54
746.8x
746.8x
85.9x
48.6x
27.1%
30.6%
45.8%
25.8%
4.6%
6.1%
6.9%

3'436.0
(1.9)
1'209.3

2'224.7

2'788.5
100.0
1'652.3

1'236.2

137.6
137.6
211.4
294.9
8.0x
8.0x
6.3x
4.4x
(10.3)
(10.3)
21.1
46.6
-107.2x
62.7x
27.8x
-0.33
-0.44
0.09
0.37
257.7x
61.6x
65.2%
13.9%
(7.5%)
10.0%
15.8%

2'334.5
2'334.5
2'561.5
2'833.0
0.8x
0.8x
0.8x
0.6x
155.4
143.7
254.9
319.3
12.8x
13.8x
7.8x
5.2x
-0.03
-0.08
0.20
0.29
26.3x
18.1x
45.0%
6.2%
10.0%
11.3%

1'281.3
1'281.3
1'057.4
1'101.9
0.2x
0.2x
1.4x
1.3x
54.0
54.0
58.9
122.6
5.3x
5.3x
25.8x
11.5x
-0.20
-0.23
(0.04)
0.00
3550.0x
12.4%
4.2%
5.6%
11.1%

0.0%
0.0%
-

0.0%
0.0%
0.000x
-8.416x
-

5.5%
5.2%
1.852x
-28.746x
-

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

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

51.5%
34.0%
1.488x
-2.551x
30.815x

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

AA26.11.2012
Baa1
26.11.2012

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