24.04.

2013

Company Analysis - Overview

Ticker:

MMC Norilsk Nickel OJSC

MNOD LI

London Intl: MNOD, Currency: USD

Currency:
Sector: Materials

Industry: Metals & Mining

Year:

Telephone
7-495-787-76-67
Revenue (M)
Website
www.nornik.ru
No of Employees
Address
22 Voznesensky pereulok Moscow, 115230 Russian Federation
Share Price Performance in USD
Price
16.05
1M Return
52 Week High
20.44
6M Return
52 Week Low
13.96
52 Wk Return
52 Wk Beta
1.11
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Mining and Metallurgical Company Norilsk Nickel OJSC or GMK Norilsk Nickel is a
producer of base and precious metals. The Company's main products are nickel and
palladium. MMC Norilsk Nickel also produces copper, cobalt, platinum, gold, silver and
other precious metals. MMC Norilsk Nickel is headquartered in Moscow with its main
production facilities in Taimyr and Kola peninsula.

Benchmark:
FTSE 100 INDEX (UKX)

12'065
#N/A N/A

Sales (M)
11075
990

-3.9%
4.0%
-3.8%
-12.9%

BBBBB+

Date
Date
Date

12/09
8.4x
6.8x
-

12/10
6.5x
5.8x
-

12/11
5.1x
4.6x
-

12/12
8.0x
6.8x
-

12/13E
8.8x
2.2x
1.8x
9.3%

12/14E
8.2x
2.2x
1.8x
10.3%

12/15E
7.3x
2.0x
1.7x
8.8%

12/09
Gross Margin
51.1
EBITDA Margin
50.9
Operating Margin
41.4
Profit Margin
30.4
Return on Assets
11.9
Return on Equity
21.3
Leverage and Coverage Ratios
12/09
Current Ratio
2.0
Quick Ratio
1.0
EBIT/Interest
27.6
Tot Debt/Capital
0.3
Tot Debt/Equity
0.4
Eff Tax Rate %
24.3

12/10
61.8
57.7
51.4
25.8
14.1
21.2

12/11
59.0
51.3
45.9
25.5
16.8
25.3

12/12
49.1
40.9
34.3
18.0
10.9
18.1

12/13E
48.1
42.3
35.9
25.0
17.5
21.5

12/14E
48.3
42.8
35.2
25.5
15.5
22.8

12/15E
46.2
43.2
35.2
26.1
18.8
23.4

26.09.2011
11.07.2012
19.08.2011

Business Segments in USD

Mining and Metallurgy
Other
Energy and Utilities

Outlook
Outlook
Outlook

NEG
STABLE
STABLE

Sales (M)
6066
2750
1226
1015
1004
4

8% 0%

8%
8%

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

Geographic Segments in USD

Europe
Asia
North America
Russian Federation
Adjustments
Other
Nickel

10%
51%

23%
92%

Europe
Asia
Mining and Metallurgy

Other

North America
Russian Federation
Adjustments
Other

12/10
4.8
2.4
75.5
0.1
0.2
22.8

12/11
1.7
0.7
61.7
0.3
0.5
25.9

12/12
1.7
0.4
17.1
0.3
0.4
31.8

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 |

#N/A Field Not Applicable

27631.2
#N/A N/A
#N/A N/A
0.0
0.0
0.0

Company Analysis - Analysts Ratings

MMC Norilsk Nickel OJSC
Buy and Sell Recommendations vs Price and Target Price

25
7%

7%

5%

6%

13%

5%

18%

25
20

80%
40%

10
10

avr.12

mai.12

juin.12

19%

27%

29%

sept.12

oct.12

aot.12

Buy

Hold

Sell

nov.12

Price

dc.12

fvr.13

mars.13

Target Price

Date

Buy

Hold

Sell

Date

29-Mar-13
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

58%
53%
50%
59%
47%
29%
27%
19%
13%
7%
7%
7%

37%
42%
44%
24%
40%
64%
67%
75%
81%
87%
87%
87%

5%
5%
6%
18%
13%
7%
7%
6%
6%
7%
7%
7%

24-Apr-13
23-Apr-13
22-Apr-13
19-Apr-13
18-Apr-13
17-Apr-13
16-Apr-13
15-Apr-13
12-Apr-13
11-Apr-13
10-Apr-13
9-Apr-13
8-Apr-13
5-Apr-13
4-Apr-13
3-Apr-13
2-Apr-13
1-Apr-13
29-Mar-13
28-Mar-13
27-Mar-13
26-Mar-13
25-Mar-13
22-Mar-13
21-Mar-13
20-Mar-13
19-Mar-13
18-Mar-13
15-Mar-13
14-Mar-13

Price Target Price

16.05
15.53
15.78
15.74
15.50
15.25
15.68
15.89
16.57
16.76
17.17
17.07
16.59
16.48
16.60
16.73
16.85
16.89
16.89
16.89
16.65
16.51
16.27
16.71
16.76
16.74
16.59
16.65
17.21
17.35

19.82
19.82
20.55
20.84
20.84
20.84
21.18
21.47
21.58
21.58
21.48
21.48
21.60
21.60
21.60
21.60
21.81
21.81
21.81
21.81
21.81
21.81
21.72
21.72
21.59
21.59
21.70
21.70
21.70
21.57

Broker

Analyst

Gazprombank
Morgan Stanley
HSBC
Deutsche Bank
Alfa-Bank
Sberbank CIB
UFS-Finance Investment Company
Societe Generale
Credit Suisse
Goldman Sachs
Otkritie Capital
JPMorgan
Barclays
Renaissance Capital
BCS
VTB Capital
Aton LLC
TKB Capital

NATALIA SHEVELEVA
DMITRIY KOLOMYTSYN
VLADIMIR ZHUKOV
ERIK DANEMAR
BARRY EHRLICH
MIKHAIL STISKIN
ILYA BALAKIREV
ABHISHEK SHUKLA
SEMYON MIRONOV
YULIA CHEKUNAEVA
DENIS GABRIELIK
YURIY A VLASOV
VLADIMIR SERGIEVSKIY
BORIS KRASNOJENOV
KIRILL CHUYKO
NIKOLAY SOSNOVSKIY
DINNUR GALIKHANOV
MARIA KALVARSKAIA

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

Recommendation
overweight
Underwt/In-Line
neutral
hold
equalweight
hold
buy
buy
outperform
neutral/neutral
buy
neutral
overweight
buy
buy
hold
sell
buy

BCS

janv.13

0
juil.12

Aton LLC

13%

TKB Capital

7%

58%

VTB Capital

7%

53%

Renaissance Capital

0%

7%

50%

Barclays

59%
47%

20%

5
JPMorgan

40%

Otkritie Capital

81%

15

Goldman Sachs

87%

15

64%

Credit Suisse

87%

67%

20

Societe Generale

87%

75%

37%

Sberbank CIB

60%

42%

44%

24%

UFS-Finance Investment
Company

6%

Alfa-Bank

6%

Deutsche Bank

7%

HSBC

7%

Morgan Stanley

7%

Brokers' Target Price

30

Gazprombank

100%

Price

Broker Recommendation

Target price in USD

Target

Date

20.00
11.00
16.50
20.00
17.30
18.32
23.60
23.00
19.60
21.00
19.70
19.10
22.50
23.00
23.00
20.00
14.60
27.00

24-Apr-13
23-Apr-13
21-Apr-13
19-Apr-13
16-Apr-13
16-Apr-13
16-Apr-13
15-Apr-13
3-Apr-13
15-Mar-13
15-Mar-13
21-Feb-13
14-Feb-13
28-Jan-13
18-Jan-13
21-Dec-12
4-Dec-12
11-Jan-11

24.04.2013

MMC Norilsk Nickel OJSC

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

Others

100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Others
Institutional Ownership Distribution
Others

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in USD

Top 20 Owners:
Holder Name
VANGUARD GROUP INC
BARING INTERNATIONAL
BNP PARIBAS INV PART
FRANKLIN RESOURCES
BARING ASSET MANAGEM
JP MORGAN
VAN ECK ASSOCIATES C
BLACKROCK
DWS INVESTMENT SA
GRANTHAM MAYO VAN OT
ALLIANZ ASSET MANAGE
ALLIANCE BERNSTEIN
TEMPLETON INVESTMENT
SEB
PICTET CONSEIL EN IN
CARNEGIE FONDER AB/S
THAMES RIVER CAPITAL
STATE STREET
PRINCIPAL FINANCIAL
PICTET & CIE

Others

100.00%
0.00%
0.00%
0.00%
0.00%

0% 0%0%0%
0%
0%

100%

Others

Others

TOP 20 ALL

Position
8'318'711
8'137'574
5'129'290
5'073'960
4'797'930
4'561'641
4'434'338
4'352'197
3'536'560
3'337'724
2'533'017
2'528'259
2'453'764
2'103'863
1'655'244
1'573'000
1'504'605
1'373'744
1'179'718
1'157'555

Position Change
-446'840
8'137'574
1'274'754
75'900
944'039
25'615
52'940
432'194
300'000
0
903'464
900'371
0
7'738
819'149
0
0
-1'964
451'070
1'157'555

Market Value
133'515'312
130'608'063
82'325'105
81'437'058
77'006'777
73'214'338
71'171'125
69'852'762
56'761'788
53'570'470
40'654'923
40'578'557
39'382'912
33'767'001
26'566'666
25'246'650
24'148'910
22'048'591
18'934'474
18'578'758

% of Ownership
0.48%
0.47%
0.30%
0.29%
0.28%
0.26%
0.26%
0.25%
0.21%
0.19%
0.15%
0.15%
0.14%
0.12%
0.10%
0.09%
0.09%
0.08%
0.07%
0.07%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
28.02.2013
23.04.2013
22.04.2013
28.02.2013
31.05.2012
31.03.2013
28.02.2013
31.12.2012
31.12.2012
31.01.2013
28.02.2013
30.09.2012
23.04.2013
31.03.2013
31.01.2013

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

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

1%

#N/A Field Not Applicable

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

Source

Country
UNITED STATES
BRITAIN
FRANCE
UNITED STATES
IRELAND

Institutional Ownership
0%
0%
0%

UNITED STATES
UNITED STATES
LUXEMBOURG
UNITED STATES
GERMANY
UNITED STATES
BRITAIN
LUXEMBOURG
SWEDEN
BRITAIN
UNITED STATES
UNITED STATES
SWITZERLAND

0%

100%

Others

Others

Company Analysis - Financials I/IV

MMC Norilsk Nickel OJSC
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

3'133
1'774

5'201
2'873

7'033
3'179

7'169
2'994

11'550
3'158

17'119
5'882

13'980
7'626

8'542
4'177

12'775
4'883

14'122
5'793

12'065
6'145

12'301

12'833

13'838

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

1'360
568

2'328
751

3'854
866
40

4'175
841
14

8'392
1'090
20

11'237
3'878
18

6'354
1'869
19

4'365
830

7'892
1'325

8'329
1'851

5'920
1'777

5'912

6'201

6'386

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

792
109
-17
-174

1'577
40
-15
213

2'988
68
12
355

3'334
83
25
110

7'302
67
-65
523

7'359
284
-146
-514

4'485
397
397
3'964

3'535
128
141
-40

6'567
87
22
-324

6'478
105
334
393

4'143
242
-214
972

4'415

4'518

4'876

Pretax Income
- Income Tax Expense

874
290

1'339
493

2'553
696

3'116
838

6'777
1'805

7'735
2'459

-273
282

3'306
802

6'782
1'548

5'646
1'460

3'143
1'000

3'933

4'198

4'425

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

584
0
-8

846
0
-16

1'857
0
-21

2'278
-74
-3

4'972
-993
-24

5'276
0
-51

-555
0
-106

2'504
-147
51

5'234
2'145
-209

4'186
560
22

2'143
0
-27

592

862

1'878

2'281

4'996

5'327

4'279

2'651

5'442

4'164

3'119

48.2

20.7

3'071
1.83
1.50
0.82

3'269
1.96
1.66
0.85

3'610
2.21
1.41
0.64

4'352

7'370

7'240

4'932

5'202

5'487

5'983

Income Statement

Diluted EPS Before XO Items

Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %

24.6

33.6

16.4

12.3

7.7

14.9

1'215

2'029

3'528

3'912

7'888

8'296

Total Shares Outstanding

Diluted Shares Outstanding
EBITDA

5'788

*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

3265.99906 3701.64305
262
958
94
136
212
361
1'826
1'503
873
744

3967
1'346

5553
922

5205
2'178

12510
4'008

7059
1'995

8408
3'632

12974
5'405

6569
1'627

6814
1'037

290
1'442
889

278
1'301
3'052

534
1'471
1'022

661
2'108
5'733

278
1'959
2'827

683
1'990
2'103

995
2'246
4'328

970
2'623
1'349

697
3'197
1'883

12/13E

12/14E

12/15E

8.78

8.90

9.41

Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

6'424
104
6'731
415
6'315
4

7'633
163
8'190
920
7'270
199

9'665
1'407
9'276
1'424
7'852
406

9'177
690
8'985
1'840
7'145
1'342

11'074
2'615
10'892
2'758
8'134
325

23'186
2'982
19'432
4'451
14'981
5'223

13'764
523
18'071
7'334
10'737
2'504

14'352

10'935

12'343

14'160

18'548
7'531
11'017
3'335

19'730
10'577
9'153
1'782

19'477
9'892
9'585
2'758

23'100
11'173
11'927
2'233

Total Current Liabilities

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

1'468
211
453
804

1'638
156
267
1'215

1'383
151
552
680

1'594
170
357
1'067

1'251
191
158
902

6'434
352
3'973
2'109

2'126
281
872
973

4'112
243
2'986
883

2'697
374
1'256
1'067

3'830
346
2'754
730

3'969
449
2'526
994

956
146
810

1'088
182
906

1'606
657
949

1'739
635
1'104

1'892
632
1'260

7'441
4'103
3'338

6'912
5'568
1'344

3'893
2'378
1'515

3'238
1'575
1'663

3'860
2'401
1'459

4'065
2'497
1'568

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

2'425
0
101
688
6'476

2'726
0
346
751
7'511

2'989
0
366
792
9'485

3'333
0
334
9
11'054

3'143
0
319
619
12'198

13'875
0
2'318
1'398
18'105

9'038
0
1'054
1'398
9'333

8'005
0
1'080
1'398
12'277

5'935
0
598
1'519
15'857

7'690
0
120
1'519
9'583

8'034
0
109
1'519
11'312

Total Shareholders Equity

7'265

8'609

10'643

11'397

13'136

21'821

11'785

14'755

17'974

11'222

12'940

Total Liabilities & Equity

9'690

11'335

13'632

14'730

16'279

35'696

20'823

22'760

23'909

18'912

20'974

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

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

592
423
-276
-127

862
451
133
208

1'878
540
-3'412
3'498

2'355
578
-3'913
3'974

5'989
586
-655
-273

5'327
937
1'026
75

-449
1'303
-309
370

2'600
817
586
-560

3'298
803
1'826
-410

3'604
762
996
-658

2'170
789
1'071
-595

2'763

2'984

3'419

Cash From Operating Activities

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

611
4
-353
-40
191
-271

1'655
21
-440
-142
5
-60

2'504
57
-618
0
0
-1'467

2'994
38
-773
0
0
-720

5'647
46
-743

7'365
88
-1'140

915
88
-2'360

3'443
38
-1'061

5'517
33
-1'728

4'704
23
-2'201

3'435
10
-2'692

-2'441

-2'324

-2'216

1'075

-11'732

2'730

513

249

300

-233

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

-470
-170
-660
228
-20
0
0
-109

-617
-147
-292
175
-213
0
0
16

-2'028
-618
-36
872
-197
0
0
47

-1'455
-201
85
112
-417
0
-1'457
-64

378
-1'079
-482

-12'784
-849

458
-1'670

-510

-1'446
-1'208

-1'878
-1'234

-2'915
-960

-11

10'183
-3'915

3'723
-5'240

113
-1'193

628
-3'048
1'705

-999
-2'198

1'838

-2'617

-29
-78

-111

3'694
-1'351
1'246
-8'995
36

2'478
-2'666
0
0
38

Cash From Financing Activities

-731

-461

68

-1'942

-4'769

7'257

-5'804

-1'187

-2'034

-6'604

-1'110

Net Changes in Cash

-590

577

544

-403

1'256

1'838

-4'431

1'746

2'037

-3'778

-590

258

1'214

1'886

2'221

4'904

6'225

-1'445

2'382

3'789

2'503

743

331
-190

1'239
905

1'935
2'582

2'282
2'039

4'953
4'457

6'419
12'581

-2'874

2'479
1'340

3'856
1'402

2'581
4'869

908
565

Cash Flows

Free Cash Flow (CFO-CAPEX)

Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share

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

7.7x
6.8x

3.8x
3.0x

8.4x
6.8x

6.5x
5.8x

5.1x
4.6x

8.0x
6.8x

12/13E

12/14E

12/15E

8.8x

8.2x

7.3x

2.2x
1.8x
9.3%

2.2x
1.8x
10.3%

2.0x
1.7x
8.8%

48.1%
42.3%
35.9%
25.0%
17.5%
21.5%

48.3%
42.8%
35.2%
25.5%
15.5%
22.8%

46.2%
43.2%
35.2%
26.1%
18.8%
23.4%

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

43.4%
38.8%
25.3%
18.9%
6.1%
8.9%

44.8%
39.0%
30.3%
16.6%
8.2%
11.2%

54.8%
50.2%
42.5%
26.7%
15.0%
20.3%

58.2%
54.6%
46.5%
32.8%
16.6%
22.1%

72.7%
68.3%
63.2%
51.9%
38.6%
50.2%

65.6%
48.5%
43.0%
31.1%
20.5%
33.0%

45.5%
41.4%
32.1%
-3.2%
-1.6%
-3.0%

51.1%
50.9%
41.4%
30.4%
11.9%
21.3%

61.8%
57.7%
51.4%
25.8%
14.1%
21.2%

59.0%
51.3%
45.9%
25.5%
16.8%
25.3%

49.1%
40.9%
34.3%
18.0%
10.9%
18.1%

Leverage & Coverage Ratios

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

2.22
0.39
7.27
0.08
0.08

2.26
0.89
39.40
0.05
0.05

2.87
1.18
43.94
0.10
0.11

3.48
0.75
40.17
0.08
0.09

4.16
2.17
108.99
0.06
0.06

1.94
0.73
25.91
0.27
0.37

3.32
1.07
11.30
0.35
0.55

2.04
1.05
27.62
0.27
0.36

4.81
2.37
75.48
0.14
0.16

1.72
0.68
61.70
0.31
0.46

1.72
0.44
17.12
0.28
0.39

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

0.32
14.07
6.63
0.95

0.50
18.41
13.05
1.72

0.56
21.62
20.31
2.16

0.51
25.24
17.78
2.18

0.74
28.45
18.44
2.28

0.66
28.65
24.01
3.29

0.49
29.78
23.62
3.75

0.39
17.78
16.06
2.12

0.55
15.23
16.66
2.31

0.66
14.37
17.14
2.38

0.60
14.48
16.90
2.11

33.1%

36.8%

27.3%

26.9%

26.6%

31.8%

24.3%

22.8%

25.9%

31.8%

Effective Tax Rate

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

Company Analysis - Peers Comparision

MMC NORILSK
ADR
Latest Fiscal Year:

EVRAZ PLC

BHP BILLITON LTD UNITED CO RUSAL

12/2012
20.44
25.01.2013
13.96
01.06.2012
3'278'994

12/2012
384.30
30.04.2012
151.10
18.04.2013
3'241'562

Current Price (4/dd/yy)

16.05

166.30

52-Week High % Change

-21.5%
15.0%
-

-56.7%
10.1%
1'339.9

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

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

XSTRATA PLC

ANGLO AMER PLC

LONMIN PLC

MAGNITOGORSK

12/2012
5.70
26.04.2012
3.81
02.04.2013
4'595'000

12/2012
1'310.00
01.02.2013
787.60
27.11.2012
15'793

12/2012
1'201.00
01.02.2013
760.47
27.06.2012
4'406'533

12/2012
2'440.00
02.05.2012
1'540.00
18.04.2013
3'018'744

09/2012
568.60
02.05.2012
226.96
09.11.2012
1'024'259

31.70

3.94

918.00

989.80

1'616.50

-19.4%
5.4%
5'297.6

-30.9%
3.4%
15'193.0

-29.9%
16.6%
3'032.2

-17.6%
30.2%
3'002.7

-33.8%
5.0%
1'391.0

SEVERSTAL

IMPALA
PLATINUM

NLMK OAO

12/2012
12.70
02.05.2012
6.70
15.04.2013
11'494'300

12/2012
470.00
14.09.2012
233.00
17.04.2013
1'967'720

06/2012
17'600.00
15.01.2013
10'845.00
15.04.2013
1'045'689

267.60

7.20

255.80

-52.9%
17.9%
381.8

-43.3%
7.5%
11'006.0

-45.6%
9.8%
837.7

12'014.00

54.09

119.70

25.60

54.68

-31.7%
10.8%
615.8

-22.6%
18.9%
5'993.2

-54.7%
7.5%
416.3

-35.8%
6.2%
582.3

-24.4%
13.0%
1'847.0

2'449

158'638

59'860

174'996

29'721

22'529

1'521

80'455

214'288

75'954

8'169.0
200.0
1'320.0

28'330.0
1'215.0
4'781.0

11'334.0
490.0

348.3
282.6
1'038.3

17'067.0
2'339.0
1'983.0

16'760.0
6'130.0
9'094.0

736.0
257.0
315.0

3'867.0
155.0
424.0

5'709.5
20.8
1'750.1

3'609.0
2'307.0
1'193.0

48'193
Valuation

10'788

194'666

18'554

5'152

62'800

14'726.0
14'726.0
14'735.6
15'475.0
0.9x
0.9x
0.7x
0.7x
1'599.0
1'599.0
2'102.6
2'415.1
7.9x
7.9x
5.0x
4.2x
-0.36
-0.23
0.16
0.31
15.9x
8.1x
(10.2%)
(42.8%)
10.9%
14.3%
15.6%

72'226.0
66'950.0
67'569.0
73'914.3
3.3x
3.5x
2.9x
2.6x
33'421.0
27'133.0
28'726.6
33'552.1
7.1x
8.7x
6.7x
5.7x
3.61
1.83
2.53
3.05
17.9x
11.7x
12.9x
10.7x
0.7%
6.8%
(12.1%)
8.0%
40.5%
42.5%
45.4%

10'891.0
10'891.0
11'064.4
11'619.3
1.9x
1.9x
1.6x
1.5x
1'223.0
1'223.0
1'221.2
1'417.8
16.7x
16.7x
14.8x
12.3x
0.02
-0.02
0.06
0.07
9.1x
7.0x
(11.4%)
(55.7%)
(23.3%)
11.2%
11.0%
12.2%

2'848.1
2'028.1
4.1x
6.7x
1'426.1
673.9
8.2x
17.4x
2.19
13.3x
18.5%
28.0%
38.9%
47.8%
38.5%
-

31'618.0
31'618.0
33'840.4
35'525.1
2.2x
2.2x
1.8x
1.7x
8'122.0
8'122.0
9'266.4
10'563.3
8.5x
8.5x
6.7x
5.7x
1.26
0.40
1.21
1.45
37.8x
12.0x
12.4x
10.4x
(6.7%)
3.5%
(30.3%)
(5.7%)
25.7%
27.4%
29.7%

39.1%
28.0%
1.018x
0.808x
20.380x

157.9%
60.3%
5.109x
4.283x
2.479x

43.0%
29.7%
1.308x
1.120x
44.266x

103.8%
50.9%
9.267x
8.867x
1.637x

8.3%
7.2%
0.302x
-0.446x
62.969x

38.4%
26.7%
2.101x
1.857x
20.458x

BBB26.09.2011
-

A+
15.11.2010
(P)A1
15.11.2010

BBB+ *29.11.2012
-

28'761.0
28'761.0
34'519.9
36'176.5
2.0x
2.0x
1.5x
1.4x
7'682.0
7'682.0
9'657.0
10'177.3
7.4x
7.4x
5.3x
5.1x
2.59
-1.13
2.17
2.61
9.8x
11.4x
9.5x
(5.9%)
13.5%
(32.5%)
(5.8%)
26.7%
28.0%
28.1%

3'001

6'154

324'174
4'631.7
(32.9)
1'058.2

12/2012
39.90
10.01.2013
24.10
23.04.2013
9'034'012

RIO TINTO LTD

12/2012
264.00
27.04.2012
111.30
23.04.2013
693'255

5'023.0
109.0
1'037.0

12'065.0
12'065.0
12'301.2
12'832.7
2.8x
2.8x
2.5x
2.5x
4'932.0
4'932.0
5'201.9
5'487.1
6.8x
6.8x
6.0x
5.8x
1.83
1.96
8.8x
8.2x
(14.6%)
(4.4%)
(31.9%)
(9.9%)
40.9%
42.3%
42.8%

TECK RESOURCESB

MECHEL

12/2012
69.86
17.09.2012
45.51
04.04.2013
4'623'300

27'631

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

06/2012
39.34
20.02.2013
30.09
12.07.2012
16'783'219

POLYUS GOLD
OJSC

12/2012
72.30
14.02.2013
48.37
30.08.2012
6'203'716

49'828

14'926

86'882

9'870.1
25.3
362.3
295.0

7'195.0
176.0
3'267.0

26'819.0
11'156.0
7'320.0

10'788

80'872

13'839

11'546

19'514

119'939

1'614.0
1'614.0
1'621.9
1'995.0
1.6x
1.6x
1.5x
1.2x
776.0
776.0
182.5
418.0
3.2x
3.2x
13.1x
5.7x
0.36
-1.08
0.05
0.26
11.4x
90.8x
15.5x
(19.0%)
(1.6%)
89.7%
(2.5%)
48.1%
11.2%
21.0%

9'328.0
9'328.0
9'462.2
10'023.3
0.8x
0.8x
0.6x
0.6x
1'218.0
1'218.0
1'317.7
1'485.8
6.1x
6.1x
4.6x
3.9x
-0.01
0.00
0.02
57.2x
12.7x
0.2%
2.6%
(2.7%)
(12.0%)
13.1%
13.9%
14.8%

14'103.7
14'103.7
14'606.9
15'369.4
1.0x
1.0x
0.7x
0.7x
2'127.4
2'127.4
2'252.8
2'403.5
6.7x
6.7x
4.8x
4.3x
0.85
1.00
1.10
9.5x
8.2x
7.4x
(10.8%)
17.8%
(40.6%)
(10.3%)
15.1%
15.4%
15.6%

27'593.0
27'342.0
32'481.6
37'931.1
3.9x
3.9x
2.5x
2.2x
7'300.0
5'736.0
6'759.4
8'936.5
14.6x
18.6x
12.0x
9.2x
6.85
2.40
5.24
8.48
50.1x
50.0x
22.9x
14.2x
(16.7%)
0.9%
(36.9%)
(13.0%)
21.0%
20.8%
23.6%

12'156.6
12'156.6
12'518.1
13'450.3
1.3x
1.3x
1.1x
1.0x
1'900.5
1'900.5
2'044.6
2'322.0
8.2x
8.2x
6.7x
5.8x
0.10
0.15
0.18
17.3x
11.5x
9.4x
3.6%
6.9%
(15.7%)
(11.0%)
15.6%
16.3%
17.3%

11'274.9
11'274.9
11'482.4
11'466.8
1.1x
1.1x
1.0x
1.0x
462.4
462.4
1'538.3
1'510.4
27.6x
27.6x
7.4x
7.4x
-3.93
(0.62)
0.11
33.7x
(10.1%)
9.2%
(81.2%)
(22.8%)
4.1%
13.4%
13.2%

10'343.0
10'126.0
9'828.8
10'752.2
2.1x
2.1x
2.0x
1.8x
3'736.0
3'508.0
3'245.5
3'945.0
5.7x
6.0x
6.1x
5.0x
2.59
2.33
2.14
2.79
11.0x
11.0x
12.0x
9.2x
(10.2%)
9.2%
(30.4%)
5.7%
34.6%
33.0%
36.7%

50'967.0
50'967.0
55'585.9
61'445.4
3.1x
3.1x
2.2x
1.9x
15'486.0
15'486.0
21'006.8
23'251.3
10.2x
10.2x
5.7x
5.0x
4.06
-1.63
5.72
6.62
9.8x
8.5x
(15.8%)
11.2%
(41.1%)
8.1%
30.4%
37.8%
37.8%

29.6%
21.1%
0.948x
0.543x
17.244x

40.0%
28.3%
3.175x
2.827x
5.462x

79.4%
44.2%
2.684x
1.861x
4.825x

7.2%
6.4%
0.720x
0.447x
21.283x

41.6%
29.5%
2.437x
1.880x
27.760x

313.1%
73.6%
21.346x
20.708x
0.691x

40.4%
28.6%
2.094x
1.253x
6.026x

57.2%
31.6%
1.732x
1.259x
14.848x

NR
20.01.2010
-

BB+
21.06.2012
Ba1
07.06.2012

BBB23.07.2008
-

BBB
16.04.2010
Baa2
17.11.2010

A18.04.2011
-

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

44.5%
27.7%
2.182x
0.998x
7.080x

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
04.04.2013
Baa1
23.02.2009

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