30.04.

2013

Company Analysis - Overview

Ticker:

Nuance Communications Inc

NUAN US

Benchmark:
S&P 500 INDEX (SPX)

NASDAQ GS: NUAN, Currency: USD

Currency:
Sector: Information Technology

Industry: Software

Year:

Telephone
1-781-565-5000
Revenue (M)
Website
www.nuance.com
No of Employees
Address
1 Wayside Road Burlington, MA 01803 United States
Share Price Performance in USD
Price
19.14
1M Return
52 Week High
25.89
6M Return
52 Week Low
18.00
52 Wk Return
52 Wk Beta
1.60
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Nuance Communications, Inc. provides speech and imaging solutions for businesses
and consumers around the world. The Company's products include a speech
recognizer, call steering, and a product that converts text into speech.

1'652
12'000
-5.2%
-14.4%
-21.7%
-14.3%

IG8
BBBa3
-

Date
Date
Date

9/09
56.8x
21.0x
4.0x
2.0x
0.0%

9/10
70.8x
61.1x
20.8x
4.0x
2.0x
0.0%

9/11
52.7x
68.5x
24.9x
4.7x
2.5x
0.0%

9/12
26.3x
45.3x
23.0x
4.6x
2.8x
-

9/13E
10.6x
8.5x
2.8x
2.1x
-

9/14E
9.4x
7.6x
2.5x
1.9x
-

9/15E
8.8x
7.1x
2.3x
1.8x
0.0%

9/09
Gross Margin
62.2
EBITDA Margin
22.4
Operating Margin
8.3
Profit Margin
-2.0
Return on Assets
-0.6
Return on Equity
-1.1
Leverage and Coverage Ratios
9/09
Current Ratio
1.9
Quick Ratio
1.7
EBIT/Interest
1.7
Tot Debt/Capital
0.3
Tot Debt/Equity
0.4
Eff Tax Rate %
192.3

9/10
63.4
21.3
7.3
-1.7
-0.5
-0.9

9/11
62.1
20.3
7.4
2.9
1.0
1.6

9/12
63.4
23.0
11.7
12.5
4.2
7.9

9/13E
67.2
40.2
31.4
27.2
-0.2
6.9

9/14E
66.9
39.6
32.7
27.7
1.0
2.3

9/15E
65.6
39.6
36.1
29.2
-

9/10
2.2
1.9
2.0
0.3
0.4
-

9/11
1.8
1.6
2.7
0.3
0.3
-

9/12
1.8
1.6
2.3
0.4
0.8
-

11.02.2011
-

Outlook
Outlook
Outlook

Business Segments in USD

Healthcare and Dictation
Mobile and Enterprise
Enterprise
Imaging
Acquisition related revenue

Sales (M)
669
508
332
228
-87

Sales (M)
1175
476

5%

STABLE
STABLE
-

13%

29%
36%

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

Geographic Segments in USD

United States
International

18%

71%
28%
Healthcare and Dictation
Mobile and Enterprise
Enterprise

United States

International

Imaging
Acquisition related revenue

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 |

312.1
6053.5
1005.3
2341.6
4.6
0.0
0.0
7394.4

Company Analysis - Analysts Ratings

Nuance Communications Inc

15

40%
68%

74%

72%

72%

74%

72%

76%

76%

72%
53%

53%

20%

50%

10
5

0%

0
mai.12

juin.12

juil.12

aot.12

sept.12

oct.12

Buy

Hold

nov.12

Sell

dc.12

Price

janv.13

fvr.13

mars.13

avr.13

Target Price

Date

Buy

Hold

Sell

Date

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

50%
53%
53%
72%
76%
76%
72%
74%
72%
72%
74%
68%

39%
37%
37%
17%
18%
18%
17%
16%
17%
17%
16%
21%

11%
11%
11%
11%
6%
6%
11%
11%
11%
11%
11%
11%

30-Apr-13
29-Apr-13
26-Apr-13
25-Apr-13
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

Price Target Price

19.14
23.30
22.77
22.75
22.27
21.35
21.04
20.39
20.24
20.69
21.12
20.82
21.61
21.65
21.60
20.96
20.27
20.52
20.81
21.06
21.33
20.18
20.18
20.18
20.11
19.99
19.81
19.86
19.86
19.50

26.33
26.33
26.33
26.33
26.33
26.33
26.33
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46
26.46

Broker

Analyst

Oppenheimer & Co
Wells Fargo Securities, LLC
Raymond James
Morgan Stanley
Mizuho Securities USA Inc
Stifel
Avondale Partners LLC
B Riley & Company, Inc
Goldman Sachs
Needham & Co
FBR Capital Markets
Craig-Hallum Capital Group LLC
Northland Securities Inc
Canaccord Genuity Corp
Piper Jaffray
EVA Dimensions
Deutsche Bank
Wedbush
Wedge Partners

SHAUL EYAL
GRAY W POWELL
TAVIS C MCCOURT
JENNIFER LOWE
JOANNA MAKRIS
TOM RODERICK
JOHN F BRIGHT
DANIEL CUMMINS
GREG DUNHAM
SCOTT ZELLER
DANIEL H IVES
JEFF VAN RHEE
MICHAEL JAMES LATIMORE
RICHARD DAVIS JR
MARK R MURPHY
ANDREW S ZAMFOTIS
NANDAN AMLADI
SCOTT P SUTHERLAND
BRIAN BLAIR

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

Recommendation
outperform
market perform
Under Review
Overwt/In-Line
buy
hold
market outperform
neutral
neutral/neutral
hold
outperform
hold
outperform
buy
neutral
sell
buy
underperform
no rating system

Wedge Partners

20

Wedbush

60%

25

Deutsche Bank

39%

EVA Dimensions

37%

Piper Jaffray

37%

Canaccord Genuity Corp

30
17%

Northland Securities Inc

11%

FBR Capital Markets

11%

Craig-Hallum Capital Group

LLC

11%

11%

Needham & Co

17%

6%
18%

Goldman Sachs

16%

6%
18%

B Riley & Company, Inc

17%

11%

Avondale Partners LLC

17%

11%

Stifel

16%

11%

Mizuho Securities USA Inc

21%

11%

Morgan Stanley

80%

11%

Raymond James

11%

Brokers' Target Price

40
35
30
25
20
15
10
5
0
Wells Fargo Securities, LLC

35

100%

Oppenheimer & Co

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in USD

Target

Date

30.00

30-Apr-13
30-Apr-13
22-Apr-13
3-Apr-13
3-Apr-13
2-Apr-13
1-Apr-13
20-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
7-Feb-13
7-Feb-13
15-Jan-13
15-Nov-12
7-Aug-12
15-Mar-12

28.00
26.00
35.00
21.00
22.00
28.00
24.00
26.00
26.00
22.00
30.00
19.00

30.04.2013

Nuance Communications Inc

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
WARBURG PINCUS LLC
WARBURG PINCUS LLC
T ROWE PRICE ASSOCIA
ICAHN ASSOCIATES COR
FMR LLC
VANGUARD GROUP INC
AMERIPRISE FINANCIAL
BLACKROCK
PRIMECAP MANAGEMENT
FRANKLIN RESOURCES
ALLIANZ ASSET MANAGE
INVESCO LTD
STATE STREET
RICCI PAUL A
WESTFIELD CAPITAL MG
FAIRPOINTE CAPITAL L
STERLING CAPITAL MAN
PIONEER INVESTMENT M
LUTHER KING CAPITAL
LORD ABBETT & CO LLC

United States
Unknown Country
Britain
Netherlands
Luxembourg
Japan
Bermuda
Others

86.48%
2.49%
2.05%
1.82%
1.29%
1.05%
0.90%
3.93%

Institutional Ownership Distribution

Investment Advisor
Private Equity
Hedge Fund Manager
Individual
Others

67.64%
13.78%
12.34%
2.49%
3.74%

RICCI PAUL A
BEAUDOIN THOMAS LINWOOD
CHAMBERS STEVEN G
NELSON WILLIAM KENNET
DILLIONE JANET D

2%
2%

1%

1% 1% 4%

2%

87%

United States

Unknown Country

Britain

Netherlands

Luxembourg

Japan

Bermuda

Others

TOP 20 ALL

Position
53'004'254
43'058'531
29'398'004
29'329'291
17'851'319
12'376'660
11'852'538
11'389'347
10'227'210
9'958'317
6'623'224
5'228'721
4'667'315
4'125'444
3'948'645
3'843'339
3'549'830
3'545'481
2'994'953
2'812'375

Position Change
0
-9'945'723
-6'904'115
0
2'757'603
914'836
-214'677
730'503
-715'000
1'280'271
206'337
-21'414
259'356
0
338'110
104'968
3'251'234
593'927
-6'741
58'903

Market Value
1'014'501'422
824'140'283
562'677'797
561'362'630
341'674'246
236'889'272
226'857'577
217'992'102
195'748'799
190'602'187
126'768'507
100'077'720
89'332'409
78'960'998
75'577'065
73'561'508
67'943'746
67'860'506
57'323'400
53'828'858

% of Ownership
16.76%
13.61%
9.30%
9.27%
5.64%
3.91%
3.75%
3.60%
3.23%
3.15%
2.09%
1.65%
1.48%
1.30%
1.25%
1.22%
1.12%
1.12%
0.95%
0.89%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

31.12.2012
14.03.2013
31.12.2012
20.03.2013
31.03.2013
31.03.2013
31.12.2012
26.04.2013
31.12.2012
31.03.2013
31.03.2013
29.04.2013
29.04.2013
24.04.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012

Source
13F
13D
13F
13G
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Form 4
13F
13F
13F
13F
13F
13F

24.04.2013
01.04.2013
17.12.2012
15.04.2013
15.04.2013

Form 4
Form 4
Form 4
Form 4
Form 4

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

1%2%

312.1
83.9%
24.6
9.39%
4.16
96.34%
1.20%
2.46%

4'125'444
617'331
492'753
322'210
295'160

-5'000
-16'559
-16'565

78'960'998
11'815'715
9'431'292
6'167'099
5'649'362

1.30%
0.20%
0.16%
0.10%
0.09%

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
GERMANY
UNITED STATES
n/a
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES

2%

4%

12%

14%

68%

Investment Advisor

Private Equity

Individual

Others

Hedge Fund Manager

Company Analysis - Financials I/IV

Nuance Communications Inc
Financial information is in USD (M)
Periodicity:

Fiscal Year

Equivalent Estimates
9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

9/13E

9/14E

9/15E

107
16

135
26

131
42

232
60

389
108

602
185

868
316

950
360

1'119
409

1'319
500

1'652
605

2'160

2'444

2'605

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

90
83
28

109
112
34

89
96
26

172
163
39

280
273
59

417
378
80

553
510
115

591
512
117

710
628
152

819
722
179

1'047
853
225

1'451

1'636

1'709

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

8
0
0
1

-3
1
0
2

-7
0
0
1

9
2

7
18

79
47
0
11

81
41
0
41

97
37
0
31

679

799

941

-3

42
55
0
3

193
85

39
37
0
-6

Pretax Income
- Income Tax Expense

7
0

-6
-0

-8
1

1
7

-7
15

8
23

-16
15

21
40

-1
18

30
-8

65
-142

628

750

858

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

6
0
0

-6
0
0

-9
0
0

-5

-22
1

-14
0
0

-30
0
0

-19
0
0

-19
0
0

38
0
0

207

(0.09)

(0.05)

(0.13)

(0.08)

(0.14)

(0.08)

(0.07)

0.12

0.65

23
0.20

45
0.24

65
0.32
0.00

134
0.56
0.00

217
0.79
0.00

259
0.86
0.00

283
0.90
0.00
0.0

381
1.19

589
1.81

676
2.03

761
2.17
0.00
0.00

869

968

1'032

Income Statement
Revenue
- Cost of Goods Sold

43

Diluted EPS Before XO Items

0.09

(0.07)

Net Income Adjusted*

EPS Adjusted
Dividends Per Share
Payout Ratio %

19
0.25
0.00
0.0

11
0.12
0.00

Total Shares Outstanding

Diluted Shares Outstanding

63
73

103
79

106
104

157
119

170
164

193
176

229
210

277
254

298
287

309
316

312
321

EBITDA

21

12

27

46

89

141

213

239

268

380

0.00

*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:

9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

73.488 174.901993 263.321014 421.615997

23
72
112
184
7
24
3
37
70
131
210
0
0
7
8
6
9
14
17

515.283
262
0
204
7
43

795.827
527
0
200
9
61

841.642
517
5
218
9
94

854.927
447
31
280
11
85

1701.306
1'130
0
381
11
179

2'704
0
118
65
53
2'650

2'928
28
149
87
62
2'838

3'240
0
192
113
78
3'162

4'098
0
255
139
116
3'982

9/13E

9/14E

9/15E

9.25

9.99

10.55

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

40.429 94.6790009
19
43
0
0
17
40
1
0
3
11
103
0
9
7
3
100

307
0
16
9
7
300

319
17
20
12
8
294

582

972

1'751

31
17
14
568

55
24
31
941

73
35
38
1'714

2'331
0
95
49
46
2'284

24
7
3
13

50
7
1
42

46
8
0
37

163
17
28
118

212
28
4
180

257
56
7
194

382
32
7
343

419
60
7
353

382
79
8
296

475
83
7
385

965
113
380
471

1
0
1

48
28
20

45
28
18

80
0
80

446
350
96

1'038
900
138

1'040
894
145

1'037
849
188

1'090
851
239

1'127
853
274

2'088
1'736
352

24
5
0
270
-155

99
5
0
464
-166

91
5
0
476
-179

243
5

658
5

700
-190

773
-201

1'295
5
0
1'078
-205

1'421
5
0
1'659
-238

1'456
5
0
2'309
-271

1'473
5
0
2'582
-290

1'602
5
0
2'746
-258

3'052
5
0
2'927
-185

Total Shareholders Equity

119

303

302

515

577

878

1'425

2'043

2'297

2'493

2'747

Total Liabilities & Equity

144

402

393

757

1'235

2'173

2'846

3'499

3'770

4'095

5'799

Book Value Per Share

Tangible Book Value Per Share

1.81
0.28

2.91
0.01

2.81
0.06

3.26
-0.26

3.36
-2.04

4.52
-3.97

6.19
-3.58

7.36
-2.02

7.69
-1.58

8.06
-1.91

8.79
-3.59

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

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

Company Analysis - Financials III/IV

Periodicity:

9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

9/13E

9/14E

9/15E

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

6
13
1
-8

-6
15
2
-6

-9
13
2
0

-5
18
4
-1

-23
38
38
9

-14
50
65
5

-30
99
83
44

-19
134
104
40

-19
157
125
33

38
171
144
4

207
187
49
30

-10

114

206

Cash From Operating Activities

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

12
0
-2
0
0
-4

5
0
-3
0
0
27

6
0
0
-25
0
-0

16
0
-5

62
0
-8
0
0
-362

106
0
-13
0
0
-565

196
0
-18
0
0
-428

259
0
-20
0
0
-165

296
0
-26
0
0
-290

357
0
-46
0
0
-380

473
0
-63
0
0
-862

-62

-59

-85

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

-6
0
0
0
0
8
-7
-3

24
0
0
0
-11
10
-3
-2

-25
0
0
0
-1
7
-0
-3

-45

-578
0
0
551
-18
33
-6
-17

-446
0
0
0
-19
336
-1
11

-185
0
0
0
-16
216
-0
-8

-316
0
0
0
-18
43
-1
-15

-426
0
0
0
-18
54
0
-37

-924
0

-0
80
-0
-2

-370
0
0
346
-14
32
-1
-14

1'365
-15
24
-200
-40

Cash From Financing Activities

-2

-6

77

349

543

327

191

-1

1'134

24

-16

49

41

72

77

265

-10

-69

683

10

12

54

94

178

239

270

312

410

474

554

739

10
10
0.15

-8
0.03

5
0.06

5
11
0.11

386
0.33

33
627
0.53

159
0.85

196
223
0.94

252
0.94

294
1.03

1'760
1.34

Cash Flows

Net Changes in Cash

Free Cash Flow (CFO-CAPEX)
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share

-40

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

Company Analysis - Financials IV/IV

Periodicity:

9/02

9/03

9/04

9/05

9/06

9/07

9/08

9/09

9/10

9/11

9/12

9/13E

9/14E

9/15E

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

20.8x
41.7x
15.3x
3.3x
2.9x
0.0%

44.3x

24.2x
83.3x
28.1x
2.5x
1.6x

29.2x
229.3x
35.9x
3.4x
2.4x

128.7x
114.5x
50.2x
5.7x
4.3x
0.0%

14.0x
81.1x
24.3x
2.9x
2.0x
0.0%

70.8x
61.1x
20.8x
4.0x
2.0x
0.0%

52.7x
68.5x
24.9x
4.7x
2.5x
0.0%

26.3x
45.3x
23.0x
4.6x
2.8x

10.6x

9.4x

8.8x

56.8x
21.0x
4.0x
2.0x
0.0%

43.0x
3.1x
1.8x
0.0%

68.1x
3.2x
1.5x
0.0%

8.4x
2.8x
2.1x

7.6x
2.5x
1.9x

7.1x
2.3x
1.8x
0.0%

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

84.6%
19.5%
7.2%
5.9%
4.4%
5.6%

80.7%
9.2%
-2.0%
-4.1%
-2.0%
-2.7%

68.1%
4.7%
-5.5%
-7.2%
-2.4%
-3.1%

74.2%
11.8%
4.0%
-2.3%
-0.9%
-1.3%

72.2%
11.7%
1.8%
-5.9%
-2.3%
-4.2%

69.3%
14.7%
6.5%
-2.3%
-0.8%
-1.9%

63.7%
16.3%
4.9%
-3.5%
-1.2%
-2.6%

62.2%
22.4%
8.3%
-2.0%
-0.6%
-1.1%

63.4%
21.3%
7.3%
-1.7%
-0.5%
-0.9%

62.1%
20.3%
7.4%
2.9%
1.0%
1.6%

63.4%
23.0%
11.7%
12.5%
4.2%
7.9%

67.2%
40.2%
31.4%
27.2%
-0.2%
6.9%

66.9%
39.6%
32.7%
27.7%
1.0%
2.3%

65.6%
39.6%
36.1%
29.2%

Leverage & Coverage Ratios

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

1.71
1.53
20.72
0.03
0.03

1.88
1.64
-3.49
0.09
0.09

1.61
1.47
-21.15
0.09
0.09

1.07
1.02
5.63
0.05
0.05

1.24
1.15
0.41
0.38
0.61

1.64
1.55
1.07
0.51
1.03

1.35
1.22
0.77
0.39
0.63

1.90
1.73
1.67
0.30
0.42

2.20
1.93
1.99
0.27
0.37

1.80
1.60
2.65
0.26
0.34

1.76
1.57
2.27
0.44
0.77

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

0.75
7.20
2.77
18.79

0.50
4.71
3.53
31.32

0.33
3.41
5.46
104.32

0.40
4.38
4.72
174.70

0.39
3.88
5.08
30.43

0.35
3.54
4.46
24.97

0.35
4.20
7.22
41.63

0.30
4.72
7.92
45.87

0.31
5.36
5.93
47.81

0.34
5.30
6.23
50.10

0.33
4.99
6.18
53.24

Ratio Analysis

Effective Tax Rate

3.9%

488.3%

265.1%

192.3%

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

Company Analysis - Peers Comparision

NUANCE
COMMUNICA
Latest Fiscal Year:

MICROSOFT CORP

IBM

ADOBE SYS INC

GOOGLE INC-CL A

CISCO SYSTEMS

09/2012
25.89
13.09.2012
18.00
01.03.2013
15'838'193

06/2012
32.84
25.04.2013
26.26
05.12.2012
19'604'178

12/2012
215.90
15.03.2013
181.85
12.07.2012
1'723'443

11/2012
45.59
29.04.2013
29.52
12.07.2012
1'038'559

12/2012
844.00
06.03.2013
556.52
14.06.2012
970'187

07/2012
21.98
11.03.2013
14.96
25.07.2012
6'328'991

Current Price (4/dd/yy)

19.14

32.76

198.79

44.99

819.55

52-Week High % Change

-26.1%
6.3%
312.1

-0.2%
24.8%
8'381.0

-7.9%
9.3%
1'117.4

-1.3%
52.4%
494.1

-2.9%
47.3%
330.0

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

OMTOOL LTD

IRIS

SYMANTEC CORP

12/2007
6.70
16.05.2012
3.10
08.03.2013
400

12/2012
44.52
04.04.2013
26.60
25.07.2012
200

03/2012
24.91
08.03.2013
13.06
24.07.2012
2'746'852

21.03

3.30

43.20

24.28

-4.3%
40.5%
5'298.0

-50.7%
6.5%
4.6

-3.0%
62.4%
1.8

-2.5%
86.0%
724.0

6'052

273'582

221'549

22'582

271'278

112'105

16

81

16'734

2'115.9
4.6
1'129.8

11'944.0
63'040.0

33'269.0
124.0
11'129.0

1'509.8
3'538.4

5'537.0
49'557.0

16'328.0
15.0
48'716.0

1.6
2.3

5.5
11.0

2'039.0
78.0
3'211.0

74

15'558

7'388

213'294

243'076

20'466

224'849

82'030

1'651.5
1'813.8
2'160.5
2'443.6
4.7x
4.3x
3.3x
2.8x
380.4
372.2
869.2
967.6
20.3x
20.7x
8.1x
7.0x
0.95
0.80
1.81
2.03
23.8x
23.8x
10.6x
9.4x
25.2%
17.3%
41.8%
33.8%
20.5%
40.2%
39.6%

73'723.0
76'012.0
78'899.8
84'767.9
2.4x
2.3x
2.6x
2.2x
30'923.0
30'645.0
32'214.4
35'428.6
5.8x
5.8x
6.3x
5.3x
2.73
2.68
2.77
3.08
12.2x
12.2x
11.8x
10.6x
5.4%
7.5%
3.3%
9.1%
40.3%
40.8%
41.8%

104'507.0
103'242.0
103'588.6
106'372.5
2.5x
2.5x
2.4x
2.3x
25'119.0
25'121.0
27'868.5
29'375.5
10.3x
9.4x
8.8x
8.3x
15.25
15.52
16.69
18.34
12.8x
12.8x
11.9x
10.8x
(2.3%)
(0.7%)
0.1%
6.1%
24.0%
26.9%
27.6%

4'403.7
4'366.3
4'118.5
4'512.0
4.1x
4.1x
4.8x
4.4x
1'477.0
1'296.0
1'204.0
1'438.3
12.1x
13.8x
16.6x
13.9x
1.62
1.41
1.45
1.80
31.9x
31.9x
31.0x
25.1x
4.4%
3.1%
0.7%
4.7%
29.7%
29.2%
31.9%

50'175.0
54'703.0
47'546.3
55'173.4
4.3x
3.9x
4.5x
3.5x
15'722.0
16'160.0
21'383.4
25'240.6
13.7x
13.3x
9.9x
7.7x
34.02
34.99
46.17
53.26
23.4x
23.4x
17.8x
15.4x
32.4%
22.2%
15.7%
21.0%
29.5%
45.0%
45.7%

46'061.0
47'252.0
48'677.8
51'367.1
1.8x
1.7x
2.1x
1.8x
12'971.0
13'372.0
15'211.6
15'691.9
6.4x
6.2x
6.8x
5.8x
1.60
1.48
2.00
2.11
14.2x
14.2x
10.5x
10.0x
6.6%
4.4%
18.4%
5.1%
28.3%
31.2%
30.5%

77.2%
43.5%
6.292x
3.591x
4.460x

18.0%
15.3%
0.463x
-1.967x
81.376x

176.4%
63.7%
1.324x
0.881x
52.660x

22.7%
18.5%
1.192x
-1.633x
21.886x

7.7%
7.2%
0.318x
-2.873x
187.167x

31.8%
24.1%
1.218x
-2.250x
21.763x

BB11.02.2011
Ba3
06.08.2012

AAA
22.09.2008
Aaa
11.05.2009

AA30.05.2012
Aa3
23.11.2010

BBB+
25.01.2010
Baa1
25.01.2010

AA
19.11.2012
Aa2
16.05.2011

A+
10.02.2006
A1
10.02.2006

15
Valuation

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

16.5
16.2
0.5x
0.5x
(1.6)
(0.5)
-5.2x
-0.54
-0.27
20.0%
3.4%
67.7%
(2.9%)
-

100.0
100.0
123.0
129.0
0.6x
0.4x
7.7
8.6
8.7
9.6
7.3x
6.5x
1.91
1.99
2.73
3.10
21.7x
22.6x
15.8x
13.9x
(17.6%)
1.5%
7.5%
6.3%
7.1%
7.5%

6'730.0
6'839.0
6'885.0
6'998.0
1.7x
1.7x
2.1x
1.9x
1'795.0
1'834.0
2'283.2
2'458.5
6.3x
6.2x
6.3x
5.4x
1.20
1.22
1.71
1.93
19.9x
19.9x
14.2x
12.6x
8.7%
3.4%
8.9%
5.1%
26.8%
33.2%
35.1%

9.1%
8.3%
0.543x
-0.786x
30.085x

40.0%
28.3%
1.677x
-0.641x
15.609x

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

BBB
13.09.2010
Baa2
13.09.2010

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

203.3%
67.0%
-9.390x

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

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