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Financial Analysis - J.C. Penney Company, Inc., Through A Subsidiary, Operates Department Stores in The United States and Puerto Rico
Financial Analysis - J.C. Penney Company, Inc., Through A Subsidiary, Operates Department Stores in The United States and Puerto Rico
2013
JC Penney Co Inc
JCP UN
Currency:
Sector: Consumer Discretionary
Year:
Telephone
1-972-431-1000
Revenue (M)
Website
www.jcpenney.com
No of Employees
Address
6501 Legacy Drive Plano, TX 75024-3698 United States
Share Price Performance in USD
Price
17.69
1M Return
52 Week High
39.50
6M Return
52 Week Low
15.70
52 Wk Return
52 Wk Beta
1.21
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
J.C. Penney Company, Inc., through a subsidiary, operates department stores in the
United States and Puerto Rico. The Company provides merchandise and services to
consumers through department stores, catalog departments, and the Internet.
JCPenney markets primarily family apparel, jewelry, shoes, accessories, and home
furnishings.
Benchmark:
S&P 500 INDEX (SPX)
12'985
#N/A N/A
Sales (M)
12985
Sales (M)
12985
-8.5%
-31.9%
-54.3%
-10.2%
HY3
CCC+
B-
Date
Date
Date
1/10
19.9x
9.4x
5.4x
0.3x
1.2x
3.2%
1/11
19.3x
9.8x
6.1x
0.4x
1.4x
2.5%
1/12
59.2x
23.5x
10.9x
0.5x
2.2x
1.9%
1/13
0.3x
1.4x
2.0%
1/14E
0.3x
1.5x
0.0%
1/15E
16.4x
0.3x
1.6x
0.0%
1/16E
11.0x
0.3x
2.3x
0.0%
1/10
Gross Margin
39.4
EBITDA Margin
6.6
Operating Margin
3.8
Profit Margin
1.4
Return on Assets
2.0
Return on Equity
5.6
Leverage and Coverage Ratios
1/10
Current Ratio
2.0
Quick Ratio
0.9
EBIT/Interest
2.5
Tot Debt/Capital
0.4
Tot Debt/Equity
0.7
Eff Tax Rate %
38.2
1/11
39.2
7.6
4.7
2.2
3.0
7.6
1/12
36.0
5.6
2.6
-0.9
-1.2
-3.2
1/13
31.3
-3.6
-7.8
-7.6
-9.3
-27.4
1/14E
35.2
-0.6
-4.1
-3.1
-6.1
-16.2
1/15E
36.7
2.7
-1.0
-1.2
-3.9
-7.3
1/16E
36.4
3.8
0.5
-0.3
-3.1
-6.0
1/11
2.4
1.0
3.6
0.4
0.6
34.9
1/12
1.8
0.5
2.0
0.4
0.8
-
1/13
1.4
0.4
-4.5
0.5
0.9
-
28.02.2013
28.02.2013
Outlook
Outlook
Outlook
NEG
NEG
NEG
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
100%
Department Stores
100%
United States
219.3
3881.2
930.0
2894.0
0.0
0.0
0.0
5845.2
45
30
40
25
57%
30
62%
60%
60%
55%
55%
55%
40%
50%
20
10
29%
28%
26%
26%
29%
24%
25%
25%
20%
20%
nov.12
dc.12
15%
14%
janv.13
fvr.13
0%
5
0
mars.12
avr.12
mai.12
juin.12
juil.12
Buy
aot.12
Hold
sept.12
Sell
oct.12
Price
10
25
15
20%
15
Target Price
Date
Buy
Hold
Sell
Date
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
14%
15%
20%
20%
25%
25%
24%
29%
26%
26%
28%
29%
50%
55%
55%
55%
60%
60%
62%
57%
58%
58%
56%
53%
36%
30%
25%
25%
15%
15%
14%
14%
16%
16%
17%
18%
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
18.00
18.00
18.00
18.25
18.40
18.40
18.47
18.47
18.47
18.47
18.47
18.47
18.71
18.56
18.94
18.94
18.94
18.94
18.94
18.94
20.06
20.06
20.05
20.05
20.05
20.05
20.05
20.05
20.05
20.05
Broker
Analyst
Gilford Securities
Morgan Stanley
Argus Research Corp
Robert W. Baird & Co
Macquarie
Buckingham Research Group
Oppenheimer & Co
S&P Capital IQ
Maxim Group LLC
Atlantic Equities LLP
Piper Jaffray
Telsey Advisory Group
Northcoast Research
Credit Suisse
JPMorgan
Barclays
Deutsche Bank
BMO Capital Markets
EVA Dimensions
Nomura
BERNARD SOSNICK
KIMBERLY GREENBERGER
CHRISTOPHER GRAJA
ERIKA K MASCHMEYER
LIZABETH DUNN
DAVID J GLICK
BRIAN NAGEL
JASON ASAEDA
RICK SNYDER
DANIELA NEDIALKOVA
ALEX J FUHRMAN
DANA TELSEY
JEFFERY STEIN
MICHAEL B EXSTEIN
MATTHEW BOSS
ROBERT S DRBUL
PAUL TRUSSELL
WAYNE HOOD
CRAIG STERLING
PAUL LEJUEZ
Recommendation
sell
Underwt/Cautious
buy
neutral
neutral
neutral
outperform
hold
sell
neutral
neutral
no rating system
sell
underperform
neutral
equalweight
hold
market perform
underweight
neutral
Target
13.00
25.00
20.00
19.00
15.00
30.00
20.00
10.00
22.00
16.00
20.00
14.00
15.00
15.00
20.00
17.00
18.00
18.00
Nomura
58%
EVA Dimensions
58%
56%
Deutsche Bank
53%
Barclays
60%
20
JPMorgan
35
Credit Suisse
36%
Northcoast Research
80%
30%
25%
Piper Jaffray
25%
15%
15%
S&P Capital IQ
14%
Oppenheimer & Co
14%
16%
Macquarie
16%
17%
Gilford Securities
18%
50
100%
Morgan Stanley
Price
Broker Recommendation
Date
1-Mar-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
27-Feb-13
27-Feb-13
27-Feb-13
15-Feb-13
7-Feb-13
15-Jan-13
13-Nov-12
04.03.2013
JC Penney Co Inc
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
219.3
64.5%
59.7
42.24%
7.28
132.31%
-33.89%
1.58%
20%
79%
Institutional Ownership
Retail Ownership
Insider Ownership
Geographic Ownership
1%
United States
Unknown Country
Switzerland
Britain
Germany
Canada
Bermuda
Others
82.73%
5.06%
3.11%
2.94%
1.75%
0.99%
0.87%
2.55%
64.49%
19.21%
11.49%
1.97%
2.84%
3%
3%
2% 1% 1% 3%
5%
82%
United States
Unknown Country
Switzerland
Britain
Germany
Canada
Bermuda
Others
TOP 20 ALL
Position
39'075'771
39'075'771
23'400'000
20'225'200
17'912'237
15'837'049
14'568'513
13'954'793
13'877'917
11'948'829
11'699'816
9'378'824
9'131'960
7'299'112
6'418'093
5'179'819
4'548'097
2'718'408
2'211'294
2'180'139
Position Change
0
0
0
-91'350
-183'174
-2'098'177
0
11'139'515
4'899'442
-239'556
0
506'396
3'226'159
2'841'900
-80'520
125'546
1'002'775
-1'200'182
1'124'663
-6'281
Market Value
691'250'389
691'250'389
413'946'000
357'783'788
316'867'473
280'157'397
257'716'995
246'860'288
245'500'352
211'374'785
206'969'745
165'911'397
161'544'372
129'121'291
113'536'065
91'630'998
80'455'836
48'088'638
39'117'791
38'566'659
% of Ownership
17.81%
17.81%
10.67%
9.22%
8.16%
7.22%
6.64%
6.36%
6.33%
5.45%
5.33%
4.27%
4.16%
3.33%
2.93%
2.36%
2.07%
1.24%
1.01%
0.99%
Report Date
Holder Name
Position
Position Change
Market Value
% of Ownership
Report Date
927'101
883'330
872'405
158'869
143'794
-56'148
16'400'417
15'626'108
15'432'844
2'810'393
2'543'716
03.01.2013
31.12.2012
08.10.2012
31.12.2012
01.03.2013
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
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Source
13D
13F
13D
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13G
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
26.01.2012
27.01.2012
05.12.2012
03.12.2012
18.05.2012
Form 4
Form 4
Form 4
Form 4
Form 4
Top 5 Insiders:
856
-4'277
0.42%
0.40%
0.40%
0.07%
0.07%
Source
Country
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
n/a
UNITED STATES
UNITED STATES
UNITED STATES
GERMANY
BRITAIN
BERMUDA
UNITED STATES
UNITED STATES
Institutional Ownership
2%
3%
11%
19%
65%
Investment Advisor
Others
Other
Fiscal Year
Equivalent Estimates
1/03
1/04
1/05
1/06
1/07
1/08
1/09
1/10
1/11
1/12
1/13
1/14E
1/15E
1/16E
32'347
22'573
17'786
11'166
18'096
11'107
18'781
11'405
19'903
12'078
19'860
12'189
18'486
11'571
17'556
10'646
17'759
10'799
17'260
11'042
12'985
8'919
12'665
13'169
13'808
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
9'774
8'760
6'620
5'830
6'989
5'702
7'376
5'799
7'825
5'903
7'671
5'783
6'915
5'780
6'910
6'247
0
6'960
6'128
0
6'218
5'769
0
4'066
5'078
0
4'452
4'838
5'032
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
1'014
388
0
42
790
261
1'577
280
0
-147
1'922
270
0
-140
1'888
278
0
-113
1'135
268
0
-43
663
260
0
0
832
233
0
18
449
228
0
450
-1'012
226
0
298
-522
-138
67
-17
1'287
373
0
-91
Pretax Income
- Income Tax Expense
584
213
546
182
1'005
348
1'444
467
1'792
658
1'723
618
910
343
403
154
581
203
-229
-77
-1'536
-551
-673
-458
-299
371
-34
0
364
1'292
657
133
0
977
-111
0
1'134
-19
0
1'105
-6
0
567
-5
0
249
-2
0
378
-11
0
-152
0
0
-985
0
0
4.96
4.90
2.54
1.07
1.59
(0.70)
(4.49)
0.80
16.1
567
2.54
0.80
31.3
291
1.25
0.80
74.5
397
1.67
0.80
50.3
154
0.70
0.80
-766
(3.49)
0.40
-390
(2.29)
0.00
-155
(1.06)
0.00
-41
(0.15)
0.00
-74
357
530
Income Statement
Revenue
- Cost of Goods Sold
1.25
1.21
2.20
3.83
256
0.95
0.50
46.8
339
1.21
0.50
47.5
679
2.31
0.50
23.3
925
3.63
0.50
12.8
269
293
274
297
271
307
233
255
226
232
222
225
222
223
236
233
237
238
216
217
219
219
1'681
1'184
1'646
1'949
2'311
2'314
1'604
1'158
1'343
967
-469
0.72
14.6
*Net income excludes extraordinary gains and losses and one-time charges.
1/03
1/04
1/05
1/06
1/07
1/08
1/09
1/10
1/11
1/12
1/13
8353
2'388
86
705
4'945
229
6513
2'907
87
233
3'156
130
8232
4'586
63
274
3'142
167
6702
2'951
65
270
3'210
206
6648
2'747
6751
2'471
6220
2'352
6652
3'011
6370
2'622
263
3'400
238
430
3'641
209
447
3'259
162
0
3'024
617
0
3'213
535
5081
1'507
0
0
2'916
658
3683
930
0
0
2'341
412
9'514
11'787
5'637
2'122
3'515
8'272
5'759
0
5'845
2'097
3'748
2'011
6'025
0
6'277
2'115
4'162
1'863
7'558
0
7'178
2'219
4'959
2'599
5'791
0
7'806
2'439
5'367
424
5'929
0
8'058
2'701
5'357
572
6'672
0
8'085
2'854
5'231
1'441
6'343
0
8'141
2'965
5'176
1'167
6'098
0
8'154
3'253
4'901
4'613
5'895
0
5'607
2'032
3'575
2'320
4'159
3'791
288
80
3'754
2'551
260
943
3'297
1'143
459
1'695
2'762
1'171
21
1'570
3'492
1'366
434
1'692
3'338
1'472
203
1'663
2'794
1'194
0
1'600
3'249
1'226
393
1'630
2'647
1'133
0
1'514
2'756
1'022
231
1'503
2'583
1'162
26
1'395
7'338
4'940
2'398
9'121
5'114
4'007
5'974
3'464
2'510
5'692
3'444
2'248
4'893
3'010
1'883
5'659
3'505
2'154
5'062
3'505
1'557
4'554
2'999
1'555
4'935
3'099
1'836
4'658
2'871
1'787
4'027
2'868
1'159
11'497
333
12'875
304
3'531
1'590
8'454
0
0
3'479
528
8'385
0
0
3'542
746
8'997
0
0
3'564
1'748
7'856
0
0
3'610
545
7'803
0
0
3'985
793
7'582
0
0
4'043
1'417
7'414
0
0
3'807
203
6'610
0
0
3'423
2'614
9'271
0
0
4'176
680
6'370
5'425
4'856
4'007
4'288
5'312
4'155
4'778
5'460
4'010
3'171
17'867
18'300
14'127
12'461
12'673
14'309
12'011
12'581
13'042
11'424
9'781
22.44
12.04
18.69
18.54
17.92
17.76
17.20
17.20
18.97
18.97
23.93
23.93
18.72
18.72
20.25
20.25
23.04
23.04
18.57
18.57
14.46
14.46
1/14E
1/15E
1/16E
12.12
10.72
7.54
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
5'353
745
3'171
1/03
1/04
1/05
1/06
1/07
1/08
1/09
1/10
1/11
1/12
1/13
1/14E
1/15E
1/16E
405
667
76
181
-928
394
1'338
-56
524
359
-879
315
1'088
372
58
-99
1'153
389
-303
27
1'111
426
-69
-211
572
469
35
81
251
495
439
388
389
511
8
-316
-152
518
313
141
-985
543
-316
748
-409
-184
67
1'329
748
-658
-373
1'266
20
-772
0
0
-32
1'257
26
-1'243
0
0
-25
1'157
13
-969
0
0
-1
1'573
13
-600
0
0
0
592
14
-499
0
0
0
820
15
-634
0
0
-251
-10
526
-810
0
0
-9
-767
-700
120
1'419
0
-535
0
0
127
-775
38
319
0
-398
0
0
4'437
-620
-161
25
-253
-160
5
607
-450
52
-29
4'039
-150
0
0
-856
248
-1'901
-14
-408
-131
0
0
-474
205
-2'252
8
-784
-153
0
0
-21
174
-750
-1
-1'242
-174
0
980
-746
62
-400
-8
-957
-178
0
0
-203
5
0
-4
-587
-183
0
0
-113
4
0
-35
-485
-189
0
392
-693
10
0
-16
-870
-178
0
0
0
78
-900
-65
-293
-86
0
0
-250
71
0
-9
-1'041
25
-2'673
-2'644
-751
-286
-380
-327
-496
-1'065
-274
-332
520
1'685
-1'633
-269
-271
-180
659
-389
-1'115
-577
671
375
-79
884
494
14
188
973
93
186
-820
-639
-283
-216
917
-300
2.51
549
483
1.38
165
-1'251
-0.28
1'073
410
3.49
665
493
2.16
192
274
0.06
355
-2
0.85
1'134
873
4.19
245
-194
0.39
201
0.86
-544
-3.74
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
Cash From Financing Activities
Net Changes in Cash
Free Cash Flow (CFO-CAPEX)
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share
-939
30
-30
34
1/03
1/04
1/05
1/06
1/07
1/08
1/09
1/10
1/11
1/12
1/13
1/14E
1/15E
1/16E
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
15.5x
8.2x
4.9x
0.2x
0.9x
2.6%
21.6x
12.5x
8.3x
0.4x
1.4x
1.9%
18.3x
8.2x
6.4x
0.6x
2.3x
1.2%
15.5x
8.6x
7.0x
0.8x
3.3x
0.9%
17.5x
10.2x
8.5x
1.0x
4.4x
0.9%
10.2x
6.4x
5.2x
0.5x
2.0x
1.6%
6.8x
4.3x
3.0x
0.2x
0.9x
4.8%
19.9x
9.4x
5.4x
0.3x
1.2x
3.2%
19.3x
9.8x
6.1x
0.4x
1.4x
2.5%
59.2x
23.5x
10.9x
0.5x
2.2x
1.9%
0.3x
1.4x
2.0%
0.3x
1.5x
0.0%
16.4x
0.3x
1.6x
0.0%
11.0x
0.3x
2.3x
0.0%
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
30.2%
5.2%
3.1%
1.3%
2.3%
6.4%
37.2%
6.7%
4.4%
-5.2%
-5.1%
-17.1%
38.6%
9.1%
7.1%
2.9%
3.2%
10.3%
39.3%
10.4%
8.4%
5.8%
8.2%
24.6%
39.3%
11.6%
9.7%
5.8%
9.2%
27.8%
38.6%
11.7%
9.5%
5.6%
8.2%
23.1%
37.4%
8.7%
6.1%
3.1%
4.3%
12.1%
39.4%
6.6%
3.8%
1.4%
2.0%
5.6%
39.2%
7.6%
4.7%
2.2%
3.0%
7.6%
36.0%
5.6%
2.6%
-0.9%
-1.2%
-3.2%
31.3%
-3.6%
-7.8%
-7.6%
-9.3%
-27.4%
35.2%
-0.6%
-4.1%
-3.1%
-6.1%
-16.2%
36.7%
2.7%
-1.0%
-1.2%
-3.9%
-7.3%
36.4%
3.8%
0.5%
-0.3%
-3.1%
-6.0%
2.01
0.76
2.61
0.45
0.82
1.73
0.86
3.03
0.50
0.99
2.50
1.49
3.44
0.45
0.81
2.43
1.19
5.59
0.46
0.86
1.90
0.86
6.99
0.45
0.80
2.02
0.87
6.56
0.41
0.70
2.23
1.00
4.08
0.46
0.84
2.05
0.93
2.51
0.42
0.71
2.41
0.99
3.57
0.36
0.57
1.84
0.55
1.97
0.44
0.77
1.43
0.36
-4.48
0.48
0.91
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
1.80
46.11
6.23
4.57
0.98
37.92
2.96
2.76
1.12
71.38
6.01
3.53
1.41
69.05
9.92
3.59
1.58
74.68
9.67
3.65
1.47
57.32
8.76
3.46
1.40
42.16
8.39
3.35
1.43
78.55
8.60
3.39
1.39
1.41
1.22
9.32
3.46
9.97
3.60
7.64
3.39
36.5%
33.3%
34.6%
32.3%
36.7%
35.9%
37.7%
38.2%
34.9%
Ratio Analysis
MACY'S INC
01/2013
39.72
08.03.2012
15.70
16.11.2012
1'768'894
01/2013
42.17
02.05.2012
32.31
12.07.2012
6'094'561
17.69
-55.5%
12.7%
219.3
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume
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
KOHLS CORP
NORDSTROM INC
TARGET CORP
WAL-MART
STORES
SAKS INC
01/2013
55.25
01.11.2012
41.35
03.01.2013
3'322'487
01/2013
58.44
30.08.2012
46.27
05.06.2012
2'316'529
01/2013
65.80
21.09.2012
54.68
17.05.2012
6'536'059
01/2013
77.60
16.10.2012
57.18
25.04.2012
8'902'516
01/2013
12.14
03.04.2012
9.24
13.11.2012
2'212'078
40.68
46.17
54.07
64.13
71.74
-3.5%
25.9%
387.7
-16.4%
11.7%
227.0
-7.5%
16.9%
207.6
-2.5%
17.3%
645.3
-7.6%
25.5%
3'340.0
SEARS HOLDINGS
COSTCO
WHOLESALE
01/2013
77.21
16.03.2012
38.40
28.12.2012
1'166'289
08/2012
104.35
01.02.2013
76.56
08.05.2012
1'790'052
11.28
44.36
101.42
-7.1%
22.1%
145.3
-42.5%
15.5%
106.4
-2.8%
32.5%
432.4
GAP INC/THE
01/2013
37.85
05.10.2012
24.17
05.03.2012
8'480'874
DILLARDS INC-A
01/2012
14.99
12.09.2012
3.50
23.05.2012
95'386
BED BATH
&BEYOND
01/2013
89.42
15.02.2013
57.20
05.03.2012
581'586
01/2013
46.67
29.08.2012
36.68
06.03.2012
6'794'205
02/2012
75.84
19.06.2012
54.33
20.12.2012
2'483'694
33.87
80.27
44.98
58.13
10.73
56.93
-10.5%
40.1%
479.4
-10.2%
40.3%
47.8
-3.6%
22.6%
737.9
-17.9%
11.8%
226.9
-28.4%
206.6%
19.7
-24.9%
4.8%
235.5
3'881.2
15'771.6
10'619.6
10'651.8
41'383.1
239'611.6
1'639.0
4'719.9
44'182.3
16'237.9
3'783.1
32'801.8
12'927.0
215.7
12'873.9
2'894.0
930.0
6'930.0
1'836.0
4'553.0
537.0
3'131.0
1'285.0
17'648.0
784.0
54'136.0
5'395.0
7'781.0
359.6
80.4
3'120.0
609.0
1'382.0
157.0
4'854.0
1'246.0
1'510.0
624.0
124.1
774.6
2'047.8
150.0
650.5
883.4
14.3
1'759.6
5'845.2
20'865.6
14'635.6
12'497.8
58'247.1
291'361.6
1'918.2
Valuation
15'973.9
4'283.0
31'528.6
12'451.6
1'230.1
12'089.2
12'985.0
12'985.0
12'664.5
13'169.2
0.5x
0.5x
0.5x
0.4x
(469.0)
(469.0)
(74.0)
357.1
-13.5x
26.2x
16.5x
-3.49
-3.65
(2.29)
(1.06)
(24.8%)
(8.8%)
(16.0%)
(3.6%)
(0.6%)
2.7%
27'686.0
27'686.0
28'314.7
29'159.8
0.7x
0.7x
0.7x
0.7x
3'715.0
3'715.0
3'831.3
4'027.4
5.5x
5.5x
5.3x
4.9x
3.46
3.51
3.92
4.43
11.6x
11.6x
10.4x
9.2x
4.9%
1.9%
7.0%
1.9%
13.4%
13.5%
13.8%
19'279.0
19'280.0
19'495.4
19'893.1
0.8x
0.8x
0.7x
0.7x
2'723.0
2'722.0
2'732.1
2'828.2
5.3x
5.3x
5.1x
4.9x
4.17
4.20
4.38
4.91
11.0x
11.0x
10.6x
9.4x
2.5%
3.1%
(7.3%)
3.8%
14.1%
14.0%
14.2%
12'148.0
12'148.0
12'944.2
13'974.6
1.1x
1.1x
0.9x
0.8x
1'774.0
1'774.0
1'851.1
2'023.1
7.5x
7.5x
6.6x
5.8x
3.56
3.56
3.82
4.26
15.2x
15.2x
14.2x
12.7x
11.7%
7.7%
9.5%
3.9%
14.6%
14.3%
14.5%
73'301.0
73'301.0
75'452.9
80'606.4
0.8x
0.8x
0.7x
0.7x
7'352.0
7'353.0
7'458.0
8'258.4
7.7x
7.7x
7.4x
6.8x
4.76
4.56
4.72
5.56
14.1x
14.1x
13.6x
11.5x
4.9%
2.8%
(1.4%)
1.2%
10.0%
9.9%
10.2%
469'162.0
469'162.0
492'408.8
516'301.8
0.6x
0.6x
0.6x
0.6x
36'302.0
36'302.0
37'856.6
39'832.9
7.9x
7.9x
7.6x
7.2x
5.02
5.02
5.35
5.88
14.3x
14.3x
13.4x
12.2x
5.0%
3.6%
4.7%
5.1%
7.7%
7.7%
7.7%
91.3%
47.7%
9.690x
7.974x
-2.075x
114.5%
53.4%
1.865x
1.371x
8.803x
75.3%
42.9%
1.673x
1.475x
8.277x
163.7%
62.1%
1.765x
1.041x
11.088x
106.6%
51.6%
2.400x
2.293x
9.648x
70.9%
39.8%
1.491x
1.277x
16.127x
CCC+
28.02.2013
-
BBB
10.04.2012
Baa3
09.01.2012
BBB+
20.09.2007
Baa1
24.09.2007
A03.02.2011
Baa1
11.02.2011
A+
20.11.2007
A2
27.11.2007
AA
09.07.1999
Aa2
06.03.1996
3'147.6
3'147.6
3'230.9
3'379.3
0.6x
0.6x
0.6x
0.5x
271.1
271.1
277.1
305.6
6.8x
6.8x
6.8x
5.9x
0.46
0.43
0.44
0.52
26.2x
26.2x
25.7x
21.7x
4.4%
0.2%
(2.1%)
2.3%
8.6%
8.6%
9.0%
7'230.9
40'151.3
39'854.0
39'854.0
36'244.5
35'608.5
0.2x
0.2x
0.2x
0.2x
(146.0)
(146.0)
605.0
678.0
-51.9x
115.5x
11.8x
10.3x
-2.03
-2.54
(2.90)
(2.26)
(4.1%)
(4.1%)
(131.7%)
(0.4%)
1.7%
1.9%
99'137.0
101'224.0
106'397.7
115'492.0
0.4x
0.4x
0.4x
0.4x
3'667.0
3'774.0
4'101.7
4'480.8
10.5x
10.2x
10.6x
9.6x
3.89
4.12
4.50
5.01
24.6x
24.6x
22.5x
20.2x
11.5%
8.5%
11.0%
10.9%
3.7%
3.9%
3.9%
15'651.0
15'651.0
16'186.6
16'831.5
1.0x
1.0x
0.9x
0.9x
2'425.0
2'425.0
2'571.5
2'735.6
6.4x
6.4x
6.0x
5.4x
2.33
2.30
2.62
2.92
14.7x
14.7x
12.9x
11.6x
7.6%
0.5%
24.7%
5.4%
15.5%
15.9%
16.3%
6'751.6
6'748.9
6'817.3
6'960.0
0.7x
0.7x
0.7x
0.6x
800.1
799.9
842.0
793.0
5.7x
5.7x
5.4x
5.7x
6.36
6.33
7.10
7.85
12.7x
12.7x
11.3x
10.2x
5.5%
(0.3%)
17.5%
11.7%
11.9%
12.4%
11.4%
25'878.4
25'878.4
27'230.8
29'130.6
1.2x
1.2x
1.2x
1.1x
3'615.4
3'615.4
3'854.6
4'239.4
8.9x
8.9x
8.2x
7.4x
2.55
2.55
2.81
3.16
17.6x
17.6x
16.0x
14.2x
11.6%
7.6%
23.3%
13.9%
14.0%
14.2%
14.6%
8'608.3
9'358.3
9'697.2
10'304.3
1.5x
1.4x
1.3x
1.2x
1'223.4
1'382.2
1'473.6
1'594.6
10.7x
9.5x
8.4x
7.7x
2.86
3.31
3.53
3.88
17.6x
17.6x
16.5x
15.0x
9.4%
9.1%
14.6%
19.7%
14.8%
15.2%
15.5%
2'953.5
2'953.9
2'985.0
3'004.0
0.4x
0.4x
0.4x
0.4x
165.4
147.5
165.7
192.7
7.6x
8.5x
6.9x
5.8x
-1.02
-1.40
(0.43)
0.47
22.9x
(3.1%)
(3.2%)
(30.8%)
(10.3%)
5.0%
5.5%
6.4%
9'499.9
10'245.4
10'909.9
11'629.9
1.3x
1.3x
1.1x
1.0x
1'752.2
1'782.2
1'846.4
1'966.6
7.3x
7.2x
6.4x
5.8x
4.06
4.38
4.56
5.06
13.0x
13.0x
12.5x
11.3x
8.5%
8.7%
19.0%
11.4%
17.4%
16.9%
16.9%
98.4%
49.6%
44.000x
37.165x
-0.547x
11.2%
9.9%
0.365x
-1.112x
34.924x
43.1%
30.1%
0.514x
-0.109x
29.938x
31.7%
24.1%
0.780x
0.625x
11.496x
21.1%
17.4%
0.214x
-0.352x
123.922x
10.0%
9.1%
0.109x
-0.344x
113.044x
671.2%
87.0%
6.934x
6.879x
1.835x
0.0%
0.0%
0.000x
-0.440x
-
CCC+
05.01.2012
-
A+
28.11.2012
A1
26.03.2012
BB+
17.11.2006
Baa3
07.04.2011
BB
14.03.2012
B1
22.06.2012
A
18.09.2002
A3
17.09.1998
BBB+
08.06.2011
-
B10.01.2012
Caa3
05.06.2012
BBB+
30.06.2011
-
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
31.3%
23.8%
1.327x
1.030x
7.290x
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date
BB
18.08.2011
B1
19.01.2012