20.08.

2012

Company Analysis - Overview

Ticker:

Electricite de France SA

EDF FP

Currency:
Sector: Utilities

Benchmark:
CAC 40 INDEX (CAC)

EN Paris: EDF, Currency: EUR

Industry: Electric Utilities

Year:

Telephone
33-1-40-42-22-22
Revenue (M)
Website
www.edf.fr
No of Employees
Address
22-30 Avenue de Wagram Paris Cedex 08, 75382 France
Share Price Performance in EUR
Price
16.74
1M Return
52 Week High
23.63
6M Return
52 Week Low
14.80
52 Wk Return
52 Wk Beta
0.91
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

EDF SA (Electricite de France) produces, transmits, distributes, imports and exports

electricity. The Company, using nuclear power, coal and gas, provides electricity for
French energy consumers.

65'307
151'804

Business Segments in EUR

Integrated Utilities

Sales (M)
65307

1.8%
-8.9%
-11.3%
-7.5%

HY1
A+
Aa3
A+

Date
Date
Date

12/08
21.7x
14.7x
8.5x
1.2x
3.3x
3.1%

12/09
21.1x
13.3x
7.7x
1.3x
2.6x
2.8%

12/10
89.1x
29.9x
7.5x
0.9x
1.8x
3.7%

12/11
11.5x
15.5x
6.6x
0.5x
1.1x
6.1%

12/12E
8.2x
4.8x
0.4x
0.9x
7.1%

12/13E
8.0x
4.6x
0.4x
0.9x
7.3%

12/14E
7.3x
4.4x
0.4x
0.9x
7.6%

12/08
Gross Margin
EBITDA Margin
21.3
Operating Margin
12.4
Profit Margin
5.5
Return on Assets
1.8
Return on Equity
13.8
Leverage and Coverage Ratios
12/08
Current Ratio
1.0
Quick Ratio
0.4
EBIT/Interest
4.7
Tot Debt/Capital
0.6
Tot Debt/Equity
1.8
Eff Tax Rate %
30.6

12/09
27.2
15.7
6.6
1.8
14.7

12/10
19.3
4.8
1.6
0.4
3.3

12/11
16.7
7.1
4.6
1.3
9.7

12/12E
23.0
13.3
5.5
4.6
12.0

12/13E
22.8
13.2
5.3
4.8
11.9

12/14E
23.3
13.7
5.5
5.0
12.4

12/09
1.1
0.7
3.4
0.6
1.8
27.5

12/10
1.3
0.8
1.1
0.6
1.4
55.4

12/11
1.3
0.9
2.0
0.6
1.6
28.7

17.01.2012
14.01.2009
07.01.2009

Outlook
Outlook
Outlook

Geographic Segments in EUR

France
United Kingdom
Other International
Italy
Other Activities
France

Sales (M)
37171
8568
7501
6552
5515

8%

STABLE
STABLE
STABLE

10%

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

11%
58%
13%
100%

France
United Kingdom
Integrated Utilities

Other International
Italy
Other Activities

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 |

1847.7
30940.8
#N/A N/A
#N/A N/A
0.0
0.0
0.0

Company Analysis - Analysts Ratings

Electricite de France SA

15
57%

57%

57%

54%

20%

50%

41%

46%
35%

46%

48%

46%

10

35%

5
0%

0
aot.11

sept.11

oct.11

nov.11

dc.11

Buy

janv.12

Hold

fvr.12

Sell

mars.12

Price

avr.12

mai.12

juin.12

juil.12

Target Price

Date

Buy

Hold

Sell

Date

31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12
29-Feb-12
31-Jan-12
30-Dec-11
30-Nov-11
31-Oct-11
30-Sep-11
31-Aug-11

46%
48%
46%
46%
35%
35%
41%
50%
54%
57%
57%
57%

46%
48%
50%
50%
50%
50%
48%
39%
36%
36%
36%
29%

8%
4%
4%
4%
15%
15%
11%
11%
11%
7%
7%
14%

20-Aug-12
17-Aug-12
16-Aug-12
15-Aug-12
14-Aug-12
13-Aug-12
10-Aug-12
9-Aug-12
8-Aug-12
7-Aug-12
6-Aug-12
3-Aug-12
2-Aug-12
1-Aug-12
31-Jul-12
30-Jul-12
27-Jul-12
26-Jul-12
25-Jul-12
24-Jul-12
23-Jul-12
20-Jul-12
19-Jul-12
18-Jul-12
17-Jul-12
16-Jul-12
13-Jul-12

44

Broker

16.74
16.66
16.89
16.45
16.50
16.45
16.44
16.60
16.77
16.75
16.53
16.50
16.13
16.75
16.87
16.60
16.18
15.89
15.24
15.30
15.85
16.44
17.43
17.54
17.29
16.98
16.87

AlphaValue
MYRIAM COHEN
Exane BNP Paribas
BENJAMIN LEYRE
Goldman Sachs
ANDREW MEAD
EVA Dimensions
TEAM COVERAGE
Kepler Capital Markets
INGO BECKER
Morgan Stanley
EMMANUEL TURPIN
Credit Suisse
MICHEL DEBS
Canaccord Genuity Corp
HAROLD HUTCHINSON
Berenberg Bank
ROBERT CHANTRY
S&P Capital IQ
CLIVE ROBERTS
Raymond James
EMMANUEL RETIF
Oddo & Cie
STEPHANE LACAZE
Nomura
MARTIN YOUNG
Societe Generale
ALBERTO PONTI
HSBC
ADAM DICKENS
CA Cheuvreux
ARNAUD JOAN
Day by Day
VALERIE GASTALDY
Natixis
PHILIPPE OURPATIAN
Macquarie
ATALLAH ESTEPHAN
Landesbank Baden-WuerttembergERKAN AYCICEK
Deutsche Bank
BERTRAND LECOURT
DZ Bank AG
HASIM SENGUEL
JPMorgan
VINCENT DE BLIC

20.09
20.09
20.09
20.09
20.09
20.09
20.09
20.09
20.06
19.94
19.94
20.06
20.06
20.06
20.35
20.50
20.50
20.50
20.50
20.50
20.50
20.32
20.32
20.38
20.25
20.25
20.25

Analyst

Recommendation
add
outperform
neutral/attractive
underweight
reduce
Equalwt/In-Line
neutral
hold
buy
sell
market perform
buy
buy
buy
overweight
select list
hold
neutral
outperform
sell
restricted
buy
overweight

17

18

22

33

Price Target Price

JPMorgan

20
40%

Natixis

25

Macquarie
Landesbank
BadenDeutsche
Bank
DZ Bank AG

30

22

46%

50%

Day by Day

50%

CA Cheuvreux

48%

24

48%

22

60%

50%

22

35
50%

Nomura
Societe
Generale
HSBC

40

23

8%

20

4%

25

4%

15%

15

39%

4%
15%

18

36%

11%

23

36%

11%

17

36%

11%

14

29%

7%

23

80%

7%

Brokers' Target Price

50
45
40
35
30
25
20
15
10
5
0

22

14%

45

18

100%

AlphaValue
Exane BNP
Paribas
Goldman
Sachs
EVA
Dimensions
Kepler Capital
Markets
Morgan
Stanley
Credit Suisse
Canaccord
Genuity Corp
Berenberg
Bank
S&P Capital IQ
Raymond
James
Oddo & Cie

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in EUR

Target

Date

18.00
22.00
23.10

16-Aug-12
14-Aug-12
9-Aug-12
9-Aug-12
6-Aug-12
1-Aug-12
1-Aug-12
1-Aug-12
1-Aug-12
1-Aug-12
31-Jul-12
31-Jul-12
13-Jul-12
26-Jun-12
21-Jun-12
14-Jun-12
8-May-12
7-May-12
2-Mar-12
16-Feb-12
4-Jan-12
15-Nov-11
14-Feb-11

14.00
23.00
17.00
18.00
24.50
15.00
23.00
20.00
21.50
23.50
22.00
22.00
18.00
22.00
17.00
33.00
44.00

Electricite de France 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

13%

1847.7
15.5%

87.01%
12.99%
0.00%
87%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
FRENCH STATE
THORNBURG INVESTMENT
NATIXIS ASSET MANAGE
NUVEEN ASSET MANAGEM
VANGUARD GROUP INC
ING INTERNATIONAL AD
AVIVA PLC
BLACKROCK FUND ADVIS
ELECTRICITE DE FRANC
FIDEURAM GESTIONS SA
AMUNDI
PIONEER INVESTMENT M
ROTHSCHILD & COMPAGN
AMUNDI
BANK OF NEW YORK MEL
STATE STREET BANQUE
AGICAM
ING INVESTMENT MANAG
ETOILE GESTION
FEDERAL GESTION

France
United States
Luxembourg
Ireland
Germany
Spain
Britain
Others

97.96%
1.26%
0.36%
0.10%
0.07%
0.06%
0.05%
0.16%

Institutional Ownership Distribution

Government
Investment Advisor
Mutual Fund Manager
Insurance Company
Others

97.12%
2.05%
0.83%
0.00%
0.00%

GRILLAT ALEXANDRE
CROUZET PHILIPPE
JAY MICHAEL
LAFONT BRUNO
FAUGERE MIREILLE

0% 0%0%0%
0%
0%
1%

99%

France

United States

Luxembourg

Ireland

Germany

Spain

Britain

Others

TOP 20 ALL

Position
1'561'222'705
10'100'000
4'631'891
3'217'878
2'704'655
2'087'787
1'625'600
1'293'822
1'175'594
1'112'400
1'083'811
961'005
864'000
846'591
703'637
679'571
639'382
571'004
552'261
428'109

Position Change
0
-1'305'000
-146'598
-357'763
122'806
71'081
1'100
0
0
30'500
-194'029
67'617
511'900
15'000
0
61'557
-5'309
-180'044
93'840
0

Market Value
26'127'061'968
169'023'500
77'514'696
53'851'188
45'262'401
34'939'115
27'204'416
21'652'111
19'673'566
18'616'014
18'137'577
16'082'419
14'459'040
14'167'700
11'775'365
11'372'621
10'700'058
9'555'752
9'242'088
7'164'404

% of Ownership
84.44%
0.55%
0.25%
0.17%
0.15%
0.11%
0.09%
0.07%
0.06%
0.06%
0.06%
0.05%
0.05%
0.05%
0.04%
0.04%
0.03%
0.03%
0.03%
0.02%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

31.12.2011
30.06.2012
30.12.2011
30.06.2012
30.06.2012
30.04.2012
31.07.2012
16.08.2012
31.12.2011
31.07.2012
29.06.2012
30.04.2012
30.09.2011
29.06.2012
16.08.2012
30.06.2012
30.04.2012
30.06.2012
29.06.2012
30.03.2012

Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

328
200
200
150
106

5'489
3'347
3'347
2'510
1'774

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
UNITED STATES
FRANCE
UNITED STATES
UNITED STATES
LUXEMBOURG
BRITAIN
UNITED STATES
FRANCE
LUXEMBOURG
FRANCE
UNITED STATES
FRANCE
FRANCE
UNITED STATES
FRANCE
FRANCE
UNITED STATES
FRANCE
FRANCE

Institutional Ownership
0%
1%
2%

0%

97%

Government

Investment Advisor

Insurance Company

Others

Mutual Fund Manager

Company Analysis - Financials I/IV

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

Fiscal Year

Equivalent Estimates
12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

40'716

48'359

44'919

46'788

51'047

58'932

59'637

63'847

59'140

65'320

65'307

69'354

72'932

75'943

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

38'364

43'893

38'930

38'403

43'054
402

49'576
389

49'646
375

55'937
421

49'834
438

62'170
486

60'682
518

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

2'352
1'903
710
-1'686

4'466
1'986
96
983

5'989
1'508
-24
2'003

8'385
1'568
59
5'075

7'993
1'556
-175
1'844

9'356
1'655
-36
819

9'991
1'660
72
634

7'910
1'684
66
933

9'306
2'529
9
1'562

3'150
2'528
-63
-1'263

4'625
2'017
15
-1'958

9'231

9'609

10'422

1'425
577

1'401
986

2'502
1'567

1'683
1'072

4'768
1'445

6'918
1'146

7'625
1'841

5'227
1'599

5'206
1'432

1'948
1'079

4'551
1'305

5'434

5'608

6'219

848

415

-66

935
0
78

611
0
-13

3'323
0
93

5'772
-5
172

5'784
-9
175

3'628
0
144

3'774
-311
183

869
-380
229

3'246
0
236

3'808
2.04
1.18
0.58

3'895
2.10
1.22
0.58

4'204
2.29
1.28
0.56

15'936

16'650

17'714

Income Statement
Revenue
- Cost of Goods Sold

Pretax Income
- Income Tax Expense
Income Before XO Items
- Extraordinary Loss Net of Tax
- Minority Interests
Diluted EPS Before XO Items
Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %

841
0.00

481
0.00

0.0

0.0

Total Shares Outstanding

Diluted Shares Outstanding
EBITDA

7'497

9'881

*Net income excludes extraordinary gains and losses and one-time charges.

0.53

0.38

1.96

3.07

3.08

1.91

1.97

0.34

1.63

857
0.00
0.00
0.0

1'341
0.38

3'242
1.97
0.79
44.6

4'227
2.33
1.16
37.7

4'718
2.59
1.28
41.6

4'308
2.37
1.28
66.8

3'905
2.14
1.15
59.2

3'925
2.12
1.15
331.6

3'520
1.91
1.15
70.6

1'626
1'626

1'626
1'626

1'822
1'648

1'822
1'822

1'822
1'822

1'819
1'823

1'849
1'824

1'848
1'848

1'848
1'847

12'523

13'227

13'010

14'719

15'619

13'624

16'102

12'598

10'910

Company Analysis - Financials II/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

28873
1'017
2'382
11'315
8'354
5'805

30765
1'172
2'511
12'368
8'102
6'612

31909
2'523

35784
3'820
13'733
6'678
11'553

48262
3'308
17'010
15'716
7'431
4'797

51577
6'035
14'876
16'100
8'678
5'888

59154
5'869

14'394
6'924
8'068

47612
7'220
11'966
16'107
6'695
5'624

19'144
9'290
24'851

60214
6'982
12'450
19'633
12'662
8'487

63670
4'829
16'788
19'524
12'685
9'844

67980
5'743
16'980
20'908
13'581
10'768

106'707
7'941
167'591
77'763
89'828
8'938

114'074
8'569
180'818
85'396
95'422
10'083

114'991
7'315
179'049
80'037
99'012
8'664

115'675
8'118
181'351
83'706
97'645
9'912

123'524
9'012
188'655
86'988
101'667
12'845

130'824
13'094
193'422
89'541
103'881
13'849

134'572
15'805
198'301
93'360
104'941
13'826

141'338
18'103
204'620
97'045
107'575
15'660

179'821
24'498
231'582
103'540
128'042
27'281

176'889
24'921
199'645
92'445
107'200
44'768

163'727
24'517
208'464
96'496
111'968
27'242

Total Current Liabilities

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

29'404
5'998
6'440
16'966

33'583
6'353
8'146
19'084

35'356
8'164
9'890
17'302

37'278
6'663
9'759
20'856

39'932
8'872
11'933
19'127

44'922
9'457
15'110
20'355

48'692
9'867
16'918
21'907

58'217
13'957
18'958
25'302

57'177
13'348
16'560
27'269

49'651
12'805
12'766
24'080

50'909
13'681
12'789
24'439

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

90'963
19'168
71'795

96'387
21'366
75'021

91'705
19'714
71'991

104'212
20'636
83'576

110'930
23'511
87'419

109'365
19'983
89'382

108'661
17'607
91'054

117'277
25'584
91'693

148'191
44'755
103'436

154'005
40'646
113'359

145'891
42'688
103'203

120'367
0
1'502
8'154
5'557

129'970
0
986
8'154
5'729

127'061
0
915
8'129
10'795

141'490
0
897
8'129
943

150'862
0
961
911
18'402

154'287
0
1'490
911
22'398

157'353
0
1'586
911
26'299

175'494
0
1'801
911
22'286

205'368
0
4'776
924
28'967

203'656
0
5'586
924
30'393

196'800
0
4'337
924
29'646

15'213

14'869

19'839

9'969

20'274

24'799

28'796

24'998

34'667

36'903

34'907

135'580

144'839

146'900

151'459

171'136

179'086

186'149

200'492

240'035

240'559

231'707

11.64
7.63

5.58
1.48

10.60
5.62

12.79
7.73

14.93
9.62

12.75
7.31

16.17
5.83

16.94
7.94

16.54
7.70

12/12E

12/13E

12/14E

17.91

18.75

19.02

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

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

Company Analysis - Financials III/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

841
5'145
642
2'777

481
5'415
2'753
470

857
6'534
-712
17

624
4'842
2'056
473

3'230
5'017
-1'179
1'371

5'605
5'363
173
654

5'618
5'628
-755
-269

3'484
5'714
-1'415
-211

3'902
6'796
1'983
-1'468

1'020
9'448
977
-335

3'010
6'285
987
-1'785

3'772

3'803

4'197

9'405
1'908
-7'582
0
0
-5'837

9'119
1'683
-7'486
0
0
-4'080

6'696
1'778
-4'963
-1'413
0
-557

7'995
383
-4'940

8'439
392
-5'168
-2'894

11'795
272
-5'935
-8'797

10'222
229
-7'490

7'572
214
-9'703
-6'895

11'213
201
-11'777

11'110
188
-12'241
-6'272

8'497
497
-11'134

-12'920

-12'299

-12'675

761
-97

-2'951

691

1'580
253

-281

462
-14'120

3'398

222
3'624

-11'511

-5'155
-208
0
8'236
-9'287
33
0
122

-3'893
-321

-10'621
-374

-13'769
-1'439

-5'428
-3'170

-16'665
-2'438

-25'234
-1'228

-14'927
-2'163

-6'791
-2'122

0
7'699
-8'073
0
0
-159

-9'883
-378
0
6'250
-3'893
0
0
178

3'865
-7'230
43

2'810
-3'247
6'377

3'686
-4'254
24

8'642
-4'652

5'846
-4'071

686

45

15'717
-4'882
249
-180
461

29'272
-15'244
12

162

7'059
-6'357
178
-6
229

2'549

-10
488

-14
-1'230

-533

2'157

-1'104

-3'481

6'252

-1'938

-2'067

8'927

15'361

2'305

-1'591

-2'639

1'393

437

621

4'070

-3'912

2'727

-166

1'340

-1'512

115

Free Cash Flow (CFO-CAPEX)

1'823

1'633

1'733

3'055

3'271

5'860

2'732

-2'131

-564

-1'131

-2'637

-2'087

-762

-852

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

2'955
3'357

2'221
5'673

2'297
2'460
1.07

3'624
73
1.88

4'355
3'226
1.98

7'241
5'564
3.22

3'991
3'663
1.50

-962
8'918
-1.17

1'269
13'665
-0.31

-3
3'047
-0.61

-1'198
-365
-1.43

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

Company Analysis - Financials IV/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

16.3x
9.4x
5.8x
1.0x
3.0x
2.5%

17.9x
12.5x
7.9x
1.7x
4.3x
2.1%

26.5x
16.4x
10.5x
2.5x
5.5x
1.6%

21.7x
14.7x
8.5x
1.2x
3.3x
3.1%

21.1x
13.3x
7.7x
1.3x
2.6x
2.8%

89.1x
29.9x
7.5x
0.9x
1.8x
3.7%

11.5x
15.5x
6.6x
0.5x
1.1x
6.1%

8.2x

8.0x

7.3x

4.8x
0.4x
0.9x
7.1%

4.6x
0.4x
0.9x
7.3%

4.4x
0.4x
0.9x
7.6%

23.0%
13.3%
5.5%
4.6%
12.0%

22.8%
13.2%
5.3%
4.8%
11.9%

23.3%
13.7%
5.5%
5.0%
12.4%

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
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

18.4%
5.8%
2.1%
0.7%
6.2%

20.4%
9.2%
1.0%
0.3%
3.5%

27.9%
13.3%
1.9%
0.6%
5.2%

28.3%
17.9%
1.3%
0.4%
4.5%

25.5%
15.7%
6.3%
2.0%
22.8%

25.0%
15.9%
9.5%
3.2%
26.3%

26.2%
16.8%
9.4%
3.1%
22.2%

21.3%
12.4%
5.5%
1.8%
13.8%

27.2%
15.7%
6.6%
1.8%
14.7%

19.3%
4.8%
1.6%
0.4%
3.3%

16.7%
7.1%
4.6%
1.3%
9.7%

0.98
0.50
1.24
0.63
1.68

0.92
0.48
2.25
0.66
1.98

0.90
0.48
3.97
0.60
1.49

0.96
0.47
5.35
0.75
3.05

1.19
0.88
5.14
0.64
1.75

1.07
0.80
5.65
0.59
1.42

1.06
0.76
6.02
0.55
1.20

1.02
0.43
4.70
0.64
1.78

1.05
0.68
3.43
0.64
1.77

1.28
0.83
1.14
0.59
1.45

1.34
0.86
2.04
0.61
1.59

0.32
4.00

0.34
4.08

0.31
3.36

0.31
3.33

0.32
3.42

0.34
3.70

0.33
3.75

0.33
3.62

0.27
3.05

0.27
3.34

0.28
3.23

40.5%

70.4%

62.6%

63.7%

30.3%

16.6%

24.1%

30.6%

27.5%

55.4%

28.7%

Company Analysis - Peers Comparision

EDF
Latest Fiscal Year:

GDF SUEZ

12/2011
23.63
17.10.2011
14.80
01.06.2012
81'446

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

Current Price (8/dd/yy)

52-Week High % Change
52-Week Low % Change
Total Common Shares (M)

Market Capitalization

E.ON AG

RWE AG

CENTRICA PLC

VEOLIA
ENVIRONNE

12/2011
24.13
10.10.2011
15.62
01.06.2012
600'313

12/2011
18.70
19.03.2012
12.50
12.09.2011
875'886

12/2011
37.12
20.03.2012
21.14
13.09.2011
226'615

12/2011
330.80
20.08.2012
277.70
21.12.2011
395'797

12/2011
13.06
16.03.2012
7.80
20.12.2011
185'614

16.74

20.15

18.29

33.43

329.60

8.75

-29.2%
13.1%
1'847.7

-16.5%
29.0%
2'213.8

-2.2%
46.3%
1'905.5

-9.9%
58.1%
586.6

-0.4%
18.7%
5'173.2

-32.9%
12.2%
505.4

IBERDROLA SA
12/2011
5.49
28.10.2011
2.63
26.07.2012
3'017'030

ENEL SPA

SSE PLC

ENDESA
12/2011
18.44
25.08.2011
11.30
25.07.2012
17'011

EDP

ELETROBRAS-PR B

12/2011
3.62
13.10.2011
2.02
24.07.2012
7'062'775

03/2012
1'446.00
10.07.2012
1'198.00
22.08.2011
139'963

12/2011
2.54
14.10.2011
1.63
31.05.2012
305'683

3.39

2.58

1'338.00

14.26

2.02

-38.2%
28.9%
5'845.0

-28.7%
27.6%
9'403.4

-7.5%
11.7%
944.7

-22.7%
26.2%
1'058.8

-20.5%
24.0%
3'624.2

12/2010
27.59
05.01.2012
16.92
24.05.2012
585'300

FORTUM OYJ

NATIONAL GRID
PL

SUEZ
ENVIRONNEME

12/2011
19.36
02.03.2012
12.81
23.07.2012
98'515

03/2012
706.00
17.08.2012
585.00
26.08.2011
530'673

12/2011
12.23
16.03.2012
8.01
25.07.2012
60'076

20.55

14.34

703.50

9.35

-25.5%
21.5%
1'352.6

-25.9%
11.9%
888.4

-0.4%
20.3%
3'701.0

-23.5%
16.8%
506.9

30'940.8

46'775.8

36'588.3

20'419.1

17'124.9

4'570.3

20'817.0

24'241.9

12'640.4

15'097.8

7'378.9

22'145.7

12'739.2

25'592.3

4'771.7

Minority Interest
Cash and Equivalents

55'477.0
4'337.0
22'723.0

57'272.0
17'340.0
14'675.0

29'914.0
3'876.0
6'931.0

21'923.0
1'344.0
7'004.0

4'171.0
546.0

21'089.2
2'765.4
5'723.9

33'228.5
319.9
6'208.7

65'481.0
15'650.0
7'015.0

6'245.6
189.2

13'681.0
180.0
5'388.0
8'440.0

18'785.1
3'277.2
1'731.7

45'350.9
358.8
19'645.3

7'770.0
529.0
731.0

23'025.0
7.0
2'723.0

10'070.8
1'871.1
2'508.2

Enterprise Value

77'128.8

106'054.8

66'758.3

38'073.1

21'852.9

22'529.3

48'875.0
Valuation

101'349.9

18'696.8

26'040.8

28'705.9

59'295.2

20'711.2

45'901.3

14'707.1

Total Debt
Preferred Stock

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

65'307.0
68'065.0
69'353.7
72'932.3
1.2x
1.2x
1.1x
1.1x
10'910.0
11'724.0
15'936.4
16'649.6
7.2x
6.7x
4.8x
4.8x
2.37
1.75
2.04
2.10
9.6x
6.4x
8.2x
8.0x
(0.0%)
3.7%
(13.4%)
(5.8%)
16.7%
23.0%
22.8%

90'673.0
95'530.0
94'186.0
97'182.8
1.1x
1.1x
1.2x
1.1x
16'071.0
16'622.0
17'142.5
17'744.7
6.4x
6.2x
6.3x
6.1x
2.04
1.61
1.60
1.69
12.5x
11.8x
12.6x
11.9x
7.3%
34.1%
1.0%
26.1%
17.7%
18.2%
18.3%

112'954.0
125'308.0
108'082.3
110'254.3
0.6x
0.5x
0.6x
0.5x
6'935.0
4'532.0
10'741.4
11'331.1
9.0x
13.8x
5.7x
5.3x
0.89
-0.01
2.10
1.84
15.0x
8.7x
9.9x
21.6%
13.3%
(44.0%)
(3.8%)
6.1%
9.9%
10.3%

49'153.0
48'857.0
51'173.4
52'105.8
0.8x
0.8x
0.8x
0.7x
6'912.0
7'464.0
8'637.8
8'874.0
5.4x
5.0x
4.7x
4.4x
3.35
2.95
4.05
4.09
11.3x
11.3x
8.3x
8.2x
(3.1%)
6.3%
(25.1%)
(1.1%)
14.1%
16.9%
17.0%

22'824.0
23'292.0
23'239.1
24'316.3
0.9x
0.9x
0.9x
0.9x
2'436.0
2'596.0
3'709.4
4'018.8
8.7x
8.2x
5.8x
5.3x
0.24
0.18
0.27
0.28
18.1x
8.9x
12.3x
11.7x
1.8%
7.2%
(27.0%)
4.7%
10.7%
16.0%
16.5%

29'647.3
28'141.3
28'989.7
28'990.7
0.8x
0.8x
0.7x
0.7x
3'805.3
3'952.2
2'829.3
2'957.8
6.1x
5.9x
7.1x
6.7x
-0.89
-0.15
0.51
0.72
17.0x
12.1x
3.1%
(0.3%)
2.9%
3.1%
12.8%
9.8%
10.2%

181.5%
61.4%
5.085x
3.002x
4.804x

91.0%
41.6%
3.564x
2.651x
6.400x

83.7%
43.0%
4.313x
3.314x
2.221x

139.3%
56.2%
3.172x
2.158x
6.502x

74.5%
42.7%
1.712x
1.488x
6.030x

298.3%
68.2%
5.542x
4.038x
4.417x

A+
17.01.2012
Aa3
14.01.2009

A
11.02.2011
A1
03.07.2012

A27.07.2012
A3
05.10.2011

BBB+
27.07.2012
A3
19.07.2011

A29.05.2009
A3
21.06.2006

BBB+
24.11.2000
Baa1
07.02.2012

31'648.0
33'590.6
31'873.1
32'913.9
1.6x
1.5x
1.6x
1.5x
7'000.4
6'901.2
7'763.8
7'915.0
7.2x
7.3x
6.7x
6.4x
0.47
0.51
0.45
0.44
6.6x
6.7x
7.5x
7.7x
4.0%
16.5%
2.1%
14.2%
22.1%
24.4%
24.0%

77'573.0
80'353.0
75'532.3
76'278.7
1.3x
1.3x
1.1x
1.1x
17'198.0
16'518.0
16'314.6
16'569.0
5.9x
6.1x
5.2x
5.0x
0.44
0.36
0.36
0.37
7.1x
7.2x
7.0x
7.8%
17.8%
2.6%
16.8%
22.2%
21.6%
21.7%

31'723.9
31'723.9
30'531.1
31'977.3
0.6x
0.6x
0.6x
0.6x
1'946.8
1'946.8
2'167.2
2'291.3
9.6x
9.6x
9.1x
8.8x
1.01
0.21
1.16
1.22
63.4x
13.3x
11.6x
11.0x
12.0%
24.9%
4.9%
5.7%
6.1%
7.1%
7.2%

32'686.0
33'036.0
32'283.1
32'920.2
0.8x
0.8x
0.9x
0.8x
7'265.0
7'345.0
6'825.9
6'917.7
3.5x
3.5x
4.2x
3.8x
2.01
1.96
1.82
1.90
7.3x
7.8x
7.5x
4.8%
10.3%
(2.8%)
3.0%
22.2%
21.1%
21.0%

15'120.9
15'742.5
15'240.6
15'773.6
1.9x
1.8x
1.8x
1.7x
3'754.9
3'707.3
3'809.7
3'863.9
7.5x
7.6x
7.3x
7.1x
0.31
0.30
0.29
0.28
6.7x
6.8x
6.9x
7.3x
6.7%
11.2%
7.0%
10.2%
24.8%
25.0%
24.5%

33'061.4
37'752.5
28'614.5
30'819.0
1.7x
1.5x
1.5x
1.7x
5'866.8
6'284.7
7'225.2
8'255.4
9.6x
9.0x
5.8x
6.2x
2.76
3.50
2.79
3.63
5.9x
5.9x
7.4x
5.7x
10.9%
10.9%
10.0%
(2.9%)
17.7%
25.3%
26.8%

6'161.0
5'996.0
6'132.3
6'405.2
3.5x
3.5x
3.4x
3.3x
2'395.0
2'360.0
2'449.4
2'484.9
8.9x
9.0x
8.4x
8.4x
1.46
1.39
1.40
9.8x
10.3x
10.3x
(2.1%)
7.2%
0.2%
4.9%
38.9%
39.9%
38.8%

13'832.0
13'832.0
14'626.1
14'979.1
3.2x
3.2x
3.2x
3.3x
4'777.0
4'777.0
5'190.5
5'408.5
9.1x
9.1x
9.1x
9.0x
0.51
0.57
0.55
0.55
12.3x
13.8x
12.8x
12.7x
(3.6%)
13.9%
(1.4%)
7.5%
34.5%
35.5%
36.1%

14'829.6
14'777.1
14'964.0
15'391.0
1.0x
1.0x
1.0x
0.9x
2'077.9
1'980.7
2'459.9
2'577.5
6.9x
7.2x
5.9x
5.7x
0.68
0.23
0.67
0.77
40.7x
24.7x
14.0x
12.1x
6.9%
3.9%
3.6%
14.0%
16.4%
16.7%

168.8%
54.6%
3.807x
3.400x
6.247x

136.2%
57.7%
3.208x
3.111x
3.881x

70.9%
35.5%
1.883x
0.721x
9.290x

231.6%
62.3%
5.003x
4.542x
3.460x

59.0%
37.0%
7.730x
4.382x
1.457x

80.7%
43.3%
3.244x
2.939x
8.433x

249.2%
71.3%
4.820x
4.250x
2.040x

203.6%
59.6%
4.847x
3.640x
4.988x

BBB+
08.03.2012
Baa1 *15.06.2012

A21.08.2009
A3
22.09.2009

BBB+
08.03.2012
WR
25.02.2009

BB+
01.02.2012
Ba1
16.02.2012

A17.11.2011
Baa2
17.10.2011

A
21.09.2009
A2
15.07.2005

A24.08.2007
Baa1
12.01.2007

A3
20.05.2009

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

101.0%
50.0%
4.747x
3.860x
4.728x

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+
03.05.2012
(P)Baa1 *15.06.2012