Documente Academic
Documente Profesional
Documente Cultură
2013
France Telecom SA
FTE FP
Currency:
Sector: Telecommunication Services
Telephone
33-1-44-44-22-22
Revenue (M)
Website
www.francetelecom.fr
No of Employees
Address
6 Place D'Alleray Paris Cedex 15 France
Share Price Performance in EUR
Price
7.56
1M Return
52 Week High
10.98
6M Return
52 Week Low
7.43
52 Wk Return
52 Wk Beta
0.93
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
IG10
AA3
BBB+
Date
Date
Date
Year:
43'515
170'338
-16.0%
-30.6%
-24.8%
-9.3%
10.02.2005
23.06.2005
30.10.2012
Benchmark:
CAC 40 INDEX (CAC)
Outlook
Outlook
Outlook
NEG
NEG
STABLE
Sales (M)
24197
16514
7101
1610
-2381
Sales (M)
22534
9053
7101
3993
3625
1610
-2381
3% 5%
3% 5%
7%
14%
8%
Valuation Ratios
12/09
16.4x
9.9x
5.6x
1.0x
1.7x
8.0%
12/10
10.8x
8.5x
4.9x
0.9x
1.4x
9.0%
12/11
8.3x
7.8x
4.3x
0.7x
1.2x
11.5%
12/12
26.9x
9.1x
0.5x
0.9x
9.4%
12/13E
6.8x
4.1x
0.5x
0.7x
10.4%
12/14E
6.9x
4.2x
0.5x
0.7x
10.3%
12/15E
6.9x
4.3x
0.5x
0.6x
10.2%
12/09
Gross Margin
EBITDA Margin
32.3
Operating Margin
18.4
Profit Margin
6.7
Return on Assets
3.3
Return on Equity
11.2
Leverage and Coverage Ratios
12/09
Current Ratio
0.9
Quick Ratio
0.4
EBIT/Interest
3.7
Tot Debt/Capital
0.6
Tot Debt/Equity
1.2
Eff Tax Rate %
41.2
12/10
33.6
19.4
10.7
5.3
17.4
12/11
33.2
18.3
8.6
4.1
13.7
12/12
13.9
1.9
0.9
3.2
12/13E
53.4
30.7
15.7
7.1
5.3
10.8
12/14E
53.4
30.4
15.4
7.0
5.1
10.1
12/15E
30.1
15.0
7.3
9.3
12/10
0.6
0.5
4.2
0.5
1.1
31.6
12/11
0.8
0.5
4.0
0.6
1.3
35.3
12/12
0.6
0.5
3.4
0.6
1.5
52.7
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
45%
46%
14%
32%
18%
Personal Communication Services
France
Spain
Poland
2633.4
20025.6
#N/A N/A
#N/A N/A
0.0
0.0
0.0
18
100%
27%
23%
26%
28%
26%
16
14
80%
12
42%
38%
49%
46%
44%
44%
40%
aot.12
Buy
Hold
Sell
sept.12
janv.13
Price
Target Price
Date
Buy
Hold
Sell
Date
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
29-Feb-12
29%
29%
29%
28%
35%
39%
41%
41%
42%
42%
37%
43%
44%
49%
46%
44%
38%
42%
38%
35%
34%
34%
37%
35%
26%
23%
26%
28%
27%
19%
22%
24%
24%
24%
26%
23%
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
21-Jan-13
18-Jan-13
17-Jan-13
16-Jan-13
15-Jan-13
14-Jan-13
11-Jan-13
10-Jan-13
9.51
9.48
9.27
9.33
9.25
9.29
9.29
9.29
9.29
9.29
9.41
9.56
9.56
9.65
9.78
9.62
9.83
9.83
10.14
10.13
10.18
10.23
10.23
10.22
10.22
10.22
10.22
10.22
10.22
10.22
Broker
Analyst
Societe Generale
STEPHANE SCHLATTER
Jefferies
JEREMY A DELLIS
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Independent Research GmbH
MARKUS FRIEBEL
Oddo & Cie
VINCENT MAULAY
Nomura
FREDERIC BOULAN
Grupo Santander
CARLOS JAVIER TREVINO
Berenberg Bank
STUART GORDON
Banco Sabadell
ANDRES BOLUMBURU
AlphaValue
JEAN-MICHEL SALVADOR
Macquarie
GUY R PEDDY
S&P Capital IQ
ALEXANDER WISCH
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Kepler Capital Markets
JAVIER BORRACHERO
Goldman Sachs
ANDREW LEE
JPMorgan
HANNES C WITTIG
HSBC
NICOLAS COTE-COLISSON
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
Credit Suisse
JAKOB BLUESTONE
Barclays
JONATHAN DANN
Exane BNP Paribas
ANTOINE PRADAYROL
EVA Dimensions
ANDREW S ZAMFOTIS
Morgan Stanley
NICK DELFAS
Hamburger Sparkasse
TINA HECKING-VELTMAN
CM - CIC Securities(ESN)
JEAN-MICHEL KOSTER
Day by Day
VALERIE GASTALDY
Deutsche Bank
MATTHEW BLOXHAM
Espirito Santo Investment Bank Research WILL DRAPER
Natixis
BENOIT MAYNARD
CA Cheuvreux
PETER KURT NIELSEN
Recommendation
hold
buy
underperform
buy
neutral
neutral
hold
hold
sell
buy
outperform
sell
sell
hold
Sell/Neutral
underweight
overweight
buy
neutral
underweight
neutral
hold
Underwt/In-Line
hold
hold
hold
hold
buy
buy
underperform
Natixis
dc.12
Fincorp SAOG
juil.12
Raymond
juin.12
National Bank
mai.12
CA Cheuvreux
avr.12
Espirito Santo
nov.12
0
mars.12
0
Deutsche Bank
oct.12
CM - CIC
29%
Day by Day
29%
Hamburger
29%
EVA
28%
Morgan Stanley
35%
0%
fvr.12
4
Barclays
39%
Exane BNP
41%
Credit Suisse
41%
HSBC
42%
Landesbank
42%
JPMorgan
37%
Goldman Sachs
43%
10
Ahorro
20%
15
10
Kepler Capital
38%
Macquarie
35%
S&P Capital IQ
34%
AlphaValue
37%
34%
Banco Sabadell
35%
Grupo
60%
20
Berenberg Bank
19%
Nomura
22%
24%
Sanford C.
24%
Independent
24%
Societe
26%
Jefferies
23%
Price
Broker Recommendation
Target
Date
9.00
11.50
7.25
10.00
11.00
8.30
14.00
8.00
11.00
19.60
12.00
7.00
7.00
9.00
7.80
7.50
11.00
11.00
9.00
8.80
9.50
20-Feb-13
20-Feb-13
20-Feb-13
20-Feb-13
20-Feb-13
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
7-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
31-Jan-13
25-Jan-13
24-Jan-13
24-Jan-13
21-Jan-13
15-Jan-13
14-Jan-13
13-Dec-12
26-Nov-12
6-Nov-12
26-Oct-12
26-Oct-12
26-Oct-12
26-Sep-12
8.90
8.60
10.25
13.00
13.60
11.50
20.02.2013
France Telecom SA
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
France
United States
Luxembourg
Germany
Ireland
Britain
Canada
Others
37%
36.87%
63.13%
0.00%
Geographic Ownership
0%
2633.4
86.0%
63%
74.73%
14.10%
2.44%
2.08%
1.61%
1.48%
0.86%
2.69%
2%
2%
2% 1% 1% 3%
14%
75%
Institutional Ownership
Retail Ownership
Insider Ownership
RICHARD STEPHANE
PELLISSIER GERVAIS GILLES
FILIPPI CHARLES-HENRI
DUFAU BERNARD
MAOUCHE MARC
France
United States
Luxembourg
Germany
Ireland
Britain
Canada
Others
TOP 20 ALL
Position
356'194'433
132'135'951
129'217'007
39'956'515
38'053'493
30'658'099
27'549'306
21'101'112
15'456'045
13'910'873
7'761'976
7'460'542
5'987'536
5'931'576
5'174'475
4'642'622
4'580'800
3'776'349
3'631'219
3'542'207
Position Change
0
-27'339'807
-3'894'321
618'498
4'937'505
1'937'969
47'132
-23'738'395
0
-368'000
-527'072
-2'123
0
34'665
-26'670
0
-9'177'060
264'343
0
1'153'077
Market Value
2'692'829'913
998'947'790
976'880'573
302'071'253
287'684'407
231'775'228
208'272'753
159'524'407
116'847'700
105'166'200
58'680'539
56'401'698
45'265'772
44'842'715
39'119'031
35'098'222
34'630'848
28'549'198
27'452'016
26'779'085
% of Ownership
13.45%
4.99%
4.88%
1.51%
1.44%
1.16%
1.04%
0.80%
0.58%
0.53%
0.29%
0.28%
0.23%
0.22%
0.20%
0.18%
0.17%
0.14%
0.14%
0.13%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
31.12.2011
16.05.2012
11.06.2012
31.12.2012
31.12.2012
31.12.2012
15.02.2013
30.11.2012
31.12.2011
28.09.2012
31.12.2012
31.01.2013
15.02.2013
30.09.2012
30.11.2012
31.07.2012
31.12.2012
28.09.2012
19.02.2013
31.12.2012
Source
Co File
Research
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Top 5 Insiders:
Holder Name
37.91%
35.90%
13.32%
11.20%
1.68%
57'959
20'584
10'001
6'692
2'377
438'170
155'615
75'608
50'592
17'970
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
Co File
Co File
Co File
Co File
Co File
Country
FRANCE
FRANCE
FRANCE
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
FRANCE
FRANCE
FRANCE
FRANCE
BRITAIN
IRELAND
FRANCE
BRITAIN
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
UNITED STATES
Institutional Ownership
2%
11%
38%
13%
36%
Investment Advisor
Government
Others
Bank
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
46'630
18'558
46'121
17'223
46'158
49'038
51'702
52'959
46'712
44'845
45'503
45'277
43'515
42'096
41'467
40'800
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
28'072
23'764
576
28'898
22'285
478
22'479
22'143
36'904
38'216
41'266
41'823
36'116
36'599
36'673
36'993
37'470
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
4'308
4'041
-136
18'810
6'613
3'965
25
1'486
9'254
3'746
-144
-35
10'822
2'882
147
-135
10'436
2'625
-26
4'100
11'136
2'425
4
558
10'596
3'018
51
657
8'246
2'232
42
528
8'830
2'117
-56
1'207
8'284
2'066
21
282
6'045
1'769
28
1'913
6'618
6'403
6'132
Pretax Income
- Income Tax Expense
-18'407
2'499
1'137
-2'591
5'687
2'477
7'928
1'568
3'737
2'180
8'149
1'330
6'870
2'856
5'444
2'242
5'562
1'755
5'915
2'087
2'335
1'231
4'812
4'653
4'643
-20'906
3'728
-170
522
3'210
0
193
6'360
0
651
1'557
-3'211
629
6'819
0
519
4'014
-404
345
3'202
-200
384
3'807
-1'070
-3
3'828
0
-67
1'104
0
284
1.22
2.20
0.36
2.36
1.39
1.06
1.43
1.46
0.31
2'991
1.11
0.79
0.71
2'899
1.10
0.78
0.71
2'992
1.09
0.77
0.71
12'943
12'588
12'293
Income Statement
-20'736
(16.49)
0.00
3'206
1.63
0.00
0.0
2'784
1.14
0.48
39.3
5'709
2.28
1.00
45.6
4'706
1.81
1.20
280.4
5'557
2.14
1.30
53.9
4'808
1.85
1.40
99.8
4'544
1.71
1.40
131.6
4'499
1.70
1.40
97.3
4'074
1.54
1.40
95.2
3'387
1.28
0.78
252.2
1'265
1'343
2'411
2'195
2'477
2'483
2'603
2'686
2'607
2'652
2'614
2'764
2'605
2'659
2'647
2'649
2'649
2'710
2'633
2'712
2'633
2'645
14'570
16'965
17'244
17'856
18'260
19'247
17'300
14'480
15'291
15'019
*Net income excludes extraordinary gains and losses and one-time charges.
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13847
2'819
45
5'474
696
4'813
14458
3'350
1'874
3'819
516
4'899
14231
3'153
240
6'589
644
3'605
15079
4'097
39
7'121
854
2'968
14784
3'970
505
6'756
844
2'709
16974
4'025
534
6'556
1'068
4'791
15456
4'694
720
6'117
958
2'967
21716
3'805
91
5'451
617
11'752
15130
4'428
758
5'596
708
3'640
20552
8'044
948
4'905
631
6'024
16127
8'321
141
4'635
586
2'444
92'740
1'418
86'389
50'121
36'268
55'054
85'375
1'045
82'582
51'947
30'635
53'695
84'462
4'900
88'387
987
83'261
55'039
28'222
59'178
84'209
240
86'222
58'373
27'849
56'120
78'196
1'861
69'194
2'973
25'826
50'509
23'547
42'674
79'146
1'106
85'596
60'840
24'756
53'284
75'531
1'197
85'468
61'834
23'634
50'700
73'853
1'301
26'502
53'060
94'271
1'769
81'309
52'739
28'570
63'932
44'882
8'503
23'985
12'394
31'812
7'368
10'627
13'817
31'023
7'757
12'652
10'614
30'001
9'518
10'589
9'894
27'487
9'015
8'057
10'415
28'280
9'580
8'694
10'006
26'338
9'279
8'152
8'907
25'273
7'531
6'230
11'512
23'591
8'274
4'525
10'792
27'212
8'151
5'440
13'621
24'917
7'697
7'331
9'889
61'876
46'898
14'978
50'029
38'764
11'265
49'987
42'793
7'194
50'911
42'636
8'275
44'046
30'829
13'217
38'578
32'686
5'892
36'771
31'326
5'445
36'060
30'502
5'558
39'136
31'617
7'519
39'279
33'933
5'346
38'679
31'883
6'796
106'758
0
9'780
29'511
-39'462
81'841
0
5'966
24'942
-12'916
81'010
0
3'232
22'544
-8'093
80'912
0
3'578
25'543
-683
71'533
0
4'844
25'606
1'188
66'858
0
4'470
25'774
4'081
63'109
0
3'511
25'785
1'247
61'333
0
2'713
26'328
536
62'727
0
2'448
26'330
2'771
66'491
0
2'019
26'327
1'246
63'596
0
2'078
27'386
-3'080
-171
17'992
17'683
28'438
31'638
34'325
30'543
29'577
31'549
29'592
26'384
106'587
99'833
98'693
109'350
103'171
101'183
93'652
90'910
94'276
96'083
89'980
-7.86
-44.28
4.99
-12.59
5.84
-11.62
9.55
-10.65
10.28
-8.99
11.42
-6.96
10.38
-6.48
10.15
-4.11
10.99
-4.24
10.47
-4.22
9.23
-5.04
12/13E
12/14E
12/15E
10.70
11.00
11.93
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
23'662
48'890
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
-20'736
10'262
19'052
3'261
3'206
10'352
-3'478
1'242
3'017
7'990
937
753
5'709
7'034
-650
1'281
4'139
7'824
1'721
179
6'300
8'111
-376
609
4'073
6'704
3'797
169
3'018
6'234
3'980
771
4'880
6'461
1'893
-646
3'895
6'735
1'880
369
820
2'965
2'898
2'973
11'839
366
-7'943
-673
146
-3'410
11'322
178
-5'102
-2'041
352
2'876
12'697
199
-5'141
13'374
215
-6'142
14'743
232
-6'885
-171
56
-399
14'003
92
-5'877
-88
619
-143
12'588
64
-6'102
-668
1'670
-912
12'879
74
-6'711
-67
963
-567
-5'794
-5'595
-5'530
-5'750
14'644
113
-7'064
-757
67
760
10'016
-649
13'863
105
-7'039
-539
112
2'670
-11'514
-395
-1'077
4'394
-3'380
0
0
9
-3'737
0
-9'079
7'398
-18'100
14'894
0
-2'167
-5'591
-105
388
7'983
-15'009
-11'677
-1'184
359
4'132
-6'815
2'997
-4'691
-2'602
-1'117
1'513
-5'934
54
-6'881
-3'117
-906
3'946
-6'447
140
-242
-1'213
-1'324
-5'397
-3'141
-1'253
5'059
-7'211
2
-8
-3'002
-5'948
-3'706
238
4'353
-6'988
12
0
-29
-6'308
-3'703
-570
4'331
-1'717
1
-275
-1'005
-4'710
-3'632
1'001
2'771
-3'139
-580
-7'167
-4'949
966
5'358
-7'036
11
-33
-1'023
-449
-7'054
-7'323
-753
-9'299
-7'708
-6'706
-9'554
-6'120
-2'938
-5'072
-124
531
-217
944
-127
55
870
-948
520
3'633
234
3'896
6'220
7'556
7'232
6'824
7'580
7'858
8'126
6'486
6'168
3'172
3'612
3'499
2'016
4'199
3.10
-13'383
3.17
9'670
1'117
3.08
9'544
5'123
2.89
7'918
1'391
2.62
9'609
4'286
2.91
9'621
7'378
3.01
9'439
4'813
3.07
7'935
4'153
2.45
7'505
8'286
2.33
4'008
3'805
1.20
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
284
8'912
-6'844
842
1'292
-94
-1'979
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
19.8x
12.5x
6.7x
1.3x
4.2x
2.0%
9.2x
9.9x
6.0x
1.1x
2.2x
4.8%
58.7x
9.0x
5.1x
1.1x
2.0x
5.7%
10.2x
9.5x
5.5x
1.2x
2.2x
5.3%
14.2x
8.5x
5.2x
1.1x
1.9x
7.0%
16.4x
9.9x
5.6x
1.0x
1.7x
8.0%
10.8x
8.5x
4.9x
0.9x
1.4x
9.0%
8.3x
7.8x
4.3x
0.7x
1.2x
11.5%
26.9x
9.1x
6.8x
6.9x
6.9x
0.0%
13.8x
15.8x
6.2x
1.0x
4.5x
0.0%
0.5x
0.9x
9.4%
4.1x
0.5x
0.7x
10.4%
4.2x
0.5x
0.7x
10.3%
4.3x
0.5x
0.6x
10.2%
60.2%
31.2%
9.2%
-44.5%
-17.7%
62.7%
36.8%
14.3%
7.0%
3.1%
37.4%
20.0%
6.5%
3.0%
22.8%
36.4%
22.1%
11.6%
5.5%
29.0%
35.3%
20.2%
8.0%
3.9%
16.0%
36.3%
21.0%
11.9%
6.2%
22.2%
37.0%
22.7%
8.7%
4.2%
14.3%
32.3%
18.4%
6.7%
3.3%
11.2%
33.6%
19.4%
10.7%
5.3%
17.4%
33.2%
18.3%
8.6%
4.1%
13.7%
13.9%
1.9%
0.9%
3.2%
53.4%
30.7%
15.7%
7.1%
5.3%
10.8%
53.4%
30.4%
15.4%
7.0%
5.1%
10.1%
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
22.3x
6.6x
0.4x
0.31
0.19
1.07
1.00
0.45
0.28
1.67
0.73
2.75
0.46
0.32
2.47
0.76
3.14
0.50
0.38
3.76
0.65
1.87
0.54
0.41
3.98
0.55
1.23
0.60
0.39
4.59
0.55
1.21
0.59
0.44
3.51
0.56
1.29
0.86
0.37
3.69
0.55
1.24
0.64
0.46
4.17
0.53
1.15
0.76
0.51
4.01
0.57
1.33
0.65
0.53
3.42
0.60
1.49
0.40
7.14
2.14
23.26
0.45
9.93
2.15
28.42
0.47
8.87
0.47
7.15
0.49
7.45
0.52
7.96
0.48
7.37
0.49
7.75
0.49
8.24
0.48
8.62
0.47
9.12
43.6%
19.8%
58.3%
16.3%
41.6%
41.2%
31.6%
35.3%
52.7%
30.1%
15.0%
7.3%
9.3%
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
VODAFONE
GROUP
DEUTSCHE
TELEKOM
12/2012
11.79
23.02.2012
7.43
18.02.2013
18'145'987
03/2012
191.75
14.08.2012
154.20
31.12.2012
81'854'030
12/2011
10.06
20.09.2012
7.69
05.06.2012
15'921'323
7.56
162.15
8.11
-35.9%
1.7%
2'633.4
-15.4%
5.2%
49'645.9
-19.4%
5.5%
4'321.3
TELEFONICA
12/2011
12.98
21.02.2012
7.90
26.07.2012
17'031'541
KPN (KONIN) NV
BT GROUP PLC
12/2012
8.59
27.03.2012
2.87
20.02.2013
52'522'059
03/2012
282.80
20.02.2013
197.40
15.06.2012
8'585'055
9.68
2.92
281.40
-25.4%
22.5%
4'479.8
-66.1%
1.5%
1'431.5
-0.5%
42.6%
8'151.2
TELECOM ITALIA S
BELGACOM SA
12/2012
0.93
27.03.2012
0.60
26.07.2012
84'408'309
12/2011
23.99
28.03.2012
20.36
05.06.2012
543'094
03/2012
43.14
18.02.2013
27.07
01.06.2012
3'429'230
0.61
20.88
-34.8%
0.7%
19'280.7
-13.0%
2.6%
317.6
VIVENDI
AT&T INC
12/2011
17.44
28.12.2012
12.01
19.04.2012
3'671'553
12/2012
130.39
03.04.2012
101.60
05.02.2013
1'557'952
12/2012
38.58
21.09.2012
29.95
10.04.2012
6'352'344
12/2011
142.00
07.03.2012
92.50
18.10.2012
363'436
06/2012
841.00
11.02.2013
629.00
05.04.2012
2'367'838
12/2011
129.00
20.08.2012
92.00
11.12.2012
265'740
42.08
15.47
103.00
35.88
106.40
827.00
123.00
-2.5%
55.4%
2'665.6
-11.3%
28.7%
1'287.5
-21.0%
1.4%
440.5
-7.0%
19.8%
5'581.0
-25.1%
15.0%
879.1
-1.7%
31.5%
1'674.5
-4.7%
33.7%
891.6
20'025.6
79'354.3
35'058.9
44'053.9
4'172.9
22'164.6
11'353.6
7'058.0
1'063.8
20'475.1
46'174.9
203'798.4
93'535.7
13'381.8
39'214.0
2'078.0
8'462.0
34'620.0
1'267.0
8'461.0
48'318.0
4'647.0
6'122.0
66'311.0
5'747.0
6'760.0
13'896.0
51.0
1'286.0
10'486.0
11.0
844.0
41'951.0
3'904.0
8'183.0
1'972.0
225.0
356.0
1'707.0
493.0
312.0
15'710.0
2'623.0
3'782.0
17'512.0
3.0
1'732.0
69'844.0
333.0
4'868.0
7'601.0
4'304.0
617.0
2'414.0
1'174.0
52'855.6
108'299.3
80'496.9
108'792.9
16'833.9
30'689.6
48'143.6
Valuation
8'895.0
3'738.9
38'090.1
61'957.9
269'107.4
108'805.7
14'813.8
43'515.0
43'515.0
42'095.6
41'466.7
1.3x
1.3x
1.2x
1.2x
15'019.0
14'234.0
12'942.8
12'588.0
3.6x
4.3x
4.0x
4.0x
0.74
0.31
1.11
1.10
24.4x
7.9x
6.8x
6.9x
(3.9%)
(3.6%)
(3.8%)
31.9%
30.7%
30.4%
46'417.0
44'677.0
44'362.3
45'114.3
2.5x
2.6x
2.4x
2.3x
18'214.0
13'907.0
13'202.2
13'295.0
6.3x
8.3x
8.1x
8.0x
0.22
-0.03
0.15
0.16
11.1x
10.0x
1.2%
5.4%
24.2%
7.9%
31.1%
29.8%
29.5%
58'653.0
58'373.0
58'119.4
57'589.8
1.5x
1.5x
1.3x
1.3x
20'202.0
19'326.0
18'002.6
17'490.5
4.3x
4.5x
4.3x
4.4x
0.50
-1.72
0.64
0.66
12.7x
12.2x
(6.0%)
(1.3%)
14.0%
4.3%
33.1%
31.0%
30.4%
62'837.0
62'684.0
62'381.6
60'556.9
1.8x
1.8x
1.6x
1.6x
19'392.0
20'903.0
21'180.0
20'637.6
5.8x
5.4x
4.8x
4.8x
1.32
1.37
1.19
1.20
7.1x
8.2x
8.1x
3.5%
2.0%
(24.8%)
0.3%
33.3%
34.0%
34.1%
12'409.0
12'409.0
12'061.6
11'980.5
1.4x
1.4x
1.3x
1.3x
4'528.0
4'528.0
4'166.1
4'094.4
4.0x
4.0x
3.6x
3.7x
0.49
0.49
0.52
0.46
5.9x
4.1x
5.6x
6.3x
(4.7%)
(3.1%)
(11.9%)
(1.6%)
36.5%
34.5%
34.2%
19'307.0
18'107.0
18'130.0
17'795.2
1.4x
1.5x
1.7x
1.6x
6'190.0
5'881.0
6'096.3
6'064.9
4.3x
4.5x
4.9x
4.8x
0.24
0.27
0.25
0.25
10.3x
11.6x
11.1x
11.1x
(3.8%)
(3.2%)
5.2%
1.9%
32.5%
33.6%
34.1%
161.3%
59.8%
2.751x
2.231x
7.270x
45.0%
30.7%
2.554x
2.007x
9.428x
136.9%
54.7%
2.360x
2.113x
7.791x
306.5%
70.8%
3.317x
2.843x
7.260x
576.6%
85.0%
3.069x
2.785x
6.186x
808.5%
88.9%
1.825x
1.448x
8.945x
A10.02.2005
A3
23.06.2005
A30.05.2006
A3
03.08.2011
BBB+
19.05.2008
Baa1
22.12.2011
BBB
20.12.2012
Baa2
18.10.2012
BBB08.02.2013
Baa2
06.02.2013
BBB
19.07.2011
-
29'957.0
29'959.0
28'782.2
28'747.0
1.7x
1.7x
1.5x
1.4x
12'246.0
11'941.0
11'436.7
11'338.0
4.2x
4.3x
3.7x
3.5x
0.02
-0.07
0.12
0.12
7.3x
5.2x
5.1x
8.7%
(1.0%)
7.3%
(1.0%)
39.9%
39.7%
39.4%
6'361.0
6'392.0
6'426.9
6'372.9
1.6x
1.5x
1.4x
1.4x
1'912.0
1'806.0
1'794.2
1'754.8
5.2x
5.5x
5.0x
5.2x
2.38
2.24
2.24
2.09
9.3x
9.2x
9.3x
10.0x
(2.9%)
1.6%
(21.0%)
(2.3%)
28.3%
27.9%
27.5%
2'875.0
2'864.0
2'758.6
2'521.9
1.3x
1.3x
1.3x
1.3x
889.0
893.0
852.4
779.4
4.1x
4.1x
4.2x
4.1x
0.09
-0.03
0.06
0.05
8.4x
11.5x
13.1x
17.8%
(3.8%)
8.4%
(0.8%)
31.2%
30.9%
30.9%
28'813.0
28'534.0
28'528.1
28'744.4
1.3x
1.3x
1.3x
1.2x
8'847.0
9'389.0
7'946.3
7'834.0
4.3x
4.0x
4.6x
4.6x
2.41
1.17
2.01
1.93
13.3x
10.0x
7.7x
8.0x
(0.2%)
4.6%
10.3%
9.1%
32.9%
27.9%
27.3%
43'726.0
43'726.0
45'048.4
46'741.6
1.5x
1.5x
1.4x
1.3x
10'395.0
10'393.0
11'439.3
12'187.0
6.5x
6.5x
5.5x
5.1x
7.30
7.34
9.99
11.15
14.0x
14.1x
10.3x
9.2x
7.3%
6.1%
(3.1%)
9.3%
23.8%
25.4%
26.1%
127'434.0
127'434.0
128'995.4
131'400.7
2.0x
2.0x
2.2x
2.1x
31'140.0
31'140.0
42'567.9
44'151.8
8.1x
8.1x
6.5x
6.3x
2.31
2.33
2.52
2.70
15.4x
15.4x
14.2x
13.3x
0.6%
1.4%
2.1%
(5.8%)
24.4%
33.0%
33.6%
30'837.0
30'686.0
29'965.7
29'938.9
3.7x
3.7x
3.5x
3.5x
17'055.0
16'897.0
16'374.9
16'257.6
6.6x
6.7x
6.4x
6.4x
9.20
8.30
8.21
8.34
12.8x
12.8x
13.0x
12.8x
(2.5%)
3.2%
(9.0%)
5.9%
55.1%
54.6%
54.3%
6'791.0
6'960.0
7'148.3
7'475.4
2.0x
2.0x
2.1x
1.9x
1'587.0
1'629.0
1'662.5
1'707.7
8.7x
8.5x
8.8x
8.4x
0.53
0.57
0.57
0.59
14.5x
14.5x
14.6x
14.0x
3.4%
7.7%
12.9%
9.6%
23.4%
23.3%
22.8%
64.1%
37.4%
1.101x
0.885x
16.920x
80.4%
2.076x
1.778x
5.169x
80.8%
41.6%
1.967x
1.594x
16.724x
85.7%
46.2%
1.685x
1.518x
10.862x
75.6%
43.0%
2.243x
2.087x
9.042x
42.7%
25.6%
0.703x
0.662x
51.526x
255.7%
71.9%
1.737x
0.879x
14.297x
A
02.12.2011
A1
21.01.2010
BB
26.03.2010
B1
10.08.2006
BBB
26.10.2012
Baa2
13.09.2005
A06.12.2010
A3
29.01.2013
BBB+
30.11.2009
Baa1
09.04.2009
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
184.1%
61.1%
3.427x
2.762x
6.157x
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 *14.02.2013
Baa3
11.02.2013
COLT GROUP SA
1'098.8
(1.4)
343.7
968.2
1'554.3
1'586.0
1'576.2
1'613.3
0.7x
0.7x
0.6x
0.6x
328.8
333.4
325.7
341.5
3.3x
3.3x
3.0x
2.9x
0.07
0.09
0.07
0.08
16.1x
16.1x
21.7x
18.1x
(1.9%)
(0.4%)
4.0%
21.0%
20.7%
21.2%