27.02.

2013

Company Analysis - Overview

Ticker:

Detour Gold Corp

DGC CN

Sector: Materials

Benchmark:
S&P/TSX COMPOSITE INDEX (SPTSX)

Toronto: DGC, Currency: CAD

Currency:

Industry: Metals & Mining

Year:

Telephone
1-416-304-0800
Revenue (M)
0
#N/A N/A
Website
www.detourgold.com
No of Employees
Address
200 Bay Street Suite 2200 Royal Bank Plaza South Tower Toronto, ON M5J 2J1 Canada
Share Price Performance in CAD
Price
21.24
1M Return
-2.9%
52 Week High
29.07
6M Return
-17.5%
52 Week Low
18.45
52 Wk Return
-22.9%
52 Wk Beta
1.69
YTD Return
-14.8%
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Detour Gold Corporation explores for and produces gold in Canada.

HY1
-

Date
Date
Date

12/08
2.6x
0.0%

12/09
2.9x
0.0%

12/10
3.6x
0.0%

12/11
123.7x
2.0x
0.0%

12/12E
1.5x
0.0%

12/13E
21.9x
16.2x
5.6x
1.4x
0.0%

12/14E
8.7x
5.2x
2.4x
1.2x
-

12/08
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
-20.5
Return on Equity
-23.9
Leverage and Coverage Ratios
12/08
Current Ratio
7.9
Quick Ratio
7.9
EBIT/Interest
Tot Debt/Capital
0.0
Tot Debt/Equity
0.0
Eff Tax Rate %
-

12/09
-12.2
-12.7

12/10
-7.0
-10.5

12/11
1.2
1.9

12/12E
-3.0
-3.1

12/13E
37.2
22.1
15.5
11.8
2.0

12/14E
50.8
43.0
29.1
14.8
13.3

12/09
86.7
86.7
0.0
0.0
-

12/10
8.4
8.3
0.4
0.7
-

12/11
4.4
4.3
0.2
0.3
0.0

Outlook
Outlook
Outlook

Business Segments in CAD

Gold Exploration & Development

1%

Sales (M)
0

Geographic Segments in CAD

Canada

Sales (M)
0

1%

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

Gold Exploration & Development

Current Capitalization in CAD

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 |

Canada

101.9
2504.1
347.8
532.2
0.0
0.0
0.0
2688.5

Company Analysis - Analysts Ratings

Detour Gold Corp

15%

15%

15%

15%

0%
10%

0%
7%

0%

80%

60%

40%

87%

86%

86%

85%

85%

85%

85%

93%

93%

90%

93%

100%

20%

0%

50
45

40

40

35

35

30

30

25

25

20

20

15

15

10

10

0
fvr.12

mars.12

avr.12

mai.12

juin.12

Buy

juil.12

Hold

aot.12

Sell

Date

Buy

Hold

Sell

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

100%
93%
90%
93%
93%
85%
85%
85%
85%
86%
86%
87%

0%
7%
10%
7%
7%
15%
15%
15%
15%
14%
14%
13%

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

sept.12

Price

oct.12

nov.12

dc.12

janv.13

Target Price

Date
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
21-Jan-13
18-Jan-13
17-Jan-13

Price Target Price

21.24
21.24
20.44
19.16
19.46
19.16
20.75
20.79
20.79
21.22
20.94
21.67
21.10
21.98
21.84
22.45
20.98
21.10
21.81
21.08
21.10
21.22
21.50
21.88
22.60
23.64
23.75
23.56
23.74
23.84

37.07
37.07
37.07
37.07
37.07
37.07
37.07
37.07
37.07
37.07
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.25
37.52
37.52

Brokers' Target Price

45

Broker

Analyst

BMO Capital Markets

Haywood Securities Inc.
National Bank Financial
Macquarie
TD Securities
Raymond James
Credit Suisse
Canaccord Genuity Corp
CIBC World Markets
RBC Capital Markets
Paradigm Capital Inc

JOHN P HAYES
KERRY SMITH
STEPHEN PARSONS
MICHAEL SIPERCO
DANIEL EARLE
BRAD HUMPHREY
ANITA SONI
STEVEN BUTLER
COSMOS CHIU
DAN ROLLINS
DON BLYTH

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

Recommendation
speculative outperform
sector outperform
outperform
outperform
speculative buy
outperform
outperform
speculative buy
sector outperform
outperform
speculative buy

Paradigm
Capital Inc

14%

0%
7%

RBC Capital
Markets

14%

0%
7%

CIBC World
Markets

0%

Canaccord
Genuity Corp

0%

Credit Suisse

0%

Raymond
James

0%

TD Securities

0%

Macquarie

0%

National Bank
Financial

0%
13%

BMO Capital
Markets

100%

Haywood
Securities Inc.

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in CAD

Target

Date

37.00
42.25
38.00
36.50
39.00
38.00
39.00
33.00
40.00
32.00
38.00

26-Feb-13
25-Feb-13
15-Feb-13
14-Feb-13
12-Feb-13
11-Feb-13
21-Jan-13
17-Jan-13
10-Jan-13
7-Jan-13
21-Sep-12

27.02.2013

Detour Gold Corp

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

101.9
98.7%
10.9
10.82%
19.41
58.26%
40.65%
1.09%

41%

58%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in CAD

Top 20 Owners:
Holder Name
PAULSON & CO
FMR LLC
CARMIGNAC GESTION
BLACKROCK
OPPENHEIMERFUNDS INC
TOCQUEVILLE ASSET MA
MACKENZIE FINANCIAL
IVY MANAGEMENT INCOR
ROYAL BANK OF CANADA
IA CLARINGTON INVEST
VANGUARD GROUP INC
JENNISON ASSOCIATES
WELLS FARGO FUNDS MA
MCLEAN BUDDEN LTD
FIRST EAGLE INVESTME
INVESTEC ASSET MANAG
INVESCO LTD
TRIMARK INVESTMENT M
PANNETON GERALD S
COMMONWEALTH BANK OF

Geographic Ownership

Geographic Ownership Distribution

1%

United States
Canada
France
Britain
Luxembourg
Unknown Country
Switzerland
Others

59.01%
14.64%
10.57%
6.78%
2.45%
1.85%
1.42%
3.29%

Institutional Ownership Distribution

Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Individual
Others

65.46%
24.82%
7.27%
1.85%
0.61%

2% 1% 3%

2%
7%

11%
59%
15%

United States

Canada

France

Britain

Luxembourg

Unknown Country

Switzerland

Others

TOP 20 ALL

Position
13'750'500
9'562'035
6'733'150
5'660'515
3'714'800
3'354'290
2'011'176
1'737'700
1'731'428
1'368'400
1'176'587
956'179
950'000
782'090
744'260
740'570
719'703
644'600
636'014
592'365

Position Change
633'500
-3'336'305
649'600
-78'231
0
850'840
-62'500
337'700
-10'080
-68'000
-89'852
0
0
-3'990
0
0
9'385
0
0
18'312

Market Value
292'060'620
203'097'623
143'012'106
120'229'339
78'902'352
71'245'120
42'717'378
36'908'748
36'775'531
29'064'816
24'990'708
20'309'242
20'178'000
16'611'592
15'808'082
15'729'707
15'286'492
13'691'304
13'508'937
12'581'833

% of Ownership
11.66%
8.11%
5.71%
4.80%
3.15%
2.85%
1.71%
1.47%
1.47%
1.16%
1.00%
0.81%
0.81%
0.66%
0.63%
0.63%
0.61%
0.55%
0.54%
0.50%

Report Date

Holder Name

Position

Position Change

Market Value

% of Ownership

Report Date

PANNETON GERALD S
THIESSEN RONALD W
HIBBARD INGRID J
CROSSGROVE PETER A
DONOVAN PATRICK

636'014
248'000
146'244
106'862
44'000

23'000
-25'000
38'565
40'000

13'508'937
5'267'520
3'106'223
2'269'749
934'560

31.01.2012
30.09.2012
31.12.2012
25.02.2013
30.12.2012
30.09.2012
30.11.2012
31.12.2012
31.01.2013
30.09.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
26.02.2013
30.09.2012
18.09.2012
31.10.2012

Source
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG

Top 5 Insiders:

0.54%
0.21%
0.12%
0.09%
0.04%

Source
18.09.2012
19.01.2012
15.01.2013
20.12.2012
31.01.2012

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

SEDI
SEDI
SEDI
SEDI
SEDI

Country
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
UNITED STATES
UNITED STATES
CANADA
UNITED STATES
CANADA
CANADA
UNITED STATES
UNITED STATES
UNITED STATES
CANADA
UNITED STATES
GUERNSEY
UNITED STATES
CANADA
n/a
AUSTRALIA

Institutional Ownership
2%
7%

1%

25%
65%

Investment Advisor

Hedge Fund Manager

Individual

Others

Mutual Fund Manager

Company Analysis - Financials I/IV

Detour Gold Corp
Financial information is in CAD (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

437

1'004

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

23

40

46

64

57

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

-23
0
0
-1

-40
0
0
0

-46
0
0
-1

-64
0
1
-6

-57
0
17
-93

-62

97

432

Pretax Income
- Income Tax Expense

-22
-10

-40
-10

-45
-8

-59
0

18
0

-74

114

407

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

-12
0
0

-30
0
0

-37
0
0

-59
0
0

18
0
0

Diluted EPS Before XO Items

(0.32)

(0.69)

(0.78)

(0.77)

0.20

Net Income Adjusted*

EPS Adjusted
Dividends Per Share
Payout Ratio %

-12
(0.32)
0.00

253
(0.69)
0.00

-37
(0.78)
0.00

-73
(0.97)
0.00

18
0.20
0.00
0.0

-61
(0.53)
0.00

68
0.97
0.00
0.00

293
2.44

40
37

45
43

69
47

83
76

102
90

-23

-39

-46

-63

-56

-57

162

510

Income Statement
Revenue
- Cost of Goods Sold

Total Shares Outstanding

Diluted Shares Outstanding
EBITDA
*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:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

19.557422
19
0
1
0
0

45.858
0
44
2
0
0

109
0
109
0
109
0

117
0
110
0
110
7

117
0
110
0
110
7

229
2
199
1
198
28

1'099
0
1'066
1
1'065
34

2
2
0
0

6
6
0
0

4
4
0
0

116
39
76
1

182
178
0
4

21
0
21

12
0
12

1
0
1

411
402
9

442
420
22

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

24
0
0
117
-13

18
0
0
187
-42

5
0
0
520
-86

528
0
0
756
-79

624
0
0
1'374
-88

Total Shareholders Equity

104

145

434

677

1'285

Total Liabilities & Equity

128

162

439

1'205

1'909

Book Value Per Share

Tangible Book Value Per Share

2.58
2.58

3.23
3.23

6.27
6.27

8.12
8.12

12.62
12.62

12/12E

12/13E

12/14E

13.77

14.94

17.62

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 Current Liabilities
+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities
Total Long Term Liabilities
+ Long Term Borrowings
+ Other Long Term Borrowings

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

322.551 976.330016 810.212918

268
713
699
53
253
78
2
0
0
0
0
0
0
10
33

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

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

-12
0
-7
1

-30
0
-4
2

-37
0
4
-2

-59
0
14
-5

18
1
-55
-1

-89

38

294

Cash From Operating Activities

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

-18
0
-0
0
0
-5

-32
0
-0
0
0
-50

-34
0
-0
0
0
-14

-49
0
-76
-10
8
-230

-37
0
-560
0
2
161

-824

-165

-140

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

-5
0
0
0
0
37
0
-3

-50
0
0
0
0
67
0
-4

-14
0
0
0
0
330
0
-14

-309
0
0
0
0
299
0
537

-397
0
0
0
0
440
0
-36

Cash From Financing Activities

34

63

316

836

403

Net Changes in Cash

11

-19

268

478

-31

-18

-32

-35

-125

-597

-848

240

-0.49

-32
-0.74

-35
-0.73

-125
-1.66

-597
-597
-6.63

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:

12/01

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

123.7x

21.9x

8.7x

2.0x
0.0%

1.5x
0.0%

16.2x
5.6x
1.4x
0.0%

5.2x
2.4x
1.2x

-3.0%
-3.1%

37.2%
22.2%
15.5%
11.8%
2.0%

50.8%
43.1%
29.1%
14.8%
13.3%

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

4.7x
0.0%

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

2.6x
0.0%

2.9x
0.0%

3.6x
0.0%

8.61
8.61
-8012.10
0.00
0.00

-20.5%
-23.9%

-12.2%
-12.7%

-7.0%
-10.5%

1.2%
1.9%

7.95
7.87

86.68
86.68

8.41
8.32

4.45
4.27

0.00
0.00

0.00
0.00

0.41
0.71

0.25
0.33

0.00
0.00

0.00
0.00

0.00
0.00

0.00

Effective Tax Rate

0.0%

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

Company Analysis - Peers Comparision

DETOUR GOLD
CORP
Latest Fiscal Year:

BARRICK GOLD
CRP

12/2011
29.07
05.10.2012
18.45
15.05.2012
986'151

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

12/2012
49.44
28.02.2012
30.75
20.02.2013
10'462'030

GOLDCORP INC
12/2012
50.17
29.02.2012
32.32
12.07.2012
4'885'598

WESDOME GOLD
MIN
12/2011
2.40
28.02.2012
0.75
25.06.2012
140'540

MONETA
PORCUPINE

NEWMONT
MINING

12/2011
0.37
27.02.2012
0.13
15.08.2012
68'000

12/2012
62.60
27.02.2012
40.44
20.02.2013
9'945'394

TROON VENTURES
TECK RESOURCESST ANDREW GOLD
HALO RESOURCES
L
B
12/2011
0.61
28.02.2012
0.34
14.02.2013
15'500

12/2012
0.56
08.03.2012
0.31
16.05.2012
191'015

12/2012
41.12
29.02.2012
26.02
05.09.2012
6'949'635

08/2012
0.17
08.03.2012
0.04
14.11.2012
14'590

RJK EXPLOR-A

EASTMAIN RES

12/2011
0.27
06.03.2012
0.07
21.02.2013
226'000

SAGE GOLD INC

10/2012
1.35
27.02.2012
0.59
27.12.2012
60'240

09/2011
0.11
28.09.2012
0.04
14.02.2013
31'700

BRIGADIER GOLD
12/2011
0.15
01.10.2012
0.04
23.03.2012
100'000

OSISKO MINING
12/2012
12.98
09.03.2012
5.68
20.02.2013
3'807'044

Current Price (2/dd/yy)

21.24

32.07

34.44

0.79

0.26

41.44

0.36

0.48

31.41

0.06

0.08

0.73

0.04

0.05

6.15

52-Week High % Change

-26.9%
15.1%
101.9

-35.1%
4.3%
1'001.1

-31.4%
6.6%
811.5

-67.1%
5.3%
101.9

-31.1%
104.0%
157.8

-33.8%
2.5%
496.7

-41.0%
7.5%
28.0

-15.2%
55.7%
368.2

-23.6%
20.7%
582.3

-63.6%
71.4%
29.0

-69.8%
14.3%
75.2

-45.9%
23.7%
97.9

-68.2%
0.0%
83.4

-70.0%
12.5%
32.9

-52.6%
8.3%
389.5

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

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

2'504.1

32'105.5

27'948.7

80.5

49.3

20'642.8

10.1

174.9

18'299.1

1.7

7.1

77.8

3.3

2.7

2'683.8

413.2
764.2

13'943.0
2'663.0
2'093.0

783.0
213.0
918.0

3.7
0.6
5.2

2.1

6'298.0
3'175.0
1'647.0

8.6

18.8
30.7

7'195.0
176.0
3'267.0

2.7

0.6

6.0

0.7
0.2

0.0

345.4
112.6

2'628.9

45'821.7

27'327.7

28'468.8

1.7
Valuation

163.0

22'403.1

6.2

2.4

2'916.7

85.6

47.4

0.0
435.9
#DIV/0!
#DIV/0!
6.5x
(57.0)
(56.6)
(57.3)
162.1
-58.5x
17.4x
0.20
-0.03
(0.52)
0.95
21.9x
7.0%
37.2%

14'547.0
14'547.0
15'576.2
16'616.2
3.4x
3.4x
2.9x
2.6x
7'358.0
7'358.0
8'488.3
9'279.3
6.7x
6.7x
5.4x
4.7x
3.82
3.69
4.36
4.68
8.5x
8.5x
7.2x
6.7x
2.2%
17.9%
(11.6%)
24.5%
50.6%
54.5%
55.8%

5'435.0
5'435.0
6'044.5
7'553.0
5.5x
5.5x
4.6x
3.6x
2'798.0
2'798.0
3'308.5
4'510.8
10.7x
10.7x
8.5x
6.0x
1.99
1.89
2.11
2.90
17.7x
17.7x
15.9x
11.6x
1.4%
19.3%
(7.7%)
21.0%
51.5%
54.7%
59.7%

79.6
88.3
1.5x
1.4x
10.3
11.9
11.9x
10.3x
0.00
0.03
0.06
0.20
26.3x
26.3x
13.2x
4.0x
(10.9%)
8.2%
(53.5%)
13.5%
-

0.0
#DIV/0!
(6.0)
-6.1x
-0.04
-0.02
(5.0%)
-

9'868.0
9'868.0
10'544.1
12'209.1
3.1x
3.1x
2.7x
2.3x
4'169.0
4'169.0
4'732.4
5'754.6
7.4x
7.4x
6.0x
4.9x
3.78
3.77
4.34
5.06
11.0x
11.0x
9.6x
8.2x
(4.7%)
16.7%
(19.2%)
19.4%
42.2%
44.9%
47.1%

32.7%
24.6%
-

63.8%
36.3%
1.895x
1.610x
9.890x

3.4%
3.3%
0.280x
-0.048x
93.267x

2.9%
2.8%
0.663x
0.390x
3.570x

0.0%
0.0%
-

45.7%
27.1%
1.511x
1.116x
11.711x

BBB+
30.07.2012
Baa1
17.05.2011

BBB+
01.06.2009
-

BBB+
11.08.2008
Baa1
26.07.2010

0.0
#DIV/0!
(0.2)
-39.1x
0.00
-0.01
15.2%
-

71.8

2.9

156.4
156.4
179.0
204.0
1.1x
1.1x
54.7
54.7
72.1
3.1x
3.1x
0.07
0.07
0.10
0.12
6.8x
6.8x
4.9x
4.1x
39.8%
140.7%
34.9%
40.3%
-

10'343.0
10'343.0
10'214.2
10'956.4
2.4x
2.4x
2.2x
2.0x
3'736.0
3'656.0
3'510.5
4'123.4
6.7x
6.9x
6.4x
5.4x
2.59
2.71
2.40
2.99
11.6x
11.6x
13.1x
10.5x
(10.2%)
13.2%
(30.4%)
5.7%
35.3%
34.4%
37.6%

0.0
(14.7)
(14.6)
-0.44
-0.44
(810.1%)
-

0.0
#DIV/0!
(1.1)
-10.6x
-0.01
-0.01
29.7%
-

0.0
#DIV/0!
(1.4)
(1.4)
(1.6)
(1.6)
-53.8x
0.02
0.01
(0.01)
(0.01)
81.1x
81.1x
(12.5%)
-

0.0
(3.2)
(3.0)
-0.05
-0.05
32.6%
-

0.0
#DIV/0!
(2.3)
-3.7x
-0.08
-0.05
(12.7%)
-

665.4
665.4
905.7
1'037.2
5.0x
5.0x
3.0x
2.3x
262.4
262.4
437.5
565.0
12.8x
12.8x
6.2x
4.3x
0.23
0.23
0.48
0.68
26.7x
26.7x
12.7x
9.1x
152.6%
453.3%
39.4%
48.3%
54.5%

11.2%
10.1%
0.343x
-0.217x
20.340x

40.4%
28.6%
1.968x
1.074x
6.026x

0.0%
0.0%
-

0.0%
0.0%
-

0.0%
0.0%
-

127.2%
-68.326x

16.1%
13.9%
1.316x
0.887x
8.512x

BBB
16.04.2010
Baa2
17.11.2010

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

0.0%
0.0%
-

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 |