Date post: | 20-Jan-2015 |
Category: |
Documents |
Upload: | qms-advisors |
View: | 174 times |
Download: | 1 times |
24.04.2013
Ticker: Goldcorp Inc Benchmark:
Currency: New York: GG, Currency: USD S&P 500 INDEX (SPX)
Sector: Materials Industry: Metals & Mining Year:
Telephone 1-604-696-3000 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website www.goldcorp.com No of Employees Gold Equivalents 5435 Mexico 2290
Address Park Place Suite 3400 - 666 Burrard St. Vancouver, BC V6C 2X8 Canada Canada 1694
Share Price Performance in USD Argentina 615
Price 27.75 1M Return -17.2% Guatemala 551
52 Week High 46.97 6M Return -31.9% United States 285
52 Week Low 27.11 52 Wk Return -30.3% Silver Wheaton
52 Wk Beta 0.73 YTD Return -23.9% Corporate & Other
Credit Ratings
Bloomberg IG5
S&P BBB+ Date 01.06.2009 Outlook STABLE
Moody's Baa2 Date - Outlook STABLE
Fitch BBB Date 01.06.2009 Outlook STABLE
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 50.8x 30.4x 22.2x 18.5x 17.2x 12.1x 10.6x
EV/EBIT 34.1x 26.1x 21.6x 14.1x - - -
EV/EBITDA 20.9x 18.4x 15.2x 10.7x 7.9x 5.7x 5.1x
P/S 10.5x 9.1x 6.7x 5.5x 4.0x 3.2x 3.0x
P/B 1.9x 1.9x 1.7x 1.3x 1.0x 0.9x 0.9x
Div Yield 0.5% 0.5% 0.9% 1.5% 2.1% 2.1% 2.1%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 37.1 60.5 49.0 44.6 53.4 58.0 -
EBITDA Margin 50.2 54.2 43.6 51.5 51.3 56.9 59.7
Operating Margin 30.8 38.1 30.6 39.1 32.5 42.6 39.5
Profit Margin 8.8 54.9 22.1 32.2 24.4 28.8 29.5
Return on Assets 1.2 8.4 4.2 5.8 4.8 6.8 7.6
Return on Equity 1.6 11.7 5.8 8.0 5.9 7.9 8.5
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 2.2 1.7 3.8 2.2 Current Capitalization in USD
Quick Ratio 1.5 1.2 2.6 1.4 Common Shares Outstanding (M) 811.5
EBIT/Interest 10.8 54.8 71.4 70.8 Market Capitalization (M) 22656.7
Tot Debt/Capital 0.0 0.0 0.0 0.0 Cash and ST Investments (M) 918.0
Tot Debt/Equity 0.0 0.0 0.0 0.0 Total Debt (M) 783.0
Eff Tax Rate % 46.5 17.9 36.6 22.3 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 213.0
Enterprise Value (M) 22734.7
Goldcorp, Inc. is engaged in the acquisition, exploration, development and operation
of precious metal properties in Canada, the Unites States, Mexico and Central and
South America.
GG UN
5'435
#N/A N/A
Company Analysis - Overview
100%
Dlia BnrfsUibkqp
43%
31%
11%
10%
5%
IbufWl 8UkUaU
6odbkqfkU DrUqbjUiU
Rkfqba OqUqbp
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Goldcorp Inc
Target price in USD
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
/6%JWo%.0 36% /4% 1% /1%7mo%.0 /4&42 1/&-/ PZlqfW 9WmfqWh Q7KU7 J G7HRP9LKBH pbZqlo lrqmbocloi 1-&2- /0%7mo%.0/5%CbY%.0 36% /0% 5% /0%7mo%.0 /4&42 1/&-/ 8WoZhWup C7OLLN E7JBA lsbotbfdeq 1-&-- /0%7mo%.00.%GWk%.0 36% /0% 5% //%7mo%.0 /5&23 1/&3. AbrqpZeb 8Wkg GLODB J 8BOFPQ7FK elha /5&-- //%7mo%.00.%AbZ%./ 36% /0% 5% .6%7mo%.0 /4&53 10&63 9obafq Prfppb 7KFQ7 PLKF kbrqoWh 04&-- //%7mo%.00-%Kls%./ 41% .6% 4% .5%7mo%.0 /4&51 11&25 Pqfcbh DBLODB G QLMMFKD Yru 03&-- //%7mo%.00.%LZq%./ 41% .6% 4% .4%7mo%.0 /4&/. 11&25 AWsbkmloq 9l IILUA Q L!97OOLII Yru 02&-- //%7mo%.0/5%Pbm%./ 44% .2% 5% .3%7mo%.0 /4&45 11&25 9loiWog PbZrofqfbp FkZ& OF9E7OA DO7U Yru 1.&55 //%7mo%.00.%7rd%./ 44% .2% 5% .2%7mo%.0 /4&31 12&/- O89 9WmfqWh JWogbqp PQBMEBK A T7IHBO lrqmbocloi 03&-- .6%7mo%.00.%Grh%./ 44% .2% 5% ./%7mo%.0 /6&30 13&.0 GMJlodWk GLEK 8OFADBP lsbotbfdeq 2-&-- .6%7mo%.0/6%Grk%./ 44% .2% 5% ..%7mo%.0 0.&.2 13&.0 QA PbZrofqfbp DOBD 87OKBP Yru 12&-- .3%7mo%.00.%JWu%./ 44% .2% 5% .-%7mo%.0 0.&2- 13&40 8JL 9WmfqWh JWogbqp A7SFA E7RDEQLK lrqmbocloi 15&2- .2%7mo%.00-%7mo%./ 44% .6% 1% 6%7mo%.0 0/&02 13&0/ 9WkWZZloa Dbkrfqu 9lom PQBSBK 8RQIBO Yru 13&-- .2%7mo%.0
5%7mo%.0 0.&01 13&/. 9F89 Tloha JWogbqp 7IB9 HLA7QPHU pbZqlo lrqmbocloi 13&-- ..%7mo%.02%7mo%.0 0.&40 13&16 9ltbk PbZrofqfbp II9 7A7J M DO7C elha 6%7mo%.01%7mo%.0 0.&2. 13&52 EP89 M7QOF9H 9EFAIBU lsbotbfdeq 12&2- 0%7mo%.00%7mo%.0 0.&.3 13&61 DJM DBLODB S 7I8FKL Yru 3-&.0 /%7mo%.0/%7mo%.0 0/&00 14&-2 PWhiWk MWoqkbop A7SFA TBPQ qlm mfZg 26&-0 .%7mo%.0.%7mo%.0 00&05 14&-/ Gbccbofbp MBQBO A T7OA elha 02&-- /.%JWo%.0
/6%JWo%.0 00&24 14&-. BS7 Afibkpflkp 9O7FD PQBOIFKD elha .2%JWo%.0/5%JWo%.0 00&24 14&-. JWZgfb ObpbWoZe 9WmfqWh 9lom& 87OOU A 7II7K Yru 14&42 ./%JWo%.0/4%JWo%.0 00&33 14&-. JWZnrWofb QLKU IBPF7H lrqmbocloi 15&3/ 6%JWo%.0/3%JWo%.0 0/&51 14&-. SbofqWp Fksbpqibkq ObpbWoZe 9l M7TBI O7GPVBI pbhh 00&-- .6%CbY%.0/2%JWo%.0 0/&63 14&-. JlodWk PqWkhbu M7OBQLPE JFPO7 BnrWhtq'Fk%Ifkb 5%GWk%.0//%JWo%.0 00&2- 14&-. OWuilka GWibp 8O7A ERJMEOBU Rkabo Obsfbt .6%Kls%-5/.%JWo%.0 00&06 14&-./-%JWo%.0 0/&33 14&-..6%JWo%.0 0/&2/ 14&-..5%JWo%.0 0/&13 14&-2.2%JWo%.0 0/&05 14&-2.1%JWo%.0 0/&04 14&-2
Company Analysis - Analysts Ratings
7rt RkT Bagg 9aSliiakTRodlkn sn 8mdSa RkT PRmcao 8mdSa
44% 44% 44% 44% 44% 44% 41% 41% 36% 36% 36% 36%
!6% !2% !2% !2% !2% !2% !6% !6% %'% %'% %'% %4%
1% 5% 5% 5% 5% 5% 4% 4% 5% 5% 5% 1%
(%
.(%
1(%
3(%
5(%
)((%
Uso&). jUf&). grfk&). grfi&). Ulxq&). pbmq&). lWq&). kls&). awW&). gUks&)0 cwso&)0 jUop&)0
7ol
hbo N
bWlj
jbk
aUqfl
k
(
)(
.(
0(
1(
2(
3(
4(
5( MofW
b
7rv Elia Obii MofWb PUodbq MofWb
7mleamn PRmcao 8mdSa
()(.(0(1(2(3(4(
OWl
qfU 8
UmfqU
i
7Uo
WiUv
p
Abr
qpWe
b 7
Ukh
8ob
afq O
rfpp
b
Oqfc
bi
AUs
bkml
oq
8l
8lo
jUo
h O
bWro
fqfbp
FkW&
N7
8 8
UmfqU
i IUo
hbqp
GMI
lodU
k
PA O
bWro
fqfbp
7I
L 8
UmfqU
i IUo
hbqp
8Uk
UWWl
oa D
bkrf
qv 8
lom
8F7
8 T
loia
IUo
hbqp
8lt
bk O
bWro
fqfbp
HH8
EO
78
DI
M
OUi
jUk
MUo
qkbo
p
Gbccb
ofbp
BS
6 A
fjbk
pflk
p
IUW
hfb
Nbp
bUoW
e 8
UmfqU
i 8lo
m&
IUW
nrUo
fb
Sbo
fqUp
Fksb
pqj
bkq N
bpbU
oWe
8l Ilo
dUk
OqU
kibv
NUv
jlk
a GU
jbp
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Goldcorp Inc
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 811.5 United States 57.15%
Float 99.7% Canada 30.09%
Short Interest (M) 4.1 France 3.94%
Short Interest as % of Float 0.51% Britain 1.85%
Days to Cover Shorts 0.81 Luxembourg 1.33%
Institutional Ownership 77.38% Norway 0.93%
Retail Ownership 22.27% Japan 0.83%
Insider Ownership 0.35% Others 3.90%
Institutional Ownership Distribution
Investment Advisor 88.92%
Hedge Fund Manager 4.78%
Pension Fund (Erisa) 1.70%
Insurance Company 1.57%
Pricing data is in USD Others 3.03%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
BLACKROCK 95'391'332 0 2'647'109'463 11.75% 31.03.2013 ULT-AGG UNITED STATES
FMR LLC 32'937'156 -9'098'135 914'006'079 4.06% 28.02.2013 ULT-AGG UNITED STATES
VAN ECK ASSOCIATES C 31'593'509 -836'637 876'719'875 3.89% 23.04.2013 ULT-AGG UNITED STATES
ROYAL BANK OF CANADA 22'991'630 1'883'662 638'017'733 2.83% 31.12.2012 ULT-AGG CANADA
BMO FINANCIAL CORP 19'122'015 -574'672 530'635'916 2.36% 31.03.2013 13F UNITED STATES
CARMIGNAC GESTION 17'580'357 17'580'357 487'854'907 2.17% 31.12.2012 13F FRANCE
TD ASSET MANAGEMENT 15'632'925 5'971'920 433'813'669 1.93% 31.12.2012 13F CANADA
CI INVESTMENTS INC 12'996'285 -440'597 360'646'909 1.60% 31.12.2012 MF-AGG CANADA
CIBC WORLD MARKETS I 11'806'864 70'556 327'640'476 1.45% 31.12.2012 13F CANADA
TORONTO DOMINION BAN 11'409'803 1'401'951 316'622'033 1.41% 31.12.2012 13F CANADA
FIRST EAGLE INVESTME 11'152'441 95'200 309'480'238 1.37% 31.12.2012 13F UNITED STATES
FRANKLIN RESOURCES 10'114'617 -651'961 280'680'622 1.25% 28.02.2013 ULT-AGG UNITED STATES
IA CLARINGTON INVEST 8'426'680 -27'800 233'840'370 1.04% 31.12.2012 MF-AGG CANADA
CIBC GLOBAL ASSET MA 7'362'990 699'268 204'322'973 0.91% 31.12.2012 13F CANADA
CAISSE DE DEPOT ET P 7'239'262 -4'220'800 200'889'521 0.89% 31.12.2012 13F CANADA
GREYSTONE MANAGED IN 7'106'968 -2'294'891 197'218'362 0.88% 31.12.2012 13F CANADA
FIERA CAPITAL CORPOR 6'835'256 1'053'271 189'678'354 0.84% 31.03.2013 13F CANADA
MACKENZIE FINANCIAL 6'271'509 -3'832'372 174'034'375 0.77% 31.12.2012 13F CANADA
SUN LIFE FINANCIAL I 6'162'583 -935'880 171'011'678 0.76% 28.02.2013 ULT-AGG CANADA
NORGES BANK 5'776'522 1'267'153 160'298'486 0.71% 31.12.2012 13F NORWAY
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
REIFEL P RANDY 1'444'107 3'500 40'073'969 0.18% 01.05.2012 SEDI
JEANNES CHARLES A 416'561 18'333 11'559'568 0.05% 11.03.2013 SEDI
HALL LINDSAY A 117'023 8'667 3'247'388 0.01% 11.03.2013 SEDI
SEDESTROM CHERYL A 93'303 5'333 2'589'158 0.01% 11.03.2013 SEDI
RONKOS CHARLES JOSEPH 91'937 5'333 2'551'252 0.01% 11.03.2013 SEDI
Company Analysis - Ownership
Ownership Type
78%
22%
0%
FkpqfqrqflkUi Ltkbopefm NbqUfi Ltkbopefm Fkpfabo Ltkbopefm
Geographic Ownership
57%
4%
4%
1%2%
1% 1%
30%
Rkfqba OqUqbp 8UkUaU CoUkWb 7ofqUfkHrubjVlrod JlotUv GUmUk Lqebop
Institutional Ownership
88%
2%3%2%
5%
Fksbpqjbkq 6asfplo Ebadb Crka IUkUdbo Mbkpflk Crka !BofpU%FkproUkWb 8ljmUkv Lqebop
TOP 20 ALL
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Goldcorp Inc
Financial information is in USD (M)
Periodicity: 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
Income Statement
Revenue 185 263 191 896 1'649 2'207 2'420 2'724 3'738 5'362 5'435 5'612 6'972 7'467
- Cost of Goods Sold 83 113 89 439 917 1'419 1'663 1'714 1'476 2'736 3'012
Gross Income 103 150 102 457 732 788 756 1'010 2'262 2'626 2'423 2'997 4'044
- Selling, General & Admin Expenses 13 15 21 52 111 176 203 170 838 984 300
(Research & Dev Costs) 4 3 7
Operating Income 90 135 81 405 621 612 553 840 1'424 1'642 2'123 1'823 2'972 2'947
- Interest Expense 0 0 0 0 45 45 7 78 26 23 30
- Foreign Exchange Losses (Gains) 1 1 -0 -0 0 0 -1'059 367 0 0 0
- Net Non-Operating Losses (Gains) -19 -19 -0 -35 -13 -14 -174 -50 -321 -254 -159
Pretax Income 107 153 81 440 590 582 1'779 445 1'719 1'873 2'252 1'892 2'868 3'109
- Income Tax Expense 39 54 30 142 153 160 295 207 307 686 503
Income Before XO Items 68 99 51 298 436 422 1'483 238 1'412 1'187 1'749
- Extraordinary Loss Net of Tax 0 0 0 0 -8 -85 0 0 -631 0 0
- Minority Interests 0 0 0 12 36 46 8 -2 -8 0 0
Diluted EPS Before XO Items 0.37 0.53 0.27 0.83 0.91 0.53 2.06 0.33 1.87 2.18 1.95
Net Income Adjusted* 59 93 57 259 444 440 397 243 1'000 1'833 1'600 1'367 2'010 2'205
EPS Adjusted 0.32 0.49 0.29 0.75 1.00 0.62 0.56 0.33 1.37 2.22 2.03 1.62 2.29 2.62
Dividends Per Share 0.14 0.27 0.28 0.68 0.18 0.18 0.18 0.18 0.21 0.41 0.54 0.59 0.58 0.58
Payout Ratio % 28.8 50.8 61.0 52.9 19.6 33.8 8.7 54.8 10.8 27.8 25.0 0.37 0.25 0.22
Total Shares Outstanding 182 189 190 340 704 708 730 734 798 810 812
Diluted Shares Outstanding 184 188 194 345 441 709 715 735 756 826 831
EBITDA 107 159 101 541 926 1'077 1'052 1'366 2'026 2'336 2'798 2'881 3'968 4'456
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 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
Balance Sheet
Total Current Assets 326.504431 423.290009 426.673004 772.351 883.4 951.8 760.8 1601.5 1578 2950 2528
+ Cash & Near Cash Items 260 379 333 562 555 511 262 875 556 1'502 918
+ Short Term Investments 6 12 23 11 15 26 9 25 0 0 0
+ Accounts & Notes Receivable 3 9 7 75 67 155 179 233 508 513 718
+ Inventories 56 21 49 77 147 191 226 349 397 574 722
+ Other Current Assets 1 2 14 47 100 69 85 120 117 361 170
Total Long-Term Assets 130 215 275 3'294 17'083 18'000 18'241 19'347 26'061 26'424 28'684
+ Long Term Investments 0 0 0 34 134 228 73 390 971 249 199
Gross Fixed Assets 312 424 511 3'328 15'786 17'355 18'314 19'734 25'445 27'131
Accumulated Depreciation 187 217 246 347 657 902 1'258 1'733 2'220 2'922
+ Net Fixed Assets 124 207 265 2'981 15'129 16'453 17'055 18'001 23'225 24'209 26'367
+ Other Long Term Assets 6 8 10 279 1'820 1'320 1'112 956 1'865 1'966 2'118
Total Current Liabilities 53 61 27 191 466 321 486 735 916 771 1'175
+ Accounts Payable 5 6 7 98 229 277 305 416 567 619 886
+ Short Term Borrowings 0 0 0 0 135 29 0 17 0 0 0
+ Other Short Term Liabilities 48 55 20 93 102 16 182 302 349 152 289
Total Long Term Liabilities 56 70 97 793 4'671 5'203 3'505 4'669 6'957 7'118 7'108
+ Long Term Borrowings 0 0 0 0 790 1'036 5 719 695 737 783
+ Other Long Term Borrowings 56 70 97 793 3'881 4'166 3'500 3'950 6'262 6'381 6'325
Total Liabilities 109 131 124 984 5'136 5'524 3'991 5'404 7'873 7'889 8'283
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 0 0 0 109 355 450 51 51 213 213 213
+ Share Capital & APIC 348 378 387 2'609 11'706 11'815 12'625 12'909 16'407 16'992 17'117
+ Retained Earnings & Other Equity 0 130 191 364 769 1'164 2'334 2'584 3'146 4'280 5'599
Total Shareholders Equity 348 508 578 3'082 12'830 13'428 15'010 15'544 19'766 21'485 22'929
Total Liabilities & Equity 457 639 702 4'066 17'966 18'952 19'002 20'949 27'639 29'374 31'212
Book Value Per Share 1.91 2.68 3.04 8.76 17.73 18.32 20.50 21.12 24.49 26.26 27.99 28.62 30.14 32.05
Tangible Book Value Per Share 1.91 2.68 3.04 8.34 15.83 17.17 19.46 20.08 22.32 24.12 25.85
Company Analysis - Financials II/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 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
Cash Flows
Net Income 68 99 51 286 408 460 1'476 240 2'051 1'881 1'749 1'406 2'173 2'403
+ Depreciation & Amortization 18 24 20 135 304 465 499 526 602 694 675
+ Other Non-Cash Adjustments -14 -5 30 -2 -8 13 -1'042 414 -944 117 -16
+ Changes in Non-Cash Capital 32 -22 -49 47 57 -214 -67 90 71 -326 -311
Cash From Operating Activities 104 95 53 466 761 724 866 1'270 1'780 2'366 2'097
+ Disposal of Fixed Assets 0 0 0 0 189 217 0 0 267 0 43
+ Capital Expenditures -7 -75 -56 -278 -472 -871 -1'372 -1'356 -1'213 -1'778 -2'608 -2'806 -1'753 -1'286
+ Increase in Investments 0 0 0 -34 -99 -50 0 0 0 0 0
+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0
+ Other Investing Activities -38 41 -17 90 -1'893 -159 930 -102 -1'142 212 279
Cash From Investing Activities -45 -33 -73 -221 -2'276 -863 -442 -1'459 -2'088 -1'566 -2'286
+ Dividends Paid -20 -28 -53 -151 -79 -127 -129 -132 -154 -330 -438
+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 0
+ Increase in Long Term Borrowings 0 0 0 0 1'465 1'406 206 1'332 1'120 0 0
+ Decrease in Long Term Borrowings 0 0 0 0 -620 -1'266 -845 -460 -1'120 0 0
+ Increase in Capital Stocks 141 27 4 44 528 70 108 82 96 477 44
+ Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 0 0
+ Other Financing Activities 3 57 24 91 185 40 -13 -21 47 -1 -1
Cash From Financing Activities 124 56 -26 -16 1'479 123 -673 801 -11 146 -395
Net Changes in Cash 183 118 -46 229 -36 -16 -249 612 -319 946 -584
Free Cash Flow (CFO-CAPEX) 97 21 -3 188 289 -148 -506 -86 567 588 -511 -612 1'199 2'247
Free Cash Flow To Firm 97 21 -3 188 322 -115 -500 -44 588 603 -488
Free Cash Flow To Equity 97 21 -3 188 1'323 209 -1'145 786 834 588 -468
Free Cash Flow per Share 0.55 0.11 -0.02 0.60 0.66 -0.21 -0.71 -0.12 0.77 0.73 -0.63
Company Analysis - Financials III/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 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
Ratio Analysis
Valuation Ratios
Price Earnings 38.7x 32.3x 51.3x 28.6x 31.2x 68.2x 57.3x 50.8x 30.4x 22.2x 18.5x 17.2x 12.1x 10.6x
EV to EBIT 23.0x 19.4x 30.9x 17.5x 33.3x 41.1x 41.2x 34.1x 26.1x 21.6x 14.1x
EV to EBITDA 19.2x 16.5x 24.8x 13.1x 22.4x 23.3x 21.7x 20.9x 18.4x 15.2x 10.7x 7.9x 5.7x 5.1x
Price to Sales 12.2x 11.1x 14.9x 7.8x 7.5x 10.9x 9.3x 10.5x 9.1x 6.7x 5.5x 4.0x 3.2x 3.0x
Price to Book 6.7x 5.9x 4.9x 2.5x 1.6x 1.9x 1.5x 1.9x 1.9x 1.7x 1.3x 1.0x 0.9x 0.9x
Dividend Yield 1.1% 1.7% 1.9% 3.1% 0.6% 0.5% 0.6% 0.5% 0.5% 0.9% 1.5% 2.1% 2.1% 2.1%
Profitability Ratios
Gross Margin 55.4% 57.1% 53.2% 51.0% 44.4% 35.7% 31.3% 37.1% 60.5% 49.0% 44.6% 53.4% 58.0%
EBITDA Margin 58.0% 60.5% 52.8% 60.3% 56.1% 48.8% 43.5% 50.2% 54.2% 43.6% 51.5% 51.3% 56.9% 59.7%
Operating Margin 48.4% 51.4% 42.3% 45.2% 37.7% 27.7% 22.9% 30.8% 38.1% 30.6% 39.1% 32.5% 42.6% 39.5%
Profit Margin 36.8% 37.6% 26.9% 31.9% 24.8% 20.8% 61.0% 8.8% 54.9% 22.1% 32.2% 24.4% 28.8% 29.5%
Return on Assets 19.8% 18.0% 7.7% 12.0% 3.7% 2.5% 7.8% 1.2% 8.4% 4.2% 5.8% 4.8% 6.8% 7.6%
Return on Equity 26.8% 23.1% 9.5% 16.1% 5.3% 3.6% 10.6% 1.6% 11.7% 5.8% 8.0% 5.9% 7.9% 8.5%
Leverage & Coverage Ratios
Current Ratio 6.17 6.93 16.01 4.05 1.90 2.96 1.56 2.18 1.72 3.83 2.15
Quick Ratio 5.09 6.55 13.63 3.40 1.37 2.15 0.92 1.54 1.16 2.61 1.39
Interest Coverage Ratio (EBIT/I) 13.87 13.70 76.82 10.76 54.77 71.39 70.77
Tot Debt/Capital 0.00 0.00 0.00 0.00 0.07 0.07 0.00 0.05 0.03 0.03 0.03
Tot Debt/Equity 0.00 0.00 0.00 0.00 0.07 0.08 0.00 0.05 0.04 0.03 0.03
Others
Asset Turnover 0.54 0.48 0.29 0.38 0.15 0.12 0.13 0.14 0.15 0.19 0.18
Accounts Receivable Turnover 60.59 43.90 23.77 21.77 23.20 19.93 14.53 13.25 10.09 10.50 8.83
Accounts Payable Turnover 13.48 14.26 18.85 8.96 6.05 5.78 5.83 5.09 3.10 4.91 4.20
Inventory Turnover 2.30 2.91 2.53 6.95 8.20 8.40 7.97 5.95 3.95 5.64 4.65
Effective Tax Rate 36.5% 35.4% 36.9% 32.3% 26.0% 27.6% 16.6% 46.5% 17.9% 36.6% 22.3%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
GOLDCORP INCBARRICK GOLD
CRPKINROSS GOLD
NEWMONT
MINING
FREEPORT-
MCMORAN
ANGLOGOLD
ASHANT
AGNICO-EAGLE
MINBHP BILLITON LTD
YAMANA GOLD
INCDRDGOLD LTD
HARMONY GOLD
MNGRIO TINTO LTD SILVER WHEATON ELDORADO GOLD IAMGOLD CORP
12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 06/2012 12/2012 06/2012 06/2012 12/2012 12/2012 12/2012 12/2012
47.41 44.75 10.98 57.93 43.65 31'979.00 57.00 39.34 20.61 755.00 8'951.00 72.30 41.18 15.78 16.45
21.09.2012 06.06.2012 04.10.2012 21.09.2012 14.09.2012 04.06.2012 31.10.2012 20.02.2013 09.11.2012 12.02.2013 06.06.2012 14.02.2013 01.11.2012 19.09.2012 05.10.2012
27.11 17.97 5.11 31.77 27.24 16'133.00 31.55 30.09 11.32 449.00 4'201.00 48.37 22.37 6.77 4.72
17.04.2013 17.04.2013 17.04.2013 23.04.2013 18.04.2013 18.04.2013 18.04.2013 12.07.2012 17.04.2013 31.08.2012 18.04.2013 30.08.2012 18.04.2013 17.04.2013 18.04.2013
1'406'618 6'272'923 8'162'503 10'160'819 19'287'262 1'494'238 1'115'004 16'783'219 5'371'563 220'282 994'151 6'203'716 2'271'009 4'722'150 5'331'897
27.75 18.01 5.55 32.43 28.52 16'769.00 32.83 31.70 11.85 611.00 4'296.00 54.68 23.23 7.29 5.09
-41.5% -59.8% -49.5% -44.0% -34.7% -47.6% -42.4% -19.4% -42.5% -19.1% -52.0% -24.4% -43.6% -53.8% -69.1%
2.4% 0.2% 8.6% 2.1% 4.7% 3.9% 4.1% 5.4% 4.7% 36.1% 2.3% 13.0% 3.8% 7.7% 7.8%
811.5 1'001.1 1'140.1 496.7 949.0 384.9 172.1 5'297.6 752.2 385.4 431.6 1'847.0 354.4 714.3 376.5
22'657 18'030 6'335 16'155 27'081 64'610 5'663 158'638 8'915 2'355 18'699 86'882 8'233 5'209 1'917
783.0 13'943.0 2'632.6 6'298.0 3'527.0 30'376.0 843.0 28'330.0 765.9 30.7 1'844.0 26'819.0 50.1 593.3 641.4
- - - - - - - - - - - - - - -
213.0 2'663.0 75.5 3'175.0 3'768.0 186.5 - 1'215.0 46.8 136.7 - 11'156.0 - 284.1 76.7
918.0 2'093.0 1'982.7 1'647.0 3'705.0 7'562.2 351.3 4'781.0 349.6 298.5 1'773.0 7'320.0 778.2 818.8 813.5
22'735 32'093 6'901 23'981 31'487 87'610 6'013 194'666 9'155 2'397 18'561 119'939 7'299 5'137 1'773
LFY 5'435.0 14'547.0 4'311.4 9'868.0 18'010.0 52'160.3 1'917.7 72'226.0 2'336.8 1'764.2 15'169.0 50'967.0 849.6 1'147.5 1'670.0
LTM 5'435.0 14'340.0 4'311.4 9'868.0 17'988.0 52'152.1 1'917.7 66'950.0 2'336.8 1'959.2 16'047.0 50'967.0 849.6 1'147.5 1'670.0
CY+1 5'611.5 14'142.9 4'181.4 9'805.7 21'856.1 63'271.7 1'819.7 67'569.0 2'722.4 2'178.3 17'078.8 55'585.9 1'026.4 1'347.0 1'649.1
CY+2 6'971.6 15'194.3 4'446.4 11'369.3 23'601.6 73'396.4 2'105.1 73'914.3 3'247.1 2'479.2 20'966.1 61'445.4 1'144.2 1'562.8 1'820.9
LFY 5.5x 3.4x 2.7x 3.1x 2.0x 2.4x 5.0x 3.3x 5.7x 1.5x 2.1x 3.1x 14.2x 8.1x 2.5x
LTM 5.5x 3.4x 2.7x 3.1x 2.0x 2.3x 5.0x 3.5x 5.7x 1.3x 2.0x 3.1x 14.2x 8.1x 2.5x
CY+1 4.2x 2.3x 1.7x 2.5x 1.8x 1.4x 3.4x 2.9x 3.4x 1.0x 1.1x 2.2x 8.2x 4.0x 1.3x
CY+2 3.3x 2.1x 1.7x 2.1x 1.6x 1.1x 2.9x 2.6x 2.7x 0.7x 0.9x 1.9x 7.3x 3.7x 1.4x
LFY 2'798.0 7'358.0 1'962.2 4'169.0 6'934.0 19'105.5 787.4 33'421.0 1'269.4 370.8 4'222.0 15'486.0 701.5 584.4 710.1
LTM 2'798.0 7'358.0 1'962.2 4'169.0 6'617.0 19'105.5 791.4 27'133.0 1'502.0 399.7 3'562.0 15'486.0 701.5 584.4 710.1
CY+1 2'881.3 7'080.5 1'822.8 4'001.6 9'267.7 25'535.3 753.2 28'726.6 1'533.6 547.3 4'778.0 21'006.8 844.3 715.2 670.4
CY+2 3'967.6 7'838.1 2'151.9 4'996.2 10'831.8 31'172.8 954.9 33'552.1 1'929.8 762.7 6'956.0 23'251.3 951.2 866.5 780.4
LFY 10.7x 6.7x 6.0x 7.4x 5.2x 6.5x 12.1x 7.1x 10.6x 7.0x 7.6x 10.2x 17.2x 15.8x 5.9x
LTM 10.7x 6.7x 6.0x 7.4x 5.4x 6.3x 12.0x 8.7x 8.9x 6.5x 9.0x 10.2x 17.2x 15.8x 5.9x
CY+1 8.3x 4.7x 4.0x 6.1x 4.2x 3.4x 8.2x 6.7x 6.0x 3.8x 3.8x 5.7x 9.9x 7.6x 3.3x
CY+2 5.9x 4.1x 3.4x 4.8x 3.5x 2.6x 6.5x 5.7x 4.5x 2.4x 2.7x 5.0x 8.8x 6.7x 3.3x
LFY 1.99 3.74 0.77 3.78 3.27 21.85 1.89 3.61 0.93 0.49 4.62 4.06 1.65 0.47 0.89
LTM 1.89 3.30 0.77 3.77 2.95 24.22 2.08 1.83 0.63 0.79 4.95 -1.63 1.65 0.47 0.93
CY+1 1.62 3.40 0.49 3.17 3.70 24.30 1.34 2.53 0.88 0.82 4.77 5.72 1.66 0.48 0.56
CY+2 2.29 3.68 0.64 3.98 4.22 29.46 1.83 3.05 1.22 0.93 7.08 6.62 1.80 0.60 0.69
LFY 14.7x 5.3x 7.0x 8.6x 9.7x 6.9x 15.4x 17.9x 18.3x 7.7x 8.7x - 13.7x 15.1x 5.3x
LTM 14.7x 5.3x 7.0x 8.6x 9.7x 6.8x 15.4x 11.7x 18.3x 8.0x 10.8x - 13.7x 15.1x 5.3x
CY+1 17.2x 5.2x 11.0x 10.2x 7.7x 6.9x 23.8x 12.9x 13.2x 7.5x 9.0x 9.8x 13.6x 14.9x 8.9x
CY+2 12.1x 4.8x 8.5x 8.1x 6.8x 5.7x 17.5x 10.7x 9.5x 6.5x 6.1x 8.5x 12.6x 11.8x 7.2x
1 Year 1.4% 2.2% 12.2% (4.7%) (13.7%) (4.1%) 5.3% 0.7% 7.5% 27.9% 30.8% (15.8%) 16.4% 4.0% (0.2%)
5 Year 19.3% 13.6% 34.9% 16.7% 4.9% 24.6% 54.5% 6.8% 203.5% 7.9% 19.2% 11.2% 63.1% 78.1% 21.9%
1 Year 19.8% (11.6%) 1.9% (19.2%) (31.8%) (17.8%) 4.6% (12.1%) 0.5% 64.2% 79.4% (41.1%) 13.4% (9.2%) (9.5%)
5 Year 21.0% 24.5% 40.7% 19.4% (2.4%) 86.6% 31.6% 8.0% 26.8% 12.9% 16.7% 8.1% 43.7% 54.0% 30.2%
LTM 51.5% 50.6% 45.5% 42.2% 36.8% 36.6% 41.3% 40.5% 64.3% 20.4% 22.2% 30.4% 82.6% 50.9% 42.5%
CY+1 51.3% 50.1% 43.6% 40.8% 42.4% 40.4% 41.4% 42.5% 56.3% 25.1% 28.0% 37.8% 82.3% 53.1% 40.7%
CY+2 56.9% 51.6% 48.4% 43.9% 45.9% 42.5% 45.4% 45.4% 59.4% 30.8% 33.2% 37.8% 83.1% 55.4% 42.9%
Total Debt / Equity % 3.4% 63.8% 26.7% 45.7% 20.1% 65.8% 24.7% 43.0% 9.8% 2.0% 5.4% 57.2% 1.6% 10.0% 17.2%
Total Debt / Capital % 3.3% 36.3% 21.0% 27.1% 14.2% 39.6% 19.8% 29.7% 8.9% 1.8% 5.1% 31.6% 1.6% 8.7% 14.4%
Total Debt / EBITDA 0.280x 1.895x 1.342x 1.511x 1.525x 1.540x 1.065x 1.308x 0.510x 0.421x 0.666x 1.732x 0.071x 1.015x 0.903x
Net Debt / EBITDA -0.048x 1.610x 0.331x 1.116x 0.075x 1.156x 0.621x 1.120x 0.277x -0.575x -0.039x 1.259x -1.038x -0.386x -0.242x
EBITDA / Int. Expense 93.267x 9.890x 13.838x 11.711x 25.970x 10.074x 13.603x 44.266x 22.032x 23.648x 14.264x 14.848x - 83.689x 38.384x
S&P LT Credit Rating BBB+ BBB+ BBB- BBB+ BBB BBB- NR A+ - - - A- - BB BB-
S&P LT Credit Rating Date 01.06.2009 30.07.2012 15.08.2011 11.08.2008 29.07.2011 10.12.2012 12.03.2003 15.11.2010 - - - 18.04.2011 - 13.11.2012 10.09.2012
Moody's LT Credit Rating Baa2 Baa1 *- Baa3 Baa1 Baa3 - WR (P)A1 - - - - - Ba3 -
Moody's LT Credit Rating Date 13.03.2013 17.04.2013 15.08.2011 26.07.2010 13.10.2010 - 05.03.2002 15.11.2010 - - - - - 12.11.2012 -
52-Week High Date
52-Week Low
Latest Fiscal Year:
52-Week High
Total Debt
Market Capitalization
Daily Volume
52-Week Low % Change
Current Price (4/dd/yy)
52-Week High % Change
Cash and Equivalents
EBITDA
EV/EBITDA
Enterprise Value
Valuation
Preferred Stock
52-Week Low Date
Minority Interest
Total Common Shares (M)
P/E
Revenue Growth
Total Revenue
EV/Total Revenue
EPS
EBITDA Growth
EBITDA Margin
Credit Ratings
Leverage/Coverage Ratios
Company Analysis - Peers Comparision
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |