Documentos de Académico
Documentos de Profesional
Documentos de Cultura
2012
Electricite de France SA
EDF FP
Currency:
Sector: Utilities
Benchmark:
CAC 40 INDEX (CAC)
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
65'307
151'804
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
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
1847.7
30940.8
#N/A N/A
#N/A N/A
0.0
0.0
0.0
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
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%
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
Price
Broker Recommendation
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
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
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%
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
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
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
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
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
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
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
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
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
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
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
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%
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
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