21.02.

2013

Company Analysis - Overview

Ticker:

Technip SA

TEC FP

Currency:
Sector: Energy

Benchmark:
CAC 40 INDEX (CAC)

EN Paris: TEC, Currency: EUR

Industry: Energy Equipment & Services

Year:

Telephone
33-1-4778-2400
Revenue (M)
Website
www.technip.com
No of Employees
Address
89 Avenue de la Grande Armee Paris, 75116 France
Share Price Performance in EUR
Price
82.34
1M Return
52 Week High
92.36
6M Return
52 Week Low
69.21
52 Wk Return
52 Wk Beta
1.03
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

8'204
30'000

Business Segments in EUR

Onshore/Offshore
Subsea Umbilicals, Risers and Flowlines - SURF

1.4%
-6.5%
4.3%
-5.2%

IG5
BBB+
-

Date
Date
Date

12/09
30.9x
5.2x
4.2x
0.8x
2.0x
2.7%

12/10
17.6x
9.8x
8.0x
1.2x
2.3x
2.1%

12/11
15.5x
10.1x
8.1x
1.2x
2.2x
2.2%

12/12
-

12/13E
14.5x
7.5x
1.0x
2.1x
2.3%

12/14E
11.7x
6.2x
0.9x
1.9x
2.7%

12/15E
10.9x
5.8x
0.8x
1.7x
2.8%

12/09
Gross Margin
17.7
EBITDA Margin
12.9
Operating Margin
10.5
Profit Margin
2.6
Return on Assets
2.0
Return on Equity
6.6
Leverage and Coverage Ratios
12/09
Current Ratio
1.0
Quick Ratio
0.8
EBIT/Interest
22.5
Tot Debt/Capital
0.2
Tot Debt/Equity
0.3
Eff Tax Rate %
52.2

12/10
19.5
12.6
10.2
6.9
4.4
14.2

12/11
18.9
13.0
10.4
7.4
4.7
14.9

12/12
6.6
-

12/13E
18.5
13.2
10.7
7.4
7.3
16.5

12/14E
19.4
14.1
11.5
8.2
8.7
18.0

12/15E
20.1
14.2
11.2
8.4
17.7

12/10
1.0
0.8
17.2
0.4
0.6
30.2

12/11
1.0
0.7
18.4
0.4
0.6
29.3

12/12
-

27.05.2010
-

Outlook
Outlook
Outlook

Sales (M)
3841
2972

Geographic Segments in EUR

Europe, Russia, Central Asia
Americas
Middle East
Africa
Asia - Pacific

Sales (M)
1749
1562
1510
1061
932

14%

STABLE
-

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

Technip SA designs and constructs industrial facilities. The Company designs and
builds factories which produce and process petroleum products, natural gas, and
chemicals, and generate electricity. Technip builds offshore facilities for the petroleum
industry. The Company operates worldwide.

25%

16%

44%
56%

23%

22%

Onshore/Offshore

Europe, Russia, Central Asia

Americas
Middle East

Subsea Umbilicals, Risers and Flowlines SURF

Africa
Asia - Pacific

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 |

108.7
9299.0
2287.3
2103.8
0.0
0.0
13.0
9128.5

Company Analysis - Analysts Ratings

Technip SA
Buy and Sell Recommendations vs Price and Target Price

120
13%

100
80%

27%

31%

23%

38%

38%

35%

27%

22%

23%

25%

25%

100

23%

80

60%
60
40%
62%

62%

62%

54%

54%

54%

58%

63%

62%

61%

61%

63%

40
20

0%

0
mars.12

avr.12

mai.12

juin.12

Buy

juil.12

Hold

aot.12

Sell

sept.12

oct.12

Price

nov.12

dc.12

janv.13

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

63%
61%
61%
63%
62%
58%
54%
54%
54%
62%
62%
62%

23%
25%
25%
22%
23%
27%
35%
38%
38%
23%
31%
27%

13%
14%
14%
15%
15%
15%
12%
8%
8%
15%
8%
12%

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
16-Jan-13
15-Jan-13
14-Jan-13
11-Jan-13

Price Target Price

82.34
78.95
80.00
79.68
80.02
78.45
78.89
78.14
78.38
79.99
80.20
81.00
81.25
80.80
81.00
79.86
77.47
83.37
83.57
84.82
83.30
82.89
81.28
81.20
81.70
82.09
82.77
82.17
80.76
80.24

80
60
40
20

20%

fvr.12

120

99.74
99.95
99.95
99.95
99.95
99.95
99.95
99.45
98.74
97.80
97.37
97.50
97.50
97.50
97.50
97.72
97.72
97.72
99.21
98.25
97.62
97.78
97.78
97.78
97.78
98.40
98.40
98.40
98.40
98.68

Broker

Analyst

Societe Generale
Goldman Sachs
RBC Capital Markets
JPMorgan
HSBC
CM - CIC Securities(ESN)
Oddo & Cie
Canaccord Genuity Corp
Main First Bank AG
AlphaValue
ABN Amro Bank N.V.
Exane BNP Paribas
CA Cheuvreux
DNB Markets
Natixis
Nomura
S&P Capital IQ
Macquarie
Barclays
Day by Day
Morgan Stanley
EVA Dimensions
RS Platou Markets
Raymond James
Liberum Capital Ltd
Kepler Capital Markets
Fox-Davies Capital

GUILLAUME DELABY
HENRY TARR
KATHERINE TONKS
ANDREW DOBBING
PHILLIP LINDSAY
JEAN-LUC ROMAIN
JEAN-FRANCOIS GRANJON
JAMES EVANS
BERND POMREHN
GAETAN DUPONT
MARK VAN DER GEEST
ALEXANDRE MARIE
GEOFFROY STERN
EIRIK RONOLD MATHISEN
ANNE PUMIR
CHRISTYAN MALEK
CHRISTINE TISCARENO
DAVID FARRELL
MICK PICKUP
VALERIE GASTALDY
ROBERT PULLEYN
CRAIG STERLING
GORAN ANDREASSEN
BERTRAND HODEE
ANDREW WHITTOCK
TEAM COVERAGE
PAUL SINGER

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

Recommendation
buy
neutral/neutral
outperform
overweight
overweight
buy
buy
buy
outperform
reduce
hold
neutral
outperform
buy
buy
neutral
buy
outperform
overweight
hold
Overwt/Attractive
sell
buy
underperform
hold
buy
hold

Morgan Stanley
EVA
Dimensions
RS Platou
Markets
Raymond
James
Liberum Capital
Ltd
Kepler Capital
Markets
Fox-Davies
Capital

14%

Barclays

14%

15%

15%

Day by Day

15%

Macquarie

12%

S&P Capital IQ

8%

Natixis

8%

Nomura

15%

DNB Markets

8%

HSBC
CM - CIC
Securities(ESN)
Oddo & Cie
Canaccord
Genuity Corp
Main First Bank
AG
AlphaValue
ABN Amro Bank
N.V.
Exane BNP
Paribas
CA Cheuvreux

12%

Brokers' Target Price

140

Societe
Generale
Goldman Sachs
RBC Capital
Markets
JPMorgan

100%

Price

Broker Recommendation

Target price in EUR

Target

Date

107.00
94.00
105.00
114.00
106.00
98.00
93.00
107.00
100.00
80.40
83.00
92.00
90.00
105.00
95.00
90.00
96.00
94.00
116.00

21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
19-Feb-13
15-Feb-13
12-Feb-13
7-Feb-13
29-Jan-13
29-Jan-13
25-Jan-13
25-Jan-13
24-Jan-13
18-Jan-13
17-Jan-13
15-Jan-13
8-Nov-12
26-Oct-12
27-Apr-12
2-Aug-11

121.00
95.00
80.00
78.70
101.00

21.02.2013

Technip 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

39%
60.99%
38.96%
0.05%

61%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
CAISSE DES DEPOTS ET
AMUNDI
BNP PARIBAS INV PART
NATIXIS
OPPENHEIMERFUNDS INC
IFP ENERGIES NOUVELL
NORGES BANK INVESTME
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
AXA INVESTMENT MANAG
CAUSEWAY CAPITAL MAN
CREDIT SUISSE
ALLIANZ ASSET MANAGE
T ROWE PRICE ASSOCIA
ALLIANCE BERNSTEIN
GRYPHON
WILLIAM BLAIR & COMP
FMR LLC

United States
France
Luxembourg
Britain
Norway
Switzerland
Germany
Others

44.22%
33.72%
5.33%
5.23%
3.80%
2.55%
1.17%
3.99%

Institutional Ownership Distribution

Investment Advisor
Government
Mutual Fund Manager
Corporation
Others

71.03%
11.91%
10.93%
5.44%
0.69%

PILENKO THIERRY
HAUSER GERARD
APPERT OLIVIER
O'LEARY JOHN C G
COLOMBANI PASCAL

4%

3% 1% 4%

5%
44%
5%

34%

United States

France

Luxembourg

Britain

Norway

Switzerland

Germany

Others

TOP 20 ALL

Position
10'888'250
8'753'684
5'929'398
4'146'278
3'942'407
3'361'789
3'219'635
2'830'917
2'750'873
2'152'163
1'816'844
1'673'439
1'596'029
1'326'090
1'309'685
1'259'670
1'190'548
1'132'066
950'406
757'901

Position Change
-1'555'250
379'586
0
601'110
-160'916
0
0
0
0
139'045
-203'806
0
0
0
-6'160
0
0
0
158'316
-53'277

Market Value
896'538'505
720'778'341
488'226'631
341'404'531
324'617'792
276'809'706
265'104'746
233'097'706
226'506'883
177'209'101
149'598'935
137'790'967
131'417'028
109'190'251
107'839'463
103'721'228
98'029'722
93'214'314
78'256'430
62'405'568

% of Ownership
9.64%
7.75%
5.25%
3.67%
3.49%
2.98%
2.85%
2.51%
2.44%
1.91%
1.61%
1.48%
1.41%
1.17%
1.16%
1.12%
1.05%
1.00%
0.84%
0.67%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

31.12.2012
20.02.2013
31.12.2011
15.05.2012
30.11.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.12.2011
31.12.2011
31.12.2011
31.01.2013
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012

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

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

108.7
88.8%

44'900
1'700
904
800
400

3'697'066
139'978
74'435
65'872
32'936

0.04%
0.00%
0.00%
0.00%
0.00%

Source
29.02.2012
29.02.2012
29.02.2012
29.02.2012
29.02.2012

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
UNITED STATES
UNITED STATES
FRANCE
FRANCE
FRANCE
FRANCE
UNITED STATES
FRANCE
NORWAY
UNITED STATES
FRANCE
BRITAIN
UNITED STATES
SWITZERLAND
GERMANY
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES

Institutional Ownership
5%

1%

11%

12%
71%

Investment Advisor

Government

Corporation

Others

Mutual Fund Manager

Company Analysis - Financials I/IV

Technip SA
Financial information is in EUR (M)
Periodicity:

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

4'452

4'711

5'141

5'376

6'927
6'202

7'887
7'245

7'481
6'342

6'456
5'314

6'082
4'897

6'813
5'526

8'204

9'246

10'416

11'054

5'145
29

1'140
483
45

1'142
465
54

1'185
565
57

1'287
577
65

2'222

4'907
30

641
374
42

2'024

4'597
33

724
364
35

1'707

4'366
37

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

87
16
13
45

114
12
3
36

234
18
7
40

231
30
10
48

360
30
6
28

267
42
21
-1

657
38
-21
-8

677
30
35
238

620
36
-9
-1

710
39
-33
-8

990

1'199

1'234

Pretax Income
- Income Tax Expense

13
46

63
82

168
54

144
44

296
94

205
77

648
194

373
195

595
179

711
209

974

1'206

1'318

-33
0
-4

-19
0
1

114
0
2

100
5
2

202
0
2

128
0
2

454
0
6

179
0
8

415
0
-2

503
0
-5

686
5.70
1.91
0.33

851
7.02
2.22
0.32

929
7.56
2.33
0.31

1'224

1'468

1'566

Income Statement
Revenue
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

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 %

0.28

1.00

1.88

1.20

4.25

1.59

3.81

4.41

-29
(0.27)
1.24

-20
(0.21)
1.24

112
1.18
0.83
71.1

98
0.98
0.92
92.5

200
1.88
1.05
55.7

136
1.32
1.20
102.0

448
4.30
1.20
28.5

356
3.30
1.35
84.4

418
3.81
1.45
38.3

519
4.70
1.58
33.9

Total Shares Outstanding

Diluted Shares Outstanding

93
114

94
117

95
116

97
115

105
106

104
105

106
105

106
107

107
110

109
117

EBITDA

348

346

369

374

520

430

808

831

766

884

*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 |

547
4.47

122

Company Analysis - Financials II/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

7084.6001 8762.09961
642
782
96
110
726
756
81
74
5'540
7'041

3079.9
695
739
349
87
1'210

3919.6
1'566
622
440
101
1'191

4645.7
612
1'791
584
134
1'525

4635.5
586
1'816
783
174
1'277

4542.8
477
1'927
1'124
226
788

4660.2
516
2'141
1'061
215
727

5751.4
779
2'327
1'277
222
1'148

5808.5
919
1'890
1'280
255
1'465

12/12

12/13E

12/14E

12/15E

38.38

43.55

48.76

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

3'518
12
1'604
743
861
2'645

3'246
6
1'499
761
739
2'502

3'338
3
1'471
735
737
2'598

3'377
12
1'592
821
771
2'595

3'418
17
1'690
932
758
2'643

3'464
38
1'844
1'026
818
2'608

3'589
27
1'936
991
945
2'617

3'910
34
2'414
1'220
1'195
2'681

4'471
26
2'777
1'305
1'472
2'972

5'624
30
3'843
1'534
2'308
3'285

Total Current Liabilities

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

7'198
721
301
6'176

8'749
783
226
7'740

2'905
853
192
1'861

3'817
978
214
2'625

4'666
1'658
186
2'822

4'965
1'866
44
3'055

4'656
1'704
26
2'926

4'783
1'476
28
3'279

5'673
1'862
681
3'130

5'811
2'135
544
3'132

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

1'365
946
419

1'312
903
409

1'651
1'409
242

1'512
1'305
207

981
677
304

937
653
284

980
734
246

1'070
845
225

1'347
1'092
255

1'948
1'544
404

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

8'563
0
16
1'322
701

10'061
0
9
1'372
566

4'556
0
10
1'349
503

5'329
0
14
1'412
542

5'647
0
16
1'685
716

5'903
0
18
1'722
457

5'636
0
22
1'793
680

5'853
0
30
1'794
893

7'020
0
22
1'834
1'346

7'759
0
22
1'976
1'676

Total Shareholders Equity

2'039

1'947

1'861

1'968

2'417

2'197

2'496

2'717

3'202

3'673

10'603

12'008

6'418

7'297

8'063

8'099

8'132

8'570

10'222

11'432

21.65
-6.58

20.53
-5.92

19.47
-6.53

20.08
-5.12

22.92
-0.21

20.89
-2.31

23.28
0.60

25.28
2.62

29.62
6.94

33.58
8.62

Total Liabilities & Equity

Book Value Per Share
Tangible Book Value Per Share

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

Company Analysis - Financials III/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

-29
261
9
193

-20
232
17
119

112
135
61
90

93
143
39
618

200
160
-8
594

126
163
-97
634

448
151
83
-227

170
154
48
262

418
146
-24
-501

507
174
101
-131

Cash From Operating Activities

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

433
112
-124
-0
31
0

349
105
-122
-3
2
30

398
6
-119

894
19
-167
-1
3
2

947
40
-151

826
1
-250

-9

20
55

455
3
-389
-0
2
-27

634
1
-413
-0
2
-19

38
2
-361
-115
20
-54

652
3
-339
-13
1
-609

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

19
-80
-161
795
-952
12
0
-88

11
-77
-65
77
-97
0
0
-45

-128
-130

-120
-142

-174
-275

-411
-125

-429
-128

76
-82
30
-368
-126

22
-198
37
-86
-152

128
-49
72

110
-26
1

-69

92

-508
-144
0
969
-74
40
-2
131

-958
-156

673
-242
26
-23
-9

-145
-32
0
51
-141
64
-20
83

Cash From Financing Activities

-474

-208

296

-612

-653

-43

50

920

Net Changes in Cash

-22

151

566

754

215

-1

255

451

-297

Free Cash Flow (CFO-CAPEX)

308

226

279

727

796

575

66

221

-323

312

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

268
102
2.88

223
245
2.41

292
716
2.96

747
656
7.59

816
830
7.54

601
400
5.54

92
147
0.62

235
306
2.08

-298
574
-3.03

340
448
2.89

12/12

12/13E

12/14E

12/15E

692

867

975

-453

-449

-414

392

606

788

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

17
-33

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

888
-755
35
-3

Company Analysis - Financials IV/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

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

24.4x
6.1x
0.4x
0.8x
7.3%

19.9x
6.6x
0.4x
1.0x
5.8%

115.3x
14.6x
9.2x
0.6x
1.7x
2.4%

49.2x
18.6x
11.5x
0.9x
2.5x
1.8%

27.4x
10.9x
7.5x
0.8x
2.3x
2.0%

44.7x
15.0x
9.3x
0.7x
2.6x
2.2%

5.1x
1.1x
0.9x
0.3x
0.9x
5.5%

30.9x
5.2x
4.2x
0.8x
2.0x
2.7%

17.6x
9.8x
8.0x
1.2x
2.3x
2.1%

Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

7.8%
1.9%
-0.7%
-0.3%
-1.4%

7.3%
2.4%
-0.4%
-0.2%
-1.0%

7.2%
4.5%
2.2%
1.2%
5.9%

7.0%
4.3%
1.7%
1.4%
4.9%

10.5%
7.5%
5.2%
2.9%
2.6%
9.2%

8.1%
5.5%
3.4%
1.6%
1.6%
5.5%

15.2%
10.8%
8.8%
6.0%
5.5%
19.3%

17.7%
12.9%
10.5%
2.6%
2.0%
6.6%

0.98
0.20
5.46
0.38
0.61

1.00
0.19
9.82
0.37
0.58

1.06
0.61
12.70
0.46
0.86

1.03
0.69
7.67
0.44
0.77

1.00
0.64
11.96
0.26
0.36

0.93
0.64
6.44
0.24
0.32

0.98
0.76
17.42
0.23
0.30

0.39
6.69

0.42
6.36

0.56
9.31

0.78
13.63

0.90
13.53
4.73
52.69

0.98
11.54
4.13
47.03

356.2%

130.0%

32.2%

30.3%

31.8%

37.6%

12/12

12/13E

12/14E

12/15E

15.5x
10.1x
8.1x
1.2x
2.2x
2.2%

14.5x

11.7x

10.9x

7.5x
1.0x
2.1x
2.3%

6.2x
0.9x
1.9x
2.7%

5.8x
0.8x
1.7x
2.8%

19.5%
12.6%
10.2%
6.9%
4.4%
14.2%

18.9%
13.0%
10.4%
7.4%
4.7%
14.9%

18.5%
13.2%
10.7%
7.4%
7.3%
16.5%

19.4%
14.1%
11.5%
8.2%
8.7%
18.0%

20.1%
14.2%
11.2%
8.4%

0.97
0.78
22.48
0.24
0.32

1.01
0.77
17.18
0.36
0.55

1.00
0.70
18.38
0.36
0.57

0.92
7.85
3.58
31.72

0.77
5.91
3.34
24.07

0.65
5.20
2.94
22.42

0.63
5.33
2.78
23.22

29.9%

52.2%

30.2%

29.3%

Ratio Analysis

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

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

6.6%

17.7%

Company Analysis - Peers Comparision

TECHNIP SA
Latest Fiscal Year:

12/2012
92.36
22.10.2012
69.21
04.06.2012
1'210'954

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

CIE GENERALE DE

SUBSEA 7 SA

HALLIBURTON CO

AKER SOLUTIONS
A

12/2012
40.12
17.09.2012
18.61
30.01.2013
2'231'494

12/2012
43.96
14.02.2013
26.28
26.06.2012
8'851'289

12/2012
124.60
25.01.2013
72.20
26.06.2012
757'884

SAIPEM SPA

12/2011
25.76
09.10.2012
15.58
04.06.2012
1'059'002

12/2011
148.39
02.04.2012
106.91
25.06.2012
1'447'616

SBM OFFSHORE
NV

SCHLUMBERGER
LTD

WOOD GROUP
(JOHN

HELIX ENERGY SOL

PETROFAC LTD

AMEC PLC

PETROLEUM GEO

SEADRILL LTD

12/2012
16.41
08.03.2012
7.73
20.11.2012
2'558'627

12/2012
82.00
14.02.2013
59.12
26.06.2012
6'397'047

12/2011
883.50
19.10.2012
649.00
26.06.2012
573'571

12/2012
25.49
14.02.2013
14.90
26.06.2012
1'476'885

12/2011
1'784.00
20.04.2012
1'324.00
27.06.2012
1'356'007

12/2012
1'189.00
14.03.2012
914.00
01.06.2012
1'428'656

12/2012
104.50
02.11.2012
64.30
26.06.2012
2'068'517

12/2011
246.90
21.08.2012
188.50
04.06.2012
1'408'521

Current Price (2/dd/yy)

82.34

20.29

132.90

20.40

40.47

108.30

10.35

78.53

793.50

23.00

1'572.00

1'032.00

94.20

207.10

52-Week High % Change

-10.8%
19.0%
108.7

-21.2%
30.3%
159.2

-10.4%
24.3%
338.7

-49.2%
9.6%
441.4

-7.9%
54.0%
929.0

-13.1%
50.0%
270.5

-36.9%
33.9%
189.1

-4.2%
32.8%
1'328.0

-10.2%
22.3%
371.3

-9.8%
54.4%
105.3

-11.9%
18.7%
340.1

-13.2%
12.9%
300.7

-9.9%
46.5%
217.8

-16.1%
9.9%
467.8

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

9'299.0

3'579.0

46'753.4

9'005.6

37'555.6

29'674.2

1'957.6

104'307.9

2'961.1

2'422.8

5'437.4

3'065.7

20'516.8

97'181.9

2'087.9
21.7
2'808.7

1'501.0
67.5
410.7

893.4
51.5
803.4

4'278.0
148.0
1'029.0

4'820.0
25.0
2'484.0

7'691.0
157.0
1'214.0

2'531.0
71.3
748.3

11'630.0
107.0
6'274.0

230.5
10.0
226.6

1'019.2
437.1

77.2
3.1
1'602.0

176.0
4.0
275.0

916.8
0.0
393.3

10'428.0
325.0
507.0

9'128.5

4'941.2

8'621.6

13'532.6

39'916.6

36'308.2

4'438.5
Valuation

109'770.9

4'633.1

3'004.9

7'520.7

2'970.7

4'149.6

28'129.4

8'203.9
8'203.9
9'246.1
10'416.4
1.2x
1.2x
0.9x
0.8x
883.5
1'012.6
1'224.1
1'467.8
10.9x
9.5x
7.1x
5.5x
0.00
4.59
5.70
7.02
17.9x
25.1x
14.5x
11.7x
20.4%
3.4%
11.2%
12.8%
13.2%
14.1%

2'267.7
2'594.7
2'720.7
3'559.7
2.2x
1.9x
1.8x
1.4x
596.1
753.5
844.1
1'200.4
8.5x
6.7x
5.8x
4.0x
-0.21
0.40
0.74
1.73
51.8x
51.8x
27.1x
11.6x
3.7%
3.1%
2.5%
5.1%
29.0%
31.0%
33.7%

5'476.5
6'103.3
6'243.0
6'756.9
1.5x
1.4x
1.4x
1.2x
870.8
1'050.1
1'137.7
1'274.6
9.7x
8.1x
7.5x
6.6x
1.26
2.14
1.65
1.62
11.0x
11.0x
14.3x
14.5x
131.2%
35.4%
81.8%
23.6%
17.2%
18.2%
18.9%

13'369.0
13'369.0
13'566.9
14'063.2
1.6x
1.6x
1.0x
0.9x
2'207.0
2'186.0
1'540.5
1'973.7
9.5x
9.4x
8.6x
6.3x
2.04
2.05
1.00
1.65
9.9x
20.3x
12.3x
6.2%
8.3%
5.0%
14.0%
16.4%
11.4%
14.0%

28'503.0
28'503.0
29'769.0
32'970.3
1.2x
1.2x
1.3x
1.2x
5'787.0
5'787.0
6'184.6
7'544.0
6.0x
6.0x
6.4x
5.1x
3.02
3.08
3.02
3.96
13.1x
13.1x
13.4x
10.2x
14.8%
14.5%
(5.1%)
7.5%
20.3%
20.8%
22.9%

44'922.0
44'922.0
49'190.0
54'738.2
0.8x
0.8x
0.7x
0.6x
4'739.0
4'701.0
5'332.1
6'490.9
7.8x
7.9x
6.6x
5.3x
8.30
8.25
9.69
12.77
13.1x
13.2x
11.2x
8.5x
25.9%
3.1%
36.8%
3.9%
10.5%
10.8%
11.9%

57.2%
36.2%
2.078x
-0.181x
22.889x

51.1%
33.3%
2.044x
1.699x
4.716x

15.5%
13.3%
0.861x
0.303x
21.554x

79.1%
43.5%
1.957x
1.957x
18.112x

30.6%
23.4%
0.833x
0.404x
19.419x

65.1%
39.1%
1.636x
1.378x
10.132x

BBB+
27.05.2010
-

BB29.11.2012
Ba3 *25.09.2012

A
20.08.2007
A2
01.05.2007

3'695.2
3'695.2
4'005.2
4'028.9
1.2x
1.2x
1.2x
1.2x
873.1
929.0
5.3x
5.0x
-0.46
2.17
2.46
6.3x
5.6x
17.1%
6.7%
21.8%
23.1%

42'149.0
42'841.0
46'176.7
51'872.0
2.3x
2.3x
2.3x
2.0x
11'020.0
11'055.0
12'404.7
14'531.9
8.8x
8.8x
8.7x
7.1x
4.16
4.19
4.74
5.83
18.7x
18.7x
16.6x
13.5x
14.0%
14.7%
12.5%
5.5%
25.8%
26.9%
28.0%

5'666.8
6'547.2
6'838.8
7'292.4
0.7x
0.6x
0.7x
0.6x
396.0
460.5
511.3
596.0
10.4x
8.9x
9.0x
7.4x
0.40
0.33
0.84
1.00
36.3x
24.3x
14.4x
12.1x
38.7%
11.5%
39.0%
7.3%
7.0%
7.5%
8.2%

846.1
1'293.3
1'074.3
1'223.5
3.3x
2.1x
52.7
361.5
391.5
468.5
52.3x
7.6x
0.49
1.57
1.46
1.86
14.6x
14.6x
15.7x
12.4x
(39.5%)
(1.8%)
(92.2%)
(40.3%)
28.0%
36.4%
38.3%

5'800.7
6'331.4
6'437.8
6'765.6
1.2x
1.1x
1.2x
1.2x
764.0
888.8
924.7
1'088.9
8.8x
7.6x
8.4x
7.2x
1.57
1.82
1.85
2.08
13.2x
13.3x
12.9x
11.5x
33.2%
26.2%
19.8%
30.8%
14.0%
14.4%
16.1%

4'158.0
4'158.0
4'256.4
4'538.8
0.7x
0.7x
0.7x
0.6x
363.0
363.0
368.8
410.8
8.0x
8.0x
7.8x
6.9x
0.82
0.67
0.88
0.98
15.4x
12.6x
11.8x
10.5x
27.5%
12.5%
29.2%
22.7%
8.7%
8.7%
9.1%

1'518.3
1'518.3
1'754.0
1'992.6
2.8x
2.8x
2.4x
2.1x
777.3
777.3
1'000.8
1'149.4
5.5x
5.5x
4.2x
3.6x
0.15
0.86
1.56
2.00
19.4x
10.7x
8.3x
21.1%
11.0%
44.2%
(0.8%)
51.2%
57.1%
57.7%

4'191.0
4'208.0
4'385.8
5'040.5
7.0x
7.0x
6.4x
5.9x
2'315.0
2'382.0
2'441.5
2'903.3
12.6x
12.3x
11.5x
10.3x
2.18
2.67
3.22
16.8x
13.7x
11.4x
4.4%
29.1%
11.4%
42.5%
56.6%
55.7%
57.6%

33.5%
25.0%
1.052x
0.484x
32.412x

11.7%
10.5%
0.624x
0.233x
28.905x

71.8%
41.8%
2.819x
1.610x
0.800x

6.9%
6.5%
0.075x
-0.872x
115.768x

16.3%
14.0%
0.485x
-0.273x
45.375x

47.7%
32.3%
1.180x
0.674x
20.569x

174.5%
62.3%
4.730x
4.410x
7.847x

FALSE
FALSE
FALSE
FALSE
FALSE

A+
11.12.2002
A1
03.06.2003

B+
19.09.2011
B3
05.08.2009

BB
02.12.2010
Ba2
16.11.2011

FALSE
FALSE
FALSE
FALSE

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

172.3%
62.2%
-

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 |