03.05.

2013

Company Analysis - Overview

Ticker:

E.ON SE

EOAN GY

Currency:
Sector: Utilities

Industry: Multi-Utilities

Year:

Telephone
49-211-4579-424
Revenue (M)
Website
www.eon.com
No of Employees
Address
E On Platz 1 Duesseldorf, 40479 Germany
Share Price Performance in EUR
Price
13.99
1M Return
52 Week High
19.74
6M Return
52 Week Low
12.42
52 Wk Return
52 Wk Beta
0.89
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

E.ON SE operates in power generation and gas production businesses. The Company's
operations include electric generation at conventional, nuclear, and renewable-source
facilities, electric transmission via high-voltage wires network, regional distribution of
electricity, gas, and heat, power trading and electricity, gas, and heat sales.

Benchmark:
DAX INDEX (DAX)

Xetra: EOAN, Currency: EUR

132'093
72'083
0.6%
-20.3%
-13.4%
-0.7%

IG8
AA3
A

Date
Date
Date

12/09
6.5x
10.1x
7.2x
0.7x
1.4x
5.1%

12/10
6.5x
9.6x
5.6x
0.5x
1.0x
6.5%

12/11
1'274.4x
13.7x
0.3x
0.9x
6.0%

12/12
12.4x
10.2x
6.0x
0.2x
0.8x
7.8%

12/13E
10.6x
5.4x
0.3x
0.7x
5.2%

12/14E
10.1x
5.3x
0.2x
0.7x
5.4%

12/15E
10.0x
5.3x
0.2x
0.7x
5.5%

12/09
Gross Margin
EBITDA Margin
15.5
Operating Margin
11.0
Profit Margin
10.3
Return on Assets
5.4
Return on Equity
22.4
Leverage and Coverage Ratios
12/09
Current Ratio
1.0
Quick Ratio
0.5
EBIT/Interest
2.8
Tot Debt/Capital
0.5
Tot Debt/Equity
0.9
Eff Tax Rate %
25.2

12/10
14.0
8.1
6.3
3.8
14.3

12/11
3.8
0.0
-2.0
-1.5
-5.7

12/12
6.4
3.7
1.7
1.5
6.3

12/13E
13.8
8.6
5.2
2.3
2.7
7.0

12/14E
13.0
8.7
5.2
2.4
2.6
7.1

12/15E
15.6
8.3
5.0
2.3
2.7
6.6

12/10
1.2
0.6
2.3
0.4
0.7
21.5

12/11
1.1
0.5
0.0
0.4
0.8
-

12/12
1.2
0.6
1.7
0.4
0.7
21.4

27.07.2012
22.12.2008

Outlook
Outlook
Outlook

STABLE
STABLE
-

Business Segments in EUR

Trading
Germany
Other EU Countries
Generation
Russia
Exploration & Production
Renewables

Sales (M)
63252
38777
24096
3135
1879
1386
804

Geographic Segments in EUR

Other
Germany
Europe (other)
United Kingdom
Sweden
United States
Europe (EU Excluding Germany)

10%
%
2%1%1%

7%

Sales (M)
67699
40298
11573
9701
2822

2%

9%

18%

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

48%

51%
31%

29%

Trading
Germany
Other EU Countries

Other

Germany

Europe (other)

United Kingdom

Generation
Russia
Exploration & Production
Renewables

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 |

Sweden

1906.8
27994.0
6097.0
25944.0
0.0
0.0
3862.0
51703.0

Company Analysis - Analysts Ratings

E.ON SE

juin.12

juil.12

aot.12

sept.12

Buy

oct.12

fvr.13

mars.13

avr.13

Hold

Sell

Price

Target Price

Date

Buy

Hold

Sell

Date

30-Apr-13
29-Mar-13
28-Feb-13
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

22%
18%
18%
19%
22%
24%
55%
49%
54%
61%
64%
53%

41%
38%
34%
32%
35%
38%
26%
34%
34%
27%
26%
35%

38%
44%
47%
49%
43%
38%
18%
17%
12%
12%
10%
12%

3-May-13
2-May-13
1-May-13
30-Apr-13
29-Apr-13
26-Apr-13
25-Apr-13
24-Apr-13
23-Apr-13
22-Apr-13
19-Apr-13
18-Apr-13
17-Apr-13
16-Apr-13
15-Apr-13
12-Apr-13
11-Apr-13
10-Apr-13
9-Apr-13
8-Apr-13
5-Apr-13
4-Apr-13
3-Apr-13
2-Apr-13
1-Apr-13
29-Mar-13
28-Mar-13
27-Mar-13
26-Mar-13
25-Mar-13

Price Target Price

13.99
13.72
13.76
13.76
13.70
13.69
13.79
13.72
13.38
13.22
13.14
13.24
13.42
13.74
14.46
14.48
14.71
14.61
14.07
14.00
14.16
14.05
13.90
14.10
13.62
13.62
13.62
13.45
13.54
13.55

13.88
13.88
13.84
13.47
13.37
13.37
13.41
13.41
13.59
13.55
13.59
13.59
13.59
13.59
13.59
13.55
13.55
13.55
13.55
13.40
13.40
13.40
13.40
13.41
13.34
13.34
13.34
13.34
13.34
13.41

Broker

Analyst

Deutsche Bank
RBC Capital Markets
Grupo Santander
Commerzbank Corporates & Markets
AlphaValue
Exane BNP Paribas
Goldman Sachs
Redburn Partners
Raymond James
Barclays
Morgan Stanley
HSBC
Independent Research GmbH
DZ Bank AG
Day by Day
Equinet Institutional Services(ESN)
Kepler Capital Markets
Societe Generale
M.M. Warburg Investment Research
S&P Capital IQ
Nord/LB
Banco Sabadell
JPMorgan
Berenberg Bank
Landesbank Baden-Wuerttemberg
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Natixis
Credit Suisse

ALEXANDER KARNICK
JOHN MUSK
OSCAR NAJAR RIOS
TANJA MARKLOFF
EILEEN RYAN
BENJAMIN LEYRE
DEBORAH WILKENS
AHMED FARMAN
EMMANUEL RETIF
PETER BISZTYGA
BOBBY CHADA
ADAM DICKENS
SVEN DIERMEIER
MARC NETTELBECK
VALERIE GASTALDY
MICHAEL SCHAEFER
INGO BECKER
ALBERTO PONTI
STEPHAN WULF
CLIVE ROBERTS
HEINO HAMMANN
JORGE GONZALEZ SADORNIL
VINCENT DE BLIC
TEAM COVERAGE
ERKAN AYCICEK
ROBERT SCHRAMM-FUCHS
ANNEMARIE SCHLUETER
DANIEL SEIDENSPINNER
PHILIPPE OURPATIAN
VINCENT GILLES

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

Recommendation
sell
underperform
hold
hold
buy
neutral
Buy/Neutral
neutral
market perform
overweight
Equalwt/In-Line
neutral
sell
hold
buy
hold
hold
hold
buy
buy
hold
buy
underweight
sell
hold
underperform
hold
sell
reduce
underperform

Natixis

Macquarie

CA Cheuvreux

janv.13

Silvia Quandt Research

dc.12

0
mai.12

EVA Dimensions

nov.12

0%

Main First Bank AG

22%

Credit Suisse

18%

Bankhaus Metzler

18%

Hamburger Sparkasse

19%

Landesbank Baden-

22%

JPMorgan

5
24%

Berenberg Bank

55%

Nord/LB

10

Banco Sabadell

41%

S&P Capital IQ

38%

Societe Generale

49%

34%

M.M. Warburg Investment

54%

20%

32%

Kepler Capital Markets

53%

61%

35%

Day by Day

38%

40%

Equinet Institutional

15

DZ Bank AG

26%

60%

64%

20

HSBC

38%

Independent Research GmbH

44%

Barclays

34%

47%

49%

Morgan Stanley

34%

43%

Raymond James

38%
27%

Goldman Sachs

18%

Redburn Partners

17%

AlphaValue

35%

12%

Exane BNP Paribas

26%

12%

Grupo Santander

80%

10%

Commerzbank Corporates &

12%

Brokers' Target Price

20
18
16
14
12
10
8
6
4
2
0
Deutsche Bank

25

100%

RBC Capital Markets

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in EUR

Target

Date

13.00
11.00
15.60
14.00
16.80
14.00
18.00

3-May-13
3-May-13
2-May-13
2-May-13
2-May-13
30-Apr-13
26-Apr-13
22-Apr-13
17-Apr-13
15-Apr-13
9-Apr-13
2-Apr-13
2-Apr-13
2-Apr-13
2-Apr-13
18-Mar-13
15-Mar-13
14-Mar-13
14-Mar-13
14-Mar-13
13-Mar-13
15-Feb-13
6-Feb-13
5-Feb-13
1-Feb-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
30-Jan-13

16.10
15.00
14.00
11.00
13.50
16.00
14.00
13.00
13.00
17.00
15.00
13.00
13.50
12.50
11.60
13.00
12.00
11.30
11.75
11.00

03.05.2013

E.ON SE

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

Geographic Ownership

Geographic Ownership Distribution

0%

1906.8
87.4%

United States
Germany
Norway
Switzerland
Luxembourg
France
Ireland
Others

28%

27.58%
72.42%
0.00%

28.69%
26.97%
22.26%
7.34%
6.03%
3.35%
1.71%
3.67%

72%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
BLACKROCK
GOVERNMENT OF NORWAY
E.ON AG
STATKRAFT AS
CREDIT SUISSE AG
MORGAN STANLEY
VANGUARD GROUP INC
UNION INVESTMENT GMB
DB PLATINUM ADVISORS
AMUNDI
CAPITAL GROUP COMPAN
DEKA INVESTMENT GMBH
ALLIANZ ASSET MANAGE
MERCURY ASSET MANAGE
T ROWE PRICE ASSOCIA
BNP PARIBAS INV PART
ETFLAB INVESTMENT GM
GRANTHAM MAYO VAN OT
FRANKFURT TRUST INVE
STATE STREET

Institutional Ownership Distribution

Investment Advisor
Corporation
Government
Insurance Company
Others

29%

7%

27%
22%

64.20%
21.99%
13.74%
0.05%
0.02%

United States

Germany

Norway

Switzerland

Luxembourg

France

Ireland

Others

TOP 20 ALL

Position
169'106'377
97'222'972
95'529'865
60'029'899
46'680'225
25'888'854
18'740'256
13'832'519
13'027'272
7'897'649
7'475'000
7'056'647
5'786'934
5'670'940
5'622'014
4'502'409
4'452'819
4'438'987
3'824'089
3'296'543

Position Change
-1'331'561
0
0
0
0
0
727'119
-288'536
-11'999'456
2'415'295
0
-962'683
807'201
0
2'580'586
-614'819
23'963
254'908
3'679'134
239'481

Market Value
2'365'798'214
1'360'149'378
1'336'462'811
839'818'287
653'056'348
362'185'067
262'176'181
193'516'941
182'251'535
110'488'110
104'575'250
98'722'492
80'959'207
79'336'451
78'651'976
62'988'702
62'294'938
62'101'428
53'499'005
46'118'637

% of Ownership
8.45%
4.86%
4.77%
3.00%
2.33%
1.29%
0.94%
0.69%
0.65%
0.39%
0.37%
0.35%
0.29%
0.28%
0.28%
0.23%
0.22%
0.22%
0.19%
0.16%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

01.05.2013
04.04.2013
31.12.2011
21.03.2013
09.05.2012
10.05.2012
31.03.2013
28.09.2012
31.03.2013
31.12.2012
31.03.2013
28.02.2013
28.03.2013
01.05.2013
31.03.2013
28.02.2013
02.05.2013
30.11.2012
28.03.2013
02.05.2013

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

Top 5 Insiders:
Holder Name

3% 2% 4%
6%

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

Source

Country
UNITED STATES
NORWAY
GERMANY
NORWAY
SWITZERLAND
UNITED STATES
UNITED STATES
GERMANY
LUXEMBOURG
FRANCE
UNITED STATES
GERMANY
GERMANY
IRELAND
UNITED STATES
FRANCE
GERMANY
UNITED STATES
GERMANY
UNITED STATES

Institutional Ownership
0%

0%

14%

22%

64%

Investment Advisor

Corporation

Insurance Company

Others

Government

Company Analysis - Financials I/IV

E.ON SE
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

35'691
26'506

42'541
32'738

42'384
31'285

51'854
40'624

64'091

68'731

86'753

81'817

92'863

112'954

132'093

111'419

112'639

116'676

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

9'185
8'879
380

9'803
7'580
69

11'099
5'875
19

11'230
6'045
24

15'376

14'643

18'201

61'839
27

63'766
37

89'943
53

81'603
62

92'608
61

119'118
59

133'247
56

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

6'904
1'375

9'958
1'885

4'746
2'214
8
-2'823

7'869
1'986
-66
-3'734

1'828
3'052
-692
-3'127

9'017
2'850
246
-5'872

7'561
2'956
-241
-4'217

46
2'810
734
-587

4'940
2'603
-251
-726

5'900

5'848

2'535

5'903
1'272
-138
-2'439

5'751

6'288

5'940
1'178
309
-1'902

-759
-662

5'538
1'124

6'355
1'850

7'208
2'276

5'347
40

9'683
2'289

2'595
863

11'793
2'976

9'063
1'946

-2'911
-1'036

3'314
710

4'081

4'221

4'287

-97
-3'497
623

4'414
-697
464

4'505
-312
478

4'932
-3'028
553

5'307
-775
496

7'394
-330
520

1'732
128
338

8'817
172
249

7'117
836
428

-1'875
-14
358

2'604
-37
424

1.42

2.37

2.04

2.21

2.44

3.52

0.75

4.50

3.51

(1.17)

1.14

Net Income Adjusted*

EPS Adjusted
Dividends Per Share
Payout Ratio %

1'695
(0.35)
0.58

3'950
2.01
0.67
33.2

4'348
2.21
0.78
38.5

4'379
2.21
0.92
105.4

4'930
2.49
1.12
45.9

6'874
3.52
1.37
37.7

5'598
3.01
1.50
204.9

5'523
2.90
1.50
33.4

4'882
2.56
1.50
42.7

2'501
1.31
1.00

4'187
2.20
1.10
96.2

2'541
1.32
0.73
0.56

2'674
1.39
0.76
0.55

2'666
1.40
0.77
0.55

Total Shares Outstanding

Diluted Shares Outstanding

1'957

1'968

1'977
1'971

1'977
1'977

1'979
1'977

1'895
1'953

1'905
1'862

1'905
1'905

1'905
1'905

1'905
1'905

1'907
1'906

11'252

13'188

8'826

8'808

8'416

11'063

5'403

12'703

13'006

4'269

8'443

9'555

9'755

9'712

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

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:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

37870
4'315
10'706
8'179
2'457
12'213

31087
1'154
4'448
9'760
4'199
11'526

31490
2'887
3'888
9'064
3'811
11'840

50609
3'671
2'125
13'599
4'774
26'440

39568
4'210
1'722
11'577
4'518
17'541

46224
6'143
1'697
15'819
4'064
18'501

50651
3'852
3'079
18'065
4'828
20'827

43863
2'816
3'281
16'104
4'734
16'928

12/13E

12/14E

12/15E

19.26

19.99

20.68

Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets

31587
8'385

31687
10'795

6'805
3'840
12'557

6'047
2'477
12'368

30647
4'113
7'840
6'462
2'647
9'585

Total Long-Term Assets

+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

81'916
16'971
94'176
51'749
42'427
22'518

80'163
17'725
93'550
50'714
42'836
19'602

83'415
7'327
96'948
53'385
43'563
32'525

88'692
11'932
93'842
52'519
41'323
35'437

96'488
23'310
97'514
55'030
42'484
30'694

105'804
23'927
104'265
55'713
48'552
33'325

106'436
11'274
114'956
58'430
56'526
38'636

113'068
6'322
121'449
60'662
60'787
45'959

106'657
7'260
123'498
62'628
60'870
38'527

102'221
8'523
117'999
62'130
55'869
37'829

96'563
8'438
113'259
59'086
54'173
33'952

Total Current Liabilities

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

35'902
3'607

36'696
3'768

32'295

32'928

23'331
3'627
7'036
12'668

24'663
5'272
3'807
15'584

29'383
5'311
3'443
20'629

29'762
4'477
5'549
19'736

55'645
5'537
16'022
34'086

37'853
4'635
7'120
26'098

37'716
5'016
3'611
29'089

46'130
4'871
5'885
35'374

36'606
5'459
4'007
27'140

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

45'437
24'850
20'587

40'755
21'787
18'968

53'027
13'265
39'762

52'681
10'555
42'126

46'947
10'029
36'918

52'402
15'915
36'487

62'973
25'036
37'937

70'828
30'657
40'171

69'580
28'880
40'700

67'129
24'029
43'100

65'001
21'937
43'064

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

81'339

77'451

6'511
13'201
12'452

4'625
13'363
16'411

76'358
0
4'144
13'545
20'015

77'344
0
4'734
13'548
30'936

76'330
0
2'533
13'559
35'153

82'164
0
5'756
13'559
35'815

118'618
0
3'960
15'742
18'725

108'681
0
3'607
15'748
24'600

107'296
0
3'932
15'748
25'905

113'259
0
3'876
15'748
19'989

101'607
0
3'862
15'741
19'216

Total Shareholders Equity

32'164

34'399

37'704

49'218

51'245

55'130

38'427

43'955

45'585

39'613

38'819

113'503

111'850

114'062

126'562

127'575

137'294

157'045

152'636

152'881

152'872

140'426

13.11
3.38

15.13
5.95

16.97
7.75

22.50
12.64

24.62
14.91

26.06
14.95

18.10
5.54

21.17
7.98

21.86
9.97

18.75
7.50

18.33
7.68

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

12/12

12/13E

12/14E

12/15E

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

2'777
4'348
-4'381
292

4'647
3'230
-156
-1'191

4'339
2'886
-622
-763

7'407
2'905
-2'684
-1'027

5'586
3'670
-279
-1'747

7'204
3'194
-1'592
-68

1'266
3'575
2'182
-285

8'396
3'686
-2'880
-148

5'853
5'445
1'081
-1'294

-2'219
4'223
3'007
1'599

2'217
3'503
2'310
778

2'646

2'747

2'700

Cash From Operating Activities

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

3'036
767
-3'210
-614

6'530
753
-2'660

6'601
201
-2'990
-1'347
6'398
-1'863

7'230
303
-4'096
-941
3'574
-3'406

8'738
293
-6'916
-4'390
1'138
1'074

6'738
190
-8'996
-9'410
242
896

9'054
311
-8'376

11'085
242
-7'904

6'610
260
-6'216

8'808
464
-6'379

-5'661

-5'234

-4'647

4'666

8'418

2'905

2'897

705

1'204

2'064

Cash Flows

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
Free Cash Flow (CFO-CAPEX)
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share

-9'165

-6'536
7'490

5'840
268
-2'612
-2'497
2'338
2'121

-12'222
-1'100

-953
-1'142

-382
-1'312

399
-1'549

-4'566
-4'614

-8'801
-2'210

-17'078
-2'560

-3'399
-2'857

756
-2'858

-3'051
-2'858

-3'018
-1'905

12'432
-6'447
15

2'564
-4'495

3'022
-7'634

10'845
-11'874
28

10'399
-12'437
25
-1
-245

3'978
-6'736

573
-5'170

-243

22'976
-5'784
62
-2'951
-619

2'429
-8'929

-33
-194

12'533
-4'897
55
-3'500
-185

-333
-217

-11
-220

-149
-171

-633

7
-522

3'522
-6'693
0
0
-343

4'267

-3'588

-4'826

-6'388

-5'858

1'796

11'124

-5'116

-9'908

-5'847

-6'822

-4'919

1'989

632

612

-3'194

1'733

784

539

1'933

-2'288

-1'032

-174

3'870

3'228

3'611

3'134

1'822

-2'258

678

3'181

394

2'429

5'372

4'063

4'481
-800
1.83

5'331
2'408
1.59

3'339
9'751
0.93

-221
15'124
-1.21

2'809
-1'049
0.36

5'502
-3'077
1.67

-2'104
0.21

4'474
-1'704
1.27

-0.09

1.98

1.64

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

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

12/12

12/13E

12/14E

12/15E

8.6x
5.0x
3.8x
0.8x
1.1x
3.9%

10.9x
9.5x
6.4x
1.0x
1.3x
3.5%

13.2x
10.5x
7.0x
1.1x
1.3x
3.1%

14.2x
16.6x
9.3x
1.1x
1.4x
3.2%

13.8x
14.3x
10.2x
1.4x
1.9x
2.8%

37.9x
51.1x
17.3x
0.6x
1.6x
5.3%

6.5x
10.1x
7.2x
0.7x
1.4x
5.1%

6.5x
9.6x
5.6x
0.5x
1.0x
6.5%

10.1x

10.0x

1'274.4x
13.7x
0.3x
0.9x
6.0%

12.4x
10.2x
6.0x
0.2x
0.8x
7.8%

10.6x

7.0x
4.3x
0.7x
1.0x
4.6%

5.4x
0.3x
0.7x
5.2%

5.3x
0.2x
0.7x
5.4%

5.3x
0.2x
0.7x
5.5%

25.7%
31.5%
19.3%
7.8%
2.6%
11.1%

23.0%
31.0%
23.4%
10.9%
4.1%
16.8%

26.2%
20.8%
14.0%
10.2%
3.8%
13.7%

21.7%
17.0%
11.4%
14.3%
6.2%
19.0%

13.1%
7.4%
8.7%
4.4%
12.0%

16.1%
11.4%
10.5%
5.4%
14.7%

6.2%
2.1%
1.5%
0.9%
3.0%

15.5%
11.0%
10.3%
5.4%
22.4%

14.0%
8.1%
6.3%
3.8%
14.3%

3.8%
0.0%
-2.0%
-1.5%
-5.7%

6.4%
3.7%
1.7%
1.5%
6.3%

13.8%
8.6%
5.2%
2.3%
2.7%
7.0%

13.0%
8.7%
5.2%
2.4%
2.6%
7.1%

15.6%
8.3%
5.0%
2.3%
2.7%
6.6%

Leverage & Coverage Ratios

Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity

0.88
0.42
4.90
0.44
0.77

0.86
0.46
5.22
0.39
0.63

1.31
0.79
4.96
0.35
0.54

1.54
0.94
4.55
0.23
0.29

1.06
0.52
2.12
0.21
0.26

1.06
0.53
3.84
0.28
0.39

0.91
0.35
0.57
0.52
1.07

1.05
0.46
2.83
0.46
0.86

1.23
0.63
2.31
0.42
0.71

1.10
0.54
0.01
0.43
0.76

1.20
0.61
1.70
0.40
0.67

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

0.33
4.45
6.36
6.00

0.38
6.62
8.51
10.37

0.38
6.78
8.51
12.21

0.43
7.08
9.09
15.92

0.50
7.15

0.52
7.30

0.59
7.66

0.53
6.50

0.61
6.78

0.74
6.67

0.90
7.73

20.3%

29.1%

31.6%

0.7%

23.6%

33.3%

25.2%

21.5%

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

Effective Tax Rate

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

21.4%

Company Analysis - Peers Comparision

E.ON SE
Latest Fiscal Year:

12/2012
19.74
14.09.2012
12.42
08.02.2013
13'960'008

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

Current Price (5/dd/yy)

52-Week High % Change
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

12/2012
36.47
12.09.2012
25.83
19.04.2013
2'180'582

GDF SUEZ

EDF

ENEL SPA

12/2012
20.35
21.08.2012
14.05
01.03.2013
3'340'397

12/2012
17.91
03.07.2012
13.39
29.11.2012
2'094'980

ENDESA

12/2012
3.30
14.01.2013
2.02
24.07.2012
19'556'433

EVN AG

12/2012
19.53
13.03.2013
11.30
25.07.2012
92'969

FORTUM OYJ

09/2012
12.80
21.01.2013
9.11
16.05.2012
18'952

IBERDROLA SA

12/2012
16.69
08.05.2012
12.81
23.07.2012
2'829'947

CENTRICA PLC

12/2012
4.29
02.01.2013
2.63
26.07.2012
21'942'857

12/2012
394.30
23.04.2013
301.20
22.06.2012
3'939'733

VERBUND AG

SSE PLC

12/2012
21.49
03.05.2012
14.50
25.07.2012
148'745

03/2012
1'575.00
03.05.2013
1'286.00
25.07.2012
627'189

ENBW ENERGIE
BAD

DRAX GROUP PLC NATIONAL GRID PL

12/2012
39.70
07.05.2012
28.49
22.06.2012
130

12/2012
660.50
20.02.2013
390.00
25.07.2012
141'539

03/2012
828.00
02.05.2013
636.00
25.07.2012
2'129'512

13.99

27.78

16.66

17.84

2.96

17.52

10.42

14.55

4.21

377.80

16.26

1'573.00

29.80

622.00

826.50

-29.2%
12.6%
1'906.8

-23.8%
7.6%
614.7

-18.2%
18.5%
2'357.3

-0.4%
33.2%
1'846.7

-10.2%
46.6%
9'403.4

-10.3%
55.0%
1'058.8

-18.6%
14.4%
179.0

-12.8%
13.6%
888.4

-2.0%
59.9%
6'053.2

-4.2%
25.4%
5'199.0

-24.3%
12.1%
347.4

-0.1%
22.3%
944.7

-24.9%
4.6%
270.9

-5.8%
59.5%
401.6

-0.2%
30.0%
3'701.0

27'984

17'022

40'186

32'975

27'853

18'549

1'874

12'926

26'419

19'599

5'649

15'169

8'243

2'500

30'310

25'944.0
3'862.0
6'097.0

19'946.0
1'613.0
5'276.0

57'552.0
11'462.0
11'383.0

64'501.0
4'854.0
22'307.0

66'539.0
16'387.0
9'891.0

10'860.0
5'716.0
7'423.0

1'982.7
245.4
165.5

8'777.0
616.0
963.0

32'884.1
324.8
6'575.5

5'328.0
938.0

4'321.1
641.0
121.7

6'245.6
189.2

6'761.2
1'255.0
3'368.9

90.7
401.7

23'025.0
7.0
2'723.0

3'988
Valuation

21'026

54'076

23'989

10'459

20'415

12'890

2'189

51'245

6'159.0
6'249.0
6'344.3
6'470.1
3.6x
3.5x
3.4x
3.3x
2'360.0
2'413.0
2'446.0
2'428.7
9.3x
9.1x
8.8x
8.9x
1.48
1.29
1.25
9.8x
11.3x
11.7x
(0.0%)
7.1%
(1.5%)
3.4%
38.6%
38.6%
37.5%

34'201.2
34'597.8
33'746.5
34'867.6
1.5x
1.5x
1.6x
1.5x
7'177.7
7'639.5
7'580.0
7'816.1
7.0x
6.6x
7.2x
6.8x
0.46
0.44
0.40
0.41
9.6x
9.5x
10.5x
10.3x
8.1%
8.2%
2.5%
8.0%
22.1%
22.5%
22.4%

23'942.0
23'942.0
24'542.4
25'538.9
0.9x
0.9x
1.0x
0.9x
3'698.0
3'698.0
3'965.5
4'200.6
5.9x
5.9x
6.1x
5.7x
0.26
0.25
0.28
0.30
15.4x
14.5x
13.6x
12.7x
4.9%
10.5%
11.7%
8.1%
15.4%
16.2%
16.4%

3'174.3
3'198.8
3'271.5
3'175.8
3.4x
3.3x
3.1x
3.2x
1'228.2
1'211.8
1'136.3
1'035.4
8.7x
8.8x
9.0x
9.9x
1.10
1.00
1.02
0.96
16.3x
16.5x
15.9x
16.9x
4.8%
(0.1%)
26.6%
2.3%
37.9%
34.7%
32.6%

31'723.9
31'337.3
31'332.2
31'732.5
0.6x
0.6x
0.7x
0.7x
1'946.8
2'073.9
2'208.6
2'356.2
9.5x
9.0x
10.0x
9.6x
1.29
0.25
1.14
1.18
63.9x
14.3x
13.8x
13.4x
12.0%
18.0%
4.9%
5.7%
6.6%
7.0%
7.4%

19'245.9
19'245.9
18'380.0
18'390.0
0.7x
0.7x
0.9x
0.9x
2'175.8
2'175.8
2'209.0
2'211.0
5.9x
5.9x
7.7x
7.5x
1.82
1.94
2.33
2.38
15.3x
15.3x
12.8x
12.5x
2.6%
3.9%
23.0%
(5.1%)
11.3%
12.0%
12.0%

1'779.8
1'779.8
1'868.2
2'138.0
1.1x
1.1x
1.3x
1.2x
298.4
298.4
200.5
245.5
6.3x
6.3x
12.2x
10.5x
0.44
0.44
0.25
0.30
14.1x
14.2x
25.4x
20.6x
(3.1%)
11.2%
(10.6%)
(10.0%)
16.8%
10.7%
11.5%

13'832.0
13'605.0
14'417.8
15'066.6
3.3x
3.4x
3.6x
3.5x
4'777.0
4'991.0
5'042.9
5'419.3
9.6x
9.2x
10.2x
9.8x
0.51
0.64
0.54
0.56
13.0x
15.2x
15.3x
14.9x
(3.6%)
8.6%
(1.4%)
7.5%
36.7%
35.0%
36.0%

86.0%
44.8%
3.793x
3.080x
7.867x

97.4%
49.1%
4.335x
3.586x
4.822x

89.9%
47.3%
1.441x
1.187x
7.441x

96.9%
45.9%
3.510x
3.424x
6.094x

136.2%
57.7%
2.961x
2.530x
3.881x

114.0%
48.5%
3.107x
1.559x
5.784x

6.1%
5.8%
0.304x
-1.042x
19.503x

249.2%
71.3%
4.830x
4.193x
2.040x

A27.11.2012
A2
15.07.2005

BBB
28.11.2012
(P)Baa1
05.11.2012

A29.05.2009
A3
21.06.2006

A21.09.2009
A3
12.04.2013

A21.08.2009
A3
22.09.2009

A18.12.2009
(P)A3
20.12.2011

A24.08.2007
Baa1
12.01.2007

51'693
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

RWE AG

33'305

97'817

80'023

100'888

27'702

132'093.0
132'093.0
111'418.7
112'638.7
0.4x
0.4x
0.5x
0.4x
8'443.0
8'443.0
9'554.8
9'754.7
6.0x
6.0x
5.3x
5.1x
1.81
1.14
1.32
1.39
12.3x
7.7x
10.6x
10.1x
16.9%
16.4%
97.8%
(5.3%)
6.4%
8.6%
8.7%

50'771.0
50'771.0
53'546.9
53'803.9
0.7x
0.7x
0.6x
0.6x
9'055.0
9'201.0
8'828.3
8'597.0
3.9x
3.9x
3.9x
4.0x
1.95
2.13
3.89
3.48
13.0x
13.0x
7.1x
8.0x
3.3%
4.1%
9.3%
3.1%
18.1%
16.5%
16.0%

97'038.0
97'038.0
81'162.0
81'900.2
1.0x
1.0x
1.1x
1.0x
18'401.0
18'401.0
13'786.8
13'928.0
5.1x
5.1x
6.2x
6.0x
1.33
0.71
1.36
1.42
23.4x
12.5x
12.3x
11.7x
7.0%
7.2%
14.5%
20.7%
19.0%
17.0%
17.0%

72'729.0
72'729.0
73'749.5
75'979.2
1.0x
1.0x
1.1x
1.1x
14'342.0
14'342.0
15'982.1
17'030.6
5.1x
5.1x
5.0x
4.8x
2.06
1.80
1.74
1.92
9.9x
9.9x
10.3x
9.3x
11.4%
6.1%
1.7%
(1.7%)
19.7%
21.7%
22.4%

82'699.0
82'699.0
81'744.2
82'556.8
1.2x
1.2x
1.1x
1.0x
16'150.0
16'150.0
16'053.9
16'053.2
6.3x
6.3x
5.4x
5.2x
0.09
0.09
0.33
0.34
32.2x
9.1x
8.8x
6.6%
9.1%
(5.6%)
10.7%
19.5%
19.6%
19.4%

33'933.0
33'781.0
33'336.3
34'224.8
0.8x
0.8x
0.9x
0.8x
7'005.0
7'031.0
6'625.3
6'760.7
3.9x
3.8x
4.4x
3.9x
1.93
1.92
1.72
1.84
9.1x
8.9x
10.2x
9.5x
3.8%
43.3%
(3.6%)
1.1%
20.8%
19.9%
19.8%

74.2%
40.1%
3.073x
2.351x
2.900x

134.6%
54.8%
2.168x
1.594x
7.250x

96.3%
44.7%
3.128x
2.509x
7.199x

249.4%
67.7%
4.497x
2.942x
5.871x

181.0%
55.6%
4.120x
3.508x
5.508x

52.6%
29.2%
1.545x
0.489x
10.317x

A27.07.2012
A3
05.10.2011

BBB+
27.07.2012
A3
19.07.2011

A *29.01.2013
A1
03.07.2012

A+
17.01.2012
Aa3
14.01.2009

BBB+
08.03.2012
Baa2
05.11.2012

BBB+
08.03.2012
WR
25.02.2009

2'846.5
2'810.8
3'038.4
3'204.0
1.5x
1.5x
1.3x
1.2x
456.1
461.9
476.2
506.2
9.2x
9.1x
8.2x
7.5x
0.98
0.99
1.09
1.25
10.5x
11.8x
9.6x
8.3x
4.3%
3.6%
(4.0%)
5.4%
16.4%
15.7%
15.8%

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

71.6%
39.7%
4.488x
4.021x
2.496x

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+
02.08.2012
A3
08.09.2010

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