financial analysis - barclays plc is a global financial services provider engaged in retail banking,...

7/30/2019 Financial Analysis - Barclays PLC is a Global Financial Services Provider Engaged in Retail Banking, Credit Cards, Wholesale Banking, Investment Banking, Wealth Management …

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24.04.2013

Ticker: Barclays PLC Benchmark:

Currency: London: BARC, Currency: GBp FTSE 100 INDEX (UKX)

Sector: Financials Industry: Commercial Banks Year:

Telephone 44-2071-161-000 Revenue (M) Business Segments in GBp Sales (M) Geographic Segments in GBp Sales (M)Website www.barclays.com No of Employees Corporate & Investment Banking 1464000 UK 1201200

Address 1 Churchill Place London, E14 5HP United Kingdom Retail & Business Banking 1266300 Americas 759900Share Price Performance in GBp Wealth & Investment Management 181500 Africa and Middle East 451000

Price 293.35 1M Return 0.5% Head Office & Other Operations -442700 Europe 381600

52 Week High 326.50 6M Return 29.8% Barclays Global Investors Asia 110600

52 Week Low 145.19 52 Wk Return 43.0% Rest of the World

52 Wk Beta 2.12 YTD Return 13.2% United States

Credit Ratings

Bloomberg HY1

S&P A Date 29.11.2011 Outlook NEG

Moody's (P)A3 Date 21.06.2012 Outlook NEG

Fitch A Date 15.12.2011 Outlook STABLE

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 11.5x 8.6x 7.0x - 8.1x 6.7x 5.8x

EV/EBIT - - - - - - -

EV/EBITDA - - - - - - -

P/S 0.7x 0.8x 0.5x 0.8x 1.3x 1.3x 1.2x

P/B 0.7x 0.6x 0.4x 0.6x 0.7x 0.6x 0.6x

Div Yield 0.9% 2.1% 3.4% 2.5% 2.5% 3.2% 4.5%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin - - - - - - -

EBITDA Margin - - - - - - -

Operating Margin 19.1 17.4 18.2 22.1 27.2 30.7 32.9

Profit Margin 28.9 11.0 10.0 -3.3 15.6 18.5 21.0

Return on Assets 0.5 0.2 0.2 -0.1 0.3 0.4 0.4

Return on Equity 22.4 7.3 5.6 -1.9 8.3 9.5 10.3

Leverage and Coverage Ratios

12 09 12 10 12 11 12 12Current Ratio - - - - Current Capitalization in GBp

Quick Ratio - - - - Common Shares Outstanding (M) 12243.0

EBIT/Interest - - - - Market Capitalization (M) 3773318.0

Tot Debt/Capital 0.9 0.9 0.9 0.9 Cash and ST Investments (M) 11635600.0

Tot Debt/Equity 7.5 7.8 6.9 7.0 Total Debt (M) 48096100.0

Eff Tax Rate % 23.4 25.0 32.8 195.9 Preferred Equity (M) 0.0LT Investments in Affiliate Companies (M) 0.0

Investments (M) 929100.0

Enterprise Value (M) 41162918.0

Barclays PLC is a global financial services provider engaged in retail banking, credit

cards, wholesale banking, investment banking, wealth management and investment

management services.

BARC LN

3'883'700143'700

Company Analysis - Overview

44%

38%

5%

13%

Corporate & Investment Banking

Retail & Business Banking

Wealth & Investment Management

Head Office & Other Operations

41%

26%

16%

13%

4%

UK

Americas

Africa and Middle East

Europe

Asia

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

http://www.barclays.com/

http://www.barclays.com/



Barclays PLCTarget price in GBp

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

29-Mar-13 64% 27 9 24-Apr-13 293.35 363.64 Deutsche Bank JASON NAPIER buy 380.00 24-Apr-13

28-Feb-13 63% 28 9 23-Apr-13 298.30 363.64 Investec IAN GORDON buy 345.00 24-Apr-13

31-Jan-13 55% 29 16 22-Apr-13 289.50 363.64 RBC Capital Markets FIONA SWAFFIELD outperform 375.00 24-Apr-13

31-Dec-12 52% 32 16 19-Apr-13 286.35 363.64 Keefe, Bruyette & Woods MARK J PHIN outperform 400.00 24-Apr-13

30-Nov-12 52% 35 13 18-Apr-13 283.75 363.64 Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 400.00 24-Apr-13

31-Oct-12 48% 35 16 17-Apr-13 290.30 363.64 Canaccord Genuity Corp GARETH HUNT hold 280.00 24-Apr-13

28-Sep-12 55% 32 13 16-Apr-13 294.80 363.38 Nomura CHINTAN JOSHI reduce 305.00 24-Apr-13

31-Aug-12 61% 29 10 15-Apr-13 296.75 363.38 Numis Securities Ltd MICHAEL J TRIPPITT buy 400.00 24-Apr-13

31-Jul-12 65% 26 10 12-Apr-13 299.30 363.38 Oriel Securities Ltd VIVEK RAJA buy 380.00 24-Apr-13

29-Jun-12 63% 28 9 11-Apr-13 303.90 363.38 Societe Generale JAMES INVINE buy 380.00 23-Apr-13

31-May-12 67% 24 9 10-Apr-13 298.25 363.38 Credit Suisse CARLA ANTUNES-SILVA neutral 290.00 22-Apr-13

30-Apr-12 67% 24 9 9-Apr-13 286.00 363.38 JPMorgan RAUL SINHA overweight 375.00 22-Apr-13

8-Apr-13 277.20 363.38 Exane BNP Paribas TOM RAYNER outperform 400.00 22-Apr-13

5-Apr-13 280.00 363.38 Macquarie EDWARD FIRTH neutral 320.00 19-Apr-13

4-Apr-13 284.90 363.38 AlphaValue DAVID GRINSZTAJN buy 353.00 18-Apr-13

3-Apr-13 289.30 363.38 Bankhaus Lampe NEIL SMITH buy 370.00 17-Apr-13

2-Apr-13 297.50 363.38 Baden Hill LLP JAMIE MOYES sell 12-Apr-13

1-Apr-13 291.15 363.38 Berenberg Bank JAMES CHAPPELL sell 160.00 11-Apr-13

29-Mar-13 291.15 363.38 Day by Day VALERIE GASTALDY buy 361.00 10-Apr-13

28-Mar-13 291.15 363.38 Redburn Partners FAHED KUNWAR buy 8-Apr-13

27-Mar-13 287.90 365.84 Grupo Santander ARTURO DE FRIAS buy 340.00 2-Apr-13

26-Mar-13 287.20 365.84 Mediobanca SpA CHRISTOPHER J WHEELER outperform 425.00 28-Mar-13

25-Mar-13 282.10 365.84 Shore Capital Stockbrokers GARY GREENWOOD hold 28-Mar-13

22-Mar-13 292.00 364.32 Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 438.00 25-Mar-13

21-Mar-13 294.60 364.32 EVA Dimensions AUSTIN BURKETT hold 21-Mar-13

20-Mar-13 295.20 364.32 HSBC PETER TOEMAN overweight 400.00 26-Feb-13

19-Mar-13 297.50 364.32 Espir ito Santo Investment Bank Research SHAILESH RAIKUNDLIA buy 418.00 26-Feb-13

18-Mar-13 305.95 364.32 Goldman Sachs FREDERIK THOMASEN neutral/neutral 340.00 19-Feb-13

15-Mar-13 320.05 364.32 S&P Capital IQ FRANK BRADEN buy 380.00 13-Feb-13

14-Mar-13 317.90 364.32 Independent Research GmbH STEFAN BONGARDT buy 350.00 12-Feb-13

Company Analysis - Analysts Ratings

Buy and Sell Recommendations vs Price and Target Price

67% 67% 63% 65% 61%55%

48% 52% 52% 55%63% 64%

24% 24% 28% 26% 29%32%

35%35% 32% 29%

28% 27%

9% 9% 9% 10% 10% 13% 16% 13% 16% 16%9% 9%

0%

20%

40%

60%

80%

100%

avr.12 mai.12 juin.12 jui l.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13

B r o k e r R e c o m m e n d a t i o n

0

50

100

150

200

250

300

350

400 P r i c e

Buy Hold Sell Price Target Price

Brokers' Target Price

050

100150200250300350400450500

D e u t s c h e B a n k

I n v e s t e c

R B C C a p i t a l M a r k e t s

K e e f e , B r u y e t t e & W o o d s

S a n f o r d C . B e r n s t e i n & C o

C a n a c c o r d G e n u i t y C o r p

N o m u r a

N u m i s S e c u r i t i e s L t d

O r i e l S e c u r i t i e s L t d

S o c i e t e G e n e r a l e

C r e d i t S u i s s e

J P M o r g a n

E x a n e B N P P a r i b a s

M a c q u a r i e

A l p h a V a l u e

B a n k h a u s L a m p e

B a d e n H i l l L L P

B e r e n b e r g B a n k

D a y b y D a y

R e d b u r n P a r t n e r s

G r u p o S a n t a n d e r

M e d i o b a n c a S p A

S h o r e C a p i t a l S t o c k b r o k e r s

M o r g a n S t a n l e y

E V A D i m e n s i o n s

H S B C

E s p i r i t o S a n t o I n v e s t m e n t B a n k

R e s e a r c h

G o l d m a n S a c h s

S & P C a p i t a l I Q

I n d e p e n d e n t R e s e a r c h G m b H

L i b e r u m C a p i t a l L t d




24.04.2013

Barclays PLC

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 12243.0 United States 34.10%

Float 87.6% Britain 30.49%

Short Interest (M) Unknown Country 9.95%

Short Interest as % of Float Qatar 7.58%

Days to Cover Shorts Luxembourg 2.84%

Institutional Ownership 76.75% Japan 2.68%

Retail Ownership 23.09% Switzerland 1.54%

Insider Ownership 0.16% Others 10.83%

Institutional Ownership Distribution

Investment Advisor 63.18%

Government 9.93%

Bank 7.73%

Individual 7.23%

Pricing data is in GBp Others 11.93%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

QATAR HOLDINGS LLC 813'964'552 0 238'776'501'329 6.33% 01.02.2013 REG QATAR

AL NAHYAN MANSOUR BI 758'437'618 0 222'487'675'240 5.90% 18.04.2013 RNS-MAJ n/a

BLACKROCK 690'750'564 0 202'631'677'949 5.37% 22.04.2013 ULT-AGG UNITED STATESCAPITAL GROUP COMPAN 492'619'694 120'690'937 144'509'987'235 3.83% 31.03.2013 ULT-AGG UNITED STATES

LEGAL & GENERAL 446'002'615 13'623'199 130'834'867'110 3.47% 01.02.2013 ULT-AGG

FMR LLC 407'892'662 -62'197'802 119'655'312'398 3.17% 28.02.2013 ULT-AGG UNITED STATES

SCOTTISH WIDOWS 304'001'751 7'602'767 89'178'913'656 2.36% 01.02.2013 ULT-AGG

NORGES BANK INVESTME 293'887'216 9'654'863 86'211'814'814 2.28% 01.02.2013 REG NORWAY

UPPER CHANCE GROUP L 248'872'808 0 73'006'838'227 1.93% 01.02.2013 REG UK

DODGE & COX 247'149'298 -920'319 72'501'246'568 1.92% 31.03.2013 MF-AGG UNITED STATES

DODGE & COX 247'149'298 -19'000'000 72'501'246'568 1.92% 01.02.2013 REG UNITED STATES

STANDARD LIFE INVEST 235'301'396 -4'091'569 69'025'664'517 1.83% 01.02.2013 REG BRITAIN

UBS 214'394'548 -58'774'511 62'892'640'656 1.67% 28.02.2013 ULT-AGG

BARCLAYS PERSONAL IN 210'027'061 -18'528'345 61'611'438'344 1.63% 01.02.2013 REG BRITAIN

SUMITOMO MITSUI FINA 194'608'412 -259'690 57'088'377'660 1.51% 01.02.2013 ULT-AGG JAPAN

STATE STREET 184'817'876 -34'284'218 54'216'323'925 1.44% 23.04.2013 ULT-AGG UNITED STATES

VANGUARD GROUP INC 160'323'919 -1'381'358 47'031'021'639 1.25% 31.03.2013 MF-AGG UNITED STATES

FRANKLIN RESOURCES 149'488'179 -11'569'337 43'852'357'310 1.16% 01.02.2013 ULT-AGG UNITED STATES

VANGUARD GROUP INC 146'704'193 6'134'884 43'035'675'017 1.14% 01.02.2013 REG UNITED STATES

PEOPLES REPUBLIC OF 129'472'703 2'971'061 37'980'817'425 1.01% 01.02.2013 REG CHINA

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

DIAMOND JR ROBERT EDWARD 13'412'839 6'510 3'934'656'321 0.10% 15.06.2012 RNS-DIR

JENKINS ANTONY P 2'452'083 536 719'318'548 0.02% 25.03.2013 RNS-DIR

LUCAS CHRISTOPHER 1'114'623 9'860 326'974'657 0.01% 21.03.2013 RNS-DIR

AGIUS MARCUS A P 232'244 68'128'777 0.00% 02.03.2012 Co File

SUNDERLAND JOHN M 98'302 2'487 28'836'892 0.00% 19.02.2013 RNS-DIR

Company Analysis - Ownership

Ownership Type

77%

23%

0%

Institutional Ownership Retail Ownership Insider Ownership

Geographic Ownership

33%

11%

10%

3%

8%

3%2%

30%

United Sta tes Br it ain Unknown Count ry

Qatar Luxembourg Japan

Switzer land Others

Institutional Ownership

63%

8%

12%

7%

10%

Investment Advisor Government Bank Individual Others

TOP 20 ALL




Barclays PLCFinancial information is in GBp (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 1'769'500 1'886'700 2'181'700 2'721'500 3'508'500 3'966'800 3'715'900 4'178'900 4'005'800 3'842'800 3'883'700 2'927'873 3'010'932 3'108'065- Cost of Goods Sold

Gross Income

- Sel ling, General & Admin Expenses 662'500 725'200 852'700 1 '051'800 1 '308'500 1 '319'900 1 '339'700 1 '668'200 1 '972'800 1 '918'000 1 '913'900

(Research & Dev Costs)

Operating Income 321'800 381' 200 448'800 524'400 635'600 700'600 72'000 619'000 564'900 547'200 690' 800 795'113 923'525 1' 022'500

- Interest Expense

- Foreign Exchange Losses (Gains)

- Net Non-Operating Losses (Gains) 1'300 -3'300 -9'200 -3'600 -78'000 -7'000 -441'600 160'500 -41'600 -40'700 666'200

Pretax Income 320'500 384' 500 458'000 528'000 713'600 707'600 513'600 458'500 606'500 587'900 24' 600 724'492 863'296 1' 491'972

- Income Tax Expense 95'500 107'600 127'900 143'900 194'100 198'100 45'300 107'400 151'600 192'800 48'200

Income Before XO Items 225'000 276' 900 330'100 384'100 519'500 509'500 468'300 351'100 454'900 395'100 -23' 600

- Extraordinary Loss Net of Tax 0 0 0 0 0 0 -60'400 -677'700 0 0 0

- Minority Interests 2'000 2'500 4'700 39'400 62'400 67'800 90'500 89'500 98'500 94'400 80'500

Diluted EPS Before XO Items 32.55 41.02 48.72 51.76 68.41 65.30 49.86 22.78 28.62 24.01 (8.25)

Net Income Adjusted* 223'000 274' 000 322'300 344'700 438'400 441'700 197'600 288'500 328'248 304'300 421' 800 455'748 557'023 652'873

EPS Adjusted 32.82 0.00 49.66 52.97 67.20 67.10 26.70 26.50 28.00 25.40 34.50 36.42 43.82 51.00

Dividends Per Share 17.87 19.96 23.37 25.91 30.19 33.11 11.50 2.50 5.50 6.00 6.50 7.24 9.36 13.19

Payout Ratio % 54.1 48.8 47.0 48.9 43.2 51.0 24.0 11.0 18.8 24.2 0.20 0.21 0.26

Total Shares Outstanding 6'757 6'744 6'627 6'664 6'710 6'778 8'372 11'412 12'182 12'199 12'243

Diluted Shares Outstanding 6'852 6'689 6'679 6'660 6'682 6'764 7'577 11'484 12'452 12'526 12'614

EBITDA

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

FiscalYear




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

+ C as h & N ea r Ca sh I te ms 4 36 '7 00 3 73' 20 0 3 52 '5 00 58 0' 70 0 9 75 '3 00 7 63 '7 00 3 '1 71 '4 00 8 '3 07 '6 00 9 '9 01 '4 00 10 '8 70 '6 00 8 '7 63' 10 0

+ Short Term Investments 5'114'800 5'448'600 9'694'800 30'531'700 34'416'700 38'424'300 37'181'200 25'039'500 27'546'200 19'401'300 26'620'000+ Accounts & Notes Receivable

+ Inventories

+ Other Current Assets

Total Long-Term Assets

+ Long Term Investments 5'385'500 5'794'300 5'142'000 6'361'000 0

Gross Fixed Assets

Accumulated Depreciation

+ Net Fixed Assets 162'600 179'000 228'200 275'400 249'200 299'600 467'400 562'600 614'000 716'600 575'400

+ Other Long Term Assets 3'149'400 3'666'700 4'096'500 15'008'000 15'305'900 26'389'200 100'490'400 43'504'200 43'751'600 55'698'700 48'717'200

Total Current Liabilities

+ Accounts Payable

+ Short Term Borrowings 11'794'300 11'418'200 21'738'100 15'006'900 16'181'900 17'816'600 22'165'900 15'491'200 17'782'300 16'260'000 12'852'300

+ Other Short Term Liabilities 4'538'200 5'590'000 2'128'000 20'784'700 36'855'900 25'003'500 22'319'200 15'583'200 17'238'900 13'625'000 12'526'800

Total Long Term Liabilities

+ Long Term Borrowings 2 '691'300 4 '181'800 4 '366'500 4 '122'500 4 '281'200 5 '075'800 7 '266'000 8 '325'200 8 '527'400 8 '312'200 9 '208'600

+ Other Long Term Borrowings 2'596'900 2'983'700 2'159'900 14'092'400 249'700 25'151'000 97'026'800 40'524'500 42'057'500 54'303'500 47'843'800

Total Liabilities 38'770'500 42'660'500 52'141'700 89'992'700 96'939'700 119'488'500 200'556'900 132'045'100 142'738'300 149'833'100 142'736'400

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0

+ Minority Interest 15'600 28'300 89'400 700'400 759'100 918'500 1'079'300 1'120'100 1'140'400 960'700 937'100

+ Shar e Capital & API C 753'900 767' 600 806'400 819'900 745'200 170'700 613'800 1'080'400 1'233'900 1'238'000 1'247' 700

+ Retained Earnings & Other Equity 766'200 879'700 780'600 922'700 1 '234'700 2 '158'400 3 '048'000 3 '647'300 3 '851'900 4 '320'900 4 '110'900

Total Shareholders Equity 1'535'700 1'675'600 1'676'400 2'443'000 2'739'000 3'247'600 4'741'100 5'847'800 6'226'200 6'519'600 6'295'700

Total Liabilities & Equity 40'306'200 44'336'100 53'818'100 92'435'700 99'678'700 122'736'100 205'298'000 137'892'900 148'964'500 156'352'700 149'032'100

Book Value Per Share 224.98 244.25 239.47 261.49 295.05 343.62 437.39 414.27 417.48 455.68 437.69 434.50 460.98 491.94

Tangible Book Value Per Share 166.76 178.92 169.20 152.08 186.16 221.23 313.14 337.21 346.09 391.37 373.04

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 12/13E 12/14E 12/15E

Cash Flows

Net Income 223'000 274' 400 325'400 344'700 457'100 441'700 438'200 939'300 356'400 300'700 -104' 100 425'125 521'100 599'231

+ D eprec iation & Amortization 202'900 190' 100 142'100 202'100 276'600 346'400 630'400 926'700 701'800 670'600 471' 500

+ Other Non-Cash Adjustments 1 '272'200 941'800 -241'200 2 '695'300 -1'715'900 -3'123'000 319'400 4 '690'500 760'500 -742'000 -1 '502'700+ Changes in Non-Cash Capital -3'634'100 -2'546'000 -2'176'100 -3'270'100 31'000 0 0 0

Cash From Operating Activities -1'936'000 -1'139'700 -1'949'800 -28'000 -951'200 -2'334'900 1'388'000 6'556'500 1'818'700 229'300 -1'135'300

+ Disposal of Fixed Assets 28'900 9'700 12'500 9'800 78'600 61'700 79'900 37'200 55'600

+ Capital Expenditures -30'100 -31'000 -53'200 -58'800 -65'400 -124'100 -164'300 -115'000 -176'700 -145'400 -60'400

+ Increase in Investments -2'812'800 -3'688'600 -4'752'000 -5'348'300 -4'708'600 -2'689'900 -5'775'600 -7'842'000 -7'641'800 -6'752'500 -8'079'600

+ Decrease in Investments 2 '138'400 3 '853'100 4 '116'300 5 '111'100 4 '606'900 3 '842'300 5 '142'900 8 '855'900 7 '125'100 6 '694'100 7 '376'900

+ Other Investing Activities -61'200 -93'000 -24'900 -234'200 -26'900 -83'600 -149'100 252'700 75'100 12'600 53'200

Cash From Investing Activities -1'618'000 -832'900 -4'977'600 -6'838'100 -2'853'900 -6'792'300 -6'709'300 3'737'000 -6'883'900 3'642'800 -486'800

+ Dividends Paid -114'600 -124'900 -142'500 -189'400 -221'500 -255'900 -269'700 -63'300 -130'700 -138'700 -142'700

+ Change in Short Term Borrowings 0 0 0 0 0 0

+ Incre as e in Long T erm Borro wings 2 17 '3 00 1 92' 60 0 66 '6 00 11 7' 90 0 4' 94 3' 70 0 9 '5 21 '4 00 5 76 '3 00 3 54 '9 00 2 13 '1 00 8 8' 000 2 25' 80 0

+ Decrea se in Long T erm Borro wings - 37 '6 00 - 97 '40 0 - 61' 10 0 - 46 '4 00 -3 6' 60 0 -6 8' 30 0 -1 20 '7 00 -4 38 '3 00 - 12 1' 10 0 - 40 0' 300 - 26 8' 00 0

+ Increase in Capital Stocks 8'700 11'300 6'000 13'800 17'900 249'400 959'200 80'600 153'500 4'100 9'700

+ Decrease in Capital Stocks -54'600 -20'400 -73'400 -14'300 -3'100 -185'000 -17'300 0 -98'900 -23'500 -97'900

+ Other Financi ng Activiti es 65'600 331' 300 453'400 1'606'600 119'400 78'100 -437'600 -324'000 384'200 -419'000 -422' 000

Cash From Financing Activities 3'433'300 1'935'400 6'993'700 6'786'400 4'819'800 9'339'700 8'464'500 -5'310'400 6'771'200 -2'044'800 -1'154'500

Net Changes in Cash -120'700 -37'200 66'300 -79'700 1' 014'700 212'500 3'143'200 4'983'100 1'706'000 1'827'300 -2'776' 600

Free Cash F low (CFO-CAPEX) -1'966'100 -1 '170'700 -2'003'000 -86'800 -1'016'600 -2'459'000 1 '223'700 6 '441'500 1 '642'000 83'900 -1 '195'700

Free Cash Flow To Firm

F re e C as h F lo w T o E qui ty -1 '7 57 '5 00 - 1' 06 5' 80 0 - 1' 98 5' 00 0 -5 '5 00 3' 96 9' 10 0 7 '0 55 '8 00 1 '7 59 '2 00 6 '3 95 '3 00 1 '7 89 '6 00 - 22 8' 400 - 1' 23 7' 90 0

Free Cash Flow per Share -288.97 -175.86 -305.70 -13.34 -155.74 -373.60 165.61 591.51 140.11 7.00 -97.81

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

Ratio Analysis

Valuation Ratios

Price Earnings 11.4x 11.8x 11.5x 11.2x 10.2x 7.3x 3.0x 11.5x 8.6x 7.0x 8.1x 6.7x 5.8x

EV to EBITEV to EBITDA

Price to Sales 1.4x 1.7x 1.7x 1.4x 1.3x 0.8x 0.3x 0.7x 0.8x 0.5x 0.8x 1.3x 1.3x 1.2x

Price to Book 1.7x 2.0x 2.4x 2.3x 2.4x 1.4x 0.4x 0.7x 0.6x 0.4x 0.6x 0.7x 0.6x 0.6x

Dividend Yield 4.8% 4.1% 4.1% 4.4% 4.2% 6.7% 7.5% 0.9% 2.1% 3.4% 2.5% 2.5% 3.2% 4.5%

Profitability Ratios

Gross Margin

EBITDA Margin - - -

Operating Margin 27.1% 29.2% 30.4% 29.0% 28.3% 29.2% 3.5% 19.1% 17.4% 18.2% 22.1% 27.2% 30.7% 32.9%

Profit Margin 18.8% 21.0% 22.0% 19.1% 20.4% 18.4% 21.3% 28.9% 11.0% 10.0% -3.3% 15.6% 18.5% 21.0%

Return on Assets 0.6% 0.6% 0.7% 0.5% 0.5% 0.4% 0.3% 0.5% 0.2% 0.2% -0.1% 0.3% 0.4% 0.4%

Return on Equity 15.0% 17.3% 20.1% 20.7% 24.6% 20.5% 14.6% 22.4% 7.3% 5.6% -1.9% 8.3% 9.5% 10.3%

Leverage & Coverage Ratios

Current Ratio

Quick Ratio

Interest Coverage Ratio (EBIT/I)

Tot Debt/Capital 0.90 0.90 0.94 0.93 0.93 0.92 0.91 0.88 0.89 0.87 0.87

Tot Debt/Equity 9.43 9.31 15.57 12.79 12.47 12.27 10.05 7.47 7.85 6.95 6.96

Others

Asset Turnover 0.05 0.04 0.04 0.04 0.04 0.04 0.02 0.02 0.03 0.03 0.03

Accounts Receivable Turnover

Accounts Payable Turnover

Inventory Turnover

Effective Tax Rate 29.8% 28.0% 27.9% 27.3% 27.2% 28.0% 8.8% 23.4% 25.0% 32.8% 195.9%

Company Analysis - Financials IV/IV




BARCLAYS PLCROYAL BK

SCOTLANLLOYDS BANKING HSBC HLDGS PLC

STANDARD

CHARTER

DEUTSCHE BANK-

RGUBS AG-REG JPMORGAN CHASE CITIGROUP INC

BANCO

SANTANDERMITSUBISHI UFJ F BANK NY MELLON

MIZUHO

FINANCIAL

ROYAL BANK OF

CA

CAN IMPL BK

COMM

12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 12/2012 03/2012 10/2012 10/2012

330.05 369.60 56.10 741.20 1'860.50 38.73 16.39 51.00 47.92 6.68 692.00 29.13 225.00 64.92 84.99

1 3. 02 .2 01 3 2 8.0 1. 20 13 2 0. 02 .2 01 3 1 4.0 3.2 01 3 0 5.0 3. 20 13 0 1. 02 .2 01 3 2 5.0 1. 20 13 1 4. 03 .2 01 3 1 1. 03 .2 01 3 1 4.0 1. 20 13 1 0. 04 .2 01 3 1 4.0 3.2 01 3 0 5.0 4. 20 13 2 0. 02 .2 01 3 2 0.0 2.2 01 3

148.20 193.30 24.75 501.20 1'092.00 22.11 9.69 30.83 24.61 3.98 328.00 19.30 110.00 48.70 69.13

2 6. 07 .2 01 2 2 4.0 7. 20 12 3 0. 05 .2 01 2 3 0.0 5.2 01 2 0 7.0 8. 20 12 2 6. 07 .2 01 2 2 4.0 7. 20 12 0 4. 06 .2 01 2 0 4. 06 .2 01 2 2 3.0 7. 20 12 0 4. 06 .2 01 2 0 4.0 6.2 01 2 0 4.0 6. 20 12 0 4. 06 .2 01 2 0 4.0 6.2 01 2

42'287'839 3'861'320 74'296'559 7'4 07'797 869'699 4'343'2 15 5'855 '902 20'568'406 28'839'907 6 0'588'641 71'746'800 7'348'147 182'845'800 4'161'589 1'32 9'435

293.35 293.60 51.15 693.00 1'636.50 31.78 15.40 48.17 46.46 5.53 646.00 27.54 214.00 59.87 77.88

-11.1% -20.6% -8.8% -6.5% -12.0% -18.0% -6.0% -5.5% -3.0% -17.2% -6.6% -5.4% -4.9% -7.8% -8.4%

97.9% 51.9% 106.7% 38.3% 49.9% 43.7% 59.0% 56.2% 88.8% 39.1% 97.0% 42.7% 94.5% 22.9% 12.7%

12'243.0 11'170.8 70'423.8 18'476.0 2'413.0 929.2 3'747.4 3'804.0 3'028.9 10'321.0 14'145.0 1'163.5 24'011.1 1'444.8 404.5

37'733 32'907 36'480 128'651 39'569 29'535 59'089 182'555 141'373 60'004 9'146'446 32'000 5'171'281 86'592 31'206

437'951.0 316'688.0 194'299.0 284'987.0 111'255.0 278'501.0 267'401.0 695'583.0 623'537.0 367'524.0 53'760'773.0 62'098.0 54'752'099.0 113'303.0 26'167.0

- - - 2'728.0 - - - 9'058.0 2'562.0 - 390'001.0 1'068.0 410'368.0 4'813.0 1'706.0

9'371.0 2'318.0 685.0 7'887.0 693.0 407.0 4'353.0 - 1'948.0 9'672.0 1'674'821.0 1'011.0 1'957'699.0 1'761.0 172.0

128'120.0 108'458.0 105'871.0 256'366.0 129'424.0 147'433.0 66'383.0 471'833.0 36'453.0 182'116.0 9'384'046.0 145'340.0 7'527'509.0 22'872.0 4'727.0

- - - - - - 264'460 - 799'437 - - - - - -

LFY 38'837.0 28'263.0 36'408.0 88'382.0 26'817.0 52'299.0 37'754.0 108'184.0 90'708.0 43'575.0 4'536'724.0 15'089.0 2'453'016.0 34'481.0 17'130.0

LTM 38'837.0 26'944.0 36'408.0 69'265.0 26'817.0 52'356.0 37'758.0 106'713.0 90'629.0 43'575.0 4'296'873.0 15'512.0 2'633'625.0 35'151.0 17'102.0

CY+1 29'278.7 22'844.4 18'178.4 68'573.2 20'687.2 33'805.5 26'834.9 99'662.3 78'925.3 44'058.6 3'548'294.1 14'735.2 2'143'031.7 30'935.5 12'985.8

CY+2 30'109.3 21'055.7 18'111.8 72'313.1 22'693.0 34'795.0 27'871.0 102'507.3 80'915.9 46'116.8 3'455'446.5 15'417.9 2'053'211.1 32'478.6 13'491.1

LFY - - - - - - 6.9x - 8.7x - - - - - -

LTM - - - - - - 6.9x - 8.7x - - - - - -

CY+1 -6.8x - - 1.0x - 1.9x - - - - - - - - -

CY+2 -7.3x - - 0.4x - 1.9x - - - - - - - - -

LFY - - - - - - 15'529.0 - 41'810.0 - - - - - -

LTM - - - - - - 15'530.0 - 41'647.0 - - - - - -

CY+1 - - - - - - - - - - - - - - -

CY+2 - - - - - - - - - - - - - - -

LFY - - - - - - 16.7x - 19.0x - - - - - -

LTM - - - - - - 16.7x - 17.1x - - - - - -

CY+1 - - - - - - - - - - - - - - -

CY+2 - - - - - - - - - - - - - - -

LFY 0.45 0.08 0.01 0.49 2.03 1.91 0.52 6.04 4.83 0.60 - 2.34 - 5.03 7.90

LTM -0.09 -0.51 -0.02 0.79 2.04 0.26 -0.67 5.97 4.15 0.24 48.70 2.30 25.01 4.98 7.88

CY+1 0.36 0.23 0.04 0.98 2.37 3.83 0.89 5.63 4.70 0.57 51.79 2.25 21.37 5.44 8.46

CY+2 0.44 0.33 0.06 1.09 2.61 4.93 1.19 5.94 5.32 0.67 51.83 2.56 18.44 5.81 8.84

LFY - - - 13.3x 12.3x 122.2x - 8.1x 11.2x 23.2x 13.3x 12.0x 8.6x 12.0x 9.9x

LTM 6.5x 13.1x 35.5x - 12.3x 17.2x 30.1x 8.1x 11.2x 8.8x - 12.0x - 12.0x 9.9x

CY+1 8.1x 13.0x 12.2x 10.8x 10.5x 8.3x 17.3x 8.6x 9.9x 9.8x 12.5x 12.2x 10.0x 11.0x 9.2x

CY+2 6.7x 9.0x 9.0x 9.7x 9.6x 6.4x 12.9x 8.1x 8.7x 8.3x 12.5x 10.8x 11.6x 10.3x 8.8x

1 Year 1.1% (12.9%) 1.8% (6.8%) 9.8% (0.7%) (7.6%) (2.4%) (11.6%) (44.1%) 4.2% (4.5%) 0.1% 2.2% (1.6%)

5 Year (1.3%) - - - 4.0% 3.8% (10.1%) 0.8% (2.3%) 9.5% (3.2%) (2.9%) (1.9%) (0.6%) 14.4%

1 Year - - - - - - (11.1%) - (21.9%) - - - - - -

5 Year - - - - - - (31.3%) - (15.7%) - - - - - -

LTM - - - - - - 41.1% - 45.8% - - - - - -CY+1 - - - - - - - - - - - - - - -

CY+2 - - - - - - - - - - - - - - -

Total Debt / Equity % 817.3% 464.8% 441.6% 165.2% 245.3% 515.7% 582.6% 356.7% 334.4% 492.3% 559.4% 175.6% 1216.4% 287.2% 172.6%

Total Debt / Capital % 87.4% 81.8% 81.3% 60.9% 70.7% 83.7% 84.2% 77.3% 76.6% 81.3% 82.2% 62.4% 88.9% 71.1% 60.6%

Total Debt / EBITDA - - - - - - 17.218x - 14.972x - - - - - -

Net Debt / EBITDA - - - - - - 10.520x - 14.097x - - - - - -

EBITDA / Int. Expense - - - - - - - - - - - - - - -

S&P LT Credit Rating A A- A- A+ A+ A+ *- A A A- BBB A A+ A AA- A+

S& P LT C re dit R at ing Da te 2 9. 11 .2 01 1 2 9.1 1. 20 11 2 9. 11 .2 01 1 2 9.1 1.2 01 1 0 1.1 2. 20 11 2 6. 03 .2 01 3 2 9.1 1. 20 11 2 9. 11 .2 01 1 2 9. 11 .2 01 1 1 6.1 0. 20 12 3 0. 09 .2 00 8 2 9.1 1.2 01 1 1 8.0 6. 20 07 1 5. 11 .1 99 4 2 7.0 9.2 00 2

Moody's LT Credit Rating (P)A3 Baa1 A3 Aa3 A2 A2 A2 A2 Baa2 (P)Baa2 - Aa3 - Aa3 Aa3

Moody's LT Cr edit Rating Date 21.06.2012 2 1.06.2012 21.06.2 012 21.06 .2012 26 .11.2010 21.06.201 2 21.06.2012 21.06.2012 21.06.2012 24.10.2012 - 08.0 3.2012 - 21.06.20 12 28.01 .2013

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


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