04.03.

2013

Company Analysis - Overview

Ticker:

Two Harbors Investment Corp

TWO UN

Sector: Financials

Industry: Real Estate Investment Trusts

IG6
-

Date
Date
Date

Two Harbors Investment Corporation is a real estate investment trust (REIT). The
Company focuses on investing in, financing and managing residential mortgage-backed
securities, or RMBS, and related investments.

Year:

Telephone
1-612-238-3300
Revenue (M)
Website
www.twoharborsinvestment.com
No of Employees
Address
601 Carlson Parkway Suite 330 Minnetonka, MN 55305 United States
Share Price Performance in USD
Price
12.81
1M Return
52 Week High
12.87
6M Return
52 Week Low
8.70
52 Wk Return
52 Wk Beta
0.53
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Benchmark:
S&P 500 INDEX (SPX)

New York: TWO, Currency: USD

Currency:

578
#N/A N/A

Business Segments in USD

REIT - Mortgage

Sales (M)
578

Geographic Segments in USD

United States

Sales (M)
578

3.0%
18.9%
44.3%
15.6%

Outlook
Outlook
Outlook

Valuation Ratios
12/09
P/E
140.0x
EV/EBIT
1'014.7x
EV/EBITDA
806.5x
P/S
63.1x
P/B
1.1x
Div Yield
2.7%
Profitability Ratios %
12/09
Gross Margin
EBITDA Margin
18.0
Operating Margin
14.8
Profit Margin
-245.2
Return on Assets
-2.2
Return on Equity
-5.7
Leverage and Coverage Ratios
12/09
Current Ratio
Quick Ratio
EBIT/Interest
Tot Debt/Capital
0.8
Tot Debt/Equity
3.4
Eff Tax Rate %
-

12/10
6.1x
40.9x
36.3x
4.7x
1.0x
15.1%

12/11
6.9x
39.7x
35.5x
3.8x
1.0x
17.3%

12/12
9.4x
33.3x
4.6x
1.0x
15.4%

12/13E
9.8x
8.4x
1.1x
10.3%

12/14E
9.9x
8.3x
1.2x
10.8%

12/15E
10.2x
8.6x
1.2x
9.6%

12/10
83.6
81.9
77.3
3.1
14.2

12/11
89.9
88.9
53.5
2.6
15.4

12/12
89.9
50.5
2.3
12.4

12/13E
86.4
86.6
2.2
11.5

12/14E
88.2
86.6
2.4
11.3

12/15E
83.4
83.4
-

12/10
0.8
3.1
-

12/11
0.8
5.2
-

12/12
0.8
3.7
-

100%

REIT - Mortgage

Current Capitalization in USD

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 |

100%

United States

298.8
3828.3
821.1
12624.5
0.0
0.0
0.0
15631.7

Company Analysis - Analysts Ratings

Two Harbors Investment Corp
Buy and Sell Recommendations vs Price and Target Price
0%

0%

0%

0%

0%

15%

15%

17%

17%

18%

80%

0%

0%

0%

30%

27%

27%

0%

36%

0%

0%

27%

27%

0%
20%

14
12
10

14
14
13
13

8
6

12

20%

0%

0
mars.12

avr.12

mai.12

juin.12

juil.12

Buy

aot.12

sept.12

Hold

Sell

Date

Buy

Hold

Sell

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
30-Apr-12
30-Mar-12

80%
73%
73%
64%
73%
73%
70%
82%
83%
83%
85%
85%

20%
27%
27%
36%
27%
27%
30%
18%
17%
17%
15%
15%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

oct.12

Price

nov.12

dc.12

janv.13

fvr.13

Target Price

Date
4-Mar-13
1-Mar-13
28-Feb-13
27-Feb-13
26-Feb-13
25-Feb-13
22-Feb-13
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

Price Target Price

12.81
12.80
12.86
12.52
12.28
12.34
12.50
12.43
12.50
12.78
12.49
12.49
12.54
12.60
12.44
12.34
12.25
12.18
12.43
12.45
12.44
12.47
12.42
12.49
12.46
12.48
12.39
12.34
12.39
12.50

12.72
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.56
12.44
12.38
12.33
12.33
12.33
12.33
12.33
12.33
12.33
12.33
12.33
12.33
12.33
12.33

Broker

Analyst

FBR Capital Markets

Keefe, Bruyette & Woods
JMP Securities
Sterne, Agee & Leach
Credit Suisse
Ladenburg Thalmann & Co
Wunderlich Securities
Maxim Group LLC
Barclays
Compass Point Research & Trading LLC
National Securities
Wells Fargo Securities, LLC
EVA Dimensions
Deutsche Bank

GABRIEL POGGI
BOSE T GEORGE
TREVOR CRANSTON
HENRY J COFFEY JR
DOUGLAS HARTER
DAVID WALROD
MERRILL ROSS
MICHAEL DIANA
MARK C DEVRIES
JASON M STEWART
BORIS PIALLOUX
JOEL HOUCK
AUSTIN BURKETT
STEPHEN A LAWS

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

Recommendation
outperform
outperform
market outperform
neutral
outperform
neutral
hold
buy
overweight
buy
buy
outperform
buy
buy

Deutsche Bank

11
4

EVA Dimensions

80%

Wells Fargo Securities, LLC

64%

73%

National Securities

73%

Compass Point Research &

Trading LLC

73%

Barclays

73%

Maxim Group LLC

70%

Wunderlich Securities

82%

Ladenburg Thalmann & Co

83%

Credit Suisse

83%

Sterne, Agee & Leach

85%

JMP Securities

85%

12

Keefe, Bruyette & Woods

60%

40%

Brokers' Target Price

15

FBR Capital Markets

100%

Price

Broker Recommendation

Target price in USD

Target

Date

14.00
12.50
12.00

4-Mar-13
28-Feb-13
28-Feb-13
15-Feb-13
14-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
8-Feb-13
8-Feb-13
7-Feb-13
7-Feb-13
7-Feb-13
21-Dec-12

12.50
12.00
13.00
13.00
12.50

12.75

04.03.2013

Two Harbors Investment Corp

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

298.8
98.6%
10.0
3.39%
1.80
71.33%
28.28%
0.39%

Geographic Ownership

Geographic Ownership Distribution

0%
28%

United States
Canada
Switzerland
Unknown Country
Britain
Germany
Luxembourg
Others

93.40%
3.44%
1.37%
0.54%
0.48%
0.28%
0.18%
0.30%

Institutional Ownership Distribution

Investment Advisor
Hedge Fund Manager
Insurance Company
Individual
Others

81.92%
15.73%
0.83%
0.54%
0.98%

1% 0%0% 0%
1%
0%
4%

72%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in USD

Top 20 Owners:
Holder Name
BLACKROCK
VANGUARD GROUP INC
PERKINS INVESTMENT M
ALGER MANAGEMENT INC
SAB CAPITAL MANAGEME
EAGLE ASSET MANAGEME
MORGAN STANLEY
STATE STREET
FMR LLC
TORONTO DOMINION BAN
NORTHERN TRUST CORPO
GOLDMAN SACHS GROUP
SAC CAPITAL ADVISORS
WHITEBOX ADVISORS LL
THORNBURG INVESTMENT
PINE RIVER CAPITAL M
JP MORGAN
ROBECO INVESTMENT MG
BANK OF AMERICA CORP
GEM REALTY CAPITAL I

94%

United States

Canada

Switzerland

Unknown Country

Britain

Germany

Luxembourg

Others

TOP 20 ALL

Position
22'409'034
12'334'061
10'350'511
9'231'032
8'131'158
7'366'795
7'355'405
6'513'051
5'926'206
5'326'900
4'802'186
4'367'793
4'037'108
3'988'108
3'069'300
2'906'918
2'776'178
2'687'982
2'527'784
2'464'900

Position Change
0
811'937
3'291'106
527'997
-1'789'740
376'229
-825'960
493'748
-1'775'001
2'581'600
578'415
-812'578
4'037'108
317'721
196'630
0
519'696
533'293
-900'898
15'900

Market Value
287'059'726
157'999'321
132'590'046
118'249'520
104'160'134
94'368'644
94'222'738
83'432'183
75'914'699
68'237'589
61'516'003
55'951'428
51'715'353
51'087'663
39'317'733
37'237'620
35'562'840
34'433'049
32'380'913
31'575'369

% of Ownership
7.50%
4.13%
3.46%
3.09%
2.72%
2.46%
2.46%
2.18%
1.98%
1.78%
1.61%
1.46%
1.35%
1.33%
1.03%
0.97%
0.93%
0.90%
0.85%
0.82%

Report Date

Holder Name

Position

Position Change

Market Value

% of Ownership

Report Date

SIERING THOMAS
JOHNSON WILLIAM W
KUHN STEVE
TAYLOR BRIAN C
ROTH WILLIAM

312'573
246'391
185'000
100'000
81'300

8'200
10'000
20'000
10'000
3'000

4'004'060
3'156'269
2'369'850
1'281'000
1'041'453

31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Source
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13G
ULT-AGG
13F
13F
13F

19.02.2013
21.11.2012
16.11.2012
16.11.2012
21.02.2013

Form 4
Form 4
Form 4
Form 4
Form 4

Top 5 Insiders:

0.11%
0.08%
0.06%
0.03%
0.03%

Source

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

Country
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
CANADA
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES

Institutional Ownership
1%
1%

1%

16%

81%

Investment Advisor

Hedge Fund Manager

Individual

Others

Insurance Company

Company Analysis - Financials I/IV

Two Harbors Investment Corp
Financial information is in USD (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

46

238

578

453

462

446

24

51

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

34

191

455

392

407

372

10

-1

65

209

Pretax Income
- Income Tax Expense

3
1

-9
-0

35
-1

126
-1

245
-42

392

402

372

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

2
0
0

-9
0
0

36
0
0

127
0
0

287
-4
0

393
1.30
1.32
1.01

400
1.29
1.38
1.07

372
1.25
1.23
0.98

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

Diluted EPS Before XO Items

Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %
Total Shares Outstanding
Diluted Shares Outstanding
EBITDA

0.08

0.00
0.0

(0.39)

0.26

1.60

1.29

1.18

29
1.30
1.48
95.3

154
1.55
1.60
129.9

311
1.28
1.71
144.0
299
242

33
25

13
23

41
22

141
99

39

214

*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

3
259
0

26
503
3

164
1'576
5

360
7'425
23

821
15'366
43

0
0

0
6

0
52

0
292

585

0
0

412
5

1'170
245

6'660
170

12'625
739

78
0
78

0
0
0

0
0
0

0
0
0

0
0
0

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

78
0
0
181
3

417
0
0
132
-10

1'415
0
0
367
15

6'830
0
0
1'375
-104

13'363
0
0
2'951
499

Total Shareholders Equity

184

122

382

1'270

3'451

Total Liabilities & Equity

262

538

1'797

8'100

16'814

Book Value Per Share

Tangible Book Value Per Share

5.61
5.61

9.10
9.10

9.44
9.44

9.03
9.03

11.55
11.55

12/13E

12/14E

12/15E

11.24

10.94

10.34

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 Current Liabilities
+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities
Total Long Term Liabilities
+ Long Term Borrowings
+ Other Long Term Borrowings

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

2
0
0
-1

-9
0
-0
-2

36
0
-1
-1

127
0
26
-2

2
0
0
0
0
1

-11
0
0
-503
2
250

33
0
0
-1'621
474
286

152
0
0
-8'341
2'270
-261

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

1
0
0
0
0
0
0
-0

-250
0
0
412
0
0
-127
0

-861
-27
0
4'893
-4'136
235
0
0

-6'333
-120
0
29'793
-24'302
1'007
0
0

Cash From Financing Activities

-0

285

966

6'377

Net Changes in Cash

23

138

196

Free Cash Flow (CFO-CAPEX)

-11

33

152

0.07

401
-0.50

791
1.48

5'642
1.53

12/12

12/13E

12/14E

398

406

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

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

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

12/15E

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

140.0x
1'014.7x
806.5x
63.1x
1.1x
2.7%

6.1x
40.9x
36.3x
4.7x
1.0x
15.1%

6.9x
39.7x
35.5x
3.8x
1.0x
17.3%

9.4x
33.3x

9.8x

9.9x

10.2x

4.6x
1.0x
15.4%

8.4x
1.1x
10.3%

8.3x
1.2x
10.8%

8.6x
1.2x
9.6%

76.1%
76.1%
51.7%

18.0%
14.8%
-245.2%
-2.2%
-5.7%

83.6%
81.9%
77.3%
3.1%
14.2%

89.9%
88.9%
53.5%
2.6%
15.4%

89.9%
50.5%
2.3%
12.4%

0.00
0.00

0.77
3.38

0.75
3.06

0.84
5.24

0.79
3.66

0.01

0.04

0.05

0.05

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

32.2%

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

86.4%
86.6%
2.2%
11.5%

88.2%
86.6%
2.4%
11.3%

83.4%
83.4%

Company Analysis - Peers Comparision

TWO HARBORS
INVE
Latest Fiscal Year:

NEW YORK MTGE REDWOOD TRUST

12/2012
12.87
01.03.2013
9.85
15.11.2012
161'206

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

12/2011
7.69
24.09.2012
5.51
14.11.2012
172'888

12/2012
21.41
04.03.2013
11.06
14.03.2012
405'903

ANNALY CAPITAL
M
12/2012
17.75
12.09.2012
13.72
15.11.2012
920'665

CHIMERA INV
CORP

INVESCO
MORTGAGE

AMERICAN
CAPITAL

12/2010
3.14
12.02.2013
1.81
27.07.2012
2'894'361

12/2012
21.94
30.01.2013
16.28
09.04.2012
176'424

NEWCASTLE INVT
C

12/2012
36.77
17.09.2012
28.08
15.11.2012
2'553'259

12/2012
11.38
19.02.2013
5.73
06.03.2012
734'789

CAPSTEAD
MORTGAG

ISTAR FINANCIAL

12/2012
14.59
24.09.2012
10.81
15.11.2012
108'278

12/2012
10.75
15.02.2013
5.37
05.06.2012
499'771

MFA FINANCIAL
12/2011
9.24
01.02.2013
7.01
10.04.2012
1'709'272

GRAMERCY
CAPITAL

PUTNAM
MORTGAGE

AG MORTGAGE
INVE

ARMOUR
RESIDENTI

12/2011
3.94
20.02.2013
2.21
13.06.2012
129'605

12/2009
0

12/2011
26.41
04.03.2013
19.09
19.04.2012
56'593

12/2012
7.98
01.08.2012
5.70
15.11.2012
731'363

Current Price (3/dd/yy)

12.81

7.09

21.06

15.32

3.04

20.68

31.85

11.18

12.38

10.15

8.87

3.84

26.29

6.68

52-Week High % Change

-0.5%
30.1%
298.8

-7.9%
28.6%
13.9

-1.6%
90.4%
81.7

-13.7%
11.7%
974.7

-3.0%
68.0%
1'027.0

-5.7%
27.0%
116.2

-13.4%
13.4%
338.9

-1.8%
95.1%
105.2

-15.2%
14.5%
96.2

-5.6%
89.0%
83.8

-4.0%
26.5%
356.1

-2.4%
73.8%
51.1

-0.5%
37.7%
-

-16.4%
17.1%
95.4

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

3'828.3

351.2

1'720.5

14'511.9

3'122.9

2'780.9

12'388.1

2'828.8

1'182.2

849.0

3'171.5

209.8

708.5

2'496.8

12'624.5
821.1

357.4
1.0
16.6

3'221.0
81.0

105'915.0
913.1
615.8

4'054.1
7.2

15'720.5
135.4
31.4
286.5

75'415.0
167.0
2'430.0

2'895.0
61.6
157.4

12'887.3
190.7
475.4

4'691.5
545.0
87.9
256.3

8'995.1
96.0
394.0

2'470.7
88.1
0.9
163.7

252.4

15'631.7

4'985.3

4'860.5

120'724.1

9'268.3

18'381.6

85'540.1
Valuation

4'762.3

13'784.9

5'372.1

13'008.5

2'411.1

4'632.5

1'769.5

577.5
578.4
453.3
461.5
26.2x
26.1x
214.2
355.8
70.6x
46.9x
1.18
1.12
1.30
1.29
11.4x
11.4x
9.8x
9.9x
142.5%
87.6%
-

22.5
102.5
40.0
79.9
216.2x
47.6x
12.1
96.5
401.2x
50.5x
0.60
1.03
1.15
1.06
6.9x
6.9x
6.2x
6.7x
10.5%
83.5%
(7.4%)
(28.4%)
94.1%
-

278.0
291.4
229.5
210.0
16.3x
15.5x
171.2
214.1
26.4x
24.4x
1.03
1.29
1.71
2.05
16.3x
16.3x
12.3x
10.3x
28.0%
(13.1%)
(27.2%)
79.0%
-

3'765.3
3'765.3
1'708.9
1'716.8
31.8x
31.8x
3'576.9
3'523.6
33.5x
34.0x
1.74
1.77
1.45
1.45
8.7x
8.7x
10.5x
10.6x
(1.2%)
4.5%
24.1%
93.2%
-

748.1
758.0
763.0
657.0
12.0x
11.9x
701.2
699.8
12.8x
12.8x
0.67
0.53
0.51
0.45
5.7x
5.7x
5.9x
6.8x
86.1%
88.4%
92.3%
-

613.9
607.9
410.8
444.7
29.1x
29.4x
438.9
542.0
40.8x
31.7x
2.89
2.89
2.63
2.63
7.2x
7.2x
7.9x
7.9x
30.9%
93.3%
-

365.9%
78.5%
39.442x
37.100x
-

419.1%
80.6%
48.463x
48.038x
-

282.5%
73.9%
19.108x
18.924x
-

705.6%
86.9%
29.714x
29.071x
-

110.1%
52.4%
8.795x
8.781x
-

648.9%
85.9%
27.448x
27.096x
-

1'952.0
1'951.0
1'552.0
1'607.2
42.5x
42.5x
1'061.3
1'138.9
78.2x
85.1x
4.17
4.40
4.10
4.09
7.2x
7.2x
7.8x
7.8x
71.9%
89.9%
-

310.5
318.0
335.7
393.0
8.7x
7.4x
262.1
273.8
298.0
327.0
9.8x
8.9x
1.14
2.53
1.22
1.41
4.4x
4.4x
9.1x
7.9x
6.2%
(13.6%)
(12.5%)
85.2%
88.8%
83.2%

256.6
256.6
162.0
172.5
53.4x
53.4x
241.2
241.2
138.0
143.0
56.8x
56.8x
1.50
1.50
1.29
1.31
8.3x
8.3x
9.6x
9.4x
5.4%
(5.0%)
6.7%
(4.2%)
94.0%
85.2%
82.9%

400.5
371.4
253.1
403.0
13.0x
14.0x
167.8
170.9
227.0
283.0
31.0x
30.5x
-2.73
-2.72
(1.35)
(0.05)
(7.5%)
(24.5%)
(24.1%)
(32.7%)
46.0%
89.7%
70.2%

498.3
498.6
337.3
357.7
25.8x
25.8x
467.1
466.3
293.5
320.5
27.6x
27.6x
0.93
0.80
0.83
0.82
11.1x
11.1x
10.7x
10.9x
26.9%
8.3%
27.5%
20.0%
93.5%
87.0%
89.6%

211.2
198.7
11.2x
11.9x
156.3
90.2
15.1x
26.2x
-0.06
-0.30
15.0%
(0.6%)
6.3%
(1.7%)
45.4%
-

75.0
96.0
3.38
3.54
3.62
7.8x
7.8x
7.4x
7.3x
-

12.2
184.1
375.5
388.0
134.6x
8.9x
2.5
163.1
665.0x
10.1x
0.98
0.97
0.97
0.95
6.9x
6.9x
6.9x
7.0x
88.6%
-

2218.3%
93.8%
1.899x

986.5%
89.6%
53.427x
51.456x
3.099x

378.7%
78.0%
27.459x
25.958x
0.473x

374.5%
78.3%
21.854x
20.888x
3.127x

121.7%
25.383x
23.441x
-

0.0%
0.0%
0.000x
-4.460x
-

B+
18.03.2011
B3
04.10.2012

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

703.0%
87.4%
76.853x
74.597x
-

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 |