19.03.

2013

Company Analysis - Overview

Ticker:

Vinci SA

DG FP

EN Paris: DG, Currency: EUR

Currency:
Sector: Industrials

Industry: Construction & Engineering

Year:

Telephone
33-1-47-16-35-00
Revenue (M)
Website
www.vinci.com
No of Employees
Address
1 Cours Ferdinand de Lesseps Rueil-Malmaison, 92851 France
Share Price Performance in EUR
Price
35.43
1M Return
52 Week High
38.50
6M Return
52 Week Low
30.17
52 Wk Return
52 Wk Beta
1.24
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and maintains
roads and produces road construction materials, builds electricity and communications
networks, installs fire protection and power and ventilation systems, and operates toll
highways, bridges, parking garages, and a stadium.

Benchmark:
CAC 40 INDEX (CAC)

39'183
#N/A N/A
-1.1%
0.3%
-7.0%
-1.5%

IG7
BBB+
Baa1
BBB+

Date
Date
Date

12/09
12.1x
11.2x
7.0x
0.6x
2.0x
4.1%

12/10
12.1x
10.8x
7.0x
0.6x
1.8x
4.1%

12/11
9.6x
9.1x
5.9x
0.5x
1.4x
5.2%

12/12
10.1x
9.4x
6.1x
0.5x
1.4x
1.5%

12/13E
10.1x
6.3x
0.5x
1.4x
5.1%

12/14E
9.5x
6.1x
0.5x
1.3x
5.3%

12/15E
9.0x
5.9x
0.5x
1.2x
5.8%

12/09
Gross Margin
EBITDA Margin
15.4
Operating Margin
9.7
Profit Margin
5.1
Return on Assets
3.1
Return on Equity
17.5
Leverage and Coverage Ratios
12/09
Current Ratio
0.9
Quick Ratio
0.6
EBIT/Interest
3.8
Tot Debt/Capital
0.7
Tot Debt/Equity
1.9
Eff Tax Rate %
29.9

12/10
15.2
9.9
5.2
3.3
16.1

12/11
14.5
9.4
5.1
3.3
15.1

12/12
14.1
9.1
4.9
3.1
14.6

12/13E
27.3
14.2
9.5
5.0
3.1
13.8

12/14E
27.5
14.3
9.6
5.1
3.4
14.0

12/15E
27.6
14.6
9.7
5.3
13.7

12/10
0.9
0.6
4.7
0.6
1.5
30.8

12/11
0.9
0.5
4.8
0.6
1.5
33.0

12/12
0.9
0.5
4.9
0.6
1.4
32.4

29.03.2007
05.06.2002
26.02.2004

Outlook
Outlook
Outlook

STABLE
STABLE
STABLE

Business Segments in EUR

Contracting
Concessions
Holdings and Other Activities
Eliminations

Sales (M)
33090
5354
811
-622

2%2%
13%

5%

Sales (M)
24324
2374
2257
2001
1695
1614
1435

5% 4%0%

6%

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

Geographic Segments in EUR

France
Germany
United Kingdom
Europe- Central & Eastern
Africa
Belgium and Luxembourg
Asia Pacific

6%
7%
67%
83%

Contracting
Concessions
Holdings and Other Activities
Eliminations

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 |

France
Germany
United Kingdom
Europe- Central & Eastern
Africa
Belgium and Luxembourg
Asia Pacific

536.2
20535.6
#N/A N/A
#N/A N/A
0.0
0.0
0.0

Company Analysis - Analysts Ratings

Vinci SA
Buy and Sell Recommendations vs Price and Target Price

100%

0%

0%

0%

0%

0%

19%

19%

23%

19%

23%

80%

3%
26%

3%

31%

3%

3%

3%

0%

23%

23%

23%

27%

3%
29%

60
50
40

60%

Price

Brokers' Target Price

60
50
40
30

30
20
74%

73%

73%

73%

68%

20
10
10

0%

0
mars.12

avr.12

mai.12

juin.12

juil.12

Buy

aot.12

Hold

sept.12

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

68%
73%
73%
73%
74%
66%
71%
77%
81%
77%
81%
81%

29%
27%
23%
23%
23%
31%
26%
23%
19%
23%
19%
19%

3%
0%
3%
3%
3%
3%
3%
0%
0%
0%
0%
0%

oct.12

Price

nov.12

dc.12

janv.13

fvr.13

Target Price

Date
19-Mar-13
18-Mar-13
15-Mar-13
14-Mar-13
13-Mar-13
12-Mar-13
11-Mar-13
8-Mar-13
7-Mar-13
6-Mar-13
5-Mar-13
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

Price Target Price

35.43
35.72
36.19
36.61
36.50
36.49
36.50
36.58
36.19
35.94
36.07
35.40
35.38
35.45
35.60
34.80
35.95
35.61
34.50
35.23
35.81
35.26
35.01
35.74
35.59
35.92
35.40
35.50
35.07
35.41

43.76
43.76
43.76
43.76
43.76
43.76
43.76
43.76
43.76
43.66
43.66
43.66
43.66
43.66
43.66
43.66
43.66
43.66
43.63
43.63
43.97
43.97
43.97
44.01
44.01
44.12
44.12
44.07
44.07
44.12

Broker

Analyst

Raymond James
BPI
Aurel - BGC
AlphaValue
Hamburger Sparkasse
Bryan Garnier & Cie
EVA Dimensions
Banco Sabadell
Day by Day
Societe Generale
Natixis
HSBC
Independent Research GmbH
CM - CIC Securities(ESN)
Ahorro Corporacion Financiera SA
S&P Capital IQ
Exane BNP Paribas
Deutsche Bank
RBC Capital Markets
Barclays
Morgan Stanley
Goldman Sachs
CA Cheuvreux
JPMorgan
DZ Bank AG
Landesbank Baden-Wuerttemberg
Oddo & Cie
Kepler Capital Markets
Nord/LB

ARNAUD PALLIEZ
FILIPE MARTINS LEITE
ERIC LEMARIE
GAETAN DUPONT
INGO SCHMIDT
SVEN EDELFELT
CRAIG STERLING
MARIA CEBOLLERO
VALERIE GASTALDY
MURIEL FELLOUS
GREGOIRE THIBAULT
PIERRE BOSSET
CHRISTOPH SCHOENDUBE
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
VIRGINIA PEREZ REPES
JAWAHAR HINGORANI
NICOLAS MORA
LUIS PRIETO
OLIVIA PETERS
SUSANNA INVERNIZZI
JAIME ROWBOTHAM
WILL MORGAN
NABIL AHMED
ELODIE RALL
MARC NETTELBECK
HANS-PETER KUHLMANN
OLIVIER BECKER
JOSEP PUJAL
HEINO HAMMANN

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

Recommendation
outperform
buy
hold
buy
hold
buy
underweight
buy
hold
buy
buy
neutral
hold
buy
strong buy
strong buy
neutral
buy
sector perform
overweight
Overwt/In-Line
Buy/Neutral
outperform
overweight
buy
hold
buy
buy
buy

JPMorgan

20%

DZ Bank AG
Landesbank
BadenOddo & Cie
Kepler Capital
Markets
Nord/LB

66%

CA Cheuvreux

71%

Morgan Stanley

77%

Goldman Sachs

81%

HSBC
Independent
Research
CM - CIC
Securities(ESN)
Ahorro
Corporacion
S&P Capital IQ
Exane BNP
Paribas
Deutsche Bank
RBC Capital
Markets
Barclays

77%

Day by Day
Societe
Generale
Natixis

81%

AlphaValue
Hamburger
Sparkasse
Bryan Garnier &
Cie
EVA
Dimensions
Banco Sabadell

81%

Aurel - BGC

40%

Raymond
James
BPI

Broker Recommendation

Target price in EUR

Target

Date

44.50
48.00
39.00
50.40

15-Mar-13
7-Mar-13
7-Mar-13
7-Mar-13
26-Feb-13
22-Feb-13
22-Feb-13
15-Feb-13
15-Feb-13
11-Feb-13
7-Feb-13
6-Feb-13
6-Feb-13
6-Feb-13
6-Feb-13
6-Feb-13
1-Feb-13
30-Jan-13
29-Jan-13
23-Jan-13
15-Jan-13
14-Jan-13
21-Nov-12
17-Sep-12
17-Sep-12
1-Aug-12
1-Aug-12
1-Aug-12
14-Jun-12

45.00
43.30
48.00
48.00
40.00
40.00
44.00
45.00
45.00
41.00
47.00
40.00
45.00
41.70
46.00
43.00
49.00
41.00
37.00
49.00
50.00

19.03.2013

Vinci 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

21%

20.77%
79.13%
0.10%
79%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
VINCI SA
COMET LUXEMBOURG HLD
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
ARTEMIS SA
FRANKLIN RESOURCES
BLACKROCK
NATIXIS ASSET MANAGE
FMR LLC
AVIVA PLC
AMUNDI
PICTET ASSET MANAGEM
LBPAM
COHEN & STEERS CAPIT
ALLIANZ ASSET MANAGE
UNION INVESTMENT LUX
MERCURY ASSET MANAGE
DEUTSCHE BANK AG
DNCA FINANCE
COMMONWEALTH BANK OF

Geographic Ownership

Geographic Ownership Distribution

0%

536.2
87.4%

France
United States
Luxembourg
Germany
Britain
Ireland
Netherlands
Others

54.15%
21.70%
9.78%
3.38%
1.98%
1.69%
1.43%
5.89%

Institutional Ownership Distribution

Investment Advisor
Corporation
Mutual Fund Manager
Holding Company
Others

41.11%
37.53%
16.62%
4.17%
0.58%

2%

2% 1% 6%

3%
10%

54%

22%

France

United States

Luxembourg

Germany

Britain

Ireland

Netherlands

Others

TOP 20 ALL

Position
40'940'297
31'714'315
13'142'000
9'091'318
8'072'735
7'751'826
5'320'720
5'235'592
4'788'712
2'633'758
2'147'140
2'141'244
1'945'486
1'663'965
1'658'463
1'457'470
1'430'935
1'336'179
1'325'000
1'235'358

Position Change
0
0
2'679'200
176'206
0
235'656
253'338
-19'518
1'061'863
0
-2'838
-84'252
19'058
133'200
-38'563
53'000
-39'807
-286'106
-180'000
106'285

Market Value
1'450'514'723
1'123'638'180
465'621'060
322'105'397
286'017'001
274'647'195
188'513'110
185'497'025
169'664'066
93'314'046
76'073'170
75'864'275
68'928'569
58'954'280
58'759'344
51'638'162
50'698'027
47'340'822
46'944'750
43'768'734

% of Ownership
7.06%
5.47%
2.27%
1.57%
1.39%
1.34%
0.92%
0.90%
0.83%
0.45%
0.37%
0.37%
0.34%
0.29%
0.29%
0.25%
0.25%
0.23%
0.23%
0.21%

Report Date

Holder Name

Position

Position Change

Market Value

% of Ownership

Report Date

HUILLARD XAVIER
OLIVE HENRI SAINT
SILGUY YVES-THIBAULT
FAURE PATRICK
LEVY JEAN-BERNARD

460'403
48'843
45'678
5'103
2'400

31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
15.03.2013
31.01.2013
31.01.2013
28.02.2013
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.01.2013
28.09.2012
15.03.2013
31.01.2013
28.09.2012
30.11.2012

Source
Research
Research
ULT-AGG
MF-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Top 5 Insiders:

16'312'078
1'730'507
1'618'372
180'799
85'032

0.08%
0.01%
0.01%
0.00%
0.00%

Source
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011

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
FRANCE
FRANCE
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
BRITAIN
FRANCE
BRITAIN
FRANCE
UNITED STATES
GERMANY
LUXEMBOURG
IRELAND
GERMANY
FRANCE
AUSTRALIA

Institutional Ownership
4%

1%

17%
40%

38%

Investment Advisor

Corporation

Holding Company

Others

Mutual Fund Manager

Company Analysis - Financials I/IV

Vinci 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

17'554

18'111

19'520

21'038

25'634

30'874

33'930

31'178

34'003

37'646

39'183

38'899

39'687

40'723

10'619

10'914

11'239

16'487

17'129

18'228

19'478

23'144

27'868

30'634

28'152

30'642

34'096

35'849

1'067

1'292
151
-25
-63

1'560
273
4
-184

2'490
734
12
-305

3'006
1'007
-1
-319

3'296
1'043
10
-226

3'025
797
3
-205

3'361
711
3
-101

3'551
742
5
-176

3'569
727
6
-159

3'690

3'811

3'950

14
273

982
153
-20
-31

Pretax Income
- Income Tax Expense

781
223

880
234

1'229
388

1'466
463

2'050
667

2'319
741

2'470
771

2'431
727

2'748
847

2'980
984

2'994
969

3'021

3'151

3'373

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

558
0
80

646

841

105

109

1'004
1
132

1'383
-49
162

1'578
0
123

1'699
0
108

1'703
0
107

1'901
0
125

1'996
0
92

2'025
0
109

1.91

2.19

2.67

3.01

3.30

3.21

3.30

3.48

3.54
1'934
3.51
1.81
0.51

2'023
3.72
1.88
0.51

2'169
3.95
2.05
0.52

5'534

5'694

5'954

Income Statement
Revenue
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

Diluted EPS Before XO Items

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

478
1.52
0.44
31.2

541
1.68
0.87
34.9

756
2.22
0.86
39.6

871
2.49
0.98
45.1

1'277
2.81
1.33
50.3

1'461
3.05
1.52
50.8

1'591
3.30
1.62
50.5

1'596
3.21
1.62
53.3

1'776
3.30
1.67
51.2

1'904
3.48
1.77
52.5

1'917
3.54
0.55
16.6

325
394

325
393

322
399

387
404

933
458

468
484

473
482

500
497

541
537

540
547

536
542

1'664

1'607

1'989

2'232

3'850

4'588

5'009

4'813

5'166

5'446

5'508

*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

10947.5 12029.5996
898
658
2'206
3'387
6'998
7'151
424
474
422
360

13008
830
3'711
7'554
544
368

14728.1
4'599
886
8'334
541
369

16884.7
1'354
5'024
5'549
567
4'391

17220.1
3'570
1'319
6'505
648
5'179

18419
3'080
2'327
6'643
786
5'583

17838.5
3'438
3'113
5'389
667
5'231

20003.5
4'584
1'897
5'754
844
6'924

23372.7
6'662
880
5'937
1'004
8'889

23559.1
4'466
2'050
5'963
1'016
10'064

12/13E

12/14E

12/15E

25.79

27.23

28.96

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

9'334
1'429
11'126
4'493
6'633
1'273

9'632
1'584
4'604
2'665
1'939
6'109

10'509
327
4'949
2'908
2'041
8'141

11'166
440
5'418
3'204
2'262
8'464

30'503
348
5'626
3'304
2'370
27'785

32'557
620
9'548
5'306
4'242
27'695

33'373
622
10'296
5'670
4'626
28'125

33'140
651
9'569
5'537
4'032
28'457

36'410
870
10'875
6'423
4'452
31'088

37'203
1'268
11'350
6'903
4'447
31'488

38'032
1'715
12'175
7'419
4'757
31'560

Total Current Liabilities

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

11'360
8'501
598
2'261

9'812
8'725
908
179

10'325
9'596
677
52

14'107
5'002
1'907
7'198

17'506
5'554
3'729
8'223

19'528
6'553
2'793
10'182

21'496
6'804
3'322
11'370

19'344
5'876
2'364
11'104

21'957
6'692
2'275
12'990

25'737
7'625
3'446
14'666

26'959
7'604
3'640
15'715

5'812
5'261
551

8'544
5'869
2'675

9'449
6'468
2'981

6'469
5'429
1'040

21'312
17'635
3'677

22'136
18'641
3'496

21'271
17'772
3'498

21'167
17'656
3'510

21'431
17'697
3'735

21'223
17'425
3'798

20'562
16'554
4'008

17'172
0
512
829
1'769

18'355
0
551
2'371
385

19'774
596
2'173
975

20'575
0
672
3'231
1'416

38'818
0
748
5'652
2'170

41'664
0
578
6'125
1'411

42'767
0
605
6'507
1'914

40'511
0
656
7'155
2'655

43'389
0
721
8'306
3'999

46'960
0
725
8'596
4'294

47'521
0
735
8'931
4'403

3'109

3'307

3'743

5'319

8'570

8'113

9'026

10'467

13'025

13'615

14'070

20'282

21'662

23'517

25'894

47'388

49'777

51'792

50'978

56'413

60'575

61'591

7.99
4.56

8.49
5.73

9.77
4.93

12.02
-5.20

8.38
-21.05

16.10
-42.42

17.79
-40.98

19.63
-35.79

22.73
-33.12

23.86
-32.71

24.87
-32.10

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Shareholders Equity
Total Liabilities & Equity
Book Value Per Share
Tangible Book Value Per Share

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

478
597
145
353

541
626
210
113

731
697
135
443

871
672
75
114

1'270
1'360
-135
13

1'455
1'582
-115
687

1'591
1'713
134
733

1'596
1'788
28
524

1'776
1'805
-117
-78

1'904
1'895
45
93

1'917
1'939
47
-37

1'980

2'060

2'184

Cash From Operating Activities

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

1'573
103
-558
-1'218
56
-300

1'490
97
-526
-222
94
-562

2'006
78
-571
-442
201
-675

1'732
128
-700
-191
104
570

2'507
200
-772
-9'322
80
-585

3'609
133
-816
-2'095
72
-987

4'171
95
-993
-480
96
-1'071

3'935
90
-1'703
-157
59
-76

3'385
99
-1'531
-691
30
-482

3'938
90
-1'864
-197
40
-140

3'865
129
-1'994
-612
7
-59

-1'820

-1'829

-1'596

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

-1'917
-131

-1'119
-142

-1'409
-287

-89
-322

-3'693
-665

-2'353
-765

-1'787
-816

-2'575
-903

-2'072
-947

-2'529
-979

730

-10'400
-472
104
5'600

-46
-46

53
-35
-14

-22
260
-492
19

310
-370
-195

3'416
-310
48

3'612
-2'367
370
-940
-820

679
-1'273
381
-200
279

1'450
-2'128
649
-3
-901

721
-1'303
305
-86
256

1'627
-1'724
394
-624
810

1'624
-2'539
336
-647
126

Cash From Financing Activities

-224

-137

-522

153

8'387

-810

-899

-1'750

-1'010

-463

-2'079

Net Changes in Cash

-568

233

75

1'797

494

-894

919

399

-200

1'403

-744

Free Cash Flow (CFO-CAPEX)

1'015

964

1'435

1'032

1'736

2'793

3'179

2'232

1'854

2'074

1'871

1'966

2'063

2'523

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

1'076

1'538

1'219

1'117
2.93

2.99

4.36

2.95

2'230
7'640
3.96

3'478
4'171
6.01

3'896
2'680
6.76

2'790
1'643
4.58

2'346
1'371
3.50

2'570
2'067
3.83

2'362
1'084
3.48

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

-1

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

9.6x
7.1x
4.5x
0.3x
1.6x
3.4%

9.6x
8.7x
5.3x
0.3x
1.9x
5.4%

11.3x
8.5x
5.5x
0.4x
2.5x
3.5%

14.3x
10.5x
7.3x
0.6x
3.0x
2.8%

17.4x
24.4x
15.8x
0.8x
5.8x
2.7%

16.2x
13.6x
8.9x
0.8x
3.1x
3.0%

8.8x
9.2x
6.1x
0.4x
1.7x
5.4%

12.1x
11.2x
7.0x
0.6x
2.0x
4.1%

12.1x
10.8x
7.0x
0.6x
1.8x
4.1%

9.6x
9.1x
5.9x
0.5x
1.4x
5.2%

10.1x
9.4x
6.1x
0.5x
1.4x
1.5%

10.1x

9.5x

9.0x

6.3x
0.5x
1.4x
5.1%

6.1x
0.5x
1.3x
5.3%

5.9x
0.5x
1.2x
5.8%

9.5%
6.1%
2.7%
2.4%
20.7%

8.9%
5.4%
3.0%
2.6%
20.2%

10.2%
6.6%
3.7%
3.2%
24.8%

10.6%
7.4%
4.1%
3.5%
22.4%

15.0%
9.7%
5.0%
3.5%
20.4%

14.9%
9.7%
4.7%
3.0%
18.9%

14.8%
9.7%
4.7%
3.1%
19.9%

15.4%
9.7%
5.1%
3.1%
17.5%

15.2%
9.9%
5.2%
3.3%
16.1%

14.5%
9.4%
5.1%
3.3%
15.1%

14.1%
9.1%
4.9%
3.1%
14.6%

27.3%
14.2%
9.5%
5.0%
3.1%
13.8%

27.5%
14.3%
9.6%
5.1%
3.4%
14.0%

27.6%
14.6%
9.7%
5.3%

0.96
0.89
0.65
1.88

1.23
1.14
6.42
0.67
2.05

1.26
1.17
8.54
0.66
1.91

1.04
0.98
5.71
0.58
1.38

0.96
0.68
3.39
0.71
2.49

0.88
0.58
2.99
0.73
2.64

0.86
0.56
3.16
0.70
2.34

0.92
0.62
3.80
0.66
1.91

0.91
0.56
4.73
0.61
1.53

0.91
0.52
4.79
0.61
1.53

0.87
0.46
4.91
0.59
1.44

0.87
2.46

0.86
2.56

0.86
2.65

0.85
2.65

0.70
3.69

0.64
5.12

0.67
5.16

0.61
5.18

0.63
6.10

0.64
6.44

0.64
6.59

28.6%

26.6%

31.6%

31.5%

32.6%

32.0%

31.2%

29.9%

30.8%

33.0%

32.4%

Ratio Analysis
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate

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

13.7%

Company Analysis - Peers Comparision

VINCI SA
Latest Fiscal Year:

EIFFAGE

BOUYGUES SA

12/2012
40.68
19.03.2012
31.23
01.06.2012
365'431

12/2012
37.75
10.01.2013
20.53
26.07.2012
22'922

12/2012
24.33
19.03.2012
17.54
16.11.2012
442'593

Current Price (3/dd/yy)

35.43

35.39

52-Week High % Change

-12.9%
13.4%
536.2

-6.3%
72.4%
85.6

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

52-Week Low % Change

Total Common Shares (M)

Market Capitalization

20'536

Total Debt
Preferred Stock

20'193.8
735.4
6'516.1

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

3'085
16'112.0
(1.0)
2'402.0

FCC

HOCHTIEF AG

BILFINGER SE

12/2012
18.10
20.03.2012
7.10
24.07.2012
69'765

12/2012
55.65
27.02.2013
34.64
06.09.2012
29'127

12/2012
82.43
20.02.2013
58.82
05.06.2012
19'967

22.27

8.68

54.46

-8.5%
27.0%
324.0

-52.0%
22.3%
114.6

-2.1%
57.2%
73.6

ATLANTIA SPA

SCHNEIDER ELECTR

SKANSKA AB-B

ATKINS (WS) PLC

LAFARGE SA

HOLCIM LTD-REG

12/2012
14.29
03.01.2013
9.03
27.06.2012
289'335

12/2012
60.71
14.03.2013
39.40
27.06.2012
400'530

12/2012
120.00
19.03.2012
93.30
01.06.2012
706'615

03/2012
927.50
18.03.2013
626.50
21.05.2012
4'360

12/2012
55.00
15.03.2013
27.54
24.04.2012
164'431

12/2012
78.25
15.03.2013
49.00
14.06.2012
127'195

82.12

12.16

58.32

116.10

919.50

53.40

76.35

-0.4%
39.6%
46.0

-14.9%
34.7%
661.8

-3.9%
48.0%
546.8

-3.3%
24.4%
411.8

-0.9%
46.8%
100.1

-2.9%
93.9%
287.1

-2.4%
55.8%
325.3

ACS

SAINT GOBAIN

12/2012
22.28
19.03.2012
10.38
25.07.2012
102'883

CRH PLC

12/2012
37.03
19.03.2012
23.90
02.08.2012
405'139

12/2012
18.03
15.03.2013
12.81
05.06.2012
89'054

18.50

30.89

17.59

-17.0%
78.2%
314.7

-16.6%
29.2%
531.1

-2.4%
37.3%
726.4

7'108

1'105

4'193

3'780

8'048

32'392

51'356

921

15'339

24'973

5'820

16'406

12'785

8'642.0
1'500.0
4'487.0

9'430.5
461.7
1'603.5

4'456.5
1'603.4
3'143.6

1'180.9
8.0
1'087.2

15'384.1
1'647.2
2'811.2

8'132.0
174.0
3'737.0

11'103.0
166.0
5'770.0

110.6
0.1
208.1

14'084.0
2'082.0
2'733.0

13'507.0
2'889.0
3'146.0

11'548.0
3'055.0
6'233.0

12'669.0
412.0
4'179.0

4'915.0
1.0
36.0
1'799.0

3'881

22'268
Valuation

34'949

17'192

12'763

39'183.2
38'633.6
38'898.6
39'687.3
0.9x
0.9x
0.9x
0.8x
5'507.8
5'453.4
5'534.1
5'693.7
6.1x
6.2x
6.1x
5.7x
3.52
3.58
3.51
3.72
9.9x
10.0x
10.1x
9.5x
4.1%
4.3%
1.1%
3.7%
14.1%
14.2%
14.3%

14'000.0
14'000.0
14'226.8
14'569.6
1.2x
1.2x
1.1x
1.1x
1'939.0
1'983.0
2'110.2
2'194.4
8.4x
8.2x
7.7x
7.2x
2.49
2.52
3.14
3.62
14.0x
14.9x
11.3x
9.8x
1.4%
1.8%
4.2%
14.3%
14.8%
15.1%

33'547.0
33'547.0
33'516.2
33'717.1
0.4x
0.4x
0.4x
0.4x
2'890.0
2'890.0
2'884.9
2'939.0
4.5x
4.5x
4.6x
4.5x
2.00
2.01
2.46
2.71
11.1x
11.1x
9.0x
8.2x
2.6%
1.6%
(10.5%)
(3.3%)
8.6%
8.6%
8.7%

11'152.2
11'152.2
10'911.6
11'056.9
0.8x
0.8x
0.8x
0.7x
580.4
580.4
1'110.3
1'170.4
16.1x
16.1x
7.4x
6.9x
-3.56
-7.07
0.86
1.16
10.1x
7.5x
(5.1%)
(1.3%)
(49.2%)
(21.4%)
5.2%
10.2%
10.6%

9'394

25'527.7
25'527.7
26'295.3
27'382.4
0.2x
0.2x
0.3x
0.2x
1'477.3
1'477.3
1'639.9
1'788.4
4.2x
4.2x
4.2x
3.8x
1.41
2.15
3.31
4.04
25.3x
25.3x
16.5x
13.5x
9.6%
12.5%
(11.8%)
32.7%
5.8%
6.2%
6.5%

7'110

8'508.8
8'508.8
8'788.6
9'209.0
0.4x
0.4x
0.4x
0.4x
577.5
577.5
582.0
624.0
6.0x
6.0x
6.4x
5.8x
6.23
6.23
5.72
6.41
13.2x
13.2x
14.4x
12.8x
3.7%
0.7%
13.6%
12.2%
6.8%
6.6%
6.8%

151.4%
58.9%
3.703x
2.508x
7.578x

686.2%
87.3%
7.969x
7.130x
2.911x

100.7%
46.2%
2.990x
1.438x
8.210x

748.5%
84.6%
16.247x
13.485x
-

168.8%
51.2%
3.017x
0.889x
4.546x

58.2%
36.7%
2.045x
0.162x
14.259x

BBB+
29.03.2007
Baa1
23.07.2002

BBB+
30.11.2011
(P)A3
26.01.2012

BBB+
23.10.2012
-

3'422.9
3'422.9
4'211.4
4'535.1
6.8x
6.8x
4.9x
4.6x
2'285.4
2'285.4
2'539.6
2'690.1
10.2x
10.2x
8.1x
7.7x
1.23
1.22
0.96
1.04
9.9x
9.9x
12.7x
11.7x
(20.5%)
9.1%
(2.5%)
2.8%
66.8%
60.3%
59.3%

28'772

38'223

14'190

25'308

15'938

23'946.0
23'946.0
24'387.4
25'630.9
1.4x
1.4x
1.5x
1.4x
3'837.0
3'837.0
4'068.3
4'435.2
9.0x
9.0x
8.9x
7.9x
3.56
3.39
4.14
4.62
17.2x
16.4x
14.1x
12.6x
7.2%
7.9%
3.0%
4.5%
16.0%
16.7%
17.3%

36'961

129'350.0
129'350.0
129'702.9
132'874.7
0.4x
0.4x
0.4x
0.4x
4'462.0
4'462.0
6'151.7
6'526.5
11.0x
11.0x
8.7x
8.2x
6.93
8.35
8.94
16.8x
13.9x
13.0x
8.9%
(1.1%)
(8.3%)
(6.6%)
3.4%
4.7%
4.9%

56'855

1'711.1
1'683.9
1'715.2
1'698.6
0.4x
0.4x
0.5x
0.5x
133.0
133.3
130.5
138.1
5.0x
5.0x
6.2x
5.7x
0.85
1.16
0.78
0.80
7.9x
10.1x
11.7x
11.6x
9.4%
6.5%
(5.3%)
6.0%
7.9%
7.6%
8.1%

856

15'816.0
15'816.0
16'179.6
17'141.7
1.7x
1.7x
1.7x
1.6x
3'450.0
3'022.0
3'810.1
4'209.2
7.9x
9.0x
7.2x
6.3x
2.27
1.45
3.55
4.71
36.8x
36.3x
15.0x
11.3x
3.5%
(1.1%)
24.5%
(3.1%)
19.1%
23.5%
24.6%

21'544.0
21'544.0
22'569.9
24'140.4
1.6x
1.6x
1.7x
1.5x
3'984.0
3'984.0
4'779.5
5'577.3
8.8x
8.8x
7.8x
6.5x
1.92
1.90
4.54
6.05
40.2x
39.8x
16.8x
12.6x
3.9%
(4.4%)
0.7%
(10.5%)
18.5%
21.2%
23.1%

38'396.0
38'396.0
38'050.0
39'085.6
0.4x
0.4x
0.4x
0.4x
3'023.0
3'023.0
3'042.0
3'169.3
4.8x
4.8x
4.9x
4.5x
5.07
-6.80
2.47
2.71
7.5x
6.8x
34.9%
36.3%
34.5%
9.2%
7.9%
8.0%
8.1%

43'198.0
43'198.0
43'006.3
44'475.5
0.6x
0.6x
0.6x
0.5x
2'637.0
2'637.0
4'425.2
4'804.0
9.9x
9.9x
5.5x
5.0x
0.99
1.46
2.44
2.95
21.2x
31.1x
12.6x
10.5x
2.6%
0.2%
(47.5%)
(14.4%)
6.1%
10.3%
10.8%

18'659.0
18'659.0
19'071.5
20'125.6
0.8x
0.8x
0.8x
0.8x
1'640.0
1'640.0
1'724.8
1'974.8
8.7x
8.7x
9.1x
7.9x
0.50
0.76
0.85
1.09
23.0x
35.0x
20.8x
16.1x
3.2%
(1.8%)
(1.0%)
(10.5%)
8.8%
9.0%
9.8%

48.9%
32.6%
2.119x
1.145x
9.966x

57.9%
36.5%
2.488x
1.195x
9.637x

92.7%
48.1%
0.811x
-0.483x
8.926x

89.9%
44.2%
4.660x
3.756x
2.940x

79.7%
40.5%
3.390x
2.601x
5.842x

434.8%
66.9%
3.820x
1.758x
-

72.6%
41.5%
4.804x
3.220x
8.987x

46.6%
31.7%
2.997x
1.900x
5.921x

A26.11.2008
A3
12.01.2009

BB+
17.03.2011
Ba1
05.08.2011

BBB
22.01.2009
Baa2
09.04.2009

BBB
24.07.2009
Baa2
31.07.2009

BBB+
17.12.2007
-

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

404.7%
73.8%
6.731x
5.501x
4.195x

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+
23.02.2012
Baa1
16.07.2012

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