Financial Analysis - Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers

1. 04.03.2013
Company Analysis - Overview
Facebook Inc. operates a social networking website. The Company's website allows
Ticker: FB UN Facebook Inc Benchmark: people to communicate with their family, friends, and coworkers. Facebook develops
Currency: NASDAQ GS: FB, Currency: USD S&P 500 INDEX (SPX) technologies that facilitate the sharing of information, photographs, website links, and
videos. Facebook users have the ability to share and restrict information based on their
Sector: Information Technology Industry: Internet Software & Services Year: own specific criteria.
Telephone 1-650-308-7300 Revenue (M) 5'089 Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website investor.fb.com No of Employees 4'619 Advertising 4279 US & Canada 2520
Address 1601 Willow Road Menlo Park, CA 94025 United States Payments and Other Fees 810 Europe 1449
Share Price Performance in USD Asia 606
Price #N/A N/A 1M Return #VALUE! Rest of World 498
52 Week High #N/A N/A 6M Return #VALUE! Adjustments (Rounding) 16
52 Week Low #N/A N/A 52 Wk Return #VALUE!
52 Wk Beta #N/A N/A YTD Return #VALUE!
Credit Ratings
Bloomberg - 10% 0%
S&P - Date - Outlook - 16%
Moody's - Date - Outlook -
Fitch - Date - Outlook - 12%
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 50%
P/E - - - 2'662.0x - - -
EV/EBIT - - - 103.9x - - -
EV/EBITDA - - - 47.1x 17.2x 13.1x 10.1x
P/S - - - 10.5x 9.9x 7.8x 6.2x 28%
P/B - - - 5.4x - - -
Div Yield - - - 0.0% - - - 84%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 71.3 75.0 76.8 73.2 73.8 73.9 74.4 US & Canada
EBITDA Margin 43.8 59.3 56.0 23.3 50.9 53.1 55.0 Europe
Operating Margin 33.7 52.3 47.3 10.6 33.6 36.2 37.6
Advertising Payments and Other Fees
Profit Margin 15.7 18.8 18.0 0.6 21.6 24.2 28.5 Asia
Return on Assets 15.1 18.2 14.3 0.3 8.7 9.8 13.2 Rest of World
Return on Equity 20.3 30.8 22.9 0.4 9.2 11.0 14.1
Adjustments (Rounding)
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio - 5.8 5.1 10.7 Current Capitalization in USD
Quick Ratio - 5.5 5.0 9.8 Common Shares Outstanding (M) 2372.0
EBIT/Interest 26.2 46.9 41.8 10.5 Market Capitalization (M) #N/A N/A
Tot Debt/Capital - 0.2 0.1 0.2 Cash and ST Investments (M) 9626.0
Tot Debt/Equity - 0.2 0.1 0.2 Total Debt (M) 2356.0
Eff Tax Rate % 9.8 39.9 41.0 89.3 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M)
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Company Analysis - Analysts Ratings
Facebook Inc
Target price in USD
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
50 50
100% 5% 5% 5% 5% 5%
8% 7% 7% 8%
15% 45 45
40 40
80% 33% 30%
32% 36% 35
23% 44% 44% 40% 36%
45% 35
30
60% 30
25
25 20
40% 20 15
62% 61% 63% 65%
59% 15 10
52% 56%
51% 51%
47% 5
20% 10
0
5
Telsey Advisory
Morgan Stanley
Barclays
Lazard Capital
BMO Capital
Piper Jaffray
Raymond James
S&P Capital IQ
Credit Agricole
Atlantic Equities
Pivotal Research
RBC Capital
Macquarie
Sterne, Agee &
Evercore
Battle Road
Cantor
JPMorgan
Credit Suisse
Cowen and
Sanford C.
Edward Jones
Stifel Nicolaus
Oppenheimer &
Nomura
Pacific Crest
Needham & Co
EVA Dimensions
IPOfinancial.com
BTIG LLC
Argus Research
Goldman Sachs
Deutsche Bank
Jefferies
Topeka Capital
William Blair &
Robert W. Baird
Wells Fargo
Wedge Partners
Wedbush
0% 0% 0% 0
mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13
Buy Hold Sell Price Target Price
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
28-Feb-13 56% 36% 8% 4-Mar-13 #N/A N/A 33.61 Robert W. Baird & Co COLIN SEBASTIAN outperform 34.00 1-Mar-13
31-Jan-13 59% 36% 5% 1-Mar-13 #N/A N/A 33.61 Sanford C. Bernstein & Co CARLOS KIRJNER market perform 27.00 1-Mar-13
31-Dec-12 65% 30% 5% 28-Feb-13 #N/A N/A 33.61 Cantor Fitzgerald YOUSSEF H SQUALI buy 35.00 1-Mar-13
30-Nov-12 63% 33% 5% 27-Feb-13 #N/A N/A 33.61 Morgan Stanley SCOTT W DEVITT Overwt/Attractive 34.00 28-Feb-13
31-Oct-12 61% 32% 7% 26-Feb-13 #N/A N/A 33.61 Needham & Co LAURA A MARTIN buy 33.00 22-Feb-13
28-Sep-12 52% 40% 7% 25-Feb-13 #N/A N/A 33.61 BTIG LLC RICHARD GREENFIELD sell 22.00 14-Feb-13
31-Aug-12 51% 44% 5% 22-Feb-13 #N/A N/A 33.61 Pivotal Research Group LLC BRIAN WIESER buy 36.00 12-Feb-13
31-Jul-12 51% 44% 5% 21-Feb-13 #N/A N/A 33.61 Telsey Advisory Group THOMAS FORTE no rating system 38.00 10-Feb-13
29-Jun-12 47% 45% 8% 20-Feb-13 #N/A N/A 33.61 JPMorgan DOUGLAS ANMUTH overweight 35.00 4-Feb-13
31-May-12 62% 23% 15% 19-Feb-13 #N/A N/A 33.61 Wells Fargo Securities, LLC JASON MAYNARD outperform 4-Feb-13
30-Apr-12 #DIV/0! #DIV/0! #DIV/0! 18-Feb-13 #N/A N/A 33.61 Argus Research Corp JOSEPH F BONNER hold 1-Feb-13
30-Mar-12 #DIV/0! #DIV/0! #DIV/0! 15-Feb-13 #N/A N/A 33.61 BMO Capital Markets DANIEL SALMON market perform 32.00 31-Jan-13
14-Feb-13 #N/A N/A 33.61 Deutsche Bank ROSS SANDLER buy 37.00 31-Jan-13
13-Feb-13 #N/A N/A 33.61 Goldman Sachs HEATHER BELLINI Buy/Neutral 40.00 31-Jan-13
12-Feb-13 #N/A N/A 33.61 RBC Capital Markets MARK S MAHANEY outperform 32.00 31-Jan-13
11-Feb-13 #N/A N/A 34.26 Credit Suisse STEPHEN JU neutral 31.00 31-Jan-13
8-Feb-13 #N/A N/A 34.26 Edward Jones JOSH OLSON buy 31-Jan-13
7-Feb-13 #N/A N/A 34.26 Jefferies BRIAN J PITZ hold 30.00 31-Jan-13
6-Feb-13 #N/A N/A 34.26 Wedbush MICHAEL PACHTER outperform 35.00 31-Jan-13
5-Feb-13 #N/A N/A 34.26 William Blair & Co RALPH SCHACKART outperform 31-Jan-13
4-Feb-13 #N/A N/A 34.26 Raymond James AARON M KESSLER outperform 37.00 31-Jan-13
1-Feb-13 #N/A N/A 34.29 Macquarie BENJAMIN A SCHACHTER outperform 30.00 31-Jan-13
31-Jan-13 #N/A N/A 34.29 Stifel Nicolaus JORDAN ROHAN hold 31-Jan-13
30-Jan-13 #N/A N/A 33.86 Sterne, Agee & Leach ARVIND BHATIA buy 37.00 31-Jan-13
29-Jan-13 #N/A N/A 33.72 Evercore Partners KEN SENA equalweight 32.00 31-Jan-13
28-Jan-13 #N/A N/A 33.82 Oppenheimer & Co JASON S HELFSTEIN outperform 33.00 31-Jan-13
25-Jan-13 #N/A N/A 33.67 Nomura BRIAN NOWAK buy 32.00 31-Jan-13
24-Jan-13 #N/A N/A 33.32 Cowen and Company JOHN BLACKLEDGE neutral 31-Jan-13
23-Jan-13 #N/A N/A 33.32 S&P Capital IQ SCOTT H KESSLER hold 31.00 31-Jan-13
22-Jan-13 #N/A N/A 33.32 Credit Agricole Securities (USA) JAMES LEE buy 40.00 31-Jan-13
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 04.03.2013
Facebook Inc
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
2%
Shares Outstanding (M) 2372.0 United States 83.30%
Float 96.8% Britain 5.34% 1% 1% 1% 2%
2%
Short Interest (M) 25.4 Unknown Country 4.71% 5%
Short Interest as % of Float 1.11% Luxembourg 1.53%
5%
Days to Cover Shorts 0.48 Japan 1.29%
Institutional Ownership 51.60% 46% 52% Switzerland 0.82%
Retail Ownership 46.03% Germany 0.60%
Insider Ownership 2.36% Others 2.42%
Institutional Ownership Distribution 83%
Investment Advisor 76.43%
Hedge Fund Manager 12.06%
Individual 4.38%
United States Britain Unknown Country
Institutional Ownership Retail Ownership Insider Ownership Venture Capital 2.53%
Luxembourg Japan Switzerland
Pricing data is in USD Others 4.61% Germany Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
FMR LLC 77'644'473 37'380'569 4.61% 31.12.2012 ULT-AGG UNITED STATES 5%
3%
CAPITAL GROUP COMPAN 39'095'420 15'722'220 2.32% 31.12.2012 ULT-AGG UNITED STATES
4%
MORGAN STANLEY 33'281'620 6'803'009 1.98% 31.12.2012 ULT-AGG UNITED STATES
T ROWE PRICE ASSOCIA 33'193'967 13'789'661 1.97% 31.12.2012 13F UNITED STATES
SANDS CAPITAL MANAGE 26'797'536 9'685'751 1.59% 31.12.2012 13F UNITED STATES 12%
VANGUARD GROUP INC 26'311'904 12'411'139 1.56% 31.12.2012 13F UNITED STATES
BLACKROCK 22'993'914 6'546'408 1.37% 28.02.2013 ULT-AGG UNITED STATES
JENNISON ASSOCIATES 22'376'854 9'675'216 1.33% 31.12.2012 13F UNITED STATES
UBS 21'977'538 5'431'928 1.30% 31.12.2012 ULT-AGG 76%
WINSLOW CAPITAL MANA 21'263'110 21'263'110 1.26% 31.12.2012 13F UNITED STATES
BAILLIE GIFFORD AND 20'578'390 364'134 1.22% 31.12.2012 13F BRITAIN
WELLINGTON MANAGEMEN 20'370'317 20'370'317 1.21% 31.12.2012 13F UNITED STATES
GOLDMAN SACHS GROUP 18'422'852 -20'142'720 1.09% 31.12.2012 13F UNITED STATES
INVESCO LTD 18'204'867 17'235'166 1.08% 31.12.2012 13F UNITED STATES Investment Advisor Hedge Fund Manager Individual
Venture Capital Others
AMERIPRISE FINANCIAL 18'122'565 17'425'168 1.08% 31.12.2012 13F UNITED STATES
SANDBERG SHERYL KARA 17'806'956 -176'452 1.06% 21.02.2013 Form 4 n/a
ELEVATION MANAGEMENT 16'989'027 16'989'027 1.01% 31.12.2012 13F UNITED STATES
MERITECH CAPITAL ASS 16'268'858 16'268'858 0.97% 31.12.2012 ULT-AGG UNITED STATES
ALLIANZ ASSET MANAGE 14'465'499 4'414'890 0.86% 31.01.2013 ULT-AGG GERMANY
MACKAY SHIELDS LLC 14'176'100 1'643'500 0.84% 31.12.2012 MF-AGG UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
SANDBERG SHERYL KARA 17'806'956 -176'452 1.06% 21.02.2013 Form 4
BREYER JAMES W 9'166'654 -3'000'000 0.54% 04.02.2013 Form 4
ANDREESSEN MARC LOWELL 6'842'256 15'344 0.41% 20.02.2013 Form 4
EBERSMAN DAVID A 2'263'500 35'519 0.13% 20.02.2013 Form 4
SCHROEPFER MICHAEL TODD 1'271'705 -55'000 0.08% 25.02.2013 Form 4
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Company Analysis - Financials I/IV
Facebook Inc
Financial information is in USD (M) Equivalent Estimates
Periodicity: Fiscal Year 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 153 272 777 1'974 3'711 5'089 6'678 8'435 10'561
- Cost of Goods Sold 41 124 223 493 860 1'364
Gross Income 112 148 554 1'481 2'851 3'725 4'928 6'235 7'853
- Selling, General & Admin Expenses 236 203 292 449 1'095 3'187
(Research & Dev Costs) 81 47 87 144 388 1'399
Operating Income -124 -55 262 1'032 1'756 538 2'245 3'049 3'974
- Interest Expense 10 22 42 51
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains) 11 1 -2 2 19 -7
Pretax Income -135 -56 254 1'008 1'695 494 2'133 2'904 4'038
- Income Tax Expense 3 0 25 402 695 441
Income Before XO Items -138 -56 229 606 1'000 53
- Extraordinary Loss Net of Tax
- Minority Interests 107 234 332 21
Diluted EPS Before XO Items (0.16) (0.06) 0.10 0.28 0.46 0.01
Net Income Adjusted* 1'137 1'444 2'039 3'011
EPS Adjusted 0.52 0.57 0.78 1.07
Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratio % 0.0 0.0 0.0 0.0 0.00 0.00 0.00
Total Shares Outstanding 1'112 1'330 2'372
Diluted Shares Outstanding 1'366 1'414 1'508 2'166
EBITDA 340 1'171 2'079 1'187 3'400 4'480 5'808
*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 |

5. 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
Balance Sheet
Total Current Assets 2246 4604 11267
+ Cash & Near Cash Items 305 297 633 1'785 1'512 2'384
+ Short Term Investments 0 2'396 7'242
+ Accounts & Notes Receivable 373 547 719
+ Inventories 0 0 0
+ Other Current Assets 88 149 922
Total Long-Term Assets 82 131 148 744 1'727 3'836
+ Long Term Investments
Gross Fixed Assets 820 1'925 3'273
Accumulated Depreciation 246 450 882
+ Net Fixed Assets 82 131 148 574 1'475 2'391
+ Other Long Term Assets 170 252 1'445
Total Current Liabilities 389 899 1'052
+ Accounts Payable 29 63 65
+ Short Term Borrowings 106 279 365
+ Other Short Term Liabilities 254 557 622
Total Long Term Liabilities 439 533 2'296
+ Long Term Borrowings 367 398 1'991
+ Other Long Term Borrowings 72 135 305
Total Liabilities 828 1'432 3'348
+ Long Preferred Equity 615 615 0
+ Minority Interest 0
+ Share Capital & APIC 947 2'684 10'094
+ Retained Earnings & Other Equity 273 335 868 600 1'600 1'661
Total Shareholders Equity 273 335 868 2'162 4'899 11'755
Total Liabilities & Equity 2'990 6'331 15'103
Book Value Per Share 1.39 3.22 4.96 5.43 6.18 7.29
Tangible Book Value Per Share 1.22 3.04 4.37
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 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
Cash Flows
Net Income 122 372 668 32 898 1'377 2'311
+ Depreciation & Amortization 78 139 323 649
+ Other Non-Cash Adjustments 135 294 568 1'467
+ Changes in Non-Cash Capital -180 -107 -10 -536
Cash From Operating Activities 155 698 1'549 1'612
+ Disposal of Fixed Assets
+ Capital Expenditures -33 -293 -606 -1'235 -1'604 -1'714 -1'823
+ Increase in Investments 0 0 -3 -2
+ Decrease in Investments 0 0
+ Other Investing Activities -29 -31 -2'414 -5'787
Cash From Investing Activities -62 -324 -3'023 -7'024
+ Dividends Paid
+ Change in Short Term Borrowings 0 1'496
+ Increase in Long Term Borrowings 0 250 0 0
+ Decrease in Long Term Borrowings 0 0 -250 0
+ Increase in Capital Stocks 260 621 1'459 7'810
+ Decrease in Capital Stocks
+ Other Financing Activities -17 -93 -8 -3'022
Cash From Financing Activities 243 778 1'201 6'284
Net Changes in Cash 336 1'152 -273 872
Free Cash Flow (CFO-CAPEX) 122 405 943 377 408 829 1'356
Free Cash Flow To Firm 131 418 968 382
Free Cash Flow To Equity 693 1'258
Free Cash Flow per Share 0.12 0.37 0.73 0.19
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 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
Ratio Analysis
Valuation Ratios
Price Earnings 2'662.0x
EV to EBIT 103.9x
EV to EBITDA 47.1x 17.2x 13.1x 10.1x
Price to Sales 10.5x 9.9x 7.8x 6.2x
Price to Book 5.4x
Dividend Yield 0.0%
Profitability Ratios
Gross Margin 73.2% 54.4% 71.3% 75.0% 76.8% 73.2% 73.8% 73.9% 74.4%
EBITDA Margin 43.8% 59.3% 56.0% 23.3% 50.9% 53.1% 55.0%
Operating Margin -81.0% -20.2% 33.7% 52.3% 47.3% 10.6% 33.6% 36.2% 37.6%
Profit Margin -90.2% -20.6% 15.7% 18.8% 18.0% 0.6% 21.6% 24.2% 28.5%
Return on Assets -11.8% 15.1% 18.2% 14.3% 0.3% 8.7% 9.8% 13.2%
Return on Equity -18.4% 20.3% 30.8% 22.9% 0.4% 9.2% 11.0% 14.1%
Leverage & Coverage Ratios
Current Ratio 5.77 5.12 10.71
Quick Ratio 5.55 4.96 9.83
Interest Coverage Ratio (EBIT/I) 26.20 46.91 41.81 10.55
Tot Debt/Capital 0.18 0.12 0.17
Tot Debt/Equity 0.22 0.14 0.20
Others
Asset Turnover 0.57 0.96 0.96 0.80 0.47
Accounts Receivable Turnover 8.07 8.04
Accounts Payable Turnover 18.70 21.31
Inventory Turnover
Effective Tax Rate 9.8% 39.9% 41.0% 89.3%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. Company Analysis - Peers Comparision
#N/A Invalid
FACEBOOK INC-A GOOGLE INC-CL A TWITTER INC MYSPACE INC CRAIGSLIST YELP INC MICROSOFT CORP IAC/INTERACTIVEC APPLE INC YAHOO! INC EBAY INC AOL INC AMAZON.COM INC GROUPON INC
Security
Latest Fiscal Year: 12/2012 12/2012 12/2011 - - - 12/2012 06/2012 12/2012 09/2012 12/2012 12/2012 12/2012 12/2012 12/2012
52-Week High - 814.47 - - - - - 32.95 55.57 705.07 22.62 57.27 39.75 284.72 19.21
52-Week High Date - 04.03.2013 - - - - - 16.03.2012 16.10.2012 21.09.2012 04.03.2013 01.02.2013 19.02.2013 25.01.2013 05.03.2012
52-Week Low - 556.52 - - - - - 26.26 38.20 424.55 14.35 34.83 14.49 178.04 2.60
52-Week Low Date - 14.06.2012 - - - - - 05.12.2012 24.01.2013 04.03.2013 06.03.2012 06.03.2012 06.03.2012 06.03.2012 12.11.2012
Daily Volume 0 872'724 0 0 - 0 0 6'245'098 175'767 5'380'198 10'465'454 2'539'774 204'422 732'834 11'541'690
Current Price (3/dd/yy) - 813.71 - - - - - 27.79 40.76 424.68 22.36 54.59 37.09 268.84 5.24
52-Week High % Change - -0.1% - - - - - -15.7% -26.7% -39.8% -1.2% -4.7% -6.7% -5.6% -72.7%
52-Week Low % Change - 46.2% - - - - - 5.8% 6.7% 0.0% 55.8% 56.7% 155.9% 51.0% 101.5%
Total Common Shares (M) 2'372.0 330.0 - - - - - 8'381.0 87.6 939.2 1'182.7 1'294.0 76.6 454.0 656.9
Market Capitalization - 269'449.8 - - - - - 232'734.0 3'434.5 398'800.1 26'439.6 70'776.6 2'860.1 122'201.5 3'436.0
Total Debt 2'356.0 5'537.0 - - - - - 11'944.0 595.8 - - 4'519.0 105.9 4'218.0 -
Preferred Stock - - - - - - - - - - - - - - -
Minority Interest - - - - - - - - 110.0 - 45.4 - 13.1 - (1.9)
Cash and Equivalents 9'626.0 49'557.0 - - - - 95.1 63'040.0 770.6 121'251.0 6'022.4 9'408.0 466.6 11'448.0 1'209.3
Enterprise Value - 225'429.9 - - - - - 178'610.0 3'369.8 261'688.1 20'462.6 65'887.6 2'512.5 114'971.5 2'224.7
Valuation
Total Revenue LFY 5'089.0 50'175.0 - - - - 137.6 73'723.0 2'800.9 156'508.0 4'986.6 14'072.0 2'191.7 61'093.0 2'334.5
LTM 5'089.0 51'379.0 - - - - 137.6 72'930.0 2'800.9 164'687.0 4'986.6 14'071.0 2'191.7 61'093.0 2'334.5
CY+1 6'677.7 49'451.2 - - - - 211.4 79'605.0 3'253.9 182'372.5 4'674.1 16'345.5 2'222.9 75'751.6 2'561.5
CY+2 8'434.7 57'163.0 - - - - 294.9 86'100.8 3'636.6 205'752.0 4'845.7 18'730.9 2'289.2 93'067.6 2'833.0
EV/Total Revenue LFY 11.0x 3.8x - - - - 8.0x 2.3x 1.5x 2.2x 3.5x 4.3x 0.9x 1.7x 0.8x
LTM 11.0x 3.7x - - - - 8.0x 2.3x 1.5x 2.1x 3.5x 4.3x 0.9x 1.7x 0.8x
CY+1 8.5x 4.4x - - - - - 2.0x 0.9x 1.5x 4.6x 3.9x 1.1x 1.5x 0.8x
CY+2 6.6x 3.6x - - - - - 1.6x 0.8x 1.3x 4.2x 3.2x 0.8x 1.2x 0.6x
EBITDA LFY 1'187.0 15'722.0 - - - - (10.3) 30'923.0 411.8 58'518.0 1'457.1 4'088.0 330.0 2'835.0 155.4
LTM 1'187.0 15'684.0 - - - - (10.3) 29'120.0 411.8 59'255.0 1'457.1 4'090.0 330.0 2'834.0 143.7
CY+1 3'400.1 22'087.3 - - - - 21.1 32'414.5 613.6 60'649.2 1'664.4 5'383.4 427.3 4'646.4 254.9
CY+2 4'479.8 25'944.5 - - - - 46.6 35'504.1 711.8 68'430.3 1'740.8 6'241.8 449.4 6'384.0 319.3
EV/EBITDA LFY 47.1x 12.0x - - - - -107.2x 5.5x 9.9x 5.8x 12.0x 14.9x 5.8x 37.6x 12.8x
LTM 47.1x 12.1x - - - - - 5.8x 9.9x 5.8x 12.0x 14.9x 5.8x 37.6x 13.8x
CY+1 16.7x 9.9x - - - - - 5.0x 5.0x 4.5x 12.9x 11.9x 5.6x 24.6x 7.8x
CY+2 12.4x 7.8x - - - - - 3.9x 3.9x 3.8x 11.7x 9.6x 4.3x 17.1x 5.2x
EPS LFY 0.01 34.02 - - - - - 2.73 2.02 44.15 1.17 1.95 4.81 0.05 -0.03
LTM 0.02 33.74 - - - - - 2.56 2.04 44.10 1.17 1.94 4.64 0.36 -0.08
CY+1 0.57 45.71 - - - - 0.09 2.85 3.55 44.55 1.16 2.75 1.93 3.13 0.20
CY+2 0.78 53.86 - - - - 0.37 3.15 4.24 50.73 1.27 3.21 2.18 5.54 0.29
P/E LFY - 24.1x - - - - - 10.9x 20.0x 9.6x 19.1x 28.1x 8.0x 746.8x -
LTM - 24.1x - - - - - 10.9x 20.0x 9.6x 19.1x 28.1x 8.0x 746.8x -
CY+1 - 17.8x - - - - - 9.7x 11.5x 9.5x 19.4x 19.8x 19.2x 85.9x 26.3x
CY+2 - 15.1x - - - - - 8.8x 9.6x 8.4x 17.6x 17.0x 17.0x 48.6x 18.1x
Revenue Growth 1 Year 37.1% 32.4% - - - - 65.2% 5.4% 36.0% 44.6% 0.0% 20.8% (0.5%) 27.1% 45.0%
5 Year - 24.7% - - - - - 5.7% 16.3% 41.5% (5.8%) 13.7% - 30.6% -
EBITDA Growth 1 Year (42.9%) 15.7% - - - - 13.9% 3.3% 48.9% 64.4% (1.1%) 23.4% (2.5%) 45.8% -
5 Year - 21.0% - - - - - 9.1% 89.0% 65.4% 1.5% 9.4% (30.0%) 25.8% -
EBITDA Margin LTM 23.3% 30.5% - - - - (7.5%) 39.9% 14.7% 36.0% 29.2% 29.1% 15.1% 4.6% 6.2%
CY+1 50.9% 44.7% - - - - 10.0% 40.7% 18.9% 33.3% 35.6% 32.9% 19.2% 6.1% 10.0%
CY+2 53.1% 45.4% - - - - 15.8% 41.2% 19.6% 33.3% 35.9% 33.3% 19.6% 6.9% 11.3%
Leverage/Coverage Ratios
Total Debt / Equity % 20.0% 7.7% - - - - 0.0% 18.0% 36.0% 0.0% 0.0% 21.7% 5.0% 51.5% 0.0%
Total Debt / Capital % 16.7% 7.2% - - - - 0.0% 15.3% 25.2% 0.0% 0.0% 17.8% 4.7% 34.0% 0.0%
Total Debt / EBITDA 1.985x 0.353x - - - - - 0.487x 1.447x 0.000x 0.000x 1.105x 0.321x 1.488x 0.000x
Net Debt / EBITDA -6.125x -2.807x - - - - - -1.859x -0.424x -2.314x -4.133x -1.195x -1.093x -2.551x -8.416x
EBITDA / Int. Expense 23.275x 187.167x - - - - - 81.376x 50.928x - - 64.889x - 30.815x -
Credit Ratings
S&P LT Credit Rating - AA - - - - - AAA BB+ NR NR A - AA- -
S&P LT Credit Rating Date - 19.11.2012 - - - - - 22.09.2008 17.12.2012 16.04.2004 18.04.2008 02.03.2010 - 26.11.2012 -
Moody's LT Credit Rating - Aa2 - - - - - Aaa Ba3 WR - A2 - Baa1 -
Moody's LT Credit Rating Date - 16.05.2011 - - - - - 11.05.2009 21.08.2008 31.03.2004 - 21.10.2010 - 26.11.2012 -
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