METALAC - AII Data Processing

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May 14, 2013 Metalac - Serbia - Manufacturing Semi-annual update ØFX EURRSD 103.04 101.95 113.04 Cash Flow Statement (m RSD) 2010 Inflows from Operating Activities 5,184 114% 5,770 112% 7,165 113% Growth - - 11% - 24% - Sale and Received Payments in Advance 5,009 110% 5,589 108% 6,933 110% Growth - - 3% - 28% - Outflows from Operating Activities 4,712 103% 5,342 103% 6,634 105% Growth - - 13% - 24% - Outflows to Suppliers and Payments in Advance 3,376 74% 3,896 75% 4,856 77% Growth - - 15% - 25% - Salaries and other Labor Costs 926 20% 1,066 21% 1,299 21% CFO 473 10% 428 8% 530 8% Growth - - -10% - 24% - Inflows from Investing Activities 29 1% 476 9% 30 0% Property Sale 1 0% 0 0% 0 0% Outflows from Investing Activities 528 12% 208 4% 482 8% Property Purchase 66 1% 208 4% 476 8% CFI -499 -11% 268 5% -452 -7% Inflows from Financing Activities 6 0% 0 0% 170 3% Long and Short-term Loans (net inflows) 0 0% 0 0% 170 3% Outflows from Financing Activities 272 6% 329 6% 253 4% Long and Short-term loans and other liabilities (net outflows) Com. Size 2011 Com. Size 2012 Com. Size 116 3% 139 3% 0 0% CFF -266 -6% -329 -6% -82 -1% NET INFLOWS/OUTFLOWS -292 -6% 367 7% -4 0% Growth - - - - - - Source: Sinteza Research, Metalac MAIN INDICATORS 2010 2011 2012 LIQUIDITY Current Ratio 2.30 2.03 2.44 Quick Ratio 1.45 1.23 1.40 Cash Ratio 0.22 0.37 0.39 SOLVENCY Debt-to-Equity 0.36 0.29 0.31 Debt-to-Capital 0.26 0.23 0.24 Debt-to-Assets 0.22 0.19 0.19 Financial Leverage 1.61 1.58 1.64 PROFITABILITY EBITDA Margin 17.7% 15.3% 15.8% EBIT Margin 13.1% 11.4% 12.1% Profit Margin 10.2% 9.8% 9.4% Operating Return on Assets – ttm 21.4% 10.1% 12.1% Return on Assets (ROA) – ttm 8.3% 8.7% 9.4% Return on Equity (ROE) – ttm 13.4% 14.0% 15.1% Return on Capital (ROTC) – ttm 25.4% 12.2% 15.0% Cash Return on Assets (CFROA) – ttm 8.4% 7.5% 8.5% SINTEZA INVEST GROUP | MTLC 2012 8
May 14, 2013 Metalac - Serbia - Manufacturing Semi-annual update Cash Return on Equity (CFROE) – ttm 13.6% 11.9% 13.7% Source: Sinteza Research, Metalac Shareholding Structure Metalac has one of the best diversified structures amongst all companies listed on the BSE. The management owns totally of 28.4% of all outstanding shares. From all management, only two people have more than 5%. The first one has 7.6% while the second has just over 5% stake in total equity. The largest single shareholder is Erste bank custody account with 13.9%, while solid stake has also Raiffeisenbank and UniCredit bank custody accounts with 7.3% and 6.3% stake respectively. Trading Metalac belongs to the Belex15 index basket and is listed on the standard listing, which is second ranked market by quality. For 2012, the gross dividend is already adopted and amount RSD 140 per share. The dividend day is GM and was held at 26 April 2013. Better than expected results as well as expected dividend payment lifted the share price lately, but after the dividend day, the stock contracted on usual basis – for similar percent as a dividend yield. This was more or less expected. Metalac is now one of the most undervalued stocks and we expect it to continue its growth on a long term as there is no major critical risk in this paper as its sales constantly growing, the debt is small and liquidity is at quite satisfied level. Also, the company covers large number of markets and well diversified its product and market portfolio. MAIN STOCK INDICATORS 2010 2011 2012 10-May-13 Price 2,148 1,600 1,740 2,250 Face Value 400 400 400 400 Book Value per Share (BVPS) 3,413 3,634 3,949 3,949 Basic Earnings per Share (EPS) - ttm 455.9 492.0 574.0 574.0 Dividend per Share (DVPS) 110.0 130.0 140.0 140.0 Dividend Yield 5.1% 8.1% 8.0% 6.2% Price-to-Earnings 4.71 3.25 3.03 3.92 Price-to-EBITDA 2.70 2.09 1.79 2.32 Price-to-Book 0.63 0.44 0.44 0.57 Price-to-Sales 0.48 0.32 0.28 0.37 Market Cap (in m RSD) 2,191 1,632 1,775 2,295 Enterprise Value (m RSD) 3,100 2,025 2,335 2,856 Enterprise Value-to-EBITDA 3.82 2.59 2.36 2.88 Enterprise Value-to-EBIT 5.17 3.49 3.09 3.78 Source: Sinteza Research Free Float 71.6% Management 18.1% Related Parties to Management 10.3% SINTEZA INVEST GROUP | MTLC 2012 9
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