Rofin-Sinar

Rofin-Sinar EGGERT KULS, + 49 40 309537 - 256
09/2009 09/2010 09/2011 09/2012e 09/2013e 09/2014e
Income statement (in $ m)
Sales 349.6 423.6 597.8 555.9 594.8 654.3
Cost of goods -217.5 -257.3 -365.7 -347.4 -364.8 -394.0
Gross profit 132.0 166.3 232.1 208.5 230.1 260.4
SG&A expenses -88.9 -89.9 -107.5 -107.0 -111.3 -121.3
R&D expenses -31.5 -30.1 -38.3 -41.8 -43.9 -46.9
Other oper. income/expenses 6.6 1.9 3.5 0.0 0.0 0.0
EBITDA 21.1 55.9 99.7 74.4 90.0 107.8
Goodwill amortisation -3.6 -2.3 -2.6 -2.4 -2.4 -2.4
Depreciation -13.0 -11.6 -13.0 -17.0 -17.5 -18.0
EBIT 8.1 43.9 83.7 57.4 72.5 89.8
Operating profit (company definition) 8.1 43.9 83.7 57.4 72.5 89.8
Financial income --- --- --- --- --- ---
Pre-tax profit 14.4 45.3 86.1 56.5 71.5 88.7
Income taxes -5.2 -15.4 -26.1 -18.6 -22.9 -27.9
(Tax rate in %) 36.2 34.1 31.0 33.0 32.0 31.5
Net income 8.8 29.2 59.0 36.9 47.6 59.6
Net income after minorities 8.8 29.2 59.0 36.9 47.6 59.6
EPS ord. 0.32 1.04 2.06 1.31 1.68 2.09
Growth (in %) CAGR (09/14)
Sales 13.4 % -39.2 21.2 41.1 -7.0 7.0 10.0
EBITDA 38.6 % -81.3 165.3 78.2 -25.4 21.1 19.7
EBIT 61.8 % -91.6 443.7 90.4 -31.4 26.5 23.7
Net income
Cost ratios (in % of sales)
46.5 % -86.7 230.9 102.0 -37.4 29.0 25.2
Cost of goods / sales 62.2 60.7 61.2 62.5 61.3 60.2
SG&A / sales 25.4 21.2 18.0 19.2 18.7 18.5
R&D / sales
Cash flow (in $ m)
9.0 7.1 6.4 7.5 7.4 7.2
Gross cash flow 18.1 40.9 73.7 55.4 66.8 79.5
Operating cash flow 65.5 17.4 38.8 60.1 65.6 61.2
Cash flow from investing activities -20.1 -8.6 -21.8 -45.0 -16.0 -18.0
Free cash flow 45.4 8.8 17.0 15.1 49.6 43.2
Cash earnings
Productivity (in $ ts.)
21.8 40.8 72.0 53.9 65.1 77.6
Sales / employee 233.1 282.4 398.5 370.6 396.6 436.2
Personnel expense / employee --- --- --- --- --- ---
EBIT / employee
Returns (in %)
5.4 29.3 55.8 38.2 48.4 59.8
EBITDA / sales 6.0 13.2 16.7 13.4 15.1 16.5
EBIT / sales 2.3 10.4 14.0 10.3 12.2 13.7
Pre-tax profit / sales 4.1 10.7 14.4 10.2 12.0 13.5
Net income / sales 2.5 6.9 9.9 6.6 8.0 9.1
Return on equity 2.1 7.0 12.3 7.3 8.7 9.9
Return on total capital 1.6 5.2 9.0 5.4 6.5 7.5
ROCE
Balance sheet (in $ m)
1.8 10.0 16.7 10.8 12.7 14.3
Property, plant and equipment 55.7 52.7 65.6 73.0 77.0 79.0
Goodwill 93.8 0.0 0.0 0.0 0.0 0.0
Working capital 202.7 226.2 281.2 276.5 277.7 296.0
Current assets 354.9 387.4 467.3 467.8 509.8 565.0
Capital employed (CE) 453.1 438.5 501.5 531.7 572.8 625.9
Equity 421.7 417.8 478.6 508.8 549.9 603.0
Equity ratio in % 78.2 74.9 73.2 74.7 75.4 75.9
Net financial debt (+), liquidity (-) -87.6 -95.7 -107.5 -114.0 -154.0 -186.2
Total net debt (+), liquidity (-) -87.6 -95.7 -107.5 -95.5 -135.0 -166.2
Gearing in % -20.8 -22.9 -22.5 -22.4 -28.0 -30.9
Price ord. on 3 May 2012: $ 23.12
Valuation
EPS ord. ($) 0.32 1.04 2.06 1.31 1.68 2.09
CFPS ($) 0.75 1.42 2.46 1.84 2.22 2.65
Number of shares ord., (m) 28.9 28.8 29.3 29.3 29.3 29.3
P/E ord. 63.8 21.9 15.7 17.6 13.8 11.0
P/CF 26.8 16.0 13.2 12.6 10.4 8.7
EV / Sales 1.42 1.32 1.41 1.01 0.88 0.75
EV / EBITDA 23.6 10.0 8.5 7.6 5.8 4.6
EV / EBIT 61.5 12.7 10.1 9.8 7.2 5.5
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WARBURG RESEARCH GMBH – MAY 2012 PAGE 2