Rofin-Sinar

Rofin-Sinar EGGERT KULS, + 49 40 309537 - 256
09/2007 09/2008 09/2009 09/2010 09/2011e 09/2012e
Income statement (in $ m)
Sales 479.7 575.3 349.6 423.6 567.6 607.3
Cost of goods -276.4 -327.3 -217.5 -257.3 -333.2 -353.2
Gross profit 203.3 248.0 132.0 166.3 234.4 254.1
SG&A expenses -86.5 -103.8 -88.9 -89.9 -105.2 -109.4
R&D expenses -27.8 -41.1 -31.5 -30.1 -35.7 -37.1
Other oper. income/expenses 3.5 1.2 6.6 1.9 1.8 1.5
EBITDA 95.7 112.7 21.1 55.9 106.9 122.0
Goodwill amortisation -4.3 -6.8 -3.6 -2.3 -2.6 -2.6
Depreciation -11.0 -16.4 -13.0 -12.0 -16.0 -17.0
EBIT 84.7 96.3 8.1 43.9 90.9 105.0
Operating profit (company definition) 84.7 96.3 8.1 43.9 90.9 105.0
Financial income --- --- --- --- --- ---
Pre-tax profit 87.1 98.7 14.4 45.3 91.8 105.4
Income taxes -31.8 -33.5 -5.2 -15.4 -31.2 -35.8
(Tax rate in %) 36.5 33.9 36.2 34.1 34.0 34.0
Net income 54.2 66.4 8.8 29.2 59.6 68.5
Net income after minorities 54.2 66.4 8.8 29.2 59.6 68.5
EPS ord. 1.74 2.14 0.32 1.04 2.14 2.46
Growth (in %) CAGR (07/12)
Sales 4.8 % 14.0 19.9 -39.2 21.2 34.0 7.0
EBITDA 5.0 % 15.4 17.8 -81.3 165.3 91.1 14.1
EBIT 4.4 % 14.7 13.7 -91.6 443.7 106.9 15.5
Net income
Cost ratios (in % of sales)
4.8 % 11.1 22.7 -86.7 230.9 104.1 14.9
Cost of goods / sales 57.6 56.9 62.2 60.7 58.7 58.2
SG&A / sales 18.0 18.0 25.4 21.2 18.5 18.0
R&D / sales
Cash flow (in $ m)
5.8 7.1 9.0 7.1 6.3 6.1
Gross cash flow 64.7 80.0 18.1 40.9 76.0 86.3
Operating cash flow 43.9 51.3 65.5 17.4 61.2 77.3
Cash flow from investing activities -14.3 -44.6 -20.1 -8.6 -25.0 -15.0
Free cash flow 29.6 6.7 45.4 8.8 36.2 62.3
Cash earnings
Productivity (in $ ts.)
65.1 82.8 21.8 41.2 75.6 85.5
Sales / employee 342.6 396.7 233.1 282.4 378.4 404.9
Personnel expense / employee --- --- --- --- --- ---
EBIT / employee
Returns (in %)
60.5 66.4 5.4 29.3 60.6 70.0
EBITDA / sales 19.9 19.6 6.0 13.2 18.8 20.1
EBIT / sales 17.7 16.7 2.3 10.4 16.0 17.3
Pre-tax profit / sales 18.2 17.2 4.1 10.7 16.2 17.4
Net income / sales 11.3 11.5 2.5 6.9 10.5 11.3
Return on equity 12.1 16.5 2.1 7.0 12.7 12.9
Return on total capital 8.6 11.4 1.6 5.2 9.5 9.8
ROCE
Balance sheet (in $ m)
17.3 20.5 1.8 10.0 18.3 18.8
Property, plant and equipment 43.8 56.2 55.7 52.7 54.0 56.0
Goodwill 0.0 0.0 93.8 0.0 89.0 87.7
Working capital 221.3 250.0 202.7 226.2 261.0 270.0
Current assets 487.2 406.4 354.9 387.4 452.1 518.8
Capital employed (CE) 489.5 468.9 453.1 438.5 496.0 558.0
Equity 448.9 402.3 421.7 417.8 470.6 532.6
Equity ratio in % 71.7 68.9 78.2 74.9 75.2 76.6
Net financial debt (+), liquidity (-) -187.6 -49.8 -87.6 -95.7 -120.7 -176.4
Total net debt (+), liquidity (-) -187.6 -49.8 -87.6 -95.7 -102.6 -157.9
Gearing in % -41.8 -12.4 -20.8 -22.9 -25.6 -33.1
Price ord. on 3 February 2011: $ 39.75
Valuation
EPS ord. ($) 1.74 2.14 0.32 1.04 2.14 2.46
CFPS ($) 2.05 2.72 0.75 1.43 2.67 3.02
Number of shares ord., (m) 31.8 30.4 28.9 28.8 28.3 28.3
P/E ord. 18.5 18.2 63.8 21.9 18.6 16.2
P/CF 15.7 14.3 26.8 15.9 14.9 13.2
EV / Sales 1.74 1.98 1.42 1.32 1.77 1.56
EV / EBITDA 8.7 10.1 23.6 10.0 9.4 7.8
EV / EBIT 9.9 11.8 61.5 12.7 11.0 9.0
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WARBURG RESEARCH GMBH – FEBRUARY 2011 PAGE 2