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<strong>Rofin</strong>-Sinar<br />
Valuation<br />
2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e<br />
Price / Book 2.3 x 1.4 x 1.6 x 2.0 x 1.0 x 0.9 x 0.9 x<br />
Book value per share ex intangibles 9.82 10.73 10.75 12.76 12.62 13.52 14.97<br />
EV / Sales 1.6 x 1.5 x 1.4 x 1.4 x 0.8 x 0.7 x 0.6 x<br />
EV / EBITDA 7.5 x 24.9 x 10.6 x 8.9 x 7.2 x 5.4 x 4.2 x<br />
EV / EBIT 9.3 x 65.0 x 13.4 x 10.2 x 9.4 x 6.7 x 5.1 x<br />
EV / EBIT adj.* 9.3 x 65.0 x 13.4 x 10.2 x 9.4 x 6.7 x 5.1 x<br />
P / FCF 51.6 x 12.4 x 23.5 x 33.4 x n.a. n.a. n.a.<br />
P / E 14.6 x 63.9 x 21.9 x 15.7 x 15.5 x 12.6 x 9.9 x<br />
P / E adj.* n.a. n.a. n.a. n.a. n.a. n.a. n.a.<br />
Dividend Yield 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %<br />
Free Cash Flow Yield Potential 8.4 % 3.3 % 6.1 % 7.6 % 8.3 % 11.6 % 15.0 %<br />
*Adjustments made for: -<br />
C O M M E N T Published 03.08.2012 5
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