Financial Analysis - LinkedIn Corporation operates a social networking website used for professional networking. The Company's website allows members to post a profile of their professional expertise and accomplishments

1. 04.03.2013
Company Analysis - Overview
Ticker: lnkd un LinkedIn Corp Benchmark: LinkedIn Corporation operates a social networking website used for professional
New York: LNKD, Currency: USD S&P 500 INDEX (SPX) networking. The Company's website allows members to post a profile of their
Currency:
professional expertise and accomplishments. LinkedIn allows members to be
introduced to potential clients, service providers, and subject experts.
Sector: Information Technology Industry: Internet Software & Services Year:
Telephone 1-650-687-3600 Revenue (M) 972 Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website www.linkedin.com No of Employees 3'458 Hiring Solutions 524 United States 619
Address 2029 Stierlin Court Mountain View, CA 94043 United States Marketing Solutions 258 EMEA 217
Share Price Performance in USD Premium Subscriptions 190 APAC 69
Price 173.39 1M Return 40.6% Other Americas 66
52 Week High 173.78 6M Return 61.5% All Other Countries
52 Week Low 84.10 52 Wk Return 98.2%
52 Wk Beta 1.33 YTD Return 51.0%
Credit Ratings
Bloomberg IG4 7%
S&P - Date - Outlook - 20% 7%
Moody's - Date - Outlook -
Fitch - Date - Outlook -
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E 22%
P/E - - 572.8x 604.3x 130.2x 84.0x 56.2x 53%
EV/EBIT - - 218.7x 208.3x - - -
EV/EBITDA - - 82.0x 86.6x 53.4x 34.6x 23.4x 64%
27%
P/S - - 9.3x 12.4x 12.5x 8.9x 6.9x
P/B - - 10.2x 13.9x 18.7x 15.3x 12.8x
Div Yield - - 0.0% 0.0% 0.0% 0.0% 0.0%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 78.5 81.6 84.4 87.1 87.3 87.4 87.6 Hiring Solutions
EBITDA Margin 7.1 16.1 13.2 14.1 22.5 24.7 28.3 United States EMEA
Operating Margin -2.8 8.1 4.9 5.8 7.6 12.0 16.0
Marketing Solutions
Profit Margin -3.3 6.3 2.3 2.2 10.5 11.8 13.4
Return on Assets -2.9 8.0 2.1 1.9 7.1 10.3 14.8
APAC Other Americas
Return on Equity - - 3.7 2.8 10.3 15.7 20.8 Premium Subscriptions
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 2.5 1.6 3.2 2.5 Current Capitalization in USD
Quick Ratio 2.3 1.4 3.0 2.3 Common Shares Outstanding (M) 109.7
EBIT/Interest - - - - Market Capitalization (M) 18635.9
Tot Debt/Capital 0.0 0.0 0.0 0.0 Cash and ST Investments (M) 749.5
Tot Debt/Equity 0.0 0.0 0.0 0.0 Total Debt (M) 0.0
Eff Tax Rate % - 18.9 48.1 62.2 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M) 17886.3
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Company Analysis - Analysts Ratings
LinkedIn Corp
Target price in USD
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
200 250
100% 5% 4% 4% 0% 0% 0% 0% 0% 0% 0% 0% 0%
180
35% 160 200
80% 42% 39% 39% 40% 39% 39% 41%
38% 44% 40% 48%
140
150
60% 120
100 100
40% 80
61% 61% 60%
65% 61% 61% 59% 60 50
57% 56% 58%
52% 52%
20% 40
0
20
Telsey Advisory
Morgan Stanley
Genuity Corp
Barclays
Fitzgerald
Lazard Capital
BMO Capital
Piper Jaffray
Daiwa Securities
Raymond James
Securities (USA)
Evercore
Macquarie
Sterne, Agee &
Partners LLC
Securities Inc
JPMorgan
Cowen and
Securities
Financial Group
Needham & Co
EVA Dimensions
IPOfinancial.com
Robinson
Argus Research
Goldman Sachs
Jefferies
William Blair &
Wedge Partners
Wunderlich
Wedbush
SunTrust
Montrose
Partners
Securities
Company
Credit Agricole
Susquehanna
Canaccord
Cantor
Northland
Avondale
Markets
Markets
0% 0
Co. Ltd.
Leach
Group
Corp
Co
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 52% 48% 0% 4-Mar-13 173.39 158.42 Cantor Fitzgerald YOUSSEF H SQUALI hold 143.00 1-Mar-13
31-Jan-13 59% 41% 0% 1-Mar-13 170.46 158.42 Wunderlich Securities BLAKE T HARPER buy 195.00 27-Feb-13
31-Dec-12 61% 39% 0% 28-Feb-13 168.18 158.42 Evercore Partners KEN SENA overweight 200.00 27-Feb-13
30-Nov-12 61% 39% 0% 27-Feb-13 168.55 158.42 Morgan Stanley SCOTT W DEVITT Overwt/Attractive 180.00 26-Feb-13
31-Oct-12 65% 35% 0% 26-Feb-13 157.77 156.32 SunTrust Robinson Humphrey SO YOUNG LEE buy 150.00 21-Feb-13
28-Sep-12 60% 40% 0% 25-Feb-13 156.05 156.32 Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 165.00 19-Feb-13
31-Aug-12 61% 39% 0% 22-Feb-13 160.44 156.32 Canaccord Genuity Corp MICHAEL GRAHAM buy 150.00 18-Feb-13
31-Jul-12 61% 39% 0% 21-Feb-13 157.36 156.32 Argus Research Corp JOSEPH F BONNER hold 11-Feb-13
29-Jun-12 58% 42% 0% 20-Feb-13 158.09 156.32 Avondale Partners LLC RANDLE G REECE market outperform 180.00 11-Feb-13
31-May-12 56% 40% 4% 19-Feb-13 160.76 155.53 Northland Securities Inc BILL SUTHERLAND market perform 145.00 11-Feb-13
30-Apr-12 52% 44% 4% 18-Feb-13 162.66 153.00 Telsey Advisory Group THOMAS FORTE no rating system 165.00 10-Feb-13
30-Mar-12 57% 38% 5% 15-Feb-13 162.66 153.00 BMO Capital Markets DANIEL SALMON market perform 130.00 8-Feb-13
14-Feb-13 161.34 153.00 JPMorgan DOUGLAS ANMUTH overweight 163.00 8-Feb-13
13-Feb-13 157.71 153.00 Jefferies BRIAN J PITZ buy 175.00 8-Feb-13
12-Feb-13 155.00 153.00 Needham & Co KERRY RICE hold 8-Feb-13
11-Feb-13 155.41 153.00 Wedbush MICHAEL PACHTER neutral 140.00 8-Feb-13
8-Feb-13 150.48 151.42 Raymond James AARON M KESSLER market perform 8-Feb-13
7-Feb-13 124.09 134.72 Macquarie THOMAS WHITE outperform 160.00 8-Feb-13
6-Feb-13 125.77 133.71 Sterne, Agee & Leach ARVIND BHATIA neutral 8-Feb-13
5-Feb-13 124.45 133.31 Cowen and Company JOHN BLACKLEDGE neutral 8-Feb-13
4-Feb-13 123.30 133.31 Lazard Capital Markets WILLIAM BIRD neutral 8-Feb-13
1-Feb-13 123.82 135.00 Susquehanna Financial Group DEEPAK MATHIVANAN Positive 155.00 8-Feb-13
31-Jan-13 123.79 135.00 Piper Jaffray EUGENE E MUNSTER overweight 176.00 8-Feb-13
30-Jan-13 123.46 135.00 Credit Agricole Securities (USA) JAMES LEE buy 161.00 8-Feb-13
29-Jan-13 124.53 135.00 Barclays MARK MAY equalweight 135.00 8-Feb-13
28-Jan-13 127.20 135.00 Wedge Partners MARTIN PYYKKONEN no rating system 8-Feb-13
25-Jan-13 123.78 135.00 William Blair & Co TIMOTHY J MCHUGH market perform 7-Feb-13
24-Jan-13 121.22 135.00 EVA Dimensions ANDREW S ZAMFOTIS hold 15-Jan-13
23-Jan-13 120.26 135.00 Goldman Sachs HEATH P TERRY buy/attractive 157.00 3-Aug-12
22-Jan-13 119.29 135.00 IPOfinancial.com TEAM COVERAGE buy 17-Feb-12
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 04.03.2013
LinkedIn Corp
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
1%
2%
Shares Outstanding (M) 109.7 United States 93.97%
1% 1%0% 0%
Float 98.5% Britain 1.34% 1% 1%
Short Interest (M) 4.5 Canada 0.99% 1%
Short Interest as % of Float 4.17% Japan 0.86%
Days to Cover Shorts 1.13 Unknown Country 0.75%
Institutional Ownership 101.52% Switzerland 0.44%
Retail Ownership -2.28% Luxembourg 0.44%
Insider Ownership 0.76% Others 1.20%
Institutional Ownership Distribution
97% 95%
Investment Advisor 87.38%
Hedge Fund Manager 8.60%
Pension Fund (Erisa) 0.97%
United States Britain Canada
Institutional Ownership Retail Ownership Insider Ownership Individual 0.75%
Japan Unknown Country Switzerland
Pricing data is in USD Others 2.32% Luxembourg Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
T ROWE PRICE ASSOCIA 7'833'170 1'466'654 1'358'193'346 8.75% 31.12.2012 13F UNITED STATES 1% 2%
1%
JENNISON ASSOCIATES 7'705'593 82'273 1'336'072'770 8.61% 31.12.2012 13F UNITED STATES
FMR LLC 5'083'134 2'948'557 881'364'604 5.68% 31.12.2012 ULT-AGG UNITED STATES 9%
MORGAN STANLEY 4'016'541 -434'658 696'428'044 4.49% 31.12.2012 ULT-AGG UNITED STATES
AMERIPRISE FINANCIAL 3'998'973 175'610 693'381'928 4.47% 31.12.2012 13F UNITED STATES
JP MORGAN 3'703'400 981'364 642'132'526 4.14% 31.12.2012 ULT-AGG
VANGUARD GROUP INC 3'578'026 720'002 620'393'928 4.00% 31.12.2012 13F UNITED STATES
WELLINGTON MANAGEMEN 3'413'977 727'331 591'949'472 3.81% 31.12.2012 13F UNITED STATES
CAPITAL GROUP COMPAN 2'544'120 20'000 441'124'967 2.84% 31.12.2012 ULT-AGG UNITED STATES
BLACKROCK 2'427'438 132'541 420'893'475 2.71% 28.02.2013 ULT-AGG UNITED STATES 87%
HARBOR CAPITAL ADVIS 2'381'116 10'273 412'861'703 2.66% 31.12.2012 MF-AGG UNITED STATES
ALLIANCE BERNSTEIN 1'721'263 965'169 298'449'792 1.92% 31.12.2012 ULT-AGG UNITED STATES
ARTISAN PARTNERS HOL 1'598'200 259'900 277'111'898 1.79% 31.12.2012 13F UNITED STATES
AMERICAN CENTURY COM 1'444'680 291'230 250'493'065 1.61% 31.12.2012 13F UNITED STATES Investment Advisor Hedge Fund Manager Pension Fund (Erisa)
Individual Others
MANAGED ACCOUNT ADVI 1'407'827 -237'663 244'103'124 1.57% 31.12.2012 13F UNITED STATES
WELLS FARGO 1'312'350 640'126 227'548'367 1.47% 31.12.2012 ULT-AGG
FRANKLIN RESOURCES 1'277'750 581'660 221'549'073 1.43% 31.12.2012 ULT-AGG UNITED STATES
STATE STREET 1'072'678 68'511 185'991'638 1.20% 01.03.2013 ULT-AGG UNITED STATES
GILDER GAGNON HOWE 1'047'375 -133'817 181'604'351 1.17% 31.12.2012 13F UNITED STATES
NEUBERGER BERMAN LLC 1'014'523 -983'863 175'908'143 1.13% 31.12.2012 13F UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
SZE DAVID 409'557 -15'937 71'013'088 0.46% 19.02.2013 Form 4
WEINER JEFFREY 85'770 -3'303 14'871'660 0.10% 19.02.2013 Form 4
SORDELLO STEVEN J 41'268 -1'211 7'155'459 0.05% 19.02.2013 Form 4
NISHAR DIPCHAND 37'620 -12'500 6'522'932 0.04% 20.02.2013 Form 4
HENKE DAVID 35'758 6'200'080 0.04% 05.02.2013 Form 4
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Company Analysis - Financials I/IV
LinkedIn Corp
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 32 79 120 243 522 972 1'491 2'088 2'702
- Cost of Goods Sold 7 19 26 45 81 126
Gross Income 25 60 94 198 441 847 1'302 1'826 2'367
- Selling, General & Admin Expenses 26 66 98 179 415 790
(Research & Dev Costs) 12 29 39 65 132 257
Operating Income -0 -6 -3 20 26 57 114 250 433
- Interest Expense 0 0 0 0 0 0
- Foreign Exchange Losses (Gains) 0 0 0 0 0 0
- Net Non-Operating Losses (Gains) -1 -1 -0 1 3 -0
Pretax Income 0 -4 -3 19 23 57 176 324 521
- Income Tax Expense 0 0 1 4 11 36
Income Before XO Items 0 -5 -4 15 12 22
- Extraordinary Loss Net of Tax 0 0 0 0 0 0
- Minority Interests 0 0 0 0 0 0
Diluted EPS Before XO Items 0.00 (0.11) (0.10) 0.07 0.11 0.19
Net Income Adjusted* 7 28 156 247 361
EPS Adjusted 0.06 0.25 1.33 2.06 3.08
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 0.00 0.00 0.00
Total Shares Outstanding 42 42 43 101 110
Diluted Shares Outstanding 39 42 41 46 104 113
EBITDA 2 1 8 39 69 137 335 517 765
*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 99.211 121.158 172.206 725.927 1018.797
+ Cash & Near Cash Items 80 90 93 339 270
+ Short Term Investments 0 0 0 238 479
+ Accounts & Notes Receivable 15 24 58 111 204
+ Inventories 0 0 0 0 0
+ Other Current Assets 4 7 21 37 66
Total Long-Term Assets 23 27 66 148 364
+ Long Term Investments 0 0 0
Gross Fixed Assets 31 47 95 192 328
Accumulated Depreciation 9 21 38 77 142
+ Net Fixed Assets 22 26 57 115 187
+ Other Long Term Assets 1 2 9 33 177
Total Current Liabilities 28 49 105 227 415
+ Accounts Payable 3 5 2 28 54
+ Short Term Borrowings 0 0 0 0 0
+ Other Short Term Liabilities 25 44 103 198 362
Total Long Term Liabilities 1 2 8 22 59
+ Long Term Borrowings 0 1 2 0 0
+ Other Long Term Borrowings 1 2 7 22 59
Total Liabilities 29 51 114 249 474
+ Long Preferred Equity 103 103 104 0
+ Minority Interest 0 0 0 0
+ Share Capital & APIC 6 14 25 618 879
+ Retained Earnings & Other Equity -16 -20 -5 7 29
Total Shareholders Equity 93 97 124 625 908
Total Liabilities & Equity 122 149 238 874 1'382
Book Value Per Share -0.24 -0.15 0.47 6.16 8.28 9.28 11.31 13.50
Tangible Book Value Per Share -0.26 -0.16 0.35 5.96 6.93
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 0 -5 -4 15 12 22 38 108 250
+ Depreciation & Amortization 2 6 12 20 43 80
+ Other Non-Cash Adjustments 2 5 7 11 31 51
+ Changes in Non-Cash Capital 3 2 7 9 47 114
Cash From Operating Activities 8 9 21 54 133 267
+ Disposal of Fixed Assets 0 0
+ Capital Expenditures -8 -20 -13 -50 -89 -125 -183 -216 -256
+ Increase in Investments -251 -444
+ Decrease in Investments 12 199
+ Other Investing Activities -1 0 -6 -10 -62
Cash From Investing Activities -8 -20 -13 -56 -338 -433
+ Dividends Paid 0 0
+ Change in Short Term Borrowings 0 0
+ Increase in Long Term Borrowings 0 0
+ Decrease in Long Term Borrowings 0 0
+ Increase in Capital Stocks 15 78 2 5 269 97
+ Decrease in Capital Stocks -0 -4 -1 -0 -0 -0
+ Other Financing Activities -0 -0 0 -0 183 0
Cash From Financing Activities 14 74 1 4 451 97
Net Changes in Cash 14 63 9 3 246 -69
Free Cash Flow (CFO-CAPEX) -0 -10 8 4 44 142 164 241 326
Free Cash Flow To Firm -0 4 44 142
Free Cash Flow To Equity
Free Cash Flow per Share -0.01 -0.25 0.20 0.10 0.58 1.35
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 572.8x 604.3x 130.2x 84.0x 56.2x
EV to EBIT 218.7x 208.3x
EV to EBITDA 82.0x 86.6x 53.4x 34.6x 23.4x
Price to Sales 9.3x 12.4x 12.5x 8.9x 6.9x
Price to Book 10.2x 13.9x 18.7x 15.3x 12.8x
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0%
Profitability Ratios
Gross Margin 77.3% 76.4% 78.5% 81.6% 84.4% 87.1% 87.3% 87.4% 87.6%
EBITDA Margin 5.2% 1.1% 7.1% 16.1% 13.2% 14.1% 22.5% 24.7% 28.3%
Operating Margin -1.3% -7.0% -2.8% 8.1% 4.9% 5.8% 7.6% 12.0% 16.0%
Profit Margin 1.0% -5.7% -3.3% 6.3% 2.3% 2.2% 10.5% 11.8% 13.4%
Return on Assets -2.9% 8.0% 2.1% 1.9% 7.1% 10.3% 14.8%
Return on Equity 3.7% 2.8% 10.3% 15.7% 20.8%
Leverage & Coverage Ratios
Current Ratio 3.58 2.46 1.63 3.20 2.45
Quick Ratio 3.44 2.32 1.43 3.04 2.29
Interest Coverage Ratio (EBIT/I) -36.00
Tot Debt/Capital 0.00 0.01 0.01 0.00 0.00
Tot Debt/Equity 0.00 0.01 0.01 0.00 0.00
Others
Asset Turnover 0.89 1.26 0.94 0.86
Accounts Receivable Turnover 6.11 5.89 6.16 6.17
Accounts Payable Turnover 6.96 12.84 5.38 3.07
Inventory Turnover
Effective Tax Rate 3.8% 18.9% 48.1% 62.2%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. Company Analysis - Peers Comparision
MONSTER
LINKEDIN CORP-A FACEBOOK INC-A GOOGLE INC-CL A YAHOO! INC EBAY INC AMAZON.COM INC YELP INC GROUPON INC ZYNGA INC- CL A
WORLDWID
Latest Fiscal Year: 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012
52-Week High 173.78 45.00 10.40 814.47 22.62 57.27 284.72 31.96 19.21 14.48
52-Week High Date 04.03.2013 18.05.2012 26.03.2012 04.03.2013 04.03.2013 01.02.2013 25.01.2013 28.03.2012 05.03.2012 21.03.2012
52-Week Low 84.10 17.55 4.94 556.52 14.35 34.83 178.04 14.10 2.60 2.09
52-Week Low Date 06.03.2012 04.09.2012 04.03.2013 14.06.2012 06.03.2012 06.03.2012 06.03.2012 04.06.2012 12.11.2012 09.11.2012
Daily Volume 166'440 12'825'634 442'852 887'636 10'465'454 2'539'774 732'834 201'086 11'541'690 15'699'751
Current Price (3/dd/yy) 173.39 27.55 4.96 813.54 22.36 54.59 268.84 22.68 5.24 3.55
52-Week High % Change -0.2% -38.8% -52.3% -0.1% -1.2% -4.7% -5.6% -29.0% -72.7% -75.5%
52-Week Low % Change 106.2% 57.0% 0.4% 46.2% 55.8% 56.7% 51.0% 60.9% 101.5% 69.9%
Total Common Shares (M) 109.7 2'372.0 111.1 330.0 1'182.7 1'294.0 454.0 63.5 656.9 779.3
Market Capitalization 18'637.7 65'627.8 579.5 269'393.6 26'439.6 70'776.6 122'201.5 1'435.6 3'436.0 2'788.5
Total Debt - 2'356.0 164.2 5'537.0 - 4'519.0 4'218.0 - - 100.0
Preferred Stock - - - - - - - - - -
Minority Interest - - - - 45.4 - - - (1.9) -
Cash and Equivalents 749.5 9'626.0 148.2 49'557.0 6'022.4 9'408.0 11'448.0 95.1 1'209.3 1'652.3
Enterprise Value 17'888.1 58'357.8 595.6 225'373.5 20'462.6 65'887.6 114'971.5 1'340.5 2'224.7 1'236.2
Valuation
Total Revenue LFY 972.3 5'089.0 890.4 50'175.0 4'986.6 14'072.0 61'093.0 137.6 2'334.5 1'281.3
LTM 972.3 5'089.0 916.0 51'379.0 4'986.6 14'071.0 61'093.0 137.6 2'334.5 1'281.3
CY+1 1'490.8 6'677.7 831.8 49'451.2 4'674.1 16'345.5 75'751.6 211.4 2'561.5 1'057.4
CY+2 2'088.2 8'434.7 849.6 57'163.0 4'845.7 18'730.9 93'067.6 294.9 2'833.0 1'101.9
EV/Total Revenue LFY 12.2x 11.0x 0.7x 3.8x 3.5x 4.3x 1.7x 8.0x 0.8x 0.2x
LTM 12.2x 11.0x 0.7x 3.7x 3.5x 4.3x 1.7x 8.0x 0.8x 0.2x
CY+1 11.9x 8.5x 0.6x 4.4x 4.6x 3.9x 1.5x 6.3x 0.8x 1.4x
CY+2 8.4x 6.6x 0.5x 3.6x 4.2x 3.2x 1.2x 4.4x 0.6x 1.3x
EBITDA LFY 136.7 1'187.0 142.5 15'722.0 1'457.1 4'088.0 2'835.0 (10.3) 155.4 54.0
LTM 136.7 1'187.0 118.0 15'684.0 1'457.1 4'090.0 2'834.0 (10.3) 143.7 54.0
CY+1 335.2 3'400.1 152.4 22'087.3 1'664.4 5'383.4 4'646.4 21.1 254.9 58.9
CY+2 516.7 4'479.8 161.4 25'944.5 1'740.8 6'241.8 6'384.0 46.6 319.3 122.6
EV/EBITDA LFY 86.6x 47.1x 4.5x 12.0x 12.0x 14.9x 37.6x -107.2x 12.8x 5.3x
LTM 86.6x 47.1x 5.4x 12.1x 12.0x 14.9x 37.6x - 13.8x 5.3x
CY+1 53.1x 16.7x 3.3x 10.0x 12.9x 11.9x 24.6x 62.7x 7.8x 25.8x
CY+2 33.9x 12.3x 2.4x 7.9x 11.7x 9.6x 17.1x 27.8x 5.2x 11.5x
EPS LFY 0.19 0.01 0.71 34.02 1.17 1.95 0.05 -0.33 -0.03 -0.20
LTM 0.19 0.02 0.21 33.74 1.17 1.94 0.36 -0.44 -0.08 -0.23
CY+1 1.33 0.57 0.36 45.71 1.16 2.75 3.13 0.09 0.20 (0.04)
CY+2 2.06 0.78 0.42 53.86 1.27 3.21 5.54 0.37 0.29 0.00
P/E LFY 912.6x 1377.5x 23.6x 24.1x 19.1x 28.1x 746.8x - - -
LTM 912.6x 1377.5x 23.6x 24.1x 19.1x 28.1x 746.8x - - -
CY+1 130.2x 48.2x 13.9x 17.8x 19.4x 19.8x 85.9x 257.7x 26.3x -
CY+2 84.0x 35.2x 11.8x 15.1x 17.6x 17.0x 48.6x 61.6x 18.1x 3550.0x
Revenue Growth 1 Year 86.2% 37.1% (10.4%) 32.4% 0.0% 20.8% 27.1% 65.2% 45.0% 12.4%
5 Year - - (8.6%) 24.7% (5.8%) 13.7% 30.6% - - -
EBITDA Growth 1 Year 98.3% (42.9%) (17.7%) 15.7% (1.1%) 23.4% 45.8% 13.9% - -
5 Year 141.2% - (12.8%) 21.0% 1.5% 9.4% 25.8% - - -
EBITDA Margin LTM 14.1% 23.3% 12.9% 30.5% 29.2% 29.1% 4.6% (7.5%) 6.2% 4.2%
CY+1 22.5% 50.9% 18.3% 44.7% 35.6% 32.9% 6.1% 10.0% 10.0% 5.6%
CY+2 24.7% 53.1% 19.0% 45.4% 35.9% 33.3% 6.9% 15.8% 11.3% 11.1%
Leverage/Coverage Ratios
Total Debt / Equity % 0.0% 20.0% 18.7% 7.7% 0.0% 21.7% 51.5% 0.0% 0.0% 5.5% FALSE FALSE FALSE FALSE FALSE
Total Debt / Capital % 0.0% 16.7% 15.7% 7.2% 0.0% 17.8% 34.0% 0.0% 0.0% 5.2% FALSE FALSE FALSE FALSE FALSE
Total Debt / EBITDA 0.000x 1.985x 1.392x 0.353x 0.000x 1.105x 1.488x - 0.000x 1.852x FALSE FALSE FALSE FALSE FALSE
Net Debt / EBITDA -5.483x -6.125x 0.136x -2.807x -4.133x -1.195x -2.551x - -8.416x -28.746x FALSE FALSE FALSE FALSE FALSE
EBITDA / Int. Expense - 23.275x - 187.167x - 64.889x 30.815x - - - FALSE FALSE FALSE FALSE FALSE
Credit Ratings
S&P LT Credit Rating - - - AA NR A AA- - - - FALSE FALSE FALSE FALSE FALSE
S&P LT Credit Rating Date - - - 19.11.2012 18.04.2008 02.03.2010 26.11.2012 - - - FALSE FALSE FALSE FALSE FALSE
Moody's LT Credit Rating - - - Aa2 - A2 Baa1 - - - FALSE FALSE FALSE FALSE FALSE
Moody's LT Credit Rating Date - - - 16.05.2011 - 21.10.2010 26.11.2012 - - - FALSE FALSE FALSE FALSE FALSE
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