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Analysis summary4-Traders Strategies 

FedEx Corporation : May afford TNT

03/07/2012 | 10:38am
Opinion : Bullish above USD 89.8
Target price : USD 93
Stop loss: USD 87.45
Air Freight & Logistics

FedEx may jump into the bidding for TNT Express after the board of Europe’s second- largest package-delivery company rejected a 6.43 billion dollar offer from United Parcel Service Inc., investors and analysts said. TNT turned down UPS’s initial offer. That leaves an opening for FedEx, operator of the world’s biggest cargo airline, to swoop in to keep Hoofddorp, Netherlands-based TNT out of UPS’s hands. Europe is the nearest growth driver of FedEx and TNT may give them the opportunity to come into the European market.

On June 2011, FedEx presented remarkable figures for the 2011 fiscal year. With a turnover of 39.3 billion dollars against 34.7 billion in 2010, FedEx showed a remarkable growth which results in net income at 1.4 billion dollars, up to 22% a year. Expected turnover for 2012 is 42.7 billion dollars and net result should set up 2 billion dollars.

FedEx assets are established in an upward long/middle-term trend but the latest movement put it back to an important support level close to 88 USD. This threshold, if he stays preserved, will offer an interesting entry point to take advantage of the positive groundswell.

The objective of a buying strategy will be fixed on short-term resistance of 93 USD before a continuation to the 97 USD level. A stop loss will be positioned on short-term support of 87.45 USD.

FedEx Corporation : FedEx Corporation : May afford TNT

© 2012

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Financial Ratios

Size 2015e 2016e
Capitalization 49 708 M$ -
Entreprise Value (EV) 52 690 M$ 52 249 M$
Valuation 2015e 2016e
PER (Price / EPS) 19,6x 16,2x
Capitalization / Revenue 1,04x 0,98x
EV / Revenue 1,11x 1,03x
EV / EBITDA 7,67x 6,59x
Yield (DPS / Price) 0,43% 0,56%
Price to book (Price / BVPS) 2,98x 2,63x
Profitability 2015e 2016e
Operating Margin (EBIT / Sales) 8,89% 10,0%
operating Leverage (Delta EBIT / Delta Sales) 4,97x 3,12x
Net Margin (Net Profit / Revenue) 5,39% 6,11%
ROA (Net Profit / Asset) 8,57% 9,72%
ROE (Net Profit / Equities) 16,1% 17,6%
Rate of Dividend 8,42% 9,08%
Balance Sheet Analysis 2015e 2016e
CAPEX / Sales   8,83% 8,39%
Cash Flow / Sales (Taux d'autofinancement) 8,80% 9,86%
Capital Intensity (Assets / Sales) 0,63x 0,63x
Financial Leverage (Net Debt / EBITDA) 0,43x 0,32x
Income Statement Evolution
More Financials
EPS Revisions