| Income Statement Evolution | |
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| Annual Income Statement Data |
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Actuals in M $ |
Estimates in M $ |
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Fiscal Period December |
2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| Sales | 4 945 | 5 351 | 5 075 | 5 439 | 5 719 | 6 019 | | Operating income (EBITDA) | 2 386 | 2 488 | 2 321 | 2 884 | 3 137 | 3 352 | | Operating profit (EBIT) | 1 722 | 1 763 | 1 575 | 2 062 | 2 268 | 2 437 | | Pre-Tax Profit (EBT) | - | - | 1 415 | - | - | - | | Net income | 1 049 | 1 184 | 940 | 1 034 | 1 104 | 1 182 | | EPS ( $) | 1,61 | 1,81 | 1,43 | 1,54 | 1,67 | 1,80 | | Dividend per Share ( $) | 1,00 | 1,06 | 1,15 | 1,25 | 1,32 | 1,41 | | Yield | 3,16% | 3,35% | 3,61% | 3,93% | 4,17% | 4,43% | | Announcement Date | 02/03/2011 11:30am | 02/02/2012 11:45am | 02/05/2013 11:30am | - | - | - |
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Actuals in M $ |
Estimates in M $ |
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Fiscal Period December |
2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| Debt | 11 190 | 11 549 | 11 480 | 14 870 | 14 310 | 14 510 | | Finance | - | - | - | - | - | - | | Operating income (EBITDA) | 2 386 | 2 488 | 2 321 | 2 884 | 3 137 | 3 352 | Leverage (Debt/EBITDA) | 4,69x | 4,64x | 4,95x | 5,16x | 4,56x | 4,33x | | Capital Expenditure | 1 346 | 1 915 | 2 025 | 2 114 | 1 840 | 1 975 | | Book Value Per Share (BVPS) | 12,0 $ | 12,4 $ | 13,4 $ | 13,8 $ | 14,3 $ | 14,0 $ | | Cash Flow per Share | 2,17 $ | 3,35 $ | 2,95 $ | 3,19 $ | 3,08 $ | 3,22 $ | | Announcement Date | 02/03/2011 11:30am | 02/02/2012 11:45am | 02/05/2013 11:30am | - | - | - |
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Assessed data source : © 2013 Thomson Reuters |
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Valuation |
2013e |
2014e |
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PER (Price / EPS)
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20,5x |
19,0x |
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Capitalization / Revenue
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3,90x |
3,71x |
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EV / Revenue
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6,63x |
6,21x |
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EV / EBITDA
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12,5x |
11,3x |
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Yield (DPS / Price)
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3,93% |
4,17% |
| Profitability |
2013e |
2014e |
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Operating Margin (EBIT / Sales)
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37,9% |
39,7% |
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operating laverage (Delta EBIT / Delta Sales)
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4,32x |
1,94x |
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Net Margin (Net Profit / Revenue)
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19,0% |
19,3% |
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ROA (Net Profit / Asset)
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3,33% |
3,83% |
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ROE (Net Profit / Equities)
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11,3% |
12,5% |
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Rate of Dividend
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80,7% |
79,4% |
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