Financial analysis nobel biocare holding ag develops and produces dental implants and dental prosthetics. the company manufactures permanent replacements for tooth roots, and dental

20.02.2013

Ticker: Nobel Biocare Holding AG Benchmark:

Currency: SIX Swiss Ex: NOBN, Currency: CHF SWISS MARKET INDEX (SMI)

Sector: Health Care Industry: Health Care Equipment & Suppli Year:

Telephone 41-43-211-4200 Revenue (M) Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)

Website www.nobelbiocare.com No of Employees Dental Implants 700 EMEA 277

Address PO Box CH-8058 Zurich-Airport Glattbrugg, 8152 Switzerland Reconciliation 0 Americas 275

Share Price Performance in CHF Asia/Pacific 147

Price 9.13 1M Return -3.9% Reconciliation 0

52 Week High 11.68 6M Return -1.6% Rest of the World

52 Week Low 7.09 52 Wk Return -21.1% North America

52 Wk Beta 1.27 YTD Return 17.7%

Credit Ratings

Bloomberg IG1

S&P - Date - Outlook -

Moody's - Date - Outlook -

Fitch - Date - Outlook -

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 27.2x 38.3x 28.1x 17.4x 18.8x 16.4x 12.7x

EV/EBIT 20.3x 20.5x 15.5x 10.7x - - -

EV/EBITDA 17.0x 15.2x 10.7x 7.3x 8.5x 7.9x 7.1x

P/S 5.0x 3.0x 1.9x 1.4x 1.6x 1.5x 1.5x

P/B 9.1x 5.4x 3.9x 2.4x 2.7x 2.5x 2.2x

Div Yield 1.6% 2.5% 1.7% 2.5% 2.3% 2.7% 3.1%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin 80.5 77.7 76.0 75.4 75.5 75.7 76.1

EBITDA Margin 29.1 19.9 18.4 17.4 17.7 18.5 19.4

Operating Margin 24.4 14.7 12.7 11.8 11.7 12.6 14.1

Profit Margin 18.2 7.9 7.0 7.9 8.7 9.5 11.1

Return on Assets 14.9 6.1 5.8 7.7 8.7 9.2 10.0

Return on Equity 36.2 14.3 13.2 15.1 16.3 17.2 16.7

Leverage and Coverage Ratios

12/09 12/10 12/11 12/12

Current Ratio 3.2 1.0 1.5 2.2 Current Capitalization in CHF

Quick Ratio 2.9 0.9 1.3 1.9 Common Shares Outstanding (M) 122.8

EBIT/Interest 8.8 4.8 5.0 13.5 Market Capitalization (M) 1130.2

Tot Debt/Capital 0.4 0.4 0.3 0.2 Cash and ST Investments (M) 187.0

Tot Debt/Equity 0.8 0.8 0.5 0.3 Total Debt (M) 120.1

Eff Tax Rate % 22.9 54.5 28.3 24.8 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 0.0

Enterprise Value (M) 1063.2

Nobel Biocare Holding AG develops and produces dental implants and dental

prosthetics. The Company manufactures permanent replacements for tooth roots, and

dental crowns and bridges. Nobel Biocare sells under the brand names Branemark

System, Steri-Oss/Replace, and Procera on the global market.

NOBN SW

700

2'496

Company Analysis - Overview

100%

0%

AbkqUi FjmiUkqp ObZlkZfifUqflk

40%

39%

21%

0%

BJB5 5jbofZUp

5pfU%MUZfcfZ ObZlkZfifUqflk

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.nobelbiocare.com

Nobel Biocare Holding AG

Target price in CHF

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

0.!GXk!.0 1% 13% 2-% /-!CbY!.0 6%.0 5%36 AbrqpZeb 8Xkg VF!A7K T7KD pbhh 2%6- /-!CbY!.00.!AbZ!./ 5% 1/% 2-% .6!CbY!.0 6%3. 5%6. DlhaiXk PXZep SBOLKFH7 AR87GLS7 kbrqoXh&kbrqoXh 6%/- /-!CbY!.00-!Kls!./ 5% 1/% 2-% .5!CbY!.0 6%60 5%6. 9obafq Prfppb 9EOFPQLME DOBQIBO kbrqoXh .-%5- /-!CbY!.00.!LZq!./ 5% 1/% 2-% .2!CbY!.0 6%3/ 5%6. 8bobkYbod 8Xkg QLJ GLKBP Yrv ./%/2 /-!CbY!.0/5!Pbm!./ ./% 1/% 13% .1!CbY!.0 6%3/ 5%25 Hbmhbo 9XmfqXh JXogbqp J7G7 M7Q7HF elha 6%0- /-!CbY!.00.!7rd!./ .0% 13% 1/% .0!CbY!.0 6%45 5%25 P M 9XmfqXh FN G79L8 QEO7KB pbhh 5%3- /-!CbY!.00.!Grh!./ .4% 05% 13% ./!CbY!.0 6%11 5%1/ JXfk Cfopq 8Xkg 7D PQBME7K SLIIBOQ rkabombocloi 5%5- /-!CbY!.0/6!Grk!./ .4% 05% 13% ..!CbY!.0 6%05 5%1/ BuXkb 8KM MXofYXp GRIFBK ALOJLFP rkabombocloi 6%-- /-!CbY!.00.!JXv!./ .4% 1/% 1/% 5!CbY!.0 6%01 5%30 8XoZhXvp 7IBU7KABO HIB87K rkabotbfdeq 3%3- /-!CbY!.00-!7mo!./ /.% 00% 13% 4!CbY!.0 6%.2 5%30 JlodXk PqXkhbv JF9E7BI H GRKDIFKD Rkabotq&7qqoXZqfsb 2%6- .6!CbY!.00-!JXo!./ /.% 00% 13% 3!CbY!.0 6%00 5%30 GMJlodXk A7SFA G 7AIFKDQLK rkabotbfdeq 4%0- .6!CbY!.0/6!CbY!./ .4% 05% 13% 2!CbY!.0 6%/5 5%30 PXkcloa 9% 8bokpqbfk 9l IFP7 8BABII 9IFSB iXogbq mbocloi 6%-- .6!CbY!.0

1!CbY!.0 6%.4 5%30 8Xkg SlkqlYbh 7D 97OI7 87BKWFDBO elha 5%3- .6!CbY!.0.!CbY!.0 6%13 5%30 8ovXk DXokfbo 9fb J7QEFBR 9E78BOQ pbhh 5%6- .6!CbY!.0

0.!GXk!.0 6%21 5%30 KliroX J7OQFK 8ORKKFKDBO kbrqoXh .-%-- .6!CbY!.00-!GXk!.0 6%25 5%23 EbhsbX PFJLK DLBQP9EJ7KK kbrqoXh 6%4- .6!CbY!.0/6!GXk!.0 6%25 5%2/ KloqeZlXpq ObpbXoZe BATFK PKVABO pbhh 3%2- .6!CbY!.0/5!GXk!.0 6%36 5%2/ 9liibowYXkg 9lomloXqbp JXogbqp LIFSBO JBQWDBO elha 6%.- .2!CbY!.0/2!GXk!.0 6%4. 5%2/ EP89 EBKAOFH ILCORQEB kbrqoXh 6%-- .2!CbY!.0/1!GXk!.0 6%4- 5%2/ BS7 Afibkpflkp 7KAOBT P W7JCLQFP rkabotbfdeq /0!GXk!.0/0!GXk!.0 6%6- 5%2/ WrboZebo HXkqlkXhYXkg PF8VIIB 8FP9ELC8BODBO COF9H rkabombocloi .3!GXk!.0//!GXk!.0 6%11 5%1- 97 9ebrsobru A7KFBI GBILS97K rkabombocloi 4%/2 5!Kls!.//.!GXk!.0 6%1/ 5%1- Gbccbofbp FKDB8LOD LFB elha 6%-- .2!LZq!./.5!GXk!.0 6%2- 5%1- BnrfqX PFJ Pm7 C78FL C7WW7OF klq oXqba /3%-- /.!JXv!-6.4!GXk!.0 6%-2 5%1-.3!GXk!.0 5%36 5%1-.2!GXk!.0 5%4- 5%10.1!GXk!.0 5%3- 5%10..!GXk!.0 5%32 5%10.-!GXk!.0 5%32 5%10

Company Analysis - Analysts Ratings

6rt RkT Bagg 8aSliiakTRodlkn sn 7mdSa RkT PRmcao 7mdSa

%4% '%% '%% %4% %4% %4% %0% %'% 5% 5% 5% 1%

05% 00% 00% 1'% 05% 05% 13% 1'%1'% 1'% 1'% 13%

13% 13% 13% 1'% 13% 13% 1'% 13% 2!% 2!% 2!% 2!%

&%

/&%

1&%

3&%

4&%

.&&%

cxso!./ jUop!./ Uso!./ jUf!./ grfk!./ grfi!./ Ulyq!./ pbmq!./ lZq!./ kls!./ axZ!./ gUks!.0

6ol

hbo O

bZlj

jbk

aUqfl

k

&

/

1

3

4

.&

./

.1

.3 MofZ

b

6rv Elia Pbii MofZb QUodbq MofZb

6mleamn PRmcao 7mdSa

&

2

.&

.2

/&

/2

0&

Abr

qpZe

b 6

Ukh

Dli

ajUk

PUZ

ep

8ob

afq P

rfpp

b

6bo

bkVb

od 6

Ukh

Hbm

ibo 8

UmfqU

i JUo

hbqp

P

M 8

UmfqU

i FN

JUf

k Cf

opq 6

Ukh

5D

BuU

kb 6

KM

MUo

fVUp

6Uo

ZiUv

p

Jlo

dUk

PqU

kibv

GMJ

lodU

k

PUk

cloa

8! 6

bokp

qbfk

8

l

6Uk

h S

lkql

Vbi 5

D

6ov

Uk D

Uokf

bo

8fb

Klj

roU

Ebi

sbU

Klo

qeZl

Upq O

bpbU

oZe

8lj

jbo

wVUk

h 8

loml

oUqb

p

JUo

hbqp

EP

68

BS

5 A

fjbk

pflk

p

Trbo

Zebo

HUk

qlkU

iVUk

h

85

8eb

rsob

ru

Gbccb

ofbp

Bnr

fqU P

FJ P

m5


20.02.2013


Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 122.8 United States 29.78%

Float 87.0% Britain 24.96%

Short Interest (M) Switzerland 10.66%

Short Interest as % of Float Singapore 9.98%

Days to Cover Shorts Canada 8.38%

Institutional Ownership 54.70% Norway 5.69%

Retail Ownership 45.07% Luxembourg 5.32%

Insider Ownership 0.23% Others 5.23%

Institutional Ownership Distribution

Investment Advisor 62.78%

Government 15.52%

Mutual Fund Manager 10.29%

Other 5.74%

Pricing data is in CHF Others 5.66%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

SILCHESTER INTL INVE 12'605'473 6'383'119 115'087'968 10.18% 24.08.2012 EXCH BRITAIN

FRANKLIN RESOURCES 7'387'481 72'834 67'447'702 5.97% 14.01.2013 ULT-AGG UNITED STATES

GOVT OF SINGAPORE IN 6'795'557 0 62'043'435 5.49% 31.12.2011 ULT-AGG SINGAPORE

INVESCO LTD 6'216'059 2'445'504 56'752'619 5.02% 11.04.2012 EXCH UNITED STATES

TRIMARK INVESTMENT M 5'030'544 0 45'928'867 4.06% 30.09.2012 MF-AGG CANADA

GOVERNANCE FOR OWNER 3'909'643 0 35'695'041 3.16% 31.12.2011 Co File BRITAIN

NORGES BANK 3'768'834 0 34'409'454 3.04% 05.02.2013 EXCH NORWAY

CREDIT SUISSE ASSET 2'500'726 -42'449 22'831'628 2.02% 28.12.2012 MF-AGG SWITZERLAND

VANGUARD GROUP INC 2'274'825 21'757 20'769'152 1.84% 31.12.2012 MF-AGG UNITED STATES

NEW JERSEY DIVISION 2'183'120 0 19'931'886 1.76% 30.06.2012 MF-AGG UNITED STATES

UNION INVESTMENT GMB 2'000'000 -232'723 18'260'000 1.62% 28.09.2012 MF-AGG GERMANY

CAPITAL GROUP COMPAN 1'350'000 0 12'325'500 1.09% 31.12.2012 ULT-AGG UNITED STATES

SWISSCANTO FONDSLEIT 1'325'169 -51'431 12'098'793 1.07% 30.11.2012 MF-AGG SWITZERLAND

UNION INVESTMENT LUX 1'323'847 0 12'086'723 1.07% 28.09.2012 MF-AGG LUXEMBOURG

NOBEL BIOCARE HOLDIN 1'303'120 0 11'897'486 1.05% 31.12.2011 Co File SWITZERLAND

PICTET & CIE 681'647 1'555 6'223'437 0.55% 31.10.2012 MF-AGG SWITZERLAND

UBS FUND MANAGEMENT 670'183 1'761 6'118'771 0.54% 31.10.2012 MF-AGG SWITZERLAND

INVESCO CANADA LTD 565'501 0 5'163'024 0.46% 30.09.2012 MF-AGG CANADA

SCHRODER INVESTMENT 529'332 -192'242 4'832'801 0.43% 31.10.2012 MF-AGG BRITAIN

FMR LLC 427'359 427'359 3'901'788 0.35% 30.04.2012 ULT-AGG UNITED STATES

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

LAUBE RICHARD T 110'000 1'004'300 0.09% 31.12.2011 Co File

BREU RAYMUND 70'000 639'100 0.06% 31.12.2011 Co File

WATTER ROLF URS 53'500 488'455 0.04% 31.12.2011 Co File

LILJA ROBERT 18'375 167'764 0.02% 31.12.2011 Co File

FLURI EDGAR 16'500 150'645 0.01% 31.12.2011 Co File

Company Analysis - Ownership

Ownership Type

55%

45%

0%

FkpqfqrqflkUi Ltkbopefm ObqUfi Ltkbopefm Fkpfabo Ltkbopefm

Geographic Ownership

30%

5%

11%

8%

10%

6%

5%

25%

Rkfqba PqUqbp 6ofqUfk PtfqwboiUka PfkdUmlob8UkUaU KlotUv IrubjVlrod Lqebop

Institutional Ownership

62%

10%

6%

6%

16%

Fksbpqjbkq 5asfplo Dlsbokjbkq JrqrUi Crka JUkUdboLqebo Lqebop

TOP 20 ALL



Financial information is in CHF (M)

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

Income Statement

Revenue 456 508 600 750 945 1'094 982 878 796 702 700 705 731 770

- Cost of Goods Sold 111 120 122 133 151 175 199 171 178 168 172

Gross Income 345 388 478 617 794 919 783 706 619 533 527 532 553 586

- Selling, General & Admin Expenses 242 255 291 364 452 548 572 493 501 444 444

(Research & Dev Costs) 19 21 22 26 28 37 52 38 44 36 42

Operating Income 103 133 190 270 342 371 211 214 117 89 83 83 92 109

- Interest Expense 4 5 3 4 3 6 28 24 24 18 6

- Foreign Exchange Losses (Gains) 1 0 13 19 16 4 -97 -40 -44 -36 -0

- Net Non-Operating Losses (Gains) 9 -11 -5 -44 4 12 27 23 -2 39 4

Pretax Income 90 139 179 292 319 348 253 207 139 68 74 80 91 110

- Income Tax Expense 34 28 37 52 70 75 79 47 76 19 18

Income Before XO Items 56 111 142 239 249 273 174 160 63 49 55

- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0

- Minority Interests 1 1 1 0 0 0 0 0 0 0 0

Diluted EPS Before XO Items 1.09 1.85 1.98 2.20 1.43 1.28 0.51 0.39 0.45

Net Income Adjusted* 55 109 147 201 249 273 184 160 109 49 59 61 70 85

EPS Adjusted 0.44 0.87 1.15 1.57 1.99 2.21 1.50 1.30 0.88 0.39 0.47 0.49 0.56 0.72

Dividends Per Share 0.15 0.26 0.53 0.70 0.85 0.95 0.59 0.55 0.48 0.18 0.19 0.21 0.24 0.29

Payout Ratio % 34.8 29.5 74.5 58.7 44.0 46.2 41.7 42.4 95.0 46.3 43.6 0.44 0.44 0.40

Total Shares Outstanding 126 127 129 126 124 122 123 123 123 122 123

Diluted Shares Outstanding 132 132 130 130 126 124 122 124 123 123 123

EBITDA 135 163 221 290 366 399 256 256 158 129 121 125 135 149

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


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 206.207909 331.12563 463.403059 500.117142 492.379793 762.130423 629.90881 626.598869 532.918185 325.679126 365.411287

+ Cash & Near Cash Items 76 171 301 201 213 312 246 358 299 131 177

+ Short Term Investments 0 0 54 0 82 6 15 9 10

+ Accounts & Notes Receivable 77 92 110 163 200 253 211 203 166 133 116

+ Inventories 41 35 27 47 49 59 55 30 29 29 25

+ Other Current Assets 12 33 25 35 31 139 37 30 23 24 38

Total Long-Term Assets 265 259 263 302 319 324 410 445 430 395 359

+ Long Term Investments 1 1 1 3 4 3 0

Gross Fixed Assets 104 126 136 159 180 204 215 239 241 251 249

Accumulated Depreciation 64 82 86 94 102 110 109 127 128 146 164

+ Net Fixed Assets 40 44 49 66 78 94 106 112 113 105 86

+ Other Long Term Assets 224 214 213 234 237 227 304 332 317 290 274

Total Current Liabilities 78 97 120 201 185 270 213 198 519 212 163

+ Accounts Payable 20 14 20 29 51 49 42 33 24 19 23

+ Short Term Borrowings 2 0 1 2 3 42 3 315 45 0

+ Other Short Term Liabilities 56 83 100 171 131 217 128 162 179 148 140

Total Long Term Liabilities 81 48 56 45 46 373 429 402 45 166 170

+ Long Term Borrowings 43 1 1 0 0 342 356 351 0 120 120

+ Other Long Term Borrowings 37 46 55 45 46 31 72 51 45 47 50

Total Liabilities 159 144 176 246 231 643 641 600 563 378 333

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0

+ Minority Interest 3 4 2 0 0 0 0 0 0 0 0

+ Share Capital & APIC 135 175 188 205 247 365 322 294 228 174 169

+ Retained Earnings & Other Equity 174 267 361 352 334 78 77 177 171 169 223

Total Shareholders Equity 312 446 551 557 581 444 399 471 399 342 392

Total Liabilities & Equity 471 590 727 803 811 1'086 1'040 1'071 963 721 725

Book Value Per Share 2.46 3.47 4.27 4.42 4.67 3.64 3.24 3.83 3.25 2.80 3.19 3.34 3.64 4.22

Tangible Book Value Per Share 2.79 2.72 2.91 1.95 0.99 1.33 0.98 0.68 1.17

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

Cash Flows

Net Income 55 109 141 239 249 273 174 160 63 49 55 61 71 86

+ Depreciation & Amortization 32 30 31 20 24 28 45 42 41 40 39

+ Other Non-Cash Adjustments 24 1 43 -37 7 -4 -12 17 5 -0 2

+ Changes in Non-Cash Capital -11 -13 -10 -53 -27 -76 56 39 17 21 21

Cash From Operating Activities 100 128 205 170 254 222 263 258 126 110 117

+ Disposal of Fixed Assets 0 0

+ Capital Expenditures -16 -19 -25 -30 -31 -41 -48 -28 -32 -21 -9 -30 -31 -36

+ Increase in Investments -54

+ Decrease in Investments

+ Other Investing Activities -4 5 -26 46 42 -120 -50 -43 2 -39 0

Cash From Investing Activities -20 -14 -51 -39 11 -161 -98 -71 -30 -60 -9

+ Dividends Paid -12 -20 -33 -68 -88 -106 -117 -68 -64 -41 -18

+ Change in Short Term Borrowings 22 -38 -2 -284 -45

+ Increase in Long Term Borrowings 7 0 382 0 118

+ Decrease in Long Term Borrowings -33 -42 -1 0 -18 -49

+ Increase in Capital Stocks 1 39 13 17 41 248 50 8 0 3

+ Decrease in Capital Stocks -182 -214 -486 -26 -10 -7 -6

+ Other Financing Activities -3 -4 -2 -0 0 -9 -130 55 24 0 -1

Cash From Financing Activities -39 -27 -22 -234 -260 30 -201 -70 -98 -213 -61

Net Changes in Cash 41 87 132 -103 5 91 -36 117 -2 -163 47

Free Cash Flow (CFO-CAPEX) 84 108 180 139 222 181 215 230 94 89 108 66 78 86

Free Cash Flow To Firm 86 112 183 142 224 186 234 249 105 102 112

Free Cash Flow To Equity 58 67 138 222 563 236 175 43 -77

Free Cash Flow per Share 0.67 0.86 1.41 1.09 1.78 1.46 1.76 1.87 0.76 0.73 0.88

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

Ratio Analysis

Valuation Ratios

Price Earnings 40.8x 28.1x 37.2x 30.7x 35.3x 27.1x 16.0x 27.2x 38.3x 28.1x 17.4x 18.8x 16.4x 12.7x

EV to EBIT 21.6x 22.2x 26.2x 25.9x 25.0x 19.8x 13.7x 20.3x 20.5x 15.5x 10.7x

EV to EBITDA 16.5x 18.0x 22.6x 24.1x 23.3x 18.4x 11.3x 17.0x 15.2x 10.7x 7.3x 8.5x 7.9x 7.1x

Price to Sales 4.9x 6.1x 8.8x 9.8x 9.3x 6.8x 2.8x 5.0x 3.0x 1.9x 1.4x 1.6x 1.5x 1.5x

Price to Book 7.3x 7.3x 9.7x 13.1x 15.4x 16.6x 6.6x 9.1x 5.4x 3.9x 2.4x 2.7x 2.5x 2.2x

Dividend Yield 0.9% 1.1% 1.3% 1.2% 1.2% 1.6% 2.6% 1.6% 2.5% 1.7% 2.5% 2.3% 2.7% 3.1%

Profitability Ratios

Gross Margin 75.6% 76.4% 79.7% 82.3% 84.0% 84.0% 79.7% 80.5% 77.7% 76.0% 75.4% 75.5% 75.7% 76.1%

EBITDA Margin 29.5% 32.1% 36.9% 38.7% 38.7% 36.5% 26.0% 29.1% 19.9% 18.4% 17.4% 17.7% 18.5% 19.4%

Operating Margin 22.6% 26.1% 31.8% 36.0% 36.2% 33.9% 21.5% 24.4% 14.7% 12.7% 11.8% 11.7% 12.6% 14.1%

Profit Margin 12.1% 21.6% 23.6% 31.9% 26.3% 25.0% 17.7% 18.2% 7.9% 7.0% 7.9% 8.7% 9.5% 11.1%

Return on Assets 11.5% 20.6% 21.6% 31.4% 31.0% 28.7% 16.2% 14.9% 6.1% 5.8% 7.7% 8.7% 9.2% 10.0%

Return on Equity 17.9% 29.1% 28.7% 43.4% 44.0% 52.9% 41.0% 36.2% 14.3% 13.2% 15.1% 16.3% 17.2% 16.7%

Leverage & Coverage Ratios

Current Ratio 2.64 3.42 3.86 2.49 2.67 2.83 2.96 3.16 1.03 1.54 2.24

Quick Ratio 1.96 2.72 3.42 2.08 2.23 2.09 2.54 2.86 0.93 1.29 1.86

Interest Coverage Ratio (EBIT/I) 27.26 28.76 67.10 70.90 132.22 58.89 7.54 8.75 4.81 5.04 13.51

Tot Debt/Capital 0.13 0.00 0.00 0.00 0.00 0.44 0.50 0.43 0.44 0.32 0.23

Tot Debt/Equity 0.14 0.00 0.00 0.00 0.00 0.78 1.00 0.75 0.79 0.48 0.31

Others

Asset Turnover 0.95 0.95 0.92 0.98 1.18 1.15 0.92 0.82 0.77 0.83 0.97

Accounts Receivable Turnover 5.80 5.97 5.97 5.51 5.24 4.81 4.21 4.18 4.28 4.70 5.65

Accounts Payable Turnover 6.34 6.42 6.73 6.19 3.78 3.62 4.37 3.86 6.35 7.92 8.07

Inventory Turnover 2.93 3.14 3.94 3.60 3.16 3.24 3.49 3.98 5.86 5.77 6.44

Effective Tax Rate 37.4% 20.4% 20.7% 17.9% 22.0% 21.6% 31.2% 22.9% 54.5% 28.3% 24.8%

Company Analysis - Financials IV/IV


NOBEL BIOCAR-

REG

STRAUMANN

HLDG-RZIMMER HLDGS

SONOVA HOLDING

ADENTSPLY INTL

SIRONA DENTAL

SY

FRESENIUS

MEDICAWILLIAM DEMANT SMITH & NEPHEW FRESENIUS SE & C

TECAN GROUP AG-

RCELESIO AG GALENICA -REG

12/2012 12/2011 12/2012 03/2012 12/2012 09/2012 12/2011 12/2011 12/2012 12/2011 12/2011 12/2011 12/2011

11.68 160.70 76.75 115.30 43.51 73.98 60.27 596.50 738.00 96.93 90.00 15.57 626.00

27.04.2012 29.05.2012 13.02.2013 15.02.2013 19.02.2013 08.02.2013 30.07.2012 19.07.2012 30.01.2013 16.10.2012 13.02.2013 22.10.2012 11.07.2012

7.09 97.90 57.46 82.23 35.04 40.59 47.79 454.00 567.50 68.60 59.05 10.72 479.25

21.11.2012 16.11.2012 26.07.2012 22.05.2012 02.08.2012 04.06.2012 10.01.2013 16.11.2012 06.06.2012 26.04.2012 06.06.2012 05.06.2012 16.11.2012

1'761'304 97'702 314'095 97'282 218'400 347'910 424'277 88'274 806'940 312'402 15'262 303'411 8'643

9.13 127.00 76.04 113.80 43.14 71.51 51.84 487.50 711.00 88.74 88.15 13.50 539.50

-21.8% -21.0% -0.9% -1.3% -0.9% -3.3% -14.0% -18.3% -3.7% -8.4% -2.1% -13.3% -13.8%

28.8% 29.7% 32.3% 38.4% 23.1% 76.2% 8.5% 7.4% 25.3% 29.4% 49.3% 25.9% 12.6%

122.8 15.5 173.5 66.5 141.7 55.1 304.1 57.6 902.5 163.2 11.4 170.1 6.4

1'130.2 1'990.9 13'193.1 7'600.9 6'122.8 4'063.6 15'865.5 28'445.6 6'432.9 15'815.0 1'008.8 2'296.4 3'506.8

99.5 1.8 1'820.9 257.8 1'766.7 75.5 7'211.4 2'312.0 468.0 10'208.0 4.4 2'067.0 1'165.2

- - - - - - - - - - - - -

- - - 1.8 36.1 3.0 570.0 4.0 - 4'923.0 - 32.2 45.7

154.9 378.0 1'555.9 198.7 77.1 151.1 457.3 288.0 178.0 635.0 165.1 448.3 345.3

860.3 1'874.1 13'458.1 7'648.6 7'754.6 4'018.3 22'364.4 30'530.6 10'127.5 31'578.0 875.8 4'142.0 4'422.8

LFY 580.5 693.6 4'471.7 1'619.8 2'928.4 979.4 12'795.1 8'041.0 4'137.0 16'522.0 377.0 23'026.4 3'480.6

LTM 580.5 688.0 4'471.7 1'729.3 2'928.4 993.6 13'417.2 8'399.0 4'137.0 18'533.0 377.3 22'560.6 3'545.8

CY+1 570.8 694.9 4'612.8 1'839.0 2'996.3 1'086.7 13'734.6 8'673.0 4'408.4 19'233.0 393.0 22'542.0 3'441.6

CY+2 591.7 699.3 4'798.8 1'988.6 3'172.3 1'181.4 14'706.6 9'384.5 4'599.3 20'953.4 425.3 22'562.5 3'558.3

LFY 1.3x 3.0x 2.6x 3.9x 2.4x 3.6x 2.4x 4.1x 2.5x 1.9x 1.5x 0.2x 1.4x

LTM 1.3x 3.0x 2.6x 3.7x 2.4x 3.5x 2.3x 3.9x 2.5x 1.7x 1.5x 0.2x 1.4x

CY+1 1.5x 2.6x 2.9x 4.1x 2.4x 3.6x 2.2x 3.5x 2.2x 1.6x 2.2x 0.2x 1.2x


LFY 100.7 116.7 1'676.9 366.1 421.6 263.5 2'632.2 1'905.0 1'271.0 3'237.0 60.4 486.6 399.9

LTM 100.7 128.5 1'676.9 416.9 488.9 266.7 2'817.0 - 1'236.0 3'672.0 62.1 597.0 408.2

CY+1 100.9 130.2 1'767.4 462.0 632.9 297.0 2'907.4 1'955.8 1'257.4 3'830.3 63.6 554.7 417.9

CY+2 109.4 156.6 1'846.2 522.1 672.9 330.1 3'114.3 2'260.3 1'365.9 4'161.5 72.3 612.1 421.7


LTM 7.3x 16.1x 7.1x 15.3x 14.4x 13.1x 11.0x - 8.3x 8.7x 9.3x 7.1x 11.8x



LFY 0.37 4.54 5.30 3.71 1.99 2.33 3.51 - 0.67 4.18 4.12 0.46 34.46

LTM 0.37 4.91 5.32 4.40 1.94 2.42 4.08 21.23 0.82 5.30 3.63 1.01 36.64

CY+1 0.39 5.27 5.76 5.02 2.45 3.46 3.72 21.12 0.78 5.41 4.06 1.20 37.80

CY+2 0.45 6.75 6.26 5.73 2.72 3.84 4.00 25.90 0.85 5.94 4.86 1.34 39.02


LTM 20.0x 25.9x 14.3x 25.9x 22.2x 29.5x 17.1x - 16.0x 18.7x 24.4x 12.8x 14.8x



1 Year 2.0% (6.0%) 0.4% 0.2% 15.4% 7.2% 6.2% 16.7% (3.1%) 3.4% 1.7% (1.1%) 1.0%

5 Year (3.2%) 0.9% 2.0% 8.4% 7.5% 6.8% 7.1% 10.0% 2.3% 11.9% (1.2%) 0.2% 7.4%

1 Year (3.7%) (44.7%) 3.7% (2.0%) - 8.8% 8.5% 17.5% 5.2% 5.9% (6.8%) (26.8%) (9.9%)

5 Year (16.1%) (11.5%) 1.6% 3.7% 2.6% 11.9% 10.7% 6.0% 6.2% 11.9% (0.9%) (9.3%) 21.9%

LTM 17.4% 18.7% 37.5% 24.1% 16.8% 26.8% 21.0% - 29.9% 19.8% 16.4% 2.6% 11.5%

CY+1 17.7% 18.7% 38.3% 25.1% 21.1% 27.3% 21.2% 22.6% 28.5% 19.9% 16.2% 2.5% 12.1%

CY+2 18.5% 22.4% 38.5% 26.3% 21.2% 27.9% 21.2% 24.1% 29.7% 19.9% 17.0% 2.7% 11.9%

Total Debt / Equity % 30.6% 0.3% 31.0% 17.5% 95.6% 7.6% 91.3% 70.1% 12.0% 171.0% 1.6% 81.2% 100.7% FALSE

Total Debt / Capital % 23.4% 0.3% 23.7% 14.9% 48.4% 7.1% 46.0% 41.2% 10.8% 48.4% 1.6% 44.5% 49.2% FALSE

Total Debt / EBITDA 0.988x 0.011x 1.086x 0.604x 3.373x 0.283x 2.996x - 0.379x 3.072x 0.101x 3.317x 2.978x FALSE

Net Debt / EBITDA -0.550x -0.910x 0.158x 0.111x 3.258x -0.183x 2.777x - 0.235x 2.808x -2.143x 3.041x 2.189x FALSE

EBITDA / Int. Expense 19.811x 197.209x 23.003x 61.253x 9.623x 54.441x 7.386x 22.952x 105.917x 5.514x 597.723x 3.093x 10.010x FALSE

S&P LT Credit Rating - - A- - BBB+ - BB+ - - BB+ - - - FALSE

S&P LT Credit Rating Date - - 13.04.2007 - 02.09.2011 - 19.09.2012 - - 19.09.2012 - - - FALSE

Moody's LT Credit Rating - - Baa1 - Baa2 - - - - WR - - - FALSE

Moody's LT Credit Rating Date - - 12.11.2009 - 16.08.2011 - - - - 30.04.2006 - - - FALSE

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (2/dd/yy)

52-Week High % Change

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

Company Analysis - Peers Comparision


Documents

Financial analysis nobel biocare holding ag develops and produces dental implants and dental prosthetics. the company manufactures permanent replacements for tooth roots, and dental