Verint Systems Inc. (VRNT) - Financial and Strategic SWOT Analysis Review. Reference Code: GDTC34016FSA Publication Date: OCT 2014.

Similar documents
Cardinal Health, Inc. - Financial and Strategic SWOT Analysis Review

Gaiam, Inc. Gaiam, Inc. Financial Snapshot. Operating Performance. Fast Facts. SWOT Analysis. [Figure] Gaiam, Inc. - SWOT Profile Page 1

Premier Oil plc (PMO) - Financial and Strategic SWOT Analysis Review. Reference Code: GDGE1287FSA Publication Date: NOV 2014.

Agilent Technologies, Inc.

SAMPLE. Exterran Holdings, Inc. Analysis Across the Oil and Gas Value Chain Report. Reference Code: GDGE55152AAD. Publication Date: NOV 2012

Quarterly Performance Report

SAMPLE. MTBE Industry Outlook in India to 2016 GDCH1741IDB/DEC 2012

Chapter 3 Analysis of Financial Statements. Ratio Analysis Please refer to the attached financial statements, and industry average ratios

D C CC CCC B BB BBB A AA AAA

Alembic BUY. Performance Highlights. Target Price. 1QFY2011 Result Update Pharmaceutical. Investment Period 12 months

OMAX.BO 1QFY13 Result Impressive uptick in margins. Promoters 89 grow. Continued focus on plotted development and low rise (with less construction

Wikipedia: "Financial Ratio" Contents. Sources of Data for Financial Ratios. Purpose and Types of Ratios

Inox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart

S a f e H a r b o r N o tic e We have made forward-l ook i n g s t at emen t s i n t he p res en t at i on. O u r forward-l ook i n g s t at emen t s

MRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials

WEEK 10 Analysis of Financial Statements

SAMPLE. Japan Petrochemicals Industry Outlook to Market Size, Company Share, Price Trends and Capacity Forecasts

London Stock Exchange Group plc (LSE) - Financial and Strategic SWOT Analysis Review

Continued growth and increase in earnings during the fourth quarter

SPEEDY INDUSTRY: COURIER SERVICES RESULTS ANALYSIS GAINING MOMENTUM RECOMMENDATION: HOLD PREVIOUS RECOMMENDATION: BUY

Cement Sector ARM and Bamburi Valuation Summary 31 st July, 2016

Anta Sports (2020 HK)

Amber Enterprises India Ltd

Total S.A. Oil & Gas Exploration and Production Operations and Cost Analysis Q1, 2015

Visaka Industries Ltd

GFAMSA Retail. Quarterly Report July 29, GFAMSA Market Performer 12M FWD Price Target P$8.6

GMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months

HOLD. Coal India Ltd Coal RETAIL EQUITY RESEARCH. Uncertainty remains. GEOJIT BNP PARIBAS Research

Open Banking. Reshaping the financial services landscape

Graphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods

Key estimate revision. Financial summary. Year FY16E 29, % 3,583 2, FY17E 26, % 3,478 2,

Result Update. Diversified Voltas Ltd BUY. Target Price Rs 197. Key Data. Key Highlights. One Year Price / Volume Chart

2Q16 Highlights: 12M FWD EV/EBITDA 12M PRICE PERFORMANCE VS. IPC P/E

Quick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.

KEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart.

Stock Selection Guide

Bata India BUY. Performance Update. CMP `1,008 Target Price `1,243. 2QFY2019 Result Update Footwear. Historical share price chart.

S af e H ar b o r N o t ic e We have made forward-l ook i n g s t at emen t s i n t he p res en t at i on. O u r forwardl ook i n g s t at emen t s c

1) Using the information provided for Gasparro Corp., complete the questions regarding fully diluted shares outstanding

2020 Foresight: Trends in Life Insurance Underwriting

Chapter 3 Financial Statements Analysis

GAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -

Ambuja Cements ACCUMULATE. Performance Highlights. CMP Target Price `207 `233. 3QCY2015 Result Update Cement. Quarterly results (Standalone)

Chapter 2. Introduction to Financial Statement Analysis

Bata India BUY. Performance Update. CMP Target Price `842. 1QFY2019 Result Update Footwear. Historical share price chart.

BIMBO Food. Quarterly Report October 27, BIMBO Market Underperformer 2016 Price Target P$41.9

S af e H arb or N otic e We have made forward-l ook i n g s t at emen t s i n t he p res en t at i on. O u r forwardl ook i n g s t at emen t s c on t

BIG DATA TO THE RESCUE: WALKING THE FINE LINE BETWEEN CLAIMS AND FRAUD

U.S. Return of Partnership Income. ending, 20. G See separate instructions. E Date business started or type.

DRAGON CROWN GROUP HOLDINGS (935.HK) 1H 2013 Review: Bucked the Trend. Company Profile. 1-Yr Price Performance vs. HSI. Basic Share Information

HOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance

Inox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart

ITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months

GENERAL BEARING CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, except for shares)

CMP* (Rs) 1,458 Upside/ (Downside) (%) 10 Bloomberg Ticker. ABB IN Market Cap. (Rs bn) 309 Free Float (%) 25 Shares O/S (mn) 212

Goodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials

Sector: Internet Infrastructure

Rallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart

ACCA Paper F9 Financial Management. Mock Exam. Commentary, Marking scheme and Suggested solutions

ACC BUY. Performance Highlights. CMP `1,397 Target Price `1,630. 3QCY2015 Result Update Cement

Accounting Functions. The various financial statements are- Income Statement Balance Sheet

FAQ: Financial Ratio Analysis

FINANCIAL PERFORMANCE ANALYSIS OF BEXIMCO PHARMACEUTICALS LTD. AND SQUARE PHARMACEUTICALS LTD. Submitted to. M. Nurul Amin.

Religare Investment Call

Sanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation

Anta Sports (2020 HK)

Key estimate revision. Financial summary. Year

Cummins India Ltd Bloomberg Code: KKC IN

MCX Ltd. Rating: Target price: EPS: Is commodity option a game changer for MCX? - Unlikely. Target. Rating CMP. Rs. 1,080 SELL. Rs.

For personal use only

M.A. W M.A. WRIGHT FUND EQUITY RESEARCH LOWE S (NYSE: LOW) Sell. S&P Sector Consumer Discretionary INDUSTRY INSIGHT

SAMPLE. Bolivia Silver Mining Market Overview and Forecast to 2020: Trends, Fiscal Regime, Major Projects, and Competitive Landscape

Blue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.

Unilever Nigeria Plc. Cost control remains a challenge. Nigeria Equities Consumer Goods July 24, 2015

Chapter 7. Analyzing Common Stocks. Security Analysis. Top-Down Approach Kaplan Financial

Tech Mahindra ACCUMULATE. Performance Highlights. CMP Target Price `659 `693. 3QFY2012 Result Update IT. Key financials (Consolidated, Indian GAAP)

July-September Experian plc. All rights reserved. Experian Public.

We Provide the Insights. You Invest in the Right Opportunities. Solutions for Private Equity

CITY OF LONDON INVESTMENT GROUP

IFRS Financial Ratios

CCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.

Simplifying your Form 16 process

Daphne (210 HK) Hold (maintained) Target price: HK$1.07. Takeaways from company visit. Equity Research Consumer Discretionary.

Quick take. Aditya Birla Nuvo BUY. Deep Value. Valuation Methodology. Exhibit 1: ABNL s Business Structure

Our thesis considers the following:

P roficy* M aintenance G ateway

BDI BioEnergy Internat Buy

S&P 500 EARNINGS SCORECARD AGGREGATE EARNINGS AND REVENUE PERFORMANCE VS ESTIMATES

BNP Paribas: Global Netw ork BN P Paribas is one of the largest, m ost stable financial institutions in the w orld, w ith a global netw ork com prisin

Fineotex Chemical Ltd

FLASH NOTE Welspun India 31 Jan 17

Wipro. 4QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 287. Recommendation: Hold

Near-term pressure, but long-term outlook positive

FY13A FY14A FY15A FY16A

Hindustan Media Ventures

Advisory Desk. TVS Srichakra Ltd. BUY CMP. `355 Target Price `468. Investment rationale. Outlook and valuation. Investment Period 12 Months

TV Today Network BUY. Performance Update CMP. `323 Target Price `498. 3QFY2019 Result Update Media. Investment Period 12 Months

LARGE CAP & 1,970 BSE

Century Plyboards Ltd

Mphasis. Increased confidence on margins. Source: Company Data; PL Research

Transcription:

Analysis Review Publication Date: OCT 2014 Company Overview Phone Fax Website Exchange Revenue Net Profit Employees Industry Verint Systems, Inc. (Verint) provides Actionable Intelligence solutions. It offers analytical software solutions for security and enterprise intelligence markets. T he c ompany del ivers ac tionable i ntelligence solutions to organizations and helps t hem i n address t hree ar eas of t he m arket: customer eng agement opt imization, s ecurity i ntelligence, a nd f raud, r isk an d c ompliance. Verint offers solutions such as Customer Engagement Optimization; Security Intelligence; Fraud, Risk, and Compliance; Enterprise Workforce Optimization; and Customer Analytics, among others. Key Executives SWOT Analysis Name Title Verint Systems Inc., SWOT Analysis Strengths Weaknesses Source: Annual Report, Company Website, Primary and Secondary Opportunities Threats Research, Share Data Verint Systems Inc. Source: Annual Report, Company Website, Primary and Secondary Research, Source: Annual Report, Company Website, Primary and Secondary Research, Financial Performance Source: Annual Report, Company Website, Primary and Secondary Research,. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 1

Table of Contents Table of Contents... 2 List of Tables... 3 List of Figures... 4 Section 1 - About the Company... 5 Verint Systems Inc. - Key Facts... 5 Verint Systems Inc. - Key Employees... 6 Verint Systems Inc. - Key Employee Biographies... 7 Verint Systems Inc. - Major Products and Services... 8 Verint Systems Inc. - History... 9 Verint Systems Inc. - Company Statement... 10 Verint Systems Inc. - Locations And Subsidiaries... 11 Head Office... 11 Other Locations & Subsidiaries... 11 Section 2 Company Analysis... 13 Verint Systems Inc. - Business Description... 13 Verint Systems Inc. - Corporate Strategy... 14 Verint Systems Inc. - SWOT Analysis... 15 SWOT Analysis - Overview... 15 Verint Systems Inc. - Strengths... 15 Verint Systems Inc. - Weaknesses... 16 Verint Systems Inc. - Opportunities... 17 Verint Systems Inc. - Threats... 18 Verint Systems Inc. - Key Competitors... 19 Section 3 Company Financial Ratios... 20 Financial Ratios - Capital Market Ratios... 20 Financial Ratios - Annual Ratios... 21 Performance Chart... 23 Financial Performance... 23 Financial Ratios - Interim Ratios... 24 Financial Ratios - Ratio Charts... 25 Section 4 Appendix... 26 Methodology... 26 Ratio Definitions... 26 About... 30 Contact Us... 30 Disclaimer... 30. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 2

List of Tables Verint Systems Inc., Key Facts... 5 Verint Systems Inc., Key Employees... 6 Verint Systems Inc., Key Employee Biographies... 7 Verint Systems Inc., Major Products and Services... 8 Verint Systems Inc., History... 9 Verint Systems Inc., Other Locations... 11 Verint Systems Inc., Subsidiaries... 12 Verint Systems Inc., Key Competitors... 19 Verint Systems Inc., Ratios based on current share price... 20 Verint Systems Inc., Annual Ratios... 21 Verint Systems Inc., Interim Ratios... 24 Currency Codes... 26 Capital Market Ratios... 26 Equity Ratios... 27 Profitability Ratios... 27 Cost Ratios... 28 Liquidity Ratios... 28 Leverage Ratios... 29 Efficiency Ratios... 29. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 3

List of Figures Verint Systems Inc., Performance Chart (2010-2014)... 23 Verint Systems Inc., Ratio Charts... 25. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 4

Section 1 - About the Company Verint Systems Inc. - Key Facts Verint Systems Inc., Key Facts Corporate Address Ticker Symbol, Exchange Telephone No. of Employees Fax Fiscal Year End URL Revenue (in USD Million) Industry Locations Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 5

Verint Systems Inc. - Key Employees Verint Systems Inc., Key Employees Name Job Title Board Level Since Age Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 6

Verint Systems Inc. - Key Employee Biographies Verint Systems Inc., Key Employee Biographies Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 7

Verint Systems Inc. - Major Products and Services Verint Systems Inc., Major Products and Services Solutions: Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 8

Verint Systems Inc. - History Verint Systems Inc., History Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 9

Verint Systems Inc. - Company Statement. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 10

Verint Systems Inc. - Locations And Subsidiaries Head Office Other Locations & Subsidiaries Verint Systems Inc., Other Locations Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 11

Verint Systems Inc., Subsidiaries Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 12

Section 2 Company Analysis Verint Systems Inc. - Business Description.. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 13

Verint Systems Inc. - Corporate Strategy. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 14

Verint Systems Inc. - SWOT Analysis SWOT Analysis - Overview Verint Systems Inc. - Strengths. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 15

Verint Systems Inc. - Weaknesses. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 16

Verint Systems Inc. - Opportunities. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 17

Verint Systems Inc. - Threats. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 18

Verint Systems Inc. - Key Competitors Verint Systems Inc., Key Competitors Name Headquarters Revenue (US$ m) Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 19

Section 3 Company Financial Ratios Financial Ratios - Capital Market Ratios Verint Systems Inc., Ratios based on current share price Key Ratios 01-Oct-2014 Note: Above ratios are based on share price as of 01-Oct-2014, the above ratios are absolute numbers Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 20

Financial Ratios - Annual Ratios Verint Systems Inc., Annual Ratios Key Ratios Unit/Currency 2010 2011 2012 2013 2014 Equity Ratios Profitability Ratios Growth Ratios Cost Ratios Liquidity Ratios Leverage Ratios Efficiency Ratios. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 21

Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 22

Performance Chart Verint Systems Inc., Performance Chart (2010-2014) Source: Annual Report, Company Website, Primary and Secondary Research Financial Performance. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 23

Financial Ratios - Interim Ratios Verint Systems Inc., Interim Ratios Key Ratios Unit/Currency Jul-2013 Oct-2013 Jan-2014 Apr-2014 Jul-2014 Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 24

Financial Ratios - Ratio Charts Verint Systems Inc., Ratio Charts EPS Operating Margin Return on Equity Debt to Equity Ratio Return on Assets Current Ratio Source: Annual Report, Company Website, Primary and Secondary Research. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 25

Section 4 Appendix The data and analysis within this report is driven by. gives you key information to drive sales, investment and deal making activity in your business. Our c overage i ncludes 200,000 + r eports on 1 85,000+ c ompanies ( including 1 50,000+ private) ac ross 200 + c ountries and 29 industries. T he k ey i ndustries i nclude A lternative E nergy, O il & G as, C lean T echnology, T echnology an d T elecommunication, Pharmaceutical and Healthcare, Power, Financial Services, Chemical and Metal & Mining. Methodology company reports are based on a core set of research techniques which ensure the best possible level of quality and accuracy of data. The key sources used include: Company Websites Company Annual Reports SEC Filings Press Releases Proprietary Databases Currency Codes USD Currency Code Ratio Definitions Capital Market Ratios U.S. Dollars Currency Capital Market Ratios measure investor response to owning a company's stock and also the cost of issuing stock. Price/Earnings Ratio (P/E) Enterprise Value/Earnings before Interest, Tax, Depreciation & Amortization (EV/EBITDA) Enterprise Value/Sales Enterprise Value/Operating Profit Price/Earnings (P/E) ratio is a measure of the price paid for a share relative to the annual income earned per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more for each unit of income, so the stock is more expensive compared to one with lower P/E ratio. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. Price per share is as of previous business close, and EPS is from latest annual report. Calculation: Price per Share / Earnings per Share Enterprise Value/EBITDA (EV/EBITDA) is a valuation multiple that is often used in parallel with, or as an alternative to, the P/E ratio. The main advantage of EV/EBITDA over the PE ratio is that it i s unaffected by a c ompany's c apital s tructure. It c ompares t he v alue of a business, f ree of debt, to earnings before interest. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report. Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / (Net Income + Interest + Tax + Depreciation + Amortization) Enterprise Value/Sales (EV/Sales) is a ratio that provides an idea of how much it costs to buy the company's sales. EV/Sales is seen as more accurate than Price/Sales because market capitalization does not take into account the amount of debt a company has, which needs to be paid b ack at s ome po int. P rice per share i s a s of pr evious bu siness c lose, a nd s hares outstanding last reported. Other items are from latest annual report. Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Sales Enterprise V alue/operating P rofit measures the c ompany's en terprise v alue t o t he o perating profit. P rice per s hare i s a s o f pr evious b usiness close, and s hares outstanding l ast r eported. Other items are from latest annual report. Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Operating. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 26

Enterprise Value/Total Assets Dividend Yield Income Enterprise Value/Total Assets measures the company's enterprise value to the total assets. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report. Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Total Assets Dividend Yield shows how much a company pays out in dividends each year relative to its share price. In t he abs ence of any c apital ga ins, t he di vidend y ield i s t he r eturn on i nvestment f or a stock. Calculation: Annual Dividend per Share / Price per Share Equity Ratios These ratios are based on per share value. Earnings per Share (EPS) Dividend per Share Dividend Cover Book Value per Share Cash Value per Share Profitability Ratios Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. EPS serves as an indicator of a company's profitability. Calculation: Net Income / Weighted Average Shares Dividend is the distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders. Dividend c over is t he r atio of c ompany's e arnings ( net income) ov er t he d ividend p aid to shareholders. Calculation: Earnings per share / Dividend per share Book Value per Share measure used by owners of common shares in a f irm to determine the level of safety associated with each individual share after all debts are paid accordingly. Calculation: (Shareholders Equity - Preferred Equity) / Outstanding Shares Cash Value per Share is a measure of a company's cash (cash & equivalents on t he balance sheet) that is determined by dividing cash & equivalents by the total shares outstanding. Calculation: Cash & equivalents / Outstanding Shares Profitability R atios ar e u sed to as sess a company's a bility t o gener ate ear nings, based on r evenues gen erated o r resources used. For most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a previous period is indicative that the company is doing well. Gross Margin Operating Margin Net Profit Margin Profit Markup PBIT Margin (Profit Before Interest & Tax) Gross margin is the amount of contribution to the business enterprise, after paying for direct-fixed and direct-variable unit costs. Calculation: {(Revenue-Cost of revenue) / Revenue}*100 Operating M argin i s a r atio us ed t o m easure a c ompany's pr icing s trategy and op erating efficiency. Calculation: (Operating Income / Revenues) *100 Net Profit Margin is the ratio of net profits to revenues for a company or business segment - that shows how much of each dollar earned by the company is translated into profits. Calculation: (Net Profit / Revenues) *100 Profit Markup measures the company's gross profitability, as compared to the cost of revenue. Calculation: Gross Income / Cost of Revenue Profit B efore I nterest & T ax M argin s hows t he pr ofitability of t he company bef ore i nterest expense & taxation. Calculation: {(Net Profit+Interest+Tax) / Revenue} *100 PBT Margin (Profit Profit Before Tax Margin measures the pre-tax income over revenues.. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 27

Before Tax) Calculation: {Income Before Tax / Revenues} *100 Return on Equity Return on Capital Employed Return on Assets Return on Fixed Assets Return on Working Capital Cost Ratios Return on Equity measures the rate of return on the ownership interest (shareholders' equity) of the common stock owners. Calculation: (Net Income / Shareholders Equity)*100 Return on Capital Employed is a ratio that indicates the efficiency and profitability of a company's capital investments. ROCE should always be higher than the rate at which the company borrows; otherwise any increase in borrowing will reduce shareholders' earnings. Calculation: EBIT / (Total Assets Current Liabilities)*100 Return on A ssets is an i ndicator of how profitable a c ompany is relative to its total assets, the ratio measures how efficient management is at using its assets to generate earnings. Calculation: (Net Income / Total Assets)*100 Return on Fixed Assets measures the company's profitability to its fixed assets (property, plant & equipment). Calculation: (Net Income / Fixed Assets) *100 Return on Working Capital measures the company's profitability to its working capital. Calculation: (Net Income / Working Capital) *100 Cost ratios help to understand the costs the company is incurring as a percentage of sales. Operating costs (% of Sales) Administration costs (% of Sales) Interest costs (% of Sales) Liquidity Ratios Operating costs as percentage of total revenues measures the operating costs that a company incurs compared to the revenues. Calculation: (Operating Expenses / Revenues) *100 Administration costs as percentage of total revenue measures the selling, general and administrative expenses that a company incurs compared to the revenues. Calculation: (Administrative Expenses / Revenues) *100 Interest costs as percentage of total revenues measures the interest expense that a company incurs compared to the revenues. Calculation: (Interest Expenses / Revenues) *100 Liquidity ratios are used to determine a company's ability to pay off its short-terms debts obligations. Generally, the higher the value of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. A company's ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts and mortgage originators frequently use the liquidity ratios to determine whether a company will be able to continue as a going concern. Current Ratio Quick Ratio Cash Ratio Current Ratio measures a c ompany's ability to pay its short-term obligations. The ratio gives an idea of t he c ompany's abi lity t o pay bac k i ts short-term l iabilities ( debt a nd pay ables) w ith i ts short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. Calculation: Current Assets / Current Liabilities Quick r atio measures a c ompany's ability to meet its short-term o bligations w ith its most liquid assets. Calculation: (Current Assets - Inventories) / Current Liabilities Cash r atio i s t he m ost s tringent a nd conservative of t he t hree short-term l iquidity r atio. I t o nly. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 28

looks at the m ost l iquid short-term assets o f t he company, w hich ar e t hose t hat can be m ost easily used to pay off current obligations. It also ignores inventory and receivables, as there are no assurances that these two accounts can be converted to cash in a timely matter to meet current liabilities. Calculation: {(Cash & Bank Balance + Marketable Securities) / Current Liabilities)} Leverage Ratios Leverage ratios are used to calculate the financial leverage of a company to get an idea of the company's methods of financing or t o measure i ts a bility t o meet f inancial ob ligations. T here ar e s everal different r atios, bu t t he m ain f actors looked at include debt, equity, assets and interest expenses. Debt to Equity Ratio Debt to Capital Ratio Interest Coverage Ratio Efficiency Ratios Debt to Equity Ratio is a m easure of a c ompany's financial leverage. The debt/equity ratio also depends o n t he i ndustry i n w hich t he company oper ates. F or ex ample, c apital-intensive industries tend to have a higher debt-equity ratio. Calculation: Total Liabilities / Shareholders Equity Debt to capital ratio gives an idea of a company's financial structure, or how it is financing its operations, along with some insight into its financial strength. The higher the debt-to-capital ratio, the more debt t he c ompany has compared t o i ts equity. T his indicates t o i nvestors w hether a company is more prone to using debt financing or equity financing. A company with high debt-tocapital r atios, c ompared t o a gener al or i ndustry av erage, m ay s how weak f inancial s trength because the cost of these debts may weigh on the company and increase its default risk. Calculation: {Total Debt / (Total assets - Current Liabilities)} Interest C overage R atio is u sed t o determine how eas ily a c ompany c an pay i nterest on outstanding debt, calculated as earnings before interest & tax by interest expense. Calculation: EBIT / Interest Expense Efficiency ratios measure a c ompany's effectiveness in various areas of its operations, essentially looking at maximizing its use of resources. Fixed Asset Turnover Asset Turnover Current Asset Turnover Inventory Turnover Working Capital Turnover Fixed Asset Turnover ratio indicates how well the business is using its fixed assets to generate sales. A hi gher r atio i ndicates t he bu siness ha s l ess money t ied up i n f ixed as sets f or ea ch currency unit of sales revenue. A declining ratio may indicate that the business is over-invested in plant, equipment, or other fixed assets. Calculation: Net Sales / Fixed Assets Asset turnover ratio measures the efficiency of a company's use of its assets in generating sales revenue to the company. A higher asset turnover ratio shows that the company has been more effective in using its assets to generate revenues. Calculation: Net Sales / Total Assets Current Asset Turnover indicates how efficiently the business uses its current assets to generate sales. Calculation: Net Sales / Current Assets Inventory Turnover ratio shows how many times a company's inventory is sold and replaced over a period. A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales or ineffective buying. Calculation: Cost of Goods Sold / Inventory Working Capital Turnover is a measurement to compare the depletion of working capital to the generation of sales. This provides some useful information as to how effectively a company is using its working capital to generate sales. Calculation: Net Sales / Working Capital. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 29

Capital Employed Turnover Capex to sales Net income per Employee Revenue per Employee Efficiency Ratio Capital employed turnover ratio measures the efficiency of a company's use of its equity in generating sales revenue to the company. Calculation: Net Sales / Shareholders Equity Capex t o S ales r atio m easures t he company's expenditure ( investments) on f ixed and r elated assets' effectiveness when compared to the sales generated. Calculation: (Capital Expenditure / Sales) *100 Net i ncome pe r E mployee looks at a c ompany's n et i ncome i n r elation t o t he number of employees t hey hav e. I deally, a c ompany w ants a hi gher pr ofit per em ployee p ossible, as i t denotes higher productivity. Calculation: Net Income / No. of Employees Revenue per Employee measures the average revenue generated per employee of a company. This r atio is m ost us eful w hen compared against ot her c ompanies in the s ame i ndustry. Generally, a company seeks the highest revenue per employee. Calculation: Revenue / No. of Employees Efficiency R atio i s u sed t o calculate a b ank's ef ficiency. An i ncrease m eans t he c ompany i s losing a l arger percentage of its income to expenses. If the efficiency ratio is getting lower, it is good for the bank and its shareholders. Calculation: Non-interest expense / Total Interest Income Notes Financial information of the company is taken from the most recently published annual reports or SEC filings The financial and operational data reported for the company is as per the industry defined standards Revenue converted to USD at average annual conversion rate as of fiscal year end About is one of the world s leading providers of company operational data and strategic analysis, providing detailed information on tens of t housands of c ompanies g lobally. O ur hi ghly qu alified t eam o f A nalysts, R esearchers, and S olution Consultants use proprietary data sources and various tools and techniques to gather, analyze and represent the latest and the most reliable information essential for businesses to sustain a competitive edge. Data is continuously updated and revised by large teams o f r esearch experts, s o t hat i t al ways r eflects t he latest ev ents a nd information. With a large de dicated r esearch and analysis capability, employs rigorous primary and secondary research techniques in developing unique data sets and research material for this series and its other reports. offers comprehensive geographic coverage across world s most important sectors, focusing particularly on energy and healthcare. Contact Us If you have any queries about this report or would like further information, please contact info@globaldata.com Disclaimer All Rights Reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher,.. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form Page 30