20.02.

2013

Company Analysis - Overview

Ticker:

Chesapeake Energy Corp

CHK US

Sector: Energy

Benchmark:
S&P 500 INDEX (SPX)

New York: CHK, Currency: USD

Currency:

Industry: Oil, Gas & Consumable Fuels

Year:

Telephone
1-405-848-8000
Revenue (M)
Website
www.chkenergy.com
No of Employees
Address
6100 North Western Avenue Oklahoma City, OK 73118 United States
Share Price Performance in USD
Price
20.60
1M Return
52 Week High
25.61
6M Return
52 Week Low
13.13
52 Wk Return
52 Wk Beta
1.72
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Chesapeake Energy Corporation produces oil and natural gas. The Company's
operations are focused on discovering, developing and acquiring conventional and
unconventional natural gas reserves onshore in the United States.

12'424
12'600

Sales (M)
6813
5090
521

Geographic Segments in USD

Unallocated Sales

Sales (M)
1

15.6%
7.2%
-15.1%
24.6%

IG10
BBBa3
BB-

Date
Date
Date

12/08
4.6x
6.4x
4.0x
0.8x
0.6x
1.8%

12/09
10.0x
10.6x
6.8x
1.9x
1.5x
1.2%

12/10
8.8x
9.7x
6.6x
1.6x
1.4x
1.2%

12/11
8.0x
8.9x
5.6x
1.1x
1.1x
1.5%

12/12E
42.4x
10.3x
1.4x
1.1x
1.7%

12/13E
17.1x
7.5x
1.3x
1.0x
1.6%

12/14E
10.6x
6.0x
1.2x
0.9x
1.7%

12/08
Gross Margin
68.1
EBITDA Margin
52.0
Operating Margin
32.2
Profit Margin
5.6
Return on Assets
1.7
Return on Equity
3.6
Leverage and Coverage Ratios
12/08
Current Ratio
1.2
Quick Ratio
0.8
EBIT/Interest
4.1
Tot Debt/Capital
0.4
Tot Debt/Equity
0.8
Eff Tax Rate %
39.1

12/09
66.5
53.8
34.3
-70.3
-17.0
-42.6

12/10
71.3
49.5
33.4
17.7
5.3
14.4

12/11
71.1
42.2
26.7
14.0
4.4
12.2

12/12E
31.2
33.9
-4.7
2.4
-1.1
1.1

12/13E
31.6
45.7
18.1
8.7
3.1
6.2

12/14E
33.9
50.2
24.5
13.0
4.3
11.5

12/09
0.9
0.6
3.8
0.5
1.0
-

12/10
0.7
0.5
4.6
0.5
0.8
38.5

12/11
0.4
0.4
4.3
0.4
0.6
39.0

15.05.2012
07.07.2005
18.05.2012

Business Segments in USD

Oil and Natural Gas
Gathering & Compression
Oilfield Services

Outlook
Outlook
Outlook

4%

NEG
NEG
-

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

41%
55%

100%

Oil and Natural Gas

Gathering & Compression

Unallocated Sales

Oilfield Services

Current Capitalization in USD

Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

660.9
13688.6
142.0
16218.0
3062.0
0.0
2364.0
35190.6

Company Analysis - Analysts Ratings

Chesapeake Energy Corp

41%

10

37%

34%

32%

32%

35%

nov.12

dc.12

janv.13

0%

0
fvr.12

mars.12

avr.12

mai.12

juin.12

Buy

juil.12

Hold

aot.12

Sell

sept.12

Price

oct.12

Target Price

Date

Buy

Hold

Sell

Date

31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12
29-Feb-12

35%
32%
32%
34%
37%
41%
41%
39%
43%
47%
49%
49%

62%
62%
62%
63%
60%
56%
56%
56%
49%
42%
41%
41%

3%
6%
6%
3%
3%
3%
3%
6%
8%
11%
11%
11%

20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
7-Feb-13
6-Feb-13
5-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
30-Jan-13
29-Jan-13
28-Jan-13
25-Jan-13
24-Jan-13
23-Jan-13
22-Jan-13
21-Jan-13
18-Jan-13
17-Jan-13
16-Jan-13
15-Jan-13
14-Jan-13
11-Jan-13
10-Jan-13

Price Target Price

20.58
20.36
20.01
20.01
20.40
20.57
20.01
20.05
20.23
20.23
20.51
20.54
20.11
20.33
20.18
20.11
18.97
18.93
19.36
18.77
18.50
18.73
17.82
17.82
17.55
17.31
17.37
16.94
16.87
16.64

22.88
22.88
22.88
22.88
22.88
22.88
22.88
22.83
22.83
22.83
22.83
22.83
22.83
22.88
22.88
22.88
22.78
22.78
22.78
22.78
22.78
22.78
22.78
22.78
22.83
22.77
22.77
22.77
23.00
23.00

Broker

Analyst

Sanford C. Bernstein & Co

Jefferies
Stifel Nicolaus
Barclays
Brean Murray Carret & Co
SunTrust Robinson Humphrey
BMO Capital Markets
Raymond James
Simmons & Company International
Alembic Global Advisors
Canaccord Genuity Corp
Susquehanna Financial Group
Argus Research Corp
Howard Weil Inc
Capital One Southcoast, Inc.
Sterne, Agee & Leach
Wunderlich Securities
Wells Fargo Securities, LLC
RBC Capital Markets
Credit Agricole Securities (USA)
Global Hunter Securities
Johnson Rice & Co
Robert W. Baird & Co
Credit Suisse
Oppenheimer & Co
EVA Dimensions
Deutsche Bank
JPMorgan
Ladenburg Thalmann & Co
Macquarie

BOB BRACKETT
BIJU Z PERINCHERIL
AMIR ARIF
JEFFREY W ROBERTSON
RAYMOND DEACON
NEAL DINGMANN
DAN MCSPIRIT
JOHN FREEMAN
DAVID W KISTLER
JAMES J SULLIVAN
JOHN J GERDES
DUANE GRUBERT
PHILIP H WEISS
PETER KISSEL
MARSHALL H CARVER VI
TIM A REZVAN
JASON A WANGLER
DAVID R TAMERON
SCOTT HANOLD
JEB S ARMSTRONG
MICHAEL KELLY
CHARLES MEADE
MICHAEL A HALL
ARUN JAYARAM
FADEL GHEIT
CRAIG STERLING
STEPHEN RICHARDSON
JOSEPH D ALLMAN
MICHAEL SCHMITZ
JOSEPH MAGNER

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Recommendation
market perform
buy
buy
equalweight
hold
neutral
market perform
market perform
neutral
neutral
buy
neutral
hold
sector outperform
add
neutral
buy
market perform
sector perform
buy
buy
overweight
neutral
neutral
outperform
underweight
hold
overweight
neutral
neutral

Goldman Sachs

41%

FBR Capital Markets

39%

Macquarie

43%

Tudor Pickering & Co

47%

JPMorgan

49%

Ladenburg Thalmann & Co

49%

0
Deutsche Bank

20%

15

EVA Dimensions

40%

5
Credit Suisse

20

10

Oppenheimer & Co

25

15

Johnson Rice & Co

30

Robert W. Baird & Co

62%

Global Hunter Securities

60%

62%

RBC Capital Markets

62%

Credit Agricole Securities

63%

Wunderlich Securities

60%

Wells Fargo Securities, LLC

56%

Sterne, Agee & Leach

56%

Howard Weil Inc

56%

Capital One Southcoast, Inc.

49%

Argus Research Corp

42%

20

Susquehanna Financial Group

41%

35

Alembic Global Advisors

41%

25

Canaccord Genuity Corp

80%

40

Raymond James

6%

Brokers' Target Price

30

Simmons & Company

6%

45

BMO Capital Markets

6%

3%

SunTrust Robinson Humphrey

8%

3%

Barclays

11%

3%

Brean Murray Carret & Co

11%

3%

Jefferies

11%

3%

Sanford C. Bernstein & Co

100%

Stifel Nicolaus

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in USD

Target

Date

22.00
26.00
25.00
24.00

20-Feb-13
19-Feb-13
15-Feb-13
15-Feb-13
13-Feb-13
11-Feb-13
4-Feb-13
4-Feb-13
4-Feb-13
4-Feb-13
31-Jan-13
31-Jan-13
30-Jan-13
30-Jan-13
30-Jan-13
30-Jan-13
30-Jan-13
30-Jan-13
29-Jan-13
29-Jan-13
29-Jan-13
28-Jan-13
18-Jan-13
17-Jan-13
17-Jan-13
15-Jan-13
14-Jan-13
14-Jan-13
14-Jan-13
7-Jan-13

19.00
22.00
28.00
19.00
28.00
18.00
23.00
26.00
25.00
21.00
27.00
22.00
24.00
22.00
24.00
20.00
20.00
20.00
19.00

20.02.2013

Chesapeake Energy Corp

Company Analysis - Ownership

Ownership Type

Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

660.9
89.4%
77.2
13.06%
3.83
82.45%
15.92%
1.62%

82%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in USD

Top 20 Owners:
Holder Name
SOUTHEASTERN ASSET M
ICAHN ASSOCIATES COR
ICAHN ASSOCIATES COR
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
STATE STREET
WELLINGTON MANAGEMEN
BANK OF AMERICA CORP
BRANDES INVESTMENT P
OLDFIELD PARTNERS LL
NORTHERN TRUST CORPO
SUSQUEHANNA INTERNAT
BANK OF NEW YORK MEL
DIMENSIONAL FUND ADV
MACKENZIE FINANCIAL
CORTLAND ADVISERS LL
MORGAN STANLEY
DEUTSCHE BANK AG
FMR LLC

United States
Britain
Bahamas
Canada
Unknown Country
Germany
Japan
Others

82.54%
4.80%
2.45%
2.13%
1.93%
1.27%
1.25%
3.64%

Institutional Ownership Distribution

Investment Advisor
Hedge Fund Manager
Pension Fund (Erisa)
Individual
Others

77.68%
14.57%
2.84%
1.93%
2.99%

MCCLENDON AUBREY K
DIXON STEVEN C
JACOBSON DOUGLAS J
HOOD HENRY J
SIMPSON LOUIS A

2%

1% 1% 4%

2%
2%
5%

83%

United States

Britain

Bahamas

Canada

Unknown Country

Germany

Japan

Others

TOP 20 ALL

Position
85'481'331
59'698'689
59'698'689
34'252'412
29'102'143
25'656'221
24'670'203
23'781'033
16'076'279
12'740'892
9'140'400
7'250'423
6'976'795
6'794'499
6'205'209
5'057'882
4'868'900
4'837'769
4'500'499
4'092'438

Position Change
-4'237'700
9'613'487
0
7'174'601
-2'986'790
747'083
242'007
3'174'148
5'022'300
-830'057
384'100
-6'964
2'846'012
937'512
567'637
-4'008'545
4'868'900
10'445
-484'943
-2'266'979

Market Value
1'760'488'012
1'229'494'500
1'229'494'500
705'428'425
599'358'635
528'389'871
508'082'831
489'770'375
331'090'966
262'398'671
188'246'538
149'322'462
143'687'093
139'932'707
127'796'279
104'167'080
100'274'996
99'633'853
92'687'777
84'283'761

% of Ownership
12.86%
8.98%
8.98%
5.15%
4.38%
3.86%
3.71%
3.58%
2.42%
1.92%
1.38%
1.09%
1.05%
1.02%
0.93%
0.76%
0.73%
0.73%
0.68%
0.62%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

3'183'188
1'201'014
972'304
704'429
542'098

177'915
88'960
69'190

65'557'757
24'734'883
20'024'601
14'507'715
11'164'508

31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Source
13F
13F
Research
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG

29.01.2013
29.01.2013
29.01.2013
01.10.2012
13.12.2012

Form 4
Form 4
Form 4
Form 4
Form 4

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

2%
16%

3'997

0.48%
0.18%
0.15%
0.11%
0.08%

Source

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Country
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
BRITAIN
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
CANADA
UNITED STATES
UNITED STATES
GERMANY
UNITED STATES

Institutional Ownership
2%
3%

3%

15%

77%

Investment Advisor

Hedge Fund Manager

Individual

Others

Pension Fund (Erisa)

Company Analysis - Financials I/IV

Chesapeake Energy Corp
Financial information is in USD (M)
Periodicity:

Fiscal Year

Equivalent Estimates
12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

Revenue
- Cost of Goods Sold

969
426

739
529

1'717
1'012

2'709
816

4'624
1'470

6'830
2'197

8'174
2'939

10'832
3'460

8'290
2'780

10'023
2'872

12'424
3'590

10'027

10'208

11'670

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

543
23

209
18

705
24

1'893
896

3'154
1'422

4'633
1'661

5'235
2'212

7'372
3'882

5'510
2'665

7'151
3'805

8'834
5'515

3'129

3'230

3'958

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

520
98
0
-16

192
112
0
12

682
154
0
26

997
167
0
25

1'732
220
0
19

2'972
301
0
-584

3'023
406
0
276

3'490
271
0
2'228

2'845
113
0
12'020

3'346
19
0
443

3'319
44
0
395

-468

1'847

2'858

Pretax Income
- Income Tax Expense

438
175

67
27

501
190

805
290

1'493
545

3'255
1'252

2'341
890

991
387

-9'288
-3'483

2'884
1'110

2'880
1'123

-290

1'830

2'792

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

263
46
0

40
0
0

311
-2
0

515
0
0

948
0
0

2'003
0
0

1'451
0
0

604
0
0

-5'805
0
25

1'774
0
0

1'757
0
15

238
0.49
0.34
0.70

886
1.21
0.34
0.28

1'518
1.95
0.34
0.18

3'398

4'670

5'856

Income Statement

Diluted EPS Before XO Items

1.51

0.17

1.20

1.53

2.51

4.35

2.62

0.93

(9.57)

2.51

2.32

Net Income Adjusted*

EPS Adjusted
Dividends Per Share
Payout Ratio %

201
1.16
0.00
0.0

95
0.55
0.06
35.4

304
1.26
0.14
10.1

458
1.60
0.17
10.3

924
2.63
0.20
7.1

2'291
3.61
0.23
4.8

1'657
3.21
0.26
9.7

1'999
3.55
0.29
31.1

1'608
2.58
0.30

1'971
2.95
0.30
11.4

1'936
2.80
0.34
13.7

Total Shares Outstanding

Diluted Shares Outstanding

165
174

190
173

217
259

312
306

370
367

457
459

511
487

648
545

648
612

655
706

661
752

EBITDA

698

427

1'068

1'602

2'668

4'422

4'994

5'634

4'460

4'960

5'242

*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 |

Company Analysis - Financials II/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

361.383
118
0
51
11
182

435.317
248
0
109
15
63

342.404
41
0
174
19
109

567.54
7
0
347
32
181

1183.397
60
0
615
87
421

1153.869
3
0
845
82
225

1396
1
0
1'074
87
234

4292
1'749
0
1'324
58
1'161

2446
307
0
1'325
25
789

3266
102
0
1'974
0
1'190

3177
351
0
2'505
0
321

1'925
0
3'728
1'942
1'786
140

2'440
0
4'561
2'172
2'390
50

4'230
0
6'675
2'542
4'133
97

7'677
93
10'587
3'143
7'444
140

14'935
159
18'486
4'074
14'412
364

23'263
699
27'396
5'492
21'904
660

29'338
612
35'744
7'407
28'337
389

34'301
444
45'670
12'362
33'308
549

27'468
404
51'763
25'053
26'710
354

33'913
1'208
58'692
26'314
32'378
327

38'658
1'531
65'029
28'290
36'739
388

173
80
1
93

266
86
0
180

513
164
0
349

964
367
0
597

1'964
517
0
1'447

1'890
860
0
1'030

2'761
1'262
0
1'499

3'621
1'611
0
2'010

2'688
957
0
1'731

4'490
2'069
0
2'421

7'082
3'311
0
3'771

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

1'346
1'329
17

1'702
1'651
51

2'326
2'058
269

4'118
3'075
1'043

7'980
5'490
2'490

11'276
7'376
3'900

15'843
10'950
4'893

17'955
13'175
4'780

14'885
12'295
2'590

17'425
12'640
4'785

16'792
10'626
6'166

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

1'519
150
0
1'037
-419

1'968
150
0
1'208
-450

2'839
552
0
1'391
-211

5'082
491
0
2'443
229

9'944
1'577
0
3'807
791

13'166
1'958
0
5'878
3'416

18'604
960
0
7'037
4'133

21'576
505
0
11'686
4'826

17'573
466
897
12'152
-1'174

21'915
3'065
0
12'201
-2

23'874
3'062
1'337
12'153
1'409

767

908

1'733

3'163

6'174

11'251

12'130

17'017

12'341

15'264

17'961

2'287

2'876

4'572

8'245

16'118

24'417

30'734

38'593

29'914

37'179

41'835

3.75
3.75

3.99
3.99

5.45
5.45

8.57
8.57

12.42
12.42

20.32
20.32

21.85
21.85

25.49
25.49

16.95
16.95

18.62
18.62

20.52
20.52

12/12E

12/13E

12/14E

19.24

20.16

21.78

Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets
Total Current Liabilities
+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

Total Shareholders Equity

Total Liabilities & Equity
Book Value Per Share
Tangible Book Value Per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials III/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

217
178
124
35

40
235
137
20

313
386
205
42

515
606
376
-64

948
936
702
-180

2'003
1'449
518
873

1'451
1'971
1'311
199

604
2'144
2'555
54

-5'830
1'615
8'707
-136

1'774
1'614
1'160
569

1'742
1'923
1'644
594

-1'060

847

1'202

554
5
-460
0
0
-215

433
7
-769
0
0
-17

946
28
-2'061
0
0
-44

1'432
0
-3'341
0
0
-40

2'407
10
-6'782
-135
0
-15

4'843
244
-8'726
-555
0
94

4'932
369
-9'705
-8

5'357
64
-17'770
0
0
7'741

4'356
1'626
-7'524
-40
0
476

5'117
4'292
-13'513
-134
0
852

5'903
8'963
-14'450
0
0
-325

-10'872

-6'812

-7'328

-670
-1
0
1'462
-1'365
148
-0
-10

-780
-15
0
699
-360
164
0
-11

-2'077
-48
26
1'223
-851
577
-2
-0

-3'381
-80
0
3'326
-2'101
941
0
-171

-6'921
-92
61
8'607
-5'765
2'349
-4
-588

-8'942
-175
70
10'125
-8'264
2'477
-86
-105

-7'922
-210
-98
9'539
-6'160
35
-118

-9'965
-183
330
15'427
-11'307
2'650
-5
-556

-5'462
-204
-2'246
1'491
0
4
-7
626

-8'503
-281
1'834
1'967
-3'434
2'562
0
533

-5'812
-379
-1'604
1'614
-2'015
0
0
2'542

Cash From Financing Activities

234

477

925

1'915

4'568

4'042

2'988

6'356

-336

3'181

158

Net Changes in Cash

118

130

-207

-34

53

-58

-2

1'748

-1'442

-205

249

94

-336

-1'116

-1'909

-4'375

-3'882

-4'773

-12'413

-3'168

-8'396

-8'547

-7'959

-3'323

-2'988

153
312
0.58

-269
-1
-2.02

-1'020
-309
-5.28

-1'802
-785
-7.54

-4'235
-418
-13.58

-3'697
-1'415
-9.74

-4'521
-2'215
-10.47

-12'248
-8'387
-23.16

-2'359
-5.18

-8'384
-1'249
-13.31

-8'520
-1'764
-13.42

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operating Activities
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities
+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities

Free Cash Flow (CFO-CAPEX)

Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share

1'422

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials IV/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

5.7x
4.7x
3.5x
1.1x
1.8x
0.0%

14.1x
15.8x
7.1x
1.7x
1.9x
0.8%

10.8x
8.1x
5.2x
1.7x
2.5x
1.0%

10.3x
8.7x
5.4x
1.5x
1.9x
1.0%

12.3x
10.8x
7.0x
2.2x
2.6x
0.6%

8.0x
7.6x
5.1x
1.7x
1.4x
0.8%

12.9x
10.6x
6.4x
2.2x
1.8x
0.7%

4.6x
6.4x
4.0x
0.8x
0.6x
1.8%

10.0x
10.6x
6.8x
1.9x
1.5x
1.2%

8.8x
9.7x
6.6x
1.6x
1.4x
1.2%

8.0x
8.9x
5.6x
1.1x
1.1x
1.5%

42.5x

17.1x

10.6x

10.3x
1.4x
1.1x
1.7%

7.5x
1.3x
1.0x
1.6%

6.0x
1.2x
0.9x
1.7%

56.1%
72.0%
53.7%
22.4%
11.7%
47.9%

28.3%
57.8%
26.0%
5.5%
1.6%
4.4%

41.1%
62.2%
39.7%
18.2%
8.4%
30.0%

69.9%
59.1%
36.8%
19.0%
8.0%
22.8%

68.2%
57.7%
37.5%
20.5%
7.8%
24.2%

67.8%
64.7%
43.5%
29.3%
9.9%
27.4%

64.0%
61.1%
37.0%
17.8%
5.3%
12.0%

68.1%
52.0%
32.2%
5.6%
1.7%
3.6%

66.5%
53.8%
34.3%
-70.3%
-17.0%
-42.6%

71.3%
49.5%
33.4%
17.7%
5.3%
14.4%

71.1%
42.2%
26.7%
14.0%
4.4%
12.2%

31.2%
33.9%
-4.7%
2.4%
-1.1%
1.1%

31.6%
45.7%
18.1%
8.7%
3.1%
6.2%

33.9%
50.2%
24.5%
13.0%
4.3%
11.5%

Leverage & Coverage Ratios

Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity

2.08
0.98
5.05
0.63
1.73

1.64
1.34
1.64
0.65
1.82

0.67
0.42
4.07
0.54
1.19

0.59
0.37
4.90
0.49
0.97

0.60
0.34
5.80
0.47
0.89

0.61
0.45
6.19
0.40
0.66

0.51
0.39
4.48
0.47
0.90

1.19
0.85
4.08
0.44
0.77

0.91
0.61
3.81
0.50
1.00

0.73
0.46
4.55
0.45
0.83

0.45
0.40
4.28
0.37
0.59

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

0.52
13.05
6.06
61.71

0.29
9.19
6.44
40.73

0.46
12.14
8.12
58.47

0.42
10.40
3.12
31.75

0.38
9.61
3.45
24.66

0.34
9.35
3.18
26.06

0.30
8.52
2.78
34.88

0.31
9.03
2.39
47.72

0.24
6.26
2.14
66.99

0.30
6.08
1.88
229.76

0.31
5.55
1.33

39.9%

40.0%

38.0%

36.0%

36.5%

38.5%

38.0%

39.1%

38.5%

39.0%

Ratio Analysis
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

Effective Tax Rate

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Peers Comparision

CHESAPEAKE
ENERG
Latest Fiscal Year:

ANADARKO
PETROLE

12/2011
26.09
20.03.2012
13.32
17.05.2012
2'476'762

12/2012
88.28
22.02.2012
56.42
04.06.2012
665'684

Current Price (2/dd/yy)

20.58

52-Week High % Change

-21.1%
54.5%
660.9

52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

52-Week Low % Change

Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value
Total Revenue

EV/Total Revenue

EBITDA

EV/EBITDA

EPS

P/E

Revenue Growth
EBITDA Growth
EBITDA Margin

LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2

APACHE CORP

NOBLE ENERGY
INC

12/2012
112.09
24.02.2012
74.50
16.11.2012
940'925

12/2012
115.59
08.02.2013
76.83
25.06.2012
78'178

82.85

76.40

-6.2%
46.8%
499.8

-31.8%
2.6%
392.0

SOUTHWESTRN
ENGY

PIONEER NATURAL CONOCOPHILLIPS FOREST OIL CORP OCCIDENTAL PETE

12/2011
36.87
11.10.2012
25.63
13.06.2012
371'480

12/2012
133.68
14.02.2013
77.41
25.06.2012
210'971

12/2012
62.05
30.01.2013
50.62
04.06.2012
1'074'697

12/2011
14.53
21.02.2012
5.68
12.07.2012
634'609

113.25

33.10

130.63

58.47

6.23

-2.0%
47.4%
179.0

-10.2%
29.2%
349.0

-2.3%
68.8%
123.4

-5.8%
15.5%
1'285.7

-57.2%
9.6%
114.5

12/2012
106.68
28.02.2012
72.43
16.11.2012
689'006

SANDRIDGE
ENERGY

EXXON MOBIL
CORP

PLAINS EXPLORATI

BP PLC

CHEVRON CORP

12/2011
8.98
27.02.2012
4.81
09.11.2012
716'899

12/2012
93.67
19.10.2012
77.13
05.06.2012
1'644'160

12/2011
48.47
06.02.2013
30.12
22.06.2012
170'275

12/2012
512.00
05.03.2012
389.50
18.05.2012
23'075'700

12/2012
118.53
21.09.2012
95.73
04.06.2012
620'333

86.02

5.92

89.76

46.63

449.35

115.99

60.10

-19.4%
18.8%
811.0

-34.1%
22.9%
412.0

-4.2%
16.4%
4'734.0

-3.8%
54.8%
130.6

-12.2%
15.4%
19'119.8

-2.1%
21.2%
1'981.2

-21.3%
18.1%
404.0

41'471.9

29'948.8

20'239.5

11'597.6

16'114.6

71'391.6

736.0

69'692.0

2'901.2

409'264.8

6'015.3

86'111.6

227'007.6

24'340.5

10'626.0
3'062.0
1'337.0
351.0

13'269.0
1'253.0
2'471.0

12'345.0
1'227.0
160.0

4'064.0
1'387.0

1'343.3
15.6

4'201.1
178.0
229.4

22'623.0
510.0
6'361.0

1'693.0
3.0

5'871.0
3'781.0

2'814.2
765.0
922.9
207.7

17'033.0
6'348.0
12'664.0

3'761.0
430.6
1'030.8

48'797.0
1'206.0
20'114.0

10'152.0
799.0
16'113.0

9'780.0
7'058.0

35'180.6

53'522.9

42'133.8

22'916.5

13'275.6

20'264.2

91'711.6
Valuation

2'789.2

73'554.0

8'839.9

414'275.8

10'233.0

161'704.3

219'050.6

28'073.5

12'424.0
11'414.0
10'027.2
10'207.8
2.7x
3.0x
3.3x
3.2x
5'242.0
4'058.0
3'397.7
4'669.9
6.5x
8.4x
9.9x
7.1x
2.79
0.84
0.49
1.21
24.5x
24.5x
42.4x
17.1x
24.0%
12.5%
5.7%
3.5%
35.6%
33.9%
45.7%

14'060.0
14'058.0
15'155.2
17'079.1
3.5x
3.5x
3.5x
3.0x
6'950.0
6'948.0
9'609.7
11'163.2
7.1x
7.1x
5.6x
4.7x
4.10
4.12
4.24
5.30
20.1x
20.1x
19.6x
15.6x
3.0%
6.5%
(5.5%)
4.5%
49.4%
63.4%
65.4%

16'947.0
16'947.0
17'714.5
19'444.0
2.5x
2.5x
2.5x
2.3x
12'283.0
12'283.0
12'435.4
13'913.2
3.5x
3.5x
3.6x
3.2x
9.63
9.56
9.39
10.95
8.0x
8.0x
8.1x
7.0x
0.8%
12.1%
(2.1%)
10.9%
72.5%
70.2%
71.6%

4'003.0
4'079.0
5'140.5
6'222.2
5.2x
5.1x
4.6x
3.9x
2'545.0
2'588.0
3'723.5
4'579.3
8.2x
8.1x
6.4x
5.4x
4.95
4.84
6.56
8.40
23.4x
23.4x
17.3x
13.5x
22.2%
6.9%
21.1%
3.3%
63.4%
72.4%
73.6%

2'952.9
2'686.2
2'389.3
2'760.4
4.7x
5.2x
5.6x
4.9x
1'782.8
1'615.3
1'529.3
1'873.1
7.8x
8.6x
8.7x
7.2x
1.82
1.39
1.38
1.64
23.8x
23.8x
24.0x
20.2x
13.1%
28.1%
10.5%
34.9%
60.1%
64.0%
67.9%

3'207.4
3'186.5
3'653.6
4'410.3
5.4x
5.4x
5.3x
4.5x
1'816.0
1'816.2
2'330.6
2'848.9
9.5x
9.5x
8.3x
6.9x
3.93
3.58
4.78
6.32
36.5x
36.5x
27.3x
20.7x
30.3%
12.1%
16.5%
14.6%
57.0%
63.8%
64.6%

78.4%
37.2%
3.997x
3.962x
6.755x

64.3%
37.7%
1.910x
1.554x
9.367x

39.4%
28.3%
1.005x
0.992x
74.442x

49.2%
33.0%
1.570x
1.034x
5.960x

33.8%
25.3%
1.050x
1.039x
25.568x

73.8%
41.7%
2.313x
2.187x
8.444x

BB15.05.2012
Ba3
17.12.2007

BBB08.09.2006
Baa3
23.03.2012

A26.01.2001
A3
29.11.2010

BBB
24.02.2009
Baa2
14.10.1993

BBB06.07.2010
Baa3
22.02.2012

BBB11.11.2011
Baa3
30.05.2012

57'967.0
96'888.0
51'242.3
54'625.6
1.5x
0.7x
1.7x
1.6x
19'396.0
20'383.0
21'776.5
24'210.1
4.6x
4.3x
4.0x
3.7x
5.37
6.09
5.51
6.19
9.6x
9.6x
10.6x
9.4x
(74.9%)
(10.5%)
(26.2%)
(8.8%)
21.0%
42.5%
44.3%

752.5
714.3
658.5
627.3
4.1x
4.3x
3.9x
3.7x
533.9
492.4
479.4
438.5
5.7x
6.2x
5.3x
5.3x
0.87
0.44
0.37
0.37
14.1x
14.1x
16.7x
16.8x
(8.2%)
(8.4%)
(11.9%)
0.1%
68.9%
72.8%
69.9%

24'172.0
24'172.0
24'965.7
26'980.7
3.0x
3.1x
3.0x
2.7x
12'765.0
12'164.0
15'793.4
17'278.3
5.8x
5.5x
4.7x
4.2x
7.09
7.09
7.32
7.90
12.1x
12.1x
11.7x
10.9x
1.0%
4.0%
(9.9%)
4.5%
50.3%
63.3%
64.0%

1'364.5
1'703.0
1'946.8
1'880.4
6.9x
5.5x
4.5x
4.3x
715.3
903.1
1'100.8
1'033.3
13.1x
10.4x
7.9x
7.8x
0.02
0.11
0.16
(0.28)
53.8x
53.8x
37.4x
18.0%
35.2%
19.8%
50.2%
53.0%
56.5%
55.0%

449'886.0
426'252.0
422'334.8
454'263.9
0.9x
1.0x
1.0x
0.9x
69'687.0
64'877.0
80'165.0
83'096.6
6.1x
6.5x
5.3x
5.1x
7.56
7.89
7.89
8.30
11.4x
11.4x
11.4x
10.8x
3.8%
2.4%
0.4%
15.2%
19.0%
18.3%

1'913.2
2'230.5
2'478.7
4'296.7
4.7x
4.1x
5.5x
3.3x
1'203.7
1'474.6
1'679.1
3'236.3
7.5x
6.1x
8.1x
4.4x
1.86
1.32
1.80
3.23
35.3x
35.3x
25.9x
14.4x
23.9%
31.9%
27.7%
20.1%
66.1%
67.7%
75.3%

370'866.0
370'866.0
337'719.0
348'629.6
0.4x
0.4x
0.5x
0.4x
21'187.0
22'056.0
37'939.7
42'132.4
7.6x
7.3x
4.1x
3.7x
0.44
0.61
0.87
0.98
11.3x
20.3x
8.0x
7.0x
(1.2%)
5.1%
(53.7%)
(10.8%)
5.9%
11.2%
12.1%

222'580.0
222'580.0
227'992.7
237'395.0
1.0x
1.0x
1.0x
1.0x
48'426.0
48'426.0
54'850.9
57'388.5
4.5x
4.5x
4.1x
4.1x
12.10
12.12
12.17
12.55
9.6x
9.6x
9.5x
9.2x
(5.8%)
(0.1%)
(5.4%)
7.1%
21.8%
24.1%
24.2%

34.7%
25.6%
1.008x
0.948x
14.650x

141.9%
58.7%
4.249x
4.170x
3.336x

15.6%
13.5%
0.570x
0.289x
109.103x

326.8%
52.5%
4.762x
4.016x
2.928x

11.0%
9.6%
0.192x
-0.010x
82.961x

115.2%
50.4%
3.063x
2.563x
4.350x

41.2%
29.0%
2.212x
1.300x
18.833x

8.4%
7.7%
0.254x
-0.190x
177.813x

B+
18.07.2012
B2
02.08.2012

A
23.06.2008
A1
19.04.2012

B
30.09.2011
B2
06.08.2012

AAA
16.12.1985
WR
16.08.1993

BB- *+
06.12.2012
B1 *+
05.12.2012

A
24.09.2010
-

AA
01.07.1987
Aa1
27.02.2009

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

12/2012
76.34
19.03.2012
50.89
31.12.2012
807'996

13'678.6

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

DEVON ENERGY
CO

A
07.02.2012
A1
26.04.2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9'502.0
9'627.0
9'792.8
10'793.3
3.0x
2.9x
3.4x
3.4x
6'389.0
5'263.0
5'768.3
6'620.5
4.4x
5.4x
5.8x
5.5x
3.26
3.28
3.95
5.26
18.3x
18.3x
15.2x
11.4x
(13.3%)
(3.3%)
(0.4%)
54.6%
58.9%
61.3%