RE:RE:RE:RE:why Brookfield will keep the golden goose alive
December-31 2009A 2010A 2011A 2012A 2013A 2014E 2015E
09-13 13-15
Average Growth
Per-Share Data (FD)
Cash Flow $3.10 $1.30 $0.54 $0.33 $0.53 $0.03 $0.79 22.0%
Dividends $2.16 $2.16 $0.40 $0.00 $0.00 $0.00 $0.00
Book Value $14.00 $12.05 $0.64 n.m. n.m. n.m. n.m.
Shares O/S (M) 20.2 20.3 24.1 24.1 24.1 24.1 24.1 0.0%
Adj EPS $2.37 $0.29 $-2.03 $-1.06 $-0.12 $-0.47 $0.23
Valuation Ratio
Price/Cash Flow 8.2x 12.3x 3.8x 7.0x 2.4x 13.5x 0.5x 6.7
Pre-tax Cash Yield 8.5% 13.6% 19.5% 0.0% 0.0% 0.0% 0.0% 8.3%
Payout Ratio 70.4% 191.9% 153.7% 0.0% 0.0% 0.0% 0.0% 83.2%
Cash Dist./Cash Flow 0.70x 1.67x 0.74x 0.00x 0.00x 0.00x 0.00x 0.62
Price/Book 1.8x 1.3x 3.2x n.m. n.m. n.m. n.m.
Profitability
Revenues (M) $464 $463 $454 $457 $456 $468 $514 6.3%
EBITDA (M) $79 $43 $15 $64 $40 $31 $50 11.7%
EBITDA Margin 16.9% 9.3% 3.4% 14.0% 8.8% 6.6% 9.7% 10.5%
Net Income (M) $43.49 $7.91 $-269.79 $-36.11 $-2.80 $-11.22 $5.42
Net Margin 9.4% 1.7% -59.5% -7.9% -0.6% -2.4% 1.1% -11.4%
Return on Equity 17.0% 2.2% n.m. n.m. n.m. n.m. n.m.
Debt Analysis
Current Ratio 1.9x 2.4x 3.0x 2.4x 2.5x 1.8x 1.8x 2.4
Net Debt/EBITDA 2.7x 6.4x 15.4x 4.5x 7.6x 9.5x 4.4x 7.3
LTD/(LTD+Equity) 0.45x 0.53x 0.95x 1.07x 1.07x 1.11x 1.09x 0.81
Tot. Debt/(Tot.Dbt+Eq.) 0.45x 0.53x 0.95x 1.07x 1.07x 1.11x 1.09x 0.81
Capital Structure
Total Assets (M) $652 $646 $402 $362 $357 $385 $400 5.8%
Working Capital (M) $77 $103 $137 $103 $106 $91 $103 -1.3%
Long-Term Debt (M) $226 $273 $285 $295 $319 $335 $335 2.4%
Common Equity (M) $277 $245 $15 $-20 $-22 $-32 $-27
Total Capital (M) $503 $518 $300 $275 $298 $303 $308