X hits on this document

131 views

0 shares

0 downloads

0 comments

39 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

32.4

7.9

23

23

–3

0

–12

1

–2.0

31.0

17.3

29

16

–16

4

–4

2

–2.2

29.1

6.9

34

–1

8

2

0

–15

81.3

28.1

9.4

14

13

–16

12

2

3

59.2

25.8

11.9

28

14

–20

4

0

0

36.5

23.5

10.8

30

5

–8

0

–5

1

–9.8

22.4

119.5

28

9

–20

2

2

1

15.9

22.2

23.1

18

–3

3

4

1

–1

11.4

20.9

32.3

57

2

–18

2

–16

–5

39.7

19.7

5.8

12

1

–10

8

0

9

60.1

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 43 global companies with a market valuation greater than $5 billion. 1Contribution of each factor shown in percentage points of five-year average annual TSR; apparent discrepancies with TSR totals due to rounding. 2Average annual total shareholder return, 2004–2008. 3As of December 31, 2008. 4Change in EBITDA multiple. 5As of June 30, 2009.

2009 TSR5

Share

Net debt

change

change

Mining and Materials

1

Agnico-Eagle Mines

2

Nucor Corporation

3

Novolipetsk Steel

4

Siderúrgica Nacional

5

Tenaris

6

Newcrest Mining

7

BHP Billiton

8

Posco

9

ArcelorMittal

10

Usinas Sider Minas

TSR Deco

mposition1

change4 Multiple

Dividend

yield

Margin change

The Mining and Materials Top Ten, 2004–2008

#

Company

Location

Canada United States Russia Brazil Italy Australia Australia South Korea Netherlands Brazil

Sales Growth

TSR

2

Market value3

Value Creation at the Mining and Materials Top Ten Versus Industry Sample, 2004–2008

154

210

221

297

118

168

155

’04

’05

’06

’07

’08

268

0 ’03

Total shareholder return

200

TSR index (2003=100) 500

400

300

100

286

444

100

100

Sales growth

Sales index (2003=100) 500

479

385

400

200

100

161

189

171

210

237

100

100

119

140

’03

’04

’05

’06

’07

’08

300

258

29.0

26.3

28.0

21.4

22.8

24.0

25.2

’04

’05

’06

’07

18.1 15 ’03

20

25

EBITDA margin1

EBITDA/revenue (%) 35

30.9

30

25.3

28.7

24.2

’08

ƒ

Simplified five-year TSR decomposition2 TSR contribution (%)

40 32

20

17

2

6

4

3

0

Sales

Margin

growth

change

  • 20

  • 15

  • 14

Multiple change

Dividen yield

d

EBITDA multiple Enterprise value/EBITDA (x)

1

10 9.3

8.1

8.0

8

7.6

7.1

7.5

7.9

7.3

6

6.5

5.3

4

2 ’03

’04

’05

’06

’07

4.8

3.8

’08

3.3

5.4

4.9

2.7

4.1

3.8

’04

’05

’06

0 ’03

2

4

Dividend yield3

8

6

5.8

Dividend/stock price (%)

12 11.4

10

4.2

2.7

’07

1.4

1.3 ’08

Mining and materials top ten

Total sample, n = 43

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. 1Industry calculation based on aggregate of entire sample. 2Share change and net debt change not shown. 3Industry calculation based on sample average.

S  S



Document info
Document views131
Page views131
Page last viewedThu Dec 08 23:06:58 UTC 2016
Pages52
Paragraphs5589
Words24744

Comments