Sumitomo Metal Mining (5713): Cut PO; reiterate Buy on copper-driven earnings strength

研报英文原文证据摘录

Sumitomo Metal Mining (5713): Cut PO; reiterate Buy on copper-driven earnings strength

Flow From Operations − Total Capex N/A

Quality of Earnings Numerator Denominator

Cash Realization Ratio Cash Flow From Operations Net Income

Asset Replacement Ratio Capex Depreciation

Tax Rate Tax Charge Pre-Tax Income

Net Debt-To-Equity Ratio Net Debt = Total Debt − Cash & Equivalents Total Equity

Interest Cover EBIT Interest Expense

Valuation Toolkit Numerator Denominator

Price / Earnings Ratio Current Share Price Diluted Earnings Per Share (Basis As Specified)

Price / Book Value Current Share Price Shareholders’ Equity / Current Basic Shares

Dividend Yield Annualised Declared Cash Dividend Current Share Price

Free Cash Flow Yield Cash Flow From Operations − Total Capex Market Cap = Current Share Price × Current Basic Shares

Enterprise Value / Sales EV = Current Share Price × Current Shares + Minority Equity + Net Debt + Sales

Other LT Liabilities

EV / EBITDA Enterprise Value Basic EBIT + Depreciation + Amortization

iQmethod SMis the set of BofA Global Research standard measures that serve to maintain global consistency under three broad headings: Business Performance, Quality of Earnings, and validations. The key features of

iQmethod are: A consistently structured, detailed, and transparent methodology. Guidelines to maximize the effectiveness of the comparative valuation process, and to identify some common pitfalls.

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