Mizuho Industry Focus Vol

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ふじきみなみこし
4 years ago
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1 Vol. 126 itaru.kitahira@mizuho-cb.com kenichiro.kakizawa@mizuho-cb.co.jp

2 1

3 IR

4 % 63% 30% 31% DERDebt/EBITDADebt 37% 32% 24% 18% 18% 13% 9% 5% 5% 6% 3% 1% 2% 6% 6% 1% 4% 13% 4% 4% PL CF FCF EBITDA CF ROIC ROA ROE EVA EPS DER Debt/EBITDA A B C IR 3

5 4 AC C 3 CFO / CEO CFO / CEO CFO / CEO CFO

6 GE 21 GE Growth Playbook KSF SUMCO KDDI 5

7 6 5 3 F G better H D 3 E 3 B A Valuation C 3 F G better H D 3 E 3 B A Valuation C

8 7 6 Key Word D BSBS G PL-BS-CFROE H Cash E View F KPI B ROEROE A PDCA C D BSBS G PL-BS-CFROE H Cash E View F KPI B ROEROE A PDCA C

9 1 IR PL BS PDCA KSF 8

10 8 BS ROE Cash Flow Asset Cash Asset Debt Equity DER 9

11 ROE8% ROE ROE 9 ROE ROE % % 82% 2030% Cash Cash Cash ROIC FCF ROE BHP Billiton BS 10 A A PL Net Gearing Ratio 10

12 Cash Flow Priorities 40% A 1 11 Our priorities for capital are unchanged first invest in high return growth opportunities throughout the economic cycle second : maintain a solid A credit rating third : grow our progressive dividend fourth : return excess capital to shareholders Financial Strategy and Targets BHP Billiton s key financial targets are as follow Commitment to a solid A ratig Maximum net gearing of 40% Generally maintain borrowings and excess cash in US dollars Flexibility from diversification of funding sources Asset Debt Equity A Net gearing 40% CASH FLOW FROM OPERATIONS Net Income EBIT Margin % Cash Dividends Additions to P.P. & E. (Capital Expenditures) 25,000 50% Business Acquisition net gearing,% US$M US$M US$M 20,000 40,000 20,000 15,000 40% 20,000 15,000 Share buy-backs 40% 30% 10,000 5,000 30% 0-20,000 10,000 5,000 20% 10% % -40, % KPI ROE S&P A+Moody s A1 11

13 ROE ROE15% ROI20% 1 ROE KPI ROE SCM 13 2 ROE15% 20% ROE KPI ROE 12 KPI ROE20% 1, / ,0003, % +45% PDCA 3 BASF 76 SBU

14 13 Deep Value WBS S&P Moody's JCR 0 5,000 10,000 15,000 20,000 25, Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2011Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 0% 10% 20% 30% 40% WBS SB CP BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 A-/A3 A/A S&P Moody's JCR 0 5,000 10,000 15,000 20,000 25, Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2011Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 0% 10% 20% 30% 40% WBS SB CP BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 A-/A3 A/A S&P Moody's JCR 0 5,000 10,000 15,000 20,000 25, Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2011Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 0% 10% 20% 30% 40% WBS SB CP BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 A-/A3 A/A S&P Moody's JCR 0 5,000 10,000 15,000 20,000 25, Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2011Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 0% 10% 20% 30% 40% WBS SB CP BBB+/Baa1 BBB/Baa2 BBB-/Baa3 BB+/Ba1 BB/Ba2 A-/A3 A/A2

15 TOPIX TOPIX

16 hold Big Picture 1 15

17 Jack Welch 2005,, Jeffrey R. Immelt 2006, Growth as a Process,Harvard Business Review Loren Gary 2003, Why Budgeting Kills Your Company, Harvard Business School Working Knowledge Booz & Company 2010, M&A, 2012,, 2010,, 2004,, 2011, 2009, IR, 2011,, itaru.kitahira@mizuho-cb.com kenichiro.kakizawa@mizuho-cb.co.jp 16

18 No Tel. (03)

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