EFTA01457558.pdf

11 May 2015 Pharmaceuticals GlazeSmithKline Model umlated:08 May 2016 Fecal year end 31.13e4 2012 2013 2014 2015E 2016E 2017E fit:emote the niontmr. numeid! Sonordri Europe 08 EPS 100P) 109 84 108 46 94.23 77 37 93.79 94.23 Reported EPS (GBP) 80.18 MSS 60.00 194 04 68.10 72.79 United Kingdom OPS (GBP) 74130 7800 8000 10000 8000 80.00 8VP5 (GBPI 120.2 146.0 88.6 186 1 161.6 152.4 Pharmaceuticals Weighted average shares Inn 4,912 4,831 4,808 4,835 4,819 4,824 GlaxaSmithltline Average manet cap (GBPm) 69.929 78,859 73.387 69.982 69,962 69.962 Eneegne nips (GWN 84.274 89.940 87.951 81.177 131.504 81.146 Rowers GSK .L Bloomberg: GSK IN •tuttLt.n PIE (DB) Is) 13.0 15.0 18.2 18.7 16.7 15.4 Hold PÆ (Reported) (10 15.8 22.5 28.9 75 249 19.9 Price (7 May IS) GBP L447.00 Me (4) 11.11 1103 15.53 7.77 885 9.49 larval Price GBP 1,640.00 FCF YAW (h) 5.7 7.4 5.2 1.7 6.5 7.6 Dividend Yield RAI 5.2 4.9 5.2 69 5.5 5.5 52 Week range GBP 1.324.00 - 1.643.50 5WSirles (x) 32 35 38 33 3.2 3.1 Markol Cap (ml G9Pm 69,962 EV/58170A (x) 10.1 12.8 15.6 56 122 10.7 EV/581T N 11.5 15.7 24.5 65 17.1 14.2 USDni 106.350 Insxmot Siatitmeni (GI3Pmi Sales revenue 26.41 25.602 23.005 24.402 25.313 20.105 GSK is • Meder in the global pherrnacoutscats industry It Gems prOht 18,506 17,491 15.683 15.533 10550 17,044 has steam market gnomons in presenption drugs. vecciihn EEIRDA 8.385 7,131 5.623 14.485 5894 7.617 end consume N•Ith products Deprecohon 461 802 1.283 1.309 1,303 1.300 Amortisahon 624 813 743 61718 629 584 EBR 7.300 6.716 3.597 12.490 4.782 5.733 Net interest Incorne(erOms•) -729 -898 -659 -621 .477 .473 AssocateslatIetnre 29 43 30 7 -3 -3 Exceptionelsiberaordinenes 0 0 0 0 0 0 Other pre lax income/response, o 0 0 843 0 0 Profit helix* tax 6.600 5.061 2,968 12.720 4.282 5.256 I PI on Phrlerninnce Income tax *keens* 1.922 1,284 137 2.763 785 955 ~one« 179 192 75 474 665 749 1950 Other post-tax incomedIexpensel 0 0 0 0 0 0 1800 Net profit 4.499 3.485 2,758 9,492 2,832 3,552 w. 1650 08 trdjuStnientS (inCludeng diluteon) 971 1.752 1.828 -5.707 1.399 1.046 1500 08 Net profit 5.470 5.237 4.58‘ 3.785 4.232 4.599 1350 rCash riow (GBPm) 1200 Me 12 Nov12 May 13 Nov13 Mey 14 Nov '4 Cash flow trom *Demons 4.375 7.222 5.178 2.685 5.792 6.557 Net Capex -396 -1.619 -1.382 -1,483 -1.277 -1.274 Cierefaule• — n1f • co MCC illobsucil Frc cash flow 3.879 5.703 3.794 1,202 4,515 5.283 &Kitty rened/tboeght heal -2,116 -919 -71 158 158 158 Fhlrun Ttoree Dividends paid -3.9B5 -3,918 -4,048 -5,031 -4,083 -4,098 Nat ercildaci in toirowings 0 0 0 0 0 0 50 Other invilltingemenCIN Cab 'lows 423 459 878 7.279 -477 -473 SO Net cash flow -1.899 1,325 -1,203 3.6041 113 889 40 Change in wanting escitsl 397 46 -91 -172 -752 -740 30 Sheet (GE.Pin) 20 Cash end other liquid ants 4.184 5.534 4.338 4.338 4.338 4.338 10 Tergitre fixed assets 8.770 8,872 9.052 10.026 10.000 9,974 12 13 14 15E 165 17E Goodwillentanghle assets 14,520 13,488 12,044 12.578 11.950 11.366 —ix-4RM mhos ~WI Mon ASSOCieteshnvesUnto ts 709 544 555 555 556 555 Other masts 13,292 13.848 14.662 14,885 15.219 15.511 72O owth & 11:hltlabiL ly T016 wan 41,481 42,080 40.651 42.382 42.062 41.743 theme bearing debt 18.302 18,245 18.784 15,176 15,063 14,195 10 t 200 Other habrtehee 16,442 18,029 16,931 17.308 17/337 18,312 5 Total hatilrtres 34,744 34,274 35,715 32,484 32,901 32.506 0i ffi ill .• 163 Shareholders' equity 6.800 6.997 4.283 8.886 7.790 7.355 . 100 Minorities 937 815 873 932 1.371 1.882 .5 so Toth thaNholOws' egurty 6.737 7.812 4.938 9.898 9.161 9.237 -10 Nat eh& 14118 72711 14446 10.838 14725 9,857 -15 0 12 13 14 15E 16E 175 rKey Company Mon to lain~sin gm% ~Mtn. S4M growth 04) -3.5 -3.1 -10.1 8.1 3.7 3.1 08 EPS growth 1951 -2.8 -2.9 -11.5 -179 12.2 9.6 EBRDA Margin pit 31.7 27.9 24.4 593 28.4 29.2 EDIT Ma-gin (M) 27.8 22.3 15.6 51.2 18.8 22.0 Payout ratio (741 80.8 108.1 1393 609 136.1 108.8 ROE (14) 65.1 54.5 48.0 143 6 33.8 469 Capnitehe 5.8 8.8 7.6 8.1 5.0 49 Capexklegnmetion Iq 1.4 1.2 OA 0.8 0.7 0.7 Net dathoratr (114 2098 162.7 292.7 1095 117.1 106.7 Net Intefrat cover (x) 100 8.2 5.4 20.1 10.0 12.1 12 13 tit 155 10E 175 ~OP' Company de* Deutiche Sant, anima's natter Na retwatertry amt. Pert Leine tree. din) Page 7 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117152 CONFIDENTIAL SDNY_GM_00263336 EFTA01457558