Financial analysis goldcorp, inc. is engaged in the acquisition, exploration, development and operation of precious metal properties in canada, the unites states, mexico and central

24.04.2013

Ticker: Goldcorp Inc Benchmark:

Currency: New York: GG, Currency: USD S&P 500 INDEX (SPX)

Sector: Materials Industry: Metals & Mining Year:

Telephone 1-604-696-3000 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)

Website www.goldcorp.com No of Employees Gold Equivalents 5435 Mexico 2290

Address Park Place Suite 3400 - 666 Burrard St. Vancouver, BC V6C 2X8 Canada Canada 1694

Share Price Performance in USD Argentina 615

Price 27.75 1M Return -17.2% Guatemala 551

52 Week High 46.97 6M Return -31.9% United States 285

52 Week Low 27.11 52 Wk Return -30.3% Silver Wheaton

52 Wk Beta 0.73 YTD Return -23.9% Corporate & Other

Credit Ratings

Bloomberg IG5

S&P BBB+ Date 01.06.2009 Outlook STABLE

Moody's Baa2 Date - Outlook STABLE

Fitch BBB Date 01.06.2009 Outlook STABLE

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 50.8x 30.4x 22.2x 18.5x 17.2x 12.1x 10.6x

EV/EBIT 34.1x 26.1x 21.6x 14.1x - - -

EV/EBITDA 20.9x 18.4x 15.2x 10.7x 7.9x 5.7x 5.1x

P/S 10.5x 9.1x 6.7x 5.5x 4.0x 3.2x 3.0x

P/B 1.9x 1.9x 1.7x 1.3x 1.0x 0.9x 0.9x

Div Yield 0.5% 0.5% 0.9% 1.5% 2.1% 2.1% 2.1%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin 37.1 60.5 49.0 44.6 53.4 58.0 -

EBITDA Margin 50.2 54.2 43.6 51.5 51.3 56.9 59.7

Operating Margin 30.8 38.1 30.6 39.1 32.5 42.6 39.5

Profit Margin 8.8 54.9 22.1 32.2 24.4 28.8 29.5

Return on Assets 1.2 8.4 4.2 5.8 4.8 6.8 7.6

Return on Equity 1.6 11.7 5.8 8.0 5.9 7.9 8.5

Leverage and Coverage Ratios

12/09 12/10 12/11 12/12

Current Ratio 2.2 1.7 3.8 2.2 Current Capitalization in USD

Quick Ratio 1.5 1.2 2.6 1.4 Common Shares Outstanding (M) 811.5

EBIT/Interest 10.8 54.8 71.4 70.8 Market Capitalization (M) 22656.7

Tot Debt/Capital 0.0 0.0 0.0 0.0 Cash and ST Investments (M) 918.0

Tot Debt/Equity 0.0 0.0 0.0 0.0 Total Debt (M) 783.0

Eff Tax Rate % 46.5 17.9 36.6 22.3 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 213.0

Enterprise Value (M) 22734.7

Goldcorp, Inc. is engaged in the acquisition, exploration, development and operation

of precious metal properties in Canada, the Unites States, Mexico and Central and

South America.

GG UN

5'435

#N/A N/A

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.goldcorp.com

Goldcorp Inc

Target price in USD

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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Company Analysis - Analysts Ratings

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24.04.2013

Goldcorp Inc

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 811.5 United States 57.15%

Float 99.7% Canada 30.09%

Short Interest (M) 4.1 France 3.94%

Short Interest as % of Float 0.51% Britain 1.85%

Days to Cover Shorts 0.81 Luxembourg 1.33%

Institutional Ownership 77.38% Norway 0.93%

Retail Ownership 22.27% Japan 0.83%

Insider Ownership 0.35% Others 3.90%

Institutional Ownership Distribution

Investment Advisor 88.92%

Hedge Fund Manager 4.78%

Pension Fund (Erisa) 1.70%

Insurance Company 1.57%

Pricing data is in USD Others 3.03%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

BLACKROCK 95'391'332 0 2'647'109'463 11.75% 31.03.2013 ULT-AGG UNITED STATES

FMR LLC 32'937'156 -9'098'135 914'006'079 4.06% 28.02.2013 ULT-AGG UNITED STATES

VAN ECK ASSOCIATES C 31'593'509 -836'637 876'719'875 3.89% 23.04.2013 ULT-AGG UNITED STATES

ROYAL BANK OF CANADA 22'991'630 1'883'662 638'017'733 2.83% 31.12.2012 ULT-AGG CANADA

BMO FINANCIAL CORP 19'122'015 -574'672 530'635'916 2.36% 31.03.2013 13F UNITED STATES

CARMIGNAC GESTION 17'580'357 17'580'357 487'854'907 2.17% 31.12.2012 13F FRANCE

TD ASSET MANAGEMENT 15'632'925 5'971'920 433'813'669 1.93% 31.12.2012 13F CANADA

CI INVESTMENTS INC 12'996'285 -440'597 360'646'909 1.60% 31.12.2012 MF-AGG CANADA

CIBC WORLD MARKETS I 11'806'864 70'556 327'640'476 1.45% 31.12.2012 13F CANADA

TORONTO DOMINION BAN 11'409'803 1'401'951 316'622'033 1.41% 31.12.2012 13F CANADA

FIRST EAGLE INVESTME 11'152'441 95'200 309'480'238 1.37% 31.12.2012 13F UNITED STATES

FRANKLIN RESOURCES 10'114'617 -651'961 280'680'622 1.25% 28.02.2013 ULT-AGG UNITED STATES

IA CLARINGTON INVEST 8'426'680 -27'800 233'840'370 1.04% 31.12.2012 MF-AGG CANADA

CIBC GLOBAL ASSET MA 7'362'990 699'268 204'322'973 0.91% 31.12.2012 13F CANADA

CAISSE DE DEPOT ET P 7'239'262 -4'220'800 200'889'521 0.89% 31.12.2012 13F CANADA

GREYSTONE MANAGED IN 7'106'968 -2'294'891 197'218'362 0.88% 31.12.2012 13F CANADA

FIERA CAPITAL CORPOR 6'835'256 1'053'271 189'678'354 0.84% 31.03.2013 13F CANADA

MACKENZIE FINANCIAL 6'271'509 -3'832'372 174'034'375 0.77% 31.12.2012 13F CANADA

SUN LIFE FINANCIAL I 6'162'583 -935'880 171'011'678 0.76% 28.02.2013 ULT-AGG CANADA

NORGES BANK 5'776'522 1'267'153 160'298'486 0.71% 31.12.2012 13F NORWAY

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

REIFEL P RANDY 1'444'107 3'500 40'073'969 0.18% 01.05.2012 SEDI

JEANNES CHARLES A 416'561 18'333 11'559'568 0.05% 11.03.2013 SEDI

HALL LINDSAY A 117'023 8'667 3'247'388 0.01% 11.03.2013 SEDI

SEDESTROM CHERYL A 93'303 5'333 2'589'158 0.01% 11.03.2013 SEDI

RONKOS CHARLES JOSEPH 91'937 5'333 2'551'252 0.01% 11.03.2013 SEDI

Company Analysis - Ownership

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Goldcorp Inc

Financial information is in USD (M)

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Income Statement

Revenue 185 263 191 896 1'649 2'207 2'420 2'724 3'738 5'362 5'435 5'612 6'972 7'467

- Cost of Goods Sold 83 113 89 439 917 1'419 1'663 1'714 1'476 2'736 3'012

Gross Income 103 150 102 457 732 788 756 1'010 2'262 2'626 2'423 2'997 4'044

- Selling, General & Admin Expenses 13 15 21 52 111 176 203 170 838 984 300

(Research & Dev Costs) 4 3 7

Operating Income 90 135 81 405 621 612 553 840 1'424 1'642 2'123 1'823 2'972 2'947

- Interest Expense 0 0 0 0 45 45 7 78 26 23 30

- Foreign Exchange Losses (Gains) 1 1 -0 -0 0 0 -1'059 367 0 0 0

- Net Non-Operating Losses (Gains) -19 -19 -0 -35 -13 -14 -174 -50 -321 -254 -159

Pretax Income 107 153 81 440 590 582 1'779 445 1'719 1'873 2'252 1'892 2'868 3'109

- Income Tax Expense 39 54 30 142 153 160 295 207 307 686 503

Income Before XO Items 68 99 51 298 436 422 1'483 238 1'412 1'187 1'749

- Extraordinary Loss Net of Tax 0 0 0 0 -8 -85 0 0 -631 0 0

- Minority Interests 0 0 0 12 36 46 8 -2 -8 0 0

Diluted EPS Before XO Items 0.37 0.53 0.27 0.83 0.91 0.53 2.06 0.33 1.87 2.18 1.95

Net Income Adjusted* 59 93 57 259 444 440 397 243 1'000 1'833 1'600 1'367 2'010 2'205

EPS Adjusted 0.32 0.49 0.29 0.75 1.00 0.62 0.56 0.33 1.37 2.22 2.03 1.62 2.29 2.62

Dividends Per Share 0.14 0.27 0.28 0.68 0.18 0.18 0.18 0.18 0.21 0.41 0.54 0.59 0.58 0.58

Payout Ratio % 28.8 50.8 61.0 52.9 19.6 33.8 8.7 54.8 10.8 27.8 25.0 0.37 0.25 0.22

Total Shares Outstanding 182 189 190 340 704 708 730 734 798 810 812

Diluted Shares Outstanding 184 188 194 345 441 709 715 735 756 826 831

EBITDA 107 159 101 541 926 1'077 1'052 1'366 2'026 2'336 2'798 2'881 3'968 4'456

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Balance Sheet

Total Current Assets 326.504431 423.290009 426.673004 772.351 883.4 951.8 760.8 1601.5 1578 2950 2528

+ Cash & Near Cash Items 260 379 333 562 555 511 262 875 556 1'502 918

+ Short Term Investments 6 12 23 11 15 26 9 25 0 0 0

+ Accounts & Notes Receivable 3 9 7 75 67 155 179 233 508 513 718

+ Inventories 56 21 49 77 147 191 226 349 397 574 722

+ Other Current Assets 1 2 14 47 100 69 85 120 117 361 170

Total Long-Term Assets 130 215 275 3'294 17'083 18'000 18'241 19'347 26'061 26'424 28'684

+ Long Term Investments 0 0 0 34 134 228 73 390 971 249 199

Gross Fixed Assets 312 424 511 3'328 15'786 17'355 18'314 19'734 25'445 27'131

Accumulated Depreciation 187 217 246 347 657 902 1'258 1'733 2'220 2'922

+ Net Fixed Assets 124 207 265 2'981 15'129 16'453 17'055 18'001 23'225 24'209 26'367

+ Other Long Term Assets 6 8 10 279 1'820 1'320 1'112 956 1'865 1'966 2'118

Total Current Liabilities 53 61 27 191 466 321 486 735 916 771 1'175

+ Accounts Payable 5 6 7 98 229 277 305 416 567 619 886

+ Short Term Borrowings 0 0 0 0 135 29 0 17 0 0 0

+ Other Short Term Liabilities 48 55 20 93 102 16 182 302 349 152 289

Total Long Term Liabilities 56 70 97 793 4'671 5'203 3'505 4'669 6'957 7'118 7'108

+ Long Term Borrowings 0 0 0 0 790 1'036 5 719 695 737 783

+ Other Long Term Borrowings 56 70 97 793 3'881 4'166 3'500 3'950 6'262 6'381 6'325

Total Liabilities 109 131 124 984 5'136 5'524 3'991 5'404 7'873 7'889 8'283

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0

+ Minority Interest 0 0 0 109 355 450 51 51 213 213 213

+ Share Capital & APIC 348 378 387 2'609 11'706 11'815 12'625 12'909 16'407 16'992 17'117

+ Retained Earnings & Other Equity 0 130 191 364 769 1'164 2'334 2'584 3'146 4'280 5'599

Total Shareholders Equity 348 508 578 3'082 12'830 13'428 15'010 15'544 19'766 21'485 22'929

Total Liabilities & Equity 457 639 702 4'066 17'966 18'952 19'002 20'949 27'639 29'374 31'212

Book Value Per Share 1.91 2.68 3.04 8.76 17.73 18.32 20.50 21.12 24.49 26.26 27.99 28.62 30.14 32.05

Tangible Book Value Per Share 1.91 2.68 3.04 8.34 15.83 17.17 19.46 20.08 22.32 24.12 25.85

Company Analysis - Financials II/IV


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Cash Flows

Net Income 68 99 51 286 408 460 1'476 240 2'051 1'881 1'749 1'406 2'173 2'403

+ Depreciation & Amortization 18 24 20 135 304 465 499 526 602 694 675

+ Other Non-Cash Adjustments -14 -5 30 -2 -8 13 -1'042 414 -944 117 -16

+ Changes in Non-Cash Capital 32 -22 -49 47 57 -214 -67 90 71 -326 -311

Cash From Operating Activities 104 95 53 466 761 724 866 1'270 1'780 2'366 2'097

+ Disposal of Fixed Assets 0 0 0 0 189 217 0 0 267 0 43

+ Capital Expenditures -7 -75 -56 -278 -472 -871 -1'372 -1'356 -1'213 -1'778 -2'608 -2'806 -1'753 -1'286

+ Increase in Investments 0 0 0 -34 -99 -50 0 0 0 0 0

+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0

+ Other Investing Activities -38 41 -17 90 -1'893 -159 930 -102 -1'142 212 279

Cash From Investing Activities -45 -33 -73 -221 -2'276 -863 -442 -1'459 -2'088 -1'566 -2'286

+ Dividends Paid -20 -28 -53 -151 -79 -127 -129 -132 -154 -330 -438

+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 0

+ Increase in Long Term Borrowings 0 0 0 0 1'465 1'406 206 1'332 1'120 0 0

+ Decrease in Long Term Borrowings 0 0 0 0 -620 -1'266 -845 -460 -1'120 0 0

+ Increase in Capital Stocks 141 27 4 44 528 70 108 82 96 477 44

+ Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 0 0

+ Other Financing Activities 3 57 24 91 185 40 -13 -21 47 -1 -1

Cash From Financing Activities 124 56 -26 -16 1'479 123 -673 801 -11 146 -395

Net Changes in Cash 183 118 -46 229 -36 -16 -249 612 -319 946 -584

Free Cash Flow (CFO-CAPEX) 97 21 -3 188 289 -148 -506 -86 567 588 -511 -612 1'199 2'247

Free Cash Flow To Firm 97 21 -3 188 322 -115 -500 -44 588 603 -488

Free Cash Flow To Equity 97 21 -3 188 1'323 209 -1'145 786 834 588 -468

Free Cash Flow per Share 0.55 0.11 -0.02 0.60 0.66 -0.21 -0.71 -0.12 0.77 0.73 -0.63

Company Analysis - Financials III/IV


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Ratio Analysis

Valuation Ratios

Price Earnings 38.7x 32.3x 51.3x 28.6x 31.2x 68.2x 57.3x 50.8x 30.4x 22.2x 18.5x 17.2x 12.1x 10.6x

EV to EBIT 23.0x 19.4x 30.9x 17.5x 33.3x 41.1x 41.2x 34.1x 26.1x 21.6x 14.1x

EV to EBITDA 19.2x 16.5x 24.8x 13.1x 22.4x 23.3x 21.7x 20.9x 18.4x 15.2x 10.7x 7.9x 5.7x 5.1x

Price to Sales 12.2x 11.1x 14.9x 7.8x 7.5x 10.9x 9.3x 10.5x 9.1x 6.7x 5.5x 4.0x 3.2x 3.0x

Price to Book 6.7x 5.9x 4.9x 2.5x 1.6x 1.9x 1.5x 1.9x 1.9x 1.7x 1.3x 1.0x 0.9x 0.9x

Dividend Yield 1.1% 1.7% 1.9% 3.1% 0.6% 0.5% 0.6% 0.5% 0.5% 0.9% 1.5% 2.1% 2.1% 2.1%

Profitability Ratios

Gross Margin 55.4% 57.1% 53.2% 51.0% 44.4% 35.7% 31.3% 37.1% 60.5% 49.0% 44.6% 53.4% 58.0%

EBITDA Margin 58.0% 60.5% 52.8% 60.3% 56.1% 48.8% 43.5% 50.2% 54.2% 43.6% 51.5% 51.3% 56.9% 59.7%

Operating Margin 48.4% 51.4% 42.3% 45.2% 37.7% 27.7% 22.9% 30.8% 38.1% 30.6% 39.1% 32.5% 42.6% 39.5%

Profit Margin 36.8% 37.6% 26.9% 31.9% 24.8% 20.8% 61.0% 8.8% 54.9% 22.1% 32.2% 24.4% 28.8% 29.5%

Return on Assets 19.8% 18.0% 7.7% 12.0% 3.7% 2.5% 7.8% 1.2% 8.4% 4.2% 5.8% 4.8% 6.8% 7.6%

Return on Equity 26.8% 23.1% 9.5% 16.1% 5.3% 3.6% 10.6% 1.6% 11.7% 5.8% 8.0% 5.9% 7.9% 8.5%

Leverage & Coverage Ratios

Current Ratio 6.17 6.93 16.01 4.05 1.90 2.96 1.56 2.18 1.72 3.83 2.15

Quick Ratio 5.09 6.55 13.63 3.40 1.37 2.15 0.92 1.54 1.16 2.61 1.39

Interest Coverage Ratio (EBIT/I) 13.87 13.70 76.82 10.76 54.77 71.39 70.77

Tot Debt/Capital 0.00 0.00 0.00 0.00 0.07 0.07 0.00 0.05 0.03 0.03 0.03

Tot Debt/Equity 0.00 0.00 0.00 0.00 0.07 0.08 0.00 0.05 0.04 0.03 0.03

Others

Asset Turnover 0.54 0.48 0.29 0.38 0.15 0.12 0.13 0.14 0.15 0.19 0.18

Accounts Receivable Turnover 60.59 43.90 23.77 21.77 23.20 19.93 14.53 13.25 10.09 10.50 8.83

Accounts Payable Turnover 13.48 14.26 18.85 8.96 6.05 5.78 5.83 5.09 3.10 4.91 4.20

Inventory Turnover 2.30 2.91 2.53 6.95 8.20 8.40 7.97 5.95 3.95 5.64 4.65

Effective Tax Rate 36.5% 35.4% 36.9% 32.3% 26.0% 27.6% 16.6% 46.5% 17.9% 36.6% 22.3%

Company Analysis - Financials IV/IV


GOLDCORP INCBARRICK GOLD

CRPKINROSS GOLD

NEWMONT

MINING

FREEPORT-

MCMORAN

ANGLOGOLD

ASHANT

AGNICO-EAGLE

MINBHP BILLITON LTD

YAMANA GOLD

INCDRDGOLD LTD

HARMONY GOLD

MNGRIO TINTO LTD SILVER WHEATON ELDORADO GOLD IAMGOLD CORP

12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 06/2012 12/2012 06/2012 06/2012 12/2012 12/2012 12/2012 12/2012

47.41 44.75 10.98 57.93 43.65 31'979.00 57.00 39.34 20.61 755.00 8'951.00 72.30 41.18 15.78 16.45

21.09.2012 06.06.2012 04.10.2012 21.09.2012 14.09.2012 04.06.2012 31.10.2012 20.02.2013 09.11.2012 12.02.2013 06.06.2012 14.02.2013 01.11.2012 19.09.2012 05.10.2012

27.11 17.97 5.11 31.77 27.24 16'133.00 31.55 30.09 11.32 449.00 4'201.00 48.37 22.37 6.77 4.72

17.04.2013 17.04.2013 17.04.2013 23.04.2013 18.04.2013 18.04.2013 18.04.2013 12.07.2012 17.04.2013 31.08.2012 18.04.2013 30.08.2012 18.04.2013 17.04.2013 18.04.2013

1'406'618 6'272'923 8'162'503 10'160'819 19'287'262 1'494'238 1'115'004 16'783'219 5'371'563 220'282 994'151 6'203'716 2'271'009 4'722'150 5'331'897

27.75 18.01 5.55 32.43 28.52 16'769.00 32.83 31.70 11.85 611.00 4'296.00 54.68 23.23 7.29 5.09

-41.5% -59.8% -49.5% -44.0% -34.7% -47.6% -42.4% -19.4% -42.5% -19.1% -52.0% -24.4% -43.6% -53.8% -69.1%

2.4% 0.2% 8.6% 2.1% 4.7% 3.9% 4.1% 5.4% 4.7% 36.1% 2.3% 13.0% 3.8% 7.7% 7.8%

811.5 1'001.1 1'140.1 496.7 949.0 384.9 172.1 5'297.6 752.2 385.4 431.6 1'847.0 354.4 714.3 376.5

22'657 18'030 6'335 16'155 27'081 64'610 5'663 158'638 8'915 2'355 18'699 86'882 8'233 5'209 1'917

783.0 13'943.0 2'632.6 6'298.0 3'527.0 30'376.0 843.0 28'330.0 765.9 30.7 1'844.0 26'819.0 50.1 593.3 641.4

- - - - - - - - - - - - - - -

213.0 2'663.0 75.5 3'175.0 3'768.0 186.5 - 1'215.0 46.8 136.7 - 11'156.0 - 284.1 76.7

918.0 2'093.0 1'982.7 1'647.0 3'705.0 7'562.2 351.3 4'781.0 349.6 298.5 1'773.0 7'320.0 778.2 818.8 813.5

22'735 32'093 6'901 23'981 31'487 87'610 6'013 194'666 9'155 2'397 18'561 119'939 7'299 5'137 1'773

LFY 5'435.0 14'547.0 4'311.4 9'868.0 18'010.0 52'160.3 1'917.7 72'226.0 2'336.8 1'764.2 15'169.0 50'967.0 849.6 1'147.5 1'670.0

LTM 5'435.0 14'340.0 4'311.4 9'868.0 17'988.0 52'152.1 1'917.7 66'950.0 2'336.8 1'959.2 16'047.0 50'967.0 849.6 1'147.5 1'670.0

CY+1 5'611.5 14'142.9 4'181.4 9'805.7 21'856.1 63'271.7 1'819.7 67'569.0 2'722.4 2'178.3 17'078.8 55'585.9 1'026.4 1'347.0 1'649.1

CY+2 6'971.6 15'194.3 4'446.4 11'369.3 23'601.6 73'396.4 2'105.1 73'914.3 3'247.1 2'479.2 20'966.1 61'445.4 1'144.2 1'562.8 1'820.9

LFY 5.5x 3.4x 2.7x 3.1x 2.0x 2.4x 5.0x 3.3x 5.7x 1.5x 2.1x 3.1x 14.2x 8.1x 2.5x

LTM 5.5x 3.4x 2.7x 3.1x 2.0x 2.3x 5.0x 3.5x 5.7x 1.3x 2.0x 3.1x 14.2x 8.1x 2.5x

CY+1 4.2x 2.3x 1.7x 2.5x 1.8x 1.4x 3.4x 2.9x 3.4x 1.0x 1.1x 2.2x 8.2x 4.0x 1.3x


LFY 2'798.0 7'358.0 1'962.2 4'169.0 6'934.0 19'105.5 787.4 33'421.0 1'269.4 370.8 4'222.0 15'486.0 701.5 584.4 710.1

LTM 2'798.0 7'358.0 1'962.2 4'169.0 6'617.0 19'105.5 791.4 27'133.0 1'502.0 399.7 3'562.0 15'486.0 701.5 584.4 710.1

CY+1 2'881.3 7'080.5 1'822.8 4'001.6 9'267.7 25'535.3 753.2 28'726.6 1'533.6 547.3 4'778.0 21'006.8 844.3 715.2 670.4

CY+2 3'967.6 7'838.1 2'151.9 4'996.2 10'831.8 31'172.8 954.9 33'552.1 1'929.8 762.7 6'956.0 23'251.3 951.2 866.5 780.4

LFY 10.7x 6.7x 6.0x 7.4x 5.2x 6.5x 12.1x 7.1x 10.6x 7.0x 7.6x 10.2x 17.2x 15.8x 5.9x

LTM 10.7x 6.7x 6.0x 7.4x 5.4x 6.3x 12.0x 8.7x 8.9x 6.5x 9.0x 10.2x 17.2x 15.8x 5.9x



LFY 1.99 3.74 0.77 3.78 3.27 21.85 1.89 3.61 0.93 0.49 4.62 4.06 1.65 0.47 0.89

LTM 1.89 3.30 0.77 3.77 2.95 24.22 2.08 1.83 0.63 0.79 4.95 -1.63 1.65 0.47 0.93

CY+1 1.62 3.40 0.49 3.17 3.70 24.30 1.34 2.53 0.88 0.82 4.77 5.72 1.66 0.48 0.56

CY+2 2.29 3.68 0.64 3.98 4.22 29.46 1.83 3.05 1.22 0.93 7.08 6.62 1.80 0.60 0.69

LFY 14.7x 5.3x 7.0x 8.6x 9.7x 6.9x 15.4x 17.9x 18.3x 7.7x 8.7x - 13.7x 15.1x 5.3x

LTM 14.7x 5.3x 7.0x 8.6x 9.7x 6.8x 15.4x 11.7x 18.3x 8.0x 10.8x - 13.7x 15.1x 5.3x



1 Year 1.4% 2.2% 12.2% (4.7%) (13.7%) (4.1%) 5.3% 0.7% 7.5% 27.9% 30.8% (15.8%) 16.4% 4.0% (0.2%)

5 Year 19.3% 13.6% 34.9% 16.7% 4.9% 24.6% 54.5% 6.8% 203.5% 7.9% 19.2% 11.2% 63.1% 78.1% 21.9%

1 Year 19.8% (11.6%) 1.9% (19.2%) (31.8%) (17.8%) 4.6% (12.1%) 0.5% 64.2% 79.4% (41.1%) 13.4% (9.2%) (9.5%)

5 Year 21.0% 24.5% 40.7% 19.4% (2.4%) 86.6% 31.6% 8.0% 26.8% 12.9% 16.7% 8.1% 43.7% 54.0% 30.2%

LTM 51.5% 50.6% 45.5% 42.2% 36.8% 36.6% 41.3% 40.5% 64.3% 20.4% 22.2% 30.4% 82.6% 50.9% 42.5%

CY+1 51.3% 50.1% 43.6% 40.8% 42.4% 40.4% 41.4% 42.5% 56.3% 25.1% 28.0% 37.8% 82.3% 53.1% 40.7%

CY+2 56.9% 51.6% 48.4% 43.9% 45.9% 42.5% 45.4% 45.4% 59.4% 30.8% 33.2% 37.8% 83.1% 55.4% 42.9%

Total Debt / Equity % 3.4% 63.8% 26.7% 45.7% 20.1% 65.8% 24.7% 43.0% 9.8% 2.0% 5.4% 57.2% 1.6% 10.0% 17.2%

Total Debt / Capital % 3.3% 36.3% 21.0% 27.1% 14.2% 39.6% 19.8% 29.7% 8.9% 1.8% 5.1% 31.6% 1.6% 8.7% 14.4%

Total Debt / EBITDA 0.280x 1.895x 1.342x 1.511x 1.525x 1.540x 1.065x 1.308x 0.510x 0.421x 0.666x 1.732x 0.071x 1.015x 0.903x

Net Debt / EBITDA -0.048x 1.610x 0.331x 1.116x 0.075x 1.156x 0.621x 1.120x 0.277x -0.575x -0.039x 1.259x -1.038x -0.386x -0.242x

EBITDA / Int. Expense 93.267x 9.890x 13.838x 11.711x 25.970x 10.074x 13.603x 44.266x 22.032x 23.648x 14.264x 14.848x - 83.689x 38.384x

S&P LT Credit Rating BBB+ BBB+ BBB- BBB+ BBB BBB- NR A+ - - - A- - BB BB-

S&P LT Credit Rating Date 01.06.2009 30.07.2012 15.08.2011 11.08.2008 29.07.2011 10.12.2012 12.03.2003 15.11.2010 - - - 18.04.2011 - 13.11.2012 10.09.2012

Moody's LT Credit Rating Baa2 Baa1 *- Baa3 Baa1 Baa3 - WR (P)A1 - - - - - Ba3 -

Moody's LT Credit Rating Date 13.03.2013 17.04.2013 15.08.2011 26.07.2010 13.10.2010 - 05.03.2002 15.11.2010 - - - - - 12.11.2012 -

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (4/dd/yy)

52-Week High % Change

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

Company Analysis - Peers Comparision


Financial analysis goldcorp, inc. is engaged in the acquisition, exploration, development and operation of precious metal properties in canada, the unites states, mexico and central

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