Additional information on valuation
2016 | 2015 | ||||
Invested capital1 | CHF million | 3 652.9 | 3 729.5 | ||
Average invested capital | CHF million | 3 691.2 | 3 701.1 | ||
Return on invested capital (ROIC)2 | % | 4.9 | 4.8 | ||
Average investment real estate portfolio | CHF million | 3 549.9 | 3 519.4 | ||
Interest coverage ratio3 | 4.8 | 4.3 | |||
Payout ratio4 | % | 81.7 | 83.6 | ||
Overall performance5 | % | 17.5 | 1.5 | ||
Absolute performance6 | % | 13.2 | –2.6 | ||
Relative performance7 | % | 14.6 | –5.3 | ||
Earnings yield8 | % | 7.2 | 5.7 | ||
Price/earnings ratio (P/E ratio)9 | 13.9 | 17.4 | |||
Market to book value10 | 115.5 | 106.6 | |||
Average EV/EBITDA excl. earnings from revaluation | 21.7 | 21.7 | |||
EV/invested capital | % | 109.2 | 104.8 | ||
Free float11 | % | 65.0 | 65.0 |
1 All assets minus non-interest bearing liabilities and deferred tax credits
2 EBIT excl. revaluation gains in percent of average invested capital
3 EBITDA excl. revaluation gains divided by net financial expense
4 Payout to shareholders in percent of net profit excl. revaluation effect
5 Payout to shareholders plus price change in percent of price as at 1 January
6 Change in price in percent of price 1 January
7 Absolute performance minus percentage change in SPI since 1 January
8 Net profit divided by market capitalisation
9 Market price on 31 December divided by earnings per share incl. revaluation effect
10 Market capitalisation divided by equity
11 Issued shares minus shares tied under the pooling agreement