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Fundamental Analysis & Analyst Recommendations- SX5E Index (Eurostoxx50) Members with Index Analysis
 

Fundamental Analysis & Analyst Recommendations- SX5E Index (Eurostoxx50) Members with Index Analysis

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The EURO STOXX 50 Index, Europe's leading Blue-chip index for the Eurozone, provides a Blue-chip ...

The EURO STOXX 50 Index, Europe's leading Blue-chip index for the Eurozone, provides a Blue-chip
representation of supersector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone
countries. The Index is licensed to financial institutions to serve as underlying for a wide range of
investment products such as Exchange Traded Funds (ETF), Futures and Options and structured products.

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    Fundamental Analysis & Analyst Recommendations- SX5E Index (Eurostoxx50) Members with Index Analysis Fundamental Analysis & Analyst Recommendations- SX5E Index (Eurostoxx50) Members with Index Analysis Presentation Transcript

    • This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations Eurostoxx 50 Index - SX5E Index September 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Index Analysis - Financial Statements Name: SLI SWISS LEADER INDEX Currency: CHF Number of Member Stocks: 30View Current 30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 29.12.2006 30.12.2005 31.12.2004 31.12.2003 31.12.2002 31.12.2001 29.12.2000 31.12.1999 31.12.1998 31.12.1997 31.12.1996 29.12.1995 30.12.1994 31.12.1993 31.12.1992 CY 2012 CY1 2011 CY1 2010 CY1 2009 CY1 2008 CY1 2007 CY1 2006 CY1 2005 CY1 2004 CY1 2003 CY1 2002 CY1 2001 CY1 2000 CY1 1999 CY1 1998 CY1 1997 CY1 1996 CY1 1995 CY1 1994 CY1 1993 CY1 1992 Index Summary Income Statement Earnings Per Share 49.8 62.92 66.94 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EPS Before XO 36.8 120.52 246.97 192.45 130.69 Diluted EPS from Continuing Ops 51.1 119.58 237.65 190.9 140.74 EPS Positive 57.3 126.38 246.97 214.07 141.65 Sales Per Share 721.5 1906.17 3485.57 3235.49 1877.49 Dividends Per Share 31.8 22.7593 108.525 115.7297 5.2533 EBITDA Per Share 128.5 344.7 626.62 605.11 310.04 Balance Sheet Book Value Per Share 569.8 2256.82 2256.82 2087.4 2153.91 Enterprise Value Per Share 1760.5 8190 8190 8979.21 7640.74 Net Debt Per Share 218.5 5966.83 5966.83 5496.08 5117.82 Cash Flow Cash Flow Per Share 206.0 101.47 30.77 257.45 175.64 Free Cash Flow Per Share 169.0 -34.58 -195.75 36.24 47.86 Price Ratios Price/EPS 19.8 11.3082 11.3082 15.4066 10.3113 P/E Before XO 26.8 11.3082 11.3082 15.4066 10.3113 Diluted P/E Cont Ops 19.3 11.7518 11.7518 15.5312 8.6643 Price/EPS Positive 17.2 11.3082 11.3082 13.8504 9.4549 Price/Book 1.7 1.2375 1.2375 1.4204 1.0755 Price/Sales 1.4 0.8013 0.8013 0.9164 0.6392 Price/Cash Flow 4.8 90.7571 90.7571 11.5166 5.39 Dividend Yield 3.2 3.8859 3.8859 3.9032 5.094 Price/EBITDA 7.7 4.457 4.457 4.8998 3.7728 Market Data Last Price 985.6 876.66 1017.26 1003.34 789.67 1296.41 1313.44 1070.22 795.5 756.88 623.19 876.64 1116.81 1000 0 0 0 0 0 0 0 Volume 97453968 16242538992 15768470760 18240397242 25416338804 9816948244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Index Market Cap 360558.2 342032.44 407267.94 323058.19 247895.07 417766.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Market Cap 8.79051E+11 810940.13 887932.69 882548.5 723139.69 1107557.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Free Float Market Cap 786296.3125 719334.88 775596.75 807643.81 678381.5 1039621.38 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Average Market Cap 29301.7 27031.34 29597.76 29418.28 24104.66 36918.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Income Statement Earnings Per Share 49.8 62.92 66.94 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EPS Before XO 36.8 59.94 67.41 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Diluted EPS from Continuing Ops 51.1 63.92 70.07 27.13 10.79 82.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EPS Positive 57.3 64.02 67.61 52.98 73.82 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Per Share 721.5 682.92 687.24 682.41 921.73 857.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividends Per Share 31.8 29.9825 25.6438 19.564 26.8883 27.3566 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividends Per Share - Gross 31.8 29.98 25.64 19.56 26.89 27.36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividends Per Share - Net 31.8 29.98 25.64 19.56 26.89 27.36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EBITDA Per Share 128.5 138.43 141.76 114.28 265.63 276.02 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 R&D Expenditures 30334539.4 28.46 31.79 27.58 63.58 29.88 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Balance Sheet Asset Fields Cash & Equivalents Per Share 868.7 757.72 456.47 625.85 620.21 494.73 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Current Assets 301.2 280.37 296.2 328.45 779.61 409.72 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Assets 6625.4 6303.49 5202.39 4693.08 7563.06 6012.55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Liability Fields Current Liabilities 218.9 194.76 202.86 207.15 540.13 266.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Debt 1570.4 1440.89 1350.93 1190.6 2292.63 1656.43 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Debt Per Share 218.5 294.15 561.97 247.93 782.06 510.69 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Liabilities 6017.1 5713.29 4704.62 4229.97 6797.45 5496.31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Shareholders Equity 608.3 590.2 497.77 463.11 765.61 516.24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reference Items Book Value Per Share 569.8 549.13 461.58 416.55 475.42 480.86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Enterprise Value Per Share 1760.5 1708.65 1807.08 1609.37 2831.78 2782.25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Retained Earnings 367.3 351.02 289.62 265.98 133.19 358.22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Expenditures -30.6 -26.69 -26.78 -32.49 -69.99 -33.76 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Goodwill 156.4 158.17 151.35 123.46 232.82 131.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash Flow Free Cash Flow Per Share 169.0 130.79 94.47 177.36 45.46 -163.83 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash from Financing Activities -70879676.8 -87.17 -33.81 -296.87 -314.49 271.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash from Investing Activities 66683670.0 -221.31 -194.53 -158.94 Ratio Analysis Price/EPS 19.8 13.934 15.1971 42.3357 169.0826 13.7077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 P/E Before XO 26.8 14.6262 15.0895 42.3357 169.0826 13.7077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Diluted P/E Cont Ops 19.3 13.7139 14.5183 36.9768 73.1902 15.6945 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Price/EPS Positive 17.2 13.6935 15.047 18.9381 10.6968 13.7077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Price/Book 1.7 1.5965 2.2038 2.4087 1.661 2.696 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Price/Sales #N/A Field Not Applicable 1.2837 1.4802 1.4703 0.8567 1.512 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Price/Cash Flow 4.8 11.8607 9.8504 3.5695 2.1848 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividend Yield 3.2 3.4201 2.5209 1.9499 3.405 2.1102 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividend Yield - Gross 3.2 3.42 2.52 1.95 3.41 2.11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dividend Yield - Net 3.2 3.42 2.52 1.95 3.41 2.11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Price/EBITDA 7.7 6.3329 7.1759 8.7797 2.9729 4.6968 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Debt to Total Equity 258.2 244.14 271.39 257.09 299.45 320.86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Debt to Total Assets 23.7 22.86 25.97 25.37 30.31 27.55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Per Employee 567116.1 602251.69 523225.09 550140.5 704718 662885.94 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Current Ratio 1.4 1.44 1.46 1.59 1.44 1.54 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EV/T12M Sales 2.4 2.502 2.6295 2.3583 3.0722 3.245 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EV/T12M EBITDA 13.7 12.3431 12.7474 14.0827 10.6608 10.0799 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Debt to EBITDA 1.7 2.12 3.96 2.17 2.94 1.85 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Profitability Gross Margin 50.2 54.5 55.44 56.92 56.65 52.13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Operating Margin 14.8 17.55 18.37 11.2 13.01 18.56 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Profit Margin 7.5 13.99 14.01 9.58 9.14 15.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EBITDA Margin 17.8 20.27 20.63 16.75 28.82 32.19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Return on Assets 5.8 8.85 7.45 7.46 8.57 9.44 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Return on Common Equity 19.1 28.82 35.29 15.53 12.75 25.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Return on Capital 11.4 14.78 12.31 12.6 14.61 17.83 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Market Data Last Price 985.6 876.66 1017.26 1003.34 789.67 1296.41 1313.44 1070.22 795.5 756.88 623.19 876.64 1116.81 1000 0 0 0 0 0 0 0 Volume 97453968.0 16242538992 15768470760 18240397242 25416338804 9816948244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Index Market Cap 360558.2 342032.44 407267.94 323058.19 247895.07 417766.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Market Cap 879051000000.0 810940.13 887932.69 882548.5 723139.69 1107557.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Free Float Market Cap 786296.3 719334.88 775596.75 807643.81 678381.5 1039621.38 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Average Market Cap 29301.7 27031.34 29597.76 29418.28 24104.66 36918.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 13501320 1959.859 1088 1088 201 209 209 98.32 103.52 103.52 14.85 14.85 14.10 14.10 19.05Euro Stoxx 50 Pr EUR 2450446 10657.55 4587 4587 751 775 775 156.10 302.30 302.30 27.20 14.54 14.05 14.05 20.73NIKKEI 225 JPY 2206653 179.5987 230 230 23 25 25 5.19 8.07 8.07 0.29 0.23 0.18 0.18 0.14FTSE 100 INDEX GBP 2624070 13741.02 9488 9488 1553 1647 1647 719.78 827.32 827.32 21.21 20.04 18.45 18.45 26.02SWISS MARKET INDEX CHF 888093 10957.14 3947 3947 804 787 787 384.76 515.53 515.53 19.45 19.16 14.52 14.52 22.21S&P/TSX COMPOSITE INDEX CAD 1687438 19167.86 7808 7808 1962 1968 1968 829.66 848.64 848.64 15.50 15.50 15.15 15.15 25.44S&P/ASX 200 INDEX AUD 1228533 8059.649 2896 2896 636 713 713 273.62 349.86 349.86 17.31 14.70 13.54 13.54 23.52HANG SENG INDEX HKD 1550090 2367.591 1452 1452 341 357 357 255.24 244.73 244.73 1.35 1.46 1.41 1.41 3.09MSCI EM USD 7362430 1352.449 964 964 179 183 183 80.15 89.14 89.14 12.56 13.07 11.29 11.29 18.90AIR LIQUIDE SA EUR 39763 218 311 9 0 0 2 47.85 18652 19190 19815 21318 4598 4702 - - 6.05 6.54 6.77 7.49 25.14 26.39 24.30 21.95 9.27 8.05 7.24 8.74 31.80 A 02.07.2007 - -ALLIANZ SE-REG EUR 55187 631 452 37 0 3 14 80.99 112739 116829 124207 127817 - - - - 7.20 9.59 14.32 15.45 16.31 16.57 10.92 10.12 -3.39 - - - - AA 27.01.2012 Aa3 03.05.2004ANHEUSER-BUSCH INBEV NV EUR 139244 446 1598 52 0 5 7 231.31 50375 50694 51569 58800 19736 19719 5060 5060 4.83 5.73 5.94 6.51 25.18 25.19 24.29 22.15 9.77 19.09 14.33 31.29 50.54 A 01.05.2012 A3 27.03.2012ARCELORMITTAL EUR 24186 4584 1549 33 0 5 5 64.51 121240 118493 114292 119104 12770 11515 2148 2148 1.62 0.53 1.27 2.28 48.74 57.34 20.31 11.30 26.37 6.72 30.33 0.11 13.59 BB+ 02.08.2012 Baa3 20.05.2009ASML HOLDING NV EUR 26209 889 414 1 0 0 4 23.68 7291 6643 6275 7267 2331 1987 478 478 4.41 3.78 3.47 4.26 18.06 18.17 19.67 16.00 32.72 60.06 37.20 17.46 41.24 - - Baa2 11.11.2010ASSICURAZIONI GENERALI EUR 23440 2815 1541 28 0 3 33 29.35 94803 96239 97522 100474 - - - - 1.51 0.73 1.47 1.78 26.56 - 13.26 10.92 -20.14 -7.16 - - - A *- 07.06.2012 Baa2 17.07.2012AXA SA EUR 37393 1851 2374 22 8 3 40 30.74 126866 130915 124007 125655 - - - - 1.46 0.98 2.38 2.55 20.79 27.56 8.60 8.01 -20.97 2.99 - - - A 27.01.2012 A2 19.03.2003BANCO BILBAO VIZCAYA ARGENTA EUR 44655 17172 4948 283 #VALUE! 2 74 #VALUE! 46567 26864 28724 29866 - - - - 1.16 0.56 0.50 0.99 19.22 12.94 21.22 10.78 14.35 8.43 - - - BBB+ 30.04.2012 Baa3 *- 25.06.2012BANCO SANTANDER SA EUR 78541 17351 9570 547 0 8 191 #VALUE! 100644 57448 58078 60517 - - - - 1.03 0.48 0.62 0.92 21.37 11.40 16.64 11.10 16.92 13.45 - - - A- 30.04.2012 (P)Baa2 *- 25.06.2012BASF SE EUR 79714 1072 918 17 0 2 3 96.19 94823 97724 98985 101682 15295 16319 3567 3567 8.28 7.42 7.03 7.79 15.09 15.14 15.91 14.37 19.44 9.55 -0.52 3.97 20.81 A+ 10.05.2011 A1 17.11.2010BAYER AG-REG EUR 72389 1160 827 15 0 0 6 82.68 47127 49147 50203 52519 11564 12231 2307 2307 6.91 4.04 6.90 7.56 27.97 15.45 16.36 14.95 5.29 5.96 0.91 15.89 31.66 A- 30.04.2008 A3 17.07.2006BAYERISCHE MOTOREN WERKE AG EUR 48814 740 656 88 0 0 15 122.36 88790 93396 95071 98519 15043 - 2584 2584 9.59 8.84 9.76 9.96 11.11 11.11 10.06 9.86 17.80 7.86 36.53 1.35 21.86 A 16.04.2012 A2 22.07.2011BNP PARIBAS EUR 63107 1790 1198 1452 9 13 139 #VALUE! 92 K 91 K 50 K 52 K - - - - 9.03 6.22 7.07 7.12 10.44 8.46 9.19 9.12 -3.26 -2.94 - - - AA- 23.01.2012 A2 21.06.2012CARREFOUR SA EUR 15163 696 674 21 0 1 6 29.67 103800 103367 103873 106141 5024 3363 - - -0.97 -2.03 1.67 1.84 - - 17.24 15.61 1.16 0.13 -14.32 1.48 6.24 BBB 15.03.2012 (P)Baa2 15.03.2012COMPAGNIE DE SAINT-GOBAIN EUR 20161 1147 526 14 0 1 4 33.36 54336 55259 55918 57501 6482 6341 - - 3.39 2.50 3.32 3.91 19.57 18.07 14.75 12.52 6.42 0.22 6.44 0.53 15.39 BBB 24.07.2009 Baa2 31.07.2009CRH PLC EUR 14303 442 728 6 0 0 2 19.64 23327 23872 24458 25391 2136 2129 1442 1442 0.98 1.11 1.03 1.21 22.93 34.36 24.75 21.04 6.82 -2.80 3.36 -10.24 11.82 BBB+ 17.12.2007 - -DAIMLER AG-REGISTERED SHARES EUR 54572 2200 1066 93 0 2 14 145.51 137453 143682 143097 149597 15761 15986 - - 6.81 6.98 6.58 7.39 9.45 9.45 10.03 8.92 11.59 6.79 21.24 -8.91 14.79 A- 23.02.2012 A3 01.10.2007DANONE EUR 41157 382 606 12 0 0 3 50.17 24923 25887 26922 29022 4497 4548 - - 3.62 3.63 3.97 4.35 22.73 22.81 20.80 18.98 17.51 13.20 11.79 13.93 23.28 A- 25.07.2007 A3 06.11.2007DEUTSCHE BANK AG-REGISTERED EUR 39010 2669 905 367 0 2 230 #VALUE! 67940 63587 41477 43061 - - - - 7.07 4.05 4.79 5.94 13.37 9.40 11.31 9.11 18.20 -12.86 - - - A+ 25.01.2012 A2 21.06.2012DEUTSCHE TELEKOM AG-REG EUR 55462 4670 4321 62 0 6 8 116.37 75672 75335 74967 73890 26064 24890 5962 5962 0.64 0.18 0.80 0.83 91.67 86.12 20.64 19.90 -7.79 -1.90 18.02 5.54 44.44 BBB+ 19.05.2008 Baa1 22.12.2011E.ON AG EUR 48947 2632 1905 39 0 5 9 87.87 145728 161667 143846 144172 14424 5847 2859 2859 1.76 -0.01 2.80 2.33 - 20.10 11.29 13.56 27.91 17.13 -18.11 7.54 12.77 A- 27.07.2012 A3 05.10.2011ENEL SPA EUR 36323 19696 9403 84 0 20 9 135.80 100081 103668 97681 98944 22188 21311 - - 0.57 0.47 0.47 0.47 10.70 - 10.56 10.64 10.10 22.97 3.31 21.68 28.60 BBB+ 08.03.2012 Baa1 *- 15.06.2012ENI SPA EUR 84537 8036 3623 38 0 6 2 125.95 141387 154067 154589 158032 33198 33747 7962 7962 2.44 2.36 2.70 2.84 12.72 - 11.13 10.56 14.49 15.17 3.82 0.25 30.29 A 17.01.2012 A3 16.07.2012ESSILOR INTERNATIONAL EUR 20136 229 209 1 0 0 1 21.24 5405 6012 6373 6917 1186 1321 - - 3.22 3.41 3.63 4.03 35.80 35.62 33.61 30.22 9.88 14.95 2.74 11.70 28.31 - - - -FRANCE TELECOM SA EUR 33385 3134 2633 51 0 3 12 76.48 58414 57478 55976 54710 19377 18364 4633 4633 2.15 1.81 1.66 1.59 9.00 7.20 9.81 10.21 -0.64 -4.07 -2.29 -4.94 42.80 A- 10.02.2005 A3 23.06.2005GDF SUEZ EUR 57995 1762 2214 74 0 22 19 134.47 116982 123249 121440 124536 20734 21445 - - 2.64 2.08 2.06 2.15 15.49 14.62 15.63 15.00 9.46 44.01 1.24 33.68 22.87 A 11.02.2011 A1 03.07.2012IBERDROLA SA EUR 29669 8376 5845 43 0 0 8 65.87 40831 43337 41671 42923 9032 8904 2191 2191 0.61 0.66 0.58 0.55 9.41 9.54 10.70 11.34 5.16 21.31 2.68 18.26 28.54 BBB+ 03.05.2012 (P)Baa1 *- 15.06.2012INDITEX EUR 77701 520 623 0 0 0 5 73.25 17795 19124 20400 22711 4147 4613 1462 1462 4.00 4.47 4.89 5.53 35.97 - 32.93 29.10 13.04 16.69 10.81 16.03 30.07 - - - -ING GROEP NV-CVA EUR 32379 7004 3782 310 0 1 40 329.37 68103 62406 47608 54924 - - - - 1.20 1.02 1.35 1.51 10.67 10.02 8.11 7.23 3.45 -6.37 - - - A 03.09.2009 A3 15.06.2012INTESA SANPAOLO EUR 25936 59242 16434 343 0 1 52 #VALUE! 32597 33607 22141 21958 - - - - 0.18 -0.73 0.16 0.19 - 10.89 12.84 10.90 2.23 24.69 - - - BBB+ 10.02.2012 Baa2 16.07.2012KONINKLIJKE PHILIPS ELECTRON EUR 22999 963 926 5 0 0 4 25.32 29130 30459 31559 32840 1531 1845 972 972 -0.91 0.95 1.66 2.09 32.72 30.26 18.71 14.85 1.69 0.94 -84.45 -12.91 6.78 A- 11.05.2005 A3 20.04.2006LOREAL EUR 75786 300 594 1 0 0 2 75.49 26246 27618 28892 30540 5103 5395 - - 5.43 5.69 6.16 6.66 28.33 28.15 26.17 24.21 5.61 7.40 6.78 6.09 25.08 - - - -LVMH MOET HENNESSY LOUIS VUI EUR 79750 382 498 9 0 1 3 88.65 30524 33974 36232 39424 7934 8496 - - 8.21 8.89 9.44 10.50 22.79 21.87 21.47 19.30 21.20 15.73 26.38 13.71 33.54 A 20.05.2011 - -MUENCHENER RUECKVER AG-REG EUR 28726 227 178 7 0 0 3 32.85 78581 82585 69306 71372 - - - - 5.08 18.16 19.51 19.79 11.38 11.39 10.59 10.44 3.92 8.03 - - - AA- 22.12.2006 - -NOKIA OYJ EUR 10011 8747 3710 7 0 3 14 6.93 49876 43712 38937 38183 2037 -783 -199 -199 - -1.21 -0.41 -0.04 - - #VALUE! #VALUE! -11.51 -11.66 -75.98 -30.61 5.27 BB- 15.08.2012 Ba3 23.07.2012REPSOL SA EUR 26133 1325 1221 26 0 5 4 49.14 77567 78009 71583 74884 10978 9974 2152 2152 2.44 2.07 2.02 2.20 12.98 - 13.31 12.18 15.53 3.50 -36.91 -1.45 18.26 BBB- 19.04.2012 - -RWE AG EUR 27540 1023 587 28 0 2 9 50.32 63415 63033 65949 67327 10690 9630 - - 4.32 3.81 5.23 5.24 15.25 15.25 11.10 11.07 -3.99 8.10 -13.20 3.35 21.75 BBB+ 27.07.2012 A3 19.07.2011SANOFI EUR 116986 826 1324 20 0 0 5 132.49 43077 44694 45474 46812 16247 17008 4122 4122 6.45 6.28 7.82 8.09 18.10 16.20 14.54 14.06 4.07 5.67 -5.52 4.45 48.66 AA- 18.02.2011 A2 18.02.2011SAP AG EUR 88635 862 1190 5 0 0 7 89.23 18363 19555 20749 23003 6332 6293 1897 1897 3.72 3.83 3.95 4.53 24.30 24.27 23.55 20.55 18.31 13.56 24.49 15.40 44.49 - - - -SCHNEIDER ELECTRIC SA EUR 34549 567 540 10 0 0 4 42.74 28883 30266 31113 32315 4860 5024 - - 4.55 4.57 5.09 5.52 17.64 16.55 15.83 14.59 18.50 9.43 6.93 11.91 21.71 A- 26.11.2008 A3 12.01.2009SIEMENS AG-REG EUR 89487 1218 874 23 0 1 17 104.40 94846 99461 100364 102994 13401 12952 3292 3292 9.88 6.95 7.73 8.39 18.84 19.61 16.97 15.62 8.49 3.11 11.40 14.84 18.23 A+ 05.06.2009 - -SOCIETE GENERALE EUR 23566 2327 747 903 7 5 168 #VALUE! 62636 62722 31089 31772 - - - - 5.11 3.25 4.05 4.93 11.99 9.04 9.63 7.91 9.23 -6.50 - - - A 23.01.2012 A2 21.06.2012TELEFONICA SA EUR 65585 10218 4480 86 0 7 9 152.52 81070 81192 80907 81061 25019 23811 6993 6993 1.71 1.23 1.60 1.69 15.07 - 11.58 10.98 4.46 2.54 -31.96 0.36 39.82 BBB 24.05.2012 Baa2 *- 20.06.2012TOTAL SA EUR 123551 4004 2254 42 0 2 19 149.56 214875 226853 248658 245937 42471 41168 10790 10790 7.02 6.19 6.85 7.03 10.88 10.88 9.83 9.59 23.95 12.61 22.42 2.93 25.50 AA- 12.04.2011 Aa1 30.08.2005UNIBAIL-RODAMCO SE EUR 19120 76 92 14 0 2 0 36.15 2503 2124 1918 2041 1528 1355 - - 18.09 16.94 12.15 13.06 15.83 16.42 22.07 20.55 16.80 59.58 -7.26 20.00 78.76 A 27.06.2007 WR 16.07.2010UNICREDIT SPA EUR 25474 30197 2930 432 0 4 73 #VALUE! 54146 33290 33100 32913 - - - - -0.04 -7.72 0.34 0.48 - - 16.85 11.85 2.33 -20.93 - - - BBB+ 10.02.2012 Baa2 16.07.2012UNILEVER NV-CVA EUR 108076 1308 2820 18 0 1 6 120.80 59950 63317 66138 70114 9627 9821 - - 2.04 1.92 2.05 2.24 24.19 23.11 22.69 20.72 6.43 6.39 -2.68 4.06 20.72 A+ 05.10.2000 A1 11.07.2000VINCI SA EUR 25701 1128 540 27 0 1 10 46.30 48569 49369 48939 49317 7026 6480 - - 4.46 4.53 4.41 4.51 12.73 13.05 13.07 12.78 13.82 7.75 7.00 9.27 18.66 BBB+ 29.03.2007 Baa1 23.07.2002VIVENDI EUR 25835 884 1287 20 0 3 5 47.16 37173 36955 36508 37086 11414 12115 2398 2398 3.11 1.25 2.55 2.60 20.48 14.46 10.05 9.87 -0.29 7.99 13.30 11.75 39.61 BBB *- 04.07.2012 Baa2 13.09.2005VOLKSWAGEN AG-PREF EUR 86080 428 465 121 0 8 32 193.27 205570 228291 240966 258634 27564 29716 4354 4354 42.60 49.65 37.33 32.60 5.17 5.18 6.88 7.88 33.01 15.34 36.45 16.15 17.30 A- 31.08.2009 A3 17.08.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to SpotS&P 500 INDEX 2.18 2.18 1.99 1.82 2.18 1.34 1.34 1.29 1.24 1.34 9.58 9.58 8.72 8.00 9.58 9.39 9.39 8.72 8.09 9.39 14.10 14.10 12.64 11.33 14.10 2.09 2.09 2.33 2.52 2.09 1576.6 8.0%Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.72 0.72 0.70 0.68 0.72 5.28 5.28 4.99 4.61 5.28 13.75 13.75 13.08 12.43 13.75 10.89 10.89 9.84 8.95 10.89 4.19 4.19 4.67 5.04 4.19 2685.8 5.3%NIKKEI 225 1.10 1.10 1.03 0.96 1.10 0.51 0.51 0.48 0.48 0.51 6.44 6.44 5.88 5.62 6.44 7.22 7.22 6.60 6.25 7.22 14.40 14.40 12.75 10.68 14.40 2.29 2.29 2.33 2.68 2.29 9998.9 10.3%FTSE 100 INDEX 1.62 1.62 1.50 1.39 1.62 0.99 0.99 0.96 0.95 0.99 7.31 7.31 6.70 6.21 7.31 8.34 8.34 7.69 7.28 8.34 11.39 11.39 10.29 9.48 11.39 4.03 4.03 4.31 4.62 4.03 6346.0 9.0%SWISS MARKET INDEX 2.12 2.12 1.97 1.82 2.12 1.78 1.78 1.67 1.58 1.78 11.65 11.65 10.09 9.08 11.65 13.92 13.92 12.78 11.90 13.92 13.62 13.62 12.15 11.06 13.62 3.55 3.55 3.91 4.27 3.55 7003.9 6.3%S&P/TSX COMPOSITE INDEX 1.75 1.75 1.62 1.49 1.75 1.62 1.62 1.50 1.45 1.62 8.84 8.84 7.91 7.21 8.84 9.74 9.74 8.49 7.93 9.74 14.87 14.87 12.99 11.80 14.87 2.93 2.93 3.06 3.24 2.93 14041.0 13.4%S&P/ASX 200 INDEX 1.66 1.66 1.56 1.48 1.66 1.57 1.57 1.48 1.40 1.57 9.57 9.57 8.75 8.21 9.57 11.30 11.30 10.04 9.33 11.30 13.03 13.03 11.70 10.85 13.03 4.93 4.93 5.29 5.66 4.93 4663.8 6.3%HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.84 1.84 1.70 1.57 1.84 6.61 6.61 6.14 5.84 6.61 6.64 6.64 6.04 5.57 6.64 10.91 10.91 10.09 9.14 10.91 3.55 3.55 3.80 4.16 3.55 22528.5 8.9%MSCI EM 1.50 1.50 1.36 1.23 1.50 1.04 1.04 0.96 0.89 1.04 7.10 7.10 6.37 5.72 7.10 7.38 7.38 6.62 6.07 7.38 11.29 11.29 9.94 9.01 11.29 2.90 2.90 3.11 3.46 2.90 1131.3 12.4%AIR LIQUIDE SA 3.14 2.83 2.57 2.41 2.27 2.13 2.01 1.87 1.74 1.67 11.56 10.64 9.79 9.00 8.58 10.29 9.74 8.89 8.19 7.77 20.07 18.83 17.02 15.45 14.47 2.34 2.57 2.75 3.04 3.10 98.28 -0.5%ALLIANZ SE-REG 0.96 0.88 0.83 0.78 0.70 0.43 0.44 0.43 0.43 0.39 14.36 8.46 7.84 7.47 7.30 4.65 4.88 5.22 5.48 5.53 99.94 6.4%ANHEUSER-BUSCH INBEV NV 3.50 3.22 2.92 2.65 2.61 3.57 3.48 3.05 2.88 2.87 13.82 12.51 11.36 10.41 9.91 11.75 11.42 10.00 9.27 8.95 22.55 18.83 17.17 15.50 14.49 1.57 2.20 2.65 3.04 3.29 69.66 3.7%ARCELORMITTAL 0.38 0.42 0.41 0.39 0.26 0.27 0.26 0.26 0.26 5.52 4.20 3.74 3.26 4.94 6.27 5.25 4.62 3.99 7.19 15.74 8.76 6.56 4.93 4.85 4.87 4.87 4.91 4.03 14.57 21.3%ASML HOLDING NV 5.02 4.23 3.51 2.77 1.95 3.64 4.18 3.61 3.24 2.88 10.34 13.64 11.65 9.06 7.49 10.35 12.51 10.79 9.28 8.01 12.52 15.24 12.40 10.32 8.19 1.11 1.11 1.26 1.40 1.37 46.52 13.4%ASSICURAZIONI GENERALI 1.14 1.00 0.92 0.84 0.74 0.25 0.24 0.23 0.22 0.21 15.91 10.28 8.47 8.16 7.61 2.56 2.80 3.36 3.81 2.51 11.36 -2.6%AXA SA 0.62 0.62 0.59 0.55 0.50 0.33 0.30 0.30 0.30 0.30 7.30 6.66 6.21 5.82 5.64 5.70 5.89 6.34 6.75 7.29 14.77 20.1%BANCO BILBAO VIZCAYA ARGENTA 0.85 0.86 0.82 0.78 0.80 1.71 1.55 1.50 1.42 1.35 2.97 2.97 2.95 2.79 7.70 16.45 8.35 7.14 6.89 6.20 6.19 6.39 6.69 6.48 6.49 0.9%BANCO SANTANDER SA 0.78 0.77 0.76 0.75 0.81 1.37 1.35 1.30 1.24 1.18 2.26 2.26 2.22 2.11 7.68 12.90 8.60 7.76 7.69 9.09 8.40 8.76 8.88 7.43 5.76 -6.4%BASF SE 2.60 2.36 2.15 1.97 1.67 0.85 0.81 0.78 0.75 0.72 7.07 7.76 7.07 6.76 6.06 6.46 6.15 5.84 5.58 5.59 10.81 12.34 11.14 10.25 9.94 3.53 3.82 3.99 4.28 4.57 67.27 0.0%BAYER AG-REG 2.81 2.74 2.48 2.26 2.01 1.54 1.44 1.38 1.31 1.25 10.96 9.63 8.48 7.98 7.30 8.37 8.09 7.37 6.90 6.51 14.04 12.68 11.58 10.54 9.70 2.44 2.66 2.96 3.25 3.55 67.55 -0.4%BAYERISCHE MOTOREN WERKE AG 1.39 1.24 1.12 1.02 1.01 0.55 0.51 0.50 0.48 0.50 4.19 4.58 4.36 4.21 3.20 7.00 7.40 7.21 7.24 7.38 7.68 7.80 7.64 7.42 8.43 4.03 4.44 4.77 5.09 4.07 72.27 22.5%BNP PARIBAS 0.68 0.64 0.61 0.58 0.56 1.17 1.25 1.21 1.17 1.20 2.92 4.38 4.10 3.90 7.65 7.12 7.07 6.48 7.08 3.36 3.85 4.23 4.70 3.54 42.03 7.7%CARREFOUR SA 1.31 1.61 1.53 1.39 1.30 0.14 0.15 0.14 0.14 0.14 4.48 4.85 4.22 3.92 3.62 5.93 6.09 5.84 5.52 5.40 12.30 13.36 12.10 10.57 9.55 4.64 3.16 3.47 3.93 4.79 17.70 2.3%COMPAGNIE DE SAINT-GOBAIN 0.84 0.85 0.82 0.79 0.74 0.37 0.36 0.35 0.33 0.32 5.02 5.20 4.95 4.62 4.23 5.23 5.69 5.34 4.86 4.54 8.90 11.43 9.71 8.33 7.43 4.28 4.01 4.38 4.86 5.15 33.16 12.7%CRH PLC 1.05 1.03 1.01 0.97 0.94 0.62 0.58 0.56 0.53 0.48 8.18 8.67 7.79 6.62 5.67 9.29 9.06 8.39 7.29 6.38 20.09 19.18 16.31 12.70 10.06 4.10 4.12 4.18 4.32 4.48 14.47 -5.7%DAIMLER AG-REGISTERED SHARES 1.05 0.98 0.90 0.83 0.77 0.40 0.38 0.36 0.35 0.36 5.23 4.76 4.24 3.87 2.80 8.98 8.60 7.75 7.17 6.17 7.81 7.77 6.92 6.14 5.92 4.99 5.52 5.96 6.56 6.56 47.64 20.2%DANONE 2.39 2.33 2.15 1.98 1.71 1.66 1.53 1.42 1.34 1.26 11.64 10.99 10.06 9.30 8.32 11.23 10.67 9.92 9.26 8.47 17.03 16.12 14.71 13.37 11.91 2.78 2.95 3.22 3.49 3.93 52.43 5.7%DEUTSCHE BANK AG-REGISTERED 0.58 0.54 0.51 0.47 0.90 0.94 0.91 0.87 0.88 4.44 6.45 5.17 4.19 6.78 8.77 7.06 5.93 5.75 2.28 2.19 2.39 2.79 3.15 33.88 4.1%DEUTSCHE TELEKOM AG-REG 1.14 1.23 1.21 1.21 1.29 0.73 0.74 0.75 0.76 0.77 2.91 3.07 3.08 3.10 4.91 4.84 5.01 5.08 5.11 5.22 14.70 15.99 15.42 14.57 13.67 7.04 7.04 6.87 6.91 6.97 9.69 -2.5%E.ON AG 0.92 0.95 0.91 0.88 0.86 0.39 0.34 0.34 0.33 0.32 5.93 4.54 4.80 4.37 4.43 7.44 6.37 6.08 5.84 5.67 15.33 8.75 10.51 9.80 9.37 5.27 5.80 5.86 5.99 6.23 19.49 2.8%ENEL SPA 0.72 0.69 0.66 0.63 0.66 0.38 0.37 0.37 0.36 0.33 2.60 3.07 2.94 2.70 2.56 5.99 6.43 6.37 6.20 5.97 6.90 8.19 8.25 7.62 8.56 8.71 4.87 4.91 5.34 6.34 3.07 2.6%ENI SPA 1.21 1.08 1.00 0.93 0.83 0.59 0.55 0.54 0.53 0.51 4.05 3.50 3.23 3.15 2.84 3.54 3.22 3.21 3.11 2.82 9.20 8.63 8.19 7.81 6.94 5.75 5.97 6.11 6.24 6.37 19.83 10.0%ESSILOR INTERNATIONAL 4.98 4.15 3.72 3.33 2.87 3.72 3.16 2.91 2.66 2.41 21.42 19.61 18.02 15.65 16.13 18.23 15.60 14.28 12.94 11.41 29.48 26.05 23.43 21.23 18.77 1.26 1.36 1.51 1.65 1.89 71.54 -2.3%FRANCE TELECOM SA 0.90 0.96 0.95 0.94 0.96 0.57 0.60 0.61 0.62 0.62 2.13 2.43 2.52 2.64 2.72 3.97 4.31 4.46 4.56 4.62 6.05 7.60 7.92 8.02 7.93 14.33 11.96 11.03 10.49 11.06 12.13 24.1%GDF SUEZ 0.68 0.69 0.69 0.70 0.66 0.49 0.48 0.47 0.45 0.44 3.81 3.68 3.62 3.55 2.83 6.37 6.09 5.93 5.57 5.29 12.91 12.12 11.63 10.43 9.35 7.86 7.77 7.77 7.97 8.21 20.92 8.1%IBERDROLA SA 0.66 0.65 0.63 0.61 0.63 0.75 0.71 0.69 0.67 0.71 3.82 3.86 4.13 3.95 3.53 6.58 6.52 6.50 6.25 5.87 7.63 8.29 8.80 8.29 7.60 8.78 8.27 7.47 7.66 7.47 4.29 14.4%INDITEX 8.43 7.02 6.10 5.37 4.77 4.37 3.81 3.42 3.09 2.82 22.75 18.93 16.94 15.19 13.27 17.63 14.46 12.86 11.54 10.58 31.37 25.53 22.57 20.21 18.35 1.87 2.26 2.61 2.94 3.20 98.48 1.9%ING GROEP NV-CVA 0.56 0.51 0.48 0.45 0.38 0.48 0.68 0.59 0.75 0.55 3.85 4.98 6.28 5.60 5.06 4.95 0.00 0.50 3.08 5.56 6.15 7.54 15.2%INTESA SANPAOLO 0.34 0.40 0.40 0.38 0.37 1.22 1.17 1.18 1.15 2.80 2.57 2.54 2.42 8.28 9.95 8.45 6.67 4.41 4.86 4.38 5.11 6.16 8.10 1.33 7.4%KONINKLIJKE PHILIPS ELECTRON 1.35 1.40 1.35 1.28 1.18 0.79 0.73 0.70 0.67 0.63 12.09 8.49 7.29 6.69 5.35 7.79 6.79 5.84 5.36 4.81 19.61 14.51 11.51 10.27 8.90 4.01 4.04 4.19 4.45 4.63 19.29 3.6%LOREAL 3.55 3.11 2.88 2.66 2.46 2.90 2.62 2.48 2.35 2.22 17.82 15.96 14.70 13.74 12.81 14.66 13.24 12.30 11.48 10.81 22.80 20.29 18.76 17.38 15.84 2.02 2.28 2.52 2.72 3.17 100.32 3.6%LVMH MOET HENNESSY LOUIS VUI 3.05 2.45 2.23 2.02 1.85 2.65 2.20 2.02 1.87 1.75 15.03 12.82 11.29 10.33 9.88 11.65 9.76 8.82 8.03 7.47 19.59 16.65 14.96 13.51 12.45 2.00 2.48 2.78 3.06 3.12 145.94 19.9%MUENCHENER RUECKVER AG-REG 1.01 0.94 0.89 0.86 0.72 0.44 0.41 0.40 0.40 0.37 36.06 8.21 8.09 7.90 8.21 5.03 5.24 5.43 5.54 5.57 124.62 0.4%NOKIA OYJ 0.60 0.92 1.04 1.08 1.22 0.20 0.26 0.26 0.26 0.25 4.77 15.70 6.73 2.14 2.14 5.39 2.87 1.93 8.32 18.84 15.35 8.83 2.80 3.81 2.94 7.24 2.07 0.1%REPSOL SA 0.78 0.77 0.73 0.70 0.67 0.31 0.37 0.35 0.35 0.36 3.41 4.33 4.03 3.67 3.53 4.52 5.65 5.24 4.94 4.67 9.68 10.32 9.44 8.81 8.44 7.17 5.15 5.48 5.77 5.89 17.55 8.9%RWE AG 1.17 1.29 1.21 1.14 1.01 0.40 0.42 0.41 0.40 0.38 3.52 3.57 3.60 3.49 3.64 4.72 4.54 4.41 4.24 4.21 8.16 8.60 8.58 8.01 7.94 5.88 5.93 6.00 6.35 6.30 34.95 0.2%SANOFI 1.65 1.55 1.48 1.41 1.33 2.72 2.57 2.50 2.39 2.31 9.09 9.94 9.45 8.54 7.55 8.18 8.03 7.65 7.11 6.58 10.28 11.27 10.89 9.97 9.25 3.81 4.04 4.44 4.95 5.33 69.04 1.0%SAP AG 5.36 4.63 3.90 3.29 2.70 4.85 4.27 3.85 3.49 3.26 17.12 16.94 14.92 12.75 11.03 13.29 12.44 10.92 9.67 8.51 20.21 18.25 15.93 14.12 13.04 1.28 1.54 1.73 1.89 2.06 55.67 -0.5%SCHNEIDER ELECTRIC SA 1.69 1.55 1.45 1.35 1.26 1.22 1.11 1.07 1.02 0.97 11.53 9.77 9.05 8.11 7.79 9.19 8.50 7.99 7.39 6.94 13.19 12.27 11.31 10.24 9.60 3.48 3.74 4.05 4.43 4.90 51.50 6.4%SIEMENS AG-REG 2.12 2.13 1.98 1.79 1.48 0.95 0.89 0.87 0.84 0.81 8.79 11.39 9.14 7.53 6.73 6.94 8.30 7.90 7.17 6.47 10.11 13.15 12.11 10.82 9.78 3.89 3.89 4.03 4.24 4.71 78.10 -0.8%SOCIETE GENERALE 0.41 0.40 0.38 0.36 0.37 0.72 0.76 0.74 0.72 0.73 2.04 3.08 3.04 2.79 6.56 7.46 6.13 5.25 6.00 0.00 2.31 3.80 4.84 4.14 24.08 2.9%TELEFONICA SA 2.31 2.28 2.09 1.93 1.66 0.81 0.81 0.81 0.80 0.79 3.36 3.43 3.39 3.14 3.06 5.61 5.53 5.53 5.47 5.46 7.22 8.98 8.51 8.25 8.19 13.78 0.00 6.71 8.21 8.44 11.75 5.2%TOTAL SA 1.38 1.23 1.12 1.03 0.54 0.50 0.50 0.50 4.53 4.36 4.11 3.99 3.65 3.65 3.50 3.44 3.35 7.82 7.62 7.43 7.45 6.54 5.68 5.77 5.90 6.02 6.42 43.78 8.1%UNIBAIL-RODAMCO SE 1.25 1.21 1.14 1.05 9.95 9.97 9.37 8.69 8.47 17.55 16.96 16.00 14.59 14.64 22.61 21.49 20.22 18.65 18.18 18.06 17.11 15.93 14.75 14.64 5.01 5.19 5.43 5.77 5.97 164.73 2.2%UNICREDIT SPA 0.20 0.33 0.32 0.31 0.29 0.78 0.77 0.77 0.75 0.68 0.83 1.85 1.79 1.65 10.65 13.06 9.19 6.14 4.13 0.18 2.08 3.67 5.31 4.69 3.46 1.4%UNILEVER NV-CVA 4.87 4.98 4.41 3.94 3.39 1.80 1.63 1.54 1.46 1.41 14.59 13.92 12.64 11.68 10.90 12.07 11.23 10.37 9.70 8.96 17.90 17.58 16.06 14.78 13.62 3.15 3.40 3.65 3.85 4.07 28.99 3.8%VINCI SA 1.51 1.42 1.33 1.26 1.13 0.55 0.53 0.52 0.51 0.49 5.29 5.07 4.98 4.75 4.49 6.59 6.60 6.51 6.28 6.05 10.02 10.13 9.91 9.26 8.84 5.04 5.14 5.25 5.53 5.74 44.15 27.5%VIVENDI 0.85 0.97 0.92 0.89 0.81 0.70 0.71 0.70 0.69 0.67 3.31 3.37 3.49 3.47 3.25 4.41 4.67 4.66 4.60 4.48 6.87 7.79 7.65 7.37 6.92 9.15 6.56 6.71 6.97 7.99 17.34 12.6%VOLKSWAGEN AG-PREF 1.20 0.99 0.89 0.79 0.83 0.43 0.36 0.33 0.32 0.34 3.77 3.49 3.49 3.20 3.16 7.64 6.81 5.84 5.30 5.19 8.17 5.33 6.11 5.39 5.97 1.96 2.38 2.89 3.33 3.99 178.96 16.0% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Air Liquide SAAir Liquide SA, through its subsidiaries, produces, markets, and sells Price/Volumeindustrial and healthcare gases worldwide. These gases include liquid nitrogen, 120 3.5 Margon, carbon dioxide, and oxygen. The Company also produces welding equipment, 100 3.0 Mdiving equipment, and technical-medical equipment. Air Liquide sells itsproducts throughout Europe, the United States, Canada, Africa, and Asia. 2.5 M 80 2.0 M 60 Valuation Analysis 1.5 MLatest Fiscal Year: 12/2011 40 1.0 MLTM as of: 06/yy 20 .5 M52-Week High (21.09.2012) 100.00 0 .0 M52-Week Low (26.09.2011) 74.96 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 217685.00 Current Price (9/dd/yy) 98.76 Market Data 52-Week High % Change -1.26% Dividend Yield - 52-Week Low % Change 31.74% Beta 0.77 % 52 Week Price Range High/Low 97.96% Equity Float 310.52Shares Out 12.09.2012 312.1 Short Int - Market Capitalization 30820.04 1 Yr Total Return 32.15%Total Debt 7036.00 YTD Return 16.64%Preferred Stock 0.0 Adjusted BETA 0.772Minority Interest 237.1 Analyst Recs 35Cash and Equivalents 1761.10 Consensus Rating 3.314Enterprise Value 37089.94 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 976594AI FP EQUITY YTD Change - Average Volume 30 Day 733800AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 847641 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 11801.2 13103.1 11976.1 13488.0 14456.9 13879.0 14702.2 15358.8 16524.0 3852.8 4061.0 TEV/Revenue 2.45x 1.73x 2.25x 2.38x 2.25x 0.00x 0.00x 2.39x 2.20x - 8.79x EBITDA 2730.0 2941.8 2969.0 3374.3 3563.6 0.0 0.0 3810.2 4173.9 - 1938.0 TEV/EBITDA 10.57x 7.71x 9.08x 9.50x 9.13x 0.00x 0.00x 9.74x 8.89x - - Net Income 1123.1 1220.0 1230.0 1403.6 1534.9 0.0 0.0 1624.1 1804.1 - 807.5 P/E 21.70x 13.93x 17.67x 18.97x 17.60x 0.00x 0.00x 18.83x 17.02x - - Profitability S&P Issuer RatingsEBITDA 3563.60 Long-Term Rating Date 02.07.2007EBIT 2408.70 Long-Term Rating AOperating Margin 16.66% Long-Term Outlook POSPretax Margin 15.02% Short-Term Rating Date 06.05.2004Return on Assets 6.58% Short-Term Rating A-1Return on Common Equity 16.45% Credit RatiosReturn on Capital 10.88% EBITDA/Interest Exp. 14.00Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11Margin Analysis Net Debt/EBITDA 1.48Gross Margin - Total Debt/EBITDA 1.97EBITDA Margin 24.6% ReferenceEBIT Margin 16.7% Total Debt/Equity 72.1%Net Income Margin 10.6% Total Debt/Capital 41.3%Structure Asset Turnover 0.62Current Ratio 1.16 Net Fixed Asset Turnover 1.25Quick Ratio 0.90 Accounts receivable turnover-days 68.43Debt to Assets 29.17% Inventory Days -Tot Debt to Common Equity 72.10% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.33 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 16000.0 12.00 14000.0 12000.0 10.00 10000.0 8.00 8000.0 6.00 6000.0 4.00 4000.0 2.00 2000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Air Liquide SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4881147 1.56 176968 30.03.2012 Mutual Fund ManagerTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 4574174 1.47 - 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3516031 1.13 424253 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1650107 0.53 1385 20.09.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1477098 0.47 74778 31.07.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1412488 0.45 62 31.08.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1126682 0.36 7662 20.09.2012 Investment AdvisorAIR LIQUIDE n/a Co File 1119676 0.36 - 31.12.2011 CorporationCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1055066 0.34 (172981) 30.06.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 907316 0.29 - 20.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 812698 0.26 653801 30.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 800775 0.26 139128 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 713037 0.23 (59101) 20.09.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 670065 0.21 (14068) 31.07.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 631581 0.2 1189 31.07.2012 Mutual Fund ManagerHARDING LOEVNER LP Multiple Portfolios MF-AGG 509650 0.16 144631 30.06.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 470821 0.15 - 30.03.2012 Investment AdvisorMFS INVESTMENT MANAG Multiple Portfolios MF-AGG 464229 0.15 8124 31.07.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 460862 0.15 67552 31.05.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 431324 0.14 - 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue VERONIQUE COLAS reduce 2 M 98 6 month 20.09.2012Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 19.09.2012Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 18.09.2012Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 98 Not Provided 11.09.2012Jefferies LAURENCE ALEXANDER hold 3 N 97 12 month 10.09.2012JPMorgan NEIL C TYLER neutral 3 M 100 3 month 06.09.2012Goldman Sachs RAKESH PATEL neutral/neutral 3 M 120 12 month 04.09.2012Main First Bank AG THOMAS SWOBODA sell 1 D 86 12 month 28.08.2012Deutsche Bank TIMOTHY JONES hold 3 M 94 12 month 23.08.2012Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 21.08.2012Barclays GUNTHER ZECHMANN underweight 1 M 92 Not Provided 16.08.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 08.08.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012HSBC GEOFF HAIRE neutral 3 M 98 Not Provided 03.08.2012Macquarie JUERGEN RECK outperform 5 M 100 12 month 03.08.2012Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 100 Not Provided 02.08.2012Societe Generale PETER CLARK buy 5 M 102 12 month 31.07.2012Credit Suisse CHRIS COUNIHAN outperform 5 U 105 Not Provided 31.07.2012Nomura JEAN DE WATTEVILLE reduce 2 M 100 12 month 31.07.2012S&P Capital IQ JOHNSON IMODE hold 3 M 93 12 month 31.07.2012Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 97 12 month 30.07.2012Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 97 12 month 30.07.2012Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 100 Not Provided 30.07.2012CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 91 12 month 30.07.2012Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 94 6 month 26.07.2012Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 25.06.2012CA Cheuvreux KLAUS RINGEL outperform 5 M 96 Not Provided 04.06.2012Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012Liberum Capital Ltd ADAM COLLINS buy 5 N 121 Not Provided 02.05.2012BHF-Bank ANNETT WEBER market weight 3 M 92 12 month 25.04.2012Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 08.02.2012ING Wholesale Banking FABIAN SMEETS not rated #N/A N/A M #N/A N/A Not Provided 19.01.2012DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 03.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Allianz SEAllianz SE, through subsidiaries, offers insurance and financial services. The Price/VolumeCompany offers property and casualty, life and health, credit, motor vehicle and 120 10.0 Mtravel insurance, and fund management services. 9.0 M 100 8.0 M 80 7.0 M 6.0 M 60 5.0 M Valuation Analysis 4.0 MLatest Fiscal Year: 12/2011 40 3.0 MLTM as of: 06/yy 20 2.0 M 1.0 M52-Week High (14.09.2012) 97.33 0 .0 M52-Week Low (26.09.2011) 57.50 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 630681.00 Current Price (9/dd/yy) 93.95 Market Data 52-Week High % Change -3.47% Dividend Yield - 52-Week Low % Change 63.39% Beta 1.26 % 52 Week Price Range High/Low 94.10% Equity Float 455.30Shares Out 30.06.2012 455.3 Short Int - Market Capitalization 42775.43 1 Yr Total Return 68.14%Total Debt 28411.00 YTD Return 34.27%Preferred Stock 0.0 Adjusted BETA 1.262Minority Interest 2338.0 Analyst Recs 44Cash and Equivalents 10492.00 Consensus Rating 4.205Enterprise Value 62778.43 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2794859ALV GY EQUITY YTD Change - Average Volume 30 Day 2231256ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 2372830 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 94767.0 76195.0 82711.0 89740.0 87384.0 89734.0 90554.0 96273.2 99071.1 21847.0 21847.0 TEV/Revenue 2.57x 0.69x 0.75x 0.67x 0.61x 2.78x 2.48x 0.60x 0.52x - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 7966.0 (2444.0) 4297.0 5053.0 2545.0 4256.0 3293.0 5003.8 5367.1 1227.0 1227.0 P/E 8.22x 8.51x 8.37x 7.94x 13.13x 10.12x 10.65x 8.46x 7.84x 8.34x 8.16x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 27.01.2012EBIT - Long-Term Rating AAOperating Margin 7.01% Long-Term Outlook NEGPretax Margin 5.45% Short-Term Rating Date 23.03.2009Return on Assets 0.40% Short-Term Rating A-1+Return on Common Equity 5.69% Credit RatiosReturn on Capital 4.92% EBITDA/Interest Exp. -Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 63.3%Net Income Margin 2.9% Total Debt/Capital 37.5%Structure Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 4.43% Inventory Days -Tot Debt to Common Equity 63.26% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 8.00 100000.0 7.00 90000.0 80000.0 6.00 70000.0 5.00 60000.0 4.00 50000.0 40000.0 3.00 30000.0 2.00 20000.0 1.00 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Allianz SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a 13G 30030982 6.6 - 30.12.2011 Investment AdvisorAXA n/a Research 13449857 2.95 - 30.07.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 11426436 2.51 452 20.09.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5739619 1.26 - 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5300998 1.16 198538 30.06.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5121772 1.12 405119 31.08.2012 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 4859640 1.07 133585 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4784769 1.05 1053725 31.03.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4403327 0.97 (285610) 31.08.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 3964257 0.87 (3000) 30.03.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3851561 0.85 - 20.09.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 3791607 0.83 - 30.06.2012 Investment AdvisorMORGAN STANLEY n/a Research 3746308 0.82 - 16.05.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3532456 0.78 (14025) 31.07.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2374508 0.52 88551 30.04.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 2332786 0.51 - 30.04.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2139539 0.47 3247 29.02.2012 Mutual Fund ManagerCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1936650 0.43 - 30.06.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1476149 0.32 (718) 31.07.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1312723 0.29 - 20.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue DIETER HEIN add 4 M 104 6 month 20.09.2012Mediobanca SpA MARC THIELE neutral 3 D 120 Not Provided 17.09.2012Canaccord Genuity Corp BEN COHEN buy 5 M 100 12 month 14.09.2012Nomura NICK HOLMES neutral 3 M 100 12 month 14.09.2012Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 N 99 12 month 11.09.2012Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 90 12 month 11.09.2012S&P Capital IQ RODERICK WALLACE buy 5 U 109 12 month 07.09.2012Day by Day VALERIE GASTALDY buy 5 U 98 3 month 06.09.2012Oddo & Cie NICOLAS JACOB neutral 3 M 85 Not Provided 05.09.2012Kepler Capital Markets FABRIZIO CROCE hold 3 M 73 Not Provided 31.08.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 92 Not Provided 29.08.2012Barclays ANDREW BROADFIELD overweight 5 M 107 Not Provided 29.08.2012JPMorgan MICHAEL HUTTNER overweight 5 M 113 15 month 28.08.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 13.08.2012Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 10.08.2012Nord/LB VOLKER SACK hold 3 M 86 12 month 08.08.2012Credit Suisse RICHARD BURDEN outperform 5 M 105 Not Provided 07.08.2012HSBC KAILESH MISTRY overweight 5 M 110 Not Provided 07.08.2012Macquarie HADLEY COHEN outperform 5 M 105 12 month 07.08.2012Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 06.08.2012Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 112 12 month 06.08.2012CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 105 Not Provided 06.08.2012Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 96 12 month 06.08.2012DZ Bank AG THORSTEN WENZEL buy 5 M 100 12 month 06.08.2012Exane BNP Paribas THOMAS JACQUET outperform 5 M 108 Not Provided 06.08.2012Commerzbank Corporates & Markets ROLAND PFAENDER add 4 M 100 6 month 03.08.2012Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 97 12 month 03.08.2012Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 86 12 month 03.08.2012National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 03.08.2012Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 100 6 month 03.08.2012Main First Bank AG MICHAEL HAID buy 5 M 95 12 month 31.07.2012Banco Sabadell MARIO LODOS buy 5 M 101 Not Provided 30.07.2012Bankhaus Metzler JOCHEN SCHMITT sell 1 M 75 12 month 27.07.2012Jefferies JAMES SHUCK hold 3 M 91 12 month 19.07.2012ING Wholesale Banking MAARTEN ALTENA buy 5 M 107 12 month 16.07.2012RBC Capital Markets GORDON AITKEN outperform 5 M 110 12 month 03.07.2012Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 110 12 month 08.02.2012Natixis BENOIT VALLEAUX buy 5 M 106 Not Provided 26.01.2012Deutsche Bank SPENCER HORGAN buy 5 M 100 12 month 06.12.2011Espirito Santo Investment Bank Research FERNEYHOUGH JOY neutral 3 M 92 Not Provided 11.11.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Anheuser-Busch InBev NVAnheuser-Busch InBev NV brews beer. The Company manufactures ale, lager, Price/Volumestout, and bitter beer. Anheuser-Busch InBev owns brands that are both 80 6.0 Mnationally and internationally prominent. The Company has production plants in 70Europe, the Americas, and Asia. 5.0 M 60 4.0 M 50 40 3.0 M Valuation Analysis 30Latest Fiscal Year: 12/2011 2.0 M 20LTM as of: 06/yy 1.0 M 1052-Week High (07.09.2012) 71.05 0 .0 M52-Week Low (26.09.2011) 37.24 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 446109.00 Current Price (9/dd/yy) 67.19 Market Data 52-Week High % Change -5.45% Dividend Yield - 52-Week Low % Change 80.42% Beta 0.75 % 52 Week Price Range High/Low 88.46% Equity Float -Shares Out 30.06.2012 1606.3 Short Int - Market Capitalization 107928.27 1 Yr Total Return 81.07%Total Debt 40165.00 YTD Return 45.13%Preferred Stock 0.0 Adjusted BETA 0.755Minority Interest 3552.0 Analyst Recs 36Cash and Equivalents 5423.00 Consensus Rating 3.722Enterprise Value 179285.89 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2091273ABI BB EQUITY YTD Change - Average Volume 30 Day 1679055ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 2032497 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 19780.7 23507.0 36758.0 36297.0 39046.0 37751.0 39294.0 39971.1 45576.2 10413.0 10187.5 TEV/Revenue 2.84x 4.07x 3.57x 3.70x 3.49x 0.00x 7.66x 4.33x 3.86x - - EBITDA 6828.0 7734.0 12925.0 13768.0 15297.0 0.0 4239.0 15700.8 17930.7 3922.0 4511.0 TEV/EBITDA 8.23x 12.37x 10.15x 9.76x 8.91x 0.00x 0.00x 11.42x 10.00x - - Net Income 3013.0 1927.0 4613.0 4026.0 5855.0 4816.0 7090.0 7425.3 8219.3 1818.0 2003.0 P/E 15.83x 11.99x 17.92x 22.61x 16.71x 18.16x 17.44x 18.83x 17.17x - - Profitability S&P Issuer RatingsEBITDA 15297.00 Long-Term Rating Date 01.05.2012EBIT 12607.00 Long-Term Rating AOperating Margin 32.29% Long-Term Outlook STABLEPretax Margin 25.14% Short-Term Rating Date 01.05.2012Return on Assets 5.16% Short-Term Rating A-1Return on Common Equity 16.10% Credit RatiosReturn on Capital 12.37% EBITDA/Interest Exp. 5.53Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 4.31Margin Analysis Net Debt/EBITDA 2.27Gross Margin 57.4% Total Debt/EBITDA 2.63EBITDA Margin 39.2% ReferenceEBIT Margin 32.3% Total Debt/Equity 107.1%Net Income Margin 15.0% Total Debt/Capital 49.5%Structure Asset Turnover 0.34Current Ratio 0.63 Net Fixed Asset Turnover 2.45Quick Ratio 0.49 Accounts receivable turnover-days 40.94Debt to Assets 35.73% Inventory Days 53.49Tot Debt to Common Equity 107.13% Accounts Payable Turnover Day 277.81Accounts Receivable Turnover 8.92 Cash Conversion Cycle -183.39Inventory Turnover 6.82Price/ Cash Flow Sales/Revenue/Turnover 14.00 45000.0 12.00 40000.0 35000.0 10.00 30000.0 8.00 25000.0 6.00 20000.0 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Anheuser-Busch InBev NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTICHTING INBEV n/a 20F 663074830 41.28 - 21.12.2010 n/aEPS n/a 20F 133467609 8.31 - 21.12.2010 n/aBRC SARL n/a 20F 33048460 2.06 - 21.12.2010 OtherCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 28717188 1.79 (1086000) 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20809911 1.3 (316057) 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16789722 1.05 (1574251) 30.06.2012 Investment AdvisorANHEUSER-BUSCH INBEV n/a 20F 12006309 0.75 - 21.12.2010 CorporationHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10882616 0.68 (49930) 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 10611548 0.66 71000 30.06.2012 Investment AdvisorVOORZITTER VERHELST n/a 20F 6997665 0.44 - 21.12.2010 OtherBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6793840 0.42 (453912) 31.07.2012 Investment AdvisorINBEV-BAILLET LATOUR n/a 20F 5485415 0.34 - 21.12.2010 OtherARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5002588 0.31 (2577) 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4598549 0.29 (760224) 20.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4073744 0.25 457122 29.02.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3902673 0.24 3562 20.09.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 3052876 0.19 33063 31.05.2012 Investment AdvisorBRITO CARLOS ALVES D n/a Co File 2928172 0.18 - 30.06.2009 n/aMANNING & NAPIER ADV Multiple Portfolios MF-AGG 2747770 0.17 - 31.07.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 2564934 0.16 740 20.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 59 Not Provided 21.09.2012Credit Suisse SANJEET AUJLA neutral 3 M 70 Not Provided 20.09.2012AlphaValue SOPHIE CABO-BROSETA sell 1 M 42 6 month 20.09.2012Bank Degroof(ESN) MARC LEEMANS accumulate 4 M 75 12 month 19.09.2012Grupo Santander ANTHONY J BUCALO buy 5 M 74 Not Provided 18.09.2012Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 18.09.2012Espirito Santo Investment Bank Research MARTIN DOLAN neutral 3 M 65 Not Provided 14.09.2012Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012Rabobank International KAREL ZOETE buy 5 M 76 12 month 10.09.2012Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 74 12 month 07.09.2012Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 80 12 month 04.09.2012ING Wholesale Banking GERARD RIJK hold 3 M 58 12 month 03.09.2012Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 67 12 month 29.08.2012HSBC LAUREN E TORRES overweight 5 M 73 Not Provided 29.08.2012Nomura IAN SHACKLETON neutral 3 M 60 12 month 21.08.2012RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 73 12 month 20.08.2012KBC Securities WIM HOSTE hold 3 M 59 6 month 20.08.2012Petercam KRIS KIPPERS hold 3 M 64 Not Provided 09.08.2012Kempen & Co SANDER VAN OORT hold 3 D 71 12 month 08.08.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 08.08.2012Jefferies DIRK VAN VLAANDEREN buy 5 M 76 12 month 07.08.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012CA Cheuvreux XAVIER CROQUEZ outperform 5 M 70 Not Provided 06.08.2012Bryan Garnier & Cie NIKOLAAS FAES buy 5 U 71 6 month 02.08.2012Societe Generale ANDREW HOLLAND buy 5 M 71 12 month 01.08.2012Independent Research GmbH LARS LUSEBRINK sell 1 D 62 6 month 01.08.2012ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 60 Not Provided 01.08.2012Morgan Stanley DAVID BELAUNDE restricted #N/A N/A M #N/A N/A Not Provided 31.07.2012S&P Capital IQ CARL SHORT hold 3 M 66 12 month 31.07.2012Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 27.07.2012Natixis OLIVIER DELAHOUSSE neutral 3 M 60 Not Provided 02.07.2012Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012JPMorgan MIKE J GIBBS restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 29.06.2012Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012ArcelorMittalArcelorMittal produces steel. The Company manufactures cold rolled, Price/Volumeelectrogalvanized and coated steels, slabs, special quality bars, and wire 20 25.0 Mrods. Arcelor Mittal has steel making operations in Europe, the Americas, 18Asia, and Africa. 16 20.0 M 14 12 15.0 M 10 Valuation Analysis 8 10.0 MLatest Fiscal Year: 12/2011 6LTM as of: 06/yy 4 5.0 M 252-Week High (09.02.2012) 17.96 0 .0 M52-Week Low (01.06.2012) 10.60 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 4583620.00 Current Price (9/dd/yy) 12.01 Market Data 52-Week High % Change -33.13% Dividend Yield 4.90 52-Week Low % Change 13.36% Beta 1.51 % 52 Week Price Range High/Low 24.30% Equity Float 872.65Shares Out 30.06.2012 1560.9 Short Int - Market Capitalization 18746.58 1 Yr Total Return 9.52%Total Debt 25789.00 YTD Return -12.07%Preferred Stock 0.0 Adjusted BETA 1.515Minority Interest 3787.0 Analyst Recs 44Cash and Equivalents 3821.00 Consensus Rating 3.727Enterprise Value 49999.35 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10976840MT NA EQUITY YTD Change - Average Volume 30 Day 8416633MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 8551057 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 105216.0 124936.0 61021.0 78025.0 93973.0 83737.0 91844.0 88587.7 92317.2 20221.3 20700.0 TEV/Revenue 1.31x 0.50x 1.52x 1.05x 0.58x 3.89x 2.34x 0.57x 0.53x 2.46x 2.39x EBITDA 19400.0 24436.0 3656.0 8014.0 9898.0 9893.0 8925.0 7984.9 9532.7 1665.0 1921.8 TEV/EBITDA 7.09x 2.57x 25.37x 10.25x 5.47x 8.41x 5.57x 6.27x 5.25x 6.22x 5.80x Net Income 10368.0 9399.0 157.0 2916.0 2263.0 3137.0 629.0 1490.4 2489.8 431.6 454.8 P/E 10.43x 3.49x 308.59x 17.66x 15.75x 18.08x 37.37x 15.74x 8.76x 11.44x 9.60x Profitability S&P Issuer RatingsEBITDA 9898.00 Long-Term Rating Date 02.08.2012EBIT 4898.00 Long-Term Rating BB+Operating Margin 5.21% Long-Term Outlook NEGPretax Margin 2.85% Short-Term Rating Date 02.08.2012Return on Assets 1.79% Short-Term Rating BReturn on Common Equity 3.80% Credit RatiosReturn on Capital 4.00% EBITDA/Interest Exp. 5.09Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 2.60Margin Analysis Net Debt/EBITDA 2.22Gross Margin 9.0% Total Debt/EBITDA 2.61EBITDA Margin 10.5% ReferenceEBIT Margin 5.2% Total Debt/Equity 45.5%Net Income Margin 2.4% Total Debt/Capital 29.9%Structure Asset Turnover 0.74Current Ratio 1.49 Net Fixed Asset Turnover 1.73Quick Ratio 0.43 Accounts receivable turnover-days 23.65Debt to Assets 21.16% Inventory Days 88.08Tot Debt to Common Equity 45.49% Accounts Payable Turnover Day 54.34Accounts Receivable Turnover 15.43 Cash Conversion Cycle 57.38Inventory Turnover 4.14Price/ Cash Flow Sales/Revenue/Turnover 25.00 140000.0 120000.0 20.00 100000.0 15.00 80000.0 60000.0 10.00 40000.0 5.00 20000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012ArcelorMittalHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHSBC TRUSTEE CI LTD n/a Research 637338263 40.83 - 31.07.2012 UnclassifiedMORGAN STANLEY n/a 13G 80449457 5.15 - 17.02.2010 Investment AdvisorSTATE OF LUXEMBOURG n/a Research 38965330 2.5 - 17.05.2012 GovernmentCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 29376754 1.88 (495000) 30.06.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13674876 0.88 (120362) 30.03.2012 Mutual Fund ManagerCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 12987736 0.83 (410000) 30.06.2012 Investment AdvisorARCELOR MITTAL n/a Research 11807964 0.76 - 17.05.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 10967755 0.7 490059 30.06.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 7247141 0.46 (48532) 31.07.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 5519718 0.35 (5382) 31.08.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 5149560 0.33 - 20.09.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 3517449 0.23 - 31.07.2012 Mutual Fund ManagerACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3148939 0.2 (36678) 31.08.2012 Mutual Fund ManagerBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3115103 0.2 920 20.09.2012 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3022839 0.19 2629222 30.06.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3015083 0.19 1353 31.07.2012 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 2932632 0.19 1342391 29.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2679227 0.17 647493 20.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2586678 0.17 394803 30.06.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2492536 0.16 - 20.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC THORSTEN ZIMMERMANN neutral 3 M 14 Not Provided 24.09.2012AlphaValue VERONIQUE COLAS buy 5 M 19 6 month 20.09.2012Nomura NEIL SAMPAT neutral 3 M 15 12 month 18.09.2012Kepler Capital Markets ROCHUS BRAUNEISER reduce 2 M 10 Not Provided 11.09.2012Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 19 12 month 10.09.2012Exane BNP Paribas LUC PEZ neutral 3 M 12 Not Provided 10.09.2012Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 14 12 month 09.09.2012Jefferies SETH ROSENFELD buy 5 N 15 12 month 04.09.2012National Bank AG MANFRED JAISFELD buy 5 M 15 Not Provided 03.09.2012ING Wholesale Banking TIJS HOLLESTELLE hold 3 D 13 12 month 03.09.2012Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 N 14 12 month 30.08.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.08.2012Societe Generale ALAIN WILLIAM hold 3 M 13 12 month 03.08.2012RBC Capital Markets TIMOTHY HUFF outperform 5 M 16 12 month 03.08.2012Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 19 12 month 03.08.2012JPMorgan ALESSANDRO ABATE overweight 5 M 15 3 month 02.08.2012La Caixa ICIAR GOMEZ BOTAS buy 5 U 15 Not Provided 02.08.2012Grupo Santander JUAN RAMON CORREAS hold 3 D 18 Not Provided 26.07.2012Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 12 6 month 26.07.2012Macquarie JEFFREY LARGEY outperform 5 M 15 12 month 26.07.2012Rabobank International FRANK CLAASSEN buy 5 M 15 12 month 26.07.2012Main First Bank AG ALEXANDER HAUENSTEIN sell 1 M 10 12 month 26.07.2012ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 18 Not Provided 26.07.2012BHF-Bank HERMANN REITH market weight 3 M 14 12 month 25.07.2012Nord/LB HOLGER FECHNER sell 1 D 10 12 month 25.07.2012Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 16 Not Provided 25.07.2012Independent Research GmbH SVEN DIERMEIER buy 5 M 14 12 month 25.07.2012Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 25.07.2012Petercam ALAN VANDENBERGHE hold 3 D 14 Not Provided 25.07.2012Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 15 Not Provided 25.07.2012S&P Capital IQ JOHNSON IMODE sell 1 M 11 12 month 25.07.2012Day by Day VALERIE GASTALDY sell 1 D 7 3 month 25.07.2012Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2012Natixis RAOUDHA BOUZEKRI buy 5 M 13 Not Provided 29.06.2012Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 16 12 month 27.06.2012Kempen & Co SANDER VAN OORT buy 5 M 19 12 month 10.06.2012BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 21.05.2012Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 15.05.2012Barclays VINCENT LEPINE equalweight 3 M 19 Not Provided 14.05.2012Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012Davy TIM CAHILL underperform 1 N #N/A N/A Not Provided 10.11.2011Dahlman Rose & Co ANTHONY B RIZZUTO JR buy 5 M #N/A N/A Not Provided 17.10.2011Daiwa Securities Co. Ltd. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012ASML Holding NVASML Holding N.V. develops, produces, and markets semiconductor manufacturing Price/Volumeequipment. The Companys products allow semiconductor manufacturers to choose 60 18.0 Mthe optimal numerical aperture and wavelength for their applications, assure 16.0 Muniformity, and produce more using less floor space. 50 14.0 M 40 12.0 M 10.0 M 30 Valuation Analysis 8.0 MLatest Fiscal Year: 12/2011 20 6.0 M 4.0 MLTM as of: 06/yy 10 2.0 M52-Week High (30.07.2012) 48.34 0 .0 M52-Week Low (03.10.2011) 24.45 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 888599.00 Current Price (9/dd/yy) 41.005 Market Data 52-Week High % Change -15.13% Dividend Yield - 52-Week Low % Change 67.74% Beta 0.94 % 52 Week Price Range High/Low 71.62% Equity Float 420.65Shares Out 13.09.2012 495.4 Short Int - Market Capitalization 20314.94 1 Yr Total Return 59.61%Total Debt 736.37 YTD Return 27.79%Preferred Stock 0.0 Adjusted BETA 0.941Minority Interest 0.0 Analyst Recs 37Cash and Equivalents 2731.78 Consensus Rating 3.514Enterprise Value 18354.94 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2900949ASML NA EQUITY YTD Change - Average Volume 30 Day 1957526ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 2233902 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 3808.7 2953.7 1596.1 4507.9 5651.0 5679.0 5149.0 4863.6 5632.8 1216.5 1169.2 TEV/Revenue 2.30x 1.71x 6.29x 2.52x 2.02x 7.11x 9.58x 3.72x 3.10x 15.20x 15.53x EBITDA 951.7 406.2 (21.5) 1402.1 1806.4 1928.2 1540.5 1470.1 1705.0 370.3 341.3 TEV/EBITDA 9.21x 12.42x 0.00x 8.11x 6.33x 4.64x 9.65x 12.51x 10.79x 12.60x 12.01x Net Income 687.8 322.4 (150.9) 1021.8 1467.0 1502.4 1213.8 1114.7 1351.7 278.1 263.1 P/E 14.54x 17.00x 0.00x 12.30x 9.41x 7.14x 13.67x 15.24x 12.40x 14.36x 13.31x Profitability S&P Issuer RatingsEBITDA 1806.40 Long-Term Rating Date -EBIT 1641.22 Long-Term Rating -Operating Margin 29.04% Long-Term Outlook -Pretax Margin 29.17% Short-Term Rating Date -Return on Assets 21.83% Short-Term Rating -Return on Common Equity 47.18% Credit RatiosReturn on Capital 39.06% EBITDA/Interest Exp. 53.54Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 44.62Margin Analysis Net Debt/EBITDA -1.10Gross Margin 43.3% Total Debt/EBITDA 0.41EBITDA Margin 32.0% ReferenceEBIT Margin 29.0% Total Debt/Equity 21.4%Net Income Margin 26.0% Total Debt/Capital 17.6%Structure Asset Turnover 0.84Current Ratio 2.56 Net Fixed Asset Turnover 6.28Quick Ratio 1.62 Accounts receivable turnover-days 64.72Debt to Assets 10.14% Inventory Days 177.95Tot Debt to Common Equity 21.38% Accounts Payable Turnover Day 54.80Accounts Receivable Turnover 5.64 Cash Conversion Cycle 187.87Inventory Turnover 2.05Price/ Cash Flow Sales/Revenue/Turnover 250.00 6000.0 5000.0 200.00 4000.0 150.00 3000.0 100.00 2000.0 50.00 1000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012ASML Holding NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTICHTING ADM MAKTSJ n/a Research 62977877 12.71 - 12.09.2012 n/aCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29487334 5.95 2393989 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT n/a 13G 18100162 3.65 (16595564) 31.05.2011 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 14204440 2.87 (330640) 31.03.2012 Investment AdvisorASML HOLDING NV n/a Co File 11662377 2.35 - 01.07.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 4798201 0.97 158443 30.06.2012 Investment AdvisorFIDELITY INTERNATION n/a 13G 4736057 0.96 (3331764) 31.05.2011 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3821625 0.77 (130875) 30.06.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2784161 0.56 (30878) 30.06.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 2524195 0.51 (69119) 31.07.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2139867 0.43 1864 20.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1924110 0.39 (241251) 30.06.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1617713 0.33 (277103) 31.07.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1431386 0.29 416 20.09.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1403112 0.28 71142 31.07.2012 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 1366887 0.28 1261131 30.06.2012 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1182452 0.24 (14539) 31.08.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1132870 0.23 - 20.09.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1128745 0.23 110000 31.08.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1049974 0.21 (28434) 20.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale PETER KNOX hold 3 M 47 12 month 21.09.2012Natixis STEPHANE HOURI buy 5 M 52 Not Provided 21.09.2012Exane BNP Paribas JEROME RAMEL neutral 3 M 48 Not Provided 21.09.2012Grupo Santander CARLOS JAVIER TREVINO hold 3 M 42 Not Provided 20.09.2012Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 58 12 month 20.09.2012S&P Capital IQ JAMES CRAWSHAW buy 5 U 50 12 month 20.09.2012AlphaValue LIONEL PELLICER add 4 U 46 6 month 20.09.2012JPMorgan SANDEEP S DESHPANDE overweight 5 M 44 6 month 19.09.2012Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 14.09.2012Rabobank International PHILIP SCHOLTE hold 3 M 45 Not Provided 13.09.2012Pacific Crest Securities WESTON TWIGG outperform 5 M 47 12 month 10.09.2012Kepler Capital Markets PETER OLOFSEN hold 3 M 47 Not Provided 07.09.2012ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 48 Not Provided 05.09.2012Independent Research GmbH MARKUS FRIEBEL hold 3 M 47 6 month 04.09.2012ING Wholesale Banking NIELS DE ZWART hold 3 M 45 12 month 03.09.2012Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 N 48 12 month 29.08.2012Piper Jaffray JAGADISH IYER overweight 5 M 54 12 month 29.08.2012Deutsche Bank KAI KORSCHELT sell 1 D 35 12 month 27.08.2012Credit Suisse SATYA KUMAR outperform 5 M 55 Not Provided 27.08.2012SNS Securities(ESN) VICTOR BARENO reduce 2 M 31 12 month 27.08.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 20.08.2012Main First Bank AG JUERGEN WAGNER sell 1 M 35 12 month 16.08.2012Nomura CARMEN BOYERO neutral 3 M 43 Not Provided 09.08.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.08.2012Liberum Capital Ltd JANARDAN MENON sell 1 M 29 Not Provided 27.07.2012Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 57 12 month 19.07.2012Barclays ANDREW M GARDINER overweight 5 M 49 Not Provided 19.07.2012Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 28 6 month 18.07.2012Kempen & Co FLORIS OLIEMANS hold 3 M 30 12 month 18.07.2012Jefferies LEE SIMPSON hold 3 D 45 12 month 18.07.2012Petercam MARCEL ACHTERBERG hold 3 D 48 Not Provided 18.07.2012CA Cheuvreux BERND LAUX outperform 5 M 51 Not Provided 11.07.2012Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012Theodoor Gilissen Securities JOS VERSTEEG hold 3 D 40 Not Provided 24.04.2012Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 35 12 month 07.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Assicurazioni Generali SpAAssicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance Price/Volumethroughout the world. The Company offers life, health, accident, automobile, 16 30.0 Mmarine, aviation, transport, fire, general liability, and credit insurance and 14reinsurance. 25.0 M 12 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2011 10.0 M 4LTM as of: 06/yy 5.0 M 252-Week High (28.10.2011) 13.70 0 .0 M52-Week Low (31.05.2012) 8.16 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 2814865.00 Current Price (9/dd/yy) 11.67 Market Data 52-Week High % Change -14.74% Dividend Yield - 52-Week Low % Change 43.10% Beta 1.05 % 52 Week Price Range High/Low 66.46% Equity Float 1261.96Shares Out 30.06.2012 1556.9 Short Int - Market Capitalization 18168.71 1 Yr Total Return 10.07%Total Debt 21346.20 YTD Return 2.69%Preferred Stock 0.0 Adjusted BETA 1.051Minority Interest 2635.0 Analyst Recs 34Cash and Equivalents 25559.90 Consensus Rating 2.500Enterprise Value 22753.01 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9368201G IM EQUITY YTD Change - Average Volume 30 Day 6647992G IM EQUITY YTD % CHANGE - Average Volume 3 Month 7478569 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 80164.7 62298.4 85790.6 87072.1 73481.8 83452.1 74595.1 75589.6 77877.1 20676.0 24038.0 TEV/Revenue 0.66x 0.61x 0.50x 0.40x 0.22x 0.81x 0.50x 0.23x 0.23x - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 2915.6 860.9 1309.1 1701.9 856.1 1634.5 892.2 1788.2 2122.4 323.0 571.0 P/E 14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 18.80x 10.28x 8.47x 9.26x 8.65x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A *-Operating Margin 4.66% Long-Term Outlook -Pretax Margin 2.46% Short-Term Rating Date -Return on Assets 0.20% Short-Term Rating -Return on Common Equity 5.19% Credit RatiosReturn on Capital 4.92% EBITDA/Interest Exp. -Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 137.8%Net Income Margin 1.2% Total Debt/Capital 54.1%Structure Asset Turnover 0.17Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.05% Inventory Days -Tot Debt to Common Equity 137.85% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 100000.0 90000.0 1.00 80000.0 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Assicurazioni Generali SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMEDIOBANCA SPA n/a EXCH 194048687 12.46 - 29.08.2012 BankBANCA DITALIA n/a EXCH 69420980 4.46 - 29.08.2012 GovernmentDEA PARTICIPATIONS S n/a EXCH 35185336 2.26 - 29.08.2012 Investment AdvisorEFFETI SPA n/a EXCH 34360194 2.21 - 29.08.2012 n/aDELFIN SARL n/a EXCH 31168603 2 - 29.08.2012 Investment AdvisorBLACKROCK ADVISORS U n/a EXCH 18775892 1.21 - 29.08.2012 Investment AdvisorCOMPASS SPA n/a EXCH 14198684 0.91 - 29.08.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 13775163 0.88 651927 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO n/a EXCH 13575935 0.87 - 29.08.2012 Investment AdvisorVM 2006 SRL n/a EXCH 6196356 0.4 - 29.08.2012 n/aBLACKROCK FUND ADVIS n/a EXCH 5495763 0.35 - 29.08.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5348542 0.34 - 31.08.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3701081 0.24 1332 20.09.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3605103 0.23 - 20.09.2012 Investment AdvisorPANTHEON 2000 SPA n/a EXCH 3502965 0.23 - 29.08.2012 n/aCALTAGIRONE EDITORE n/a EXCH 3144884 0.2 - 29.08.2012 CorporationBLACKROCK ASSET JAPA n/a EXCH 3020334 0.19 - 29.08.2012 n/aGAMMA SRL n/a EXCH 2958059 0.19 - 29.08.2012 n/aBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 2837133 0.18 (420433) 31.07.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2737997 0.18 (23627) 20.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue JEROME CASSAGNE sell 1 M 9 6 month 20.09.2012Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 Not Provided 17.09.2012Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 6 12 month 17.09.2012Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 11 Not Provided 17.09.2012Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.09.2012Oddo & Cie NICOLAS JACOB buy 5 M 14 Not Provided 11.09.2012Banca Akros(ESN) MARCO CAVALLERI hold 3 M 12 12 month 10.09.2012Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 11 12 month 10.09.2012Independent Research GmbH STEFAN BONGARDT sell 1 M 10 6 month 07.09.2012ICBPI. ENRICO ESPOSTI not rated #N/A N/A M #N/A N/A Not Provided 06.09.2012S&P Capital IQ RODERICK WALLACE sell 1 D 11 12 month 06.09.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012Day by Day VALERIE GASTALDY buy 5 U 13 3 month 03.09.2012Barclays CLAUDIA GASPARI equalweight 3 M 11 Not Provided 10.08.2012Societe Generale WILLIAM ELDERKIN buy 5 M 12 12 month 09.08.2012Macquarie HADLEY COHEN neutral 3 M 13 12 month 07.08.2012Keefe, Bruyette & Woods RALPH HEBGEN underperform 1 M 11 12 month 06.08.2012HSBC KAILESH MISTRY neutral 3 M 10 Not Provided 06.08.2012Equita SIM SpA MATTEO GHILOTTI buy 5 M 13 12 month 06.08.2012Deutsche Bank ROBIN BUCKLEY hold 3 M 12 12 month 03.08.2012Main First Bank AG FEDERICO SALERNO neutral 3 M 10 12 month 03.08.2012Credit Suisse RICHARD BURDEN underperform 1 M 13 Not Provided 02.08.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 8 Not Provided 02.08.2012JPMorgan ANDREAS VAN EMBDEN neutral 3 M 11 3 month 26.07.2012Morgan Stanley FAROOQ HANIF Underwt/In-Line 1 M 11 12 month 24.07.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 12.07.2012ING Wholesale Banking MAARTEN ALTENA sell 1 D 10 12 month 03.07.2012Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 12 12 month 25.06.2012CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 22.06.2012Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 14 Not Provided 14.05.2012Natixis BENOIT VALLEAUX neutral 3 M 12 Not Provided 14.05.2012Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012AXA SAAXA SA is an insurance company which also provides related financial services. Price/VolumeThe Company offers life and non-life insurance, reinsurance, savings and pension 14 30.0 Mproducts, and asset management services. AXA operates in both domestic and 12 25.0 Minternational markets. 10 20.0 M 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2011 10.0 M 4LTM as of: 03/yy 2 5.0 M52-Week High (19.03.2012) 13.25 0 .0 M52-Week Low (26.09.2011) 8.00 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 1850509.00 Current Price (9/dd/yy) 12.295 Market Data 52-Week High % Change -7.13% Dividend Yield - 52-Week Low % Change 53.69% Beta 1.54 % 52 Week Price Range High/Low 85.05% Equity Float 2011.14Shares Out 05.09.2012 2357.3 Short Int - Market Capitalization 28983.45 1 Yr Total Return 58.72%Total Debt 16693.00 YTD Return 31.14%Preferred Stock 6059.0 Adjusted BETA 1.538Minority Interest 2371.0 Analyst Recs 40Cash and Equivalents 31072.00 Consensus Rating 4.300Enterprise Value 23828.44 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9702669CS FP EQUITY YTD Change - Average Volume 30 Day 8761883CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 10101770 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 115035.0 51235.0 122704.0 117414.0 98334.0 0.0 0.0 96117.9 97395.5 - - TEV/Revenue 0.57x 0.62x 0.36x 0.29x 0.18x #DIV/0! #DIV/0! 0.42x 0.42x - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 5666.0 923.0 3606.0 2749.0 4324.0 0.0 0.0 4355.6 4613.0 2213.0 - P/E 11.80x 51.67x 10.60x 12.33x 7.63x 0.00x 0.00x 6.66x 6.21x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 27.01.2012EBIT - Long-Term Rating AOperating Margin 4.36% Long-Term Outlook NEGPretax Margin 4.67% Short-Term Rating Date 27.01.2012Return on Assets 0.59% Short-Term Rating A-1Return on Common Equity 9.38% Credit RatiosReturn on Capital 6.89% EBITDA/Interest Exp. -Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 39.3%Net Income Margin 4.4% Total Debt/Capital 24.7%Structure Asset Turnover 0.13Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.29% Inventory Days -Tot Debt to Common Equity 39.27% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 3.00 140000.0 2.50 120000.0 100000.0 2.00 80000.0 1.50 60000.0 1.00 40000.0 0.50 20000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012AXA SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMUTUELLES AXA n/a Co File 342767775 14.54 - 31.12.2011 Insurance CompanyBNP PARIBAS ASSET MG n/a Research 131539770 5.58 - 11.09.2012 Investment AdvisorAMUNDI n/a Research 91682238 3.89 (20493797) 15.05.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 44849873 1.9 (3089167) 30.06.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 37453130 1.59 14659 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 34298640 1.45 851392 30.06.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 33746063 1.43 3474030 01.04.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 21706586 0.92 1287112 30.06.2012 Investment AdvisorLANSDOWNE UK EQUITY n/a Short (20395259) -0.87 (7936172) 16.09.2011 UnclassifiedWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 16895575 0.72 5686416 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 14608697 0.62 (21097) 31.07.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 14543995 0.62 288801 29.02.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 14276690 0.61 62297 20.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12575092 0.53 924515 30.06.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 10979810 0.47 47782 31.08.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 10561453 0.45 (3613338) 31.07.2012 Mutual Fund ManagerBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 9182545 0.39 - 20.09.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 5921227 0.25 1876 20.09.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5827761 0.25 (23060) 31.03.2012 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 5730473 0.24 660660 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank OLIVER STEEL buy 5 M 14 12 month 24.09.2012Helvea DANIEL BISCHOF buy 5 M 15 12 month 21.09.2012AlphaValue JEROME CASSAGNE buy 5 M 18 6 month 20.09.2012Day by Day VALERIE GASTALDY buy 5 U 13 3 month 19.09.2012National Bank AG MANFRED JAISFELD hold 3 M 13 Not Provided 18.09.2012Mediobanca SpA MARC THIELE outperform 5 N 19 Not Provided 17.09.2012Macquarie NEIL WELCH outperform 5 M 14 12 month 13.09.2012Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 10.09.2012Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 11 12 month 10.09.2012Oddo & Cie NICOLAS JACOB buy 5 M 13 Not Provided 05.09.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 21.08.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.08.2012Exane BNP Paribas THOMAS JACQUET outperform 5 M 15 Not Provided 16.08.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 12 12 month 14.08.2012Barclays CLAUDIA GASPARI equalweight 3 M 14 Not Provided 10.08.2012Morgan Stanley FAROOQ HANIF Overwt/In-Line 5 M 15 12 month 08.08.2012Societe Generale WILLIAM ELDERKIN buy 5 M 18 12 month 06.08.2012Jefferies JAMES SHUCK buy 5 M 13 12 month 06.08.2012Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 06.08.2012HSBC KAILESH MISTRY overweight 5 M 19 Not Provided 06.08.2012Natixis BENOIT VALLEAUX buy 5 M 16 Not Provided 06.08.2012S&P Capital IQ RODERICK WALLACE buy 5 M 16 12 month 06.08.2012Main First Bank AG FEDERICO SALERNO buy 5 M 13 12 month 06.08.2012Raymond James DANNY JACQUES strong buy 5 M 14 12 month 03.08.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 11 Not Provided 03.08.2012CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 03.08.2012Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 16 6 month 03.08.2012Nomura NICK HOLMES buy 5 M 23 12 month 03.08.2012JPMorgan ANDREAS VAN EMBDEN underweight 1 M 10 3 month 31.07.2012Banco Sabadell MARIO LODOS buy 5 M 17 Not Provided 30.07.2012Kepler Capital Markets FABRIZIO CROCE hold 3 N 10 Not Provided 09.07.2012RBC Capital Markets GORDON AITKEN outperform 5 M 16 12 month 03.07.2012ING Wholesale Banking MAARTEN ALTENA hold 3 M 12 12 month 03.07.2012Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 15 12 month 25.06.2012CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 14 Not Provided 22.06.2012Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 15.03.2012DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011Espirito Santo Investment Bank Research FERNEYHOUGH JOY buy 5 M 21 Not Provided 05.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Banco Bilbao Vizcaya Argentaria SABanco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail, Price/Volumewholesale, and investment banking services. The Bank offers consumer and 8 700.0 Mmortgage loans, private banking, asset management, insurance, mutual funds, and 7 600.0 Msecurities brokerage services. It operates in Europe, Latin America, United 6 500.0 MStates, China and Turkey. 5 400.0 M 4 Valuation Analysis 300.0 M 3Latest Fiscal Year: 12/2011 200.0 M 2LTM as of: 06/yy 100.0 M 152-Week High (09.02.2012) 7.20 0 .0 M52-Week Low (23.07.2012) 4.31 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 17171782.00 Current Price (9/dd/yy) 6.431 Market Data 52-Week High % Change -10.64% Dividend Yield - 52-Week Low % Change 49.21% Beta 1.25 % 52 Week Price Range High/Low 77.62% Equity Float 5378.16Shares Out 09.07.2012 5382.1 Short Int - Market Capitalization 34612.34 1 Yr Total Return 19.90%Total Debt 219679.00 YTD Return 1.86%Preferred Stock - Adjusted BETA 1.254Minority Interest 1893.0 Analyst Recs 44Cash and Equivalents 57046.00 Consensus Rating 3.045Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########BBVA SQ EQUITY YTD Change - Average Volume 30 Day 68513300BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 86387260 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 35719.0 41508.0 34467.0 32482.0 36094.0 23277.0 20822.0 22264.0 23148.8 5512.0 5764.0 TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 6126.0 5020.0 4210.0 4606.0 3004.0 4417.0 2175.0 2190.4 4400.5 1026.0 1082.0 P/E 9.86x 6.41x 11.37x 6.46x 10.44x 7.77x 13.04x 16.45x 8.35x 10.81x 9.90x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 30.04.2012EBIT - Long-Term Rating BBB+Operating Margin 21.06% Long-Term Outlook NEGPretax Margin 15.04% Short-Term Rating Date 30.04.2012Return on Assets 0.52% Short-Term Rating A-2Return on Common Equity 8.11% Credit RatiosReturn on Capital 1.47% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 575.6%Net Income Margin 12.0% Total Debt/Capital 84.6%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 6.64Quick Ratio - Accounts receivable turnover-days -Debt to Assets 36.75% Inventory Days -Tot Debt to Common Equity 575.60% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 45000.0 40000.0 1.00 35000.0 0.80 30000.0 25000.0 0.60 20000.0 15000.0 0.40 10000.0 0.20 5000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Banco Bilbao Vizcaya Argentaria SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBNP PARIBAS SA n/a EXCH 161614301 3 5428836 05.01.2012 BankINVERAVANTE INVERSIO n/a 13G 160934820 2.99 (86470698) 24.07.2012 OtherJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 58006801 1.08 (2785201) 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 53795703 1 3353895 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 28502890 0.53 203081 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 28177991 0.52 350 20.09.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 24360232 0.45 133868 20.09.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 23301237 0.43 (115432) 31.07.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 17768556 0.33 101341 31.07.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 17556967 0.33 (3451559) 29.02.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 15399813 0.29 (737051) 31.07.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 14926580 0.28 - 20.09.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 10963336 0.2 3545078 01.04.2012 Mutual Fund ManagerSANTANDER ASSET MGMT Multiple Portfolios MF-AGG 10404958 0.19 2747836 30.06.2012 Mutual Fund ManagerCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 8695531 0.16 181156 30.06.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 6343622 0.12 (2275) 23.08.2012 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6132364 0.11 137439 20.09.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 5976014 0.11 (31599) 31.07.2012 Mutual Fund ManagerUNION INVESTMENT LUX Multiple Portfolios MF-AGG 5972440 0.11 14027 30.03.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 5773679 0.11 78565 30.05.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRedburn Partners GEORGE SOSEI KARAMANOS neutral 3 M #N/A N/A Not Provided 24.09.2012Societe Generale CARLO TOMMASELLI sell 1 M 6 12 month 20.09.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 19.09.2012Oddo & Cie JULIE LEGRAND neutral 3 M 9 Not Provided 19.09.2012RBC Capital Markets PATRICK LEE sector perform 3 M 6 12 month 18.09.2012Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 7 12 month 17.09.2012Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 D 6 Not Provided 17.09.2012NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 14.09.2012AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 13.09.2012Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 D 7 12 month 12.09.2012Grupo Santander ARTURO DE FRIAS buy 5 M 8 Not Provided 10.09.2012Barclays ROHITH CHANDRA-RAJAN underweight 1 M 5 Not Provided 05.09.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 04.09.2012Nomura DARAGH QUINN buy 5 M 8 12 month 04.09.2012Day by Day VALERIE GASTALDY buy 5 U 7 3 month 03.09.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 28.08.2012CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 02.08.2012Mediobanca SpA ANDREA FILTRI neutral 3 M 6 12 month 01.08.2012Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 01.08.2012Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 6 Not Provided 01.08.2012Berenberg Bank MARCO TROIANO sell 1 M 5 Not Provided 01.08.2012Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 31.07.2012Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 6 Not Provided 31.07.2012Espirito Santo Investment Bank Research JUAN PABLO LOPEZ neutral 3 M 6 Not Provided 31.07.2012S&P Capital IQ JAWAHAR HINGORANI sell 1 M 5 12 month 31.07.2012Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 7 12 month 31.07.2012Banco Sabadell MARIO LODOS buy 5 M 9 Not Provided 30.07.2012BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 26.07.2012Deutsche Bank CARLOS BERASTAIN GONZALEZ buy 5 M 7 12 month 20.07.2012HSBC CARLO DIGRANDI neutral 3 D 6 Not Provided 06.07.2012JPMorgan JAIME BECERRIL underweight 1 M 6 15 month 26.06.2012Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012ING Wholesale Banking ALEXANDER PELTESHKI hold 3 M 5 12 month 05.06.2012Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 U 7 Not Provided 29.05.2012Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 8 12 month 22.05.2012Natixis FREDERIC TESCHNER neutral 3 M 6 Not Provided 15.05.2012La Caixa DAVID FERNANDEZ buy 5 U 8 Not Provided 16.03.2012DZ Bank AG SABINE BOHN sell 1 M 5 12 month 06.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Banco Santander SABanco Santander SA attracts deposits and offers retail, commercial and private Price/Volumebanking, and asset management services. The Bank offers consumer credit, 7 600.0 Mmortgage loans, lease financing, factoring, mutual funds, pension funds, 6 500.0 Minsurance, commercial credit, investment banking services, structured finance,and advice on mergers and acquisitions. 5 400.0 M 4 300.0 M Valuation Analysis 3Latest Fiscal Year: 12/2011 200.0 M 2LTM as of: 06/yy 1 100.0 M52-Week High (12.09.2012) 6.33 0 .0 M52-Week Low (23.07.2012) 3.98 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 17351217.00 Current Price (9/dd/yy) 6.15 Market Data 52-Week High % Change -2.84% Dividend Yield - 52-Week Low % Change 54.68% Beta 1.20 % 52 Week Price Range High/Low 96.60% Equity Float 9735.76Shares Out 13.09.2012 9898.8 Short Int - Market Capitalization 60877.38 1 Yr Total Return 15.38%Total Debt 424081.00 YTD Return 12.55%Preferred Stock 0.0 Adjusted BETA 1.200Minority Interest 6445.0 Analyst Recs 43Cash and Equivalents 148250.00 Consensus Rating 3.186Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 94430520SAN SQ EQUITY YTD Change - Average Volume 30 Day 62979760SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 60110.4 70114.3 69736.2 68965.5 78009.0 43302.0 44528.0 45016.3 46906.7 10897.0 11118.0 TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 9060.3 8876.4 8942.5 8180.9 5351.0 7239.0 3554.0 4513.3 7318.0 1227.0 1139.0 P/E 11.35x 5.74x 11.09x 8.39x 9.74x 9.60x 13.63x 12.90x 8.60x 11.12x 11.39x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 30.04.2012EBIT - Long-Term Rating A-Operating Margin 21.87% Long-Term Outlook NEGPretax Margin 16.55% Short-Term Rating Date 30.04.2012Return on Assets 0.43% Short-Term Rating A-2Return on Common Equity 7.07% Credit RatiosReturn on Capital 1.24% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 555.0%Net Income Margin 11.2% Total Debt/Capital 83.7%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 7.87Quick Ratio - Accounts receivable turnover-days -Debt to Assets 33.89% Inventory Days -Tot Debt to Common Equity 554.98% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 90000.0 80000.0 1.00 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Banco Santander SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBNP PARIBAS SA n/a EXCH 255109664 2.58 19731602 05.08.2011 BankCAPITAL RESEARCH AND n/a EXCH 243314406 2.46 (153006242) 08.05.2011 Investment AdvisorBARCLAYS PLC n/a EXCH 227263557 2.3 (56807364) 03.05.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 131449224 1.33 12707663 30.06.2012 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 85945996 0.87 (1992003) 30.06.2012 Investment AdvisorDE LOS RIOS EMILIO B n/a EXCH 79095580 0.8 8975 03.08.2012 n/aBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 52997249 0.54 - 20.09.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 51924531 0.52 18358960 30.06.2012 Investment AdvisorASSICURAZIONI GENERA n/a EXCH 50134290 0.51 - 01.10.2011 Insurance CompanyDODGE & COX Multiple Portfolios MF-AGG 49090437 0.5 1963618 30.06.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 46371488 0.47 243644 20.09.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 29921253 0.3 1154049 31.08.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 27166773 0.27 - 20.09.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 25227953 0.25 (631594) 31.07.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 20927139 0.21 (8893158) 30.06.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 20137533 0.2 (2588035) 31.07.2012 Mutual Fund ManagerLATIMER INVERSIONES n/a EXCH 20087855 0.2 - 11.07.2011 n/aBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 14346451 0.14 332468 20.09.2012 Investment AdvisorBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 14086697 0.14 9829423 30.04.2012 Investment AdvisorPUENTEPUMAR SL n/a EXCH 13757649 0.14 - 11.07.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateRedburn Partners GEORGE SOSEI KARAMANOS neutral 3 M #N/A N/A Not Provided 24.09.2012Societe Generale CARLO TOMMASELLI hold 3 M 6 12 month 20.09.2012AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 20.09.2012Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 19.09.2012Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 4 Not Provided 17.09.2012NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 6 6 month 14.09.2012Inverseguros Sociedad de Valores ALBERTO ROLDAN neutral 3 M 6 Not Provided 13.09.2012Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 7 12 month 12.09.2012Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 12.09.2012Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 M 6 Not Provided 10.09.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 6 6 month 05.09.2012Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 05.09.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 05.09.2012Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 4 12 month 04.09.2012Berenberg Bank MARCO TROIANO buy 5 M 5 Not Provided 04.09.2012Day by Day VALERIE GASTALDY buy 5 U 7 3 month 03.09.2012ING Wholesale Banking ALEXANDER PELTESHKI hold 3 D 5 12 month 31.08.2012RBC Capital Markets PATRICK LEE underperform 1 M 5 12 month 28.08.2012CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012JPMorgan JAIME BECERRIL neutral 3 D 5 15 month 21.08.2012Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 5 Not Provided 02.08.2012Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 7 12 month 31.07.2012Espirito Santo Investment Bank Research JUAN PABLO LOPEZ neutral 3 M 6 Not Provided 31.07.2012Banco Sabadell MARIO LODOS buy 5 M 8 Not Provided 30.07.2012Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 7 12 month 29.07.2012Mediobanca SpA ANDREA FILTRI underperform 1 M 4 Not Provided 27.07.2012Natixis FREDERIC TESCHNER reduce 2 D 4 Not Provided 27.07.2012Nomura DARAGH QUINN reduce 2 M 7 12 month 27.07.2012BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 26.07.2012Credit Suisse IGNACIO CEREZO neutral 3 M 4 Not Provided 26.07.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 26.07.2012Renta 4 SA SVB NURIA ALVAREZ hold 3 M 6 Not Provided 26.07.2012S&P Capital IQ JAWAHAR HINGORANI hold 3 M 5 12 month 26.07.2012Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 18.07.2012Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 7 12 month 17.07.2012HSBC CARLO DIGRANDI neutral 3 M 5 Not Provided 06.07.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012BBVA IGNACIO ULARGUI not rated #N/A N/A M #N/A N/A Not Provided 22.06.2012DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012La Caixa DAVID FERNANDEZ buy 5 M 7 Not Provided 16.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012BASF SEBASF SE is a chemical company. The Company operates in six segments: Chemicals, Price/VolumePlastics, Performance Products, Functional Solutions, Agricultural Solutions 80 12.0 Mand Oil & Gas. BASF offers products for the chemical, automotive, construction, 70agriculture, oil, plastics, electrical / electronics, furniture and paper 10.0 M 60industries, and provides a range of system solutions and services. 8.0 M 50 40 6.0 M Valuation Analysis 30Latest Fiscal Year: 12/2011 4.0 M 20LTM as of: 06/yy 2.0 M 1052-Week High (20.03.2012) 68.63 0 .0 M52-Week Low (04.10.2011) 43.03 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 1072082.00 Current Price (9/dd/yy) 67.27 Market Data 52-Week High % Change -2.03% Dividend Yield - 52-Week Low % Change 56.33% Beta 1.07 % 52 Week Price Range High/Low 97.15% Equity Float 918.48Shares Out 30.06.2012 918.5 Short Int - Market Capitalization 61786.06 1 Yr Total Return 58.06%Total Debt 13004.00 YTD Return 29.85%Preferred Stock 0.0 Adjusted BETA 1.068Minority Interest 1246.0 Analyst Recs 44Cash and Equivalents 2067.00 Consensus Rating 4.159Enterprise Value 74556.06 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4012749BAS GY EQUITY YTD Change - Average Volume 30 Day 2984423BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 3325162 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 57951.3 62304.0 50693.0 63873.0 73497.0 70027.0 75746.0 76723.4 78814.0 18252.3 18558.7 TEV/Revenue 1.01x 0.62x 1.07x 1.09x 0.84x 3.84x 3.31x 0.95x 0.90x 4.05x 3.91x EBITDA 10480.0 10238.0 8500.0 11903.0 11855.0 12710.0 12649.0 12139.5 12780.3 2765.2 2465.8 TEV/EBITDA 5.59x 3.74x 6.36x 5.85x 5.20x 5.93x 4.98x 6.15x 5.84x 6.42x 6.45x Net Income 4065.5 2912.0 1410.0 4557.0 6188.0 6210.0 5276.0 5059.6 5558.8 1138.8 781.5 P/E 12.15x 8.86x 28.22x 12.04x 8.00x 9.97x 9.52x 12.34x 11.14x 12.11x 11.87x Profitability S&P Issuer RatingsEBITDA 11855.00 Long-Term Rating Date 10.05.2011EBIT 8436.00 Long-Term Rating A+Operating Margin 11.48% Long-Term Outlook STABLEPretax Margin 12.20% Short-Term Rating Date 12.02.2009Return on Assets 10.26% Short-Term Rating A-1Return on Common Equity 27.17% Credit RatiosReturn on Capital 18.83% EBITDA/Interest Exp. 15.54Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. 11.07Margin Analysis Net Debt/EBITDA 0.92Gross Margin 26.5% Total Debt/EBITDA 1.10EBITDA Margin 16.1% ReferenceEBIT Margin 11.5% Total Debt/Equity 53.9%Net Income Margin 8.4% Total Debt/Capital 33.9%Structure Asset Turnover 1.22Current Ratio 1.64 Net Fixed Asset Turnover 4.18Quick Ratio 0.79 Accounts receivable turnover-days 52.28Debt to Assets 21.26% Inventory Days 63.37Tot Debt to Common Equity 53.87% Accounts Payable Turnover Day 32.50Accounts Receivable Turnover 6.98 Cash Conversion Cycle 83.15Inventory Turnover 5.76Price/ Cash Flow Sales/Revenue/Turnover 10.00 80000.0 9.00 70000.0 8.00 60000.0 7.00 50000.0 6.00 5.00 40000.0 4.00 30000.0 3.00 20000.0 2.00 10000.0 1.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012BASF SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a Research 63927154 6.96 - 01.02.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 22809500 2.48 22520 20.09.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 12244261 1.33 104500 31.08.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11895706 1.3 (468312) 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 8149811 0.89 4081 20.09.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 7813456 0.85 - 30.03.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7708426 0.84 (84376) 31.08.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 7324300 0.8 - 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6686250 0.73 358038 31.07.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 4816961 0.52 (52638) 30.04.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4515375 0.49 (40866) 20.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4449760 0.48 (2925604) 30.12.2011 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3863614 0.42 (36410) 29.02.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 3692429 0.4 (50000) 30.04.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3497000 0.38 - 30.06.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2734637 0.3 (104150) 31.07.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2667339 0.29 - 20.09.2012 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 1800862 0.2 (15043) 30.03.2012 Investment AdvisorETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1783841 0.19 36546 31.08.2012 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1637011 0.18 (434628) 31.12.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 76 6 month 21.09.2012Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 61 12 month 21.09.2012Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 80 6 month 21.09.2012M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 75 12 month 21.09.2012Jefferies LAURENCE ALEXANDER hold 3 M 67 12 month 20.09.2012AlphaValue MARTIN SCHNEE reduce 2 M 66 6 month 20.09.2012Bankhaus Metzler LARS HETTCHE buy 5 M 72 12 month 17.09.2012Exane BNP Paribas JAMES KNIGHT outperform 5 M 68 Not Provided 11.09.2012Nord/LB THORSTEN STRAUSS buy 5 M 67 12 month 06.09.2012JPMorgan NEIL C TYLER neutral 3 M 59 15 month 06.09.2012Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 72 Not Provided 06.09.2012Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 06.09.2012Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 74 12 month 05.09.2012Nomura JEAN DE WATTEVILLE buy 5 M 80 12 month 05.09.2012Baader Bank NORBERT BARTH buy 5 N 73 12 month 04.09.2012ING Wholesale Banking FILIP DE PAUW hold 3 M 57 12 month 03.09.2012DZ Bank AG PETER SPENGLER buy 5 M 70 12 month 28.08.2012Deutsche Bank TIMOTHY JONES buy 5 M 74 12 month 23.08.2012Kepler Capital Markets MARKUS MAYER buy 5 M 67 Not Provided 21.08.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 20.08.2012Barclays ANDREAS HEINE equalweight 3 M 68 Not Provided 16.08.2012Day by Day VALERIE GASTALDY buy 5 M 67 3 month 06.08.2012Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 51 Not Provided 30.07.2012Societe Generale PETER CLARK hold 3 M 55 12 month 27.07.2012Credit Suisse CHRIS COUNIHAN outperform 5 M 67 Not Provided 27.07.2012HSBC GEOFF HAIRE overweight 5 M 68 Not Provided 27.07.2012Macquarie CHRISTIAN FAITZ neutral 3 M 63 12 month 27.07.2012CA Cheuvreux MARTIN ROEDIGER outperform 5 M 68 Not Provided 27.07.2012Bankhaus Lampe HEIKO FEBER buy 5 M 80 12 month 27.07.2012Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 80 12 month 27.07.2012S&P Capital IQ JOHNSON IMODE buy 5 M 78 12 month 27.07.2012Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 27.07.2012National Bank AG STEFFEN MANSKE hold 3 M 64 Not Provided 26.07.2012Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 45 Not Provided 26.07.2012Berenberg Bank JAIDEEP PANDYA hold 3 M 53 Not Provided 26.07.2012Main First Bank AG RONALD KOEHLER neutral 3 M 65 12 month 24.07.2012Gilford Securities PAUL C CHRISTOPHERSON buy 5 U 64 12 month 27.06.2012Goldman Sachs RICHARD LOGAN Buy/Neutral 5 M 82 12 month 22.05.2012BHF-Bank ANNETT WEBER overweight 5 M 78 12 month 27.04.2012Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Bayer AGBayer AG produces and markets healthcare and agricultural products, and Price/Volumepolymers. The Company manufactures products that include aspirin, antibiotics, 80 12.0 Manti-infectives, and cardiovascular, oncology, and central nervous system 70drugs, over-the-counter medications, diagnostics, animal health products, crop 10.0 M 60protection products, plastics, and polyurethanes. 8.0 M 50 40 6.0 M Valuation Analysis 30Latest Fiscal Year: 12/2011 4.0 M 20LTM as of: 06/yy 2.0 M 1052-Week High (24.09.2012) 68.47 0 .0 M52-Week Low (04.10.2011) 38.82 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 1160411.00 Current Price (9/dd/yy) 67.85 Market Data 52-Week High % Change -0.91% Dividend Yield - 52-Week Low % Change 74.78% Beta 0.97 % 52 Week Price Range High/Low 97.45% Equity Float 826.95Shares Out 30.06.2012 826.9 Short Int - Market Capitalization 56108.41 1 Yr Total Return 77.46%Total Debt 11679.00 YTD Return 41.61%Preferred Stock 0.0 Adjusted BETA 0.969Minority Interest 59.0 Analyst Recs 41Cash and Equivalents 4554.00 Consensus Rating 3.951Enterprise Value 64086.41 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4244900BAYN GY EQUITY YTD Change - Average Volume 30 Day 2591817BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2706851 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 32385.0 32918.0 31168.0 35088.0 36528.0 36260.0 38094.0 38912.5 40707.4 9315.0 9539.6 TEV/Revenue 1.83x 1.40x 1.80x 1.53x 1.32x 5.82x 5.11x 1.63x 1.52x 7.04x 6.69x EBITDA 6665.0 6702.0 7695.0 8900.0 8963.0 8911.0 9480.0 7930.2 8701.3 1787.8 1739.6 TEV/EBITDA 8.90x 6.86x 7.30x 6.04x 5.36x 5.93x 5.77x 8.09x 7.37x 7.63x 7.41x Net Income 4711.0 1719.0 1359.0 1301.0 2470.0 1519.0 2583.0 4407.1 4846.2 950.0 921.2 P/E 21.43x 18.72x 32.92x 35.22x 16.52x 29.89x 18.06x 12.68x 11.58x 12.16x 11.90x Profitability S&P Issuer RatingsEBITDA 8963.00 Long-Term Rating Date 30.04.2008EBIT 6194.00 Long-Term Rating A-Operating Margin 16.96% Long-Term Outlook POSPretax Margin 9.21% Short-Term Rating Date 11.07.2006Return on Assets 4.74% Short-Term Rating A-2Return on Common Equity 12.98% Credit RatiosReturn on Capital 10.16% EBITDA/Interest Exp. 9.98Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 8.18Margin Analysis Net Debt/EBITDA 0.79Gross Margin 50.8% Total Debt/EBITDA 1.30EBITDA Margin 24.5% ReferenceEBIT Margin 17.0% Total Debt/Equity 60.8%Net Income Margin 6.8% Total Debt/Capital 37.7%Structure Asset Turnover 0.70Current Ratio 1.50 Net Fixed Asset Turnover 3.72Quick Ratio 0.87 Accounts receivable turnover-days 68.59Debt to Assets 22.13% Inventory Days 126.63Tot Debt to Common Equity 60.79% Accounts Payable Turnover Day 72.80Accounts Receivable Turnover 5.32 Cash Conversion Cycle 122.42Inventory Turnover 2.88Price/ Cash Flow Sales/Revenue/Turnover 16.00 40000.0 14.00 35000.0 12.00 30000.0 10.00 25000.0 8.00 20000.0 6.00 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Bayer AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL RESEARCH AND n/a EXCH 82446697 9.97 - 04.08.2011 Investment AdvisorBLACKROCK INC n/a Research 33192862 4.01 - 19.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 25372485 3.07 276000 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 23350427 2.82 (714974) 30.06.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 20512953 2.48 17246 20.09.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 16199870 1.96 (270000) 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 12660841 1.53 822988 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 11062794 1.34 93680 31.07.2012 Investment AdvisorMORGAN STANLEY n/a Research 8564198 1.04 - 03.05.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8182023 0.99 (333517) 20.09.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 7135144 0.86 1833 20.09.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 6996761 0.85 127000 31.08.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 6837229 0.83 (36255) 31.07.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5940541 0.72 (142582) 29.02.2012 Mutual Fund ManagerDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5880000 0.71 5000000 31.08.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 5663539 0.68 (300) 30.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4522236 0.55 353581 31.03.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 4335847 0.52 (203494) 31.07.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 3847739 0.47 (227103) 30.04.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3103791 0.38 24439 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank TIM RACE buy 5 M 71 12 month 24.09.2012Bryan Garnier & Cie SEBASTIEN MALAFOSSE buy 5 M 69 6 month 24.09.2012Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 24.09.2012Exane BNP Paribas FLORENT CESPEDES neutral 3 M 65 Not Provided 21.09.2012Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 62 12 month 20.09.2012AlphaValue MARTIN SCHNEE reduce 2 M 61 6 month 20.09.2012Helvea ODILE RUNDQUIST accumulate 4 M 69 12 month 10.09.2012Nord/LB THORSTEN STRAUSS hold 3 M 58 12 month 06.09.2012Baader Bank NORBERT BARTH hold 3 N 66 12 month 04.09.2012Kepler Capital Markets FABIAN WENNER buy 5 M 72 Not Provided 03.09.2012DZ Bank AG PETER SPENGLER buy 5 M 68 12 month 03.09.2012Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 72 6 month 28.08.2012Nomura JEAN DE WATTEVILLE neutral 3 M 70 12 month 27.08.2012Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 70 Not Provided 13.08.2012Main First Bank AG RONALD KOEHLER buy 5 M 75 12 month 11.08.2012Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 77 12 month 08.08.2012CA Cheuvreux LAURENT FLAMME select list 5 M 68 Not Provided 07.08.2012Berenberg Bank ALISTAIR CAMPBELL buy 5 M 71 Not Provided 07.08.2012Jefferies JEFFREY HOLFORD hold 3 M 65 12 month 06.08.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.08.2012Credit Suisse JOHANNA WALTON outperform 5 M 66 Not Provided 02.08.2012Societe Generale STEPHEN MCGARRY hold 3 M 62 12 month 01.08.2012Hamburger Sparkasse MARCO GUENTHER sell 1 D #N/A N/A Not Provided 01.08.2012Natixis BEATRICE MUZARD buy 5 M 70 Not Provided 01.08.2012Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 70 12 month 01.08.2012Morgan Stanley PETER VERDULT Overwt/Cautious 5 M 60 12 month 31.07.2012Macquarie CHRISTIAN FAITZ outperform 5 M 71 12 month 31.07.2012Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 72 12 month 31.07.2012National Bank AG STEFFEN MANSKE hold 3 M 65 Not Provided 31.07.2012M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 65 12 month 31.07.2012S&P Capital IQ SHO MATSUBARA hold 3 D 64 12 month 31.07.2012Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 31.07.2012Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 69 12 month 24.07.2012Barclays MARK PURCELL equalweight 3 M 57 Not Provided 19.07.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 15.05.2012JPMorgan RICHARD VOSSER neutral 3 M 62 3 month 27.04.2012Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012Dolmen Stockbrokers IAN G HUNTER buy 5 M 64 Not Provided 27.10.2011Liberum Capital Ltd NARESH CHOUHAN buy 5 N 57 Not Provided 15.09.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Bayerische Motoren Werke AGBayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and Price/Volumemotorcycles worldwide. The Company produces everything from convertible sports 80 8.0 Mcars to luxury sedans to touring motorcycles with large displacement engines. 70 7.0 M 60 6.0 M 50 5.0 M 40 4.0 M Valuation Analysis 30 3.0 MLatest Fiscal Year: 12/2011 20 2.0 MLTM as of: 06/yy 10 1.0 M52-Week High (16.03.2012) 73.95 0 .0 M52-Week Low (04.10.2011) 43.49 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 740092.00 Current Price (9/dd/yy) 58.99 Market Data 52-Week High % Change -20.19% Dividend Yield - 52-Week Low % Change 35.64% Beta 1.07 % 52 Week Price Range High/Low 53.51% Equity Float 320.86Shares Out 30.06.2012 602.0 Short Int - Market Capitalization 37835.65 1 Yr Total Return 17.20%Total Debt 67977.00 YTD Return 18.15%Preferred Stock 0.0 Adjusted BETA 1.067Minority Interest 65.0 Analyst Recs 39Cash and Equivalents 11527.00 Consensus Rating 4.103Enterprise Value 94840.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3022897BMW GY EQUITY YTD Change - Average Volume 30 Day 2494908BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 2576127 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 56018.0 53197.0 50681.0 60477.0 68821.0 66611.0 72391.0 73689.4 76362.2 17891.8 18871.3 TEV/Revenue 1.18x 1.19x 1.40x 1.49x 1.31x 5.28x 5.07x 0.56x 0.52x 1.43x 1.31x EBITDA 12397.0 11231.0 9311.0 9087.0 11660.0 10105.0 10366.0 12817.5 13153.1 2003.0 1955.0 TEV/EBITDA 5.31x 5.64x 7.59x 9.93x 7.76x 0.00x 0.00x 7.40x 7.21x 11.68x 11.79x Net Income 3126.0 324.0 204.0 3227.0 4881.0 4977.0 4489.0 4932.9 5089.9 1205.7 1224.7 P/E 8.94x 44.10x 102.58x 11.94x 6.95x 8.96x 8.30x 7.80x 7.64x 7.51x 7.53x Profitability S&P Issuer RatingsEBITDA 11660.00 Long-Term Rating Date 16.04.2012EBIT 8006.00 Long-Term Rating AOperating Margin 11.63% Long-Term Outlook STABLEPretax Margin 10.73% Short-Term Rating Date 16.04.2012Return on Assets 4.18% Short-Term Rating A-1Return on Common Equity 19.16% Credit RatiosReturn on Capital 6.10% EBITDA/Interest Exp. 12.36Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 8.46Margin Analysis Net Debt/EBITDA 4.84Gross Margin 21.1% Total Debt/EBITDA 5.83EBITDA Margin 16.9% ReferenceEBIT Margin 11.6% Total Debt/Equity 251.4%Net Income Margin 7.1% Total Debt/Capital 71.5%Structure Asset Turnover 0.59Current Ratio 1.04 Net Fixed Asset Turnover 2.11Quick Ratio 0.31 Accounts receivable turnover-days 14.68Debt to Assets 55.07% Inventory Days 58.52Tot Debt to Common Equity 251.41% Accounts Payable Turnover Day 31.27Accounts Receivable Turnover 24.86 Cash Conversion Cycle 41.93Inventory Turnover 6.24Price/ Cash Flow Sales/Revenue/Turnover 45.00 80000.0 40.00 70000.0 35.00 60000.0 30.00 50000.0 25.00 40000.0 20.00 30000.0 15.00 20000.0 10.00 10000.0 5.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Bayerische Motoren Werke AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQUANDT STEFAN n/a Co File 104747161 17.4 - 31.12.2011 n/aQUANDT JOHANNA n/a Co File 100533195 16.7 - 31.12.2011 n/aKLATTEN SUSANNE n/a Co File 75851392 12.6 - 31.12.2011 n/aBLACKROCK FINANCIAL n/a Research 23951672 3.98 - 12.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 8542000 1.42 2722000 30.06.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 8133471 1.35 320 20.09.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 7898600 1.31 (132600) 30.06.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 6303800 1.05 (1270000) 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4363668 0.72 (542160) 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4031964 0.67 91471 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3748100 0.62 (7600) 30.06.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 3210189 0.53 198600 31.08.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3128161 0.52 212014 30.06.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2907590 0.48 (533989) 29.02.2012 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 2871392 0.48 (300) 30.03.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2792528 0.46 1475 20.09.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 2564531 0.43 1798319 31.08.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2194368 0.36 60637 31.07.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2030402 0.34 150530 30.04.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1826584 0.3 16662 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MAX WARBURTON outperform 5 M 75 12 month 24.09.2012Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 21.09.2012AlphaValue HANS-PETER WODNIOK add 4 D 72 6 month 20.09.2012Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 118 12 month 12.09.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 11.09.2012Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 68 6 month 05.09.2012Credit Suisse ARNDT ELLINGHORST outperform 5 M 80 Not Provided 05.09.2012HSBC HORST SCHNEIDER neutral 3 D 60 Not Provided 05.09.2012Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 62 12 month 04.09.2012Exane BNP Paribas RABIH FREIHA neutral 3 M 71 Not Provided 03.09.2012Nord/LB FRANK SCHWOPE hold 3 M 59 12 month 31.08.2012DZ Bank AG MICHAEL PUNZET sell 1 M 58 12 month 22.08.2012Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 21.08.2012Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 17.08.2012Bankhaus Metzler JUERGEN PIEPER sell 1 M 50 12 month 08.08.2012Societe Generale PHILIPPE BARRIER buy 5 M 70 12 month 02.08.2012Baader Bank JOSE ASUMENDI buy 5 M 90 12 month 02.08.2012Macquarie CHRISTIAN BREITSPRECHER neutral 3 D 60 12 month 02.08.2012Oddo & Cie FRANCOIS MAURY reduce 2 M 55 Not Provided 02.08.2012M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 70 12 month 02.08.2012Natixis GEORGES DIENG buy 5 M 72 Not Provided 02.08.2012Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 02.08.2012Barclays KRISTINA CHURCH overweight 5 M 85 Not Provided 02.08.2012Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 62 Not Provided 01.08.2012Independent Research GmbH ZAFER RUEZGAR buy 5 M 70 6 month 01.08.2012Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 01.08.2012National Bank AG MANFRED JAISFELD buy 5 M 75 Not Provided 01.08.2012S&P Capital IQ MARNIE COHEN strong buy 5 M 83 12 month 01.08.2012Day by Day VALERIE GASTALDY buy 5 U 71 3 month 30.07.2012Kepler Capital Markets MICHAEL RAAB buy 5 M 71 Not Provided 20.07.2012JPMorgan BERNARD DONGES overweight 5 M 87 3 month 18.07.2012CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 80 Not Provided 17.07.2012Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012Main First Bank AG LOTHAR LUBINETZKI buy 5 M 87 12 month 18.03.2012Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012Cyrrus JAN ROH buy 5 M 68 12 month 11.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012BNP Paribas SABNP Paribas S.A. attracts deposits and offers commercial, retail, investment, Price/Volumeprivate and corporate banking services. The Bank also provides asset management 45 20.0 Mand investment advisory services to institutions and individuals in Europe, the 40 18.0 MUnited States, Asia and the Emerging Markets. 35 16.0 M 30 14.0 M 12.0 M 25 10.0 M Valuation Analysis 20 8.0 MLatest Fiscal Year: 12/2011 15 6.0 M 10 4.0 MLTM as of: 06/yy 5 2.0 M52-Week High (17.09.2012) 40.60 0 .0 M52-Week Low (26.09.2011) 24.00 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 1789519.00 Current Price (9/dd/yy) 39.015 Market Data 52-Week High % Change -3.86% Dividend Yield - 52-Week Low % Change 62.56% Beta 1.54 % 52 Week Price Range High/Low 94.40% Equity Float 1096.03Shares Out 10.07.2012 1253.7 Short Int - Market Capitalization 48914.18 1 Yr Total Return 61.53%Total Debt 1125331.00 YTD Return 34.73%Preferred Stock 7261.0 Adjusted BETA 1.540Minority Interest 10256.0 Analyst Recs 36Cash and Equivalents 107751.00 Consensus Rating 4.139Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7021354BNP FP EQUITY YTD Change - Average Volume 30 Day 5552382BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 6492596 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 85022.0 78052.0 70526.0 72848.0 71009.0 45449.0 0.0 39133.5 40427.6 9934.9 9384.5 TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 7822.0 3021.0 5832.0 7843.0 6050.0 8199.0 6021.0 6839.9 6949.3 1585.4 1350.0 P/E 8.74x 9.85x 10.75x 7.52x 6.30x 7.76x 6.02x 7.12x 7.07x 7.48x 7.46x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 23.01.2012EBIT - Long-Term Rating AA-Operating Margin 20.22% Long-Term Outlook NEGPretax Margin 20.16% Short-Term Rating Date 23.01.2012Return on Assets 0.31% Short-Term Rating A-1+Return on Common Equity 8.56% Credit RatiosReturn on Capital 0.56% EBITDA/Interest Exp. -Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 1652.3%Net Income Margin 12.6% Total Debt/Capital 92.9%Structure Asset Turnover 0.04Current Ratio - Net Fixed Asset Turnover 2.40Quick Ratio - Accounts receivable turnover-days -Debt to Assets 57.26% Inventory Days -Tot Debt to Common Equity 1652.25% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 4.50 90000.0 4.00 80000.0 3.50 70000.0 3.00 60000.0 2.50 50000.0 2.00 40000.0 1.50 30000.0 1.00 20000.0 0.50 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012BNP Paribas SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBELGIAN STATE n/a Co File 127750000 10.19 - 31.12.2011 GovernmentAXA n/a Co File 65670000 5.24 - 31.12.2011 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20433396 1.63 403818 30.03.2012 Mutual Fund ManagerFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 18678257 1.49 5706053 31.08.2012 Investment AdvisorBNP PARIBAS ASSET MG n/a Co File 16480000 1.31 - 31.12.2011 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 15884611 1.27 4962220 30.06.2012 Investment AdvisorSTATE OF LUXEMBOURG n/a Co File 12870000 1.03 - 31.12.2011 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 12148721 0.97 (544098) 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 11541390 0.92 1050096 31.07.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 10324661 0.82 2035150 31.03.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9212735 0.73 2576039 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 8412793 0.67 (874543) 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 8001090 0.64 (1459214) 30.06.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6257655 0.5 141389 20.09.2012 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 6158310 0.49 (18408) 30.06.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 5476523 0.44 (23687) 31.07.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 4933579 0.39 (308481) 31.08.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 4890346 0.39 - 20.09.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 4224954 0.34 25983 20.09.2012 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 3657130 0.29 1175634 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie PIERS BROWN underperform 1 D 35 12 month 24.09.2012Nomura JON PEACE buy 5 M 43 12 month 24.09.2012Redburn Partners GEORGE SOSEI KARAMANOS buy 5 M #N/A N/A Not Provided 24.09.2012Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 40 Not Provided 21.09.2012Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 20.09.2012AlphaValue CHRISTOPHE NIJDAM add 4 M 45 6 month 20.09.2012Grupo Santander AURELIA FAURE buy 5 M 52 Not Provided 19.09.2012Societe Generale SEBASTIEN LEMAIRE hold 3 M 42 12 month 19.09.2012HSBC ROBIN DOWN overweight 5 M 45 Not Provided 19.09.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2012RBC Capital Markets ANKE REINGEN outperform 5 M 43 12 month 18.09.2012Kepler Capital Markets BENOIT PETRARQUE buy 5 M 45 Not Provided 16.09.2012CA Cheuvreux PASCAL DECQUE select list 5 M 43 Not Provided 13.09.2012ING Wholesale Banking TOM VAN KEMPEN buy 5 M 43 12 month 30.08.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 D #N/A N/A Not Provided 23.08.2012Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 54 12 month 08.08.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 08.08.2012Barclays JEREMY SIGEE overweight 5 M 36 Not Provided 07.08.2012Mediobanca SpA ANTONIO GUGLIELMI underperform 1 M 35 Not Provided 03.08.2012Deutsche Bank FLORA-A BENHAKOUN buy 5 M 42 12 month 03.08.2012JPMorgan DELPHINE LEE neutral 3 M 43 3 month 03.08.2012Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT market perform 3 M 40 12 month 03.08.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 31 12 month 03.08.2012Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 35 12 month 02.08.2012Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 45 Not Provided 02.08.2012CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 48 12 month 02.08.2012S&P Capital IQ JAWAHAR HINGORANI buy 5 M 40 12 month 02.08.2012Banco Sabadell MARIO LODOS buy 5 M 48 Not Provided 30.07.2012Espirito Santo Investment Bank Research ANDREW LIM neutral 3 M 28 Not Provided 16.07.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012Natixis ALEX KOAGNE buy 5 M 40 Not Provided 07.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Carrefour SACarrefour SA operates chains of supermarkets, hypermarkets, discount, cash and Price/Volumecarry, and frozen food stores in Europe, the Americas, and Asia. 25 14.0 M 12.0 M 20 10.0 M 15 8.0 M Valuation Analysis 10 6.0 MLatest Fiscal Year: 12/2011 4.0 MLTM as of: 06/yy 5 2.0 M52-Week High (04.11.2011) 20.51 0 .0 M52-Week Low (11.07.2012) 12.87 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 696182.00 Current Price (9/dd/yy) 17.3 Market Data 52-Week High % Change -15.75% Dividend Yield - 52-Week Low % Change 34.42% Beta 1.06 % 52 Week Price Range High/Low 59.55% Equity Float 531.33Shares Out 30.06.2012 679.3 Short Int - Market Capitalization 11752.51 1 Yr Total Return 15.88%Total Debt 16573.00 YTD Return 1.80%Preferred Stock 0.0 Adjusted BETA 1.061Minority Interest 1009.0 Analyst Recs 40Cash and Equivalents 4760.00 Consensus Rating 3.000Enterprise Value 22998.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2802319CA FP EQUITY YTD Change - Average Volume 30 Day 2968368CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 3456579 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 82148.5 86341.0 84763.0 79737.0 80455.0 0.0 0.0 80511.8 82269.8 22379.2 21639.0 TEV/Revenue 0.61x 0.36x 0.42x 0.44x 0.31x #DIV/0! #DIV/0! 0.24x 0.23x - - EBITDA 3742.1 4044.0 4599.0 4380.0 3894.0 0.0 0.0 3778.6 3937.9 - - TEV/EBITDA 13.33x 7.62x 7.76x 7.95x 6.34x 0.00x 0.00x 6.09x 5.84x - - Net Income 2299.4 1269.0 276.0 433.0 371.0 0.0 0.0 882.9 1008.2 - - P/E 20.00x 14.82x 67.12x 61.70x 0.00x 0.00x 0.00x 13.36x 12.10x - - Profitability S&P Issuer RatingsEBITDA 3894.00 Long-Term Rating Date 15.03.2012EBIT 2182.00 Long-Term Rating BBBOperating Margin 2.71% Long-Term Outlook STABLEPretax Margin -1.46% Short-Term Rating Date 16.04.2010Return on Assets 0.73% Short-Term Rating A-2Return on Common Equity 4.58% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 6.25Asset Turnover 1.58% (EBITDA-Capex)/Interest Exp. 2.51Margin Analysis Net Debt/EBITDA 3.03Gross Margin 19.3% Total Debt/EBITDA 4.26EBITDA Margin 4.8% ReferenceEBIT Margin 2.7% Total Debt/Equity 250.5%Net Income Margin 0.5% Total Debt/Capital 68.5%Structure Asset Turnover 1.58Current Ratio 0.74 Net Fixed Asset Turnover 5.34Quick Ratio 0.29 Accounts receivable turnover-days 12.11Debt to Assets 34.58% Inventory Days 38.91Tot Debt to Common Equity 250.46% Accounts Payable Turnover Day 90.61Accounts Receivable Turnover 30.15 Cash Conversion Cycle -39.59Inventory Turnover 9.38Price/ Cash Flow Sales/Revenue/Turnover 9.00 100000.0 8.00 90000.0 7.00 80000.0 70000.0 6.00 60000.0 5.00 50000.0 4.00 40000.0 3.00 30000.0 2.00 20000.0 1.00 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Carrefour SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLUE CAPITAL SARL n/a Co File 64047813 9.43 - 31.12.2011 OtherSOCIETE GENERALE n/a Research 31310832 4.61 (14638655) 20.06.2012 BankBLUE PARTICIPATIONS n/a Co File 25359996 3.73 - 31.12.2011 n/aAMUNDI SA n/a Research 23161032 3.41 - 11.07.2011 OtherCOLONY BLUE INVESTOR n/a Co File 15166770 2.23 - 31.12.2011 n/aNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9378215 1.38 98 30.03.2012 Mutual Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 8917923 1.31 791000 30.06.2012 Investment AdvisorSOCIETE GEN GESTION n/a Research 8353963 1.23 - 11.07.2011 n/aMANNING & NAPIER ADV Multiple Portfolios MF-AGG 8126922 1.2 98150 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6721507 0.99 303667 30.06.2012 Investment AdvisorAKO CAPITAL LLP n/a Short (6202338) -0.91 (543469) 09.07.2012 Investment AdvisorCARREFOUR SA n/a Co File 5598650 0.82 - 31.12.2011 CorporationFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5480075 0.81 - 31.03.2012 Hedge Fund ManagerGROUPE ARNAULT SAS n/a Co File 5156752 0.76 - 31.12.2011 Holding CompanyONTARIO TEACHERS PEN n/a Research 3200000 0.47 - 31.12.2010 Pension Fund (ERISA)BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3113327 0.46 - 20.09.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 3102990 0.46 1234760 31.08.2012 Investment AdvisorSOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 2859000 0.42 (1254000) 31.03.2012 Investment AdvisorINTERNATIONAL VALUE Multiple Portfolios MF-AGG 2553188 0.38 25590 31.03.2012 Investment AdvisorALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 2251678 0.33 (53643) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs FRANKLIN WALDING neutral/neutral 3 M 20 12 month 24.09.2012CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 22 12 month 20.09.2012AlphaValue VIRGINIE BLIN buy 5 M 21 6 month 20.09.2012Aurel - BGC JEAN-MARIE LHOME buy 5 M 20 Not Provided 19.09.2012Jefferies JAMES GRZINIC hold 3 M 17 12 month 17.09.2012Day by Day VALERIE GASTALDY buy 5 M 20 3 month 17.09.2012Exane BNP Paribas JOHN KERSHAW neutral 3 M 18 Not Provided 14.09.2012HSBC JEROME SAMUEL neutral 3 M 18 Not Provided 12.09.2012Morgan Stanley EDOUARD AUBIN Equalwt/In-Line 3 M 18 12 month 10.09.2012Raymond James CEDRIC LECASBLE underperform 1 M 17 12 month 10.09.2012Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 06.09.2012Main First Bank AG RICKIN THAKRAR buy 5 M 24 12 month 05.09.2012Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 03.09.2012Grupo Santander JAIME VAZQUEZ buy 5 M 20 Not Provided 31.08.2012Jyske Bank ROBERT JAKOBSEN strong buy 5 M 22 Not Provided 31.08.2012Credit Suisse XAVIER LE MENE outperform 5 M 20 Not Provided 31.08.2012Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 19 Not Provided 31.08.2012Oddo & Cie LAURENCE HOFMANN reduce 2 M 15 Not Provided 31.08.2012Espirito Santo Investment Bank Research CAROLINE GULLIVER buy 5 M 20 Not Provided 31.08.2012Natixis PIERRE-EDOUARD BOUDOT neutral 3 M 17 Not Provided 31.08.2012Nomura NICK COULTER neutral 3 M 15 Not Provided 31.08.2012Barclays NICOLAS CHAMP equalweight 3 U 16 Not Provided 31.08.2012Commerzbank Corporates & Markets JUERGEN ELFERS reduce 2 M 14 6 month 30.08.2012Independent Research GmbH ZAFER RUEZGAR hold 3 M 17 12 month 30.08.2012Kepler Capital Markets FABIENNE CARON buy 5 M 18 Not Provided 30.08.2012S&P Capital IQ WILLIAM MACK sell 1 M 16 12 month 30.08.2012Hammer Partners SA STEPHAN SEIP sell 1 M 14 Not Provided 30.08.2012JPMorgan MATTHEW TRUMAN neutral 3 M 17 3 month 28.08.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 27.08.2012Banco Sabadell MARTA DIAZ sell 1 M 19 Not Provided 30.07.2012Macquarie SREEDHAR MAHAMKALI outperform 5 U 18 12 month 20.07.2012Baader Bank VOLKER BOSSE sell 1 M 15 12 month 19.07.2012Deutsche Bank JAMES G COLLINS hold 3 M 15 12 month 13.07.2012Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012CA Cheuvreux ARNAUD JOLY underperform 1 M 13 Not Provided 06.07.2012ING Wholesale Banking JOHN DAVID ROEG hold 3 M 17 12 month 13.06.2012Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 04.04.2012DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 16 12 month 31.01.2012Equita SIM SpA FABIO FAZZARI hold 3 M 22 12 month 12.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Cie de St-GobainCompagnie de Saint-Gobain manufactures glass products, high-performance Price/Volumematerials, and construction materials. The Company produces flat glass, 40 12.0 Minsulation, and glass containers, high-performance ceramics, plastics, and 35abrasives, and building materials such as roofing, wall facings, mortars, and 10.0 M 30ductile cast iron pipe. Saint-Gobain also retails building materials. 8.0 M 25 20 6.0 M Valuation Analysis 15Latest Fiscal Year: 12/2011 4.0 M 10LTM as of: 06/yy 2.0 M 552-Week High (20.02.2012) 37.63 0 .0 M52-Week Low (02.08.2012) 23.90 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 1146532.00 Current Price (9/dd/yy) 29.425 Market Data 52-Week High % Change -21.79% Dividend Yield - 52-Week Low % Change 23.12% Beta 1.24 % 52 Week Price Range High/Low 46.56% Equity Float 460.07Shares Out 11.09.2012 531.1 Short Int - Market Capitalization 15626.58 1 Yr Total Return 12.46%Total Debt 11044.00 YTD Return 3.76%Preferred Stock 0.0 Adjusted BETA 1.238Minority Interest 403.0 Analyst Recs 30Cash and Equivalents 2949.00 Consensus Rating 4.000Enterprise Value 25859.59 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2405869SGO FP EQUITY YTD Change - Average Volume 30 Day 2000285SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 2280260 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 43421.0 43800.0 37786.0 40119.0 42116.0 41465.0 42831.0 43342.0 44569.3 11025.0 10534.0 TEV/Revenue 0.78x 0.56x 0.75x 0.69x 0.57x 0.00x 0.00x 0.56x 0.54x - - EBITDA 5751.0 5263.0 3821.0 4785.0 5024.0 0.0 0.0 4549.0 4848.4 - - TEV/EBITDA 5.92x 4.68x 7.39x 5.80x 4.80x 0.00x 0.00x 5.69x 5.34x - - Net Income 1487.0 1378.0 202.0 1129.0 1284.0 0.0 0.0 1349.3 1601.1 - - P/E 15.92x 9.15x 88.53x 17.66x 12.16x 0.00x 0.00x 11.43x 9.71x - - Profitability S&P Issuer RatingsEBITDA 5024.00 Long-Term Rating Date 24.07.2009EBIT 3441.00 Long-Term Rating BBBOperating Margin 8.17% Long-Term Outlook STABLEPretax Margin 4.79% Short-Term Rating Date 30.04.2004Return on Assets 2.85% Short-Term Rating A-2Return on Common Equity 7.20% Credit RatiosReturn on Capital 6.05% EBITDA/Interest Exp. 8.99Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 5.36Margin Analysis Net Debt/EBITDA 1.61Gross Margin 24.6% Total Debt/EBITDA 2.20EBITDA Margin 11.9% ReferenceEBIT Margin 8.2% Total Debt/Equity 62.0%Net Income Margin 3.0% Total Debt/Capital 37.7%Structure Asset Turnover 0.93Current Ratio 1.24 Net Fixed Asset Turnover 3.01Quick Ratio 0.63 Accounts receivable turnover-days 44.98Debt to Assets 23.89% Inventory Days 70.78Tot Debt to Common Equity 61.99% Accounts Payable Turnover Day 65.95Accounts Receivable Turnover 8.12 Cash Conversion Cycle 49.80Inventory Turnover 5.16Price/ Cash Flow Sales/Revenue/Turnover 12.00 50000.0 45000.0 10.00 40000.0 35000.0 8.00 30000.0 6.00 25000.0 20000.0 4.00 15000.0 10000.0 2.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Cie de St-GobainHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWENDEL INVESTISSEMEN n/a Co File 92891280 17.49 - 31.12.2010 Investment AdvisorFONDS DU PLAN D EPAR n/a Co File 41402970 7.8 - 31.12.2010 n/aAMUNDI SA n/a Research 40161206 7.56 17861078 27.06.2012 OtherCAISSE DES DEPOTS ET n/a Co File 15393412 2.9 - 31.12.2010 GovernmentGROUPAMA SA n/a Co File 10085339 1.9 - 31.12.2010 Insurance CompanyNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8000693 1.51 237423 30.03.2012 Mutual Fund ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6617178 1.25 - 30.06.2012 Investment AdvisorCOGEMA n/a Co File 5838880 1.1 - 31.12.2010 CorporationCIE DE SAINT GOBAIN n/a Co File 4777266 0.9 - 31.12.2010 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 4694392 0.88 203626 30.06.2012 Investment AdvisorPREDICA n/a Co File 3715651 0.7 - 31.12.2010 Insurance CompanyAVIVA PLC Multiple Portfolios MF-AGG 2567079 0.48 (1249) 31.08.2012 Investment AdvisorSOCIETE GEN GESTION n/a Research 2536782 0.48 - 15.06.2011 n/aLBPAM Multiple Portfolios MF-AGG 2389190 0.45 (118684) 31.07.2012 Mutual Fund ManagerBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2119603 0.4 - 20.09.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1181925 0.22 - 20.09.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1174257 0.22 436 20.09.2012 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 1132100 0.21 - 30.03.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1081092 0.2 - 30.03.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 1012926 0.19 (2100) 31.05.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateLandesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 32 Not Provided 24.09.2012AlphaValue GAETAN DUPONT buy 5 M 41 6 month 20.09.2012Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 31 6 month 19.09.2012Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 35 12 month 13.09.2012Exane BNP Paribas PAUL ROGER neutral 3 M 31 Not Provided 07.09.2012Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 39 Not Provided 06.09.2012Jefferies MICHAEL F BETTS buy 5 M 48 12 month 29.08.2012Societe Generale MURIEL FELLOUS buy 5 M 34 12 month 17.08.2012Credit Suisse HARRY GOAD neutral 3 D 30 Not Provided 17.08.2012Morgan Stanley ALEJANDRA PEREDA Overwt/Attractive 5 M 38 12 month 15.08.2012Raymond James ARNAUD PALLIEZ outperform 5 M 32 12 month 15.08.2012Goldman Sachs WILL MORGAN Buy/Neutral 5 M 33 12 month 09.08.2012Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012ING Wholesale Banking IAN OSBURN buy 5 M 33 12 month 07.08.2012JPMorgan MICHAEL MORRIS overweight 5 M 33 9 month 02.08.2012Day by Day VALERIE GASTALDY sell 1 D 20 3 month 02.08.2012Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 26 12 month 01.08.2012Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 01.08.2012Natixis RAFIC EL HADDAD neutral 3 M 28 Not Provided 31.07.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 31.07.2012Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012Deutsche Bank LUIS PRIETO buy 5 M 35 12 month 27.07.2012CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 36 12 month 27.07.2012S&P Capital IQ JAWAHAR HINGORANI hold 3 D 32 12 month 27.07.2012Liberum Capital Ltd CHARLIE CAMPBELL hold 3 D 30 Not Provided 27.07.2012Kepler Capital Markets JOSEP PUJAL hold 3 D 30 Not Provided 26.07.2012HSBC JOHN FRASER-ANDREWS overweight 5 M 38 Not Provided 05.03.2012CA Cheuvreux NABIL AHMED suspended coverage #N/A N/A M 52 Not Provided 12.01.2012Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012CRH PLCCRH plc manufactures cement, concrete products, aggregates, asphalt, clay Price/Volumebricks, chemical lime, security fencing products, and roofing, insulation and 18 8.0 Mother building materials. The Group also operates some 136 builders merchant 16 7.0 Mlocations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19 14 6.0 Mcountries, including Ireland, the US, Spain, Germany and the Netherlands. 12 5.0 M 10 4.0 M Valuation Analysis 8 3.0 MLatest Fiscal Year: 12/2011 6 4 2.0 MLTM as of: 01/yy 2 1.0 M52-Week High (16.03.2012) 16.93 0 .0 M52-Week Low (26.09.2011) 10.44 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 441832.00 Current Price (9/dd/yy) 15.345 Market Data 52-Week High % Change -9.37% Dividend Yield 4.07 52-Week Low % Change 47.05% Beta 1.45 % 52 Week Price Range High/Low 80.27% Equity Float 678.71Shares Out 20.09.2012 722.5 Short Int - Market Capitalization 11086.46 1 Yr Total Return 49.93%Total Debt 4982.00 YTD Return 4.15%Preferred Stock 1.0 Adjusted BETA 1.446Minority Interest 74.0 Analyst Recs 32Cash and Equivalents 1324.00 Consensus Rating 2.594Enterprise Value 15222.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1564556CRH ID EQUITY YTD Change - Average Volume 30 Day 1280651CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1268695 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - - Total Revenue 20992.0 20887.0 17373.0 17173.0 18081.0 - - 18957.1 19680.9 - - TEV/Revenue 0.87x 0.78x 1.01x 0.86x 0.82x - - 0.75x 0.71x - - EBITDA 2858.0 2656.0 1803.0 1614.0 1656.0 - - 1680.8 1815.3 - - TEV/EBITDA 6.40x 6.11x 9.69x 9.18x 9.01x - - 9.06x 8.39x - - Net Income 1430.0 1248.0 592.0 432.0 590.0 - - 570.9 676.7 - - P/E 9.08x 7.66x 21.54x 25.28x 18.60x - - 19.18x 16.31x - - Profitability S&P Issuer RatingsEBITDA 1656.00 Long-Term Rating Date 17.12.2007EBIT 871.00 Long-Term Rating BBB+Operating Margin 4.82% Long-Term Outlook STABLEPretax Margin 3.93% Short-Term Rating Date 07.09.2001Return on Assets 2.75% Short-Term Rating A-2Return on Common Equity 5.66% Credit RatiosReturn on Capital 5.21% EBITDA/Interest Exp. 6.32Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 4.12Margin Analysis Net Debt/EBITDA 2.21Gross Margin 27.1% Total Debt/EBITDA 3.01EBITDA Margin 9.2% ReferenceEBIT Margin 4.8% Total Debt/Equity 47.4%Net Income Margin 3.3% Total Debt/Capital 32.0%Structure Asset Turnover 0.84Current Ratio 1.70 Net Fixed Asset Turnover 2.03Quick Ratio 0.94 Accounts receivable turnover-days 40.75Debt to Assets 23.29% Inventory Days 61.94Tot Debt to Common Equity 47.41% Accounts Payable Turnover Day 40.62Accounts Receivable Turnover 8.96 Cash Conversion Cycle 62.07Inventory Turnover 5.89Price/ Cash Flow Sales/Revenue/Turnover 12.00 25000.0 10.00 20000.0 8.00 15000.0 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012CRH PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a RNS-MAJ 48014852 6.65 (2078763) 06.09.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 37933711 5.25 (3407139) 30.06.2012 Investment AdvisorBLACKROCK INC n/a Co File 28961677 4.01 - 27.02.2012 Investment AdvisorUBS AG n/a Co File 26380604 3.65 - 27.02.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 24762889 3.43 1658701 30.06.2012 Investment AdvisorLEGAL & GENERAL n/a RNS-MAJ 22496003 3.11 - 04.01.2012 Investment AdvisorNORGES BANK n/a Co File 21543277 2.98 - 27.02.2012 GovernmentFRANKLIN RESOURCES I n/a RNS-MAJ 21503171 2.98 - 30.06.2011 Investment AdvisorGRWTH FUND OF AMERIC n/a RNS-MAJ 21114087 2.92 - 15.02.2011 n/aCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 19246611 2.66 1356470 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8406014 1.16 437973 30.06.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7138291 0.99 (313031) 31.07.2012 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5867675 0.81 (3000) 31.05.2012 Hedge Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5279577 0.73 47369 20.09.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4929016 0.68 (316150) 31.03.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 4327520 0.6 - 31.07.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3865122 0.53 10053 31.07.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3598952 0.5 - 20.09.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 3075033 0.43 (321262) 21.09.2012 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 2698668 0.37 69419 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoodbody Stockbrokers Ltd ROBERT EASON reduce 2 M 13 12 month 24.09.2012Jefferies MICHAEL F BETTS buy 5 M 22 12 month 20.09.2012Raymond James ARNAUD PALLIEZ market perform 3 D #N/A N/A Not Provided 19.09.2012Kepler Capital Markets JOSEP PUJAL hold 3 M 16 Not Provided 18.09.2012Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 15 12 month 13.09.2012AlphaValue GAETAN DUPONT add 4 M 17 6 month 13.09.2012Exane BNP Paribas PAUL ROGER underperform 1 M 16 Not Provided 07.09.2012Natixis ABDELKADER BENCHIHA reduce 2 N 12 Not Provided 05.09.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 03.09.2012Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 15 Not Provided 30.08.2012Berenberg Bank ROBERT MUIR sell 1 M 12 Not Provided 30.08.2012Societe Generale MURIEL FELLOUS hold 3 M 16 12 month 17.08.2012Credit Suisse HARRY GOAD underperform 1 D 12 Not Provided 17.08.2012Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 13 Not Provided 17.08.2012JPMorgan MICHAEL MORRIS neutral 3 D 14 9 month 16.08.2012Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 16 12 month 16.08.2012Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 15.08.2012ING Wholesale Banking IAN OSBURN sell 1 M 13 12 month 15.08.2012Bryan Garnier & Cie SVEN EDELFELT sell 1 M 15 6 month 14.08.2012S&P Capital IQ JAWAHAR HINGORANI hold 3 M 15 12 month 14.08.2012Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 16 Not Provided 14.08.2012Morgan Stanley YURI SEROV Underwt/Attractive 1 M 17 12 month 07.08.2012Day by Day VALERIE GASTALDY buy 5 U 18 3 month 29.06.2012Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 13 12 month 28.06.2012HSBC JOHN FRASER-ANDREWS overweight 5 U 16 Not Provided 21.06.2012Deutsche Bank LUIS PRIETO hold 3 M 16 12 month 15.06.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012Dolmen Stockbrokers IAN G HUNTER neutral 3 M 15 Not Provided 28.02.2012CA Cheuvreux NABIL AHMED suspended coverage #N/A N/A M 17 Not Provided 12.01.2012NCB Stockbrokers(ESN) MURRAY MCCARTER buy 5 M 19 12 month 16.08.2011BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 04.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Daimler AGDaimler AG develops, manufactures, distributes, and sells a wide range of Price/Volumeautomotive products, mainly passenger cars, trucks, vans and buses. The Company 60 18.0 Malso provides financial and other services relating to its automotive 16.0 Mbusinesses. 50 14.0 M 40 12.0 M 10.0 M 30 Valuation Analysis 8.0 MLatest Fiscal Year: 12/2011 20 6.0 M 4.0 MLTM as of: 06/yy 10 2.0 M52-Week High (14.03.2012) 48.95 0 .0 M52-Week Low (25.11.2011) 29.02 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 2199847.00 Current Price (9/dd/yy) 39.635 Market Data 52-Week High % Change -19.03% Dividend Yield - 52-Week Low % Change 36.60% Beta 1.23 % 52 Week Price Range High/Low 56.13% Equity Float 911.86Shares Out 31.08.2012 1067.2 Short Int - Market Capitalization 42298.65 1 Yr Total Return 28.59%Total Debt 71860.00 YTD Return 22.85%Preferred Stock 0.0 Adjusted BETA 1.228Minority Interest 1713.0 Analyst Recs 38Cash and Equivalents 10910.00 Consensus Rating 3.842Enterprise Value 112787.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 8607380DAI GY EQUITY YTD Change - Average Volume 30 Day 5080391DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 5110779 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 99399.0 95873.0 78924.0 97761.0 106540.0 102534.0 111368.0 110914.8 115952.8 26797.0 28386.7 TEV/Revenue 1.12x 0.87x 1.15x 1.10x 0.93x 3.98x 3.69x 0.32x 0.31x 1.24x 1.16x EBITDA 15839.0 11685.0 3032.0 10489.0 12216.0 11924.0 12391.0 13130.6 14558.8 - 1974.0 TEV/EBITDA 7.04x 7.14x 29.84x 10.26x 8.09x 8.30x 8.73x 8.60x 7.75x - - Net Income 3979.0 1348.0 (2640.0) 4498.0 5667.0 5249.0 5766.0 5457.6 6179.1 1282.3 1336.0 P/E 14.18x 15.61x 0.00x 11.85x 6.38x 10.46x 6.53x 7.77x 6.92x 7.11x 6.48x Profitability S&P Issuer RatingsEBITDA 12216.00 Long-Term Rating Date 23.02.2012EBIT 8641.00 Long-Term Rating A-Operating Margin 8.11% Long-Term Outlook STABLEPretax Margin 7.93% Short-Term Rating Date 26.02.2001Return on Assets 3.99% Short-Term Rating A-2Return on Common Equity 14.91% Credit RatiosReturn on Capital 6.59% EBITDA/Interest Exp. 8.18Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 5.40Margin Analysis Net Debt/EBITDA 4.99Gross Margin 24.0% Total Debt/EBITDA 5.88EBITDA Margin 11.5% ReferenceEBIT Margin 8.1% Total Debt/Equity 181.4%Net Income Margin 5.3% Total Debt/Capital 63.5%Structure Asset Turnover 0.75Current Ratio 1.07 Net Fixed Asset Turnover 2.68Quick Ratio 0.33 Accounts receivable turnover-days 25.76Debt to Assets 48.51% Inventory Days 71.23Tot Debt to Common Equity 181.35% Accounts Payable Turnover Day 37.50Accounts Receivable Turnover 14.17 Cash Conversion Cycle 59.49Inventory Turnover 5.12Price/ Cash Flow Sales/Revenue/Turnover 70.00 180000.0 60.00 160000.0 140000.0 50.00 120000.0 40.00 100000.0 30.00 80000.0 60000.0 20.00 40000.0 10.00 20000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Daimler AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMORGAN STANLEY & CO n/a Research 112072933 10.5 - 16.04.2012 Investment AdvisorKUWAIT INVESTMENT AU n/a EXCH 73210039 6.86 - 23.06.2011 GovernmentBLACKROCK INC n/a Research 56740419 5.32 - 04.05.2012 Investment AdvisorRENAULT SA n/a EXCH 32928533 3.09 - 23.06.2011 CorporationAABAR INVESTMENTS PJ n/a Research 32750100 3.07 - 01.02.2012 CorporationNORGES BANK n/a Research 32355918 3.03 - 17.09.2012 GovernmentCAPITAL RESEARCH AND n/a Research 31825311 2.98 - 17.08.2012 Investment AdvisorSOCIETE GENERALE n/a Research 29715538 2.78 - 13.06.2011 BankBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 22390799 2.1 888 20.09.2012 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 19872840 1.86 2798375 30.06.2012 Investment AdvisorNISSAN MOTOR CO LTD n/a Co File 16448378 1.54 - 31.03.2012 CorporationCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 16386075 1.54 (1711159) 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16278208 1.53 (1304917) 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 12241260 1.15 976723 30.06.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 10555488 0.99 (915116) 31.08.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10508368 0.98 - 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 7755581 0.73 - 20.09.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7642633 0.72 227946 29.02.2012 Mutual Fund ManagerFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6037440 0.57 (19400) 31.05.2012 Hedge Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 5253074 0.49 - 30.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 24.09.2012Bankhaus Metzler JUERGEN PIEPER sell 1 M 30 12 month 24.09.2012Societe Generale STEPHEN REITMAN hold 3 M 40 12 month 21.09.2012Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 56 6 month 21.09.2012National Bank AG MANFRED JAISFELD hold 3 M 45 Not Provided 21.09.2012M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 50 12 month 21.09.2012Natixis GEORGES DIENG neutral 3 M 38 Not Provided 21.09.2012Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 53 12 month 21.09.2012DZ Bank AG MICHAEL PUNZET buy 5 M 50 12 month 21.09.2012Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 21.09.2012Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 21.09.2012Nord/LB FRANK SCHWOPE hold 3 D 40 12 month 20.09.2012Credit Suisse ARNDT ELLINGHORST neutral 3 M 40 Not Provided 20.09.2012Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 55 12 month 20.09.2012S&P Capital IQ MARNIE COHEN hold 3 M 40 12 month 20.09.2012AlphaValue HANS-PETER WODNIOK add 4 M 47 6 month 20.09.2012JPMorgan BERNARD DONGES restricted #N/A N/A M #N/A N/A Not Provided 13.09.2012Exane BNP Paribas RABIH FREIHA outperform 5 M 53 Not Provided 13.09.2012Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 98 12 month 12.09.2012Kepler Capital Markets MICHAEL RAAB buy 5 M 47 Not Provided 10.09.2012Independent Research GmbH ZAFER RUEZGAR hold 3 M 43 6 month 05.09.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 08.08.2012Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 06.08.2012Barclays KRISTINA CHURCH equalweight 3 U 48 Not Provided 31.07.2012Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 61 Not Provided 30.07.2012Baader Bank JOSE ASUMENDI hold 3 M 40 12 month 26.07.2012Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 48 Not Provided 26.07.2012Bankhaus Lampe CHRISTIAN LUDWIG hold 3 D 42 12 month 26.07.2012Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 44 12 month 25.07.2012CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 51 Not Provided 17.07.2012HSBC HORST SCHNEIDER neutral 3 M 38 Not Provided 13.07.2012Oddo & Cie FRANCOIS MAURY buy 5 M 50 Not Provided 27.06.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.05.2012Main First Bank AG LOTHAR LUBINETZKI buy 5 M 53 12 month 16.04.2012Deutsche Bank JOCHEN GEHRKE hold 3 M 42 12 month 10.02.2012Cyrrus JAN ROH accumulate 4 U 40 12 month 11.10.2011Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Danone SADANONE S.A. is a food processing company. The Company produces dairy products, Price/Volumebeverages, baby food and clinical/medical nutrition products. 60 12.0 M 50 10.0 M 40 8.0 M 30 6.0 M Valuation AnalysisLatest Fiscal Year: 12/2011 20 4.0 MLTM as of: 06/yy 10 2.0 M52-Week High (04.05.2012) 54.96 0 .0 M52-Week Low (26.09.2011) 43.01 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 381592.00 Current Price (9/dd/yy) 49.6 Market Data 52-Week High % Change -9.78% Dividend Yield - 52-Week Low % Change 15.32% Beta 0.66 % 52 Week Price Range High/Low 58.58% Equity Float 522.40Shares Out 10.09.2012 643.2 Short Int - Market Capitalization 31900.83 1 Yr Total Return 16.61%Total Debt 9031.00 YTD Return 4.84%Preferred Stock 0.0 Adjusted BETA 0.660Minority Interest 98.0 Analyst Recs 42Cash and Equivalents 2141.00 Consensus Rating 3.381Enterprise Value 38888.83 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2249127BN FP EQUITY YTD Change - Average Volume 30 Day 1677556BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1969827 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 12776.0 15220.0 14982.0 17010.0 19318.0 18092.0 20065.0 20867.1 22495.2 5273.6 5188.5 TEV/Revenue 3.17x 2.09x 2.20x 2.11x 1.89x 0.00x 0.00x 1.82x 1.65x - - EBITDA 2116.0 2796.0 2844.0 3194.0 3486.0 0.0 0.0 3645.6 3922.6 - - TEV/EBITDA 19.16x 11.35x 11.61x 11.23x 10.45x 0.00x 0.00x 10.67x 9.92x - - Net Income 4180.0 1313.0 1361.0 1875.0 1671.0 0.0 0.0 1857.0 2034.1 - - P/E 33.03x 19.75x 17.77x 15.42x 17.53x 0.00x 0.00x 16.12x 14.71x - - Profitability S&P Issuer RatingsEBITDA 3486.00 Long-Term Rating Date 25.07.2007EBIT 2843.00 Long-Term Rating A-Operating Margin 14.72% Long-Term Outlook STABLEPretax Margin 12.84% Short-Term Rating Date 11.07.2007Return on Assets 5.92% Short-Term Rating A-2Return on Common Equity 14.02% Credit RatiosReturn on Capital 9.58% EBITDA/Interest Exp. 14.46Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 10.79Margin Analysis Net Debt/EBITDA 1.98Gross Margin 50.6% Total Debt/EBITDA 2.59EBITDA Margin 18.0% ReferenceEBIT Margin 14.7% Total Debt/Equity 74.6%Net Income Margin 8.6% Total Debt/Capital 42.5%Structure Asset Turnover 0.68Current Ratio 0.88 Net Fixed Asset Turnover 5.00Quick Ratio 0.59 Accounts receivable turnover-days 36.89Debt to Assets 31.77% Inventory Days 38.91Tot Debt to Common Equity 74.64% Accounts Payable Turnover Day 97.12Accounts Receivable Turnover 9.89 Cash Conversion Cycle -21.32Inventory Turnover 9.38Price/ Cash Flow Sales/Revenue/Turnover 14.00 25000.0 12.00 20000.0 10.00 15000.0 8.00 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Danone SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMASSACHUSETTS FINANC n/a Research 39168842 6.09 - 08.08.2012 Investment AdvisorGROUPE DANONE n/a Co File 35825460 5.57 - 31.12.2011 CorporationAMUNDI SA n/a Research 28864287 4.49 (3844941) 15.05.2012 OtherLEGENDRE HOLDING 22 n/a Research 17581174 2.73 - 13.07.2010 Holding CompanyEURAZEO n/a Co File 16433370 2.56 - 31.12.2011 Investment AdvisorSOFINA & HENEX GROUP n/a Co File 13584541 2.11 - 31.12.2011 n/aNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11846372 1.84 (667100) 29.06.2012 Mutual Fund ManagerCAISSE DES DEPOTS ET n/a Co File 11688114 1.82 - 31.12.2011 GovernmentCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 10421035 1.62 (82000) 30.06.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9947996 1.55 1066084 30.06.2012 Investment AdvisorFCPE FONDS GROUPE DA n/a Co File 8804680 1.37 - 31.12.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 8565679 1.33 1885823 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 4819241 0.75 (310000) 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4134489 0.64 (1019016) 31.07.2012 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3603166 0.56 (203100) 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 3590633 0.56 1609010 31.03.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 3579022 0.56 - 31.07.2012 Investment AdvisorMFS INVESTMENT MANAG Multiple Portfolios MF-AGG 3306850 0.51 28275 31.07.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3010991 0.47 2562 20.09.2012 Investment AdvisorSOCIETE GEN GESTION n/a Research 2950943 0.46 - 13.05.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley EILEEN KHOO Equalwt/Attractive 3 M 51 12 month 22.09.2012AlphaValue SOPHIE CABO-BROSETA add 4 M 58 6 month 20.09.2012Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 19.09.2012Berenberg Bank JAMES TARGETT hold 3 N 54 Not Provided 17.09.2012RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 48 12 month 14.09.2012Espirito Santo Investment Bank Research MARTIN DOLAN neutral 3 M 47 Not Provided 14.09.2012HSBC CEDRIC BESNARD overweight 5 M 58 Not Provided 12.09.2012Exane BNP Paribas JEFF STENT underperform 1 M 49 Not Provided 11.09.2012Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012Mirabaud Securities JULIAN LAKIN hold 3 M 51 12 month 09.09.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.09.2012Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 04.09.2012Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 69 12 month 29.08.2012Nomura DAVID HAYES buy 5 M 59 12 month 10.08.2012Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 07.08.2012Equita SIM SpA FABIO FAZZARI buy 5 M 58 12 month 02.08.2012Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 30.07.2012Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 30.07.2012Credit Suisse ALEX MOLLOY underperform 1 M 48 Not Provided 30.07.2012Independent Research GmbH LARS LUSEBRINK sell 1 M 48 12 month 30.07.2012Banco Sabadell IGNACIO ROMERO sell 1 M 56 Not Provided 30.07.2012Helvea ANDREAS VON ARX accumulate 4 M 60 12 month 30.07.2012Barclays LIAM ROWLEY overweight 5 M 52 Not Provided 30.07.2012Deutsche Bank JAMES ISENWATER hold 3 M 49 12 month 27.07.2012Jefferies SIMON MARSHALL-LOCKYER hold 3 M 48 12 month 27.07.2012Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012Aurel - BGC JEAN-MARIE LHOME hold 3 M 53 6 month 27.07.2012CM - CIC Securities(ESN) FRANCIS PRETRE hold 3 M 51 12 month 27.07.2012Kepler Capital Markets JON COX buy 5 M 57 Not Provided 27.07.2012S&P Capital IQ CARL SHORT strong buy 5 M 58 12 month 27.07.2012ING Wholesale Banking MARCO GULPERS buy 5 M 55 12 month 27.07.2012Main First Bank AG ALAIN-SEBASTIAN OBERHUBER neutral 3 M 48 12 month 27.07.2012JPMorgan CELINE PANNUTI neutral 3 M 48 3 month 25.07.2012CA Cheuvreux XAVIER CROQUEZ outperform 5 M 53 Not Provided 28.06.2012Natixis PIERRE TEGNER buy 5 M 56 Not Provided 20.06.2012Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 17.05.2012Liberum Capital Ltd PABLO ZUANIC buy 5 M 62 Not Provided 11.05.2012DZ Bank AG ROBERT CZERWENSKY buy 5 M 53 12 month 15.12.2011Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Deutsche Bank AGDeutsche Bank AG is a global financial service provider delivering commercial, Price/Volumeinvestment, private and retail banking. The Bank offers debt, foreign exchange, 45 30.0 Mderivatives, commodities, money markets, repo and securitization, cash equities, 40research, equity prime services, loans, convertibles, advice on M&A and IPOs, 25.0 M 35trade finance, retail banking, asset management and corporate investments. 30 20.0 M 25 15.0 M Valuation Analysis 20Latest Fiscal Year: 12/2011 15 10.0 M 10LTM as of: 06/yy 5.0 M 552-Week High (27.03.2012) 39.51 0 .0 M52-Week Low (26.07.2012) 22.11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 2669077.00 Current Price (9/dd/yy) 32.53 Market Data 52-Week High % Change -17.69% Dividend Yield - 52-Week Low % Change 47.13% Beta 1.33 % 52 Week Price Range High/Low 63.13% Equity Float 893.49Shares Out 30.06.2012 929.5 Short Int - Market Capitalization 30236.62 1 Yr Total Return 44.62%Total Debt 284516.00 YTD Return 13.57%Preferred Stock 0.0 Adjusted BETA 1.333Minority Interest 1270.0 Analyst Recs 44Cash and Equivalents 177928.00 Consensus Rating 3.273Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9306328DBK GY EQUITY YTD Change - Average Volume 30 Day 7969399DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 7855214 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 92159.0 58492.0 45167.0 46151.0 52660.0 51733.6 49286.0 32148.5 33376.4 7431.2 7533.5 TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 6474.0 (3835.0) 4973.0 2310.0 4132.0 2648.0 2903.0 3508.7 4451.3 736.0 745.5 P/E 6.55x 0.00x 6.24x 12.74x 6.61x 16.07x 9.08x 8.77x 7.06x 8.47x 7.63x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 25.01.2012EBIT - Long-Term Rating A+Operating Margin 15.94% Long-Term Outlook NEGPretax Margin 15.30% Short-Term Rating Date 19.12.2008Return on Assets 0.20% Short-Term Rating A-1Return on Common Equity 8.08% Credit RatiosReturn on Capital 1.30% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 532.9%Net Income Margin 11.7% Total Debt/Capital 83.9%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 9.31Quick Ratio - Accounts receivable turnover-days -Debt to Assets 13.15% Inventory Days -Tot Debt to Common Equity 532.90% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 10.00 100000.0 9.00 90000.0 8.00 80000.0 7.00 70000.0 6.00 60000.0 5.00 50000.0 4.00 40000.0 3.00 30000.0 2.00 20000.0 1.00 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Deutsche Bank AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INVESTMENT n/a Co File 47776278 5.14 - 29.02.2012 Investment AdvisorCAPITAL RESEARCH AND n/a Research 27789959 2.99 - 06.01.2012 Investment AdvisorDEUTSCHE BANK AG n/a Co File 24888999 2.68 - 31.12.2011 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 23749465 2.56 24241 20.09.2012 Investment AdvisorDEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 22986901 2.47 963886 30.06.2012 BankDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 20619693 2.22 (13529580) 30.06.2012 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 20445898 2.2 4462906 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16980552 1.83 (3183236) 31.03.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 11476162 1.23 3014593 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 10867004 1.17 573418 30.06.2012 Investment AdvisorRCM CAPITAL MANAGEME RCM CAPITAL MANAGEME 13F 10244520 1.1 10244520 31.03.2012 Investment AdvisorCREDIT SUISSE GROUP n/a Research 9379275 1.01 - 08.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 9089861 0.98 (13500) 30.06.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7643250 0.82 (268096) 29.02.2012 Mutual Fund ManagerJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 6979932 0.75 28713 30.06.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6929849 0.75 (939901) 30.06.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 6920324 0.74 1987772 30.06.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 6698871 0.72 (700) 30.03.2012 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 4814003 0.52 357570 30.06.2012 Investment AdvisorAXA AXA 13F 4270550 0.46 (149705) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRedburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 24.09.2012Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 36 Not Provided 21.09.2012AlphaValue DIETER HEIN buy 5 M 44 6 month 21.09.2012Nord/LB MICHAEL SEUFERT hold 3 M 32 12 month 20.09.2012Credit Suisse AMIT GOEL underperform 1 M 27 Not Provided 20.09.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 35 12 month 20.09.2012Equinet Institutional Services(ESN) PHILIPP HAESSLER buy 5 M 40 12 month 20.09.2012Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 28 12 month 20.09.2012Grupo Santander AURELIA FAURE underweight 1 M 30 Not Provided 18.09.2012RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 35 12 month 18.09.2012Espirito Santo Investment Bank Research ANDREW LIM sell 1 D 27 Not Provided 18.09.2012Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 35 6 month 14.09.2012Oddo & Cie JEAN SASSUS neutral 3 M 33 Not Provided 14.09.2012DZ Bank AG CHRISTOPH BAST buy 5 M 38 12 month 14.09.2012Exane BNP Paribas DANIEL DAVIES neutral 3 M 29 Not Provided 14.09.2012Societe Generale DIRK HOFFMANN-BECKING buy 5 M 36 12 month 13.09.2012JPMorgan KIAN ABOUHOSSEIN neutral 3 M 34 15 month 13.09.2012Natixis ANTOINE BURGARD neutral 3 M 33 Not Provided 13.09.2012Nomura JON PEACE reduce 2 M 35 12 month 13.09.2012S&P Capital IQ FRANK BRADEN hold 3 M 34 12 month 13.09.2012Bankhaus Metzler GUIDO HOYMANN buy 5 M 42 12 month 12.09.2012Kepler Capital Markets DIRK M BECKER buy 5 M 44 Not Provided 12.09.2012Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 11.09.2012Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 37 12 month 10.09.2012HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 M 35 12 month 04.09.2012ING Wholesale Banking TOM VAN KEMPEN buy 5 M 37 12 month 30.08.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 27.08.2012Hamburger Sparkasse CHRISTIAN HAMANN sell 1 D #N/A N/A Not Provided 23.08.2012Macquarie PIERS BROWN underperform 1 M 24 12 month 10.08.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 10.08.2012Barclays JEREMY SIGEE overweight 5 M 31 Not Provided 06.08.2012Mediobanca SpA CHRISTOPHER J WHEELER underperform 1 M 29 12 month 03.08.2012CA Cheuvreux CYRIL MEILLAND underperform 1 M 28 Not Provided 01.08.2012M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 36 12 month 01.08.2012Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 43 12 month 31.07.2012Banco Sabadell MARIO LODOS buy 5 M 41 Not Provided 30.07.2012National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012Canaccord Genuity Corp GARETH HUNT hold 3 M 39 Not Provided 12.07.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012Helvea PETER THORNE neutral 3 M 34 12 month 17.11.2011SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Deutsche Telekom AGDeutsche Telekom AG offers telecommunications services. The Company offers a Price/Volumefull range of fixed-line telephone services, mobile communications services, 12 45.0 MInternet access, and combined information technology and telecommunications 40.0 Mservices for businesses. 10 35.0 M 8 30.0 M 25.0 M 6 Valuation Analysis 20.0 MLatest Fiscal Year: 12/2011 4 15.0 M 10.0 MLTM as of: 06/yy 2 5.0 M52-Week High (20.09.2012) 10.06 0 .0 M52-Week Low (05.06.2012) 7.69 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 4669804.00 Current Price (9/dd/yy) 9.948 Market Data 52-Week High % Change -1.07% Dividend Yield - 52-Week Low % Change 29.40% Beta 0.75 % 52 Week Price Range High/Low 99.16% Equity Float 2923.70Shares Out 30.06.2012 4321.3 Short Int - Market Capitalization 42988.48 1 Yr Total Return 31.40%Total Debt 48318.00 YTD Return 21.84%Preferred Stock 0.0 Adjusted BETA 0.748Minority Interest 4647.0 Analyst Recs 41Cash and Equivalents 6122.00 Consensus Rating 3.341Enterprise Value 90196.48 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 22689560DTE GY EQUITY YTD Change - Average Volume 30 Day 13228170DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 14048550 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 62516.0 61666.0 64602.0 62421.0 58653.0 60150.0 58392.0 58107.0 57272.4 14563.8 14561.7 TEV/Revenue 1.72x 1.49x 1.46x 1.48x 1.45x 6.33x 5.86x 1.50x 1.49x 6.24x 6.15x EBITDA 16466.0 17535.0 17335.0 17726.0 20202.0 16746.0 19292.0 18005.4 17778.5 4621.3 4353.0 TEV/EBITDA 6.52x 5.24x 5.46x 5.20x 4.22x 5.80x 4.38x 5.01x 5.08x 5.02x 5.07x Net Income 571.0 1483.0 353.0 1695.0 557.0 1281.0 581.0 2645.0 2754.9 647.0 472.5 P/E 115.62x 31.62x 128.63x 24.76x 68.19x 37.19x 61.67x 15.99x 15.42x 16.50x 17.45x Profitability S&P Issuer RatingsEBITDA 20202.00 Long-Term Rating Date 19.05.2008EBIT 6806.00 Long-Term Rating BBB+Operating Margin 11.60% Long-Term Outlook STABLEPretax Margin 5.15% Short-Term Rating Date 08.04.2002Return on Assets 0.44% Short-Term Rating A-2Return on Common Equity 1.52% Credit RatiosReturn on Capital 1.37% EBITDA/Interest Exp. 7.79Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 5.26Margin Analysis Net Debt/EBITDA 2.09Gross Margin 42.2% Total Debt/EBITDA 2.39EBITDA Margin 34.4% ReferenceEBIT Margin 11.6% Total Debt/Equity 136.9%Net Income Margin 0.9% Total Debt/Capital 54.7%Structure Asset Turnover 0.47Current Ratio 0.65 Net Fixed Asset Turnover 1.36Quick Ratio 0.52 Accounts receivable turnover-days 41.45Debt to Assets 39.43% Inventory Days 12.89Tot Debt to Common Equity 136.90% Accounts Payable Turnover Day 71.49Accounts Receivable Turnover 8.80 Cash Conversion Cycle -17.15Inventory Turnover 28.31Price/ Cash Flow Sales/Revenue/Turnover 4.00 70000.0 3.50 60000.0 3.00 50000.0 2.50 40000.0 2.00 30000.0 1.50 20000.0 1.00 10000.0 0.50 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Deutsche Telekom AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKREDITANSTALT FUER W n/a Co File 741424370 17.16 - 31.12.2010 Investment AdvisorFEDERAL REPUBLIC OF n/a Co File 654197974 15.14 - 31.12.2010 GovernmentBLACKSTONE GROUP LP n/a Research 191700000 4.44 - 03.08.2012 Hedge Fund ManagerBLACKROCK INC n/a Research 127933931 2.96 - 25.07.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 77552127 1.79 2968 20.09.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 51600000 1.19 6400000 31.12.2010 Pension Fund (ERISA)VANGUARD GROUP INC Multiple Portfolios MF-AGG 32341492 0.75 1523414 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 25734937 0.6 - 20.09.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 21439004 0.5 (660448) 20.09.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 14081836 0.33 - 30.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13696938 0.32 193883 20.09.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13621398 0.32 3434137 01.04.2012 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 13570258 0.31 6978052 31.03.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 12409226 0.29 (41616) 29.02.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 9877368 0.23 (2281624) 30.03.2012 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 8997430 0.21 966903 30.06.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8645909 0.2 - 20.09.2012 Investment AdvisorDEUTSCHE BANK AG n/a Research 7243381 0.17 - 19.06.2012 Investment AdvisorETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 6853599 0.16 141283 31.08.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 6473513 0.15 734600 31.07.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays JONATHAN DANN overweight 5 M 11 Not Provided 24.09.2012Grupo Santander STEPHANE SCHLATTER underweight 1 M 9 Not Provided 20.09.2012Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 9 12 month 20.09.2012AlphaValue HEINZ STEFFEN add 4 M 12 6 month 20.09.2012Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 10 Not Provided 19.09.2012JPMorgan HANNES C WITTIG neutral 3 M 10 3 month 18.09.2012Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 10 Not Provided 18.09.2012Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 12 12 month 17.09.2012Bankhaus Metzler ULRICH TRABERT buy 5 M 11 12 month 17.09.2012Nomura FREDERIC BOULAN buy 5 M 11 12 month 17.09.2012Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 11 12 month 14.09.2012Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 13.09.2012Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 07.09.2012Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 30.08.2012Credit Suisse JUSTIN FUNNELL neutral 3 M 9 Not Provided 29.08.2012Nord/LB JAN CHRISTIAN GOEHMANN hold 3 M 10 12 month 22.08.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 21.08.2012National Bank AG MANFRED JAISFELD hold 3 M 10 Not Provided 15.08.2012Goldman Sachs HUGH I MCCAFFREY neutral/neutral 3 M 9 12 month 13.08.2012RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 10.08.2012Macquarie GUY R PEDDY underperform 1 M 7 12 month 10.08.2012Espirito Santo Investment Bank Research WILL DRAPER sell 1 M 7 Not Provided 10.08.2012Natixis JACQUES DE GRELING reduce 2 M 8 Not Provided 10.08.2012DZ Bank AG JOERI SELS sell 1 M 7 12 month 10.08.2012Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 10 Not Provided 10.08.2012Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 09.08.2012Jefferies ULRICH RATHE buy 5 M 10 12 month 09.08.2012Independent Research GmbH MARKUS FRIEBEL hold 3 M 10 12 month 09.08.2012M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 09.08.2012Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 09.08.2012S&P Capital IQ ALEXANDER WISCH hold 3 M 10 12 month 09.08.2012ING Wholesale Banking JEFFREY VONK hold 3 M 9 12 month 09.08.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 16.05.2012Main First Bank AG MARK DIETHELM suspended coverage #N/A N/A M #N/A N/A Not Provided 04.05.2012Kepler Capital Markets THOMAS KARLOVITS buy 5 M 13 Not Provided 24.04.2012Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 Not Provided 17.04.2012HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 11.04.2012CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 21.02.2012Steubing AG TEAM COVERAGE buy 5 N #N/A N/A Not Provided 04.01.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012E.ON AGE.ON AG operates in power generation and gas production businesses. The Price/VolumeCompanys operations include electric generation at conventional, nuclear, and 25 40.0 Mrenewable-source facilities, electric transmission via high-voltage wires 35.0 Mnetwork, regional distribution of electricity, gas, and heat, power trading and 20 30.0 Melectricity, gas, and heat sales. 15 25.0 M 20.0 M Valuation Analysis 10 15.0 MLatest Fiscal Year: 12/2011 10.0 MLTM as of: 06/yy 5 5.0 M52-Week High (14.09.2012) 19.74 0 .0 M52-Week Low (05.06.2012) 14.05 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 2632109.00 Current Price (9/dd/yy) 18.96 Market Data 52-Week High % Change -3.95% Dividend Yield - 52-Week Low % Change 34.95% Beta 1.10 % 52 Week Price Range High/Low 88.75% Equity Float 1821.91Shares Out 30.06.2012 2001.0 Short Int - Market Capitalization 37938.96 1 Yr Total Return 38.42%Total Debt 29914.00 YTD Return 20.90%Preferred Stock 0.0 Adjusted BETA 1.096Minority Interest 3876.0 Analyst Recs 41Cash and Equivalents 6931.00 Consensus Rating 3.732Enterprise Value 68108.96 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9138119EOAN GY EQUITY YTD Change - Average Volume 30 Day 6967868EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 7997155 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 68731.0 86753.0 81817.0 92863.0 112954.0 101064.0 125308.0 111495.1 111747.8 26877.0 49333.5 TEV/Revenue 1.64x 1.08x 1.11x 0.78x 0.52x 2.77x 1.92x 0.56x 0.55x - - EBITDA 11063.0 5403.0 12703.0 13006.0 11180.0 7433.0 8585.0 10716.6 11218.8 2216.0 2038.0 TEV/EBITDA 10.16x 17.28x 7.18x 5.56x 5.24x 8.43x 7.27x 6.37x 6.08x - - Net Income 7204.0 1266.0 8396.0 5853.0 (2219.0) 2633.0 (4.0) 4108.5 3464.8 842.0 113.0 P/E 13.80x 37.92x 6.50x 6.53x 0.00x 10.70x 0.00x 8.75x 10.51x - - Profitability S&P Issuer RatingsEBITDA 11180.00 Long-Term Rating Date 27.07.2012EBIT 4099.00 Long-Term Rating A-Operating Margin 3.63% Long-Term Outlook STABLEPretax Margin -2.58% Short-Term Rating Date 27.07.2012Return on Assets -1.45% Short-Term Rating A-2Return on Common Equity -5.73% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 3.58Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 1.59Margin Analysis Net Debt/EBITDA 2.06Gross Margin - Total Debt/EBITDA 2.68EBITDA Margin 9.9% ReferenceEBIT Margin 3.6% Total Debt/Equity 83.7%Net Income Margin -2.0% Total Debt/Capital 43.0%Structure Asset Turnover 0.74Current Ratio 1.10 Net Fixed Asset Turnover 1.94Quick Ratio 0.54 Accounts receivable turnover-days 54.75Debt to Assets 19.57% Inventory Days -Tot Debt to Common Equity 83.71% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.67 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 9.00 120000.0 8.00 100000.0 7.00 6.00 80000.0 5.00 60000.0 4.00 3.00 40000.0 2.00 20000.0 1.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012E.ON AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a Research 108526159 5.42 - 04.05.2012 Investment AdvisorE.ON AG n/a EXCH 95647800 4.78 - 04.08.2011 CorporationSTATKRAFT REGIONAL H n/a EXCH 83441700 4.17 - 04.08.2011 n/aBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 49509257 2.47 1992 20.09.2012 Investment AdvisorCREDIT SUISSE AG n/a Research 46680225 2.33 - 09.05.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 29246572 1.46 252960 30.06.2012 Investment AdvisorMORGAN STANLEY n/a Research 25888854 1.29 - 10.05.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 25104987 1.25 1405038 31.08.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 23094035 1.15 (162000) 31.08.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 21420467 1.07 967343 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 16360965 0.82 (9542) 20.09.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 14121055 0.71 (41000) 30.03.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 11193681 0.56 440315 31.07.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 8464949 0.42 (77361) 30.04.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7890770 0.39 761294 29.02.2012 Mutual Fund ManagerALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 6265891 0.31 (68255) 30.04.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5807067 0.29 - 20.09.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4727449 0.24 (409000) 31.07.2012 Mutual Fund ManagerCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 4200000 0.21 - 30.06.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 4192368 0.21 1271320 31.07.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets JOHN MUSK sector perform 3 M 19 12 month 21.09.2012Nomura MARTIN YOUNG buy 5 M 22 Not Provided 21.09.2012Redburn Partners AHMED FARMAN neutral 3 N #N/A N/A Not Provided 20.09.2012AlphaValue EILEEN RYAN add 4 M 23 6 month 20.09.2012Hamburger Sparkasse ANNEMARIE SCHLUETER buy 5 M #N/A N/A Not Provided 18.09.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.09.2012Kepler Capital Markets INGO BECKER reduce 2 D 17 Not Provided 14.09.2012Berenberg Bank ROBERT CHANTRY sell 1 D 19 Not Provided 13.09.2012Main First Bank AG ANDREAS THIELEN buy 5 M 21 12 month 10.09.2012Societe Generale ALBERTO PONTI buy 5 M 21 12 month 07.09.2012Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 22 Not Provided 07.09.2012Raymond James EMMANUEL RETIF outperform 5 M 18 12 month 04.09.2012Barclays PETER BISZTYGA underweight 1 M 16 Not Provided 03.09.2012Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 18 6 month 30.08.2012Equinet Institutional Services(ESN) MICHAEL SCHAEFER accumulate 4 M 20 12 month 29.08.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 27.08.2012Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 26 12 month 23.08.2012Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 M 21 Not Provided 23.08.2012Grupo Santander OSCAR NAJAR RIOS buy 5 M 22 Not Provided 16.08.2012Baader Bank KARIN BRINKMANN hold 3 M 19 12 month 16.08.2012Independent Research GmbH SVEN DIERMEIER hold 3 M 19 12 month 16.08.2012Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 18 12 month 14.08.2012Nord/LB HEINO HAMMANN buy 5 M 20 12 month 14.08.2012Macquarie MATTHIAS HECK neutral 3 M 19 12 month 14.08.2012CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012M.M. Warburg Investment Research STEPHAN WULF buy 5 M 21 12 month 14.08.2012Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 21 12 month 14.08.2012S&P Capital IQ CLIVE ROBERTS buy 5 M 21 12 month 14.08.2012DZ Bank AG HASIM SENGUEL buy 5 M 21 12 month 14.08.2012Credit Suisse VINCENT GILLES neutral 3 M 18 Not Provided 13.08.2012National Bank AG STEFFEN MANSKE hold 3 M 20 Not Provided 13.08.2012Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 Not Provided 30.07.2012JPMorgan VINCENT DE BLIC neutral 3 M 19 3 month 19.07.2012HSBC ADAM DICKENS overweight 5 M 20 Not Provided 11.07.2012Natixis PHILIPPE OURPATIAN reduce 2 M 15 Not Provided 04.07.2012Oddo & Cie STEPHANE LACAZE neutral 3 M 18 Not Provided 09.05.2012Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012Deutsche Bank ALEXANDER KARNICK buy 5 M 21 12 month 12.03.2012Dolmen Stockbrokers IAN G HUNTER buy 5 M 19 Not Provided 14.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Enel SpAEnel S.p.A. generates, transmits, distributes, and trades electricity. The Price/VolumeCompany operates hydroelectric, geothermal, and other generating plants. Enel, 4 300.0 Mthrough subsidiaries, also provides fixed-line and mobile telephone services, 4installs public lighting systems, and operates real estate, factoring, 250.0 M 3insurance, telecommunications, and Internet service provider businesses. 200.0 M 3 2 150.0 M Valuation Analysis 2Latest Fiscal Year: 12/2011 100.0 M 1LTM as of: 06/yy 50.0 M 152-Week High (13.10.2011) 3.62 0 .0 M52-Week Low (24.07.2012) 2.02 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 19695619.00 Current Price (9/dd/yy) 2.994 Market Data 52-Week High % Change -17.20% Dividend Yield - 52-Week Low % Change 48.22% Beta 0.96 % 52 Week Price Range High/Low 60.15% Equity Float 6465.37Shares Out 30.06.2012 9403.4 Short Int - Market Capitalization 28153.65 1 Yr Total Return 13.97%Total Debt 65481.00 YTD Return 1.99%Preferred Stock 0.0 Adjusted BETA 0.956Minority Interest 15650.0 Analyst Recs 35Cash and Equivalents 7015.00 Consensus Rating 3.086Enterprise Value 105261.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 56920140ENEL IM EQUITY YTD Change - Average Volume 30 Day 51358410ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 55031240 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 42734.0 59577.0 62498.0 71943.0 77573.0 74892.0 80353.0 75712.4 76691.3 - 20178.0 TEV/Revenue 2.76x 1.53x 1.85x 1.56x 1.34x 6.06x 5.07x 1.16x 1.12x - - EBITDA 9694.0 13722.0 15883.0 16768.0 17198.0 16836.0 16518.0 16365.0 16518.7 - 4206.0 TEV/EBITDA 12.17x 6.63x 7.29x 6.68x 6.03x 6.81x 6.12x 6.43x 6.37x - - Net Income 3916.0 5293.0 5586.0 4390.0 4148.0 4517.0 3417.0 3407.1 3503.2 - 1162.0 P/E 13.46x 5.54x 5.90x 8.01x 7.13x 9.39x 7.04x 8.19x 8.25x - - Profitability S&P Issuer RatingsEBITDA 17198.00 Long-Term Rating Date 08.03.2012EBIT 11366.00 Long-Term Rating BBB+Operating Margin 14.65% Long-Term Outlook STABLEPretax Margin 10.88% Short-Term Rating Date 14.12.2007Return on Assets 2.46% Short-Term Rating A-2Return on Common Equity 10.82% Credit RatiosReturn on Capital 5.93% EBITDA/Interest Exp. 6.25Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.72Margin Analysis Net Debt/EBITDA 3.40Gross Margin - Total Debt/EBITDA 3.81EBITDA Margin 22.2% ReferenceEBIT Margin 14.7% Total Debt/Equity 168.8%Net Income Margin 5.3% Total Debt/Capital 54.6%Structure Asset Turnover 0.46Current Ratio 0.88 Net Fixed Asset Turnover 0.98Quick Ratio 0.46 Accounts receivable turnover-days 56.64Debt to Assets 38.56% Inventory Days -Tot Debt to Common Equity 168.81% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.44 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 5.00 90000.0 4.50 80000.0 4.00 70000.0 3.50 60000.0 3.00 50000.0 2.50 40000.0 2.00 30000.0 1.50 20000.0 1.00 10000.0 0.50 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Enel SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMINISTERO DELLECONO n/a EXCH 2937984993 31.24 - 29.08.2012 GovernmentBLACKROCK ADVISORS U n/a EXCH 105881805 1.13 - 29.08.2012 Investment AdvisorBLACKROCK INSTL TRUS n/a EXCH 76825430 0.82 - 29.08.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 75856497 0.81 3521476 30.06.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 73068938 0.78 4810049 31.08.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 68635815 0.73 2688666 31.07.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 42620730 0.45 (30856) 20.09.2012 Investment AdvisorBLACKROCK FUND ADVIS n/a EXCH 33569986 0.36 - 29.08.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 18964320 0.2 6344 20.09.2012 Investment AdvisorBLACKROCK ASSET MGMT n/a EXCH 18148480 0.19 - 29.08.2012 n/aMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17195872 0.18 - 20.09.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 16536590 0.18 (127499) 20.09.2012 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 15142919 0.16 - 29.02.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 13067856 0.14 (10229000) 30.06.2012 Investment AdvisorARCA SGR SPA Multiple Portfolios MF-AGG 12310175 0.13 288595 31.08.2012 Mutual Fund ManagerPARVEST INVESTMENT M Multiple Portfolios MF-AGG 11614926 0.12 11598871 30.04.2012 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 11001928 0.12 - 29.08.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 10059637 0.11 5904498 31.03.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9176619 0.1 (3158) 23.08.2012 Mutual Fund ManagerFIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 8859641 0.09 1176853 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMediobanca SpA MARIA BEATRICE GEROSA neutral 3 M 3 Not Provided 21.09.2012Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 4 12 month 21.09.2012Banca IMI ROBERTO RANIERI buy 5 M 3 12 month 21.09.2012Independent Research GmbH SVEN DIERMEIER hold 3 M 3 6 month 21.09.2012ICBPI. SIMONA PEDRAZZINI neutral 3 M 3 12 month 21.09.2012Societe Generale ALBERTO PONTI buy 5 M 4 12 month 20.09.2012AlphaValue MYRIAM COHEN buy 5 U 4 6 month 20.09.2012Nomura JAVIER SUAREZ reduce 2 M 3 Not Provided 18.09.2012Day by Day VALERIE GASTALDY buy 5 M 3 3 month 18.09.2012Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 3 12 month 17.09.2012Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 17.09.2012Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 17.09.2012Exane BNP Paribas JOSE JAVIER RUIZ FERNANDEZ underperform 1 M 3 Not Provided 17.09.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 11.09.2012Barclays SUSANNA INVERNIZZI equalweight 3 M 3 Not Provided 03.09.2012Grupo Santander OSCAR NAJAR RIOS hold 3 M 3 Not Provided 10.08.2012S&P Capital IQ CLIVE ROBERTS buy 5 M 4 12 month 07.08.2012Raymond James EMMANUEL RETIF market perform 3 M 3 Not Provided 03.08.2012Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012HSBC ADAM DICKENS underweight 1 M 2 Not Provided 18.07.2012CA Cheuvreux FRANCESCA PEZZOLI underperform 1 M 3 Not Provided 14.06.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 05.06.2012Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 11.05.2012Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 10.05.2012Oddo & Cie STEPHANE LACAZE neutral 3 M 3 Not Provided 21.03.2012Centrobanca EDOARDO MONTALBANO sell 1 D 3 12 month 14.03.2012Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 09.03.2012Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012JPMorgan JAVIER GARRIDO neutral 3 D 4 3 month 16.02.2012DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Eni SpAEni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North Price/VolumeSea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces 20 80.0 Mnatural gas and imports it for sale in Italy and elsewhere in Europe. Eni 18 70.0 Mtransports natural gas in pipelines. The Company generates and trades 16 60.0 Melectricity, refines oil, and operates gasoline service stations. 14 12 50.0 M 10 40.0 M Valuation Analysis 8 30.0 MLatest Fiscal Year: 12/2011 6 20.0 MLTM as of: 06/yy 4 2 10.0 M52-Week High (19.03.2012) 18.72 0 .0 M52-Week Low (26.09.2011) 12.15 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 8035810.00 Current Price (9/dd/yy) 18.03 Market Data 52-Week High % Change -3.63% Dividend Yield - 52-Week Low % Change 48.40% Beta 0.85 % 52 Week Price Range High/Low 97.56% Equity Float 2532.63Shares Out 16.07.2012 3634.2 Short Int - Market Capitalization 65524.36 1 Yr Total Return 55.20%Total Debt 29597.00 YTD Return 19.91%Preferred Stock 0.0 Adjusted BETA 0.846Minority Interest 4921.0 Analyst Recs 36Cash and Equivalents 1762.00 Consensus Rating 3.917Enterprise Value 97626.36 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 39746380ENI IM EQUITY YTD Change - Average Volume 30 Day 19413940ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 16139000 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 87256.0 108082.0 83227.0 98523.0 109589.0 103343.0 119417.0 119821.7 122490.3 30833.0 31261.0 TEV/Revenue 1.25x 0.74x 1.10x 0.91x 0.83x 3.49x 3.07x 0.74x 0.69x 2.50x 2.35x EBITDA 25897.0 26939.0 20817.0 24992.0 25732.0 24420.0 26157.0 30310.6 30456.3 6171.5 7143.0 TEV/EBITDA 4.20x 2.98x 4.39x 3.58x 3.53x 3.93x 3.80x 3.22x 3.21x 3.60x 3.51x Net Income 10011.0 8825.0 4367.0 6318.0 6860.0 6073.0 6903.0 7657.4 7919.7 1683.5 2098.3 P/E 9.18x 6.89x 14.71x 9.39x 8.47x 9.48x 9.18x 8.63x 8.19x 8.61x 8.35x Profitability S&P Issuer RatingsEBITDA 25732.00 Long-Term Rating Date 17.01.2012EBIT 17435.00 Long-Term Rating AOperating Margin 15.91% Long-Term Outlook NEGPretax Margin 16.86% Short-Term Rating Date 19.05.2010Return on Assets 4.99% Short-Term Rating A-1Return on Common Equity 12.86% Credit RatiosReturn on Capital 9.44% EBITDA/Interest Exp. 27.91Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 15.26Margin Analysis Net Debt/EBITDA 1.08Gross Margin - Total Debt/EBITDA 1.15EBITDA Margin 23.5% ReferenceEBIT Margin 15.9% Total Debt/Equity 53.4%Net Income Margin 6.3% Total Debt/Capital 32.9%Structure Asset Turnover 0.80Current Ratio 1.08 Net Fixed Asset Turnover 1.55Quick Ratio 0.55 Accounts receivable turnover-days 58.17Debt to Assets 20.71% Inventory Days -Tot Debt to Common Equity 53.35% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.27 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 7.00 120000.0 6.00 100000.0 5.00 80000.0 4.00 60000.0 3.00 40000.0 2.00 20000.0 1.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Eni SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCASSA DEPOSITI E PRE n/a EXCH 958298322 26.37 (36136406) 19.09.2012 OtherMINISTERO DELLECONO n/a EXCH 142968850 3.93 - 19.09.2012 GovernmentBANCA IMI n/a EXCH 83077476 2.29 - 19.09.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 38593855 1.06 454252 31.07.2012 Investment AdvisorBLACKROCK ADVISORS U n/a EXCH 35687700 0.98 - 19.09.2012 Investment AdvisorBNP PARIBAS ARBITRAG n/a EXCH 35542332 0.98 - 19.09.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 33395000 0.92 1520000 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 32155070 0.88 1368094 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO n/a EXCH 28819089 0.79 - 19.09.2012 Investment AdvisorBNP PARIBAS SA n/a EXCH 28455671 0.78 - 19.09.2012 BankBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 24276415 0.67 (351727) 20.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13446429 0.37 (1150443) 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 12907094 0.36 (562284) 30.06.2012 Investment AdvisorBLACKROCK FUND ADVIS n/a EXCH 12319888 0.34 - 19.09.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11962183 0.33 1040259 01.04.2012 Mutual Fund ManagerBNP PAR SEC SER SA n/a EXCH 11484026 0.32 - 19.09.2012 n/aTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 11151200 0.31 - 30.06.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 11132300 0.31 737900 31.08.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 9919066 0.27 2636 20.09.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7881912 0.22 (610917) 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue ALEXANDRE ANDLAUER add 4 M 20 6 month 24.09.2012Banca IMI ROBERTO RANIERI buy 5 M 21 12 month 21.09.2012Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 21.09.2012Independent Research GmbH SVEN DIERMEIER hold 3 M 18 12 month 21.09.2012Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 21.09.2012Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 20.09.2012JPMorgan NITIN SHARMA overweight 5 M 22 9 month 20.09.2012ICBPI. LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 20.09.2012Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 18.09.2012Jefferies IAIN REID hold 3 M 20 12 month 17.09.2012Canaccord Genuity Corp GORDON GRAY sell 1 D 17 12 month 05.09.2012Kepler Capital Markets ROBERTO MASCARELLO hold 3 M 18 Not Provided 03.09.2012Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 03.09.2012Barclays RAHIM KARIM equalweight 3 U 21 Not Provided 30.08.2012Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 27.08.2012Exane BNP Paribas CHARLES RIOU underperform 1 M 19 Not Provided 16.08.2012Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 14.08.2012CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 08.08.2012Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 20 Not Provided 06.08.2012Societe Generale IRENE HIMONA buy 5 M 20 12 month 02.08.2012RBC Capital Markets PETER HUTTON sector perform 3 M 19 12 month 02.08.2012Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 02.08.2012Macquarie JASON D GAMMEL neutral 3 M 19 12 month 02.08.2012S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 01.08.2012Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 Not Provided 30.07.2012Natixis ANNE PUMIR buy 5 M 21 Not Provided 13.07.2012Investec STUART JOYNER sell 1 M 15 12 month 02.07.2012Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 19 12 month 01.07.2012Day by Day VALERIE GASTALDY buy 5 U 18 3 month 29.06.2012Goldman Sachs MICHELE DELLA VIGNA buy/attractive 5 M 25 12 month 01.06.2012National Bank AG MANFRED JAISFELD hold 3 D 17 Not Provided 24.05.2012Equita SIM SpA DOMENICO GHILOTTI hold 3 M 21 12 month 04.05.2012Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Cie Generale dOptique Essilor International SAEssilor International SA manufactures and sells plastic and glass ophthalmic Price/Volumelenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and 80 9.0 MCrizal lenses. Essilor sells its products internationally. 8.0 M 70 60 7.0 M 6.0 M 50 5.0 M 40 Valuation Analysis 4.0 M 30Latest Fiscal Year: 12/2011 3.0 M 20 2.0 MLTM as of: 09/yy 10 1.0 M52-Week High (19.06.2012) 75.52 0 .0 M52-Week Low (13.10.2011) 50.30 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 229422.00 Current Price (9/dd/yy) 73.25 Market Data 52-Week High % Change -3.02% Dividend Yield - 52-Week Low % Change 45.63% Beta 0.51 % 52 Week Price Range High/Low 95.36% Equity Float 195.47Shares Out 19.07.2012 213.1 Short Int - Market Capitalization 15607.52 1 Yr Total Return 40.11%Total Debt 915.73 YTD Return 35.95%Preferred Stock 0.0 Adjusted BETA 0.507Minority Interest 132.9 Analyst Recs 21Cash and Equivalents 397.77 Consensus Rating 3.286Enterprise Value 16466.48 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 691588EI FP EQUITY YTD Change - Average Volume 30 Day 596393EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 643380 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 Total Revenue 2908.1 3074.4 3268.0 3891.6 4189.5 1628.1 3765.6 4939.8 5361.4 - 1657.0 TEV/Revenue 3.05x 2.30x 2.68x 2.68x 2.87x 0.00x 0.00x 3.26x 2.96x - - EBITDA 638.5 696.7 754.4 900.2 919.3 0.0 0.0 1057.4 1154.9 - - TEV/EBITDA 13.87x 10.16x 11.63x 11.58x 13.09x 0.00x 0.00x 15.60x 14.28x - - Net Income 366.7 382.4 390.7 462.0 505.6 0.0 0.0 590.7 655.7 - 295.0 P/E 24.52x 18.15x 22.09x 21.90x 22.36x 0.00x 0.00x 26.05x 23.43x - - Profitability S&P Issuer RatingsEBITDA 919.35 Long-Term Rating Date -EBIT 724.97 Long-Term Rating -Operating Margin 17.30% Long-Term Outlook -Pretax Margin 16.65% Short-Term Rating Date -Return on Assets 8.89% Short-Term Rating -Return on Common Equity 15.99% Credit RatiosReturn on Capital 13.04% EBITDA/Interest Exp. 66.12Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 51.40Margin Analysis Net Debt/EBITDA 0.56Gross Margin 55.4% Total Debt/EBITDA 1.00EBITDA Margin 21.9% ReferenceEBIT Margin 17.3% Total Debt/Equity 27.5%Net Income Margin 12.1% Total Debt/Capital 20.9%Structure Asset Turnover 0.74Current Ratio 1.26 Net Fixed Asset Turnover 4.57Quick Ratio 0.21 Accounts receivable turnover-days -Debt to Assets 14.87% Inventory Days 136.66Tot Debt to Common Equity 27.54% Accounts Payable Turnover Day 154.50Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 2.67Price/ Cash Flow Sales/Revenue/Turnover 25.00 4500.0 4000.0 20.00 3500.0 3000.0 15.00 2500.0 2000.0 10.00 1500.0 1000.0 5.00 500.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Cie Generale dOptique Essilor International SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFCPE VALOPTEC INTERN n/a Co File 6263487 2.94 - 31.12.2011 n/aCIE GENERALE DOPTIQ n/a Co File 5363126 2.52 - 31.12.2011 CorporationFCPE GROUPE ESSILOR n/a Co File 5269233 2.47 - 31.12.2011 n/aHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4201430 1.97 - 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4005730 1.88 124607 30.06.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3815611 1.79 165246 29.06.2012 Mutual Fund ManagerCARMIGNAC GESTION Multiple Portfolios MF-AGG 3406341 1.6 (349985) 29.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2046775 0.96 (27190) 31.07.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 1556378 0.73 (654922) 29.02.2012 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 1205578 0.57 (22383) 30.06.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1192024 0.56 (1040596) 30.06.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1100604 0.52 890 20.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1059442 0.5 (170923) 30.06.2012 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1033903 0.49 (820) 29.02.2012 Investment AdvisorARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 1018613 0.48 (380619) 30.04.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1002000 0.47 - 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 907217 0.43 (39002) 20.09.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 862182 0.4 - 31.07.2012 Mutual Fund ManagerRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 859258 0.4 41199 31.08.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 723686 0.34 13810 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue ARMELLE MOULIN reduce 2 M 67 6 month 20.09.2012Berenberg Bank BASSEL CHOUGHARI hold 3 N 72 Not Provided 18.09.2012Jefferies INGEBORG OIE hold 3 M 68 12 month 11.09.2012Raymond James MARC WILLAUME outperform 5 M 74 Not Provided 10.09.2012Morgan Stanley ANDREW OLANOW Underwt/Attractive 1 M 45 12 month 05.09.2012Societe Generale MARIE-LINE FORT hold 3 M 69 12 month 03.09.2012Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 72 6 month 03.09.2012Day by Day VALERIE GASTALDY buy 5 U 75 3 month 03.09.2012Exane BNP Paribas JULIEN DORMOIS outperform 5 M 76 Not Provided 03.09.2012Kepler Capital Markets CLAIRE DERAY reduce 2 M 62 Not Provided 02.09.2012Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 N 66 12 month 31.08.2012S&P Capital IQ JACOB THRANE buy 5 M 79 12 month 31.08.2012Natixis STEPHANE SUMAR buy 5 M 80 Not Provided 02.07.2012Redburn Partners PASCAL HAUTCOEUR neutral 3 M #N/A N/A Not Provided 25.06.2012Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 74 12 month 21.05.2012BPI HUBERT DAILLIERES hold 3 M 65 Not Provided 24.04.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 03.04.2012CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 15.03.2012HSBC SOPHIE DARGNIES underweight 1 M 58 Not Provided 30.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012France Telecom SAFrance Telecom SA provides telecommunications services to residential, Price/Volumeprofessional, and large business customers. The Company offers public 16 40.0 Mfixed-line telephone, leased lines and data transmission, mobile 14 35.0 Mtelecommunications, cable television, Internet and wireless applications, and 12 30.0 Mbroadcasting services, and telecommunications equipment sales and rentals. 10 25.0 M 8 20.0 M Valuation Analysis 6 15.0 MLatest Fiscal Year: 12/2011 4 10.0 MLTM as of: 06/yy 2 5.0 M52-Week High (28.10.2011) 13.60 0 .0 M52-Week Low (08.06.2012) 9.45 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 3133737.00 Current Price (9/dd/yy) 9.769 Market Data 52-Week High % Change -28.13% Dividend Yield 14.13 52-Week Low % Change 3.38% Beta 0.83 % 52 Week Price Range High/Low 10.00% Equity Float 1934.51Shares Out 30.06.2012 2648.9 Short Int - Market Capitalization 25876.96 1 Yr Total Return -3.09%Total Debt 39373.00 YTD Return -8.16%Preferred Stock 0.0 Adjusted BETA 0.833Minority Interest 2019.0 Analyst Recs 36Cash and Equivalents 8992.00 Consensus Rating 3.250Enterprise Value 59281.96 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 15198070FTE FP EQUITY YTD Change - Average Volume 30 Day 9461248FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 9363793 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 52959.0 46712.0 44845.0 45503.0 45277.0 46336.0 44551.0 43386.9 42405.7 10814.6 10729.5 TEV/Revenue 2.00x 1.92x 1.82x 1.64x 1.42x 0.00x 0.00x 1.35x 1.36x 5.36x 5.32x EBITDA 19247.0 17300.0 14480.0 15291.0 15019.0 0.0 0.0 13759.6 13310.9 3591.0 3617.0 TEV/EBITDA 5.49x 5.18x 5.64x 4.89x 4.29x 0.00x 0.00x 4.31x 4.46x 4.36x 4.41x Net Income 6300.0 4073.0 3018.0 4880.0 3895.0 0.0 0.0 3443.0 3343.5 882.0 819.0 P/E 10.17x 14.20x 16.37x 10.83x 8.26x 0.00x 0.00x 7.60x 7.92x 8.01x 8.01x Profitability S&P Issuer RatingsEBITDA 15019.00 Long-Term Rating Date 10.02.2005EBIT 8284.00 Long-Term Rating A-Operating Margin 18.30% Long-Term Outlook NEGPretax Margin 13.06% Short-Term Rating Date 14.05.2003Return on Assets 4.09% Short-Term Rating A-2Return on Common Equity 13.75% Credit RatiosReturn on Capital 7.56% EBITDA/Interest Exp. 7.27Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 4.02Margin Analysis Net Debt/EBITDA 2.02Gross Margin - Total Debt/EBITDA 2.62EBITDA Margin 33.2% ReferenceEBIT Margin 18.3% Total Debt/Equity 142.8%Net Income Margin 8.6% Total Debt/Capital 57.1%Structure Asset Turnover 0.48Current Ratio 0.76 Net Fixed Asset Turnover 1.87Quick Ratio 0.51 Accounts receivable turnover-days 42.33Debt to Assets 40.98% Inventory Days -Tot Debt to Common Equity 142.80% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.62 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 4.00 60000.0 3.50 50000.0 3.00 40000.0 2.50 2.00 30000.0 1.50 20000.0 1.00 10000.0 0.50 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012France Telecom SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFONDS STRATEGIQUE D n/a Co File 357526133 13.5 - 31.12.2010 Investment AdvisorFRENCH STATE n/a Co File 356757953 13.47 - 31.12.2010 GovernmentSOCIETE GENERALE n/a Research 132135951 4.99 (27339807) 16.05.2012 BankAMUNDI n/a Research 129217007 4.88 (3894321) 11.06.2012 Investment AdvisorDEUTSCHE BANK AG n/a Research 86041367 3.25 - 31.08.2010 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 40128528 1.51 552620 30.06.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 31378742 1.18 1266990 01.04.2012 Mutual Fund ManagerCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 21452300 0.81 (4018380) 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 21092208 0.8 981498 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 15632060 0.59 - 30.06.2012 Investment AdvisorDNCA FINANCE Multiple Portfolios MF-AGG 15295873 0.58 (991500) 30.03.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 11574998 0.44 - 20.09.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 8243944 0.31 2487048 31.07.2012 Mutual Fund ManagerBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 8232870 0.31 1900 20.09.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 7431868 0.28 3121 31.08.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 6002800 0.23 1934700 30.06.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5538866 0.21 - 20.09.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5201145 0.2 (11710) 31.03.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 4593965 0.17 109913 31.07.2012 Investment AdvisorFEDERAL GESTION Multiple Portfolios MF-AGG 4267912 0.16 (1553) 30.04.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGrupo Santander STEPHANE SCHLATTER hold 3 M 14 Not Provided 20.09.2012AlphaValue JEAN-MICHEL SALVADOR buy 5 M 20 6 month 20.09.2012Societe Generale THIERRY COTA hold 3 M 10 12 month 19.09.2012Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 D 9 12 month 18.09.2012Oddo & Cie VINCENT MAULAY neutral 3 M 12 Not Provided 18.09.2012Exane BNP Paribas ANTOINE PRADAYROL neutral 3 D 12 Not Provided 18.09.2012Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 12 12 month 16.09.2012Credit Suisse JAKOB BLUESTONE neutral 3 M 11 Not Provided 13.09.2012Deutsche Bank MATTHEW BLOXHAM hold 3 M 11 12 month 07.09.2012Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012Nomura FREDERIC BOULAN buy 5 M 13 12 month 07.09.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 29.08.2012Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 28.08.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 08.08.2012Jefferies JEREMY A DELLIS buy 5 M 13 12 month 07.08.2012JPMorgan HANNES C WITTIG underweight 1 M 9 3 month 31.07.2012Macquarie GUY R PEDDY outperform 5 M 12 12 month 31.07.2012Banco Sabadell ANDRES BOLUMBURU sell 1 M 13 Not Provided 30.07.2012CM - CIC Securities(ESN) JEAN-MICHEL KOSTER reduce 2 M 10 12 month 27.07.2012Espirito Santo Investment Bank Research WILL DRAPER buy 5 M 14 Not Provided 27.07.2012Natixis BENOIT MAYNARD buy 5 M 15 Not Provided 27.07.2012Barclays JONATHAN DANN underweight 1 M 10 Not Provided 27.07.2012Nord/LB JAN CHRISTIAN GOEHMANN hold 3 M 11 12 month 26.07.2012Goldman Sachs ANDREW LEE Sell/Neutral 1 M 10 12 month 26.07.2012Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 13 Not Provided 26.07.2012Independent Research GmbH MARKUS FRIEBEL buy 5 M 13 6 month 26.07.2012S&P Capital IQ ALEXANDER WISCH buy 5 M 13 12 month 26.07.2012ING Wholesale Banking JEFFREY VONK buy 5 M 13 12 month 26.07.2012Berenberg Bank STUART GORDON buy 5 M 14 Not Provided 25.06.2012Kepler Capital Markets JAVIER BORRACHERO hold 3 M 13 Not Provided 07.05.2012National Bank AG MANFRED JAISFELD sell 1 D #N/A N/A Not Provided 30.03.2012HSBC NICOLAS COTE-COLISSON overweight 5 M 14 Not Provided 29.03.2012Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011CA Cheuvreux GIOVANNI MONTALTI underperform 1 D 12 Not Provided 24.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012GDF SuezGDF Suez offers a full range of electricity, gas and associated energy and Price/Volumeenvironment services throughout the world. The Company produces, trades, 30 18.0 Mtransports, stores and distributes natural gas, and offers energy management and 16.0 Mclimatic and thermal engineering services. 25 14.0 M 20 12.0 M 10.0 M 15 Valuation Analysis 8.0 MLatest Fiscal Year: 12/2011 10 6.0 M 4.0 MLTM as of: 06/yy 5 2.0 M52-Week High (10.10.2011) 24.13 0 .0 M52-Week Low (01.06.2012) 15.62 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 1762481.00 Current Price (9/dd/yy) 19.35 Market Data 52-Week High % Change -19.79% Dividend Yield 7.75 52-Week Low % Change 23.92% Beta 1.06 % 52 Week Price Range High/Low 45.59% Equity Float 1298.30Shares Out 11.09.2012 2323.1 Short Int - Market Capitalization 44951.62 1 Yr Total Return 3.61%Total Debt 57272.00 YTD Return -4.93%Preferred Stock 0.0 Adjusted BETA 1.064Minority Interest 17340.0 Analyst Recs 32Cash and Equivalents 14675.00 Consensus Rating 3.469Enterprise Value 104230.62 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6421989GSZ FP EQUITY YTD Change - Average Volume 30 Day 4618060GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 5050075 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 47475.4 67923.8 79908.0 84478.0 90673.0 86178.0 90449.0 94127.8 96527.6 - 20168.0 TEV/Revenue 1.46x 1.64x 1.32x 1.24x 1.18x 0.00x 0.00x 1.14x 1.11x - - EBITDA 7194.1 9605.7 13781.0 15918.0 16071.0 0.0 0.0 17123.0 17588.3 - - TEV/EBITDA 9.65x 11.61x 7.63x 6.59x 6.64x 0.00x 0.00x 6.09x 5.93x - - Net Income 3923.5 4857.1 4477.0 4616.0 4003.0 0.0 0.0 3688.6 3902.1 - - P/E 12.35x 11.85x 14.77x 12.79x 11.73x 0.00x 0.00x 12.12x 11.63x - - Profitability S&P Issuer RatingsEBITDA 16071.00 Long-Term Rating Date 11.02.2011EBIT 8978.00 Long-Term Rating AOperating Margin 9.90% Long-Term Outlook STABLEPretax Margin 8.32% Short-Term Rating Date 11.02.2011Return on Assets 2.01% Short-Term Rating A-1Return on Common Equity 6.40% Credit RatiosReturn on Capital 5.64% EBITDA/Interest Exp. 6.40Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 2.86Margin Analysis Net Debt/EBITDA 2.65Gross Margin - Total Debt/EBITDA 3.56EBITDA Margin 17.7% ReferenceEBIT Margin 9.9% Total Debt/Equity 91.0%Net Income Margin 4.4% Total Debt/Capital 41.6%Structure Asset Turnover 0.46Current Ratio 1.13 Net Fixed Asset Turnover 1.07Quick Ratio 0.68 Accounts receivable turnover-days 87.59Debt to Assets 26.84% Inventory Days -Tot Debt to Common Equity 91.01% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.16 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 40.00 100000.0 35.00 90000.0 80000.0 30.00 70000.0 25.00 60000.0 20.00 50000.0 40000.0 15.00 30000.0 10.00 20000.0 5.00 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012GDF SuezHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRENCH STATE n/a Co File 810927246 34.91 - 31.12.2011 GovernmentGROUPE BRUXELLES LAM n/a Research 116911820 5.03 - 15.03.2012 Holding CompanyCAPITAL RESEARCH AND n/a Research 112275349 4.83 - 18.11.2011 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 65838206 2.83 3795574 30.06.2012 Investment AdvisorCAISSE DES DEPOTS ET n/a Co File 45051514 1.94 - 31.12.2011 GovernmentCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 44469038 1.91 6138659 30.06.2012 Investment AdvisorGDF SUEZ n/a Co File 38293787 1.65 - 31.12.2011 CorporationFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 24812981 1.07 452323 30.06.2012 Investment AdvisorCNP ASSURANCES n/a Co File 24778333 1.07 - 31.12.2011 Insurance CompanyNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 24365507 1.05 (58473) 01.04.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 14452572 0.62 313802 30.06.2012 Investment AdvisorSOFINA SA n/a Co File 13515454 0.58 - 31.12.2011 Holding CompanyTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 12060000 0.52 1890904 30.06.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 11510317 0.5 452968 31.07.2012 Investment AdvisorINTERNATIONAL VALUE Multiple Portfolios MF-AGG 9003551 0.39 - 31.03.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 8794474 0.38 1033 31.07.2012 Mutual Fund ManagerBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 7826886 0.34 (6866) 20.09.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7192050 0.31 (506142) 31.07.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 6259203 0.27 177218 31.08.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4881720 0.21 355397 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGrupo Santander OSCAR NAJAR RIOS underweight 1 M 22 12 month 24.09.2012Nomura MARTIN YOUNG buy 5 M 23 Not Provided 21.09.2012CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 25 12 month 18.09.2012Berenberg Bank ROBERT CHANTRY buy 5 M 24 Not Provided 17.09.2012Credit Suisse MICHEL DEBS underperform 1 M 16 Not Provided 13.09.2012HSBC ADAM DICKENS underweight 1 M 16 Not Provided 13.09.2012AlphaValue MYRIAM COHEN add 4 M 24 6 month 13.09.2012Raymond James EMMANUEL RETIF market perform 3 M 20 12 month 11.09.2012Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 18 Not Provided 11.09.2012Goldman Sachs ANDREW MEAD buy/attractive 5 M 27 12 month 10.09.2012Macquarie ATALLAH ESTEPHAN outperform 5 M 24 12 month 07.09.2012Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 19 12 month 05.09.2012Barclays JULIE ARAV equalweight 3 M 20 Not Provided 03.09.2012Deutsche Bank BERTRAND LECOURT buy 5 M 23 12 month 30.08.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 27.08.2012KBC Securities DIETER FURNIERE hold 3 M 20 Not Provided 08.08.2012Day by Day VALERIE GASTALDY buy 5 U 21 3 month 06.08.2012Societe Generale ALBERTO PONTI buy 5 M 25 12 month 03.08.2012Oddo & Cie STEPHANE LACAZE neutral 3 M 20 Not Provided 03.08.2012Natixis PHILIPPE OURPATIAN neutral 3 M 19 Not Provided 03.08.2012S&P Capital IQ CLIVE ROBERTS hold 3 M 19 12 month 03.08.2012Independent Research GmbH SVEN DIERMEIER hold 3 M 19 12 month 02.08.2012Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 23 Not Provided 30.07.2012Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 05.06.2012JPMorgan VINCENT DE BLIC neutral 3 M 22 3 month 01.06.2012Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012CA Cheuvreux ARNAUD JOAN underperform 1 M 19 Not Provided 10.02.2012Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 23 Not Provided 09.02.2012DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011National Bank AG STEFFEN MANSKE buy 5 M 31 12 month 13.04.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Iberdrola SAIberdrola S.A. generates, distributes, trades, and markets electricity in Price/Volumethe United Kingdom, United States, Spain, Portugal, and Latin America. The 6 500.0 MCompany specializes in clean energy and more specifically wind power. 450.0 M 5 400.0 M 4 350.0 M 300.0 M 3 250.0 M Valuation Analysis 200.0 MLatest Fiscal Year: 12/2011 2 150.0 MLTM as of: 06/yy 1 100.0 M 50.0 M52-Week High (28.10.2011) 5.49 0 .0 M52-Week Low (26.07.2012) 2.63 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 8376376.00 Current Price (9/dd/yy) 3.746 Market Data 52-Week High % Change -31.75% Dividend Yield 0.00 52-Week Low % Change 42.43% Beta 1.05 % 52 Week Price Range High/Low 40.19% Equity Float 5722.93Shares Out 04.07.2012 6138.9 Short Int - Market Capitalization 22996.29 1 Yr Total Return -20.28%Total Debt 33228.50 YTD Return -21.93%Preferred Stock 0.0 Adjusted BETA 1.053Minority Interest 319.9 Analyst Recs 37Cash and Equivalents 6208.66 Consensus Rating 3.676Enterprise Value 51054.29 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 54642600IBE SQ EQUITY YTD Change - Average Volume 30 Day 37238550IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 76173820 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 17280.0 24889.3 25891.9 30431.0 31648.0 30656.0 33590.6 32299.0 33269.5 - - TEV/Revenue 4.24x 2.53x 2.39x 1.90x 1.76x 8.77x 6.73x 1.67x 1.59x - - EBITDA 4875.1 6105.6 6197.0 6857.9 7000.4 7056.7 6901.2 7832.7 7849.8 1698.0 2049.0 TEV/EBITDA 15.04x 10.31x 10.00x 8.42x 7.95x 9.04x 7.28x 6.52x 6.50x - - Net Income 1658.3 2553.7 2824.3 2870.9 2804.5 2967.4 3041.4 2722.7 2576.2 581.0 673.5 P/E 19.81x 11.20x 12.54x 10.95x 10.04x 11.64x 7.24x 8.29x 8.80x - - Profitability S&P Issuer RatingsEBITDA 7000.41 Long-Term Rating Date 03.05.2012EBIT 3855.03 Long-Term Rating BBB+Operating Margin 12.18% Long-Term Outlook STABLEPretax Margin 10.92% Short-Term Rating Date 26.11.2007Return on Assets 2.94% Short-Term Rating A-2Return on Common Equity 9.05% Credit RatiosReturn on Capital 6.39% EBITDA/Interest Exp. 4.73Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 2.00Margin Analysis Net Debt/EBITDA 3.86Gross Margin 38.0% Total Debt/EBITDA 4.75EBITDA Margin 22.1% ReferenceEBIT Margin 12.2% Total Debt/Equity 101.0%Net Income Margin 8.9% Total Debt/Capital 50.0%Structure Asset Turnover 0.33Current Ratio 1.11 Net Fixed Asset Turnover -Quick Ratio 0.83 Accounts receivable turnover-days 64.49Debt to Assets 34.29% Inventory Days 37.98Tot Debt to Common Equity 101.04% Accounts Payable Turnover Day 113.14Accounts Receivable Turnover 5.66 Cash Conversion Cycle -10.67Inventory Turnover 9.61Price/ Cash Flow Sales/Revenue/Turnover 9.00 35000.0 8.00 30000.0 7.00 25000.0 6.00 5.00 20000.0 4.00 15000.0 3.00 10000.0 2.00 5000.0 1.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Iberdrola SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQATAR INVESTMENT AUT n/a EXCH 496946224 8.1 - 31.12.2011 GovernmentACS ACTIVIDADES CONS n/a EXCH 394672404 6.43 (492545762) 13.07.2012 CorporationBILBAO BIZKAIA KUTXA n/a EXCH 322730655 5.26 10349931 01.01.2012 BankBANCAJA (VALENCIA CA n/a EXCH 314887559 5.13 - 31.12.2011 BankNATIXIS n/a EXCH 298846609 4.87 (14204256) 28.08.2012 Investment AdvisorSOCIETE GENERALE n/a EXCH 187839595 3.06 - 17.07.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 44428114 0.72 2451686 30.06.2012 Investment AdvisorPICTET ASSET MANAGEM n/a RNS-RUL8 36832520 0.6 19200 18.04.2007 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 22900430 0.37 (18528) 20.09.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 15408452 0.25 (711152) 31.07.2012 Investment AdvisorDE URRUTIA VAL VICTO n/a EXCH 13001207 0.21 590963 24.07.2012 n/aBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 11391678 0.19 3800 20.09.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 10301670 0.17 - 20.09.2012 Investment AdvisorINVERCAIXA GESTION S Multiple Portfolios MF-AGG 7760670 0.13 770379 30.06.2012 Investment AdvisorDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 7492900 0.12 540304 31.07.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 6645259 0.11 4150000 31.07.2012 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6487377 0.11 195088 20.09.2012 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 5611710 0.09 (2320000) 31.05.2012 Investment AdvisorSANTANDER ASSET MGMT Multiple Portfolios MF-AGG 5332705 0.09 1332588 30.06.2012 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5314216 0.09 25412 23.08.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateBPI BRUNO ALMEIDA DA SILVA buy 5 U 5 Not Provided 21.09.2012Goldman Sachs FRED BARASI buy/attractive 5 M 5 12 month 21.09.2012Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 5 Not Provided 21.09.2012Macquarie SHAI HILL underperform 1 M 3 12 month 20.09.2012Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 20.09.2012Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 18.09.2012Nomura JAVIER SUAREZ reduce 2 M 4 Not Provided 18.09.2012Grupo Santander JOAQUIN FERRER buy 5 M 5 Not Provided 17.09.2012Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 17.09.2012Morgan Stanley CAROLINA DORES Overwt/In-Line 5 M 5 12 month 17.09.2012Credit Suisse STEFANO BEZZATO outperform 5 M 4 Not Provided 17.09.2012HSBC JOSE A LOPEZ overweight 5 M 5 Not Provided 17.09.2012Independent Research GmbH SVEN DIERMEIER hold 3 M 4 12 month 17.09.2012Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA neutral 3 M 4 Not Provided 17.09.2012Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 6 Not Provided 17.09.2012NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 17.09.2012Exane BNP Paribas JOSE JAVIER RUIZ FERNANDEZ underperform 1 M 3 Not Provided 17.09.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 17.09.2012BBVA ISIDORO DEL ALAMO outperform 5 M 5 Not Provided 16.09.2012Day by Day VALERIE GASTALDY buy 5 U 4 3 month 06.09.2012Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 03.09.2012Oddo & Cie STEPHANE LACAZE neutral 3 M 4 Not Provided 26.07.2012Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 26.07.2012S&P Capital IQ CLIVE ROBERTS hold 3 M 3 12 month 26.07.2012Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 4 12 month 25.07.2012Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 6 12 month 25.07.2012Inverseguros Sociedad de Valores MIGUEL SANCHEZ buy 5 M 5 Not Provided 29.06.2012BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 15.06.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 D 5 Not Provided 28.02.2012Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012JPMorgan JAVIER GARRIDO neutral 3 M 6 3 month 27.01.2012La Caixa FERNANDO MURILLO GUIRAO buy 5 M 7 Not Provided 25.10.2011National Bank AG STEFFEN MANSKE hold 3 M 7 Not Provided 10.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Inditex SAIndustria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs, Price/Volumemanufactures and distributes apparel. The Company operates retail chains in 120 30.0 MEurope, the Americas, Asia, and Africa. 100 25.0 M 80 20.0 M 60 15.0 M Valuation AnalysisLatest Fiscal Year: 01/2012 40 10.0 MLTM as of: 07/yy 20 5.0 M52-Week High (21.09.2012) 99.69 0 .0 M52-Week Low (25.11.2011) 59.50 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 520424.00 Current Price (9/dd/yy) 96.62 Market Data 52-Week High % Change -3.03% Dividend Yield - 52-Week Low % Change 62.39% Beta 0.70 % 52 Week Price Range High/Low 99.23% Equity Float 216.72Shares Out 31.07.2012 623.3 Short Int - Market Capitalization 60226.18 1 Yr Total Return 56.13%Total Debt 25.11 YTD Return 54.72%Preferred Stock 0.0 Adjusted BETA 0.704Minority Interest 40.8 Analyst Recs 41Cash and Equivalents 3517.44 Consensus Rating 3.634Enterprise Value 56775.18 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1750597ITX SQ EQUITY YTD Change - Average Volume 30 Day 1360988ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1306039 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.01.2008 31.01.2009 31.01.2010 31.01.2011 31.01.2012 07/yy 07/yy 01/13 Y 01/14 Y 10/12 Q3 01/13 Q4 Total Revenue 9434.7 10407.0 11083.5 12526.6 13792.6 13210.0 14822.9 15812.3 17603.5 4034.4 4566.9 TEV/Revenue 2.10x 1.68x 2.36x 2.48x 2.76x 10.34x 11.04x 3.53x 3.10x - - EBITDA 2148.8 2186.9 2353.1 2966.2 3214.6 3071.8 3575.5 3927.8 4416.5 1133.5 1164.5 TEV/EBITDA 9.24x 7.97x 11.09x 10.46x 11.86x 11.88x 13.65x 14.46x 12.86x - - Net Income 1250.3 1253.5 1314.4 1731.8 1932.3 1820.2 2159.5 2357.4 2662.5 708.6 769.6 P/E 16.70x 14.82x 21.63x 19.86x 21.51x 21.63x 24.19x 25.53x 22.57x 24.76x 24.49x Profitability S&P Issuer RatingsEBITDA 3214.63 Long-Term Rating Date -EBIT 2522.01 Long-Term Rating -Operating Margin 18.29% Long-Term Outlook -Pretax Margin 18.55% Short-Term Rating Date -Return on Assets 18.59% Short-Term Rating -Return on Common Equity 28.00% Credit RatiosReturn on Capital 28.01% EBITDA/Interest Exp. 875.44Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 573.53Margin Analysis Net Debt/EBITDA -1.09Gross Margin 59.3% Total Debt/EBITDA 0.01EBITDA Margin 23.3% ReferenceEBIT Margin 18.3% Total Debt/Equity 0.3%Net Income Margin 14.0% Total Debt/Capital 0.3%Structure Asset Turnover 1.33Current Ratio 2.01 Net Fixed Asset Turnover 3.70Quick Ratio 1.50 Accounts receivable turnover-days 13.40Debt to Assets 0.23% Inventory Days 81.02Tot Debt to Common Equity 0.34% Accounts Payable Turnover Day 158.68Accounts Receivable Turnover 27.23 Cash Conversion Cycle -64.26Inventory Turnover 4.50Price/ Cash Flow Sales/Revenue/Turnover 1.20 16000.0 14000.0 1.00 12000.0 0.80 10000.0 8000.0 0.60 6000.0 0.40 4000.0 2000.0 0.20 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Inditex SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGARTLER SL n/a Co File 311727598 50.01 - 31.01.2011 UnclassifiedPARTLER 2006 SL n/a Co File 57872465 9.28 - 31.01.2011 n/aROSP CORUNNA n/a Co File 36550000 5.86 - 31.01.2011 UnclassifiedFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5779945 0.93 (23444) 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5491817 0.88 335403 30.06.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 3999766 0.64 1904511 29.06.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3064214 0.49 14825 31.07.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2864400 0.46 89007 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 2837839 0.46 1450682 29.02.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2578000 0.41 (3598650) 30.06.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2179831 0.35 270466 30.06.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1758300 0.28 (859600) 30.06.2012 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1567709 0.25 131186 31.07.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1527165 0.25 182487 20.09.2012 Investment AdvisorALLIANCEBERNSTEIN LP Multiple Portfolios MF-AGG 1284321 0.21 1700 31.07.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1164014 0.19 56678 31.07.2012 Investment AdvisorUMB BANK N A Multiple Portfolios MF-AGG 1156548 0.19 - 29.06.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1111931 0.18 971 20.09.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 927410 0.15 (596408) 31.07.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 702352 0.11 357 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBPI JOSE RITO neutral 3 M 105 Not Provided 21.09.2012Grupo Santander REBECCA MCCLELLAN buy 5 M 114 Not Provided 20.09.2012Societe Generale ANNE CRITCHLOW buy 5 M 115 12 month 20.09.2012Deutsche Bank WARWICK OKINES hold 3 M 95 12 month 20.09.2012CA Cheuvreux DANIEL OVIN outperform 5 M 110 Not Provided 20.09.2012Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 78 12 month 20.09.2012Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012Espirito Santo Investment Bank Research FILIPE ROSA buy 5 M 116 Not Provided 20.09.2012Nomura FRASER RAMZAN neutral 3 M 92 12 month 20.09.2012Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 105 Not Provided 20.09.2012AlphaValue VIRGINIE BLIN sell 1 M 83 6 month 20.09.2012Morgan Stanley GEOFFREY RUDDELL Overwt/In-Line 5 M 80 12 month 19.09.2012JPMorgan GILLIAN HILDITCH neutral 3 M 98 12 month 19.09.2012Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 100 12 month 19.09.2012La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 D 89 Not Provided 19.09.2012BBVA ISABEL CARBALLO outperform 5 M 105 Not Provided 19.09.2012Banco Sabadell IGNACIO ROMERO buy 5 M 105 12 month 19.09.2012Bryan Garnier & Cie PETER FARREN sell 1 M 62 6 month 19.09.2012ISI Group OMAR SAAD buy 5 M 110 12 month 19.09.2012S&P Capital IQ WILLIAM MACK buy 5 M 110 12 month 19.09.2012NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 101 12 month 19.09.2012Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 93 Not Provided 19.09.2012Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 87 Not Provided 19.09.2012Interdin Bolsa SOFIA REBUELTA VILLEGAS neutral 3 M 72 Not Provided 18.09.2012Commerzbank Corporates & Markets ANNA RABEYA KHAN buy 5 M 110 6 month 13.09.2012Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012HSBC PAUL ROSSINGTON overweight 5 U 100 Not Provided 03.09.2012ING Wholesale Banking JAN MEIJER buy 5 M 100 12 month 27.08.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012Inverseguros Sociedad de Valores ALBERTO ROLDAN sell 1 M 83 Not Provided 03.08.2012Redburn Partners GEOFF LOWERY buy 5 U #N/A N/A Not Provided 11.07.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.06.2012Independent Research GmbH ZAFER RUEZGAR hold 3 M 80 6 month 14.06.2012Ahorro Corporacion Financiera SA GERMAN GARCIA BOU hold 3 N 72 Not Provided 14.06.2012Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 115 12 month 13.06.2012Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 78 12 month 24.04.2012Mirabaud Finanzas Sociedad de ValoresGONZALO SANZ S underweight 1 M 67 12 month 21.03.2012Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012ING Groep NVING Groep N.V. offers financial services to individuals, corporations, and other Price/Volumeinstitutions. The Company offers corporate, investment, and private banking 8 100.0 Mservices, asset and portfolio management, treasury services, and insurance. ING 90.0 M 7Groep has offices throughout the world. 80.0 M 6 70.0 M 5 60.0 M 4 50.0 M Valuation Analysis 40.0 M 3Latest Fiscal Year: 12/2011 30.0 M 2LTM as of: 06/yy 20.0 M 1 10.0 M52-Week High (02.02.2012) 7.58 0 .0 M52-Week Low (26.09.2011) 4.41 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 7003977.00 Current Price (9/dd/yy) 6.55 Market Data 52-Week High % Change -13.52% Dividend Yield - 52-Week Low % Change 48.39% Beta 1.80 % 52 Week Price Range High/Low 71.48% Equity Float -Shares Out 30.06.2012 3831.6 Short Int - Market Capitalization 25096.72 1 Yr Total Return 43.33%Total Debt 240636.00 YTD Return 17.81%Preferred Stock 0.0 Adjusted BETA 1.796Minority Interest 777.0 Analyst Recs 33Cash and Equivalents 31194.00 Consensus Rating 3.909Enterprise Value 255291.72 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 25125970INGA NA EQUITY YTD Change - Average Volume 30 Day 27312480INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 27684510 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 73142.0 64680.0 46025.0 51411.0 52787.0 46381.0 48371.0 36900.8 42571.9 3415.0 3585.0 TEV/Revenue 4.30x 4.40x 5.41x 4.99x 4.38x 23.15x 20.14x 1.05x 0.90x - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 9241.0 (729.0) (935.0) 2810.0 5766.0 3257.0 4729.0 3855.8 4380.1 928.7 1004.5 P/E 6.50x 0.00x 0.00x 12.77x 6.70x 14.54x 6.65x 6.28x 5.60x 6.82x 6.55x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 03.09.2009EBIT - Long-Term Rating AOperating Margin 11.25% Long-Term Outlook STABLEPretax Margin 9.95% Short-Term Rating Date 31.03.2009Return on Assets 0.46% Short-Term Rating A-1Return on Common Equity 12.07% Credit RatiosReturn on Capital 2.16% EBITDA/Interest Exp. -Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 484.5%Net Income Margin 10.9% Total Debt/Capital 82.7%Structure Asset Turnover 0.04Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 18.81% Inventory Days -Tot Debt to Common Equity 484.54% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 100000.0 90000.0 1.00 80000.0 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012ING Groep NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a 13G 189941686 4.96 - 31.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 158006271 4.12 37710724 31.08.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 64528382 1.68 2307347 30.06.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 44638466 1.17 (2900726) 29.02.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 32183884 0.84 4630524 31.08.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 28725202 0.75 (7399) 31.07.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 27707655 0.72 (99813) 31.07.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 26155586 0.68 895934 31.07.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 25314880 0.66 - 30.06.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 24772185 0.65 (3471719) 31.07.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 22681400 0.59 (10325465) 31.08.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20377537 0.53 (715008) 31.07.2012 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 20353528 0.53 (224442) 31.08.2012 Mutual Fund ManagerBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 19415265 0.51 - 20.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 17047121 0.44 (1175197) 30.06.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 15017209 0.39 8200 30.03.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15016060 0.39 68877 31.03.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14703712 0.38 (2610049) 01.04.2012 Mutual Fund ManagerTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 12294812 0.32 (78840) 31.03.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11207322 0.29 - 20.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSNS Securities(ESN) LEMER SALAH buy 5 M 10 12 month 21.09.2012AlphaValue JEROME CASSAGNE buy 5 M 8 6 month 20.09.2012Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 7 12 month 18.09.2012RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 18.09.2012Deutsche Bank SPENCER HORGAN hold 3 M 8 12 month 17.09.2012Kepler Capital Markets BENOIT PETRARQUE reduce 2 D 6 Not Provided 16.09.2012Macquarie THOMAS STOEGNER neutral 3 D 7 12 month 11.09.2012Rabobank International COR KLUIS buy 5 M 9 Not Provided 10.09.2012Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 7 Not Provided 10.09.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 6 Not Provided 06.09.2012CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 06.09.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 7 6 month 06.09.2012KBC Securities DIRK PEETERS accumulate 4 M 9 Not Provided 06.09.2012Oddo & Cie NICOLAS JACOB neutral 3 M 7 Not Provided 05.09.2012ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 7 Not Provided 05.09.2012HSBC KAILESH MISTRY neutral 3 M 7 Not Provided 03.09.2012Day by Day VALERIE GASTALDY buy 5 U 8 3 month 03.09.2012Nomura TARIK EL MEJJAD buy 5 M 8 12 month 30.08.2012S&P Capital IQ RODERICK WALLACE hold 3 M 6 12 month 30.08.2012Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 29.08.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 27.08.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 21.08.2012Petercam MATTHIAS DE WIT buy 5 M 8 Not Provided 16.08.2012Barclays KIRI VIJAYARAJAH equalweight 3 M 6 Not Provided 15.08.2012Societe Generale PHILIP RICHARDS hold 3 M 6 12 month 09.08.2012Main First Bank AG FEDERICO SALERNO buy 5 M 8 12 month 09.08.2012Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 8 12 month 08.08.2012JPMorgan MICHAEL HUTTNER restricted #N/A N/A M #N/A N/A Not Provided 03.08.2012Kempen & Co FREDERIC VAN DAELE sell 1 M 4 12 month 10.06.2012Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 9 12 month 22.05.2012DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Intesa Sanpaolo SpAIntesa Sanpaolo attracts deposits and offers banking and financial services. Price/VolumeThe Bank offers consumer credit, asset management, Internet banking, merchant 2 500.0 Mbanking, securities brokerage, factoring, and lease financing services, and 2 450.0 Mmanages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and 1 400.0 Moffices elsewhere in Europe, Asia, and the United States. 1 350.0 M 300.0 M 1 250.0 M Valuation Analysis 1 200.0 MLatest Fiscal Year: 12/2011 1 150.0 M 0 100.0 MLTM as of: 06/yy 0 50.0 M52-Week High (08.02.2012) 1.65 0 .0 M52-Week Low (23.07.2012) 0.85 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 59241824.00 Current Price (9/dd/yy) 1.234 Market Data 52-Week High % Change -25.15% Dividend Yield - 52-Week Low % Change 44.58% Beta 1.41 % 52 Week Price Range High/Low 50.53% Equity Float 13656.47Shares Out 30.06.2012 15501.3 Short Int - Market Capitalization 20103.04 1 Yr Total Return 28.27%Total Debt 266182.00 YTD Return 0.21%Preferred Stock 0.0 Adjusted BETA 1.414Minority Interest 718.0 Analyst Recs 35Cash and Equivalents 39926.00 Consensus Rating 3.286Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########ISP IM EQUITY YTD Change - Average Volume 30 Day #########ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 32566.0 33216.0 27022.0 24836.0 25266.0 19435.0 26049.0 17161.6 17019.9 4129.3 4211.3 TEV/Revenue 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - TEV/EBITDA 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - - Net Income 7250.0 2553.0 2805.0 2705.0 (8190.0) 2417.0 (8318.0) 1981.7 2343.7 493.5 413.0 P/E 21.37x 23.67x 15.27x 12.90x 0.00x 11.38x 0.00x 9.95x 8.45x 10.92x 10.92x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 10.02.2012EBIT - Long-Term Rating BBB+Operating Margin 4.75% Long-Term Outlook NEGPretax Margin -54.51% Short-Term Rating Date 10.02.2012Return on Assets -1.26% Short-Term Rating A-2Return on Common Equity -16.29% Credit RatiosReturn on Capital -2.54% EBITDA/Interest Exp. -Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 565.9%Net Income Margin -46.8% Total Debt/Capital 84.8%Structure Asset Turnover 0.04Current Ratio - Net Fixed Asset Turnover 4.60Quick Ratio - Accounts receivable turnover-days -Debt to Assets 41.64% Inventory Days -Tot Debt to Common Equity 565.86% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 35000.0 30000.0 1.00 25000.0 0.80 20000.0 0.60 15000.0 0.40 10000.0 5000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Intesa Sanpaolo SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMPAGNIA DI SAN PAO n/a EXCH 1532766787 9.89 - 12.09.2012 OtherFOND CR PROVINCIE LO n/a EXCH 725460008 4.68 - 12.09.2012 BankFONDAZIONE CASSA RIS n/a EXCH 647953597 4.18 - 12.09.2012 BankENTE CASSA DI RISP F n/a EXCH 523633314 3.38 - 12.09.2012 BankFONDAZIONE CASSA RIS n/a EXCH 422874979 2.73 - 12.09.2012 OtherHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 307619116 1.98 80746488 30.06.2012 Investment AdvisorALLEANZA TORO SPA n/a EXCH 286308683 1.85 - 12.09.2012 Insurance CompanyASSICURAZIONI GENERA n/a EXCH 205236977 1.32 - 12.09.2012 Insurance CompanyBLACKROCK ADVISORS U n/a EXCH 183690194 1.18 - 12.09.2012 Investment AdvisorBLACKROCK INSTITUTIO n/a EXCH 181520015 1.17 - 12.09.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 148101905 0.96 16692387 31.08.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 123651390 0.8 (6432782) 30.06.2012 Investment AdvisorINA ASSITALIA SPA n/a EXCH 85877104 0.55 - 12.09.2012 n/aGENERALI VIE SA n/a EXCH 82931860 0.53 - 12.09.2012 n/aDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 74398983 0.48 30787408 31.08.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 71253990 0.46 66426 20.09.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 61377693 0.4 363591 20.09.2012 Investment AdvisorBLACKROCK FUND ADVIS n/a EXCH 46813872 0.3 - 12.09.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 43564982 0.28 209075 31.07.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 41310760 0.27 (11532302) 01.04.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse IGNACIO CEREZO neutral 3 M 1 Not Provided 24.09.2012AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 20.09.2012ICBPI. LUCA COMI neutral 3 M 1 12 month 19.09.2012Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 18.09.2012Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 14.09.2012Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 14.09.2012Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 14.09.2012HSBC CARLO DIGRANDI underweight 1 D 1 Not Provided 13.09.2012Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 11.09.2012Mediobanca SpA ANDREA FILTRI neutral 3 M 1 Not Provided 11.09.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 11.09.2012Barclays JEREMY SIGEE underweight 1 D 1 Not Provided 10.09.2012CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 07.09.2012Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 05.09.2012Macquarie BENJIE CREELAN-SANDFORD underperform 1 D 1 12 month 04.09.2012Nomura DOMENICO SANTORO buy 5 M 1 12 month 03.09.2012Day by Day VALERIE GASTALDY buy 5 U 2 3 month 03.09.2012Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 23.08.2012JPMorgan KIAN ABOUHOSSEIN neutral 3 M 2 15 month 23.08.2012Nord/LB MICHAEL SEUFERT hold 3 U #N/A N/A Not Provided 21.08.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 1 12 month 07.08.2012Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 1 12 month 06.08.2012Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 06.08.2012Equita SIM SpA MATTEO GHILOTTI buy 5 M 1 12 month 06.08.2012Berenberg Bank MARCO TROIANO buy 5 M 2 Not Provided 06.08.2012Natixis STEVEN GOULD buy 5 M 1 Not Provided 06.08.2012Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 03.08.2012S&P Capital IQ FRANK BRADEN hold 3 M 1 12 month 03.08.2012ING Wholesale Banking ALEXANDER PELTESHKI hold 3 D 1 12 month 01.08.2012Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 20.07.2012Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Koninklijke Philips Electronics NVKoninklijke Philips Electronics N.V. manufactures medical systems, domestic Price/Volumeappliances, consumer electronics, and lighting. The Company produces imaging, 25 14.0 Multrasound and healthcare informatics equipment, shaving and beauty and health 12.0 Mand wellness products, displays, and peripherals, and lamps and luminaries. 20 10.0 M 15 8.0 M Valuation Analysis 10 6.0 MLatest Fiscal Year: 12/2011 4.0 MLTM as of: 06/yy 5 2.0 M52-Week High (07.09.2012) 19.56 0 .0 M52-Week Low (26.09.2011) 12.23 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 962809.00 Current Price (9/dd/yy) 18.625 Market Data 52-Week High % Change -4.73% Dividend Yield - 52-Week Low % Change 52.35% Beta 1.21 % 52 Week Price Range High/Low 90.79% Equity Float 924.02Shares Out 24.09.2012 957.1 Short Int - Market Capitalization 17826.60 1 Yr Total Return 57.31%Total Debt 3860.00 YTD Return 20.45%Preferred Stock 0.0 Adjusted BETA 1.208Minority Interest 34.0 Analyst Recs 38Cash and Equivalents 3147.00 Consensus Rating 3.605Enterprise Value 19627.60 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3347319PHIA NA EQUITY YTD Change - Average Volume 30 Day 3103134PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3508018 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 26793.0 26385.0 20092.0 22287.0 22579.0 21587.0 23609.0 24461.0 25454.0 5926.5 7316.0 TEV/Revenue 0.98x 0.51x 0.95x 0.92x 0.70x 3.74x 2.58x 0.77x 0.72x 3.15x 2.46x EBITDA 2950.0 1883.0 2055.0 3436.0 1187.0 3202.0 1430.0 2895.9 3365.7 753.5 1114.5 TEV/EBITDA 8.93x 7.11x 9.30x 5.98x 13.33x 5.44x 11.40x 6.79x 5.84x 5.33x 4.99x Net Income 4873.0 (91.0) 410.0 1446.0 (1295.0) (220.0) 327.0 1174.4 1452.3 224.3 480.2 P/E 6.39x 0.00x 41.36x 14.60x 0.00x 703.73x 21.20x 14.51x 11.51x 12.49x 11.05x Profitability S&P Issuer RatingsEBITDA 1187.00 Long-Term Rating Date 11.05.2005EBIT -269.00 Long-Term Rating A-Operating Margin -1.19% Long-Term Outlook NEGPretax Margin -2.18% Short-Term Rating Date 26.02.2001Return on Assets -4.23% Short-Term Rating A-2Return on Common Equity -9.45% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 3.39Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 1.32Margin Analysis Net Debt/EBITDA 0.60Gross Margin 38.3% Total Debt/EBITDA 3.25EBITDA Margin 5.3% ReferenceEBIT Margin -1.2% Total Debt/Equity 31.2%Net Income Margin -5.7% Total Debt/Capital 23.8%Structure Asset Turnover 0.74Current Ratio 1.34 Net Fixed Asset Turnover 7.33Quick Ratio 0.79 Accounts receivable turnover-days 67.20Debt to Assets 13.33% Inventory Days 98.11Tot Debt to Common Equity 31.24% Accounts Payable Turnover Day 93.65Accounts Receivable Turnover 5.43 Cash Conversion Cycle 71.66Inventory Turnover 3.72Price/ Cash Flow Sales/Revenue/Turnover 40.00 40000.0 35.00 35000.0 30.00 30000.0 25.00 25000.0 20.00 20000.0 15.00 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012Koninklijke Philips Electronics NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a Research 48717052 5.09 (3464935) 18.10.2010 Investment AdvisorSOUTHEASTERN ASSET M n/a 13G 48302038 5.05 - 31.12.2011 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 47067009 4.92 2387491 30.06.2012 Investment AdvisorKONINKLIJKE PHILIPS #N/A N/A Research 32381240 3.38 (71765334) 21.09.2012 CorporationHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 23595873 2.47 1905573 30.06.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 22598686 2.36 (1621) 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11390845 1.19 535591 30.06.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 6462123 0.68 (444162) 31.07.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5546639 0.58 398042 31.07.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 5275845 0.55 - 20.09.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4616627 0.48 (29758) 31.03.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4240931 0.44 (1420) 31.03.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3919891 0.41 190369 30.06.2012 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 3692188 0.39 (1009997) 30.06.2012 Investment AdvisorFORTIS INVESTMENTS Multiple Portfolios MF-AGG 3606798 0.38 (103911) 31.05.2012 Mutual Fund ManagerBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 3493090 0.36 178144 30.06.2012 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3409575 0.36 (40327) 31.08.2012 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 3206110 0.33 50603 20.09.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3088972 0.32 (74895) 31.07.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3025397 0.32 920 20.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse SIMON TOENNESSEN neutral 3 M 19 Not Provided 23.09.2012JPMorgan ANDREAS WILLI neutral 3 M 21 15 month 21.09.2012AlphaValue THOMAS PICHERIT add 4 M 20 6 month 20.09.2012Petercam MARCEL ACHTERBERG hold 3 M 20 Not Provided 14.09.2012Rabobank International HANS SLOB buy 5 M 22 Not Provided 13.09.2012Exane BNP Paribas OLIVIER ESNOU neutral 3 M 21 Not Provided 13.09.2012Societe Generale GAEL DE BRAY buy 5 M 20 12 month 12.09.2012Morgan Stanley BEN UGLOW Equalwt/In-Line 3 M 19 12 month 12.09.2012RBC Capital Markets ANDREW CARTER outperform 5 M 20 12 month 12.09.2012Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 24 12 month 12.09.2012CA Cheuvreux ANTOINE AZAR outperform 5 M 23 Not Provided 12.09.2012Independent Research GmbH MARKUS FRIEBEL hold 3 M 20 6 month 12.09.2012Nomura DANIEL CUNLIFFE buy 5 M 20 12 month 12.09.2012Barclays ALLAN SMYLIE equalweight 3 M 18 Not Provided 12.09.2012SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 11.09.2012Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 21 12 month 07.09.2012Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012ING Wholesale Banking SJOERD UMMELS hold 3 M 17 12 month 03.09.2012HSBC MICHAEL HAGMANN neutral 3 M 20 Not Provided 22.08.2012Berenberg Bank WILLIAM MACKIE buy 5 U 23 Not Provided 10.08.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 08.08.2012Hamburger Sparkasse MARCO GUENTHER sell 1 D #N/A N/A Not Provided 02.08.2012Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 16 Not Provided 30.07.2012Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 26.07.2012Nord/LB WOLFGANG VASTERLING buy 5 U 19 12 month 24.07.2012Kepler Capital Markets PETER OLOFSEN buy 5 M 21 Not Provided 24.07.2012Natixis LUDOVIC DEBAILLEUX buy 5 M 21 Not Provided 24.07.2012Deutsche Bank MARTIN WILKIE hold 3 M 19 12 month 23.07.2012Kempen & Co ERWIN DUT buy 5 M 18 12 month 23.07.2012Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 17 Not Provided 23.07.2012Oddo & Cie DELPHINE BRAULT buy 5 M 19 Not Provided 23.07.2012S&P Capital IQ JAMES CRAWSHAW hold 3 M 16 12 month 23.07.2012Espirito Santo Investment Bank Research VIRDEE ROB buy 5 M 20 Not Provided 16.07.2012DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012National Bank AG STEFFEN MANSKE sell 1 D #N/A N/A Not Provided 03.04.2012Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012LOreal SALOreal SA manufactures, markets, and distributes health and beauty aids. The Price/VolumeCompany produces colorants, styling, and hair care products for professional 120 3.5 Mhairdressers, hair care, cosmetics, and skin care products and perfumes for 100 3.0 Mconsumers, luxury cosmetics and perfumes sold through department stores,perfumeries and travel stores, and dermatological and pharmaceutical products. 2.5 M 80 2.0 M 60 Valuation Analysis 1.5 MLatest Fiscal Year: 12/2011 40 1.0 MLTM as of: 06/yy 20 .5 M52-Week High (09.08.2012) 102.50 0 .0 M52-Week Low (26.09.2011) 70.12 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12Daily Volume 299991.00 Current Price (9/dd/yy) 96.83 Market Data 52-Week High % Change -5.51% Dividend Yield - 52-Week Low % Change 38.09% Beta 0.68 % 52 Week Price Range High/Low 83.38% Equity Float 230.85Shares Out 20.08.2012 606.6 Short Int - Market Capitalization 58741.43 1 Yr Total Return 38.93%Total Debt 1148.30 YTD Return 22.61%Preferred Stock 0.0 Adjusted BETA 0.680Minority Interest 3.1 Analyst Recs 40Cash and Equivalents 1652.20 Consensus Rating 3.225Enterprise Value 58509.73 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 997413OR FP EQUITY YTD Change - Average Volume 30 Day 756905OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 768096 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 17062.6 17541.8 17472.6 19495.8 20343.1 18370.0 21311.0 22393.8 23671.8 5456.0 5677.0 TEV/Revenue 3.64x 2.28x 2.72x 2.52x 2.33x 0.00x 0.00x 2.56x 2.37x - - EBITDA 3475.9 3441.7 3368.7 3757.5 3955.1 0.0 0.0 4430.6 4766.0 - - TEV/EBITDA 17.88x 11.63x 14.12x 13.05x 12.00x 0.00x 0.00x 13.24x 12.30x - - Net Income 2656.0 1948.3 1792.2 2239.7 2438.4 0.0 0.0 2880.5 3118.3 - - P/E 22.17x 18.82x 25.41x 21.75x 19.64x 0.00x 0.00x 20.29x 18.76x - - Profitability S&P Issuer RatingsEBITDA 3955.10 Long-Term Rating Date -EBIT 3292.60 Long-Term Rating -Operating Margin 16.19% Long-Term Outlook -Pretax Margin 17.04% Short-Term Rating Date 05.06.2006Return on Assets 9.58% Short-Term Rating A-1+Return on Common Equity 15.01% Credit RatiosReturn on Capital 14.04% EBITDA/Interest Exp. 82.23Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 64.23Margin Analysis Net Debt/EBITDA -0.13Gross Margin 71.2% Total Debt/EBITDA 0.29EBITDA Margin 19.4% ReferenceEBIT Margin 16.2% Total Debt/Equity 6.5%Net Income Margin 12.0% Total Debt/Capital 6.1%Structure Asset Turnover 0.80Current Ratio 1.08 Net Fixed Asset Turnover 7.32Quick Ratio 0.65 Accounts receivable turnover-days 50.97Debt to Assets 4.28% Inventory Days 120.45Tot Debt to Common Equity 6.51% Accounts Payable Turnover Day 191.72Accounts Receivable Turnover 7.16 Cash Conversion Cycle -20.30Inventory Turnover 3.03Price/ Cash Flow Sales/Revenue/Turnover 25.00 25000.0 20.00 20000.0 15.00 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012LOreal SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBETTENCOURT FAMILY n/a Co File 185661879 30.6 - 31.12.2011 n/aNESTLE SA n/a Co File 178381021 29.4 - 31.12.2011 CorporationLOREAL SA n/a Co File 8597659 1.42 - 31.12.2011 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 5135638 0.85 953594 30.06.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5050746 0.83 560936 29.06.2012 Mutual Fund ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4000965 0.66 600000 30.06.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3195000 0.53 (794000) 30.06.2012 Investment AdvisorOWEN-JONES LINDSAY n/a Co File 3029005 0.5 - 31.12.2011 n/aCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3010000 0.5 - 30.06.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1411248 0.23 (16482) 31.07.2012 Investment AdvisorBLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1282910 0.21 1072 20.09.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1006298 0.17 (125162) 20.09.2012 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 833553 0.14 236 20.09.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 775156 0.13 (17000) 31.07.2012 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 769913 0.13 (158531) 20.09.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 751170 0.12 42490 21.09.2012 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 725628 0.12 - 30.06.2012 Pension Fund (ERISA)MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 643171 0.11 - 20.09.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 628781 0.1 628781 30.06.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 620065 0.1 30588 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRedburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 24.09.2012Credit Suisse ALEX MOLLOY neutral 3 M 96 Not Provided 21.09.2012Exane BNP Paribas EAMONN FERRY outperform 5 M 107 Not Provided 20.09.2012AlphaValue ARMELLE MOULIN reduce 2 M 104 6 month 20.09.2012Independent Research GmbH LARS LUSEBRINK hold 3 M 107 12 month 19.09.2012Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 112 12 month 18.09.2012Espirito Santo Investment Bank Research MARTIN DOLAN sell 1 M 87 Not Provided 14.09.2012HSBC CEDRIC BESNARD neutral 3 M 105 Not Provided 12.09.2012Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 92 12 month 11.09.2012Raymond James HERMINE DE BENTZMANN outperform 5 M 108 12 month 11.09.2012Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 D 91 12 month 06.09.2012Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 90 12 month 04.09.2012Bryan Garnier & Cie LOIC MORVAN buy 5 M 104 6 month 31.08.2012Grupo Santander PEDRO GIL hold 3 M 100 Not Provided 30.08.2012JPMorgan CELINE PANNUTI overweight 5 M 108 15 month 30.08.2012Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 94 Not Provided 30.08.2012Oddo & Cie LEOPOLD AUTHIE buy 5 M 106 Not Provided 30.08.2012Kepler Capital Markets CATHERINE ROLLAND buy 5 M 112 Not Provided 30.08.2012Main First Bank AG MATTHIAS EIFERT neutral 3 M 90 12 month 30.08.2012Barclays IAIN SIMPSON overweight 5 M 110 Not Provided 30.08.2012Commerzbank Corporates & Markets ANDREAS RIEMANN add 4 M 105 6 month 29.08.2012Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 136 12 month 29.08.2012Jefferies ALEX HOWSON buy 5 M 106 12 month 29.08.2012Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 29.08.2012Nomura GUILLAUME DELMAS reduce 2 M 85 12 month 29.08.2012S&P Capital IQ CARL SHORT hold 3 M 107 12 month 29.08.2012Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 97 12 month 29.08.2012RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 107 12 month 28.08.2012Stifel Nicolaus MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 28.08.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 08.08.2012Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012Natixis PIERRE TEGNER neutral 3 M 86 Not Provided 27.07.2012Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 26.07.2012Deutsche Bank HAROLD THOMPSON hold 3 M 95 12 month 20.07.2012Berenberg Bank SETH PETERSON hold 3 M 95 Not Provided 11.07.2012ING Wholesale Banking MARCO GULPERS sell 1 D 82 12 month 11.07.2012Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.05.2012CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.12.2011Macquarie SREEDHAR MAHAMKALI outperform 5 M 90 12 month 02.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 24.09.2012LVMH Moet Hennessy Louis Vuitton SALVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The Price/VolumeCompany produces and sells champagne, cognac, perfumes, cosmetics, luggage, 160 3.5 Mwatches and jewelry. 140 3.0 M