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Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players 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 Alternative Energy - Smart Power Grid March 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 |
  • 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 12676468 1870.302 1090 1090 197 211 211 96.76 104.36 104.36 14.17 14.17 13.14 13.14 18.96Euro Stoxx 50 Pr EUR 2390006 11369.14 4752 4752 787 885 885 253.23 337.46 337.46 17.21 13.23 12.91 12.91 21.45NIKKEI 225 JPY 2351224 179.718 209 209 22 22 22 4.63 5.10 5.10 0.32 - 0.29 0.29 0.14FTSE 100 INDEX GBP 2581529 13780.52 9269 9269 1687 1759 1759 839.51 881.01 881.01 17.20 16.42 16.39 16.39 27.52SWISS MARKET INDEX CHF 870741 11181.55 4026 4026 877 868 868 402.65 542.74 542.74 18.34 18.04 13.60 13.60 24.92S&P/TSX COMPOSITE INDEX CAD 1662132 18710.09 7697 7697 1995 2067 2067 842.72 962.57 962.57 15.04 15.04 13.17 13.17 26.45S&P/ASX 200 INDEX AUD 1186309 7983.735 2889 2889 636 687 687 317.22 363.52 363.52 14.91 14.30 13.01 13.01 23.91HANG SENG INDEX HKD 1547197 2387.24 1472 1472 346 406 406 278.09 254.05 254.05 1.27 1.45 1.40 1.40 3.34MSCI EM USD 7618619 1369.849 993 993 190 193 193 88.59 98.03 98.03 11.86 12.75 10.72 10.72 20.23CISCO SYSTEMS INC USD 106803.16 26319 5435 16.82 0.00 0.03 44.59 76.98 43218 44844 46348 49243 10959 12018 3725 3725 1.27 1.42 1.85 2.00 13.96 13.96 10.71 9.92 7.94 6.75 -2.10 5.51 25.36 A+ 10.02.2006 A1 10.02.2006QUANTA SERVICES INC USD 4489.75 1439 206 0.00 0.00 0.01 0.32 4.18 4624 4624 5300 5851 364 396 93 93 0.67 0.69 1.14 1.39 31.30 31.30 19.03 15.54 17.62 21.86 -9.58 14.78 7.87 NR 02.09.2008 - -SMA SOLAR TECHNOLOGY AG EUR 1483.55 5 35 0.20 0.00 0.00 0.73 1.15 2527 2527 2238 1788 720 720 100 100 13.85 13.85 6.71 3.14 4.06 4.06 8.36 17.88 138.88 - 164.34 - 37.52 - - - -ITRON INC USD 1810.13 244 40 0.45 0.00 0.00 0.13 2.13 2434 2434 2241 2272 323 323 70 70 -2.11 -2.12 3.97 4.14 - - 11.44 10.99 7.74 46.87 2.48 23.50 13.28 BB 01.06.2011 - -ITC HOLDINGS CORP USD 3915.57 417 51 2.65 0.00 0.00 0.06 6.50 757 757 852 968 493 493 142 142 3.35 3.35 4.05 4.74 22.76 22.76 18.82 16.08 8.69 23.81 10.90 31.08 65.06 BBB+ 05.12.2011 Baa2 16.04.2010GENERAL CABLE CORP USD 1468.04 1170 50 1.05 0.00 0.11 0.43 2.20 5867 5867 6078 6551 359 359 70 70 1.78 1.84 2.63 3.55 16.03 16.03 11.20 8.31 20.59 9.66 11.03 4.62 6.13 BB- 09.11.2006 Ba3 18.12.2009AMERICAN SUPERCONDUCTOR CORP USD 198.14 329 51 0.00 0.00 0.00 0.24 0.13 287 108 77 130 -117 -207 -18 -18 -3.26 -4.77 -1.77 -0.91 - - - - -9.29 52.67 - - -40.73 - - - -ESCO CORP USD - 0 1 0.27 0.00 0.01 0.11 - 849 850 - - 104 - - - 14.62 - - - - - - - 24.85 - 18.69 - 12.23 NR 28.01.2011 WR 24.02.2011TELVENT GIT SA USD - 0 34 0.38 0.00 0.00 0.07 - 724 730 - - 92 - - - 1.06 0.62 - - - 0.62 - - -8.49 12.69 -15.82 23.71 12.71 - - - -WASION GROUP HOLDINGS LTD HKD 423.95 3028 929 0.06 0.00 0.00 0.07 0.45 172 230 246 294 36 39 23 23 0.02 0.03 0.03 0.04 1.57 - 1.58 1.27 3.02 4.93 -2.59 1.62 2.73 - - - -ENERNOC INC USD 195.85 256 27 0.00 0.00 0.00 0.09 0.11 287 287 259 372 13 13 -17 -17 -0.52 -0.58 -0.71 0.70 - - - 10.52 2.30 - -53.82 - 4.36 - - - -ECHELON CORP USD 210.00 122 43 0.00 0.00 0.00 0.06 0.15 156 156 170 184 -5 -5 0 0 -0.31 -0.30 -0.05 0.11 - - - 43.72 40.93 45.32 75.85 - -3.38 - - - -PIKE ELECTRIC CORP USD 312.42 79 34 0.10 0.00 0.00 0.00 0.43 594 1K 679 1K 48 64 16 16 0.05 0.29 0.42 0.51 31.00 31.00 21.40 17.80 17.81 3.34 53.60 -16.72 8.13 - - - -COMVERGE INC USD 36.11 88 25 0.02 0.00 0.00 0.04 0.04 119 137 138 155 -22 -16 10 10 -0.89 -0.73 -0.54 -0.15 - - - - 20.79 - -143.83 - -18.20 - - - -JINPAN INTERNATIONAL LTD USD 143.62 18 16 0.04 0.00 0.00 0.02 0.16 219 219 230 290 30 30 4 4 1.45 1.45 1.53 1.86 6.04 6.04 5.73 4.71 52.20 24.78 61.17 22.10 13.84 - - - - 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 2.05 2.05 1.87 1.70 2.05 1.26 1.26 1.19 1.15 1.26 8.77 8.77 7.91 8.03 8.77 8.88 8.88 8.15 7.65 8.88 13.14 13.14 11.66 10.56 13.14 2.14 2.14 2.31 2.54 2.14 1509.2 10.1%Euro Stoxx 50 Pr 1.08 1.08 1.02 0.96 1.08 0.70 0.70 0.67 0.66 0.70 4.81 4.81 4.55 4.14 4.81 12.84 12.84 12.00 11.91 12.84 9.81 9.81 8.85 8.25 9.81 4.89 4.89 5.23 5.62 4.89 2788.9 10.9%NIKKEI 225 1.25 1.25 1.18 1.11 1.25 0.58 0.58 0.56 0.54 0.58 7.82 7.82 6.61 6.18 7.82 8.22 8.22 7.34 6.85 8.22 23.60 23.60 15.30 12.30 23.60 1.96 1.96 1.96 2.26 1.96 10275.5 3.8%FTSE 100 INDEX 1.57 1.57 1.44 0.84 1.57 1.00 1.00 0.96 0.97 1.00 6.82 6.82 6.31 3.27 6.82 7.83 7.83 7.12 7.00 7.83 10.47 10.47 9.46 8.82 10.47 4.04 4.04 4.32 4.93 4.04 6530.6 10.8%SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.68 1.68 1.60 1.53 1.68 10.16 10.16 9.20 8.38 10.16 12.88 12.88 11.81 11.18 12.88 12.46 12.46 11.24 10.36 12.46 3.79 3.79 4.22 4.52 3.79 6760.6 9.2%S&P/TSX COMPOSITE INDEX 1.71 1.71 1.55 1.43 1.71 1.63 1.63 1.53 1.50 1.63 7.73 7.73 6.98 6.35 7.73 9.05 9.05 7.98 7.70 9.05 13.04 13.04 11.42 10.88 13.04 2.94 2.94 3.00 3.20 2.94 15036.0 21.0%S&P/ASX 200 INDEX 1.63 1.63 1.52 1.42 1.63 1.55 1.55 1.45 1.37 1.55 9.04 9.04 7.96 7.39 9.04 11.62 11.62 10.27 9.53 11.62 12.33 12.33 10.82 9.99 12.33 5.02 5.02 5.42 5.76 5.02 4821.8 13.5%HANG SENG INDEX 1.39 1.39 1.27 1.17 1.39 1.87 1.87 1.70 1.56 1.87 6.77 6.77 6.13 6.05 6.77 5.88 5.88 5.26 4.20 5.88 10.83 10.83 9.74 8.69 10.83 3.67 3.67 3.98 4.76 3.67 23463.0 9.9%MSCI EM 1.52 1.52 1.38 1.26 1.52 1.06 1.06 0.97 0.91 1.06 6.53 6.53 5.81 5.47 6.53 7.10 7.10 6.43 5.72 7.10 10.72 10.72 9.55 8.72 10.72 3.05 3.05 3.47 3.68 3.05 1192.5 13.5%CISCO SYSTEMS INC 2.27 2.03 1.88 1.65 2.48 2.30 2.17 2.02 10.60 9.12 8.42 7.72 6.23 5.30 5.03 4.70 12.38 10.71 9.92 9.16 0.53 1.43 1.65 1.82 23.11 16.5%QUANTA SERVICES INC 1.32 1.25 1.17 1.00 0.85 0.77 0.65 26.67 14.90 12.78 10.53 7.83 6.69 5.23 30.00 19.03 15.54 10.09 26.18 21.2%SMA SOLAR TECHNOLOGY AG 1.58 1.41 1.34 1.25 1.14 0.60 0.66 0.83 0.82 0.75 2.97 5.81 6.69 6.67 5.71 1.57 2.87 4.93 4.69 3.74 3.15 6.37 13.63 13.79 10.06 7.06 5.38 3.06 3.05 2.89 31.94 -1.6%ITRON INC 1.75 1.83 1.58 1.37 0.76 0.81 0.80 0.76 8.44 7.06 7.12 6.66 12.30 7.22 7.13 5.79 11.07 11.44 10.99 11.60 50.31 10.7%ITC HOLDINGS CORP 3.16 2.83 1.92 1.77 1.38 5.14 4.60 4.04 3.12 2.57 10.64 10.71 9.08 8.10 12.94 11.06 9.44 8.15 6.68 22.98 18.82 16.08 14.25 12.53 1.81 1.93 2.10 2.40 2.54 81.67 7.1%GENERAL CABLE CORP 0.98 0.94 0.87 0.25 0.24 0.22 0.21 12.16 12.74 12.47 5.86 5.78 4.86 3.77 12.77 11.20 8.31 5.33 39.92 35.3%AMERICAN SUPERCONDUCTOR CORP 0.42 1.17 1.35 0.60 2.58 1.52 1.14 0.00 0.00 0.00 4.75 23.4%ESCO CORPTELVENT GIT SA 1.25WASION GROUP HOLDINGS LTD 1.15 1.27 1.09 1.00 1.93 1.41 1.18 0.95 8.18 14.80 9.95 8.25 10.02 11.25 9.08 7.57 9.95 12.23 9.85 7.91 3.29 3.08 3.15 3.39 3.59 1.4%ENERNOC INC 0.77 0.86 0.76 0.68 0.68 0.76 0.53 0.46 0.43 5.77 5.81 3.34 4.92 2.74 1.57 32.49 10.52 6.65 5.71 10.65 45.7%ECHELON CORP 2.35 2.45 2.15 1.35 1.24 1.14 0.95 98.80 38.00 10.51 28.43 13.89 6.10 43.72 8.42 70.4%PIKE ELECTRIC CORP 1.19 1.16 1.09 0.53 0.46 0.43 0.37 9.02 6.16 5.71 5.06 264.41 21.40 17.80 13.62 12.75 41.8%COMVERGE INC 0.68 1.09 1.01 0.86 0.30 0.26 0.23 0.18 7.28 2.22 3.33 2.04 12.79 0.00 0.00 0.00 0.00 2.75 93.7%JINPAN INTERNATIONAL LTD 0.67 0.62 0.50 5.00 4.17 3.73 6.04 5.73 4.71 14.00 59.8% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Cisco Systems IncCisco Systems, Inc. designs, manufactures, and sells Internet Protocol Price/Volume(IP)-based networking and other products related to the communications and 25 350.0 Minformation technology (IT) industry and provide services associated with these 300.0 Mproducts and their use. The Company provides products for transporting data, 20voice, and video within buildings, across campuses, and globally. 250.0 M 15 200.0 M Valuation Analysis 10 150.0 MLatest Fiscal Year: 07/2011 100.0 MLTM as of: 01/yy 5 50.0 M52-Week High (09.02.2012) 20.49 0 .0 M52-Week Low (09.08.2011) 13.30 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 26319377.00 Current Price (3/dd/yy) 19.83 Market Data 52-Week High % Change -3.22% Dividend Yield 1.21 52-Week Low % Change 49.10% Beta 1.05 % 52 Week Price Range High/Low 90.82% Equity Float 5377.19Shares Out 14.02.2012 5385.9 Short Int 52.43 Market Capitalization 106803.16 1 Yr Total Return 12.07%Total Debt 16822.00 YTD Return 10.03%Preferred Stock 0.0 Adjusted BETA 1.053Minority Interest 33.0 Analyst Recs 48Cash and Equivalents 44585.00 Consensus Rating 4.000Enterprise Value 76984.15 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 32150410CSCO US EQUITY YTD Change - Average Volume 30 Day 44798020CSCO US EQUITY YTD % CHANGE - Average Volume 3 Month 42751716 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.07.2007 31.07.2008 31.07.2009 31.07.2010 31.07.2011 01/yy 01/yy 07/12 Y 07/13 Y 04/12 Q3 07/12 Q4 Total Revenue 34922 39540 36117 40040 43218 42361 44844 46348 49243 11576 11985 TEV/Revenue 4.61x 2.86x 2.82x 2.64x 1.37x 10.17x 6.16x 1.64x 1.46x 6.65x 6.28x EBITDA 10115.0 11189.0 9153.0 11194.0 10959.0 11033.0 12018.0 14512.1 15307.6 3725.3 3869.7 TEV/EBITDA 15.90x 10.09x 11.13x 9.46x 5.39x 8.24x 6.27x 5.30x 5.03x 5.05x 5.01x Net Income 7333.0 8052.0 6134.0 7767.0 6490.0 7578 6998 10036 10693 2518 2611 P/E 23.55x 16.14x 17.79x 16.96x 12.57x 15.74x 13.77x 10.71x 9.92x 10.31x 10.12x Profitability S&P Issuer RatingsEBITDA 10959.00 Long-Term Rating Date 10.02.2006EBIT 8473.00 Long-Term Rating A+Operating Margin 19.61% Long-Term Outlook STABLEPretax Margin 18.11% Short-Term Rating Date 31.01.2011Return on Assets 7.72% Short-Term Rating A-1+Return on Common Equity 14.19% Credit RatiosReturn on Capital 11.34% EBITDA/Interest Exp. 17.45Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 15.58Margin Analysis Net Debt/EBITDA -2.53Gross Margin 61.4% Total Debt/EBITDA 1.53EBITDA Margin 25.4% ReferenceEBIT Margin 19.6% Total Debt/Equity 35.6%Net Income Margin 15.0% Total Debt/Capital 26.3%Structure Asset Turnover 0.51Current Ratio 3.27 Net Fixed Asset Turnover 11.00Quick Ratio 2.99 Accounts receivable turnover-days 53.64Debt to Assets 19.31% Inventory Days 30.69Tot Debt to Common Equity 35.62% Accounts Payable Turnover Day 19.14Accounts Receivable Turnover 6.79 Cash Conversion Cycle 65.19Inventory Turnover 11.86Price/ Cash Flow Sales/Revenue/Turnover 20.00 50000.0 18.00 45000.0 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 01.08.2008 01.02.2009 01.08.2009 01.02.2010 01.08.2010 01.02.2011 01.08.2011 01.02.2012 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 |
  • 13.03.2012Cisco Systems IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 217612579 4.04 1290071 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 210051745 3.9 (629818) 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 142749725 2.65 8952833 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 130397833 2.42 30095861 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 106394253 1.98 10119738 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 96404101 1.79 4843027 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 95004854 1.76 15224866 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 89060587 1.65 18836224 31.12.2011 Investment AdvisorGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 74107099 1.38 (8737219) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 68395480 1.27 (1775068) 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 67982869 1.26 4109313 31.12.2011 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 45529735 0.85 (12860129) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 42434977 0.79 (919784) 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 40920296 0.76 507324 31.12.2011 Hedge Fund ManagerORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 39281553 0.73 (10071854) 31.12.2011 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 38838437 0.72 5176272 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 38264000 0.71 (313380) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 37992290 0.71 1015073 31.12.2011 Investment AdvisorGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 37666676 0.7 (242353) 31.12.2011 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 37385520 0.69 575113 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley EHUD A GELBLUM Overwt/Cautious 5 M 21 12 month 13.03.2012Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 26 12 month 12.03.2012Wells Fargo Securities, LLC JESS LUBERT outperform 5 M #N/A N/A Not Provided 08.03.2012Cantor Fitzgerald PAUL H MANSKY buy 5 M 23 12 month 07.03.2012Oppenheimer & Co ITTAI KIDRON outperform 5 M 23 18 month 07.03.2012FBR Capital Markets SCOTT S THOMPSON market perform 3 M 23 12 month 06.03.2012Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 24 12 month 06.03.2012Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 05.03.2012William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 05.03.2012Sterne, Agee & Leach SHAW WU buy 5 M 27 12 month 05.03.2012Miller Tabak + Co., LLC B ALEXANDER HENDERSON hold 3 M 21 12 month 03.03.2012The Juda Group NATARAJAN SUBRAHMANYAN buy 5 M 24 12 month 02.03.2012Jefferies GEORGE C NOTTER hold 3 M 18 12 month 01.03.2012Avondale Partners LLC BLAIR KING market perform 3 M 22 12 month 01.03.2012Barclays Capital JEFFREY KVAAL equalwt/neutral 3 M 22 Not Provided 29.02.2012Stifel Nicolaus SANJIV R WADHWANI buy 5 M 24 12 month 28.02.2012MKM Partners MICHAEL GENOVESE neutral 3 M 22 12 month 28.02.2012Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 27.02.2012AURIGA SANDEEP SHYAMSUKHA buy 5 M 24 12 month 27.02.2012BMO Capital Markets TIMOTHY P LONG market perform 3 M 22 Not Provided 24.02.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012Evercore Partners ALKESH SHAH overweight 5 M 26 12 month 16.02.2012Credit Suisse PAUL SILVERSTEIN outperform 5 M 27 Not Provided 15.02.2012Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 10.02.2012Nomura STUART JEFFREY buy 5 M 24 12 month 10.02.2012Morgan Keegan SIMON M LEOPOLD outperform 5 M 26 12 month 09.02.2012Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 09.02.2012RBC Capital Markets MARK SUE sector perform 3 M 23 12 month 09.02.2012Argus Research Corp JAMES KELLEHER buy 5 M #N/A N/A Not Provided 09.02.2012Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 09.02.2012JPMorgan ROD HALL overweight 5 M 22 9 month 09.02.2012Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 22 12 month 09.02.2012Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 09.02.2012Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 21 12 month 09.02.2012Wedbush ROHIT CHOPRA outperform 5 M 22 12 month 09.02.2012Raymond James TODD K KOFFMAN outperform 5 M 25 12 month 09.02.2012Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 6 month 09.02.2012ISI Group BRIAN MARSHALL neutral 3 D 22 12 month 09.02.2012JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 09.02.2012Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 09.02.2012Piper Jaffray TROY D JENSEN neutral 3 M 21 12 month 09.02.2012FBN Securities SHEBLY SEYRAFI outperform 5 M 27 12 month 09.02.2012Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 09.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Quanta Services IncQuanta Services, Inc. provides specialized contracting services to electric Price/Volumeutilities, telecommunication and cable television operators, and governmental 25 12.0 Mentities. The Company also installs transportation control and lighting systemsand provides specialty electric power and communication services for industrial 20 10.0 Mand commercial customers. Quanta performs projects across the United States. 8.0 M 15 6.0 M Valuation Analysis 10Latest Fiscal Year: 12/2011 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (04.04.2011) 22.98 0 .0 M52-Week Low (08.08.2011) 15.37 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 1439004.00 Current Price (3/dd/yy) 21.6 Market Data 52-Week High % Change -6.01% Dividend Yield 0.00 52-Week Low % Change 40.53% Beta 0.99 % 52 Week Price Range High/Low 81.87% Equity Float 204.64Shares Out 20.02.2012 207.4 Short Int 3.75 Market Capitalization 4489.75 1 Yr Total Return -3.31%Total Debt 0.06 YTD Return 0.28%Preferred Stock 0.0 Adjusted BETA 0.992Minority Interest 7.3 Analyst Recs 19Cash and Equivalents 315.35 Consensus Rating 4.105Enterprise Value 4181.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1712753PWR US EQUITY YTD Change - Average Volume 30 Day 1333372PWR US EQUITY YTD % CHANGE - Average Volume 3 Month 1390585 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 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 2656.0 3780.2 3318.1 3931.2 4623.8 3931.2 4623.8 5300.1 5851.0 1257.3 1271.3 TEV/Revenue 1.69x 0.95x 1.07x 0.93x 0.89x 3.71x 3.42x 0.77x 0.67x - - EBITDA 244.1 403.1 367.9 402.3 363.7 402.3 396.3 534.4 624.9 93.2 129.5 TEV/EBITDA 18.41x 8.89x 9.65x 9.12x 11.37x 9.12x 10.43x 7.83x 6.69x 7.85x 8.25x Net Income 136.0 157.6 162.2 153.2 132.5 153.2 132.5 236.5 296.9 34.8 57.2 P/E 30.16x 22.76x 25.73x 26.92x 32.15x 26.92x 31.22x 19.03x 15.54x 18.95x 19.51x Profitability S&P Issuer RatingsEBITDA 363.70 Long-Term Rating Date 02.09.2008EBIT 217.68 Long-Term Rating NROperating Margin 4.71% Long-Term Outlook -Pretax Margin 4.68% Short-Term Rating Date -Return on Assets 2.93% Short-Term Rating -Return on Common Equity 3.93% Credit RatiosReturn on Capital 4.31% EBITDA/Interest Exp. 199.73Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 105.27Margin Analysis Net Debt/EBITDA -0.87Gross Margin 13.4% Total Debt/EBITDA 0.00EBITDA Margin 7.9% ReferenceEBIT Margin 4.7% Total Debt/Equity 0.0%Net Income Margin 2.9% Total Debt/Capital 0.0%Structure Asset Turnover 1.02Current Ratio 2.26 Net Fixed Asset Turnover 4.94Quick Ratio 1.77 Accounts receivable turnover-days 72.33Debt to Assets 0.00% Inventory Days 21.19Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 25.26Accounts Receivable Turnover 5.05 Cash Conversion Cycle 68.27Inventory Turnover 17.23Price/ Cash Flow Sales/Revenue/Turnover 60.00 5000.0 4500.0 50.00 4000.0 3500.0 40.00 3000.0 30.00 2500.0 2000.0 20.00 1500.0 1000.0 10.00 500.0 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 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 |
  • 13.03.2012Quanta Services IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20949519 10.1 (76400) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 10878942 5.24 (99212) 31.12.2011 Investment AdvisorEDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 9780110 4.71 (77116) 31.12.2011 Investment AdvisorGENERATION INVESTMEN GENERATION INVESTMEN 13F 7533849 3.63 (96463) 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 7485171 3.61 155069 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 5935650 2.86 (42870) 31.12.2011 Investment AdvisorMANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5800590 2.8 953060 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 5589325 2.69 312098 31.12.2011 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5300035 2.56 (332418) 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 4726821 2.28 (627556) 31.12.2011 Investment AdvisorCOLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 4506000 2.17 (30000) 31.12.2011 Investment AdvisorFRONTIER CAPITAL MAN FRONTIER CAPITAL MAN 13F 4293317 2.07 (31530) 31.12.2011 Hedge Fund ManagerGUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 2790803 1.35 139077 31.12.2011 Investment AdvisorHHR ASSET MANAGEMENT HHR ASSET MANAGEMENT 13F 2727300 1.31 164000 31.12.2011 Investment AdvisorCI INVESTMENTS INC CI INVESTMENTS INC 13F 2716250 1.31 414300 31.12.2011 Hedge Fund ManagerDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2518547 1.21 21394 31.12.2011 Investment AdvisorDELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 2376371 1.15 (24664) 30.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2331778 1.12 (47695) 31.12.2011 Investment AdvisorEDGEWOOD MANAGEMENT Multiple Portfolios MF-AGG 2169341 1.05 35089 31.10.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2129988 1.03 169599 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStephens Inc ZACHARY LARKIN overweight 5 M 26 12 month 09.03.2012Robert W. Baird & Co ANDREW J WITTMANN neutral 3 M 22 12 month 08.03.2012Wedbush CRAIG IRWIN outperform 5 M 24 12 month 08.03.2012KeyBanc Capital Markets TAHIRA AFZAL buy 5 M 27 12 month 08.03.2012Stifel Nicolaus JEFFREY L BEACH buy 5 M 32 12 month 08.03.2012Maxim Group LLC WILLIAM D BREMER buy 5 M 32 12 month 08.03.2012Credit Suisse JAMIE L COOK outperform 5 M 26 Not Provided 07.03.2012Piper Jaffray AHMAR M ZAMAN overweight 5 M 26 12 month 07.03.2012FBR Capital Markets ALEX J RYGIEL outperform 5 M 28 12 month 05.03.2012Johnson Rice & Co MARTIN W MALLOY equalweight 3 M 25 12 month 27.02.2012D.A. Davidson & Co JOHN B ROGERS underperform 1 M 20 12 month 24.02.2012JPMorgan SCOTT LEVINE overweight 5 M 26 9 month 22.02.2012Avondale Partners LLC DANIEL J MANNES market outperform 4 M 28 12 month 22.02.2012BB&T Capital Markets ADAM ROBERT THALHIMER buy 5 M 28 12 month 22.02.2012Griffin Securities MORRIS B AJZENMAN buy 5 M 30 18 month 22.02.2012Goldman Sachs JOSEPH RITCHIE neutral/attractive 3 M 23 12 month 12.01.2012Nomura RICHARD WINDSOR neutral 3 N #N/A N/A Not Provided 21.11.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011Lazard Capital Markets WILL GABRIELSKI buy 5 M 28 12 month 02.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012SMA Solar Technology AGSMA Solar Technology AG manufactures solar inverters, alternating current Price/Volumeconverters for solar generated electricity. 100 .6 M 90 80 .5 M 70 .4 M 60 50 .3 M Valuation Analysis 40Latest Fiscal Year: 12/2010 30 .2 MLTM as of: 09/yy 20 .1 M 1052-Week High (30.03.2011) 89.60 0 .0 M52-Week Low (06.03.2012) 31.43 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 5016.00 Current Price (3/dd/yy) 32.48 Market Data 52-Week High % Change -63.62% Dividend Yield 4.00 52-Week Low % Change 3.34% Beta 0.67 % 52 Week Price Range High/Low 0.77% Equity Float 10.12Shares Out 30.09.2011 34.7 Short Int - Market Capitalization 1127.06 1 Yr Total Return -50.90%Total Debt 154.48 YTD Return -24.75%Preferred Stock 0.0 Adjusted BETA 0.671Minority Interest 0.0 Analyst Recs 23Cash and Equivalents 550.88 Consensus Rating 2.087Enterprise Value 873.27 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 171471S92 GY EQUITY YTD Change - Average Volume 30 Day 111288S92 GY EQUITY YTD % CHANGE - Average Volume 3 Month 94986 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1 Total Revenue 192.9 327.3 681.6 934.3 1920.1 1817.3 1669.9 1700.2 1358.4 580.5 300.0 TEV/Revenue - - 1.64x 3.17x 1.05x 6.06x 4.95x 0.46x 0.55x - 2.11x EBITDA 42.6 75.3 174.8 243.4 547.2 552.0 322.2 297.7 173.5 76.0 34.0 TEV/EBITDA - - 6.39x 12.16x 3.68x 4.46x 3.46x 2.87x 4.93x 3.46x 3.46x Net Income 20.5 36.8 119.5 161.1 365.0 372.1 194.5 178.3 84.4 55.3 12.7 P/E - - 10.90x 20.10x 6.61x 7.51x 7.05x 6.37x 13.63x 7.88x 8.64x Profitability S&P Issuer RatingsEBITDA 547.25 Long-Term Rating Date -EBIT 515.93 Long-Term Rating -Operating Margin 26.87% Long-Term Outlook -Pretax Margin 26.98% Short-Term Rating Date -Return on Assets 37.06% Short-Term Rating -Return on Common Equity 64.27% Credit RatiosReturn on Capital 52.88% EBITDA/Interest Exp. 760.06Asset Turnover 1.95% (EBITDA-Capex)/Interest Exp. 566.00Margin Analysis Net Debt/EBITDA -0.72Gross Margin 36.1% Total Debt/EBITDA 0.28EBITDA Margin 28.5% ReferenceEBIT Margin 26.9% Total Debt/Equity 21.2%Net Income Margin 19.0% Total Debt/Capital 17.5%Structure Asset Turnover 1.95Current Ratio 2.60 Net Fixed Asset Turnover 9.20Quick Ratio 1.88 Accounts receivable turnover-days 16.67Debt to Assets 12.34% Inventory Days 52.12Tot Debt to Common Equity 21.21% Accounts Payable Turnover Day 19.25Accounts Receivable Turnover 21.90 Cash Conversion Cycle 49.54Inventory Turnover 7.00Price/ Cash Flow Sales/Revenue/Turnover 16.00 2500.0 14.00 2000.0 12.00 10.00 1500.0 8.00 1000.0 6.00 4.00 500.0 2.00 0.00 0.0 04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012SMA Solar Technology AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePOOL SMA SOLAR TECH n/a EXCH 8744400 25.2 - 05.08.2011 n/aKLEINKAUF WERNER n/a EXCH 2512280 7.24 - 05.08.2011 n/aWETTLAUFER REINER n/a EXCH 2446350 7.05 - 05.08.2011 n/aDREWS PETER n/a EXCH 2446350 7.05 - 05.08.2011 n/aCRAMER GUENTHER n/a EXCH 2439410 7.03 - 05.08.2011 n/aREINER WETTLAUFER FO n/a EXCH 1998720 5.76 - 05.08.2011 n/aGUENTHER CRAMER FOUN n/a EXCH 1998720 5.76 - 05.08.2011 n/aPETER DREWS FOUNDATI n/a EXCH 1998720 5.76 - 05.08.2011 n/aBAILLIE GIFFORD AND n/a Research 1045776 3.01 - 25.11.2011 Investment AdvisorRUANE CUNNIFF & GOLD n/a Research 1002885 2.89 - 12.07.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 811804 2.34 (1237) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 261897 0.75 23056 08.03.2012 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 241810 0.7 - 30.12.2011 Investment AdvisorBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 192700 0.56 151300 30.11.2011 Investment AdvisorLIONTRUST INVESTMENT Multiple Portfolios MF-AGG 165153 0.48 - 31.01.2012 Investment AdvisorDELTA LLOYD ASSET MA Multiple Portfolios MF-AGG 118760 0.34 (2540) 30.11.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 109843 0.32 54434 31.12.2011 Investment AdvisorDWS FINANZ SERVICE G Multiple Portfolios MF-AGG 104310 0.3 47164 15.07.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 77570 0.22 - 30.12.2011 Mutual Fund ManagerROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 75700 0.22 (27600) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley ALLEN WELLS Underwt/No Rating 1 M 27 12 month 12.03.2012Citi JASON CHANNELL sell 1 D 22 Not Provided 07.03.2012Barclays Capital RUPESH MADLANI equalwt/neutral 3 M 32 Not Provided 07.03.2012Commerzbank Corporates & Markets LAUREN LICUANAN reduce 2 M 30 6 month 06.03.2012Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 28 Not Provided 06.03.2012Independent Research GmbH SVEN DIERMEIER sell 1 M 31 6 month 06.03.2012M.M. Warburg Investment Research CHRISTOPHER RODLER hold 3 M 32 12 month 06.03.2012DZ Bank AG SVEN OLAF KUERTEN sell 1 M 27 12 month 06.03.2012WestLB Equity Markets PETER WIRTZ reduce 2 M 32 Not Provided 06.03.2012Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 34 12 month 05.03.2012HSBC CHRISTIAN DOMINIK RATH neutral 3 M 34 Not Provided 05.03.2012Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 29 12 month 05.03.2012Bryan Garnier & Cie JULIEN DESMARETZ neutral 3 M 35 6 month 05.03.2012Equinet Institutional Services(ESN) STEFAN FREUDENREICH reduce 2 D 31 12 month 05.03.2012Silvia Quandt Research SEBASTIAN ZANK avoid 1 M 29 12 month 05.03.2012Montega ALEXANDER DREWS sell 1 M 27 12 month 05.03.2012Deutsche Bank ALEXANDER KARNICK hold 3 M 45 12 month 10.02.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 31.01.2012Steubing AG ALLA GORELOVA sell 1 M 36 12 month 13.01.2012Macquarie ROBERT SCHRAMM-FUCHS neutral 3 U 42 12 month 09.01.2012Jefferies GERARD REID hold 3 M 44 12 month 05.12.2011Hammer Partners SA ALBERTO ROLLA buy 5 N 119 Not Provided 04.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Itron IncItron, Inc. provides solutions for collecting, communicating, and analyzing Price/Volumeelectric, gas, and water usage data. The Company sells its products to the 60 4.5 Mutility industry. Itron designs, manufactures, markets, sells, installs, and 4.0 Mservices hardware, software, and integrated systems for handheld computer-based 50 3.5 Melectronic meter reading and automatic meter reading systems. 40 3.0 M 2.5 M 30 Valuation Analysis 2.0 MLatest Fiscal Year: 12/2011 20 1.5 M 1.0 MLTM as of: 12/yy 10 .5 M52-Week High (31.03.2011) 56.44 0 .0 M52-Week Low (04.10.2011) 26.90 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 244354.00 Current Price (3/dd/yy) 45.45 Market Data 52-Week High % Change -19.47% Dividend Yield 0.00 52-Week Low % Change 68.96% Beta 1.18 % 52 Week Price Range High/Low 62.80% Equity Float 37.42Shares Out 31.01.2012 39.8 Short Int 1.93 Market Capitalization 1810.13 1 Yr Total Return -14.97%Total Debt 452.50 YTD Return 27.06%Preferred Stock 0.0 Adjusted BETA 1.179Minority Interest 0.0 Analyst Recs 26Cash and Equivalents 133.09 Consensus Rating 3.923Enterprise Value 2129.55 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 356357ITRI US EQUITY YTD Change - Average Volume 30 Day 606207ITRI US EQUITY YTD % CHANGE - Average Volume 3 Month 495092 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 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 1464.0 1909.6 1687.4 2259.3 2434.1 2259.3 2434.1 2240.8 2272.4 547.0 565.9 TEV/Revenue 3.03x 1.68x 2.00x 1.19x 0.72x 5.41x 3.46x 0.89x 0.82x 3.86x 3.69x EBITDA 186.4 283.5 200.8 315.4 323.2 315.4 323.2 294.8 298.8 70.3 77.0 TEV/EBITDA 23.81x 11.31x 16.80x 8.51x 5.42x 8.51x 5.42x 7.22x 7.13x 7.27x 7.39x Net Income (16.1) 19.8 (2.2) 104.8 (510.2) 104.8 (510.2) 160.2 166.1 37.8 40.8 P/E 35.16x 20.36x 35.38x 23.70x - 21.66x 0.00x 11.44x 10.99x 11.45x 11.59x Profitability S&P Issuer RatingsEBITDA 323.21 Long-Term Rating Date 01.06.2011EBIT 193.75 Long-Term Rating BBOperating Margin 7.96% Long-Term Outlook STABLEPretax Margin -20.78% Short-Term Rating Date -Return on Assets -21.21% Short-Term Rating -Return on Common Equity -43.69% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 8.78Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 7.15Margin Analysis Net Debt/EBITDA 0.99Gross Margin 30.5% Total Debt/EBITDA 1.40EBITDA Margin 13.3% ReferenceEBIT Margin 8.0% Total Debt/Equity 49.9%Net Income Margin -21.0% Total Debt/Capital 33.3%Structure Asset Turnover 1.01Current Ratio 1.65 Net Fixed Asset Turnover 8.66Quick Ratio 0.99 Accounts receivable turnover-days 55.73Debt to Assets 21.92% Inventory Days 43.60Tot Debt to Common Equity 49.89% Accounts Payable Turnover Day 53.13Accounts Receivable Turnover 6.55 Cash Conversion Cycle 46.20Inventory Turnover 8.37Price/ Cash Flow Sales/Revenue/Turnover 20.00 3000.0 18.00 2500.0 16.00 14.00 2000.0 12.00 10.00 1500.0 8.00 1000.0 6.00 4.00 500.0 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 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 |
  • 13.03.2012Itron IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 2627285 6.6 (7734) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2409800 6.05 65200 31.12.2011 Investment AdvisorNORGES BANK n/a 13G 1944948 4.88 (504013) 17.02.2012 GovernmentVANGUARD GROUP INC VANGUARD GROUP INC 13F 1901046 4.77 (60634) 31.12.2011 Investment AdvisorABN AMRO ASSET MANAG Multiple Portfolios MF-AGG 1742500 4.38 334600 31.05.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1216271 3.05 (158750) 31.12.2011 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 1116424 2.8 (14230) 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1065621 2.68 74619 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 944434 2.37 (16668) 31.12.2011 Investment AdvisorIMPAX ASSET MANAGEME IMPAX ASSET MANAGEME 13F 805476 2.02 59050 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 780265 1.96 (15548) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 707515 1.78 (514674) 31.12.2011 Investment AdvisorOPUS CAPITAL GROUP L OPUS CAPITAL GROUP L 13F 543635 1.36 40702 31.12.2011 Investment AdvisorPARVEST INVESTMENT M Multiple Portfolios MF-AGG 529662 1.33 (46000) 31.10.2011 Investment AdvisorBLUE HARBOUR GROUP L BLUE HARBOUR GROUP L 13F 520000 1.31 520000 31.12.2011 Hedge Fund ManagerTHRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 506800 1.27 506800 31.12.2011 Investment AdvisorLORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 466207 1.17 (43200) 31.12.2011 Investment AdvisorCS MCKEE LP C S MCKEE LP 13F 452785 1.14 (12930) 31.12.2011 Investment AdvisorBNP PARIBAS ASSET MG BNP PARIBAS ASSET MG 13F 402649 1.01 402649 31.12.2011 Investment AdvisorNEW YORK STATE COMMO NEW YORK STATE COMMO 13F 402076 1.01 81500 31.12.2011 Pension Fund (ERISA) Firm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp JOHN S QUEALY buy 5 M 58 12 month 12.03.2012Brean Murray Carret & Co MICHAEL E GAUGLER buy 5 M 47 12 month 05.03.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.03.2012Piper Jaffray AHMAR M ZAMAN neutral 3 M 42 12 month 02.03.2012JPMorgan PAUL T COSTER overweight 5 M 53 12 month 01.03.2012Credit Suisse PATRICK JOBIN neutral 3 D 50 Not Provided 21.02.2012KeyBanc Capital Markets CARTER B SHOOP hold 3 D #N/A N/A Not Provided 17.02.2012Macquarie ANDREW WEISEL neutral 3 M 45 12 month 17.02.2012Cantor Fitzgerald DALE R PFAU hold 3 M 47 12 month 17.02.2012Morgan Stanley VIDYA ADALA Overwt/In-Line 5 M 52 12 month 16.02.2012Janney Montgomery Scott LLC RYAN M CONNORS buy 5 M 65 12 month 16.02.2012Needham & Co SEAN K F HANNAN buy 5 M 53 12 month 16.02.2012Robert W. Baird & Co BEN KALLO outperform 5 U 53 12 month 16.02.2012Stephens Inc STEPHEN SANDERS overweight 5 M 53 12 month 16.02.2012Wedbush CRAIG IRWIN outperform 5 M 60 12 month 16.02.2012Stifel Nicolaus JEFF OSBORNE hold 3 M #N/A N/A Not Provided 16.02.2012Wunderlich Securities THEODORE R ONEILL sell 1 M 30 18 month 16.02.2012ThinkEquity LLC COLIN W RUSCH buy 5 U 47 12 month 16.02.2012Lazard Capital Markets SANJAY K SHRESTHA buy 5 M 63 12 month 16.02.2012Barclays Capital AMIR ROZWADOWSKI equalwt/neutral 3 M 42 Not Provided 16.02.2012Jefferies ELAINE S KWEI buy 5 M 46 12 month 15.02.2012Pacific Crest Securities BEN SCHUMAN outperform 5 M 52 12 month 15.02.2012Deutsche Bank VISHAL SHAH hold 3 M 38 12 month 09.01.2012Argus Research Corp GARY F HOVIS hold 3 M #N/A N/A Not Provided 02.11.2011Divine Capital Markets STEVEN CHAREST buy 5 M 82 Not Provided 01.11.2010Janco Partners Inc VIJAY K SINGH market perform 3 D 67 Not Provided 18.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012ITC Holdings CorpITC Holdings Corporation is a holding company. Through subsidiaries, the Price/VolumeCompany transmits electricity from electricity generating stations to local 90 2.5 Melectricity distribution facilities. ITC invests in electricity transmission 80infrastructure improvements as a means to improve electricity reliability and 70 2.0 Mreduce congestion. 60 1.5 M 50 Valuation Analysis 40 1.0 MLatest Fiscal Year: 12/2011 30 20 .5 MLTM as of: 12/yy 1052-Week High (05.12.2011) 81.90 0 .0 M52-Week Low (09.08.2011) 64.88 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 416582.00 Current Price (3/dd/yy) 76.26 Market Data 52-Week High % Change -6.89% Dividend Yield 1.80 52-Week Low % Change 17.54% Beta 0.71 % 52 Week Price Range High/Low 66.86% Equity Float 50.81Shares Out 17.02.2012 51.3 Short Int 1.87 Market Capitalization 3915.57 1 Yr Total Return 13.46%Total Debt 2645.02 YTD Return 0.97%Preferred Stock 0.0 Adjusted BETA 0.709Minority Interest 0.0 Analyst Recs 10Cash and Equivalents 58.34 Consensus Rating 4.000Enterprise Value 6502.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 282153ITC US EQUITY YTD Change - Average Volume 30 Day 321226ITC US EQUITY YTD % CHANGE - Average Volume 3 Month 308918 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 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 426.2 617.9 621.0 696.8 757.4 696.8 757.4 852.0 968.3 201.5 207.5 TEV/Revenue 10.94x 7.05x 8.00x 7.96x 8.56x 30.47x 33.23x 8.24x 7.69x 32.74x 32.29x EBITDA 249.4 382.4 412.8 444.3 492.7 444.3 492.7 588.0 688.6 142.0 143.5 TEV/EBITDA 18.69x 11.40x 12.04x 12.48x 13.15x 12.48x 13.15x 11.06x 9.44x 11.19x 10.82x Net Income 73.3 109.2 130.9 145.7 171.7 145.7 171.7 212.2 259.3 51.9 52.7 P/E 33.78x 19.95x 20.03x 21.60x 22.65x 21.60x 22.65x 18.82x 16.08x 18.83x 17.99x Profitability S&P Issuer RatingsEBITDA 492.73 Long-Term Rating Date 05.12.2011EBIT 397.75 Long-Term Rating BBB+Operating Margin 52.52% Long-Term Outlook STABLEPretax Margin 35.18% Short-Term Rating Date -Return on Assets 3.76% Short-Term Rating -Return on Common Equity 14.45% Credit RatiosReturn on Capital 7.09% EBITDA/Interest Exp. 3.35Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -0.44Margin Analysis Net Debt/EBITDA 5.25Gross Margin - Total Debt/EBITDA 5.37EBITDA Margin 65.1% ReferenceEBIT Margin 52.5% Total Debt/Equity 210.1%Net Income Margin 22.7% Total Debt/Capital 67.8%Structure Asset Turnover 0.17Current Ratio 0.64 Net Fixed Asset Turnover 0.24Quick Ratio 0.43 Accounts receivable turnover-days 37.91Debt to Assets 54.84% Inventory Days -Tot Debt to Common Equity 210.11% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.63 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 800.0 12.00 700.0 600.0 10.00 500.0 8.00 400.0 6.00 300.0 4.00 200.0 2.00 100.0 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 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 |
  • 13.03.2012ITC Holdings CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBAMCO INC BAMCO INC 13F 4730712 9.21 34611 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 2610247 5.08 12051 31.12.2011 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2250646 4.38 (76696) 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2195045 4.28 - 31.12.2011 Pension Fund (ERISA)RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 1974825 3.85 206930 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 1468282 2.86 (49976) 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1295864 2.52 83284 31.12.2011 Investment AdvisorMUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 1292080 2.52 (16727) 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1227633 2.39 470175 31.12.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1227272 2.39 (11092) 31.01.2012 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1095006 2.13 67086 31.12.2011 Investment AdvisorSAM SUSTAINABLE ASSE SAM SUSTAINABLE ASSE 13F 1020700 1.99 228820 31.12.2011 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 981169 1.91 (3677) 31.12.2011 Investment AdvisorGENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 971067 1.89 (97752) 31.12.2011 CorporationROOSEVELT INVESTMENT ROOSEVELT INVESTMENT 13F 880934 1.72 (59851) 31.12.2011 Investment AdvisorALGER MANAGEMENT INC FRED ALGER MANAGEMEN 13F 717739 1.4 (59289) 31.12.2011 Investment AdvisorCARLSON CAPITAL LP CARLSON CAPITAL LP 13F 679677 1.32 522014 31.12.2011 Hedge Fund ManagerEAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 664211 1.29 (123612) 31.12.2011 Investment AdvisorKEELEY ASSET MANAGEM KEELEY ASSET MANAGEM 13F 663178 1.29 (133034) 31.12.2011 Investment AdvisorFEDERATED INVESTORS FEDERATED INVESTORS 13F 660432 1.29 (25392) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateWells Fargo Securities, LLC NEIL A KALTON outperform 5 M #N/A N/A Not Provided 05.03.2012Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 29.02.2012Deutsche Bank JONATHAN ARNOLD buy 5 M 80 12 month 23.02.2012Credit Suisse KEVIN COLE neutral 3 M 80 Not Provided 23.02.2012D.A. Davidson & Co JAMES L BELLESSA JR buy 5 M 85 12 month 23.02.2012Wunderlich Securities JAMES L DOBSON buy 5 U 85 18 month 23.02.2012Edward Jones PAUL FRANZEN buy 5 M #N/A N/A Not Provided 22.02.2012JPMorgan ANDREW L SMITH restricted #N/A N/A M #N/A N/A Not Provided 05.12.2011Barclays Capital DANIEL F FORD suspended coverage #N/A N/A M #N/A N/A Not Provided 05.12.2011EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 30.11.2011US Capital Advisors DANIEL M FIDELL hold 3 M 74 Not Provided 27.10.2011Argus Research Corp GARY F HOVIS hold 3 D #N/A N/A Not Provided 24.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012General Cable CorpGeneral Cable Corporation designs, develops, manufactures, markets, and Price/Volumedistributes copper, aluminum, and fiber optic wire and cable products for 60 10.0 Mthe communications, electrical, and energy markets. The Company operates around 9.0 Mthe world. 50 8.0 M 40 7.0 M 6.0 M 30 5.0 M Valuation Analysis 4.0 MLatest Fiscal Year: 12/2011 20 3.0 MLTM as of: 12/yy 10 2.0 M 1.0 M52-Week High (03.05.2011) 49.32 0 .0 M52-Week Low (22.09.2011) 20.21 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 1170196.00 Current Price (3/dd/yy) 29.5 Market Data 52-Week High % Change -40.19% Dividend Yield 0.00 52-Week Low % Change 45.97% Beta 1.68 % 52 Week Price Range High/Low 31.91% Equity Float 48.63Shares Out 17.02.2012 49.8 Short Int 6.15 Market Capitalization 1468.04 1 Yr Total Return -29.80%Total Debt 1048.90 YTD Return 17.95%Preferred Stock 3.8 Adjusted BETA 1.683Minority Interest 113.3 Analyst Recs 9Cash and Equivalents 434.10 Consensus Rating 4.111Enterprise Value 2199.94 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 884187BGC US EQUITY YTD Change - Average Volume 30 Day 925164BGC US EQUITY YTD % CHANGE - Average Volume 3 Month 845211 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 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 4614.8 6230.1 4385.2 4864.9 5866.7 4864.9 5866.7 6078.1 6551.1 1399.9 1553.7 TEV/Revenue 1.08x 0.32x 0.48x 0.51x 0.34x 1.81x 1.73x - - - - EBITDA 429.6 514.5 281.6 323.7 359.4 323.7 359.4 380.5 452.5 69.6 100.4 TEV/EBITDA 11.63x 3.91x 7.46x 7.67x 5.49x 7.67x 5.49x 5.78x 4.86x 5.78x 5.33x Net Income 208.6 189.0 56.6 69.5 83.8 69.4 83.8 129.0 179.4 15.4 35.8 P/E 17.12x 4.64x 25.15x 26.79x 14.05x 16.87x 13.59x 11.20x 8.31x 11.41x 10.14x Profitability S&P Issuer RatingsEBITDA 359.40 Long-Term Rating Date 09.11.2006EBIT 248.00 Long-Term Rating BB-Operating Margin 4.23% Long-Term Outlook STABLEPretax Margin 2.17% Short-Term Rating Date -Return on Assets 1.92% Short-Term Rating -Return on Common Equity 5.81% Credit RatiosReturn on Capital 5.86% EBITDA/Interest Exp. 3.62Asset Turnover 1.35% (EBITDA-Capex)/Interest Exp. 2.40Margin Analysis Net Debt/EBITDA 1.71Gross Margin 10.7% Total Debt/EBITDA 2.92EBITDA Margin 6.1% ReferenceEBIT Margin 4.2% Total Debt/Equity 75.2%Net Income Margin 1.4% Total Debt/Capital 41.0%Structure Asset Turnover 1.35Current Ratio 1.90 Net Fixed Asset Turnover 5.67Quick Ratio 0.99 Accounts receivable turnover-days 66.82Debt to Assets 24.00% Inventory Days 81.75Tot Debt to Common Equity 75.20% Accounts Payable Turnover Day 63.74Accounts Receivable Turnover 5.46 Cash Conversion Cycle 84.82Inventory Turnover 4.47Price/ Cash Flow Sales/Revenue/Turnover 250.00 7000.0 6000.0 200.00 5000.0 150.00 4000.0 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 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 |
  • 13.03.2012General Cable CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 3226455 6.48 329496 31.12.2011 Hedge Fund ManagerFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 3067359 6.16 (1095393) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 2510260 5.04 (14483) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2429643 4.88 2900 31.12.2011 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 1967635 3.95 398178 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1936512 3.89 131630 31.12.2011 Investment AdvisorWEDGE CAPITAL MANAGE WEDGE CAPITAL MANAGE 13F 1532570 3.08 64553 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 1511239 3.04 171511 31.12.2011 Investment AdvisorSARASIN & PARTNERS L SARASIN PARTNERS LLP 13F 1502271 3.02 (24957) 31.12.2011 Investment AdvisorGUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 1429109 2.87 50190 31.12.2011 Investment AdvisorDREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1413049 2.84 243124 31.12.2011 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1376112 2.77 181072 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1330667 2.67 62611 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1113222 2.24 4487 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1011431 2.03 (5378) 31.12.2011 Investment AdvisorGW CAPITAL INCORPORA GW CAPITAL INCORPORA 13F 905106 1.82 16908 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 883909 1.78 864866 31.12.2011 Investment AdvisorDELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 833892 1.68 (7974) 30.11.2011 Investment AdvisorDNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 818348 1.64 414447 31.12.2011 Investment AdvisorLORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 817621 1.64 (1131197) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKeyBanc Capital Markets ANTHONY KURE buy 5 M 38 12 month 27.02.2012Stifel Nicolaus JEFFREY L BEACH buy 5 M 51 12 month 23.02.2012D.A. Davidson & Co BRENT THIELMAN buy 5 M 40 18 month 10.02.2012CL King & Associates GARY A FARBER neutral 3 M #N/A N/A Not Provided 10.02.2012BB&T Capital Markets MATTHEW S MCCALL buy 5 M 37 12 month 10.02.2012Morgan Keegan J KEITH JOHNSON outperform 5 M 40 12 month 09.02.2012JPMorgan STEVEN J OBRIEN neutral 3 M 37 12 month 09.02.2012Sidoti & Company LLC RICHARD H WESOLOWSKI buy 5 M 37 12 month 09.02.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011Longbow Research SHAWN M HARRISON neutral 3 M #N/A N/A Not Provided 26.10.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012American Superconductor CorpAmerican Superconductor Corporation is an energy technologies company that Price/Volumeoffers solutions based upon its programmable power electronic converters and 30 40.0 Mhigh temperature superconductor (HTS) wires. The Company serves the utility, 35.0 Mindustrial and wind power markets. 25 30.0 M 20 25.0 M 15 20.0 M Valuation Analysis 15.0 MLatest Fiscal Year: 03/2011 10 10.0 MLTM as of: 12/yy 5 5.0 M52-Week High (01.04.2011) 25.19 0 .0 M52-Week Low (04.10.2011) 3.21 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 329177.00 Current Price (3/dd/yy) 3.85 Market Data 52-Week High % Change -84.72% Dividend Yield 0.00 52-Week Low % Change 19.94% Beta 1.62 % 52 Week Price Range High/Low 2.91% Equity Float 38.87Shares Out 31.01.2012 51.5 Short Int 13.01 Market Capitalization 198.14 1 Yr Total Return -84.14%Total Debt 0.00 YTD Return 4.34%Preferred Stock 0.0 Adjusted BETA 1.619Minority Interest 0.0 Analyst Recs 11Cash and Equivalents 239.91 Consensus Rating 2.455Enterprise Value 134.28 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 478865AMSC US EQUITY YTD Change - Average Volume 30 Day 885835AMSC US EQUITY YTD % CHANGE - Average Volume 3 Month 898008 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 12/yy 12/yy 03/12 Y 03/13 Y 03/12 Q4 06/12 Q1 Total Revenue 52.2 112.4 182.8 316.0 286.6 314.5 107.7 76.9 130.1 29.0 31.7 TEV/Revenue 8.36x 7.63x 3.50x 3.63x 3.56x 15.59x 14.47x - - - - EBITDA (31.1) (7.3) 1.2 48.9 (116.7) 28.3 (207.1) (116.3) (36.6) (17.6) (13.4) TEV/EBITDA - - 517.02x 23.45x - 42.34x 0.00x - - - - Net Income (34.7) (25.4) (16.6) 16.2 (186.3) 3.8 (300.8) (89.7) (42.1) (18.9) (13.2) P/E - - - 78.11x - 285.90x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA -116.73 Long-Term Rating Date -EBIT -128.03 Long-Term Rating -Operating Margin -44.67% Long-Term Outlook -Pretax Margin -59.43% Short-Term Rating Date -Return on Assets -44.28% Short-Term Rating -Return on Common Equity -64.93% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin -7.5% Total Debt/EBITDA 0.00EBITDA Margin -40.7% ReferenceEBIT Margin -44.7% Total Debt/Equity 0.0%Net Income Margin -65.0% Total Debt/Capital 0.0%Structure Asset Turnover 0.68Current Ratio 2.20 Net Fixed Asset Turnover 3.56Quick Ratio 1.77 Accounts receivable turnover-days 47.45Debt to Assets 0.00% Inventory Days 36.53Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 45.20Accounts Receivable Turnover 7.69 Cash Conversion Cycle 38.79Inventory Turnover 9.99Price/ Cash Flow Sales/Revenue/Turnover 120.00 350.0 100.00 300.0 250.0 80.00 200.0 60.00 150.0 40.00 100.0 20.00 50.0 0.00 0.0 04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 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 |
  • 13.03.2012American Superconductor CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDOUGLAS KEVIN n/a 13D 11735500 22.8 - 21.01.2012 n/aVANGUARD GROUP INC VANGUARD GROUP INC 13F 2291841 4.45 26890 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1425909 2.77 141679 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1399116 2.72 (281926) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 917362 1.78 (60290) 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 897665 1.74 4405 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 715262 1.39 42944 31.12.2011 Investment AdvisorCALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 708490 1.38 (126700) 31.12.2011 Pension Fund (ERISA)IRONWOOD INVESTMENT IRONWOOD INVESTMENT 13F 695794 1.35 453272 31.12.2011 Hedge Fund ManagerJACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 489307 0.95 489307 31.12.2011 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 444640 0.86 (250370) 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 441818 0.86 (11652) 31.12.2011 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 341340 0.66 (19609) 31.12.2011 Investment AdvisorMORGAN STANLEY MORGAN STANLEY 13F 331853 0.64 (33276) 31.12.2011 Investment AdvisorUBS AG UBS AG 13F 250872 0.49 51709 31.12.2011 Investment AdvisorGAMCO ASSET MANAGEME Multiple Portfolios MF-AGG 225000 0.44 165000 30.09.2011 Investment AdvisorGABELLI FUNDS LLC GABELLI FUNDS LLC 13F 225000 0.44 - 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 224331 0.44 (17834) 31.12.2011 Investment AdvisorDWS FINANZ SERVICE G Multiple Portfolios MF-AGG 214500 0.42 214500 10.12.2010 Investment AdvisorGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 212880 0.41 37840 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies JESSE W PICHEL underperform 1 M 4 12 month 22.02.2012Raymond James PAVEL MOLCHANOV market perform 3 M #N/A N/A Not Provided 15.02.2012Citi TIMOTHY M ARCURI neutral 3 M 6 Not Provided 10.02.2012Wunderlich Securities THEODORE R ONEILL hold 3 M 5 12 month 10.02.2012ThinkEquity LLC COLIN W RUSCH sell 1 M 3 12 month 10.02.2012Capstone Investments Inc. CARTER W DRISCOLL hold 3 M #N/A N/A Not Provided 10.02.2012Needham & Co JAMES RICCHIUTI hold 3 M #N/A N/A Not Provided 09.02.2012Pacific Crest Securities BEN SCHUMAN sector perform 3 M #N/A N/A Not Provided 09.02.2012Wedbush CRAIG IRWIN neutral 3 M 5 12 month 09.02.2012Ardour Capital JINMING LIU hold 3 M 6 12 month 09.02.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 18.11.2011Morgan Stanley SMITTIPON SRETHAPRAMOTE not rated #N/A N/A M #N/A N/A Not Provided 12.07.2011Divine Capital Markets JEREMY HELLMAN buy 5 M 43 Not Provided 02.11.2010Janco Partners Inc VIJAY K SINGH accumulate 4 U 40 Not Provided 03.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Esco CorpESCO Corporation is a global provider of engineered consumable products and Price/Volumesolutions for industrial applications, infrastructure, power generation and 1 .0 Mtransportation services. 1 .0 M 1 .0 M 1 .0 M Valuation AnalysisLatest Fiscal Year: 12/2010 0 .0 MLTM as of: 12/yy 0 .0 M52-Week High (#N/A Field Not Applicable) - 0 .0 M52-Week Low (#N/A Field Not Applicable) -Daily Volume 0.00 Current Price (3/dd/yy) - Market Data 52-Week High % Change - Dividend Yield - 52-Week Low % Change - Beta - % 52 Week Price Range High/Low - Equity Float -Shares Out #N/A N/A - Short Int - Market Capitalization - 1 Yr Total Return -Total Debt 273.31 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 14.8 Analyst Recs 0Cash and Equivalents 114.10 Consensus Rating -Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day -ESCO US EQUITY YTD Change - Average Volume 30 Day -ESCO US EQUITY YTD % CHANGE - Average Volume 3 Month - Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 03/11 Q1 06/11 Q2 Total Revenue 690.9 790.5 939.9 680.4 849.5 680.4 849.5 - - - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - 108.2 87.6 103.9 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 16.9 24.1 31.2 18.4 23.9 18.4 24.0 - - - - P/E - - - - - 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 103.92 Long-Term Rating Date 28.01.2011EBIT 74.72 Long-Term Rating NROperating Margin 8.80% Long-Term Outlook -Pretax Margin 4.47% Short-Term Rating Date -Return on Assets 3.42% Short-Term Rating -Return on Common Equity - Credit RatiosReturn on Capital 15.14% EBITDA/Interest Exp. 4.26Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 3.42Margin Analysis Net Debt/EBITDA 1.53Gross Margin 26.2% Total Debt/EBITDA 2.63EBITDA Margin 12.2% ReferenceEBIT Margin 8.8% Total Debt/Equity -Net Income Margin 2.8% Total Debt/Capital 101.7%Structure Asset Turnover 1.21Current Ratio 1.77 Net Fixed Asset Turnover 5.16Quick Ratio 1.18 Accounts receivable turnover-days 52.95Debt to Assets 37.77% Inventory Days 53.13Tot Debt to Common Equity - Accounts Payable Turnover Day 31.42Accounts Receivable Turnover 6.89 Cash Conversion Cycle 74.66Inventory Turnover 6.87Price/ Cash Flow Sales/Revenue/Turnover 1.20 1000.0 900.0 1.00 800.0 700.0 0.80 600.0 500.0 0.60 400.0 300.0 0.40 200.0 0.20 100.0 0.0 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Esco CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type#N/A N/A Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Telvent GIT SATelvent GIT, S.A. is an information technology company that provides Price/Volumevalue-added real-time products and services solutions. The Company serves 50 10.0 Mtargeted industrial sectors primarily in Spain, North America, Latin America, 45 9.0 Mand China. Telvent provides systems integration, consulting services, design 40 8.0 Mand engineering services, and software. 35 7.0 M 30 6.0 M 25 5.0 M Valuation Analysis 20 4.0 MLatest Fiscal Year: 12/2010 15 3.0 MLTM as of: 03/yy 10 2.0 M 5 1.0 M52-Week High (14.09.2011) 44.19 0 .0 M52-Week Low (15.03.2011) 26.69 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11Daily Volume 0.00 Current Price (3/dd/yy) - Market Data 52-Week High % Change - Dividend Yield 0.00 52-Week Low % Change - Beta 0.73 % 52 Week Price Range High/Low 50.34% Equity Float 0.12Shares Out 31.05.2011 34.1 Short Int - Market Capitalization - 1 Yr Total Return -Total Debt 375.36 YTD Return -Preferred Stock 0.0 Adjusted BETA 0.732Minority Interest 0.5 Analyst Recs 2Cash and Equivalents 72.47 Consensus Rating 5.000Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 0TLVTF US EQUITY YTD Change - Average Volume 30 Day 0TLVTF US EQUITY YTD % CHANGE - Average Volume 3 Month 303 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 03/yy 03/yy 12/11 Y 12/12 Y 06/11 Q2 09/11 Q3 Total Revenue 503.8 624.3 724.6 791.1 723.9 766.3 729.8 - - - - TEV/Revenue 0.60x 0.98x 0.85x 1.44x 1.35x 4.91x 4.91x - - - - EBITDA 41.0 52.3 78.2 109.3 92.0 54.9 66.5 - - - - TEV/EBITDA 7.33x 11.65x 7.85x 10.45x 10.62x 0.00x 0.00x - - - - Net Income 21.8 24.9 30.2 39.1 46.4 38.7 45.8 - - - - P/E 14.41x 20.73x 9.52x 23.86x 18.65x 16.47x 33.09x - - - - Profitability S&P Issuer RatingsEBITDA 92.03 Long-Term Rating Date -EBIT 56.56 Long-Term Rating -Operating Margin 7.81% Long-Term Outlook -Pretax Margin 5.28% Short-Term Rating Date -Return on Assets 3.88% Short-Term Rating -Return on Common Equity 14.68% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 3.08Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 2.62Margin Analysis Net Debt/EBITDA 3.29Gross Margin 36.5% Total Debt/EBITDA 4.08EBITDA Margin 12.7% ReferenceEBIT Margin 7.8% Total Debt/Equity 106.6%Net Income Margin 6.4% Total Debt/Capital 51.6%Structure Asset Turnover 0.61Current Ratio 1.22 Net Fixed Asset Turnover 8.76Quick Ratio 0.41 Accounts receivable turnover-days 57.37Debt to Assets 29.97% Inventory Days 270.85Tot Debt to Common Equity 106.61% Accounts Payable Turnover Day 214.69Accounts Receivable Turnover 6.36 Cash Conversion Cycle 113.52Inventory Turnover 1.35Price/ Cash Flow Sales/Revenue/Turnover 120.00 900.0 800.0 100.00 700.0 80.00 600.0 500.0 60.00 400.0 40.00 300.0 200.0 20.00 100.0 0.00 0.0 04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Telvent GIT SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSCHNEIDER ELECTRIC S n/a 13D 33483146 98.21 1333318 29.09.2011 CorporationNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 449900 1.32 - 27.04.2011 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 257851 0.76 - 31.08.2011 Investment AdvisorASN FUND MANAGEMENT Multiple Portfolios MF-AGG 223456 0.66 - 31.05.2011 Investment AdvisorIMPAX ASSET MANAGEME Multiple Portfolios MF-AGG 208108 0.61 (120440) 30.06.2011 Investment AdvisorGONZALEZ-DOMINGU IGN n/a 20F 120000 0.35 - 16.03.2011 n/aJARDINE DAVID n/a 20F 108000 0.32 - 16.03.2011 n/aPEREZ JOSE MONTOYA n/a 20F 106620 0.31 - 16.03.2011 n/aDEL BARRIO JOSE IGNA n/a 20F 82500 0.24 - 16.03.2011 n/aSTACK LARRY n/a 20F 72000 0.21 - 16.03.2011 n/aIA CLARINGTON INVEST Multiple Portfolios MF-AGG 65968 0.19 18308 31.03.2011 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 50000 0.15 - 31.05.2011 Mutual Fund ManagerLIBERTY LIFE ASSURAN LIBERTY LIFE ASSURAN Sch-D 11610 0.03 5015 30.09.2011 Insurance CompanyCREDIT SUISSE AG CREDIT SUISSE AG 13F 5643 0.02 5643 30.09.2011 Investment AdvisorSZNAIDER RONALD J n/a 20F 4000 0.01 - 16.03.2011 n/aBERKLEY INS CO BERKLEY INS CO Sch-D 2698 0.01 2698 30.09.2011 Insurance CompanyADMIRAL INSURANCE CO ADMIRAL INSURANCE CO Sch-D 1847 0.01 1847 30.09.2011 Insurance CompanyBERKLEY REGIONAL INS BERKLEY REGIONAL INS Sch-D 1197 0 1197 30.09.2011 Insurance CompanyVILLAZAN BERNARDO n/a 20F 600 0 - 16.03.2011 n/aNAUTILUS INSURANCE C NAUTILUS INSURANCE C Sch-D 567 0 567 30.09.2011 Insurance Company Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies ELAINE S KWEI buy 5 M 34 12 month 21.10.2011Miller Tabak + Co., LLC CHRIS KETTENMANN buy 5 M 38 12 month 01.06.2011Divine Capital Markets JEREMY HELLMAN hold 3 D 30 Not Provided 19.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Wasion Group Holdings LtdWasion Group Holdings Ltd. manufactures electronic power meters and data Price/Volumecollection terminals. The Company produces three-phase and single phase 5 40.0 Melectronic power meters used to measure the transfer of electricity between 5 35.0 Mpower stations, power companies, and end users. Wasion also develops power 4 30.0 Mmanagement software. 4 3 25.0 M 3 20.0 M Valuation Analysis 2 15.0 MLatest Fiscal Year: 12/2010 2 10.0 MLTM as of: 01/yy 1 1 5.0 M52-Week High (07.04.2011) 4.67 0 .0 M52-Week Low (12.10.2011) 2.01 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 3028000.00 Current Price (3/dd/yy) 3.54 Market Data 52-Week High % Change -24.20% Dividend Yield 3.22 52-Week Low % Change 76.12% Beta 1.35 % 52 Week Price Range High/Low 50.38% Equity Float 443.82Shares Out 12.09.2011 929.2 Short Int - Market Capitalization 3289.43 1 Yr Total Return -9.65%Total Debt 501.33 YTD Return 53.91%Preferred Stock 0.0 Adjusted BETA 1.348Minority Interest 0.0 Analyst Recs 12Cash and Equivalents 553.53 Consensus Rating 3.833Enterprise Value 3491.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11638003393 HK EQUITY YTD Change - Average Volume 30 Day 21359273393 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2190459 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - - Total Revenue 600.4 804.0 1059.4 1078.2 1330.8 - - 1906.4 2278.9 - - TEV/Revenue 3.35x 4.15x 1.16x 5.96x 3.00x - - 1.47x 1.27x - - EBITDA 183.1 265.1 363.4 352.8 282.0 - - 310.3 384.7 - - TEV/EBITDA 10.98x 12.58x 3.39x 18.21x 14.17x - - 11.25x 9.08x - - Net Income 151.7 212.9 261.5 262.0 191.2 - - 221.6 277.3 - - P/E 12.63x 15.16x 4.68x 23.04x 20.75x - - 12.23x 9.85x - - Profitability S&P Issuer RatingsEBITDA 282.00 Long-Term Rating Date -EBIT 188.26 Long-Term Rating -Operating Margin 14.15% Long-Term Outlook -Pretax Margin 15.67% Short-Term Rating Date -Return on Assets 5.63% Short-Term Rating -Return on Common Equity 8.73% Credit RatiosReturn on Capital 8.18% EBITDA/Interest Exp. 9.97Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 5.09Margin Analysis Net Debt/EBITDA -0.19Gross Margin 32.1% Total Debt/EBITDA 1.78EBITDA Margin 21.2% ReferenceEBIT Margin 14.1% Total Debt/Equity 22.4%Net Income Margin 14.4% Total Debt/Capital 18.3%Structure Asset Turnover 0.39Current Ratio 1.84 Net Fixed Asset Turnover 1.78Quick Ratio 1.10 Accounts receivable turnover-days 208.30Debt to Assets 13.87% Inventory Days 155.71Tot Debt to Common Equity 22.43% Accounts Payable Turnover Day 205.40Accounts Receivable Turnover 1.75 Cash Conversion Cycle 158.61Inventory Turnover 2.34Price/ Cash Flow Sales/Revenue/Turnover 45.00 1400.0 40.00 1200.0 35.00 1000.0 30.00 25.00 800.0 20.00 600.0 15.00 400.0 10.00 200.0 5.00 0.00 0.0 04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Wasion Group Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWEI JI n/a EXCH 482888888 51.97 36000 27.09.2011 n/aHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 23450000 2.52 850000 29.02.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 16666000 1.79 - 08.03.2012 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 13350000 1.44 350000 30.11.2011 Investment AdvisorALLIANZ GLOBAL INVES n/a EXCH 10912000 1.17 - 22.02.2012 Investment AdvisorRCM CAPITAL MANAGEME n/a EXCH 8718000 0.94 - 22.02.2012 Investment AdvisorGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 6644000 0.72 66000 30.06.2011 Hedge Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 5652000 0.61 - 30.09.2011 Investment AdvisorNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 5640000 0.61 - 30.12.2011 Mutual Fund ManagerUBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 3596000 0.39 - 22.08.2011 Mutual Fund ManagerDNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3196000 0.34 - 31.01.2012 Investment AdvisorALLIANZ GLOBAL INVES n/a EXCH 1768000 0.19 - 22.02.2012 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1702000 0.18 - 30.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1673688 0.18 (312000) 31.12.2011 Investment AdvisorSAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1642000 0.18 - 30.09.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1600000 0.17 - 28.02.2011 Investment AdvisorRCM ASIA PACIFIC LIM n/a EXCH 1224000 0.13 - 22.02.2012 Investment AdvisorDNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1188000 0.13 - 31.01.2012 Investment AdvisorRCM UK LTD n/a EXCH 1180000 0.13 - 22.02.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1177064 0.13 - 09.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRoth Capital Partners MARK TOBIN buy 5 N 5 12 month 22.02.2012UOB Kay Hian MARK PO buy 5 M 4 Not Provided 15.02.2012Yuanta Securities Investment Consulting MIN LI hold 3 M 3 Not Provided 09.02.2012GuoSen Securities Co Ltd VIVIAN FU buy 5 M 4 12 month 16.01.2012Macquarie SAIYI HE outperform 5 U 3 12 month 06.01.2012KGI Securities JERRY WENG outperform 5 M 4 12 month 16.12.2011Piper Jaffray ANDREW LEUNG neutral 3 M 3 12 month 15.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Ji Asia FELIX FOK buy 5 M 4 12 month 24.08.2011First Shanghai Securities Ltd XIAOXIA CHEN buy 5 U 3 12 month 22.08.2011Hua Tai Securities Co., Ltd YUNFENG FAN neutral 3 M 3 6 month 22.08.2011SWS Research Co Ltd TITUS WU underperform 1 D 2 Not Provided 29.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012EnerNOC IncEnerNOC, Inc. develops and provides clean and intelligent power solutions to Price/Volumecommercial, institutional and industrial customers, as well as electric power 25 3.5 Mgrid operators and utilities. The Company, through its network centers remotely 3.0 Mmanages electricity consumption across a network of end-use customer sites. 20 2.5 M 15 2.0 M Valuation Analysis 10 1.5 MLatest Fiscal Year: 12/2011 1.0 MLTM as of: 12/yy 5 .5 M52-Week High (16.05.2011) 22.38 0 .0 M52-Week Low (08.03.2012) 7.27 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 255712.00 Current Price (3/dd/yy) 7.31 Market Data 52-Week High % Change -67.34% Dividend Yield 0.00 52-Week Low % Change 0.55% Beta 1.12 % 52 Week Price Range High/Low 0.26% Equity Float 20.81Shares Out 03.11.2011 26.8 Short Int 2.54 Market Capitalization 195.85 1 Yr Total Return -62.05%Total Debt 0.00 YTD Return -32.75%Preferred Stock 0.0 Adjusted BETA 1.124Minority Interest 0.0 Analyst Recs 21Cash and Equivalents 87.30 Consensus Rating 3.429Enterprise Value 108.55 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 337056ENOC US EQUITY YTD Change - Average Volume 30 Day 360814ENOC US EQUITY YTD % CHANGE - Average Volume 3 Month 353951 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 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 60.8 106.1 190.7 280.2 286.6 280.2 286.6 258.6 371.8 28.5 43.8 TEV/Revenue 14.18x 0.87x 3.23x 1.60x 0.73x 8.43x 3.89x 0.55x 0.34x 4.02x 2.91x EBITDA (20.8) (28.1) 7.0 27.1 12.5 27.1 12.5 (3.1) 39.6 (17.4) (10.1) TEV/EBITDA - - 88.13x 16.55x 16.75x 16.55x 16.75x - 2.74x - 25.35x Net Income (23.6) (36.7) (6.8) 9.6 (13.4) 9.6 (13.4) (25.8) 15.7 (22.2) (14.0) P/E - - - 64.62x - 91.96x 0.00x - 10.52x - - Profitability S&P Issuer RatingsEBITDA 12.51 Long-Term Rating Date -EBIT -9.54 Long-Term Rating -Operating Margin -3.33% Long-Term Outlook -Pretax Margin -4.04% Short-Term Rating Date -Return on Assets -3.93% Short-Term Rating -Return on Common Equity -5.65% Credit RatiosReturn on Capital 4.86% EBITDA/Interest Exp. 11.88Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 10.71Margin Analysis Net Debt/EBITDA -6.98Gross Margin 43.1% Total Debt/EBITDA 0.00EBITDA Margin 4.4% ReferenceEBIT Margin -3.3% Total Debt/Equity 0.0%Net Income Margin -4.7% Total Debt/Capital 0.0%Structure Asset Turnover 0.84Current Ratio 2.09 Net Fixed Asset Turnover 8.04Quick Ratio 1.15 Accounts receivable turnover-days 29.71Debt to Assets 0.00% Inventory Days 153.85Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 2.89Accounts Receivable Turnover 12.28 Cash Conversion Cycle 180.68Inventory Turnover 2.37Price/ Cash Flow Sales/Revenue/Turnover 700.00 350.0 600.00 300.0 500.00 250.0 400.00 200.0 300.00 150.0 200.00 100.0 100.00 50.0 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 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 |
  • 13.03.2012EnerNOC IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBREWSTER DAVID B n/a Form 4 1521355 5.68 105201 01.03.2012 n/aBROWN CAPITAL MANAGE BROWN CAPITAL MGMT I 13F 1483217 5.54 (993318) 31.12.2011 Investment AdvisorFOUNDATION CAPITAL n/a 13G 1269259 4.74 - 31.12.2011 Venture CapitalDNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 1143943 4.27 479320 31.12.2011 Investment AdvisorADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 1115284 4.16 550000 31.12.2011 Hedge Fund ManagerHEALY TIMOTHY G n/a Form 4 1111612 4.15 365219 01.03.2012 n/aVANGUARD GROUP INC VANGUARD GROUP INC 13F 979499 3.66 (44856) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 856452 3.2 116700 31.12.2011 Investment AdvisorWADDELL & REED FINAN WADDELL & REED FINAN 13F 847379 3.16 (348521) 31.12.2011 Investment AdvisorDRAPER TIMOTHY C n/a 13G 827682 3.09 - 31.12.2011 n/aPALO ALTO INVESTORS PALO ALTO INVESTORS 13F 825940 3.08 30840 31.12.2011 Hedge Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 697314 2.6 70673 31.12.2011 Investment AdvisorRIVERBRIDGE PARTNERS RIVERBRIDGE PARTNERS 13F 675663 2.52 (30240) 31.12.2011 Investment AdvisorDRAPER FISHER J FUND n/a 13G 530162 1.98 - 31.12.2011 n/aINVESCO LTD INVESCO LTD 13F 489654 1.83 317021 31.12.2011 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 479997 1.79 - 20.06.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 462635 1.73 8119 31.12.2011 Investment AdvisorNEW YORK STATE COMMO NEW YORK STATE COMMO 13F 416272 1.55 - 31.12.2011 Pension Fund (ERISA)STATE STREET CORP STATE STREET CORPORA 13F 408773 1.53 2856 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 404000 1.51 (4819) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateWedbush CRAIG IRWIN underperform 1 M 5 12 month 12.03.2012Piper Jaffray AHMAR M ZAMAN overweight 5 M 13 12 month 05.03.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.03.2012Macquarie ANDREW WEISEL neutral 3 M 9 12 month 29.02.2012Credit Suisse PATRICK JOBIN outperform 5 M 11 Not Provided 28.02.2012JPMorgan PAUL T COSTER neutral 3 M 10 9 month 28.02.2012Needham & Co SEAN K F HANNAN hold 3 D #N/A N/A Not Provided 28.02.2012Robert W. Baird & Co BEN KALLO outperform 5 M 13 12 month 28.02.2012Raymond James PAVEL MOLCHANOV market perform 3 M #N/A N/A Not Provided 28.02.2012Stifel Nicolaus JEFF OSBORNE buy 5 M 12 12 month 28.02.2012ThinkEquity LLC COLIN W RUSCH hold 3 M 10 12 month 28.02.2012Canaccord Genuity Corp JOHN S QUEALY buy 5 M 12 12 month 28.02.2012Capstone Investments Inc. CARTER W DRISCOLL sell 1 D 7 12 month 28.02.2012Ardour Capital WALTER V NASDEO hold 3 M 10 12 month 28.02.2012Jefferies ELAINE S KWEI hold 3 M 10 12 month 27.02.2012Pacific Crest Securities BEN SCHUMAN outperform 5 M 18 12 month 27.02.2012KeyBanc Capital Markets CARTER B SHOOP hold 3 M #N/A N/A Not Provided 27.02.2012Wells Fargo Securities, LLC SAM DUBINSKY outperform 5 M #N/A N/A Not Provided 27.02.2012Noble Financial Group MATTHEW CREWS buy 5 M 28 12 month 07.07.2011JMP Securities BRYCE DILLE market outperform 4 M 30 12 month 16.05.2011Divine Capital Markets JEREMY HELLMAN buy 5 M 40 Not Provided 10.11.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Echelon CorpEchelon Corporation develops, markets, and supports a family of software Price/Volumeproducts and services that enables original equipment manufacturers and systems 12 1.2 Mintegrators to design and implement open, interoperable, distributed controlnetworks. The Companys products allow groups of computer nodes to be linked 10 1.0 Mtogether and implemented across a variety of systems. 8 .8 M 6 .6 M Valuation AnalysisLatest Fiscal Year: 12/2011 4 .4 MLTM as of: 12/yy 2 .2 M52-Week High (12.05.2011) 10.72 0 .0 M52-Week Low (14.12.2011) 4.39 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 122228.00 Current Price (3/dd/yy) 4.94 Market Data 52-Week High % Change -53.90% Dividend Yield 0.00 52-Week Low % Change 12.53% Beta 1.20 % 52 Week Price Range High/Low 8.69% Equity Float 30.63Shares Out 31.10.2011 42.5 Short Int 2.58 Market Capitalization 210.00 1 Yr Total Return -40.34%Total Debt 1.87 YTD Return 1.44%Preferred Stock 0.0 Adjusted BETA 1.202Minority Interest 0.0 Analyst Recs 16Cash and Equivalents 58.66 Consensus Rating 3.625Enterprise Value 153.21 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 166306ELON US EQUITY YTD Change - Average Volume 30 Day 161602ELON US EQUITY YTD % CHANGE - Average Volume 3 Month 153949 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 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 137.6 134.0 103.3 111.0 156.5 111.0 156.5 169.6 184.3 40.1 42.1 TEV/Revenue 5.45x 2.01x 4.06x 3.49x 0.96x 11.43x 7.36x 0.86x 0.75x - - EBITDA (12.3) (19.6) (24.1) (21.9) (5.3) (21.9) (5.3) 5.4 11.0 (0.4) 1.5 TEV/EBITDA - - - - - 0.00x 0.00x 28.43x 13.89x 28.43x 26.42x Net Income (15.7) (25.8) (32.0) (31.3) (13.0) (31.3) (13.0) (3.0) 3.8 (2.5) (0.7) P/E - - - - - 0.00x 0.00x - 43.72x - 247.00x Profitability S&P Issuer RatingsEBITDA -5.29 Long-Term Rating Date -EBIT -11.21 Long-Term Rating -Operating Margin -7.16% Long-Term Outlook -Pretax Margin -8.10% Short-Term Rating Date -Return on Assets -8.75% Short-Term Rating -Return on Common Equity -14.20% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -3.60Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. -5.20Margin Analysis Net Debt/EBITDA -Gross Margin 42.9% Total Debt/EBITDA -0.35EBITDA Margin -3.4% ReferenceEBIT Margin -7.2% Total Debt/Equity 2.1%Net Income Margin -8.3% Total Debt/Capital 2.1%Structure Asset Turnover 1.05Current Ratio 2.84 Net Fixed Asset Turnover 5.38Quick Ratio 2.31 Accounts receivable turnover-days 70.34Debt to Assets 1.23% Inventory Days 41.10Tot Debt to Common Equity 2.10% Accounts Payable Turnover Day 57.29Accounts Receivable Turnover 5.19 Cash Conversion Cycle 54.15Inventory Turnover 8.88Price/ Cash Flow Sales/Revenue/Turnover 120.00 180.0 160.0 100.00 140.0 80.00 120.0 100.0 60.00 80.0 40.00 60.0 40.0 20.00 20.0 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 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 |
  • 13.03.2012Echelon CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeOSHMAN BARBARA S n/a 13G 4652054 10.94 - 31.12.2011 n/aENEL SPA n/a PROXY 3000000 7.06 - 31.03.2011 CorporationRIVERBRIDGE PARTNERS RIVERBRIDGE PARTNERS 13F 2388676 5.62 (132295) 31.12.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2338807 5.5 (246835) 31.12.2011 Hedge Fund ManagerMARKKULA JR ARMAS CL n/a Form 4 1777038 4.18 10000 07.04.2011 n/aVANGUARD GROUP INC VANGUARD GROUP INC 13F 1687285 3.97 24016 31.12.2011 Investment AdvisorNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 1208400 2.84 - 27.04.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1122672 2.64 70452 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 940944 2.21 110482 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 754439 1.77 (3015) 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 696904 1.64 18828 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 636071 1.5 (16607) 31.12.2011 Investment AdvisorSTANFIELD OLIVER R n/a Form 4 621201 1.46 (23600) 03.01.2012 n/aOS VENTURES PARTNERS n/a Form 4 488428 1.15 - 02.08.2011 CorporationDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 391778 0.92 (9271) 31.12.2011 Investment AdvisorMAXFIELD ROBERT R n/a Form 4 373983 0.88 (8950) 06.02.2012 n/aNORTHERN TRUST COMPA NORTHERN TRUST COMPA 13F 310058 0.73 (16601) 31.12.2011 Investment AdvisorBRUGGINK FREDERIK H n/a Form 4 251030 0.59 (17632) 06.01.2010 n/aBOGLE INVESTMENT MAN BOGLE INVESTMENT MAN 13F 250126 0.59 250126 31.12.2011 Hedge Fund ManagerSEGE RONALD ALEXAND n/a Form 4 238538 0.56 (11462) 19.08.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DatePiper Jaffray AHMAR M ZAMAN overweight 5 U 8 12 month 02.03.2012Canaccord Genuity Corp JOHN S QUEALY hold 3 M 8 12 month 01.03.2012Raymond James PAVEL MOLCHANOV outperform 5 M 7 12 month 16.02.2012Needham & Co SEAN K F HANNAN buy 5 M 9 12 month 13.02.2012Robert W. Baird & Co BEN KALLO outperform 5 M 9 12 month 13.02.2012JPMorgan PAUL T COSTER neutral 3 M 9 12 month 10.02.2012Jefferies ELAINE S KWEI buy 5 M 8 12 month 10.02.2012Dougherty & Company LLC JOSEPH A MAXA neutral 3 D 7 12 month 10.02.2012Wedbush CRAIG IRWIN neutral 3 M 7 12 month 10.02.2012Cantor Fitzgerald DALE R PFAU buy 5 M 10 12 month 10.02.2012ThinkEquity LLC COLIN W RUSCH buy 5 M 11 12 month 10.02.2012Credit Suisse PATRICK JOBIN neutral 3 M 9 Not Provided 09.02.2012Pacific Crest Securities BEN SCHUMAN underperform 1 M #N/A N/A Not Provided 09.02.2012KeyBanc Capital Markets CARTER B SHOOP hold 3 M #N/A N/A Not Provided 09.02.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011Noble Financial Group MATTHEW CREWS hold 3 M #N/A N/A Not Provided 09.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Pike Electric CorpPike Electric Corporation is a third-party provider of outsourced electric Price/Volumedistribution and transmission services in the United States. The Companys core 12 .5 Mactivities consist of the maintenance, upgrade, and extension of electric .5 Mdistribution and sub-500 kilovolt transmission power lines for electric 10 .4 Mutilities, cooperatives, and municipalities. 8 .4 M .3 M 6 .3 M Valuation Analysis .2 MLatest Fiscal Year: 06/2011 4 .2 MLTM as of: 12/yy 2 .1 M .1 M52-Week High (04.05.2011) 10.49 0 .0 M52-Week Low (04.10.2011) 6.18 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 79021.00 Current Price (3/dd/yy) 8.99 Market Data 52-Week High % Change -14.30% Dividend Yield 0.00 52-Week Low % Change 45.47% Beta 1.25 % 52 Week Price Range High/Low 65.20% Equity Float 19.09Shares Out 31.01.2012 34.8 Short Int 0.42 Market Capitalization 312.42 1 Yr Total Return -3.13%Total Debt 99.00 YTD Return 25.03%Preferred Stock 0.0 Adjusted BETA 1.248Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 0.31 Consensus Rating 3.857Enterprise Value 426.75 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 104978PIKE US EQUITY YTD Change - Average Volume 30 Day 97161PIKE US EQUITY YTD % CHANGE - Average Volume 3 Month 74336 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 12/yy 12/yy 06/12 Y 06/13 Y 03/12 Q3 06/12 Q4 Total Revenue 596.8 552.0 613.5 504.1 593.9 519.0 660.4 679.2 723.7 161.7 173.8 TEV/Revenue 1.55x 1.23x 0.81x 0.83x 0.67x 2.98x 2.32x 0.61x 0.71x - - EBITDA 90.7 86.0 96.6 31.4 48.3 32.1 63.8 69.3 74.8 15.6 17.4 TEV/EBITDA 10.21x 7.91x 5.18x 13.34x 8.20x 11.65x 5.71x 6.16x 5.71x 5.72x 5.48x Net Income 18.4 20.2 31.6 (13.5) 1.4 (7.3) 10.2 14.8 18.2 3.0 4.0 P/E 39.26x 25.55x 12.30x - 176.80x 0.00x 24.79x 21.40x 17.80x 19.89x 18.42x Profitability S&P Issuer RatingsEBITDA 48.30 Long-Term Rating Date -EBIT 10.27 Long-Term Rating -Operating Margin 1.73% Long-Term Outlook -Pretax Margin 0.50% Short-Term Rating Date -Return on Assets 0.28% Short-Term Rating -Return on Common Equity 0.56% Credit RatiosReturn on Capital 1.26% EBITDA/Interest Exp. 7.31Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 4.42Margin Analysis Net Debt/EBITDA 2.04Gross Margin 11.4% Total Debt/EBITDA 2.05EBITDA Margin 8.1% ReferenceEBIT Margin 1.7% Total Debt/Equity 38.9%Net Income Margin 0.2% Total Debt/Capital 28.0%Structure Asset Turnover 1.19Current Ratio 2.07 Net Fixed Asset Turnover 3.19Quick Ratio 1.03 Accounts receivable turnover-days 44.74Debt to Assets 20.06% Inventory Days 39.64Tot Debt to Common Equity 38.92% Accounts Payable Turnover Day 13.01Accounts Receivable Turnover 8.16 Cash Conversion Cycle 71.36Inventory Turnover 9.21Price/ Cash Flow Sales/Revenue/Turnover 18.00 800.0 16.00 700.0 14.00 600.0 12.00 500.0 10.00 400.0 8.00 300.0 6.00 200.0 4.00 100.0 2.00 0.00 0.0 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 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 |
  • 13.03.2012Pike Electric CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLINDSAY GOLDBERG & B n/a 13G/PRXY 13111093 37.73 - 16.09.2011 Private EquityMETROPOLITAN WEST CA METROPOLITAN WEST CA 13F 1818144 5.23 11049 31.12.2011 Hedge Fund ManagerINVESCO LTD INVESCO LTD 13F 1566212 4.51 223479 31.12.2011 Investment AdvisorPZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 1559340 4.49 78143 31.12.2011 Hedge Fund ManagerTAKUAN LLC n/a Form 4 1549253 4.46 - 01.03.2012 OtherDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1142655 3.29 61277 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1101050 3.17 - 31.12.2011 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 991721 2.85 255600 31.12.2011 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 926842 2.67 (79401) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 923528 2.66 2266 31.12.2011 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 909202 2.62 39545 31.12.2011 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 789600 2.27 (556800) 31.12.2011 Investment AdvisorBANK OF AMERICA GLOB Multiple Portfolios MF-AGG 646712 1.86 (2000) 30.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 550509 1.58 27337 31.12.2011 Investment AdvisorPIKE J ERIC n/a Form 4 494019 1.42 - 01.03.2012 n/aWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 440700 1.27 (77500) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 357421 1.03 7274 31.12.2011 Investment AdvisorDALTON GREINER HARTM DALTON GREINER HARTM 13F 317345 0.91 53975 31.12.2011 Investment AdvisorKEANE CAPITAL MANAGE KEANE CAPITAL MANAGE 13F 315600 0.91 109300 31.12.2011 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 289654 0.83 (9344) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKeyBanc Capital Markets TAHIRA AFZAL hold 3 M #N/A N/A Not Provided 08.02.2012FBR Capital Markets ALEX J RYGIEL outperform 5 M 13 12 month 08.02.2012Stifel Nicolaus NOELLE C DILTS buy 5 M 13 12 month 08.02.2012JPMorgan SCOTT LEVINE neutral 3 M 10 12 month 07.02.2012Janney Montgomery Scott LLC LIAM D BURKE buy 5 M 15 12 month 07.02.2012BB&T Capital Markets ADAM ROBERT THALHIMER hold 3 M #N/A N/A Not Provided 07.02.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.12.2011Sidoti & Company LLC RICHARD H WESOLOWSKI buy 5 M 14 12 month 26.06.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Comverge IncComverge Inc. provides environmentally responsible peak electric demand Price/Volumereduction achieved through Demand Response solutions and technologies. The 6 5.0 MCompany implements both integrated and outsourced solution-based models for 4.5 Mdirect and price responsive load management, remote meter reading, and 5 4.0 Mdistributed generation monitoring. 4 3.5 M 3.0 M 3 2.5 M Valuation Analysis 2.0 MLatest Fiscal Year: 12/2010 2 1.5 MLTM as of: 09/yy 1 1.0 M .5 M52-Week High (04.04.2011) 5.09 0 .0 M52-Week Low (16.12.2011) 1.03 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 88291.00 Current Price (3/dd/yy) 1.42 Market Data 52-Week High % Change -72.10% Dividend Yield 0.00 52-Week Low % Change 37.86% Beta 1.20 % 52 Week Price Range High/Low 9.61% Equity Float 22.52Shares Out 02.11.2011 25.4 Short Int 0.61 Market Capitalization 36.11 1 Yr Total Return -70.72%Total Debt 24.75 YTD Return 12.70%Preferred Stock 0.0 Adjusted BETA 1.196Minority Interest 0.0 Analyst Recs 12Cash and Equivalents 35.59 Consensus Rating 3.500Enterprise Value 37.61 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 135746COMV US EQUITY YTD Change - Average Volume 30 Day 196995COMV US EQUITY YTD % CHANGE - Average Volume 3 Month 222814 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1 Total Revenue 33.9 55.2 77.2 98.8 119.4 123.0 136.9 138.4 154.6 38.8 22.2 TEV/Revenue - 11.08x 1.13x 2.47x 1.38x 7.15x 2.72x 0.35x 0.25x 1.27x 2.21x EBITDA (2.9) (2.0) (12.3) (8.9) (21.7) (3.3) (15.9) (1.4) 11.3 10.4 (5.2) TEV/EBITDA - - - - - 0.00x 0.00x - 3.33x 9.61x 3.84x Net Income (6.2) (6.6) (94.1) (31.7) (31.4) (25.9) (27.1) (14.9) (4.0) 1.6 (7.5) P/E - - - - - 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA -21.73 Long-Term Rating Date -EBIT -30.84 Long-Term Rating -Operating Margin -25.83% Long-Term Outlook -Pretax Margin -26.54% Short-Term Rating Date -Return on Assets -26.68% Short-Term Rating -Return on Common Equity -52.21% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin 35.8% Total Debt/EBITDA -1.14EBITDA Margin -18.2% ReferenceEBIT Margin -25.8% Total Debt/Equity 53.7%Net Income Margin -26.3% Total Debt/Capital 35.0%Structure Asset Turnover 1.02Current Ratio 1.94 Net Fixed Asset Turnover 5.85Quick Ratio 1.60 Accounts receivable turnover-days 80.13Debt to Assets 21.68% Inventory Days 37.57Tot Debt to Common Equity 53.74% Accounts Payable Turnover Day 35.30Accounts Receivable Turnover 4.56 Cash Conversion Cycle 82.40Inventory Turnover 9.72Price/ Cash Flow Sales/Revenue/Turnover 90.00 140.0 80.00 120.0 70.00 100.0 60.00 50.00 80.0 40.00 60.0 30.00 40.0 20.00 20.0 10.00 0.00 0.0 04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Comverge IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeARDSLEY ADVISORY PAR n/a 13D 3230000 12.7 200000 27.02.2012 Hedge Fund ManagerSTEPHENS INVESTMENT n/a 13G 2418443 9.51 339597 31.12.2011 Hedge Fund ManagerS SQUARED TECHNOLOGY S SQUARED TECHNOLOGY 13F 2212300 8.7 - 31.12.2011 Hedge Fund ManagerARTIS CAPITAL MANAGE ARTIS CAPITAL MANAGE 13F 1904605 7.49 (1107563) 31.12.2011 Hedge Fund ManagerENERTECH CAPITAL n/a Form 4 1580679 6.22 (77791) 14.09.2011 Venture CapitalKOPP INVESTMENT ADVI KOPP INVESTMENT ADVI 13F 1009780 3.97 273586 31.12.2011 Hedge Fund ManagerAUSTIN W MARXE AND D AUSTIN W MARXE AND D 13F 595535 2.34 271865 31.12.2011 Hedge Fund ManagerNOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 595100 2.34 - 27.04.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 565018 2.22 (3354) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 531206 2.09 34549 31.12.2011 Investment AdvisorCLEAR HARBOR ASSET M CLEAR HARBOR ASSET M 13F 398940 1.57 (12605) 31.12.2011 Investment AdvisorIRONWOOD INVESTMENT IRONWOOD INVESTMENT 13F 294989 1.16 1880 31.12.2011 Hedge Fund ManagerCREDIT SUISSE AG CREDIT SUISSE AG 13F 290176 1.14 (9638) 30.09.2011 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 287600 1.13 174746 31.12.2011 Hedge Fund ManagerUBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 243117 0.96 (12700) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 195273 0.77 (4900) 31.12.2011 Investment AdvisorDNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 190638 0.75 (471492) 31.12.2011 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 189129 0.74 19047 31.12.2011 Investment AdvisorMAGNOTTI FRANK A n/a Form 4 174998 0.69 - 12.11.2009 n/aPICCHI MICHAEL D n/a Form 4 142526 0.56 4132 03.03.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan PAUL T COSTER neutral 3 M #N/A N/A Not Provided 06.02.2012Robert W. Baird & Co BEN KALLO neutral 3 M 3 12 month 01.02.2012Needham & Co SEAN K F HANNAN buy 5 M 3 12 month 30.01.2012Stephens Inc STEPHEN SANDERS equalweight 3 M 2 12 month 27.01.2012Pacific Crest Securities BEN SCHUMAN sector perform 3 M #N/A N/A Not Provided 26.01.2012Jefferies ELAINE S KWEI hold 3 M 3 12 month 21.12.2011Macquarie ANDREW WEISEL neutral 3 M 2 12 month 02.12.2011Ardour Capital WALTER V NASDEO accumulate 4 M 2 12 month 10.11.2011Citi BRIAN CHIN neutral 3 M #N/A N/A Not Provided 08.10.2011Noble Financial Group MATTHEW CREWS buy 5 M 9 12 month 10.08.2011JMP Securities BRYCE DILLE market outperform 4 M 10 12 month 06.05.2011Divine Capital Markets JEREMY HELLMAN buy 5 M 10 Not Provided 10.11.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13.03.2012Jinpan International LtdJinpan International Limited (Jinpan) designs and manufactures cast resin Price/Volumetransformers for voltage distribution equipment. The Company markets its 16 .6 Mproducts under the JST trademark. 14 .5 M 12 .4 M 10 8 .3 M Valuation Analysis 6Latest Fiscal Year: 12/2011 .2 M 4LTM as of: 12/yy .1 M 252-Week High (12.05.2011) 14.94 0 .0 M52-Week Low (05.10.2011) 6.75 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 18252.00 Current Price (3/dd/yy) 8.76 Market Data 52-Week High % Change -41.37% Dividend Yield 1.60 52-Week Low % Change 29.78% Beta 1.02 % 52 Week Price Range High/Low 24.54% Equity Float 11.47Shares Out 31.12.2010 16.4 Short Int 0.12 Market Capitalization 143.62 1 Yr Total Return -18.19%Total Debt 36.59 YTD Return 8.89%Preferred Stock 0.0 Adjusted BETA 1.016Minority Interest 0.0 Analyst Recs 1Cash and Equivalents 24.22 Consensus Rating 5.000Enterprise Value 155.99 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 46795JST US EQUITY YTD Change - Average Volume 30 Day 32972JST US EQUITY YTD % CHANGE - Average Volume 3 Month 36000 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 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 119.6 154.0 158.9 143.8 218.9 144.1 218.9 230.0 290.0 43.6 67.4 TEV/Revenue 2.06x 0.75x 2.36x 1.29x 0.66x 6.28x 3.26x - - - - EBITDA 20.2 24.3 34.9 18.8 30.3 19.1 30.3 37.4 41.8 4.4 8.9 TEV/EBITDA 12.22x 4.74x 10.74x 9.89x 4.80x 9.76x 4.80x 4.17x 3.73x 4.18x - Net Income 16.4 19.8 29.0 13.4 23.9 13.3 23.9 28.1 30.9 2.8 6.6 P/E 15.22x 5.97x 13.39x 13.00x 5.59x 13.00x 5.59x 5.73x 4.71x 5.73x - Profitability S&P Issuer RatingsEBITDA 30.30 Long-Term Rating Date -EBIT 26.00 Long-Term Rating -Operating Margin 11.88% Long-Term Outlook -Pretax Margin 12.41% Short-Term Rating Date -Return on Assets 9.47% Short-Term Rating -Return on Common Equity 9.31% Credit RatiosReturn on Capital 12.18% EBITDA/Interest Exp. 24.20Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 18.33Margin Analysis Net Debt/EBITDA 0.41Gross Margin 36.7% Total Debt/EBITDA 1.21EBITDA Margin 13.8% ReferenceEBIT Margin 11.9% Total Debt/Equity 20.2%Net Income Margin 10.9% Total Debt/Capital 16.8%Structure Asset Turnover 0.87Current Ratio 2.19 Net Fixed Asset Turnover 5.96Quick Ratio 1.42 Accounts receivable turnover-days 159.61Debt to Assets 13.19% Inventory Days 87.19Tot Debt to Common Equity 20.23% Accounts Payable Turnover Day 45.21Accounts Receivable Turnover 2.29 Cash Conversion Cycle 201.59Inventory Turnover 4.19Price/ Cash Flow Sales/Revenue/Turnover 100.00 250.0 90.00 80.00 200.0 70.00 60.00 150.0 50.00 40.00 100.0 30.00 20.00 50.0 10.00 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 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 |
  • 13.03.2012Jinpan International LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeZHIYUAN LI n/a 13G 2584527 15.76 - 31.12.2011 n/aFIRST WILSHIRE SECUR FIRST WILSHIRE SECUR 13F 1292689 7.88 126604 31.12.2011 Investment AdvisorXIANGSHENG LING n/a 20F 1225984 7.48 (521046) 01.06.2010 n/aYUQING JING n/a 13G 1106694 6.75 - 31.12.2011 n/aROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 485288 2.96 (50971) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 382640 2.33 - 31.12.2011 Investment AdvisorWEDBUSH SECURITIES I WEDBUSH MORGAN SECUR 13F 150485 0.92 140097 31.12.2011 Investment AdvisorWELLS FARGO ADVISORS WELLS FARGO ADVISORS 13F 78489 0.48 4369 31.12.2011 Investment AdvisorBRIDGEWAY CAPITAL MA BRIDGEWAY CAPITAL MA 13F 50400 0.31 - 31.12.2011 Investment AdvisorTECHNICAL FINANCIAL TFS CAPITAL LLC 13F 50023 0.31 (12711) 31.12.2011 Investment AdvisorPRESCOTT GROUP CAPIT PRESCOTT GROUP CAPIT 13F 50000 0.3 50000 31.12.2011 Hedge Fund ManagerTWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 39600 0.24 39600 31.12.2011 Hedge Fund ManagerCALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 32958 0.2 (5042) 31.12.2011 Pension Fund (ERISA)RBC GLOBAL ASSET MAN RBC GLOBAL ASSET MAN 13F 26000 0.16 - 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 25209 0.15 (2260) 31.12.2011 Investment AdvisorHANSON & DOREMUS INV HANSON & DOREMUS INV 13F 24824 0.15 1360 31.12.2011 Investment AdvisorMORGAN STANLEY MORGAN STANLEY 13F 22418 0.14 (208) 31.12.2011 Investment AdvisorGSA CAPITAL PARTNERS GSA CAPITAL PARTNERS 13F 11700 0.07 200 31.12.2011 Hedge Fund ManagerFIRST TRUST ADVISORS FIRST TRUST ADVISORS 13F 10882 0.07 (1220) 31.12.2011 Investment AdvisorASCENTIA CAPITAL PAR Multiple Portfolios MF-AGG 7700 0.05 4700 31.08.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRoth Capital Partners MARK TOBIN buy 5 M 14 12 month 09.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |