This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solic...
Valuation Measures I/II                                                        Market Capitalization & Asset Liability dat...
Valuation Measures II/II                                      Price to Book Ratio                  Price to Sales Ratio   ...
13.03.2012Cisco Systems IncCisco Systems, Inc. designs, manufactures, and sells Internet Protocol                         ...
13.03.2012Cisco Systems IncHoldings By:          All            Holder Name                   Portfolio Name             S...
13.03.2012Quanta Services IncQuanta Services, Inc. provides specialized contracting services to electric                  ...
13.03.2012Quanta Services IncHoldings By:        All           Holder Name           Portfolio Name             Source    ...
13.03.2012SMA Solar Technology AGSMA Solar Technology AG manufactures solar inverters, alternating current                ...
13.03.2012SMA Solar Technology AGHoldings By:        All            Holder Name                      Portfolio Name       ...
13.03.2012Itron IncItron, Inc. provides solutions for collecting, communicating, and analyzing                            ...
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players
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Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players

  1. 1. 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 |
  2. 2. 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 |
  3. 3. 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 |
  4. 4. 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 |
  5. 5. 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 |
  6. 6. 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 |
  7. 7. 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 |
  8. 8. 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 |
  9. 9. 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 |
  10. 10. 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 |

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