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Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed.
 

Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed.

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Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which ...

Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed.

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    Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed. Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed. Presentation Transcript

    • Fundamental Analysis & Analyst Recommendations QMS Advisors FlexIndex OEX 100 The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index. October 2013 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 | This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
    • Currency Market Capitalization (in mio USD) Daily Volume (M) Total Common Shares (M) Total Debt (USD) Preferred Stock (USD) Minority Interest (USD) Cash and Equivalents (USD) Enterprise Value (USD) Tot. Rev. - LFY Est. Tot. Rev. - Tr. 12M Est. Tot. Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Est. EBITDA - Tr. 12M Est. EBITDA - 2013 Est. EBITDA - 2014 EPS - LFY Est. EPS - Tr. 12M Est. EPS - 2013 Est. EPS - 2014 P/E Ratio - LFY Est. P/E Ratio - Tr. 12M Est. P/E Ratio - 2013 Est. P/E Ratio - 2014 Est. Revenue Growth - 1Y Est. Revenue Growth - 5Y Est. EBITDA Growth - 1Y Est. Est. EBITDA Growth - 5Y Est. EBITDA Margin - S&P LT Credit Rating - S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date S&P 500 INDEX USD 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48 Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66 NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12 FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98 SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51 S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14 S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99 HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98 MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60 APPLE INC USD 438859 652 939 0 0 0 121 309.20 156508 169404 170118 181349 58518 55868 11373 11373 44.15 40.04 39.38 42.93 12.06 12.06 12.27 11.25 44.58 39.09 64.36 65.35 32.98 AA+ 23.04.2013 Aa1 23.04.2013 ABBVIE INC USD 70060 291 1577 18 0 0 8 79.29 18380 18598 19038 7255 - 1869 1869 3.69 - 3.14 3.23 - - 14.10 13.70 5.37 - 30.36 - - A 26.10.2012 Baa1 05.11.2012 ABBOTT LABORATORIES USD 51721 754 1577 20 0 0 15 50.35 21494 21721 22104 23299 - - 1063 1063 1.74 1.58 2.01 2.23 21.10 21.10 16.58 14.92 -44.68 -2.61 - - - A+ 26.10.2012 A1 22.09.2010 ACCENTURE PLC-CL A USD 50506 603 678 0 0 0 6 45.36 30394 30394 29528 31301 4660 4660 1209 1209 4.68 4.47 4.49 4.91 16.43 16.43 16.38 14.97 2.07 3.54 4.32 5.73 15.33 A+ 22.01.2002 - - AMERICAN ELECTRIC POWER USD 21155 111 486 19 0 0 1 39.90 14945 15177 15847 16105 4874 4815 1431 1431 3.09 3.04 3.14 3.31 14.28 14.28 13.83 13.14 -1.13 0.38 3.42 4.80 31.73 BBB 07.03.2003 Baa2 14.09.2005 AMERICAN INTERNATIONAL GROUP USD 72548 393 1476 49 0 1 1 114.17 65656 66705 49775 51238 - - - - 3.93 3.65 4.25 4.30 13.45 13.45 11.57 11.43 9.77 -1.67 - - - A- 02.03.2009 Baa1 12.01.2011 ALLSTATE CORP USD 23659 80 479 6 0 0 1 29.28 33315 33925 33900 34162 - - - - 4.40 4.61 4.87 5.18 11.07 11.07 10.48 9.86 2.02 3.75 - - - A- 29.01.2009 A3 29.01.2009 AMGEN INC USD 85928 222 756 27 0 0 24 87.82 17265 17657 18243 19023 6665 6617 1693 1693 5.72 6.12 7.36 8.14 18.64 18.64 15.49 14.01 10.80 4.55 24.07 2.92 37.48 A 27.08.2013 Baa1 07.11.2011 AMAZON.COM INC USD 144330 229 454 4 0 0 11 140.60 61093 66848 74466 90586 2835 3309 995 995 -0.23 -0.44 2.61 5.08 - - 120.99 62.20 27.07 31.69 45.76 25.77 4.95 AA- 26.11.2012 Baa1 26.11.2012 APACHE CORP USD 33790 99 392 12 1 0 0 47.61 16947 16799 16717 16303 12051 11703 2872 2872 9.31 8.70 8.15 7.95 9.97 9.97 10.65 10.92 0.81 7.58 -2.79 10.48 69.66 A- 26.01.2001 A3 29.11.2010 ANADARKO PETROLEUM CORP USD 47450 89 501 13 0 1 2 58.21 13307 13853 14963 16691 6197 7743 2408 2408 1.47 4.41 4.49 5.43 21.41 21.41 21.02 17.38 -4.14 10.52 -18.23 2.13 55.89 BBB- 08.09.2006 Baa3 23.03.2012 AMERICAN EXPRESS CO USD 81713 135 1105 62 0 0 22 114.22 33808 34242 32906 34764 10563 10692 - - 4.40 4.60 4.86 5.34 16.47 16.47 15.57 14.17 4.73 1.63 3.12 -6.66 31.22 BBB+ 30.04.2009 A3 24.04.2009 BOEING CO/THE USD 89281 150 756 10 0 0 14 84.64 81698 83018 84911 92669 8118 8237 2004 2004 5.11 5.42 6.50 7.17 21.85 21.85 18.19 16.50 18.86 5.62 8.53 2.21 9.92 A 29.07.2009 A2 15.03.2006 BANK OF AMERICA CORP USD 150393 4328 10778 673 19 0 349 100078 99429 90387 91805 - - - - 1.29 1.28 0.95 1.37 10.95 10.95 14.77 10.22 -13.26 2.97 - - - A- 29.11.2011 Baa2 * 22.08.2013 BAXTER INTERNATIONAL INC USD 36025 201 546 6 0 0 3 39.10 14190 14347 15244 16859 3533 3617 1057 1057 4.53 4.62 4.67 5.15 14.37 14.37 14.20 12.89 2.14 2.93 -2.30 3.77 25.21 A 06.12.2012 A3 25.04.2013 BANK OF NEW YORK MELLON CORP USD 34825 240 1163 62 1 1 145 15089 15335 15045 15624 - - - - 2.32 2.51 2.29 2.54 12.05 12.05 13.21 11.90 -4.52 1.32 - - - A+ 29.11.2011 Aa3 *- 02.07.2013 BRISTOL-MYERS SQUIBB CO USD 76225 342 1630 7 0 0 6 77.41 17621 15806 16231 17419 4771 3328 978 978 1.99 1.62 1.74 2.01 28.61 28.61 26.64 23.06 -17.05 -4.26 -35.94 3.29 21.06 A+ 06.09.2006 A2 12.09.2006 BERKSHIRE HATHAWAY INC-CL B USD 282889 167 63 0 4 187 147.96 162463 174330 29524 34359 - - - - 6.14 6.60 - - 18.70 17.38 13.07 8.57 34.15 4.33 19.71 AA 16.05.2013 Aa2 04.02.2010 CITIGROUP INC USD 149132 1573 3029 624 3 2 36 755.00 90708 91183 78731 79615 30978 32335 5220 5220 4.01 4.37 4.86 5.54 11.21 11.21 10.09 8.86 -11.58 -3.39 -25.77 -17.44 35.46 A- 29.11.2011 Baa2 * 22.08.2013 CATERPILLAR INC USD 54277 240 655 10 0 0 3 59.85 65875 60351 56772 59554 11966 9936 2245 2245 8.28 6.77 6.29 7.21 12.38 12.38 13.33 11.62 9.54 6.40 23.62 12.24 16.46 A 24.06.2003 A2 15.06.1995 COLGATE-PALMOLIVE CO USD 55642 189 935 5 0 0 1 60.66 17085 17279 17530 18365 4314 4052 1179 1179 2.68 2.76 2.83 3.11 21.74 21.74 21.20 19.28 2.10 1.97 1.22 7.63 23.45 AA- 04.05.2001 Aa3 18.06.2001 COMCAST CORP-CLASS A USD 115806 673 2639 40 0 17 12 158.55 62570 64061 64509 68487 19977 20744 5261 5261 1.92 2.15 2.45 2.82 20.73 20.73 18.13 15.78 12.05 14.93 8.82 11.13 32.38 A- 14.02.2013 A3 13.02.2013 CAPITAL ONE FINANCIAL CORP USD 40371 61 582 50 0 0 11 71.95 23177 24728 22236 21899 9014 11064 - - 6.24 7.68 7.05 6.92 8.98 8.98 9.77 9.97 25.11 7.84 -7.95 -5.36 44.74 BBB 17.06.2009 Baa1 17.02.2012 CONOCOPHILLIPS USD 85782 173 1220 22 0 0 4 103.94 57967 57605 50336 51120 19396 20320 5268 5268 5.47 5.87 5.93 6.25 11.95 11.95 11.84 11.22 -9.70 -20.57 -10.41 -8.76 35.27 A 07.02.2012 A1 26.04.2012 COSTCO WHOLESALE CORP USD 50498 127 432 1 0 0 5 49.05 99137 104887 105488 114590 3667 3991 1304 1304 3.94 4.48 4.57 5.06 25.82 25.82 25.29 22.85 11.50 7.95 11.02 10.87 3.81 A+ 28.11.2012 A1 26.03.2012 CISCO SYSTEMS INC USD 124361 8085 5389 16 0 0 51 89.97 48607 48607 50916 53933 13652 13652 3965 3965 1.71 1.55 2.11 2.27 14.96 14.96 11.01 10.22 5.53 4.65 5.25 4.06 28.09 A+ 10.02.2006 A1 10.02.2006 CVS CAREMARK CORP USD 70865 183 1231 10 0 0 1 79.06 123133 123632 126175 131382 8981 9633 2517 2517 3.21 3.55 3.96 4.46 16.25 16.25 14.59 12.94 14.97 8.44 13.71 8.81 7.79 BBB+ 23.03.2007 Baa1 23.09.2013 CHEVRON CORP USD 237175 324 1947 12 0 1 21 237.57 222580 213082 233331 240431 48426 43331 12649 12649 12.55 12.20 12.11 12.41 10.06 10.06 10.14 9.89 -5.80 -1.69 -5.44 7.12 20.34 AA 01.07.1987 Aa1 27.02.2009 DU PONT (E.I.) DE NEMOURS USD 54630 135 933 12 0 0 4 62.11 34812 34967 35948 38368 4794 5561 981 981 3.44 3.13 3.80 4.29 18.90 18.90 15.56 13.79 3.36 3.65 -4.99 2.35 15.90 A 17.05.2011 A2 15.07.2011 WALT DISNEY CO/THE USD 116333 434 1780 14 0 2 3 129.78 42278 44255 44877 47860 10850 11440 2854 2854 3.08 3.29 3.37 3.91 19.80 19.80 19.32 16.65 3.39 4.89 12.76 5.45 25.85 A 22.12.2009 A2 23.05.2007 DOW CHEMICAL CO/THE USD 47767 302 1203 21 4 1 4 66.85 56786 56514 57241 59482 6645 6668 2242 2242 1.90 1.89 2.37 2.87 20.90 20.90 16.66 13.78 -5.33 -0.35 -3.82 1.85 11.80 BBB 11.05.2011 Baa2 02.11.2012 DEVON ENERGY CORPORATION USD 24060 56 406 12 0 0 7 29.98 9679 9509 9981 11382 5253 4806 1497 1497 3.26 7.48 4.18 5.46 7.92 7.92 14.17 10.85 -15.50 1.58 -23.63 -6.57 50.54 BBB+ 18.03.2008 Baa1 21.09.2007 EBAY INC USD 72494 775 1294 5 0 0 9 66.59 14072 15021 16171 18802 4088 4397 1262 1262 1.91 2.01 2.71 3.20 27.89 27.89 20.66 17.53 20.77 12.59 23.39 9.42 29.27 A 02.03.2010 A2 21.10.2010 EMC CORP/MA USD 54310 842 2107 2 0 1 6 51.69 21714 22310 23457 25444 5602 5750 1839 1839 1.24 1.29 1.86 2.12 20.23 20.23 14.04 12.33 8.53 9.59 12.92 15.81 25.77 A 25.06.2012 A1 07.06.2013 EMERSON ELECTRIC CO USD 46473 155 724 5 0 0 2 49.36 24412 24557 24616 25181 5155 5114 1446 1446 3.52 3.60 3.45 3.89 18.06 18.06 18.85 16.72 0.78 0.19 1.16 4.42 20.83 A 04.02.2002 A2 15.02.2002 EXELON CORP USD 25586 150 855 20 0 0 1 44.95 23489 25072 25033 25081 6550 7047 1723 1723 1.93 1.99 2.45 2.27 15.03 15.03 12.19 13.14 23.22 6.73 -3.45 -0.89 28.11 BBB 22.07.2009 Baa2 08.11.2012 FORD MOTOR CO USD 67487 1482 3946 14 0 0 24 57.94 134252 142501 140044 147170 12513 12623 2741 2741 1.57 1.62 1.55 1.77 10.56 10.56 11.09 9.66 -1.48 1.10 -8.19 -0.09 8.86 BBB- 06.09.2013 Baa3 22.05.2012 FREEPORT-MCMORAN COPPER USD 34862 498 949 4 0 4 4 57.55 18010 17801 20879 24134 6934 6184 2390 2390 3.24 2.70 2.42 3.10 12.42 12.42 13.91 10.85 -13.75 -0.83 -31.77 -2.37 34.74 BBB 29.07.2011 Baa3 13.10.2010 FEDEX CORP USD 35882 50 318 3 0 0 5 33.78 44287 44519 45783 48342 5597 5699 1471 1471 6.23 6.28 7.01 8.66 18.04 18.04 16.16 13.09 3.77 2.88 3.02 2.68 12.80 BBB 11.02.2004 Baa1 13.01.2012 TWENTY-FIRST CENTURY FOX INC USD 77113 624 2316 16 0 4 7 90.56 27675 34311 30468 32522 6261 6972 1664 1664 1.36 1.68 1.53 1.89 19.81 19.81 21.72 17.60 10.47 -1.84 8.75 -1.25 20.32 BBB+ 30.11.2012 - - GENERAL DYNAMICS CORP USD 30778 69 354 4 0 0 3 30.93 31513 31327 31214 30991 3447 1406 1037 1037 6.48 6.52 6.96 7.25 13.49 13.49 12.64 12.14 -3.56 1.72 -21.98 -0.51 4.49 A 09.07.1999 A2 07.08.2003 GENERAL ELECTRIC CO USD 245022 1592 10406 17 0 5 16 244.62 144796 142477 147097 151101 25000 24107 5793 5793 1.55 1.54 1.66 1.81 15.65 15.65 14.52 13.31 1.81 -5.22 -0.16 -6.95 16.92 AA+ 12.03.2009 Aa3 03.04.2012 GILEAD SCIENCES INC USD 96659 441 1519 8 0 0 3 101.27 9703 10314 10799 13431 4288 4622 1149 1149 1.68 1.87 1.95 3.03 33.79 33.79 32.33 20.86 15.71 16.87 4.80 14.12 44.81 A- 23.03.2011 Baa1 23.03.2011 GENERAL MOTORS CO USD 50812 514 1366 5 10 1 26 41.60 152256 152842 157281 166369 5647 5029 4031 4031 3.65 2.72 3.39 4.51 13.48 13.48 10.82 8.14 1.32 - -60.70 - 3.29 BB+ 29.09.2011 - - GOOGLE INC-CL A USD 291461 158 330 6 0 0 50 240.45 50175 56594 46968 55005 15722 16440 5243 5243 33.53 34.09 43.48 51.40 25.66 25.66 20.12 17.02 32.37 21.80 15.66 21.04 29.05 AA 19.11.2012 Aa2 16.05.2011 GOLDMAN SACHS GROUP INC USD 74754 186 481 511 6 1 73 523.57 41664 43493 33905 33840 20446 21297 - - 14.96 16.92 15.21 15.52 9.46 9.46 10.52 10.32 13.24 -8.46 27.63 -19.57 48.97 A- 29.11.2011 A3 *- 22.08.2013 HALLIBURTON CO USD 44035 320 929 5 0 0 2 47.47 28503 28692 29667 32540 5787 5580 1643 1643 3.04 2.66 3.22 4.21 18.13 18.13 14.96 11.46 14.80 12.35 -5.07 7.51 19.45 A 20.08.2007 A2 01.05.2007 HOME DEPOT INC USD 108909 234 1484 11 0 0 2 118.25 74754 78022 78588 82346 9450 10323 2559 2559 3.07 3.48 3.69 4.37 21.87 21.87 20.62 17.41 6.19 1.61 13.27 0.65 13.23 A- 16.11.2011 A3 30.08.2011 HONEYWELL INTERNATIONAL INC USD 65542 72 783 7 0 0 5 68.25 37665 37944 39159 41400 5082 5340 1714 1714 4.84 5.19 4.95 5.55 16.10 16.10 16.87 15.05 3.11 0.84 43.93 2.19 14.07 A 03.07.2001 A2 12.10.2001 HEWLETT-PACKARD CO USD 40993 421 1963 28 0 0 11 52.86 120357 113126 111006 107663 14384 13278 3710 3710 0.31 1.67 3.56 3.63 12.80 12.80 5.99 5.88 -5.41 -0.36 -12.15 3.69 11.74 BBB+ 30.11.2011 Baa1 28.11.2012 Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Currency Market Capitalization (in mio USD) Daily Volume (M) Total Common Shares (M) Total Debt (USD) Preferred Stock (USD) Minority Interest (USD) Cash and Equivalents (USD) Enterprise Value (USD) Tot. Rev. - LFY Est. Tot. Rev. - Tr. 12M Est. Tot. Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Est. EBITDA - Tr. 12M Est. EBITDA - 2013 Est. EBITDA - 2014 EPS - LFY Est. EPS - Tr. 12M Est. EPS - 2013 Est. EPS - 2014 P/E Ratio - LFY Est. P/E Ratio - Tr. 12M Est. P/E Ratio - 2013 Est. P/E Ratio - 2014 Est. Revenue Growth - 1Y Est. Revenue Growth - 5Y Est. EBITDA Growth - 1Y Est. Est. EBITDA Growth - 5Y Est. EBITDA Margin - S&P LT Credit Rating - S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date S&P 500 INDEX USD 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48 Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66 NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12 FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98 SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51 S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14 S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99 HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98 MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60 INTL BUSINESS MACHINES CORP USD 204987 334 1117 33 0 0 11 228.88 104507 102383 102357 104548 25119 23949 6711 6711 15.24 15.11 16.72 18.31 12.38 12.38 11.20 10.22 -2.25 -1.10 0.07 6.06 23.39 AA- 30.05.2012 Aa3 23.11.2010 INTEL CORP USD 114636 2691 4944 13 0 0 23 105.34 53341 52325 52949 54896 22160 20187 5274 5274 2.11 1.84 1.90 2.00 12.52 12.52 12.09 11.48 -1.22 7.69 -5.87 10.34 38.58 A+ 17.02.1993 A1 14.09.2011 JOHNSON & JOHNSON USD 244383 450 2778 16 0 0 21 234.24 67224 69992 70731 73640 20698 21944 5490 5490 4.85 5.26 5.46 5.82 16.48 16.48 15.87 14.89 3.37 1.86 7.18 2.84 31.35 AAA 17.09.1987 Aaa 10.08.1987 JPMORGAN CHASE & CO USD 196529 1102 3804 696 9 0 472 108184 109232 99073 98266 - - - - 5.86 6.38 5.84 6.12 8.18 8.18 8.94 8.53 -2.39 1.41 - - - A 29.11.2011 A2 *- 22.08.2013 COCA-COLA CO/THE USD 169568 873 4469 33 0 0 17 186.45 48017 47579 47383 49122 12761 12601 3403 3403 2.01 2.03 2.10 2.26 18.83 18.83 18.21 16.92 3.17 8.66 5.23 8.68 26.48 AA- 13.09.2012 Aa3 16.08.2007 ELI LILLY & CO USD 56952 418 1144 6 0 0 6 57.56 22603 22932 22982 19739 6478 6878 1695 1695 3.39 3.93 4.14 2.77 12.86 12.86 12.22 18.22 -6.93 3.12 -15.78 2.06 29.99 AA- 19.08.2010 A2 08.11.2010 LOCKHEED MARTIN CORP USD 41138 70 321 6 0 0 2 44.43 47182 46446 44980 43617 5470 5650 1369 1369 10.20 10.48 9.55 9.70 12.23 12.23 13.42 13.21 1.47 0.70 6.75 0.46 12.16 A- 27.04.2007 Baa1 26.01.2006 LOWE'S COS INC USD 50381 149 1110 9 0 0 1 58.17 50521 51918 53044 55304 5183 5511 1311 1311 1.75 2.03 2.18 2.64 23.61 23.61 21.93 18.16 0.62 1.73 6.73 -3.42 10.61 A- 19.09.2012 A3 14.11.2011 MASTERCARD INC-CLASS A USD 82000 16 123 0 0 0 5 76.92 7391 7815 8257 9253 4187 4541 1286 1286 22.04 24.22 26.09 30.67 28.02 28.02 26.06 22.13 10.08 11.16 13.87 27.78 58.11 A 08.08.2013 - - MCDONALD'S CORP USD 97156 240 1003 14 0 0 2 108.25 27567 27794 28253 29718 10101 10180 2741 2741 5.37 5.46 5.59 6.10 17.81 17.81 17.37 15.94 2.08 3.39 1.61 8.06 36.63 A 08.05.2003 A2 17.12.2010 MONDELEZ INTERNATIONAL INC-A USD 56572 654 1778 19 0 0 4 72.30 35015 39743 35638 37455 5028 5561 1375 1375 1.45 1.78 1.55 1.72 17.85 17.85 20.44 18.45 -2.22 -1.74 1.00 -0.96 13.99 BBB 02.02.2010 Baa1 08.08.2013 MEDTRONIC INC USD 52606 160 1016 11 0 0 11 52.38 16590 16664 16924 17479 5697 5741 1426 1426 3.61 3.68 3.82 4.10 14.33 14.33 13.81 12.88 2.51 2.02 0.30 3.82 34.45 A+ 14.02.2012 A2 14.03.2013 METLIFE INC USD 51840 229 1092 27 2 1 16 71.36 68150 67240 68375 70652 - - - - 5.28 5.49 5.63 5.78 8.61 8.61 8.40 8.18 -2.98 10.73 - - - A- 06.08.2010 A3 16.12.2009 3M CO USD 81989 125 687 6 0 0 6 82.58 29904 30270 30893 32505 7771 7794 2165 2165 6.31 6.39 6.69 7.37 18.76 18.76 17.92 16.28 0.99 3.53 4.82 3.91 25.75 AA- 18.03.2009 Aa2 01.05.2009 ALTRIA GROUP INC USD 69272 352 2010 14 0 0 3 81.61 17500 17425 17497 17788 7539 8130 2055 2055 2.25 2.37 2.39 2.56 14.61 14.61 14.44 13.51 5.30 1.98 15.22 -12.44 46.66 BBB 06.01.2009 Baa1 24.10.2006 MONSANTO CO USD 56499 101 534 2 0 0 4 55.82 13504 14769 14962 16150 3760 4206 -119 -119 3.77 4.55 4.58 5.35 23.30 23.30 23.17 19.84 14.23 4.50 20.67 14.20 28.48 A+ 21.10.2008 A1 21.02.2012 MERCK & CO. INC. USD 139530 543 3027 21 0 2 16 152.14 47267 44907 44446 44750 17662 14938 3876 3876 3.82 3.47 3.48 3.71 13.74 13.74 13.72 12.86 -1.62 17.53 -1.18 17.28 33.26 AA 24.11.2010 A2 14.05.2013 MORGAN STANLEY USD 52939 646 1974 451 2 8 47 504.27 32036 34452 32250 34226 12615 12758 - - 1.81 1.86 1.93 2.59 14.56 14.56 14.01 10.44 -18.15 -3.37 17.63 -27.19 37.03 A- 29.11.2011 Baa1 *- 22.08.2013 MICROSOFT CORP USD 279303 4862 8328 16 0 0 77 217.88 77849 77849 83083 89843 30519 30519 6680 6680 2.71 2.73 2.69 2.98 12.30 12.30 12.45 11.27 5.60 5.52 -1.31 4.45 39.20 AAA 22.09.2008 Aaa 11.05.2009 NIKE INC -CL B USD 66073 1026 894 1 0 0 6 61.50 25313 25810 27525 29730 3692 3673 812 812 2.69 2.88 3.04 3.48 25.78 25.78 24.42 21.30 8.50 5.58 6.83 6.17 14.40 A+ 10.06.2005 A1 29.04.2008 NATIONAL OILWELL VARCO INC USD 33552 151 427 3 0 0 3 35.44 20041 21912 22475 24552 4185 4059 1030 1030 5.89 5.79 5.33 6.29 13.54 13.54 14.74 12.47 36.72 12.15 19.85 13.13 18.52 A 25.04.2012 A2 14.05.2012 NORFOLK SOUTHERN CORP USD 24201 56 314 9 0 0 1 32.09 11040 10917 11112 11747 4046 3894 1032 1032 5.37 5.22 5.51 6.24 14.86 14.86 14.08 12.43 -1.18 2.75 -0.88 3.72 35.67 BBB+ 18.07.2005 Baa1 06.05.1997 ORACLE CORP USD 154179 579 4646 18 0 0 32 139.63 37180 37371 38399 40310 17363 17535 4543 4543 2.23 2.31 2.91 3.19 14.64 14.64 11.63 10.61 0.16 10.98 2.30 12.84 46.92 A+ 24.04.2012 A1 24.06.2011 OCCIDENTAL PETROLEUM CORP USD 75750 235 806 8 0 0 2 80.40 24172 23970 24630 25260 13701 13488 3797 3797 7.10 6.82 7.11 7.50 13.79 13.79 13.23 12.54 0.97 1.51 -3.30 6.01 56.27 A 23.06.2008 A1 19.04.2012 PEPSICO INC USD 123670 179 1544 28 0 0 7 145.19 65492 65994 66822 69717 11801 12213 3439 3439 4.10 4.38 4.33 4.69 18.32 18.32 18.54 17.09 -1.52 10.03 -4.60 6.54 18.51 A 17.03.2010 A1 25.06.2013 PFIZER INC USD 189870 1540 7276 37 0 0 33 193.37 58986 55517 51462 50814 27270 24056 6280 6280 2.19 2.11 2.16 2.31 13.62 13.62 13.26 12.40 -9.61 4.07 -9.21 6.42 43.33 AA 16.10.2009 A1 15.10.2009 PROCTER & GAMBLE CO/THE USD 211131 490 2742 32 1 1 6 238.51 84167 84167 85574 88813 17771 17771 4973 4973 4.04 4.05 4.29 4.67 19.05 19.05 17.96 16.52 0.58 0.11 -1.67 -2.14 21.11 AA- 10.05.2005 Aa3 01.07.2005 PHILIP MORRIS INTERNATIONAL USD 140717 217 1654 23 0 2 3 164.17 31377 31310 31458 32889 14827 14523 3909 3909 5.20 5.18 5.44 6.04 16.77 16.77 15.99 14.40 0.90 3.87 2.72 8.64 46.38 A 05.03.2008 A2 11.09.2008 QUALCOMM INC USD 115808 1257 1706 0 0 0 27 85.41 19121 23256 24726 27631 6579 7878 2203 2203 3.59 3.84 4.55 4.93 17.56 17.56 14.84 13.70 27.84 18.91 8.08 15.03 33.88 NR 19.12.2001 - - RAYTHEON COMPANY USD 25428 87 328 5 0 0 4 26.87 24414 24478 23699 22968 3444 3461 777 777 6.20 6.40 5.68 5.95 12.31 12.31 13.88 13.25 -1.52 0.87 5.19 4.99 14.14 A- 04.09.2008 A3 17.10.2011 STARBUCKS CORP USD 57647 285 749 1 0 0 2 56.16 13300 14461 14872 16581 2367 2709 801 801 1.77 2.08 2.22 2.67 36.90 36.90 34.56 28.76 13.67 8.05 14.11 10.50 18.73 A- 24.02.2012 Baa2 *+ 03.09.2013 SCHLUMBERGER LTD USD 117234 266 1328 12 0 0 6 123.40 42149 43632 45570 50284 11020 11405 3212 3212 4.16 4.36 4.75 5.74 20.31 20.31 18.66 15.43 14.04 12.79 12.52 5.53 26.14 A+ 11.12.2002 A1 03.06.2003 SOUTHERN CO/THE USD 36118 142 868 22 1 0 1 60.44 16537 16895 17255 18044 6589 6730 2243 2243 2.65 2.70 2.74 2.84 15.34 15.34 15.11 14.56 -6.34 0.39 4.94 6.49 39.83 A 21.12.2000 Baa1 12.08.2010 SIMON PROPERTY GROUP INC USD 46585 50 310 23 0 1 1 69.37 4880 5025 5185 5436 3491 3602 976 976 4.72 3.86 4.03 4.29 38.92 38.92 37.26 35.01 13.32 6.19 15.76 7.34 71.68 A 16.05.2013 - - AT&T INC USD 180680 856 5581 70 0 0 5 251.64 127434 127468 128726 131211 31140 30316 10653 10653 2.31 2.36 2.48 2.69 14.39 14.39 13.72 12.66 0.56 0.78 2.08 -5.80 23.78 A- 06.12.2010 A3 29.01.2013 TARGET CORP USD 40442 229 645 18 0 0 1 53.91 73301 73478 73737 77793 7352 6981 1372 1372 4.36 3.60 4.05 4.98 17.80 17.80 15.84 12.87 4.92 2.07 -1.36 1.19 9.50 A+ 20.11.2007 A2 27.11.2007 TIME WARNER INC USD 60582 397 932 20 0 0 3 77.97 28729 29380 29794 30815 7106 7589 1828 1828 3.36 3.81 3.75 4.30 17.28 17.28 17.57 15.30 -0.85 0.68 3.33 -18.04 25.83 BBB 27.03.2009 Baa2 06.03.2006 TEXAS INSTRUMENTS INC USD 44234 466 1108 6 0 0 4 46.16 12825 12301 12256 12973 3986 3883 1130 1130 1.79 1.81 1.90 2.30 22.22 22.22 21.12 17.50 -6.63 0.47 -10.10 -2.68 31.57 A+ 23.09.2010 A1 25.05.2011 UNITEDHEALTH GROUP INC USD 72958 107 1019 17 0 2 11 80.26 110618 116819 122800 134108 10563 10614 2937 2937 5.28 5.26 5.50 5.84 13.64 13.64 13.04 12.29 8.60 8.46 10.17 4.09 9.09 A 24.09.2012 A3 21.07.2011 UNION PACIFIC CORP USD 72619 89 469 9 0 0 1 80.58 20926 21353 22176 23835 8505 8794 2467 2467 8.24 8.76 9.52 10.94 17.88 17.88 16.44 14.31 7.00 5.47 15.86 12.61 41.18 A- 23.04.2012 Baa1 26.10.2012 UNITED PARCEL SERVICE-CL B USD 85860 135 953 13 0 0 8 91.60 54127 54583 55694 58843 3201 3186 2227 2227 4.49 4.51 4.75 5.47 20.14 20.14 19.14 16.61 1.92 1.29 -59.29 6.62 5.84 A+ 21.09.2012 Aa3 16.01.2013 US BANCORP USD 67188 329 1869 52 5 1 8 22202 21738 19680 20276 - - - - 2.87 2.97 3.01 3.20 12.28 12.28 12.14 11.41 3.75 1.37 - - - A+ 20.08.2012 A1 06.12.2012 UNITED TECHNOLOGIES CORP USD 99990 129 919 23 0 1 5 118.29 57708 61890 63890 67129 9208 10087 2787 2787 5.42 5.95 6.15 6.97 18.30 18.30 17.72 15.64 3.50 0.71 1.09 2.29 16.30 A 02.10.2003 A2 22.04.1993 VISA INC-CLASS A SHARES USD 124322 138 811 0 0 0 6 117.78 10421 11536 11825 13174 6572 7395 1850 1850 7.09 8.21 7.58 8.93 23.49 23.49 25.42 21.59 13.42 13.44 14.28 37.44 64.10 A+ 20.05.2008 - - VERIZON COMMUNICATIONS INC USD 134612 495 2859 52 0 52 4 235.05 115846 118258 120373 125096 29620 31664 10774 10774 2.24 2.43 2.77 3.50 19.32 19.32 16.97 13.44 4.48 4.38 0.83 -0.97 26.78 BBB+ 02.09.2013 Baa1 02.09.2013 WALGREEN CO USD 51663 151 944 5 0 0 1 55.04 71633 71349 72229 75710 4630 4525 1229 1229 2.57 2.51 3.12 3.55 21.75 21.75 17.52 15.41 -0.76 4.13 -7.71 3.89 6.34 BBB 02.08.2012 Baa1 02.08.2012 WELLS FARGO & CO USD 221577 1090 5266 185 13 1 159 91247 90503 84779 86155 - - - - 3.43 3.76 3.84 4.02 11.10 11.10 10.86 10.38 4.17 14.39 - - - A+ 29.11.2011 A2 *- 22.08.2013 WILLIAMS COS INC USD 24622 100 681 11 0 3 1 37.44 7486 7229 7081 8392 2368 2349 563 563 1.21 0.92 0.74 1.21 39.05 39.05 48.51 29.88 -5.60 -10.49 -31.97 -4.73 32.49 BBB 05.03.2012 Baa3 15.11.2007 WAL-MART STORES INC USD 241555 274 3314 54 0 5 8 294.79 469162 472980 480737 501623 36302 36650 8527 8527 5.02 5.14 5.21 5.73 14.44 14.44 14.24 12.94 4.97 2.73 4.65 5.13 7.75 AA 09.07.1999 Aa2 06.03.1996 EXXON MOBIL CORP USD 382018 420 4502 12 0 6 10 402.71 420714 396937 437967 452127 65769 62482 18789 18789 7.56 7.75 7.59 8.01 11.19 11.19 11.44 10.84 -2.96 -0.26 -5.62 -1.21 15.74 AAA 16.12.1985 WR 16.08.1993 Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot S&P 500 INDEX 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2% Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5% NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1% FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5% SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5% S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1% S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0% HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3% MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3% APPLE INC 3.88 3.51 3.02 2.56 2.32 2.81 2.58 2.42 2.26 1.98 8.80 9.29 9.30 8.77 5.31 5.65 5.28 4.86 5.08 10.91 12.27 11.25 10.37 12.64 0.55 2.37 2.62 2.80 542.47 12.3% ABBVIE INC 25.47 12.17 8.50 6.31 3.82 3.77 3.68 3.43 3.22 10.28 12.34 11.65 10.94 10.47 10.47 10.65 10.53 9.50 8.81 11.79 14.10 13.70 12.13 10.99 3.62 3.62 3.76 3.91 4.64 49.65 12.4% ABBOTT LABORATORIES 2.05 2.26 2.10 1.96 1.76 1.30 2.34 2.22 2.09 1.97 5.82 14.58 11.86 10.81 4.01 10.01 9.14 8.49 7.82 6.57 16.58 14.92 13.33 11.84 2.34 1.69 1.86 2.09 2.36 38.91 16.9% ACCENTURE PLC-CL A 9.00 8.71 7.41 7.26 1.78 1.71 1.61 1.54 1.43 14.20 13.44 12.14 11.45 9.45 9.36 8.82 8.36 7.84 17.49 16.38 14.96 13.26 2.24 2.44 2.56 3.27 81.25 10.5% AMERICAN ELECTRIC POWER 1.38 1.32 1.28 1.23 1.18 1.37 1.34 1.31 1.32 1.16 6.26 5.91 6.03 6.18 8.37 8.36 8.10 7.93 6.99 14.29 13.83 13.14 12.69 12.53 4.32 4.46 4.65 4.84 5.21 49.47 13.8% AMERICAN INTERNATIONAL GROUP 0.74 0.73 0.68 0.64 1.29 1.46 1.42 1.35 12.78 11.57 11.43 9.89 0.00 0.37 0.78 0.90 53.56 9.0% ALLSTATE CORP 1.21 1.18 1.09 1.04 0.72 0.70 0.69 0.67 13.82 10.48 9.86 8.91 1.72 1.96 2.08 2.24 56.75 11.2% AMGEN INC 4.46 4.20 3.47 3.07 4.99 4.71 4.52 4.43 4.27 13.84 13.49 12.05 11.32 11.81 11.56 10.28 10.06 17.55 15.49 14.01 13.18 12.07 1.26 1.65 2.00 2.33 1.98 122.95 7.8% AMAZON.COM INC 18.79 15.46 12.59 9.56 7.07 2.33 1.94 1.59 1.33 1.13 48.78 34.53 25.00 15.80 9.63 43.47 29.75 21.48 15.71 11.61 164.45 120.99 62.20 37.84 21.38 0.00 0.00 0.00 0.00 333.62 5.6% APACHE CORP 1.10 1.01 0.92 0.87 1.99 2.02 2.07 1.85 1.59 3.51 3.60 3.65 3.22 3.88 4.12 4.25 3.81 9.05 10.65 10.92 10.14 0.81 0.95 0.97 0.97 101.31 16.8% ANADARKO PETROLEUM CORP 2.25 1.99 1.79 1.56 3.56 3.17 2.84 2.65 2.52 6.37 5.76 5.31 4.61 4.62 6.95 5.99 5.35 4.94 4.63 28.20 21.02 17.38 15.64 14.63 0.39 0.43 0.47 0.52 111.96 18.6% AMERICAN EXPRESS CO 4.38 4.13 3.77 3.63 2.59 2.48 2.35 2.22 17.36 15.57 14.17 12.75 1.04 1.18 1.29 1.44 80.65 6.5% BOEING CO/THE 10.91 12.09 11.55 11.05 1.09 1.05 0.96 0.94 0.92 17.22 14.29 10.99 10.71 10.63 10.04 8.88 8.35 7.50 23.60 18.19 16.50 14.80 13.10 1.49 1.61 1.78 1.97 1.94 128.27 8.4% BANK OF AMERICA CORP 0.68 0.67 0.63 0.60 0.53 1.72 1.66 1.64 1.58 33.73 14.03 9.98 8.40 24.18 14.77 10.22 8.58 6.80 0.28 0.29 1.42 2.32 15.43 10.3% BAXTER INTERNATIONAL INC 4.91 4.59 3.92 3.36 2.86 2.55 2.36 2.14 2.05 1.95 12.19 12.17 10.69 10.02 9.76 9.85 9.24 8.24 7.69 7.18 14.67 14.20 12.89 11.86 10.79 2.17 2.84 3.07 3.31 3.48 80.59 21.4% BANK OF NEW YORK MELLON CORP 0.99 0.96 0.92 0.87 0.85 2.40 2.31 2.23 2.12 1.88 13.16 11.76 10.73 9.76 14.21 13.21 11.90 10.70 9.04 1.71 1.92 2.23 2.51 3.07 32.19 6.3% BRISTOL-MYERS SQUIBB CO 4.84 5.80 5.85 6.15 4.33 4.70 4.38 4.40 4.17 16.64 24.72 19.03 18.34 19.62 14.71 19.59 17.49 18.90 16.00 23.65 26.64 23.06 24.47 22.63 2.94 3.03 3.11 3.20 3.28 47.00 1.5% BERKSHIRE HATHAWAY INC-CL B 1.35 18.70 17.38 129.50 12.9% CITIGROUP INC 0.77 0.75 0.70 0.65 2.09 1.89 1.87 1.82 14.25 10.45 8.91 8.68 33.35 29.47 26.85 12.03 10.09 8.85 8.22 7.91 0.08 0.08 1.27 2.24 59.24 20.8% CATERPILLAR INC 3.06 2.88 2.45 2.12 0.82 0.96 0.91 0.87 6.97 8.06 7.53 6.74 5.21 6.96 6.33 5.79 9.23 13.33 11.62 10.19 2.34 2.49 2.80 2.97 92.51 10.4% COLGATE-PALMOLIVE CO 10.03 35.18 37.84 39.07 119.96 3.25 3.17 3.03 2.86 2.72 18.99 18.57 16.86 15.00 14.00 13.72 13.27 12.34 11.51 10.62 22.38 21.20 19.28 17.61 16.19 2.00 2.23 2.43 2.66 2.97 62.67 4.5% COMCAST CORP-CLASS A 2.35 2.22 2.09 1.91 1.85 1.79 1.69 1.62 1.56 8.35 7.85 7.34 6.53 8.01 7.46 7.02 6.65 6.43 22.56 18.13 15.78 13.83 12.12 1.42 1.74 1.99 2.20 2.27 51.26 15.3% CAPITAL ONE FINANCIAL CORP 0.99 0.95 0.88 0.84 1.88 1.82 1.84 1.77 9.58 11.13 9.78 9.96 9.28 0.29 1.38 2.08 2.40 74.08 7.4% CONOCOPHILLIPS 1.61 1.70 1.58 1.48 1.38 1.70 1.68 1.77 6.35 5.38 5.17 5.04 4.44 4.47 4.57 4.39 4.29 12.29 11.84 11.22 11.00 9.93 3.80 3.84 3.98 3.99 3.76 69.40 -1.0% COSTCO WHOLESALE CORP 3.84 4.52 4.02 3.41 3.07 0.51 0.48 0.44 0.41 0.39 14.95 15.97 14.63 14.05 13.37 12.12 10.88 10.13 9.30 29.87 25.29 22.85 20.43 18.04 0.86 7.10 1.11 1.20 1.22 117.29 1.4% CISCO SYSTEMS INC 2.17 1.93 1.80 1.66 2.56 2.44 2.31 2.17 9.56 9.65 9.12 8.00 5.64 5.47 5.15 5.00 11.55 11.00 10.22 9.71 2.67 3.04 3.23 3.55 27.11 16.9% CVS CAREMARK CORP 1.94 1.83 1.72 1.62 0.58 0.56 0.54 0.52 0.50 12.09 10.75 9.41 8.43 8.83 8.01 7.53 6.99 6.51 16.96 14.59 12.95 11.49 10.07 1.12 1.57 1.80 2.29 66.57 15.4% CHEVRON CORP 1.77 1.60 1.46 1.34 1.20 1.00 1.02 0.99 0.94 0.87 6.42 6.27 5.80 5.51 4.93 4.17 4.34 4.17 3.99 3.79 9.96 10.14 9.90 9.61 8.99 2.86 3.16 3.36 3.52 3.74 135.00 10.0% DU PONT (E.I.) DE NEMOURS 5.41 4.08 3.28 2.68 1.57 1.52 1.42 1.34 1.26 13.63 11.34 9.94 9.40 9.76 9.31 8.51 7.75 7.34 17.98 15.56 13.79 12.26 12.05 2.86 3.02 3.19 3.30 3.01 58.94 -0.4% WALT DISNEY CO/THE 2.88 2.71 2.55 2.33 2.48 2.73 2.59 2.43 2.26 2.15 14.89 13.63 11.85 10.14 9.33 11.57 10.78 9.67 8.75 8.14 21.16 19.33 16.65 14.33 12.95 0.92 1.13 1.26 1.38 1.56 72.17 10.8% DOW CHEMICAL CO/THE 2.12 2.19 2.00 2.17 0.85 0.83 0.80 0.76 0.71 9.85 7.79 8.05 7.06 8.97 8.12 7.44 6.89 6.01 20.52 16.66 13.78 11.82 9.87 3.10 3.29 3.46 3.64 39.93 1.2% DEVON ENERGY CORPORATION 1.09 1.12 1.00 0.89 2.74 2.41 2.11 2.08 5.11 4.60 3.79 3.60 6.04 5.51 4.33 4.47 18.36 14.17 10.85 10.62 1.23 1.45 1.50 1.52 69.52 17.3% EBAY INC 3.64 3.10 2.62 2.04 1.94 5.16 4.48 3.86 3.29 2.93 18.69 15.41 13.35 11.24 9.77 14.41 12.30 10.69 8.92 7.61 23.80 20.66 17.53 14.89 13.07 0.00 0.00 0.00 0.00 63.25 12.9% EMC CORP/MA 2.45 2.21 2.02 1.78 2.49 2.32 2.14 1.97 1.74 9.56 8.81 8.12 7.01 8.22 7.29 6.56 6.28 15.42 14.03 12.34 10.96 9.03 0.00 0.93 1.59 1.59 30.86 18.2% EMERSON ELECTRIC CO 4.35 4.50 4.15 3.68 1.90 1.89 1.85 1.77 14.44 14.34 12.68 11.58 10.24 10.55 9.48 8.95 19.46 18.85 16.72 15.09 2.46 2.52 2.70 2.94 65.43 0.6% EXELON CORP 1.15 1.07 1.03 1.00 0.92 1.06 1.02 1.02 1.03 0.91 4.92 5.22 5.40 5.53 4.65 7.18 7.35 7.35 7.36 8.23 10.43 12.19 13.14 13.01 14.27 7.03 4.76 4.15 4.16 4.15 31.65 5.9% FORD MOTOR CO 3.39 3.11 2.48 2.03 1.61 0.54 0.48 0.46 0.43 0.43 10.26 7.78 6.80 5.37 5.22 5.68 5.06 4.55 3.88 3.14 12.76 11.09 9.66 7.74 7.68 1.30 2.34 2.44 2.64 3.12 18.97 10.7% FREEPORT-MCMORAN COPPER 1.76 1.66 1.55 1.41 1.93 1.67 1.44 1.37 1.34 6.91 5.52 4.71 4.38 2.57 8.21 7.17 5.37 5.01 3.79 10.60 13.91 10.85 9.95 6.30 3.67 5.71 3.72 3.72 3.72 36.38 8.3% FEDEX CORP 2.20 1.87 1.64 1.45 0.81 0.78 0.74 0.70 0.70 8.75 7.64 6.57 5.66 6.20 5.44 4.72 4.05 18.76 16.16 13.09 11.08 10.50 0.50 0.48 0.59 0.65 1.08 121.74 7.4% TWENTY-FIRST CENTURY FOX INC 3.40 3.39 3.59 3.54 2.13 2.79 2.54 2.38 2.21 1.99 20.34 15.93 13.23 10.55 8.48 13.91 12.96 11.52 10.08 9.03 23.22 21.72 17.60 14.31 11.82 0.53 0.71 0.79 0.81 35.99 8.0% GENERAL DYNAMICS CORP 2.15 2.54 2.36 2.25 0.95 0.99 0.99 1.00 0.96 10.49 10.68 10.19 10.34 7.06 7.29 7.20 7.31 6.99 12.67 12.64 12.14 11.58 10.85 2.27 2.45 2.69 2.77 93.75 6.6% GENERAL ELECTRIC CO 2.03 2.00 1.92 1.85 1.67 1.67 1.62 1.58 11.74 11.15 9.19 8.41 9.17 8.72 7.99 7.45 16.01 14.52 13.31 12.24 2.86 3.21 3.58 3.92 26.73 11.1% GILEAD SCIENCES INC 9.42 7.49 5.62 4.20 10.12 8.95 7.20 5.53 4.63 29.89 28.48 17.16 10.09 21.71 20.98 14.81 10.31 31.61 32.33 20.86 13.44 10.22 0.00 0.00 0.00 0.00 72.75 15.2% GENERAL MOTORS CO 1.89 1.64 1.44 1.20 1.03 0.33 0.32 0.31 0.29 0.29 7.96 6.93 5.82 4.40 4.20 3.25 3.05 2.56 2.38 2.21 11.29 10.82 8.14 6.94 6.17 0.00 0.00 0.00 0.00 0.00 43.50 18.5% GOOGLE INC-CL A 4.06 3.36 2.84 2.42 2.09 6.98 6.19 5.29 4.55 4.05 18.10 15.88 13.61 11.72 10.31 13.05 11.33 9.51 8.07 6.87 22.02 20.12 17.02 14.42 12.36 0.00 0.00 0.00 0.00 990.82 13.3% GOLDMAN SACHS GROUP INC 1.12 1.03 0.96 0.89 2.27 2.20 2.21 2.20 10.42 8.36 8.12 7.60 13.12 10.52 10.32 9.89 9.68 1.15 1.26 1.35 1.46 169.69 6.0% HALLIBURTON CO 2.86 2.82 2.33 1.98 1.56 1.48 1.35 1.25 10.92 9.45 7.61 6.48 7.86 7.54 6.20 5.41 16.21 14.96 11.46 9.66 0.86 1.04 1.22 1.35 57.50 19.3% HOME DEPOT INC 6.49 6.97 7.42 8.19 10.02 1.47 1.39 1.32 1.27 1.22 18.28 16.15 13.58 11.77 12.43 11.03 10.01 9.44 8.86 24.93 20.62 17.41 15.20 13.62 1.42 2.06 2.36 2.68 2.98 85.14 12.0% HONEYWELL INTERNATIONAL INC 4.91 4.36 3.69 3.19 1.74 1.67 1.58 1.52 1.37 16.84 13.89 12.73 11.78 10.67 10.12 9.27 8.69 18.63 16.87 15.05 13.75 12.34 1.81 1.99 2.20 2.48 90.15 8.0% HEWLETT-PACKARD CO 1.26 1.59 1.34 1.10 0.34 0.37 0.38 0.39 4.61 3.86 4.07 4.01 3.24 3.82 3.87 3.99 5.28 5.99 5.88 5.84 2.37 2.62 2.81 2.89 24.87 16.6% Price to Earnings Ratio Valuation Measures II/II Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot S&P 500 INDEX 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2% Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5% NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1% FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5% SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5% S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1% S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0% HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3% MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3% INTL BUSINESS MACHINES CORP 8.36 10.04 7.66 6.13 3.58 1.97 2.00 1.96 1.90 1.81 10.32 9.88 8.26 7.50 6.30 8.68 8.34 7.75 7.26 6.92 12.38 11.20 10.23 9.25 8.39 1.74 1.92 2.07 2.19 2.62 217.59 16.3% INTEL CORP 2.34 2.04 1.86 1.76 2.15 2.17 2.09 2.01 6.52 6.45 6.22 6.12 4.85 5.24 4.90 4.73 10.36 12.09 11.48 11.47 3.78 3.94 4.05 4.16 24.37 5.9% JOHNSON & JOHNSON 3.71 3.30 2.89 2.56 2.36 3.63 3.46 3.32 3.19 3.05 14.12 15.47 11.72 11.31 10.63 10.96 10.06 9.52 9.00 8.50 17.03 15.87 14.89 13.97 13.01 2.71 3.00 3.24 3.49 3.71 96.28 11.0% JPMORGAN CHASE & CO 1.03 0.96 0.88 0.83 1.99 1.98 2.00 1.85 10.55 8.80 8.43 7.59 10.51 8.94 8.53 8.03 6.82 2.28 2.76 3.18 3.63 62.01 18.8% COCA-COLA CO/THE 5.32 5.26 5.00 4.76 3.52 3.58 3.45 3.28 3.12 15.74 16.40 14.53 13.01 12.14 13.86 13.66 12.91 11.99 11.28 19.11 18.21 16.92 15.57 14.27 2.68 2.91 3.11 3.46 3.69 45.33 18.5% ELI LILLY & CO 3.62 3.57 3.61 3.63 2.54 2.48 2.89 2.80 2.66 11.48 11.75 12.86 11.65 10.15 9.21 8.45 11.52 10.86 8.90 15.20 12.22 18.22 15.94 13.20 3.88 3.88 3.89 3.88 3.88 57.82 14.4% LOCKHEED MARTIN CORP 17.48 39.29 21.84 14.85 0.89 0.91 0.94 0.96 0.89 10.94 9.53 9.21 10.02 8.54 7.93 7.78 7.66 6.34 15.20 13.42 13.21 12.45 13.05 3.24 3.69 4.12 4.65 130.80 2.0% LOWE'S COS INC 3.86 4.05 4.26 4.41 6.45 1.00 0.95 0.91 0.88 0.84 16.13 13.29 11.02 11.18 13.46 11.28 10.18 9.29 8.61 8.00 27.66 21.93 18.16 15.10 12.87 1.28 1.47 1.63 2.04 2.48 49.79 3.9% MASTERCARD INC-CLASS A 11.56 10.64 8.33 6.54 11.06 9.89 8.83 7.85 7.17 29.71 22.69 19.29 17.72 18.41 15.77 13.80 11.97 11.02 30.92 26.01 22.17 18.61 0.16 0.26 0.28 0.33 690.71 1.8% MCDONALD'S CORP 6.94 6.17 5.88 5.51 4.91 3.53 3.44 3.27 3.07 2.86 14.21 13.48 12.29 11.07 10.85 10.50 9.89 9.11 8.48 18.28 17.37 15.93 14.41 12.57 2.95 3.25 3.55 3.86 105.52 8.6% MONDELEZ INTERNATIONAL INC-A 1.70 1.68 1.62 1.53 1.61 1.59 1.51 1.43 1.35 120.80 18.10 13.87 11.68 12.88 13.24 11.95 10.98 10.14 22.20 20.44 18.45 16.56 15.09 1.62 1.69 1.88 2.21 2.14 33.60 5.8% MEDTRONIC INC 2.95 2.59 2.31 2.16 3.19 3.11 3.01 2.91 2.81 11.73 11.12 10.59 10.40 8.72 8.44 8.25 7.88 7.72 14.30 13.81 12.88 12.06 11.26 1.99 2.11 2.24 2.41 58.41 10.8% METLIFE INC 0.89 0.90 0.84 0.79 0.77 0.76 0.73 0.70 9.07 8.40 8.18 7.71 1.64 2.15 2.59 2.93 56.61 19.8% 3M CO 4.78 4.55 4.19 3.84 2.75 2.65 2.52 2.42 16.20 14.30 12.69 11.29 10.62 10.25 9.56 8.97 7.71 19.00 17.92 16.28 15.08 1.98 2.12 2.30 2.31 122.57 2.2% ALTRIA GROUP INC 17.91 16.58 14.11 12.66 3.98 3.96 3.89 3.89 20.06 16.54 14.28 11.92 10.84 10.47 10.15 9.81 15.67 14.44 13.51 12.65 4.95 5.34 5.78 6.23 37.11 7.4% MONSANTO CO 4.74 4.31 3.79 3.28 4.13 3.78 3.50 3.27 3.28 21.50 19.07 16.39 14.35 14.89 13.28 11.35 10.21 10.01 28.53 23.17 19.84 17.56 17.38 1.08 1.42 1.48 1.53 121.32 14.5% MERCK & CO. INC. 2.55 2.90 2.76 2.72 2.97 3.14 3.12 3.12 3.03 10.13 9.74 9.84 8.32 8.93 7.50 9.08 8.63 8.48 7.66 12.54 13.72 12.86 12.52 11.47 3.52 3.60 3.68 3.76 4.05 51.37 7.7% MORGAN STANLEY 0.87 0.84 0.80 0.76 1.93 1.64 1.55 1.49 43.61 14.70 9.45 7.77 19.96 14.01 10.44 9.33 8.42 0.76 0.74 1.07 1.59 30.20 11.7% MICROSOFT CORP 3.52 2.98 2.49 2.30 3.55 3.36 3.11 2.92 3.14 9.25 8.79 8.15 8.80 6.65 6.91 6.30 5.88 6.70 12.16 12.45 11.27 10.26 2.68 2.98 3.14 3.24 34.92 4.2% NIKE INC -CL B 5.40 5.25 4.80 4.42 5.22 2.61 2.40 2.22 2.06 1.95 26.14 22.45 19.00 16.87 16.64 14.77 13.28 11.80 11.08 27.78 24.42 21.30 18.28 16.27 1.08 1.22 1.34 1.48 76.06 2.5% NATIONAL OILWELL VARCO INC 1.66 1.53 1.39 1.25 1.13 1.71 1.49 1.37 1.28 1.33 13.80 12.21 10.14 9.12 8.55 8.26 8.57 7.44 6.62 7.07 13.42 14.74 12.47 10.84 10.62 0.60 1.00 1.16 1.24 1.27 84.46 7.6% NORFOLK SOUTHERN CORP 2.47 2.38 2.15 1.90 2.19 2.18 2.06 1.95 1.84 8.34 8.09 7.40 7.94 7.91 7.26 6.76 6.23 14.72 14.08 12.43 11.10 10.00 2.43 2.63 2.79 2.97 84.58 9.0% ORACLE CORP 3.59 3.09 2.73 2.20 4.12 4.02 3.82 3.64 3.44 11.32 10.53 9.85 8.03 7.47 7.15 6.67 6.68 6.81 12.59 11.63 10.61 9.87 0.89 1.41 1.37 1.38 36.12 6.8% OCCIDENTAL PETROLEUM CORP 1.85 1.72 1.58 1.47 3.20 3.08 3.00 3.04 6.74 6.17 5.75 5.58 4.75 5.70 5.47 5.13 5.10 13.56 13.23 12.54 12.71 10.39 2.34 2.61 3.01 3.22 3.53 104.57 11.2% PEPSICO INC 5.81 5.33 5.10 4.83 1.89 1.85 1.77 1.69 1.61 14.64 13.89 12.08 11.11 11.74 11.27 10.56 9.88 9.21 19.73 18.54 17.09 15.64 14.28 2.65 2.79 2.99 3.18 3.44 89.60 11.7% PFIZER INC 2.64 2.76 2.70 2.69 3.25 3.69 3.74 3.80 3.87 11.24 11.23 9.90 10.04 10.43 6.60 7.86 8.20 8.50 9.13 13.25 13.26 12.40 11.99 11.93 3.06 3.32 3.56 3.78 4.09 32.19 12.3% PROCTER & GAMBLE CO/THE 3.31 3.16 3.08 3.01 2.51 2.47 2.38 2.28 2.15 14.75 14.43 13.13 12.00 10.81 12.59 11.86 11.13 10.53 9.59 19.08 17.96 16.52 15.13 13.69 2.98 3.20 3.43 3.66 4.24 85.69 11.2% PHILIP MORRIS INTERNATIONAL 4.47 4.47 4.28 4.05 3.80 14.25 13.91 12.83 11.94 11.01 11.03 10.37 9.69 8.82 16.69 15.99 14.40 13.00 11.52 3.76 4.05 4.48 4.88 5.63 96.18 10.6% QUALCOMM INC 3.52 3.09 2.70 2.43 6.12 4.68 4.19 3.86 16.93 14.81 12.67 12.13 11.65 9.30 8.23 7.80 18.55 14.85 13.69 13.02 1.33 1.71 2.02 2.19 74.42 10.2% RAYTHEON COMPANY 3.02 2.93 2.49 2.46 1.04 1.07 1.11 1.12 1.04 14.43 11.28 11.09 9.41 7.96 8.30 8.02 7.55 14.22 13.88 13.25 11.50 13.20 2.49 2.72 3.02 3.32 78.36 -0.6% STARBUCKS CORP 10.81 9.73 8.47 7.52 4.33 3.88 3.48 3.10 2.78 30.42 23.25 21.14 17.68 21.96 18.31 15.43 13.24 12.19 43.18 34.56 28.76 23.90 20.57 0.90 1.11 1.32 1.63 1.82 80.38 4.8% SCHLUMBERGER LTD 3.34 3.01 2.66 2.32 2.77 2.57 2.33 2.13 14.70 12.35 10.46 9.20 11.02 9.93 8.69 7.68 21.17 18.66 15.43 13.16 1.24 1.39 1.48 1.58 97.50 10.0% SOUTHERN CO/THE 1.88 1.81 1.73 1.66 2.07 2.09 2.00 1.93 1.68 8.02 7.64 7.57 7.59 9.83 9.93 8.99 8.50 15.77 15.11 14.56 13.94 13.27 4.72 4.89 5.06 5.24 5.42 45.88 11.0% SIMON PROPERTY GROUP INC 7.65 5.80 5.69 9.08 9.70 9.00 8.59 8.39 8.11 22.38 19.34 16.26 14.02 19.44 17.79 16.81 15.22 35.59 37.26 35.01 31.30 33.09 2.76 3.11 3.35 3.58 3.62 181.43 20.8% AT&T INC 1.98 2.13 2.07 1.98 1.42 1.40 1.38 1.35 1.33 5.71 5.54 5.40 5.37 6.03 6.10 5.85 5.63 5.41 14.46 13.72 12.66 11.88 11.05 5.20 5.32 5.44 5.58 5.67 37.32 9.7% TARGET CORP 2.54 2.51 2.38 2.11 1.92 0.55 0.55 0.52 0.49 0.47 7.97 5.96 7.04 6.99 7.19 7.86 7.04 6.69 6.01 13.44 15.84 12.87 11.41 9.64 2.05 2.37 2.70 3.14 69.13 7.9% TIME WARNER INC 1.99 2.02 1.85 1.65 2.10 2.03 1.97 1.87 1.77 14.76 13.39 11.37 11.17 11.28 10.29 9.56 8.89 8.11 20.52 17.57 15.30 13.33 11.51 1.58 1.75 1.91 2.05 2.32 70.84 7.6% TEXAS INSTRUMENTS INC 4.12 4.02 3.85 3.55 3.46 3.61 3.41 3.22 3.09 15.55 13.53 11.42 11.07 13.14 11.61 10.08 9.71 9.63 24.36 21.12 17.50 15.94 16.40 1.77 2.57 2.74 2.82 39.08 -2.7% UNITEDHEALTH GROUP INC 2.47 2.22 2.01 1.95 0.66 0.59 0.54 0.48 12.09 10.68 9.99 9.54 7.94 7.47 7.07 6.73 13.60 13.04 12.29 11.00 9.71 1.05 1.47 1.64 1.56 78.16 8.9% UNION PACIFIC CORP 3.72 3.39 3.05 2.71 3.46 3.27 3.05 2.87 2.77 12.31 10.62 9.68 9.44 8.62 7.82 7.21 6.75 18.99 16.44 14.31 12.83 11.68 1.56 1.81 1.99 2.13 175.70 12.2% UNITED PARCEL SERVICE-CL B 11.23 25.33 24.08 18.97 1.59 1.54 1.46 1.37 1.27 13.73 12.57 10.65 10.58 10.31 10.00 9.12 8.34 7.76 19.83 19.14 16.61 14.72 12.58 2.50 2.72 2.93 3.15 4.04 95.88 5.4% US BANCORP 1.97 1.84 1.69 1.56 3.32 3.41 3.31 3.15 12.22 11.79 11.05 10.03 12.76 12.14 11.41 10.47 9.61 2.12 2.44 2.69 3.01 39.82 9.0% UNITED TECHNOLOGIES CORP 3.92 3.49 3.13 2.81 1.73 1.57 1.49 1.44 1.34 15.42 14.06 12.02 11.02 12.70 10.93 9.95 9.13 8.32 20.48 17.71 15.65 14.00 12.35 1.84 2.01 2.17 2.36 2.31 117.35 7.7% VISA INC-CLASS A SHARES 4.54 4.32 3.71 3.28 11.97 10.49 9.41 8.42 7.54 27.39 25.25 18.69 17.88 20.37 15.40 13.54 11.82 10.59 31.32 25.42 21.59 18.47 17.26 0.45 0.68 0.77 0.89 212.23 10.1% VERIZON COMMUNICATIONS INC 3.36 3.43 4.27 3.54 1.17 1.12 1.08 1.04 1.01 4.39 4.24 5.34 4.89 6.19 5.64 5.29 5.01 4.77 19.84 16.97 13.44 12.26 11.48 4.29 4.43 4.55 4.70 4.75 53.80 14.4% WALGREEN CO 2.95 2.70 2.50 2.19 0.72 0.72 0.68 0.65 0.49 13.23 16.18 15.01 12.99 11.35 10.27 9.21 8.50 6.14 21.16 17.52 15.41 13.85 11.67 1.71 2.01 2.21 2.54 55.15 0.9% WELLS FARGO & CO 1.54 1.42 1.31 1.22 2.59 2.61 2.57 2.47 11.69 10.43 10.00 9.38 12.51 10.86 10.38 9.89 8.99 2.11 2.76 3.03 3.35 46.05 10.4% WILLIAMS COS INC 4.75 4.88 4.55 5.77 3.25 3.48 2.93 2.71 2.57 13.84 15.16 11.87 9.59 14.84 15.76 12.08 10.03 8.58 32.41 48.51 29.88 24.47 20.99 3.39 4.01 4.83 5.74 6.37 41.08 14.0% WAL-MART STORES INC 3.22 3.03 2.77 2.29 1.69 0.51 0.50 0.48 0.46 0.44 9.48 9.25 8.37 7.47 6.60 8.07 7.86 7.53 7.26 6.94 15.10 14.24 12.94 11.82 10.35 2.17 2.54 2.77 3.34 81.31 9.6% EXXON MOBIL CORP 2.38 2.19 1.99 1.81 1.59 0.83 0.87 0.85 0.87 0.89 7.34 7.62 6.91 6.52 5.78 4.61 5.11 4.86 4.75 4.63 11.03 11.43 10.84 10.45 9.80 2.50 2.85 3.06 3.23 3.45 95.79 10.4% Price to Earnings Ratio Valuation Measures II/II Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Currency Price to Book Ratio Positive Net Income Positive Operati ng Cash Flow Increasi ng ROA Quality of Earning s Long Term Debt vs. Assets Current ratio Shares Out - Same or Dec. Inc. Gross Margin Inc. Asset Turnov er Pitroski F Score Tangiable Assets Working Captial Retained Earnings Trailing 12M Operating Inc (Loss) Market Cap Total Liabilities Net Sales (T12M) Total Shareholder s Equity Altman Z Score Altman Z Score Bankruptcy flag PE PE < 40 Price to Sales Price To Sales < 10 Price to Book Price to Book < 10 Price to Cash Flow Price to Cash Flow < 10 Dividen d Yield Div Yield > 7% Final Score PEG < 0.75 PE < 20 EPS Growth > 15% Relative Strength > 0 ROCE > 12% Market Cap > 20m Market < 1000m FINAL SCORE APPLE INC USD 5.3 1 1 1 1 0 0 0 1 0 5 170705 19111 101788 55241 626550 57854 156508 118210 5.50 1.00 15.1 1 4 1 5 1 12 0 0.3972 0 3 1 1 1 1 1 1 1 7 ABBVIE INC USD 16.0 1 1 1 1 0 1 - 1 0 6 18555 8578 3363 6105 53882 23645 18380 3363 4.25 1.00 9.3 1 3 1 16 0 8 1 0 0 3 0 1 - 1 1 1 1 5 ABBOTT LABORATORIES USD 3.9 1 - 0 - 0 1 0 0 0 2 42873 18042 14966 1894 103272 40422 21494 26813 3.56 1.00 37.6 1 5 1 4 1 - - 3.1145 0 3 0 0 0 1 - 1 1 3 ACCENTURE PLC-CL A USD 9.9 1 1 1 1 0 0 0 1 0 5 16867 3683 4960 4067 48986 11439 30394 5428 6.65 1.00 15.4 1 2 1 10 1 13 0 2.2422 0 3 0 1 1 1 1 1 1 6 AMERICAN ELECTRIC POWER USD 1.4 1 1 0 1 1 1 0 1 0 6 54276 -2234 5899 2956 20728 39130 14945 15237 0.90 0.00 13.8 1 1 1 1 1 5 1 4.4049 0 4 0 1 0 1 0 1 1 4 AMERICAN INTERNATIONAL GROUP USD 0.5 1 1 0 1 1 - 1 - 1 6 547164 - 12826 11652 52114 449630 65656 99003 - - 9.0 1 1 1 1 1 16 0 0 0 3 0 1 0 1 - 1 1 4 ALLSTATE CORP USD 0.9 1 1 1 1 0 - 1 - 1 6 125707 - 17409 3695 19241 106367 33315 20580 - - 9.1 1 1 1 1 1 6 1 2.1907 0 4 0 1 1 1 - 1 1 5 AMGEN INC USD 3.4 1 1 1 1 0 0 1 0 0 5 37668 23018 -10277 5577 65193 35238 17265 19060 2.86 1.00 15.1 1 4 1 3 1 11 0 1.6705 0 3 0 1 1 1 1 1 1 6 AMAZON.COM INC USD 13.9 0 1 0 1 0 0 1 1 0 4 29278 2294 -160 676 113895 24363 61093 8192 6.26 1.00 - - 2 1 14 0 27 0 0 0 1 - - - 1 0 1 1 3 APACHE CORP USD 1.0 1 1 0 1 0 0 0 0 0 3 59448 -574 20000 4942 30744 29406 16947 31331 1.67 1.00 8.4 1 2 1 1 1 4 1 0.8662 0 4 0 1 0 1 0 1 1 4 ANADARKO PETROLEUM CORP USD 1.8 1 1 1 1 1 1 0 0 0 6 46719 2590 12348 2233 37192 30707 13307 21882 1.79 1.00 50.5 1 3 1 2 1 4 1 0.4845 0 4 0 0 - 1 0 1 1 3 AMERICAN EXPRESS CO USD 3.4 1 1 0 1 1 - 1 - 1 6 148966 - 6598 7346 63515 134254 33808 18886 - - 13.1 1 2 1 3 1 9 1 1.3918 0 4 0 1 0 1 - 1 1 4 BOEING CO/THE USD 9.7 1 1 0 1 1 1 0 0 1 6 80750 12327 -3316 6307 56944 82929 81698 5967 1.96 1.00 14.8 1 1 1 10 1 8 1 2.4018 0 4 0 1 0 1 1 1 1 5 BANK OF AMERICA CORP USD 0.6 1 0 1 0 1 - 0 - 0 3 2133314 - 60046 10129 125136 1973018 100078 236956 - - 9.0 1 1 1 1 1 - - 0.3445 0 3 0 1 1 1 - 1 1 5 BAXTER INTERNATIONAL INC USD 5.2 1 1 0 1 0 1 1 1 0 6 17074 4501 486 2821 36411 13412 14190 6978 3.07 1.00 14.7 1 3 1 5 1 12 0 2.3552 0 3 0 1 0 1 1 1 1 5 BANK OF NEW YORK MELLON CORP USD 0.8 1 1 0 0 1 - 1 - 0 4 336106 - 11865 3861 29902 321548 15089 37442 - - 11.1 1 2 1 1 1 19 0 2.0233 0 3 0 1 0 1 - 1 1 4 BRISTOL-MYERS SQUIBB CO USD 3.9 1 1 0 1 0 0 1 1 0 5 19484 1242 10708 4090 53122 22259 17621 13638 4.19 1.00 16.4 1 3 1 4 1 8 1 4.2037 0 4 0 1 0 1 - 1 1 4 BERKSHIRE HATHAWAY INC-CL B USD - 1 1 1 1 0 1 - 1 1 7 362936 75782 150409 24378 - 235864 162463 191588 2.29 1.00 - - - - - - - - - - 0 - - 1 1 0 1 1 4 CITIGROUP INC USD 0.6 1 1 0 1 1 - 0 - 0 4 1833290 - 80066 7936 119823 1673663 90708 190997 - - 9.9 1 1 1 1 1 8 1 0.1011 0 4 0 1 0 1 - 1 1 4 CATERPILLAR INC USD 3.3 1 1 0 0 0 1 0 1 0 4 78398 12769 13051 9153 58698 71774 65875 17582 1.95 1.00 10.8 1 1 1 3 1 11 0 2.2543 0 3 0 1 0 1 1 1 1 5 COLGATE-PALMOLIVE CO USD 22.3 1 1 0 1 0 1 1 1 0 6 9395 820 -95 3889 48893 11004 17085 2390 5.71 1.00 19.5 1 3 1 22 0 16 0 2.334 0 2 0 1 0 1 1 1 1 5 COMCAST CORP-CLASS A USD 2.0 1 1 1 1 1 1 1 0 0 7 55728 3277 8778 12179 98507 98177 62570 66794 2.95 1.00 19.4 1 2 1 2 1 7 1 1.7398 0 4 0 1 1 1 1 1 1 6 CAPITAL ONE FINANCIAL CORP USD 0.8 1 1 0 1 1 - 0 - 0 4 299014 - 14305 4777 33727 272419 23177 40499 - - 9.3 1 1 1 1 1 4 1 0.3452 0 4 0 1 0 1 - 1 1 4 CONOCOPHILLIPS USD 1.5 1 1 0 1 0 1 1 1 1 7 117140 6546 2645 12816 70749 68717 57967 48427 1.61 1.00 10.6 1 1 1 1 1 5 1 4.5525 0 4 0 1 0 1 0 1 1 4 COSTCO WHOLESALE CORP USD 3.4 1 1 1 1 0 0 1 0 1 6 27074 1266 7990 2759 42314 14622 99137 12518 5.69 1.00 24.8 1 0 1 3 1 14 0 1.0524 0 3 0 0 1 1 1 1 1 5 CISCO SYSTEMS INC USD 2.3 1 1 1 1 1 0 0 0 0 5 75869 43329 16823 11301 137398 42063 48607 59128 4.09 1.00 14.9 1 3 1 2 1 11 0 2.4318 0 3 0 1 1 1 1 1 1 6 CVS CAREMARK CORP USD 1.6 1 1 1 1 1 0 1 0 1 7 29764 6062 8567 7228 59519 28208 123133 37704 7.22 1.00 15.1 1 0 1 2 1 9 1 1.3444 0 4 0 1 1 1 1 1 1 6 CHEVRON CORP USD 1.5 1 1 0 1 0 1 1 0 0 5 228342 21508 119195 35013 210516 95150 222580 137832 3.53 1.00 8.6 1 1 1 2 1 5 1 3.2458 0 4 0 1 0 1 1 1 1 5 DU PONT (E.I.) DE NEMOURS USD 4.3 1 1 0 1 1 0 0 1 0 5 39994 7642 -1087 3081 41966 39557 34812 10179 2.30 1.00 13.1 1 1 1 4 1 9 1 3.7796 0 4 0 1 0 1 1 1 1 5 WALT DISNEY CO/THE USD 2.3 1 1 1 1 1 0 1 1 0 7 44773 896 8028 8863 93058 32940 42278 41958 4.00 1.00 17.0 1 2 1 2 1 12 0 1.1477 0 3 0 1 1 1 1 1 1 6 DOW CHEMICAL CO/THE USD 2.3 1 1 0 1 0 1 0 1 0 5 52155 12191 10588 3947 38902 47591 56786 22014 2.36 1.00 17.1 1 1 1 2 1 9 1 3.7427 0 4 0 1 0 1 0 1 1 4 DEVON ENERGY CORPORATION USD 1.0 0 1 0 1 0 1 0 0 0 3 37247 2968 17549 2442 21128 22048 9679 21278 1.82 1.00 16.0 1 2 1 1 1 4 1 1.5373 0 4 0 1 - 1 - 1 1 4 EBAY INC USD 3.2 1 1 0 1 0 1 0 0 0 4 27409 10474 8801 2888 65991 16209 14072 20865 4.16 1.00 26.6 1 5 1 3 1 17 0 0 0 3 - 0 0 1 1 1 1 4 EMC CORP/MA USD 2.4 1 1 0 1 1 1 0 1 0 6 22194 1905 18645 4074 53306 14545 21714 23524 3.94 1.00 20.4 1 2 1 2 1 8 1 0 0 4 0 0 0 1 1 1 1 4 EMERSON ELECTRIC CO USD 3.4 1 1 0 1 1 0 1 1 0 6 13713 2993 9494 4332 34953 13376 24412 10442 5.68 1.00 13.7 1 1 1 3 1 12 0 3.3147 0 3 0 1 0 1 1 1 1 5 EXELON CORP USD 1.2 1 1 0 1 0 1 0 0 0 4 75929 2349 4799 2471 25428 56737 23489 21817 0.84 0.00 15.4 1 1 1 1 1 4 1 7.0612 1 5 - 1 0 1 0 1 1 4 FORD MOTOR CO USD 3.2 1 1 0 1 0 1 0 0 0 4 192279 -2875 -5069 6291 51101 176055 134252 16311 1.01 0.00 8.2 1 0 1 3 1 5 1 1.5444 0 4 1 1 0 1 1 1 1 6 FREEPORT-MCMORAN COPPER USD 1.9 1 1 0 1 1 0 0 0 0 4 35106 6954 -1683 5755 32456 14129 18010 21311 1.04 0.00 10.6 1 2 1 2 1 9 1 3.655 0 4 0 1 0 1 1 1 1 5 FEDEX CORP USD 1.8 1 1 0 1 0 1 0 0 0 4 30812 5524 14698 3211 30636 16169 44287 17398 3.97 1.00 15.5 1 1 1 2 1 6 1 0.5813 0 4 0 1 0 1 0 1 1 4 TWENTY-FIRST CENTURY FOX INC USD 4.4 1 1 1 0 0 0 1 - 1 5 28625 7132 1135 5375 75462 30300 27675 20644 3.44 1.00 24.0 1 3 1 4 1 25 0 0.5218 0 3 0 0 1 1 1 1 1 5 GENERAL DYNAMICS CORP USD 2.2 0 1 0 1 0 0 1 0 0 3 20878 4120 8920 2827 24499 22919 31513 11390 3.15 1.00 10.7 1 1 1 2 1 9 1 2.945 0 4 0 1 - 1 0 1 1 4 GENERAL ELECTRIC CO USD 1.8 1 1 1 1 0 1 1 0 1 7 599894 17921 89254 15654 218414 556858 144796 128470 0.91 0.00 13.5 1 2 1 2 1 7 1 3.3349 0 4 0 1 0 1 1 1 1 5 GILEAD SCIENCES INC USD 6.0 1 1 0 1 1 0 0 0 0 4 8443 1886 3659 4010 55791 11689 9703 9551 7.83 1.00 21.8 1 6 1 6 1 17 0 0 0 3 - 0 0 1 1 1 1 4 GENERAL MOTORS CO USD 1.5 1 1 0 1 0 1 1 0 0 5 140640 16004 2005 -3218 39393 112422 152256 37000 1.31 1.00 7.9 1 0 1 2 1 4 1 0 0 4 - 1 0 1 - 1 1 4 GOOGLE INC-CL A USD 3.3 1 1 0 1 1 0 0 0 1 5 75788 46117 48880 12760 233421 22083 50175 71715 10.73 1.00 21.1 1 5 1 3 1 14 0 0 0 3 - 0 0 1 1 1 1 4 GOLDMAN SACHS GROUP INC USD 0.9 1 1 1 1 1 - 1 - 1 7 933456 - 18180 11207 61293 862331 41664 76224 - - 8.5 1 2 1 1 1 5 1 1.3876 0 4 0 1 1 1 - 1 1 5 HALLIBURTON CO USD 2.0 1 1 0 1 1 0 0 0 0 4 25275 8334 12597 4159 32227 11620 28503 15790 4.58 1.00 11.4 1 1 1 2 1 9 1 1.0378 0 4 1 1 0 1 1 1 1 6 HOME DEPOT INC USD 5.6 1 1 1 1 1 0 1 1 1 8 39914 3910 9741 7766 99873 23307 74754 17777 5.55 1.00 21.9 1 1 1 6 1 14 0 1.7236 0 3 0 0 1 1 1 1 1 5 HONEYWELL INTERNATIONAL INC USD 3.8 1 1 1 1 1 1 0 1 0 7 26979 4553 7659 4156 49684 28638 37665 13215 3.87 1.00 13.1 1 1 1 4 1 14 0 2.4106 0 3 0 1 1 1 1 1 1 6 HEWLETT-PACKARD CO USD 1.2 0 1 0 1 0 1 1 0 1 5 73184 3971 15962 9289 27188 85935 120357 22833 2.79 1.00 44.2 1 0 1 1 1 3 1 3.6101 0 4 0 0 - 1 - 1 1 3 Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis FUNDAMENTAL SCORING Pitroski F Score Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • Currency Price to Book Ratio Positive Net Income Positive Operati ng Cash Flow Increasi ng ROA Quality of Earning s Long Term Debt vs. Assets Current ratio Shares Out - Same or Dec. Inc. Gross Margin Inc. Asset Turnov er Pitroski F Score Tangiable Assets Working Captial Retained Earnings Trailing 12M Operating Inc (Loss) Market Cap Total Liabilities Net Sales (T12M) Total Shareholder s Equity Altman Z Score Altman Z Score Bankruptcy flag PE PE < 40 Price to Sales Price To Sales < 10 Price to Book Price to Book < 10 Price to Cash Flow Price to Cash Flow < 10 Dividen d Yield Div Yield > 7% Final Score PEG < 0.75 PE < 20 EPS Growth > 15% Relative Strength > 0 ROCE > 12% Market Cap > 20m Market < 1000m FINAL SCORE INTL BUSINESS MACHINES CORP USD 11.3 1 1 1 1 0 0 1 1 0 6 86181 5808 -31250 20443 214032 100229 104507 18984 2.84 1.00 12.6 1 2 1 11 0 11 0 1.7228 0 2 0 1 0 1 1 1 1 5 INTEL CORP USD 2.0 1 1 0 1 0 1 1 0 0 5 68406 18460 31739 14638 100017 33148 53341 51203 4.56 1.00 9.6 1 2 1 2 1 5 1 4.3005 0 4 0 1 0 1 1 1 1 5 JOHNSON & JOHNSON USD 3.0 1 1 1 1 1 0 0 0 0 5 70171 21854 61706 17032 193049 56521 67224 64826 6.09 1.00 14.3 1 3 1 3 1 12 0 3.4542 0 3 0 1 0 1 1 1 1 5 JPMORGAN CHASE & CO USD 0.9 1 1 1 1 0 - 0 - 0 4 2308731 - 96302 32209 167256 2155072 108184 204069 - - 7.5 1 2 1 1 1 7 1 2.7292 0 4 1 1 1 1 - 1 1 6 COCA-COLA CO/THE USD 4.9 1 1 0 1 0 1 1 0 0 5 58837 2507 19651 10779 162001 53006 48017 33168 3.63 1.00 18.0 1 3 1 5 1 15 0 2.8138 0 3 0 1 0 1 1 1 1 5 ELI LILLY & CO USD 3.8 1 1 0 1 1 0 1 0 0 5 26395 4649 9086 5015 56404 19625 22603 14774 3.91 1.00 14.5 1 2 1 4 1 10 0 3.974 0 3 0 1 0 1 1 1 1 5 LOCKHEED MARTIN CORP USD 759.6 1 1 0 0 1 0 1 1 0 5 28287 1700 -282 4482 29625 38618 47182 39 2.81 1.00 9.1 1 1 1 760 0 19 0 4.4967 0 2 0 1 0 1 1 1 1 5 LOWE'S COS INC USD 3.1 1 1 1 1 0 0 1 0 1 6 - 2076 13276 3560 42802 18809 50521 13857 3.75 1.00 22.0 1 1 1 3 1 12 0 1.6079 0 3 0 0 1 1 0 1 1 4 MASTERCARD INC-CLASS A USD 8.8 1 1 1 1 0 1 1 - 0 6 10698 4451 3276 3957 60547 5533 7391 6929 11.47 1.00 22.3 1 8 1 9 1 21 0 0.2137 0 3 0 0 1 1 1 1 1 5 MCDONALD'S CORP USD 5.8 1 1 0 1 0 1 1 0 0 5 32583 1519 9498 8613 88448 20093 27567 15294 5.33 1.00 16.4 1 3 1 6 1 13 0 3.2536 0 3 0 1 0 1 1 1 1 5 MONDELEZ INTERNATIONAL INC-A USD 1.4 1 1 0 1 1 1 0 1 1 7 27125 749 667 3683 45256 43123 35015 32355 3.06 1.00 17.6 1 1 1 1 1 12 0 3.9288 0 3 0 1 0 1 1 1 1 5 MEDTRONIC INC USD 2.5 1 1 0 1 0 1 1 0 0 5 21839 13902 18569 4878 47102 16170 16590 18671 5.44 1.00 12.8 1 3 1 3 1 10 1 2.2433 0 4 0 1 0 1 1 1 1 5 METLIFE INC USD 0.6 1 1 0 1 1 - 0 - 0 4 826828 - 36430 4666 35960 771823 68150 64958 - - 6.2 1 1 1 1 1 2 1 2.2465 0 4 0 1 0 1 - 1 1 4 3M CO USD 3.6 1 1 0 1 0 0 1 1 0 5 24566 7430 13522 6483 63796 15836 29904 18040 6.02 1.00 14.7 1 2 1 4 1 12 0 2.5417 0 3 0 1 0 1 1 1 1 5 ALTRIA GROUP INC USD 19.9 1 1 1 0 1 0 1 1 1 7 18077 -1936 -3455 7314 63186 32125 17500 3204 3.56 1.00 14.0 1 4 1 20 0 15 0 5.4071 0 2 0 1 1 1 1 1 1 6 MONSANTO CO USD 3.9 1 1 1 1 0 1 1 1 1 8 15552 5437 1456 3138 46549 8188 13504 12036 6.59 1.00 23.1 1 3 1 4 1 15 0 1.4694 0 3 0 0 1 1 1 1 1 5 MERCK & CO. INC. USD 2.3 1 1 0 1 0 0 1 0 0 4 64915 16509 10586 10684 123910 50669 47267 55463 2.94 1.00 10.7 1 3 1 2 1 12 0 4.128 0 3 0 1 0 1 1 1 1 5 MORGAN STANLEY USD 0.6 1 1 0 1 1 - 0 - 0 4 770527 - 37155 5110 37744 711223 32036 69737 - - 10.6 1 1 1 1 1 2 1 1.046 0 4 0 1 0 1 - 1 1 4 MICROSOFT CORP USD 3.6 1 1 1 1 0 1 1 0 0 6 124693 64049 11638 26764 287691 63487 77849 78944 4.80 1.00 12.8 1 4 1 4 1 10 0 2.6632 0 3 0 1 1 1 1 1 1 6 NIKE INC -CL B USD 4.9 1 1 1 1 0 1 1 1 1 8 17071 9700 5969 3254 55124 6428 25313 11156 8.43 1.00 22.9 1 2 1 5 1 18 0 1.3137 0 3 0 0 0 1 1 1 1 4 NATIONAL OILWELL VARCO INC USD 1.4 1 1 1 0 0 1 0 0 1 5 19569 10029 11492 3557 29181 11128 20041 20356 4.58 1.00 11.6 1 1 1 1 1 47 0 0.7169 0 3 0 1 1 1 1 1 1 6 NORFOLK SOUTHERN CORP USD 2.0 1 1 0 1 0 1 1 - 0 5 30342 161 7534 3124 19420 20582 11040 9760 1.71 1.00 11.5 1 2 1 2 1 6 1 3.1371 0 4 1 1 0 1 0 1 1 5 ORACLE CORP USD 3.5 1 1 1 1 0 1 1 1 0 7 47829 28820 25755 14432 156942 36667 37180 45145 5.20 1.00 15.2 1 4 1 4 1 11 0 0.8881 0 3 0 1 1 1 1 1 1 6 OCCIDENTAL PETROLEUM CORP USD 1.5 1 1 0 1 0 0 1 0 0 4 64210 2202 32397 9190 61710 24162 24172 40048 3.22 1.00 10.8 1 3 1 2 1 5 1 2.8195 0 4 0 1 0 1 0 1 1 4 PEPSICO INC USD 4.7 1 1 0 1 0 1 1 0 0 5 41142 1631 18049 9112 105023 52239 65492 22399 4.02 1.00 16.6 1 2 1 5 1 12 0 3.1278 0 3 0 1 0 1 1 1 1 5 PFIZER INC USD 2.2 1 1 1 1 1 1 1 0 0 7 95113 32796 8165 19659 182477 104120 58986 81678 2.79 1.00 11.4 1 3 1 2 1 11 0 3.5089 0 3 0 1 1 1 1 1 1 6 PROCTER & GAMBLE CO/THE USD 3.2 1 1 1 1 1 0 1 1 1 8 52503 -6047 -620 14789 211132 70554 84167 68709 4.17 1.00 19.1 1 3 1 3 1 14 0 2.9744 0 3 0 1 1 1 1 1 1 6 PHILIP MORRIS INTERNATIONAL USD - 1 1 0 1 0 0 1 1 0 5 24151 -426 -4810 13929 138308 39523 31377 -1853 4.92 1.00 16.1 1 5 1 - - 16 0 3.8737 0 2 0 1 0 1 1 1 1 5 QUALCOMM INC USD 3.2 1 1 1 0 0 1 0 0 1 5 36157 10343 21567 5682 106574 9467 19121 33545 9.20 1.00 17.4 1 6 1 3 1 18 0 1.4887 0 3 0 1 0 1 1 1 1 5 RAYTHEON COMPANY USD 2.4 1 1 0 1 1 1 1 1 0 7 13930 3344 5095 2989 18880 18496 24414 8190 4.21 1.00 9.3 1 1 1 2 1 10 1 3.4746 0 4 0 1 0 1 1 1 1 5 STARBUCKS CORP USD 7.4 1 1 0 1 1 1 0 0 1 6 7676 1990 5069 1787 37997 3105 13300 5115 12.86 1.00 28.6 1 3 1 7 1 22 0 1.4198 0 3 0 0 0 1 1 1 1 4 SCHLUMBERGER LTD USD 2.6 1 1 1 1 1 1 1 0 1 8 42160 11788 22839 7520 92029 26689 42149 34858 4.84 1.00 16.6 1 2 1 3 1 14 0 1.5873 0 3 0 1 1 1 1 1 1 6 SOUTHERN CO/THE USD 2.0 1 1 0 1 1 0 0 1 0 5 63149 -852 9053 4444 37159 43770 16537 19379 1.18 1.00 16.2 1 2 1 2 1 8 1 4.5375 0 4 0 1 0 1 0 1 1 4 SIMON PROPERTY GROUP INC USD 8.3 1 1 1 1 1 - 0 - 0 5 32100 - -3310 1094 48991 25516 4880 7071 - - 33.5 1 10 1 8 1 19 0 2.5935 0 3 0 0 1 1 - 1 1 4 AT&T INC USD 2.0 1 1 1 1 0 0 1 0 1 6 143767 -9081 -5171 12997 188149 179620 127434 92695 1.59 1.00 14.6 1 2 1 2 1 5 1 5.2507 0 4 0 1 1 1 0 1 1 5 TARGET CORP USD 2.4 1 1 0 1 0 1 1 0 0 5 47939 2357 12579 5210 39460 31605 73301 16558 3.32 1.00 14.0 1 1 1 2 1 8 1 2.2567 0 4 0 1 0 1 0 1 1 4 TIME WARNER INC USD 1.5 1 1 1 1 1 0 1 1 0 7 28108 3459 -124717 6214 44578 38426 28729 29878 -3.58 0.00 14.2 1 2 1 1 1 13 0 2.1744 0 3 0 1 0 1 1 1 1 5 TEXAS INSTRUMENTS INC USD 3.1 1 1 0 1 0 1 1 1 0 6 12959 4800 8044 2687 34232 9060 12825 10961 5.86 1.00 17.3 1 3 1 3 1 10 0 2.3309 0 3 0 1 0 1 1 1 1 5 UNITEDHEALTH GROUP INC USD 1.8 1 1 0 1 0 0 1 1 0 5 44917 -6064 31102 9254 55271 47586 110618 33299 4.95 1.00 10.3 1 1 1 2 1 8 1 1.4749 0 4 0 1 0 1 - 1 1 4 UNION PACIFIC CORP USD 3.0 1 1 1 1 1 1 1 - 1 8 47153 495 14378 6745 59021 27276 20926 19877 2.86 1.00 15.3 1 3 1 3 1 10 1 1.9806 0 4 0 1 1 1 0 1 1 5 UNITED PARCEL SERVICE-CL B USD 15.1 1 1 0 1 1 0 1 0 0 5 36087 7201 4643 1343 70265 34130 54127 4733 3.57 1.00 16.4 1 1 1 15 0 10 1 3.0924 0 3 0 1 0 1 0 1 1 4 US BANCORP USD 1.7 1 1 1 1 1 - 1 - 0 6 342006 - 26007 7806 59696 313588 22202 40267 - - 11.1 1 3 1 2 1 8 1 2.4421 0 4 0 1 1 1 - 1 1 5 UNITED TECHNOLOGIES CORP USD 2.9 1 1 0 1 0 0 0 0 0 3 46419 5824 11938 7684 75355 62102 57708 27307 3.34 1.00 15.1 1 1 1 3 1 11 0 2.4753 0 3 0 1 0 1 1 1 1 5 VISA INC-CLASS A SHARES USD 3.9 1 1 0 1 0 0 1 - 1 5 16912 3832 7638 6239 108901 12383 10421 27630 14.48 1.00 18.9 1 7 1 4 1 14 0 0.6553 0 3 0 1 0 1 - 1 1 4 VERIZON COMMUNICATIONS INC USD 3.7 1 1 0 1 1 0 0 1 1 6 117406 -5721 -5130 13160 123690 139689 115846 85533 1.94 1.00 19.3 1 1 1 4 1 4 1 4.6568 0 4 0 1 0 1 - 1 1 4 WALGREEN CO USD 1.9 1 1 0 1 0 0 0 1 0 4 30015 2038 17220 3464 33759 15226 71633 18236 5.05 1.00 13.9 1 0 1 2 1 7 1 2.6566 0 4 0 1 0 1 1 1 1 5 WELLS FARGO & CO USD 1.2 1 1 1 1 1 - 0 - 0 5 1390064 - 75733 28471 180003 1264057 91247 158911 - - 10.0 1 2 1 1 1 3 1 2.5746 0 4 0 1 1 1 - 1 1 5 WILLIAMS COS INC USD 4.7 1 1 1 1 1 1 0 1 0 7 21974 375 -7098 1612 22296 16900 7486 7427 0.82 0.00 27.0 1 3 1 5 1 12 0 3.653 0 3 0 0 0 1 0 1 1 3 WAL-MART STORES INC USD 3.0 1 1 1 1 1 0 1 0 0 6 182608 -11878 72391 27801 231814 121367 469162 81738 4.78 1.00 13.9 1 1 1 3 1 9 1 2.2731 0 4 0 1 0 1 1 1 1 5 EXXON MOBIL CORP USD 2.3 1 1 1 1 1 1 1 0 0 7 333795 321 156210 49881 389648 162135 420714 171660 3.61 1.00 11.5 1 1 1 2 1 7 1 2.5188 0 4 1 1 1 1 1 1 1 7 Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis FUNDAMENTAL SCORING Pitroski F Score Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers. Latest Fiscal Year: 09/2012 LTM as of: 06/yy 52-Week High (27.09.2012) 682.14 52-Week Low (19.04.2013) 385.10 Daily Volume 483.06 52-Week High % Change -29.22% Dividend Yield 2.28 52-Week Low % Change 25.37% Beta 1.02 % 52 Week Price Range High/Low 34.04% Equity Float 908.08 Shares Out 12.07.2013 908.5 Short Int 17.87 438'858.56 1 Yr Total Return -27.45% Total Debt 0.00 YTD Return -7.70% Preferred Stock 0.0 Adjusted BETA 1.020 Minority Interest 0.0 Analyst Recs 66 Cash and Equivalents 121'251.00 Consensus Rating 4.242 Enterprise Value 309'196.56 Average Volume 5 Day 4'511'178 AAPL UW EQUITY YTD Change - Average Volume 30 Day 3'556'753 AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'219'612 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 148'812 169'404 170'118 181'349 36'658 54'815 2.39x 3.03x 3.32x 2.72x 3.23x 9.77x 7.96x 2.07x 1.84x 8.37x 5.39x 8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 55'846.0 55'868.0 54'803.8 58'597.3 11'372.5 18'295.0 10.14x 10.43x 11.17x 8.26x 8.63x 7.70x 4.13x 5.65x 5.28x 5.39x 5.27x 6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 40'133.0 37'748.0 36'654.5 38'288.8 7'113.7 12'209.8 18.91x 20.08x 19.30x 14.61x 15.11x 13.73x 9.90x 12.27x 11.25x 11.71x 11.21x EBITDA 58'518.00 Long-Term Rating Date 23.04.2013 EBIT 55'241.00 Long-Term Rating AA+ Operating Margin 35.30% Long-Term Outlook STABLE Pretax Margin 35.63% Short-Term Rating Date - Return on Assets 20.81% Short-Term Rating - Return on Common Equity 32.11% Return on Capital 29.98% EBITDA/Interest Exp. - Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA -2.32 Gross Margin 43.9% Total Debt/EBITDA 0.30 EBITDA Margin 33.0% EBIT Margin 29.5% Total Debt/Equity 0.0% Net Income Margin 26.7% Total Debt/Capital 0.0% Asset Turnover 0.93 Current Ratio 1.50 Net Fixed Asset Turnover 12.64 Quick Ratio 1.04 Accounts receivable turnover-days 17.72 Debt to Assets 0.00% Inventory Days 4.91 Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 55.95 Accounts Receivable Turnover 20.54 Cash Conversion Cycle -52.97 Inventory Turnover 74.19 Fiscal Year Ended Apple Inc Price/Volume Valuation Analysis 652'271.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 100 200 300 400 500 600 700 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 160'000.0 180'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 47'045'851 5.18 (2'232'575) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 44'504'335 4.9 1'256'511 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 37'660'080 4.15 96'079 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 31'023'222 3.41 (3'724'460) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'976'334 1.54 127'619 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 12'627'644 1.39 128'905 26.09.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'372'947 1.36 (189'644) 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 10'722'544 1.18 1'716'430 31.08.2013 Investment Advisor JP MORGAN n/a ULT-AGG 10'012'335 1.1 (3'713'885) 31.07.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'745'254 0.96 (2'914'459) 30.06.2013 Investment Advisor SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 8'667'987 0.95 (3'391'234) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 8'515'262 0.94 (32'898) 31.08.2013 Unclassified NORGES BANK NORGES BANK 13F 7'531'087 0.83 - 31.12.2012 Government MORGAN STANLEY n/a ULT-AGG 7'243'095 0.8 149'878 30.08.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 6'697'150 0.74 (4'019'911) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 6'632'228 0.73 32'609 31.07.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'621'520 0.73 114'211 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'616'945 0.73 (702'827) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 6'241'153 0.69 (336'309) 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 6'213'156 0.68 (737'891) 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 600 12 month 27.09.2013 Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 550 Not Provided 27.09.2013 Jefferies PETER J MISEK hold 3 M 425 12 month 26.09.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M 482 12 month 26.09.2013 Piper Jaffray EUGENE E MUNSTER overweight 5 M 640 12 month 26.09.2013 Evercore Partners ROBERT CIHRA overweight 5 M 600 12 month 25.09.2013 Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 25.09.2013 Societe Generale ANDY PERKINS hold 3 M 500 12 month 24.09.2013 Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 540 12 month 24.09.2013 Robert W. Baird & Co WILLIAM V POWER neutral 3 M 525 12 month 24.09.2013 Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 600 12 month 24.09.2013 Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 24.09.2013 Susquehanna Financial Group CHRISTOPHER CASO Positive 4 U 625 12 month 24.09.2013 Barclays BENJAMIN A REITZES overweight 5 M 540 Not Provided 24.09.2013 EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 24.09.2013 BMO Capital Markets KEITH F BACHMAN outperform 5 M 480 Not Provided 23.09.2013 Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 575 12 month 23.09.2013 Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 560 12 month 23.09.2013 RBC Capital Markets AMIT DARYANANI outperform 5 M 550 12 month 23.09.2013 Credit Suisse KULBINDER GARCHA neutral 3 M 525 Not Provided 23.09.2013 Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 500 12 month 23.09.2013 Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 23.09.2013 William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 23.09.2013 Raymond James TAVIS C MCCOURT strong buy 5 M 675 12 month 23.09.2013 Cantor Fitzgerald BRIAN J WHITE buy 5 M 777 12 month 23.09.2013 Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 560 Not Provided 23.09.2013 Oppenheimer & Co ITTAI KIDRON outperform 5 M 540 18 month 23.09.2013 Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 520 12 month 23.09.2013 ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 23.09.2013 Nomura STUART JEFFREY neutral 3 M 480 12 month 23.09.2013 Cowen and Company TIMOTHY M ARCURI outperform 5 M 550 12 month 23.09.2013 JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 23.09.2013 S&P Capital IQ SCOTT H KESSLER buy 5 M 590 12 month 23.09.2013 Lazard Capital Markets EDWARD PARKER buy 5 M 570 12 month 23.09.2013 Cross Research SHANNON S CROSS buy 5 M 585 12 month 23.09.2013 BTIG LLC WALTER P PIECYK JR buy 5 M 540 12 month 23.09.2013 FBN Securities SHEBLY SEYRAFI outperform 5 M 625 12 month 23.09.2013 Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.09.2013 Stifel AARON C RAKERS buy 5 M 540 12 month 16.09.2013 Independent Research GmbH MARKUS FRIEBEL buy 5 M 590 12 month 12.09.2013 Exane BNP Paribas ALEXANDER PETERC outperform 5 M 570 Not Provided 12.09.2013 Calamatta Cuschieri TEAM COVERAGE hold 3 M 490 12 month 12.09.2013 Creative Global Investments CARLO R BESENIUS sell 1 M #N/A N/A Not Provided 12.09.2013 Holdings By: Apple Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (18.09.2013) 48.41 52-Week Low (17.12.2012) 32.51 Daily Volume 44.19 52-Week High % Change -8.76% Dividend Yield - 52-Week Low % Change 35.93% Beta - % 52 Week Price Range High/Low 78.55% Equity Float 1'584.68 Shares Out 30.06.2013 1'585.4 Short Int 11.56 70'060.09 1 Yr Total Return - Total Debt 17'911.00 YTD Return 33.31% Preferred Stock 0.0 Adjusted BETA - Minority Interest 0.0 Analyst Recs 15 Cash and Equivalents 7'976.00 Consensus Rating 3.933 Enterprise Value 79'285.09 Average Volume 5 Day 2'134'711 ABBV UN EQUITY YTD Change - Average Volume 30 Day 1'304'774 ABBV UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'201'625 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 - 14'214.2 15'637.7 17'444.0 18'380.0 0.0 9'021.0 18'598.4 19'037.7 4'544.2 5'133.2 - - - - 3.47x #DIV/0! 16.60x 4.29x 4.07x - - - 5'799.3 6'214.3 5'565.4 7'255.0 0.0 3'291.0 7'459.3 7'547.3 1'868.5 2'020.0 - - - - 8.80x 0.00x 0.00x 10.65x 10.53x 10.61x 10.61x - 4'636.5 4'177.9 3'433.1 5'275.0 0.0 2'036.0 5'066.7 5'176.6 1'254.2 1'399.6 - - - - 9.26x 0.00x 0.00x 14.10x 13.70x 14.12x 14.03x EBITDA 7'255.00 Long-Term Rating Date 26.10.2012 EBIT 6'105.00 Long-Term Rating A Operating Margin 33.22% Long-Term Outlook POS Pretax Margin 31.15% Short-Term Rating Date 26.10.2012 Return on Assets - Short-Term Rating A-1 Return on Common Equity - Return on Capital - EBITDA/Interest Exp. 86.37 Asset Turnover - (EBITDA-Capex)/Interest Exp. 82.40 Net Debt/EBITDA - Gross Margin 75.5% Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 532.6% Net Income Margin 28.7% Total Debt/Capital 84.2% Asset Turnover - Current Ratio 2.27 Net Fixed Asset Turnover - Quick Ratio 1.71 Accounts receivable turnover-days - Debt to Assets 66.32% Inventory Days - Tot Debt to Common Equity 532.59% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle -260.37 Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended AbbVie Inc Price/Volume Valuation Analysis 290'621.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 18'000.0 20'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00 0.20 0.40 0.60 0.80 1.00 1.20 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 133'184'402 8.4 1'230'924 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 82'921'627 5.23 - 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 77'519'568 4.89 3'382'252 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 72'318'327 4.56 (976'417) 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 58'535'074 3.69 6'007'621 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'305'991 1.66 (77'137) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 23'646'826 1.49 (1'032'507) 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 21'835'391 1.38 2'672'971 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 18'605'668 1.17 1'517'430 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'061'000 0.95 - 30.06.2013 Insurance Company ALLIANZ ASSET MANAGE n/a ULT-AGG 13'084'054 0.83 10'008'996 31.08.2013 Investment Advisor UBS AG n/a ULT-AGG 12'731'043 0.8 909'756 30.06.2013 Unclassified T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'040'172 0.76 (186'820) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'988'071 0.69 222'391 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 10'922'428 0.69 (678'095) 31.07.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'541'028 0.66 3'152'787 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 10'095'596 0.64 (22'700) 30.06.2013 Insurance Company JP MORGAN n/a ULT-AGG 10'001'267 0.63 2'277'222 31.07.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9'445'025 0.6 927'926 30.06.2013 Investment Advisor FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'842'342 0.56 503'203 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS MARC GOODMAN neutral 3 M 46 12 month 25.09.2013 Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 49 12 month 23.09.2013 Cowen and Company STEVEN R SCALA outperform 5 M 52 12 month 23.09.2013 Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 20.09.2013 Goldman Sachs JAMI E RUBIN buy/attractive 5 M 54 12 month 17.09.2013 Jefferies JEFFREY HOLFORD buy 5 M 54 12 month 10.09.2013 Argus Research Corp DAVID H TOUNG buy 5 M 52 Not Provided 04.09.2013 Barclays CHARLES ANTHONY BUTLER equalweight 3 M 44 Not Provided 03.09.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.08.2013 Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 29.07.2013 JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 46 15 month 29.07.2013 Spin-Off Research TEAM COVERAGE hold 3 M 48 12 month 29.07.2013 BMO Capital Markets ALEX ARFAEI market perform 3 M 48 Not Provided 26.07.2013 Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 44 12 month 31.05.2013 Holdings By: AbbVie Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (22.05.2013) 38.77 52-Week Low (19.11.2012) 29.98 Daily Volume 33.28 52-Week High % Change -14.19% Dividend Yield 3.91 52-Week Low % Change 11.02% Beta 0.76 % 52 Week Price Range High/Low 41.89% Equity Float 1'548.97 Shares Out 30.06.2013 1'554.1 Short Int 11.39 51'721.29 1 Yr Total Return 2.28% Total Debt 20'475.96 YTD Return 7.46% Preferred Stock 0.0 Adjusted BETA 0.759 Minority Interest 92.3 Analyst Recs 26 Cash and Equivalents 15'173.98 Consensus Rating 3.846 Enterprise Value 50'353.82 Average Volume 5 Day 2'734'103 ABT UN EQUITY YTD Change - Average Volume 30 Day 2'048'684 ABT UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'023'911 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'527.6 30'764.7 35'166.7 38'851.3 21'494.0 30'790.6 21'720.9 22'104.3 23'299.4 5'435.1 5'792.0 3.02x 2.94x 2.49x 2.46x 5.06x 12.91x 4.95x 2.43x 2.25x 9.96x 9.25x 8'315.9 8'495.3 9'025.1 9'468.3 - 7'071.8 2'098.9 5'032.1 5'511.0 1'062.7 1'238.0 10.73x 10.63x 9.71x 10.11x - 15.52x 0.00x 10.01x 9.14x 11.77x 11.49x 4'880.7 5'745.8 4'626.2 4'728.4 579.0 4'888.9 837.7 3'174.9 3'515.7 813.2 958.8 16.08x 13.83x 11.61x 12.57x 37.64x 19.79x 22.11x 16.58x 14.92x 15.68x 15.34x EBITDA - Long-Term Rating Date 26.10.2012 EBIT 1'894.00 Long-Term Rating A+ Operating Margin 8.81% Long-Term Outlook STABLE Pretax Margin 1.42% Short-Term Rating Date 26.10.2012 Return on Assets 1.60% Short-Term Rating A-1+ Return on Common Equity 3.58% Return on Capital - EBITDA/Interest Exp. - Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin 54.3% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 9.5% Total Debt/Equity 76.6% Net Income Margin 2.7% Total Debt/Capital 43.3% Asset Turnover 0.41 Current Ratio 2.36 Net Fixed Asset Turnover 3.19 Quick Ratio 1.72 Accounts receivable turnover-days 89.96 Debt to Assets 30.45% Inventory Days 113.21 Tot Debt to Common Equity 76.63% Accounts Payable Turnover Day 50.43 Accounts Receivable Turnover 4.06 Cash Conversion Cycle 199.80 Inventory Turnover 3.22 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Abbott Laboratories Price/Volume Valuation Analysis 753'502.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 40 45 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 45'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 101'171'878 6.51 3'604'868 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 93'136'079 5.99 1'329'436 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 67'765'923 4.36 586'590 26.09.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 29'661'490 1.91 (254'246) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 25'577'074 1.65 105'320 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 18'950'985 1.22 5'526'254 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 17'586'829 1.13 3'101'394 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 16'643'116 1.07 217'295 31.07.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 15'536'052 1 13'591 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'198'300 0.98 137'300 30.06.2013 Insurance Company MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 14'925'658 0.96 1'213'981 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 14'885'546 0.96 (353'589) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 14'775'648 0.95 (6'434'696) 30.06.2013 Investment Advisor SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 14'418'305 0.93 (136'373) 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 14'167'372 0.91 (1'736'342) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 13'609'140 0.88 (9'359'000) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 12'625'176 0.81 - 31.12.2012 Government BANK OF AMERICA CORP BANK OF AMERICA 13F 12'126'007 0.78 (268'617) 30.06.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 11'825'547 0.76 141'800 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 11'645'890 0.75 (2'469'877) 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date JPMorgan MICHAEL N WEINSTEIN neutral 3 M 36 3 month 27.09.2013 Sanford C. Bernstein & Co DERRICK SUNG market perform 3 M 36 12 month 25.09.2013 Morgan Stanley STEVE BEUCHAW Equalwt/In-Line 3 M #N/A N/A Not Provided 24.09.2013 Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 24.09.2013 BMO Capital Markets JOANNE K WUENSCH outperform 5 M 40 Not Provided 23.09.2013 RBC Capital Markets GLENN J NOVARRO outperform 5 M 42 12 month 16.09.2013 Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M 37 12 month 16.09.2013 Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 13.09.2013 Jefferies JEFFREY HOLFORD buy 5 M 44 12 month 10.09.2013 Stifel FREDERICK A WISE buy 5 M 44 12 month 09.09.2013 Goldman Sachs DAVID H ROMAN Buy/Neutral 5 M 41 12 month 30.08.2013 Barclays MATTHEW TAYLOR equalweight 3 M 37 Not Provided 15.08.2013 Deutsche Bank KRISTEN M STEWART hold 3 M 35 12 month 12.08.2013 Cowen and Company JOSHUA JENNINGS outperform 5 M 41 12 month 06.08.2013 William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 05.08.2013 Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 19.07.2013 Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 19.07.2013 Spin-Off Research TEAM COVERAGE hold 3 M 40 12 month 18.07.2013 Credit Suisse BRUCE NUDELL neutral 3 M 40 Not Provided 17.07.2013 Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 40 12 month 17.07.2013 Raymond James JAYSON BEDFORD market perform 3 M #N/A N/A Not Provided 17.07.2013 S&P Capital IQ JEFFREY LOO hold 3 M 40 12 month 17.07.2013 Gabelli & Co JENNIE TSAI buy 5 M #N/A N/A Not Provided 17.07.2013 Atlantic Equities LLP STEPHAN B GASTEYGER neutral 3 M 36 12 month 17.07.2013 First Global Stockbroking KAVITA THOMAS long-term outperform 5 M #N/A N/A Not Provided 26.04.2012 Holdings By: Abbott Laboratories All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Accenture PLC provides management and technology consulting services and solutions. The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis. Accenture's network of businesses provides consulting, technology, outsourcing, and alliances. Latest Fiscal Year: 08/2013 LTM as of: 08/yy 52-Week High (22.05.2013) 84.22 52-Week Low (15.11.2012) 64.30 Daily Volume 73.51 52-Week High % Change -12.81% Dividend Yield 2.20 52-Week Low % Change 14.32% Beta 1.06 % 52 Week Price Range High/Low 58.08% Equity Float 642.37 Shares Out 14.06.2013 644.8 Short Int 9.48 50'505.52 1 Yr Total Return 14.94% Total Debt 25.60 YTD Return 11.70% Preferred Stock 0.0 Adjusted BETA 1.056 Minority Interest 467.6 Analyst Recs 29 Cash and Equivalents 5'634.41 Consensus Rating 4.000 Enterprise Value 45'364.35 Average Volume 5 Day 1'025'742 ACN UN EQUITY YTD Change - Average Volume 30 Day 765'111 ACN UN EQUITY YTD % CHANGE - Average Volume 3 Month 873'872 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.08.2009 31.08.2010 31.08.2011 31.08.2012 31.08.2013 08/yy 08/yy 08/14 Y 08/15 Y 11/13 Q1 02/14 Q2 23'171.0 23'094.1 27'352.9 29'778.0 30'394.3 29'778.0 30'394.3 29'528.0 31'300.9 7'267.2 7'285.6 0.85x 0.90x 1.19x 1.19x 1.44x 4.74x 5.94x 1.49x 1.39x 6.33x 6.18x 3'391.7 3'399.1 3'985.2 4'466.8 4'659.7 4'466.8 4'659.7 4'847.2 5'143.6 1'208.8 1'122.7 5.79x 6.14x 8.16x 7.95x 9.41x 7.95x 9.41x 9.36x 8.82x 9.37x 9.19x 1'590.0 1'780.7 2'277.7 2'553.5 3'281.9 2'553.5 3'281.9 3'081.9 3'311.6 762.3 716.0 12.48x 13.72x 15.75x 16.03x 15.43x 16.03x 16.15x 16.38x 14.96x 16.37x 16.00x EBITDA 4'659.67 Long-Term Rating Date 22.01.2002 EBIT 4'066.64 Long-Term Rating A+ Operating Margin 13.38% Long-Term Outlook STABLE Pretax Margin 14.28% Short-Term Rating Date - Return on Assets 19.57% Short-Term Rating - Return on Common Equity 72.08% Return on Capital 70.77% EBITDA/Interest Exp. 332.00 Asset Turnover 1.81% (EBITDA-Capex)/Interest Exp. 305.67 Net Debt/EBITDA -1.20 Gross Margin 30.9% Total Debt/EBITDA 0.01 EBITDA Margin 15.3% EBIT Margin 13.4% Total Debt/Equity 0.5% Net Income Margin 10.8% Total Debt/Capital 0.5% Asset Turnover 1.81 Current Ratio 1.45 Net Fixed Asset Turnover 38.99 Quick Ratio 1.10 Accounts receivable turnover-days 38.51 Debt to Assets 0.15% Inventory Days 12.16 Tot Debt to Common Equity 0.52% Accounts Payable Turnover Day 17.36 Accounts Receivable Turnover 9.48 Cash Conversion Cycle 33.31 Inventory Turnover 30.02 Fiscal Year Ended Accenture PLC Price/Volume Valuation Analysis 603'072.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 90 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 03.09.2010 03.03.2011 03.09.2011 03.03.2012 03.09.2012 03.03.2013 03.09.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type SUN LIFE FINANCIAL I n/a ULT-AGG 42'935'093 6.66 672'205 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 38'237'100 5.93 4'584'374 31.07.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 31'356'535 4.86 1'282'147 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 30'588'438 4.74 (603'991) 25.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 27'100'933 4.2 (1'937'434) 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 25'652'092 3.98 620'208 26.09.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 17'126'366 2.66 (2'565'461) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'866'546 2.46 (536'076) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'524'541 2.25 (2'590'111) 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'235'714 2.05 (725'400) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'220'676 1.74 161'906 30.06.2013 Investment Advisor THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 9'884'643 1.53 (1'582'517) 30.06.2013 Investment Advisor FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 8'743'138 1.36 178'141 30.06.2013 Investment Advisor LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 8'091'687 1.25 (1'017'039) 30.06.2013 Hedge Fund Manager AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'835'245 1.22 414'855 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 7'570'198 1.17 (210'985) 31.07.2013 Investment Advisor BROWN ADVISORY INC n/a ULT-AGG 6'891'793 1.07 211'548 30.06.2013 Investment Advisor LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 6'242'350 0.97 (1'426) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 5'880'025 0.91 1'251'917 30.06.2013 Investment Advisor MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'767'422 0.89 1'380'363 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date BMO Capital Markets KEITH F BACHMAN market perform 3 M 77 12 month 27.09.2013 Societe Generale RICHARD NGUYEN sell 1 M 70 12 month 27.09.2013 Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 86 12 month 27.09.2013 JPMorgan TIEN-TSIN HUANG overweight 5 M 83 3 month 27.09.2013 Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 82 12 month 27.09.2013 Stifel DAVID M GROSSMAN buy 5 M 86 12 month 27.09.2013 Cowen and Company MOSHE KATRI outperform 5 M 92 12 month 27.09.2013 Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 85 12 month 27.09.2013 Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 85 12 month 27.09.2013 Deutsche Bank BRYAN KEANE buy 5 M 82 12 month 26.09.2013 Credit Suisse GEORGE MIHALOS neutral 3 M 75 Not Provided 26.09.2013 Jefferies JASON KUPFERBERG hold 3 M 71 12 month 26.09.2013 Raymond James BRIAN GESUALE market perform 3 M #N/A N/A Not Provided 26.09.2013 Evercore Partners DAVID M TOGUT overweight 5 M 85 12 month 26.09.2013 Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 26.09.2013 Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 88 12 month 25.09.2013 Barclays DARRIN D PELLER equalweight 3 M 80 Not Provided 24.09.2013 UBS STEVEN M MILUNOVICH neutral 3 M 80 12 month 23.09.2013 Robert W. Baird & Co DAVID J KONING outperform 5 M 86 12 month 23.09.2013 Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 05.09.2013 Argus Research Corp JAMES KELLEHER hold 3 D #N/A N/A Not Provided 02.07.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 01.07.2013 Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 M 85 12 month 28.06.2013 BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 75 12 month 28.06.2013 Berenberg Bank DAUD KHAN hold 3 M 69 Not Provided 28.06.2013 S&P Capital IQ DYLAN CATHERS hold 3 D 85 12 month 30.05.2013 Holdings By: Accenture PLC All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 American Electric Power Company, Inc.(AEP)is a public utility holding company. The Company provides electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers. AEP serves portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (01.05.2013) 51.59 52-Week Low (21.11.2012) 40.57 Daily Volume 43.46 52-Week High % Change -15.78% Dividend Yield 4.37 52-Week Low % Change 7.12% Beta 0.75 % 52 Week Price Range High/Low 27.86% Equity Float 486.67 Shares Out 25.07.2013 486.8 Short Int 5.52 21'155.14 1 Yr Total Return 3.44% Total Debt 18'738.00 YTD Return 5.03% Preferred Stock 0.0 Adjusted BETA 0.751 Minority Interest 0.0 Analyst Recs 24 Cash and Equivalents 603.00 Consensus Rating 4.000 Enterprise Value 39'896.14 Average Volume 5 Day 907'655 AEP UN EQUITY YTD Change - Average Volume 30 Day 829'220 AEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 816'807 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'440.0 13'489.0 14'427.0 15'116.0 14'945.0 14'953.0 15'177.0 15'846.9 16'104.6 4'576.3 3'709.7 2.18x 2.48x 2.41x 2.49x 2.60x 9.82x 10.58x 2.50x 2.50x 8.65x 10.68x 4'087.0 4'431.0 4'443.0 4'713.0 4'874.0 4'717.0 4'815.0 4'776.9 4'925.9 1'431.3 886.0 7.70x 7.55x 7.83x 7.98x 7.97x 7.90x 8.42x 8.36x 8.10x 8.46x 8.43x 1'383.0 1'360.0 1'214.0 1'946.0 1'259.0 1'991.0 1'209.0 1'532.8 1'623.0 524.3 257.3 9.82x 11.71x 12.96x 12.02x 13.82x 12.66x 14.72x 13.83x 13.14x 13.39x 13.37x EBITDA 4'874.00 Long-Term Rating Date 07.03.2003 EBIT 2'956.00 Long-Term Rating BBB Operating Margin 19.78% Long-Term Outlook STABLE Pretax Margin 12.49% Short-Term Rating Date 07.03.2003 Return on Assets 2.23% Short-Term Rating A-2 Return on Common Equity 7.92% Return on Capital 5.61% EBITDA/Interest Exp. 4.93 Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 1.67 Net Debt/EBITDA 3.89 Gross Margin 64.7% Total Debt/EBITDA 3.98 EBITDA Margin 31.7% EBIT Margin 19.2% Total Debt/Equity 123.0% Net Income Margin 8.4% Total Debt/Capital 55.2% Asset Turnover 0.28 Current Ratio 0.67 Net Fixed Asset Turnover - Quick Ratio 0.36 Accounts receivable turnover-days 21.74 Debt to Assets 34.47% Inventory Days 102.47 Tot Debt to Common Equity 122.98% Accounts Payable Turnover Day 62.31 Accounts Receivable Turnover 16.79 Cash Conversion Cycle 67.56 Inventory Turnover 3.56 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended American Electric Power Co Inc Price/Volume Valuation Analysis 111'026.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 39'284'046 8.07 5'624'858 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 24'799'528 5.09 956'586 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 24'593'207 5.05 (24'062) 26.09.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 15'383'218 3.16 (4'880'462) 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 10'937'063 2.25 3'172'930 31.08.2013 Investment Advisor FMR LLC n/a ULT-AGG 7'383'633 1.52 (2'448'092) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 6'816'651 1.4 1'102'466 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'560'194 1.35 76'233 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'087'284 1.25 (571'719) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'712'676 1.17 882'331 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'475'587 1.12 149 30.06.2013 Investment Advisor LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'078'836 1.04 (35'050) 30.06.2013 Investment Advisor AJO, LP AJO, LP 13F 4'895'200 1.01 1'595'400 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 4'681'895 0.96 24'465 26.09.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 4'320'946 0.89 172'717 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 3'975'000 0.82 1'937'100 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 3'705'639 0.76 - 31.12.2012 Government EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 3'666'397 0.75 (763'181) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 3'598'952 0.74 480'774 31.07.2013 Investment Advisor ROBECO n/a ULT-AGG 3'483'118 0.72 (858'463) 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date SunTrust Robinson Humphrey ALI AGHA buy 5 M 48 12 month 23.09.2013 Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 50 12 month 23.09.2013 Wells Fargo Securities, LLC NEIL A KALTON outperform 5 U #N/A N/A Not Provided 23.09.2013 Wolfe Research STEVEN I FLEISHMAN outperform 5 M 51 12 month 23.09.2013 ISI Group GREG GORDON buy 5 M 48 12 month 19.09.2013 BGC Partners KIT KONOLIGE buy 5 M 53 12 month 16.09.2013 Macquarie ANGIE STOROZYNSKI neutral 3 M 48 12 month 03.09.2013 RBC Capital Markets SHELBY G TUCKER sector perform 3 M 49 12 month 30.08.2013 UBS JULIEN DUMOULIN-SMITH neutral 3 M 45 12 month 22.08.2013 Edward Jones ANDREW B SMITH hold 3 M #N/A N/A Not Provided 21.08.2013 BMO Capital Markets MICHAEL S WORMS market perform 3 M 48 Not Provided 20.08.2013 Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 44 12 month 16.08.2013 Morgan Stanley STEPHEN C BYRD Equalwt/In-Line 3 M 47 12 month 15.08.2013 Credit Suisse DANIEL EGGERS outperform 5 M 53 Not Provided 01.08.2013 Jefferies PAUL B FREMONT buy 5 M 53 12 month 01.08.2013 Argus Research Corp MICHAEL BURKE buy 5 M 52 12 month 31.07.2013 Deutsche Bank JONATHAN ARNOLD hold 3 M 49 12 month 26.07.2013 JPMorgan CHRISTOPHER TURNURE neutral 3 M 51 15 month 26.07.2013 Hilliard Lyons DAVID B BURKS buy 5 M 51 12 month 25.07.2013 Barclays DANIEL F FORD overweight 5 M 52 Not Provided 25.07.2013 KeyBanc Capital Markets PAUL T RIDZON buy 5 M 52 12 month 22.04.2013 EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 05.03.2013 Holdings By: American Electric Power Co Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (18.09.2013) 50.99 52-Week Low (14.11.2012) 30.64 Daily Volume 49.14 52-Week High % Change -3.67% Dividend Yield 0.00 52-Week Low % Change 60.38% Beta 1.49 % 52 Week Price Range High/Low 92.43% Equity Float 1'474.52 Shares Out 31.07.2013 1'476.4 Short Int 21.85 72'547.88 1 Yr Total Return 48.31% Total Debt 48'500.00 YTD Return 39.49% Preferred Stock 0.0 Adjusted BETA 1.493 Minority Interest 1'001.0 Analyst Recs 25 Cash and Equivalents 1'151.00 Consensus Rating 4.120 Enterprise Value 114'171.88 Average Volume 5 Day 2'473'694 AIG UN EQUITY YTD Change - Average Volume 30 Day 1'848'790 AIG UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'204'004 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'896.0 75'352.0 77'526.0 59'812.0 65'656.0 62'813.0 66'705.0 49'775.0 51'238.3 13'175.5 13'335.5 38.32x 3.38x 2.92x 2.13x 1.53x 8.20x 6.48x - - - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - (99'289.0) (10'949.0) 7'786.0 20'622.0 3'438.0 23'029.0 2'835.0 6'693.9 6'210.4 1'316.3 1'367.2 - - - 33.29x 8.98x 18.11x 12.23x 11.57x 11.43x 12.55x 12.08x EBITDA - Long-Term Rating Date 02.03.2009 EBIT - Long-Term Rating A- Operating Margin 17.75% Long-Term Outlook NEG Pretax Margin 14.20% Short-Term Rating Date 14.01.2011 Return on Assets 0.52% Short-Term Rating A-2 Return on Common Equity 2.80% Return on Capital 3.11% EBITDA/Interest Exp. - Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 49.5% Net Income Margin 5.2% Total Debt/Capital 32.9% Asset Turnover 0.12 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 8.84% Inventory Days - Tot Debt to Common Equity 49.49% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended American International Group Inc Price/Volume Valuation Analysis 393'484.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 10.0 M 20.0 M 30.0 M 40.0 M 50.0 M 60.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 86'148'865 5.84 248'788 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 84'190'233 5.7 5'671'040 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 66'759'571 4.52 2'625'102 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 62'161'426 4.21 (422'800) 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 43'429'429 2.94 (10'385'007) 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 31'627'087 2.14 (409'145) 31.08.2013 Investment Advisor HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 26'475'244 1.79 938'943 30.06.2013 Investment Advisor ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 22'203'948 1.5 (3'419'419) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 21'800'081 1.48 4'966'436 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 19'464'525 1.32 512'410 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'662'268 1.2 420'076 30.06.2013 Investment Advisor WADDELL & REED FINAN n/a ULT-AGG 17'089'155 1.16 (124'650) 30.06.2013 Investment Advisor MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 15'737'474 1.07 457'142 30.06.2013 Investment Advisor STARR INTERNATIONAL STARR INTERNATIONAL 13F 15'463'715 1.05 950'362 30.06.2013 Investment Advisor HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 15'396'372 1.04 (1'974'762) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 15'353'972 1.04 - 31.12.2012 Government FMR LLC n/a ULT-AGG 15'323'580 1.04 2'425'905 30.06.2013 Investment Advisor CARMIGNAC GESTION CARMIGNAC GESTION 13F 13'344'650 0.9 13'344'650 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 12'008'342 0.81 1'902'649 31.07.2013 Investment Advisor PERRY CORP PERRY CORPORATION 13F 11'745'789 0.8 (1'411'471) 30.06.2013 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date Date Nomura CLIFFORD H GALLANT III neutral 3 M 49 12 month 20.09.2013 Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 20.09.2013 FBR Capital Markets RANDY BINNER outperform 5 M 55 12 month 19.09.2013 Guggenheim Securities LLC BIJAN MOAZAMI neutral 3 N 54 12 month 17.09.2013 Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 60 12 month 16.09.2013 William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 12.09.2013 Argus Research Corp JOHN M EADE buy 5 M 55 Not Provided 05.09.2013 Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 55 12 month 31.08.2013 Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 46 12 month 30.08.2013 Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 55 12 month 26.08.2013 S&P Capital IQ CATHY SEIFERT buy 5 M 58 Not Provided 26.08.2013 Deutsche Bank JOSHUA D SHANKER buy 5 M 56 12 month 12.08.2013 BMO Capital Markets CHARLES J SEBASKI outperform 5 M 55 Not Provided 07.08.2013 Sterne, Agee & Leach JOHN M NADEL neutral 3 M 50 12 month 07.08.2013 Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 06.08.2013 Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 05.08.2013 Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 49 12 month 02.08.2013 UBS BRIAN MEREDITH neutral 3 M 48 12 month 02.08.2013 JPMorgan JIMMY S BHULLAR neutral 3 M 49 15 month 02.08.2013 Macquarie AMIT KUMAR outperform 5 M 57 12 month 02.08.2013 Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 02.08.2013 Barclays JAY H GELB overweight 5 M 56 Not Provided 02.08.2013 Evercore Partners MARK FINKELSTEIN equalweight 3 M 50 12 month 01.08.2013 Credit Suisse THOMAS GALLAGHER restricted #N/A N/A M #N/A N/A Not Provided 05.04.2013 EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013 Holdings By: American International Group Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 The Allstate Corporation, through its subsidiaries, provides property-liability insurance, as well as other types of insurance in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (20.09.2013) 52.98 52-Week Low (02.11.2012) 37.92 Daily Volume 51.05 52-Week High % Change -3.62% Dividend Yield 1.84 52-Week Low % Change 34.63% Beta 0.99 % 52 Week Price Range High/Low 89.18% Equity Float 455.31 Shares Out 17.07.2013 463.4 Short Int 4.33 23'658.99 1 Yr Total Return 31.12% Total Debt 6'307.00 YTD Return 29.11% Preferred Stock 0.0 Adjusted BETA 0.991 Minority Interest 0.0 Analyst Recs 31 Cash and Equivalents 806.00 Consensus Rating 4.226 Enterprise Value 29'277.99 Average Volume 5 Day 851'829 ALL UN EQUITY YTD Change - Average Volume 30 Day 645'038 ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 685'033 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'394.0 32'013.0 31'400.0 32'654.0 33'315.0 33'118.0 33'925.0 33'900.3 34'161.7 8'359.6 8'419.6 0.78x 0.67x 0.71x 0.59x 0.74x 2.43x 3.12x 0.91x 0.87x - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - (1'679.0) 854.0 928.0 787.0 2'306.0 2'076.0 2'260.0 2'243.2 2'270.8 493.3 586.9 10.17x 8.26x 11.23x 20.83x 9.12x 8.89x 10.44x 10.48x 9.86x 10.33x 10.28x EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating A- Operating Margin 11.09% Long-Term Outlook STABLE Pretax Margin 9.92% Short-Term Rating Date - Return on Assets 1.83% Short-Term Rating - Return on Common Equity 11.57% Return on Capital 9.84% EBITDA/Interest Exp. - Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 30.6% Net Income Margin 6.9% Total Debt/Capital 23.5% Asset Turnover 0.27 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 4.97% Inventory Days - Tot Debt to Common Equity 30.65% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Allstate Corp/The Price/Volume Valuation Analysis 79'843.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 29'559'809 6.38 5'636'515 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 22'027'232 4.75 (113'723) 30.06.2013 Unclassified T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'607'781 4.66 (440'930) 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 20'761'018 4.48 504'369 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 17'890'250 3.86 (1'898'107) 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 13'112'181 2.83 4'886'611 31.08.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 10'120'007 2.18 (1'139'630) 26.09.2013 Investment Advisor HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 7'675'447 1.66 62'684 30.06.2013 Investment Advisor ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7'368'221 1.59 80'047 30.06.2013 Investment Advisor VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 7'284'400 1.57 2'683'000 30.06.2013 Hedge Fund Manager NORTHERN TRUST CORPO n/a Research 7'163'891 1.55 - 31.12.2012 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'159'682 1.54 (91'838) 30.06.2013 Investment Advisor LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 6'538'368 1.41 71'090 30.06.2013 Investment Advisor MACQUARIE GROUP n/a ULT-AGG 6'297'100 1.36 564'304 31.07.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'173'931 1.33 24'620 30.06.2013 Investment Advisor LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'436'559 1.17 673'432 30.06.2013 Investment Advisor CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'238'119 0.91 (2'227'892) 30.06.2013 Hedge Fund Manager DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 4'225'035 0.91 287'185 30.06.2013 Hedge Fund Manager AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'111'749 0.89 (3'100'117) 30.06.2013 Investment Advisor AJO, LP AJO, LP 13F 3'908'300 0.84 (984'700) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 54 12 month 23.09.2013 Nomura CLIFFORD H GALLANT III neutral 3 M 54 12 month 20.09.2013 Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 20.09.2013 Credit Suisse MICHAEL ZAREMSKI outperform 5 M 62 Not Provided 19.09.2013 Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M #N/A N/A Not Provided 19.09.2013 FBR Capital Markets RANDY BINNER market perform 3 M 50 12 month 19.09.2013 MKM Partners HARRY FONG buy 5 M 60 12 month 19.09.2013 Guggenheim Securities LLC BIJAN MOAZAMI buy 5 N 63 12 month 17.09.2013 Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 55 12 month 16.09.2013 William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 16.09.2013 Wells Fargo Securities, LLC JOHN A HALL outperform 5 U #N/A N/A Not Provided 12.09.2013 Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 60 12 month 04.09.2013 Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 55 12 month 31.08.2013 Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 29.08.2013 Argus Research Corp JOHN M EADE buy 5 M 57 Not Provided 14.08.2013 Raymond James C GREGORY PETERS strong buy 5 M 60 12 month 12.08.2013 Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 09.08.2013 Evercore Partners VINAY MISQUITH overweight 5 M 57 12 month 05.08.2013 Deutsche Bank JOSHUA D SHANKER hold 3 D 57 12 month 04.08.2013 Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 02.08.2013 UBS BRIAN MEREDITH neutral 3 M 54 12 month 02.08.2013 RBC Capital Markets MARK A DWELLE outperform 5 M 60 12 month 01.08.2013 SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M 55 12 month 01.08.2013 Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 53 12 month 01.08.2013 JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 01.08.2013 Barclays JAY H GELB overweight 5 M 59 Not Provided 01.08.2013 Macquarie AMIT KUMAR neutral 3 M 52 12 month 15.07.2013 Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 60 12 month 03.05.2013 EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013 S&P Capital IQ CATHY SEIFERT hold 3 M 43 Not Provided 29.11.2012 Holdings By: Allstate Corp/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (18.09.2013) 117.89 52-Week Low (22.01.2013) 81.56 Daily Volume 114.06 52-Week High % Change -3.25% Dividend Yield 1.46 52-Week Low % Change 39.85% Beta 0.75 % 52 Week Price Range High/Low 86.13% Equity Float 752.47 Shares Out 30.07.2013 753.4 Short Int 8.52 85'927.80 1 Yr Total Return 37.88% Total Debt 26'529.00 YTD Return 34.03% Preferred Stock 0.0 Adjusted BETA 0.751 Minority Interest 0.0 Analyst Recs 30 Cash and Equivalents 24'061.00 Consensus Rating 3.933 Enterprise Value 87'824.81 Average Volume 5 Day 1'321'858 AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'106'856 AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'074'509 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 16'442.0 17'657.0 18'243.2 19'023.3 4'579.6 4'741.1 4.02x 3.65x 3.13x 3.33x 3.92x 12.77x 16.38x 4.78x 4.31x - - 6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'807.0 6'617.0 7'587.3 8'534.3 1'693.0 1'670.5 9.59x 7.94x 7.05x 9.66x 10.15x 9.99x 11.51x 11.56x 10.28x - - 4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'838.0 4'587.0 5'610.3 6'167.5 1'355.8 1'321.8 12.89x 12.60x 11.66x 13.74x 15.07x 13.63x 16.12x 15.49x 14.01x 15.49x 14.69x EBITDA 6'665.00 Long-Term Rating Date 27.08.2013 EBIT 5'577.00 Long-Term Rating A Operating Margin 32.30% Long-Term Outlook STABLE Pretax Margin 29.01% Short-Term Rating Date 27.08.2013 Return on Assets 8.75% Short-Term Rating A-1 Return on Common Equity 23.03% Return on Capital 12.66% EBITDA/Interest Exp. 6.18 Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.54 Net Debt/EBITDA 0.29 Gross Margin 83.1% Total Debt/EBITDA 3.61 EBITDA Margin 37.5% EBIT Margin 31.2% Total Debt/Equity 139.2% Net Income Margin 25.2% Total Debt/Capital 58.2% Asset Turnover 0.34 Current Ratio 3.81 Net Fixed Asset Turnover 3.29 Quick Ratio 3.24 Accounts receivable turnover-days 55.63 Debt to Assets 48.86% Inventory Days 317.28 Tot Debt to Common Equity 139.19% Accounts Payable Turnover Day 105.58 Accounts Receivable Turnover 6.56 Cash Conversion Cycle 296.17 Inventory Turnover 1.15 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Amgen Inc Price/Volume Valuation Analysis 222'237.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 18'000.0 20'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 79'707'984 10.58 2'285'601 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 53'549'185 7.11 (4'912'545) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 46'438'091 6.16 1'233'795 25.09.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 37'348'991 4.96 (2'536'436) 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 35'624'540 4.73 786'664 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 31'700'395 4.21 (856'658) 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'075'251 2.66 (1'354'298) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 16'927'106 2.25 562'806 26.09.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'739'729 1.56 65'259 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 10'401'459 1.38 1'074 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'952'809 1.32 654'985 30.06.2013 Investment Advisor ROBECO n/a ULT-AGG 8'822'756 1.17 (2'175'754) 30.06.2013 Unclassified CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'670'619 1.02 405'015 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'885'950 0.91 957'211 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'395'479 0.85 (1'422'694) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 6'263'455 0.83 - 31.12.2012 Government UBS AG n/a ULT-AGG 6'032'640 0.8 (146'059) 30.06.2013 Unclassified LEGG MASON INC Multiple Portfolios MF-AGG 5'328'117 0.71 37'475 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 5'316'372 0.71 94'826 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 5'306'091 0.7 (304'565) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 115 12 month 25.09.2013 Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 128 12 month 25.09.2013 BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 116 Not Provided 24.09.2013 Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 20.09.2013 William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 12.09.2013 Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 140 12 month 11.09.2013 Cowen and Company ERIC SCHMIDT outperform 5 M 121 12 month 06.09.2013 Deutsche Bank ROBYN KARNAUSKAS buy 5 M 138 12 month 03.09.2013 Barclays CHARLES ANTHONY BUTLER equalweight 3 M 115 Not Provided 03.09.2013 UBS MATTHEW RODEN buy 5 M 124 12 month 02.09.2013 Leerink Swann & Co HOWARD LIANG market perform 3 M 128 12 month 28.08.2013 Oppenheimer & Co BORIS PEAKER market perform 3 M 109 12 month 27.08.2013 Credit Suisse RAVI MEHROTRA neutral 3 M 120 Not Provided 26.08.2013 JPMorgan GEOFFREY MEACHAM neutral 3 M 115 15 month 26.08.2013 Jefferies EUN K YANG buy 5 M 130 12 month 26.08.2013 Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 119 12 month 26.08.2013 Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 26.08.2013 ISI Group MARK J SCHOENEBAUM buy 5 M 122 12 month 26.08.2013 Guggenheim Securities LLC BRET HOLLEY neutral 3 M 108 12 month 26.08.2013 S&P Capital IQ STEVEN SILVER buy 5 M 128 12 month 26.08.2013 RBC Capital Markets MICHAEL J YEE outperform 5 M 125 12 month 25.08.2013 Brean Capital LLC GENE MACK buy 5 M 119 12 month 19.08.2013 Argus Research Corp JOHN M EADE buy 5 M 120 Not Provided 05.08.2013 Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 05.08.2013 Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 01.08.2013 Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 125 12 month 26.06.2013 Goldman Sachs TERENCE FLYNN buy/attractive 5 U 130 12 month 01.05.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013 First Global Stockbroking KAVITA THOMAS sector outperform 5 M #N/A N/A Not Provided 17.05.2012 Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012 Holdings By: Amgen Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (20.09.2013) 320.50 52-Week Low (15.11.2012) 218.23 Daily Volume 315.9 52-Week High % Change -1.37% Dividend Yield 0.00 52-Week Low % Change 44.76% Beta 1.16 % 52 Week Price Range High/Low 97.67% Equity Float 370.25 Shares Out 12.07.2013 456.9 Short Int 6.83 144'329.50 1 Yr Total Return 23.06% Total Debt 4'385.00 YTD Return 25.79% Preferred Stock 0.0 Adjusted BETA 1.159 Minority Interest 0.0 Analyst Recs 47 Cash and Equivalents 11'448.00 Consensus Rating 4.340 Enterprise Value 140'599.50 Average Volume 5 Day 837'417 AMZN UW EQUITY YTD Change - Average Volume 30 Day 605'400 AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 660'490 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 54'326.0 66'848.0 74'466.5 90'585.8 16'759.3 25'883.2 0.98x 2.19x 2.15x 1.49x 1.75x 6.43x 6.83x 1.83x 1.46x 8.40x 5.22x 1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 2'217.0 3'309.0 4'717.0 6'532.3 995.3 1'633.5 16.55x 35.69x 37.21x 36.75x 37.68x 44.31x 37.22x 29.75x 21.48x 25.85x 24.35x 645.0 902.0 1'152.0 631.0 (39.0) 377.0 (102.0) 1'272.6 2'270.0 200.8 607.5 36.89x 63.60x 71.15x 126.35x - 342.43x 0.00x 120.99x 62.20x 93.13x 82.74x EBITDA 2'835.00 Long-Term Rating Date 26.11.2012 EBIT 676.00 Long-Term Rating AA- Operating Margin 1.11% Long-Term Outlook STABLE Pretax Margin 0.64% Short-Term Rating Date 13.06.2007 Return on Assets -0.40% Short-Term Rating NR Return on Common Equity -1.26% Return on Capital -1.72% EBITDA/Interest Exp. 30.82 Asset Turnover 2.64% (EBITDA-Capex)/Interest Exp. -10.33 Net Debt/EBITDA -1.13 Gross Margin 24.8% Total Debt/EBITDA 1.13 EBITDA Margin 5.0% EBIT Margin 1.0% Total Debt/Equity 53.5% Net Income Margin -0.1% Total Debt/Capital 34.9% Asset Turnover 2.64 Current Ratio 1.12 Net Fixed Asset Turnover 9.63 Quick Ratio 0.78 Accounts receivable turnover-days 13.37 Debt to Assets 13.47% Inventory Days 36.16 Tot Debt to Common Equity 53.53% Accounts Payable Turnover Day 58.04 Accounts Receivable Turnover 27.31 Cash Conversion Cycle -33.57 Inventory Turnover 10.09 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Amazon.com Inc Price/Volume Valuation Analysis 228'856.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 300 350 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BEZOS JEFFREY P n/a Form 4 85'970'020 18.82 (385'062) 06.08.2013 n/a CAPITAL GROUP COMPAN n/a ULT-AGG 45'352'706 9.93 2'859'097 31.07.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'178'535 4.64 845'001 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 18'938'557 4.15 36'061 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 16'981'823 3.72 548'389 30.06.2013 Unclassified FMR LLC n/a ULT-AGG 14'986'761 3.28 176'070 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 14'486'847 3.17 487'349 26.09.2013 Investment Advisor BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'767'270 2.58 (128'099) 30.06.2013 Investment Advisor SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 8'359'285 1.83 123'765 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 7'121'873 1.56 1'121'285 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 5'678'076 1.24 273'669 26.09.2013 Investment Advisor JP MORGAN n/a ULT-AGG 5'575'330 1.22 (582'890) 31.07.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 5'458'160 1.19 (355'458) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'221'169 1.14 35'116 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'509'324 0.99 (156'971) 30.06.2013 Investment Advisor TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'250'800 0.93 (9'602) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 3'799'825 0.83 (436'407) 30.06.2013 Unclassified WELLS FARGO & COMPAN n/a ULT-AGG 3'455'449 0.76 99'801 31.07.2013 Investment Advisor WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'357'193 0.73 (35'608) 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 3'153'665 0.69 5'237 30.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 400 12 month 27.09.2013 Cowen and Company JOHN BLACKLEDGE outperform 5 M 347 12 month 26.09.2013 Morgan Stanley DAVID GOBER Overwt/Attractive 5 M 314 12 month 25.09.2013 RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 25.09.2013 Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 375 12 month 25.09.2013 Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 25.09.2013 Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 350 12 month 25.09.2013 Stifel JORDAN ROHAN buy 5 M 335 12 month 23.09.2013 Lazard Capital Markets BRETT FODERO buy 5 M 340 12 month 23.09.2013 Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 315 12 month 20.09.2013 CRT Capital Group NEIL A DOSHI buy 5 M 350 Not Provided 19.09.2013 Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 19.09.2013 Evercore Partners KEN SENA overweight 5 M 350 12 month 18.09.2013 ISI Group GREGORY MELICH buy 5 M 340 12 month 16.09.2013 B Riley & Co SCOTT TILGHMAN buy 5 M 340 Not Provided 13.09.2013 Piper Jaffray EUGENE E MUNSTER overweight 5 M 331 12 month 11.09.2013 Wedbush MICHAEL PACHTER neutral 3 N 330 12 month 10.09.2013 Susquehanna Financial Group BRIAN NOWAK Positive 4 M 370 12 month 10.09.2013 Tigress Financial Partners IVAN FEINSETH buy 5 M #N/A N/A Not Provided 10.09.2013 Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 04.09.2013 Pacific Crest Securities CHAD BARTLEY outperform 5 M 330 12 month 28.08.2013 Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 305 Not Provided 20.08.2013 Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 19.08.2013 EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 09.08.2013 SunTrust Robinson Humphrey ROBERT S PECK buy 5 M 370 12 month 06.08.2013 Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 29.07.2013 Jefferies BRIAN J PITZ buy 5 M 350 12 month 29.07.2013 BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 310 Not Provided 26.07.2013 Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 26.07.2013 Credit Suisse STEPHEN JU outperform 5 M 330 Not Provided 26.07.2013 UBS ERIC J SHERIDAN neutral 3 M 305 12 month 26.07.2013 JPMorgan DOUGLAS ANMUTH neutral 3 M 285 15 month 26.07.2013 Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 26.07.2013 William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 26.07.2013 Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 26.07.2013 Macquarie BENJAMIN A SCHACHTER outperform 5 M 325 12 month 26.07.2013 McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.07.2013 Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 367 12 month 26.07.2013 BGC Partners COLIN W GILLIS hold 3 M 245 12 month 26.07.2013 JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 26.07.2013 S&P Capital IQ MICHAEL SOUERS hold 3 M 300 Not Provided 26.07.2013 Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 26.07.2013 Benchmark Company LLC DANIEL L KURNOS buy 5 M 350 12 month 26.07.2013 Holdings By: Amazon.com Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The Company has operations in the United States, Canada, Egypt, Australia, offshore the United Kingdom in the North Sea, and Argentina. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (18.09.2013) 89.16 52-Week Low (22.04.2013) 67.91 Daily Volume 86.77 52-Week High % Change -2.66% Dividend Yield 0.85 52-Week Low % Change 27.77% Beta 1.42 % 52 Week Price Range High/Low 87.44% Equity Float 387.41 Shares Out 31.07.2013 389.4 Short Int 7.88 33'790.23 1 Yr Total Return 0.84% Total Debt 12'345.00 YTD Return 11.34% Preferred Stock 1'227.0 Adjusted BETA 1.418 Minority Interest 0.0 Analyst Recs 36 Cash and Equivalents 160.00 Consensus Rating 4.306 Enterprise Value 47'608.23 Average Volume 5 Day 772'945 APA UN EQUITY YTD Change - Average Volume 30 Day 824'531 APA UN EQUITY YTD % CHANGE - Average Volume 3 Month 791'430 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'327.8 8'573.9 12'183.0 16'810.0 16'947.0 16'990.0 16'799.0 16'717.2 16'303.0 4'213.4 4'004.6 2.27x 4.40x 4.50x 2.55x 2.61x 10.27x 10.76x 2.72x 2.80x 11.09x 11.50x 8'988.1 2'922.8 8'792.0 12'397.0 12'051.0 12'362.0 11'703.0 11'532.7 11'201.8 2'872.1 2'742.8 3.11x 12.91x 6.24x 3.46x 3.66x 3.68x 3.97x 4.12x 4.25x 4.37x 4.42x 712.0 (284.4) 3'032.0 4'584.0 2'001.0 3'344.0 2'600.0 3'328.9 3'160.7 825.8 772.2 35.66x 20.10x 13.32x 7.53x 8.43x 7.29x 9.63x 10.65x 10.92x 11.10x 11.34x EBITDA 12'051.00 Long-Term Rating Date 26.01.2001 EBIT 4'942.00 Long-Term Rating A- Operating Margin 29.16% Long-Term Outlook STABLE Pretax Margin 28.78% Short-Term Rating Date 05.05.2000 Return on Assets 4.31% Short-Term Rating A-2 Return on Common Equity 8.28% Return on Capital 6.23% EBITDA/Interest Exp. 24.15 Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 5.05 Net Debt/EBITDA 1.08 Gross Margin 32.3% Total Debt/EBITDA 1.09 EBITDA Margin 69.7% EBIT Margin 32.3% Total Debt/Equity 41.0% Net Income Margin 11.8% Total Debt/Capital 28.3% Asset Turnover 0.28 Current Ratio 0.90 Net Fixed Asset Turnover 0.32 Quick Ratio 0.59 Accounts receivable turnover-days 60.17 Debt to Assets 20.33% Inventory Days 28.89 Tot Debt to Common Equity 41.01% Accounts Payable Turnover Day 39.65 Accounts Receivable Turnover 6.07 Cash Conversion Cycle 58.11 Inventory Turnover 12.63 Fiscal Year Ended Apache Corp Price/Volume Valuation Analysis 99'331.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 90 100 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 18'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 24'676'898 6.34 (2'151'200) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 20'824'327 5.35 (948'145) 25.09.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'375'067 4.98 1'550'506 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 18'008'095 4.62 323'746 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 16'811'833 4.32 (171'584) 26.09.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 11'331'362 2.91 543'847 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 9'944'469 2.55 1'448'005 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 6'810'800 1.75 6'810'800 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 6'707'053 1.72 2'654'511 31.07.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'206'650 1.59 89'170 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'903'996 1.52 919'891 30.06.2013 Investment Advisor ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 5'566'272 1.43 4'200'392 30.06.2013 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 4'999'291 1.28 2'461'330 31.08.2013 Unclassified NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'985'605 1.28 (237'937) 30.06.2013 Investment Advisor EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 4'501'262 1.16 (512'334) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 3'384'500 0.87 (332'959) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 3'215'705 0.83 179'490 26.09.2013 Investment Advisor NORGES BANK NORGES BANK 13F 2'808'677 0.72 - 31.12.2012 Government GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'692'420 0.69 49'553 30.06.2013 Investment Advisor MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 2'629'429 0.68 120'042 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date ISI Group JONATHAN WOLFF buy 5 M 93 12 month 25.09.2013 Societe Generale JOHN HERRLIN buy 5 M 100 12 month 24.09.2013 Howard Weil Inc PETER KISSEL sector outperform 5 M 102 Not Provided 24.09.2013 Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 93 12 month 23.09.2013 Mizuho Securities USA Inc JOHN MALONE buy 5 M 100 12 month 23.09.2013 Oppenheimer & Co FADEL GHEIT outperform 5 M 100 18 month 20.09.2013 Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 101 12 month 19.09.2013 Canaccord Genuity Corp ROBERT L CHRISTENSEN JR buy 5 M 113 12 month 19.09.2013 Capital One Southcoast, Inc. RICHARD TULLIS add 4 M 112 Not Provided 18.09.2013 Credit Suisse ARUN JAYARAM outperform 5 M 104 Not Provided 16.09.2013 Global Hunter Securities CURTIS R TRIMBLE neutral 3 M 98 12 month 13.09.2013 Guggenheim Securities LLC ROBERT CORDRAY neutral 3 M 92 12 month 12.09.2013 Clarkson Capital Markets LLC BRIAN W FOOTE outperform 5 M 110 12 month 12.09.2013 UBS WILLIAM A FEATHERSTON neutral 3 D 90 12 month 11.09.2013 FBR Capital Markets REHAN RASHID market perform 3 M 100 12 month 11.09.2013 Deutsche Bank STEPHEN RICHARDSON buy 5 M 105 12 month 09.09.2013 Raymond James JOHN FREEMAN outperform 5 M 100 12 month 09.09.2013 Iberia Capital Partners LLC ERIC FOX sector perform 3 N 110 12 month 06.09.2013 Argus Research Corp JONATHAN GELCIUS buy 5 M 98 Not Provided 05.09.2013 Simmons & Company International PEARCE W HAMMOND overweight 5 M 119 Not Provided 04.09.2013 Johnson Rice & Co CHARLES MEADE overweight 5 U #N/A N/A Not Provided 03.09.2013 Tudor Pickering & Co MATTHEW PORTILLO accumulate 4 M 107 Not Provided 03.09.2013 RBC Capital Markets LEO P MARIANI outperform 5 U 99 12 month 30.08.2013 Edward Jones BRIAN YOUNGBERG buy 5 U #N/A N/A Not Provided 30.08.2013 JPMorgan JOSEPH D ALLMAN restricted #N/A N/A M #N/A N/A Not Provided 30.08.2013 Macquarie JOSEPH MAGNER neutral 3 M 90 12 month 30.08.2013 Stifel AMIR ARIF hold 3 M #N/A N/A Not Provided 30.08.2013 Peters & Co Ltd DAN GRAGER sector perform 3 M 90 12 month 30.08.2013 S&P Capital IQ MICHAEL KAY strong buy 5 M 110 Not Provided 30.08.2013 Atlantic Equities LLP BARRY MACCARTHY overweight 5 M 105 12 month 30.08.2013 Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 29.08.2013 Susquehanna Financial Group DUANE GRUBERT Positive 4 M 98 12 month 08.08.2013 Barclays THOMAS R DRISCOLL overweight 5 M 109 Not Provided 05.08.2013 Goldman Sachs BRIAN SINGER not rated #N/A N/A M #N/A N/A Not Provided 18.07.2013 EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 10.05.2013 Alembic Global Advisors JAMES J SULLIVAN neutral 3 M 92 12 month 16.04.2013 Holdings By: Apache Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Anadarko Petroleum Corporation is an independent oil and gas exploration and production company with international operations. In the United States, the Company operates in Texas and surrounding states, the Rocky Mountain region, Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration and/or production operations in Africa, Asia, South America, and the Caribbean. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (13.09.2013) 96.75 52-Week Low (25.10.2012) 65.82 Daily Volume 94.39 52-Week High % Change -2.41% Dividend Yield 0.38 52-Week Low % Change 43.41% Beta 1.38 % 52 Week Price Range High/Low 92.66% Equity Float 501.03 Shares Out 30.06.2013 502.7 Short Int 8.09 47'450.39 1 Yr Total Return 35.10% Total Debt 13'269.00 YTD Return 27.53% Preferred Stock 0.0 Adjusted BETA 1.382 Minority Interest 1'253.0 Analyst Recs 36 Cash and Equivalents 2'471.00 Consensus Rating 4.778 Enterprise Value 58'212.39 Average Volume 5 Day 771'764 APC UN EQUITY YTD Change - Average Volume 30 Day 669'477 APC UN EQUITY YTD % CHANGE - Average Volume 3 Month 713'606 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'079.0 8'210.0 10'842.0 13'882.0 13'307.0 13'536.0 13'853.0 14'962.6 16'690.7 3'768.9 4'036.2 1.99x 4.93x 4.42x 3.71x 3.70x 14.17x 14.88x 3.90x 3.42x 15.54x 14.44x 7'935.0 3'234.0 5'557.0 7'579.0 6'197.0 6'236.0 7'743.0 9'706.4 10'853.3 2'407.9 2'621.9 3.54x 12.51x 8.62x 6.79x 7.95x 7.40x 6.97x 5.99x 5.35x 5.65x 5.46x 3'260.0 (135.0) 761.0 (2'649.0) 2'391.0 (1'342.0) 1'713.0 2'270.5 2'712.5 568.4 616.3 5.69x - 39.83x 7.48x 50.50x 13.10x 19.49x 21.02x 17.38x 18.87x 17.82x EBITDA 6'197.00 Long-Term Rating Date 08.09.2006 EBIT 2'233.00 Long-Term Rating BBB- Operating Margin 16.78% Long-Term Outlook POS Pretax Margin 26.79% Short-Term Rating Date 15.09.2009 Return on Assets 3.15% Short-Term Rating NR Return on Common Equity 8.08% Return on Capital 5.82% EBITDA/Interest Exp. 6.44 Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -1.09 Net Debt/EBITDA 1.19 Gross Margin 40.8% Total Debt/EBITDA 1.79 EBITDA Margin 55.9% EBIT Margin 27.2% Total Debt/Equity 64.3% Net Income Margin 18.0% Total Debt/Capital 37.7% Asset Turnover 0.26 Current Ratio 1.62 Net Fixed Asset Turnover 0.36 Quick Ratio 0.94 Accounts receivable turnover-days 31.47 Debt to Assets 25.23% Inventory Days 3.83 Tot Debt to Common Equity 64.32% Accounts Payable Turnover Day 140.98 Accounts Receivable Turnover 11.60 Cash Conversion Cycle - Inventory Turnover 95.23 Fiscal Year Ended Anadarko Petroleum Corp Price/Volume Valuation Analysis 89'201.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 32'091'418 6.38 (1'430'826) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 31'191'043 6.2 (449'088) 25.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 29'323'664 5.83 (1'111'568) 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 24'164'824 4.81 1'504'088 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 21'634'868 4.3 (55'921) 26.09.2013 Investment Advisor CARMIGNAC GESTION CARMIGNAC GESTION 13F 13'700'787 2.73 (1'914'813) 30.06.2013 Investment Advisor CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 13'429'255 2.67 378'406 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 10'985'255 2.19 1'105'605 31.07.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'147'449 1.82 (1'054'308) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 8'886'133 1.77 258'687 26.09.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'555'133 1.5 (229'685) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'900'143 1.37 70'696 30.06.2013 Investment Advisor NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'303'905 1.25 (61'416) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'201'226 1.23 327'948 30.06.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 6'027'364 1.2 1'409'922 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 5'375'346 1.07 - 31.12.2012 Government MASON CAPITAL MANAGE MASON CAPITAL MANAGE 13F 5'072'020 1.01 1'989'624 30.06.2013 Hedge Fund Manager DIMENSIONAL FUND ADV n/a ULT-AGG 4'855'228 0.97 35'627 31.07.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'664'668 0.93 (488'067) 30.06.2013 Investment Advisor HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 4'624'966 0.92 (1'077'503) 30.06.2013 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date Date Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 26.09.2013 ISI Group JONATHAN WOLFF strong buy 5 M 112 12 month 25.09.2013 Howard Weil Inc PETER KISSEL focus list 5 M 117 Not Provided 24.09.2013 Morgan Stanley J EVAN CALIO Overwt/Attractive 5 M 108 12 month 23.09.2013 Canaccord Genuity Corp ROBERT L CHRISTENSEN JR buy 5 M 118 12 month 23.09.2013 Oppenheimer & Co FADEL GHEIT outperform 5 M 110 18 month 20.09.2013 Mizuho Securities USA Inc JOHN MALONE buy 5 M 110 Not Provided 20.09.2013 Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 105 12 month 19.09.2013 Capital One Southcoast, Inc. RICHARD TULLIS strong buy 5 M 140 Not Provided 17.09.2013 Jefferies SUBASH CHANDRA buy 5 M 111 12 month 16.09.2013 Iberia Capital Partners LLC ERIC FOX outperform 5 M 112 12 month 16.09.2013 Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 122 12 month 12.09.2013 FBR Capital Markets REHAN RASHID market perform 3 M 90 12 month 11.09.2013 Raymond James ANDREW COLEMAN outperform 5 M 105 12 month 09.09.2013 Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 133 Not Provided 03.09.2013 KLR Group JOHN J GERDES buy 5 M 126 Not Provided 03.09.2013 Macquarie JOSEPH MAGNER outperform 5 M 111 12 month 30.08.2013 Societe Generale JOHN HERRLIN buy 5 M 103 12 month 26.08.2013 Deutsche Bank STEPHEN RICHARDSON buy 5 M 115 12 month 26.08.2013 RBC Capital Markets SCOTT HANOLD outperform 5 M 100 12 month 26.08.2013 Johnson Rice & Co CHARLES MEADE overweight 5 M #N/A N/A Not Provided 26.08.2013 Stifel AMIR ARIF buy 5 M 98 12 month 26.08.2013 Global Hunter Securities CURTIS R TRIMBLE buy 5 M 130 12 month 26.08.2013 Simmons & Company International DAVID W KISTLER overweight 5 M 125 Not Provided 15.08.2013 Credit Suisse ARUN JAYARAM outperform 5 M 109 Not Provided 31.07.2013 Spin-Off Research TEAM COVERAGE neutral 3 M 90 Not Provided 31.07.2013 Barclays THOMAS R DRISCOLL overweight 5 M 102 Not Provided 31.07.2013 S&P Capital IQ MICHAEL KAY buy 5 M 103 Not Provided 30.07.2013 EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 30.07.2013 JPMorgan JOSEPH D ALLMAN neutral 3 M 102 3 month 24.07.2013 Argus Research Corp JONATHAN GELCIUS hold 3 M #N/A N/A Not Provided 20.05.2013 Goldman Sachs BRIAN SINGER buy/attractive 5 M 112 12 month 07.05.2013 Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 108 12 month 16.04.2013 UBS WILLIAM A FEATHERSTON buy 5 M 105 12 month 19.03.2013 Holdings By: Anadarko Petroleum Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 American Express Company is a global payment and travel company. The Company's principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (15.07.2013) 78.62 52-Week Low (15.11.2012) 53.02 Daily Volume 75.74 52-Week High % Change -3.64% Dividend Yield 1.10 52-Week Low % Change 42.85% Beta 1.03 % 52 Week Price Range High/Low 91.02% Equity Float 1'075.79 Shares Out 23.07.2013 1'078.9 Short Int 10.48 81'713.12 1 Yr Total Return 35.63% Total Debt 62'287.00 YTD Return 33.02% Preferred Stock 0.0 Adjusted BETA 1.029 Minority Interest 0.0 Analyst Recs 33 Cash and Equivalents 22'250.00 Consensus Rating 3.364 Enterprise Value 114'220.12 Average Volume 5 Day 1'881'594 AXP UN EQUITY YTD Change - Average Volume 30 Day 952'494 AXP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'098'628 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 31'920.0 26'730.0 30'005.0 32'282.0 33'808.0 33'139.0 34'242.0 32'905.7 34'764.5 8'215.5 8'540.1 2.19x 3.23x 3.49x 2.88x 3.06x 11.79x 12.32x 4.16x 3.99x - - 7'848.0 5'100.0 9'417.0 10'243.0 10'563.0 11'012.0 10'692.0 - - - - 8.92x 16.94x 11.13x 9.08x 9.80x 9.42x 10.62x - - - - 2'699.0 2'130.0 4'057.0 4'935.0 4'482.0 5'022.0 4'572.0 5'316.5 5'596.0 1'326.3 1'335.0 6.82x 40.37x 12.58x 11.46x 13.06x 13.58x 16.25x 15.57x 14.17x 14.99x 14.59x EBITDA 10'563.00 Long-Term Rating Date 30.04.2009 EBIT - Long-Term Rating BBB+ Operating Margin 23.26% Long-Term Outlook STABLE Pretax Margin 19.08% Short-Term Rating Date 30.04.2009 Return on Assets 3.05% Short-Term Rating A-2 Return on Common Equity 23.64% Return on Capital 5.96% EBITDA/Interest Exp. - Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA 3.04 Gross Margin - Total Debt/EBITDA 5.20 EBITDA Margin 31.2% EBIT Margin - Total Debt/Equity 329.8% Net Income Margin 13.3% Total Debt/Capital 76.7% Asset Turnover 0.23 Current Ratio - Net Fixed Asset Turnover 9.57 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 40.67% Inventory Days - Tot Debt to Common Equity 329.81% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended American Express Co Price/Volume Valuation Analysis 135'320.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 90 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BERKSHIRE HATHAWAY I n/a ULT-AGG 151'610'700 14.05 - 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 129'013'976 11.96 (1'085'084) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 55'302'303 5.13 (248'564) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 47'938'837 4.44 2'824'795 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 46'580'692 4.32 1'365'370 26.09.2013 Investment Advisor DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 37'779'862 3.5 (2'157'765) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 27'646'277 2.56 (2'006'793) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 26'051'205 2.41 6'109'014 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'800'089 2.02 (2'841'094) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'320'271 1.61 (78'634) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 14'545'102 1.35 1'537'162 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'132'368 1.22 (949'310) 30.06.2013 Investment Advisor FISHER INVESTMENTS I FISHER INVESTMENTS 13F 10'867'290 1.01 60'244 30.06.2013 Investment Advisor FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 10'024'245 0.93 60'900 30.06.2013 Hedge Fund Manager TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9'850'698 0.91 892'572 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 9'311'556 0.86 470'910 31.07.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 8'702'643 0.81 (2'042'099) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 7'962'831 0.74 - 31.12.2012 Government EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 7'202'820 0.67 (1'538'400) 30.06.2013 Hedge Fund Manager BANK OF AMERICA CORP BANK OF AMERICA 13F 7'104'851 0.66 469'547 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Buckingham Research Group DAVID HOCHSTIM neutral 3 M 85 12 month 26.09.2013 Oppenheimer & Co BEN CHITTENDEN market perform 3 M #N/A N/A Not Provided 26.09.2013 Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 77 12 month 25.09.2013 Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 75 12 month 23.09.2013 Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 80 12 month 23.09.2013 Goldman Sachs RYAN M. NASH neutral/attractive 3 M 82 12 month 17.09.2013 RBC Capital Markets JASON ARNOLD underperform 1 M 61 12 month 17.09.2013 Evercore Partners BRADLEY BALL equalweight 3 M 76 12 month 17.09.2013 Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 87 12 month 16.09.2013 Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 78 12 month 16.09.2013 Nomura BILL CARCACHE buy 5 M 89 12 month 09.09.2013 Jefferies DANIEL FURTADO hold 3 M 75 12 month 06.09.2013 Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 29.08.2013 Drexel Hamilton LLC DAVID B HILDER buy 5 M 85 12 month 22.08.2013 Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 81 Not Provided 19.08.2013 Guggenheim Securities LLC DAVID W DARST neutral 3 M 75 12 month 09.08.2013 S&P Capital IQ SONIA PARECHANIAN strong buy 5 M 96 Not Provided 09.08.2013 Barclays MARK C DEVRIES equalweight 3 M 82 Not Provided 09.08.2013 Credit Suisse MOSHE A ORENBUCH underperform 1 M 71 Not Provided 08.08.2013 Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 78 12 month 07.08.2013 Stifel CHRISTOPHER C BRENDLER hold 3 M #N/A N/A Not Provided 06.08.2013 William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 01.08.2013 Argus Research Corp DAVID RITTER buy 5 M 85 Not Provided 23.07.2013 JPMorgan RICHARD SHANE JR underweight 1 M 70 15 month 18.07.2013 FBR Capital Markets SCOTT VALENTIN market perform 3 M 80 12 month 18.07.2013 Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 18.07.2013 Wells Fargo Securities, LLC JOEL HOUCK market perform 3 M #N/A N/A Not Provided 17.07.2013 Piper Jaffray MICHAEL J GRONDAHL neutral 3 M 77 12 month 17.07.2013 Sterne, Agee & Leach HENRY J COFFEY JR not rated #N/A N/A M #N/A N/A Not Provided 15.01.2013 EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013 Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012 Holdings By: American Express Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide. The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 120.38 52-Week Low (28.09.2012) 69.19 Daily Volume 118.34 52-Week High % Change -1.65% Dividend Yield 1.57 52-Week Low % Change 71.04% Beta 1.05 % 52 Week Price Range High/Low 98.05% Equity Float 751.14 Shares Out 17.07.2013 754.4 Short Int 9.39 89'280.94 1 Yr Total Return 72.64% Total Debt 10'409.00 YTD Return 59.59% Preferred Stock 0.0 Adjusted BETA 1.046 Minority Interest 100.0 Analyst Recs 29 Cash and Equivalents 13'558.00 Consensus Rating 4.586 Enterprise Value 84'639.94 Average Volume 5 Day 1'617'009 BA UN EQUITY YTD Change - Average Volume 30 Day 992'106 BA UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'099'624 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 60'909.0 68'281.0 64'306.0 68'735.0 81'698.0 76'670.0 83'018.0 84'911.0 92'669.3 21'637.7 22'645.8 0.56x 0.60x 0.78x 0.81x 0.66x 2.84x 2.91x 1.01x 0.90x 4.01x 3.75x 5'437.0 3'786.0 6'692.0 7'480.0 8'118.0 8'121.0 8'237.0 8'420.0 9'519.9 2'003.9 2'081.5 6.26x 10.86x 7.47x 7.46x 6.64x 7.00x 8.81x 10.04x 8.88x 9.83x 9.39x 2'672.0 1'312.0 3'307.0 4'018.0 3'900.0 4'381.0 4'204.0 4'468.0 5'106.6 990.4 1'009.4 6.87x 28.31x 15.41x 15.38x 14.76x 14.19x 18.91x 18.19x 16.50x 17.97x 16.93x EBITDA 8'118.00 Long-Term Rating Date 29.07.2009 EBIT 6'307.00 Long-Term Rating A Operating Margin 7.72% Long-Term Outlook STABLE Pretax Margin 7.23% Short-Term Rating Date 05.02.2002 Return on Assets 4.84% Short-Term Rating A-1 Return on Common Equity 63.08% Return on Capital 26.24% EBITDA/Interest Exp. 15.12 Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. 11.95 Net Debt/EBITDA -0.58 Gross Margin 16.0% Total Debt/EBITDA 1.16 EBITDA Margin 9.9% EBIT Margin 7.7% Total Debt/Equity 177.4% Net Income Margin 4.8% Total Debt/Capital 63.6% Asset Turnover 0.96 Current Ratio 1.27 Net Fixed Asset Turnover 8.62 Quick Ratio 0.43 Accounts receivable turnover-days 28.50 Debt to Assets 11.71% Inventory Days 196.12 Tot Debt to Common Equity 177.42% Accounts Payable Turnover Day 47.81 Accounts Receivable Turnover 12.81 Cash Conversion Cycle 170.08 Inventory Turnover 1.86 Fiscal Year Ended Boeing Co/The Price/Volume Valuation Analysis 149'861.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 140 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 90'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 76'805'633 10.18 2'440'826 30.06.2013 Investment Advisor EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 55'925'358 7.41 (2'460'883) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 36'536'140 4.84 - 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 34'874'740 4.62 1'267'232 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 33'450'260 4.43 947'440 26.09.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 31'145'498 4.13 1'554'980 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'752'324 1.56 (1'063'773) 30.06.2013 Investment Advisor NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 10'135'410 1.34 409'245 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'997'272 1.33 (2'281'505) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'949'196 1.32 47'378 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 8'872'358 1.18 (666'747) 31.08.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'390'479 1.11 (24'018) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 8'008'404 1.06 1'316'937 30.06.2013 Investment Advisor VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 7'995'460 1.06 (4'379'618) 30.06.2013 Hedge Fund Manager UBS AG n/a ULT-AGG 7'473'972 0.99 (1'241'320) 31.08.2013 Unclassified ALLIANCE BERNSTEIN n/a ULT-AGG 7'056'377 0.94 2'334'099 30.08.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'002'202 0.93 705'546 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 6'232'174 0.83 34'128 31.07.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 5'722'233 0.76 2'250'955 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'748'844 0.63 110'370 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 146 12 month 25.09.2013 Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 25.09.2013 Stifel STEPHEN E LEVENSON buy 5 M 140 12 month 24.09.2013 Sterne, Agee & Leach PETER J ARMENT buy 5 M 164 12 month 24.09.2013 D.A. Davidson & Co JB GROH neutral 3 M 115 18 month 20.09.2013 Jefferies HOWARD A RUBEL buy 5 M 124 12 month 20.09.2013 EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 20.09.2013 Deutsche Bank MYLES WALTON buy 5 M 125 12 month 19.09.2013 Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 19.09.2013 Cowen and Company CAI VON RUMOHR outperform 5 M 140 12 month 19.09.2013 S&P Capital IQ ERIC HUGEL buy 5 M 138 Not Provided 19.09.2013 Oppenheimer & Co YAIR REINER outperform 5 M 120 12 month 18.09.2013 Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 130 12 month 18.09.2013 RBC Capital Markets ROBERT STALLARD outperform 5 M 126 12 month 29.08.2013 CRT Capital Group MICHAEL W DERCHIN buy 5 M 123 Not Provided 23.08.2013 Goldman Sachs NOAH POPONAK buy/attractive 5 M 131 12 month 12.08.2013 Morgan Stanley JOHN D GODYN Overwt/Attractive 5 M 132 12 month 05.08.2013 Buckingham Research Group RICHARD SAFRAN buy 5 M 122 12 month 02.08.2013 BB&T Capital Markets F CARTER LEAKE buy 5 M 110 12 month 29.07.2013 Societe Generale ZAFAR KHAN hold 3 M 111 12 month 25.07.2013 Argus Research Corp NATHANIEL GABRIEL buy 5 M 120 Not Provided 25.07.2013 JPMorgan JOSEPH B NADOL III overweight 5 M 135 15 month 25.07.2013 Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 25.07.2013 Barclays CARTER COPELAND overweight 5 M 120 Not Provided 25.07.2013 Credit Suisse ROBERT M SPINGARN outperform 5 M 121 Not Provided 24.07.2013 UBS DAVID E STRAUSS neutral 3 M 107 12 month 18.07.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013 Holdings By: Boeing Co/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (23.07.2013) 15.03 52-Week Low (28.09.2012) 8.79 Daily Volume 13.999 52-Week High % Change -6.72% Dividend Yield 0.29 52-Week Low % Change 59.26% Beta 1.58 % 52 Week Price Range High/Low 84.78% Equity Float 10'737.71 Shares Out 31.07.2013 10'743.1 Short Int 140.56 150'393.03 1 Yr Total Return 56.58% Total Debt 673'162.00 YTD Return 20.96% Preferred Stock 18'768.0 Adjusted BETA 1.581 Minority Interest 0.0 Analyst Recs 41 Cash and Equivalents 349'370.00 Consensus Rating 3.439 Enterprise Value - Average Volume 5 Day 21'474'476 BAC UN EQUITY YTD Change - Average Volume 30 Day 16'062'012 BAC UN EQUITY YTD % CHANGE - Average Volume 3 Month 16'591'769 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 113'106.0 153'286.0 135'161.0 115'373.0 100'078.0 116'933.0 99'429.0 90'386.8 91'805.2 22'107.8 22'145.2 - - - - - 0.00x 0.00x - - - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 4'008.0 6'276.0 (2'238.0) 1'446.0 4'188.0 11'339.0 6'567.0 11'295.2 15'940.5 2'621.2 3'263.2 19.29x 16.22x 12.35x 9.25x 9.00x 8.33x 10.06x 14.77x 10.22x 12.26x 10.93x EBITDA - Long-Term Rating Date 29.11.2011 EBIT - Long-Term Rating A- Operating Margin 12.15% Long-Term Outlook NEG Pretax Margin 3.69% Short-Term Rating Date 29.11.2011 Return on Assets 0.31% Short-Term Rating A-2 Return on Common Equity 2.31% Return on Capital 0.73% EBITDA/Interest Exp. - Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 308.5% Net Income Margin 5.0% Total Debt/Capital 74.0% Asset Turnover 0.05 Current Ratio - Net Fixed Asset Turnover 8.47 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 30.46% Inventory Days - Tot Debt to Common Equity 308.52% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Bank of America Corp Price/Volume Valuation Analysis 4'327'606.00 Current Price (9/dd/yy) Market Data 0 2 4 6 8 10 12 14 16 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 10.0 M 20.0 M 30.0 M 40.0 M 50.0 M 60.0 M 70.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 160'000.0 180'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 555'960'699 5.18 (16'297'306) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 486'711'237 4.53 7'392'689 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 467'514'408 4.35 7'554'255 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 223'658'257 2.08 56'897'452 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 167'684'205 1.56 5'623'268 23.08.2013 Investment Advisor CITIGROUP INCORPORAT n/a ULT-AGG 152'895'155 1.42 (24'393'324) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 145'015'679 1.35 861'231 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 142'516'486 1.33 828'472 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 142'085'000 1.32 (900'000) 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 127'292'188 1.18 (190'600) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 115'436'717 1.07 12'224'748 30.06.2013 Investment Advisor FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 100'948'615 0.94 359'400 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 96'801'239 0.9 (59'245) 31.07.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 84'980'546 0.79 (27'229'287) 31.08.2013 Investment Advisor ING GROEP NV ING GROEP NV 13F 84'717'844 0.79 16'702'963 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 81'368'292 0.76 8'344'139 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 77'988'479 0.73 - 31.12.2012 Government HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 76'899'616 0.72 7'766'400 30.06.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 76'366'591 0.71 1'883'538 31.07.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 74'446'403 0.69 1'016'969 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS DEREK DE VRIES neutral 3 M 16 12 month 27.09.2013 Buckingham Research Group JAMES F MITCHELL buy 5 M 17 12 month 26.09.2013 Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 26.09.2013 Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 20 12 month 25.09.2013 Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 15 12 month 25.09.2013 Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 19 12 month 25.09.2013 Societe Generale MURALI GOPAL buy 5 M 17 12 month 23.09.2013 Robert W. Baird & Co DAVID A GEORGE neutral 3 M 14 12 month 23.09.2013 SunTrust Robinson Humphrey ERIC E WASSERSTROM neutral 3 M 15 12 month 20.09.2013 Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 14 12 month 19.09.2013 JPMorgan VIVEK JUNEJA overweight 5 M 16 15 month 18.09.2013 Evercore Partners ANDREW A MARQUARDT overweight 5 M 16 12 month 18.09.2013 Raymond James ANTHONY J POLINI strong buy 5 M 17 12 month 17.09.2013 Credit Suisse MOSHE A ORENBUCH neutral 3 M 14 Not Provided 12.09.2013 Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 12.09.2013 Atlantic Equities LLP RICHARD STAITE overweight 5 M 17 12 month 12.09.2013 Independent Research GmbH STEFAN BONGARDT hold 3 M 16 12 month 11.09.2013 Macquarie DAVID J KONRAD underperform 1 M 12 12 month 05.09.2013 Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 16 12 month 05.09.2013 Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 04.09.2013 S&P Capital IQ ERIK M OJA hold 3 M 15 12 month 03.09.2013 Drexel Hamilton LLC DAVID B HILDER buy 5 M 16 12 month 03.09.2013 Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 28.08.2013 Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO market perform 3 M 15 12 month 25.08.2013 Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 17 12 month 15.08.2013 Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 12 Not Provided 12.08.2013 Barclays JASON M GOLDBERG equalweight 3 M 15 Not Provided 02.08.2013 RBC Capital Markets JOSEPH K MORFORD outperform 5 M 16 12 month 01.08.2013 Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 29.07.2013 Deutsche Bank MATTHEW D O'CONNOR hold 3 M 15 12 month 24.07.2013 Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 22.07.2013 Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 16 12 month 19.07.2013 FBR Capital Markets PAUL J MILLER JR market perform 3 M 14 12 month 18.07.2013 Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 17 12 month 17.07.2013 EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 17.07.2013 JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 03.06.2013 R.W. Pressprich & Co BRIAN CHARLES buy 5 M 16 Not Provided 30.05.2013 HSBC ROBERT MURPHY underweight 1 M 10 Not Provided 26.03.2013 Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012 Holdings By: Bank of America Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Baxter International Inc. develops, manufactures, and markets products and technologies related to hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. The Company's products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and research laboratories. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (23.07.2013) 74.59 52-Week Low (28.09.2012) 59.67 Daily Volume 66.37 52-Week High % Change -10.99% Dividend Yield 2.77 52-Week Low % Change 11.23% Beta 0.89 % 52 Week Price Range High/Low 44.77% Equity Float 541.66 Shares Out 29.07.2013 542.8 Short Int 3.88 36'024.76 1 Yr Total Return 13.26% Total Debt 5'930.00 YTD Return 1.63% Preferred Stock 0.0 Adjusted BETA 0.892 Minority Interest 40.0 Analyst Recs 23 Cash and Equivalents 3'270.00 Consensus Rating 4.478 Enterprise Value 39'103.76 Average Volume 5 Day 1'008'472 BAX UN EQUITY YTD Change - Average Volume 30 Day 600'718 BAX UN EQUITY YTD % CHANGE - Average Volume 3 Month 683'334 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'348.0 12'562.0 12'843.0 13'893.0 14'190.0 14'033.0 14'347.0 15'244.4 16'859.1 3'810.4 4'306.5 2.81x 2.93x 2.44x 2.18x 2.76x 9.46x 11.03x 2.78x 2.48x 11.15x 9.80x 3'195.0 3'515.0 2'821.0 3'616.0 3'533.0 3'538.0 3'617.0 4'232.9 4'744.8 1'057.0 1'128.8 10.84x 10.49x 11.11x 8.38x 11.07x 9.08x 11.24x 9.24x 8.24x 9.03x 8.92x 2'014.0 2'205.0 1'420.0 2'224.0 2'326.0 2'288.0 2'219.0 2'562.1 2'812.9 652.8 691.2 15.86x 15.40x 12.54x 11.59x 14.72x 12.16x 15.00x 14.20x 12.89x 13.56x 13.30x EBITDA 3'533.00 Long-Term Rating Date 06.12.2012 EBIT 2'821.00 Long-Term Rating A Operating Margin 19.88% Long-Term Outlook STABLE Pretax Margin 20.36% Short-Term Rating Date 24.10.2008 Return on Assets 10.52% Short-Term Rating A-1 Return on Common Equity 32.08% Return on Capital 16.63% EBITDA/Interest Exp. 16.28 Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 10.93 Net Debt/EBITDA 0.84 Gross Margin 51.5% Total Debt/EBITDA 2.50 EBITDA Margin 25.2% EBIT Margin 20.2% Total Debt/Equity 85.5% Net Income Margin 16.4% Total Debt/Capital 45.9% Asset Turnover 0.68 Current Ratio 1.95 Net Fixed Asset Turnover 2.39 Quick Ratio 1.20 Accounts receivable turnover-days 58.09 Debt to Assets 29.08% Inventory Days 152.56 Tot Debt to Common Equity 85.47% Accounts Payable Turnover Day 202.99 Accounts Receivable Turnover 6.28 Cash Conversion Cycle 166.31 Inventory Turnover 2.39 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Baxter International Inc Price/Volume Valuation Analysis 200'632.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 36'338'555 6.69 (5'896'300) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 30'946'346 5.7 2'579'665 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 25'998'260 4.79 250'362 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 25'361'362 4.67 (175'712) 26.09.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 13'240'194 2.44 - 30.06.2013 Insurance Company BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 10'631'361 1.96 (610'868) 30.06.2013 Investment Advisor INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 10'348'254 1.91 1'340'450 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 9'722'681 1.79 1'157'248 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'709'601 1.6 112'983 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 8'527'999 1.57 189'586 31.07.2013 Investment Advisor ABERDEEN n/a ULT-AGG 7'746'962 1.43 673'000 31.08.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'736'759 1.43 2'845'126 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 7'255'994 1.34 (1'098'130) 31.07.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'169'003 1.32 (255'434) 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 6'716'549 1.24 (1'778) 30.06.2013 Insurance Company T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'981'045 1.1 (3'137'875) 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 5'955'184 1.1 1'208'250 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 5'899'248 1.09 (5'218'747) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 5'519'550 1.02 (694'861) 30.06.2013 Unclassified LAZARD ASSET MANAGEM n/a ULT-AGG 4'996'760 0.92 456'414 31.08.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date CL King & Associates ROBERT M GOLDMAN buy 5 M 80 12 month 26.09.2013 JPMorgan MICHAEL N WEINSTEIN neutral 3 M 76 Not Provided 25.09.2013 BMO Capital Markets JOANNE K WUENSCH outperform 5 M 82 Not Provided 23.09.2013 Raymond James LAWRENCE S KEUSCH outperform 5 M 80 12 month 19.09.2013 Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M 85 12 month 16.09.2013 Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 13.09.2013 Credit Suisse BRUCE NUDELL outperform 5 M 81 Not Provided 11.09.2013 Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 82 12 month 06.09.2013 Barclays MATTHEW TAYLOR overweight 5 M 82 Not Provided 29.08.2013 RBC Capital Markets GLENN J NOVARRO outperform 5 M 77 12 month 22.08.2013 Cowen and Company JOSHUA JENNINGS outperform 5 M 82 12 month 19.08.2013 Deutsche Bank KRISTEN M STEWART hold 3 M 75 12 month 12.08.2013 Goldman Sachs DAVID H ROMAN Buy/Neutral 5 M 86 12 month 06.08.2013 Morgan Stanley DAVID R LEWIS Overwt/In-Line 5 M 81 12 month 01.08.2013 Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 29.07.2013 Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 22.07.2013 William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 18.07.2013 Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 18.07.2013 S&P Capital IQ HERMAN SAFTLAS buy 5 M 82 Not Provided 18.07.2013 Piper Jaffray MATT MIKSIC overweight 5 M 82 12 month 18.07.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 05.03.2013 Holdings By: Baxter International Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. The Company provides financial services for institutions, corporations and high-net-worth individuals, providing asset management and wealth management, asset servicing, issuer services, clearing services and treasury services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (23.07.2013) 32.36 52-Week Low (28.09.2012) 22.42 Daily Volume 30.27 52-Week High % Change -6.46% Dividend Yield 1.78 52-Week Low % Change 35.01% Beta 1.35 % 52 Week Price Range High/Low 82.19% Equity Float 1'142.43 Shares Out 30.06.2013 1'150.5 Short Int 13.68 34'824.93 1 Yr Total Return 35.34% Total Debt 62'098.00 YTD Return 19.55% Preferred Stock 1'068.0 Adjusted BETA 1.347 Minority Interest 1'011.0 Analyst Recs 28 Cash and Equivalents 145'340.00 Consensus Rating 3.429 Enterprise Value - Average Volume 5 Day 1'627'568 BK UN EQUITY YTD Change - Average Volume 30 Day 1'337'696 BK UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'441'391 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'238.0 8'279.0 14'920.0 15'804.0 15'089.0 15'083.0 15'335.0 15'045.2 15'624.0 3'768.2 3'776.6 - - - - - 0.00x 0.00x - - - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 1'386.0 (1'367.0) 2'518.0 2'516.0 2'445.0 2'241.0 1'952.0 2'647.1 2'827.6 675.8 655.2 8.77x - 13.21x 9.37x 11.09x 10.13x 11.17x 13.21x 11.90x 12.72x 12.38x EBITDA - Long-Term Rating Date 29.11.2011 EBIT - Long-Term Rating A+ Operating Margin 26.53% Long-Term Outlook NEG Pretax Margin 22.69% Short-Term Rating Date 29.11.2011 Return on Assets 0.57% Short-Term Rating A-1 Return on Common Equity 5.47% Return on Capital 2.05% EBITDA/Interest Exp. - Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 175.6% Net Income Margin 16.8% Total Debt/Capital 62.4% Asset Turnover 0.04 Current Ratio - Net Fixed Asset Turnover 9.28 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 17.30% Inventory Days - Tot Debt to Common Equity 175.60% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Bank of New York Mellon Corp/The Price/Volume Valuation Analysis 239'793.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 18'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 87'249'185 7.58 (3'633'435) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 65'796'971 5.72 (3'416'916) 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 59'838'854 5.2 (708'300) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 56'925'069 4.95 (6'857'764) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 51'853'066 4.51 (328'727) 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 51'654'882 4.49 1'148'834 26.09.2013 Investment Advisor SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 42'552'699 3.7 (1'379'718) 30.06.2013 Investment Advisor FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 25'021'390 2.17 571'100 30.06.2013 Hedge Fund Manager BERKSHIRE HATHAWAY I n/a ULT-AGG 24'644'029 2.14 5'704'914 30.06.2013 Investment Advisor FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 23'633'048 2.05 (3'197'080) 30.06.2013 Investment Advisor LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 17'985'353 1.56 451'462 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'581'699 1.44 (14'889) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 15'592'216 1.36 (182'973) 26.09.2013 Investment Advisor CI INVESTMENTS INC CI INVESTMENTS INC 13F 15'385'000 1.34 (4'000'000) 30.06.2013 Investment Advisor MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 15'079'017 1.31 3'350'944 30.06.2013 Hedge Fund Manager ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 14'491'629 1.26 775'332 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'136'094 0.97 (151'686) 30.06.2013 Investment Advisor MACQUARIE GROUP n/a ULT-AGG 10'937'838 0.95 840'525 31.07.2013 Investment Advisor CORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 9'050'000 0.79 - 30.06.2013 Investment Advisor GAMCO n/a ULT-AGG 8'956'819 0.78 68'023 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date JPMorgan VIVEK JUNEJA neutral 3 M 31 3 month 27.09.2013 Sanford C. Bernstein & Co LUKE MONTGOMERY market perform 3 M 27 12 month 27.09.2013 Evercore Partners ANDREW A MARQUARDT equalweight 3 M 32 12 month 27.09.2013 Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 36 12 month 27.09.2013 Buckingham Research Group JAMES F MITCHELL buy 5 M 35 12 month 26.09.2013 Morgan Stanley BETSY L GRASECK Underwt/Attractive 1 M 32 12 month 23.09.2013 Barclays JASON M GOLDBERG overweight 5 M 34 Not Provided 12.09.2013 Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 32 12 month 11.09.2013 Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 11.09.2013 Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 29.08.2013 UBS BRENNAN HAWKEN neutral 3 M 30 12 month 13.08.2013 ISI Group BRIAN BEDELL neutral 3 M 31 12 month 12.08.2013 Jefferies KENNETH M USDIN hold 3 M 35 12 month 05.08.2013 Keefe, Bruyette & Woods ROBERT A LEE market perform 3 M 30 12 month 01.08.2013 Argus Research Corp DAVID RITTER buy 5 M 40 Not Provided 29.07.2013 Raymond James DAVID J LONG outperform 5 M 35 12 month 18.07.2013 Macquarie JOHN MORAN neutral 3 M 33 12 month 18.07.2013 EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 18.07.2013 Goldman Sachs ALEXANDER BLOSTEIN Sell/Neutral 1 M 27 12 month 17.07.2013 RBC Capital Markets GERARD S CASSIDY sector perform 3 M 32 12 month 17.07.2013 Credit Suisse HOWARD H CHEN neutral 3 M 28 Not Provided 17.07.2013 Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 30 12 month 17.07.2013 Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 17.07.2013 S&P Capital IQ SONIA PARECHANIAN hold 3 M 33 12 month 08.03.2013 Stifel J JEFFREY HOPSON hold 3 M #N/A N/A Not Provided 18.10.2012 Holdings By: Bank of New York Mellon Corp/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol-Myers Squibb products and experimental therapies address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (03.06.2013) 49.57 52-Week Low (15.11.2012) 30.64 Daily Volume 46.3 52-Week High % Change -6.62% Dividend Yield 2.25 52-Week Low % Change 51.11% Beta 0.70 % 52 Week Price Range High/Low 86.05% Equity Float 1'643.94 Shares Out 30.06.2013 1'646.3 Short Int 25.39 76'224.78 1 Yr Total Return 41.95% Total Debt 7'394.00 YTD Return 45.96% Preferred Stock 0.0 Adjusted BETA 0.704 Minority Interest 15.0 Analyst Recs 22 Cash and Equivalents 6'352.00 Consensus Rating 3.545 Enterprise Value 77'410.78 Average Volume 5 Day 2'097'288 BMY UN EQUITY YTD Change - Average Volume 30 Day 1'875'641 BMY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'941'854 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'715.0 18'808.0 19'484.0 21'244.0 17'621.0 20'493.0 15'806.0 16'230.6 17'419.4 4'005.5 4'330.7 2.49x 2.10x 2.07x 2.50x 3.07x 10.27x 16.08x 5.54x 5.18x - - 4'382.0 5'646.0 6'722.0 7'448.0 4'771.0 6'953.0 3'328.0 3'947.8 4'421.2 978.0 1'022.0 10.08x 7.01x 6.01x 7.13x 11.36x 8.12x 22.35x 19.59x 17.49x - - 5'247.0 10'612.0 3'102.0 3'709.0 1'960.0 3'567.0 1'359.0 2'862.9 3'299.7 723.6 716.4 15.60x 13.58x 12.26x 16.31x 16.38x 16.71x 27.61x 26.64x 23.06x 24.97x 24.60x EBITDA 4'771.00 Long-Term Rating Date 06.09.2006 EBIT 4'090.00 Long-Term Rating A+ Operating Margin 23.21% Long-Term Outlook STABLE Pretax Margin 13.28% Short-Term Rating Date 31.05.2012 Return on Assets 4.00% Short-Term Rating A-1+ Return on Common Equity 8.92% Return on Capital - EBITDA/Interest Exp. 26.21 Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 23.20 Net Debt/EBITDA 0.36 Gross Margin 73.8% Total Debt/EBITDA 2.17 EBITDA Margin 21.1% EBIT Margin 16.6% Total Debt/Equity 54.3% Net Income Margin 11.1% Total Debt/Capital 35.2% Asset Turnover 0.47 Current Ratio 1.15 Net Fixed Asset Turnover 3.26 Quick Ratio 0.71 Accounts receivable turnover-days 71.94 Debt to Assets 20.60% Inventory Days 142.53 Tot Debt to Common Equity 54.28% Accounts Payable Turnover Day 181.81 Accounts Receivable Turnover 5.07 Cash Conversion Cycle 11.53 Inventory Turnover 2.56 Fiscal Year Ended Bristol-Myers Squibb Co Price/Volume Valuation Analysis 341'790.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 35 40 45 50 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 157'303'422 9.55 839'868 31.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 108'745'529 6.61 1'439'171 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 76'848'907 4.67 1'161'410 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 68'845'664 4.18 1'504'188 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 59'324'696 3.6 18'874'267 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 34'799'574 2.11 15'924'934 31.07.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 27'274'977 1.66 (591'743) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 26'209'101 1.59 714'594 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 17'108'065 1.04 1'703'185 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 16'570'948 1.01 (1'416'933) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 15'867'810 0.96 (10'242'527) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 15'171'429 0.92 (2'987'953) 26.09.2013 Investment Advisor LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 14'819'639 0.9 (369'648) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 14'356'226 0.87 7'825'567 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 14'167'650 0.86 (4'275'123) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'111'659 0.86 1'499'390 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 13'547'101 0.82 - 31.12.2012 Government GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 11'307'658 0.69 231'216 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 10'664'189 0.65 (729'110) 30.06.2013 Unclassified TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 10'463'291 0.64 1'957'227 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 46 12 month 27.09.2013 SunTrust Robinson Humphrey JOHN T BORIS buy 5 M 55 12 month 23.09.2013 Cowen and Company STEVEN R SCALA outperform 5 M 55 12 month 23.09.2013 Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 20.09.2013 Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M 49 12 month 17.09.2013 JPMorgan CHRISTOPHER T SCHOTT overweight 5 U 52 15 month 16.09.2013 BMO Capital Markets ALEX ARFAEI market perform 3 M 48 Not Provided 12.09.2013 Jefferies JEFFREY HOLFORD hold 3 M 41 12 month 10.09.2013 MKM Partners JON LECROY sell 1 M 29 12 month 03.09.2013 Barclays CHARLES ANTHONY BUTLER equalweight 3 M 45 Not Provided 03.09.2013 Argus Research Corp JOHN M EADE buy 5 M 54 Not Provided 29.07.2013 Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M 45 12 month 26.07.2013 Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 26.07.2013 Goldman Sachs JAMI E RUBIN buy/attractive 5 M 53 12 month 25.07.2013 William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 25.07.2013 Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 38 12 month 25.07.2013 UBS MARC GOODMAN neutral 3 M 48 12 month 07.06.2013 EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 16.05.2013 S&P Capital IQ HERMAN SAFTLAS hold 3 M 42 Not Provided 25.04.2013 ISI Group MARK J SCHOENEBAUM neutral 3 M 36 Not Provided 10.04.2013 Cyrrus TOMAS MENCIK sell 1 M 32 Not Provided 05.04.2012 MP Advisors Pvt Ltd VISHAL MANCHANDA underperform 1 M 26 Not Provided 31.01.2012 Holdings By: Bristol-Myers Squibb Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors. The Company's principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire's other operations include a railway company, a specialty chemical company, and an international association of diversified businesses. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (22.07.2013) 119.29 52-Week Low (09.11.2012) 83.85 Daily Volume 114.7 52-Week High % Change -3.88% Dividend Yield - 52-Week Low % Change 36.80% Beta 0.87 % 52 Week Price Range High/Low 90.12% Equity Float 1'067.32 Shares Out 25.07.2013 1'163.0 Short Int 14.56 282'889.19 1 Yr Total Return 29.96% Total Debt 62'736.00 YTD Return 27.87% Preferred Stock 0.0 Adjusted BETA 0.869 Minority Interest 3'941.0 Analyst Recs 3 Cash and Equivalents 186'759.00 Consensus Rating 3.000 Enterprise Value 147'962.19 Average Volume 5 Day 1'995'564 BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1'350'485 BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'239'229 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 107'786.0 112'493.0 136'185.0 143'688.0 162'463.0 148'387.0 174'330.0 - - - - 0.58x 0.35x 0.78x 0.64x 0.62x 2.44x 2.68x - - - - 11'708.0 15'985.0 25'185.0 22'008.0 29'524.0 24'384.0 34'359.0 - - - - 5.38x 2.48x 4.23x 4.15x 3.39x 3.93x 4.14x - - - - 4'994.0 8'055.0 12'967.0 10'254.0 14'824.0 11'679.0 17'904.0 - - - - - - - - - 0.00x 0.00x 18.70x 17.38x - - EBITDA 29'524.00 Long-Term Rating Date - EBIT 24'378.00 Long-Term Rating AA Operating Margin 15.01% Long-Term Outlook NEG Pretax Margin 13.69% Short-Term Rating Date - Return on Assets 4.17% Short-Term Rating - Return on Common Equity 9.44% Return on Capital 7.75% EBITDA/Interest Exp. 13.78 Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 9.22 Net Debt/EBITDA -4.01 Gross Margin 23.5% Total Debt/EBITDA 1.86 EBITDA Margin 19.7% EBIT Margin 16.7% Total Debt/Equity 33.4% Net Income Margin 9.1% Total Debt/Capital 24.7% Asset Turnover 0.41 Current Ratio 1.49 Net Fixed Asset Turnover 1.65 Quick Ratio 1.43 Accounts receivable turnover-days 72.93 Debt to Assets 14.68% Inventory Days 27.11 Tot Debt to Common Equity 33.43% Accounts Payable Turnover Day 93.89 Accounts Receivable Turnover 5.00 Cash Conversion Cycle 3.83 Inventory Turnover 13.46 Fiscal Year Ended Berkshire Hathaway Inc Price/Volume Valuation Analysis 166'831.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 140 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 160'000.0 180'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00 0.20 0.40 0.60 0.80 1.00 1.20 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type GATES FOUNDATION n/a 13D 91'649'304 7.88 17'067'931 08.07.2013 Endowment BLACKROCK n/a ULT-AGG 79'410'665 6.83 (1'162'630) 25.09.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 77'010'443 6.62 2'633'559 26.09.2013 Investment Advisor GATES FOUNDATION BILL & MELINDA FOUND 13F 74'581'373 6.41 (6'250'000) 30.06.2013 Endowment VANGUARD GROUP INC n/a ULT-AGG 73'920'219 6.36 13'872'293 30.06.2013 Unclassified NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 22'032'539 1.89 410'254 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'988'932 1.63 157'700 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 13'918'715 1.2 (3'603'849) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'584'392 1.08 244'272 30.06.2013 Investment Advisor EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 11'526'988 0.99 634'303 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9'309'332 0.8 (130'146) 30.06.2013 Investment Advisor FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'497'181 0.64 359'701 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 7'451'748 0.64 168'501 31.07.2013 Investment Advisor ROBECO n/a ULT-AGG 7'172'476 0.62 (1'833'805) 30.06.2013 Unclassified MORGAN STANLEY n/a ULT-AGG 6'970'733 0.6 (168'951) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 6'064'025 0.52 444'778 30.06.2013 Unclassified ALLIANCE BERNSTEIN n/a ULT-AGG 5'973'268 0.51 (13'091) 30.06.2013 Investment Advisor BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 5'708'979 0.49 22'305 30.06.2013 Investment Advisor D E SHAW & COMPANY I D E SHAW & CO 13F 5'639'464 0.48 (574'348) 30.06.2013 Hedge Fund Manager NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 5'535'707 0.48 (6'900) 30.06.2013 Pension Fund (ERISA) Firm Name Analyst Recommendation Weighting Change Target Price Date Date S&P Capital IQ CATHY SEIFERT hold 3 M 122 12 month 05.08.2013 Barclays JAY H GELB overweight 5 M 137 Not Provided 05.08.2013 EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 05.03.2013 Holdings By: Berkshire Hathaway Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (30.05.2013) 53.56 52-Week Low (28.09.2012) 32.53 Daily Volume 49.04 52-Week High % Change -8.33% Dividend Yield 0.08 52-Week Low % Change 50.75% Beta 1.78 % 52 Week Price Range High/Low 77.98% Equity Float 2'922.03 Shares Out 30.06.2013 3'041.0 Short Int 39.24 149'131.94 1 Yr Total Return 48.88% Total Debt 623'537.00 YTD Return 24.04% Preferred Stock 2'562.0 Adjusted BETA 1.782 Minority Interest 1'948.0 Analyst Recs 37 Cash and Equivalents 36'453.00 Consensus Rating 4.324 Enterprise Value 755'002.94 Average Volume 5 Day 6'226'051 C UN EQUITY YTD Change - Average Volume 30 Day 5'411'805 C UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'154'401 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 104'349.0 108'006.0 111'697.0 102'587.0 90'708.0 98'474.0 91'183.0 78'730.5 79'615.0 19'003.8 19'167.7 8.56x 7.34x 7.58x 6.95x 7.84x 31.31x 32.27x - - - - 4'411.0 22'662.0 40'944.0 41'730.0 30'978.0 44'967.0 32'335.0 22'626.0 25'608.5 5'220.0 5'162.0 202.58x 34.98x 20.68x 17.09x 22.97x 16.46x 23.25x 33.35x 29.47x 31.74x 30.81x (27'684.0) (1'606.0) 10'602.0 11'067.0 7'541.0 10'604.0 9'654.0 14'779.3 16'644.5 3'406.2 3'520.8 - - 12.95x 7.37x 9.87x 7.60x 10.97x 10.09x 8.85x 9.63x 9.27x EBITDA 30'978.00 Long-Term Rating Date 29.11.2011 EBIT - Long-Term Rating A- Operating Margin 11.31% Long-Term Outlook NEG Pretax Margin 8.75% Short-Term Rating Date 29.11.2011 Return on Assets 0.51% Short-Term Rating A-2 Return on Common Equity 5.13% Return on Capital 1.15% EBITDA/Interest Exp. - Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA 18.55 Gross Margin - Total Debt/EBITDA 19.51 EBITDA Margin 35.5% EBIT Margin - Total Debt/Equity 334.4% Net Income Margin 8.3% Total Debt/Capital 76.6% Asset Turnover 0.05 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 33.44% Inventory Days - Tot Debt to Common Equity 334.36% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Citigroup Inc Price/Volume Valuation Analysis 1'572'793.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 5.0 M 10.0 M 15.0 M 20.0 M 25.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 160'000.0 180'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 20.00 40.00 60.00 80.00 100.00 120.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 185'741'493 6.11 9'874'589 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 134'566'151 4.43 2'420'020 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 129'750'080 4.27 5'274'787 26.09.2013 Investment Advisor GIC PRIVATE LIMITED n/a ULT-AGG 112'095'403 3.69 - 31.12.2009 Government FMR LLC n/a ULT-AGG 109'449'237 3.6 10'555'939 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 82'103'844 2.7 (9'472'750) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 48'992'879 1.61 2'133'892 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 48'242'806 1.59 (1'196'905) 31.07.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 47'168'864 1.55 (1'486'425) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 46'271'489 1.52 2'781'147 26.09.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 39'668'164 1.3 650'328 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 34'518'410 1.14 (339'941) 31.08.2013 Investment Advisor NORGES BANK NORGES BANK 13F 25'563'949 0.84 - 31.12.2012 Government ROBECO n/a ULT-AGG 25'111'191 0.83 (3'701'197) 30.06.2013 Unclassified AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 24'500'016 0.81 (5'219'110) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 23'928'074 0.79 1'911'783 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'465'050 0.74 6'761'647 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'674'442 0.71 1'646'742 30.06.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 21'124'935 0.69 372'005 31.07.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 21'028'602 0.69 445'508 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS DEREK DE VRIES buy 5 M 65 12 month 27.09.2013 Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 64 12 month 27.09.2013 Buckingham Research Group JAMES F MITCHELL buy 5 M 62 12 month 26.09.2013 Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 61 18 month 26.09.2013 Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 26.09.2013 S&P Capital IQ ERIK M OJA buy 5 M 55 Not Provided 26.09.2013 Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 60 12 month 25.09.2013 Societe Generale MURALI GOPAL buy 5 M 59 12 month 23.09.2013 Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 62 12 month 23.09.2013 Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 63 Not Provided 23.09.2013 Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 23.09.2013 SunTrust Robinson Humphrey ERIC E WASSERSTROM buy 5 M 58 12 month 20.09.2013 JPMorgan VIVEK JUNEJA neutral 3 M 54 15 month 18.09.2013 Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 58 12 month 17.09.2013 RBC Capital Markets GERARD S CASSIDY outperform 5 M 62 12 month 17.09.2013 Raymond James ANTHONY J POLINI strong buy 5 M 62 12 month 17.09.2013 Evercore Partners ANDREW A MARQUARDT equalweight 3 M 53 12 month 17.09.2013 Credit Suisse MOSHE A ORENBUCH outperform 5 M 60 Not Provided 16.09.2013 Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 61 12 month 16.09.2013 HSBC ROBERT MURPHY underweight 1 M 48 Not Provided 13.09.2013 Macquarie DAVID J KONRAD outperform 5 M 62 12 month 05.09.2013 Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 57 12 month 05.09.2013 Drexel Hamilton LLC DAVID B HILDER buy 5 M 58 12 month 03.09.2013 Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 29.08.2013 Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 46 Not Provided 12.08.2013 EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.08.2013 Barclays JASON M GOLDBERG overweight 5 M 58 Not Provided 02.08.2013 Keefe, Bruyette & Woods FREDERICK CANNON outperform 5 M 58 12 month 01.08.2013 Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 25.07.2013 Deutsche Bank MATTHEW D O'CONNOR buy 5 M 61 12 month 24.07.2013 Atlantic Equities LLP RICHARD STAITE overweight 5 M 59 12 month 19.07.2013 Scotia Capital KEVIN R CHOQUETTE focus stock 5 M 65 12 month 15.07.2013 JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 03.06.2013 Vector Servicios Financieros RAFAEL ESCOBAR speculative buy 4 M 52 Not Provided 18.12.2012 Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 16.10.2012 Holdings By: Citigroup Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Caterpillar Inc. designs, manufactures and markets construction, mining and forestry machinery. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (01.02.2013) 99.70 52-Week Low (22.04.2013) 79.50 Daily Volume 83.81 52-Week High % Change -16.00% Dividend Yield 2.58 52-Week Low % Change 5.42% Beta 1.30 % 52 Week Price Range High/Low 23.27% Equity Float 646.03 Shares Out 30.06.2013 647.6 Short Int 25.13 54'276.62 1 Yr Total Return -1.12% Total Debt 10'486.00 YTD Return -5.18% Preferred Stock 0.0 Adjusted BETA 1.304 Minority Interest 50.0 Analyst Recs 28 Cash and Equivalents 3'306.00 Consensus Rating 3.893 Enterprise Value 59'847.62 Average Volume 5 Day 2'207'543 CAT UN EQUITY YTD Change - Average Volume 30 Day 1'388'743 CAT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'362'489 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 51'324.0 32'396.0 42'588.0 60'138.0 65'875.0 66'314.0 60'351.0 56'772.4 59'554.0 14'385.4 14'713.3 0.66x 1.28x 1.50x 1.10x 1.00x 3.99x 4.19x 1.41x 1.25x 5.99x 5.87x 6'428.0 2'913.0 6'259.0 9'680.0 11'966.0 11'361.0 9'936.0 8'588.2 9'452.2 2'245.3 2'460.6 5.26x 14.19x 10.20x 6.86x 5.51x 5.61x 5.94x 6.96x 6.33x 6.43x 6.26x 3'557.0 895.0 2'700.0 4'928.0 5'681.0 5'973.0 4'236.0 4'135.7 4'629.5 1'119.2 1'195.6 7.89x 29.20x 21.35x 11.69x 10.83x 9.37x 12.18x 13.33x 11.62x 12.49x 12.23x EBITDA 11'966.00 Long-Term Rating Date 24.06.2003 EBIT 9'153.00 Long-Term Rating A Operating Margin 13.89% Long-Term Outlook STABLE Pretax Margin 12.52% Short-Term Rating Date 04.04.1995 Return on Assets 4.81% Short-Term Rating A-1 Return on Common Equity 25.25% Return on Capital 8.18% EBITDA/Interest Exp. 25.62 Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 14.75 Net Debt/EBITDA 0.55 Gross Margin 27.4% Total Debt/EBITDA 0.95 EBITDA Margin 16.5% EBIT Margin 11.6% Total Debt/Equity 229.0% Net Income Margin 8.6% Total Debt/Capital 69.5% Asset Turnover 0.68 Current Ratio 1.43 Net Fixed Asset Turnover 3.86 Quick Ratio 0.82 Accounts receivable turnover-days 112.40 Debt to Assets 44.92% Inventory Days 127.46 Tot Debt to Common Equity 228.97% Accounts Payable Turnover Day 65.51 Accounts Receivable Turnover 3.25 Cash Conversion Cycle 161.73 Inventory Turnover 2.86 Fiscal Year Ended Caterpillar Inc Price/Volume Valuation Analysis 240'107.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type STATE STREET CORP n/a ULT-AGG 71'038'727 10.97 1'257'935 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 33'990'309 5.25 426'595 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 30'648'669 4.73 (4'216'654) 25.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 24'022'892 3.71 1'668'013 31.07.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 19'707'800 3.04 - 30.06.2013 Insurance Company STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 13'601'071 2.1 (5'900) 30.06.2013 Insurance Company GATES FOUNDATION BILL & MELINDA FOUND 13F 10'760'857 1.66 500'000 30.06.2013 Endowment BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'146'612 1.57 93'092 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'584'873 1.48 36'802 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 8'224'058 1.27 (1'394'938) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 6'888'451 1.06 494'553 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 5'183'052 0.8 - 31.12.2012 Government MORGAN STANLEY n/a ULT-AGG 4'825'882 0.75 234'253 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'521'598 0.7 91'707 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 4'479'430 0.69 1'447'083 31.08.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'415'014 0.68 38'887 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 4'008'779 0.62 2'105'455 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 3'968'040 0.61 1'158'400 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 3'472'099 0.54 59'812 30.06.2013 Unclassified LEGAL & GENERAL n/a ULT-AGG 3'159'551 0.49 210'843 31.07.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Longbow Research ELI S LUSTGARTEN buy 5 M 104 12 month 27.09.2013 BMO Capital Markets JOEL G TISS market perform 3 M 86 Not Provided 20.09.2013 Morgan Stanley NICOLE DEBLASE Equalwt/In-Line 3 M 89 12 month 20.09.2013 RBC Capital Markets SETH R WEBER sector perform 3 M 90 12 month 20.09.2013 JPMorgan ANN DUIGNAN overweight 5 M 96 3 month 20.09.2013 Jefferies STEPHEN VOLKMANN hold 3 M 75 12 month 20.09.2013 William Blair & Co LAWRENCE T DE MARIA outperform 5 M 95 12 month 20.09.2013 Raymond James THEONI PILARINOS outperform 5 M 94 12 month 20.09.2013 Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 20.09.2013 Robert W. Baird & Co MIRCEA DOBRE neutral 3 D 90 12 month 18.09.2013 Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 100 12 month 28.08.2013 ISI Group DAVID RASO buy 5 M 92 12 month 26.08.2013 Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 23.08.2013 Susquehanna Financial Group TED GRACE Positive 4 M 96 12 month 22.08.2013 Daiwa Securities Co. Ltd. TAKUO KATAYAMA neutral 3 D 86 Not Provided 19.08.2013 Piper Jaffray ALEXANDER E POTTER overweight 5 M 99 12 month 09.08.2013 Argus Research Corp WILLIAM V SELESKY buy 5 M 103 Not Provided 29.07.2013 Goldman Sachs JERRY REVICH neutral/neutral 3 M 85 12 month 25.07.2013 Macquarie SAMEER RATHOD neutral 3 M 87 12 month 25.07.2013 Barclays ANDY KAPLOWITZ overweight 5 M 99 Not Provided 25.07.2013 Credit Suisse JAMIE L COOK outperform 5 M 97 Not Provided 24.07.2013 UBS ERIC CRAWFORD neutral 3 M 84 12 month 24.07.2013 S&P Capital IQ MICHAEL JAFFE buy 5 M 109 Not Provided 22.04.2013 Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 11.03.2013 EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013 Holdings By: Caterpillar Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Colgate-Palmolive Company is a consumer products company that markets its products throughout the world. The Company's products include toothpaste, toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid, and laundry products, as well as pet nutrition products for cats and dogs. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (16.05.2013) 62.69 52-Week Low (31.12.2012) 51.42 Daily Volume 59.98 52-Week High % Change -4.29% Dividend Yield 2.12 52-Week Low % Change 16.66% Beta 0.66 % 52 Week Price Range High/Low 79.60% Equity Float 922.98 Shares Out 30.06.2013 927.7 Short Int 9.42 55'642.09 1 Yr Total Return 14.33% Total Debt 5'230.00 YTD Return 16.73% Preferred Stock 0.0 Adjusted BETA 0.660 Minority Interest 201.0 Analyst Recs 26 Cash and Equivalents 884.00 Consensus Rating 3.231 Enterprise Value 60'659.09 Average Volume 5 Day 967'339 CL UN EQUITY YTD Change - Average Volume 30 Day 867'592 CL UN EQUITY YTD % CHANGE - Average Volume 3 Month 945'297 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'330.0 15'327.0 15'564.0 16'734.0 17'085.0 17'022.0 17'279.0 17'530.1 18'365.4 4'463.4 4'414.3 2.75x 2.89x 3.13x 11.75x 13.11x 3.46x 3.31x 13.57x 13.68x 3'449.0 3'966.0 3'865.0 4'262.0 4'314.0 4'308.0 4'052.0 4'570.1 4'915.7 1'178.5 1'172.5 11.09x 11.36x 12.39x 12.52x 14.35x 13.27x 12.34x 12.81x 12.54x 1'957.0 2'291.0 2'203.0 2'431.0 2'472.0 2'453.0 2'273.0 2'638.4 2'831.3 675.4 681.8 17.02x 18.38x 19.49x 20.09x 20.76x 21.20x 19.28x 20.34x 19.80x EBITDA 4'314.00 Long-Term Rating Date 04.05.2001 EBIT 3'889.00 Long-Term Rating AA- Operating Margin 22.76% Long-Term Outlook STABLE Pretax Margin 22.67% Short-Term Rating Date 04.05.2001 Return on Assets 17.06% Short-Term Rating A-1+ Return on Common Equity 118.48% Return on Capital - EBITDA/Interest Exp. 53.93 Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 46.86 Net Debt/EBITDA 1.17 Gross Margin 58.1% Total Debt/EBITDA 1.39 EBITDA Margin 23.5% EBIT Margin 20.9% Total Debt/Equity 238.9% Net Income Margin 14.5% Total Debt/Capital 68.6% Asset Turnover 1.30 Current Ratio 1.22 Net Fixed Asset Turnover 4.67 Quick Ratio 0.68 Accounts receivable turnover-days 37.63 Debt to Assets 39.05% Inventory Days 71.21 Tot Debt to Common Equity 238.92% Accounts Payable Turnover Day 62.90 Accounts Receivable Turnover 9.70 Cash Conversion Cycle 40.19 Inventory Turnover 5.13 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Colgate-Palmolive Co Price/Volume Valuation Analysis 189'281.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 18'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type STATE STREET CORP n/a ULT-AGG 71'136'336 7.67 (226'496) 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 49'650'758 5.35 1'510'352 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 46'523'455 5.02 (989'395) 25.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 42'310'544 4.56 (1'331'176) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 24'914'096 2.69 594'502 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 17'102'261 1.84 (1'050'597) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'104'808 1.41 121'532 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 12'683'876 1.37 (1'353'306) 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 11'160'330 1.2 4'432'620 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 11'008'672 1.19 (843'471) 31.08.2013 Unclassified JP MORGAN n/a ULT-AGG 10'417'267 1.12 505'837 31.07.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 9'244'250 1 (869'400) 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 8'537'100 0.92 86'100 30.06.2013 Insurance Company LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 8'116'826 0.87 285'330 30.06.2013 Hedge Fund Manager WELLS FARGO & COMPAN n/a ULT-AGG 8'049'738 0.87 471'122 31.07.2013 Investment Advisor RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 7'707'800 0.83 (611'000) 30.06.2013 Hedge Fund Manager NORGES BANK NORGES BANK 13F 7'617'896 0.82 - 31.12.2012 Government MORGAN STANLEY n/a ULT-AGG 7'351'151 0.79 712'467 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 7'123'785 0.77 (649'491) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'080'273 0.76 1'759'755 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co ALI DIBADJ market perform 3 M 62 12 month 27.09.2013 SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 60 12 month 24.09.2013 BMO Capital Markets CONSTANCE M MANEATY market perform 3 M 61 Not Provided 23.09.2013 B Riley & Co LINDA BOLTON WEISER neutral 3 M 62 Not Provided 23.09.2013 Credit Suisse MICHAEL STEIB outperform 5 M 63 Not Provided 20.09.2013 Barclays LAUREN R LIEBERMAN overweight 5 U 65 Not Provided 18.09.2013 Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 65 12 month 13.09.2013 Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 66 12 month 11.09.2013 Exane BNP Paribas EAMONN FERRY neutral 3 N 62 Not Provided 10.09.2013 William Blair & Co JON R ANDERSEN market perform 3 M #N/A N/A Not Provided 05.09.2013 Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 52 12 month 05.09.2013 Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 23.08.2013 Argus Research Corp JOHN D STASZAK hold 3 D #N/A N/A Not Provided 16.08.2013 EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 05.08.2013 Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 26.07.2013 Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 26.07.2013 Deutsche Bank WILLIAM G SCHMITZ hold 3 M 63 12 month 25.07.2013 Goldman Sachs JASON ENGLISH neutral/neutral 3 M 63 12 month 25.07.2013 JPMorgan JOHN A FAUCHER neutral 3 M 63 3 month 25.07.2013 Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 25.07.2013 Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 25.07.2013 S&P Capital IQ IAN GORDON hold 3 M 61 Not Provided 25.04.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013 Holdings By: Colgate-Palmolive Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (01.08.2013) 46.32 52-Week Low (10.10.2012) 34.95 Daily Volume 44.47 52-Week High % Change -3.99% Dividend Yield 1.61 52-Week Low % Change 27.24% Beta 1.03 % 52 Week Price Range High/Low 80.47% Equity Float 2'131.22 Shares Out 30.06.2013 2'133.6 Short Int 23.72 115'806.48 1 Yr Total Return 26.61% Total Debt 40'458.00 YTD Return 20.10% Preferred Stock 0.0 Adjusted BETA 1.025 Minority Interest 17'438.0 Analyst Recs 34 Cash and Equivalents 12'415.00 Consensus Rating 4.529 Enterprise Value 158'549.49 Average Volume 5 Day 3'501'434 CMCSA UW EQUITY YTD Change - Average Volume 30 Day 2'778'685 CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'146'878 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 59'470.0 64'061.0 64'509.2 68'487.4 16'249.4 16'676.4 2.33x 2.14x 2.28x 2.12x 2.30x 8.38x 9.23x 2.73x 2.53x 9.94x 9.64x 13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 19'182.0 20'744.0 21'241.4 22'565.9 5'261.4 5'521.2 6.10x 5.58x 5.93x 6.44x 7.21x 7.04x 7.34x 7.46x 7.02x 7.24x 7.12x 2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'767.0 6'802.0 6'549.4 7'366.5 1'644.4 1'767.5 18.55x 15.29x 16.80x 15.02x 19.43x 18.22x 19.46x 18.13x 15.78x 16.93x 16.53x EBITDA 19'977.00 Long-Term Rating Date 14.02.2013 EBIT 12'179.00 Long-Term Rating A- Operating Margin 19.46% Long-Term Outlook POS Pretax Margin 18.55% Short-Term Rating Date 25.05.2004 Return on Assets 4.33% Short-Term Rating A-2 Return on Common Equity 14.05% Return on Capital 9.93% EBITDA/Interest Exp. 7.92 Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 5.66 Net Debt/EBITDA 2.00 Gross Margin 68.1% Total Debt/EBITDA 2.25 EBITDA Margin 32.4% EBIT Margin 20.0% Total Debt/Equity 82.0% Net Income Margin 9.9% Total Debt/Capital 37.7% Asset Turnover 0.41 Current Ratio 1.20 Net Fixed Asset Turnover 2.32 Quick Ratio 1.07 Accounts receivable turnover-days 28.19 Debt to Assets 24.52% Inventory Days - Tot Debt to Common Equity 81.97% Accounts Payable Turnover Day 82.61 Accounts Receivable Turnover 12.95 Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Comcast Corp Price/Volume Valuation Analysis 672'783.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 40 45 50 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 152'676'636 7.16 661'305 25.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 142'417'011 6.67 (22'695'424) 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 116'642'514 5.47 (9'582'234) 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 112'988'256 5.3 2'869'146 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 101'377'865 4.75 2'623'523 26.09.2013 Investment Advisor DODGE & COX DODGE & COX 13F 62'251'273 2.92 (1'991'462) 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 46'398'200 2.17 (8'035'337) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 46'058'308 2.16 (3'117'714) 26.09.2013 Investment Advisor JP MORGAN n/a ULT-AGG 45'853'754 2.15 3'944'136 31.07.2013 Investment Advisor DODGE & COX WORLDWID Multiple Portfolios MF-AGG 38'504'049 1.8 - 31.03.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 35'429'598 1.66 383'101 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 34'261'885 1.61 110'984 30.06.2013 Investment Advisor BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 24'770'524 1.16 1'000'850 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 23'752'422 1.11 (2'415'065) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 22'993'590 1.08 - 31.12.2012 Government VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 21'951'155 1.03 6'965'300 30.06.2013 Hedge Fund Manager LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 20'435'365 0.96 5'098'721 30.06.2013 Hedge Fund Manager DIMENSIONAL FUND ADV n/a ULT-AGG 19'932'677 0.93 (149'773) 31.07.2013 Investment Advisor BANK OF NOVA SCOTIA n/a ULT-AGG 19'810'232 0.93 (224'057) 31.07.2013 Bank T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'684'154 0.88 (1'013'665) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 53 12 month 27.09.2013 Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 25.09.2013 Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 52 18 month 24.09.2013 Evercore Partners TRACY YOUNG overweight 5 M 51 12 month 10.09.2013 Robert W. Baird & Co WILLIAM V POWER outperform 5 M 54 12 month 21.08.2013 Barclays KANNAN VENKATESHWAR overweight 5 M 50 Not Provided 16.08.2013 Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 56 12 month 08.08.2013 RBC Capital Markets JONATHAN ATKIN outperform 5 M 50 12 month 07.08.2013 Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 52 12 month 01.08.2013 Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 46 12 month 01.08.2013 Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 01.08.2013 Brean Capital LLC TODD MITCHELL buy 5 M 50 12 month 01.08.2013 JPMorgan PHILIP CUSICK overweight 5 M 51 15 month 01.08.2013 Jefferies THOMAS O SEITZ buy 5 M 55 12 month 01.08.2013 Macquarie AMY YONG neutral 3 M 48 12 month 01.08.2013 Wunderlich Securities MATTHEW HARRIGAN buy 5 M 58 18 month 01.08.2013 Nomura MICHAEL L MCCORMACK buy 5 M 50 12 month 01.08.2013 Credit Suisse MICHAEL SENNO outperform 5 M 52 Not Provided 31.07.2013 UBS JOHN C HODULIK buy 5 M 50 12 month 31.07.2013 Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 31.07.2013 Janney Montgomery Scott LLC TONY WIBLE buy 5 M 54 12 month 31.07.2013 Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 31.07.2013 Raymond James FRANK G LOUTHAN strong buy 5 M 52 12 month 31.07.2013 Stifel CHRISTOPHER C KING buy 5 M 47 12 month 31.07.2013 Scotia Capital JEFFREY FAN sector outperform 5 M 51 12 month 31.07.2013 ISI Group VIJAY JAYANT buy 5 M 50 12 month 31.07.2013 Guggenheim Securities LLC SABINA NYCKOWSKI neutral 3 M 47 12 month 31.07.2013 S&P Capital IQ TUNA AMOBI buy 5 M 50 12 month 31.07.2013 Maxim Group LLC JOHN TINKER buy 5 M 56 12 month 31.07.2013 Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 52 12 month 26.07.2013 Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 15.07.2013 Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 49 Not Provided 02.05.2013 EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.05.2013 New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013 Holdings By: Comcast Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Capital One Financial Corporation is a diversified bank. The Bank, through its subsidiaries, offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients both domestically and internationally. Capital One has bank locations in Connecticut, Louisiana, New Jersey, New York, and Texas. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.07.2013) 70.00 52-Week Low (01.03.2013) 50.28 Daily Volume 68.97 52-Week High % Change -1.46% Dividend Yield 0.65 52-Week Low % Change 37.17% Beta 1.28 % 52 Week Price Range High/Low 95.54% Equity Float 580.38 Shares Out 31.07.2013 585.3 Short Int 9.11 40'370.96 1 Yr Total Return 22.43% Total Debt 49'910.00 YTD Return 20.28% Preferred Stock 0.0 Adjusted BETA 1.282 Minority Interest 0.0 Analyst Recs 35 Cash and Equivalents 11'058.00 Consensus Rating 4.286 Enterprise Value 71'948.96 Average Volume 5 Day 788'796 COF UN EQUITY YTD Change - Average Volume 30 Day 616'967 COF UN EQUITY YTD % CHANGE - Average Volume 3 Month 696'769 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'856.0 15'950.0 19'067.0 18'525.0 23'177.0 19'851.0 24'728.0 22'235.5 21'898.9 5'595.4 5'451.1 1.75x 1.87x 2.94x 2.87x 3.13x 9.85x 10.92x - - - - 11'282.7 5'647.2 7'808.0 9'793.0 9'014.0 8'231.0 11'064.0 - - - - 2.77x 5.27x 7.17x 5.43x 8.05x 7.49x 6.17x - - - - (46.0) 884.0 2'743.0 3'147.0 3'517.0 2'716.0 4'204.0 4'208.9 3'874.6 1'048.3 870.5 12.56x 16.30x 6.37x 6.02x 9.28x 10.09x 8.18x 9.78x 9.96x 10.16x 10.17x EBITDA 9'014.00 Long-Term Rating Date 17.06.2009 EBIT - Long-Term Rating BBB Operating Margin 22.96% Long-Term Outlook NEG Pretax Margin 21.72% Short-Term Rating Date - Return on Assets 1.42% Short-Term Rating - Return on Common Equity 10.60% Return on Capital 5.59% EBITDA/Interest Exp. - Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA 2.85 Gross Margin - Total Debt/EBITDA 3.27 EBITDA Margin 44.7% EBIT Margin - Total Debt/Equity 123.2% Net Income Margin 15.2% Total Debt/Capital 55.2% Asset Turnover 0.08 Current Ratio - Net Fixed Asset Turnover 6.75 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 15.95% Inventory Days - Tot Debt to Common Equity 123.24% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Capital One Financial Corp Price/Volume Valuation Analysis 61'426.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 4.0 M 4.5 M 5.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type DODGE & COX DODGE & COX 13F 48'210'515 8.24 (397'900) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 36'320'781 6.21 (2'205'092) 25.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 32'224'516 5.51 3'456'124 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 30'092'505 5.14 7'585'000 30.06.2013 Investment Advisor DODGE & COX WORLDWID Multiple Portfolios MF-AGG 29'415'832 5.03 - 31.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 26'121'761 4.46 535'639 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 24'649'488 4.21 (524'000) 26.09.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'294'820 3.64 (26'668) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 15'629'437 2.67 18'880 31.07.2013 Investment Advisor VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 14'624'070 2.5 3'790'310 30.06.2013 Hedge Fund Manager ROBECO n/a ULT-AGG 13'140'246 2.24 (1'304'893) 30.06.2013 Unclassified T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'775'441 2.01 (447'944) 30.06.2013 Investment Advisor INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 10'764'788 1.84 904'735 30.06.2013 Investment Advisor HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 9'736'898 1.66 166'518 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'439'993 1.44 817'875 30.06.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 8'286'063 1.42 2'134'253 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'608'033 1.3 32'303 30.06.2013 Investment Advisor HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 6'909'053 1.18 (541'839) 30.06.2013 Investment Advisor LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 6'588'072 1.13 865'898 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 4'845'659 0.83 - 31.12.2012 Government Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co KEVIN ST PIERRE outperform 5 M 80 12 month 27.09.2013 Buckingham Research Group DAVID HOCHSTIM buy 5 M 74 12 month 26.09.2013 Oppenheimer & Co BEN CHITTENDEN outperform 5 M 78 18 month 26.09.2013 Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 25.09.2013 Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 72 12 month 23.09.2013 Robert W. Baird & Co DAVID A GEORGE outperform 5 M 72 12 month 23.09.2013 Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 68 12 month 20.09.2013 Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 19.09.2013 RBC Capital Markets JASON ARNOLD outperform 5 M 71 12 month 17.09.2013 Evercore Partners BRADLEY BALL overweight 5 M 79 12 month 17.09.2013 Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 17.09.2013 Credit Suisse MOSHE A ORENBUCH neutral 3 M 66 Not Provided 16.09.2013 Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 79 12 month 16.09.2013 Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 70 Not Provided 16.09.2013 Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 72 12 month 16.09.2013 Drexel Hamilton LLC DAVID B HILDER buy 5 M 84 12 month 22.08.2013 Barclays JASON M GOLDBERG overweight 5 M 74 Not Provided 09.08.2013 Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 06.08.2013 William Blair & Co ROBERT P NAPOLI market perform 3 M #N/A N/A Not Provided 01.08.2013 Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 29.07.2013 Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 71 12 month 21.07.2013 Goldman Sachs RYAN M. NASH buy/attractive 5 M 75 12 month 19.07.2013 JPMorgan RICHARD SHANE JR overweight 5 M 76 15 month 19.07.2013 Jefferies DANIEL FURTADO buy 5 M 77 12 month 19.07.2013 FBR Capital Markets SCOTT VALENTIN outperform 5 M 74 12 month 19.07.2013 Stifel CHRISTOPHER C BRENDLER buy 5 M 77 12 month 19.07.2013 Nomura BILL CARCACHE neutral 3 M 64 12 month 19.07.2013 Guggenheim Securities LLC DAVID W DARST neutral 3 M 75 12 month 19.07.2013 Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 78 12 month 19.07.2013 EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 19.07.2013 S&P Capital IQ SONIA PARECHANIAN buy 5 M 68 Not Provided 08.03.2013 Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 18.10.2012 Holdings By: Capital One Financial Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (20.09.2013) 71.09 52-Week Low (16.11.2012) 53.96 Daily Volume 70.14 52-Week High % Change -1.48% Dividend Yield 3.76 52-Week Low % Change 29.99% Beta 1.02 % 52 Week Price Range High/Low 94.98% Equity Float 1'220.65 Shares Out 30.06.2013 1'223.0 Short Int 26.48 85'781.73 1 Yr Total Return 27.70% Total Debt 21'725.00 YTD Return 24.92% Preferred Stock 0.0 Adjusted BETA 1.018 Minority Interest 440.0 Analyst Recs 27 Cash and Equivalents 3'618.00 Consensus Rating 3.667 Enterprise Value 103'942.73 Average Volume 5 Day 1'918'714 COP UN EQUITY YTD Change - Average Volume 30 Day 1'378'471 COP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'298'461 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 225'424.0 136'016.0 175'752.0 64'196.0 57'967.0 60'718.0 57'605.0 50'335.7 51'120.3 11'084.7 11'533.3 0.46x 0.77x 0.63x 1.72x 1.54x 6.97x 6.27x 1.96x 1.98x 9.23x 8.73x 35'740.0 4'281.0 22'655.0 21'649.0 19'396.0 19'427.0 20'320.0 22'727.8 23'684.9 5'267.6 5'656.1 2.92x 24.43x 4.91x 5.10x 4.60x 4.65x 4.54x 4.57x 4.39x 4.74x 4.67x (16'998.0) 4'414.0 11'358.0 12'436.0 8'428.0 11'210.0 7'413.0 7'233.1 7'711.6 1'716.5 1'880.4 4.81x 16.11x 12.53x 11.43x 10.60x 9.65x 10.31x 11.84x 11.22x 11.27x 11.04x EBITDA 19'396.00 Long-Term Rating Date 07.02.2012 EBIT 12'816.00 Long-Term Rating A Operating Margin 22.11% Long-Term Outlook STABLE Pretax Margin 26.61% Short-Term Rating Date 07.02.2012 Return on Assets 6.42% Short-Term Rating A-1 Return on Common Equity 15.69% Return on Capital 11.10% EBITDA/Interest Exp. 14.65 Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 3.95 Net Debt/EBITDA 0.87 Gross Margin 27.3% Total Debt/EBITDA 1.07 EBITDA Margin 35.3% EBIT Margin 22.9% Total Debt/Equity 45.3% Net Income Margin 14.5% Total Debt/Capital 31.0% Asset Turnover 0.50 Current Ratio 1.38 Net Fixed Asset Turnover 0.82 Quick Ratio 0.72 Accounts receivable turnover-days 49.94 Debt to Assets 18.55% Inventory Days 10.06 Tot Debt to Common Equity 45.27% Accounts Payable Turnover Day 76.90 Accounts Receivable Turnover 7.31 Cash Conversion Cycle -30.26 Inventory Turnover 36.28 Fiscal Year Ended ConocoPhillips Price/Volume Valuation Analysis 172'621.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 0.0 50'000.0 100'000.0 150'000.0 200'000.0 250'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 71'759'453 5.87 (1'655'379) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 59'149'941 4.84 2'481'186 30.06.2013 Unclassified CAPITAL GROUP COMPAN n/a ULT-AGG 56'992'550 4.66 2'219'156 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 51'799'896 4.24 599'965 26.09.2013 Investment Advisor JP MORGAN n/a ULT-AGG 26'920'300 2.2 1'156'474 31.07.2013 Investment Advisor BERKSHIRE HATHAWAY I n/a ULT-AGG 24'123'911 1.97 - 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 22'998'376 1.88 29'476 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 22'539'880 1.84 1'087'685 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 19'317'021 1.58 5'581'627 31.08.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 18'536'228 1.52 84'571 30.06.2013 Investment Advisor WADDELL & REED FINAN n/a ULT-AGG 12'219'658 1 (7'608'234) 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 11'993'483 0.98 1'758'404 31.07.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 11'366'563 0.93 223'858 31.07.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'056'664 0.82 (69'442) 30.06.2013 Investment Advisor FEDERATED INVESTORS FEDERATED INVESTORS 13F 9'840'834 0.8 935'533 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 9'343'737 0.76 - 31.12.2012 Government FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 9'109'903 0.74 258'200 30.06.2013 Hedge Fund Manager LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'000'490 0.74 (77'940) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 8'424'592 0.69 128'547 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'826'386 0.64 (636'199) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Howard Weil Inc BLAKE FERNANDEZ sector perform 3 M 73 12 month 27.09.2013 Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 83 12 month 24.09.2013 Argus Research Corp JONATHAN GELCIUS buy 5 M 77 Not Provided 23.09.2013 ISI Group DOUGLAS T TERRESON strong buy 5 M 78 12 month 23.09.2013 Simmons & Company International GUY BABER neutral 3 M #N/A N/A Not Provided 23.09.2013 Oppenheimer & Co FADEL GHEIT outperform 5 M 80 18 month 20.09.2013 Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 20.09.2013 Tudor Pickering & Co ROBERT KESSLER hold 3 M 73 Not Provided 18.09.2013 Jefferies IAIN REID hold 3 M 65 12 month 16.09.2013 Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 67 12 month 12.09.2013 Raymond James PAVEL MOLCHANOV underperform 1 M #N/A N/A Not Provided 09.09.2013 Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 04.09.2013 Barclays PAUL Y CHENG overweight 5 M 83 Not Provided 03.09.2013 RBC Capital Markets SCOTT HANOLD outperform 5 M 63 12 month 16.08.2013 UBS WILLIAM A FEATHERSTON sell 1 M 57 12 month 14.08.2013 Morgan Stanley J EVAN CALIO Underwt/Attractive 1 M 58 12 month 05.08.2013 Credit Suisse EDWARD WESTLAKE neutral 3 M 70 Not Provided 02.08.2013 Macquarie JASON D GAMMEL neutral 3 M 64 12 month 02.08.2013 Societe Generale JOHN HERRLIN buy 5 M 68 12 month 01.08.2013 JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 70 3 month 01.08.2013 Cowen and Company ASIT SEN market perform 3 M 67 12 month 01.08.2013 S&P Capital IQ MICHAEL KAY buy 5 M 64 Not Provided 01.08.2013 Deutsche Bank PAUL SANKEY hold 3 M 62 12 month 06.06.2013 EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 01.05.2013 Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 72 12 month 16.04.2013 Holdings By: ConocoPhillips All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries. The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods. Latest Fiscal Year: 08/2012 LTM as of: 05/yy 52-Week High (05.08.2013) 120.20 52-Week Low (15.11.2012) 87.33 Daily Volume 115.64 52-Week High % Change -3.80% Dividend Yield 7.27 52-Week Low % Change 32.41% Beta 0.83 % 52 Week Price Range High/Low 88.44% Equity Float 432.29 Shares Out 04.06.2013 436.7 Short Int 4.76 50'498.16 1 Yr Total Return 24.80% Total Debt 1'382.00 YTD Return 18.02% Preferred Stock 0.0 Adjusted BETA 0.829 Minority Interest 157.0 Analyst Recs 31 Cash and Equivalents 4'854.00 Consensus Rating 3.935 Enterprise Value 49'050.16 Average Volume 5 Day 721'645 COST UW EQUITY YTD Change - Average Volume 30 Day 549'311 COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 513'206 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 95'097.0 104'887.0 105'488.0 114'590.2 32'819.2 25'589.9 0.39x 0.30x 0.28x 0.34x 0.39x 1.35x 1.60x 0.48x 0.43x 1.54x 2.03x 2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'465.0 3'991.0 4'046.6 4'510.7 1'304.0 953.3 10.74x 8.39x 7.60x 9.28x 10.64x 9.27x 11.67x 12.12x 10.88x 11.33x 10.99x 1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'578.0 2'031.0 2'013.9 2'211.0 642.6 460.8 22.66x 20.07x 19.09x 23.30x 24.82x 22.76x 24.56x 25.29x 22.85x 23.78x 22.88x EBITDA 3'667.00 Long-Term Rating Date 28.11.2012 EBIT 2'759.00 Long-Term Rating A+ Operating Margin 2.78% Long-Term Outlook STABLE Pretax Margin 2.79% Short-Term Rating Date 28.11.2012 Return on Assets 7.02% Short-Term Rating A-1 Return on Common Equity 17.62% Return on Capital 14.08% EBITDA/Interest Exp. 34.92 Asset Turnover 3.63% (EBITDA-Capex)/Interest Exp. 20.83 Net Debt/EBITDA -0.41 Gross Margin 12.4% Total Debt/EBITDA 1.22 EBITDA Margin 3.8% EBIT Margin 2.9% Total Debt/Equity 11.2% Net Income Margin 1.7% Total Debt/Capital 9.9% Asset Turnover 3.63 Current Ratio 1.10 Net Fixed Asset Turnover 8.02 Quick Ratio 0.48 Accounts receivable turnover-days 3.81 Debt to Assets 5.09% Inventory Days 29.68 Tot Debt to Common Equity 11.18% Accounts Payable Turnover Day 30.32 Accounts Receivable Turnover 97.48 Cash Conversion Cycle 3.64 Inventory Turnover 12.50 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Costco Wholesale Corp Price/Volume Valuation Analysis 126'790.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 04.09.2009 04.03.2010 04.09.2010 04.03.2011 04.09.2011 04.03.2012 04.09.2012 04.03.2013 04.09.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 50'816'154 11.64 (1'455'821) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 21'011'776 4.81 (838'411) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 20'881'730 4.78 721'548 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 17'959'948 4.11 273'492 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 14'774'005 3.38 1'425'506 30.06.2013 Investment Advisor DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 12'946'197 2.96 (1'166'581) 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10'425'596 2.39 576'497 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'000'867 1.83 7'803 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'553'284 1.5 1'712'400 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 6'502'452 1.49 (22'568) 30.06.2013 Investment Advisor AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'613'294 1.29 (251'617) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'490'914 1.26 (19'539) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 5'009'072 1.15 110'306 26.09.2013 Investment Advisor JP MORGAN n/a ULT-AGG 4'541'324 1.04 (82'047) 31.07.2013 Investment Advisor NORGES BANK NORGES BANK 13F 4'427'681 1.01 - 31.12.2012 Government BERKSHIRE HATHAWAY I n/a ULT-AGG 4'333'363 0.99 - 30.06.2013 Investment Advisor BROWN ADVISORY INC n/a ULT-AGG 3'828'081 0.88 500'505 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 3'688'541 0.84 (389'722) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'680'156 0.84 224'962 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 3'653'565 0.84 480'026 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sterne, Agee & Leach CHARLES P GROM buy 5 M 130 12 month 20.09.2013 Robert W. Baird & Co PETER S BENEDICT outperform 5 M 125 12 month 13.09.2013 ISI Group GREGORY MELICH strong buy 5 M 128 12 month 13.09.2013 Jefferies DANIEL T BINDER hold 3 M 109 12 month 11.09.2013 Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 N 124 12 month 08.09.2013 Deutsche Bank PAUL TRUSSELL buy 5 M 120 12 month 05.09.2013 William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 05.09.2013 Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 05.09.2013 Stifel DAVID A SCHICK buy 5 M 130 12 month 05.09.2013 Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 05.09.2013 Cowen and Company FAYE LANDES market perform 3 M 105 12 month 05.09.2013 Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 05.09.2013 Piper Jaffray SEAN NAUGHTON overweight 5 M 129 12 month 05.09.2013 Northcoast Research CHARLES E CERANKOSKY neutral 3 M #N/A N/A Not Provided 30.08.2013 Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 21.08.2013 Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 121 12 month 08.08.2013 Credit Suisse MICHAEL B EXSTEIN outperform 5 M 125 Not Provided 07.08.2013 Wolfe Research SCOTT A MUSHKIN peerperform 3 M #N/A N/A Not Provided 31.07.2013 Williams Capital Group MARC RIDDICK outperform 5 N 132 12 month 24.07.2013 Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 24.07.2013 JPMorgan CHRISTOPHER HORVERS overweight 5 M 117 3 month 11.07.2013 McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 115 12 month 11.07.2013 Argus Research Corp CHRISTOPHER GRAJA buy 5 M 125 Not Provided 06.06.2013 Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 111 Not Provided 03.06.2013 UBS JASON DERISE buy 5 M 124 12 month 31.05.2013 Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 116 12 month 31.05.2013 Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 30.05.2013 S&P Capital IQ IAN GORDON hold 3 M 116 12 month 30.05.2013 Barclays ROBERT S DRBUL equalweight 3 M 110 Not Provided 30.05.2013 EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013 Holdings By: Costco Wholesale Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally. Latest Fiscal Year: 07/2013 LTM as of: 07/yy 52-Week High (07.08.2013) 26.48 52-Week Low (09.11.2012) 16.68 Daily Volume 23.195 52-Week High % Change -12.33% Dividend Yield 2.67 52-Week Low % Change 39.06% Beta 1.10 % 52 Week Price Range High/Low 72.35% Equity Float 5'352.03 Shares Out 04.09.2013 5'361.6 Short Int 57.24 124'361.15 1 Yr Total Return 27.10% Total Debt 16'211.00 YTD Return 19.83% Preferred Stock 0.0 Adjusted BETA 1.102 Minority Interest 8.0 Analyst Recs 48 Cash and Equivalents 50'610.00 Consensus Rating 4.250 Enterprise Value 89'970.15 Average Volume 5 Day 11'533'043 CSCO UW EQUITY YTD Change - Average Volume 30 Day 9'732'352 CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'578'666 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.07.2009 31.07.2010 31.07.2011 31.07.2012 31.07.2013 07/yy 07/yy 07/14 Y 07/15 Y 10/13 Q1 01/14 Q2 36'117.0 40'040.0 43'218.0 46'061.0 48'607.0 46'061.0 48'607.0 50'915.9 53'932.9 12'370.6 12'633.8 2.82x 2.64x 1.37x 1.10x 2.12x 5.95x 6.74x 1.64x 1.42x 7.07x 6.73x 9'153.0 11'194.0 10'959.0 12'971.0 13'652.0 12'971.0 13'652.0 16'430.8 17'443.3 3'965.3 4'074.3 11.13x 9.46x 5.39x 3.91x 7.55x 3.91x 7.55x 5.47x 5.15x 5.51x 5.42x 6'134.0 7'767.0 6'490.0 8'041.0 9'983.0 8'041.0 9'983.0 11'426.8 12'258.2 2'740.9 2'828.0 20.17x 17.07x 13.03x 9.80x 14.92x 9.92x 16.45x 11.00x 10.22x 11.03x 10.85x EBITDA 13'652.00 Long-Term Rating Date 10.02.2006 EBIT 11'301.00 Long-Term Rating A+ Operating Margin 23.25% Long-Term Outlook STABLE Pretax Margin 23.10% Short-Term Rating Date 31.01.2011 Return on Assets 10.35% Short-Term Rating A-1+ Return on Common Equity 18.08% Return on Capital 14.69% EBITDA/Interest Exp. 23.42 Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 21.43 Net Debt/EBITDA -2.52 Gross Margin 60.6% Total Debt/EBITDA 1.19 EBITDA Margin 28.1% EBIT Margin 23.2% Total Debt/Equity 27.4% Net Income Margin 20.5% Total Debt/Capital 21.5% Asset Turnover 0.50 Current Ratio 2.95 Net Fixed Asset Turnover 14.46 Quick Ratio 2.71 Accounts receivable turnover-days 65.66 Debt to Assets 16.02% Inventory Days 29.81 Tot Debt to Common Equity 27.42% Accounts Payable Turnover Day 18.10 Accounts Receivable Turnover 5.54 Cash Conversion Cycle 77.37 Inventory Turnover 12.21 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Cisco Systems Inc Price/Volume Valuation Analysis 8'084'592.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 10.0 M 20.0 M 30.0 M 40.0 M 50.0 M 60.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 06.08.2010 06.02.2011 06.08.2011 06.02.2012 06.08.2012 06.02.2013 06.08.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 294'831'698 5.5 9'022'438 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 254'843'882 4.75 6'342'908 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 225'986'767 4.21 (6'052'475) 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 161'841'487 3.02 (62'363'028) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 145'904'607 2.72 64'023'264 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 126'492'474 2.36 5'500'721 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 98'803'162 1.84 (3'051'815) 26.09.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 87'113'945 1.62 1'597'553 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 85'554'668 1.6 (9'303'378) 31.07.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 78'839'136 1.47 (7'968'435) 31.08.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 76'899'392 1.43 (650'485) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 66'839'322 1.25 26'507'894 30.06.2013 Investment Advisor YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'890'691 0.99 451'471 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 49'830'519 0.93 (12'656'144) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 47'831'805 0.89 1'595'580 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 46'194'735 0.86 7'409'948 31.08.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 43'859'456 0.82 (799'851) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 43'095'418 0.8 - 31.12.2012 Government FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 43'088'314 0.8 975'900 30.06.2013 Hedge Fund Manager ROBECO n/a ULT-AGG 38'140'163 0.71 (3'876'432) 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Cowen and Company PAUL SILVERSTEIN outperform 5 M 32 12 month 27.09.2013 Deutsche Bank BRIAN T MODOFF buy 5 M 28 12 month 26.09.2013 Jefferies GEORGE C NOTTER hold 3 M 22 12 month 26.09.2013 FBR Capital Markets SCOTT S THOMPSON market perform 3 M 19 12 month 26.09.2013 Cantor Fitzgerald BRIAN J WHITE buy 5 M 30 12 month 26.09.2013 Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 30 12 month 25.09.2013 Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 25.09.2013 Stifel SANJIV R WADHWANI buy 5 M 30 12 month 24.09.2013 Oppenheimer & Co ITTAI KIDRON outperform 5 M 27 12 month 24.09.2013 JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 24.09.2013 Credit Suisse KULBINDER GARCHA underperform 1 N 21 Not Provided 18.09.2013 Wedbush ROHIT CHOPRA outperform 5 M 27 12 month 17.09.2013 Argus Research Corp JAMES KELLEHER buy 5 M 29 Not Provided 13.09.2013 The Juda Group NATARAJAN SUBRAHMANYAN buy 5 M 27 12 month 13.09.2013 MKM Partners MICHAEL GENOVESE buy 5 M 28 12 month 12.09.2013 Berenberg Bank ADNAAN AHMAD sell 1 M 16 Not Provided 11.09.2013 ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 11.09.2013 Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 25 12 month 10.09.2013 William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 10.09.2013 Raymond James SIMON M LEOPOLD outperform 5 M 30 12 month 10.09.2013 Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 10.09.2013 Barclays BENJAMIN A REITZES overweight 5 M 30 Not Provided 10.09.2013 Pacific Crest Securities BRENT A BRACELIN outperform 5 M 30 12 month 03.09.2013 Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 22.08.2013 BMO Capital Markets TIMOTHY P LONG outperform 5 M 29 Not Provided 20.08.2013 Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 20.08.2013 Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 27 Not Provided 19.08.2013 Piper Jaffray TROY D JENSEN overweight 5 M 29 12 month 16.08.2013 RBC Capital Markets MARK SUE outperform 5 M 26 12 month 15.08.2013 JPMorgan ROD HALL neutral 3 M 24 3 month 15.08.2013 Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 15.08.2013 Independent Research GmbH MARKUS FRIEBEL hold 3 D 28 12 month 15.08.2013 Wunderlich Securities MATTHEW S ROBISON buy 5 M 28 18 month 15.08.2013 Nomura STUART JEFFREY buy 5 M 28 12 month 15.08.2013 S&P Capital IQ JAMES G MOORMAN buy 5 M 28 Not Provided 15.08.2013 Northland Securities Inc CATHARINE TREBNICK outperform 5 M 30 12 month 15.08.2013 FBN Securities SHEBLY SEYRAFI outperform 5 M 29 12 month 15.08.2013 ACI Research EDWARD A ZABITSKY sell 1 M 18 12 month 15.08.2013 Sterne, Agee & Leach ALEX KURTZ buy 5 M 28 12 month 14.08.2013 Evercore Partners MARK A MCKECHNIE equalweight 3 M 26 12 month 14.08.2013 Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 30 12 month 12.08.2013 UBS AMITABH PASSI buy 5 M 29 12 month 08.08.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 02.08.2013 Holdings By: Cisco Systems Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 CVS Caremark Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services, mail order, retail and specialty pharmacy, disease management programs, and retail clinics. The company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (01.08.2013) 62.22 52-Week Low (16.11.2012) 44.34 Daily Volume 57.69 52-Week High % Change -7.20% Dividend Yield 1.34 52-Week Low % Change 30.11% Beta 0.78 % 52 Week Price Range High/Low 77.35% Equity Float 1'225.82 Shares Out 31.07.2013 1'228.4 Short Int 10.99 70'864.63 1 Yr Total Return 21.44% Total Debt 9'828.00 YTD Return 20.74% Preferred Stock 0.0 Adjusted BETA 0.775 Minority Interest 0.0 Analyst Recs 27 Cash and Equivalents 1'380.00 Consensus Rating 4.667 Enterprise Value 79'061.63 Average Volume 5 Day 1'810'438 CVS UN EQUITY YTD Change - Average Volume 30 Day 1'299'065 CVS UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'224'880 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 87'471.9 98'729.0 95'778.0 107'100.0 123'133.0 116'503.0 123'632.0 126'175.2 131'381.6 31'518.2 32'621.9 0.59x 0.56x 0.59x 0.57x 0.55x 2.11x 2.35x 0.63x 0.59x 2.50x 2.41x 7'320.4 7'827.0 7'606.0 7'898.0 8'981.0 8'310.0 9'633.0 9'892.3 10'521.6 2'517.4 2'716.5 7.10x 7.02x 7.37x 7.79x 7.57x 8.06x 8.13x 8.01x 7.53x 7.81x 7.69x 3'212.1 3'696.0 3'427.0 3'461.0 3'877.0 3'674.0 4'212.0 4'832.1 5'120.3 1'212.0 1'332.5 11.78x 12.58x 13.96x 15.58x 15.08x 16.35x 16.10x 14.59x 12.95x 13.86x 13.51x EBITDA 8'981.00 Long-Term Rating Date 23.03.2007 EBIT 7'228.00 Long-Term Rating BBB+ Operating Margin 5.87% Long-Term Outlook STABLE Pretax Margin 5.14% Short-Term Rating Date 29.04.2004 Return on Assets 6.39% Short-Term Rating A-2 Return on Common Equity 10.97% Return on Capital 9.52% EBITDA/Interest Exp. 15.22 Asset Turnover 1.88% (EBITDA-Capex)/Interest Exp. 11.78 Net Debt/EBITDA 0.85 Gross Margin 18.3% Total Debt/EBITDA 0.97 EBITDA Margin 7.8% EBIT Margin 6.3% Total Debt/Equity 26.1% Net Income Margin 3.1% Total Debt/Capital 20.7% Asset Turnover 1.88 Current Ratio 1.44 Net Fixed Asset Turnover 14.27 Quick Ratio 0.57 Accounts receivable turnover-days 19.51 Debt to Assets 14.91% Inventory Days 38.23 Tot Debt to Common Equity 26.07% Accounts Payable Turnover Day 18.32 Accounts Receivable Turnover 18.71 Cash Conversion Cycle 39.40 Inventory Turnover 9.55 Fiscal Year Ended CVS Caremark Corp Price/Volume Valuation Analysis 182'860.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 76'133'514 6.2 (2'164'825) 25.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 68'002'343 5.54 2'203'905 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 55'758'799 4.54 (1'074'586) 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 53'305'281 4.34 1'394'070 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 47'615'850 3.88 (2'325'673) 30.06.2013 Investment Advisor DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 38'896'601 3.17 (4'030'606) 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 27'812'350 2.26 (2'703'317) 31.08.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 26'837'874 2.18 (2'143'326) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 25'052'655 2.04 4'197'927 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 24'023'832 1.96 13'438'957 31.07.2013 Investment Advisor ABERDEEN n/a ULT-AGG 21'687'249 1.77 384'820 31.08.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 19'531'956 1.59 43'269 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'666'324 1.52 812'436 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'317'099 1.33 237'094 30.06.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 11'303'259 0.92 118'910 31.07.2013 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 10'369'984 0.84 (2'939'256) 31.08.2013 Unclassified WELLS FARGO & COMPAN n/a ULT-AGG 10'358'989 0.84 3'454'567 31.07.2013 Investment Advisor NORGES BANK NORGES BANK 13F 10'256'556 0.83 - 31.12.2012 Government INVESCO LTD n/a ULT-AGG 9'619'095 0.78 (523'851) 26.09.2013 Investment Advisor NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 8'530'373 0.69 (146'976) 31.07.2013 Insurance Company Firm Name Analyst Recommendation Weighting Change Target Price Date Date Lazard Capital Markets THOMAS GALLUCCI buy 5 M 69 12 month 23.09.2013 Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 71 12 month 23.09.2013 Wells Fargo Securities, LLC PETER H COSTA outperform 5 M #N/A N/A Not Provided 20.09.2013 ISI Group ROSS MUKEN buy 5 M 67 12 month 18.09.2013 Cowen and Company CHARLES RHYEE market perform 3 M 66 12 month 18.09.2013 BMO Capital Markets JENNIFER LYNCH outperform 5 M 66 Not Provided 15.09.2013 Goldman Sachs ROBERT P JONES neutral/attractive 3 M 66 12 month 11.09.2013 Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 06.09.2013 SunTrust Robinson Humphrey DAVID G MAGEE neutral 3 M 66 12 month 15.08.2013 Raymond James JOHN W RANSOM outperform 5 M 65 12 month 15.08.2013 Argus Research Corp CHRISTOPHER GRAJA buy 5 M 66 Not Provided 12.08.2013 Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 65 12 month 07.08.2013 RBC Capital Markets FRANK G MORGAN outperform 5 M 71 12 month 07.08.2013 Macquarie DANE LEONE outperform 5 M 66 12 month 07.08.2013 Cantor Fitzgerald AJAY JAIN hold 3 D 62 12 month 07.08.2013 Barclays MEREDITH ADLER overweight 5 M 69 Not Provided 07.08.2013 Credit Suisse EDWARD J KELLY outperform 5 M 67 Not Provided 06.08.2013 JPMorgan LISA C GILL overweight 5 M 66 3 month 06.08.2013 William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 06.08.2013 Mizuho Securities USA Inc ANN HYNES buy 5 M 66 12 month 06.08.2013 Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 60 12 month 06.08.2013 Wolfe Research SCOTT A MUSHKIN outperform 5 M 67 12 month 06.08.2013 UBS STEVEN VALIQUETTE buy 5 M 64 12 month 01.05.2013 S&P Capital IQ JOSEPH AGNESE strong buy 5 M 62 12 month 06.02.2013 EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 16.01.2013 Holdings By: CVS Caremark Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (25.07.2013) 127.82 52-Week Low (15.11.2012) 100.66 Daily Volume 122.76 52-Week High % Change -3.97% Dividend Yield 3.01 52-Week Low % Change 21.96% Beta 1.11 % 52 Week Price Range High/Low 84.06% Equity Float 1'931.55 Shares Out 30.06.2013 1'932.0 Short Int 17.93 237'175.23 1 Yr Total Return 8.25% Total Debt 12'192.00 YTD Return 16.29% Preferred Stock 0.0 Adjusted BETA 1.113 Minority Interest 1'308.0 Analyst Recs 30 Cash and Equivalents 21'205.00 Consensus Rating 4.267 Enterprise Value 237'574.24 Average Volume 5 Day 2'264'620 CVX UN EQUITY YTD Change - Average Volume 30 Day 1'533'153 CVX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'464'277 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 255'112.0 159'293.0 189'607.0 236'286.0 222'580.0 230'561.0 213'082.0 233'330.8 240'430.7 59'202.6 58'322.6 0.58x 0.99x 0.96x 0.87x 0.91x 3.41x 4.14x 1.02x 1.01x 4.03x 4.05x 44'538.0 26'432.0 38'438.0 51'210.0 48'426.0 50'980.0 43'331.0 54'634.6 56'970.3 12'649.0 12'517.7 3.32x 5.94x 4.71x 4.02x 4.19x 3.87x 5.33x 4.34x 4.17x 4.44x 4.25x 23'931.0 10'483.0 19'024.0 26'895.0 26'179.0 26'633.0 24'041.0 23'396.1 23'653.2 5'995.7 6'087.0 6.50x 15.38x 9.62x 7.97x 8.62x 8.06x 9.70x 10.14x 9.90x 9.93x 9.81x EBITDA 48'426.00 Long-Term Rating Date 01.07.1987 EBIT 35'013.00 Long-Term Rating AA Operating Margin 15.73% Long-Term Outlook STABLE Pretax Margin 20.82% Short-Term Rating Date 01.07.1987 Return on Assets 10.38% Short-Term Rating A-1+ Return on Common Equity 17.62% Return on Capital 15.87% EBITDA/Interest Exp. 200.11 Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 72.26 Net Debt/EBITDA -0.02 Gross Margin 18.6% Total Debt/EBITDA 0.46 EBITDA Margin 20.3% EBIT Margin 13.9% Total Debt/Equity 8.9% Net Income Margin 11.8% Total Debt/Capital 8.1% Asset Turnover 0.92 Current Ratio 1.63 Net Fixed Asset Turnover 1.52 Quick Ratio 1.23 Accounts receivable turnover-days 35.10 Debt to Assets 5.23% Inventory Days 14.92 Tot Debt to Common Equity 8.93% Accounts Payable Turnover Day 44.44 Accounts Receivable Turnover 10.40 Cash Conversion Cycle 1.75 Inventory Turnover 24.46 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Chevron Corp Price/Volume Valuation Analysis 324'485.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 0.0 50'000.0 100'000.0 150'000.0 200'000.0 250'000.0 300'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 121'332'911 6.28 684'083 25.09.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 106'241'991 5.5 2'099'801 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 99'815'732 5.17 1'775'177 30.06.2013 Unclassified CAPITAL GROUP COMPAN n/a ULT-AGG 65'110'549 3.37 (13'022'485) 31.07.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 36'581'500 1.89 (1'007'006) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 31'962'641 1.65 523'741 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 31'806'155 1.65 268'853 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 29'922'195 1.55 588'374 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 25'129'299 1.3 1'472'473 31.07.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'139'348 1.15 (1'184'467) 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 17'959'479 0.93 (428'252) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 16'404'385 0.85 - 31.12.2012 Government STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'281'400 0.84 - 30.06.2013 Insurance Company BANK OF AMERICA CORP BANK OF AMERICA 13F 15'897'989 0.82 (889'067) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 13'394'689 0.69 214'493 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 13'341'537 0.69 693'516 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 12'483'222 0.65 66'509 31.07.2013 Investment Advisor DODGE & COX DODGE & COX 13F 12'141'619 0.63 3'100'613 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 12'036'143 0.62 2'301'857 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 11'463'054 0.59 164'583 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Argus Research Corp JONATHAN GELCIUS buy 5 M 140 Not Provided 25.09.2013 Howard Weil Inc BLAKE FERNANDEZ sector outperform 5 M 140 Not Provided 24.09.2013 Raymond James PAVEL MOLCHANOV outperform 5 M 130 12 month 23.09.2013 ISI Group DOUGLAS T TERRESON buy 5 M 130 12 month 23.09.2013 Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013 Oppenheimer & Co FADEL GHEIT outperform 5 M 140 18 month 20.09.2013 Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 20.09.2013 S&P Capital IQ MICHAEL KAY strong buy 5 M 145 Not Provided 19.09.2013 Tudor Pickering & Co ROBERT KESSLER hold 3 M 126 Not Provided 18.09.2013 Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 128 12 month 12.09.2013 Societe Generale JOHN HERRLIN hold 3 M 126 12 month 09.09.2013 Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 09.09.2013 Cowen and Company ASIT SEN outperform 5 M 140 12 month 04.09.2013 Barclays PAUL Y CHENG equalweight 3 M 145 Not Provided 03.09.2013 Canaccord Genuity Corp SAMUEL SIMON buy 5 M 136 12 month 15.08.2013 Independent Research GmbH SVEN DIERMEIER hold 3 M 127 12 month 12.08.2013 JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 122 3 month 06.08.2013 Prime Executions CHRIS KETTENMANN buy 5 M 131 12 month 06.08.2013 Morgan Stanley J EVAN CALIO Overwt/In-Line 5 M 135 12 month 05.08.2013 Jefferies IAIN REID hold 3 M 135 12 month 05.08.2013 Macquarie JASON D GAMMEL outperform 5 M 148 12 month 05.08.2013 Credit Suisse EDWARD WESTLAKE outperform 5 M 135 Not Provided 02.08.2013 Deutsche Bank PAUL SANKEY buy 5 M 140 12 month 10.07.2013 VTB Capital COLIN SMITH hold 3 M 120 12 month 15.05.2013 UBS WILLIAM A FEATHERSTON neutral 3 M 125 12 month 08.05.2013 Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 03.05.2013 Oracle Investment Research LAURENCE BALTER hold 3 D 110 Not Provided 01.02.2013 EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013 Holdings By: Chevron Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 E. I. du Pont de Nemours and Company is a global chemical and life sciences company, with businesses that include agriculture and industrial biotechnology, chemistry, biology, materials science and manufacturing. The Company operates globally and offers a wide range of products and services for markets including agriculture and food, building and construction, electronics and communications. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 60.86 52-Week Low (16.11.2012) 41.68 Daily Volume 59.16 52-Week High % Change -2.68% Dividend Yield 2.94 52-Week Low % Change 41.94% Beta 1.10 % 52 Week Price Range High/Low 92.96% Equity Float 921.96 Shares Out 15.07.2013 923.4 Short Int 17.89 54'630.36 1 Yr Total Return 20.48% Total Debt 11'740.00 YTD Return 34.85% Preferred Stock 237.0 Adjusted BETA 1.102 Minority Interest 91.0 Analyst Recs 27 Cash and Equivalents 4'407.00 Consensus Rating 3.148 Enterprise Value 62'111.36 Average Volume 5 Day 1'497'719 DD UN EQUITY YTD Change - Average Volume 30 Day 1'134'568 DD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'277'867 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'529.0 26'109.0 31'505.0 33'681.0 34'812.0 35'578.0 34'967.0 35'948.2 38'367.8 7'782.1 7'837.7 0.96x 1.38x 1.58x 1.53x 1.43x 6.24x 6.19x 1.66x 1.53x 8.07x 7.68x 2'904.0 3'086.0 4'419.0 5'046.0 4'794.0 6'668.0 5'561.0 6'666.2 7'288.4 981.3 1'251.8 10.14x 11.67x 11.29x 10.23x 10.35x 8.82x 10.06x 9.31x 8.51x 8.66x 8.42x 2'007.0 1'755.0 3'031.0 3'474.0 2'788.0 3'483.0 4'499.0 3'540.3 3'966.4 379.8 510.9 9.10x 16.03x 15.15x 12.89x 13.08x 13.94x 16.77x 15.56x 13.79x 14.15x 13.67x EBITDA 4'794.00 Long-Term Rating Date 17.05.2011 EBIT 3'081.00 Long-Term Rating A Operating Margin 8.85% Long-Term Outlook STABLE Pretax Margin 8.95% Short-Term Rating Date 17.05.2011 Return on Assets 8.88% Short-Term Rating A-1 Return on Common Equity 38.45% Return on Capital 18.45% EBITDA/Interest Exp. 9.57 Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 5.99 Net Debt/EBITDA 1.29 Gross Margin 26.5% Total Debt/EBITDA 2.53 EBITDA Margin 15.9% EBIT Margin 11.2% Total Debt/Equity 119.2% Net Income Margin 8.0% Total Debt/Capital 53.6% Asset Turnover 0.69 Current Ratio 1.56 Net Fixed Asset Turnover 2.69 Quick Ratio 0.73 Accounts receivable turnover-days 96.35 Debt to Assets 23.60% Inventory Days 90.89 Tot Debt to Common Equity 119.18% Accounts Payable Turnover Day 52.86 Accounts Receivable Turnover 3.79 Cash Conversion Cycle 96.29 Inventory Turnover 4.02 Fiscal Year Ended EI du Pont de Nemours & Co Price/Volume Valuation Analysis 134'830.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 56'912'325 6.16 (3'800'007) 25.09.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 45'349'221 4.91 417'288 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 44'291'914 4.8 1'107'484 30.06.2013 Unclassified CAPITAL GROUP COMPAN n/a ULT-AGG 38'664'000 4.19 (1'690'000) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 18'042'123 1.95 7'749'762 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 16'769'121 1.82 71'293 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'213'090 1.76 140'297 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'473'587 1.68 (1'500'686) 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 11'021'629 1.19 1'114'390 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 10'258'433 1.11 968'613 30.06.2013 Investment Advisor DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 9'974'422 1.08 - 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 9'488'608 1.03 1'941'313 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 9'406'354 1.02 2'655'383 31.08.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 8'394'143 0.91 736'677 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 6'967'463 0.75 (1'160'440) 31.07.2013 Investment Advisor NORGES BANK NORGES BANK 13F 6'914'198 0.75 - 31.12.2012 Government WILMINGTON TRUST COM WILMINGTON TRUST COM 13F 6'792'140 0.74 (119'953) 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 6'717'535 0.73 - 30.06.2013 Insurance Company GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'334'173 0.69 (618) 30.06.2013 Investment Advisor MACQUARIE GROUP n/a ULT-AGG 6'073'120 0.66 324'800 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Macquarie COOLEY MAY neutral 3 M 63 12 month 23.09.2013 Jefferies LAURENCE ALEXANDER hold 3 M 56 12 month 20.09.2013 Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 20.09.2013 Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 17.09.2013 Susquehanna Financial Group DONALD D CARSON Positive 4 M 70 12 month 02.09.2013 Piper Jaffray MIKE J RITZENTHALER neutral 3 M 57 12 month 29.08.2013 Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 23.08.2013 BGC Partners MARK R GULLEY sell 1 M 50 12 month 22.08.2013 EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 22.08.2013 Deutsche Bank DAVID I BEGLEITER buy 5 M 68 12 month 15.08.2013 Alembic Global Advisors HASSAN I AHMED neutral 3 M 60 12 month 29.07.2013 Argus Research Corp WILLIAM V SELESKY buy 5 M 66 12 month 26.07.2013 Goldman Sachs ROBERT KOORT neutral/attractive 3 M 57 12 month 25.07.2013 JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 60 15 month 24.07.2013 Barclays DUFFY FISCHER equalweight 3 M 58 Not Provided 24.07.2013 RBC Capital Markets CHRIS NOCELLA sector perform 3 M 56 12 month 23.07.2013 Credit Suisse JOHN P MCNULTY neutral 3 M 59 Not Provided 23.07.2013 UBS JOHN E ROBERTS neutral 3 M 60 12 month 23.07.2013 SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 45 12 month 23.07.2013 Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 23.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 23.07.2013 Oppenheimer & Co EDWARD H YANG market perform 3 M #N/A N/A Not Provided 23.07.2013 Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.05.2013 S&P Capital IQ LEO LARKIN hold 3 U 50 12 month 22.01.2013 Holdings By: EI du Pont de Nemours & Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines. Latest Fiscal Year: 09/2012 LTM as of: 06/yy 52-Week High (16.05.2013) 67.89 52-Week Low (09.11.2012) 46.55 Daily Volume 65.12 52-Week High % Change -4.20% Dividend Yield 1.15 52-Week Low % Change 39.89% Beta 1.13 % 52 Week Price Range High/Low 87.58% Equity Float 1'616.25 Shares Out 31.07.2013 1'786.4 Short Int 39.76 116'333.14 1 Yr Total Return 25.74% Total Debt 14'311.00 YTD Return 30.79% Preferred Stock 0.0 Adjusted BETA 1.129 Minority Interest 2'199.0 Analyst Recs 34 Cash and Equivalents 3'387.00 Consensus Rating 4.235 Enterprise Value 129'775.14 Average Volume 5 Day 5'431'254 DIS UN EQUITY YTD Change - Average Volume 30 Day 2'994'688 DIS UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'497'080 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 37'843.0 36'149.0 38'063.0 40'893.0 42'278.0 41'921.0 44'255.0 44'876.6 47'860.0 11'406.0 12'200.0 1.95x 1.67x 1.96x 1.65x 2.51x 8.19x 10.30x 2.89x 2.68x 11.36x 10.51x 8'986.0 7'328.0 8'439.0 9'622.0 10'850.0 10'663.0 11'440.0 12'067.8 13'454.5 2'853.8 3'099.6 8.20x 8.25x 8.86x 7.00x 9.79x 9.42x 11.11x 10.78x 9.67x 9.89x 9.59x 4'427.0 3'307.0 3'963.0 4'807.0 5'682.0 5'525.0 5'986.0 6'137.8 6'941.5 1'362.7 1'632.3 14.43x 14.99x 16.08x 11.80x 16.96x 16.29x 19.20x 19.33x 16.65x 17.31x 16.55x EBITDA 10'850.00 Long-Term Rating Date 22.12.2009 EBIT 8'863.00 Long-Term Rating A Operating Margin 20.96% Long-Term Outlook STABLE Pretax Margin 21.90% Short-Term Rating Date 22.12.2009 Return on Assets 7.68% Short-Term Rating A-1 Return on Common Equity 14.33% Return on Capital 11.43% EBITDA/Interest Exp. 19.24 Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 12.53 Net Debt/EBITDA 0.97 Gross Margin 21.0% Total Debt/EBITDA 1.31 EBITDA Margin 25.9% EBIT Margin 21.0% Total Debt/Equity 36.0% Net Income Margin 13.4% Total Debt/Capital 25.4% Asset Turnover 0.57 Current Ratio 1.07 Net Fixed Asset Turnover 2.07 Quick Ratio 0.77 Accounts receivable turnover-days 51.48 Debt to Assets 19.11% Inventory Days 15.37 Tot Debt to Common Equity 35.99% Accounts Payable Turnover Day 58.24 Accounts Receivable Turnover 7.07 Cash Conversion Cycle 21.82 Inventory Turnover 23.69 Fiscal Year Ended Walt Disney Co/The Price/Volume Valuation Analysis 433'920.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 45'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 09.10.2009 09.04.2010 09.10.2010 09.04.2011 09.10.2011 09.04.2012 09.10.2012 09.04.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type LAURENE POWELL JOBS n/a PROXY 130'844'544 7.32 - 07.01.2013 n/a BLACKROCK n/a ULT-AGG 93'837'994 5.25 (494'298) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 80'163'479 4.49 1'183'628 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 77'799'514 4.35 2'893'171 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 62'014'410 3.47 36'689'294 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 59'453'225 3.33 (1'495'596) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 55'699'112 3.12 (1'422'694) 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 42'206'018 2.36 - 30.06.2013 Insurance Company LUCAS JR GEORGE W n/a Co File 37'076'679 2.08 - 06.02.2013 n/a BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 30'293'150 1.7 (127'337) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 28'465'082 1.59 224'418 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 25'834'722 1.45 (3'332'832) 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 24'292'691 1.36 (4'191'722) 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 23'262'171 1.3 (2'486) 30.06.2013 Insurance Company JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 16'644'863 0.93 2'408'938 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 15'073'679 0.84 1'496'290 31.07.2013 Investment Advisor NORGES BANK NORGES BANK 13F 14'991'213 0.84 - 31.12.2012 Government DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 12'938'299 0.72 (2'546'616) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'441'353 0.7 233'702 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 12'253'959 0.69 (536'689) 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 24.09.2013 Lazard Capital Markets BARTON CROCKETT buy 5 M 76 12 month 22.09.2013 Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 75 12 month 20.09.2013 Stifel DREW E CRUM buy 5 M 76 12 month 20.09.2013 Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 D 70 12 month 19.09.2013 B Riley & Co DAVID W MILLER buy 5 M 73 Not Provided 19.09.2013 Cowen and Company DOUGLAS CREUTZ market perform 3 M 62 12 month 19.09.2013 Sterne, Agee & Leach VASILY KARASYOV neutral 3 M 69 12 month 13.09.2013 JPMorgan ALEXIA S QUADRANI overweight 5 M 80 15 month 12.09.2013 BMO Capital Markets DANIEL SALMON outperform 5 M 76 Not Provided 11.09.2013 Macquarie TIMOTHY W NOLLEN outperform 5 M 75 12 month 11.09.2013 Evercore Partners TRACY YOUNG overweight 5 M 70 12 month 10.09.2013 ISI Group VIJAY JAYANT neutral 3 N 68 12 month 10.09.2013 Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 06.09.2013 Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 28.08.2013 Wunderlich Securities MATTHEW HARRIGAN hold 3 M 65 18 month 19.08.2013 Argus Research Corp JOSEPH F BONNER buy 5 M 75 Not Provided 08.08.2013 Credit Suisse MICHAEL SENNO outperform 5 M 73 Not Provided 08.08.2013 Hilliard Lyons JEFFREY S THOMISON long-term buy 5 M 78 12 month 08.08.2013 Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 75 12 month 07.08.2013 Goldman Sachs DREW BORST neutral/attractive 3 M 69 12 month 07.08.2013 Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 71 12 month 07.08.2013 S&P Capital IQ TUNA AMOBI strong buy 5 M 75 Not Provided 07.08.2013 Atlantic Equities LLP HAMILTON FABER neutral 3 M 74 12 month 07.08.2013 Piper Jaffray JAMES M MARSH JR neutral 3 M 57 12 month 07.08.2013 Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 74 Not Provided 07.08.2013 Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 07.08.2013 RBC Capital Markets DAVID BANK outperform 5 M 71 12 month 06.08.2013 Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013 BTIG LLC RICHARD GREENFIELD buy 5 M 85 12 month 09.05.2013 UBS JOHN JANEDIS buy 5 U 72 12 month 29.04.2013 Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.03.2013 Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 06.02.2013 EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 06.02.2013 Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 05.08.2011 Holdings By: Walt Disney Co/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 The Dow Chemical Company is a diversified chemical company that provides chemical, plastic, and agricultural products and services to various essential consumer markets. The Company serves customers in countries around the world in markets such as food, transportation, health and medicine, personal care, and construction. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 41.08 52-Week Low (16.11.2012) 27.45 Daily Volume 39.47 52-Week High % Change -3.89% Dividend Yield 3.24 52-Week Low % Change 43.79% Beta 1.42 % 52 Week Price Range High/Low 92.00% Equity Float 1'205.62 Shares Out 30.06.2013 1'210.2 Short Int 23.93 47'767.14 1 Yr Total Return 40.59% Total Debt 20'987.00 YTD Return 25.57% Preferred Stock 4'000.0 Adjusted BETA 1.423 Minority Interest 1'137.0 Analyst Recs 24 Cash and Equivalents 4'318.00 Consensus Rating 3.375 Enterprise Value 66'846.14 Average Volume 5 Day 2'172'528 DOW UN EQUITY YTD Change - Average Volume 30 Day 1'802'396 DOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'637'392 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 57'361.0 44'875.0 53'674.0 59'985.0 56'786.0 58'438.0 56'514.0 57'241.1 59'481.8 13'987.8 14'245.8 0.41x 1.25x 1.14x 0.92x 1.07x 3.89x 4.17x 1.19x 1.13x 4.95x 4.92x 4'316.0 4'176.0 6'078.0 6'909.0 6'645.0 6'488.0 6'668.0 8'235.3 8'981.8 2'241.8 1'356.5 5.46x 13.38x 10.11x 7.99x 9.14x 9.17x 8.70x 8.12x 7.44x 7.82x 7.83x 579.0 648.0 2'310.0 2'742.0 1'182.0 2'196.0 3'011.0 2'876.7 3'456.2 681.6 586.7 25.58x 46.90x 17.21x 12.27x 17.05x 17.17x 17.03x 16.66x 13.78x 15.06x 14.49x EBITDA 6'645.00 Long-Term Rating Date 11.05.2011 EBIT 3'947.00 Long-Term Rating BBB Operating Margin 6.95% Long-Term Outlook STABLE Pretax Margin 2.93% Short-Term Rating Date 11.05.2011 Return on Assets 4.33% Short-Term Rating A-2 Return on Common Equity 13.94% Return on Capital 8.47% EBITDA/Interest Exp. 4.91 Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 2.98 Net Debt/EBITDA 2.09 Gross Margin 15.0% Total Debt/EBITDA 2.82 EBITDA Margin 11.8% EBIT Margin 7.1% Total Debt/Equity 124.4% Net Income Margin 2.1% Total Debt/Capital 48.8% Asset Turnover 0.81 Current Ratio 2.06 Net Fixed Asset Turnover 3.27 Quick Ratio 0.82 Accounts receivable turnover-days 35.10 Debt to Assets 30.15% Inventory Days 66.03 Tot Debt to Common Equity 124.35% Accounts Payable Turnover Day 35.70 Accounts Receivable Turnover 10.40 Cash Conversion Cycle 56.57 Inventory Turnover 5.53 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Dow Chemical Co/The Price/Volume Valuation Analysis 301'588.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 40 45 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 169'069'310 13.97 (2'939'596) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 63'104'002 5.21 (3'830'371) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 57'289'009 4.73 1'927'946 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 51'317'074 4.24 449'687 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 45'032'545 3.72 (1'907'997) 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 37'347'469 3.09 2'178'967 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 29'594'622 2.45 (193'597) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 22'575'955 1.87 (2'823'472) 31.07.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'433'463 1.44 215'585 30.06.2013 Investment Advisor WADDELL & REED FINAN n/a ULT-AGG 13'356'310 1.1 3'843'582 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'286'317 1.1 82'658 30.06.2013 Investment Advisor GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 11'674'810 0.96 739'086 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 10'593'676 0.88 (912'499) 30.06.2013 Unclassified INVESCO LTD n/a ULT-AGG 9'128'771 0.75 1'967'913 26.09.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 8'305'930 0.69 182'176 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 7'892'282 0.65 - 31.12.2012 Government MORGAN STANLEY n/a ULT-AGG 6'441'139 0.53 (191'857) 30.06.2013 Investment Advisor GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 6'200'000 0.51 - 30.06.2013 Investment Advisor LEGAL & GENERAL n/a ULT-AGG 6'099'533 0.5 386'365 31.07.2013 Unclassified GOLDMAN SACHS GROUP n/a ULT-AGG 5'978'365 0.49 (278'104) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Goldman Sachs ROBERT KOORT buy/attractive 5 M 48 12 month 26.09.2013 Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 26.09.2013 Cowen and Company CHARLES NEIVERT market perform 3 M #N/A N/A Not Provided 25.09.2013 Alembic Global Advisors HASSAN I AHMED overweight 5 M 45 12 month 23.09.2013 Jefferies LAURENCE ALEXANDER hold 3 M 40 12 month 20.09.2013 Macquarie COOLEY MAY outperform 5 M 45 12 month 09.09.2013 Argus Research Corp WILLIAM V SELESKY buy 5 M 47 Not Provided 04.09.2013 Susquehanna Financial Group DONALD D CARSON neutral 3 M 38 12 month 02.09.2013 Edward Jones MATT ARNOLD sell 1 M #N/A N/A Not Provided 26.08.2013 UBS JOHN E ROBERTS buy 5 M 42 12 month 19.08.2013 Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 29.07.2013 Deutsche Bank DAVID I BEGLEITER hold 3 M 37 12 month 26.07.2013 JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 36 15 month 26.07.2013 Barclays DUFFY FISCHER equalweight 3 M 37 Not Provided 26.07.2013 Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 25.07.2013 RBC Capital Markets CHRIS NOCELLA sector perform 3 M 36 12 month 25.07.2013 Credit Suisse JOHN P MCNULTY outperform 5 M 39 Not Provided 25.07.2013 SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 30 12 month 25.07.2013 Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.05.2013 EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 13.05.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013 Gilford Securities PAUL C CHRISTOPHERSON sell 1 M #N/A N/A Not Provided 18.09.2012 Holdings By: Dow Chemical Co/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.10.2012) 63.00 52-Week Low (22.04.2013) 50.82 Daily Volume 59.26 52-Week High % Change -6.10% Dividend Yield 1.38 52-Week Low % Change 16.61% Beta 1.32 % 52 Week Price Range High/Low 71.02% Equity Float 380.62 Shares Out 30.06.2013 406.0 Short Int 7.68 24'059.56 1 Yr Total Return -0.77% Total Debt 11'644.00 YTD Return 15.17% Preferred Stock 0.0 Adjusted BETA 1.325 Minority Interest 0.0 Analyst Recs 33 Cash and Equivalents 6'980.00 Consensus Rating 4.000 Enterprise Value 29'977.56 Average Volume 5 Day 790'242 DVN UN EQUITY YTD Change - Average Volume 30 Day 562'476 DVN UN EQUITY YTD % CHANGE - Average Volume 3 Month 577'510 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 13'615.0 8'015.0 9'940.0 11'454.0 9'679.0 11'143.0 9'509.0 9'980.9 11'381.6 2'560.2 2'685.9 2.56x 4.92x 3.69x 2.42x 2.66x 10.08x 11.52x 3.23x 2.95x 12.89x 12.38x 8'952.0 4'270.0 5'859.0 6'878.0 5'253.0 6'596.0 4'806.0 5'431.3 6'906.1 1'497.1 1'615.8 3.89x 9.24x 6.25x 4.04x 4.91x 4.10x 5.61x 5.51x 4.33x 4.64x 4.47x (2'148.0) (2'479.0) 4'550.0 4'704.0 (206.0) 2'415.0 (1'732.0) 1'661.4 2'237.8 450.2 510.7 8.29x 22.88x 13.09x 7.75x 15.99x 12.61x 6.94x 14.17x 10.85x 11.34x 10.72x EBITDA 5'253.00 Long-Term Rating Date 18.03.2008 EBIT 2'442.00 Long-Term Rating BBB+ Operating Margin 25.23% Long-Term Outlook STABLE Pretax Margin -3.28% Short-Term Rating Date 29.08.2000 Return on Assets -4.15% Short-Term Rating A-2 Return on Common Equity -8.22% Return on Capital - EBITDA/Interest Exp. 11.57 Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -6.55 Net Debt/EBITDA 1.23 Gross Margin 32.4% Total Debt/EBITDA 2.11 EBITDA Margin 50.5% EBIT Margin 20.8% Total Debt/Equity 54.7% Net Income Margin -2.1% Total Debt/Capital 35.4% Asset Turnover 0.23 Current Ratio 1.49 Net Fixed Asset Turnover 0.35 Quick Ratio 1.37 Accounts receivable turnover-days 48.81 Debt to Assets 26.88% Inventory Days - Tot Debt to Common Equity 54.72% Accounts Payable Turnover Day - Accounts Receivable Turnover 7.48 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Devon Energy Corp Price/Volume Valuation Analysis 56'352.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 26'662'678 6.57 968'208 30.06.2013 Investment Advisor MITCHELL GEORGE PHYD n/a PROXY 22'661'034 5.58 - 31.03.2013 n/a BLACKROCK n/a ULT-AGG 21'685'732 5.34 (1'818'432) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 17'557'856 4.32 291'624 30.06.2013 Unclassified HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 16'770'577 4.13 (85'738) 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 16'418'271 4.04 362'457 26.09.2013 Investment Advisor FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 11'541'257 2.84 3'056'308 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 9'479'672 2.33 183'224 31.08.2013 Investment Advisor FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 7'799'865 1.92 (163'570) 30.06.2013 Hedge Fund Manager JP MORGAN n/a ULT-AGG 7'643'395 1.88 920'783 31.07.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 6'387'287 1.57 (2'477'876) 30.06.2013 Investment Advisor INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 6'297'521 1.55 650'750 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'421'911 1.34 73'560 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'258'104 1.05 (317'185) 30.06.2013 Investment Advisor TWEEDY BROWNE COMPAN TWEEDY BROWNE COMPAN 13F 4'236'700 1.04 494'990 30.06.2013 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 4'142'667 1.02 (435'098) 31.08.2013 Unclassified GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 3'958'943 0.98 (59'900) 30.06.2013 Investment Advisor THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 3'883'863 0.96 (7'559) 30.06.2013 Hedge Fund Manager WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'559'850 0.88 (867'437) 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 3'408'704 0.84 1'603'231 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Canaccord Genuity Corp ROBERT L CHRISTENSEN JR buy 5 M 75 12 month 27.09.2013 ISI Group JONATHAN WOLFF neutral 3 M #N/A N/A Not Provided 25.09.2013 Howard Weil Inc PETER KISSEL sector outperform 5 M 68 Not Provided 24.09.2013 Macquarie JOSEPH MAGNER neutral 3 M 60 12 month 24.09.2013 Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 61 12 month 23.09.2013 Robert W. Baird & Co HSULIN PENG outperform 5 M 69 12 month 23.09.2013 FBR Capital Markets REHAN RASHID outperform 5 M 77 12 month 23.09.2013 Oppenheimer & Co FADEL GHEIT outperform 5 M 75 18 month 20.09.2013 Sanford C. Bernstein & Co BOB BRACKETT market perform 3 M 65 12 month 19.09.2013 Susquehanna Financial Group DUANE GRUBERT Positive 4 M 75 12 month 19.09.2013 Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 76 12 month 12.09.2013 Peters & Co Ltd DAN GRAGER sector outperform 5 M 75 12 month 10.09.2013 Raymond James ANDREW COLEMAN outperform 5 M 71 12 month 09.09.2013 Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 05.09.2013 Barclays THOMAS R DRISCOLL equalweight 3 M 64 Not Provided 04.09.2013 Edward Jones BRIAN YOUNGBERG buy 5 U #N/A N/A Not Provided 30.08.2013 Wells Fargo Securities, LLC DAVID R TAMERON market perform 3 M #N/A N/A Not Provided 27.08.2013 Tudor Pickering & Co MATTHEW PORTILLO hold 3 M 79 Not Provided 27.08.2013 Jefferies BIJU Z PERINCHERIL buy 5 M 71 12 month 19.08.2013 Simmons & Company International DAVID W KISTLER overweight 5 M 70 Not Provided 15.08.2013 Deutsche Bank STEPHEN RICHARDSON hold 3 M 69 12 month 14.08.2013 RBC Capital Markets SCOTT HANOLD outperform 5 M 72 12 month 09.08.2013 Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 08.08.2013 Societe Generale JOHN HERRLIN buy 5 M 65 12 month 07.08.2013 Credit Suisse ARUN JAYARAM outperform 5 M 75 Not Provided 07.08.2013 UBS WILLIAM A FEATHERSTON neutral 3 M 60 12 month 07.08.2013 Capital One Southcoast, Inc. BRIAN T VELIE neutral 3 M 78 Not Provided 07.08.2013 Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 67 12 month 07.08.2013 JPMorgan JOSEPH D ALLMAN neutral 3 M 59 3 month 24.07.2013 Argus Research Corp JONATHAN GELCIUS hold 3 M #N/A N/A Not Provided 22.05.2013 EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 11.05.2013 Goldman Sachs BRIAN SINGER buy/attractive 5 M 73 12 month 04.04.2013 Holdings By: Devon Energy Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 eBay Inc. operates an online trading community. The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets. eBay also offers, through a subsidiary, secure online payment services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (11.04.2013) 58.04 52-Week Low (15.11.2012) 45.66 Daily Volume 56 52-Week High % Change -3.50% Dividend Yield 0.00 52-Week Low % Change 22.65% Beta 1.07 % 52 Week Price Range High/Low 88.69% Equity Float 1'179.91 Shares Out 15.07.2013 1'294.5 Short Int 15.07 72'493.81 1 Yr Total Return 14.01% Total Debt 4'519.00 YTD Return 9.76% Preferred Stock 0.0 Adjusted BETA 1.073 Minority Interest 0.0 Analyst Recs 45 Cash and Equivalents 9'408.00 Consensus Rating 4.644 Enterprise Value 66'590.81 Average Volume 5 Day 2'867'183 EBAY UW EQUITY YTD Change - Average Volume 30 Day 2'370'840 EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'525'666 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 13'020.8 15'021.0 16'171.5 18'801.7 3'902.1 4'640.8 1.82x 2.93x 3.42x 3.02x 4.34x 12.76x 16.34x 4.04x 3.38x 17.06x 14.24x 2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'748.0 4'397.0 5'405.9 6'218.1 1'261.5 1'584.9 5.46x 11.10x 11.03x 10.62x 14.95x 13.46x 13.88x 12.30x 10.69x 11.51x 11.09x 1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'732.1 2'665.0 3'563.0 4'214.5 825.4 1'088.4 9.01x 17.84x 20.19x 11.68x 26.63x 21.79x 25.76x 20.66x 17.53x 19.04x 18.26x EBITDA 4'088.00 Long-Term Rating Date 02.03.2010 EBIT 2'888.00 Long-Term Rating A Operating Margin 20.52% Long-Term Outlook STABLE Pretax Margin 21.92% Short-Term Rating Date 05.11.2010 Return on Assets 7.98% Short-Term Rating A-1 Return on Common Equity 13.14% Return on Capital - EBITDA/Interest Exp. 64.89 Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 44.94 Net Debt/EBITDA -1.34 Gross Margin 70.0% Total Debt/EBITDA 1.03 EBITDA Margin 29.3% EBIT Margin 20.6% Total Debt/Equity 21.7% Net Income Margin 18.5% Total Debt/Capital 17.8% Asset Turnover 0.45 Current Ratio 1.96 Net Fixed Asset Turnover 6.09 Quick Ratio 0.94 Accounts receivable turnover-days 16.90 Debt to Assets 12.19% Inventory Days - Tot Debt to Common Equity 21.66% Accounts Payable Turnover Day 22.57 Accounts Receivable Turnover 21.60 Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended eBay Inc Price/Volume Valuation Analysis 775'395.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 9.0 M 10.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type OMIDYAR PIERRE M n/a Form 4 112'053'208 8.66 (9'770'200) 20.08.2013 n/a BLACKROCK n/a ULT-AGG 63'922'202 4.94 578'294 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 55'243'471 4.27 1'841'369 30.06.2013 Unclassified T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 50'051'617 3.87 1'136'631 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 49'471'554 3.82 (11'964'162) 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 48'303'804 3.73 199'783 26.09.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 33'030'434 2.55 961'052 26.09.2013 Investment Advisor BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'607'817 2.21 178'698 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 26'694'869 2.06 4'510'650 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 23'223'973 1.79 577'633 31.07.2013 Investment Advisor OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 18'475'757 1.43 411'648 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 18'441'220 1.42 (16'500'960) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 18'369'198 1.42 4'935'392 31.07.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'093'805 1.32 (125'298) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'375'058 1.26 325'534 30.06.2013 Investment Advisor LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 15'515'623 1.2 5'774'957 30.06.2013 Hedge Fund Manager CAPITAL GROUP COMPAN n/a ULT-AGG 15'065'405 1.16 12'161'359 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 14'796'719 1.14 (1'297'518) 30.08.2013 Unclassified JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'179'016 1.02 728'983 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 12'134'645 0.94 (1'164'611) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 65 12 month 27.09.2013 Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 27.09.2013 Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 62 12 month 26.09.2013 RBC Capital Markets MARK S MAHANEY outperform 5 M 64 12 month 26.09.2013 SunTrust Robinson Humphrey ROBERT S PECK neutral 3 M 59 12 month 26.09.2013 Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 65 12 month 26.09.2013 Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 26.09.2013 Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 26.09.2013 Evercore Partners KEN SENA overweight 5 M 64 12 month 26.09.2013 Cowen and Company JOHN BLACKLEDGE market perform 3 M 55 12 month 26.09.2013 JMP Securities RONALD V JOSEY III market outperform 4 M 65 12 month 26.09.2013 S&P Capital IQ SCOTT H KESSLER hold 3 M 60 12 month 26.09.2013 Lazard Capital Markets BRETT FODERO buy 5 M 63 12 month 26.09.2013 Compass Point Research & Trading LLC DOUGLAS GREINER buy 5 M 63 12 month 26.09.2013 B Riley & Co SCOTT TILGHMAN buy 5 M 65 Not Provided 25.09.2013 Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 64 Not Provided 25.09.2013 Susquehanna Financial Group BRIAN NOWAK Positive 4 M 65 12 month 24.09.2013 JPMorgan DOUGLAS ANMUTH overweight 5 M 60 15 month 23.09.2013 Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 62 12 month 20.09.2013 Stifel JORDAN ROHAN buy 5 M 65 12 month 12.09.2013 Piper Jaffray EUGENE E MUNSTER overweight 5 M 63 12 month 11.09.2013 Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 65 12 month 11.09.2013 Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 65 18 month 06.09.2013 Wedbush GIL B LURIA outperform 5 M 64 12 month 06.09.2013 Macquarie BENJAMIN A SCHACHTER neutral 3 M 58 12 month 06.09.2013 Pacific Crest Securities CHAD BARTLEY outperform 5 M 65 12 month 28.08.2013 Argus Research Corp DAVID RITTER buy 5 M 65 12 month 26.08.2013 Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 20.08.2013 Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 57 Not Provided 20.08.2013 Atlantic Equities LLP JAMES CORDWELL overweight 5 M 62 12 month 15.08.2013 Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 23.07.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 20.07.2013 Raymond James AARON M KESSLER outperform 5 M 60 12 month 19.07.2013 Credit Suisse STEPHEN JU neutral 3 M 55 Not Provided 18.07.2013 Jefferies BRIAN J PITZ buy 5 M 66 12 month 18.07.2013 Benchmark Company LLC DANIEL L KURNOS buy 5 M 63 12 month 18.07.2013 Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 75 12 month 18.07.2013 BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 64 Not Provided 17.07.2013 Deutsche Bank ROSS SANDLER hold 3 M 59 12 month 17.07.2013 BGC Partners COLIN W GILLIS buy 5 M 65 12 month 16.07.2013 Tigress Financial Partners IVAN FEINSETH buy 5 M #N/A N/A Not Provided 02.05.2013 UBS ERIC J SHERIDAN buy 5 N 64 12 month 01.04.2013 Goldman Sachs HEATH P TERRY buy/attractive 5 M 63 12 month 11.01.2013 Holdings By: eBay Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 EMC Corporation provides enterprise storage systems, software, networks, and services. The Company's products store, retrieve, manage, protect, and share information from all major computing environments and mainframe platforms. EMC operates offices around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (01.10.2012) 27.89 52-Week Low (19.04.2013) 21.45 Daily Volume 26.1 52-Week High % Change -6.38% Dividend Yield 0.38 52-Week Low % Change 21.68% Beta 1.05 % 52 Week Price Range High/Low 75.00% Equity Float 2'068.35 Shares Out 30.06.2013 2'080.9 Short Int 66.09 54'310.29 1 Yr Total Return -4.39% Total Debt 1'710.15 YTD Return 4.00% Preferred Stock 0.0 Adjusted BETA 1.052 Minority Interest 1'166.6 Analyst Recs 45 Cash and Equivalents 6'167.12 Consensus Rating 4.733 Enterprise Value 51'694.29 Average Volume 5 Day 4'496'708 EMC UN EQUITY YTD Change - Average Volume 30 Day 3'342'864 EMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'516'503 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'876.2 14'025.9 17'015.1 20'007.6 21'713.9 20'960.4 22'309.5 23'457.3 25'443.7 5'803.4 6'662.4 1.24x 2.34x 2.72x 2.20x 2.30x 9.37x 8.87x 2.25x 1.95x 8.94x 7.66x 2'957.0 2'594.9 3'935.2 4'961.4 5'602.2 5'398.5 5'749.6 7'076.6 7'862.1 1'839.4 2'266.5 6.23x 12.63x 11.75x 8.85x 8.93x 9.44x 8.09x 7.29x 6.56x 6.62x 6.50x 1'275.1 1'088.1 1'900.0 2'461.3 2'732.6 2'674.1 2'777.3 4'040.0 4'511.7 980.7 1'302.1 14.75x 32.69x 23.56x 19.01x 20.38x 20.99x 18.31x 14.03x 12.34x 13.14x 12.74x EBITDA 5'602.21 Long-Term Rating Date 25.06.2012 EBIT 4'074.46 Long-Term Rating A Operating Margin 18.76% Long-Term Outlook STABLE Pretax Margin 17.52% Short-Term Rating Date - Return on Assets 7.00% Short-Term Rating - Return on Common Equity 12.76% Return on Capital 10.97% EBITDA/Interest Exp. 71.00 Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 60.62 Net Debt/EBITDA -0.69 Gross Margin 62.8% Total Debt/EBITDA 1.25 EBITDA Margin 25.8% EBIT Margin 18.7% Total Debt/Equity 7.6% Net Income Margin 12.6% Total Debt/Capital 6.8% Asset Turnover 0.56 Current Ratio 1.18 Net Fixed Asset Turnover 7.16 Quick Ratio 0.93 Accounts receivable turnover-days 50.54 Debt to Assets 4.49% Inventory Days 49.60 Tot Debt to Common Equity 7.65% Accounts Payable Turnover Day 40.51 Accounts Receivable Turnover 7.22 Cash Conversion Cycle 56.37 Inventory Turnover 7.36 Fiscal Year Ended EMC Corp/MA Price/Volume Valuation Analysis 841'766.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 121'245'095 5.83 (6'445'791) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 99'362'849 4.78 2'742'319 30.06.2013 Unclassified WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 86'524'514 4.16 25'334'488 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 85'870'382 4.13 (1'039'283) 26.09.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 49'814'703 2.39 (2'049'308) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 37'630'131 1.81 275'892 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 34'156'111 1.64 2'213'891 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 33'244'535 1.6 17'188'397 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 32'096'418 1.54 5'880'959 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 31'367'172 1.51 1'514'542 30.06.2013 Investment Advisor MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 30'479'802 1.46 (660'810) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 29'844'399 1.43 (5'955'484) 30.06.2013 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 26'380'749 1.27 (665'613) 31.08.2013 Unclassified PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 24'929'149 1.2 2'700'300 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 22'244'971 1.07 (6'876'646) 31.07.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 22'167'964 1.07 (5'601'847) 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 21'560'908 1.04 (3'108'151) 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 20'293'011 0.98 1'778'141 31.07.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 20'129'584 0.97 (2'456'724) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 17'402'674 0.84 (8'357'295) 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 26 12 month 25.09.2013 Cantor Fitzgerald BRIAN J WHITE buy 5 M 31 12 month 25.09.2013 Craig-Hallum Capital Group LLC RAJESH GHAI buy 5 M 32 12 month 25.09.2013 Cross Research STEVEN B FOX buy 5 M 33 12 month 25.09.2013 Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 24.09.2013 Barclays BENJAMIN A REITZES equalweight 3 D 28 Not Provided 24.09.2013 Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 32 12 month 18.09.2013 Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 32 12 month 18.09.2013 Argus Research Corp JAMES KELLEHER buy 5 M 30 12 month 12.09.2013 Sterne, Agee & Leach ALEX KURTZ buy 5 M 32 12 month 12.09.2013 Longbow Research JOE WITTINE buy 5 M 32 12 month 12.09.2013 ISI Group BRIAN MARSHALL strong buy 5 M 36 12 month 11.09.2013 Lazard Capital Markets EDWARD PARKER buy 5 M 32 12 month 10.09.2013 BMO Capital Markets KEITH F BACHMAN outperform 5 M 30 Not Provided 06.09.2013 Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 32 12 month 05.09.2013 Brean Capital LLC ANANDA BARUAH buy 5 M 31 12 month 05.09.2013 RBC Capital Markets AMIT DARYANANI outperform 5 M 30 12 month 04.09.2013 Credit Suisse KULBINDER GARCHA outperform 5 M 30 Not Provided 04.09.2013 Jefferies PETER J MISEK buy 5 M 32 12 month 04.09.2013 Raymond James BRIAN G ALEXANDER strong buy 5 M 31 12 month 04.09.2013 Evercore Partners ROBERT CIHRA overweight 5 M 32 12 month 04.09.2013 Oppenheimer & Co ITTAI KIDRON outperform 5 M 28 12 month 04.09.2013 Piper Jaffray ANDREW J NOWINSKI overweight 5 M 30 12 month 04.09.2013 Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 27.08.2013 Pacific Crest Securities BRENT A BRACELIN outperform 5 M 32 12 month 22.08.2013 William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 05.08.2013 Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 29 Not Provided 05.08.2013 Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 31.07.2013 Hilliard Lyons STEPHEN TURNER long-term buy 5 M 31 12 month 26.07.2013 Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 25.07.2013 Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 29 12 month 25.07.2013 JPMorgan MARK A MOSKOWITZ neutral 3 M 27 15 month 25.07.2013 Stifel AARON C RAKERS buy 5 M 33 12 month 25.07.2013 UBS STEVEN M MILUNOVICH buy 5 M 32 12 month 24.07.2013 Needham & Co GLENN HANUS buy 5 M 32 12 month 24.07.2013 Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 32 12 month 24.07.2013 FBR Capital Markets DANIEL H IVES outperform 5 M 33 12 month 24.07.2013 FBN Securities SHEBLY SEYRAFI outperform 5 M 28 12 month 10.07.2013 S&P Capital IQ ANGELO ZINO strong buy 5 M 30 12 month 04.07.2013 Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 30 Not Provided 20.05.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 17.05.2013 Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 15.03.2013 Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 03.05.2012 Holdings By: EMC Corp/MA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Emerson Electric Co. designs and manufactures electronic and electrical equipment, software, systems and services for industrial, commercial and consumer markets worldwide through its network power, process management, industrial automation, climate technologies and tools & storage divisions. Latest Fiscal Year: 09/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 66.77 52-Week Low (23.10.2012) 47.12 Daily Volume 65.04 52-Week High % Change -2.64% Dividend Yield 2.51 52-Week Low % Change 38.03% Beta 1.03 % 52 Week Price Range High/Low 93.13% Equity Float 710.19 Shares Out 31.07.2013 714.5 Short Int 11.76 46'473.13 1 Yr Total Return 38.48% Total Debt 5'293.00 YTD Return 25.37% Preferred Stock 0.0 Adjusted BETA 1.032 Minority Interest 147.0 Analyst Recs 31 Cash and Equivalents 2'367.00 Consensus Rating 3.774 Enterprise Value 49'356.13 Average Volume 5 Day 1'160'474 EMR UN EQUITY YTD Change - Average Volume 30 Day 921'900 EMR UN EQUITY YTD % CHANGE - Average Volume 3 Month 910'807 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1 24'807.0 20'102.0 21'039.0 24'222.0 24'412.0 24'257.0 24'557.0 24'615.9 25'181.5 6'761.2 5'640.4 1.39x 1.66x 2.06x 1.40x 1.56x 6.25x 6.70x 2.00x 1.95x 7.29x 8.77x 4'789.0 3'871.0 4'325.0 5'096.0 5'155.0 5'053.0 5'114.0 4'674.8 5'204.9 1'446.4 1'017.6 7.18x 8.60x 10.00x 6.64x 7.38x 7.46x 8.20x 10.55x 9.48x 9.79x 9.64x 2'412.0 1'724.0 2'164.0 2'480.0 1'968.0 2'447.0 1'491.0 2'408.2 2'738.2 797.4 507.5 12.79x 16.04x 20.04x 12.68x 13.71x 13.82x 15.15x 18.85x 16.72x 17.22x 16.73x EBITDA 5'155.00 Long-Term Rating Date 04.02.2002 EBIT 4'332.00 Long-Term Rating A Operating Margin 17.75% Long-Term Outlook STABLE Pretax Margin 12.76% Short-Term Rating Date 04.02.2002 Return on Assets 6.23% Short-Term Rating A-1 Return on Common Equity 14.45% Return on Capital 10.48% EBITDA/Interest Exp. 21.39 Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 18.63 Net Debt/EBITDA 0.53 Gross Margin 40.0% Total Debt/EBITDA 1.08 EBITDA Margin 20.8% EBIT Margin 17.5% Total Debt/Equity 51.4% Net Income Margin 8.1% Total Debt/Capital 33.6% Asset Turnover 1.03 Current Ratio 1.42 Net Fixed Asset Turnover 7.13 Quick Ratio 1.03 Accounts receivable turnover-days 69.31 Debt to Assets 22.22% Inventory Days 58.15 Tot Debt to Common Equity 51.41% Accounts Payable Turnover Day 65.40 Accounts Receivable Turnover 5.27 Cash Conversion Cycle 55.99 Inventory Turnover 6.28 Fiscal Year Ended Emerson Electric Co Price/Volume Valuation Analysis 155'328.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type VANGUARD GROUP INC n/a ULT-AGG 38'439'143 5.38 (363'287) 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 37'845'703 5.3 (634'911) 25.09.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 33'779'872 4.73 1'052'436 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 22'041'007 3.08 (2'125'238) 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 20'335'082 2.85 4'510'970 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 18'470'210 2.58 (7'692'455) 31.07.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'836'880 2.08 140'033 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 14'582'246 2.04 1'012'358 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'597'630 1.62 (1'312'230) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'792'509 1.51 (244'653) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 8'874'537 1.24 (1'145'374) 26.09.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 8'024'040 1.12 - 30.06.2013 Insurance Company WELLS FARGO & COMPAN n/a ULT-AGG 7'979'487 1.12 (226'236) 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 6'732'341 0.94 701'418 30.08.2013 Unclassified NORGES BANK NORGES BANK 13F 5'868'203 0.82 - 31.12.2012 Government US BANCORP US BANCORP 13F 5'146'879 0.72 (84'676) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'959'163 0.69 68'805 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 4'920'286 0.69 (1'073'726) 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 4'801'640 0.67 (20'945) 30.06.2013 Insurance Company AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'200'298 0.59 178'212 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 68 12 month 27.09.2013 Longbow Research MARK DOUGLASS neutral 3 M #N/A N/A Not Provided 25.09.2013 Credit Suisse JULIAN MITCHELL outperform 5 M 68 Not Provided 24.09.2013 Robert W. Baird & Co MICHAEL HALLORAN outperform 5 M 70 12 month 24.09.2013 William Blair & Co RYAN MERKEL market perform 3 M 65 12 month 23.09.2013 RBC Capital Markets JAMIE SULLIVAN outperform 5 M 70 12 month 20.09.2013 Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 20.09.2013 Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 60 12 month 20.09.2013 Nomura SHANNON O'CALLAGHAN buy 5 M 72 12 month 20.09.2013 Wells Fargo Securities, LLC RICHARD M KWAS outperform 5 M #N/A N/A Not Provided 20.09.2013 JPMorgan CHARLES STEPHEN TUSA neutral 3 M 65 15 month 11.09.2013 MKM Partners JOSHUA C POKRZYWINSKI neutral 3 M 58 12 month 29.08.2013 Canaccord Genuity Corp JOHN S QUEALY hold 3 M 65 12 month 26.08.2013 Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 67 12 month 22.08.2013 Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 14.08.2013 Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 13.08.2013 Deutsche Bank JOHN G INCH buy 5 M 68 12 month 07.08.2013 Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 63 12 month 07.08.2013 UBS JASON D FELDMAN neutral 3 M 63 12 month 07.08.2013 Macquarie MICHAEL R WOOD neutral 3 M 62 12 month 07.08.2013 S&P Capital IQ KEVIN KIRKEBY buy 5 U 72 Not Provided 07.08.2013 Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 68 Not Provided 07.08.2013 Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 M 59 12 month 06.08.2013 Oppenheimer & Co CHRISTOPHER D GLYNN market perform 3 M 66 12 month 06.08.2013 Cowen and Company GAUTAM KHANNA market perform 3 M 60 12 month 06.08.2013 Barclays SCOTT R DAVIS equalweight 3 M 56 Not Provided 06.08.2013 FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 60 12 month 08.05.2013 EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.02.2013 Holdings By: Emerson Electric Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Exelon Corporation is a utility services holding company. The Company, through its subsidiaries distributes electricity to customers in Illinois and Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area as well as operates nuclear power plants in states that include Pennsylvania and New Jersey. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (30.04.2013) 37.80 52-Week Low (23.11.2012) 28.40 Daily Volume 29.87 52-Week High % Change -21.06% Dividend Yield 6.33 52-Week Low % Change 5.18% Beta 0.70 % 52 Week Price Range High/Low 17.98% Equity Float 855.16 Shares Out 30.06.2013 856.6 Short Int 26.76 25'585.55 1 Yr Total Return -11.63% Total Debt 19'603.00 YTD Return 4.11% Preferred Stock 280.0 Adjusted BETA 0.703 Minority Interest 106.0 Analyst Recs 28 Cash and Equivalents 1'486.00 Consensus Rating 2.929 Enterprise Value 44'950.55 Average Volume 5 Day 1'464'922 EXC UN EQUITY YTD Change - Average Volume 30 Day 1'351'006 EXC UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'317'575 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'859.0 17'318.0 18'644.0 19'063.0 23'489.0 20'268.0 25'072.0 25'033.4 25'080.8 6'389.8 5'677.2 2.57x 2.48x 2.08x 2.16x 1.87x 9.14x 7.48x 1.73x 1.77x 6.94x 6.48x 7'607.0 7'351.0 7'669.0 6'784.0 6'550.0 6'495.0 7'047.0 6'118.3 6'118.1 1'722.5 1'424.0 6.38x 5.84x 5.07x 6.08x 6.71x 7.77x 6.50x 7.35x 7.35x 7.18x 7.18x 2'737.0 2'707.0 2'563.0 2'495.0 1'160.0 1'693.0 1'160.0 2'101.6 1'967.8 604.7 452.0 13.24x 11.86x 10.26x 12.96x 15.38x 10.22x 15.53x 12.19x 13.14x 12.58x 12.74x EBITDA 6'550.00 Long-Term Rating Date 22.07.2009 EBIT 2'471.00 Long-Term Rating BBB Operating Margin 10.52% Long-Term Outlook STABLE Pretax Margin 7.65% Short-Term Rating Date 22.07.2009 Return on Assets 1.49% Short-Term Rating A-2 Return on Common Equity 5.32% Return on Capital 4.93% EBITDA/Interest Exp. 7.06 Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 0.59 Net Debt/EBITDA 2.70 Gross Margin 56.8% Total Debt/EBITDA 2.86 EBITDA Margin 28.1% EBIT Margin 11.4% Total Debt/Equity 91.5% Net Income Margin 4.9% Total Debt/Capital 47.3% Asset Turnover 0.32 Current Ratio 1.30 Net Fixed Asset Turnover - Quick Ratio 0.75 Accounts receivable turnover-days 61.19 Debt to Assets 24.95% Inventory Days 32.93 Tot Debt to Common Equity 91.47% Accounts Payable Turnover Day 75.88 Accounts Receivable Turnover 5.97 Cash Conversion Cycle 14.46 Inventory Turnover 11.09 Fiscal Year Ended Exelon Corp Price/Volume Valuation Analysis 150'405.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 35 40 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 61'164'420 7.14 445'937 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 56'190'842 6.56 3'501'841 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 51'764'297 6.04 (725'508) 26.09.2013 Investment Advisor BLACKROCK n/a ULT-AGG 46'071'046 5.38 (335'622) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 41'263'992 4.82 701'356 30.06.2013 Unclassified T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'969'412 2.68 (826'044) 30.06.2013 Investment Advisor INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 16'912'565 1.97 16'912'565 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'402'372 1.91 124'363 30.06.2013 Investment Advisor HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 14'208'753 1.66 2'696'907 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'149'314 1.65 2'414'189 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'617'874 1.24 75'298 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 7'531'313 0.88 2'590'386 31.07.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 7'025'029 0.82 140'546 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 6'017'212 0.7 1'667'831 30.06.2013 Investment Advisor NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 5'927'650 0.69 2'169 31.07.2013 Insurance Company GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 5'879'017 0.69 107'136 30.06.2013 Investment Advisor ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 5'495'652 0.64 (275'608) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 5'139'480 0.6 491'797 26.09.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'040'109 0.59 (413'524) 30.06.2013 Investment Advisor MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4'594'270 0.54 4'594'270 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date SunTrust Robinson Humphrey ALI AGHA neutral 3 M 29 12 month 23.09.2013 Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 32 12 month 23.09.2013 Wolfe Research STEVEN I FLEISHMAN peerperform 3 M 32 12 month 23.09.2013 RBC Capital Markets SHELBY G TUCKER sector perform 3 D 33 12 month 18.09.2013 Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 29 12 month 17.09.2013 BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 16.09.2013 Macquarie ANGIE STOROZYNSKI neutral 3 M 32 12 month 04.09.2013 Edward Jones ANDREW PUSATERI hold 3 M #N/A N/A Not Provided 30.08.2013 Credit Suisse DANIEL EGGERS neutral 3 M 28 Not Provided 15.08.2013 BMO Capital Markets MICHAEL S WORMS market perform 3 M 32 Not Provided 12.08.2013 Deutsche Bank JONATHAN ARNOLD hold 3 M 32 12 month 01.08.2013 Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 01.08.2013 Jefferies PAUL B FREMONT hold 3 M 29 12 month 01.08.2013 Wunderlich Securities JAMES L DOBSON hold 3 M 33 18 month 01.08.2013 ISI Group GREG GORDON neutral 3 M 32 12 month 01.08.2013 Tudor Pickering & Co NEEL MITRA hold 3 M 31 Not Provided 01.08.2013 Barclays DANIEL F FORD equalweight 3 M 32 Not Provided 01.08.2013 Drexel Hamilton LLC ANDREW L SMITH buy 5 M 37 12 month 01.08.2013 UBS JULIEN DUMOULIN-SMITH neutral 3 M 30 12 month 31.07.2013 JPMorgan CHRISTOPHER TURNURE neutral 3 M 33 15 month 31.07.2013 Wells Fargo Securities, LLC NEIL A KALTON underperform 1 M #N/A N/A Not Provided 31.07.2013 Morgan Stanley STEPHEN C BYRD Overwt/In-Line 5 M 36 12 month 03.06.2013 Atlantic Equities LLP NATHAN JUDGE neutral 3 M 37 12 month 28.05.2013 S&P Capital IQ JUSTIN MCCANN sell 1 D 34 Not Provided 30.04.2013 EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 08.02.2013 KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013 Holdings By: Exelon Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Ford Motor Company designs, manufactures, and services cars and trucks. The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 17.77 52-Week Low (02.10.2012) 9.71 Daily Volume 17.13 52-Week High % Change -3.55% Dividend Yield 1.75 52-Week Low % Change 76.42% Beta 1.32 % 52 Week Price Range High/Low 93.80% Equity Float 3'839.73 Shares Out 24.07.2013 3'868.8 Short Int 74.15 67'486.51 1 Yr Total Return 75.30% Total Debt 14'300.00 YTD Return 35.03% Preferred Stock 0.0 Adjusted BETA 1.320 Minority Interest 364.0 Analyst Recs 24 Cash and Equivalents 24'425.00 Consensus Rating 3.917 Enterprise Value 57'938.50 Average Volume 5 Day 7'652'045 F UN EQUITY YTD Change - Average Volume 30 Day 6'497'764 F UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'346'391 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 145'114.0 116'283.0 128'954.0 136'264.0 134'252.0 133'279.0 142'501.0 140'044.2 147'169.7 34'081.5 35'938.9 0.11x 0.40x 0.48x 0.23x 0.31x 0.94x 1.16x 0.42x 0.41x 1.70x 1.65x 64.0 6'438.0 15'383.0 13'629.0 12'513.0 12'270.0 12'623.0 11'426.3 12'697.0 2'741.0 2'532.4 238.63x 7.22x 4.03x 2.34x 3.30x 2.22x 4.11x 5.06x 4.55x 4.94x 4.83x (14'766.0) 2'717.0 6'561.0 20'213.0 5'665.0 17'700.0 6'073.0 6'149.2 7'074.2 1'435.5 1'267.9 - 24.40x 9.19x 2.17x 8.23x 2.14x 9.54x 11.09x 9.66x 10.64x 10.20x EBITDA 12'513.00 Long-Term Rating Date 06.09.2013 EBIT 6'291.00 Long-Term Rating BBB- Operating Margin 4.69% Long-Term Outlook STABLE Pretax Margin 5.75% Short-Term Rating Date 10.06.2008 Return on Assets 3.19% Short-Term Rating NR Return on Common Equity 33.54% Return on Capital 5.44% EBITDA/Interest Exp. 17.45 Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 9.80 Net Debt/EBITDA -0.79 Gross Margin 13.8% Total Debt/EBITDA 1.25 EBITDA Margin 8.9% EBIT Margin 4.2% Total Debt/Equity 658.8% Net Income Margin 4.2% Total Debt/Capital 86.6% Asset Turnover 0.75 Current Ratio 0.96 Net Fixed Asset Turnover 5.89 Quick Ratio 0.57 Accounts receivable turnover-days 13.67 Debt to Assets 54.61% Inventory Days 22.90 Tot Debt to Common Equity 658.79% Accounts Payable Turnover Day 59.65 Accounts Receivable Turnover 26.70 Cash Conversion Cycle -22.39 Inventory Turnover 15.94 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Ford Motor Co Price/Volume Valuation Analysis 1'481'716.00 Current Price (9/dd/yy) Market Data 0 2 4 6 8 10 12 14 16 18 20 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 5.0 M 10.0 M 15.0 M 20.0 M 25.0 M 30.0 M 35.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 160'000.0 180'000.0 200'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 235'468'410 6.09 (5'404'227) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 200'547'442 5.18 (1'272'692) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 184'192'629 4.76 12'035'271 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 153'923'139 3.98 (183'102) 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 110'414'295 2.85 (13'249'441) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 50'582'571 1.31 757'479 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 49'923'390 1.29 4'066'514 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 45'159'820 1.17 (3'651'000) 31.07.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 42'935'726 1.11 2'643'809 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 36'600'461 0.95 12'004'566 31.08.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 32'280'444 0.83 (1'363'856) 30.06.2013 Investment Advisor INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 31'150'561 0.81 25'140'285 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 29'655'538 0.77 - 31.12.2012 Government GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 27'030'513 0.7 355'927 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 25'378'375 0.66 3'517'806 30.06.2013 Unclassified BANK OF AMERICA CORP BANK OF AMERICA 13F 24'093'476 0.62 (403'540) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'419'477 0.55 (604'460) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 21'107'588 0.55 (2'828'725) 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 20'488'013 0.53 84'685 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 19'698'810 0.51 4'809'460 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Buckingham Research Group JOSEPH C AMATURO underperform 1 M 12 12 month 23.09.2013 Sterne, Agee & Leach MICHAEL P WARD buy 5 M 20 12 month 23.09.2013 Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 13 12 month 17.09.2013 RBC Capital Markets JOSEPH SPAK sector perform 3 M 19 12 month 12.09.2013 Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 20 12 month 11.09.2013 Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 11.09.2013 Jefferies ELAINE S KWEI buy 5 M 20 12 month 09.09.2013 Deutsche Bank ROD LACHE hold 3 M 19 12 month 06.09.2013 Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 06.09.2013 S&P Capital IQ EFRAIM LEVY buy 5 M 17 12 month 04.09.2013 UBS COLIN LANGAN buy 5 M 22 12 month 06.08.2013 Daiwa Securities Co. Ltd. TAKUO KATAYAMA neutral 3 M 17 Not Provided 01.08.2013 Argus Research Corp WILLIAM V SELESKY buy 5 M 23 Not Provided 30.07.2013 JPMorgan RYAN BRINKMAN overweight 5 M 22 15 month 25.07.2013 Craig-Hallum Capital Group LLC STEVEN L. DYER buy 5 M 20 12 month 25.07.2013 Barclays BRIAN A JOHNSON equalweight 3 M 19 Not Provided 25.07.2013 Goldman Sachs PATRICK ARCHAMBAULT Buy/Neutral 5 M 20 12 month 16.07.2013 Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 08.03.2013 EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013 KeyBanc Capital Markets BRETT D HOSELTON hold 3 M #N/A N/A Not Provided 04.12.2012 CRT Capital Group KIRK LUDTKE Fairly Valued 3 M 17 12 month 31.10.2012 Holdings By: Ford Motor Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Freeport-McMoRan Copper & Gold Inc., is an international natural resources company with headquarters in Phoenix, Arizona. The Company operates large, long-lived, geographically diverse assets with significant reserves of copper, gold, molybdenum, cobalt, oil and gas. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (18.10.2012) 41.48 52-Week Low (18.04.2013) 26.34 Daily Volume 33.59 52-Week High % Change -19.11% Dividend Yield 6.70 52-Week Low % Change 27.52% Beta 1.55 % 52 Week Price Range High/Low 49.75% Equity Float 1'020.58 Shares Out 31.07.2013 1'037.9 Short Int 32.92 34'862.38 1 Yr Total Return -10.17% Total Debt 3'527.00 YTD Return 4.55% Preferred Stock 0.0 Adjusted BETA 1.552 Minority Interest 3'768.0 Analyst Recs 25 Cash and Equivalents 3'705.00 Consensus Rating 4.120 Enterprise Value 57'554.38 Average Volume 5 Day 3'288'991 FCX UN EQUITY YTD Change - Average Volume 30 Day 2'846'290 FCX UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'925'051 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'796.0 15'040.0 18'982.0 20'880.0 18'010.0 18'437.0 17'801.0 20'878.6 24'133.6 5'640.1 6'300.8 1.17x 2.84x 3.15x 1.75x 2.00x 7.56x 9.22x 2.76x 2.41x 10.39x 9.36x 6'154.0 7'736.0 10'196.0 10'162.0 6'934.0 7'573.0 6'184.0 8'023.1 10'711.8 2'390.2 2'928.3 3.40x 5.52x 5.87x 3.59x 5.20x 4.58x 8.30x 7.17x 5.37x 5.34x 5.24x (11'067.0) 2'749.0 4'336.0 4'560.0 3'041.0 3'167.0 2'697.0 2'442.3 3'138.1 609.8 831.3 3.29x 12.99x 14.30x 6.98x 10.56x 8.81x 10.21x 13.91x 10.85x 11.70x 11.33x EBITDA 6'934.00 Long-Term Rating Date 29.07.2011 EBIT 5'755.00 Long-Term Rating BBB Operating Margin 31.95% Long-Term Outlook NEG Pretax Margin 30.48% Short-Term Rating Date - Return on Assets 5.57% Short-Term Rating - Return on Common Equity 14.80% Return on Capital 10.76% EBITDA/Interest Exp. 25.97 Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 12.88 Net Debt/EBITDA 2.90 Gross Margin 35.8% Total Debt/EBITDA 3.43 EBITDA Margin 34.7% EBIT Margin 26.4% Total Debt/Equity 20.1% Net Income Margin 16.9% Total Debt/Capital 14.2% Asset Turnover 0.37 Current Ratio 3.08 Net Fixed Asset Turnover 0.54 Quick Ratio 1.39 Accounts receivable turnover-days 23.54 Debt to Assets 9.95% Inventory Days 132.20 Tot Debt to Common Equity 20.10% Accounts Payable Turnover Day 84.15 Accounts Receivable Turnover 15.51 Cash Conversion Cycle 83.90 Inventory Turnover 2.76 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Freeport-McMoRan Copper & Gold Inc Price/Volume Valuation Analysis 497'811.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 40 45 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 81'916'030 7.89 9'367'310 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 48'604'440 4.68 4'850'962 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 47'628'799 4.59 2'432'394 26.09.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 33'910'512 3.27 21'032'215 31.07.2013 Investment Advisor NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 22'051'699 2.12 (89'843) 30.06.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'100'711 1.94 - 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 16'500'980 1.59 (2'413'424) 31.07.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'942'837 1.54 1'157'210 30.06.2013 Investment Advisor PAULSON & CO PAULSON & CO 13F 15'505'982 1.49 6'505'982 30.06.2013 Hedge Fund Manager BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'261'084 1.47 100'697 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 14'982'241 1.44 (1'534'179) 31.08.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 14'658'642 1.41 2'019'142 31.07.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 13'892'804 1.34 1'418'223 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 10'785'256 1.04 3'322'088 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 9'873'834 0.95 2'634'771 30.06.2013 Unclassified SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 9'824'335 0.95 (2'090'892) 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 7'488'099 0.72 3'020'659 30.06.2013 Investment Advisor D E SHAW & COMPANY I D E SHAW & CO 13F 7'486'626 0.72 1'840'641 30.06.2013 Hedge Fund Manager GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'153'151 0.69 716'744 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 7'000'288 0.67 1'281'476 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Macquarie ALDO J MAZZAFERRO JR neutral 3 M 36 12 month 26.09.2013 Jefferies PETER D WARD buy 5 M 40 12 month 16.09.2013 RBC Capital Markets FRASER PHILLIPS sector perform 3 M 36 12 month 15.09.2013 Barclays DAVID GAGLIANO overweight 5 M 40 Not Provided 13.09.2013 BB&T Capital Markets GARRETT S. NELSON buy 5 M 36 12 month 09.09.2013 Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 43 12 month 08.09.2013 FBR Capital Markets MITESH B THAKKAR outperform 5 M 35 12 month 08.08.2013 Deutsche Bank JORGE M BERISTAIN buy 5 M 35 12 month 06.08.2013 JPMorgan MICHAEL F GAMBARDELLA overweight 5 M 42 15 month 30.07.2013 Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 29.07.2013 Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 24.07.2013 Nomura CURTIS WOODWORTH buy 5 M 38 12 month 24.07.2013 EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 24.07.2013 BMO Capital Markets TONY ROBSON market perform 3 M 30 Not Provided 23.07.2013 Goldman Sachs SAL THARANI Buy/Neutral 5 M 33 6 month 23.07.2013 Credit Suisse RALPH M PROFITI outperform 5 M 38 Not Provided 23.07.2013 UBS BRIAN T MACARTHUR buy 5 M 35 12 month 23.07.2013 Cowen and Company ANTHONY B RIZZUTO JR outperform 5 M 45 12 month 23.07.2013 Stifel PAUL A MASSOUD buy 5 M 37 12 month 25.06.2013 Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013 S&P Capital IQ LEO LARKIN sell 1 M 29 Not Provided 22.01.2013 Oracle Investment Research LAURENCE BALTER strong buy 5 M 50 Not Provided 31.12.2012 Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 11.12.2012 Holdings By: Freeport-McMoRan Copper & Gold Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network. The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions. Latest Fiscal Year: 05/2013 LTM as of: 08/yy 52-Week High (20.09.2013) 118.29 52-Week Low (28.09.2012) 84.19 Daily Volume 113.32 52-Week High % Change -4.03% Dividend Yield 0.64 52-Week Low % Change 34.60% Beta 0.96 % 52 Week Price Range High/Low 86.13% Equity Float 296.01 Shares Out 18.09.2013 316.6 Short Int 5.08 35'881.90 1 Yr Total Return 32.89% Total Debt 2'990.00 YTD Return 24.07% Preferred Stock 0.0 Adjusted BETA 0.962 Minority Interest 0.0 Analyst Recs 34 Cash and Equivalents 4'917.00 Consensus Rating 4.000 Enterprise Value 33'778.90 Average Volume 5 Day 498'275 FDX UN EQUITY YTD Change - Average Volume 30 Day 508'252 FDX UN EQUITY YTD % CHANGE - Average Volume 3 Month 543'558 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 08/yy 08/yy 05/14 Y 05/15 Y 11/13 Q2 02/14 Q3 35'497.0 34'734.0 39'304.0 42'680.0 44'287.0 42'951.0 44'519.0 45'783.2 48'341.9 11'467.1 11'496.2 0.50x 0.75x 0.74x 0.63x 0.65x 2.53x 2.72x 0.73x 0.66x 2.92x 2.89x 3'926.0 3'974.0 4'440.0 5'433.0 5'597.0 5'502.0 5'699.0 6'203.2 7'150.4 1'471.4 1'448.1 4.48x 6.59x 6.54x 4.98x 5.13x 4.98x 5.62x 5.44x 4.72x 5.28x 5.05x 98.0 1'184.0 1'452.0 2'032.0 1'561.0 2'027.0 1'591.0 2'237.9 2'780.2 511.9 491.5 19.67x 21.99x 19.70x 13.35x 15.46x 13.15x 17.10x 16.16x 13.09x 15.53x 14.63x EBITDA 5'597.00 Long-Term Rating Date 11.02.2004 EBIT 3'211.00 Long-Term Rating BBB Operating Margin 7.25% Long-Term Outlook STABLE Pretax Margin 5.54% Short-Term Rating Date 11.02.2004 Return on Assets 4.94% Short-Term Rating A-2 Return on Common Equity 9.74% Return on Capital 8.69% EBITDA/Interest Exp. 44.07 Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 17.50 Net Debt/EBITDA -0.37 Gross Margin 20.1% Total Debt/EBITDA 0.53 EBITDA Margin 12.8% EBIT Margin 7.3% Total Debt/Equity 17.2% Net Income Margin 3.5% Total Debt/Capital 14.7% Asset Turnover 1.38 Current Ratio 1.96 Net Fixed Asset Turnover 2.45 Quick Ratio 1.73 Accounts receivable turnover-days 40.05 Debt to Assets 8.91% Inventory Days 4.78 Tot Debt to Common Equity 17.19% Accounts Payable Turnover Day 18.38 Accounts Receivable Turnover 9.11 Cash Conversion Cycle 26.80 Inventory Turnover 76.39 Fiscal Year Ended FedEx Corp Price/Volume Valuation Analysis 49'524.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 140 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 45'000.0 50'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 04.06.2010 04.12.2010 04.06.2011 04.12.2011 04.06.2012 04.12.2012 04.06.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type SMITH FREDERICK WALL n/a Form 4 19'748'475 6.24 48'004 04.04.2013 n/a PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 19'242'579 6.08 (474'843) 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 17'252'973 5.45 (106'902) 30.06.2013 Investment Advisor SOUTHEASTERN ASSET M n/a 13G 15'807'606 4.99 (436'700) 31.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 15'468'375 4.89 482'904 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 13'371'953 4.22 (93'814) 30.06.2013 Unclassified HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 13'306'653 4.2 225'861 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 12'162'678 3.84 366'931 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'954'753 3.14 (3'856'554) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'231'499 1.97 (4'652'618) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'767'675 1.82 96'324 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 4'985'958 1.57 3'346'716 30.06.2013 Investment Advisor GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'632'225 1.46 18'751 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'048'007 1.28 10'360 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 3'961'242 1.25 (425'933) 30.06.2013 Investment Advisor PERRY CORP PERRY CORPORATION 13F 3'900'000 1.23 3'900'000 30.06.2013 Hedge Fund Manager CAPITAL GROUP COMPAN n/a ULT-AGG 3'840'460 1.21 796'150 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 3'555'395 1.12 1'079'894 30.06.2013 Investment Advisor GATES FOUNDATION BILL & MELINDA FOUND 13F 3'024'999 0.96 - 30.06.2013 Endowment NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'808'683 0.89 (41'157) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 102 12 month 27.09.2013 Deutsche Bank JUSTIN B YAGERMAN buy 5 M 131 12 month 23.09.2013 Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 23.09.2013 Stifel DAVID G ROSS hold 3 D #N/A N/A Not Provided 23.09.2013 Cowen and Company HELANE R BECKER outperform 5 M 117 12 month 23.09.2013 Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 123 12 month 23.09.2013 Barclays BRANDON OGLENSKI overweight 5 M 135 Not Provided 23.09.2013 EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 23.09.2013 Goldman Sachs TOM KIM neutral/neutral 3 D 116 12 month 19.09.2013 Argus Research Corp NATHANIEL GABRIEL buy 5 M 122 Not Provided 19.09.2013 JPMorgan THOMAS R WADEWITZ neutral 3 M 110 3 month 19.09.2013 Stephens Inc JACK ATKINS overweight 5 M 137 12 month 19.09.2013 Macquarie KELLY A DOUGHERTY outperform 5 M 122 12 month 19.09.2013 Buckingham Research Group JEFFREY KAUFFMAN buy 5 M 120 12 month 19.09.2013 Wunderlich Securities CHAZ G JONES buy 5 M 120 18 month 19.09.2013 Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 124 12 month 19.09.2013 BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 19.09.2013 Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 125 Not Provided 19.09.2013 Wolfe Research SCOTT H GROUP outperform 5 M 140 12 month 19.09.2013 RBC Capital Markets JOHN L BARNES III underperform 1 M 105 12 month 18.09.2013 Credit Suisse ALLISON LANDRY neutral 3 M 115 Not Provided 18.09.2013 Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 18.09.2013 Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 126 12 month 18.09.2013 William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 18.09.2013 Raymond James ARTHUR W HATFIELD outperform 5 M 124 12 month 18.09.2013 Avondale Partners LLC DONALD BROUGHTON market perform 3 M 125 12 month 18.09.2013 Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 18.09.2013 S&P Capital IQ JAMES CORRIDORE buy 5 M 127 12 month 18.09.2013 Atlantic Equities LLP RORRIE MARS neutral 3 M 107 12 month 18.09.2013 Jefferies H PETER NESVOLD hold 3 M 102 12 month 26.07.2013 Accountability Research Corp MARK SUAREZ buy 5 M 110 Not Provided 25.06.2013 Nomura MARK MCVICAR neutral 3 M 105 12 month 18.06.2013 Jyske Bank ROBERT JAKOBSEN sell 1 D 103 Not Provided 29.01.2013 Holdings By: FedEx Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Twenty-First Century Fox, Inc. is a diversified media company. The Company's media and entertainment operations include the production and distribution motion pictures and television programming, music, radio broadcasting, and sports. Latest Fiscal Year: 06/2013 LTM as of: 06/yy 52-Week High (08.08.2013) 33.82 52-Week Low (16.11.2012) 20.28 Daily Volume 33.32 52-Week High % Change -1.57% Dividend Yield 0.51 52-Week Low % Change 64.28% Beta 1.09 % 52 Week Price Range High/Low 94.09% Equity Float 1'507.52 Shares Out 08.08.2013 1'511.0 Short Int 54.54 77'112.59 1 Yr Total Return 54.05% Total Debt 16'458.00 YTD Return 48.74% Preferred Stock 0.0 Adjusted BETA 1.088 Minority Interest 3'646.0 Analyst Recs 29 Cash and Equivalents 6'659.00 Consensus Rating 4.552 Enterprise Value 90'557.59 Average Volume 5 Day 2'627'627 FOXA UW EQUITY YTD Change - Average Volume 30 Day 2'389'856 FOXA UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'967'246 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 30'423.0 32'778.0 33'405.0 25'051.0 27'675.0 31'571.0 34'311.0 30'468.3 32'522.0 6'833.7 7'909.6 1.06x 1.12x 1.50x 2.40x 3.21x 6.65x 8.68x 2.98x 2.80x 13.21x 11.51x 4'784.0 5'228.0 6'133.0 5'757.0 6'261.0 6'460.0 6'972.0 7'000.7 7'873.9 1'664.1 1'728.3 6.75x 7.02x 8.17x 10.44x 14.20x 9.30x 12.75x 12.96x 11.52x 13.18x 12.81x (3'378.0) 2'539.0 2'739.0 1'179.0 7'097.0 1'179.0 7'097.0 3'448.4 4'024.5 838.0 864.7 26.72x 10.34x 13.72x 18.58x 23.96x 16.28x 19.37x 21.72x 17.60x 21.44x 20.47x EBITDA 6'261.00 Long-Term Rating Date 30.11.2012 EBIT 5'375.00 Long-Term Rating BBB+ Operating Margin 19.42% Long-Term Outlook STABLE Pretax Margin 31.57% Short-Term Rating Date - Return on Assets 13.19% Short-Term Rating - Return on Common Equity 34.05% Return on Capital 20.50% EBITDA/Interest Exp. 152.71 Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 137.54 Net Debt/EBITDA 1.41 Gross Margin - Total Debt/EBITDA 2.36 EBITDA Margin 20.3% EBIT Margin 16.2% Total Debt/Equity 96.8% Net Income Margin 25.6% Total Debt/Capital 44.4% Asset Turnover 0.64 Current Ratio 1.85 Net Fixed Asset Turnover 7.94 Quick Ratio 1.44 Accounts receivable turnover-days 64.18 Debt to Assets 32.31% Inventory Days - Tot Debt to Common Equity 96.82% Accounts Payable Turnover Day - Accounts Receivable Turnover 5.69 Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Twenty-First Century Fox Inc Price/Volume Valuation Analysis 623'515.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 5.00 10.00 15.00 20.00 25.00 30.00 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 02.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 101'410'327 6.71 (5'368'275) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 88'890'963 5.88 1'192'293 30.06.2013 Unclassified CAPITAL GROUP COMPAN n/a ULT-AGG 76'904'753 5.09 (23'031'859) 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 75'233'509 4.98 1'348'769 26.09.2013 Investment Advisor YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 72'291'747 4.78 (3'482'523) 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 47'246'074 3.13 (18'182'335) 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 44'567'537 2.95 (10'855'130) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 40'066'370 2.65 (2'469'759) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 31'367'918 2.08 9'974'775 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 27'544'693 1.82 (1'266'725) 30.06.2013 Investment Advisor CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 25'378'867 1.68 (251'100) 30.06.2013 Hedge Fund Manager EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 22'970'751 1.52 648'911 30.06.2013 Investment Advisor EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 21'120'296 1.4 933'574 30.06.2013 Hedge Fund Manager LUXOR CAPITAL GROUP LUXOR CAPITAL GROUP 13F 20'188'935 1.34 2'653'257 30.06.2013 Hedge Fund Manager NORGES BANK NORGES BANK 13F 19'150'391 1.27 - 31.12.2012 Government INVESCO LTD n/a ULT-AGG 18'028'250 1.19 891'506 26.09.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'663'838 1.17 (7'705'602) 30.06.2013 Investment Advisor HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 17'574'300 1.16 (4'840'000) 30.06.2013 Hedge Fund Manager ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 17'000'000 1.13 (6'000'000) 30.06.2013 Hedge Fund Manager TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 15'665'000 1.04 6'665'000 30.06.2013 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date Date Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 37 12 month 24.09.2013 Lazard Capital Markets BARTON CROCKETT buy 5 M 42 12 month 22.09.2013 Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 39 12 month 20.09.2013 Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 12.09.2013 Evercore Partners TRACY YOUNG overweight 5 M 34 12 month 10.09.2013 ISI Group VIJAY JAYANT strong buy 5 N 38 12 month 10.09.2013 Sterne, Agee & Leach VASILY KARASYOV buy 5 M 36 12 month 05.09.2013 Cowen and Company DOUGLAS CREUTZ outperform 5 M 36 12 month 29.08.2013 Needham & Co LAURA A MARTIN buy 5 M 36 12 month 28.08.2013 Macquarie TIMOTHY W NOLLEN outperform 5 M 35 12 month 27.08.2013 Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 23.08.2013 BMO Capital Markets DANIEL SALMON market perform 3 M 33 Not Provided 11.08.2013 Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 36 12 month 09.08.2013 RBC Capital Markets DAVID BANK outperform 5 M 37 12 month 09.08.2013 Credit Suisse MICHAEL SENNO outperform 5 M 38 Not Provided 09.08.2013 Wedbush JAMES G DIX outperform 5 M 34 12 month 09.08.2013 S&P Capital IQ TUNA AMOBI buy 5 M 38 12 month 08.08.2013 Spin-Off Research TEAM COVERAGE hold 3 M 34 12 month 07.08.2013 Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 07.08.2013 Atlantic Equities LLP HAMILTON FABER overweight 5 M 36 12 month 07.08.2013 Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 35 Not Provided 07.08.2013 UBS JOHN JANEDIS neutral 3 M 32 12 month 06.08.2013 WhiteSand Research LLC TEAM COVERAGE undervalued 4 M 33 12 month 11.07.2013 Goldman Sachs DREW BORST buy/attractive 5 M 35 12 month 02.07.2013 CRT Capital Group LANCE W VITANZA not rated #N/A N/A M #N/A N/A Not Provided 19.06.2013 EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 13.05.2013 Wunderlich Securities MATTHEW HARRIGAN buy 5 M 35 18 month 09.05.2013 Nomura MICHAEL NATHANSON buy 5 M 30 12 month 09.05.2013 BTIG LLC RICHARD GREENFIELD buy 5 M 26 Not Provided 27.06.2012 Holdings By: Twenty-First Century Fox Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 General Dynamics Corporation is a diversified defense company. The Company offers a broad portfolio of products and services in business aviation, combat vehicles, weapons systems and munitions, shipbuilding design and construction, and information systems, technologies and services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 89.94 52-Week Low (16.11.2012) 61.71 Daily Volume 87.97 52-Week High % Change -2.23% Dividend Yield 3.01 52-Week Low % Change 42.55% Beta 1.02 % 52 Week Price Range High/Low 94.01% Equity Float 330.92 Shares Out 30.06.2013 349.9 Short Int 3.78 30'777.88 1 Yr Total Return 36.44% Total Debt 3'908.00 YTD Return 28.94% Preferred Stock 0.0 Adjusted BETA 1.018 Minority Interest 0.0 Analyst Recs 22 Cash and Equivalents 3'296.00 Consensus Rating 4.273 Enterprise Value 30'928.87 Average Volume 5 Day 408'871 GD UN EQUITY YTD Change - Average Volume 30 Day 424'012 GD UN EQUITY YTD % CHANGE - Average Volume 3 Month 479'497 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 07/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'300.0 31'981.0 32'466.0 32'677.0 31'513.0 32'501.0 31'327.0 31'214.0 30'990.8 7'760.0 8'138.2 0.84x 0.87x 0.83x 0.76x 0.80x 3.08x 3.26x 0.99x 0.98x 3.97x 3.76x 4'100.0 4'237.0 4'514.0 4'418.0 3'447.0 4'386.0 1'406.0 4'245.3 4'295.0 1'036.9 1'116.8 6.02x 6.58x 5.99x 5.65x 7.28x 5.62x 19.60x 7.29x 7.20x 7.27x 7.09x 2'459.0 2'394.0 2'624.0 2'526.0 (332.0) 2'453.0 (319.0) 2'443.7 2'478.8 588.5 644.8 9.26x 11.00x 10.40x 9.13x 10.69x 9.02x 12.01x 12.64x 12.14x 12.58x 12.27x EBITDA 3'447.00 Long-Term Rating Date 09.07.1999 EBIT 2'827.00 Long-Term Rating A Operating Margin 8.97% Long-Term Outlook STABLE Pretax Margin 1.72% Short-Term Rating Date 09.07.1999 Return on Assets -0.91% Short-Term Rating A-1 Return on Common Equity -2.51% Return on Capital -2.35% EBITDA/Interest Exp. 20.52 Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 17.84 Net Debt/EBITDA 0.11 Gross Margin 16.2% Total Debt/EBITDA 2.78 EBITDA Margin 4.5% EBIT Margin 2.6% Total Debt/Equity 34.3% Net Income Margin -1.1% Total Debt/Capital 25.5% Asset Turnover 0.90 Current Ratio 1.35 Net Fixed Asset Turnover 9.49 Quick Ratio 0.65 Accounts receivable turnover-days 51.47 Debt to Assets 11.39% Inventory Days 108.12 Tot Debt to Common Equity 34.31% Accounts Payable Turnover Day 34.03 Accounts Receivable Turnover 7.07 Cash Conversion Cycle 118.91 Inventory Turnover 3.37 Fiscal Year Ended General Dynamics Corp Price/Volume Valuation Analysis 69'222.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 90 100 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 39'763'700 11.37 350'000 30.06.2013 Investment Advisor LONGVIEW ASSET MANAG LONGVIEW ASSET MANAG 13F 33'351'897 9.53 (47'179) 30.06.2013 Investment Advisor EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 28'362'168 8.11 (1'422'764) 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 17'928'618 5.12 1'078'425 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 17'125'385 4.89 815'113 26.09.2013 Investment Advisor BLACKROCK n/a ULT-AGG 17'109'749 4.89 65'788 25.09.2013 Investment Advisor CROWN FUND n/a Form 4 7'705'112 2.2 (48'000) 03.05.2013 Unclassified HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 7'493'786 2.14 (904'754) 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'735'233 1.93 575'229 30.06.2013 Investment Advisor HENRY CROWN AND CO n/a Form 4 5'424'092 1.55 - 03.05.2013 Holding Company INVESCO LTD n/a ULT-AGG 4'497'711 1.29 24'216 26.09.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'440'218 1.27 (27'377) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'209'339 1.2 437'945 30.06.2013 Investment Advisor SANDERS CAPITAL LLC SANDERS CAPITAL LLC 13F 4'067'099 1.16 34'000 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 3'550'042 1.01 219'643 31.07.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 3'490'267 1 3'490'267 30.06.2013 Investment Advisor ABRAMS BISON INVESTM ABRAMS BISON INVESTM 13F 3'270'000 0.93 - 30.06.2013 Hedge Fund Manager NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'088'020 0.88 969'783 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 2'634'165 0.75 (74'217) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 2'615'521 0.75 (492'267) 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 25.09.2013 Jefferies HOWARD A RUBEL buy 5 M 96 12 month 20.09.2013 Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 95 12 month 18.09.2013 Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 16.09.2013 Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 85 12 month 16.09.2013 CRT Capital Group BRIAN W RUTTENBUR sell 1 M 54 Not Provided 09.09.2013 RBC Capital Markets ROBERT STALLARD outperform 5 M 102 12 month 29.08.2013 Buckingham Research Group RICHARD SAFRAN neutral 3 M 79 12 month 26.08.2013 UBS DAVID E STRAUSS buy 5 M 100 12 month 19.08.2013 Goldman Sachs NOAH POPONAK sell/attractive 1 M 80 12 month 12.08.2013 Barclays CARTER COPELAND overweight 5 M 100 Not Provided 12.08.2013 Argus Research Corp NATHANIEL GABRIEL buy 5 M 98 Not Provided 02.08.2013 Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 29.07.2013 Deutsche Bank MYLES WALTON buy 5 M 97 12 month 25.07.2013 JPMorgan JOSEPH B NADOL III overweight 5 M 89 15 month 25.07.2013 Sterne, Agee & Leach PETER J ARMENT buy 5 M 100 12 month 25.07.2013 Cowen and Company CAI VON RUMOHR outperform 5 M 98 12 month 25.07.2013 Credit Suisse ROBERT M SPINGARN outperform 5 M 100 Not Provided 24.07.2013 Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 24.07.2013 EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.03.2013 Gabelli & Co BRIAN BETTS hold 3 D #N/A N/A Not Provided 06.03.2009 Holdings By: General Dynamics Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.07.2013) 24.95 52-Week Low (16.11.2012) 19.88 Daily Volume 24.06 52-Week High % Change -3.65% Dividend Yield 3.08 52-Week Low % Change 21.03% Beta 1.11 % 52 Week Price Range High/Low 86.19% Equity Float 10'177.44 Shares Out 30.06.2013 10'183.8 Short Int 69.85 245'021.77 1 Yr Total Return 9.40% Total Debt 17'469.00 YTD Return 17.41% Preferred Stock 0.0 Adjusted BETA 1.106 Minority Interest 5'444.0 Analyst Recs 22 Cash and Equivalents 15'583.00 Consensus Rating 4.273 Enterprise Value 244'622.77 Average Volume 5 Day 12'710'186 GE UN EQUITY YTD Change - Average Volume 30 Day 9'223'865 GE UN EQUITY YTD % CHANGE - Average Volume 3 Month 8'546'653 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 180'929.0 154'272.0 148'442.0 142'224.0 144'796.0 143'048.0 142'477.0 147'097.5 151'101.3 35'979.9 40'781.3 0.99x 1.12x 1.28x 1.37x 1.56x 5.62x 6.62x 3.14x 3.08x 13.04x 11.32x 30'781.0 20'435.0 23'747.0 25'040.0 25'000.0 24'310.0 24'107.0 28'000.4 30'554.9 5'792.8 7'772.8 5.83x 8.45x 8.01x 7.76x 9.03x 9.33x 9.78x 8.72x 7.99x 8.84x 8.28x 17'410.0 11'025.0 11'644.0 14'151.0 13'641.0 13'093.0 14'162.0 16'900.0 17'987.9 3'878.0 5'450.8 8.39x 12.59x 15.84x 12.68x 13.54x 14.14x 15.08x 14.52x 13.31x 14.20x 13.86x EBITDA 25'000.00 Long-Term Rating Date 12.03.2009 EBIT 15'654.00 Long-Term Rating AA+ Operating Margin 10.81% Long-Term Outlook STABLE Pretax Margin 12.02% Short-Term Rating Date 23.11.1981 Return on Assets 2.09% Short-Term Rating A-1+ Return on Common Equity 11.67% Return on Capital 3.41% EBITDA/Interest Exp. 18.10 Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 7.15 Net Debt/EBITDA -0.28 Gross Margin 38.6% Total Debt/EBITDA 0.52 EBITDA Margin 16.9% EBIT Margin 10.3% Total Debt/Equity 274.3% Net Income Margin 9.4% Total Debt/Capital 72.4% Asset Turnover 0.21 Current Ratio 1.12 Net Fixed Asset Turnover 2.10 Quick Ratio 1.02 Accounts receivable turnover-days 50.57 Debt to Assets 49.24% Inventory Days 68.20 Tot Debt to Common Equity 274.31% Accounts Payable Turnover Day 68.74 Accounts Receivable Turnover 7.22 Cash Conversion Cycle 48.22 Inventory Turnover 5.35 Fiscal Year Ended General Electric Co Price/Volume Valuation Analysis 1'592'416.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 5.0 M 10.0 M 15.0 M 20.0 M 25.0 M 30.0 M 35.0 M 40.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 160'000.0 180'000.0 200'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 565'401'566 5.55 (11'267'324) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 486'582'514 4.78 5'613'567 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 407'597'022 4 (6'755'602) 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 280'036'265 2.75 3'631'417 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 164'099'333 1.61 (66'534) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 161'813'316 1.59 (23'683'631) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 155'655'108 1.53 (1'144'862) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 97'140'339 0.95 (14'774'959) 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 92'549'309 0.91 (2'108'600) 30.06.2013 Investment Advisor GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 88'830'439 0.87 (155'186) 30.06.2013 Corporation WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 85'001'301 0.83 (3'938'345) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 84'870'136 0.83 - 31.12.2012 Government INVESCO LTD n/a ULT-AGG 83'922'266 0.82 (1'374'347) 26.09.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 77'815'005 0.76 (4'395'439) 31.07.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 75'518'557 0.74 1'245'531 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 75'026'292 0.74 5'243'549 31.08.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 71'411'156 0.7 861'585 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 65'420'545 0.64 3'783'624 31.08.2013 Unclassified WELLS FARGO & COMPAN n/a ULT-AGG 60'659'835 0.6 628'584 31.07.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 57'105'186 0.56 (2'914'265) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 26 12 month 27.09.2013 William Blair & Co NICHOLAS P HEYMANN market perform 3 M 26 12 month 26.09.2013 Deutsche Bank JOHN G INCH buy 5 M 28 12 month 18.09.2013 Argus Research Corp NATHANIEL GABRIEL buy 5 M 28 Not Provided 16.09.2013 Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 16.09.2013 JPMorgan CHARLES STEPHEN TUSA neutral 3 M 26 15 month 11.09.2013 Barclays SCOTT R DAVIS overweight 5 M 26 Not Provided 02.09.2013 Independent Research GmbH MARKUS FRIEBEL buy 5 M 28 12 month 30.08.2013 S&P Capital IQ ERIC HUGEL buy 5 M 28 Not Provided 30.08.2013 Credit Suisse JULIAN MITCHELL outperform 5 M 27 Not Provided 30.07.2013 Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 28 Not Provided 29.07.2013 UBS JASON D FELDMAN buy 5 M 27 12 month 23.07.2013 Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 23.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 22.07.2013 Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 26 18 month 22.07.2013 Nomura SHANNON O'CALLAGHAN neutral 3 M 23 12 month 22.07.2013 Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 24 12 month 21.07.2013 Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 27 12 month 19.07.2013 EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 13.05.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 06.03.2013 Holdings By: General Electric Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 64.73 52-Week Low (08.11.2012) 32.08 Daily Volume 63.15 52-Week High % Change -2.39% Dividend Yield 0.00 52-Week Low % Change 96.88% Beta 0.90 % 52 Week Price Range High/Low 94.09% Equity Float 1'517.57 Shares Out 19.07.2013 1'530.6 Short Int 59.23 96'659.04 1 Yr Total Return 89.53% Total Debt 8'224.05 YTD Return 71.95% Preferred Stock 0.0 Adjusted BETA 0.902 Minority Interest 241.1 Analyst Recs 30 Cash and Equivalents 2'582.09 Consensus Rating 4.733 Enterprise Value 101'272.40 Average Volume 5 Day 2'261'256 GILD UW EQUITY YTD Change - Average Volume 30 Day 1'955'903 GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'569'464 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 9'009.7 10'313.9 10'798.7 13'431.5 2'726.8 2'799.4 8.35x 5.18x 3.38x 3.41x 6.36x 16.33x 27.29x 9.32x 7.30x - - 2'845.0 3'742.2 4'227.7 4'092.1 4'288.4 4'010.4 4'622.1 4'826.0 6'832.8 1'149.3 1'202.3 15.67x 9.71x 6.35x 6.99x 14.38x 11.39x 17.96x 20.98x 14.81x - - 1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'559.8 2'932.8 3'287.4 4'934.6 827.1 848.1 24.83x 15.12x 10.53x 11.34x 21.83x 15.13x 27.43x 32.33x 20.86x 26.82x 22.71x EBITDA 4'288.38 Long-Term Rating Date 23.03.2011 EBIT 4'010.18 Long-Term Rating A- Operating Margin 41.33% Long-Term Outlook STABLE Pretax Margin 37.23% Short-Term Rating Date - Return on Assets 13.60% Short-Term Rating - Return on Common Equity 30.72% Return on Capital 17.62% EBITDA/Interest Exp. 11.88 Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 10.78 Net Debt/EBITDA 0.94 Gross Margin 74.5% Total Debt/EBITDA 1.59 EBITDA Margin 44.8% EBIT Margin 42.0% Total Debt/Equity 88.3% Net Income Margin 26.7% Total Debt/Capital 46.3% Asset Turnover 0.48 Current Ratio 1.44 Net Fixed Asset Turnover 10.59 Quick Ratio 0.85 Accounts receivable turnover-days 63.68 Debt to Assets 38.72% Inventory Days 249.13 Tot Debt to Common Equity 88.34% Accounts Payable Turnover Day 172.14 Accounts Receivable Turnover 5.73 Cash Conversion Cycle 137.94 Inventory Turnover 1.47 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Gilead Sciences Inc Price/Volume Valuation Analysis 441'098.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 262'106'315 17.12 (31'703'911) 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 113'163'265 7.39 2'230'067 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 88'565'894 5.79 909'816 25.09.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 78'477'109 5.13 1'483'418 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 72'049'594 4.71 2'657'881 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 62'945'894 4.11 469'619 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 38'445'149 2.51 (5'685'187) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 29'623'875 1.94 1'929'307 26.09.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 25'115'117 1.64 (292'067) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 22'482'945 1.47 1'060'340 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 21'930'279 1.43 (2'473'752) 30.06.2013 Unclassified AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 21'866'607 1.43 56'112 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'208'221 1.39 (226'836) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 19'502'561 1.27 1'387'115 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 19'243'678 1.26 (1'735'771) 31.07.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 19'239'500 1.26 2'426'241 30.06.2013 Investment Advisor MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 17'041'344 1.11 (4'940'812) 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 16'785'370 1.1 2'839'265 31.07.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 15'530'616 1.01 4'519'724 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 13'737'350 0.9 1'005'914 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Leerink Swann & Co HOWARD LIANG outperform 5 M 70 12 month 26.09.2013 ISI Group MARK J SCHOENEBAUM buy 5 M 69 Not Provided 26.09.2013 Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 82 12 month 25.09.2013 RBC Capital Markets MICHAEL J YEE outperform 5 M 72 12 month 24.09.2013 Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 N #N/A N/A Not Provided 19.09.2013 Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 67 12 month 18.09.2013 JPMorgan GEOFFREY MEACHAM overweight 5 M 80 15 month 18.09.2013 Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 18.09.2013 Guggenheim Securities LLC BRET HOLLEY buy 5 M 72 12 month 13.09.2013 S&P Capital IQ STEVEN SILVER strong buy 5 M 76 Not Provided 13.09.2013 William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 12.09.2013 Oppenheimer & Co DAVID FERREIRO outperform 5 M 70 12 month 12.09.2013 Maxim Group LLC JASON KOLBERT buy 5 M 89 12 month 12.09.2013 Deutsche Bank ROBYN KARNAUSKAS buy 5 M 77 12 month 10.09.2013 Jefferies THOMAS WEI hold 3 M 40 12 month 10.09.2013 Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 10.09.2013 Barclays CHARLES ANTHONY BUTLER overweight 5 M 68 Not Provided 06.09.2013 Robert W. Baird & Co BRIAN P SKORNEY neutral 3 M 65 12 month 03.09.2013 Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 75 12 month 13.08.2013 Stifel JOEL D SENDEK buy 5 M 79 12 month 09.08.2013 Argus Research Corp JOHN M EADE buy 5 M 70 Not Provided 30.07.2013 BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 85 Not Provided 26.07.2013 UBS MATTHEW RODEN buy 5 M 72 12 month 26.07.2013 Needham & Co ALAN CARR buy 5 M 70 12 month 26.07.2013 Cowen and Company PHILIP NADEAU outperform 5 M 80 12 month 26.07.2013 Atlantic Equities LLP RICHARD J PURKISS overweight 5 U 73 12 month 26.07.2013 Credit Suisse RAVI MEHROTRA outperform 5 M 67 Not Provided 25.07.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 04.02.2013 First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 09.02.2012 BWS Financial HAMED KHORSAND buy 5 M 24 12 month 21.04.2011 Holdings By: Gilead Sciences Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (24.09.2013) 37.97 52-Week Low (02.10.2012) 22.69 Daily Volume 36.71 52-Week High % Change -3.34% Dividend Yield 0.00 52-Week Low % Change 61.79% Beta 1.33 % 52 Week Price Range High/Low 93.32% Equity Float 972.29 Shares Out 19.07.2013 1'384.1 Short Int 79.29 50'811.70 1 Yr Total Return 58.37% Total Debt 5'172.00 YTD Return 27.33% Preferred Stock 10'391.0 Adjusted BETA 1.331 Minority Interest 756.0 Analyst Recs 22 Cash and Equivalents 26'121.00 Consensus Rating 4.545 Enterprise Value 41'596.70 Average Volume 5 Day 6'714'929 GM UN EQUITY YTD Change - Average Volume 30 Day 3'926'573 GM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'413'370 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 - 104'589.0 135'592.0 150'276.0 152'256.0 150'082.0 152'842.0 157'281.2 166'368.5 39'562.5 41'691.0 - - 0.38x 0.11x 0.19x 0.60x 0.78x 0.30x 0.28x - - - (9'909.0) 12'007.0 14'369.0 5'647.0 12'902.0 5'029.0 13'590.3 16'184.7 4'031.0 3'842.0 - - 4.30x 1.16x 5.24x 1.89x 7.44x 3.05x 2.56x 2.69x 2.63x - 104'821.0 6'172.0 9'190.0 6'188.0 5'993.0 5'616.0 5'789.1 7'680.5 1'728.7 1'624.3 - - 13.72x 3.31x 7.91x 5.60x 12.23x 10.82x 8.14x 9.42x 8.81x EBITDA 5'647.00 Long-Term Rating Date 29.09.2011 EBIT -3'218.00 Long-Term Rating BB+ Operating Margin -2.11% Long-Term Outlook POS Pretax Margin -18.85% Short-Term Rating Date - Return on Assets 3.56% Short-Term Rating - Return on Common Equity 13.90% Return on Capital - EBITDA/Interest Exp. 9.32 Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. -4.00 Net Debt/EBITDA -4.02 Gross Margin 7.9% Total Debt/EBITDA 0.79 EBITDA Margin 3.3% EBIT Margin -2.6% Total Debt/Equity 62.1% Net Income Margin 4.1% Total Debt/Capital 30.3% Asset Turnover 0.97 Current Ratio 1.30 Net Fixed Asset Turnover 6.07 Quick Ratio 0.70 Accounts receivable turnover-days 26.55 Debt to Assets 10.74% Inventory Days 39.08 Tot Debt to Common Equity 62.08% Accounts Payable Turnover Day 69.19 Accounts Receivable Turnover 13.75 Cash Conversion Cycle -2.34 Inventory Turnover 9.34 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended General Motors Co Price/Volume Valuation Analysis 514'045.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 40 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 5.0 M 10.0 M 15.0 M 20.0 M 25.0 M 30.0 M 35.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 160'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type UAW RETIREE MED BEN n/a Form 4 140'150'000 10.13 - 12.06.2013 n/a CANADA GEN INVESTMEN n/a Form 4 110'084'746 7.95 (30'000'000) 10.09.2013 Other UNITED STATES GOVERN n/a Research 101'042'061 7.3 (88'152'928) 18.09.2013 Government CAPITAL GROUP COMPAN n/a ULT-AGG 97'686'580 7.06 (5'694'800) 30.06.2013 Investment Advisor HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 51'908'590 3.75 51'908'590 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 50'876'367 3.68 13'918'751 25.09.2013 Investment Advisor BERKSHIRE HATHAWAY I n/a ULT-AGG 40'000'000 2.89 15'000'000 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 36'553'164 2.64 1'128'650 31.07.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 35'671'278 2.58 11'713'780 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 30'496'446 2.2 17'337'621 26.09.2013 Investment Advisor MOTORS LIQUIDATION C n/a PROXY 29'101'877 2.1 (1'865'684) 01.04.2013 Other INVESCO LTD n/a ULT-AGG 22'682'134 1.64 (89'171) 26.09.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'974'480 1.3 1'038'025 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 17'068'589 1.23 2'910'809 30.06.2013 Investment Advisor GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 17'047'339 1.23 (4'124'724) 30.06.2013 Hedge Fund Manager AL SAUD ALWALEED BIN n/a Research 15'000'000 1.08 - 23.11.2010 n/a SAIC MOTOR CORP LTD n/a Research 15'000'000 1.08 - 23.11.2010 Corporation FRANKLIN RESOURCES n/a ULT-AGG 14'967'911 1.08 (481'977) 30.06.2013 Investment Advisor ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 13'133'587 0.95 (149'104) 30.06.2013 Investment Advisor NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 10'568'526 0.76 (1'042'925) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Deutsche Bank ROD LACHE buy 5 M 46 12 month 25.09.2013 JPMorgan RYAN BRINKMAN overweight 5 M 49 15 month 25.09.2013 Buckingham Research Group JOSEPH C AMATURO buy 5 M 50 12 month 25.09.2013 Sterne, Agee & Leach MICHAEL P WARD buy 5 M 46 12 month 23.09.2013 Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 11.09.2013 Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 11.09.2013 Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 25 12 month 05.09.2013 S&P Capital IQ EFRAIM LEVY hold 3 M 33 12 month 04.09.2013 Argus Research Corp WILLIAM V SELESKY buy 5 M 43 Not Provided 09.08.2013 UBS COLIN LANGAN buy 5 M 47 12 month 06.08.2013 Daiwa Securities Co. Ltd. TAKUO KATAYAMA outperform 5 M 40 Not Provided 30.07.2013 Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 45 12 month 26.07.2013 RBC Capital Markets JOSEPH SPAK outperform 5 M 45 12 month 26.07.2013 Jefferies H PETER NESVOLD hold 3 M 38 12 month 26.07.2013 Craig-Hallum Capital Group LLC STEVEN L. DYER buy 5 M 44 12 month 26.07.2013 Barclays BRIAN A JOHNSON overweight 5 M 48 Not Provided 26.07.2013 Goldman Sachs PATRICK ARCHAMBAULT Buy/Neutral 5 M 45 12 month 16.07.2013 CRT Capital Group KIRK LUDTKE buy 5 M 34 12 month 02.05.2013 EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 27.04.2013 Holdings By: General Motors Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (15.07.2013) 928.00 52-Week Low (16.11.2012) 636.05 Daily Volume 874.68 52-Week High % Change -5.77% Dividend Yield 0.00 52-Week Low % Change 37.52% Beta 0.97 % 52 Week Price Range High/Low 82.93% Equity Float 273.25 Shares Out 18.07.2013 273.9 Short Int 4.36 291'461.03 1 Yr Total Return 15.62% Total Debt 5'537.00 YTD Return 23.30% Preferred Stock 0.0 Adjusted BETA 0.973 Minority Interest 0.0 Analyst Recs 49 Cash and Equivalents 49'557.00 Consensus Rating 4.347 Enterprise Value 240'454.02 Average Volume 5 Day 744'871 GOOG UW EQUITY YTD Change - Average Volume 30 Day 491'631 GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 525'342 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 42'756.0 56'594.0 46'967.7 55'004.5 11'693.8 13'176.2 3.72x 7.29x 5.42x 4.45x 3.77x 14.32x 15.10x 4.98x 4.10x 20.27x 17.67x 8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 15'367.0 16'440.0 21'171.9 25'221.6 5'242.6 5'942.7 9.96x 17.53x 13.48x 12.41x 12.05x 9.87x 14.74x 11.33x 9.51x 10.43x 9.99x 4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 11'109.0 11'636.0 14'693.1 17'616.1 3'517.2 4'017.8 18.44x 30.38x 22.30x 21.30x 21.10x 16.99x 25.83x 20.12x 17.02x 18.93x 18.04x EBITDA 15'722.00 Long-Term Rating Date 19.11.2012 EBIT 12'760.00 Long-Term Rating AA Operating Margin 25.43% Long-Term Outlook STABLE Pretax Margin 26.68% Short-Term Rating Date 15.07.2010 Return on Assets 12.43% Short-Term Rating A-1+ Return on Common Equity 16.21% Return on Capital 15.12% EBITDA/Interest Exp. 187.17 Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 148.20 Net Debt/EBITDA -3.10 Gross Margin 58.9% Total Debt/EBITDA 0.30 EBITDA Margin 29.0% EBIT Margin 22.5% Total Debt/Equity 7.7% Net Income Margin 21.4% Total Debt/Capital 7.2% Asset Turnover 0.60 Current Ratio 4.22 Net Fixed Asset Turnover 4.75 Quick Ratio 3.90 Accounts receivable turnover-days 45.75 Debt to Assets 5.90% Inventory Days 7.19 Tot Debt to Common Equity 7.72% Accounts Payable Turnover Day 31.14 Accounts Receivable Turnover 7.98 Cash Conversion Cycle 30.52 Inventory Turnover 50.77 Fiscal Year Ended Google Inc Price/Volume Valuation Analysis 158'334.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 100 200 300 400 500 600 700 800 900 1000 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 4.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type FMR LLC n/a ULT-AGG 18'479'838 6.75 368'143 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 15'338'705 5.6 (19'909) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 12'822'404 4.68 570'740 30.06.2013 Unclassified CAPITAL GROUP COMPAN n/a ULT-AGG 12'771'167 4.66 1'243'423 31.07.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 11'203'127 4.09 (101'062) 26.09.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'435'920 3.44 86'313 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 6'855'015 2.5 398'289 23.08.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'861'862 1.77 177'481 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 4'246'600 1.55 44'852 26.09.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'962'235 1.45 47'166 30.06.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'058'842 1.12 (37'280) 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'863'672 1.05 (1'479) 30.06.2013 Investment Advisor SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 2'776'485 1.01 (107'631) 30.06.2013 Investment Advisor DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'678'747 0.98 (23'243) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 2'551'620 0.93 (19'074) 31.08.2013 Unclassified MORGAN STANLEY n/a ULT-AGG 2'395'387 0.87 137'379 30.08.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 2'361'582 0.86 164'221 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 2'347'088 0.86 (43'126) 30.08.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'280'237 0.83 24'666 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 2'251'499 0.82 94'725 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date JMP Securities RONALD V JOSEY III market outperform 4 M 975 12 month 27.09.2013 Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 26.09.2013 Wedbush SHYAM PATIL neutral 3 M 860 12 month 25.09.2013 Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 25.09.2013 Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 940 12 month 25.09.2013 Evercore Partners KEN SENA overweight 5 M 1'050 12 month 25.09.2013 CRT Capital Group NEIL A DOSHI buy 5 M 1'090 Not Provided 25.09.2013 Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 1'035 12 month 24.09.2013 Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 20.09.2013 Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 1'000 12 month 20.09.2013 SunTrust Robinson Humphrey ROBERT S PECK buy 5 M 1'125 12 month 19.09.2013 JPMorgan DOUGLAS ANMUTH overweight 5 M 1'015 15 month 19.09.2013 Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 1'050 12 month 17.09.2013 BMO Capital Markets DANIEL SALMON market perform 3 M 890 Not Provided 11.09.2013 Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 10.09.2013 Susquehanna Financial Group BRIAN NOWAK Positive 4 M 1'080 12 month 10.09.2013 Deutsche Bank ROSS SANDLER buy 5 M 970 12 month 05.09.2013 Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 05.09.2013 Pivotal Research Group LLC BRIAN WIESER hold 3 M 870 12 month 05.09.2013 Piper Jaffray EUGENE E MUNSTER overweight 5 M 975 12 month 02.09.2013 Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 1'000 12 month 19.08.2013 Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 950 Not Provided 16.08.2013 Cowen and Company JOHN BLACKLEDGE outperform 5 M 972 12 month 13.08.2013 Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 996 12 month 05.08.2013 Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 966 12 month 02.08.2013 Raymond James AARON M KESSLER outperform 5 M 990 12 month 31.07.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 26.07.2013 Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 25.07.2013 Argus Research Corp JOSEPH F BONNER buy 5 M 1'065 Not Provided 22.07.2013 Independent Research GmbH MARKUS FRIEBEL hold 3 M 980 12 month 22.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 22.07.2013 Goldman Sachs HEATHER BELLINI neutral/attractive 3 M 950 12 month 19.07.2013 RBC Capital Markets MARK S MAHANEY outperform 5 M 950 12 month 19.07.2013 Credit Suisse STEPHEN JU outperform 5 M 1'000 Not Provided 19.07.2013 UBS ERIC J SHERIDAN buy 5 M 1'020 12 month 19.07.2013 Needham & Co KERRY RICE buy 5 M 1'000 12 month 19.07.2013 William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 19.07.2013 Macquarie BENJAMIN A SCHACHTER outperform 5 M 1'175 12 month 19.07.2013 B Riley & Co SAMEET SINHA buy 5 M 1'003 Not Provided 19.07.2013 BGC Partners COLIN W GILLIS hold 3 M 810 12 month 19.07.2013 Wells Fargo Securities, LLC PETER STABLER market perform 3 M #N/A N/A Not Provided 19.07.2013 S&P Capital IQ SCOTT H KESSLER hold 3 M 950 12 month 19.07.2013 Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 19.07.2013 Holdings By: Google Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (20.09.2013) 169.75 52-Week Low (28.09.2012) 113.24 Daily Volume 160.05 52-Week High % Change -5.67% Dividend Yield 1.22 52-Week Low % Change 41.34% Beta 1.44 % 52 Week Price Range High/Low 86.80% Equity Float 412.41 Shares Out 26.07.2013 449.1 Short Int 6.38 74'753.71 1 Yr Total Return 40.84% Total Debt 510'691.00 YTD Return 26.70% Preferred Stock 6'200.0 Adjusted BETA 1.439 Minority Interest 508.0 Analyst Recs 33 Cash and Equivalents 72'669.00 Consensus Rating 3.394 Enterprise Value 523'568.71 Average Volume 5 Day 2'570'781 GS UN EQUITY YTD Change - Average Volume 30 Day 910'331 GS UN EQUITY YTD % CHANGE - Average Volume 3 Month 756'431 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.11.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 53'579.0 51'673.0 45'967.0 36'793.0 41'664.0 33'994.0 43'493.0 33'904.8 33'839.7 7'414.1 7'815.9 8.34x 10.25x 12.69x 14.05x 12.15x 62.27x 47.89x - - - - 35'318.0 28'272.0 22'067.0 16'020.0 20'446.0 14'640.0 21'297.0 - - - - 12.66x 18.74x 26.44x 32.28x 24.75x 35.24x 24.40x - - - - 2'322.0 13'385.0 8'354.0 4'442.0 7'475.0 3'691.0 8'595.0 7'729.8 7'542.5 1'315.7 2'321.5 17.67x 7.33x 11.05x 16.31x 8.52x 14.36x 8.94x 10.52x 10.32x 11.08x 10.74x EBITDA 20'446.00 Long-Term Rating Date 29.11.2011 EBIT - Long-Term Rating A- Operating Margin 32.80% Long-Term Outlook NEG Pretax Margin 26.90% Short-Term Rating Date 29.11.2011 Return on Assets 0.91% Short-Term Rating A-2 Return on Common Equity 12.01% Return on Capital 1.45% EBITDA/Interest Exp. - Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA 20.72 Gross Margin - Total Debt/EBITDA 24.12 EBITDA Margin 49.0% EBIT Margin - Total Debt/Equity 734.6% Net Income Margin 17.9% Total Debt/Capital 87.0% Asset Turnover 0.05 Current Ratio - Net Fixed Asset Turnover 5.22 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 54.41% Inventory Days - Tot Debt to Common Equity 734.64% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Goldman Sachs Group Inc/The Price/Volume Valuation Analysis 186'337.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 140 160 180 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 90'000.0 100'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 30'011'295 6.68 51'209 31.07.2013 Investment Advisor GOLDMAN SACHS SHRHLD n/a 13D 27'836'304 6.2 2'753'217 01.02.2013 Other BLACKROCK n/a ULT-AGG 24'088'290 5.36 (116'405) 25.09.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 19'293'572 4.3 282'143 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 19'192'042 4.27 (428'607) 30.06.2013 Unclassified CITIGROUP INCORPORAT n/a ULT-AGG 14'652'442 3.26 (137'858) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 12'672'293 2.82 (106'572) 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 11'433'975 2.55 (143'400) 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'300'594 1.4 (157'457) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'244'652 1.39 (84'013) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'328'897 1.19 (69'614) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 4'074'404 0.91 518'316 26.09.2013 Investment Advisor JP MORGAN n/a ULT-AGG 4'071'933 0.91 176'821 31.07.2013 Investment Advisor ROYAL BANK OF CANADA n/a ULT-AGG 3'451'664 0.77 (322'207) 31.07.2013 Bank WELLS FARGO & COMPAN n/a ULT-AGG 3'110'637 0.69 786'133 31.07.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 3'108'600 0.69 (161'109) 30.06.2013 Investment Advisor OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'023'649 0.67 (298'670) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 3'003'402 0.67 16'380 30.06.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 2'839'875 0.63 (8'072) 30.06.2013 Investment Advisor EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 2'656'785 0.59 122'117 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 135 12 month 27.09.2013 Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 170 12 month 27.09.2013 Credit Suisse HOWARD H CHEN outperform 5 M 185 Not Provided 26.09.2013 Buckingham Research Group JAMES F MITCHELL neutral 3 M 157 12 month 26.09.2013 Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 26.09.2013 Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 25.09.2013 Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 170 12 month 23.09.2013 Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 187 12 month 23.09.2013 SunTrust Robinson Humphrey ERIC E WASSERSTROM neutral 3 M 168 12 month 20.09.2013 Susquehanna Financial Group DOUGLAS C SIPKIN Positive 4 M 190 12 month 16.09.2013 JMP Securities DEVIN RYAN market perform 3 M #N/A N/A Not Provided 12.09.2013 Evercore Partners CHRISTOPHER J ALLEN equalweight 3 M 169 12 month 10.09.2013 JPMorgan KIAN ABOUHOSSEIN underweight 1 M 134 15 month 06.09.2013 Macquarie DAVID J KONRAD neutral 3 M 165 12 month 05.09.2013 Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 21.08.2013 Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 190 12 month 15.08.2013 Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 165 12 month 13.08.2013 Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 D 169 Not Provided 12.08.2013 Deutsche Bank MATTHEW D O'CONNOR hold 3 M 163 12 month 23.07.2013 Atlantic Equities LLP RICHARD STAITE neutral 3 M 161 12 month 19.07.2013 Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 18.07.2013 FBR Capital Markets STEVE STELMACH outperform 5 M 184 12 month 17.07.2013 Barclays ROGER A FREEMAN equalweight 3 M 160 Not Provided 17.07.2013 UBS BRENNAN HAWKEN neutral 3 M 165 12 month 16.07.2013 Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 160 12 month 16.07.2013 Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 165 12 month 16.07.2013 S&P Capital IQ KENNETH M LEON buy 5 M 185 12 month 16.07.2013 HSBC ROBERT MURPHY underweight 1 M 117 Not Provided 05.06.2013 EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 05.03.2013 Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 16.10.2012 Holdings By: Goldman Sachs Group Inc/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry. The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (10.09.2013) 50.50 52-Week Low (14.11.2012) 29.84 Daily Volume 48.2 52-Week High % Change -4.67% Dividend Yield 0.89 52-Week Low % Change 61.53% Beta 1.54 % 52 Week Price Range High/Low 91.34% Equity Float 856.14 Shares Out 19.07.2013 913.6 Short Int 28.46 44'034.60 1 Yr Total Return 42.47% Total Debt 4'820.00 YTD Return 40.16% Preferred Stock 0.0 Adjusted BETA 1.541 Minority Interest 25.0 Analyst Recs 33 Cash and Equivalents 2'484.00 Consensus Rating 4.394 Enterprise Value 47'470.60 Average Volume 5 Day 2'399'144 HAL UN EQUITY YTD Change - Average Volume 30 Day 2'606'599 HAL UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'213'238 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'279.0 14'675.0 17'973.0 24'829.0 28'503.0 27'714.0 28'692.0 29'666.8 32'540.3 7'535.2 7'841.0 0.97x 1.93x 2.17x 1.36x 1.21x 4.52x 5.25x 1.63x 1.46x 6.51x 6.21x 4'686.0 2'920.0 4'118.0 6'096.0 5'787.0 6'785.0 5'580.0 6'283.2 7'638.8 1'643.2 1'827.5 3.79x 9.71x 9.46x 5.54x 5.98x 4.27x 7.43x 7.54x 6.20x 6.75x 6.43x 2'224.0 1'145.0 1'835.0 2'839.0 2'635.0 2'953.0 1'897.0 2'902.3 3'652.4 759.6 877.3 4.98x 22.41x 19.86x 10.35x 11.42x 7.82x 15.69x 14.96x 11.46x 12.78x 11.99x EBITDA 5'787.00 Long-Term Rating Date 20.08.2007 EBIT 4'159.00 Long-Term Rating A Operating Margin 14.59% Long-Term Outlook STABLE Pretax Margin 13.41% Short-Term Rating Date 20.08.2007 Return on Assets 7.16% Short-Term Rating A-1 Return on Common Equity 12.70% Return on Capital 10.71% EBITDA/Interest Exp. 19.42 Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 7.45 Net Debt/EBITDA 0.61 Gross Margin 15.6% Total Debt/EBITDA 0.86 EBITDA Margin 19.4% EBIT Margin 13.3% Total Debt/Equity 30.6% Net Income Margin 9.2% Total Debt/Capital 23.4% Asset Turnover 1.08 Current Ratio 2.75 Net Fixed Asset Turnover 2.85 Quick Ratio 1.74 Accounts receivable turnover-days 76.54 Debt to Assets 17.58% Inventory Days 49.16 Tot Debt to Common Equity 30.57% Accounts Payable Turnover Day 32.26 Accounts Receivable Turnover 4.77 Cash Conversion Cycle 84.89 Inventory Turnover 7.43 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Halliburton Co Price/Volume Valuation Analysis 319'570.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 54'915'779 6.01 - 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 42'541'478 4.66 (269'370) 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 39'200'210 4.29 (2'288'751) 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 35'804'869 3.92 (1'338'513) 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 26'830'835 2.94 5'070'975 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 23'117'158 2.53 18'148 31.07.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 19'203'880 2.1 (1'429'467) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 16'972'041 1.86 (341'441) 26.09.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'041'899 1.43 346'322 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'039'135 1.43 65'608 30.06.2013 Investment Advisor ROBECO n/a ULT-AGG 12'130'893 1.33 (480'170) 30.06.2013 Unclassified CARMIGNAC GESTION CARMIGNAC GESTION 13F 10'166'625 1.11 (5'840'699) 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 10'117'009 1.11 (1'973'326) 30.06.2013 Investment Advisor INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 9'580'917 1.05 (3'757'519) 30.06.2013 Investment Advisor VAN ECK ASSOCIATES C n/a ULT-AGG 8'868'029 0.97 (1'276'478) 26.09.2013 Investment Advisor JP MORGAN n/a ULT-AGG 8'834'930 0.97 (705'491) 31.07.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'573'026 0.94 3'075'172 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'318'234 0.91 (38'171) 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 8'183'277 0.9 (4'073'492) 31.07.2013 Investment Advisor NORGES BANK NORGES BANK 13F 8'078'564 0.88 - 31.12.2012 Government Firm Name Analyst Recommendation Weighting Change Target Price Date Date Edward Jones ROB DESAI hold 3 M #N/A N/A Not Provided 26.09.2013 Cowen and Company JAMES D CRANDELL outperform 5 M 67 12 month 26.09.2013 Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 54 12 month 24.09.2013 FBR Capital Markets MEGAN REPINE outperform 5 M 58 12 month 24.09.2013 UBS ANGELINE M SEDITA buy 5 M 60 12 month 23.09.2013 ISI Group JUDSON E BAILEY strong buy 5 M 55 12 month 23.09.2013 Wells Fargo Securities, LLC MATTHEW D CONLAN market perform 3 M #N/A N/A Not Provided 23.09.2013 Global Hunter Securities BRIAN UHLMER buy 5 M 57 12 month 18.09.2013 Credit Suisse JAMES WICKLUND outperform 5 M 58 Not Provided 17.09.2013 RBC Capital Markets KURT HALLEAD outperform 5 M 58 12 month 16.09.2013 Stephens Inc MICHAEL MARINO overweight 5 M 56 Not Provided 16.09.2013 BMO Capital Markets ALAN D LAWS outperform 5 M 56 Not Provided 15.09.2013 Macquarie NIGEL BROWNE neutral 3 D 54 12 month 12.09.2013 JPMorgan J DAVID ANDERSON overweight 5 M 65 15 month 11.09.2013 Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 63 12 month 04.09.2013 Jefferies BRAD HANDLER buy 5 M 54 12 month 03.09.2013 Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 59 Not Provided 03.09.2013 Morgan Stanley OLE SLORER Underwt/In-Line 1 M 45 12 month 02.09.2013 Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 55 12 month 28.08.2013 EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 27.08.2013 Barclays JAMES C WEST overweight 5 M 76 Not Provided 26.08.2013 Goldman Sachs WAQAR SYED buy/attractive 5 M 63 12 month 23.08.2013 Argus Research Corp JONATHAN GELCIUS buy 5 M 53 Not Provided 31.07.2013 Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 30.07.2013 Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 50 Not Provided 26.07.2013 Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 26.07.2013 Guggenheim Securities LLC Michael K LaMotte buy 5 M 56 12 month 26.07.2013 RS Platou Markets TURNER HOLM buy 5 M 54 6 month 24.07.2013 Societe Generale EDWARD C MUZTAFAGO buy 5 M 58 12 month 23.07.2013 Deutsche Bank MICHAEL W URBAN buy 5 M 55 12 month 22.07.2013 Fearnley Fonds TRULS OLSEN not rated #N/A N/A M #N/A N/A Not Provided 28.01.2013 S&P Capital IQ STEWART GLICKMAN hold 3 D 40 12 month 20.09.2012 Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 05.04.2011 Holdings By: Halliburton Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company sells a wide assortment of building materials, home improvement and lawn and garden products and provide a number of services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico. Latest Fiscal Year: 01/2013 LTM as of: 08/yy 52-Week High (22.05.2013) 81.56 52-Week Low (11.10.2012) 58.75 Daily Volume 76.03 52-Week High % Change -6.88% Dividend Yield 1.79 52-Week Low % Change 29.41% Beta 0.95 % 52 Week Price Range High/Low 75.93% Equity Float 1'430.18 Shares Out 20.08.2013 1'432.4 Short Int 11.93 108'908.68 1 Yr Total Return 29.58% Total Debt 10'796.00 YTD Return 24.89% Preferred Stock 0.0 Adjusted BETA 0.945 Minority Interest 0.0 Analyst Recs 27 Cash and Equivalents 2'494.00 Consensus Rating 4.037 Enterprise Value 118'247.68 Average Volume 5 Day 2'232'885 HD UN EQUITY YTD Change - Average Volume 30 Day 1'953'922 HD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'778'545 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 07/yy 08/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 71'288.0 66'176.0 67'997.0 70'395.0 74'754.0 71'718.0 78'022.0 78'587.9 82'346.0 19'151.6 17'831.1 0.67x 0.84x 1.01x 1.10x 1.45x 4.43x 5.73x 1.50x 1.46x 6.25x 6.68x 6'261.0 6'609.0 7'557.0 8'343.0 9'450.0 8'894.0 10'323.0 10'698.0 11'784.9 2'559.4 2'196.3 7.57x 8.45x 9.10x 9.32x 11.45x 10.00x 12.06x 11.03x 10.01x 10.58x 10.35x 2'260.0 2'661.0 3'338.0 3'883.0 4'535.0 4'275.0 4'989.0 5'307.3 5'964.0 1'269.9 1'014.6 12.12x 16.84x 17.90x 18.17x 21.94x 19.45x 23.08x 20.62x 17.41x 19.07x 18.41x EBITDA 9'450.00 Long-Term Rating Date 16.11.2011 EBIT 7'766.00 Long-Term Rating A- Operating Margin 10.39% Long-Term Outlook STABLE Pretax Margin 9.66% Short-Term Rating Date 05.07.2007 Return on Assets 11.85% Short-Term Rating A-2 Return on Common Equity 30.13% Return on Capital 19.06% EBITDA/Interest Exp. 14.95 Asset Turnover 1.85% (EBITDA-Capex)/Interest Exp. 12.88 Net Debt/EBITDA 0.90 Gross Margin 34.6% Total Debt/EBITDA 1.24 EBITDA Margin 13.2% EBIT Margin 11.0% Total Debt/Equity 60.7% Net Income Margin 6.1% Total Debt/Capital 37.8% Asset Turnover 1.85 Current Ratio 1.34 Net Fixed Asset Turnover 3.26 Quick Ratio 0.34 Accounts receivable turnover-days 7.24 Debt to Assets 26.28% Inventory Days 80.02 Tot Debt to Common Equity 60.73% Accounts Payable Turnover Day 46.12 Accounts Receivable Turnover 51.21 Cash Conversion Cycle 47.82 Inventory Turnover 4.64 Fiscal Year Ended Home Depot Inc/The Price/Volume Valuation Analysis 233'558.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 90 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 90'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 05.02.2010 05.08.2010 05.02.2011 05.08.2011 05.02.2012 05.08.2012 05.02.2013 05.08.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 215'616'880 15.05 (26'980'287) 31.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 87'509'175 6.11 (3'510'750) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 69'210'534 4.83 441'375 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 66'168'177 4.62 (2'589'118) 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 47'913'757 3.34 713'717 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 33'032'160 2.31 803'697 31.07.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'236'604 1.69 (359'825) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'570'498 1.58 2'252'314 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 19'911'269 1.39 (273'030) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 17'480'869 1.22 - 31.12.2012 Government WELLS FARGO & COMPAN n/a ULT-AGG 14'125'191 0.99 (98'706) 31.07.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'392'380 0.93 (141'485) 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 11'297'143 0.79 (691'398) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 11'052'821 0.77 692'274 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'675'935 0.75 (406'890) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'151'076 0.71 (21'303) 30.06.2013 Investment Advisor CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 9'806'252 0.68 (352'061) 30.06.2013 Investment Advisor AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 9'003'602 0.63 1'791'620 30.06.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 8'387'101 0.59 1'022'482 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 8'229'661 0.57 554'661 30.08.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date RBC Capital Markets R SCOT CICCARELLI outperform 5 M 89 12 month 24.09.2013 Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 24.09.2013 ISI Group GREGORY MELICH strong buy 5 M 87 12 month 23.09.2013 Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 72 12 month 13.09.2013 Robert W. Baird & Co PETER S BENEDICT outperform 5 M 93 12 month 13.09.2013 Longbow Research DAVID S MACGREGOR buy 5 M 90 12 month 09.09.2013 S&P Capital IQ MICHAEL SOUERS sell 1 M 68 Not Provided 04.09.2013 Barclays ALAN M RIFKIN overweight 5 M 95 Not Provided 03.09.2013 Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 27.08.2013 Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 78 Not Provided 26.08.2013 JPMorgan CHRISTOPHER HORVERS overweight 5 M 86 3 month 22.08.2013 Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 21.08.2013 Argus Research Corp CHRISTOPHER GRAJA buy 5 M 91 Not Provided 21.08.2013 Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 21.08.2013 Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 U 72 Not Provided 21.08.2013 Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 88 12 month 21.08.2013 BMO Capital Markets WAYNE HOOD market perform 3 M 82 Not Provided 20.08.2013 Deutsche Bank MICHAEL BAKER hold 3 M 80 12 month 20.08.2013 Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 84 12 month 20.08.2013 Credit Suisse GARY BALTER outperform 5 M 85 Not Provided 20.08.2013 Jefferies DANIEL T BINDER buy 5 M 94 12 month 20.08.2013 Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 83 Not Provided 20.08.2013 Oppenheimer & Co BRIAN NAGEL outperform 5 M 86 12 month 20.08.2013 Piper Jaffray PETER J KEITH overweight 5 M 91 12 month 20.08.2013 UBS MICHAEL LASSER buy 5 M 88 12 month 21.05.2013 EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013 Holdings By: Home Depot Inc/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 87.54 52-Week Low (16.11.2012) 58.29 Daily Volume 83.51 52-Week High % Change -4.66% Dividend Yield 1.92 52-Week Low % Change 43.27% Beta 1.13 % 52 Week Price Range High/Low 88.07% Equity Float 783.26 Shares Out 30.06.2013 784.8 Short Int 6.72 65'542.25 1 Yr Total Return 41.85% Total Debt 7'496.00 YTD Return 33.70% Preferred Stock 0.0 Adjusted BETA 1.130 Minority Interest 240.0 Analyst Recs 28 Cash and Equivalents 5'265.00 Consensus Rating 4.500 Enterprise Value 68'250.25 Average Volume 5 Day 798'879 HON UN EQUITY YTD Change - Average Volume 30 Day 668'679 HON UN EQUITY YTD % CHANGE - Average Volume 3 Month 700'631 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 36'556.0 30'908.0 32'350.0 36'529.0 37'665.0 37'513.0 37'944.0 39'159.0 41'399.8 9'911.4 10'238.7 0.83x 1.37x 1.40x 1.25x 1.38x 4.83x 6.03x 1.71x 1.56x 6.87x 6.59x 4'432.0 3'410.0 3'998.0 3'531.0 5'082.0 3'801.0 5'340.0 6'742.6 7'356.7 1'713.5 1'747.3 6.87x 12.45x 11.33x 12.91x 10.26x 12.33x 12.17x 10.12x 9.27x 9.71x - 2'792.0 1'548.0 2'022.0 2'067.0 2'926.0 2'277.0 3'188.0 3'943.7 4'402.2 991.0 965.3 7.08x 15.93x 17.79x 12.24x 13.13x 11.68x 15.29x 16.87x 15.05x 16.30x 15.74x EBITDA 5'082.00 Long-Term Rating Date 03.07.2001 EBIT 4'156.00 Long-Term Rating A Operating Margin 11.03% Long-Term Outlook STABLE Pretax Margin 10.29% Short-Term Rating Date 03.07.2001 Return on Assets 7.74% Short-Term Rating A-1 Return on Common Equity 24.74% Return on Capital 16.54% EBITDA/Interest Exp. 13.77 Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 11.38 Net Debt/EBITDA 0.49 Gross Margin 24.9% Total Debt/EBITDA 1.47 EBITDA Margin 14.1% EBIT Margin 11.5% Total Debt/Equity 57.8% Net Income Margin 7.8% Total Debt/Capital 36.2% Asset Turnover 0.92 Current Ratio 1.35 Net Fixed Asset Turnover 7.80 Quick Ratio 0.97 Accounts receivable turnover-days 71.69 Debt to Assets 17.91% Inventory Days 55.70 Tot Debt to Common Equity 57.77% Accounts Payable Turnover Day 59.85 Accounts Receivable Turnover 5.09 Cash Conversion Cycle 64.84 Inventory Turnover 6.55 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Honeywell International Inc Price/Volume Valuation Analysis 72'467.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 90 100 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type STATE STREET CORP n/a ULT-AGG 71'810'457 9.15 (120'800) 26.09.2013 Investment Advisor BLACKROCK n/a ULT-AGG 44'455'811 5.66 (250'280) 25.09.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 39'168'130 4.99 1'061'398 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 35'713'306 4.55 1'395'169 30.06.2013 Unclassified JP MORGAN n/a ULT-AGG 26'389'059 3.36 6'269'224 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 23'231'986 2.96 3'250'524 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 22'451'274 2.86 (3'413'664) 30.06.2013 Investment Advisor EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 19'712'106 2.51 - 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 19'320'282 2.46 282 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 17'793'858 2.27 516'310 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'500'658 2.23 (5'051'214) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 13'585'980 1.73 548'418 30.06.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'320'581 1.57 (641'600) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'801'239 1.5 (2'868) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'915'464 1.39 (106'647) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'381'137 1.32 24'517 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'944'221 1.14 72'151 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 8'552'164 1.09 41'896 30.06.2013 Investment Advisor INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 7'485'247 0.95 (1'278'448) 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 5'642'338 0.72 (277'434) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co STEVEN E WINOKER outperform 5 M 95 12 month 27.09.2013 Jefferies HOWARD A RUBEL buy 5 M 98 12 month 20.09.2013 Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 90 12 month 18.09.2013 Deutsche Bank JOHN G INCH buy 5 M 91 12 month 17.09.2013 Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 16.09.2013 JPMorgan CHARLES STEPHEN TUSA overweight 5 M 89 15 month 11.09.2013 Sterne, Agee & Leach PETER J ARMENT buy 5 M 93 12 month 04.09.2013 Stifel JEFFREY D OSBORNE buy 5 M 90 12 month 03.09.2013 RBC Capital Markets ROBERT STALLARD outperform 5 M 91 12 month 29.08.2013 William Blair & Co NICHOLAS P HEYMANN market perform 3 M 84 12 month 09.08.2013 Argus Research Corp NATHANIEL GABRIEL buy 5 M 92 12 month 22.07.2013 Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 91 12 month 22.07.2013 Nomura SHANNON O'CALLAGHAN neutral 3 D 88 12 month 22.07.2013 Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 92 12 month 22.07.2013 Morgan Stanley NIGEL COE Overwt/In-Line 5 M 88 12 month 21.07.2013 Credit Suisse JULIAN MITCHELL neutral 3 M 82 Not Provided 19.07.2013 UBS JASON D FELDMAN neutral 3 M 82 12 month 19.07.2013 Cowen and Company GAUTAM KHANNA outperform 5 M 90 12 month 19.07.2013 Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 90 Not Provided 19.07.2013 Barclays SCOTT R DAVIS overweight 5 M 87 Not Provided 19.07.2013 Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 18.07.2013 FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 76 12 month 22.04.2013 EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 20.04.2013 Buckingham Research Group EDWARD WHEELER neutral 3 M 80 12 month 19.04.2013 Goldman Sachs JOSEPH RITCHIE Buy/Neutral 5 N 88 12 month 20.03.2013 S&P Capital IQ RICHARD TORTORIELLO buy 5 M 75 12 month 25.01.2013 Holdings By: Honeywell International Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Hewlett-Packard Company provides imaging and printing systems, computing systems, and information technology services for business and home. The Company's products include laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. Hewlett-Packard sells its products worldwide. Latest Fiscal Year: 10/2012 LTM as of: 07/yy 52-Week High (02.08.2013) 27.77 52-Week Low (20.11.2012) 11.35 Daily Volume 21.33 52-Week High % Change -23.37% Dividend Yield 2.51 52-Week Low % Change 87.93% Beta 1.08 % 52 Week Price Range High/Low 60.60% Equity Float 1'885.52 Shares Out 31.08.2013 1'921.8 Short Int 46.22 40'992.50 1 Yr Total Return 27.30% Total Debt 28'436.00 YTD Return 52.50% Preferred Stock 0.0 Adjusted BETA 1.082 Minority Interest 397.0 Analyst Recs 35 Cash and Equivalents 11'301.00 Consensus Rating 3.057 Enterprise Value 52'864.50 Average Volume 5 Day 6'152'844 HPQ UN EQUITY YTD Change - Average Volume 30 Day 4'325'639 HPQ UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'579'333 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 07/yy 07/yy 10/13 Y 10/14 Y 10/13 Q4 01/14 Q1 118'364.0 114'552.0 126'033.0 127'245.0 120'357.0 122'520.0 113'126.0 111'006.1 107'662.6 27'856.1 26'881.8 0.85x 1.00x 0.83x 0.60x 0.37x 2.30x 1.84x 0.47x 0.44x 1.87x 1.90x 14'185.0 15'798.0 17'736.0 16'373.0 14'384.0 13'678.0 13'278.0 13'826.2 13'644.5 3'710.2 3'295.4 7.05x 7.26x 5.88x 4.64x 3.11x 4.13x 4.62x 3.82x 3.87x 3.93x 4.00x 8'329.0 7'660.0 8'761.0 7'074.0 (12'650.0) (5'557.0) (3'155.0) 6'919.1 6'989.5 1'937.4 1'628.8 10.55x 14.05x 10.29x 6.53x 44.21x 12.30x 15.41x 5.99x 5.88x 5.89x 5.88x EBITDA 14'384.00 Long-Term Rating Date 30.11.2011 EBIT 9'289.00 Long-Term Rating BBB+ Operating Margin 7.72% Long-Term Outlook STABLE Pretax Margin -9.91% Short-Term Rating Date 30.11.2011 Return on Assets -2.83% Short-Term Rating A-2 Return on Common Equity -11.23% Return on Capital - EBITDA/Interest Exp. 16.42 Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 12.19 Net Debt/EBITDA 0.87 Gross Margin 23.2% Total Debt/EBITDA 1.86 EBITDA Margin 11.7% EBIT Margin 7.6% Total Debt/Equity 126.7% Net Income Margin -10.5% Total Debt/Capital 55.5% Asset Turnover 1.01 Current Ratio 1.09 Net Fixed Asset Turnover 6.41 Quick Ratio 0.66 Accounts receivable turnover-days 58.48 Debt to Assets 26.14% Inventory Days 29.13 Tot Debt to Common Equity 126.74% Accounts Payable Turnover Day 54.91 Accounts Receivable Turnover 6.24 Cash Conversion Cycle 33.38 Inventory Turnover 12.53 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Hewlett-Packard Co Price/Volume Valuation Analysis 421'367.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 20.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 06.11.2009 06.05.2010 06.11.2010 06.05.2011 06.11.2011 06.05.2012 06.11.2012 06.05.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type DODGE & COX DODGE & COX 13F 163'003'351 8.48 (830'870) 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 103'653'467 5.39 542'479 26.09.2013 Investment Advisor BLACKROCK n/a ULT-AGG 96'427'621 5.02 3'495'082 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 88'882'794 4.62 850'310 30.06.2013 Unclassified CAPITAL GROUP COMPAN n/a ULT-AGG 72'112'924 3.75 4'318'559 30.06.2013 Investment Advisor DODGE & COX WORLDWID Multiple Portfolios MF-AGG 69'970'544 3.64 - 31.03.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 50'038'051 2.6 (1'395'375) 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 42'070'800 2.19 - 30.06.2013 Insurance Company BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 38'088'667 1.98 2'071'320 30.06.2013 Investment Advisor RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 34'534'517 1.8 - 30.06.2013 Hedge Fund Manager RELATIONAL INVESTORS n/a Research 34'534'517 1.8 - 30.06.2013 Hedge Fund Manager PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 32'922'187 1.71 (1'403'698) 30.06.2013 Hedge Fund Manager FMR LLC n/a ULT-AGG 32'859'023 1.71 (2'120'011) 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 30'121'915 1.57 (14'015'673) 30.06.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 29'249'655 1.52 (3'144'462) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 27'357'668 1.42 4'089'634 26.09.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'525'715 1.38 (65'088) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 26'310'238 1.37 7'209'425 31.07.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 23'972'066 1.25 5'465'647 30.06.2013 Investment Advisor HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 23'799'233 1.24 (2'768'130) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 31 12 month 25.09.2013 Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 24.09.2013 Mizuho Securities USA Inc ABHEY R LAMBA underperform 1 M 18 12 month 23.09.2013 Cantor Fitzgerald BRIAN J WHITE hold 3 N 20 12 month 19.09.2013 RBC Capital Markets AMIT DARYANANI sector perform 3 M 26 12 month 18.09.2013 Needham & Co RICHARD J KUGELE underperform 1 M #N/A N/A Not Provided 18.09.2013 Cross Research SHANNON S CROSS hold 3 M 27 12 month 17.09.2013 UBS STEVEN M MILUNOVICH neutral 3 M 24 12 month 12.09.2013 Barclays BENJAMIN A REITZES equalweight 3 M 26 Not Provided 10.09.2013 BMO Capital Markets KEITH F BACHMAN market perform 3 M 27 Not Provided 06.09.2013 Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 04.09.2013 Deutsche Bank CHRISTOPHER WHITMORE sell 1 M 16 12 month 03.09.2013 Jyske Bank ROBERT JAKOBSEN buy 5 M 25 Not Provided 02.09.2013 Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 28.08.2013 Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 27.08.2013 ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 27.08.2013 Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 28 12 month 22.08.2013 Brean Capital LLC ANANDA BARUAH buy 5 M 32 12 month 22.08.2013 Credit Suisse KULBINDER GARCHA neutral 3 M 25 Not Provided 22.08.2013 Edward Jones WILLIAM C KREHER sell 1 M #N/A N/A Not Provided 22.08.2013 Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 22.08.2013 Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 25 12 month 22.08.2013 Evercore Partners ROBERT CIHRA underweight 1 M 20 12 month 22.08.2013 FBN Securities SHEBLY SEYRAFI sector perform 3 M 24 12 month 22.08.2013 JPMorgan MARK A MOSKOWITZ neutral 3 M 29 15 month 21.08.2013 Jefferies PETER J MISEK hold 3 M 24 12 month 21.08.2013 Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 15.07.2013 S&P Capital IQ CHRISTIN ARMACOST hold 3 M 23 12 month 04.07.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 12.06.2013 Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 24 Not Provided 07.06.2013 Goldman Sachs WILLIAM C SHOPE JR Sell/Cautious 1 M 17 12 month 23.05.2013 Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.05.2013 Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 01.04.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 08.02.2011 Holdings By: Hewlett-Packard Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (15.03.2013) 215.90 52-Week Low (28.08.2013) 181.10 Daily Volume 187.13 52-Week High % Change -13.19% Dividend Yield 1.87 52-Week Low % Change 3.33% Beta 0.93 % 52 Week Price Range High/Low 26.21% Equity Float 1'094.02 Shares Out 30.06.2013 1'095.4 Short Int 18.57 204'987.05 1 Yr Total Return -7.44% Total Debt 33'269.00 YTD Return -0.94% Preferred Stock 0.0 Adjusted BETA 0.930 Minority Interest 124.0 Analyst Recs 31 Cash and Equivalents 11'129.00 Consensus Rating 3.806 Enterprise Value 228'879.04 Average Volume 5 Day 1'708'192 IBM UN EQUITY YTD Change - Average Volume 30 Day 1'064'102 IBM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'046'261 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 103'630.0 95'759.0 99'871.0 106'916.0 104'507.0 106'099.0 102'383.0 102'356.7 104'547.9 24'762.3 29'046.1 1.29x 1.91x 1.98x 2.18x 2.26x 9.08x 9.61x 2.23x 2.18x 9.36x 7.91x 21'388.0 22'009.0 22'982.0 25'101.0 25'119.0 25'258.0 23'949.0 27'426.4 29'498.1 6'711.2 9'650.8 6.25x 8.32x 8.59x 9.30x 9.41x 9.69x 9.74x 8.34x 7.75x 7.82x 7.75x 12'334.0 13'425.0 14'833.0 15'855.0 16'604.0 16'276.0 15'915.0 18'282.4 19'173.0 4'334.6 6'579.1 9.42x 13.08x 12.97x 14.06x 12.57x 13.97x 12.65x 11.20x 10.23x 10.64x 10.42x EBITDA 25'119.00 Long-Term Rating Date 30.05.2012 EBIT 20'443.00 Long-Term Rating AA- Operating Margin 19.56% Long-Term Outlook STABLE Pretax Margin 20.96% Short-Term Rating Date 30.05.2012 Return on Assets 13.90% Short-Term Rating A-1+ Return on Common Equity 83.27% Return on Capital 30.94% EBITDA/Interest Exp. 52.66 Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 44.10 Net Debt/EBITDA 0.99 Gross Margin 48.1% Total Debt/EBITDA 1.42 EBITDA Margin 23.4% EBIT Margin 18.9% Total Debt/Equity 176.4% Net Income Margin 15.9% Total Debt/Capital 63.7% Asset Turnover 0.89 Current Ratio 1.13 Net Fixed Asset Turnover 7.52 Quick Ratio 0.91 Accounts receivable turnover-days 92.86 Debt to Assets 27.91% Inventory Days 17.83 Tot Debt to Common Equity 176.40% Accounts Payable Turnover Day 49.91 Accounts Receivable Turnover 3.93 Cash Conversion Cycle 60.00 Inventory Turnover 20.47 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended International Business Machines Corp Price/Volume Valuation Analysis 334'249.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BERKSHIRE HATHAWAY I n/a ULT-AGG 68'121'984 6.22 - 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 60'962'906 5.57 1'045'191 26.09.2013 Investment Advisor BLACKROCK n/a ULT-AGG 55'065'722 5.03 (1'581'831) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 54'608'801 4.99 2'237'708 30.06.2013 Unclassified STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'651'892 1.52 - 30.06.2013 Insurance Company NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'317'160 1.49 (22'615) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'377'793 1.4 (624'128) 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10'471'466 0.96 (658'419) 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 9'694'117 0.88 (2'153) 30.06.2013 Insurance Company NORGES BANK NORGES BANK 13F 9'100'412 0.83 - 31.12.2012 Government BANK OF AMERICA CORP BANK OF AMERICA 13F 8'913'296 0.81 57'345 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 7'895'483 0.72 (1'420'843) 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 7'751'737 0.71 13'223 31.07.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'207'821 0.66 85'140 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 7'152'077 0.65 (1'808'557) 31.07.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 6'961'422 0.64 1'513'655 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 6'705'471 0.61 (224'430) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'683'081 0.61 (1'199'181) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 6'523'777 0.6 521'232 30.06.2013 Investment Advisor NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'394'310 0.58 (597'571) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 225 12 month 25.09.2013 Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 24.09.2013 Societe Generale RICHARD NGUYEN hold 3 M 199 12 month 23.09.2013 Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 210 12 month 20.09.2013 Cantor Fitzgerald BRIAN J WHITE buy 5 N 220 12 month 19.09.2013 Argus Research Corp JAMES KELLEHER buy 5 M 235 Not Provided 18.09.2013 Stifel DAVID M GROSSMAN buy 5 M 237 12 month 18.09.2013 Cowen and Company MOSHE KATRI outperform 5 M 234 12 month 12.09.2013 ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 11.09.2013 Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 225 12 month 10.09.2013 RBC Capital Markets AMIT DARYANANI sector perform 3 M 210 12 month 10.09.2013 Barclays BENJAMIN A REITZES overweight 5 M 215 Not Provided 10.09.2013 S&P Capital IQ DYLAN CATHERS strong buy 5 U 227 12 month 09.09.2013 BMO Capital Markets KEITH F BACHMAN market perform 3 M 220 Not Provided 06.09.2013 Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 210 Not Provided 23.08.2013 Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 20.08.2013 Credit Suisse KULBINDER GARCHA underperform 1 D 175 Not Provided 06.08.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 02.08.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 01.08.2013 Evercore Partners ROBERT CIHRA overweight 5 M 235 12 month 31.07.2013 Independent Research GmbH MARKUS FRIEBEL hold 3 M 205 12 month 22.07.2013 Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 21.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 19.07.2013 Goldman Sachs WILLIAM C SHOPE JR neutral/cautious 3 M 195 12 month 18.07.2013 JPMorgan MARK A MOSKOWITZ neutral 3 M 196 15 month 18.07.2013 Jefferies PETER J MISEK hold 3 M 210 12 month 18.07.2013 Macquarie BRAD A ZELNICK neutral 3 M 215 12 month 18.07.2013 UBS STEVEN M MILUNOVICH buy 5 U 235 12 month 10.04.2013 Oracle Investment Research LAURENCE BALTER hold 3 D 195 Not Provided 07.06.2012 Holdings By: International Business Machines Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Intel Corporation designs, manufactures, and sells computer components and related products. The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (04.06.2013) 25.98 52-Week Low (21.11.2012) 19.23 Daily Volume 23.01 52-Week High % Change -11.39% Dividend Yield 3.91 52-Week Low % Change 19.66% Beta 1.00 % 52 Week Price Range High/Low 61.94% Equity Float 4'978.15 Shares Out 19.07.2013 4'982.0 Short Int 246.42 114'635.82 1 Yr Total Return 3.80% Total Debt 13'448.00 YTD Return 14.90% Preferred Stock 0.0 Adjusted BETA 0.996 Minority Interest 0.0 Analyst Recs 50 Cash and Equivalents 22'586.00 Consensus Rating 3.460 Enterprise Value 105'337.82 Average Volume 5 Day 9'791'646 INTC UW EQUITY YTD Change - Average Volume 30 Day 8'417'727 INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 8'550'426 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 54'527.0 52'325.0 52'949.2 54'895.6 13'466.1 14'090.3 1.81x 2.84x 2.16x 2.10x 1.70x 8.69x 7.79x 2.06x 1.96x 8.02x 7.60x 14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'768.0 20'187.0 20'074.1 21'478.9 5'273.8 5'682.8 4.76x 9.08x 4.65x 4.81x 4.10x 5.32x 5.52x 5.24x 4.90x 4.99x 4.90x 5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'393.0 9'485.0 9'890.0 10'404.8 2'800.1 2'913.7 12.66x 18.04x 10.58x 10.09x 9.58x 11.32x 13.19x 12.09x 11.48x 11.42x 11.47x EBITDA 22'160.00 Long-Term Rating Date 17.02.1993 EBIT 14'638.00 Long-Term Rating A+ Operating Margin 27.44% Long-Term Outlook STABLE Pretax Margin 27.88% Short-Term Rating Date 17.02.1993 Return on Assets 12.01% Short-Term Rating A-1+ Return on Common Equity 18.49% Return on Capital 15.61% EBITDA/Interest Exp. 67.15 Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 33.74 Net Debt/EBITDA -0.46 Gross Margin 62.1% Total Debt/EBITDA 0.66 EBITDA Margin 38.6% EBIT Margin 23.4% Total Debt/Equity 26.3% Net Income Margin 20.6% Total Debt/Capital 20.8% Asset Turnover 0.66 Current Ratio 2.43 Net Fixed Asset Turnover 1.89 Quick Ratio 1.71 Accounts receivable turnover-days 24.41 Debt to Assets 15.94% Inventory Days 80.12 Tot Debt to Common Equity 26.26% Accounts Payable Turnover Day 52.91 Accounts Receivable Turnover 14.91 Cash Conversion Cycle 52.88 Inventory Turnover 4.54 Fiscal Year Ended Intel Corp Price/Volume Valuation Analysis 2'691'009.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 5.0 M 10.0 M 15.0 M 20.0 M 25.0 M 30.0 M 35.0 M 40.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 264'963'983 5.32 (11'576'334) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 243'197'888 4.88 14'957'667 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 209'856'173 4.21 5'000'866 26.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 116'399'575 2.34 31'120'302 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 97'588'298 1.96 (9'550'581) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 79'566'902 1.6 1'305'192 30.06.2013 Investment Advisor HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 67'381'692 1.35 (374'307) 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 66'476'334 1.33 4'596'644 31.08.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 66'269'514 1.33 1'727'254 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 63'305'659 1.27 (880'534) 26.09.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 49'199'815 0.99 (932'220) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 42'291'707 0.85 2'323'199 30.06.2013 Unclassified NORGES BANK NORGES BANK 13F 40'236'837 0.81 - 31.12.2012 Government STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 39'078'900 0.78 - 30.06.2013 Insurance Company FRANKLIN RESOURCES n/a ULT-AGG 38'192'385 0.77 (6'090'061) 31.08.2013 Investment Advisor LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 35'880'336 0.72 (26'508) 30.06.2013 Investment Advisor FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 35'586'892 0.71 2'188'817 30.06.2013 Hedge Fund Manager GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 35'041'335 0.7 714'583 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'882'873 0.7 2'802 30.06.2013 Insurance Company MORGAN STANLEY n/a ULT-AGG 31'367'587 0.63 6'546'876 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 27.09.2013 Nomura ROMIT SHAH reduce 2 M 18 12 month 26.09.2013 B Riley & Co CRAIG ELLIS neutral 3 M 23 Not Provided 25.09.2013 Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 20 12 month 25.09.2013 Evercore Partners PATRICK WANG underweight 1 M 20 12 month 25.09.2013 Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 24.09.2013 Piper Jaffray AUGUSTE P RICHARD neutral 3 M 22 12 month 24.09.2013 Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 23.09.2013 Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 23.09.2013 Cowen and Company TIMOTHY M ARCURI market perform 3 M 24 12 month 23.09.2013 FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 28 12 month 20.09.2013 Robert W. Baird & Co TRISTAN GERRA neutral 3 M 23 12 month 19.09.2013 Jefferies MARK J LIPACIS buy 5 M 30 12 month 18.09.2013 Credit Suisse JOHN W PITZER outperform 5 M 30 Not Provided 17.09.2013 Stifel KEVIN E CASSIDY buy 5 M 28 12 month 16.09.2013 MKM Partners ADA MENAKER buy 5 M 28 12 month 13.09.2013 Barclays BLAYNE CURTIS equalweight 3 M 20 Not Provided 13.09.2013 BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 12.09.2013 Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 22 12 month 12.09.2013 Wedbush BETSY VAN HEES neutral 3 M 23 12 month 12.09.2013 JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 12.09.2013 Lazard Capital Markets DANIEL L AMIR buy 5 M 27 12 month 12.09.2013 Topeka Capital Markets Inc SUJI DE SILVA buy 5 M 28 12 month 12.09.2013 JPMorgan CHRISTOPHER DANELY neutral 3 M 18 3 month 11.09.2013 Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 11.09.2013 RBC Capital Markets DOUG FREEDMAN outperform 5 M 29 12 month 10.09.2013 Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 10.09.2013 Argus Research Corp JAMES KELLEHER buy 5 M 28 12 month 03.09.2013 Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 22.08.2013 Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 30 12 month 13.08.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 02.08.2013 Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 22.07.2013 Daiwa Securities Co. Ltd. YOKO YAMADA underperform 1 D 22 Not Provided 22.07.2013 Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.07.2013 Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 18.07.2013 Roth Capital Partners KRISHNA SHANKAR neutral 3 M 23 12 month 18.07.2013 Macquarie DEEPON NAG outperform 5 M 25 12 month 18.07.2013 Independent Research GmbH MARKUS FRIEBEL hold 3 M 26 12 month 18.07.2013 S&P Capital IQ CHRISTIN ARMACOST buy 5 M 23 12 month 18.07.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 18.07.2013 Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 17.07.2013 Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 17.07.2013 Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 17.07.2013 Holdings By: Intel Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (31.07.2013) 94.41 52-Week Low (12.10.2012) 67.80 Daily Volume 86.72 52-Week High % Change -8.20% Dividend Yield 2.87 52-Week Low % Change 27.91% Beta 0.70 % 52 Week Price Range High/Low 72.42% Equity Float 2'817.00 Shares Out 26.07.2013 2'818.1 Short Int 23.93 244'383.38 1 Yr Total Return 29.71% Total Debt 16'165.00 YTD Return 26.58% Preferred Stock 0.0 Adjusted BETA 0.703 Minority Interest 0.0 Analyst Recs 26 Cash and Equivalents 21'089.00 Consensus Rating 3.923 Enterprise Value 234'236.37 Average Volume 5 Day 3'482'915 JNJ UN EQUITY YTD Change - Average Volume 30 Day 2'666'389 JNJ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'653'207 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 07/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 63'747.0 61'897.0 61'587.0 65'030.0 67'224.0 64'874.0 69'992.0 70'731.1 73'640.4 17'395.5 17'843.2 2.53x 2.79x 2.57x 2.55x 2.80x 10.49x 11.86x 3.23x 3.05x 13.82x 12.97x 19'001.0 19'550.0 19'466.0 19'311.0 20'698.0 19'640.0 21'944.0 23'255.9 24'582.3 5'490.0 5'093.2 8.48x 8.82x 8.14x 8.60x 9.09x 9.49x 10.55x 10.06x 9.52x 10.19x 10.00x 12'949.0 12'266.0 13'334.0 9'672.0 10'853.0 8'738.0 12'865.0 15'680.9 16'563.5 3'792.6 3'502.5 12.87x 13.91x 12.99x 13.26x 14.31x 13.42x 16.31x 15.87x 14.89x 15.66x 15.35x EBITDA 20'698.00 Long-Term Rating Date 17.09.1987 EBIT 17'032.00 Long-Term Rating AAA Operating Margin 25.34% Long-Term Outlook STABLE Pretax Margin 20.49% Short-Term Rating Date 14.07.1987 Return on Assets 10.72% Short-Term Rating A-1+ Return on Common Equity 19.78% Return on Capital 15.86% EBITDA/Interest Exp. 31.99 Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 27.46 Net Debt/EBITDA -0.46 Gross Margin 67.8% Total Debt/EBITDA 0.68 EBITDA Margin 31.4% EBIT Margin 25.5% Total Debt/Equity 24.9% Net Income Margin 16.1% Total Debt/Capital 20.0% Asset Turnover 0.58 Current Ratio 1.90 Net Fixed Asset Turnover 4.46 Quick Ratio 1.34 Accounts receivable turnover-days 58.78 Debt to Assets 13.32% Inventory Days 124.74 Tot Debt to Common Equity 24.94% Accounts Payable Turnover Day 86.59 Accounts Receivable Turnover 6.19 Cash Conversion Cycle 83.09 Inventory Turnover 2.92 Fiscal Year Ended Johnson & Johnson Price/Volume Valuation Analysis 449'582.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 90 100 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 08.01.2010 08.07.2010 08.01.2011 08.07.2011 08.01.2012 08.07.2012 08.01.2013 08.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type STATE STREET CORP n/a ULT-AGG 158'139'320 5.61 5'978'450 26.09.2013 Investment Advisor BLACKROCK n/a ULT-AGG 157'927'160 5.6 163'826 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 132'596'620 4.71 4'055'409 30.06.2013 Unclassified BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 53'894'865 1.91 244'056 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 53'035'623 1.88 9'062'671 31.07.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 49'073'605 1.74 (4'855'096) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 42'741'233 1.52 533'039 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 37'878'592 1.34 - 30.06.2013 Insurance Company SUN LIFE FINANCIAL I n/a ULT-AGG 35'505'662 1.26 159'186 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 35'165'680 1.25 (3'262'699) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 32'251'154 1.14 (804'104) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 27'032'522 0.96 (925'540) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 23'632'765 0.84 192'483 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 23'171'691 0.82 (786'367) 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 23'171'290 0.82 (2'548'216) 31.08.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 22'535'202 0.8 1'448 30.06.2013 Insurance Company NORGES BANK NORGES BANK 13F 22'053'497 0.78 - 31.12.2012 Government GOLDMAN SACHS GROUP n/a ULT-AGG 21'742'082 0.77 6'755'302 30.08.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 19'420'908 0.69 466'610 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 19'293'719 0.68 (845'773) 31.08.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 97 12 month 27.09.2013 Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 25.09.2013 Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M 98 12 month 23.09.2013 Piper Jaffray MATT MIKSIC neutral 3 M 97 12 month 19.09.2013 Cowen and Company JOSHUA JENNINGS outperform 5 M 100 12 month 18.09.2013 Argus Research Corp DAVID H TOUNG buy 5 M 104 12 month 17.09.2013 Jefferies JEFFREY HOLFORD hold 3 M 95 12 month 10.09.2013 Credit Suisse BRUCE NUDELL underperform 1 M 86 Not Provided 08.09.2013 Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 06.09.2013 Barclays CHARLES ANTHONY BUTLER overweight 5 M 99 Not Provided 03.09.2013 Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 20.08.2013 Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 15.08.2013 Deutsche Bank KRISTEN M STEWART hold 3 M 93 12 month 12.08.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 03.08.2013 RBC Capital Markets GLENN J NOVARRO sector perform 3 M 88 12 month 17.07.2013 JPMorgan MICHAEL N WEINSTEIN neutral 3 M 88 3 month 17.07.2013 Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 96 12 month 17.07.2013 Goldman Sachs JAMI E RUBIN sell/attractive 1 M 87 12 month 16.07.2013 Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 105 12 month 16.07.2013 Raymond James JAYSON BEDFORD outperform 5 M 95 12 month 16.07.2013 CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 16.07.2013 S&P Capital IQ HERMAN SAFTLAS buy 5 M 102 Not Provided 16.07.2013 Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 95 12 month 16.07.2013 Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 28.06.2013 First Global Stockbroking KAVITA THOMAS short-term market perform 3 M #N/A N/A Not Provided 23.04.2012 Holdings By: Johnson & Johnson All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (24.07.2013) 56.93 52-Week Low (16.11.2012) 38.83 Daily Volume 52.21 52-Week High % Change -8.27% Dividend Yield 2.45 52-Week Low % Change 34.46% Beta 1.36 % 52 Week Price Range High/Low 72.15% Equity Float 3'740.61 Shares Out 31.07.2013 3'764.2 Short Int 46.15 196'528.78 1 Yr Total Return 31.93% Total Debt 695'583.00 YTD Return 21.17% Preferred Stock 9'058.0 Adjusted BETA 1.362 Minority Interest 0.0 Analyst Recs 41 Cash and Equivalents 471'833.00 Consensus Rating 4.366 Enterprise Value - Average Volume 5 Day 7'380'212 JPM UN EQUITY YTD Change - Average Volume 30 Day 4'722'790 JPM UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'092'412 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 101'491.0 115'632.0 115'475.0 110'838.0 108'184.0 105'720.0 109'232.0 99'072.9 98'265.5 24'124.5 24'312.0 - - - - - 0.00x 0.00x - - - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 5'605.0 11'728.0 17'370.0 18'976.0 21'284.0 17'874.0 24'425.0 22'671.6 23'480.5 4'993.2 5'409.2 30.32x 14.96x 8.42x 6.78x 7.51x 7.43x 8.27x 8.94x 8.53x 9.06x 8.77x EBITDA - Long-Term Rating Date 29.11.2011 EBIT - Long-Term Rating A Operating Margin 33.19% Long-Term Outlook NEG Pretax Margin 29.80% Short-Term Rating Date 19.12.2008 Return on Assets 1.03% Short-Term Rating A-1 Return on Common Equity 12.00% Return on Capital 2.64% EBITDA/Interest Exp. - Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 356.7% Net Income Margin 21.9% Total Debt/Capital 77.3% Asset Turnover 0.05 Current Ratio - Net Fixed Asset Turnover 7.59 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 29.48% Inventory Days - Tot Debt to Common Equity 356.69% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended JPMorgan Chase & Co Price/Volume Valuation Analysis 1'101'811.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 20.0 M 0.0 20'000.0 40'000.0 60'000.0 80'000.0 100'000.0 120'000.0 140'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 241'978'832 6.43 (4'308'762) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 178'912'530 4.75 2'183'408 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 173'264'513 4.6 5'552'286 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 102'403'056 2.72 12'150'133 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 96'044'072 2.55 (4'692'808) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 82'089'473 2.18 (974'301) 31.07.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 79'256'840 2.11 (2'080'142) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 60'023'478 1.59 (56'621) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 56'413'992 1.5 515'847 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 51'687'156 1.37 774'064 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 47'279'089 1.26 (433'649) 31.08.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 42'557'875 1.13 (1'394'937) 26.09.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 40'301'821 1.07 634'658 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 35'378'422 0.94 (576'497) 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 32'190'193 0.86 1'448'616 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 29'745'798 0.79 (2'334'982) 31.07.2013 Unclassified NORGES BANK NORGES BANK 13F 29'412'458 0.78 - 31.12.2012 Government ROBECO n/a ULT-AGG 28'121'489 0.75 (5'429'166) 30.06.2013 Unclassified MORGAN STANLEY n/a ULT-AGG 27'145'980 0.72 (1'384'610) 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 26'289'173 0.7 1'696'249 31.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS DEREK DE VRIES buy 5 M 62 12 month 27.09.2013 Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 63 12 month 27.09.2013 Buckingham Research Group JAMES F MITCHELL buy 5 M 65 12 month 26.09.2013 Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 71 18 month 26.09.2013 S&P Capital IQ ERIK M OJA strong buy 5 M 61 Not Provided 26.09.2013 Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 62 12 month 25.09.2013 Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 25.09.2013 Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 57 12 month 25.09.2013 Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 25.09.2013 Societe Generale MURALI GOPAL hold 3 M 56 12 month 23.09.2013 Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 70 12 month 23.09.2013 Robert W. Baird & Co DAVID A GEORGE outperform 5 M 60 12 month 23.09.2013 Independent Research GmbH STEFAN BONGARDT buy 5 M 65 12 month 23.09.2013 SunTrust Robinson Humphrey ERIC E WASSERSTROM buy 5 M 63 12 month 20.09.2013 Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 61 12 month 20.09.2013 Drexel Hamilton LLC DAVID B HILDER buy 5 M 64 12 month 20.09.2013 Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 19.09.2013 Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 65 12 month 19.09.2013 Raymond James ANTHONY J POLINI strong buy 5 M 65 12 month 17.09.2013 Evercore Partners ANDREW A MARQUARDT overweight 5 M 61 12 month 17.09.2013 Credit Suisse MOSHE A ORENBUCH outperform 5 M 65 Not Provided 12.09.2013 Barclays JASON M GOLDBERG overweight 5 M 65 Not Provided 12.09.2013 FBR Capital Markets PAUL J MILLER JR market perform 3 M 55 12 month 11.09.2013 RBC Capital Markets GERARD S CASSIDY outperform 5 M 68 12 month 10.09.2013 Macquarie DAVID J KONRAD neutral 3 M 57 12 month 10.09.2013 Atlantic Equities LLP RICHARD STAITE overweight 5 M 61 12 month 10.09.2013 Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 63 12 month 09.09.2013 Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 66 12 month 13.08.2013 Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 M 53 Not Provided 12.08.2013 Deutsche Bank MATTHEW D O'CONNOR buy 5 M 64 12 month 25.07.2013 Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 63 12 month 19.07.2013 Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 18.07.2013 Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 16.07.2013 Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 67 12 month 15.07.2013 JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 03.06.2013 EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 13.04.2013 HSBC ROBERT MURPHY neutral 3 M 54 Not Provided 05.03.2013 Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M 43 12 month 12.10.2012 Oriel Securities Ltd VIVEK RAJA not rated #N/A N/A M #N/A N/A Not Provided 11.05.2012 Holdings By: JPMorgan Chase & Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 The Coca-Cola Company manufactures, markets, and distributes soft drink concentrates and syrups. The Company also distributes and markets juice and juice-drink products. Coca-Cola distributes its products to retailers and wholesalers in the United States and internationally. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (16.05.2013) 43.43 52-Week Low (31.12.2012) 35.58 Daily Volume 38.25 52-Week High % Change -11.90% Dividend Yield 2.80 52-Week Low % Change 7.50% Beta 0.74 % 52 Week Price Range High/Low 40.25% Equity Float 3'996.26 Shares Out 22.07.2013 4'433.2 Short Int 34.26 169'568.13 1 Yr Total Return 2.69% Total Debt 32'610.00 YTD Return 7.80% Preferred Stock 0.0 Adjusted BETA 0.736 Minority Interest 378.0 Analyst Recs 26 Cash and Equivalents 16'551.00 Consensus Rating 4.000 Enterprise Value 186'449.12 Average Volume 5 Day 5'969'827 KO UN EQUITY YTD Change - Average Volume 30 Day 3'969'233 KO UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'597'212 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 31'944.0 30'990.0 35'119.0 46'542.0 48'017.0 47'510.0 47'579.0 47'383.4 49'122.3 12'075.3 11'378.3 3.42x 4.34x 4.65x 3.72x 3.72x 15.03x 15.88x 4.01x 3.86x 16.23x 17.33x 9'674.0 9'467.0 9'892.0 12'127.0 12'761.0 12'461.0 12'601.0 13'637.7 14'425.2 3'403.0 3'059.3 11.31x 14.20x 16.49x 14.28x 13.98x 15.40x 15.45x 13.66x 12.91x 13.55x 13.40x 5'807.0 6'824.0 11'809.0 8'584.0 9'019.0 8'720.0 8'604.0 9'475.9 10'015.8 2'417.6 2'110.5 14.33x 18.65x 18.85x 17.87x 18.01x 19.91x 19.75x 18.21x 16.92x 17.74x 17.42x EBITDA 12'761.00 Long-Term Rating Date 13.09.2012 EBIT 10'779.00 Long-Term Rating AA- Operating Margin 22.45% Long-Term Outlook STABLE Pretax Margin 24.59% Short-Term Rating Date 13.09.2012 Return on Assets 9.85% Short-Term Rating A-1+ Return on Common Equity 26.20% Return on Capital 13.50% EBITDA/Interest Exp. 32.14 Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 25.14 Net Debt/EBITDA 1.31 Gross Margin 60.3% Total Debt/EBITDA 2.83 EBITDA Margin 26.5% EBIT Margin 22.3% Total Debt/Equity 99.5% Net Income Margin 18.8% Total Debt/Capital 49.6% Asset Turnover 0.54 Current Ratio 1.09 Net Fixed Asset Turnover 3.20 Quick Ratio 0.77 Accounts receivable turnover-days 41.74 Debt to Assets 37.84% Inventory Days 70.01 Tot Debt to Common Equity 99.45% Accounts Payable Turnover Day 191.38 Accounts Receivable Turnover 8.72 Cash Conversion Cycle 58.52 Inventory Turnover 5.20 Fiscal Year Ended Coca-Cola Co/The Price/Volume Valuation Analysis 873'357.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 35 40 45 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BERKSHIRE HATHAWAY I n/a ULT-AGG 400'000'000 9.02 - 01.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 212'880'627 4.8 (10'323'070) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 212'326'552 4.79 7'021'388 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 170'523'673 3.85 (1'394'072) 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 153'298'131 3.46 (4'720'945) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 74'885'359 1.69 (496'360) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 61'791'003 1.39 533'792 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 56'332'835 1.27 (712'150) 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 42'088'314 0.95 1'014'402 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 42'023'428 0.95 3'489'840 31.07.2013 Investment Advisor NORGES BANK NORGES BANK 13F 35'967'061 0.81 - 31.12.2012 Government GATES FOUNDATION BILL & MELINDA FOUND 13F 34'002'000 0.77 - 30.06.2013 Endowment FAYEZ SAROFIM FAYEZ SAROFIM 13F 33'439'647 0.75 (131'675) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 32'480'226 0.73 (1'613'662) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 28'940'437 0.65 596'301 30.06.2013 Unclassified YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 28'106'827 0.63 5'217'075 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 26'445'317 0.6 458'987 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 23'326'500 0.53 125'100 30.06.2013 Insurance Company T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'128'802 0.5 (909'529) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 22'068'372 0.5 (6'674'376) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 46 12 month 27.09.2013 SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 M 45 12 month 24.09.2013 Credit Suisse MICHAEL STEIB outperform 5 M 48 Not Provided 20.09.2013 Goldman Sachs JUDY E HONG neutral/neutral 3 M 43 12 month 18.09.2013 Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 17.09.2013 Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 16.09.2013 Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 47 12 month 11.09.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 10.09.2013 BMO Capital Markets AMIT SHARMA market perform 3 M 45 Not Provided 17.07.2013 Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 17.07.2013 Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 17.07.2013 JPMorgan JOHN A FAUCHER neutral 3 M 43 3 month 17.07.2013 Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 17.07.2013 HSBC LAUREN E TORRES overweight 5 M 47 Not Provided 17.07.2013 Independent Research GmbH LARS LUSEBRINK hold 3 M 43 12 month 17.07.2013 Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 17.07.2013 Davenport & Co ANN H GURKIN neutral 3 M 42 12 month 17.07.2013 Gabelli & Co DAMIAN A WITKOWSKI buy 5 M #N/A N/A Not Provided 17.07.2013 Deutsche Bank WILLIAM G SCHMITZ buy 5 M 45 12 month 16.07.2013 S&P Capital IQ ESTHER KWON strong buy 5 M 47 Not Provided 16.07.2013 Barclays MICHAEL J BRANCA overweight 5 M 50 Not Provided 16.07.2013 EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 17.04.2013 National Bank AG STEFFEN MANSKE buy 5 M 44 Not Provided 13.02.2013 Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 10.05.2012 Oracle Investment Research LAURENCE BALTER neutral 3 U 39 Not Provided 03.05.2012 Holdings By: Coca-Cola Co/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals. The Company's products are sold in countries around the world. Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (23.04.2013) 58.40 52-Week Low (15.11.2012) 44.90 Daily Volume 50.55 52-Week High % Change -13.42% Dividend Yield 3.88 52-Week Low % Change 12.58% Beta 0.72 % 52 Week Price Range High/Low 45.48% Equity Float 988.85 Shares Out 20.07.2013 1'126.6 Short Int 18.51 56'951.54 1 Yr Total Return 10.12% Total Debt 5'531.30 YTD Return 5.27% Preferred Stock 0.0 Adjusted BETA 0.724 Minority Interest 8.7 Analyst Recs 21 Cash and Equivalents 5'684.30 Consensus Rating 3.571 Enterprise Value 57'563.54 Average Volume 5 Day 1'969'812 LLY UN EQUITY YTD Change - Average Volume 30 Day 1'172'891 LLY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'258'782 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'371.9 21'836.0 23'076.0 24'286.5 22'603.4 23'397.2 22'932.3 22'982.2 19'739.1 5'770.6 5'690.5 2.47x 1.98x 1.76x 1.98x 2.49x 8.06x 10.05x 2.68x 3.10x - - 6'650.5 7'667.8 8'100.4 7'691.5 6'477.5 6'879.6 6'877.7 6'797.3 4'987.1 1'694.5 1'341.0 7.57x 5.63x 5.01x 6.27x 8.69x 7.27x 8.14x 8.45x 11.52x - - (2'071.9) 4'328.8 5'069.5 4'347.7 4'088.6 4'029.2 4'908.0 4'503.8 2'982.3 1'147.1 866.5 10.02x 8.08x 7.28x 9.42x 14.55x 11.45x 12.50x 12.22x 18.22x 15.93x 18.10x EBITDA 6'477.50 Long-Term Rating Date 19.08.2010 EBIT 5'015.30 Long-Term Rating AA- Operating Margin 22.19% Long-Term Outlook STABLE Pretax Margin 23.93% Short-Term Rating Date 27.01.1987 Return on Assets 15.09% Short-Term Rating A-1+ Return on Common Equity 33.23% Return on Capital 24.89% EBITDA/Interest Exp. 41.31 Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 35.54 Net Debt/EBITDA 0.09 Gross Margin 78.8% Total Debt/EBITDA 0.77 EBITDA Margin 30.0% EBIT Margin 23.6% Total Debt/Equity 37.5% Net Income Margin 18.1% Total Debt/Capital 27.2% Asset Turnover 0.71 Current Ratio 1.55 Net Fixed Asset Turnover 3.01 Quick Ratio 1.08 Accounts receivable turnover-days 53.80 Debt to Assets 16.08% Inventory Days 192.85 Tot Debt to Common Equity 37.46% Accounts Payable Turnover Day 82.53 Accounts Receivable Turnover 6.78 Cash Conversion Cycle 162.39 Inventory Turnover 1.89 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Eli Lilly & Co Price/Volume Valuation Analysis 418'446.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type LILLY ENDOWMENT INCO LILLY ENDOWMENT INC 13F 135'670'804 12.04 - 30.06.2013 Endowment LILLY ENDOWMENT INCO n/a Research 135'670'804 12.04 - 30.06.2013 Endowment BLACKROCK n/a ULT-AGG 60'545'505 5.37 1'230'228 25.09.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 50'417'571 4.48 454'985 30.06.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 48'900'865 4.34 2'055'989 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 48'339'704 4.29 492'586 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 43'903'440 3.9 (1'593'470) 26.09.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 20'063'900 1.78 - 30.06.2013 Insurance Company BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'370'655 1.45 (1'219'060) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'868'700 1.23 (21'806) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 12'921'769 1.15 (1'068'153) 26.09.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 12'430'251 1.1 (2'451) 30.06.2013 Insurance Company RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 12'326'205 1.09 1'770'400 30.06.2013 Hedge Fund Manager NORGES BANK NORGES BANK 13F 9'140'536 0.81 - 31.12.2012 Government JP MORGAN n/a ULT-AGG 8'153'943 0.72 325'414 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 8'037'646 0.71 (8'892'537) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'017'413 0.71 (981'714) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 7'200'252 0.64 2'000'000 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 6'993'790 0.62 (1'323'639) 31.07.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'910'962 0.61 75'878 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 61 12 month 27.09.2013 BMO Capital Markets ALEX ARFAEI market perform 3 M 50 12 month 26.09.2013 Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M 48 12 month 26.09.2013 Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 54 12 month 26.09.2013 SunTrust Robinson Humphrey JOHN T BORIS buy 5 M 63 12 month 26.09.2013 Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M 61 12 month 26.09.2013 Cowen and Company STEVEN R SCALA market perform 3 M 59 12 month 26.09.2013 MKM Partners JON LECROY neutral 3 M 59 12 month 25.09.2013 JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 61 15 month 24.09.2013 Edward Jones JUDSON CLARK sell 1 M #N/A N/A Not Provided 13.09.2013 Barclays CHARLES ANTHONY BUTLER equalweight 3 M 58 Not Provided 13.09.2013 Jefferies JEFFREY HOLFORD hold 3 M 49 12 month 10.09.2013 ISI Group MARK J SCHOENEBAUM neutral 3 M 58 Not Provided 20.08.2013 Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 63 12 month 16.08.2013 S&P Capital IQ HERMAN SAFTLAS hold 3 M 60 12 month 13.08.2013 Argus Research Corp JOHN M EADE buy 5 M 63 Not Provided 25.07.2013 Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 24.07.2013 UBS MARC GOODMAN neutral 3 M 52 12 month 08.07.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 25.02.2013 Cyrrus TOMAS MENCIK accumulate 4 M 45 Not Provided 05.04.2012 First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 29.02.2012 MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 36 Not Provided 03.05.2011 Holdings By: Eli Lilly & Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services. The Company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration. Lockheed Martin operates worldwide. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 131.59 52-Week Low (14.02.2013) 85.88 Daily Volume 128.18 52-Week High % Change -2.53% Dividend Yield 3.47 52-Week Low % Change 49.25% Beta 0.74 % 52 Week Price Range High/Low 96.19% Equity Float 320.45 Shares Out 30.06.2013 320.9 Short Int 7.31 41'137.65 1 Yr Total Return 45.05% Total Debt 6'308.00 YTD Return 43.55% Preferred Stock 0.0 Adjusted BETA 0.744 Minority Interest 0.0 Analyst Recs 22 Cash and Equivalents 1'898.00 Consensus Rating 3.455 Enterprise Value 44'432.65 Average Volume 5 Day 407'191 LMT UN EQUITY YTD Change - Average Volume 30 Day 352'811 LMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 409'229 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 42'731.0 43'995.0 45'671.0 46'499.0 47'182.0 47'544.0 46'446.0 44'979.9 43'617.3 11'157.6 11'329.2 0.81x 0.70x 0.58x 0.62x 0.72x 2.46x 2.98x 0.99x 1.01x 4.01x 3.95x 5'976.0 5'269.0 5'321.0 5'124.0 5'470.0 5'533.0 5'650.0 5'611.6 5'719.2 1'368.5 1'378.8 5.83x 5.87x 4.97x 5.63x 6.22x 5.49x 6.74x 7.93x 7.78x 8.10x 8.05x 3'217.0 3'024.0 2'878.0 2'655.0 2'745.0 2'832.0 2'916.0 3'089.6 3'097.4 732.7 735.9 11.14x 9.02x 8.96x 8.42x 9.05x 8.30x 10.35x 13.42x 13.21x 14.08x 13.97x EBITDA 5'470.00 Long-Term Rating Date 27.04.2007 EBIT 4'482.00 Long-Term Rating A- Operating Margin 9.50% Long-Term Outlook STABLE Pretax Margin 8.63% Short-Term Rating Date 18.04.2002 Return on Assets 7.54% Short-Term Rating A-2 Return on Common Equity 201.24% Return on Capital 40.84% EBITDA/Interest Exp. 14.28 Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 11.82 Net Debt/EBITDA 0.58 Gross Margin 11.2% Total Debt/EBITDA 1.09 EBITDA Margin 12.2% EBIT Margin 10.0% Total Debt/Equity 16174.4% Net Income Margin 5.8% Total Debt/Capital 99.4% Asset Turnover 1.20 Current Ratio 1.14 Net Fixed Asset Turnover 10.22 Quick Ratio 0.70 Accounts receivable turnover-days 53.50 Debt to Assets 16.32% Inventory Days 24.40 Tot Debt to Common Equity 16174.36% Accounts Payable Turnover Day 19.66 Accounts Receivable Turnover 6.93 Cash Conversion Cycle 54.03 Inventory Turnover 15.20 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Lockheed Martin Corp Price/Volume Valuation Analysis 70'487.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .2 M .4 M .6 M .8 M 1.0 M 1.2 M 1.4 M 1.6 M 1.8 M 2.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 45'000.0 50'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type STATE STREET CORP n/a ULT-AGG 58'711'154 18.29 (950'423) 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 51'614'508 16.08 (245'049) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 17'300'391 5.39 (308'625) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 16'449'480 5.13 (40'455) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 14'067'615 4.38 1'348'895 30.06.2013 Unclassified WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'493'455 2.02 703'796 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'711'891 1.78 61'297 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 4'842'574 1.51 537'499 30.06.2013 Investment Advisor VERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 4'753'902 1.48 43'900 30.06.2013 Investment Advisor FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4'600'776 1.43 626'088 30.06.2013 Hedge Fund Manager NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'806'403 1.19 39'457 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 3'395'706 1.06 (157'280) 31.08.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'690'294 0.84 (78'575) 30.06.2013 Investment Advisor HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 2'452'286 0.76 (188'158) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 2'206'939 0.69 58'755 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 2'074'088 0.65 (38'698) 30.06.2013 Investment Advisor MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1'897'900 0.59 (105'915) 30.06.2013 Investment Advisor CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 1'896'531 0.59 (402'189) 30.06.2013 Hedge Fund Manager INVESCO LTD n/a ULT-AGG 1'878'509 0.59 (281'580) 26.09.2013 Investment Advisor LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 1'831'279 0.57 (61'320) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 141 12 month 27.09.2013 Sterne, Agee & Leach PETER J ARMENT neutral 3 M 135 12 month 27.09.2013 Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 150 12 month 27.09.2013 RBC Capital Markets ROBERT STALLARD sector perform 3 M 133 12 month 26.09.2013 Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN market perform 3 M #N/A N/A Not Provided 26.09.2013 Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 25.09.2013 Jefferies HOWARD A RUBEL hold 3 M 120 12 month 20.09.2013 Buckingham Research Group RICHARD SAFRAN neutral 3 M 125 12 month 06.09.2013 CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 04.09.2013 UBS DAVID E STRAUSS sell 1 D 113 12 month 19.08.2013 Goldman Sachs NOAH POPONAK buy/attractive 5 M 148 12 month 12.08.2013 Barclays CARTER COPELAND equalweight 3 M 125 Not Provided 12.08.2013 Cowen and Company CAI VON RUMOHR market perform 3 M 120 12 month 31.07.2013 Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 25.07.2013 JPMorgan JOSEPH B NADOL III neutral 3 M 102 15 month 24.07.2013 FBR Capital Markets PATRICK J MCCARTHY outperform 5 M 130 12 month 24.07.2013 Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 24.07.2013 Deutsche Bank MYLES WALTON hold 3 M 120 12 month 23.07.2013 Credit Suisse ROBERT M SPINGARN neutral 3 M 124 Not Provided 23.07.2013 EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013 Holdings By: Lockheed Martin Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Lowe's Companies, Inc. is a home improvement retailer that distributes building materials and supplies through stores in the United States. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance. Latest Fiscal Year: 01/2013 LTM as of: 08/yy 52-Week High (19.09.2013) 49.17 52-Week Low (27.09.2012) 29.89 Daily Volume 47.9 52-Week High % Change -2.66% Dividend Yield 1.38 52-Week Low % Change 60.25% Beta 0.88 % 52 Week Price Range High/Low 93.36% Equity Float 1'049.18 Shares Out 30.08.2013 1'051.8 Short Int 27.59 50'380.67 1 Yr Total Return 61.08% Total Debt 9'121.00 YTD Return 36.56% Preferred Stock 0.0 Adjusted BETA 0.880 Minority Interest 0.0 Analyst Recs 25 Cash and Equivalents 666.00 Consensus Rating 3.960 Enterprise Value 58'168.67 Average Volume 5 Day 1'953'248 LOW UN EQUITY YTD Change - Average Volume 30 Day 1'539'723 LOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'534'283 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 08/yy 08/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4 48'230.0 47'220.0 48'815.0 50'208.0 50'521.0 50'883.0 51'918.0 53'044.1 55'304.0 12'705.6 11'553.9 0.67x 0.75x 0.81x 0.80x 1.01x 3.00x 3.91x 1.12x 1.10x 4.64x 5.20x 5'453.0 4'845.0 5'244.0 4'856.0 5'183.0 4'858.0 5'511.0 5'724.0 6'268.5 1'311.1 1'076.1 5.92x 7.35x 7.56x 8.26x 9.89x 7.55x 10.09x 10.18x 9.29x 9.72x 9.51x 2'195.0 1'783.0 2'010.0 1'839.0 1'959.0 1'821.0 2'165.0 2'321.8 2'611.4 501.8 341.1 12.26x 17.75x 17.78x 19.02x 22.03x 16.77x 22.17x 21.93x 18.16x 20.19x 19.46x EBITDA 5'183.00 Long-Term Rating Date 19.09.2012 EBIT 3'560.00 Long-Term Rating A- Operating Margin 7.05% Long-Term Outlook STABLE Pretax Margin 6.21% Short-Term Rating Date 15.11.2011 Return on Assets 6.33% Short-Term Rating A-2 Return on Common Equity 15.40% Return on Capital 10.52% EBITDA/Interest Exp. 11.89 Asset Turnover 1.52% (EBITDA-Capex)/Interest Exp. 9.11 Net Debt/EBITDA 1.41 Gross Margin 34.3% Total Debt/EBITDA 1.64 EBITDA Margin 10.6% EBIT Margin 7.5% Total Debt/Equity 65.8% Net Income Margin 3.9% Total Debt/Capital 39.7% Asset Turnover 1.52 Current Ratio 1.27 Net Fixed Asset Turnover 2.43 Quick Ratio 0.09 Accounts receivable turnover-days - Debt to Assets 27.92% Inventory Days 95.20 Tot Debt to Common Equity 65.82% Accounts Payable Turnover Day 56.79 Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover 3.82 Fiscal Year Ended Lowe's Cos Inc Price/Volume Valuation Analysis 148'815.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 29.01.2010 29.07.2010 29.01.2011 29.07.2011 29.01.2012 29.07.2012 29.01.2013 29.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 82'024'636 7.8 (2'136'871) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 62'764'132 5.97 8'247'342 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 56'707'123 5.39 (1'701'115) 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 48'301'467 4.59 (464'899) 26.09.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 39'895'667 3.79 (976'261) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 33'898'136 3.22 (6'555'484) 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 27'910'800 2.65 (154'112) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 18'678'581 1.78 2'508'858 31.07.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'309'965 1.46 (251'014) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'703'107 1.4 (1'509'489) 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 14'152'345 1.35 1'493'258 30.06.2013 Investment Advisor MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 13'974'957 1.33 2'193'147 30.06.2013 Hedge Fund Manager INVESCO LTD n/a ULT-AGG 12'725'421 1.21 795'088 26.09.2013 Investment Advisor GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 11'862'596 1.13 (132'468) 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 9'414'653 0.9 1'334'900 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 9'197'191 0.87 - 31.12.2012 Government AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'704'812 0.83 (5'336'083) 30.06.2013 Investment Advisor GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 8'448'315 0.8 (192'447) 30.06.2013 Corporation AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'441'711 0.8 (469'186) 30.06.2013 Investment Advisor MACQUARIE GROUP n/a ULT-AGG 7'964'508 0.76 550'377 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 24.09.2013 ISI Group GREGORY MELICH buy 5 M 57 12 month 23.09.2013 Longbow Research DAVID S MACGREGOR buy 5 M 51 12 month 18.09.2013 Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 33 12 month 13.09.2013 Robert W. Baird & Co PETER S BENEDICT outperform 5 M 53 12 month 13.09.2013 Argus Research Corp CHRISTOPHER GRAJA buy 5 M 54 Not Provided 27.08.2013 Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 27.08.2013 Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 52 12 month 22.08.2013 Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 52 12 month 22.08.2013 Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 22.08.2013 JPMorgan CHRISTOPHER HORVERS overweight 5 M 54 15 month 22.08.2013 Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 50 Not Provided 22.08.2013 EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 22.08.2013 BMO Capital Markets WAYNE HOOD market perform 3 M 50 Not Provided 21.08.2013 Deutsche Bank MICHAEL BAKER buy 5 M 49 12 month 21.08.2013 RBC Capital Markets R SCOT CICCARELLI outperform 5 M 51 12 month 21.08.2013 Credit Suisse GARY BALTER outperform 5 M 52 Not Provided 21.08.2013 UBS MICHAEL LASSER buy 5 M 52 12 month 21.08.2013 Jefferies DANIEL T BINDER hold 3 M 43 12 month 21.08.2013 Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 50 Not Provided 21.08.2013 Oppenheimer & Co BRIAN NAGEL market perform 3 M 48 18 month 21.08.2013 Piper Jaffray PETER J KEITH neutral 3 M 46 12 month 21.08.2013 Barclays ALAN M RIFKIN equalweight 3 M 45 Not Provided 21.08.2013 S&P Capital IQ MICHAEL SOUERS sell 1 M 36 Not Provided 22.05.2013 Holdings By: Lowe's Cos Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 693.50 52-Week Low (25.10.2012) 447.42 Daily Volume 678.62 52-Week High % Change -1.95% Dividend Yield 0.22 52-Week Low % Change 51.67% Beta 1.09 % 52 Week Price Range High/Low 93.53% Equity Float 103.74 Shares Out 25.07.2013 116.0 Short Int 1.49 82'000.30 1 Yr Total Return 50.58% Total Debt 0.00 YTD Return 38.51% Preferred Stock 0.0 Adjusted BETA 1.087 Minority Interest 12.0 Analyst Recs 42 Cash and Equivalents 5'003.00 Consensus Rating 4.286 Enterprise Value 76'921.30 Average Volume 5 Day 150'727 MA UN EQUITY YTD Change - Average Volume 30 Day 134'502 MA UN EQUITY YTD % CHANGE - Average Volume 3 Month 146'204 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'991.6 5'098.7 5'539.0 6'714.0 7'391.0 7'124.0 7'815.0 8'257.2 9'252.8 2'126.6 2'131.7 3.29x 6.26x 4.52x 6.38x 7.52x 24.55x 29.62x 9.29x 8.05x 35.88x 35.55x 2'060.3 2'408.2 2'905.0 3'677.0 4'187.0 3'969.0 4'541.0 4'857.2 5'553.5 1'285.9 1'124.9 7.96x 13.25x 8.62x 11.65x 13.27x 12.29x 14.18x 15.77x 13.80x 14.84x 14.30x (253.9) 1'462.5 1'846.0 1'906.0 2'759.0 2'118.0 2'991.0 3'178.9 3'644.1 839.8 728.3 15.05x 21.60x 15.92x 19.92x 22.29x 20.79x 23.72x 26.01x 22.17x 24.13x 23.03x EBITDA 4'187.00 Long-Term Rating Date 08.08.2013 EBIT 3'957.00 Long-Term Rating A Operating Margin 53.54% Long-Term Outlook STABLE Pretax Margin 53.20% Short-Term Rating Date 08.08.2013 Return on Assets 25.72% Short-Term Rating A-1 Return on Common Equity 45.04% Return on Capital 45.18% EBITDA/Interest Exp. 209.35 Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 204.55 Net Debt/EBITDA -1.12 Gross Margin - Total Debt/EBITDA 0.00 EBITDA Margin 58.1% EBIT Margin 55.0% Total Debt/Equity 0.0% Net Income Margin 37.3% Total Debt/Capital 0.0% Asset Turnover 0.67 Current Ratio 1.91 Net Fixed Asset Turnover 16.82 Quick Ratio 1.21 Accounts receivable turnover-days 41.87 Debt to Assets 0.00% Inventory Days - Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day - Accounts Receivable Turnover 8.72 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Mastercard Inc Price/Volume Valuation Analysis 16'269.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 100 200 300 400 500 600 700 800 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .1 M .1 M .2 M .2 M .3 M .3 M .4 M .4 M .5 M .5 M 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 7'000.0 8'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type MASTERCARD FOUNDATIO n/a Form 4 12'110'309 10.44 (4'282) 14.08.2013 Other BLACKROCK n/a ULT-AGG 6'795'812 5.86 (290'051) 25.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 6'601'761 5.69 (336'193) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'798'109 5 (578'172) 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 5'030'681 4.34 81'371 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 4'184'154 3.61 106'814 26.09.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'642'301 3.14 (92'516) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'176'143 2.74 109'286 30.06.2013 Investment Advisor HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 2'295'417 1.98 (451'258) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 2'093'233 1.8 74'238 31.07.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 1'645'160 1.42 307'784 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 1'569'505 1.35 (103'311) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'531'066 1.32 317 30.06.2013 Investment Advisor MACQUARIE GROUP n/a ULT-AGG 1'448'928 1.25 (28'526) 31.07.2013 Investment Advisor BROWN ADVISORY INC n/a ULT-AGG 1'345'831 1.16 131'847 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 1'315'000 1.13 (4'372) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'295'311 1.12 147'875 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 1'244'835 1.07 32'425 30.06.2013 Investment Advisor AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'218'883 1.05 (53'479) 30.06.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'209'091 1.04 (9'612) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date RBC Capital Markets DANIEL R PERLIN outperform 5 M 792 12 month 26.09.2013 Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 600 12 month 26.09.2013 Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 579 12 month 25.09.2013 Evercore Partners DAVID M TOGUT overweight 5 M 790 12 month 23.09.2013 Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 600 12 month 23.09.2013 Sterne, Agee & Leach GREGORY SMITH neutral 3 M #N/A N/A Not Provided 19.09.2013 Jefferies JASON KUPFERBERG buy 5 M 758 12 month 18.09.2013 Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 17.09.2013 Buckingham Research Group DAVID HOCHSTIM buy 5 M 740 12 month 13.09.2013 Guggenheim Securities LLC DAVID W DARST buy 5 M 775 12 month 13.09.2013 Goldman Sachs JULIO C QUINTEROS JR buy/attractive 5 M 710 12 month 12.09.2013 JPMorgan TIEN-TSIN HUANG overweight 5 M 776 15 month 12.09.2013 Pacific Crest Securities JAMES FAUCETTE outperform 5 M 660 12 month 12.09.2013 Robert W. Baird & Co DAVID J KONING neutral 3 M 690 12 month 12.09.2013 FBR Capital Markets SCOTT VALENTIN outperform 5 M 690 12 month 12.09.2013 Nomura BILL CARCACHE buy 5 M 720 12 month 12.09.2013 Cowen and Company MOSHE KATRI outperform 5 M 700 12 month 12.09.2013 S&P Capital IQ SONIA PARECHANIAN hold 3 M 560 Not Provided 12.09.2013 Barclays DARRIN D PELLER overweight 5 M 705 Not Provided 12.09.2013 Deutsche Bank BRYAN KEANE buy 5 M 756 12 month 11.09.2013 Morgan Stanley SMITTIPON SRETHAPRAMOTE Overwt/In-Line 5 M 675 12 month 11.09.2013 Credit Suisse MOSHE A ORENBUCH outperform 5 M 660 Not Provided 11.09.2013 Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 749 12 month 11.09.2013 William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 11.09.2013 Oppenheimer & Co GLENN GREENE outperform 5 M 675 12 month 11.09.2013 Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 06.09.2013 Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 21.08.2013 Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 678 Not Provided 19.08.2013 Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 07.08.2013 SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 735 12 month 02.08.2013 Macquarie KEVIN MCVEIGH outperform 5 M 700 12 month 01.08.2013 Stifel CHRISTOPHER C BRENDLER buy 5 M 685 12 month 01.08.2013 UBS JOHN T WILLIAMS neutral 3 M 627 12 month 31.07.2013 Wedbush GIL B LURIA neutral 3 M 640 12 month 31.07.2013 Raymond James WAYNE JOHNSON market perform 3 M #N/A N/A Not Provided 31.07.2013 BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 595 12 month 31.07.2013 Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 31.07.2013 Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 28.01.2013 Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 485 12 month 20.09.2012 Holdings By: Mastercard Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 McDonald's Corporation franchises and operates fast-food restaurants in the global restaurant industry. The Company's restaurants serve a variety of value-priced menu products in countries around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (12.04.2013) 103.70 52-Week Low (16.11.2012) 83.32 Daily Volume 97.19 52-Week High % Change -6.24% Dividend Yield 3.10 52-Week Low % Change 16.65% Beta 0.72 % 52 Week Price Range High/Low 72.96% Equity Float 998.83 Shares Out 30.06.2013 999.6 Short Int 11.39 97'155.57 1 Yr Total Return 7.68% Total Debt 13'632.50 YTD Return 12.86% Preferred Stock 0.0 Adjusted BETA 0.723 Minority Interest 0.0 Analyst Recs 31 Cash and Equivalents 2'336.10 Consensus Rating 3.871 Enterprise Value 108'246.97 Average Volume 5 Day 1'620'376 MCD UN EQUITY YTD Change - Average Volume 30 Day 1'146'820 MCD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'183'799 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 23'522.4 22'744.7 24'074.6 27'006.0 27'567.0 27'451.5 27'793.6 28'253.2 29'717.9 7'334.1 7'202.0 3.30x 3.34x 3.74x 4.17x 3.62x 15.42x 15.25x 3.86x 3.70x 14.74x 15.09x 7'656.7 7'996.1 8'778.4 9'940.8 10'101.1 10'084.4 10'180.1 10'295.3 10'930.1 2'741.3 2'670.2 10.12x 9.51x 10.25x 11.33x 9.87x 9.95x 10.81x 10.50x 9.89x 10.15x 9.97x 4'313.2 4'551.0 4'946.3 5'503.1 5'464.8 5'497.6 5'517.8 5'627.1 6'002.8 1'513.5 1'445.1 16.95x 15.47x 16.69x 19.05x 16.43x 16.62x 18.14x 17.37x 15.93x 16.69x 16.27x EBITDA 10'101.10 Long-Term Rating Date 08.05.2003 EBIT 8'612.60 Long-Term Rating A Operating Margin 31.24% Long-Term Outlook STABLE Pretax Margin 29.31% Short-Term Rating Date 29.10.2001 Return on Assets 16.28% Short-Term Rating A-1 Return on Common Equity 37.79% Return on Capital 20.91% EBITDA/Interest Exp. 18.96 Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 13.24 Net Debt/EBITDA 1.09 Gross Margin 56.3% Total Debt/EBITDA 1.31 EBITDA Margin 36.6% EBIT Margin 31.1% Total Debt/Equity 89.1% Net Income Margin 19.8% Total Debt/Capital 47.1% Asset Turnover 0.82 Current Ratio 1.45 Net Fixed Asset Turnover 1.17 Quick Ratio 1.09 Accounts receivable turnover-days 17.02 Debt to Assets 38.52% Inventory Days 2.54 Tot Debt to Common Equity 89.14% Accounts Payable Turnover Day 18.83 Accounts Receivable Turnover 21.44 Cash Conversion Cycle -10.34 Inventory Turnover 143.84 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended McDonald's Corp Price/Volume Valuation Analysis 239'771.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 64'023'258 6.4 955'849 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 55'689'701 5.57 2'002'363 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 51'310'811 5.13 2'533'001 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 18'577'044 1.86 (5'333'415) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'660'726 1.77 169'214 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 16'551'977 1.66 962'952 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'341'428 1.53 (50'350) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 13'141'334 1.31 666'978 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 11'093'341 1.11 4'674'929 31.07.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 10'284'358 1.03 (95'931) 31.07.2013 Investment Advisor GATES FOUNDATION BILL & MELINDA FOUND 13F 9'872'500 0.99 - 30.06.2013 Endowment WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'099'711 0.91 2'895'710 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 8'958'161 0.9 93'733 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 8'499'870 0.85 46'777 30.06.2013 Unclassified NORGES BANK NORGES BANK 13F 8'198'069 0.82 - 31.12.2012 Government GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 7'773'519 0.78 (121'077) 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'922'207 0.69 120'603 30.06.2013 Investment Advisor INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 6'595'572 0.66 664'742 30.06.2013 Investment Advisor RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 6'354'900 0.64 1'737'000 30.06.2013 Hedge Fund Manager AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'061'848 0.61 (2'350'055) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co SARA H SENATORE market perform 3 M 100 12 month 26.09.2013 Deutsche Bank JASON WEST buy 5 M 110 12 month 25.09.2013 Stephens Inc WILL SLABAUGH overweight 5 M 120 Not Provided 23.09.2013 Buckingham Research Group MITCHELL J SPEISER neutral 3 M 100 12 month 23.09.2013 Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 19.09.2013 Sterne, Agee & Leach LYNNE COLLIER buy 5 M 107 12 month 19.09.2013 Piper Jaffray NICOLE MILLER REGAN overweight 5 M 110 12 month 19.09.2013 Morgan Stanley JOHN S GLASS Equalwt/In-Line 3 M #N/A N/A Not Provided 18.09.2013 Jefferies ANDREW M BARISH hold 3 M 91 12 month 17.09.2013 JPMorgan JOHN W IVANKOE overweight 5 M 105 15 month 16.09.2013 Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 104 12 month 16.09.2013 Wells Fargo Securities, LLC JEFFREY D FARMER outperform 5 M #N/A N/A Not Provided 16.09.2013 Barclays JEFFREY A BERNSTEIN overweight 5 M 110 Not Provided 16.09.2013 Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 103 12 month 11.09.2013 Raymond James BRYAN C ELLIOTT market perform 3 M #N/A N/A Not Provided 10.09.2013 Stifel PAUL L WESTRA hold 3 M #N/A N/A Not Provided 10.09.2013 Oppenheimer & Co BRIAN J BITTNER market perform 3 M #N/A N/A Not Provided 10.09.2013 Lazard Capital Markets MATTHEW J DIFRISCO neutral 3 M #N/A N/A Not Provided 10.09.2013 Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 109 12 month 10.09.2013 Janney Montgomery Scott LLC MARK D KALINOWSKI neutral 3 M 100 12 month 26.08.2013 EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 13.08.2013 Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 95 12 month 08.08.2013 Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 25.07.2013 Independent Research GmbH LARS LUSEBRINK hold 3 M 107 12 month 23.07.2013 Davenport & Co JEFFREY F OMOHUNDRO buy 5 M 107 12 month 23.07.2013 BMO Capital Markets PHILLIP JUHAN market perform 3 M 107 Not Provided 22.07.2013 Goldman Sachs MICHAEL KELTER neutral/neutral 3 M 104 12 month 22.07.2013 S&P Capital IQ JIM YIN hold 3 D 110 Not Provided 22.07.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 12.04.2013 Holdings By: McDonald's Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Mondelez International Inc. is a food and beverage company. The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products. Mondelez International sells its products throughout the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 33.08 52-Week Low (15.11.2012) 24.50 Daily Volume 31.77 52-Week High % Change -3.92% Dividend Yield 2.14 52-Week Low % Change 29.67% Beta - % 52 Week Price Range High/Low 87.11% Equity Float 1'776.07 Shares Out 31.07.2013 1'780.7 Short Int 14.70 56'571.75 1 Yr Total Return 19.96% Total Debt 19'425.00 YTD Return 26.38% Preferred Stock 0.0 Adjusted BETA - Minority Interest 140.0 Analyst Recs 24 Cash and Equivalents 4'475.00 Consensus Rating 3.917 Enterprise Value 72'298.75 Average Volume 5 Day 3'330'525 MDLZ UW EQUITY YTD Change - Average Volume 30 Day 2'634'888 MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'713'314 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 40'099.0 39'743.0 35'638.1 37'455.4 8'572.1 9'732.8 1.40x 1.47x 1.65x 2.54x 1.72x 9.74x 8.01x 2.06x 1.96x - - 5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 5'877.0 5'561.0 5'453.2 6'044.4 1'375.0 1'560.3 9.84x 9.44x 11.42x 18.30x 12.00x 17.50x 13.07x 13.24x 11.95x 12.70x 12.38x 2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'594.0 2'370.0 2'777.3 3'026.1 719.5 777.4 15.96x 14.23x 16.17x 38.99x 17.60x 25.16x 16.03x 20.44x 18.45x 20.08x 19.57x EBITDA 5'028.00 Long-Term Rating Date 02.02.2010 EBIT 3'683.00 Long-Term Rating BBB Operating Margin 10.52% Long-Term Outlook STABLE Pretax Margin 5.07% Short-Term Rating Date 09.11.2007 Return on Assets 2.81% Short-Term Rating A-2 Return on Common Equity 7.02% Return on Capital 6.13% EBITDA/Interest Exp. 4.00 Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 2.72 Net Debt/EBITDA 2.80 Gross Margin 37.3% Total Debt/EBITDA 3.25 EBITDA Margin 14.0% EBIT Margin 11.1% Total Debt/Equity 60.3% Net Income Margin 8.6% Total Debt/Capital 37.5% Asset Turnover 0.47 Current Ratio 1.05 Net Fixed Asset Turnover 3.39 Quick Ratio 0.71 Accounts receivable turnover-days 58.00 Debt to Assets 25.74% Inventory Days 73.74 Tot Debt to Common Equity 60.30% Accounts Payable Turnover Day 75.94 Accounts Receivable Turnover 6.29 Cash Conversion Cycle 50.93 Inventory Turnover 4.95 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Mondelez International Inc Price/Volume Valuation Analysis 654'359.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 110'148'875 6.19 5'537'263 25.09.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 87'358'241 4.91 1'073'904 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 80'273'515 4.51 3'191'160 30.06.2013 Unclassified INVESCO LTD n/a ULT-AGG 50'580'782 2.84 7'395'907 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 44'707'696 2.51 1'843'372 30.06.2013 Investment Advisor TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 40'946'850 2.3 646'300 30.06.2013 Hedge Fund Manager SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 38'518'831 2.16 (1'026'287) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 36'451'311 2.05 16'841 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 35'165'789 1.97 5'324'381 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 33'598'604 1.89 944'045 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 33'441'805 1.88 (2'148'720) 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 32'233'495 1.81 6'106'307 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'633'957 1.38 228'094 30.06.2013 Investment Advisor EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 19'370'214 1.09 1'387'183 30.06.2013 Investment Advisor RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 17'150'200 0.96 6'389'002 30.06.2013 Hedge Fund Manager INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 16'338'040 0.92 323'533 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 16'248'026 0.91 1'823'169 30.06.2013 Unclassified DIMENSIONAL FUND ADV n/a ULT-AGG 15'265'812 0.86 746'539 31.07.2013 Investment Advisor MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 14'477'817 0.81 (1'960'435) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 14'385'236 0.81 - 31.12.2012 Government Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 38 12 month 25.09.2013 Stifel CHRISTOPHER R GROWE buy 5 M 34 12 month 20.09.2013 Credit Suisse ROBERT MOSKOW outperform 5 M 36 Not Provided 17.09.2013 JPMorgan KENNETH GOLDMAN overweight 5 M 38 15 month 17.09.2013 Jefferies THILO WREDE hold 3 M 33 12 month 11.09.2013 Wells Fargo Securities, LLC JOHN J BAUMGARTNER outperform 5 M #N/A N/A Not Provided 10.09.2013 Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 06.09.2013 Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 05.09.2013 Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 31 12 month 28.08.2013 Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 20.08.2013 CL King & Associates ERIC J LARSON buy 5 M 35 12 month 12.08.2013 BMO Capital Markets KENNETH B ZASLOW market perform 3 M 31 Not Provided 08.08.2013 Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 34 12 month 08.08.2013 Davenport & Co ANN H GURKIN buy 5 M 35 12 month 08.08.2013 Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 08.08.2013 Barclays ANDREW LAZAR overweight 5 M 35 Not Provided 08.08.2013 EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 08.08.2013 Deutsche Bank ERIC R KATZMAN hold 3 M 34 12 month 07.08.2013 Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 33 12 month 29.05.2013 Spin-Off Research TEAM COVERAGE hold 3 M 32 Not Provided 08.05.2013 S&P Capital IQ THOMAS GRAVES hold 3 D 31 12 month 19.04.2013 National Bank AG STEFFEN MANSKE buy 5 M 24 Not Provided 25.01.2010 Holdings By: Mondelez International Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Medtronic, Inc. develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide. Latest Fiscal Year: 04/2013 LTM as of: 07/yy 52-Week High (08.08.2013) 55.98 52-Week Low (31.12.2012) 40.29 Daily Volume 52.74 52-Week High % Change -5.88% Dividend Yield 2.01 52-Week Low % Change 30.90% Beta 0.82 % 52 Week Price Range High/Low 80.62% Equity Float 994.36 Shares Out 29.08.2013 997.5 Short Int 11.82 52'606.46 1 Yr Total Return 24.12% Total Debt 10'651.00 YTD Return 29.98% Preferred Stock 0.0 Adjusted BETA 0.825 Minority Interest 0.0 Analyst Recs 25 Cash and Equivalents 11'071.00 Consensus Rating 3.880 Enterprise Value 52'382.46 Average Volume 5 Day 1'332'318 MDT UN EQUITY YTD Change - Average Volume 30 Day 1'310'907 MDT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'393'511 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.04.2009 30.04.2010 30.04.2011 30.04.2012 30.04.2013 07/yy 07/yy 04/14 Y 04/15 Y 10/13 Q2 01/14 Q3 14'599.0 15'817.0 15'508.0 16'184.0 16'590.0 16'246.0 16'664.0 16'924.3 17'479.3 4'178.6 4'112.3 2.62x 3.40x 3.36x 2.49x 2.81x 11.25x 12.53x 3.46x 3.32x 14.96x 15.16x 5'273.0 5'902.0 5'374.0 5'680.0 5'697.0 5'664.0 5'741.0 6'205.4 6'353.3 1'425.6 1'442.0 7.25x 9.10x 9.69x 7.11x 8.19x 8.49x 9.62x 8.44x 8.25x 8.70x 8.56x 2'070.0 3'099.0 3'096.0 3'617.0 3'467.0 3'661.0 3'556.0 3'867.8 4'068.2 916.9 937.3 9.96x 13.79x 12.84x 10.92x 12.84x 11.78x 15.11x 13.81x 12.88x 13.56x 13.31x EBITDA 5'697.00 Long-Term Rating Date 14.02.2012 EBIT 4'878.00 Long-Term Rating A+ Operating Margin 29.40% Long-Term Outlook STABLE Pretax Margin 25.62% Short-Term Rating Date 13.12.2001 Return on Assets 10.42% Short-Term Rating A-1+ Return on Common Equity 19.88% Return on Capital 13.26% EBITDA/Interest Exp. 14.53 Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 13.37 Net Debt/EBITDA -0.04 Gross Margin 75.1% Total Debt/EBITDA 1.95 EBITDA Margin 34.5% EBIT Margin 29.5% Total Debt/Equity 57.0% Net Income Margin 20.9% Total Debt/Capital 36.3% Asset Turnover 0.49 Current Ratio 4.57 Net Fixed Asset Turnover 6.81 Quick Ratio 3.80 Accounts receivable turnover-days 77.27 Debt to Assets 30.57% Inventory Days 158.33 Tot Debt to Common Equity 57.05% Accounts Payable Turnover Day 50.97 Accounts Receivable Turnover 4.71 Cash Conversion Cycle 184.08 Inventory Turnover 2.30 Fiscal Year Ended Medtronic Inc Price/Volume Valuation Analysis 160'425.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 4.0 M 4.5 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 18'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 30.04.2010 30.10.2010 30.04.2011 30.10.2011 30.04.2012 30.10.2012 30.04.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 58'589'524 5.87 604'636 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 53'425'450 5.36 1'671'960 30.06.2013 Unclassified WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 51'100'887 5.12 (1'843'989) 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 46'303'841 4.64 309'467 26.09.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 44'784'033 4.49 3'066'218 31.08.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 32'245'022 3.23 1'431'696 30.06.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 32'130'321 3.22 (304'000) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 30'584'382 3.07 606'664 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 22'260'981 2.23 1'177'187 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'412'785 1.44 120'820 30.06.2013 Investment Advisor HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 12'644'991 1.27 36'688 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 10'539'581 1.06 188'406 26.09.2013 Investment Advisor UBS AG n/a ULT-AGG 10'192'108 1.02 668'186 30.06.2013 Unclassified FMR LLC n/a ULT-AGG 10'040'745 1.01 1'350'784 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 9'853'693 0.99 (82'700) 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 9'852'468 0.99 496'890 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 9'643'318 0.97 1'215'567 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 9'059'209 0.91 (1'264'793) 31.08.2013 Investment Advisor NORGES BANK NORGES BANK 13F 8'305'220 0.83 - 31.12.2012 Government FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 7'605'103 0.76 (401'141) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Deutsche Bank KRISTEN M STEWART hold 3 M 56 12 month 27.09.2013 Oppenheimer & Co STEVEN LICHTMAN outperform 5 M 57 12 month 27.09.2013 Argus Research Corp DAVID H TOUNG buy 5 M 63 Not Provided 25.09.2013 Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 63 12 month 25.09.2013 Morgan Stanley STEVE BEUCHAW Equalwt/In-Line 3 M #N/A N/A Not Provided 24.09.2013 Piper Jaffray BROOKS E WEST overweight 5 M 58 12 month 24.09.2013 BMO Capital Markets JOANNE K WUENSCH outperform 5 M 59 Not Provided 23.09.2013 Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M 58 12 month 23.09.2013 Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 16.09.2013 Barclays MATTHEW TAYLOR equalweight 3 M 56 Not Provided 13.09.2013 Jefferies RAJ S DENHOY hold 3 M 56 12 month 10.09.2013 Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 09.09.2013 Credit Suisse BRUCE NUDELL neutral 3 M 60 Not Provided 03.09.2013 Goldman Sachs DAVID H ROMAN neutral/neutral 3 M 59 12 month 30.08.2013 RBC Capital Markets GLENN J NOVARRO sector perform 3 M 56 12 month 21.08.2013 Wedbush TAO LEVY neutral 3 M 53 12 month 21.08.2013 Cowen and Company JOSHUA JENNINGS outperform 5 M 62 12 month 21.08.2013 Edward Jones JEFF WINDAU hold 3 M #N/A N/A Not Provided 20.08.2013 JPMorgan MICHAEL N WEINSTEIN neutral 3 M 59 15 month 20.08.2013 Lazard Capital Markets SEAN D LAVIN neutral 3 M #N/A N/A Not Provided 20.08.2013 S&P Capital IQ PHILLIP SELIGMAN buy 5 M 57 Not Provided 12.07.2013 William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 22.05.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013 Holdings By: Medtronic Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (01.08.2013) 51.64 52-Week Low (15.11.2012) 30.55 Daily Volume 47.25 52-Week High % Change -8.58% Dividend Yield 2.54 52-Week Low % Change 54.66% Beta 1.58 % 52 Week Price Range High/Low 80.75% Equity Float 901.12 Shares Out 31.07.2013 1'097.1 Short Int 26.91 51'840.12 1 Yr Total Return 42.54% Total Debt 26'550.00 YTD Return 45.93% Preferred Stock 2'100.0 Adjusted BETA 1.584 Minority Interest 505.0 Analyst Recs 24 Cash and Equivalents 15'738.00 Consensus Rating 4.500 Enterprise Value 71'357.12 Average Volume 5 Day 1'889'235 MET UN EQUITY YTD Change - Average Volume 30 Day 1'292'851 MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'344'836 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 50'984.0 41'057.0 52'265.0 70'241.0 68'150.0 71'502.0 67'240.0 68'374.8 70'651.8 17'031.3 17'411.2 0.53x 1.07x 1.34x 0.82x 0.72x 2.99x 3.40x 1.10x 1.06x - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 3'209.0 (2'246.0) 2'790.0 6'423.0 1'324.0 6'597.0 661.0 6'280.6 6'488.8 1'494.9 1'537.4 9.63x 12.32x 10.71x 7.12x 6.24x 6.50x 8.34x 8.40x 8.18x 8.51x 8.39x EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating A- Operating Margin 6.85% Long-Term Outlook STABLE Pretax Margin 2.12% Short-Term Rating Date - Return on Assets 0.08% Short-Term Rating - Return on Common Equity 0.91% Return on Capital - EBITDA/Interest Exp. - Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 42.6% Net Income Margin 1.9% Total Debt/Capital 29.0% Asset Turnover 0.08 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 3.17% Inventory Days - Tot Debt to Common Equity 42.58% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended MetLife Inc Price/Volume Valuation Analysis 229'155.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 1.0 M 2.0 M 3.0 M 4.0 M 5.0 M 6.0 M 7.0 M 8.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type METLIFE POLICY HOLDE n/a 13D 195'099'166 17.78 (2'922'994) 31.07.2013 n/a BLACKROCK n/a ULT-AGG 52'464'643 4.78 123'293 25.09.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 45'610'318 4.16 2'173'039 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 44'105'720 4.02 881'256 30.06.2013 Unclassified FMR LLC n/a ULT-AGG 41'147'347 3.75 1'525'140 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 32'043'315 2.92 2'317'093 31.07.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 26'941'680 2.46 335'691 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 23'529'227 2.14 474'142 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'098'016 1.83 752'134 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 17'032'676 1.55 4'190'892 31.08.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'307'019 1.49 446'703 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 15'212'502 1.39 (3'171'472) 31.08.2013 Investment Advisor DODGE & COX DODGE & COX 13F 15'175'150 1.38 (154'350) 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 14'080'162 1.28 2'809'545 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 12'344'113 1.13 3'081'493 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'649'688 1.06 2'918'907 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 10'907'769 0.99 (2'385'106) 31.07.2013 Investment Advisor ROBECO n/a ULT-AGG 9'940'501 0.91 (3'276'922) 30.06.2013 Unclassified UBS AG n/a ULT-AGG 9'380'180 0.85 (499'838) 30.06.2013 Unclassified NORGES BANK NORGES BANK 13F 9'241'988 0.84 - 31.12.2012 Government Firm Name Analyst Recommendation Weighting Change Target Price Date Date Barclays JAY H GELB overweight 5 M 58 Not Provided 23.09.2013 Goldman Sachs CHRISTOPHER GIOVANNI Buy/Neutral 5 M 58 12 month 20.09.2013 FBR Capital Markets RANDY BINNER outperform 5 M 55 12 month 19.09.2013 Scotia Capital JOANNE SMITH focus stock 5 M 58 12 month 19.09.2013 Argus Research Corp JOHN M EADE buy 5 M 55 Not Provided 09.09.2013 Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 57 12 month 16.08.2013 EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 12.08.2013 Deutsche Bank YARON KINAR buy 5 M 57 12 month 05.08.2013 UBS SUNEET KAMATH buy 5 M 56 12 month 05.08.2013 Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 05.08.2013 Raymond James STEVEN D SCHWARTZ market perform 3 M #N/A N/A Not Provided 05.08.2013 Evercore Partners MARK FINKELSTEIN overweight 5 M 54 12 month 04.08.2013 Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 54 12 month 02.08.2013 Macquarie SEAN DARGAN outperform 5 M 58 12 month 02.08.2013 Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 58 Not Provided 02.08.2013 RBC Capital Markets ERIC N BERG sector perform 3 M 60 12 month 01.08.2013 JPMorgan JIMMY S BHULLAR overweight 5 M 53 15 month 01.08.2013 Sterne, Agee & Leach JOHN M NADEL buy 5 M 57 12 month 01.08.2013 Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 01.08.2013 S&P Capital IQ CATHY SEIFERT buy 5 M 55 Not Provided 01.08.2013 Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 01.08.2013 Credit Suisse THOMAS GALLAGHER outperform 5 M 55 Not Provided 31.07.2013 Holdings By: MetLife Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 122.27 52-Week Low (15.11.2012) 86.97 Daily Volume 119.96 52-Week High % Change -1.91% Dividend Yield 2.04 52-Week Low % Change 37.93% Beta 0.91 % 52 Week Price Range High/Low 95.44% Equity Float 682.57 Shares Out 30.06.2013 683.5 Short Int 11.13 81'988.83 1 Yr Total Return 32.39% Total Debt 6'001.00 YTD Return 31.47% Preferred Stock 0.0 Adjusted BETA 0.915 Minority Interest 465.0 Analyst Recs 22 Cash and Equivalents 5'693.00 Consensus Rating 3.818 Enterprise Value 82'583.83 Average Volume 5 Day 1'400'121 MMM UN EQUITY YTD Change - Average Volume 30 Day 813'302 MMM UN EQUITY YTD % CHANGE - Average Volume 3 Month 758'482 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 25'269.0 23'123.0 26'662.0 29'611.0 29'904.0 29'640.0 30'270.0 30'892.6 32'505.0 7'853.4 7'670.5 1.76x 2.61x 2.33x 1.95x 2.16x 7.94x 9.19x 2.77x 2.61x 10.90x 11.18x 6'394.0 5'971.0 7'038.0 7'414.0 7'771.0 7'569.0 7'794.0 8'054.1 8'632.1 2'164.9 2'032.1 6.96x 10.11x 8.84x 7.80x 8.31x 8.29x 9.67x 10.25x 9.56x 9.94x 9.48x 3'460.0 3'193.0 4'085.0 4'283.0 4'444.0 4'334.0 4'478.0 4'644.8 5'013.8 1'222.0 1'103.2 11.13x 18.29x 14.89x 13.48x 14.72x 14.43x 17.10x 17.92x 16.28x 17.11x 16.70x EBITDA 7'771.00 Long-Term Rating Date 18.03.2009 EBIT 6'483.00 Long-Term Rating AA- Operating Margin 21.68% Long-Term Outlook STABLE Pretax Margin 21.24% Short-Term Rating Date 23.11.1981 Return on Assets 13.27% Short-Term Rating A-1+ Return on Common Equity 26.12% Return on Capital 19.66% EBITDA/Interest Exp. 40.06 Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 32.41 Net Debt/EBITDA 0.02 Gross Margin 47.5% Total Debt/EBITDA 0.76 EBITDA Margin 25.7% EBIT Margin 21.4% Total Debt/Equity 34.1% Net Income Margin 14.9% Total Debt/Capital 25.0% Asset Turnover 0.90 Current Ratio 2.20 Net Fixed Asset Turnover 3.78 Quick Ratio 1.39 Accounts receivable turnover-days 53.69 Debt to Assets 17.71% Inventory Days 86.90 Tot Debt to Common Equity 34.15% Accounts Payable Turnover Day 41.89 Accounts Receivable Turnover 6.80 Cash Conversion Cycle 94.45 Inventory Turnover 4.20 Fiscal Year Ended 3M Co Price/Volume Valuation Analysis 125'398.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 140 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 4.0 M 4.5 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type STATE STREET CORP n/a ULT-AGG 51'797'154 7.58 558'831 26.09.2013 Investment Advisor BLACKROCK n/a ULT-AGG 41'003'646 6 (898'894) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 36'790'378 5.38 1'828'321 30.06.2013 Unclassified SUN LIFE FINANCIAL I n/a ULT-AGG 20'152'816 2.95 734'105 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'757'610 1.72 (2'007'155) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 11'234'023 1.64 1'610'563 30.06.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 11'131'700 1.63 - 30.06.2013 Insurance Company NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'203'276 1.49 100'355 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 9'521'546 1.39 11'557 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'145'855 1.34 (237'885) 30.06.2013 Investment Advisor FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 9'115'422 1.33 1'943'549 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 7'816'260 1.14 (145'230) 31.07.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'678'554 1.12 (89'908) 30.06.2013 Investment Advisor US BANCORP US BANCORP 13F 6'681'505 0.98 (273'762) 30.06.2013 Investment Advisor FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'885'651 0.86 150'500 30.06.2013 Hedge Fund Manager JP MORGAN n/a ULT-AGG 5'494'744 0.8 (924'782) 31.07.2013 Investment Advisor STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5'420'474 0.79 (628) 30.06.2013 Insurance Company NORGES BANK NORGES BANK 13F 5'326'652 0.78 - 31.12.2012 Government MORGAN STANLEY n/a ULT-AGG 4'869'773 0.71 1'409'466 29.08.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 4'650'451 0.68 565'820 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 127 12 month 27.09.2013 Jefferies LAURENCE ALEXANDER buy 5 M 140 12 month 20.09.2013 JPMorgan CHARLES STEPHEN TUSA underweight 1 M 120 15 month 11.09.2013 Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 110 12 month 03.09.2013 Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 26.08.2013 Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 12.08.2013 William Blair & Co NICHOLAS P HEYMANN market perform 3 M 114 12 month 09.08.2013 EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 05.08.2013 UBS JASON D FELDMAN buy 5 M 128 12 month 26.07.2013 FBR Capital Markets AJAY K KEJRIWAL outperform 5 M 127 12 month 26.07.2013 Nomura SHANNON O'CALLAGHAN neutral 3 M 120 12 month 26.07.2013 Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 118 12 month 25.07.2013 Credit Suisse JOHN P MCNULTY neutral 3 M 120 Not Provided 25.07.2013 Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 125 12 month 25.07.2013 Barclays SCOTT R DAVIS equalweight 3 M 110 Not Provided 25.07.2013 Deutsche Bank DAVID I BEGLEITER hold 3 M 125 12 month 24.07.2013 Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013 Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 M 112 12 month 26.04.2013 Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 06.03.2013 S&P Capital IQ RICHARD TORTORIELLO buy 5 M 110 12 month 06.02.2013 Holdings By: 3M Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Altria Group, Inc. is a holding company. The Company, through subsidiaries, manufactures and sells cigarettes and other tobacco products, including cigars and pipe tobacco. Altria holds an interest in a brewery company. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (15.05.2013) 37.60 52-Week Low (15.11.2012) 30.01 Daily Volume 34.56 52-Week High % Change -8.03% Dividend Yield 5.09 52-Week Low % Change 15.16% Beta 0.68 % 52 Week Price Range High/Low 65.74% Equity Float 1'997.73 Shares Out 15.07.2013 2'004.4 Short Int 18.96 69'272.41 1 Yr Total Return 7.46% Total Debt 13'878.00 YTD Return 14.36% Preferred Stock 0.0 Adjusted BETA 0.683 Minority Interest 36.0 Analyst Recs 17 Cash and Equivalents 2'900.00 Consensus Rating 4.176 Enterprise Value 81'609.41 Average Volume 5 Day 2'061'846 MO UN EQUITY YTD Change - Average Volume 30 Day 2'036'086 MO UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'988'272 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'957.0 16'824.0 16'892.0 16'619.0 17'500.0 17'248.0 17'425.0 17'496.7 17'788.4 4'535.2 4'481.6 1.92x 3.02x 3.63x 4.28x 4.24x 16.91x 18.09x 4.56x 4.41x - - 5'142.0 6'234.0 6'540.0 6'543.0 7'539.0 7'254.0 8'130.0 7'807.5 8'056.3 2'054.5 1'920.8 5.95x 8.16x 9.38x 10.86x 9.84x 11.36x 10.15x 10.47x 10.15x 10.35x 10.25x 4'930.0 3'206.0 3'905.0 3'390.0 4'180.0 4'429.0 4'411.0 4'800.6 5'078.4 1'271.0 1'199.0 9.13x 6.50x 12.90x 15.17x 13.98x 15.23x 14.79x 14.44x 13.51x 14.05x 13.83x EBITDA 7'539.00 Long-Term Rating Date 06.01.2009 EBIT 7'314.00 Long-Term Rating BBB Operating Margin 41.79% Long-Term Outlook STABLE Pretax Margin 37.01% Short-Term Rating Date 18.09.2003 Return on Assets 12.79% Short-Term Rating A-2 Return on Common Equity 112.22% Return on Capital 27.94% EBITDA/Interest Exp. 6.66 Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 6.55 Net Debt/EBITDA 1.51 Gross Margin 54.6% Total Debt/EBITDA 1.83 EBITDA Margin 46.7% EBIT Margin 45.4% Total Debt/Equity 438.1% Net Income Margin 23.9% Total Debt/Capital 81.2% Asset Turnover 0.51 Current Ratio 0.77 Net Fixed Asset Turnover 8.36 Quick Ratio 0.37 Accounts receivable turnover-days 3.88 Debt to Assets 39.28% Inventory Days 84.28 Tot Debt to Common Equity 438.07% Accounts Payable Turnover Day 15.15 Accounts Receivable Turnover 94.19 Cash Conversion Cycle 64.01 Inventory Turnover 4.33 Fiscal Year Ended Altria Group Inc Price/Volume Valuation Analysis 352'034.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 35 40 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 193'529'992 9.66 (2'385'478) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 105'939'427 5.29 996'212 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 94'999'175 4.74 (1'162'206) 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 84'665'582 4.22 462'648 26.09.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 37'813'052 1.89 (424'013) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 33'587'283 1.68 1'934'152 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 27'246'505 1.36 103'495 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 22'766'057 1.14 822'414 30.06.2013 Investment Advisor FAYEZ SAROFIM FAYEZ SAROFIM 13F 20'567'678 1.03 174'627 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 17'758'667 0.89 (309'220) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'563'960 0.83 120'559 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 16'120'616 0.8 (363'046) 30.06.2013 Investment Advisor FEDERATED INVESTORS FEDERATED INVESTORS 13F 14'996'639 0.75 594'266 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 13'785'315 0.69 142'178 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 13'302'474 0.66 2'770'831 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 12'250'262 0.61 (324'553) 30.06.2013 Unclassified WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12'218'036 0.61 (181'340) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 11'310'212 0.56 (335'162) 26.09.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'164'216 0.56 293'085 30.06.2013 Investment Advisor MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 10'518'575 0.52 788'022 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Jefferies THILO WREDE hold 3 M 35 12 month 27.09.2013 Stifel CHRISTOPHER R GROWE buy 5 M 38 12 month 24.09.2013 Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 24.09.2013 Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 23.08.2013 Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 30.07.2013 Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 25.07.2013 Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M 34 12 month 24.07.2013 Independent Research GmbH LARS LUSEBRINK buy 5 M 43 12 month 24.07.2013 JPMorgan RAE MAILE overweight 5 M 45 3 month 23.07.2013 Davenport & Co ANN H GURKIN buy 5 M 38 12 month 23.07.2013 Barclays MICHAEL J BRANCA equalweight 3 M 34 Not Provided 23.07.2013 EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 07.06.2013 Goldman Sachs JUDY E HONG neutral/neutral 3 M 37 12 month 12.05.2013 S&P Capital IQ ESTHER KWON buy 5 M 39 Not Provided 25.04.2013 Holdings By: Altria Group Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Monsanto Company provides agricultural products for farmers. The Company's business segments are seeds and genomics. Monsanto produces a wide range of seeds and develops biotechnology traits that assist farmers in controlling insects and weeds as well as provides other seed companies with genetic material and biotechnology traits for their seed brands. Latest Fiscal Year: 08/2012 LTM as of: 05/yy 52-Week High (15.05.2013) 109.33 52-Week Low (15.11.2012) 82.70 Daily Volume 105.98 52-Week High % Change -2.94% Dividend Yield 1.34 52-Week Low % Change 28.15% Beta 0.98 % 52 Week Price Range High/Low 88.02% Equity Float 531.41 Shares Out 25.06.2013 533.1 Short Int 5.85 56'498.93 1 Yr Total Return 17.81% Total Debt 2'074.00 YTD Return 13.24% Preferred Stock 0.0 Adjusted BETA 0.981 Minority Interest 203.0 Analyst Recs 26 Cash and Equivalents 3'585.00 Consensus Rating 4.423 Enterprise Value 55'818.93 Average Volume 5 Day 549'553 MON UN EQUITY YTD Change - Average Volume 30 Day 581'461 MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 618'102 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'653.0 14'769.0 14'962.3 16'150.1 2'249.5 3'038.0 5.53x 3.89x 2.78x 3.08x 3.35x 11.45x 13.29x 3.66x 3.32x 24.37x 18.11x 3'458.0 4'175.0 2'415.0 3'116.0 3'760.0 3'948.0 4'206.0 4'206.1 4'918.8 (118.6) 741.3 18.18x 10.92x 12.06x 11.69x 12.03x 10.50x 12.61x 13.28x 11.35x 11.45x 11.27x 2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 2'162.0 2'502.0 2'479.3 2'898.4 (235.2) 308.3 31.30x 18.88x 23.53x 23.22x 23.12x 19.44x 22.13x 23.17x 19.84x 20.48x 19.94x EBITDA 3'760.00 Long-Term Rating Date 21.10.2008 EBIT 3'138.00 Long-Term Rating A+ Operating Margin 23.24% Long-Term Outlook STABLE Pretax Margin 22.13% Short-Term Rating Date 24.10.2007 Return on Assets 12.01% Short-Term Rating A-1 Return on Common Equity 19.18% Return on Capital 17.33% EBITDA/Interest Exp. 17.74 Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 14.69 Net Debt/EBITDA -0.21 Gross Margin 52.2% Total Debt/EBITDA 0.52 EBITDA Margin 28.5% EBIT Margin 24.3% Total Debt/Equity 17.5% Net Income Margin 15.1% Total Debt/Capital 14.7% Asset Turnover 0.71 Current Ratio 2.29 Net Fixed Asset Turnover 3.42 Quick Ratio 1.30 Accounts receivable turnover-days 90.66 Debt to Assets 10.26% Inventory Days 137.61 Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day 32.21 Accounts Receivable Turnover 4.03 Cash Conversion Cycle 163.69 Inventory Turnover 2.65 Fiscal Year Ended Monsanto Co Price/Volume Valuation Analysis 100'649.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 20 40 60 80 100 120 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 16'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 04.09.2009 04.03.2010 04.09.2010 04.03.2011 04.09.2011 04.03.2012 04.09.2012 04.03.2013 04.09.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type FMR LLC n/a ULT-AGG 33'481'299 6.28 (543'117) 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 29'768'944 5.58 (1'703'975) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 29'353'388 5.51 875'668 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 23'428'745 4.39 6'792 26.09.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 15'351'518 2.88 1'795'565 30.06.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'225'167 2.29 214'400 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'049'817 1.89 1'073'624 30.06.2013 Investment Advisor WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'746'186 1.83 557'277 30.06.2013 Investment Advisor NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 7'907'168 1.48 (79'237) 31.07.2013 Insurance Company BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'707'927 1.45 (51'318) 30.06.2013 Investment Advisor AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'534'852 1.41 161'546 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 7'231'303 1.36 (937'641) 31.07.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'961'443 1.31 646'058 30.06.2013 Investment Advisor WADDELL & REED FINAN n/a ULT-AGG 6'547'419 1.23 (772'968) 30.06.2013 Investment Advisor DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 6'309'475 1.18 (2'890'619) 30.06.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'253'319 1.17 (124'990) 30.06.2013 Investment Advisor LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 6'207'263 1.16 (455'287) 30.06.2013 Hedge Fund Manager WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'137'691 1.15 960'954 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 6'059'858 1.14 (283'628) 31.07.2013 Investment Advisor MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'846'658 1.1 97'740 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 26.09.2013 Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 26.09.2013 Piper Jaffray MICHAEL E COX overweight 5 M 138 12 month 19.09.2013 Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 17.09.2013 Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 13.09.2013 Goldman Sachs ROBERT KOORT buy/attractive 5 M 124 12 month 12.09.2013 Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 02.09.2013 Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 30.08.2013 UBS BILL CARROLL buy 5 U 110 12 month 27.08.2013 Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 25.07.2013 Jefferies LAURENCE ALEXANDER hold 3 M 110 12 month 18.07.2013 BGC Partners MARK R GULLEY buy 5 M 123 12 month 18.07.2013 Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013 Macquarie COOLEY MAY outperform 5 M 117 12 month 29.06.2013 Argus Research Corp WILLIAM V SELESKY buy 5 M 120 Not Provided 27.06.2013 JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 111 15 month 27.06.2013 Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 26.06.2013 Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 121 Not Provided 26.06.2013 Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 104 12 month 26.06.2013 S&P Capital IQ KEVIN KIRKEBY hold 3 M 110 Not Provided 26.06.2013 Atlantic Equities LLP COLIN ISAAC underweight 1 M 90 12 month 26.06.2013 Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 119 12 month 29.05.2013 EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013 Holdings By: Monsanto Co All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (04.06.2013) 50.16 52-Week Low (31.12.2012) 40.10 Daily Volume 47.68 52-Week High % Change -5.06% Dividend Yield 3.59 52-Week Low % Change 18.90% Beta 0.77 % 52 Week Price Range High/Low 75.35% Equity Float 2'925.13 Shares Out 31.07.2013 2'926.4 Short Int 34.06 139'529.59 1 Yr Total Return 9.41% Total Debt 20'569.00 YTD Return 19.71% Preferred Stock 0.0 Adjusted BETA 0.770 Minority Interest 2'443.0 Analyst Recs 23 Cash and Equivalents 16'141.00 Consensus Rating 4.217 Enterprise Value 152'144.59 Average Volume 5 Day 5'618'732 MRK UN EQUITY YTD Change - Average Volume 30 Day 3'145'914 MRK UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'876'902 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 23'850.3 27'428.3 45'987.0 48'047.0 47'267.0 48'358.0 44'907.0 44'446.1 44'749.6 11'162.5 11'524.9 2.82x 4.52x 2.59x 2.49x 2.77x 9.87x 12.50x 3.37x 3.31x - - 8'070.3 7'314.7 12'116.0 17'873.0 17'662.0 18'468.0 14'938.0 16'725.8 17'610.3 3'875.5 3'974.0 8.33x 16.96x 9.84x 6.69x 7.40x 7.09x 9.94x 9.08x 8.63x - - 7'808.4 12'901.3 861.0 6'272.0 6'168.0 6'735.0 5'629.0 10'404.0 10'645.8 2'580.7 2'683.0 8.89x 11.24x 10.54x 10.00x 10.72x 10.57x 13.39x 13.72x 12.86x 13.55x 13.34x EBITDA 17'662.00 Long-Term Rating Date 24.11.2010 EBIT 10'684.00 Long-Term Rating AA Operating Margin 22.60% Long-Term Outlook STABLE Pretax Margin 18.49% Short-Term Rating Date 23.11.1981 Return on Assets 5.30% Short-Term Rating A-1+ Return on Common Equity 10.96% Return on Capital 8.25% EBITDA/Interest Exp. 24.74 Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 22.00 Net Debt/EBITDA 0.67 Gross Margin 65.6% Total Debt/EBITDA 1.88 EBITDA Margin 33.3% EBIT Margin 18.3% Total Debt/Equity 38.8% Net Income Margin 13.0% Total Debt/Capital 27.1% Asset Turnover 0.42 Current Ratio 1.90 Net Fixed Asset Turnover 2.85 Quick Ratio 1.30 Accounts receivable turnover-days 64.74 Debt to Assets 19.38% Inventory Days 145.68 Tot Debt to Common Equity 38.79% Accounts Payable Turnover Day 42.61 Accounts Receivable Turnover 5.64 Cash Conversion Cycle 159.00 Inventory Turnover 2.51 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Merck & Co Inc Price/Volume Valuation Analysis 542'932.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 5.00 10.00 15.00 20.00 25.00 30.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 193'066'812 6.6 (12'696'033) 25.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 178'482'501 6.1 1'012'922 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 143'940'429 4.92 14'886'519 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 142'940'287 4.88 2'100'780 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 131'465'581 4.49 702'268 26.09.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 89'437'035 3.06 (1'614'075) 31.08.2013 Investment Advisor FMR LLC n/a ULT-AGG 74'111'313 2.53 3'062'866 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 54'672'337 1.87 (2'156'551) 30.06.2013 Investment Advisor DODGE & COX DODGE & COX 13F 50'697'146 1.73 (568'800) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 48'164'250 1.65 1'148'024 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 46'320'534 1.58 706'740 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 39'817'400 1.36 (17'290'644) 31.07.2013 Investment Advisor DODGE & COX WORLDWID Multiple Portfolios MF-AGG 30'475'112 1.04 - 31.03.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 29'318'754 1 16'835'178 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 28'551'654 0.98 (1'818'968) 26.09.2013 Investment Advisor NORGES BANK NORGES BANK 13F 24'410'941 0.83 - 31.12.2012 Government BANK OF AMERICA CORP BANK OF AMERICA 13F 22'623'250 0.77 1'962'708 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 21'518'725 0.74 650'528 31.08.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 20'856'425 0.71 361'158 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 20'747'539 0.71 1'001'596 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 53 12 month 27.09.2013 Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M 48 12 month 25.09.2013 SunTrust Robinson Humphrey JOHN T BORIS neutral 3 M 47 12 month 24.09.2013 BMO Capital Markets ALEX ARFAEI market perform 3 M 50 Not Provided 23.09.2013 Cowen and Company STEVEN R SCALA market perform 3 M 51 12 month 23.09.2013 S&P Capital IQ HERMAN SAFTLAS buy 5 M 54 Not Provided 23.09.2013 Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 52 12 month 17.09.2013 Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M #N/A N/A Not Provided 10.09.2013 Jefferies JEFFREY HOLFORD buy 5 M 53 12 month 10.09.2013 Barclays CHARLES ANTHONY BUTLER overweight 5 M 60 Not Provided 10.09.2013 JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 52 15 month 09.09.2013 Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 30.08.2013 Argus Research Corp JOHN M EADE buy 5 M 52 Not Provided 06.08.2013 Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 01.08.2013 Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 31.07.2013 ISI Group MARK J SCHOENEBAUM buy 5 M 50 Not Provided 18.06.2013 MKM Partners JON LECROY buy 5 M 59 12 month 14.06.2013 UBS MARC GOODMAN buy 5 M 53 12 month 07.06.2013 Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 53 12 month 31.05.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013 MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 50 Not Provided 16.10.2012 Cyrrus TOMAS MENCIK accumulate 4 M 43 Not Provided 05.04.2012 First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 21.06.2011 Holdings By: Merck & Co Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis. The Company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (18.09.2013) 29.49 52-Week Low (16.11.2012) 15.95 Daily Volume 27.03 52-Week High % Change -8.27% Dividend Yield 0.74 52-Week Low % Change 69.47% Beta 1.78 % 52 Week Price Range High/Low 82.72% Equity Float 1'391.51 Shares Out 31.07.2013 1'958.5 Short Int 24.45 52'939.31 1 Yr Total Return 62.00% Total Debt 450'846.00 YTD Return 42.26% Preferred Stock 1'508.0 Adjusted BETA 1.775 Minority Interest 7'628.0 Analyst Recs 34 Cash and Equivalents 46'904.00 Consensus Rating 3.735 Enterprise Value 504'272.31 Average Volume 5 Day 4'503'396 MS UN EQUITY YTD Change - Average Volume 30 Day 2'935'553 MS UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'905'236 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.11.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 62'262.0 30'139.0 37'801.0 39'138.0 32'036.0 35'458.0 34'452.0 32'250.0 34'225.5 7'733.3 7'986.2 5.03x 16.65x 13.22x 10.82x 14.07x 49.67x 55.71x - - - - 40'604.0 15'297.0 14'937.0 10'724.0 12'615.0 7'306.0 12'758.0 - - - - 7.72x 32.80x 33.45x 39.50x 35.74x 0.00x 39.13x - - - - 1'707.0 1'346.0 4'703.0 4'110.0 68.0 2'446.0 1'426.0 3'850.8 5'147.7 894.3 1'044.7 9.58x 11.22x 12.69x - 10.59x 18.14x 13.16x 14.01x 10.44x 11.83x 10.93x EBITDA 12'615.00 Long-Term Rating Date 29.11.2011 EBIT - Long-Term Rating A- Operating Margin 19.57% Long-Term Outlook NEG Pretax Margin 1.61% Short-Term Rating Date 29.11.2011 Return on Assets 0.18% Short-Term Rating A-2 Return on Common Equity 1.91% Return on Capital 0.41% EBITDA/Interest Exp. - Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA 35.03 Gross Margin - Total Debt/EBITDA 38.73 EBITDA Margin 37.0% EBIT Margin - Total Debt/Equity 744.0% Net Income Margin 0.2% Total Debt/Capital 86.6% Asset Turnover 0.04 Current Ratio - Net Fixed Asset Turnover 5.60 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 57.73% Inventory Days - Tot Debt to Common Equity 743.96% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Morgan Stanley Price/Volume Valuation Analysis 646'352.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 30 35 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 90'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type MITSUB UFJ FINANCIAL n/a ULT-AGG 435'504'490 22.24 - 30.06.2013 Holding Company STATE STREET CORP n/a ULT-AGG 141'099'511 7.2 174'368 26.09.2013 Investment Advisor CHINA INVESTMENT COR n/a ULT-AGG 125'114'454 6.39 - 31.12.2012 Government BLACKROCK n/a ULT-AGG 71'174'961 3.63 1'747'947 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 62'396'267 3.19 (1'021'184) 30.06.2013 Unclassified T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 51'842'553 2.65 10'589'273 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 50'576'082 2.58 (1'199'533) 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 42'044'371 2.15 (5'132'732) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 34'598'714 1.77 5'440'116 31.07.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 33'560'304 1.71 (9'224'377) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 32'642'909 1.67 2'447'005 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 31'390'858 1.6 390'000 30.06.2013 Investment Advisor EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 29'607'974 1.51 861'849 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 19'297'167 0.99 56'282 30.06.2013 Investment Advisor WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 18'487'320 0.94 18'487'320 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'873'086 0.91 3'207'128 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'111'845 0.82 (154'425) 30.06.2013 Investment Advisor PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 13'271'340 0.68 1'753'787 30.06.2013 Hedge Fund Manager UBS AG n/a ULT-AGG 13'029'341 0.67 (1'657'437) 31.08.2013 Unclassified EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 12'553'316 0.64 9'963'454 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 28 12 month 27.09.2013 Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 29 12 month 27.09.2013 Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 30 12 month 27.09.2013 Credit Suisse HOWARD H CHEN neutral 3 M 26 Not Provided 26.09.2013 Buckingham Research Group JAMES F MITCHELL buy 5 M 31 12 month 26.09.2013 Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 26.09.2013 Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 25.09.2013 Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 31 12 month 23.09.2013 SunTrust Robinson Humphrey ERIC E WASSERSTROM buy 5 M 31 12 month 20.09.2013 S&P Capital IQ KENNETH M LEON buy 5 M 32 Not Provided 18.09.2013 Barclays ROGER A FREEMAN equalweight 3 M 26 Not Provided 13.09.2013 Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 32 12 month 12.09.2013 JMP Securities DEVIN RYAN market outperform 4 M 34 12 month 12.09.2013 UBS BRENNAN HAWKEN buy 5 U 33 12 month 10.09.2013 JPMorgan KIAN ABOUHOSSEIN overweight 5 M 29 15 month 06.09.2013 Macquarie DAVID J KONRAD outperform 5 M 30 12 month 05.09.2013 Edward Jones SHANNON L STEMM hold 3 M #N/A N/A Not Provided 28.08.2013 Drexel Hamilton LLC DAVID B HILDER buy 5 M 32 12 month 22.08.2013 Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 19.08.2013 Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 30 12 month 13.08.2013 Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 D 27 Not Provided 12.08.2013 Argus Research Corp DAVID RITTER buy 5 M 35 Not Provided 25.07.2013 Deutsche Bank MATTHEW D O'CONNOR buy 5 M 31 12 month 23.07.2013 FBR Capital Markets STEVE STELMACH outperform 5 M 32 12 month 23.07.2013 Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 28 12 month 19.07.2013 Atlantic Equities LLP RICHARD STAITE underweight 1 M 25 12 month 19.07.2013 Evercore Partners CHRISTOPHER J ALLEN overweight 5 M 31 12 month 18.07.2013 Susquehanna Financial Group DOUGLAS C SIPKIN neutral 3 M 26 12 month 18.07.2013 HSBC ROBERT MURPHY neutral 3 M 25 Not Provided 26.02.2013 EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 12.02.2013 Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 18.10.2012 Holdings By: Morgan Stanley All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices. Latest Fiscal Year: 06/2013 LTM as of: 06/yy 52-Week High (16.07.2013) 36.42 52-Week Low (05.12.2012) 26.26 Daily Volume 33.53 52-Week High % Change -7.74% Dividend Yield 2.74 52-Week Low % Change 27.68% Beta 0.90 % 52 Week Price Range High/Low 64.07% Equity Float 7'607.64 Shares Out 18.07.2013 8'330.0 Short Int 62.84 279'303.44 1 Yr Total Return 14.47% Total Debt 15'600.00 YTD Return 28.24% Preferred Stock 0.0 Adjusted BETA 0.898 Minority Interest 0.0 Analyst Recs 44 Cash and Equivalents 77'022.00 Consensus Rating 3.659 Enterprise Value 217'881.43 Average Volume 5 Day 15'893'370 MSFT UW EQUITY YTD Change - Average Volume 30 Day 15'653'875 MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 14'421'263 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 58'437.0 62'484.0 69'943.0 73'723.0 77'849.0 73'723.0 77'849.0 83'083.4 89'843.0 17'828.5 22'919.9 3.18x 2.70x 2.53x 2.78x 2.91x 10.45x 9.89x 2.36x 1.97x 11.75x 9.15x 23'255.0 26'830.0 29'927.0 30'923.0 30'519.0 30'923.0 30'519.0 31'196.6 34'273.7 6'679.8 8'854.3 8.00x 6.28x 5.91x 6.64x 7.41x 6.64x 7.41x 6.91x 6.30x 6.68x 6.42x 14'569.0 18'760.0 23'150.0 16'978.0 21'863.0 16'978.0 21'863.0 22'359.7 24'479.6 4'567.5 6'387.9 13.77x 10.93x 9.86x 11.21x 12.77x 11.21x 12.67x 12.45x 11.27x 12.49x 12.13x EBITDA 30'519.00 Long-Term Rating Date 22.09.2008 EBIT 26'764.00 Long-Term Rating AAA Operating Margin 34.38% Long-Term Outlook STABLE Pretax Margin 34.75% Short-Term Rating Date 15.08.2013 Return on Assets 16.58% Short-Term Rating A-1+ Return on Common Equity 30.09% Return on Capital 25.70% EBITDA/Interest Exp. 71.14 Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 61.22 Net Debt/EBITDA -2.01 Gross Margin 74.0% Total Debt/EBITDA 0.51 EBITDA Margin 39.2% EBIT Margin 34.4% Total Debt/Equity 19.8% Net Income Margin 28.1% Total Debt/Capital 16.5% Asset Turnover 0.59 Current Ratio 2.71 Net Fixed Asset Turnover 8.53 Quick Ratio 2.53 Accounts receivable turnover-days 77.98 Debt to Assets 10.95% Inventory Days 27.71 Tot Debt to Common Equity 19.76% Accounts Payable Turnover Day 78.05 Accounts Receivable Turnover 4.68 Cash Conversion Cycle 27.64 Inventory Turnover 13.17 Fiscal Year Ended Microsoft Corp Price/Volume Valuation Analysis 4'861'536.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 35 40 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 10.0 M 20.0 M 30.0 M 40.0 M 50.0 M 60.0 M 0.0 10'000.0 20'000.0 30'000.0 40'000.0 50'000.0 60'000.0 70'000.0 80'000.0 90'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 02.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 460'838'383 5.53 17'353'760 25.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 424'501'360 5.1 110'658'808 30.06.2013 Investment Advisor GATES III WILLIAM HE n/a Form 4 378'413'981 4.54 (10'000'000) 09.09.2013 n/a VANGUARD GROUP INC n/a ULT-AGG 357'946'067 4.3 3'862'016 30.06.2013 Unclassified BALLMER STEVEN ANTHO n/a PROXY 333'252'990 4 - 14.09.2012 n/a STATE STREET CORP n/a ULT-AGG 332'324'757 3.99 (3'380'648) 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 165'177'985 1.98 53'108'864 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 155'517'724 1.87 4'032'640 26.09.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 153'829'299 1.85 3'896'699 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 141'454'611 1.7 30'735'749 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 111'566'073 1.34 2'345'165 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 94'881'242 1.14 (10'118'425) 31.07.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 92'108'447 1.11 (411'430) 31.08.2013 Investment Advisor DODGE & COX DODGE & COX 13F 77'260'349 0.93 (807'455) 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 69'024'880 0.83 (12'447'123) 30.08.2013 Investment Advisor NORGES BANK NORGES BANK 13F 66'902'672 0.8 - 31.12.2012 Government T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 66'786'550 0.8 (10'198'296) 30.06.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 63'165'491 0.76 1'836'200 30.06.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 62'179'376 0.75 11'412'284 31.08.2013 Investment Advisor VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 57'750'000 0.69 24'396'487 30.06.2013 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date Date Deutsche Bank NANDAN AMLADI hold 3 M 32 12 month 27.09.2013 Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 27.09.2013 Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 27.09.2013 Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 27.09.2013 FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 27.09.2013 Stifel BRAD REBACK hold 3 M #N/A N/A Not Provided 27.09.2013 Nomura RICHARD G SHERLUND buy 5 M 38 12 month 27.09.2013 Evercore Partners STEWART KIRK MATERNE III overweight 5 M 38 12 month 26.09.2013 Cross Research RICHARD T WILLIAMS buy 5 M 39 12 month 25.09.2013 Janney Montgomery Scott LLC YUN KIM neutral 3 M 34 12 month 24.09.2013 Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 24.09.2013 Griffin Securities JAY VLEESCHHOUWER buy 5 M 41 12 month 24.09.2013 Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 23.09.2013 S&P Capital IQ BARBARA COFFEY hold 3 M 33 12 month 23.09.2013 RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 34 12 month 20.09.2013 Credit Suisse PHILIP WINSLOW outperform 5 M 38 Not Provided 20.09.2013 JPMorgan JOHN DIFUCCI neutral 3 M 30 15 month 20.09.2013 Jefferies ROSS MACMILLAN hold 3 M 33 12 month 20.09.2013 Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 41 12 month 20.09.2013 Oppenheimer & Co SHAUL EYAL outperform 5 M 37 12 month 20.09.2013 Cowen and Company GREGG MOSKOWITZ market perform 3 M 35 12 month 20.09.2013 Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 20.09.2013 MKM Partners ISRAEL HERNANDEZ neutral 3 M 30 12 month 20.09.2013 Independent Research GmbH MARKUS FRIEBEL hold 3 M 36 12 month 18.09.2013 Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 17.09.2013 Barclays RAIMO LENSCHOW equalweight 3 M 35 Not Provided 11.09.2013 Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 05.09.2013 BMO Capital Markets KARL KEIRSTEAD market perform 3 M 35 Not Provided 04.09.2013 Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 34 Not Provided 23.08.2013 Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 02.08.2013 Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 23.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 23.07.2013 Goldman Sachs HEATHER BELLINI sell/attractive 1 M 28 12 month 19.07.2013 McAdams Wright Ragen Inc SID PARAKH hold 3 M 34 12 month 19.07.2013 BGC Partners COLIN W GILLIS hold 3 M 31 12 month 19.07.2013 Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013 Jyske Bank ROBERT JAKOBSEN reduce 2 M 35 Not Provided 13.06.2013 UBS BRENT THILL buy 5 M 40 12 month 21.05.2013 National Bank AG STEFFEN MANSKE buy 5 M 33 Not Provided 28.01.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013 Holdings By: Microsoft Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 NIKE, Inc. designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors. Latest Fiscal Year: 05/2013 LTM as of: 08/yy 52-Week High (27.09.2013) 75.22 52-Week Low (14.11.2012) 44.83 Daily Volume 74.21 52-Week High % Change -1.41% Dividend Yield 1.09 52-Week Low % Change 65.55% Beta 0.88 % 52 Week Price Range High/Low 99.18% Equity Float 702.21 Shares Out 19.07.2013 712.4 Short Int 7.43 66'073.05 1 Yr Total Return 56.90% Total Debt 1'388.00 YTD Return 45.34% Preferred Stock 0.0 Adjusted BETA 0.879 Minority Interest 0.0 Analyst Recs 30 Cash and Equivalents 5'965.00 Consensus Rating 4.000 Enterprise Value 61'496.06 Average Volume 5 Day 3'118'328 NKE UN EQUITY YTD Change - Average Volume 30 Day 1'261'169 NKE UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'083'622 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 08/yy 08/yy 05/14 Y 05/15 Y 11/13 Q2 02/14 Q3 19'176.1 19'014.0 20'862.0 23'331.0 25'313.0 24'107.0 25'810.0 27'525.3 29'730.4 6'430.9 6'723.8 1.31x 1.60x 1.71x 1.98x 2.00x 7.26x 5.27x 2.28x 2.09x 9.83x 9.45x 2'789.8 2'797.7 3'150.0 3'456.0 3'692.0 3'336.0 2'819.0 4'154.1 4'622.9 811.8 1'043.7 8.98x 10.87x 11.32x 13.36x 13.69x 12.29x 0.00x 14.77x 13.28x 14.72x 14.47x 1'486.7 1'906.7 2'133.0 2'223.0 2'485.0 2'145.0 2'698.0 2'722.2 3'049.7 525.9 696.7 14.79x 18.75x 19.24x 22.17x 22.92x 20.52x 21.82x 24.42x 21.30x 23.75x 22.88x EBITDA 3'692.00 Long-Term Rating Date 10.06.2005 EBIT 3'254.00 Long-Term Rating A+ Operating Margin 12.86% Long-Term Outlook STABLE Pretax Margin 12.93% Short-Term Rating Date 05.11.1992 Return on Assets 15.04% Short-Term Rating A-1 Return on Common Equity 23.08% Return on Capital - EBITDA/Interest Exp. 160.52 Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. 132.87 Net Debt/EBITDA -1.25 Gross Margin 43.6% Total Debt/EBITDA 0.38 EBITDA Margin 14.4% EBIT Margin 12.7% Total Debt/Equity 12.4% Net Income Margin 9.8% Total Debt/Capital 11.1% Asset Turnover 1.54 Current Ratio 3.47 Net Fixed Asset Turnover 10.95 Quick Ratio 2.31 Accounts receivable turnover-days 44.71 Debt to Assets 7.89% Inventory Days 84.36 Tot Debt to Common Equity 12.44% Accounts Payable Turnover Day 39.91 Accounts Receivable Turnover 8.16 Cash Conversion Cycle 89.89 Inventory Turnover 4.33 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended NIKE Inc Price/Volume Valuation Analysis 1'025'931.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 04.06.2010 04.12.2010 04.06.2011 04.12.2011 04.06.2012 04.12.2012 04.06.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type CAPITAL GROUP COMPAN n/a ULT-AGG 52'570'401 7.38 2'185'751 31.07.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 39'054'146 5.48 1'421'740 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 38'836'455 5.45 381'998 25.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 31'822'859 4.47 3'765'743 30.06.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 28'804'468 4.04 767'100 26.09.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 24'217'573 3.4 6'510 30.06.2013 Investment Advisor SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 19'210'521 2.7 3'323'560 30.06.2013 Investment Advisor JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 18'760'368 2.63 (502'989) 30.06.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 15'753'368 2.21 829'701 30.06.2013 Investment Advisor LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 13'019'186 1.83 127'882 30.06.2013 Hedge Fund Manager NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'902'714 1.81 14'616 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 10'970'333 1.54 (1'761'821) 31.08.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'933'134 1.53 (1'353'296) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 9'930'409 1.39 (1'201'632) 30.06.2013 Unclassified FRANKLIN RESOURCES n/a ULT-AGG 8'958'696 1.26 (274'269) 31.08.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 8'335'656 1.17 (342'520) 30.06.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 7'103'962 1 (35'878) 30.06.2013 Investment Advisor MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 6'796'518 0.95 1'008'110 30.06.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'712'568 0.94 (43'612) 30.06.2013 Investment Advisor MACQUARIE GROUP n/a ULT-AGG 5'781'529 0.81 (165'870) 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Deutsche Bank DAVID WEINER buy 5 M 85 12 month 27.09.2013 Goldman Sachs LINDSAY DRUCKER MANN buy/attractive 5 M 83 6 month 27.09.2013 D.A. Davidson & Co ANDREW BURNS neutral 3 M 75 12 month 27.09.2013 Janney Montgomery Scott LLC ERIC B TRACY neutral 3 M 70 12 month 27.09.2013 Wedbush CORINNA FREEDMAN neutral 3 M 72 12 month 27.09.2013 Stifel JIM DUFFY hold 3 D #N/A N/A Not Provided 27.09.2013 Buckingham Research Group JOHN M ZOLIDIS buy 5 M 84 12 month 27.09.2013 Sterne, Agee & Leach SAM POSER buy 5 U 85 12 month 27.09.2013 Canaccord Genuity Corp CAMILO R LYON hold 3 M 69 Not Provided 27.09.2013 ISI Group OMAR SAAD strong buy 5 M 90 Not Provided 27.09.2013 Wells Fargo Securities, LLC EVREN DOGAN KOPELMAN outperform 5 M #N/A N/A Not Provided 27.09.2013 Cowen and Company FAYE LANDES outperform 5 M 83 12 month 27.09.2013 Susquehanna Financial Group CHRISTOPHER SVEZIA neutral 3 M 65 12 month 27.09.2013 Piper Jaffray SEAN NAUGHTON neutral 3 M 74 12 month 27.09.2013 Barclays ROBERT S DRBUL overweight 5 M 85 Not Provided 27.09.2013 Robert W. Baird & Co MITCHEL J KUMMETZ neutral 3 M 62 12 month 24.09.2013 Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 69 Not Provided 23.09.2013 Morgan Stanley KIMBERLY GREENBERGER Equalwt/In-Line 3 M #N/A N/A Not Provided 22.09.2013 UBS MICHAEL BINETTI buy 5 M 77 12 month 19.09.2013 Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 29.08.2013 EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 03.08.2013 Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013 Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 28.06.2013 Credit Suisse CHRISTIAN BUSS neutral 3 M 66 Not Provided 28.06.2013 Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 28.06.2013 JPMorgan MATTHEW BOSS overweight 5 M 70 3 month 28.06.2013 McAdams Wright Ragen Inc SARA E HASAN hold 3 M #N/A N/A Not Provided 28.06.2013 HSBC ERWAN RAMBOURG overweight 5 M 67 Not Provided 02.04.2013 S&P Capital IQ JASON ASAEDA hold 3 M 61 Not Provided 22.03.2013 Holdings By: NIKE Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 National Oilwell Varco Inc. is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.10.2012) 82.40 52-Week Low (18.04.2013) 63.09 Daily Volume 78.48 52-Week High % Change -4.76% Dividend Yield 0.82 52-Week Low % Change 24.39% Beta 1.42 % 52 Week Price Range High/Low 83.01% Equity Float 426.52 Shares Out 01.08.2013 427.5 Short Int 9.59 33'551.64 1 Yr Total Return -1.00% Total Debt 3'149.00 YTD Return 15.86% Preferred Stock 0.0 Adjusted BETA 1.420 Minority Interest 117.0 Analyst Recs 32 Cash and Equivalents 3'319.00 Consensus Rating 4.438 Enterprise Value 35'436.64 Average Volume 5 Day 894'470 NOV UN EQUITY YTD Change - Average Volume 30 Day 817'629 NOV UN EQUITY YTD % CHANGE - Average Volume 3 Month 785'778 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 13'431.4 12'712.0 12'156.0 14'658.0 20'041.0 17'036.0 21'912.0 22'475.0 24'551.8 5'684.0 5'895.2 0.72x 1.32x 2.14x 1.77x 1.45x 6.02x 5.79x 1.55x 1.34x 6.22x 5.95x 3'319.1 2'952.0 2'954.0 3'492.0 4'185.0 3'975.0 4'059.0 4'125.1 4'754.0 1'029.5 1'086.1 2.90x 5.70x 8.80x 7.42x 6.96x 6.82x 7.72x 8.57x 7.44x 8.05x 7.68x 1'952.0 1'469.0 1'667.0 1'994.0 2'491.0 2'317.0 2'313.0 2'279.7 2'686.7 561.6 601.9 4.81x 11.37x 16.57x 14.16x 11.61x 11.67x 11.89x 14.74x 12.47x 13.77x 13.08x EBITDA 4'185.00 Long-Term Rating Date 25.04.2012 EBIT 3'557.00 Long-Term Rating A Operating Margin 17.75% Long-Term Outlook STABLE Pretax Margin 17.49% Short-Term Rating Date 16.08.2013 Return on Assets 7.53% Short-Term Rating A-1 Return on Common Equity 11.66% Return on Capital 10.44% EBITDA/Interest Exp. 85.41 Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 73.51 Net Debt/EBITDA 0.44 Gross Margin 26.6% Total Debt/EBITDA 1.02 EBITDA Margin 18.5% EBIT Margin 15.4% Total Debt/Equity 15.6% Net Income Margin 12.4% Total Debt/Capital 13.4% Asset Turnover 0.71 Current Ratio 2.78 Net Fixed Asset Turnover 7.42 Quick Ratio 1.35 Accounts receivable turnover-days 69.00 Debt to Assets 10.00% Inventory Days 153.74 Tot Debt to Common Equity 15.56% Accounts Payable Turnover Day 25.78 Accounts Receivable Turnover 5.29 Cash Conversion Cycle 193.26 Inventory Turnover 2.37 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended National Oilwell Varco Inc Price/Volume Valuation Analysis 150'910.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 90 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 31'162'119 7.29 2'210'927 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 20'370'094 4.76 623'072 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 18'483'817 4.32 (30'569) 26.09.2013 Investment Advisor HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 17'318'940 4.05 10'702'078 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 16'448'061 3.85 874'440 30.06.2013 Investment Advisor SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 10'444'314 2.44 245'249 30.06.2013 Investment Advisor BERKSHIRE HATHAWAY I n/a ULT-AGG 8'880'000 2.08 1'395'700 30.06.2013 Investment Advisor OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8'469'261 1.98 583'384 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 8'390'403 1.96 610'342 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'303'819 1.94 (42'415) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'246'293 1.93 168'182 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'256'171 1.23 (718'087) 30.06.2013 Investment Advisor CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'131'732 1.2 197'177 30.06.2013 Investment Advisor WADDELL & REED FINAN n/a ULT-AGG 4'873'819 1.14 337'336 30.06.2013 Investment Advisor EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 4'869'160 1.14 897'555 30.06.2013 Hedge Fund Manager VAN ECK ASSOCIATES C n/a ULT-AGG 4'509'098 1.05 988'810 26.09.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 4'014'016 0.94 63'922 31.08.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 3'788'039 0.89 (396'297) 30.06.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 3'351'898 0.78 (940'016) 30.06.2013 Investment Advisor FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'191'922 0.75 131'367 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Cowen and Company JAMES D CRANDELL outperform 5 M 89 12 month 26.09.2013 RBC Capital Markets KURT HALLEAD outperform 5 M 86 12 month 25.09.2013 Jefferies BRAD HANDLER buy 5 M 91 12 month 25.09.2013 Raymond James J MARSHALL ADKINS outperform 5 M 88 12 month 25.09.2013 Guggenheim Securities LLC Michael K LaMotte buy 5 M 90 12 month 25.09.2013 Barclays JAMES C WEST overweight 5 M 93 Not Provided 25.09.2013 Credit Suisse JAMES WICKLUND restricted #N/A N/A M #N/A N/A Not Provided 24.09.2013 Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 85 Not Provided 24.09.2013 JPMorgan J DAVID ANDERSON overweight 5 M 97 15 month 24.09.2013 Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 75 12 month 24.09.2013 William Blair & Co BRANDON DOBELL outperform 5 M #N/A N/A Not Provided 24.09.2013 Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 80 12 month 24.09.2013 S&P Capital IQ STEWART GLICKMAN buy 5 M 86 12 month 24.09.2013 Iberia Capital Partners LLC TREY STOLZ outperform 5 M 87 12 month 24.09.2013 ISI Group JUDSON E BAILEY buy 5 M 77 12 month 23.09.2013 Capital One Southcoast, Inc. JOSEPH D GIBNEY add 4 M 82 Not Provided 17.09.2013 BMO Capital Markets ALAN D LAWS outperform 5 M 88 Not Provided 15.09.2013 Goldman Sachs WAQAR SYED buy/attractive 5 M 93 12 month 05.09.2013 Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 30.08.2013 Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 82 12 month 19.08.2013 Macquarie NIGEL BROWNE outperform 5 M 84 12 month 08.08.2013 Fearnley Fonds TRULS OLSEN buy 5 M 82 12 month 07.08.2013 HSBC DAVID PHILLIPS overweight 5 M 86 Not Provided 06.08.2013 Morgan Stanley OLE SLORER Equalwt/In-Line 3 M 80 12 month 05.08.2013 Argus Research Corp JONATHAN GELCIUS buy 5 M 81 Not Provided 02.08.2013 Societe Generale EDWARD C MUZTAFAGO hold 3 D 77 12 month 31.07.2013 Johnson Rice & Co DAVID C SMITH equalweight 3 M #N/A N/A Not Provided 31.07.2013 Global Hunter Securities BRIAN UHLMER buy 5 M 80 12 month 31.07.2013 RS Platou Markets GORAN ANDREASSEN buy 5 M 84 6 month 30.04.2013 EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 30.04.2013 Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 12.09.2012 Holdings By: National Oilwell Varco Inc All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Norfolk Southern Corporation provides rail transportation services. The Company transports raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (21.05.2013) 80.99 52-Week Low (16.11.2012) 56.05 Daily Volume 77.58 52-Week High % Change -4.20% Dividend Yield 2.58 52-Week Low % Change 38.41% Beta 1.11 % 52 Week Price Range High/Low 89.21% Equity Float 310.86 Shares Out 30.06.2013 312.0 Short Int 5.01 24'201.30 1 Yr Total Return 24.44% Total Debt 8'682.00 YTD Return 28.11% Preferred Stock 0.0 Adjusted BETA 1.113 Minority Interest 0.0 Analyst Recs 29 Cash and Equivalents 668.00 Consensus Rating 3.793 Enterprise Value 32'091.30 Average Volume 5 Day 484'593 NSC UN EQUITY YTD Change - Average Volume 30 Day 366'334 NSC UN EQUITY YTD % CHANGE - Average Volume 3 Month 410'086 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'661.0 7'969.0 9'516.0 11'172.0 11'040.0 11'349.0 10'917.0 11'111.5 11'747.4 2'768.6 2'803.4 2.18x 3.19x 2.98x 2.80x 2.49x 10.35x 10.80x 2.91x 2.77x - - 3'899.0 2'807.0 3'502.0 4'082.0 4'046.0 4'314.0 3'894.0 4'053.6 4'418.4 1'031.6 1'038.2 5.97x 9.05x 8.10x 7.67x 6.78x 7.08x 7.85x 7.91x 7.26x 7.54x 7.32x 1'716.0 1'034.0 1'496.0 1'916.0 1'749.0 1'968.0 1'730.0 1'753.0 1'928.5 440.4 449.6 10.36x 19.39x 15.78x 13.11x 11.52x 12.29x 13.91x 14.08x 12.43x 13.26x 12.72x EBITDA 4'046.00 Long-Term Rating Date 18.07.2005 EBIT 3'124.00 Long-Term Rating BBB+ Operating Margin 28.30% Long-Term Outlook STABLE Pretax Margin 24.98% Short-Term Rating Date 06.05.1997 Return on Assets 5.79% Short-Term Rating A-2 Return on Common Equity 17.31% Return on Capital 11.29% EBITDA/Interest Exp. 7.86 Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 3.50 Net Debt/EBITDA 2.03 Gross Margin - Total Debt/EBITDA 2.18 EBITDA Margin 35.7% EBIT Margin 27.2% Total Debt/Equity 89.0% Net Income Margin 15.8% Total Debt/Capital 47.1% Asset Turnover 0.37 Current Ratio 1.08 Net Fixed Asset Turnover 0.43 Quick Ratio 0.85 Accounts receivable turnover-days 36.08 Debt to Assets 28.61% Inventory Days - Tot Debt to Common Equity 88.95% Accounts Payable Turnover Day - Accounts Receivable Turnover 10.12 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Norfolk Southern Corp Price/Volume Valuation Analysis 55'733.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 10 20 30 40 50 60 70 80 90 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type VANGUARD GROUP INC n/a ULT-AGG 16'675'212 5.35 292'389 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 15'490'712 4.97 (543'974) 25.09.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 12'875'830 4.13 178'354 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 11'335'716 3.63 (2'280'251) 31.07.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'218'431 2.31 (129'579) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'139'222 1.97 41'304 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 6'133'328 1.97 2'528'364 31.07.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 6'056'631 1.94 1'420'026 31.07.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'685'086 1.5 28'278 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 4'185'583 1.34 (495'283) 30.06.2013 Unclassified TREASURY GROUP INV S Multiple Portfolios MF-AGG 3'727'136 1.19 13'152 30.04.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 3'184'844 1.02 3'938 30.06.2013 Investment Advisor MANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 2'635'341 0.84 1'089'421 30.06.2013 Insurance Company INVESCO LTD n/a ULT-AGG 2'627'976 0.84 1'431'744 26.09.2013 Investment Advisor NORGES BANK NORGES BANK 13F 2'513'088 0.81 - 31.12.2012 Government MORGAN STANLEY n/a ULT-AGG 2'379'269 0.76 190'497 30.06.2013 Investment Advisor BANK OF AMERICA CORP BANK OF AMERICA 13F 2'318'263 0.74 80'834 30.06.2013 Investment Advisor GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'167'066 0.69 44'988 30.06.2013 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 2'047'052 0.66 455'200 31.08.2013 Unclassified DEUTSCHE BANK AG n/a ULT-AGG 1'911'507 0.61 584'299 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 72 12 month 27.09.2013 Avondale Partners LLC DONALD BROUGHTON market perform 3 M 80 18 month 26.09.2013 TD Securities CHERILYN RADBOURNE buy 5 M 89 12 month 26.09.2013 Wolfe Research SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 26.09.2013 Stifel JOHN G LARKIN buy 5 M 87 12 month 24.09.2013 Deutsche Bank JUSTIN B YAGERMAN hold 3 M 80 12 month 23.09.2013 Cowen and Company JASON H SEIDL outperform 5 M 94 12 month 23.09.2013 Raymond James PATRICK TYLER BROWN outperform 5 M 82 12 month 19.09.2013 Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 18.09.2013 Barclays BRANDON OGLENSKI equalweight 3 M 85 Not Provided 16.09.2013 Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 11.09.2013 Susquehanna Financial Group MATTHEW TROY Positive 4 M 88 12 month 08.09.2013 Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 85 12 month 27.08.2013 Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 23.08.2013 BMO Capital Markets FADI CHAMOUN outperform 5 M 90 Not Provided 15.08.2013 Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 30.07.2013 RBC Capital Markets WALTER SPRACKLIN outperform 5 M 84 12 month 29.07.2013 Jefferies H PETER NESVOLD buy 5 M 88 12 month 26.07.2013 FBR Capital Markets JOHN R MIMS outperform 5 M 90 12 month 26.07.2013 Atlantic Equities LLP RORRIE MARS overweight 5 M 87 12 month 25.07.2013 Goldman Sachs TOM KIM neutral/neutral 3 M 82 12 month 24.07.2013 Credit Suisse ALLISON LANDRY outperform 5 M 85 Not Provided 24.07.2013 JPMorgan THOMAS R WADEWITZ neutral 3 M 77 3 month 24.07.2013 Stephens Inc JUSTIN LONG overweight 5 M 87 12 month 24.07.2013 BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 24.07.2013 EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 24.07.2013 UBS ELIZABETH MIELKE suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2013 S&P Capital IQ KEVIN KIRKEBY buy 5 M 87 Not Provided 24.04.2013 Holdings By: Norfolk Southern Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers. Latest Fiscal Year: 05/2013 LTM as of: 08/yy 52-Week High (23.09.2013) 34.33 52-Week Low (15.07.2013) 31.32 Daily Volume 33.83 52-Week High % Change -1.40% Dividend Yield 1.06 52-Week Low % Change 8.01% Beta - % 52 Week Price Range High/Low 82.72% Equity Float 3'442.86 Shares Out 13.09.2013 4'557.5 Short Int 47.09 154'178.84 1 Yr Total Return - Total Debt 18'494.00 YTD Return - Preferred Stock 0.0 Adjusted BETA - Minority Interest 497.0 Analyst Recs 46 Cash and Equivalents 32'216.00 Consensus Rating 4.239 Enterprise Value 139'627.85 Average Volume 5 Day 6'970'015 ORCL UN EQUITY YTD Change - Average Volume 30 Day 3'820'878 ORCL UN EQUITY YTD % CHANGE - Average Volume 3 Month - LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 08/yy 08/yy 05/14 Y 05/15 Y 11/13 Q2 02/14 Q3 23'252.0 26'820.0 35'622.0 37'121.0 37'180.0 36'928.0 37'371.0 38'399.2 40'310.1 9'183.3 9'360.5 4.11x 4.10x 4.52x 3.13x 3.87x 14.23x 15.05x 3.65x 3.31x 15.22x 14.69x 10'531.0 12'138.0 15'524.0 16'973.0 17'363.0 16'972.0 17'535.0 19'501.2 20'920.6 4'542.6 4'775.5 9.08x 9.06x 10.37x 6.84x 8.28x 8.04x 7.47x 7.15x 6.67x 6.99x 6.90x 5'593.0 6'135.0 8'547.0 9'981.0 10'925.0 10'175.0 11'083.0 13'480.9 14'384.9 3'126.2 3'241.9 17.50x 17.19x 19.46x 13.20x 15.17x 15.56x 13.79x 11.63x 10.61x 11.42x 11.15x EBITDA 17'363.00 Long-Term Rating Date 24.04.2012 EBIT 14'432.00 Long-Term Rating A+ Operating Margin 38.82% Long-Term Outlook STABLE Pretax Margin 37.38% Short-Term Rating Date 24.04.2012 Return on Assets 13.60% Short-Term Rating A-1+ Return on Common Equity 25.52% Return on Capital 18.55% EBITDA/Interest Exp. 21.79 Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 20.97 Net Debt/EBITDA -0.86 Gross Margin 80.9% Total Debt/EBITDA 1.37 EBITDA Margin 46.9% EBIT Margin 39.1% Total Debt/Equity 41.4% Net Income Margin 29.4% Total Debt/Capital 29.1% Asset Turnover 0.46 Current Ratio 3.24 Net Fixed Asset Turnover 12.27 Quick Ratio 2.97 Accounts receivable turnover-days 35.28 Debt to Assets 22.61% Inventory Days 10.24 Tot Debt to Common Equity 41.42% Accounts Payable Turnover Day 19.50 Accounts Receivable Turnover 10.34 Cash Conversion Cycle 49.47 Inventory Turnover 35.66 Fiscal Year Ended Oracle Corp Price/Volume Valuation Analysis 578'641.00 Current Price (9/dd/yy) Market Data Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure 0 5 10 15 20 25 30 35 40 j-13 a-13 s-13 .0 M 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 14.0 M 16.0 M 18.0 M 20.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 35'000.0 40'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 2.00 4.00 6.00 8.00 10.00 12.00 04.06.2010 04.12.2010 04.06.2011 04.12.2011 04.06.2012 04.12.2012 04.06.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type ELLISON LAWRENCE JOS n/a Form 4 1'112'434'580 24.41 7'200'000 28.12.2012 n/a BLACKROCK n/a ULT-AGG 209'702'380 4.6 (7'773'459) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 172'098'386 3.78 (1'845'455) 30.06.2013 Unclassified CAPITAL GROUP COMPAN n/a ULT-AGG 156'869'534 3.44 (83'083'038) 31.07.2013 Investment Advisor STATE STREET CORP n/a ULT-AGG 155'573'118 3.41 18'944 26.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 120'094'671 2.64 26'213'072 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 80'756'314 1.77 (81'435) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 77'745'074 1.71 (1'560'302) 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 71'812'245 1.58 2'997'655 26.09.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 55'664'732 1.22 (1'185'985) 30.06.2013 Investment Advisor HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 50'319'721 1.1 9'861'274 30.06.2013 Investment Advisor GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 49'839'220 1.09 2'781'619 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 45'100'934 0.99 (22'594'917) 30.06.2013 Investment Advisor NORGES BANK NORGES BANK 13F 38'397'212 0.84 - 31.12.2012 Government EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 37'704'501 0.83 7'787'429 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 37'589'146 0.82 1'275'878 31.07.2013 Investment Advisor TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 34'100'251 0.75 (4'683'028) 30.06.2013 Investment Advisor ABERDEEN n/a ULT-AGG 27'802'551 0.61 69'020 31.08.2013 Investment Advisor T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 27'453'653 0.6 (835'680) 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 26'746'512 0.59 3'073'661 30.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Deutsche Bank NANDAN AMLADI hold 3 M 32 12 month 27.09.2013 JPMorgan JOHN DIFUCCI overweight 5 M 40 3 month 27.09.2013 Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 27.09.2013 Jefferies ROSS MACMILLAN hold 3 M 34 12 month 27.09.2013 Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 35 12 month 27.09.2013 Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 27.09.2013 William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 27.09.2013 Raymond James MICHAEL TURITS outperform 5 M 36 12 month 27.09.2013 FBR Capital Markets DAVID M HILAL outperform 5 M 38 12 month 27.09.2013 Stifel BRAD REBACK buy 5 M 37 12 month 27.09.2013 Nomura RICHARD G SHERLUND buy 5 M 39 12 month 27.09.2013 Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 27.09.2013 Cowen and Company PETER GOLDMACHER market perform 3 M 30 12 month 27.09.2013 JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 27.09.2013 Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 36 12 month 26.09.2013 RBC Capital Markets MATTHEW HEDBERG outperform 5 M 35 12 month 26.09.2013 Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 38 12 month 26.09.2013 Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 34 12 month 26.09.2013 Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 38 12 month 23.09.2013 Societe Generale RICHARD NGUYEN hold 3 M 35 12 month 20.09.2013 Berenberg Bank DAUD KHAN sell 1 M 28 Not Provided 20.09.2013 Susquehanna Financial Group J DERRICK WOOD Positive 4 M 37 12 month 20.09.2013 Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.09.2013 Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 33 12 month 19.09.2013 Macquarie BRAD A ZELNICK neutral 3 M 34 12 month 19.09.2013 Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 36 Not Provided 19.09.2013 S&P Capital IQ BARBARA COFFEY buy 5 M 37 Not Provided 19.09.2013 Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 19.09.2013 Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 19.09.2013 MKM Partners ISRAEL HERNANDEZ buy 5 M 36 12 month 19.09.2013 Barclays RAIMO LENSCHOW overweight 5 M 41 Not Provided 19.09.2013 Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 18.09.2013 Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 37 12 month 18.09.2013 Piper Jaffray MARK R MURPHY overweight 5 M 36 12 month 18.09.2013 Tigress Financial Partners IVAN FEINSETH buy 5 M #N/A N/A Not Provided 10.09.2013 BMO Capital Markets KARL KEIRSTEAD outperform 5 M 39 Not Provided 04.08.2013 Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 N #N/A N/A Not Provided 30.07.2013 Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 18.07.2013 EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 01.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 24.06.2013 Goldman Sachs HEATHER BELLINI buy/attractive 5 M 39 12 month 21.06.2013 UBS BRENT THILL buy 5 M 37 12 month 20.06.2013 Davenport & Co F DRAKE JOHNSTONE buy 5 M 40 12 month 21.03.2013 Holdings By: Oracle Corp All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (30.05.2013) 95.56 52-Week Low (16.11.2012) 72.43 Daily Volume 94.01 52-Week High % Change -1.57% Dividend Yield 2.51 52-Week Low % Change 29.79% Beta 1.35 % 52 Week Price Range High/Low 91.44% Equity Float 794.51 Shares Out 30.06.2013 805.8 Short Int 7.75 75'749.87 1 Yr Total Return 12.20% Total Debt 7'623.00 YTD Return 25.42% Preferred Stock 0.0 Adjusted BETA 1.346 Minority Interest 32.0 Analyst Recs 29 Cash and Equivalents 1'592.00 Consensus Rating 4.448 Enterprise Value 80'403.87 Average Volume 5 Day 1'365'888 OXY UN EQUITY YTD Change - Average Volume 30 Day 950'765 OXY UN EQUITY YTD % CHANGE - Average Volume 3 Month 853'892 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 24'217.0 14'814.0 19'045.0 23'939.0 24'172.0 24'076.0 23'970.0 24'630.3 25'259.5 6'229.7 5'839.0 2.05x 4.58x 4.32x 3.26x 2.80x 12.04x 11.96x 3.28x 3.11x 13.00x 13.87x 14'622.0 7'755.0 10'816.0 14'168.0 13'701.0 13'968.0 13'488.0 14'658.3 15'617.4 3'796.5 3'775.1 3.39x 8.75x 7.61x 5.51x 4.95x 5.20x 5.68x 5.47x 5.13x 5.40x 5.43x 6'857.0 2'915.0 4'530.0 6'771.0 4'598.0 6'292.0 4'388.0 5'688.9 6'012.9 1'519.6 1'557.4 6.70x 20.11x 17.21x 11.53x 10.79x 11.09x 13.09x 13.23x 12.54x 12.39x 12.41x EBITDA 13'701.00 Long-Term Rating Date 23.06.2008 EBIT 9'190.00 Long-Term Rating A Operating Margin 38.02% Long-Term Outlook STABLE Pretax Margin 32.07% Short-Term Rating Date 23.06.2008 Return on Assets 6.66% Short-Term Rating A-1 Return on Common Equity 10.79% Return on Capital 9.24% EBITDA/Interest Exp. 105.39 Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 26.73 Net Debt/EBITDA 0.34 Gross Margin 46.1% Total Debt/EBITDA 0.57 EBITDA Margin 56.3% EBIT Margin 35.8% Total Debt/Equity 19.0% Net Income Margin 19.0% Total Debt/Capital 16.0% Asset Turnover 0.36 Current Ratio 1.30 Net Fixed Asset Turnover 0.46 Quick Ratio 0.89 Accounts receivable turnover-days 77.51 Debt to Assets 11.87% Inventory Days 38.71 Tot Debt to Common Equity 19.05% Accounts Payable Turnover Day 148.04 Accounts Receivable Turnover 4.71 Cash Conversion Cycle -25.72 Inventory Turnover 9.43 Profitability S&P Issuer Ratings Credit Ratios Margin Analysis Reference Structure Net Income P/E Market Capitalization Average Daily Trading Volume Relative Stock Price Performance Total Revenue TEV/Revenue EBITDA TEV/EBITDA Fiscal Year Ended Occidental Petroleum Corp Price/Volume Valuation Analysis 234'643.00 Current Price (9/dd/yy) Market Data 0 10 20 30 40 50 60 70 80 90 100 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13 .0 M .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 4.0 M 0.0 5'000.0 10'000.0 15'000.0 20'000.0 25'000.0 30'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 2.00 4.00 6.00 8.00 10.00 12.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013 Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type BLACKROCK n/a ULT-AGG 47'782'555 5.93 (2'957'601) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 43'970'762 5.46 1'080'263 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 34'777'687 4.32 (753'993) 26.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 28'864'136 3.58 16'390'940 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 28'458'444 3.53 2'754'067 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'644'454 2.31 3'257'183 30.06.2013 Investment Advisor BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 16'302'226 2.02 1'862'566 30.06.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'021'000 1.99 (5'620'299) 30.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 13'454'035 1.67 (746'449) 31.07.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 12'865'096 1.6 (361'003) 30.06.2013 Investment Advisor NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'517'808 1.43 99'210 30.06.2013 Investment Advisor NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 10'936'849 1.36 1'230'291 30.06.2013 Investment Advisor ROBECO n/a ULT-AGG 10'088'327 1.25 (825'278) 30.06.2013 Unclassified UBS AG n/a ULT-AGG 8'841'095 1.1 1'898'730 30.06.2013 Unclassified BANK OF AMERICA CORP BANK OF AMERICA 13F 8'712'648 1.08 172'947 30.06.2013 Investment Advisor AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'314'287 1.03 3'211'788 30.06.2013 Investment Advisor IRANI RAY R n/a Form 4 7'929'622 0.98 (49'245) 21.12.2012 n/a INVESCO LTD n/a ULT-AGG 7'688'871 0.95 (118'251) 26.09.2013 Investment Advisor DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 7'226'766 0.9 (1'615'176) 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'855'170 0.85 2'330'231 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Susquehanna Financial Group DUANE GRUBERT Positive 4 U 115 12 month 27.09.2013 Wells Fargo Securities, LLC ROGER D READ outperform 5 U #N/A N/A Not Provided 26.09.2013 Howard Weil Inc PETER KISSEL sector outperform 5 M 111 Not Provided 24.09.2013 Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 93 12 month 23.09.2013 ISI Group DOUGLAS T TERRESON strong buy 5 M 105 12 month 23.09.2013 Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013 Oppenheimer & Co FADEL GHEIT outperform 5 M 115 18 month 20.09.2013 Raymond James PAVEL MOLCHANOV outperform 5 M 100 12 month 13.09.2013 Goldman Sachs ARJUN N MURTI buy/attractive 5 M 105 12 month 12.09.2013 RBC Capital Markets LEO P MARIANI sector per