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Fundamental analysis & recommendations   qms advisors flex index spi index - the swiss performance index is a total rate of return index of 300+ stocks issued by swiss companies.
 

Fundamental analysis & recommendations qms advisors flex index spi index - the swiss performance index is a total rate of return index of 300+ stocks issued by swiss companies.

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    Fundamental analysis & recommendations   qms advisors flex index spi index - the swiss performance index is a total rate of return index of 300+ stocks issued by swiss companies. Fundamental analysis & recommendations qms advisors flex index spi index - the swiss performance index is a total rate of return index of 300+ stocks issued by swiss companies. Presentation Transcript

    • Fundamental Analysis & Analyst Recommendations QMS Advisors FlexIndex SPI Top 100 The Swiss Performance Index is a total rate of return index of stocks issued by Swiss companies whose shares are traded on the Electronic Bourse System. 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 NESTLE SA-REG CHF 224520 2623 3189 30 0 2 10 250.76 98836 101372 104158 109411 - - - - 3.52 3.58 3.81 4.11 21.36 20.96 20.10 18.63 8.08 -3.17 - - - AA 16.08.2007 - - NOVARTIS AG-REG CHF 207299 1788 2421 22 0 0 9 244.30 62285 62797 63163 64877 18369 18107 - - 4.40 4.24 5.65 6.12 21.94 21.52 16.48 15.20 -3.55 7.45 -6.81 11.60 31.69 AA- 07.04.2008 Aa3 08.02.2013 ROCHE HOLDING AG-GENUSSCHEIN CHF 230733 594 863 27 0 2 15 248.03 50004 50963 51968 53911 21321 21572 - - 15.15 14.54 16.53 17.75 20.24 19.92 17.80 16.58 7.67 1.55 9.25 2.94 46.52 AA 17.09.2012 - - UBS AG-REG CHF 79197 4804 3747 294 0 5 73 242.44 41492 42530 32031 32564 17067 - - - 0.58 -0.70 1.09 1.42 - 17.68 20.75 15.94 -8.40 -11.00 -12.18 -34.44 - A 29.11.2011 A2 21.06.2012 ABB LTD-REG CHF 54695 2629 2296 11 0 1 9 64.75 43231 44737 45276 47059 5818 6304 1693 1693 1.32 1.34 1.60 1.81 21.41 20.50 17.99 15.82 3.89 3.70 -7.61 2.73 15.49 A 08.06.2010 - - CIE FINANCIERE RICHEMON-REG CHF 57836 681 553 2 0 0 6 43.68 11155 11155 12127 13271 3096 3096 1796 1796 3.96 4.02 4.40 4.93 22.48 22.88 20.56 18.32 15.89 15.09 19.80 16.00 30.50 - - - - CREDIT SUISSE GROUP AG-REG CHF 48050 2466 1325 363 0 7 70 42107 41736 29466 30450 - - - - 2.42 1.78 2.81 3.29 18.76 11.20 11.91 10.16 -11.28 -12.16 - - - A- 02.07.2013 (P)A2 21.06.2012 SYNGENTA AG-REG CHF 38370 135 92 4 0 0 2 45.89 15608 15746 16531 17653 3460 3361 - - 25.01 21.28 25.60 28.84 23.53 21.15 19.56 17.36 7.74 3.43 9.85 11.26 23.46 A 15.06.2007 - - ZURICH INSURANCE GROUP AG CHF 38024 203 147 14 0 3 10 49.75 77422 78767 64599 65897 - - - - 29.11 26.25 29.83 31.95 11.87 11.86 10.45 9.75 36.24 6.94 - - - - - - - SWISS RE AG CHF 30964 435 343 22 0 0 12 42.90 36395 39016 37279 39394 - - - - 12.16 16.12 10.87 9.34 6.29 6.78 9.33 10.87 21.03 8.01 - - - - - - - SWATCH GROUP AG/THE-BR CHF 33822 57 54 0 0 0 2 32.75 8568 8926 9657 10603 2467 2499 1614 1614 32.55 33.48 35.48 39.93 21.14 21.16 19.95 17.73 16.77 8.94 23.97 10.26 30.77 - - - - HOLCIM LTD-REG CHF 24408 497 325 15 0 3 3 39.37 23677 22899 22814 23838 4379 4254 1423 1423 2.11 2.70 4.40 5.82 30.33 30.09 18.65 14.09 4.24 -5.00 0.72 -11.52 20.42 BBB 22.01.2009 Baa2 09.04.2009 TRANSOCEAN LTD CHF 16097 342 14 0 0 6 25.96 10107 10287 10467 11423 3040 3850 1008 1008 - - 4.40 5.88 - - 12.33 9.23 16.01 -5.32 90.75 -4.23 41.13 - - - - SGS SA-REG CHF 18733 8 8 1 0 0 1 19.52 6130 6357 6636 7185 1235 1303 - - 79.69 82.87 97.70 112.08 31.76 30.78 26.94 23.48 17.89 5.02 11.80 4.84 22.54 - - - - WEATHERFORD INTL LTD CHF 11643 21 9 0 0 0 22.74 16722 17125 17765 19406 2687 2757 849 849 - - 0.91 1.43 - - 20.23 12.89 18.84 13.82 0.09 2.04 17.70 - - - - SWISSCOM AG-REG CHF 24964 75 52 10 0 0 1 34.61 12511 12484 12537 12622 4514 4366 1208 1208 37.08 34.98 34.35 34.97 15.14 15.21 15.42 15.15 -0.80 -1.42 -4.93 -0.21 38.44 A 30.06.2009 A2 27.06.2007 GIVAUDAN-REG CHF 13466 9 9 2 0 0 0 14.80 4679 4787 4876 5102 957 1046 - - 49.29 57.89 66.44 73.29 27.69 27.89 24.13 21.87 9.60 1.61 16.89 -0.10 24.02 - - - - JULIUS BAER GROUP LTD CHF 10429 404 214 9 0 0 17 2230 2477 2438 2899 - - - - 2.34 1.25 2.57 3.17 40.88 30.06 19.91 16.18 -1.24 0.72 - - - - - - - GEBERIT AG-REG CHF 10057 53 38 0 0 0 0 9.73 2110 2135 2510 2629 596 606 169 169 11.30 11.64 12.39 13.23 25.12 25.12 23.60 22.10 3.06 -2.06 2.15 -3.31 31.19 A- 25.05.2010 - - ADECCO SA-REG CHF 13375 524 185 2 0 0 1 12.55 22570 21753 21591 22802 910 863 - - 2.20 2.06 3.14 3.94 30.85 30.85 20.20 16.11 -0.05 1.12 -12.99 -7.34 4.36 BBB 12.10.2011 Baa3 20.10.2009 ACTELION LTD-REG CHF 8473 304 113 0 0 0 1 7.11 1893 1917 1943 2018 553 601 145 145 2.83 3.19 4.05 4.33 24.29 22.91 19.12 17.88 0.58 6.51 17.08 4.75 34.43 - - - - KUEHNE & NAGEL INTL AG-REG CHF 15931 71 120 0 0 0 1 15.10 18815 19121 19339 20220 1018 1102 283 283 4.76 5.14 5.64 6.33 28.37 26.79 25.88 23.04 6.11 0.68 -6.27 -2.13 6.34 - - - - SCHINDLER HOLDING-PART CERT CHF 17023 63 116 1 0 0 3 15.00 9076 9382 9684 10303 1213 1230 - - 6.63 5.40 6.58 7.53 30.17 30.30 24.73 21.63 5.65 -8.40 20.14 3.16 14.41 - - - - SONOVA HOLDING AG-REG CHF 8236 51 67 0 0 0 0 8.06 1973 1973 2127 2277 262 262 251 251 1.82 1.82 5.94 6.71 73.89 73.89 22.68 20.09 11.90 9.81 -38.36 -8.94 14.59 - - - - SIKA AG-BR CHF 7381 2 3 1 0 0 1 7.73 5307 5412 5595 6044 625 658 - - 144.26 157.67 143.89 166.31 20.51 20.51 22.47 19.44 6.57 1.62 21.06 -2.48 13.37 A- 02.05.2000 - - SWATCH GROUP AG/THE-REG CHF 33822 65 0 0 0 2 32.75 8568 8926 9479 10259 2467 2499 2704 2704 - - 7.13 7.81 - - 17.34 15.83 16.77 8.94 23.97 10.26 30.77 - - - - ARYZTA AG CHF 5867 87 88 2 0 0 1 6.04 4624 4796 4871 5179 594 605 - - 1.65 1.59 3.91 4.34 35.96 36.01 14.68 13.23 9.38 - 12.45 23.81 13.87 - - - - SWISS LIFE HOLDING AG-REG CHF 6145 75 32 3 0 0 7 4.03 20965 21303 20622 19898 - - - - 19.47 6.99 24.74 23.90 30.10 9.01 8.51 8.81 11.35 2.41 - - - BBB 03.05.2012 - - CLARIANT AG-REG CHF 5574 858 296 4 0 0 2 7.81 6636 7146 6788 7071 848 825 228 228 1.04 0.86 1.16 1.36 21.53 17.42 15.96 13.59 -19.86 -5.48 -12.83 -0.09 12.69 BBB- 14.03.2011 Ba1 03.03.2009 BALOISE HOLDING AG - REG CHF 5578 75 47 2 0 0 3 4.38 10258 10502 9026 9317 - - - - 9.98 10.85 11.31 11.58 11.30 11.61 10.84 10.59 23.47 2.73 - - - - - - - LINDT & SPRUENGLI AG-REG CHF 10067 0 0 0 0 0 1 9.38 2934 3043 3153 3376 503 536 430 430 1304.43 1359.57 1479.41 1631.53 38.07 38.08 34.99 31.73 7.99 -0.23 9.25 0.64 19.35 - - - - SWISS PRIME SITE-REG CHF 4621 46 60 5 0 0 0 9.18 634 681 745 741 373 380 - - 2.99 6.76 3.98 4.09 12.42 26.05 21.11 20.54 0.98 43.22 -4.82 19.49 61.38 - - - - PARTNERS GROUP HOLDING AG CHF 6561 35 25 0 0 0 0 6.74 620 662 542 616 325 367 178 178 10.90 12.63 11.87 13.76 21.39 22.04 22.75 19.62 28.25 17.60 27.61 1.94 60.90 - - - - LONZA GROUP AG-REG CHF 4330 133 52 3 0 0 0 7.09 4314 4072 4225 4447 703 - - - 3.86 2.74 5.38 6.54 32.86 32.78 16.71 13.76 50.34 7.44 21.08 -0.94 - - - - - GALENICA AG-REG CHF 5533 17 6 1 0 0 0 6.33 3965 3989 3906 4067 474 500 - - 43.73 47.88 48.56 49.72 19.54 19.60 19.27 18.81 4.02 3.51 8.62 19.36 13.78 - - - - DUFRY AG-REG CHF 4471 73 29 2 0 0 0 6.37 3466 3631 3999 4524 488 468 192 192 4.85 3.53 7.02 9.32 46.94 47.38 23.60 17.77 21.50 - 31.82 13.86 14.16 BB+ 15.10.2012 - - LINDT & SPRUENGLI AG-PC CHF 10067 1 0 0 0 1 9.38 2934 3043 3164 3391 503 536 431 431 - - 146.07 159.60 - - 30.52 27.93 7.99 -0.23 9.25 0.64 19.35 - - - - SULZER AG-REG CHF 5238 85 34 1 0 0 1 5.44 4420 4396 4527 4816 607 563 330 330 9.87 8.88 8.94 11.12 18.92 19.01 18.80 15.11 13.63 2.47 16.01 2.78 14.07 - - - - PSP SWISS PROPERTY AG-REG CHF 3980 80 46 2 0 0 0 6.08 311 311 302 306 193 235 67 67 3.87 8.39 3.95 3.92 11.37 25.74 24.12 24.33 -0.35 - -26.57 6.32 83.22 - - - - SCHINDLER HOLDING AG-REG CHF 17023 17 116 1 0 0 3 15.00 9076 9382 9684 10303 1213 1230 - - 6.63 5.40 6.58 7.53 29.26 29.37 23.98 20.97 5.65 -8.40 20.14 3.16 14.41 - - - - GAM HOLDING AG CHF 3160 298 165 0 0 0 1 1098 1237 743 782 - - - - 0.56 1.12 1.37 1.46 17.89 18.24 14.58 13.69 25.29 - - - - - - - - HELVETIA HOLDING AG-REG CHF 3875 22 9 0 0 0 2 3.41 8756 9030 8515 8768 - - - - 41.89 44.19 44.31 45.90 11.14 11.14 11.11 10.72 6.90 11.89 - - - - - - - FISCHER (GEORG)-REG CHF 2499 9 4 1 0 0 0 2.98 3959 3926 4082 4268 395 397 - - 40.88 33.74 42.79 48.81 19.85 16.16 15.65 13.72 2.85 -3.01 -4.13 -6.20 11.11 - - - - EMS-CHEMIE HOLDING AG-REG CHF 8155 14 23 0 0 0 1 7.80 1929 1984 2068 2182 414 - 221 221 12.82 13.23 13.77 14.14 28.96 28.96 27.82 27.10 6.48 7.18 9.26 3.14 - - - - - BARRY CALLEBAUT AG-REG CHF 5411 5 5 1 0 0 0 6.51 5308 5214 5490 6734 485 - - - 50.95 49.94 46.91 55.87 21.70 21.79 23.10 19.39 9.11 -1.57 -4.07 0.33 - BB+ 28.03.2013 - - OC OERLIKON CORP AG-REG CHF 4406 538 325 0 0 0 1 4.01 3194 2635 3201 3301 629 509 - - 0.74 0.49 0.75 0.86 30.04 30.86 19.88 17.18 7.04 -7.40 17.61 -4.44 21.22 - - - - DKSH HOLDING LTD CHF 5497 73 63 0 0 0 0 5.47 9709 9709 10983 12046 352 352 196 196 3.12 3.49 3.54 3.95 26.89 30.12 26.52 23.78 22.37 - 18.59 - 3.99 - - - - PARGESA HOLDING SA-BR CHF 6408 66 85 4 0 10 2 19.60 5402 5321 541 612 1560 1066 - - 5.94 1.49 4.85 6.04 55.48 34.15 17.11 13.72 4.33 -2.24 60.50 0.93 22.01 - - - - FLUGHAFEN ZUERICH AG-REG CHF 3239 10 6 1 0 0 0 4.43 1043 1056 1067 1083 430 433 575 575 17.05 4.44 27.42 35.85 130.58 130.58 21.15 16.17 5.27 2.34 -21.16 -1.07 45.10 A 20.04.2012 - - PANALPINA WELTTRANSPORT -REG CHF 3472 29 24 0 0 0 0 3.12 7272 7404 7957 8316 40 121 51 51 -0.45 -0.40 3.78 5.15 - - 42.52 31.20 1.98 -1.67 -90.95 -40.75 1.80 - - - - 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 NOBEL BIOCARE HOLDING AG-REG CHF 1830 205 123 0 0 0 0 1.43 638 630 626 650 111 102 23 23 0.41 0.35 0.43 0.50 37.72 33.69 30.87 26.47 2.18 -2.66 -4.05 -17.74 17.79 - - - - BUCHER INDUSTRIES AG-REG CHF 2636 7 10 1 0 0 1 2.86 2867 2899 2963 3061 335 348 - - 16.84 17.17 19.04 20.36 16.46 16.47 14.85 13.88 12.84 0.51 18.97 1.53 13.21 - - - - KABA HOLDING AG-REG B CHF 1676 10 4 0 0 0 0 1.62 1060 1060 1081 1117 165 165 173 173 23.76 24.29 25.50 28.27 19.88 20.32 18.93 17.08 1.95 -3.44 -2.65 -6.79 17.10 - - - - STRAUMANN HOLDING AG-REG CHF 2843 22 15 0 0 0 0 2.71 754 747 749 771 105 109 - - 2.59 3.31 7.81 8.75 60.25 60.28 25.53 22.77 -1.16 -3.22 -19.94 -18.70 15.97 - - - - TEMENOS GROUP AG-REG CHF 1773 660 69 0 0 0 0 2.12 495 503 522 559 119 140 37 37 0.38 0.76 1.25 1.46 39.44 39.44 23.92 20.42 -5.40 4.46 24.06 7.20 30.61 - - - - BANQUE CANTONALE VAUDOIS-REG CHF 4684 6 9 9 0 0 7 1452 1430 1096 1133 - - - - - 38.95 37.67 38.93 15.36 - 15.88 15.37 -2.48 -3.00 - - - AA 05.12.2011 NR 18.05.2010 VALIANT HOLDING AG-REG CHF 1525 24 16 7 0 0 2 678 682 428 424 - - - - 5.97 7.64 7.65 7.52 13.89 15.87 13.87 14.12 0.39 -2.54 - - - - - - - KUONI REISEN HLDG-REG(CAT B) CHF 1605 4 4 0 0 0 0 1.39 6424 6423 6373 6572 188 240 - - -1.88 -1.84 26.08 32.18 - - 16.91 13.71 15.79 5.30 2.76 -2.91 4.10 - - - - ALLREAL HOLDING AG-REG CHF 2204 9 16 2 0 0 0 4.08 955 1005 306 316 189 188 211 211 7.15 6.47 8.08 8.75 23.47 20.77 18.80 17.36 4.86 48.39 -6.20 6.95 20.59 - - - - LOGITECH INTERNATIONAL-REG CHF 1530 1076 159 0 0 0 0 1.34 2308 2318 2242 2282 83 114 33 33 -0.16 -1.22 0.36 0.53 - - 29.70 20.27 -10.26 2.38 -52.51 -28.38 5.41 - - - - LUZERNER KANTONALBANK AG-REG CHF 3370 1 8 6 0 0 3 753 740 469 480 - - - - 21.37 22.33 23.82 24.53 19.51 19.81 18.30 17.76 -5.19 -5.49 - - - AA+ 12.09.2008 - - MOBIMO HOLDING AG-REG CHF 1288 6 6 1 0 0 0 2.45 277 251 136 133 92 91 112 112 8.04 13.83 9.75 9.31 16.49 27.66 23.39 24.48 10.68 5.09 3.49 7.17 39.84 - - - - TECAN GROUP AG-REG CHF 1212 39 11 0 0 0 0 1.07 430 429 447 490 69 70 76 76 4.22 4.17 4.61 5.47 27.94 28.39 25.25 21.28 4.12 0.02 4.00 -2.88 17.97 - - - - BERNER KANTONALBANK AG-REG CHF 2439 1 9 2 0 0 3 729 735 - - - - 18.24 15.20 18.92 14.49 -4.21 -8.18 - - - - - - - BELIMO HOLDING AG-REG CHF 1570 0 1 0 0 0 0 1.49 489 510 530 573 101 109 114 114 110.72 117.69 125.22 137.95 23.84 23.84 22.41 20.34 7.57 3.93 13.59 6.28 23.47 - - - - BURCKHARDT COMPRESSION HOLDI CHF 1338 6 3 0 0 0 0 1.17 403 403 480 522 95 95 31 31 18.27 18.27 19.46 22.55 23.67 23.67 22.22 19.18 12.61 3.80 9.93 -2.18 25.90 - - - - AMS AG CHF 1374 33 14 0 0 0 0 1.12 426 414 429 484 130 111 26 26 6.66 5.19 4.90 6.65 16.40 17.31 17.34 12.79 44.62 25.66 75.48 20.83 29.45 - - - - FORBO HOLDING AG-REG CHF 1693 6 2 0 0 0 0 1.44 1320 1308 1311 1332 227 - - - 63.15 67.86 49.74 54.26 12.18 12.18 16.62 15.24 -0.25 -9.04 5.18 -2.99 - - - - - ST GALLER KANTONALBANK A-REG CHF 2242 2 6 6 0 0 3 782 774 541 512 - - - - 28.58 28.34 32.21 32.92 15.60 15.72 13.73 13.43 1.34 -6.15 - - - - - Aa1 02.12.2003 GRAUBUENDNER KANTONALBANK-PC CHF 3270 0 2 3 0 0 2 543 539 425 439 - - - - 69.88 65.56 84.68 89.46 21.93 19.15 16.97 16.07 -3.35 1.64 - - - AA+ 17.12.2010 - - MEYER BURGER TECHNOLOGY AG CHF 897 707 58 0 0 0 0 0.84 709 470 351 546 -36 -105 -65 -65 -2.13 -3.01 -1.85 -0.59 - - -55.98 4.84 - - -24.65 - - - - DAETWYLER HOLDING AG-BR CHF 2117 20 16 0 0 0 0 2.17 1303 1332 1549 1656 175 - 234 234 6.62 7.26 8.27 9.96 18.84 18.84 16.55 13.73 14.17 3.32 -3.34 -3.69 - - - - - VONTOBEL HOLDING AG-REG CHF 2507 16 63 10 0 0 5 8.90 995 1078 970 1036 244 252 - - 2.22 2.41 2.69 3.13 17.61 17.85 15.77 13.55 1.75 0.19 4.32 -12.72 25.74 A 30.03.2009 - - EFG INTERNATIONAL AG CHF 2039 4 147 2 0 0 5 1288 1228 790 806 - - - - 0.87 1.03 1.04 1.17 14.79 18.57 14.74 13.07 9.58 417.01 - - - - - - - BASILEA PHARMACEUTICA-REG CHF 779 39 10 0 0 0 0 0.49 64 52 45 63 -52 - -45 -45 -6.08 -4.09 -4.29 -3.37 - - -14.53 84.77 14.49 - - - - - - IMPLENIA AG-REG CHF 1121 27 18 0 0 0 1 0.89 2963 3198 3236 3416 155 164 174 174 4.14 4.52 4.79 5.18 14.76 14.76 13.92 12.86 7.54 5.77 4.22 12.57 5.62 - - - - HUBER & SUHNER AG-REG CHF 1057 6 20 0 0 0 0 0.91 767 848 814 860 84 - 100 100 1.23 2.17 2.41 2.95 26.56 26.56 23.85 19.52 -8.75 2.38 - -6.85 - - - - - ZUGER KANTONALBANK-BR CHF 1495 0 0 3 0 0 1 359 352 - - - - 233.46 233.03 24.47 24.47 -3.68 -3.55 - - - - - - - SCHWEIZERISCHE NATL-V AG-REG CHF 1008 7 22 0 0 0 1 0.50 1749 1735 1729 1786 - - - - 5.14 4.97 5.08 5.39 10.10 10.09 9.88 9.33 0.84 -4.46 - - - NR 23.05.2006 - - GATEGROUP HOLDING AG CHF 682 34 26 0 0 0 0 0.99 3289 3345 3366 3463 72 51 - - -2.45 -3.22 1.39 2.03 - - 20.13 13.78 12.45 0.89 -66.64 - 1.67 BB- 11.06.2013 - - RIETER HOLDING AG-REG CHF 956 6 5 0 0 0 0 0.89 976 995 1068 1229 73 58 48 48 3.86 3.01 5.73 14.32 74.65 387.38 39.23 15.69 -12.32 -11.88 -59.79 -34.69 6.43 - - - - VALORA HOLDING AG-REG CHF 785 6 3 1 0 0 0 1.11 3130 3157 3173 3216 147 167 91 91 21.09 18.01 18.05 19.47 13.95 13.95 13.92 12.90 1.17 -0.83 13.72 6.26 5.81 - - - - BASELLANDS KANTONALBANK-CERT CHF 2341 0 2 4 0 0 1 623 611 - - - - 81.32 56.13 21.12 14.47 -3.17 -5.91 - - - AAA 21.11.2001 - - EMMI AG-REG CHF 1576 1 5 1 0 0 0 2.19 3276 3526 3571 3650 274 285 - - 21.80 19.01 20.31 21.60 17.03 17.04 15.94 14.99 10.50 4.58 12.42 12.42 8.89 - - - - BOSSARD HOLDING AG-BR CHF 804 10 3 0 0 0 0 0.95 518 518 661 708 64 64 89 89 14.56 14.56 16.82 17.35 15.18 15.18 13.14 12.74 3.23 -2.78 -3.69 -0.42 13.55 - - - - SCHWEITER TECHNOLOGIES AG-BR CHF 965 1 1 0 0 0 0 0.62 740 697 737 768 88 77 - - 29.85 25.12 27.49 33.77 29.23 30.91 26.72 21.75 -3.86 321.01 -4.52 33.94 12.17 - - - - U-BLOX AG CHF 528 10 6 0 0 0 0 0.46 190 220 242 280 41 - 48 48 2.99 3.55 4.21 4.93 25.93 26.25 21.84 18.67 42.68 25.38 26.89 33.00 - - - - - INFICON HOLDING AG-REG CHF 739 1 2 0 0 0 0 0.74 327 313 337 356 62 - - - 19.63 18.09 19.25 21.20 21.67 21.89 20.36 18.49 -5.24 7.09 -5.59 8.51 - - - - - SIEGFRIED HOLDING AG-REG CHF 610 4 4 0 0 0 0 0.58 404 424 424 436 54 61 63 63 7.27 8.01 10.50 13.38 22.01 22.73 16.80 13.18 13.28 6.35 35.65 -3.94 15.86 - - - - VZ HOLDING AG CHF 1325 0 8 0 0 0 0 1.11 169 183 194 224 77 85 56 56 7.57 8.44 9.06 10.57 21.57 21.65 20.09 17.21 7.48 11.76 6.48 12.61 51.20 - - - - AFG ARBONIA-FORSTER HOLD-REG CHF 629 18 18 0 0 0 0 0.90 1336 1294 1423 1437 120 118 128 128 -3.12 -2.38 2.04 2.93 - - 18.59 12.96 -4.30 -5.82 9.10 -7.13 10.05 - - - - BASLER KANTONALBK - PC CHF 2698 2 28 9 0 0 6 1057 1017 - - - - 8.03 7.66 12.36 14.34 3.07 -5.74 - - - AA 06.08.2013 - - INTERSHOP HOLDINGS AG-BR CHF 756 1 2 1 0 0 0 1.35 98 100 97 104 76 61 80 80 26.59 29.15 24.09 26.11 13.57 15.04 16.42 15.15 -0.41 -3.07 4.80 3.21 67.11 - - - - METALL ZUG AG-SHS B-REG CHF 1068 0 0 0 0 0 0 0.68 920 943 940 962 122 - 115 115 152.93 276.35 151.91 173.58 9.57 9.57 17.41 15.24 -0.75 2.91 -24.67 -2.51 - - - - - KUDELSKI SA-BR CHF 727 112 54 0 0 0 0 0.88 928 930 962 1002 113 128 134 134 0.33 0.73 1.04 1.18 20.39 20.35 14.34 12.60 -3.75 -1.13 15.97 -7.11 15.08 - - - - LEM HOLDING SA-REG CHF 788 0 1 0 0 0 0 0.76 258 258 288 313 54 - - - 31.51 31.53 35.32 43.27 24.09 24.09 21.51 17.56 -0.64 5.03 16.00 7.46 - - - - - KOMAX HOLDING AG-REG CHF 473 7 3 0 0 0 0 0.46 315 343 370 387 27 39 - - 3.66 5.44 9.59 10.71 27.44 27.95 15.56 13.94 -24.74 6.19 -60.21 -15.07 12.54 - - - - LIECHTENSTEIN LANDESBANK-BR CHF 1249 5 28 2 0 0 9 642 693 500 413 - - - - 3.65 1.79 3.60 3.86 24.88 24.88 12.36 11.55 5.75 -5.92 - - - - - - - ZEHNDER GROUP AG-BR CHF 520 13 12 0 0 0 0 0.42 576 567 572 591 62 47 - - 2.54 1.08 1.58 2.26 36.90 36.90 25.12 17.55 1.79 2.41 -19.46 0.19 9.15 - - - - VETROPACK HOLDING AG-BR CHF 824 0 0 0 0 0 0 0.78 664 669 674 696 128 - 140 140 224.18 144.78 145.20 156.65 15.27 - 15.22 14.11 2.80 -3.78 -10.43 -10.29 - - - - - 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% NESTLE SA-REG 3.33 3.17 2.94 2.77 2.22 2.16 2.05 1.94 1.83 15.24 14.95 13.72 12.57 13.09 12.73 11.92 11.19 10.27 18.59 18.29 16.95 15.58 14.45 3.27 3.40 3.61 3.84 3.83 69.14 9.1% NOVARTIS AG-REG 2.65 2.58 2.46 2.35 2.08 3.69 3.63 3.53 3.42 3.32 12.92 12.83 12.14 10.93 10.69 13.03 13.26 12.64 11.89 11.46 14.71 15.00 13.83 12.71 12.13 3.17 3.27 3.42 3.64 3.90 74.21 6.5% ROCHE HOLDING AG-GENUSSCHEIN 12.83 9.97 7.92 6.53 5.18 4.63 4.44 4.28 4.14 4.03 15.67 13.49 12.49 11.60 11.71 12.59 11.22 10.65 10.14 9.61 17.81 16.19 15.08 14.11 13.32 3.01 3.29 3.57 3.85 4.17 270.95 11.2% UBS AG-REG 1.48 1.46 1.38 1.33 2.87 2.47 2.43 2.32 2.42 121.10 17.62 11.84 8.77 18.46 18.88 14.51 11.55 9.68 0.70 1.31 3.19 6.25 6.86 19.73 5.1% ABB LTD-REG 3.28 2.99 2.69 2.42 1.40 1.34 1.29 1.22 1.15 14.54 12.86 11.03 10.16 10.66 10.99 9.61 8.72 8.02 8.22 18.19 16.37 14.40 13.04 12.92 2.99 3.23 3.40 3.60 3.95 22.56 4.9% CIE FINANCIERE RICHEMON-REG 3.98 3.46 3.01 2.61 2.18 4.25 3.90 3.56 5.93 3.06 18.98 16.36 14.50 12.91 14.27 12.89 11.52 10.49 10.05 21.06 18.71 16.67 15.02 14.27 0.84 1.27 1.49 1.70 1.99 97.45 6.3% CREDIT SUISSE GROUP AG-REG 1.04 1.01 0.94 0.89 0.82 1.79 1.63 1.58 1.52 1.47 17.76 10.46 8.84 7.84 11.51 10.83 9.25 8.40 8.41 2.50 2.88 3.99 4.81 5.64 29.94 8.1% SYNGENTA AG-REG 4.57 3.88 3.50 3.14 2.71 2.57 2.40 2.27 2.16 15.62 15.55 13.73 12.57 13.07 12.58 11.38 10.53 10.07 18.74 17.80 15.80 14.41 13.55 2.25 2.62 2.91 3.13 3.35 412.22 10.0% ZURICH INSURANCE GROUP AG 1.13 1.13 1.09 1.04 1.00 0.62 0.65 0.64 0.64 0.55 11.57 9.51 8.87 8.56 8.46 7.18 6.98 7.08 7.15 7.08 263.19 12.8% SWISS RE AG 0.90 0.93 0.91 0.86 0.88 0.95 0.92 0.87 0.81 0.78 8.85 11.36 9.44 8.75 8.23 8.49 9.89 9.18 8.67 4.52 5.90 5.55 5.57 5.58 78.74 3.6% SWATCH GROUP AG/THE-BR 3.47 3.13 2.74 2.42 3.98 3.51 3.19 2.94 2.74 22.07 18.42 15.66 13.77 18.13 13.94 12.00 10.62 9.57 9.16 21.31 18.15 16.13 14.48 13.38 1.16 1.32 1.51 1.70 2.00 622.00 6.1% HOLCIM LTD-REG 1.27 1.25 1.17 1.08 0.91 1.02 1.07 1.02 0.96 0.87 7.22 6.89 6.00 5.25 4.06 8.54 8.42 7.30 6.52 5.57 19.82 16.97 12.82 10.37 7.00 1.59 1.97 2.55 3.15 3.68 73.22 7.8% TRANSOCEAN LTD 1.04 1.01 0.95 0.88 1.68 1.70 1.56 1.48 1.45 6.31 6.49 5.20 4.72 4.65 6.94 6.81 5.67 5.24 5.11 12.85 11.22 8.40 7.56 6.86 1.11 4.10 5.09 5.24 50.55 24.4% SGS SA-REG 7.95 7.40 6.60 5.85 3.08 2.82 2.61 2.41 2.22 18.60 16.67 14.55 13.18 12.43 15.26 13.61 11.97 10.89 10.37 26.56 24.51 21.37 19.03 17.49 2.90 2.89 3.02 3.20 2.78 2272.60 4.3% WEATHERFORD INTL LTD 1.25 1.32 1.18 1.02 0.78 0.72 0.66 0.61 7.47 6.37 4.66 4.17 7.55 7.07 5.82 5.14 23.95 18.41 11.73 8.87 0.00 0.00 0.00 0.00 15.90 15.2% SWISSCOM AG-REG 4.55 4.43 4.07 3.75 2.01 1.99 1.98 1.96 1.99 6.42 6.01 6.00 5.96 7.22 7.40 7.29 7.19 7.04 13.07 14.03 13.78 13.50 13.62 5.02 5.03 5.11 5.25 5.42 434.84 -0.8% GIVAUDAN-REG 3.33 3.34 3.24 3.15 2.91 2.76 2.64 2.52 2.44 17.45 14.73 13.73 12.46 12.10 15.57 13.83 12.85 12.11 11.83 24.35 21.95 19.90 18.38 16.48 1.94 3.15 3.54 3.94 4.18 1296.11 -2.3% JULIUS BAER GROUP LTD 1.81 1.92 1.83 1.71 5.44 4.28 3.60 3.27 3.28 21.09 20.41 13.93 11.55 20.73 18.12 14.72 12.27 17.45 1.44 1.50 1.76 2.30 43.39 2.3% GEBERIT AG-REG 6.62 5.77 5.27 4.89 4.19 4.01 3.83 3.63 3.65 18.63 16.83 15.91 15.14 14.77 16.30 15.32 14.43 13.48 12.46 23.41 21.47 20.10 18.73 17.83 2.71 2.97 3.19 3.38 2.53 235.83 -2.6% ADECCO SA-REG 2.56 2.55 2.39 2.15 1.73 0.48 0.51 0.48 0.45 0.41 15.53 15.35 12.73 10.98 11.77 12.79 12.68 10.50 9.03 7.94 18.83 18.38 14.66 12.22 10.24 2.61 2.88 3.25 3.79 3.87 66.03 2.7% ACTELION LTD-REG 4.77 5.00 4.21 3.44 2.85 4.46 4.36 4.20 4.06 4.22 18.70 14.49 13.44 12.32 12.59 12.66 11.74 11.05 10.25 11.57 17.34 17.40 16.26 14.40 15.08 1.21 1.62 1.75 1.82 1.99 67.67 5.6% KUEHNE & NAGEL INTL AG-REG 5.99 5.72 5.28 4.88 4.48 0.85 0.82 0.79 0.69 0.62 20.35 17.93 16.06 14.80 14.30 15.29 13.91 12.71 11.82 11.07 25.56 23.55 20.97 19.41 17.85 3.03 3.19 3.50 3.80 4.32 114.31 -5.4% SCHINDLER HOLDING-PART CERT 5.05 5.02 4.32 3.72 1.86 1.76 1.65 1.56 1.48 19.41 18.83 15.38 13.90 12.05 11.91 11.07 10.09 9.11 22.89 22.50 19.68 17.80 16.36 1.66 1.64 1.90 2.10 2.08 141.78 5.2% SONOVA HOLDING AG-REG 4.71 4.02 3.50 3.09 4.13 3.87 3.62 3.38 3.21 28.81 17.78 16.00 14.28 20.86 14.84 13.26 12.06 10.61 24.79 20.63 18.28 16.51 14.07 1.20 1.55 1.67 2.00 2.07 111.90 0.3% SIKA AG-BR 3.48 3.10 2.80 2.54 1.40 1.32 1.22 1.14 1.06 15.95 13.70 12.11 11.09 12.49 11.08 9.95 9.06 8.38 23.51 20.45 17.69 15.68 14.31 1.80 2.12 2.37 2.53 2572.67 -3.9% SWATCH GROUP AG/THE-REG 2.99 2.81 2.43 3.97 3.57 3.30 14.17 12.12 11.09 18.72 15.78 14.40 1.27 1.46 1.66 125.50 22.6% ARYZTA AG 1.85 1.71 1.59 1.51 1.35 1.05 0.98 0.93 0.89 0.85 10.19 8.18 7.02 6.53 4.08 10.42 9.63 8.73 8.21 7.70 14.02 13.36 12.04 10.84 9.81 1.08 1.13 1.26 1.40 1.52 64.96 11.7% SWISS LIFE HOLDING AG-REG 0.57 0.62 0.60 0.57 0.58 0.32 0.30 0.31 0.28 0.28 9.64 7.74 8.01 7.62 6.64 2.62 2.73 2.87 3.15 4.02 183.67 5.4% CLARIANT AG-REG 1.54 1.59 1.51 1.39 0.69 0.82 0.79 0.75 0.70 10.26 9.35 7.32 6.35 8.50 8.57 7.67 6.97 6.72 16.24 14.52 12.36 10.60 10.00 1.87 2.31 2.67 3.09 2.62 16.14 5.6% BALOISE HOLDING AG - REG 1.10 0.99 0.95 0.94 0.55 0.62 0.60 0.65 11.26 9.86 9.64 9.71 4.64 4.85 4.94 4.95 103.82 2.3% LINDT & SPRUENGLI AG-REG 5.66 4.73 4.35 4.21 3.42 3.18 2.97 2.78 2.55 27.15 23.68 21.28 18.48 18.31 16.58 15.19 13.97 12.70 34.48 31.84 28.87 26.01 1.34 1.51 1.67 1.83 39373.33 -8.1% SWISS PRIME SITE-REG 1.07 1.03 1.02 1.01 9.95 6.20 6.24 6.23 9.00 20.06 15.05 16.29 16.82 17.82 22.01 23.02 22.08 21.65 22.26 19.20 19.21 18.69 17.83 17.82 5.18 5.18 5.18 5.18 5.18 67.00 -3.6% PARTNERS GROUP HOLDING AG 9.44 7.01 6.08 5.48 14.06 12.10 10.65 9.43 8.25 22.43 91.27 19.49 13.82 23.07 20.00 17.42 15.31 13.78 23.12 20.70 17.86 15.62 2.65 3.13 3.54 3.93 241.67 8.1% LONZA GROUP AG-REG 1.60 1.63 1.52 1.39 1.02 1.02 0.97 0.92 0.88 6.28 6.91 6.10 5.36 9.84 9.67 8.56 7.81 7.04 17.90 15.20 12.52 11.05 9.94 2.76 2.91 3.16 3.44 4.10 72.40 -2.8% GALENICA AG-REG 3.74 3.24 2.86 2.56 2.23 1.41 1.42 1.36 1.30 1.21 17.03 14.39 14.10 12.98 10.82 13.78 12.73 12.51 11.45 9.66 20.80 17.53 17.12 15.67 12.32 1.22 1.60 1.66 1.84 2.53 737.33 -4.8% DUFRY AG-REG 3.15 2.93 2.59 2.25 1.28 1.12 0.99 0.90 0.79 11.33 12.75 11.38 9.02 12.10 11.28 9.50 8.40 7.46 15.93 21.48 16.17 13.32 12.14 0.00 0.00 0.05 0.34 146.27 6.7% LINDT & SPRUENGLI AG-PC 5.14 3.97 3.64 3.33 3.42 3.17 2.96 2.77 2.56 24.10 27.85 23.89 17.54 18.48 16.71 15.29 14.06 12.74 30.74 27.77 25.42 23.18 19.32 1.52 1.76 1.94 2.13 4008.00 8.6% SULZER AG-REG 2.08 1.93 1.76 1.59 1.21 1.16 1.09 1.01 0.94 10.44 12.51 11.12 9.96 9.06 9.51 8.05 7.07 6.41 15.11 17.11 13.75 11.70 10.70 2.22 2.19 2.55 2.92 147.82 6.3% PSP SWISS PROPERTY AG-REG 1.01 0.95 0.94 0.94 13.44 13.18 12.99 12.73 11.85 22.56 22.30 22.51 22.54 24.22 24.38 23.63 23.46 22.94 21.74 22.38 21.94 22.14 21.89 20.52 3.87 4.11 4.19 4.24 4.26 87.03 10.2% SCHINDLER HOLDING AG-REG 4.90 4.86 4.19 3.60 1.86 1.76 1.65 1.56 1.48 18.82 18.26 14.92 13.48 12.05 11.91 11.07 10.09 9.11 22.19 21.82 19.08 17.26 15.86 1.79 1.93 2.08 2.27 143.25 9.6% GAM HOLDING AG 1.37 1.33 1.25 1.17 5.09 4.25 4.04 3.69 3.61 18.65 12.58 12.03 10.92 19.17 13.27 12.45 10.91 3.01 3.75 4.31 4.73 18.85 13.6% HELVETIA HOLDING AG-REG 0.98 0.95 0.90 0.84 0.48 0.46 0.44 0.43 10.57 10.11 9.76 9.45 4.17 4.30 4.45 4.68 418.67 2.7% FISCHER (GEORG)-REG 1.81 2.04 1.84 1.67 0.63 0.61 0.59 0.57 0.53 7.27 7.28 7.51 6.82 7.56 7.34 6.71 6.34 5.76 15.29 14.24 12.49 11.63 10.61 2.15 2.65 2.92 3.20 3.25 538.13 -3.0% EMS-CHEMIE HOLDING AG-REG 6.55 6.45 6.10 5.78 4.23 3.94 3.74 3.58 3.27 27.47 20.08 19.39 18.54 19.46 17.47 16.58 15.87 13.75 28.93 25.31 24.65 23.67 20.26 2.37 3.13 3.35 3.49 262.67 -17.2% BARRY CALLEBAUT AG-REG 3.38 2.68 2.51 2.27 1.04 0.99 0.80 0.75 0.69 14.75 13.80 14.21 12.54 13.77 13.59 11.25 10.06 9.07 18.89 21.02 17.65 15.12 13.28 1.59 1.75 1.91 2.11 2.59 882.14 -1.7% OC OERLIKON CORP AG-REG 2.17 2.00 1.84 1.70 1.41 1.38 1.33 1.29 1.27 9.25 10.88 9.90 9.26 9.04 6.96 7.50 6.75 6.33 6.32 18.25 18.09 15.63 14.40 14.82 1.90 2.28 2.40 2.64 2.85 13.69 11.3% DKSH HOLDING LTD 4.47 3.78 3.38 3.02 2.58 0.58 0.50 0.46 0.42 0.40 25.06 20.30 18.08 16.23 18.01 15.45 13.83 12.21 10.89 9.58 28.21 24.13 21.64 19.37 17.37 1.08 1.28 1.51 1.56 1.85 80.91 4.0% PARGESA HOLDING SA-BR 0.74 0.76 0.76 0.73 1.00 11.83 19.01 19.79 17.03 25.15 13.28 10.26 46.07 51.23 36.46 33.83 44.29 15.57 12.48 10.82 3.32 3.90 4.08 4.35 70.10 2.1% FLUGHAFEN ZUERICH AG-REG 1.60 1.51 1.40 1.31 3.12 3.03 2.99 2.89 9.47 8.28 6.87 6.38 7.94 7.71 7.69 7.39 16.59 19.24 14.71 13.57 1.84 2.05 2.39 2.65 515.42 7.4% PANALPINA WELTTRANSPORT -REG 3.79 4.03 3.70 3.31 2.90 0.48 0.44 0.42 0.40 0.40 55.65 27.70 18.79 15.18 13.06 20.52 16.99 13.67 11.05 8.69 44.93 38.69 28.39 21.56 15.02 0.97 1.44 1.62 2.03 2.71 119.95 -9.8% 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% NOBEL BIOCARE HOLDING AG-REG 4.48 3.86 3.50 3.17 2.35 2.39 2.30 2.19 2.04 17.11 20.11 15.30 13.96 9.98 12.88 13.45 11.87 10.83 10.72 30.94 28.09 24.08 20.57 14.96 1.34 1.58 1.86 2.04 2.71 11.26 -16.3% BUCHER INDUSTRIES AG-REG 2.55 2.27 2.01 1.79 0.92 0.89 0.86 0.83 0.86 10.23 9.32 8.52 8.08 8.30 8.70 7.84 7.41 7.03 6.92 15.33 13.51 12.63 11.75 11.54 1.98 2.32 2.51 2.65 2.99 250.38 7.0% KABA HOLDING AG-REG B 2.56 2.36 2.17 1.99 1.60 1.55 1.50 1.43 1.38 13.26 12.68 11.75 8.66 10.13 9.39 8.68 7.93 7.26 19.12 17.23 15.54 13.66 11.85 2.41 2.74 2.94 3.33 3.63 388.33 -2.9% STRAUMANN HOLDING AG-REG 3.89 3.82 3.36 3.17 3.72 3.80 3.69 3.21 2.86 24.76 19.17 16.56 14.70 11.69 18.86 16.28 14.44 11.62 10.02 31.29 23.23 20.72 17.52 15.05 1.77 2.08 2.25 2.46 2.09 160.82 -2.5% TEMENOS GROUP AG-REG 4.55 4.10 3.58 3.08 4.02 3.76 3.51 3.23 2.95 22.64 16.81 15.86 13.46 16.52 13.94 12.15 10.74 9.75 29.56 21.76 18.58 15.81 13.39 0.00 1.36 1.50 1.69 2.50 24.23 8.2% BANQUE CANTONALE VAUDOIS-REG 1.22 1.27 1.27 1.26 4.22 4.27 4.13 4.01 3.76 10.94 11.13 11.04 10.65 14.10 14.45 13.98 13.05 6.46 6.63 6.80 6.95 506.00 2.2% VALIANT HOLDING AG-REG 0.72 0.68 0.62 0.57 3.59 3.57 3.59 3.43 3.29 12.07 12.62 12.84 11.81 3.64 3.64 3.64 3.96 100.00 13.8% KUONI REISEN HLDG-REG(CAT B) 1.80 1.81 1.65 1.50 0.25 0.25 0.31 0.29 0.23 8.77 9.16 6.97 6.21 7.07 6.13 5.39 4.87 4.15 15.94 15.39 12.47 11.19 8.39 1.05 1.09 1.83 2.15 3.31 387.75 6.2% ALLREAL HOLDING AG-REG 1.05 1.02 0.99 0.97 8.19 7.21 6.98 6.87 17.88 14.39 16.25 16.07 22.29 19.36 18.40 17.67 17.80 17.11 15.80 14.74 4.35 4.37 4.74 4.73 140.00 11.3% LOGITECH INTERNATIONAL-REG 1.81 1.86 1.76 1.62 0.73 0.75 0.74 0.73 0.70 13.33 14.57 11.85 10.37 11.55 10.04 8.32 7.89 41.54 27.02 18.44 15.07 4.81 2.50 2.71 2.86 6.99 -13.1% LUZERNER KANTONALBANK AG-REG 1.45 1.39 1.33 1.28 7.20 7.18 7.02 6.86 16.46 15.96 15.14 14.67 16.71 16.65 16.16 15.64 3.05 3.05 3.05 3.33 MOBIMO HOLDING AG-REG 0.98 0.95 0.95 0.94 9.53 9.48 9.69 9.06 9.30 19.44 21.85 21.73 21.38 21.90 23.14 21.86 23.91 23.99 23.30 23.69 21.29 22.28 22.76 21.90 4.77 4.77 4.77 4.77 4.77 210.00 11.2% TECAN GROUP AG-REG 3.53 3.18 2.87 2.53 2.80 2.71 2.47 2.20 1.97 29.88 14.20 12.50 11.36 15.55 14.10 12.36 10.18 8.52 23.62 22.97 19.36 15.40 12.23 1.35 1.57 1.81 2.11 2.42 104.17 8.1% BERNER KANTONALBANK AG-REG BELIMO HOLDING AG-REG 5.53 4.87 4.37 3.92 3.21 2.97 2.74 2.53 2.30 18.59 15.92 14.54 13.57 14.83 13.08 11.95 10.84 9.52 23.28 20.39 18.51 17.01 2.42 2.88 3.17 3.51 3.87 2305.00 -0.8% BURCKHARDT COMPRESSION HOLDI 3.64 3.25 2.96 2.80 3.16 2.79 2.56 2.41 2.37 15.83 14.89 14.26 13.65 12.50 11.93 10.42 9.33 9.44 21.43 20.22 17.45 16.03 14.87 2.43 2.94 3.46 3.83 351.80 -1.7% AMS AG 2.23 2.09 1.82 1.58 2.62 2.61 2.32 2.12 1.98 8.59 11.51 9.11 8.35 8.27 10.40 8.24 7.24 7.37 11.02 15.78 11.64 9.72 9.05 1.65 1.80 2.11 2.69 89.26 3.5% FORBO HOLDING AG-REG 1.76 1.59 1.47 1.35 1.30 1.29 1.27 1.24 1.24 10.08 9.21 8.58 8.05 7.89 8.27 7.83 7.54 7.31 16.60 15.12 13.87 12.98 10.98 1.78 1.91 2.02 2.26 2.34 715.00 4.5% ST GALLER KANTONALBANK A-REG 1.06 1.02 0.98 0.94 4.25 4.14 4.38 4.28 12.12 11.20 11.35 11.14 13.11 12.49 12.22 11.97 4.10 4.10 4.28 4.78 380.00 3.8% GRAUBUENDNER KANTONALBANK-PC 1.42 1.30 1.24 7.71 7.69 7.46 1.65 1.70 1.62 15.55 15.44 14.62 3.19 3.53 3.53 MEYER BURGER TECHNOLOGY AG 0.87 1.26 1.37 1.35 1.33 2.55 1.64 1.22 182.64 22.62 6701.73 44.49 10.13 215.11 0.00 0.00 0.00 0.00 7.42 -23.4% DAETWYLER HOLDING AG-BR 2.61 2.78 2.42 2.12 1.40 1.37 1.29 2.46 12.74 10.66 8.09 7.75 10.18 9.31 8.27 7.59 16.40 15.06 12.50 11.30 2.05 2.30 2.67 2.94 125.00 10.3% VONTOBEL HOLDING AG-REG 1.42 1.39 1.33 1.28 2.94 2.58 2.42 2.25 2.17 13.35 10.85 9.80 9.11 17.32 14.35 12.33 11.16 3.33 3.86 4.13 4.62 34.36 -2.1% EFG INTERNATIONAL AG 1.58 1.46 1.32 1.24 1.15 2.33 2.58 2.53 2.28 2.17 12.52 11.00 9.30 15.54 13.41 11.89 9.94 9.37 0.91 1.86 2.65 3.76 5.38 13.65 7.9% BASILEA PHARMACEUTICA-REG 1.65 11.70 14.37 3.82 12.42 17.23 12.36 7.09 4.14 3.94 5.34 90.26 7.06 307.71 6.62 0.00 0.00 0.00 90.00 21.9% IMPLENIA AG-REG 1.91 1.73 1.57 1.45 0.38 0.35 0.33 0.33 7.51 6.32 6.24 5.83 5.66 5.13 4.83 4.69 14.95 12.67 11.70 10.97 2.21 2.72 2.90 3.17 65.00 17.8% HUBER & SUHNER AG-REG 1.60 1.53 1.46 1.38 1.38 1.30 1.23 1.18 19.23 10.11 10.66 10.08 12.58 9.17 8.15 7.64 40.17 21.71 17.76 16.25 1.15 1.83 2.17 2.33 50.00 5.0% ZUGER KANTONALBANK-BR SCHWEIZERISCHE NATL-V AG-REG 1.05 0.99 0.94 0.90 0.57 0.58 0.56 0.57 8.78 8.99 8.49 7.60 4.51 4.62 4.88 5.14 46.80 12.5% GATEGROUP HOLDING AG 1.32 2.28 1.98 1.74 0.21 0.20 0.20 0.19 0.19 5.58 5.33 4.96 4.63 5.37 5.43 4.91 4.56 4.56 15.66 18.31 12.54 11.59 1.94 1.05 1.93 2.43 22.00 -5.0% RIETER HOLDING AG-REG 2.32 2.25 2.01 1.82 1.00 0.89 0.78 0.74 0.75 13.81 14.80 10.54 8.80 12.40 10.22 6.04 5.22 5.34 50.43 35.69 14.28 11.68 12.58 1.25 1.10 2.36 2.69 206.43 10.9% VALORA HOLDING AG-REG 1.26 1.21 1.16 1.11 0.25 0.25 0.24 0.24 0.24 6.96 5.86 5.68 5.19 5.71 8.88 7.08 6.77 6.29 6.12 12.65 12.67 11.74 10.00 9.62 4.92 6.19 6.53 7.39 8.17 194.67 -6.4% BASELLANDS KANTONALBANK-CERT EMMI AG-REG 1.47 1.34 1.24 1.16 0.48 0.44 0.43 0.42 6.18 6.46 6.14 5.93 7.87 7.56 7.30 7.10 14.93 14.50 13.64 12.82 1.34 1.42 1.51 1.56 278.33 3.9% BOSSARD HOLDING AG-BR 4.29 4.18 3.44 2.90 1.53 1.22 1.90 1.07 1.01 11.89 10.80 9.79 9.20 8.74 14.74 10.66 9.92 9.39 7.94 15.11 11.96 11.59 11.03 9.70 2.65 3.10 3.36 3.58 4.12 167.50 -8.5% SCHWEITER TECHNOLOGIES AG-BR 1.33 1.35 1.37 1.32 1.22 1.31 1.26 1.19 10.41 12.68 12.25 12.02 7.05 7.93 7.05 6.49 15.84 24.31 19.79 17.20 6.58 5.35 4.56 4.61 625.00 2.8% U-BLOX AG 3.29 2.85 2.52 2.22 2.85 2.18 1.89 1.68 31.10 15.65 13.18 11.98 13.29 9.52 8.22 7.28 29.50 19.87 16.99 14.99 1.22 1.48 1.64 1.80 84.00 10.2% INFICON HOLDING AG-REG 3.69 4.02 3.91 3.79 2.51 2.43 2.30 2.22 13.92 15.20 13.15 11.90 12.15 11.26 10.32 10.03 19.45 18.53 16.83 16.35 4.70 5.43 5.68 5.57 316.25 7.8% SIEGFRIED HOLDING AG-REG 1.48 1.61 1.58 1.45 1.53 1.44 1.40 1.33 14.07 10.71 8.69 7.11 12.39 9.23 7.05 6.00 26.59 15.29 12.00 12.15 0.68 1.62 2.17 2.40 150.00 2.7% VZ HOLDING AG 5.20 4.48 3.67 3.14 8.15 6.83 5.92 5.20 4.10 22.06 17.31 15.02 13.25 15.42 12.18 10.50 6.50 23.51 18.28 15.66 13.52 1.68 2.06 2.39 2.65 153.00 1.5% AFG ARBONIA-FORSTER HOLD-REG 1.36 1.27 1.19 1.10 0.44 0.44 0.44 0.42 0.42 6.00 5.93 5.19 4.80 7.79 7.03 6.21 5.68 5.26 34.39 16.92 11.80 9.52 8.85 0.00 1.67 2.30 2.96 3.60 35.00 11.5% BASLER KANTONALBK - PC INTERSHOP HOLDINGS AG-BR 1.26 1.22 1.20 1.19 7.81 7.75 7.30 7.69 14.71 14.64 13.76 14.77 16.99 16.93 15.72 16.71 15.59 14.94 13.78 14.80 5.95 5.95 6.11 6.11 METALL ZUG AG-SHS B-REG 1.29 1.35 1.27 1.28 1.17 1.14 1.11 1.10 5.99 5.94 5.42 5.28 20.22 15.84 13.87 13.93 2.51 2.51 2.51 2.51 2400.00 9.6% KUDELSKI SA-BR 1.54 1.42 1.28 1.17 0.77 0.76 1.30 1.27 6.42 6.68 6.11 5.51 8.61 6.61 6.15 5.92 16.25 13.04 11.46 10.71 0.90 1.34 1.56 1.71 12.38 0.7% LEM HOLDING SA-REG 8.53 8.54 2.99 2.74 2.52 2.37 17.09 16.54 15.16 14.49 12.82 12.27 10.47 9.71 19.12 19.57 15.97 14.90 4.40 4.64 5.94 5.86 KOMAX HOLDING AG-REG 1.68 1.58 1.45 1.34 1.51 1.28 1.22 1.19 15.06 9.87 9.79 8.66 16.31 7.83 7.60 7.21 28.17 14.16 12.69 11.68 1.67 2.19 2.74 2.91 138.00 11.7% LIECHTENSTEIN LANDESBANK-BR 0.66 0.64 0.61 2.50 3.02 2.91 11.57 8.02 6.64 11.25 10.51 8.29 4.07 4.61 5.69 ZEHNDER GROUP AG-BR 1.55 1.51 1.42 1.31 0.74 0.74 1.20 0.68 0.66 6.35 8.85 7.02 6.07 6.26 7.67 7.18 5.95 5.53 12.02 22.85 15.97 12.50 7.41 2.75 1.83 2.09 2.54 2.80 37.00 -8.2% VETROPACK HOLDING AG-BR 1.18 1.12 1.05 0.97 1.24 1.22 1.18 3.09 6.39 6.13 5.51 5.10 5.99 5.58 5.20 4.85 14.50 13.85 12.84 11.79 2.51 1.89 2.03 2.15 1925.00 5.2% 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 NESTLE SA-REG CHF 3.1 1 1 1 1 0 0 0 0 1 5 80337 -3934 60685 13388 190038 62987 89931 62664 4.66 1.00 18.6 1 2 1 3 1 12 0 3.4396 0 3 0 1 0 1 1 1 1 5 NOVARTIS AG-REG CHF 2.2 1 1 1 1 1 1 0 0 0 6 62795 3953 68092 11794 152316 54997 56673 69219 5.22 1.00 16.0 1 3 1 2 1 11 0 3.9889 0 3 0 1 0 1 1 1 1 5 ROCHE HOLDING AG-GENUSSCHEIN CHF 11.0 1 1 0 1 1 0 1 1 1 7 53111 11162 14334 16979 158712 48077 45499 16728 5.56 1.00 16.4 1 3 1 11 0 12 0 3.9946 0 2 0 1 0 1 1 1 1 5 UBS AG-REG CHF 1.2 0 1 0 1 0 - 0 - 0 2 1252770 - 11614 1612 53475 1208983 37754 50249 - - - - 1 1 1 1 1 1 1.0512 0 3 - - - 1 - 1 1 3 ABB LTD-REG CHF 2.8 1 1 0 1 0 1 0 0 0 4 35343 9028 15215 4112 47151 31624 39336 17446 3.71 1.00 17.4 1 1 1 3 1 12 0 3.3111 0 3 0 1 0 1 1 1 1 5 CIE FINANCIERE RICHEMON-REG CHF 3.3 1 1 1 0 0 0 0 1 0 4 14106 7097 9882 2434 33871 4282 10150 10215 7.62 1.00 16.7 1 3 1 3 1 21 0 1.3114 0 3 0 1 1 1 1 1 1 6 CREDIT SUISSE GROUP AG-REG CHF 0.8 1 0 0 0 0 - 0 - 0 1 915648 - 11809 1573 28800 881996 38313 42284 - - 27.1 1 1 1 1 1 - - 3.3693 0 3 0 0 0 1 - 1 1 3 SYNGENTA AG-REG CHF 4.2 1 1 1 0 1 0 0 1 1 6 15900 4537 5302 2550 36836 10645 14202 8756 3.87 1.00 19.7 1 3 1 4 1 27 0 2.5851 0 3 0 1 1 1 1 1 1 6 ZURICH INSURANCE GROUP AG CHF 1.1 1 1 0 0 1 - 0 - 1 4 399712 - 26311 5872 39176 372405 70446 36862 - - 10.1 1 1 1 1 1 11 0 6.8244 0 3 0 1 0 1 - 1 1 4 SWISS RE AG CHF 0.7 1 1 1 1 0 - 0 - 1 5 211693 - 25144 5751 24770 181759 33116 34026 - - 6.1 1 1 1 1 1 6 1 3.8099 0 4 - 1 1 1 - 1 1 5 SWATCH GROUP AG/THE-BR CHF 2.7 1 1 1 0 1 1 0 - 1 6 10607 6623 9200 1984 24909 1878 7796 9344 11.25 1.00 15.6 1 2 1 3 1 14 0 1.4636 0 3 0 1 1 1 1 1 1 6 HOLCIM LTD-REG CHF 1.3 1 1 1 1 1 0 0 0 1 6 33173 -36 7722 1816 21766 21593 21544 19838 1.74 1.00 34.8 1 1 1 1 1 8 1 1.719 0 4 0 0 1 1 0 1 1 4 TRANSOCEAN LTD CHF - 0 1 1 1 1 1 - 1 1 7 31268 3184 3094 1685 - 18525 9196 15730 1.53 1.00 - - - - - - - - - - 0 - - - 1 0 1 1 3 SGS SA-REG CHF 7.5 1 1 0 0 1 0 0 - 1 4 3749 1298 2052 843 15463 2876 5578 2118 6.73 1.00 27.8 1 3 1 8 1 31 0 2.8628 0 3 0 0 0 1 1 1 1 4 WEATHERFORD INTL LTD CHF - 0 1 0 1 0 0 - 0 1 3 18158 3319 3337 1163 - 13977 15215 8818 1.98 1.00 - - - - - - - - - - 0 - - - 1 - 1 1 3 SWISSCOM AG-REG CHF 4.9 1 1 1 1 1 0 1 - 1 7 12363 -360 3944 2157 20399 15938 11384 4156 2.56 1.00 11.6 1 2 1 5 1 5 1 5.5866 0 4 - 1 1 1 1 1 1 6 GIVAUDAN-REG CHF 2.4 1 1 1 1 1 1 0 0 1 7 3895 1210 3588 608 8768 2670 4257 3680 5.27 1.00 21.3 1 2 1 2 1 13 0 3.7383 0 3 0 0 1 1 1 1 1 5 JULIUS BAER GROUP LTD CHF 1.4 1 1 1 1 1 - 0 - 0 5 53232 - 4867 374 6922 49994 2029 4874 - - 22.0 1 3 1 1 1 8 1 1.8559 0 4 - 0 1 1 - 1 1 4 GEBERIT AG-REG CHF 5.3 1 1 1 1 0 1 1 - 1 7 1369 487 1427 462 7570 576 1920 1431 13.72 1.00 19.6 1 4 1 5 1 16 0 1.8868 0 3 0 1 0 1 1 1 1 5 ADECCO SA-REG CHF 2.0 1 1 0 1 0 1 0 1 0 5 5527 1032 1962 673 7347 5915 20536 3699 5.88 1.00 19.9 1 0 1 2 1 13 0 - - 3 0 1 0 1 1 1 1 5 ACTELION LTD-REG CHF 3.2 1 1 1 1 0 0 1 1 1 7 2450 1171 512 421 4916 1176 1722 1519 5.57 1.00 16.7 1 3 1 3 1 9 1 1.8378 0 4 0 1 - 1 1 1 1 5 KUEHNE & NAGEL INTL AG-REG CHF 5.5 1 1 0 1 1 1 0 0 1 6 5444 831 1727 706 13171 3854 17120 2425 6.26 1.00 27.1 1 1 1 5 1 23 0 3.1818 0 3 0 0 0 1 1 1 1 4 SCHINDLER HOLDING-PART CERT CHF 5.5 1 1 1 1 1 1 1 - 1 8 7018 1842 2768 985 15265 5009 8258 2813 4.34 1.00 21.8 1 2 1 5 1 20 0 1.6667 0 3 0 0 1 1 1 1 1 5 SONOVA HOLDING AG-REG CHF 4.8 1 1 0 1 1 1 0 1 0 6 1481 615 1604 157 7646 1046 1795 1635 7.96 1.00 68.6 1 4 1 5 1 20 0 1.4047 0 3 0 0 0 1 1 1 1 4 SIKA AG-BR CHF 2.7 1 1 1 1 1 0 1 - 1 7 3520 1454 1788 429 5360 2255 4829 2007 4.72 1.00 16.1 1 1 1 3 1 11 0 2.4171 0 3 - 1 1 1 1 1 1 6 SWATCH GROUP AG/THE-REG CHF - 1 1 1 0 1 1 - - 1 6 10607 6623 9200 1984 - 1878 7796 9344 11.25 1.00 - - - - - - - - - - 0 - - 1 1 1 1 1 5 ARYZTA AG CHF 1.5 1 1 0 1 1 0 0 0 0 4 2685 139 1648 338 3558 3048 4208 2509 3.87 1.00 26.8 1 1 1 1 1 10 0 1.2527 0 3 0 0 0 1 - 1 1 3 SWISS LIFE HOLDING AG-REG CHF 0.4 1 1 0 1 1 - 0 - 1 5 162112 - 8582 951 3876 153114 19076 10286 - - 42.1 1 0 1 0 1 3 1 3.7068 0 4 - 0 0 1 - 1 1 3 CLARIANT AG-REG CHF 1.2 1 1 0 1 0 1 0 1 0 5 7941 1726 1860 456 3653 6485 6038 3040 2.20 1.00 17.6 1 1 1 1 1 9 1 0 0 4 0 1 0 1 0 1 1 4 BALOISE HOLDING AG - REG CHF 0.8 1 1 1 1 0 - 0 - 1 5 73198 - 4608 539 3685 68654 9333 4873 - - 8.4 1 0 1 1 1 7 1 5.7325 0 4 - 1 1 1 - 1 1 5 LINDT & SPRUENGLI AG-REG CHF 4.5 1 1 1 1 1 1 1 - 1 8 2607 1027 1705 363 7747 893 2670 1727 8.09 1.00 28.8 1 3 1 4 1 21 0 - - 3 0 0 0 1 1 1 1 4 SWISS PRIME SITE-REG CHF 1.2 1 1 0 0 1 - 0 - 0 3 9065 - 1833 200 4582 5323 577 3923 - - 13.3 1 7 1 1 1 43 0 0 0 3 - 1 0 1 - 1 1 4 PARTNERS GROUP HOLDING AG CHF 7.7 1 1 1 1 0 - 0 - 1 5 826 - 694 275 5382 169 564 696 - - 20.8 1 9 1 8 1 18 0 2.9593 0 3 0 0 1 1 - 1 1 4 LONZA GROUP AG-REG CHF 1.1 1 1 0 1 1 0 0 0 1 5 5078 661 2044 336 2563 4694 3925 2406 2.04 1.00 14.0 1 1 1 1 1 4 1 4.3558 0 4 - 1 1 1 0 1 1 5 GALENICA AG-REG CHF 2.6 1 1 1 1 1 0 0 1 1 7 1895 411 1345 355 3438 1769 3608 1378 5.49 1.00 13.6 1 1 1 3 1 12 0 2.0735 0 3 0 1 0 1 1 1 1 5 DUFRY AG-REG CHF 2.8 1 1 0 1 1 1 0 1 0 6 1493 449 -117 276 3509 2158 3154 1367 3.35 1.00 26.8 1 1 1 3 1 10 0 0 0 3 - 0 0 1 1 1 1 4 LINDT & SPRUENGLI AG-PC CHF - 1 1 1 1 1 1 - - 1 7 2607 1027 1705 363 - 893 2670 1727 8.09 1.00 - - - - - - - - - - 0 - - 0 1 1 1 1 4 SULZER AG-REG CHF 2.1 1 1 0 1 1 1 0 1 0 6 3147 950 2297 421 4904 2290 4022 2304 4.34 1.00 16.0 1 1 1 2 1 10 0 2.2207 0 3 - 1 0 1 1 1 1 5 PSP SWISS PROPERTY AG-REG CHF 1.1 1 1 0 0 1 - 0 - 0 3 6354 - 2663 135 3970 2655 283 3699 - - 10.5 1 14 0 1 1 28 0 0 0 2 - 1 0 1 - 1 1 4 SCHINDLER HOLDING AG-REG CHF 5.5 1 1 1 1 1 1 1 - 1 8 7018 1842 2768 985 15265 5009 8258 2813 4.34 1.00 21.8 1 2 1 5 1 20 0 1.6667 0 3 0 0 1 1 1 1 1 5 GAM HOLDING AG CHF 1.0 1 1 1 1 0 - 1 - 1 6 922 - 206 119 2032 341 999 1953 - - 24.2 1 2 1 1 1 14 0 4.0486 0 3 - 0 - 1 - 1 1 3 HELVETIA HOLDING AG-REG CHF 0.8 1 1 1 0 1 - 1 - 0 5 42160 - 3511 438 2984 38397 7967 4100 - - 9.1 1 0 1 1 1 15 0 4.9062 0 3 0 1 1 1 - 1 1 5 FISCHER (GEORG)-REG CHF 1.2 1 1 0 1 1 1 1 - 1 7 2619 745 1085 226 1509 1613 3602 1286 2.91 1.00 9.9 1 0 1 1 1 7 1 4.0761 0 4 - 1 0 1 0 1 1 4 EMS-CHEMIE HOLDING AG-REG CHF 4.4 1 1 1 1 1 1 1 - 1 8 1645 789 1136 322 5038 526 1755 1151 10.06 1.00 18.9 1 3 1 4 1 17 0 3.4819 0 3 - 1 0 1 1 1 1 5 BARRY CALLEBAUT AG-REG CHF 3.4 1 1 0 1 0 1 0 0 1 5 3050 904 1232 356 4668 2215 4830 1362 4.21 1.00 19.4 1 1 1 3 1 28 0 1.7156 0 3 0 1 0 1 1 1 1 5 OC OERLIKON CORP AG-REG CHF 1.8 1 1 1 1 1 1 0 1 1 8 3221 1016 108 421 3364 2277 2906 1882 2.40 1.00 15.2 1 1 1 2 1 7 1 2.4155 0 4 - 1 1 1 1 1 1 6 DKSH HOLDING LTD CHF 3.6 1 1 1 0 0 1 - - 1 5 3225 971 1165 278 4185 2151 8834 1204 - - 20.7 1 0 1 4 1 22 0 0 0 3 - 0 - 1 1 1 1 4 PARGESA HOLDING SA-BR CHF 0.7 1 1 1 1 1 1 0 - 1 7 20203 2549 5282 757 5321 5929 4915 16018 1.13 1.00 12.7 1 1 1 1 1 10 1 4.1022 0 4 - 1 - 1 1 1 1 5 FLUGHAFEN ZUERICH AG-REG CHF 1.4 1 1 0 1 0 1 1 - 0 5 3759 242 962 172 2594 2208 949 1860 1.69 1.00 27.2 1 3 1 1 1 7 1 2.2472 0 4 0 0 0 1 0 1 1 3 PANALPINA WELTTRANSPORT -REG CHF 3.0 0 0 0 1 0 0 0 0 1 2 1823 527 738 -19 2196 1207 6617 750 5.65 1.00 - - 0 1 3 1 - - 2.154 0 2 - - - 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 NOBEL BIOCARE HOLDING AG-REG CHF 2.4 1 1 1 1 1 1 0 0 1 7 395 168 185 69 789 276 580 325 5.49 1.00 17.4 1 1 1 2 1 8 1 2.489 0 4 0 1 1 1 1 1 1 6 BUCHER INDUSTRIES AG-REG CHF 2.0 1 1 1 1 1 0 0 - 1 6 2097 615 878 230 1761 1341 2609 916 3.42 1.00 11.7 1 1 1 2 1 9 1 2.7778 0 4 - 1 1 1 1 1 1 6 KABA HOLDING AG-REG B CHF 2.3 1 1 0 1 1 1 1 - 0 6 692 199 -34 119 1347 374 964 599 4.40 1.00 16.0 1 1 1 2 1 12 0 3.1052 0 3 - 1 0 1 1 1 1 5 STRAUMANN HOLDING AG-REG CHF 2.7 1 1 0 1 1 0 1 1 1 7 697 210 611 61 1729 141 686 631 9.90 1.00 47.5 1 3 1 3 1 15 0 3.3482 0 3 0 0 0 1 0 1 1 3 TEMENOS GROUP AG-REG CHF 3.1 1 1 1 1 1 0 0 0 0 5 466 82 127 48 1211 516 450 387 6.57 1.00 50.1 1 3 1 3 1 15 0 1.5978 0 3 0 0 - 1 1 1 1 4 BANQUE CANTONALE VAUDOIS-REG CHF 1.6 1 1 0 1 1 - 1 - 0 5 39763 - 2249 391 4161 37189 1321 2611 - - 13.4 1 3 1 2 1 11 0 0 0 3 - 1 0 1 - 1 1 4 VALIANT HOLDING AG-REG CHF 0.8 1 1 0 1 1 - 1 - 0 5 25058 - 1048 101 1372 23441 617 1670 - - 12.8 1 2 1 1 1 10 0 2.1289 0 3 - 1 0 1 - 1 1 4 KUONI REISEN HLDG-REG(CAT B) CHF 1.5 0 1 0 1 1 0 0 0 1 4 1187 -612 -16 65 1090 1669 5845 741 3.86 1.00 - - 0 1 1 1 10 1 1.0949 0 3 - - - 1 - 1 1 3 ALLREAL HOLDING AG-REG CHF 1.2 1 1 0 0 0 - 0 - 0 2 3923 - 615 137 2248 2021 869 1907 - - 22.3 1 3 1 1 1 30 0 0 0 3 - 0 0 1 - 1 1 3 LOGITECH INTERNATIONAL-REG CHF 1.5 0 1 0 1 0 0 1 1 1 5 1008 391 704 8 1079 640 2100 734 3.80 1.00 - - 1 1 1 1 9 1 3.2463 0 3 - - - 1 - 1 1 3 LUZERNER KANTONALBANK AG-REG CHF 1.8 1 1 1 1 1 - 0 - 0 5 28044 - 1068 203 2805 26495 685 1548 - - 16.9 1 4 1 2 1 11 0 3.2836 0 3 - 1 0 1 - 1 1 4 MOBIMO HOLDING AG-REG CHF 1.1 1 1 0 0 1 - 0 - 1 4 2515 - 574 54 1357 1318 252 1201 - - 17.8 1 5 1 1 1 65 0 0 0 3 - 1 0 1 - 1 1 4 TECAN GROUP AG-REG CHF 2.8 1 1 0 0 1 1 1 0 0 5 381 248 292 52 834 118 391 303 7.93 1.00 19.6 1 2 1 3 1 336 0 0.6536 0 3 0 1 0 1 1 1 1 5 BERNER KANTONALBANK AG-REG CHF 1.5 1 1 0 0 1 - 0 - 0 3 26357 - 1328 197 2327 24857 663 1514 - - 18.5 1 4 1 2 1 162 0 2.0866 0 3 - 1 0 1 - 1 1 4 BELIMO HOLDING AG-REG CHF 4.1 1 1 1 1 1 0 0 - 0 5 326 186 245 76 1076 82 445 261 10.61 1.00 17.5 1 2 1 4 1 13 0 3.4033 0 3 - 1 1 1 1 1 1 6 BURCKHARDT COMPRESSION HOLDI CHF 3.6 1 1 1 0 1 1 0 0 1 6 569 237 331 75 1204 258 367 339 5.20 1.00 21.4 1 3 1 4 1 33 0 2.5334 0 3 - 0 0 1 1 1 1 4 AMS AG CHF 2.8 1 1 1 1 1 0 0 1 1 7 374 116 160 85 1153 224 388 410 4.78 1.00 12.7 1 3 1 3 1 8 1 - - 4 0 1 1 1 - 1 1 5 FORBO HOLDING AG-REG CHF 1.5 1 1 1 0 1 0 1 0 1 6 1185 424 817 167 1201 517 1201 817 4.27 1.00 10.4 1 1 1 1 1 13 0 - - 3 - 1 0 1 1 1 1 5 ST GALLER KANTONALBANK A-REG CHF 1.1 1 1 1 1 1 - 0 - 0 5 27598 - 1530 179 2085 25704 712 1934 - - 13.8 1 3 1 1 1 10 1 3.9894 0 4 - 1 0 1 - 1 1 4 GRAUBUENDNER KANTONALBANK-PC CHF 3.4 1 1 0 0 1 - 0 - 0 3 19364 - 550 189 2879 18486 494 877 - - 20.7 1 6 1 3 1 61 0 3.2958 0 3 - 0 0 1 - 1 1 3 MEYER BURGER TECHNOLOGY AG CHF 0.5 0 0 0 0 0 1 0 1 0 2 632 149 101 -135 325 473 645 628 0.82 0.00 - - 0 1 1 1 - - 0 0 2 - - - 1 - 1 0 2 DAETWYLER HOLDING AG-BR CHF 2.4 1 1 1 0 0 0 0 0 0 3 1070 342 453 107 1468 528 1186 551 4.67 1.00 14.3 1 1 1 2 1 11 0 3.011 0 3 - 1 0 1 1 1 1 5 VONTOBEL HOLDING AG-REG CHF 1.1 1 1 1 1 1 - 1 - 0 6 21055 - 1385 158 1787 19516 905 1574 - - 13.8 1 2 1 1 1 1 1 4.2553 0 4 - 1 1 1 - 1 1 5 EFG INTERNATIONAL AG CHF 1.1 1 1 1 0 0 - 1 - 1 5 23331 - -104 165 1305 22310 1172 1316 - - 11.3 1 1 1 1 1 12 0 1.1236 0 3 - 1 - 1 - 1 1 4 BASILEA PHARMACEUTICA-REG CHF 4.1 0 1 1 1 0 0 0 0 0 3 375 302 -760 -51 428 270 58 106 -1.43 0.00 - - 7 1 4 1 3 1 0 0 3 - - 0 1 - 1 0 2 IMPLENIA AG-REG CHF 1.2 1 1 1 1 1 1 0 - 0 6 1916 463 552 99 733 1410 2696 599 2.46 1.00 10.6 1 0 1 1 1 5 1 - - 4 - 1 0 1 0 1 1 4 HUBER & SUHNER AG-REG CHF 1.5 1 - 0 - 0 0 0 0 0 1 653 322 538 24 879 146 698 575 6.63 1.00 38.8 1 1 1 2 1 - - 1.1494 0 3 - 0 0 1 - 1 0 2 ZUGER KANTONALBANK-BR CHF 1.2 1 - 0 - 0 - 1 - 0 2 - - 932 97 1385 11174 327 1140 - - 22.6 1 4 1 1 1 - - 3.642 0 3 - 0 0 1 - 1 1 3 SCHWEIZERISCHE NATL-V AG-REG CHF 1.0 1 - 0 - 0 - 0 - 1 2 6248 - 875 128 892 5366 1591 894 - - 8.7 1 1 1 1 1 - - 4.1975 0 3 - 1 0 1 - 1 0 3 GATEGROUP HOLDING AG CHF 2.5 0 1 0 1 1 0 1 - 1 5 1088 100 112 16 626 1278 2993 255 3.29 1.00 - - 0 1 3 1 37 0 0 0 2 - - - 1 - 1 0 2 RIETER HOLDING AG-REG CHF 2.0 1 1 0 0 0 0 1 - 1 4 1050 407 348 34 737 693 889 377 2.38 1.00 24.9 1 1 1 2 1 79 0 3.7641 0 3 - 0 0 1 0 1 0 2 VALORA HOLDING AG-REG CHF 1.1 1 1 0 1 0 1 0 1 0 5 949 171 567 78 626 1027 2848 575 4.95 1.00 11.9 1 0 1 1 1 10 1 6.7531 0 4 - 1 0 1 1 1 0 4 BASELLANDS KANTONALBANK-CERT CHF 2.8 1 - 0 - 0 - 1 - 0 2 19233 - 651 174 2409 18373 567 868 - - 21.5 1 4 1 3 1 - - 2.973 0 3 - 0 0 1 - 1 1 3 EMMI AG-REG CHF 1.2 1 1 1 1 1 0 1 - 0 6 2038 333 772 145 1230 1157 2981 1165 3.34 1.00 11.6 1 0 1 1 1 5 1 1.5652 0 4 - 1 1 1 0 1 1 5 BOSSARD HOLDING AG-BR CHF 8.7 1 1 0 1 0 0 1 0 0 4 373 85 -40 48 404 326 471 50 2.55 1.00 9.3 1 1 1 9 1 7 1 4.291 0 4 - 1 0 1 1 1 0 4 SCHWEITER TECHNOLOGIES AG-BR CHF 1.1 1 1 1 1 1 1 1 - 0 7 831 483 8 52 755 217 674 667 4.96 1.00 18.5 1 1 1 1 1 9 1 2.3238 0 4 - 1 0 1 0 1 0 3 U-BLOX AG CHF 1.6 1 1 0 1 0 0 0 0 1 4 89 81 50 25 247 42 173 150 8.59 1.00 14.3 1 1 1 2 1 7 1 2.5543 0 4 - 1 0 1 1 1 0 4 INFICON HOLDING AG-REG CHF 3.1 1 1 0 1 0 1 0 1 0 5 206 125 148 50 538 44 297 172 11.30 1.00 13.3 1 2 1 3 1 11 0 - - 3 - 1 0 1 1 1 0 4 SIEGFRIED HOLDING AG-REG CHF 1.3 1 1 1 1 0 0 1 1 1 7 470 174 309 22 412 161 368 316 4.18 1.00 19.8 1 1 1 1 1 8 1 1.0499 0 4 - 1 1 1 - 1 0 4 VZ HOLDING AG CHF 3.8 1 0 0 0 0 - 1 - 0 2 1035 - 233 67 902 803 154 235 - - 16.6 1 6 1 4 1 - - 2.3043 0 3 - 1 0 1 - 1 1 4 AFG ARBONIA-FORSTER HOLD-REG CHF 0.9 0 1 0 1 1 0 0 - 1 4 1048 296 187 -18 409 708 1215 436 1.96 1.00 - - 0 1 1 1 7 1 0 0 3 - - 1 1 - 1 0 3 BASLER KANTONALBK - PC CHF 1.0 1 1 1 1 1 - 1 - 0 6 39128 - 2362 269 2797 35989 962 3139 - - 12.2 1 3 1 1 1 2 1 3.3233 0 4 - 1 1 1 - 1 1 5 INTERSHOP HOLDINGS AG-BR CHF 1.2 1 1 1 0 1 - 1 - 0 5 - - 533 54 682 710 89 554 - - 12.1 1 8 1 1 1 17 0 6.1586 0 3 - 1 0 1 - 1 0 3 METALL ZUG AG-SHS B-REG CHF 1.2 1 1 1 1 1 0 1 - 1 7 940 436 338 67 858 263 837 692 4.14 1.00 13.9 1 1 1 1 1 8 1 7.2128 1 5 - 1 0 1 0 1 0 3 KUDELSKI SA-BR CHF 1.2 1 1 1 1 0 1 0 - 1 6 723 195 -160 39 511 473 844 438 2.51 1.00 31.5 1 1 1 1 1 5 1 2.0986 0 4 - 0 - 1 0 1 0 2 LEM HOLDING SA-REG CHF 7.7 1 1 1 1 0 1 0 1 1 7 134 51 87 41 671 53 235 87 11.79 1.00 20.5 1 3 1 8 1 15 0 5.0934 0 3 - 0 0 1 1 1 0 3 KOMAX HOLDING AG-REG CHF 1.0 1 1 0 1 0 1 0 1 0 5 309 164 205 16 245 115 287 245 4.67 1.00 23.7 1 1 1 1 1 5 1 - - 4 1 0 0 1 0 1 0 3 LIECHTENSTEIN LANDESBANK-BR CHF 0.5 1 1 1 1 1 - 0 - 1 6 21153 - 1394 111 827 19639 584 1697 - - 8.8 1 1 1 1 1 1 1 5.1635 0 4 - 1 1 1 - 1 1 5 ZEHNDER GROUP AG-BR CHF 1.8 1 1 0 1 1 0 1 - 0 5 404 114 204 39 425 160 524 248 3.64 1.00 15.8 1 1 1 2 1 10 1 2.4692 0 4 - 1 0 1 0 1 0 3 VETROPACK HOLDING AG-BR CHF 1.1 1 1 1 1 1 1 1 - 0 7 742 204 613 62 691 134 604 638 5.67 1.00 8.3 1 1 1 1 1 7 1 2.0759 0 4 - 1 1 1 1 1 0 5 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 Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (03.04.2013) 70.00 52-Week Low (16.11.2012) 58.30 Daily Volume 63.35 52-Week High % Change -9.50% Dividend Yield - 52-Week Low % Change 8.66% Beta 0.77 % 52 Week Price Range High/Low 43.59% Equity Float 3'218.97 Shares Out 30.06.2013 3'224.8 Short Int - 204'291.08 1 Yr Total Return 9.52% Total Debt 27'416.00 YTD Return 9.62% Preferred Stock 0.0 Adjusted BETA 0.770 Minority Interest 1'657.0 Analyst Recs 41 Cash and Equivalents 9'296.00 Consensus Rating 3.756 Enterprise Value 228'164.08 Average Volume 5 Day 4'037'156 NESN VX EQUITY YTD Change - Average Volume 30 Day 4'146'081 NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'393'399 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 103'086.0 100'579.0 88'015.0 83'770.0 89'931.0 85'516 93'257 94'773 99'553 24'109 25'353 1.64x 1.96x 2.08x 2.23x 2.33x 0.00x 0.00x 2.34x 2.21x - - 15'533.0 16'048.0 15'611.0 15'373.0 - 0.0 0.0 17'916.9 19'122.3 - - 10.89x 12.28x 11.72x 12.17x - 0.00x 0.00x 12.73x 11.92x - - 18'039.0 10'428.0 34'233.0 9'487.0 10'228.0 0.0 0.0 10'987.1 11'836.2 - - 20.80x 19.38x 21.06x 18.18x 18.57x 0.00x 0.00x 18.29x 16.95x - - EBITDA - Long-Term Rating Date 16.08.2007 EBIT 13'388.00 Long-Term Rating AA Operating Margin 14.89% Long-Term Outlook STABLE Pretax Margin 15.50% Short-Term Rating Date 23.11.1981 Return on Assets 8.61% Short-Term Rating A-1+ Return on Common Equity 17.63% Return on Capital - EBITDA/Interest Exp. - Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin 47.2% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 15.1% Total Debt/Equity 44.9% Net Income Margin 11.4% Total Debt/Capital 30.4% Asset Turnover 0.76 Current Ratio 0.90 Net Fixed Asset Turnover 3.65 Quick Ratio 0.24 Accounts receivable turnover-days - Debt to Assets 21.82% Inventory Days 72.59 Tot Debt to Common Equity 44.94% Accounts Payable Turnover Day 101.58 Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover 5.03 Fiscal Year Ended Nestle SA Price/Volume Valuation Analysis 2'622'659.00 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 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 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 119'317'602 3.7 - 25.09.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 82'413'972 2.56 - 31.12.2012 Government CAPITAL GROUP COMPAN n/a ULT-AGG 73'166'337 2.27 (8'914'860) 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 43'559'622 1.35 (706'405) 30.08.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 38'099'853 1.18 (286'474) 30.06.2013 Unclassified UBS AG n/a ULT-AGG 35'568'651 1.1 (332'690) 26.09.2013 Unclassified SUN LIFE FINANCIAL I n/a ULT-AGG 29'540'987 0.92 1'921'300 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 22'256'091 0.69 (652'986) 31.07.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 18'952'159 0.59 (255'323) 30.08.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 18'210'070 0.56 (418'183) 30.08.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 14'542'915 0.45 3'878'565 30.04.2013 Investment Advisor CARMIGNAC GESTION Multiple Portfolios MF-AGG 13'738'810 0.43 1'149'170 28.06.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'012'758 0.4 2'709'903 30.06.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'851'701 0.37 (35'644) 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 10'626'606 0.33 284'489 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'051'508 0.31 (44'643) 28.03.2013 Investment Advisor FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 8'153'102 0.25 197'400 31.07.2013 Hedge Fund Manager EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'312'412 0.23 (179'216) 30.06.2013 Investment Advisor COVEA FINANCE SAS Multiple Portfolios MF-AGG 7'202'794 0.22 7'056'334 31.07.2013 Investment Advisor BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'838'510 0.18 264'291 26.09.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 71 12 month 27.09.2013 JPMorgan CELINE PANNUTI overweight 5 M 72 12 month 27.09.2013 AlphaValue SOPHIE CABO-BROSETA add 4 M 69 6 month 26.09.2013 Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 68 12 month 25.09.2013 Exane BNP Paribas JEFF STENT neutral 3 M 72 Not Provided 25.09.2013 SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 U 72 Not Provided 24.09.2013 Societe Generale WARREN L ACKERMAN buy 5 M 73 12 month 23.09.2013 Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013 First Global Stockbroking DEVINA MEHRA long-term outperform 5 M 82 Not Provided 18.09.2013 Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 17.09.2013 Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 17.09.2013 RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 78 12 month 13.09.2013 Goldman Sachs MITCHELL COLLETT neutral/neutral 3 M 64 12 month 12.09.2013 Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 67 Not Provided 12.09.2013 Natixis PIERRE TEGNER buy 5 M 70 Not Provided 12.09.2013 Bank am Bellevue MICHAEL HEIDER hold 3 M 65 Not Provided 05.09.2013 Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 69 12 month 05.09.2013 Nomura DAVID HAYES reduce 2 M 60 12 month 02.09.2013 Credit Suisse ALEX MOLLOY outperform 5 M 76 Not Provided 15.08.2013 Helvea ANDREAS VON ARX hold 3 M 67 12 month 15.08.2013 EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 14.08.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 12.08.2013 Investec MARTIN DEBOO hold 3 M 65 12 month 09.08.2013 Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 09.08.2013 Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 09.08.2013 Deutsche Bank HAROLD THOMPSON hold 3 M 60 12 month 08.08.2013 Jefferies ALEX HOWSON buy 5 M 74 12 month 08.08.2013 Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 08.08.2013 Independent Research GmbH LARS LUSEBRINK hold 3 M 66 12 month 08.08.2013 Kepler Cheuvreux JON COX hold 3 M 60 Not Provided 08.08.2013 S&P Capital IQ CARL SHORT hold 3 M 66 12 month 08.08.2013 Barclays LIAM ROWLEY overweight 5 M 73 Not Provided 08.08.2013 Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 22.07.2013 UBS ALAN ERSKINE neutral 3 M 65 12 month 13.06.2013 Mirabaud Securities JULIAN LAKIN hold 3 M 65 12 month 02.05.2013 HSBC CEDRIC BESNARD neutral 3 M 67 Not Provided 18.04.2013 Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 18.04.2013 National Bank AG STEFFEN MANSKE hold 3 M 64 Not Provided 24.01.2013 Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012 Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012 Holdings By: Nestle SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (22.05.2013) 73.75 52-Week Low (20.11.2012) 55.20 Daily Volume 69.7 52-Week High % Change -5.49% Dividend Yield - 52-Week Low % Change 26.27% Beta 0.88 % 52 Week Price Range High/Low 79.25% Equity Float 2'423.83 Shares Out 30.06.2013 2'706.2 Short Int - 188'621.64 1 Yr Total Return 25.58% Total Debt 19'726.00 YTD Return 25.80% Preferred Stock 0.0 Adjusted BETA 0.882 Minority Interest 126.0 Analyst Recs 30 Cash and Equivalents 8'119.00 Consensus Rating 3.933 Enterprise Value 222'290.61 Average Volume 5 Day 2'962'546 NOVN VX EQUITY YTD Change - Average Volume 30 Day 3'283'748 NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 3'168'414 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 41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 57'662.0 57'139.0 57'472.1 59'032.0 14'272.3 14'646.7 2.76x 2.72x 3.08x 2.61x 2.89x 10.61x 12.33x 3.77x 3.60x - - 12'109.0 12'318.0 15'866.0 17'818.0 16'714.0 16'889.0 16'476.0 16'751.8 17'582.2 - - 9.44x 9.79x 9.81x 8.58x 9.82x 8.96x 11.37x 13.26x 12.64x - - 8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 8'534.0 9'408.0 12'601.5 13'437.1 3'188.0 2'975.0 13.89x 14.73x 13.70x 14.94x 16.01x 15.87x 18.37x 15.00x 13.83x 14.97x 14.47x EBITDA 16'714.00 Long-Term Rating Date 07.04.2008 EBIT 11'794.00 Long-Term Rating AA- Operating Margin 20.81% Long-Term Outlook STABLE Pretax Margin 19.84% Short-Term Rating Date 14.01.1997 Return on Assets 7.85% Short-Term Rating A-1+ Return on Common Equity 14.08% Return on Capital 11.58% EBITDA/Interest Exp. 23.09 Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 19.36 Net Debt/EBITDA 0.83 Gross Margin 66.9% Total Debt/EBITDA 1.15 EBITDA Margin 28.8% EBIT Margin 20.1% Total Debt/Equity 28.5% Net Income Margin 16.8% Total Debt/Capital 22.2% Asset Turnover 0.48 Current Ratio 1.16 Net Fixed Asset Turnover 3.53 Quick Ratio 0.76 Accounts receivable turnover-days 67.96 Debt to Assets 15.88% Inventory Days 131.10 Tot Debt to Common Equity 28.55% Accounts Payable Turnover Day 88.33 Accounts Receivable Turnover 5.37 Cash Conversion Cycle 90.49 Inventory Turnover 2.78 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 Novartis AG Price/Volume Valuation Analysis 1'788'344.00 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 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 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 124'079'873 4.59 (2'058'246) 31.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 114'286'957 4.22 4'207'764 25.09.2013 Investment Advisor NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a NORGES BANK Multiple Portfolios MF-AGG 60'347'393 2.23 - 31.12.2012 Government DODGE & COX WORLDWID Multiple Portfolios MF-AGG 37'058'506 1.37 - 31.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 36'398'922 1.35 (534'812) 30.08.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 33'278'472 1.23 884'368 30.06.2013 Unclassified UBS AG n/a ULT-AGG 30'276'362 1.12 (173'119) 26.09.2013 Unclassified PICTET FUNDS n/a ULT-AGG 15'275'859 0.56 (182'751) 31.05.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'441 0.5 (145) 30.06.2013 Investment Advisor BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'705'499 0.43 (294'812) 26.09.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 10'323'016 0.38 1'160'179 26.09.2013 Investment Advisor THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'867'796 0.36 - 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'816'259 0.33 49'996 28.03.2013 Investment Advisor CARMIGNAC GESTION Multiple Portfolios MF-AGG 8'442'000 0.31 7'906'126 28.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 8'045'224 0.3 (224'496) 31.07.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 7'612'347 0.28 245'641 31.07.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 6'455'831 0.24 188'898 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 80 12 month 27.09.2013 Helvea ODILE RUNDQUIST buy 5 M 76 12 month 27.09.2013 AlphaValue ARMELLE MOULIN add 4 M 72 6 month 26.09.2013 Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 76 6 month 23.09.2013 Natixis BEATRICE MUZARD neutral 3 M 72 6 month 23.09.2013 Exane BNP Paribas FLORENT CESPEDES outperform 5 M 79 Not Provided 19.09.2013 Bank Vontobel AG ANDREW C WEISS reduce 2 M 60 Not Provided 16.09.2013 Barclays MARK PURCELL underweight 1 D 64 Not Provided 16.09.2013 Jefferies JEFFREY HOLFORD buy 5 M 80 12 month 10.09.2013 Deutsche Bank TIM RACE hold 3 M 74 12 month 04.09.2013 Credit Suisse MATTHEW WESTON outperform 5 M 79 Not Provided 29.08.2013 Societe Generale STEPHEN MCGARRY buy 5 M 82 12 month 28.08.2013 Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 20.08.2013 Liberum Capital Ltd NARESH CHOUHAN buy 5 M 85 Not Provided 16.08.2013 Berenberg Bank ALISTAIR CAMPBELL buy 5 M 83 Not Provided 26.07.2013 Bank am Bellevue BRUNO ESCHLI hold 3 M 70 Not Provided 23.07.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 22.07.2013 Kepler Cheuvreux FABIAN WENNER hold 3 M 66 Not Provided 19.07.2013 Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 75 Not Provided 17.07.2013 Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 17.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 17.07.2013 CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 12 month 17.07.2013 S&P Capital IQ SHO MATSUBARA hold 3 M 69 12 month 17.07.2013 JPMorgan RICHARD VOSSER overweight 5 M 78 9 month 10.07.2013 Redburn Partners TEAM COVERAGE neutral 3 D #N/A N/A Not Provided 14.06.2013 EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013 Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 76 12 month 17.05.2013 UBS ANDREW WHITNEY buy 5 M 80 12 month 19.03.2013 Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012 Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012 National Bank AG STEFFEN MANSKE buy 5 M 64 Not Provided 21.10.2010 Holdings By: Novartis AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (22.05.2013) 258.60 52-Week Low (16.11.2012) 174.20 Daily Volume 243.6 52-Week High % Change -5.80% Dividend Yield - 52-Week Low % Change 39.84% Beta 0.96 % 52 Week Price Range High/Low 81.52% Equity Float 701.88 Shares Out 30.06.2013 702.6 Short Int - 209'944.28 1 Yr Total Return 41.32% Total Debt 24'590.00 YTD Return 36.94% Preferred Stock 0.0 Adjusted BETA 0.963 Minority Interest 2'234.0 Analyst Recs 32 Cash and Equivalents 13'991.00 Consensus Rating 4.500 Enterprise Value 225'683.27 Average Volume 5 Day 1'013'379 ROG VX EQUITY YTD Change - Average Volume 30 Day 910'162 ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 966'270 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 45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 43'283.0 46'371.0 47'285.3 49'053.6 11'709.3 12'208.3 2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.62x 4.34x - - 16'673.0 18'936.0 18'358.0 17'894.0 19'400.0 0.0 0.0 20'096.4 21'180.6 - - 8.03x 9.38x 7.65x 8.68x 8.84x 0.00x 0.00x 11.22x 10.65x - - 8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'688.5 13'720.2 - - 15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 16.19x 15.08x - - EBITDA 19'400.00 Long-Term Rating Date 17.09.2012 EBIT 16'979.00 Long-Term Rating AA Operating Margin 37.32% Long-Term Outlook STABLE Pretax Margin 27.08% Short-Term Rating Date 01.02.2006 Return on Assets 18.86% Short-Term Rating A-1+ Return on Common Equity 95.24% Return on Capital 32.70% EBITDA/Interest Exp. 13.90 Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 12.34 Net Debt/EBITDA 0.69 Gross Margin 73.8% Total Debt/EBITDA 1.09 EBITDA Margin 42.3% EBIT Margin 37.1% Total Debt/Equity 169.7% Net Income Margin 21.0% Total Debt/Capital 59.5% Asset Turnover 0.78 Current Ratio 1.55 Net Fixed Asset Turnover 2.98 Quick Ratio 1.16 Accounts receivable turnover-days 75.45 Debt to Assets 37.94% Inventory Days 172.09 Tot Debt to Common Equity 169.66% Accounts Payable Turnover Day 50.98 Accounts Receivable Turnover 4.84 Cash Conversion Cycle 181.16 Inventory Turnover 2.12 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 Roche Holding AG Price/Volume Valuation Analysis 593'725.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 300 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 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 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 21'048'484 3 122'672 30.06.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 16'154'814 2.3 - 31.12.2012 Government CAPITAL GROUP COMPAN n/a ULT-AGG 15'092'299 2.15 (1'202'673) 31.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 12'774'878 1.82 86'423 25.09.2013 Investment Advisor PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'513'329 1.5 (85'966) 30.06.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 9'877'114 1.41 (142'317) 30.08.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 9'230'703 1.31 (674'837) 31.08.2013 Investment Advisor PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 9'115'734 1.3 101'592 31.08.2013 Investment Advisor UBS AG n/a ULT-AGG 8'102'750 1.15 (84'788) 26.09.2013 Unclassified DODGE & COX Multiple Portfolios MF-AGG 7'496'200 1.07 (220'000) 30.06.2013 Investment Advisor DODGE & COX WORLDWID Multiple Portfolios MF-AGG 7'367'775 1.05 - 31.03.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 4'770'910 0.68 102'790 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 4'700'633 0.67 1'789 31.07.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'691'073 0.67 (5'018) 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 4'440'628 0.63 (50'098) 30.08.2013 Investment Advisor BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'673'776 0.52 (16'576) 26.09.2013 Investment Advisor THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'538'214 0.5 (347'600) 31.07.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 2'973'460 0.42 230'399 31.07.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 2'644'689 0.38 (844'094) 30.04.2013 Investment Advisor ABERDEEN n/a ULT-AGG 2'368'760 0.34 (15'066) 31.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 273 12 month 27.09.2013 Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 252 6 month 27.09.2013 Societe Generale STEPHEN MCGARRY buy 5 M 312 12 month 26.09.2013 AlphaValue ARMELLE MOULIN add 4 M 252 6 month 26.09.2013 Natixis PHILIPPE LANONE buy 5 M 285 6 month 23.09.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.09.2013 Exane BNP Paribas VINCENT MEUNIER neutral 3 M 250 Not Provided 23.09.2013 Helvea ODILE RUNDQUIST buy 5 M 270 12 month 23.09.2013 JPMorgan RICHARD VOSSER overweight 5 M 280 9 month 19.09.2013 UBS ANDREW WHITNEY neutral 3 M 225 12 month 17.09.2013 Barclays MARK PURCELL overweight 5 M 258 Not Provided 16.09.2013 Jefferies JEFFREY HOLFORD buy 5 M 280 12 month 10.09.2013 Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 05.09.2013 Deutsche Bank TIM RACE buy 5 M 280 12 month 04.09.2013 Bank am Bellevue BRUNO ESCHLI buy 5 M 263 Not Provided 28.08.2013 Kepler Cheuvreux FABIAN WENNER buy 5 M 260 Not Provided 27.08.2013 Berenberg Bank ALISTAIR CAMPBELL buy 5 M 270 Not Provided 30.07.2013 Credit Suisse LUISA HECTOR outperform 5 M 270 Not Provided 26.07.2013 Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 295 12 month 26.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 26.07.2013 Bank Vontobel AG ANDREW C WEISS buy 5 M 263 Not Provided 26.07.2013 Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 290 Not Provided 25.07.2013 S&P Capital IQ SHO MATSUBARA buy 5 M 284 12 month 25.07.2013 Liberum Capital Ltd NARESH CHOUHAN buy 5 U 250 Not Provided 28.06.2013 CM - CIC Securities(ESN) ARSENE GUEKAM buy 5 U 281 12 month 18.06.2013 Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013 EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013 Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 310 12 month 17.05.2013 Mirabaud Securities NICHOLAS TURNER accumulate 4 M 262 12 month 10.05.2013 National Bank AG STEFFEN MANSKE hold 3 N 210 Not Provided 31.01.2013 Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012 MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011 Holdings By: Roche Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 UBS AG is a wealth management, investment banking, and asset management firm. The Company provides a variety of financial services to individuals, institutions, corporations, governments, and financial intermediaries around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 19.60 52-Week Low (01.10.2012) 11.29 Daily Volume 18.77 52-Week High % Change -4.23% Dividend Yield - 52-Week Low % Change 66.27% Beta 1.34 % 52 Week Price Range High/Low 90.86% Equity Float 3'469.49 Shares Out 30.06.2013 3'839.2 Short Int - 72'061.63 1 Yr Total Return 62.98% Total Debt 267'401.00 YTD Return 32.71% Preferred Stock 0.0 Adjusted BETA 1.336 Minority Interest 4'353.0 Analyst Recs 43 Cash and Equivalents 66'383.00 Consensus Rating 3.628 Enterprise Value 220'592.63 Average Volume 5 Day 8'036'652 UBSN VX EQUITY YTD Change - Average Volume 30 Day 8'223'609 UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 8'596'575 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 67'219.0 44'658.0 46'526.0 40'880.0 37'754.0 37'651.0 38'698.0 29'144.9 29'630.2 6'908.0 7'276.0 8.31x 9.51x 8.39x 9.20x 6.86x 35.58x 25.76x 37.94x 33.37x - - 37'052.0 19'874.0 20'964.0 17'464.0 15'529.0 12'178.0 13'651.0 - - - - 15.08x 21.36x 18.62x 21.53x 16.67x 0.00x 0.00x - - - - (21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 2'762.0 (2'384.0) 3'832.0 4'887.6 822.0 1'034.0 - - 7.71x 10.16x - 15.14x 0.00x 18.88x 14.51x 15.05x 13.90x EBITDA 15'529.00 Long-Term Rating Date 29.11.2011 EBIT - Long-Term Rating A Operating Margin 5.80% Long-Term Outlook STABLE Pretax Margin -4.70% Short-Term Rating Date 19.12.2008 Return on Assets -0.19% Short-Term Rating A-1 Return on Common Equity -4.68% Return on Capital -0.63% EBITDA/Interest Exp. - Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 582.6% Net Income Margin -6.7% Total Debt/Capital 84.2% Asset Turnover 0.03 Current Ratio - Net Fixed Asset Turnover 6.44 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 21.24% Inventory Days - Tot Debt to Common Equity 582.62% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended UBS AG Price/Volume Valuation Analysis 4'804'158.00 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 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 80'000.0 100'000.0 120'000.0 140'000.0 160'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 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 GIC PRIVATE LIMITED n/a ULT-AGG 245'596'591 6.4 - 12.09.2013 Government UBS AG n/a ULT-AGG 216'603'351 5.64 (20'764'353) 26.09.2013 Unclassified NORGES BANK n/a EXCH 116'490'210 3.03 - 27.09.2011 Government FMR LLC n/a ULT-AGG 101'598'767 2.65 14'311'401 30.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 62'295'964 1.62 10'743'000 31.07.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 58'798'597 1.53 (1'640'766) 30.06.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 50'539'582 1.32 (401'100) 31.05.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'747'528 1.01 4'128'293 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 32'192'049 0.84 (5'110'753) 25.09.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 29'879'115 0.78 (14'305'536) 30.06.2013 Investment Advisor ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 24'085'894 0.63 (2'534'077) 30.06.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 23'172'660 0.6 332'960 31.07.2013 Investment Advisor JP MORGAN n/a ULT-AGG 23'125'477 0.6 4'674'008 31.07.2013 Investment Advisor CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 22'168'898 0.58 4'697'001 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 21'828'303 0.57 (263'056) 31.05.2013 Investment Advisor WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'670'005 0.56 (2'974'135) 30.06.2013 Investment Advisor GOLDMAN SACHS GROUP n/a ULT-AGG 16'886'540 0.44 7'764'122 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 16'432'471 0.43 4'932'798 26.09.2013 Investment Advisor AXA n/a ULT-AGG 15'645'128 0.41 3'097'530 30.06.2013 Investment Advisor BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'105'719 0.39 752'938 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 20 12 month 27.09.2013 Nomura JON PEACE buy 5 M 20 12 month 27.09.2013 Exane BNP Paribas DANIEL DAVIES neutral 3 M 18 Not Provided 27.09.2013 AlphaValue DIETER HEIN sell 1 M 17 6 month 26.09.2013 Grupo Santander AURELIA FAURE underweight 1 M 16 12 month 25.09.2013 Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 19 12 month 25.09.2013 Macquarie PIERS BROWN outperform 5 M 21 12 month 19.09.2013 Main First Bank AG KILIAN MAIER underperform 1 M 18 12 month 18.09.2013 Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 21 12 month 16.09.2013 JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 15 month 11.09.2013 Oddo & Cie JEAN SASSUS neutral 3 M 19 Not Provided 06.09.2013 Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 02.09.2013 Berenberg Bank JAMES CHAPPELL buy 5 M 20 Not Provided 02.09.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.08.2013 Bankhaus Lampe NEIL SMITH sell 1 M 16 12 month 20.08.2013 Kepler Cheuvreux DIRK BECKER hold 3 M 19 Not Provided 20.08.2013 Helvea TIM DAWSON buy 5 M 20 12 month 15.08.2013 Barclays KIRI VIJAYARAJAH overweight 5 M 22 Not Provided 14.08.2013 Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 20 12 month 13.08.2013 Bank am Bellevue MARC DEUSTER hold 3 M 20 Not Provided 08.08.2013 Credit Suisse AMIT GOEL neutral 3 M 16 Not Provided 07.08.2013 Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 18 6 month 06.08.2013 Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 22 Not Provided 06.08.2013 Independent Research GmbH STEFAN BONGARDT hold 3 M 20 12 month 05.08.2013 Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 24 12 month 01.08.2013 Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 19 Not Provided 01.08.2013 Mirabaud Securities Claudia von Turk Myers accumulate 4 M 21 12 month 01.08.2013 Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 U 19 12 month 31.07.2013 Natixis ANTOINE BURGARD buy 5 M 20 Not Provided 31.07.2013 Deutsche Bank MATT SPICK buy 5 M 21 12 month 30.07.2013 Bankhaus Metzler GUIDO HOYMANN sell 1 M 14 12 month 30.07.2013 S&P Capital IQ FRANK BRADEN buy 5 M 20 12 month 30.07.2013 Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 26.07.2013 Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 16.07.2013 HSBC ROBERT MURPHY overweight 5 M 20 Not Provided 17.06.2013 EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013 Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 23 Not Provided 05.06.2013 Societe Generale GEOFF DAWES sell 1 M 15 12 month 29.05.2013 Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013 Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012 Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012 Hammer Partners SA ENRICO RACIOPPI buy 5 M 11 Not Provided 03.07.2012 Holdings By: UBS AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation and robotics. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (22.05.2013) 22.10 52-Week Low (16.11.2012) 16.11 Daily Volume 21.5 52-Week High % Change -2.71% Dividend Yield - 52-Week Low % Change 33.43% Beta 1.31 % 52 Week Price Range High/Low 93.32% Equity Float 2'129.96 Shares Out 30.06.2013 2'314.7 Short Int - 49'766.98 1 Yr Total Return 24.27% Total Debt 10'071.00 YTD Return 18.37% Preferred Stock 0.0 Adjusted BETA 1.311 Minority Interest 540.0 Analyst Recs 40 Cash and Equivalents 8'481.00 Consensus Rating 3.625 Enterprise Value 58'918.54 Average Volume 5 Day 4'038'883 ABBN VX EQUITY YTD Change - Average Volume 30 Day 4'178'637 ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'042'708 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 34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 38'478.0 40'706.0 41'196.7 42'819.3 10'007.0 11'297.5 0.83x 1.18x 1.42x 1.10x 1.25x 4.40x 5.03x 1.38x 1.29x 5.68x 5.04x 5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'454.0 5'736.0 6'135.8 6'763.2 1'540.7 1'687.1 5.48x 7.67x 9.49x 7.37x 9.31x 7.67x 9.36x 9.61x 8.72x 9.27x 9.14x 3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 2'961.0 2'790.0 3'323.7 3'812.3 844.5 959.8 10.76x 15.27x 19.85x 13.65x 17.40x 12.71x 17.77x 16.37x 14.40x 15.82x - EBITDA 5'294.00 Long-Term Rating Date 08.06.2010 EBIT 4'112.00 Long-Term Rating A Operating Margin 10.45% Long-Term Outlook STABLE Pretax Margin 9.76% Short-Term Rating Date 08.06.2010 Return on Assets 6.14% Short-Term Rating A-1 Return on Common Equity 17.59% Return on Capital 12.54% EBITDA/Interest Exp. 18.07 Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 13.66 Net Debt/EBITDA 0.60 Gross Margin 28.9% Total Debt/EBITDA 1.42 EBITDA Margin 14.1% EBIT Margin 10.9% Total Debt/Equity 59.6% Net Income Margin 6.9% Total Debt/Capital 36.6% Asset Turnover 0.90 Current Ratio 1.48 Net Fixed Asset Turnover 7.28 Quick Ratio 0.88 Accounts receivable turnover-days - Debt to Assets 20.52% Inventory Days 80.03 Tot Debt to Common Equity 59.57% Accounts Payable Turnover Day 60.35 Accounts Receivable Turnover - Cash Conversion Cycle 89.35 Inventory Turnover 4.56 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 ABB Ltd Price/Volume Valuation Analysis 2'629'471.00 Current Price (9/dd/yy) Market Data 0 5 10 15 20 25 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 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 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 INVESTOR AB n/a Co File 182'030'142 7.86 - 31.12.2012 Investment Advisor BLACKROCK n/a ULT-AGG 89'890'147 3.88 30'384 25.09.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 53'617'789 2.32 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 33'715'781 1.46 (536'391) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 33'301'443 1.44 1'544'794 30.06.2013 Unclassified SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 29'672'514 1.28 14'183'006 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 26'630'146 1.15 (151'716) 26.09.2013 Unclassified HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 30.06.2013 Investment Advisor NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'834'513 0.99 (788'859) 30.08.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 15'192'696 0.66 (188'601) 31.05.2013 Investment Advisor SEB n/a ULT-AGG 14'366'955 0.62 2'632'729 26.08.2013 Unclassified AMF FONDER AB Multiple Portfolios MF-AGG 11'080'901 0.48 1'637'501 31.03.2013 Investment Advisor SKAGEN AS Multiple Portfolios MF-AGG 10'641'737 0.46 - 30.08.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 9'900'000 0.43 - 30.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 9'138'977 0.39 655'463 26.09.2013 Investment Advisor HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 8'261'233 0.36 248'815 30.08.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 7'809'229 0.34 25'220 28.03.2013 Investment Advisor FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 7'750'666 0.33 1'685'882 31.03.2013 Investment Advisor NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 5'905'912 0.26 5'427'446 31.07.2013 Insurance Company OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'368'860 0.23 463'740 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date RBC Capital Markets ANDREW CARTER sector perform 3 M 23 12 month 26.09.2013 AlphaValue HEINZ STEFFEN reduce 2 D 22 6 month 26.09.2013 Barclays JAMES STETTLER equalweight 3 M 21 Not Provided 18.09.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013 Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 D 23 Not Provided 09.09.2013 Exane BNP Paribas OLIVIER ESNOU underperform 1 M 22 Not Provided 09.09.2013 HSBC COLIN GIBSON underweight 1 D 20 Not Provided 28.08.2013 Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.08.2013 Goldman Sachs DANIELA COSTA neutral/neutral 3 D 21 12 month 01.08.2013 EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 30.07.2013 Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.07.2013 Societe Generale SEBASTIEN GRUTER buy 5 M 24 12 month 26.07.2013 Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 20 12 month 26.07.2013 Bank am Bellevue MICHAEL ROOST hold 3 M 20 Not Provided 26.07.2013 Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 26.07.2013 UBS FREDRIC STAHL buy 5 M 23 12 month 26.07.2013 JPMorgan ANDREAS WILLI underweight 1 M 22 15 month 26.07.2013 Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 26.07.2013 Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 26.07.2013 Nordea Equity Research ANDREAS BROCK buy 5 M 23 12 month 26.07.2013 Berenberg Bank WILLIAM MACKIE hold 3 M 20 Not Provided 26.07.2013 Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 24 Not Provided 26.07.2013 Danske Markets CARL GUSTAFSSON buy 5 M 25 12 month 26.07.2013 Deutsche Bank MARTIN WILKIE hold 3 M 20 12 month 25.07.2013 ABG Sundal Collier ANDERS IDBORG buy 5 M 24 6 month 25.07.2013 Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 22 Not Provided 25.07.2013 SEB Enskilda DANIEL SCHMIDT buy 5 M 22 Not Provided 25.07.2013 Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.07.2013 Canaccord Genuity Corp ANDREW BELL hold 3 M 20 12 month 25.07.2013 Handelsbanken HAMPUS ENGELLAU buy 5 M 27 12 month 25.07.2013 Swedbank MATS LISS buy 5 M 23 12 month 25.07.2013 Natixis ARNAUD SCHMIT neutral 3 M 20 Not Provided 25.07.2013 Nomura DANIEL CUNLIFFE buy 5 M 27 12 month 25.07.2013 S&P Capital IQ JAWAHAR HINGORANI hold 3 M 22 12 month 25.07.2013 Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 25.07.2013 Baden Hill LLP NICHOLAS WOODIFIELD buy 5 M #N/A N/A Not Provided 09.07.2013 Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 22 Not Provided 15.05.2013 Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 17.04.2013 Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012 Holdings By: ABB Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Compagnie Financiere Richemont SA, through subsidiaries, manufactures and retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear. Latest Fiscal Year: 03/2013 LTM as of: 03/yy 52-Week High (14.08.2013) 96.15 52-Week Low (28.09.2012) 56.40 Daily Volume 91.65 52-Week High % Change -4.68% Dividend Yield - 52-Week Low % Change 62.50% Beta 1.42 % 52 Week Price Range High/Low 88.05% Equity Float 521.72 Shares Out 31.03.2013 522.0 Short Int - 52'625.43 1 Yr Total Return 61.38% Total Debt 1'938.00 YTD Return 29.74% Preferred Stock 0.0 Adjusted BETA 1.422 Minority Interest (1.0) Analyst Recs 37 Cash and Equivalents 5'155.00 Consensus Rating 3.919 Enterprise Value 39'748.66 Average Volume 5 Day 1'133'975 CFR VX EQUITY YTD Change - Average Volume 30 Day 1'016'041 CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'001'796 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 5'418.0 5'176.0 6'892.0 8'868.0 10'150.0 6'430.0 9'697.0 11'034.6 12'075.7 - - 1.05x 2.82x 2.72x 2.56x 3.02x 0.00x 0.00x 3.52x 3.12x - - 1'345.0 1'259.0 1'669.0 2'387.0 2'817.0 0.0 0.0 3'087.4 3'455.9 - - 4.23x 11.59x 11.22x 9.50x 10.88x 0.00x 0.00x 12.89x 11.52x - - 1'075.0 599.0 1'090.0 1'544.0 2'013.0 0.0 0.0 2'246.9 2'507.9 - - 8.94x 26.38x 20.65x 16.70x 16.74x 0.00x 0.00x 18.71x 16.67x - - EBITDA 2'817.00 Long-Term Rating Date - EBIT 2'434.00 Long-Term Rating - Operating Margin 23.98% Long-Term Outlook - Pretax Margin 23.40% Short-Term Rating Date - Return on Assets 15.33% Short-Term Rating - Return on Common Equity 21.45% Return on Capital - EBITDA/Interest Exp. 74.13 Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 58.55 Net Debt/EBITDA -1.14 Gross Margin 64.2% Total Debt/EBITDA 0.69 EBITDA Margin 27.8% EBIT Margin 24.0% Total Debt/Equity 19.0% Net Income Margin 19.8% Total Debt/Capital 15.9% Asset Turnover 0.77 Current Ratio 3.05 Net Fixed Asset Turnover 6.12 Quick Ratio 1.66 Accounts receivable turnover-days 19.01 Debt to Assets 13.37% Inventory Days 401.84 Tot Debt to Common Equity 18.97% Accounts Payable Turnover Day 112.06 Accounts Receivable Turnover 19.21 Cash Conversion Cycle 308.78 Inventory Turnover 0.91 Fiscal Year Ended Cie Financiere Richemont SA Price/Volume Valuation Analysis 680'609.00 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 4.0 M 4.5 M 5.0 M 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 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 02.04.2010 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 NORGES BANK Multiple Portfolios MF-AGG 12'658'931 2.43 - 31.12.2012 Government CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'746'169 2.25 (681'540) 28.06.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'166'906 1.76 - 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 8'156'154 1.56 299'861 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 8'091'303 1.55 42'933 30.06.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 7'296'213 1.4 (65'642) 30.08.2013 Investment Advisor GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'797'657 1.3 (528'190) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 6'008'746 1.15 (61'543) 26.09.2013 Unclassified OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'474'079 0.86 133'758 31.07.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 3'734'915 0.72 112'100 31.07.2013 Investment Advisor HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 3'662'500 0.7 1'093'200 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 3'492'016 0.67 (42'645) 30.08.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 3'136'188 0.6 180'971 31.07.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'005'205 0.58 134'902 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 2'208'497 0.42 425'944 31.07.2013 Investment Advisor JANUS CAPITAL MANAGE n/a ULT-AGG 2'207'609 0.42 (3'188'126) 30.06.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 2'077'106 0.4 (1'092'819) 30.04.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 1'897'534 0.36 166'100 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'535'081 0.29 21'369 28.03.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 1'460'368 0.28 188'677 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 105 12 month 27.09.2013 Aurel - BGC DAVID DA MAIA hold 3 M 96 6 month 27.09.2013 Societe Generale THIERRY COTA buy 5 M 115 12 month 26.09.2013 Credit Suisse ROGERIO FUJIMORI outperform 5 M 100 Not Provided 26.09.2013 Nomura CHRISTOPHER WALKER buy 5 M 105 12 month 26.09.2013 Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 110 Not Provided 26.09.2013 AlphaValue VIRGINIE BLIN reduce 2 M 84 6 month 26.09.2013 Renaissance Capital REY WIUM hold 3 M 89 Not Provided 23.09.2013 Cantor Fitzgerald ALLEGRA PERRY hold 3 M 90 Not Provided 20.09.2013 Mirabaud Securities ALESSANDRO MIGLIORINI accumulate 4 N 110 12 month 20.09.2013 Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 86 12 month 13.09.2013 Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 97 12 month 13.09.2013 Morgan Stanley NATASHA MOOLMAN Equalwt/In-Line 3 M 80 12 month 12.09.2013 JPMorgan MELANIE A FLOUQUET neutral 3 M 95 18 month 12.09.2013 Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 12.09.2013 Independent Research GmbH LARS LUSEBRINK hold 3 M 99 12 month 12.09.2013 Oddo & Cie LEOPOLD AUTHIE buy 5 M 100 Not Provided 12.09.2013 Bryan Garnier & Cie LOIC MORVAN buy 5 M 95 6 month 12.09.2013 S&P Capital IQ WILLIAM MACK buy 5 M 105 12 month 12.09.2013 Main First Bank AG MATTHIAS EIFERT underperform 1 M 85 12 month 12.09.2013 Berenberg Bank JOHN GUY hold 3 M 86 Not Provided 10.09.2013 HSBC ERWAN RAMBOURG overweight 5 M 104 Not Provided 05.09.2013 Barclays HELEN NORRIS overweight 5 M 107 Not Provided 28.08.2013 Macquarie WYNAND VAN ZYL outperform 5 M 109 12 month 19.08.2013 Bank am Bellevue SERGE MONNERAT hold 3 M 72 Not Provided 13.08.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.07.2013 Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 17.07.2013 BNP Paribas Cadiz Securities JASMINE LIN hold 3 M 87 12 month 15.07.2013 Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 121 12 month 17.05.2013 Bank Vontobel AG RENE WEBER hold 3 M 90 Not Provided 17.05.2013 Kepler Cheuvreux JON COX buy 5 M 100 Not Provided 17.05.2013 Natixis JOSEPHINE CHEVALLIER neutral 3 M 75 Not Provided 17.05.2013 UBS EVA QUIROGA buy 5 M 93 12 month 16.05.2013 ISI Group OMAR SAAD strong buy 5 M 105 12 month 16.05.2013 Investec THANE DUFF hold 3 M 87 12 month 25.03.2013 EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013 Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012 Holdings By: Cie Financiere Richemont SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (21.05.2013) 29.32 52-Week Low (28.09.2012) 19.27 Daily Volume 27.71 52-Week High % Change -5.49% Dividend Yield - 52-Week Low % Change 43.82% Beta 1.55 % 52 Week Price Range High/Low 82.49% Equity Float 1'423.56 Shares Out 30.06.2013 1'577.8 Short Int - 43'720.66 1 Yr Total Return 40.71% Total Debt 330'510.00 YTD Return 28.00% Preferred Stock 0.0 Adjusted BETA 1.555 Minority Interest 6'786.0 Analyst Recs 42 Cash and Equivalents 63'708.00 Consensus Rating 3.762 Enterprise Value - Average Volume 5 Day 4'926'025 CSGN VX EQUITY YTD Change - Average Volume 30 Day 4'427'638 CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'343'189 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 48'697.0 51'547.0 50'345.0 42'693.0 38'313.0 39'473.0 37'976.0 26'811.1 27'706.8 6'539.3 6'638.7 - - - - - 0.00x 0.00x 32.73x 31.58x - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - (8'218.0) 6'724.0 5'098.0 1'953.0 1'349.0 878.0 2'999.0 4'146.9 4'913.0 1'002.3 994.3 - 9.96x 9.59x 16.11x 27.15x 42.10x 15.43x 10.83x 9.25x 9.47x - EBITDA - Long-Term Rating Date 02.07.2013 EBIT - Long-Term Rating A- Operating Margin 6.73% Long-Term Outlook STABLE Pretax Margin 9.34% Short-Term Rating Date 27.07.2012 Return on Assets 0.31% Short-Term Rating NR Return on Common Equity 6.10% Return on Capital 0.85% 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 931.1% Net Income Margin 5.8% Total Debt/Capital 88.7% Asset Turnover 0.04 Current Ratio - Net Fixed Asset Turnover 6.17 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 35.76% Inventory Days - Tot Debt to Common Equity 931.07% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Credit Suisse Group AG Price/Volume Valuation Analysis 2'465'989.00 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 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 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 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 CRESCENT HOLDING GMB n/a EXCH 88'475'201 5.61 - 25.02.2013 Investment Advisor QATAR INVESTMENT AUT n/a Co File 74'953'677 4.75 - 31.12.2012 Government DODGE & COX n/a Co File 65'086'135 4.13 - 31.12.2012 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 55'202'293 3.5 - 12.09.2013 Investment Advisor DODGE & COX WORLDWID Multiple Portfolios MF-AGG 46'888'695 2.97 - 31.03.2013 Investment Advisor NORGES BANK n/a EXCH 40'786'715 2.59 - 12.03.2013 Government CAPITAL GROUP COMPAN n/a ULT-AGG 40'357'258 2.56 5'478'521 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 39'533'428 2.51 - 25.09.2013 Investment Advisor HARRIS ASSOCIATES LP n/a Co File 37'800'423 2.4 - 31.12.2012 Investment Advisor KOOR INDUSTRIES LTD n/a Research 31'060'000 1.97 - 22.07.2013 Holding Company VANGUARD GROUP INC n/a ULT-AGG 22'494'902 1.43 2'707'602 30.06.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 20'576'142 1.3 254'233 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 16'713'467 1.06 273'715 26.09.2013 Unclassified T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'867'359 0.82 (240'419) 30.06.2013 Investment Advisor WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'624'475 0.55 3'918'148 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 7'471'729 0.47 147'795 31.05.2013 Investment Advisor ONTARIO TEACHERS PEN n/a Research 6'965'852 0.44 - 31.12.2012 Pension Fund (ERISA) OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'379'886 0.34 382'485 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 4'492'368 0.28 72'189 28.03.2013 Investment Advisor CREDIT SUISSE n/a EXCH 4'392'336 0.28 (33'747'664) 05.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date RBC Capital Markets FIONA SWAFFIELD outperform 5 M 33 12 month 27.09.2013 Nomura JON PEACE buy 5 M 33 12 month 27.09.2013 Exane BNP Paribas DANIEL DAVIES outperform 5 M 31 Not Provided 27.09.2013 AlphaValue DIETER HEIN add 4 M 30 6 month 26.09.2013 Macquarie PIERS BROWN outperform 5 M 33 12 month 19.09.2013 Main First Bank AG KILIAN MAIER outperform 5 M 32 12 month 18.09.2013 Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 31 12 month 16.09.2013 Independent Research GmbH STEFAN BONGARDT buy 5 M 35 12 month 12.09.2013 JPMorgan KIAN ABOUHOSSEIN overweight 5 M 34 15 month 11.09.2013 Oddo & Cie JEAN SASSUS neutral 3 M 27 Not Provided 06.09.2013 Bankhaus Lampe NEIL SMITH sell 1 M 25 12 month 02.09.2013 Berenberg Bank JAMES CHAPPELL sell 1 M 13 Not Provided 02.09.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.08.2013 Helvea TIM DAWSON hold 3 M 30 12 month 15.08.2013 Barclays JEREMY SIGEE equalweight 3 M 28 Not Provided 14.08.2013 Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 33 12 month 13.08.2013 Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 36 12 month 07.08.2013 Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 32 12 month 01.08.2013 HSBC ROBERT MURPHY neutral 3 M 29 Not Provided 01.08.2013 Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 28 6 month 30.07.2013 Bank Vontobel AG TERESA NIELSEN hold 3 M 28 Not Provided 30.07.2013 EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 30.07.2013 Bank am Bellevue MARC DEUSTER hold 3 M 27 Not Provided 29.07.2013 Natixis ANTOINE BURGARD neutral 3 M 25 Not Provided 29.07.2013 UBS DANIELE BRUPBACHER buy 5 M 33 12 month 26.07.2013 Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 26.07.2013 Mirabaud Securities Claudia von Turk Myers accumulate 4 M 29 12 month 26.07.2013 Canaccord Genuity Corp ARUN MELMANE hold 3 M 28 12 month 26.07.2013 Bankhaus Metzler GUIDO HOYMANN sell 1 M 23 12 month 26.07.2013 Kepler Cheuvreux DIRK BECKER buy 5 M 32 Not Provided 26.07.2013 Deutsche Bank MATT SPICK hold 3 M 28 12 month 25.07.2013 Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 28 Not Provided 25.07.2013 S&P Capital IQ FRANK BRADEN hold 3 M 30 12 month 25.07.2013 Grupo Santander AURELIA FAURE buy 5 U 33 12 month 23.07.2013 Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 16.07.2013 Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013 Societe Generale GEOFF DAWES buy 5 M 36 12 month 29.05.2013 Liberum Capital Ltd CORMAC LEECH hold 3 M 24 Not Provided 18.04.2013 Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013 Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012 Hammer Partners SA ENRICO RACIOPPI sell 1 M 21 Not Provided 03.07.2012 Holdings By: Credit Suisse Group AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (15.03.2013) 416.00 52-Week Low (23.10.2012) 341.00 Daily Volume 374.9 52-Week High % Change -9.88% Dividend Yield - 52-Week Low % Change 9.94% Beta 0.83 % 52 Week Price Range High/Low 42.80% Equity Float 92.99 Shares Out 30.06.2013 93.1 Short Int - 34'912.99 1 Yr Total Return 10.67% Total Debt 3'348.00 YTD Return 4.75% Preferred Stock 0.0 Adjusted BETA 0.828 Minority Interest 11.0 Analyst Recs 30 Cash and Equivalents 1'599.00 Consensus Rating 3.933 Enterprise Value 41'755.79 Average Volume 5 Day 194'843 SYNN VX EQUITY YTD Change - Average Volume 30 Day 184'917 SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 214'747 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 06/13 Q2 09/13 Q3 11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 8'265.0 14'327.0 15'041.4 16'062.4 4'062.5 2'922.4 1.71x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.66x 2.45x - - 2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'313.7 3'662.7 - - 7.99x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 12.58x 11.38x - - 1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'171.7 2'418.5 1'867.0 - 12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 17.80x 15.80x - - EBITDA 3'148.00 Long-Term Rating Date 15.06.2007 EBIT 2'550.00 Long-Term Rating A Operating Margin 17.96% Long-Term Outlook STABLE Pretax Margin 15.15% Short-Term Rating Date 15.06.2007 Return on Assets 8.86% Short-Term Rating A-1 Return on Common Equity 20.64% Return on Capital - EBITDA/Interest Exp. 22.17 Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 18.59 Net Debt/EBITDA 1.03 Gross Margin 49.2% Total Debt/EBITDA 1.28 EBITDA Margin 21.3% EBIT Margin 17.2% Total Debt/Equity 38.3% Net Income Margin 13.2% Total Debt/Capital 27.7% Asset Turnover 0.71 Current Ratio 1.71 Net Fixed Asset Turnover 4.65 Quick Ratio 0.75 Accounts receivable turnover-days 139.15 Debt to Assets 17.26% Inventory Days 205.65 Tot Debt to Common Equity 38.28% Accounts Payable Turnover Day 171.60 Accounts Receivable Turnover 2.62 Cash Conversion Cycle 154.33 Inventory Turnover 1.77 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 Syngenta AG Price/Volume Valuation Analysis 135'200.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 300 350 400 450 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 .2 M .3 M .4 M .5 M .6 M .7 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 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 BLACKROCK n/a ULT-AGG 4'640'124 4.98 - 25.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 4'634'983 4.98 - 31.07.2013 Investment Advisor BANK OF NEW YORK n/a EXCH 4'254'126 4.57 346'967 31.08.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 2'118'825 2.28 - 31.12.2012 Government VANGUARD GROUP INC n/a ULT-AGG 1'931'441 2.07 74'211 30.06.2013 Unclassified HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'664'500 1.79 - 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 1'641'455 1.76 (305'702) 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 1'370'675 1.47 (14'655) 31.05.2013 Investment Advisor THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'072'410 1.15 88'036 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 1'046'667 1.12 (10'416) 31.08.2013 Unclassified JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 646'762 0.69 (14'044) 31.07.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 573'332 0.62 (6'267) 31.05.2013 Investment Advisor MANNING & NAPIER ADV Multiple Portfolios MF-AGG 536'300 0.58 (76'790) 31.12.2012 Investment Advisor THREADNEEDLE n/a ULT-AGG 517'654 0.56 100'622 31.05.2013 Unclassified SCHRODER INVESTMENT Multiple Portfolios MF-AGG 442'762 0.48 172'658 30.08.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 374'611 0.4 (2'648) 26.09.2013 Investment Advisor DWS INVESTMENTS Multiple Portfolios MF-AGG 307'864 0.33 (102'869) 31.05.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 296'779 0.32 103'930 31.07.2013 Investment Advisor WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 282'549 0.3 (310'200) 30.06.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 281'193 0.3 70'471 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 313 12 month 27.09.2013 Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 430 12 month 27.09.2013 AlphaValue FABRICE FARIGOULE buy 5 M 466 6 month 19.09.2013 Credit Suisse CHRIS COUNIHAN outperform 5 M 420 Not Provided 18.09.2013 Exane BNP Paribas JAMES KNIGHT neutral 3 M 371 Not Provided 13.09.2013 Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 12.09.2013 Liberum Capital Ltd SOPHIE JOURDIER hold 3 M 400 Not Provided 05.09.2013 JPMorgan MARTIN EVANS neutral 3 M 376 15 month 04.09.2013 Macquarie CHRISTIAN FAITZ outperform 5 M 430 12 month 04.09.2013 Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 500 12 month 30.08.2013 Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 22.08.2013 Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 19.08.2013 Bank am Bellevue BRUNO ESCHLI buy 5 M 435 Not Provided 15.08.2013 Main First Bank AG RONALD KOEHLER outperform 5 M 415 12 month 14.08.2013 Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 13.08.2013 Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 410 Not Provided 05.08.2013 EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 30.07.2013 UBS THOMAS GILBERT sell 1 M 330 12 month 29.07.2013 Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 25.07.2013 Barclays ANDREAS HEINE equalweight 3 M 389 Not Provided 25.07.2013 Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 380 12 month 24.07.2013 Jefferies LAURENCE ALEXANDER hold 3 M 400 12 month 24.07.2013 Nomura PATRICK LAMBERT buy 5 M 488 12 month 24.07.2013 S&P Capital IQ JACOB THRANE hold 3 M 395 12 month 24.07.2013 HSBC GEOFF HAIRE neutral 3 M 420 Not Provided 12.07.2013 Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 510 Not Provided 02.07.2013 Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 01.07.2013 Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 27.06.2013 National Bank AG STEFFEN MANSKE buy 5 M 280 Not Provided 09.02.2009 Holdings By: Syngenta AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (15.05.2013) 270.90 52-Week Low (16.11.2012) 205.94 Daily Volume 233.3 52-Week High % Change -13.88% Dividend Yield - 52-Week Low % Change 13.29% Beta 1.12 % 52 Week Price Range High/Low 42.43% Equity Float 148.14 Shares Out 30.06.2013 148.3 Short Int - 34'598.42 1 Yr Total Return 5.92% Total Debt 12'521.00 YTD Return 2.40% Preferred Stock 0.0 Adjusted BETA 1.122 Minority Interest 2'368.0 Analyst Recs 37 Cash and Equivalents 9'098.00 Consensus Rating 3.486 Enterprise Value 45'270.01 Average Volume 5 Day 415'903 ZURN VX EQUITY YTD Change - Average Volume 30 Day 544'884 ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 427'063 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 32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 57'825.0 71'670.0 58'779.0 59'959.4 - - 0.99x 0.50x 0.64x 0.73x 0.64x 2.74x 2.52x 0.90x 0.89x - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 3'039.0 3'963.0 3'428.0 3'750.0 3'878.0 4'006.0 3'505.0 4'113.7 4'370.9 973.3 948.3 9.86x 7.83x 10.92x 8.80x 10.08x 8.20x 10.84x 9.51x 8.87x 8.58x 8.13x EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 8.34% Long-Term Outlook - Pretax Margin 7.48% Short-Term Rating Date - Return on Assets 0.89% Short-Term Rating - Return on Common Equity 11.07% Return on Capital 8.86% EBITDA/Interest Exp. - Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 36.3% Net Income Margin 5.5% Total Debt/Capital 25.4% Asset Turnover 0.18 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 3.06% Inventory Days - Tot Debt to Common Equity 36.30% 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 Zurich Insurance Group AG Price/Volume Valuation Analysis 202'984.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 300 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 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 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 6'850'568 4.62 (70'756) 25.09.2013 Investment Advisor ABERDEEN n/a ULT-AGG 4'538'439 3.06 (23'127) 31.08.2013 Investment Advisor NORGES BANK n/a EXCH 4'495'862 3.03 - 23.06.2011 Government CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 2'166'943 1.46 (35'608) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 1'906'015 1.29 39'029 30.06.2013 Unclassified FRANKLIN RESOURCES n/a ULT-AGG 1'867'766 1.26 (35'516) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 1'811'166 1.22 30'497 26.09.2013 Unclassified FMR LLC n/a ULT-AGG 1'623'819 1.09 (173'068) 31.07.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 1'224'016 0.83 (653'336) 30.04.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 801'694 0.54 31'191 31.07.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 790'605 0.53 (14'638) 31.05.2013 Investment Advisor TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 606'910 0.41 93'692 26.09.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 569'132 0.38 2'471 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 491'146 0.33 (4'854) 28.03.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 477'153 0.32 3'271 31.07.2013 Investment Advisor WADDELL & REED FINAN n/a ULT-AGG 433'600 0.29 433'600 30.06.2013 Investment Advisor UMB BANK N A Multiple Portfolios MF-AGG 389'064 0.26 - 31.07.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 381'497 0.26 (4'502) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 250 12 month 26.09.2013 Berenberg Bank PETER ELIOT buy 5 M 275 Not Provided 26.09.2013 AlphaValue DIETER HEIN buy 5 M 312 6 month 26.09.2013 Canaccord Genuity Corp BEN COHEN hold 3 M 245 12 month 20.09.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2013 Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 246 12 month 18.09.2013 Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 286 12 month 17.09.2013 Helvea DANIEL BISCHOF buy 5 M 265 12 month 12.09.2013 Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 295 Not Provided 11.09.2013 Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 09.09.2013 Raymond James RAPHAEL CARUSO outperform 5 M 272 12 month 02.09.2013 Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 02.09.2013 Nomura MICHAEL KLIEN neutral 3 M 280 12 month 30.08.2013 Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 U 230 Not Provided 29.08.2013 Exane BNP Paribas NICCOLO DALLA PALMA outperform 5 M 296 Not Provided 22.08.2013 Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 21.08.2013 Barclays ANDREW BROADFIELD equalweight 3 U 224 Not Provided 21.08.2013 Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 265 12 month 19.08.2013 HSBC DHRUV GAHLAUT neutral 3 M 260 Not Provided 19.08.2013 Independent Research GmbH STEFAN BONGARDT hold 3 M 270 12 month 19.08.2013 Bank am Bellevue ANDREAS FRICK hold 3 M 240 Not Provided 16.08.2013 Credit Suisse RICHARD BURDEN neutral 3 M 273 Not Provided 16.08.2013 Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 260 Not Provided 16.08.2013 RBC Capital Markets GORDON AITKEN outperform 5 M 290 12 month 15.08.2013 Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 15.08.2013 Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 15.08.2013 Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 308 6 month 15.08.2013 S&P Capital IQ RODERICK WALLACE hold 3 U 245 12 month 15.08.2013 DZ Bank AG THORSTEN WENZEL sell 1 M 235 Not Provided 15.08.2013 Deutsche Bank OLIVER STEEL hold 3 M 265 12 month 25.07.2013 EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 15.07.2013 UBS JAMES SHUCK neutral 3 M 250 12 month 09.07.2013 Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 20.06.2013 JPMorgan MICHAEL HUTTNER underweight 1 D 240 3 month 07.06.2013 Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 20.05.2013 Holdings By: Zurich Insurance Group AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (26.09.2013) 76.50 52-Week Low (01.10.2012) 54.55 Daily Volume 76 52-Week High % Change -0.65% Dividend Yield - 52-Week Low % Change 39.33% Beta 1.09 % 52 Week Price Range High/Low 97.72% Equity Float 369.70 Shares Out 30.06.2013 370.7 Short Int - 28'173.73 1 Yr Total Return 37.36% Total Debt 19'898.00 YTD Return 27.14% Preferred Stock 0.0 Adjusted BETA 1.087 Minority Interest 24.0 Analyst Recs 35 Cash and Equivalents 10'837.00 Consensus Rating 3.686 Enterprise Value 39'038.05 Average Volume 5 Day 881'469 SREN VX EQUITY YTD Change - Average Volume 30 Day 881'302 SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 889'867 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 24'011.8 30'624.0 28'484.0 27'797.0 33'116.0 29'270.0 35'501.0 33'920.4 35'844.9 - - 1.03x 0.50x 1.13x 1.02x 1.02x 4.00x 3.82x 1.15x 1.08x - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - (800.3) 467.4 863.0 2'626.0 4'201.0 3'555.0 5'122.0 3'472.2 3'044.5 646.0 717.0 - 33.44x 21.30x 6.64x 6.09x 6.04x 5.07x 8.49x 9.89x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 17.37% Long-Term Outlook - Pretax Margin 16.51% Short-Term Rating Date - Return on Assets 2.28% Short-Term Rating - Return on Common Equity 16.76% Return on Capital 11.64% EBITDA/Interest Exp. - Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 58.5% Net Income Margin 12.7% Total Debt/Capital 36.9% Asset Turnover 0.16 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 9.22% Inventory Days - Tot Debt to Common Equity 58.52% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Swiss Re AG Price/Volume Valuation Analysis 435'216.00 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 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 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 SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified FRANKLIN RESOURCES n/a ULT-AGG 18'277'452 4.93 - 28.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 15'721'173 4.24 (1'418'427) 25.09.2013 Investment Advisor BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2012 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 11'155'812 3.01 57'626 31.07.2013 Investment Advisor DODGE & COX n/a EXCH 11'104'278 3 - 06.05.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 6'819'188 1.84 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 5'185'849 1.4 (148'747) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 4'177'389 1.13 (4'846'173) 30.06.2013 Unclassified UBS AG n/a ULT-AGG 3'688'100 0.99 (8'365) 28.06.2013 Unclassified JP MORGAN n/a ULT-AGG 2'924'453 0.79 310'278 31.07.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 2'278'238 0.61 (22'549) 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 1'561'670 0.42 3'138 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'376'961 0.37 (144'763) 28.03.2013 Investment Advisor HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'373'191 0.37 631'716 31.08.2013 Investment Advisor DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'365'000 0.37 (400'000) 31.07.2013 Investment Advisor ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'125'402 0.3 1'125'402 31.03.2013 Investment Advisor SARASIN n/a ULT-AGG 1'015'044 0.27 (642'103) 31.07.2013 Unclassified BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 - 30.04.2013 Investment Advisor PRUDENTIAL FINANCIAL n/a ULT-AGG 800'145 0.22 42'048 31.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 53 12 month 26.09.2013 Berenberg Bank TOM CARSTAIRS hold 3 M 71 Not Provided 26.09.2013 AlphaValue DIETER HEIN reduce 2 M 70 6 month 26.09.2013 HSBC THOMAS FOSSARD neutral 3 M 83 Not Provided 25.09.2013 Exane BNP Paribas THOMAS JACQUET outperform 5 U 88 Not Provided 23.09.2013 Canaccord Genuity Corp BEN COHEN buy 5 M 80 12 month 20.09.2013 Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 78 12 month 18.09.2013 Oddo & Cie NICOLAS JACOB buy 5 M 82 12 month 18.09.2013 Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 78 12 month 13.09.2013 Bank am Bellevue ANDREAS FRICK buy 5 M 89 Not Provided 13.09.2013 JPMorgan MICHAEL HUTTNER neutral 3 M 80 3 month 13.09.2013 Mediobanca SpA GIANLUCA FERRARI neutral 3 M 78 12 month 11.09.2013 Commerzbank Corporates & Markets FRANK KOPFINGER buy 5 M 87 6 month 11.09.2013 Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 11.09.2013 RBC Capital Markets KAMRAN HOSSAIN underperform 1 M 70 12 month 10.09.2013 Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 83 12 month 10.09.2013 Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 10.09.2013 S&P Capital IQ RODERICK WALLACE buy 5 M 85 Not Provided 09.09.2013 Main First Bank AG RENE LOCHER outperform 5 M 78 12 month 09.09.2013 Helvea DANIEL BISCHOF hold 3 M 78 12 month 09.09.2013 Bankhaus Metzler JOCHEN SCHMITT buy 5 M 87 12 month 06.09.2013 Day by Day VALERIE GASTALDY buy 5 U 90 3 month 23.08.2013 Credit Suisse ADAM MCINALLY neutral 3 M 72 Not Provided 16.08.2013 Nord/LB JULIA SIEKMANN buy 5 M 84 12 month 13.08.2013 Societe Generale JASON KALAMBOUSSIS buy 5 M 95 12 month 09.08.2013 Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 09.08.2013 DZ Bank AG THORSTEN WENZEL sell 1 M 70 Not Provided 09.08.2013 Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 72 Not Provided 08.08.2013 Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 85 6 month 08.08.2013 Nomura MICHAEL KLIEN reduce 2 M 67 12 month 08.08.2013 Kepler Cheuvreux FABRIZIO CROCE buy 5 M 93 Not Provided 06.08.2013 Barclays ANDREW BROADFIELD overweight 5 M 80 Not Provided 22.07.2013 EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013 Holdings By: Swiss Re AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (21.05.2013) 602.00 52-Week Low (10.10.2012) 367.50 Daily Volume 586 52-Week High % Change -2.66% Dividend Yield - 52-Week Low % Change 59.46% Beta 1.30 % 52 Week Price Range High/Low 92.11% Equity Float 30.22 Shares Out 30.06.2013 30.8 Short Int - 30'774.45 1 Yr Total Return 58.39% Total Debt 135.00 YTD Return 28.61% Preferred Stock 0.0 Adjusted BETA 1.297 Minority Interest 19.0 Analyst Recs 32 Cash and Equivalents 1'967.00 Consensus Rating 4.094 Enterprise Value 29'796.45 Average Volume 5 Day 101'668 UHR VX EQUITY YTD Change - Average Volume 30 Day 113'976 UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 124'049 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 01/yy 01/yy 12/13 Y 12/14 Y - - 5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'786.8 9'648.1 - - 1.29x 2.54x 3.33x 2.50x 2.96x - - 3.35x 2.96x - - 1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'486.0 2'808.0 - - 5.17x 11.63x 12.26x 9.17x 10.29x - - 12.00x 10.62x - - 834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'751.5 1'978.3 - - 9.26x 18.10x 20.56x 14.96x 15.56x - - 18.15x 16.13x - - EBITDA 2'245.00 Long-Term Rating Date - EBIT 1'984.00 Long-Term Rating - Operating Margin 25.45% Long-Term Outlook - Pretax Margin 25.87% Short-Term Rating Date - Return on Assets 16.22% Short-Term Rating - Return on Common Equity 11.29% Return on Capital - EBITDA/Interest Exp. 748.33 Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 602.33 Net Debt/EBITDA -0.44 Gross Margin - Total Debt/EBITDA 0.04 EBITDA Margin 28.0% EBIT Margin 24.5% Total Debt/Equity 1.4% Net Income Margin 20.5% Total Debt/Capital 1.4% Asset Turnover 0.80 Current Ratio 6.50 Net Fixed Asset Turnover 4.21 Quick Ratio 2.51 Accounts receivable turnover-days 44.94 Debt to Assets 1.20% Inventory Days - Tot Debt to Common Equity 1.45% Accounts Payable Turnover Day - Accounts Receivable Turnover 8.12 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Swatch Group AG/The Price/Volume Valuation Analysis 57'313.00 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 .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 9'000.0 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 CAPITAL GROUP COMPAN n/a ULT-AGG 1'507'171 4.89 120'340 31.07.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 935'958 3.03 - 31.12.2012 Government VANGUARD GROUP INC n/a ULT-AGG 517'099 1.68 22'434 30.06.2013 Unclassified SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2012 Corporation CREDIT SUISSE AG n/a ULT-AGG 418'044 1.36 (15'735) 31.05.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 367'043 1.19 (1'428) 30.08.2013 Investment Advisor BLACKROCK n/a ULT-AGG 331'443 1.07 (4'173) 25.09.2013 Investment Advisor UBS AG n/a ULT-AGG 276'560 0.9 (2'216) 31.07.2013 Unclassified THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 - 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 242'152 0.79 3'742 31.07.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 204'583 0.66 48'114 30.08.2013 Investment Advisor WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 30.06.2013 Hedge Fund Manager HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 163'944 0.53 158'622 30.06.2013 Investment Advisor BNP PARIBAS n/a ULT-AGG 154'115 0.5 2'237 30.04.2013 Unclassified THREADNEEDLE n/a ULT-AGG 147'935 0.48 (51'478) 31.05.2013 Unclassified CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 147'780 0.48 (80'360) 31.07.2013 Investment Advisor ROYAL BANK OF CANADA n/a ULT-AGG 120'149 0.39 1'148 30.04.2013 Bank GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2012 n/a NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 112'727 0.37 3'834 31.07.2013 Investment Advisor PIONEER n/a ULT-AGG 92'485 0.3 (748) 31.07.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 620 12 month 27.09.2013 Societe Generale THIERRY COTA buy 5 M 660 12 month 26.09.2013 Credit Suisse ROGERIO FUJIMORI outperform 5 M 630 Not Provided 26.09.2013 Kepler Cheuvreux JON COX buy 5 M 700 Not Provided 26.09.2013 Nomura CHRISTOPHER WALKER buy 5 M 650 12 month 26.09.2013 Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 735 Not Provided 26.09.2013 AlphaValue VERONIQUE CABIOC'H add 4 M 612 6 month 26.09.2013 Renaissance Capital REY WIUM hold 3 M 550 Not Provided 23.09.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.09.2013 Mirabaud Securities ALESSANDRO MIGLIORINI neutral 3 N 610 12 month 20.09.2013 Cantor Fitzgerald ALLEGRA PERRY buy 5 M 600 Not Provided 19.09.2013 Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 M #N/A N/A Not Provided 16.09.2013 S&P Capital IQ WILLIAM MACK buy 5 U 650 12 month 03.09.2013 Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 600 12 month 02.09.2013 Bank Vontobel AG RENE WEBER buy 5 M 630 Not Provided 30.08.2013 Bank am Bellevue SERGE MONNERAT buy 5 N 625 Not Provided 13.08.2013 Aurel - BGC DAVID DA MAIA hold 3 M 550 6 month 02.08.2013 JPMorgan MELANIE A FLOUQUET neutral 3 M 530 15 month 24.07.2013 Oddo & Cie LEOPOLD AUTHIE buy 5 M 590 Not Provided 24.07.2013 Berenberg Bank JOHN GUY hold 3 M 575 Not Provided 24.07.2013 Bryan Garnier & Cie LOIC MORVAN buy 5 M 595 6 month 24.07.2013 ISI Group OMAR SAAD strong buy 5 M 650 Not Provided 24.07.2013 Main First Bank AG MATTHIAS EIFERT outperform 5 M 650 12 month 24.07.2013 Barclays HELEN NORRIS equalweight 3 M 550 Not Provided 24.07.2013 Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 602 12 month 23.07.2013 Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 770 12 month 17.05.2013 Redburn Partners ANNABEL GLEESON neutral 3 N #N/A N/A Not Provided 08.05.2013 HSBC ANTOINE BELGE neutral 3 M 590 Not Provided 27.03.2013 EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013 UBS EVA QUIROGA neutral 3 M 510 12 month 14.01.2013 Holdings By: Swatch Group AG/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Holcim Ltd. produces building materials. The Company produces and markets ready-mixed concrete, cement, clinker, and admixtures. The Company also provides consulting and engineering services in all areas of the cement manufacturing process. Holcim, through subsidiaries, operates cement manufacturing facilities around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (21.05.2013) 79.10 52-Week Low (01.10.2012) 58.80 Daily Volume 67.9 52-Week High % Change -14.16% Dividend Yield - 52-Week Low % Change 15.47% Beta 1.29 % 52 Week Price Range High/Low 47.77% Equity Float 227.82 Shares Out 30.06.2013 327.1 Short Int - 22'209.17 1 Yr Total Return 13.28% Total Debt 13'507.00 YTD Return 3.20% Preferred Stock 0.0 Adjusted BETA 1.294 Minority Interest 2'889.0 Analyst Recs 33 Cash and Equivalents 3'146.00 Consensus Rating 3.515 Enterprise Value 35'824.17 Average Volume 5 Day 683'924 HOLN VX EQUITY YTD Change - Average Volume 30 Day 881'490 HOLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 881'225 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 25'157.0 21'132.0 21'653.0 20'744.0 21'544.0 20'767.0 20'836.0 20'758.4 21'689.8 5'530.5 5'230.3 1.32x 2.02x 1.71x 1.47x 1.63x 6.12x 6.85x 1.68x 1.56x 6.46x 6.67x 5'333.0 4'630.0 4'513.0 3'958.0 3'984.0 3'943.0 3'871.0 4'247.5 4'897.1 1'295.0 1'003.0 6.23x 9.20x 8.19x 7.69x 8.79x 8.12x 9.08x 8.42x 7.30x - - 1'782.0 1'471.0 1'182.0 275.0 622.0 305.0 803.0 1'305.1 1'708.8 507.0 281.5 8.84x 16.33x 19.15x 58.43x 34.84x 56.29x 26.77x 16.97x 12.82x - - EBITDA 3'984.00 Long-Term Rating Date 22.01.2009 EBIT 1'816.00 Long-Term Rating BBB Operating Margin 8.43% Long-Term Outlook STABLE Pretax Margin 7.35% Short-Term Rating Date 01.04.2005 Return on Assets 1.93% Short-Term Rating A-2 Return on Common Equity 4.85% Return on Capital 4.75% EBITDA/Interest Exp. 5.84 Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 3.29 Net Debt/EBITDA 2.83 Gross Margin 40.8% Total Debt/EBITDA 3.51 EBITDA Margin 18.6% EBIT Margin 8.4% Total Debt/Equity 79.7% Net Income Margin 2.9% Total Debt/Capital 40.5% Asset Turnover 0.50 Current Ratio 1.00 Net Fixed Asset Turnover 0.96 Quick Ratio 0.70 Accounts receivable turnover-days 55.86 Debt to Assets 32.60% Inventory Days 64.56 Tot Debt to Common Equity 79.69% Accounts Payable Turnover Day 60.73 Accounts Receivable Turnover 6.53 Cash Conversion Cycle 35.39 Inventory Turnover 5.65 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 Holcim Ltd Price/Volume Valuation Analysis 496'973.00 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 30'000.0 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 SCHMIDHEINY H C THOM n/a Co File 65'775'590 20.11 - 31.12.2012 n/a EUROCEMENT HOLDING A n/a EXCH 33'091'556 10.12 - 12.09.2011 Private Equity HARRIS ASSOCIATES LP n/a EXCH 16'711'883 5.11 6'766'859 05.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 9'685'325 2.96 (6'310'975) 31.07.2013 Investment Advisor HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 8'823'981 2.7 - 30.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 5'637'149 1.72 - 31.12.2012 Government VANGUARD GROUP INC n/a ULT-AGG 3'237'868 0.99 9'756 30.06.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 3'042'480 0.93 (69'178) 31.05.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'114'202 0.65 598'920 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 2'040'142 0.62 (14'741) 28.06.2013 Unclassified BLACKROCK n/a ULT-AGG 1'865'184 0.57 (287'081) 25.09.2013 Investment Advisor ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'839'810 0.56 1'839'810 31.03.2013 Investment Advisor MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'735'900 0.53 221'420 31.12.2012 Investment Advisor TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'238'442 0.38 (184'591) 31.07.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 1'184'183 0.36 (1'712) 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 1'005'903 0.31 (15'333) 31.05.2013 Investment Advisor COMMONWEALTH BANK OF n/a ULT-AGG 974'493 0.3 (31'294) 31.05.2013 Bank MORGAN STANLEY n/a ULT-AGG 720'850 0.22 (11'993) 30.06.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 669'882 0.2 (332'827) 28.03.2013 Investment Advisor JP MORGAN n/a ULT-AGG 579'135 0.18 (78'261) 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 27.09.2013 Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 71 12 month 26.09.2013 HSBC JOHN FRASER-ANDREWS neutral 3 D 72 Not Provided 26.09.2013 Natixis RAFIC EL HADDAD neutral 3 M 72 Not Provided 25.09.2013 UBS GREGOR KUGLITSCH neutral 3 M 70 12 month 24.09.2013 Zuercher Kantonalbank MARTIN HUESLER outperform 5 M #N/A N/A Not Provided 20.09.2013 Bryan Garnier & Cie SVEN EDELFELT buy 5 M 79 6 month 19.09.2013 AlphaValue GAETAN DUPONT buy 5 M 84 6 month 19.09.2013 CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 79 12 month 17.09.2013 Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 79 Not Provided 16.09.2013 Exane BNP Paribas PAUL ROGER neutral 3 M 69 Not Provided 12.09.2013 Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 72 Not Provided 11.09.2013 Credit Suisse HARRY GOAD neutral 3 M 62 Not Provided 09.09.2013 Jefferies MICHAEL F BETTS buy 5 M 78 12 month 03.09.2013 Davy ROBERT GARDINER neutral 3 D #N/A N/A Not Provided 03.09.2013 Kepler Cheuvreux JOSEP PUJAL buy 5 M 84 Not Provided 02.09.2013 Day by Day VALERIE GASTALDY sell 1 D 56 3 month 30.08.2013 Societe Generale MURIEL FELLOUS buy 5 M 94 12 month 29.08.2013 Helvea PATRICK APPENZELLER hold 3 M 70 12 month 29.08.2013 Deutsche Bank GLYNIS JOHNSON hold 3 M 73 12 month 28.08.2013 Bank am Bellevue MICHAEL ROOST hold 3 M 75 Not Provided 28.08.2013 Cantor Fitzgerald IAN OSBURN buy 5 M 82 Not Provided 28.08.2013 EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 20.08.2013 S&P Capital IQ JAWAHAR HINGORANI hold 3 M 75 12 month 15.08.2013 Equita SIM SpA GIUSEPPE MAPELLI hold 3 M 61 12 month 14.08.2013 Goldman Sachs WILL MORGAN neutral/neutral 3 M 74 12 month 09.08.2013 Morgan Stanley YURI SEROV Equalwt/In-Line 3 M 71 12 month 25.07.2013 JPMorgan ELODIE RALL neutral 3 D 64 9 month 23.07.2013 Bankhaus Metzler STEPHAN BAUER buy 5 U 82 12 month 06.06.2013 Berenberg Bank ROBERT MUIR buy 5 M 80 Not Provided 13.03.2013 Main First Bank AG CHRISTIAN KORTH outperform 5 M 85 12 month 25.02.2013 Aurel - BGC ERIC LEMARIE not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012 Redburn Partners JOHN MESSENGER neutral 3 M #N/A N/A Not Provided 07.11.2012 Societe Generale MIKE BRIDGES hold 3 M 54 12 month 30.11.2011 Holdings By: Holcim Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (28.01.2013) 54.70 52-Week Low (27.12.2012) 40.18 Daily Volume 40.64 52-Week High % Change -25.70% Dividend Yield - 52-Week Low % Change 1.14% Beta 1.25 % 52 Week Price Range High/Low 5.72% Equity Float 339.96 Shares Out 30.07.2013 360.4 Short Int - 14'647.09 1 Yr Total Return -3.95% Total Debt 12'459.00 YTD Return 3.07% Preferred Stock 0.0 Adjusted BETA 1.249 Minority Interest (15.0) Analyst Recs 45 Cash and Equivalents 5'134.00 Consensus Rating 3.667 Enterprise Value 23'617.58 Average Volume 5 Day 754'615 RIGN VX EQUITY YTD Change - Average Volume 30 Day 633'092 RIGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 515'919 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 12'674.0 11'556.0 9'466.0 8'027.0 9'196.0 8'563.0 9'360.0 9'523.9 10'393.7 2'488.6 2'433.6 2.17x 3.22x 3.17x 2.87x 2.54x 11.67x 10.53x 2.56x 2.38x 9.56x 10.03x 6'430.0 5'926.0 4'048.0 1'515.0 2'766.0 1'166.0 3'503.0 3'473.0 4'169.1 917.0 838.9 4.27x 6.28x 7.42x 15.22x 8.45x 21.40x 7.05x 6.81x 5.67x 6.29x 6.16x 4'031.0 3'181.0 961.0 (5'754.0) (219.0) (6'491.0) 703.0 1'429.3 1'941.3 394.4 340.8 - - - - - 0.00x 0.00x 11.22x 8.40x 9.88x 9.67x EBITDA 2'766.00 Long-Term Rating Date - EBIT 1'685.00 Long-Term Rating - Operating Margin 18.32% Long-Term Outlook - Pretax Margin 9.42% Short-Term Rating Date - Return on Assets 2.11% Short-Term Rating - Return on Common Equity 4.49% Return on Capital 4.71% EBITDA/Interest Exp. 3.56 Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 1.88 Net Debt/EBITDA 2.12 Gross Margin 21.4% Total Debt/EBITDA 3.08 EBITDA Margin 37.4% EBIT Margin 25.8% Total Debt/Equity 79.1% Net Income Margin -2.4% Total Debt/Capital 44.2% Asset Turnover 0.28 Current Ratio 1.58 Net Fixed Asset Turnover 0.43 Quick Ratio 1.34 Accounts receivable turnover-days 82.46 Debt to Assets 36.37% Inventory Days 37.14 Tot Debt to Common Equity 79.13% Accounts Payable Turnover Day 50.31 Accounts Receivable Turnover 4.43 Cash Conversion Cycle 67.67 Inventory Turnover 9.83 Fiscal Year Ended Transocean Ltd Price/Volume Valuation Analysis 342'132.00 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 0.0 2'000.0 4'000.0 6'000.0 8'000.0 10'000.0 12'000.0 14'000.0 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 FRANKLIN RESOURCES n/a ULT-AGG 22'163'261 6.15 - 18.07.2013 Investment Advisor ICAHN ASSOCIATES COR ICAHN ASSOCIATES COR 13F 21'477'900 5.96 1'323'865 30.06.2013 Hedge Fund Manager ICAHN ASSOCIATES COR n/a 13D 20'154'035 5.59 - 19.04.2013 Hedge Fund Manager CAPITAL GROUP COMPAN n/a ULT-AGG 19'705'570 5.47 1'297'393 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 18'727'289 5.2 264'426 25.09.2013 Investment Advisor NORGES BANK NORGES BANK 13F 7'568'140 2.1 - 31.12.2012 Government PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'674'100 1.85 3'240'800 30.06.2013 Investment Advisor WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 6'619'399 1.84 (232'509) 30.06.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 6'183'976 1.72 (645'983) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 5'949'855 1.65 648'665 30.06.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 4'747'652 1.32 (66'475) 31.05.2013 Investment Advisor DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 4'097'278 1.14 (1'071'687) 30.06.2013 Investment Advisor CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 3'517'737 0.98 1'486'414 30.06.2013 Hedge Fund Manager OMEGA ADVISORS OMEGA ADVISORS INC 13F 3'481'645 0.97 307'100 30.06.2013 Hedge Fund Manager FMR LLC n/a ULT-AGG 3'419'235 0.95 449'370 30.06.2013 Investment Advisor EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 3'157'404 0.88 45'920 30.06.2013 Investment Advisor OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'147'593 0.87 14'660 30.06.2013 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 3'012'335 0.84 81'143 31.08.2013 Unclassified DEUTSCHE BANK AG n/a ULT-AGG 2'574'198 0.71 (570'570) 31.07.2013 Investment Advisor APPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 2'560'167 0.71 - 30.06.2013 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 49 12 month 27.09.2013 Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 27.09.2013 Guggenheim Securities LLC DARREN GACICIA buy 5 M 53 12 month 25.09.2013 Fearnley Fonds TRULS OLSEN reduce 2 M 44 Not Provided 24.09.2013 Morgan Stanley OLE SLORER Equalwt/In-Line 3 M 49 12 month 23.09.2013 UBS ANGELINE M SEDITA neutral 3 M 45 12 month 23.09.2013 ISI Group JUDSON E BAILEY neutral 3 M #N/A N/A Not Provided 23.09.2013 Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 23.09.2013 Goldman Sachs WAQAR SYED neutral/attractive 3 M 48 12 month 20.09.2013 Credit Suisse GREGORY LEWIS outperform 5 M 55 Not Provided 19.09.2013 Howard Weil Inc DAVID T WILSON sector perform 3 M 55 12 month 19.09.2013 Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 48 12 month 19.09.2013 Johnson Rice & Co DAVID C SMITH underweight 1 M #N/A N/A Not Provided 19.09.2013 Wunderlich Securities TODD P SCHOLL hold 3 M 46 18 month 19.09.2013 Cowen and Company J B LOWE outperform 5 M 53 12 month 19.09.2013 DNB Markets MARTIN HUSEBY KARLSEN hold 3 M 46 Not Provided 19.09.2013 Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 47 12 month 19.09.2013 Global Hunter Securities BRIAN UHLMER neutral 3 M 46 12 month 19.09.2013 Iberia Capital Partners LLC TREY STOLZ outperform 5 M 54 12 month 19.09.2013 Clarkson Capital Markets LLC JEFFREY SPITTEL outperform 5 M 51 12 month 19.09.2013 Swedbank First Securities BJORN THORESEN neutral 3 D 48 Not Provided 19.09.2013 RBC Capital Markets KURT HALLEAD outperform 5 M 53 12 month 18.09.2013 BMO Capital Markets ALAN D LAWS market perform 3 M 50 Not Provided 15.09.2013 JPMorgan J DAVID ANDERSON neutral 3 M 49 15 month 11.09.2013 Macquarie NIGEL BROWNE neutral 3 M 48 12 month 05.09.2013 Argus Research Corp JONATHAN GELCIUS buy 5 M 52 Not Provided 03.09.2013 Jefferies BRAD HANDLER hold 3 M 52 12 month 03.09.2013 Edward Jones ROB DESAI buy 5 U #N/A N/A Not Provided 27.08.2013 Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 20.08.2013 HSBC DAVID PHILLIPS overweight 5 M 62 Not Provided 13.08.2013 EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 13.08.2013 Barclays JAMES C WEST overweight 5 M 68 Not Provided 09.08.2013 RS Platou Markets ANDERS BERGLAND buy 5 M 60 6 month 09.08.2013 Deutsche Bank MICHAEL W URBAN sell 1 M 41 12 month 08.08.2013 S&P Capital IQ STEWART GLICKMAN buy 5 U 53 Not Provided 08.08.2013 Arctic Securities ASA KRISTOFFER RIIS IDEN hold 3 D 48 Not Provided 24.07.2013 FBR Capital Markets MEGAN REPINE outperform 5 M 57 12 month 15.07.2013 Main First Bank AG BERND POMREHN underperform 1 M 45 12 month 14.06.2013 Bank Vontobel AG FABIAN HAECKI hold 3 M 52 Not Provided 06.06.2013 Pareto Securities FRANK HARESTAD buy 5 M 70 6 month 10.05.2013 Nordea Equity Research DAVID BHATTI buy 5 M 62 12 month 18.04.2013 Tudor Pickering & Co BYRON POPE hold 3 M #N/A N/A Not Provided 04.02.2013 Holdings By: Transocean Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 SGS SA provides industrial inspection, analysis, testing, and verification services. The Company inspects, samples, analyzes, and monitors raw materials, petroleum, food, crops, chemicals, consumer goods, and production machinery for compliance with industrial standards and local regulatory requirements, including tax and duty. SGS serves business worldwide. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (19.03.2013) 2'421.16 52-Week Low (28.09.2012) 1'909.26 Daily Volume 2179 52-Week High % Change -10.00% Dividend Yield - 52-Week Low % Change 14.13% Beta 0.89 % 52 Week Price Range High/Low 49.76% Equity Float 4.86 Shares Out 30.06.2013 7.8 Short Int - 17'045.09 1 Yr Total Return 14.55% Total Debt 1'323.00 YTD Return 10.25% Preferred Stock 0.0 Adjusted BETA 0.892 Minority Interest 58.0 Analyst Recs 27 Cash and Equivalents 989.00 Consensus Rating 3.407 Enterprise Value 17'760.09 Average Volume 5 Day 11'776 SGSN VX EQUITY YTD Change - Average Volume 30 Day 11'091 SGSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 13'435 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 01/yy 01/yy 12/13 Y 12/14 Y - - 4'818.0 4'712.0 4'757.0 4'797.0 5'578.0 - - 6'038.2 6'537.6 - - 1.66x 2.06x 2.46x 2.48x 2.84x - - 2.90x 2.67x - - 1'024.0 1'223.0 1'286.0 1'015.0 1'124.0 - - 1'304.7 1'483.6 - - 7.82x 7.93x 9.09x 11.73x 14.11x - - 13.61x 11.97x - - 692.0 566.0 588.0 534.0 556.0 - - 677.1 784.0 - - 12.08x 17.90x 20.21x 22.05x 27.76x - - 24.51x 21.37x - - EBITDA 1'124.00 Long-Term Rating Date - EBIT 843.00 Long-Term Rating - Operating Margin 15.11% Long-Term Outlook - Pretax Margin 14.49% Short-Term Rating Date - Return on Assets 11.95% Short-Term Rating - Return on Common Equity 30.61% Return on Capital - EBITDA/Interest Exp. 29.58 Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 19.39 Net Debt/EBITDA 0.54 Gross Margin - Total Debt/EBITDA 1.09 EBITDA Margin 20.5% EBIT Margin 15.4% Total Debt/Equity 64.2% Net Income Margin 10.0% Total Debt/Capital 38.4% Asset Turnover 1.20 Current Ratio 2.06 Net Fixed Asset Turnover 5.73 Quick Ratio 1.60 Accounts receivable turnover-days 60.80 Debt to Assets 26.49% Inventory Days - Tot Debt to Common Equity 64.22% Accounts Payable Turnover Day - Accounts Receivable Turnover 6.00 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 SGS SA Price/Volume Valuation Analysis 7'672.00 Current Price (9/dd/yy) Market Data 0 500 1000 1500 2000 2500 3000 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 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 SERENA SARL n/a Research 1'173'400 15 - 02.06.2013 n/a VON FINCK AUGUST n/a Co File 1'156'933 14.79 - 31.12.2012 n/a VON FINCK AUGUST FRA n/a Co File 439'515 5.62 - 31.12.2012 n/a BANK OF NEW YORK MEL n/a EXCH 234'021 2.99 (1'646) 20.03.2013 Investment Advisor SGS GROUP n/a Co File 190'084 2.43 - 31.12.2012 Corporation CAPITAL GROUP COMPAN n/a ULT-AGG 177'461 2.27 (17'000) 30.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 131'155 1.68 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 86'739 1.11 (623) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 60'793 0.78 (121) 30.06.2013 Unclassified VANGUARD GROUP INC n/a ULT-AGG 60'212 0.77 1'191 30.06.2013 Unclassified FMR LLC n/a ULT-AGG 56'084 0.72 (2'035) 31.07.2013 Investment Advisor JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 51'539 0.66 (1'796) 31.05.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 50'834 0.65 625 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 45'666 0.58 61 25.09.2013 Investment Advisor WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 39'054 0.5 295 30.06.2013 Investment Advisor THREADNEEDLE n/a ULT-AGG 32'540 0.42 6'202 31.05.2013 Unclassified ALLIANZ ASSET MANAGE n/a ULT-AGG 30'954 0.4 659 31.07.2013 Investment Advisor VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 22'559 0.29 2'118 28.06.2013 Insurance Company SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'531 0.28 (10) 28.03.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 21'000 0.27 929 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue HEINZ STEFFEN sell 1 M 1'952 6 month 26.09.2013 Bank am Bellevue ROLF KUNZ reduce 2 D 1'850 Not Provided 23.09.2013 HSBC RAJESH KUMAR neutral 3 M 2'200 Not Provided 19.09.2013 Deutsche Bank THOMAS SYKES hold 3 M 2'122 12 month 09.09.2013 Credit Suisse ANDY GROBLER neutral 3 M 2'100 Not Provided 03.09.2013 Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD buy 5 N 2'400 Not Provided 02.09.2013 Helvea CHRISTIAN BURGER buy 5 M 2'350 12 month 02.09.2013 Societe Generale PATRICK JOUSSEAUME hold 3 M 2'300 12 month 19.08.2013 RBC Capital Markets ANDREW BROOKE underperform 1 M 1'700 12 month 06.08.2013 Kepler Cheuvreux BEAT KEISER buy 5 U 2'350 Not Provided 05.08.2013 Berenberg Bank SIMON MEZZANOTTE hold 3 M 2'140 Not Provided 29.07.2013 EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 29.07.2013 UBS WILLIAM VANDERPUMP buy 5 M 2'300 12 month 22.07.2013 Jefferies WILLIAM KIRKNESS hold 3 M 1'950 12 month 18.07.2013 Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 2'800 Not Provided 18.07.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 2'500 Not Provided 18.07.2013 Natixis OLIVIER LEBRUN neutral 3 M 2'140 6 month 18.07.2013 S&P Capital IQ JOHNSON IMODE hold 3 M 2'140 12 month 18.07.2013 Exane BNP Paribas LAURENT BRUNELLE neutral 3 M 2'450 Not Provided 18.07.2013 Barclays PAUL D A SULLIVAN equalweight 3 M 2'450 Not Provided 18.07.2013 Morgan Stanley ALLEN WELLS Equalwt/In-Line 3 M 2'400 12 month 17.07.2013 JPMorgan ROBERT PLANT neutral 3 M 1'994 9 month 17.07.2013 Zuercher Kantonalbank DANIEL BUERKI market perform 3 D #N/A N/A Not Provided 17.07.2013 Main First Bank AG MOURAD LAHMIDI outperform 5 M 2'450 12 month 08.07.2013 Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 2'650 12 month 08.05.2013 Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 15.05.2012 Holdings By: SGS SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Weatherford International Ltd. is a Swiss-based, multinational oilfield service company. The Company provides mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (06.09.2013) 14.85 52-Week Low (16.11.2012) 8.43 Daily Volume 13.8 52-Week High % Change -7.07% Dividend Yield - 52-Week Low % Change 63.70% Beta 1.42 % 52 Week Price Range High/Low 87.54% Equity Float 682.12 Shares Out 26.07.2013 767.7 Short Int - 10'594.41 1 Yr Total Return 15.00% Total Debt 8'634.00 YTD Return 42.27% Preferred Stock 0.0 Adjusted BETA 1.424 Minority Interest 32.0 Analyst Recs 34 Cash and Equivalents 300.00 Consensus Rating 3.824 Enterprise Value 20'691.00 Average Volume 5 Day 74'213 WFT SE EQUITY YTD Change - Average Volume 30 Day 73'217 WFT SE EQUITY YTD % CHANGE - Average Volume 3 Month 60'997 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 9'600.6 8'833.0 10'221.0 12'988.0 15'215.0 14'418.0 15'582.0 16'164.2 17'657.1 4'107.6 4'367.9 1.41x 2.22x 2.27x 1.40x 1.11x 5.06x 4.84x 1.26x 1.12x 4.98x 4.61x 2'710.4 1'596.8 1'829.0 2'443.0 2'445.0 2'630.0 2'509.0 2'933.7 3'564.5 772.4 886.1 5.00x 12.28x 12.67x 7.46x 6.90x 7.16x 8.17x 7.07x 5.82x 6.21x 5.90x 1'393.2 170.1 (152.0) 189.0 (778.0) (618.0) (148.0) 627.6 1'007.2 167.9 243.9 - - - - - 0.00x 0.00x 18.41x 11.73x 14.10x 12.58x EBITDA 2'445.00 Long-Term Rating Date - EBIT 1'163.00 Long-Term Rating - Operating Margin 7.64% Long-Term Outlook - Pretax Margin -1.89% Short-Term Rating Date - Return on Assets -0.67% Short-Term Rating - Return on Common Equity -1.74% Return on Capital -2.45% EBITDA/Interest Exp. 5.03 Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 0.55 Net Debt/EBITDA 3.56 Gross Margin 22.1% Total Debt/EBITDA 3.68 EBITDA Margin 16.1% EBIT Margin 7.4% Total Debt/Equity 98.3% Net Income Margin -5.1% Total Debt/Capital 49.5% Asset Turnover 0.70 Current Ratio 1.58 Net Fixed Asset Turnover 1.94 Quick Ratio 0.73 Accounts receivable turnover-days 87.20 Debt to Assets 37.88% Inventory Days 101.20 Tot Debt to Common Equity 98.27% Accounts Payable Turnover Day 53.35 Accounts Receivable Turnover 4.19 Cash Conversion Cycle 136.67 Inventory Turnover 3.61 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 Weatherford International Ltd/Switzerland Price/Volume Valuation Analysis 21'003.00 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 .2 M .4 M .6 M .8 M 1.0 M 1.2 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 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 WEATHERFORD INTL LTD n/a EXCH 73'798'060 9.61 - 23.03.2013 Corporation INVESCO LTD n/a ULT-AGG 65'707'943 8.56 (4'082'191) 26.09.2013 Investment Advisor CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 54'682'486 7.12 7'598'478 30.06.2013 Investment Advisor ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 54'206'792 7.06 406'228 30.06.2013 Investment Advisor ORBIS INVESTMENT MAN n/a Research 51'981'039 6.77 - 29.08.2013 Investment Advisor DODGE & COX n/a EXCH 43'667'302 5.69 7'690'400 29.07.2013 Investment Advisor LEGG MASON INC n/a EXCH 41'878'236 5.45 - 12.07.2012 Investment Advisor DODGE & COX DODGE & COX 13F 35'976'902 4.69 35'976'902 30.06.2013 Investment Advisor WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 26'120'664 3.4 (958'227) 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 23'554'303 3.07 322'693 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 20'578'026 2.68 438'242 25.09.2013 Investment Advisor MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 18'849'173 2.46 (1'294'416) 30.06.2013 Investment Advisor GAMCO n/a ULT-AGG 16'497'744 2.15 1'610'144 30.06.2013 Unclassified ROBECO n/a ULT-AGG 16'170'277 2.11 (2'556'442) 30.06.2013 Unclassified THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 13'838'638 1.8 611'600 30.06.2013 Investment Advisor WELLS FARGO & COMPAN n/a ULT-AGG 10'367'684 1.35 107'418 31.07.2013 Investment Advisor SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 9'621'899 1.25 590'637 30.06.2013 Investment Advisor VAN ECK ASSOCIATES C n/a ULT-AGG 9'531'371 1.24 148'953 26.09.2013 Investment Advisor UBS AG n/a ULT-AGG 8'334'989 1.09 210'338 30.06.2013 Unclassified SKAGEN AS Multiple Portfolios MF-AGG 7'932'630 1.03 150'500 30.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Cowen and Company JAMES D CRANDELL outperform 5 M 18 12 month 26.09.2013 Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 14 12 month 24.09.2013 UBS ANGELINE M SEDITA neutral 3 M 14 12 month 23.09.2013 ISI Group JUDSON E BAILEY neutral 3 M #N/A N/A Not Provided 23.09.2013 JPMorgan J DAVID ANDERSON overweight 5 M 18 15 month 18.09.2013 Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 U #N/A N/A Not Provided 18.09.2013 BMO Capital Markets ALAN D LAWS underperform 1 M 12 Not Provided 15.09.2013 Credit Suisse JAMES WICKLUND outperform 5 U 18 Not Provided 12.09.2013 Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 12 12 month 12.09.2013 Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 18 Not Provided 12.09.2013 Raymond James J MARSHALL ADKINS market perform 3 D #N/A N/A Not Provided 12.09.2013 FBR Capital Markets MEGAN REPINE outperform 5 M 16 12 month 12.09.2013 Macquarie NIGEL BROWNE neutral 3 D 15 12 month 12.09.2013 Guggenheim Securities LLC Michael K LaMotte buy 5 M 17 12 month 12.09.2013 Global Hunter Securities BRIAN UHLMER neutral 3 M 14 12 month 12.09.2013 Iberia Capital Partners LLC ROBERT J MACKENZIE outperform 5 M 20 12 month 12.09.2013 Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 15 12 month 11.09.2013 Jefferies BRAD HANDLER hold 3 M 14 12 month 03.09.2013 RBC Capital Markets KURT HALLEAD sector perform 3 M 15 12 month 15.08.2013 Barclays JAMES C WEST overweight 5 M 22 Not Provided 12.08.2013 Societe Generale EDWARD C MUZTAFAGO hold 3 M 15 12 month 01.08.2013 Deutsche Bank MICHAEL W URBAN buy 5 M 19 12 month 01.08.2013 Johnson Rice & Co DANIEL BURKE overweight 5 M #N/A N/A Not Provided 01.08.2013 Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 14 12 month 01.08.2013 Morgan Stanley OLE SLORER Overwt/In-Line 5 M 16 12 month 31.07.2013 EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 03.06.2013 S&P Capital IQ STEWART GLICKMAN hold 3 D 14 12 month 29.05.2013 Goldman Sachs WAQAR SYED neutral/attractive 3 M 15 12 month 23.05.2013 Main First Bank AG BERND POMREHN underperform 1 M 9 12 month 27.02.2013 Tudor Pickering & Co BYRON POPE accumulate 4 M #N/A N/A Not Provided 04.02.2013 Oracle Investment Research LAURENCE BALTER buy 5 M 17 Not Provided 13.11.2012 Holdings By: Weatherford International Ltd/Switzerland All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Swisscom AG operates public telecommunications networks and offers network application services. The Company provides local, long-distance, and mobile telephone services, integrated voice and data digital services, network solutions to national and international telecommunications operators, and Internet access services, and owns and operates pay telephones. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (03.04.2013) 446.30 52-Week Low (16.11.2012) 370.50 Daily Volume 438.5 52-Week High % Change -1.75% Dividend Yield - 52-Week Low % Change 18.35% Beta 0.73 % 52 Week Price Range High/Low 93.14% Equity Float 22.31 Shares Out 30.06.2013 51.8 Short Int - 22'715.15 1 Yr Total Return 20.80% Total Debt 8'783.00 YTD Return 17.27% Preferred Stock 0.0 Adjusted BETA 0.729 Minority Interest 24.0 Analyst Recs 26 Cash and Equivalents 578.00 Consensus Rating 3.346 Enterprise Value 31'490.15 Average Volume 5 Day 99'061 SCMN VX EQUITY YTD Change - Average Volume 30 Day 107'495 SCMN VX EQUITY YTD % CHANGE - Average Volume 3 Month 99'276 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 12'198.0 12'001.0 11'988.0 11'467.0 11'384.0 11'366.0 11'359.0 11'407.8 11'484.9 2'838.0 2'982.5 2.35x 2.53x 2.54x 2.35x 2.51x 9.79x 10.39x 2.69x 2.66x 10.97x 10.33x 4'496.0 4'402.0 4'348.0 4'300.0 4'107.0 4'254.0 3'973.0 4'257.4 4'322.6 1'099.0 1'056.0 6.37x 6.89x 7.01x 6.26x 6.97x 6.74x 7.60x 7.40x 7.29x - - 1'756.0 1'926.0 1'813.0 683.0 1'755.0 629.0 1'649.0 1'611.8 1'633.4 409.0 369.5 10.01x 10.64x 11.75x 26.98x 11.62x 31.40x 12.99x 14.03x 13.78x - - EBITDA 4'107.00 Long-Term Rating Date 30.06.2009 EBIT 2'157.00 Long-Term Rating A Operating Margin 18.95% Long-Term Outlook STABLE Pretax Margin 19.04% Short-Term Rating Date - Return on Assets 8.35% Short-Term Rating - Return on Common Equity 38.30% Return on Capital 13.97% EBITDA/Interest Exp. 15.38 Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 5.79 Net Debt/EBITDA 2.20 Gross Margin - Total Debt/EBITDA 2.25 EBITDA Margin 35.0% EBIT Margin 17.6% Total Debt/Equity 212.6% Net Income Margin 15.4% Total Debt/Capital 67.9% Asset Turnover 0.58 Current Ratio 0.91 Net Fixed Asset Turnover 1.33 Quick Ratio 0.72 Accounts receivable turnover-days - Debt to Assets 43.71% Inventory Days - Tot Debt to Common Equity 212.56% 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 Swisscom AG Price/Volume Valuation Analysis 74'503.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 300 350 400 450 500 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 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 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 SWISS CONFEDERATION n/a Co File 29'475'281 56.9 - 31.12.2011 Government THORNBURG INVESTMENT Multiple Portfolios MF-AGG 447'000 0.86 - 31.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 433'637 0.84 743 25.09.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 321'932 0.62 (3'738) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 256'038 0.49 (956) 30.06.2013 Unclassified UBS AG n/a ULT-AGG 246'321 0.48 4'039 28.06.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 216'190 0.42 - 31.12.2012 Government PICTET FUNDS n/a ULT-AGG 123'480 0.24 (9'971) 31.05.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 109'173 0.21 (8'971) 26.09.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 107'042 0.21 40'700 30.06.2013 Investment Advisor EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 87'955 0.17 2'000 31.07.2013 Hedge Fund Manager MORGAN STANLEY n/a ULT-AGG 74'252 0.14 13'683 30.06.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 73'282 0.14 (28'484) 28.03.2013 Investment Advisor JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 71'963 0.14 (1'044) 31.07.2013 Investment Advisor SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 65'720 0.13 65'720 31.03.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 58'547 0.11 3'350 31.08.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 56'002 0.11 (958) 30.08.2013 Investment Advisor DANSKE INVEST A/S Multiple Portfolios MF-AGG 51'486 0.1 (1) 31.05.2013 Investment Advisor DJE INVESTMENT SA Multiple Portfolios MF-AGG 50'403 0.1 (9'100) 28.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 49'010 0.09 (111'089) 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue HEINZ STEFFEN reduce 2 M 450 6 month 26.09.2013 Credit Suisse JAKOB BLUESTONE underperform 1 M 355 Not Provided 20.09.2013 Nomura FREDERIC BOULAN neutral 3 N 450 Not Provided 10.09.2013 Deutsche Bank CAROLA BARDELLI buy 5 M 464 12 month 05.09.2013 Bank am Bellevue SANDRA DIETSCHY hold 3 M 388 Not Provided 03.09.2013 Macquarie ALEX GRANT outperform 5 M 460 12 month 30.08.2013 JPMorgan HANNES C WITTIG overweight 5 M 460 3 month 23.08.2013 EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 20.08.2013 Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 480 Not Provided 16.08.2013 Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 12.08.2013 Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 09.08.2013 Natixis JACQUES DE GRELING neutral 3 M 400 Not Provided 08.08.2013 Barclays MICHAEL BISHOP overweight 5 M 445 Not Provided 08.08.2013 Societe Generale STEPHANE SCHLATTER buy 5 M 440 12 month 07.08.2013 Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 430 12 month 07.08.2013 HSBC NICOLAS COTE-COLISSON overweight 5 M 500 Not Provided 07.08.2013 Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 430 Not Provided 07.08.2013 Berenberg Bank USMAN GHAZI hold 3 M 408 Not Provided 07.08.2013 S&P Capital IQ ALEXANDER WISCH hold 3 M 450 12 month 07.08.2013 New Street Research JAKUB DUBANIEWICZ neutral 3 M 364 12 month 07.08.2013 Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 515 12 month 11.07.2013 UBS VIKRAM KARNANY neutral 3 M 415 12 month 09.07.2013 Bank Vontobel AG ANDY SCHNYDER hold 3 M 410 Not Provided 12.02.2013 Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 300 Not Provided 09.11.2012 Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 14.10.2011 Holdings By: Swisscom AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Givaudan SA manufactures and markets fragrances and flavors from natural and synthetic ingredients. The Company sells its products to manufacturers of perfumes, beverages, prepared foods, and consumer goods. Givaudan operates worldwide. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (08.08.2013) 1'369.00 52-Week Low (27.09.2012) 861.91 Daily Volume 1327 52-Week High % Change -3.07% Dividend Yield - 52-Week Low % Change 53.96% Beta 0.77 % 52 Week Price Range High/Low 93.49% Equity Float 7.27 Shares Out 25.07.2013 9.2 Short Int - 12'252.97 1 Yr Total Return 53.55% Total Debt 1'521.00 YTD Return 42.07% Preferred Stock 0.0 Adjusted BETA 0.773 Minority Interest 0.0 Analyst Recs 22 Cash and Equivalents 425.00 Consensus Rating 3.409 Enterprise Value 13'469.97 Average Volume 5 Day 19'751 GIVN VX EQUITY YTD Change - Average Volume 30 Day 18'291 GIVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 21'419 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 4'087.0 3'959.0 4'239.0 3'915.0 4'257.0 4'036.0 4'356.0 4'437.1 4'642.6 1'152.5 1'066.5 2.20x 2.31x 2.47x 2.44x 2.32x 0.00x 0.00x 2.95x 2.76x - - 822.0 758.0 866.0 755.0 871.0 0.0 0.0 972.8 1'046.5 - - 10.95x 12.04x 12.10x 12.63x 11.33x 0.00x 0.00x 13.83x 12.85x - - 111.0 199.0 340.0 252.0 411.0 0.0 0.0 549.7 609.4 - - 53.20x 32.97x 26.64x 32.30x 21.33x 0.00x 0.00x 21.95x 19.90x - - EBITDA 871.00 Long-Term Rating Date - EBIT 608.00 Long-Term Rating - Operating Margin 14.28% Long-Term Outlook - Pretax Margin 12.07% Short-Term Rating Date - Return on Assets 7.48% Short-Term Rating - Return on Common Equity 14.12% Return on Capital 10.36% EBITDA/Interest Exp. 12.10 Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 9.93 Net Debt/EBITDA 1.28 Gross Margin 42.2% Total Debt/EBITDA 1.74 EBITDA Margin 21.9% EBIT Margin 15.8% Total Debt/Equity 41.3% Net Income Margin 9.7% Total Debt/Capital 29.2% Asset Turnover 0.68 Current Ratio 2.23 Net Fixed Asset Turnover 3.17 Quick Ratio 1.28 Accounts receivable turnover-days 77.21 Debt to Assets 23.95% Inventory Days 116.54 Tot Debt to Common Equity 41.33% Accounts Payable Turnover Day 55.34 Accounts Receivable Turnover 4.73 Cash Conversion Cycle 130.87 Inventory Turnover 3.13 Fiscal Year Ended Givaudan SA Price/Volume Valuation Analysis 8'707.00 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 0 200 400 600 800 1000 1200 1400 1600 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 .0 M .0 M .1 M .1 M .1 M .1 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 4'000.0 4'500.0 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 GATES III WILLIAM HE n/a Co File 950'137 10.29 - 31.12.2012 n/a NESTLE SA #N/A N/A Co File 926'130 10.03 - 31.12.2012 Corporation BLACKROCK n/a ULT-AGG 456'343 4.94 1'182 25.09.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 230'326 2.49 - 30.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 164'285 1.78 - 31.12.2012 Government SUN LIFE FINANCIAL I n/a ULT-AGG 161'053 1.74 6'860 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 120'205 1.3 (1'192) 31.05.2013 Investment Advisor HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 98'200 1.06 (14'500) 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 92'447 1 865 30.06.2013 Unclassified UBS AG n/a ULT-AGG 87'140 0.94 63 28.06.2013 Unclassified HOFFMANN ANDRE SEREN n/a Co File 86'929 0.94 - 31.12.2012 n/a NEW JERSEY DIVISION Multiple Portfolios MF-AGG 80'000 0.87 (13'567) 30.06.2012 Pension Fund (ERISA) UMB BANK N A Multiple Portfolios MF-AGG 75'076 0.81 - 31.07.2013 Investment Advisor UNIGESTION ASSET MAN Multiple Portfolios MF-AGG 51'364 0.56 - 31.07.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 46'630 0.51 115 28.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 39'459 0.43 (1'170) 31.05.2013 Investment Advisor CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 35'448 0.38 990 30.06.2013 Investment Advisor FMR LLC n/a ULT-AGG 35'174 0.38 462 31.07.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 24'554 0.27 (400) 30.04.2013 Investment Advisor JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 22'149 0.24 - 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date JPMorgan CELINE PANNUTI overweight 5 M 1'340 12 month 27.09.2013 Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 1'360 Not Provided 26.09.2013 AlphaValue MARTIN SCHNEE reduce 2 M 1'203 6 month 26.09.2013 Nomura PATRICK LAMBERT buy 5 M 1'480 12 month 24.09.2013 Bank am Bellevue ROLF KUNZ hold 3 M 1'260 Not Provided 16.09.2013 Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 1'200 12 month 30.08.2013 Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 1'230 12 month 22.08.2013 EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 16.08.2013 Helvea ANDREAS VON ARX hold 3 M 1'350 12 month 15.08.2013 Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 1'450 Not Provided 07.08.2013 UBS JOE DEWHURST buy 5 M 1'425 12 month 02.08.2013 Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 29.07.2013 Main First Bank AG BERND POMREHN outperform 5 M 1'400 12 month 26.07.2013 Barclays GUNTHER ZECHMANN underweight 1 M 1'230 Not Provided 26.07.2013 Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 1'220 12 month 25.07.2013 HSBC SEBASTIAN SATZ underweight 1 M 1'060 Not Provided 25.07.2013 Berenberg Bank JAIDEEP PANDYA sell 1 M 900 Not Provided 25.07.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 1'250 Not Provided 25.07.2013 Credit Suisse PATRICK JNGLIN outperform 5 M 1'425 Not Provided 03.07.2013 Liberum Capital Ltd ADAM COLLINS buy 5 M 1'236 Not Provided 18.04.2013 Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 21.06.2012 Holdings By: Givaudan SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Julius Baer Group Ltd. offers private banking services. The bank advises on wealth management, financial planning and investments, and offers mortgage and other lending, foreign exchange, securities trading, custody and execution services. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (19.09.2013) 45.14 52-Week Low (10.10.2012) 30.34 Daily Volume 42.4 52-Week High % Change -6.07% Dividend Yield - 52-Week Low % Change 39.73% Beta 1.09 % 52 Week Price Range High/Low 82.23% Equity Float 213.52 Shares Out 30.06.2013 223.8 Short Int - 9'489.52 1 Yr Total Return 32.97% Total Debt 8'190.75 YTD Return 33.32% Preferred Stock 0.0 Adjusted BETA 1.089 Minority Interest 2.3 Analyst Recs 28 Cash and Equivalents 15'606.04 Consensus Rating 3.107 Enterprise Value - Average Volume 5 Day 522'463 BAER VX EQUITY YTD Change - Average Volume 30 Day 584'070 BAER VX EQUITY YTD % CHANGE - Average Volume 3 Month 589'480 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 01/yy 01/yy 12/13 Y 12/14 Y - - 2'480.1 1'883.7 2'075.2 2'052.0 2'028.9 - - 2'218.7 2'637.9 - - - - - - - - - -0.32x -1.15x - - - - - - - - - - - - - - - - - - - - - - - - 356.9 388.7 352.0 257.9 297.4 - - 511.1 634.7 - - - 19.35x 25.61x 28.93x 21.99x - - 18.12x 14.72x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 19.37% Long-Term Outlook - Pretax Margin 19.37% Short-Term Rating Date - Return on Assets 0.39% Short-Term Rating - Return on Common Equity 5.37% Return on Capital 1.53% 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 168.1% Net Income Margin 15.4% Total Debt/Capital 62.7% Asset Turnover 0.04 Current Ratio - Net Fixed Asset Turnover 6.13 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 14.93% Inventory Days - Tot Debt to Common Equity 168.13% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Julius Baer Group Ltd Price/Volume Valuation Analysis 404'419.00 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 .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 4'000.0 4'500.0 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 SUN LIFE FINANCIAL I n/a ULT-AGG 21'941'670 9.8 21'339 31.07.2013 Investment Advisor DAVIS SELECTED ADVIS n/a Co File 18'333'412 8.19 - 31.12.2012 Investment Advisor BLACKROCK n/a ULT-AGG 12'661'334 5.66 2'798 25.09.2013 Investment Advisor HARRIS ASSOCIATES LP n/a EXCH 11'935'580 5.33 - 30.08.2013 Investment Advisor WELLINGTON MANAGEMEN n/a EXCH 11'212'921 5.01 - 02.09.2013 Investment Advisor THORNBURG INVESTMENT n/a Co File 11'095'398 4.96 - 31.12.2012 Investment Advisor BANK OF AMERICA CORP n/a Co File 8'148'183 3.64 - 31.12.2012 Investment Advisor BOFA MERRILL LYNCH n/a EXCH 7'375'149 3.3 - 10.08.2012 Investment Advisor AXA n/a ULT-AGG 6'132'638 2.74 (2'711'160) 30.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 5'706'091 2.55 - 31.12.2012 Government VANGUARD GROUP INC n/a ULT-AGG 4'032'080 1.8 134'635 30.06.2013 Unclassified UBS AG n/a ULT-AGG 2'935'700 1.31 (3'900) 31.07.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 2'818'896 1.26 (4'983) 31.05.2013 Investment Advisor JULIUS BAER GROUP LT n/a Co File 2'599'046 1.16 - 31.12.2012 Bank INVESCO LTD n/a ULT-AGG 2'543'840 1.14 53'753 26.09.2013 Investment Advisor HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'457'632 1.1 115'243 31.08.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'281'821 1.02 (286'191) 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 1'987'059 0.89 (15'984) 31.05.2013 Investment Advisor UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'233'808 0.55 (33'366) 31.05.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'040'686 0.46 214'183 30.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue DIETER HEIN add 4 M 48 6 month 26.09.2013 Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 M 43 12 month 24.09.2013 HSBC ROBERT MURPHY underweight 1 D 43 Not Provided 19.09.2013 Main First Bank AG KILIAN MAIER underperform 1 M 45 12 month 18.09.2013 Societe Generale PHILIP RICHARDS hold 3 N 45 12 month 17.09.2013 Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 11.09.2013 Oddo & Cie JEAN SASSUS buy 5 M 44 Not Provided 06.09.2013 Mediobanca SpA ALEVIZOS ALEVIZAKOS neutral 3 M 43 12 month 05.09.2013 Morgan Stanley HUBERT LAM Overwt/In-Line 5 M 50 12 month 05.09.2013 Credit Suisse GURJIT KAMBO outperform 5 M 47 Not Provided 02.09.2013 Berenberg Bank ELENI PAPOULA sell 1 M 39 Not Provided 02.09.2013 Bank am Bellevue MARC DEUSTER hold 3 D 46 Not Provided 16.08.2013 Helvea TIM DAWSON hold 3 M 43 12 month 15.08.2013 Barclays JEREMY SIGEE equalweight 3 M 43 Not Provided 14.08.2013 Zuercher Kantonalbank ANDREAS BRUN market perform 3 M #N/A N/A Not Provided 07.08.2013 Bank Vontobel AG TERESA NIELSEN hold 3 U 38 Not Provided 24.07.2013 UBS DANIELE BRUPBACHER neutral 3 D 45 12 month 23.07.2013 JPMorgan KIAN ABOUHOSSEIN overweight 5 M 43 15 month 23.07.2013 Mirabaud Securities Claudia von Turk Myers neutral 3 M 42 12 month 23.07.2013 Natixis ANTOINE BURGARD neutral 3 D 44 Not Provided 23.07.2013 Deutsche Bank MATT SPICK buy 5 M 47 12 month 22.07.2013 Kepler Cheuvreux DIRK BECKER reduce 2 M 30 Not Provided 22.07.2013 Nomura JON PEACE buy 5 M 45 Not Provided 22.07.2013 S&P Capital IQ FRANK BRADEN strong buy 5 M 46 12 month 22.07.2013 EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013 Goldman Sachs MARTIN LEITGEB Buy/Neutral 5 M 51 12 month 05.06.2013 Equita SIM SpA MATTEO GHILOTTI reduce 2 N 31 12 month 03.10.2012 Holdings By: Julius Baer Group Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Geberit AG manufactures and supplies water supply pipes and fittings, installation systems, drainage and flushing systems such as visible cisterns, and other sanitary systems for the commercial and residential construction markets. The Company sells its products in Germany, Italy, Switzerland, Austria, the Netherlands, France, and Belgium. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (12.08.2013) 260.30 52-Week Low (16.11.2012) 183.67 Daily Volume 242.1 52-Week High % Change -6.99% Dividend Yield - 52-Week Low % Change 31.81% Beta 0.87 % 52 Week Price Range High/Low 79.12% Equity Float 35.41 Shares Out 29.07.2013 37.8 Short Int - 9'151.00 1 Yr Total Return 22.23% Total Debt 14.70 YTD Return 23.81% Preferred Stock 0.0 Adjusted BETA 0.874 Minority Interest 0.0 Analyst Recs 15 Cash and Equivalents 423.10 Consensus Rating 2.733 Enterprise Value 8'851.60 Average Volume 5 Day 113'262 GEBN VX EQUITY YTD Change - Average Volume 30 Day 98'693 GEBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 99'980 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 2'179.0 1'931.0 1'900.0 1'867.6 1'919.6 1'883.4 1'942.6 2'284.1 2'392.3 505.0 474.0 1.95x 3.57x 4.23x 3.49x 3.73x 7.09x 8.07x 3.79x 3.57x - - 649.1 611.0 573.7 532.0 542.4 539.0 551.3 577.7 613.4 154.0 114.0 6.56x 11.27x 14.01x 12.24x 13.20x 12.70x 15.44x 15.32x 14.43x - - 466.3 397.5 406.8 384.0 392.3 387.3 399.5 426.2 451.8 - - 9.50x 18.03x 20.95x 18.43x 19.57x 18.63x 22.12x 21.47x 20.10x - - EBITDA 542.40 Long-Term Rating Date 25.05.2010 EBIT 462.30 Long-Term Rating A- Operating Margin 24.08% Long-Term Outlook STABLE Pretax Margin 23.71% Short-Term Rating Date - Return on Assets 19.58% Short-Term Rating - Return on Common Equity 28.83% Return on Capital - EBITDA/Interest Exp. 91.93 Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 77.36 Net Debt/EBITDA -0.54 Gross Margin - Total Debt/EBITDA 0.02 EBITDA Margin 28.4% EBIT Margin 24.2% Total Debt/Equity 1.0% Net Income Margin 20.4% Total Debt/Capital 1.0% Asset Turnover 0.95 Current Ratio 2.79 Net Fixed Asset Turnover 3.81 Quick Ratio 1.99 Accounts receivable turnover-days 37.89 Debt to Assets 0.73% Inventory Days - Tot Debt to Common Equity 1.03% Accounts Payable Turnover Day - Accounts Receivable Turnover 9.63 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 Geberit AG Price/Volume Valuation Analysis 53'363.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 300 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 .2 M .3 M .4 M .5 M .6 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 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 CAPITAL GROUP COMPAN n/a ULT-AGG 3'773'401 9.98 - 30.06.2013 Investment Advisor BARCLAYS PLC n/a ULT-AGG 2'095'110 5.54 - 14.03.2007 Investment Advisor BLACKROCK n/a ULT-AGG 1'836'863 4.86 2'904 25.09.2013 Investment Advisor CAPITAL GROUP COS n/a EXCH 1'720'160 4.55 - 11.05.2006 Investment Advisor MARATHON ASSET MANAG n/a EXCH 1'189'345 3.15 (6'120) 29.01.2013 Investment Advisor AKO CAPITAL LLP n/a EXCH 1'173'254 3.1 - 22.05.2013 Investment Advisor CREDIT SUISSE FUND A n/a Co File 1'164'630 3.08 - 31.12.2012 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 1'016'780 2.69 15'232 30.06.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 911'384 2.41 - 31.12.2012 Government WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 679'484 1.8 (4'469) 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 634'666 1.68 (16'316) 30.08.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 622'126 1.65 24'301 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 617'200 1.63 (4'299) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 421'737 1.12 (526) 28.06.2013 Unclassified NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 419'725 1.11 113'921 31.07.2013 Insurance Company GEBERIT AG n/a EXCH 194'044 0.51 - 27.06.2013 Corporation SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 192'619 0.51 (83'388) 28.03.2013 Investment Advisor MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 183'003 0.48 183'003 31.12.2012 Investment Advisor COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 156'860 0.41 (76'960) 31.07.2013 Investment Advisor COMGEST GROWTH PLC Multiple Portfolios MF-AGG 128'000 0.34 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank am Bellevue MICHAEL ROOST hold 3 M 211 Not Provided 20.09.2013 Main First Bank AG CHRISTIAN KORTH outperform 5 U 275 12 month 13.09.2013 Credit Suisse ANDRE KUKHNIN neutral 3 U 240 Not Provided 11.09.2013 Berenberg Bank MICHAEL WATTS hold 3 M 225 Not Provided 06.09.2013 Morgan Stanley ALEJANDRA PEREDA Underwt/In-Line 1 M 207 12 month 16.08.2013 UBS TORSTEN WYSS neutral 3 M 240 12 month 15.08.2013 Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 14.08.2013 Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 230 Not Provided 14.08.2013 Goldman Sachs DANIELA COSTA neutral/neutral 3 M 233 12 month 13.08.2013 HSBC TOBIAS LOSKAMP neutral 3 M 244 Not Provided 13.08.2013 Helvea PATRICK APPENZELLER hold 3 M 250 12 month 13.08.2013 Kepler Cheuvreux OLIVER GIRAKHOU hold 3 M 250 Not Provided 31.07.2013 EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013 Davy FLORENCE O'DONOGHUE underperform 1 D #N/A N/A Not Provided 09.11.2012 Holdings By: Geberit AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Adecco SA is a personnel and temporary employment company. The Company supplies personnel and temporary help, and offers permanent placement services for professionals and specialists in a range of occupations. Adecco conducts its placement services internationally. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (20.09.2013) 64.90 52-Week Low (30.10.2012) 41.78 Daily Volume 64.3 52-Week High % Change -0.92% Dividend Yield - 52-Week Low % Change 53.91% Beta 1.45 % 52 Week Price Range High/Low 92.00% Equity Float 144.78 Shares Out 30.06.2013 189.3 Short Int - 12'169.64 1 Yr Total Return 45.14% Total Debt 2'077.00 YTD Return 38.71% Preferred Stock 0.0 Adjusted BETA 1.454 Minority Interest 3.0 Analyst Recs 26 Cash and Equivalents 1'105.00 Consensus Rating 3.538 Enterprise Value 11'421.16 Average Volume 5 Day 506'160 ADEN VX EQUITY YTD Change - Average Volume 30 Day 503'946 ADEN VX EQUITY YTD % CHANGE - Average Volume 3 Month 559'329 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 19'965.0 14'797.0 18'656.0 20'545.0 20'536.0 20'694.0 19'793.0 19'645.6 20'747.3 5'130.0 5'060.3 0.24x 0.46x 0.50x 0.31x 0.41x 1.42x 1.79x 0.56x 0.52x 2.22x 2.23x 992.0 380.0 809.0 939.0 828.0 966.0 785.0 901.9 1'088.9 - - 4.84x 17.88x 11.58x 6.82x 10.05x 8.14x 12.44x 12.68x 10.50x - - 495.0 8.0 423.0 519.0 377.0 502.0 346.0 506.7 629.8 159.3 144.0 8.51x 959.73x 22.41x 11.89x 19.90x 13.25x 23.40x 18.38x 14.66x - - EBITDA 828.00 Long-Term Rating Date 12.10.2011 EBIT 673.00 Long-Term Rating BBB Operating Margin 3.28% Long-Term Outlook STABLE Pretax Margin 2.84% Short-Term Rating Date 12.10.2011 Return on Assets 3.72% Short-Term Rating A-2 Return on Common Equity 9.63% Return on Capital 7.33% EBITDA/Interest Exp. 10.89 Asset Turnover 2.13% (EBITDA-Capex)/Interest Exp. 9.74 Net Debt/EBITDA 1.89 Gross Margin 17.9% Total Debt/EBITDA 2.36 EBITDA Margin 4.0% EBIT Margin 3.2% Total Debt/Equity 56.2% Net Income Margin 1.8% Total Debt/Capital 36.0% Asset Turnover 2.13 Current Ratio 1.27 Net Fixed Asset Turnover 68.37 Quick Ratio 1.19 Accounts receivable turnover-days 69.94 Debt to Assets 21.60% Inventory Days - Tot Debt to Common Equity 56.20% Accounts Payable Turnover Day - Accounts Receivable Turnover 5.22 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Adecco SA Price/Volume Valuation Analysis 523'934.00 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 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 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 JACOBS HOLDING n/a EXCH 34'873'579 18.43 - 26.08.2013 Private Equity AKILA FINANCE SA n/a Co File 10'163'580 5.37 - 31.12.2012 Investment Advisor HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'858'136 5.21 2'126'436 30.06.2013 Investment Advisor ADECCO SA n/a EXCH 9'525'701 5.03 - 21.06.2013 Corporation ARTISAN PARTNERS HOL n/a EXCH 6'284'378 3.32 689'034 12.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 5'727'044 3.03 - 25.09.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 5'694'349 3.01 19'900 31.07.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 5'630'710 2.98 - 28.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 3'607'208 1.91 - 31.12.2012 Government TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'291'711 1.21 (11'989) 31.07.2013 Investment Advisor MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'236'720 1.18 678'600 31.12.2012 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 1'961'300 1.04 12'157 30.06.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 1'678'915 0.89 (24'353) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 1'675'725 0.89 25'105 28.06.2013 Unclassified PICTET FUNDS n/a ULT-AGG 1'269'128 0.67 (10'753) 31.05.2013 Investment Advisor Alliance Trust Savin Multiple Portfolios MF-AGG 674'973 0.36 55'378 30.06.2013 Unclassified SEB n/a ULT-AGG 501'890 0.27 161'600 31.03.2013 Unclassified MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 466'817 0.25 - 31.07.2013 Investment Advisor AMERICAN CENTURY COM Multiple Portfolios MF-AGG 457'501 0.24 (844) 30.06.2013 Investment Advisor THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 381'600 0.2 (850) 28.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Goldman Sachs CHARLES WILSON Buy/Neutral 5 U 79 12 month 27.09.2013 Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 70 Not Provided 26.09.2013 Credit Suisse ANDY GROBLER outperform 5 M 68 Not Provided 19.09.2013 AlphaValue HEINZ STEFFEN sell 1 M 54 6 month 18.09.2013 Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 58 6 month 17.09.2013 Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 16.09.2013 Natixis OLIVIER LEBRUN neutral 3 D 68 Not Provided 16.09.2013 Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013 RBC Capital Markets ANDREW BROOKE outperform 5 D 70 12 month 11.09.2013 Helvea CHRISTIAN BURGER hold 3 M 62 12 month 15.08.2013 Deutsche Bank THOMAS SYKES hold 3 D 66 12 month 13.08.2013 Rabobank International DAVID TAILLEUR hold 3 M 68 12 month 13.08.2013 Bank am Bellevue ROLF KUNZ buy 5 M 73 Not Provided 09.08.2013 Jefferies KEAN MARDEN hold 3 M 61 12 month 09.08.2013 Bank Vontobel AG MICHAEL FOETH buy 5 M 70 Not Provided 09.08.2013 JPMorgan ROBERT PLANT overweight 5 M 70 15 month 08.08.2013 S&P Capital IQ CLIVE ROBERTS hold 3 U 63 12 month 08.08.2013 Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 75 12 month 08.08.2013 ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 58 Not Provided 08.08.2013 Kepler Cheuvreux HANS PLUIJGERS hold 3 D 62 Not Provided 18.07.2013 HSBC MATTHEW LLOYD neutral 3 M 54 Not Provided 03.07.2013 EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013 Barclays PAUL D A SULLIVAN equalweight 3 M 59 Not Provided 08.05.2013 UBS WILLIAM VANDERPUMP neutral 3 M 52 12 month 07.02.2013 Holdings By: Adecco SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Actelion Ltd. is a pharmaceutical company that develops and markets synthetic small-molecule drugs against diseases related to the endothelium. The Company's drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary conditions. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (26.08.2013) 66.25 52-Week Low (16.11.2012) 42.06 Daily Volume 64.1 52-Week High % Change -3.25% Dividend Yield - 52-Week Low % Change 52.42% Beta 1.10 % 52 Week Price Range High/Low 86.98% Equity Float 100.59 Shares Out 04.07.2013 120.3 Short Int - 7'709.69 1 Yr Total Return 37.94% Total Debt 235.43 YTD Return 49.99% Preferred Stock 0.0 Adjusted BETA 1.103 Minority Interest 0.0 Analyst Recs 21 Cash and Equivalents 1'123.02 Consensus Rating 4.000 Enterprise Value 6'464.95 Average Volume 5 Day 253'491 ATLN VX EQUITY YTD Change - Average Volume 30 Day 267'709 ATLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 335'465 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 1'428.9 1'698.0 1'826.3 1'713.0 1'722.1 1'684.6 1'744.4 1'767.5 1'835.8 428.7 423.3 2.80x 1.56x 2.34x 7.68x 11.01x 3.95x 3.63x 15.89x 15.97x 414.2 403.4 536.1 435.6 503.4 402.3 546.5 551.2 585.9 132.0 116.5 9.53x 6.14x 8.00x 9.34x 9.20x 11.74x 11.05x - - 306.1 311.3 390.6 (146.3) 303.2 289.7 328.9 421.1 430.8 88.4 63.3 15.61x - 16.68x 15.81x 19.62x 17.40x 16.26x - - EBITDA 503.36 Long-Term Rating Date - EBIT 421.47 Long-Term Rating - Operating Margin 24.47% Long-Term Outlook - Pretax Margin 20.82% Short-Term Rating Date - Return on Assets 12.23% Short-Term Rating - Return on Common Equity 22.22% Return on Capital 19.69% EBITDA/Interest Exp. 6.02 Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 5.56 Net Debt/EBITDA -2.28 Gross Margin 88.6% Total Debt/EBITDA 0.43 EBITDA Margin 31.3% EBIT Margin 26.8% Total Debt/Equity 15.5% Net Income Margin 17.6% Total Debt/Capital 13.4% Asset Turnover 0.65 Current Ratio 3.54 Net Fixed Asset Turnover 4.33 Quick Ratio 3.34 Accounts receivable turnover-days 98.39 Debt to Assets 8.74% Inventory Days 104.86 Tot Debt to Common Equity 15.50% Accounts Payable Turnover Day 211.09 Accounts Receivable Turnover 3.71 Cash Conversion Cycle 26.24 Inventory Turnover 3.48 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 Actelion Ltd Price/Volume Valuation Analysis 304'339.00 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 M .4 M .6 M .8 M 1.0 M 1.2 M 1.4 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 1'600.0 1'800.0 2'000.0 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 ACTELION LTD n/a EXCH 10'010'167 8.32 - 28.06.2013 Other ORBIS INVESTMENT MAN n/a EXCH 6'311'593 5.25 - 04.07.2013 Investment Advisor CLOZEL JEAN-PAUL n/a Co File 5'262'883 4.38 - 31.12.2012 n/a BLACKROCK n/a ULT-AGG 4'514'052 3.75 753'893 25.09.2013 Investment Advisor TRIDENT MERGER n/a EXCH 4'083'119 3.39 - 02.05.2012 Other MAAG RUDOLF n/a Co File 3'803'190 3.16 - 31.12.2012 n/a BB BIOTECH AG n/a Co File 3'803'190 3.16 - 31.12.2012 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 3'799'517 3.16 - 11.04.2013 Unclassified VANGUARD GROUP INC n/a ULT-AGG 3'602'141 2.99 (57) 30.06.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 2'581'512 2.15 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 1'837'651 1.53 (23'288) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 1'516'306 1.26 (259'840) 30.06.2013 Unclassified ALLIANCE BERNSTEIN n/a ULT-AGG 1'110'302 0.92 (16'918) 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 1'043'577 0.87 (141'496) 31.05.2013 Investment Advisor SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 580'200 0.48 82'430 31.03.2013 Investment Advisor CAWTHORN ROBERT E n/a Co File 507'552 0.42 - 04.05.2012 n/a CLOSE INVESTMENT LTD Multiple Portfolios MF-AGG 485'726 0.4 4'483 31.08.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 452'765 0.38 310'042 30.04.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 430'637 0.36 101'169 26.09.2013 Investment Advisor EATON VANCE MANAGEME Multiple Portfolios MF-AGG 419'716 0.35 543 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue FABRICE FARIGOULE reduce 2 M 65 6 month 26.09.2013 Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 62 Not Provided 19.09.2013 Helvea OLAV ZILIAN buy 5 M 85 12 month 19.09.2013 Barclays MICHAEL LEUCHTEN equalweight 3 M 51 Not Provided 16.09.2013 Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 67 6 month 11.09.2013 Deutsche Bank RICHARD J PARKES buy 5 M 69 12 month 04.09.2013 Credit Suisse RAVI MEHROTRA outperform 5 M 66 Not Provided 27.08.2013 Bank Vontobel AG ANDREW C WEISS buy 5 M 72 Not Provided 26.08.2013 Bank am Bellevue STEPHEN LEVENTHAL buy 5 M 72 Not Provided 13.08.2013 UBS GUILLAUME VAN RENTERGHEM buy 5 U 82 12 month 08.08.2013 EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 07.08.2013 Nomura Code Securities SAMIR DEVANI buy 5 M 70 6 month 01.08.2013 Jefferies PETER WELFORD buy 5 M 71 12 month 30.07.2013 Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 58 12 month 29.07.2013 Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 24.07.2013 Berenberg Bank ALISTAIR CAMPBELL hold 3 D 62 Not Provided 23.07.2013 Kepler Cheuvreux FABIAN WENNER buy 5 M 68 Not Provided 23.07.2013 JPMorgan JAMES D GORDON neutral 3 M 60 9 month 19.07.2013 S&P Capital IQ JACOB THRANE hold 3 D 65 12 month 19.07.2013 Redburn Partners TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 18.04.2012 Holdings By: Actelion Ltd All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Kuehne + Nagel International AG transports freight worldwide. The Company operates sea, land, and rail freight transportation businesses and warehousing and distribution facilities. Kuehne + Nagel also provides related special services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (18.09.2013) 123.20 52-Week Low (24.06.2013) 98.50 Daily Volume 120.8 52-Week High % Change -1.95% Dividend Yield - 52-Week Low % Change 22.64% Beta 0.86 % 52 Week Price Range High/Low 88.26% Equity Float 55.01 Shares Out 30.06.2013 120.0 Short Int - 14'496.00 1 Yr Total Return 16.14% Total Debt 68.00 YTD Return 13.39% Preferred Stock 0.0 Adjusted BETA 0.855 Minority Interest 29.0 Analyst Recs 28 Cash and Equivalents 1'083.00 Consensus Rating 2.750 Enterprise Value 13'741.00 Average Volume 5 Day 144'204 KNIN VX EQUITY YTD Change - Average Volume 30 Day 131'670 KNIN VX EQUITY YTD % CHANGE - Average Volume 3 Month 159'144 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 17'992.0 14'336.0 16'858.0 16'218.0 17'120.0 16'377.0 17'398.0 17'596.8 18'398.3 4'574.5 4'608.0 0.39x 0.77x 0.85x 0.71x 0.71x 2.93x 2.71x 0.76x 0.72x 2.90x 2.83x 1'021.0 887.0 1'008.0 982.0 926.0 869.0 1'003.0 986.2 1'079.0 257.7 265.7 6.91x 12.51x 14.16x 11.81x 13.16x 12.95x 11.63x 13.91x 12.71x 13.05x 12.80x 585.0 467.0 601.0 601.0 485.0 500.0 559.0 608.0 686.9 165.0 162.0 13.62x 25.44x 25.69x 20.93x 27.09x 24.09x 22.16x 23.55x 20.97x 21.96x 21.57x EBITDA 926.00 Long-Term Rating Date - EBIT 706.00 Long-Term Rating - Operating Margin 4.12% Long-Term Outlook - Pretax Margin 3.77% Short-Term Rating Date - Return on Assets 9.05% Short-Term Rating - Return on Common Equity 25.42% Return on Capital - EBITDA/Interest Exp. 185.20 Asset Turnover 2.82% (EBITDA-Capex)/Interest Exp. 152.60 Net Debt/EBITDA -0.77 Gross Margin 35.6% Total Debt/EBITDA 0.06 EBITDA Margin 5.8% EBIT Margin 4.5% Total Debt/Equity 2.8% Net Income Margin 2.8% Total Debt/Capital 2.7% Asset Turnover 2.82 Current Ratio 1.26 Net Fixed Asset Turnover 15.34 Quick Ratio 1.08 Accounts receivable turnover-days 52.83 Debt to Assets 1.08% Inventory Days 9.58 Tot Debt to Common Equity 2.84% Accounts Payable Turnover Day 43.66 Accounts Receivable Turnover 6.91 Cash Conversion Cycle 16.55 Inventory Turnover 38.11 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 Kuehne + Nagel International AG Price/Volume Valuation Analysis 71'471.00 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 M .2 M .3 M .4 M .5 M .6 M .7 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 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 KUEHNE KLAUS-MICHAEL n/a Co File 63'900'000 53.25 - 31.12.2010 n/a HARRIS ASSOCIATES LP n/a EXCH 3'664'427 3.05 - 21.06.2012 Investment Advisor DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 2'775'192 2.31 (9'710) 30.06.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 2'361'775 1.97 51'870 31.07.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 1'647'050 1.37 - 30.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 1'404'587 1.17 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 1'255'724 1.05 (13'612) 31.05.2013 Investment Advisor KUEHNE & NAGEL INTL n/a Co File 877'480 0.73 - 31.12.2010 Corporation PICTET FUNDS n/a ULT-AGG 834'328 0.7 (1'344) 31.05.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 717'847 0.6 (102'155) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 704'894 0.59 (6'665) 31.07.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 597'788 0.5 (29'959) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 583'424 0.49 (2'428) 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 539'613 0.45 (53'982) 25.09.2013 Investment Advisor FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 526'255 0.44 - 30.06.2013 Hedge Fund Manager JANUS CAPITAL MANAGE n/a ULT-AGG 435'743 0.36 135'332 30.06.2013 Investment Advisor THREADNEEDLE n/a ULT-AGG 346'593 0.29 73'564 31.05.2013 Unclassified FIL LIMITED n/a ULT-AGG 317'507 0.26 (1'193'480) 31.12.2012 Investment Advisor DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 307'949 0.26 15'663 28.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 201'737 0.17 (20'500) 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Commerzbank Corporates & Markets FRANK SKODZIK hold 3 D 125 6 month 23.09.2013 Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 173 12 month 23.09.2013 Bank am Bellevue ROLF KUNZ hold 3 M 110 Not Provided 20.09.2013 Zuercher Kantonalbank MARCO STRITTMATTER outperform 5 M #N/A N/A Not Provided 19.09.2013 Helvea CHRISTIAN BURGER hold 3 M 115 12 month 19.09.2013 AlphaValue HEINZ STEFFEN add 4 M 138 6 month 19.09.2013 Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 M 114 12 month 18.09.2013 Credit Suisse NEIL GLYNN underperform 1 M 111 Not Provided 18.09.2013 Cantor Fitzgerald ROBIN BYDE sell 1 M 100 Not Provided 18.09.2013 Stifel DAVID G ROSS hold 3 M 110 12 month 13.09.2013 Macquarie ROBERT JOYNSON neutral 3 D 115 12 month 10.09.2013 Main First Bank AG TOBIAS SITTIG underperform 1 M 115 Not Provided 02.09.2013 HSBC JULIA WINARSO underweight 1 M 90 Not Provided 22.08.2013 Kepler Cheuvreux BEAT KEISER buy 5 M 124 Not Provided 05.08.2013 JPMorgan CHRISTOPHER G COMBE neutral 3 M 126 15 month 01.08.2013 Morgan Stanley PENNY BUTCHER Underwt/In-Line 1 M 95 12 month 29.07.2013 Bankhaus Metzler GUIDO HOYMANN buy 5 M 134 12 month 16.07.2013 Bank Vontobel AG MICHAEL FOETH hold 3 M 115 Not Provided 16.07.2013 Nomura MARK MCVICAR neutral 3 M 110 Not Provided 16.07.2013 RBC Capital Markets DAMIAN BREWER sector perform 3 M 110 12 month 15.07.2013 UBS TORSTEN WYSS neutral 3 M 110 12 month 15.07.2013 Goldman Sachs NICK EDELMAN neutral/neutral 3 M 122 12 month 10.06.2013 EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013 Equita SIM SpA GIANMARCO BONACINA hold 3 M 113 12 month 15.04.2013 Davy STEPHEN FURLONG underperform 1 D #N/A N/A Not Provided 25.01.2013 Barclays DAVID E FINTZEN underweight 1 M 105 Not Provided 09.01.2013 Holdings By: Kuehne + Nagel International AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Schindler Holding AG manufactures and installs elevators, escalators, and moving walkways internationally. The Company's products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings. Schindler also offers maintenance services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (08.03.2013) 146.90 52-Week Low (28.09.2012) 115.00 Daily Volume 134.8 52-Week High % Change -8.24% Dividend Yield - 52-Week Low % Change 17.22% Beta 0.85 % 52 Week Price Range High/Low 63.32% Equity Float 46.16 Shares Out 30.06.2013 46.2 Short Int - 15'488.99 1 Yr Total Return 18.25% Total Debt 754.00 YTD Return 3.74% Preferred Stock 0.0 Adjusted BETA 0.852 Minority Interest 33.0 Analyst Recs 11 Cash and Equivalents 2'626.00 Consensus Rating 3.545 Enterprise Value 13'649.99 Average Volume 5 Day 107'038 SCHP VX EQUITY YTD Change - Average Volume 30 Day 114'287 SCHP VX EQUITY YTD % CHANGE - Average Volume 3 Month 112'508 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 14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 7'824.0 8'537.0 8'811.5 9'375.0 - - 0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.53x 1.40x - - 1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'146.8 1'233.5 - - 4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 11.91x 11.07x - - 615.0 625.0 677.0 576.0 702.0 655.0 596.0 680.8 783.6 - - 9.34x 15.44x 20.11x 23.83x 21.78x 0.00x 27.53x 22.50x 19.68x - - EBITDA 1'104.00 Long-Term Rating Date - EBIT 985.00 Long-Term Rating - Operating Margin 11.93% Long-Term Outlook - Pretax Margin 11.90% Short-Term Rating Date - Return on Assets 7.11% Short-Term Rating - Return on Common Equity 22.24% Return on Capital - EBITDA/Interest Exp. 25.67 Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 22.60 Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin 13.1% EBIT Margin 11.7% Total Debt/Equity 27.1% Net Income Margin 8.5% Total Debt/Capital 21.1% Asset Turnover 1.07 Current Ratio 1.55 Net Fixed Asset Turnover - Quick Ratio 1.22 Accounts receivable turnover-days - Debt to Assets 9.64% Inventory Days - Tot Debt to Common Equity 27.12% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Schindler Holding AG Price/Volume Valuation Analysis 63'004.00 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 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 .2 M .3 M .4 M .5 M .6 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 SUN LIFE FINANCIAL I n/a ULT-AGG 1'518'648 3.29 25'702 31.07.2013 Investment Advisor FMR LLC n/a ULT-AGG 1'379'374 2.99 3'965 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 1'269'263 2.75 (13'253) 31.05.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 1'118'218 2.42 - 31.12.2012 Government UBS AG n/a ULT-AGG 797'808 1.73 9'636 31.07.2013 Unclassified PICTET FUNDS n/a ULT-AGG 682'039 1.48 499 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 630'260 1.37 (13'863) 30.06.2013 Unclassified ROYAL BANK OF CANADA n/a ULT-AGG 626'818 1.36 68'784 30.04.2013 Bank BLACKROCK n/a ULT-AGG 598'812 1.3 (24'878) 25.09.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 579'098 1.25 8'212 30.04.2013 Investment Advisor WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 522'668 1.13 - 30.06.2013 Hedge Fund Manager BNP PARIBAS n/a ULT-AGG 521'555 1.13 1'073 30.04.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 449'103 0.97 (22'826) 28.03.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 293'124 0.63 (586'955) 28.06.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 249'100 0.54 - 30.04.2013 Investment Advisor ABERDEEN n/a ULT-AGG 204'930 0.44 (1'000) 31.07.2013 Investment Advisor GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 201'392 0.44 (22'625) 31.07.2013 Investment Advisor INTERNATIONAL VALUE Multiple Portfolios MF-AGG 168'524 0.36 - 31.03.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 157'000 0.34 (7'000) 31.03.2013 Investment Advisor NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 153'558 0.33 - 28.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Helvea PATRICK APPENZELLER buy 5 M 155 12 month 23.09.2013 Espirito Santo Investment Bank ResearchROB VIRDEE sell 1 M 118 Not Provided 09.09.2013 Kepler Cheuvreux OLIVER GIRAKHOU buy 5 M 155 Not Provided 05.09.2013 Credit Suisse ANDRE KUKHNIN outperform 5 M 155 Not Provided 02.09.2013 Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 155 12 month 15.08.2013 Bank am Bellevue MICHAEL ROOST hold 3 M 118 Not Provided 14.08.2013 Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 140 12 month 13.08.2013 UBS TORSTEN WYSS neutral 3 M 135 12 month 13.08.2013 Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 13.08.2013 Canaccord Genuity Corp ANDREW BELL hold 3 M 145 12 month 13.08.2013 Bank Vontobel AG ANDY SCHNYDER hold 3 M 145 Not Provided 21.06.2013 Holdings By: Schindler Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Sonova Holding AG provides hearing healthcare solutions. The Company develops and manufactures hearing systems, such as wireless communication systems for audio applications and cochlear implant systems. Sonova also provides solutions for hearing protection. Latest Fiscal Year: 03/2013 LTM as of: 01/yy 52-Week High (19.09.2013) 115.80 52-Week Low (12.11.2012) 89.89 Daily Volume 111.6 52-Week High % Change -3.63% Dividend Yield - 52-Week Low % Change 24.15% Beta 0.75 % 52 Week Price Range High/Low 86.88% Equity Float 49.65 Shares Out 31.03.2013 67.2 Short Int - 7'494.14 1 Yr Total Return 17.92% Total Debt 248.97 YTD Return 11.76% Preferred Stock 0.0 Adjusted BETA 0.746 Minority Interest 28.4 Analyst Recs 21 Cash and Equivalents 439.41 Consensus Rating 3.429 Enterprise Value 7'332.15 Average Volume 5 Day 179'282 SOON VX EQUITY YTD Change - Average Volume 30 Day 141'704 SOON VX EQUITY YTD % CHANGE - Average Volume 3 Month 120'393 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - - 1'249.2 1'500.3 1'616.7 1'619.8 1'795.3 - - 1'935.2 2'072.3 - - 3.42x 5.84x 3.43x 4.16x 4.17x - - 3.69x 3.34x - - 366.0 459.6 373.7 366.1 238.3 - - 494.5 553.6 - - 11.68x 19.05x 14.82x 18.39x 31.40x - - 14.84x 13.26x - - 284.8 217.2 231.0 246.8 110.9 - - 362.4 410.0 - - 15.82x 39.46x 23.39x 27.04x 68.61x - - 20.63x 18.28x - - EBITDA 238.33 Long-Term Rating Date - EBIT 156.68 Long-Term Rating - Operating Margin 8.73% Long-Term Outlook - Pretax Margin 8.35% Short-Term Rating Date - Return on Assets 4.47% Short-Term Rating - Return on Common Equity 7.20% Return on Capital - EBITDA/Interest Exp. 40.28 Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 26.37 Net Debt/EBITDA -0.80 Gross Margin 69.1% Total Debt/EBITDA 1.04 EBITDA Margin 13.3% EBIT Margin 8.7% Total Debt/Equity 15.5% Net Income Margin 6.2% Total Debt/Capital 13.2% Asset Turnover 0.72 Current Ratio 2.36 Net Fixed Asset Turnover 7.31 Quick Ratio 1.73 Accounts receivable turnover-days 69.04 Debt to Assets 9.29% Inventory Days 121.16 Tot Debt to Common Equity 15.49% Accounts Payable Turnover Day 44.23 Accounts Receivable Turnover 5.29 Cash Conversion Cycle 145.97 Inventory Turnover 3.01 Fiscal Year Ended Sonova Holding AG Price/Volume Valuation Analysis 50'889.00 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 M .2 M .3 M .4 M .5 M .6 M .7 M .8 M .9 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 1'600.0 1'800.0 2'000.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 5.00 10.00 15.00 20.00 25.00 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 SUN LIFE FINANCIAL I n/a ULT-AGG 6'982'442 10.4 333'562 31.07.2013 Investment Advisor DIETHELM BEDA n/a Co File 6'647'719 9.9 - 31.03.2013 n/a RIHS ANDREAS E n/a Co File 4'560'498 6.79 - 31.03.2013 n/a RIHS HANS-UELI n/a Co File 4'166'000 6.2 - 31.03.2013 n/a AKO CAPITAL LLP n/a EXCH 2'031'623 3.03 - 05.02.2013 Investment Advisor HARDING LOEVNER LP n/a EXCH 2'010'767 2.99 - 01.06.2012 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 1'995'523 2.97 - 31.07.2013 Investment Advisor CREDIT SUISSE FUND A n/a EXCH 1'994'034 2.97 (9'050) 12.04.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'386'198 2.06 121'199 30.06.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 1'282'096 1.91 (18'179) 31.05.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 1'218'792 1.81 - 31.12.2012 Government MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'003'486 1.49 (16'300) 30.06.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 989'640 1.47 85'436 31.07.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 872'723 1.3 40'774 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 738'158 1.1 125'413 30.06.2013 Unclassified UBS AG n/a ULT-AGG 666'334 0.99 (7'119) 31.07.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 624'506 0.93 (16'994) 28.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 443'668 0.66 (85'968) 25.09.2013 Investment Advisor MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 253'532 0.38 - 31.07.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 240'520 0.36 (20'000) 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue FABRICE FARIGOULE add 4 M 126 6 month 26.09.2013 JPMorgan DAVID J ADLINGTON neutral 3 D 120 6 month 20.09.2013 Commerzbank Corporates & Markets OLIVER METZGER buy 5 M 133 6 month 19.09.2013 Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 115 12 month 19.09.2013 Bank am Bellevue GINA FRANCIOLI hold 3 M 110 Not Provided 19.09.2013 Credit Suisse CHRISTOPH GRETLER outperform 5 M 125 Not Provided 19.09.2013 Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 19.09.2013 Exane BNP Paribas ROMAIN ZANA underperform 1 M 93 Not Provided 19.09.2013 Main First Bank AG STEPHAN VOLLERT underperform 1 M 111 12 month 18.09.2013 Sanford C. Bernstein & Co LISA BEDELL CLIVE underperform 1 M 92 12 month 11.09.2013 UBS MARTIN WALES buy 5 U 130 12 month 06.09.2013 Kepler Cheuvreux MAJA PATAKI buy 5 M 125 Not Provided 30.08.2013 Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 107 12 month 29.07.2013 Societe Generale JUSTIN SMITH hold 3 M 111 12 month 08.07.2013 EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013 Bank Vontobel AG CARLA BAENZIGER buy 5 M 120 Not Provided 30.05.2013 Barclays SALLY TAYLOR equalweight 3 M 105 Not Provided 22.05.2013 Deutsche Bank YI-DAN WANG hold 3 M 93 12 month 21.05.2013 HSBC HENDRIK LOFRUTHE neutral 3 M 112 Not Provided 21.05.2013 Jefferies INGEBORG OIE hold 3 M 85 12 month 30.07.2012 SEB Enskilda NIELS GRANHOLM-LETH not rated #N/A N/A M #N/A N/A Not Provided 22.10.2010 Holdings By: Sonova Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Sika AG manufactures construction materials and offers related services. The Company produces concrete and mixtures, mortar, sealants and adhesives, tooling resins, anti-static industrial flooring, acoustic materials for automobiles, and waterproof membranes. Sika also offers specialized contracting services. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (20.09.2013) 2'730.00 52-Week Low (12.10.2012) 1'851.00 Daily Volume 2677 52-Week High % Change -1.94% Dividend Yield - 52-Week Low % Change 44.62% Beta 0.98 % 52 Week Price Range High/Low 93.17% Equity Float 1.00 Shares Out 29.07.2013 2.2 Short Int - 6'715.65 1 Yr Total Return 43.08% Total Debt 1'097.00 YTD Return 30.00% Preferred Stock 0.0 Adjusted BETA 0.983 Minority Interest 14.9 Analyst Recs 10 Cash and Equivalents 994.20 Consensus Rating 4.000 Enterprise Value 7'036.55 Average Volume 5 Day 4'635 SIK VX EQUITY YTD Change - Average Volume 30 Day 3'658 SIK VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'204 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 4'624.5 4'154.9 4'416.0 4'556.4 4'828.9 4'631.9 4'924.4 5'091.3 5'499.6 1'395.0 1'297.0 0.59x 1.89x 1.21x 1.05x 1.13x 0.00x 0.00x 1.34x 1.22x - - 556.1 560.0 576.7 477.4 568.9 0.0 0.0 636.1 708.1 - - 4.89x 14.00x 9.27x 9.99x 9.63x 0.00x 0.00x 11.08x 9.95x - - 266.7 225.9 310.5 213.3 279.5 55.8 97.6 328.3 377.7 - - 8.41x 17.74x 14.13x 17.84x 16.08x 0.00x 0.00x 20.45x 17.69x - - EBITDA 568.90 Long-Term Rating Date 02.05.2000 EBIT 428.80 Long-Term Rating A- Operating Margin 8.88% Long-Term Outlook STABLE Pretax Margin 8.14% Short-Term Rating Date 02.05.2000 Return on Assets 7.27% Short-Term Rating A-2 Return on Common Equity 15.60% Return on Capital 11.76% EBITDA/Interest Exp. 18.59 Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. 14.49 Net Debt/EBITDA 0.51 Gross Margin - Total Debt/EBITDA 1.42 EBITDA Margin 12.2% EBIT Margin 9.2% Total Debt/Equity 55.1% Net Income Margin 5.8% Total Debt/Capital 35.3% Asset Turnover 1.22 Current Ratio 2.39 Net Fixed Asset Turnover 5.61 Quick Ratio 1.79 Accounts receivable turnover-days 77.11 Debt to Assets 25.74% Inventory Days - Tot Debt to Common Equity 55.06% Accounts Payable Turnover Day - Accounts Receivable Turnover 4.73 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 Sika AG Price/Volume Valuation Analysis 1'820.00 Current Price (9/dd/yy) Market Data 0 500 1000 1500 2000 2500 3000 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 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 SCHENKER WINKLER HOL n/a Co File 1'140'136 53 - 31.12.2011 Investment Advisor THREADNEEDLE n/a ULT-AGG 176'577 8.21 964 30.06.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 54'978 2.56 385 31.05.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 49'810 2.32 3'869 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 48'461 2.25 52 31.07.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 35'461 1.65 (3'642) 28.03.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 31'086 1.45 - 31.12.2012 Government ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 28'322 1.32 (149) 30.08.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 27'832 1.29 (5'239) 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 26'076 1.21 (118) 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 25'821 1.2 (1'504) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 23'219 1.08 2'962 30.06.2013 Unclassified ALLIANZ ASSET MANAGE n/a ULT-AGG 19'205 0.89 858 31.07.2013 Investment Advisor COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 16'800 0.78 - 31.07.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 14'285 0.66 700 30.04.2013 Investment Advisor SARASIN n/a ULT-AGG 12'832 0.6 124 30.04.2013 Unclassified LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 11'358 0.53 (6) 31.05.2013 Investment Advisor SUN LIFE FINANCIAL I n/a ULT-AGG 11'184 0.52 325 31.07.2013 Investment Advisor JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 10'430 0.48 - 31.05.2013 Investment Advisor DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 10'065 0.47 - 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank Vontobel AG PATRICK RAFAISZ hold 3 M 2'500 Not Provided 19.08.2013 Helvea PATRICK APPENZELLER hold 3 M 2'700 12 month 15.08.2013 Bank am Bellevue MICHAEL ROOST hold 3 M 2'286 Not Provided 08.08.2013 Credit Suisse PATRICK LAAGER neutral 3 M 2'300 Not Provided 08.08.2013 Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 2'900 Not Provided 07.08.2013 Main First Bank AG BERND POMREHN outperform 5 M 2'750 12 month 29.07.2013 UBS TORSTEN WYSS buy 5 M 2'900 12 month 21.06.2013 EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013 Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 14.05.2013 Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 3'100 6 month 03.04.2013 Holdings By: Sika AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards. The Company produces watches under various branded names. Swatch also operates retail boutiques. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (19.09.2013) 104.40 52-Week Low (10.10.2012) 63.95 Daily Volume 102.4 52-Week High % Change -1.92% Dividend Yield - 52-Week Low % Change 60.13% Beta 1.30 % 52 Week Price Range High/Low 94.07% Equity Float 56.71 Shares Out 30.06.2013 124.0 Short Int - 30'774.45 1 Yr Total Return 59.28% Total Debt 135.00 YTD Return 31.88% Preferred Stock 0.0 Adjusted BETA 1.297 Minority Interest 19.0 Analyst Recs 3 Cash and Equivalents 1'967.00 Consensus Rating 5.000 Enterprise Value 29'796.45 Average Volume 5 Day 79'502 UHRN SE EQUITY YTD Change - Average Volume 30 Day 79'915 UHRN SE EQUITY YTD % CHANGE - Average Volume 3 Month 89'518 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 01/yy 01/yy 12/13 Y 12/14 Y - - 5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'625.0 9'335.0 - - 1.29x 2.54x 3.33x 2.50x 2.96x - - 3.36x 3.01x - - 1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'460.0 2'690.0 - - 5.17x 11.63x 12.26x 9.17x 10.29x - - 12.12x 11.09x - - 834.0 759.0 1'074.0 1'269.0 1'600.0 - - - - - - - - - - - - - 15.78x 14.40x - - EBITDA 2'245.00 Long-Term Rating Date - EBIT 1'984.00 Long-Term Rating - Operating Margin 25.45% Long-Term Outlook - Pretax Margin 25.87% Short-Term Rating Date - Return on Assets 16.22% Short-Term Rating - Return on Common Equity 11.29% Return on Capital - EBITDA/Interest Exp. 748.33 Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 602.33 Net Debt/EBITDA -0.44 Gross Margin - Total Debt/EBITDA 0.04 EBITDA Margin 28.0% EBIT Margin 24.5% Total Debt/Equity 1.4% Net Income Margin 20.5% Total Debt/Capital 1.4% Asset Turnover 0.80 Current Ratio 6.50 Net Fixed Asset Turnover 4.21 Quick Ratio 2.51 Accounts receivable turnover-days 44.94 Debt to Assets 1.20% Inventory Days - Tot Debt to Common Equity 1.45% Accounts Payable Turnover Day - Accounts Receivable Turnover 8.12 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 Swatch Group AG/The Price/Volume Valuation Analysis 64'849.00 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 M .2 M .3 M .4 M .5 M .6 M .7 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 9'000.0 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 HAYEK SR NICOLAS G n/a Co File 55'704'144 44.91 - 31.12.2012 n/a GRETHER ESTHER n/a Co File 10'935'000 8.82 - 31.12.2012 n/a CREDIT SUISSE AG n/a ULT-AGG 1'602'358 1.29 56'247 31.05.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 1'158'192 0.93 124'200 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 993'149 0.8 13'711 30.06.2013 Unclassified PICTET FUNDS n/a ULT-AGG 848'479 0.68 (2'048) 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 755'520 0.61 (23'300) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 492'966 0.4 (27'272) 30.06.2013 Unclassified BNP PARIBAS n/a ULT-AGG 454'735 0.37 (22'922) 30.04.2013 Unclassified BLACKROCK n/a ULT-AGG 435'261 0.35 39'958 25.09.2013 Investment Advisor FMR LLC n/a ULT-AGG 330'792 0.27 200'166 31.07.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 322'291 0.26 (1'183) 31.05.2013 Investment Advisor WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 288'249 0.23 - 30.06.2013 Hedge Fund Manager MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 225'000 0.18 35'000 31.03.2013 Investment Advisor TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 211'543 0.17 (16'130) 31.07.2013 Investment Advisor PIONEER n/a ULT-AGG 208'323 0.17 - 30.04.2013 Unclassified IST FUND MANAGERS Multiple Portfolios MF-AGG 205'137 0.17 399 30.04.2013 Investment Advisor AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 202'929 0.16 (30'339) 31.07.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 185'274 0.15 859 31.05.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 169'000 0.14 10'000 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 M #N/A N/A Not Provided 16.09.2013 Bank Vontobel AG RENE WEBER buy 5 M 126 Not Provided 30.08.2013 Bank am Bellevue SERGE MONNERAT buy 5 M 125 Not Provided 24.07.2013 Holdings By: Swatch Group AG/The All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Aryzta AG produces and retails specialty bakery products. The Company produces French breads, pastries, continental breads, confections, artisan breads, homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and sweet baked goods. Aryzta operates in North America, South America, Europe, South East Asia, Australia and New Zealand. Latest Fiscal Year: 07/2012 LTM as of: 04/yy 52-Week High (11.09.2013) 61.70 52-Week Low (03.10.2012) 44.22 Daily Volume 58.15 52-Week High % Change -5.75% Dividend Yield - 52-Week Low % Change 31.49% Beta 0.76 % 52 Week Price Range High/Low 81.98% Equity Float 86.71 Shares Out 11.03.2013 91.8 Short Int - 5'338.78 1 Yr Total Return 29.33% Total Debt 1'591.57 YTD Return 25.60% Preferred Stock 0.0 Adjusted BETA 0.765 Minority Interest 86.2 Analyst Recs 14 Cash and Equivalents 547.47 Consensus Rating 4.286 Enterprise Value 5'500.11 Average Volume 5 Day 212'809 ARYN SE EQUITY YTD Change - Average Volume 30 Day 168'424 ARYN SE EQUITY YTD % CHANGE - Average Volume 3 Month 165'469 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 04/yy 04/yy 07/13 Y 07/14 Y 07/13 Q4 10/13 Q1 2'660.9 3'212.3 3'009.7 3'876.9 4'207.7 4'046.2 4'366.6 4'431.9 4'712.3 1'185.3 1'168.0 - 0.83x 1.31x 1.10x 1.11x 0.00x 0.00x 1.25x 1.13x - - 232.4 342.7 340.5 485.1 540.0 0.0 0.0 571.4 629.8 - - - 7.74x 11.62x 8.80x 8.68x 0.00x 0.00x 9.63x 8.73x - - 129.8 54.0 151.7 212.7 146.3 0.0 0.0 314.6 329.8 - - - 35.77x 16.43x 14.81x 26.80x 0.00x 0.00x 13.36x 12.04x - - EBITDA 540.04 Long-Term Rating Date - EBIT 337.87 Long-Term Rating - Operating Margin 8.03% Long-Term Outlook - Pretax Margin 4.45% Short-Term Rating Date - Return on Assets 2.58% Short-Term Rating - Return on Common Equity 5.87% Return on Capital - EBITDA/Interest Exp. - Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA 1.93 Gross Margin 28.1% Total Debt/EBITDA 2.89 EBITDA Margin 12.6% EBIT Margin 7.9% Total Debt/Equity 65.7% Net Income Margin 3.5% Total Debt/Capital 38.8% Asset Turnover 0.83 Current Ratio 1.11 Net Fixed Asset Turnover 4.36 Quick Ratio 0.88 Accounts receivable turnover-days 32.83 Debt to Assets 28.64% Inventory Days 39.17 Tot Debt to Common Equity 65.68% Accounts Payable Turnover Day 88.32 Accounts Receivable Turnover 11.15 Cash Conversion Cycle -30.71 Inventory Turnover 9.34 Fiscal Year Ended Aryzta AG Price/Volume Valuation Analysis 87'487.00 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 M .2 M .3 M .4 M .5 M .6 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 4'000.0 4'500.0 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 31.07.2009 31.01.2010 31.07.2010 31.01.2011 31.07.2011 31.01.2012 31.07.2012 31.01.2013 31.07.2013 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 ARYZTA AG n/a EXCH 3'772'859 4.11 - 21.11.2011 Corporation ARI LTIP TRUSTEE LTD n/a Co File 3'772'859 4.11 - 31.07.2012 Other INVESCO LTD n/a ULT-AGG 3'251'936 3.54 (49'502) 26.09.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 2'852'652 3.11 (36'300) 05.04.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'822'140 3.07 369'892 31.07.2013 Investment Advisor MASSACHUSETTS MUTUAL n/a EXCH 2'799'110 3.05 15'925 02.05.2013 Insurance Company FMR LLC n/a ULT-AGG 2'364'980 2.58 900 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 2'330'735 2.54 (9'673) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 2'150'771 2.34 (33'795) 31.07.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 1'783'949 1.94 - 31.12.2012 Government ROYAL BANK OF CANADA n/a ULT-AGG 1'168'807 1.27 6'147 31.07.2013 Bank SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'117'425 1.22 (44'039) 28.03.2013 Investment Advisor ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'067'550 1.16 (27'164) 30.08.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 981'985 1.07 1'668 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 975'430 1.06 (1'496) 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 968'180 1.05 (27'746) 30.06.2013 Unclassified KILLIAN OWEN n/a RNS-DIR 823'731 0.9 - 26.09.2011 n/a DWS INVESTMENTS Multiple Portfolios MF-AGG 810'188 0.88 (73'608) 31.05.2013 Investment Advisor MANDARINE GESTION Multiple Portfolios MF-AGG 787'457 0.86 241'490 30.08.2013 Investment Advisor INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 756'196 0.82 (10'890) 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Societe Generale ALEX SLOANE hold 3 M 63 12 month 26.09.2013 Helvea ANDREAS VON ARX buy 5 M 67 12 month 25.09.2013 Credit Suisse CHARLES MILLS neutral 3 M 61 Not Provided 20.09.2013 Rabobank International PATRICK ROQUAS buy 5 N 69 12 month 20.09.2013 Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 65 12 month 20.09.2013 Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 68 12 month 18.09.2013 Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 M #N/A N/A Not Provided 17.09.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 54 Not Provided 17.09.2013 Berenberg Bank FINTAN RYAN buy 5 N 73 Not Provided 05.09.2013 UBS JOERN IFFERT buy 5 M 65 12 month 14.08.2013 EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 11.07.2013 Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 72 12 month 12.06.2013 Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 65 Not Provided 15.05.2013 Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 31.10.2012 Holdings By: Aryzta AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Swiss Life Holding is a financial services company. The Company provides life and property insurance, institutional investment management, and private banking services. Latest Fiscal Year: 12/2012 LTM as of: 09/yy 52-Week High (26.08.2013) 187.00 52-Week Low (01.10.2012) 108.05 Daily Volume 174.3 52-Week High % Change -6.79% Dividend Yield - 52-Week Low % Change 61.32% Beta 1.30 % 52 Week Price Range High/Low 84.29% Equity Float 32.02 Shares Out 30.06.2013 32.1 Short Int - 5'591.73 1 Yr Total Return 58.59% Total Debt 2'768.00 YTD Return 48.01% Preferred Stock 0.0 Adjusted BETA 1.302 Minority Interest 33.0 Analyst Recs 19 Cash and Equivalents 6'480.00 Consensus Rating 3.211 Enterprise Value 3'667.73 Average Volume 5 Day 107'396 SLHN VX EQUITY YTD Change - Average Volume 30 Day 130'950 SLHN VX EQUITY YTD % CHANGE - Average Volume 3 Month 128'581 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 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 15'356.0 17'816.0 17'844.0 17'291.0 19'076.0 0.0 0.0 18'764.4 18'105.6 - - - - - 0.02x 0.01x #DIV/0! #DIV/0! -0.05x -0.05x - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 350.0 278.0 557.0 605.0 92.0 0.0 0.0 721.3 711.1 - 140.0 - 12.74x 7.74x 4.55x 42.10x 0.00x 0.00x 7.74x 8.01x - - EBITDA - Long-Term Rating Date 03.05.2012 EBIT - Long-Term Rating BBB Operating Margin 4.99% Long-Term Outlook STABLE Pretax Margin 1.21% Short-Term Rating Date - Return on Assets 0.13% Short-Term Rating - Return on Common Equity 2.19% Return on Capital 2.24% 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 27.0% Net Income Margin 0.5% Total Debt/Capital 21.2% Asset Turnover 0.12 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 1.69% Inventory Days - Tot Debt to Common Equity 27.00% 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 Swiss Life Holding AG Price/Volume Valuation Analysis 75'165.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 160 180 200 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 .2 M .3 M .4 M .5 M .6 M .7 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 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 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 TALANX BETEILIGUNGS- n/a EXCH 1'614'988 5.03 (1'359'700) 16.04.2013 Insurance Company DODGE & COX Multiple Portfolios MF-AGG 1'590'600 4.96 - 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 1'221'611 3.81 7'626 25.09.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 737'441 2.3 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 683'900 2.13 6'871 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 417'453 1.3 411 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 375'932 1.17 1'313 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 335'589 1.05 (732) 30.06.2013 Unclassified UBS AG n/a ULT-AGG 270'777 0.84 (5'483) 31.05.2013 Unclassified T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 220'892 0.69 13'514 30.06.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 205'610 0.64 8'850 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 193'420 0.6 (24'366) 31.05.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 156'126 0.49 (42'410) 31.05.2013 Investment Advisor PRUDENTIAL FINANCIAL n/a ULT-AGG 135'001 0.42 (5'461) 31.08.2013 Investment Advisor RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 129'800 0.4 18'300 30.04.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 107'602 0.34 208 30.04.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 104'465 0.33 (2'000) 31.03.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 75'443 0.24 (20'031) 31.07.2013 Investment Advisor LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 71'000 0.22 15'000 30.06.2013 Investment Advisor HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 61'300 0.19 - 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Berenberg Bank PETER ELIOT hold 3 M 195 Not Provided 26.09.2013 AlphaValue DIETER HEIN buy 5 U 214 6 month 26.09.2013 Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 194 12 month 17.09.2013 Goldman Sachs WILLIAM ELDERKIN Sell/Neutral 1 D 179 12 month 17.09.2013 EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 10.09.2013 Main First Bank AG RENE LOCHER outperform 5 M 215 12 month 09.09.2013 Credit Suisse RICHARD BURDEN underperform 1 M 175 Not Provided 02.09.2013 JPMorgan MICHAEL HUTTNER overweight 5 M 224 3 month 19.08.2013 Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 210 Not Provided 19.08.2013 Bank am Bellevue ANDREAS FRICK hold 3 M 161 Not Provided 16.08.2013 HSBC DHRUV GAHLAUT neutral 3 M 195 Not Provided 16.08.2013 Mediobanca SpA MARC THIELE neutral 3 M 200 12 month 15.08.2013 Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 183 12 month 15.08.2013 Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 15.08.2013 Kepler Cheuvreux FABRIZIO CROCE hold 3 M 163 Not Provided 15.08.2013 Nomura MICHAEL KLIEN buy 5 M 190 Not Provided 15.08.2013 Helvea DANIEL BISCHOF buy 5 M 195 12 month 15.08.2013 Bankhaus Metzler JOCHEN SCHMITT sell 1 M 145 12 month 14.08.2013 Holdings By: Swiss Life Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Clariant, AG. develops, produces, markets and sales specialty chemical products. The Company provides dyes and chemicals for the textile, leather and paper industries, pigments for the use in paints, printing inks, decorative paints, plastics, cosmetics, concentrated pigment and additive preparations for engineering plastics, spin dyeing, and packaging. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 16.55 52-Week Low (01.11.2012) 9.37 Daily Volume 15.28 52-Week High % Change -7.67% Dividend Yield - 52-Week Low % Change 63.08% Beta 1.45 % 52 Week Price Range High/Low 84.96% Equity Float 250.02 Shares Out 30.06.2013 331.9 Short Int - 5'072.03 1 Yr Total Return 37.99% Total Debt 3'476.00 YTD Return 26.82% Preferred Stock 0.0 Adjusted BETA 1.448 Minority Interest 86.0 Analyst Recs 22 Cash and Equivalents 1'667.00 Consensus Rating 3.682 Enterprise Value 7'103.03 Average Volume 5 Day 1'559'392 CLN VX EQUITY YTD Change - Average Volume 30 Day 1'414'635 CLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'550'479 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 8'071.0 6'614.0 7'120.0 7'370.0 6'038.0 6'823.0 6'502.0 6'176.2 6'433.7 1'532.8 1'592.5 0.36x 0.51x 0.71x 0.60x 0.92x 2.82x 3.61x 1.02x 0.95x - - 746.0 470.0 880.0 874.0 772.0 744.0 751.0 830.5 928.7 207.7 228.0 3.85x 7.14x 5.76x 5.10x 7.19x 6.49x 8.61x 8.57x 7.67x - - (45.0) (206.0) 180.0 227.0 217.0 159.0 254.0 332.1 399.6 76.0 118.3 - - 23.38x 10.78x 17.64x 17.59x 17.13x 14.52x 12.36x 12.03x 11.32x EBITDA 772.00 Long-Term Rating Date 14.03.2011 EBIT 456.00 Long-Term Rating BBB- Operating Margin 7.55% Long-Term Outlook STABLE Pretax Margin 4.07% Short-Term Rating Date 14.03.2011 Return on Assets 2.86% Short-Term Rating A-3 Return on Common Equity 8.83% Return on Capital - EBITDA/Interest Exp. 4.98 Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 2.97 Net Debt/EBITDA 2.59 Gross Margin 28.9% Total Debt/EBITDA 3.39 EBITDA Margin 11.6% EBIT Margin 6.9% Total Debt/Equity 117.7% Net Income Margin 3.6% Total Debt/Capital 53.3% Asset Turnover 0.73 Current Ratio 1.55 Net Fixed Asset Turnover 2.84 Quick Ratio 0.80 Accounts receivable turnover-days 61.86 Debt to Assets 36.49% Inventory Days 86.90 Tot Debt to Common Equity 117.67% Accounts Payable Turnover Day 104.13 Accounts Receivable Turnover 5.90 Cash Conversion Cycle 33.53 Inventory Turnover 4.20 Fiscal Year Ended Clariant AG Price/Volume Valuation Analysis 857'537.00 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 2 4 6 8 10 12 14 16 18 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 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 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 SHAREHOLDER GROUP n/a EXCH 44'738'756 13.48 1'598'001 31.12.2011 Other CLARIANT AG n/a EXCH 13'197'597 3.98 (2'155'824) 13.03.2013 Corporation STOCKHAUSEN DOLF n/a Co File 11'776'204 3.55 - 31.12.2012 n/a WINTERSTEIN KONSTANT n/a EXCH 11'018'080 3.32 - 14.01.2013 n/a FIL LIMITED n/a ULT-AGG 10'319'502 3.11 (124'364) 24.09.2013 Investment Advisor UBS AG n/a ULT-AGG 9'963'262 3 (58'651) 31.07.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 9'281'323 2.8 (79'786) 31.05.2013 Investment Advisor NORGES BANK n/a EXCH 8'964'927 2.7 - 18.02.2013 Government TIAA CREF INVESTMENT n/a EXCH 8'830'526 2.66 - 24.05.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'025'013 2.12 701'274 30.08.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 4'918'416 1.48 14'266 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 3'912'297 1.18 840'604 30.06.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3'777'671 1.14 90'512 28.03.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 3'773'453 1.14 17'246 31.07.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 2'403'710 0.72 290'000 30.04.2013 Investment Advisor SPARINVEST n/a ULT-AGG 1'722'966 0.52 - 31.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 1'406'371 0.42 (35'873) 25.09.2013 Investment Advisor JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'173'151 0.35 284 28.06.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 1'056'698 0.32 342'505 30.04.2013 Investment Advisor ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 962'500 0.29 88'000 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS JEAN-FRANCOIS MEYMANDI buy 5 M 19 12 month 25.09.2013 AlphaValue MARTIN SCHNEE reduce 2 M 15 6 month 19.09.2013 Morgan Stanley PETER MACKEY Overwt/In-Line 5 M 19 12 month 17.09.2013 Goldman Sachs MICHAEL RAE Buy/Neutral 5 M 19 12 month 11.09.2013 Nomura PATRICK LAMBERT buy 5 U 18 Not Provided 05.09.2013 JPMorgan MARTIN EVANS neutral 3 M 15 15 month 04.09.2013 Macquarie CHRISTIAN FAITZ outperform 5 M 19 12 month 04.09.2013 Deutsche Bank TIMOTHY JONES hold 3 M 15 12 month 22.08.2013 Exane BNP Paribas JAMES KNIGHT underperform 1 M 13 Not Provided 22.08.2013 Societe Generale PETER CLARK sell 1 M 13 12 month 14.08.2013 Kepler Cheuvreux MARKUS MAYER buy 5 M 19 Not Provided 13.08.2013 Bank Vontobel AG PATRICK RAFAISZ buy 5 M 17 Not Provided 31.07.2013 Barclays GUNTHER ZECHMANN overweight 5 M 16 Not Provided 31.07.2013 Credit Suisse CHRIS COUNIHAN neutral 3 M 14 Not Provided 30.07.2013 Berenberg Bank JAIDEEP PANDYA buy 5 M 16 Not Provided 30.07.2013 Main First Bank AG BERND POMREHN outperform 5 M 16 12 month 30.07.2013 HSBC JESKO MAYER-WEGELIN underweight 1 M 13 Not Provided 12.07.2013 Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 27.06.2013 EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013 Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 12 Not Provided 17.04.2013 Holdings By: Clariant AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Baloise Holding AG offers group and individual life, health, accident, liability property, and transportation insurance to customers in Europe. The Company also offers private banking and asset management services. Latest Fiscal Year: 12/2012 LTM as of: 12/yy 52-Week High (10.09.2013) 104.50 52-Week Low (28.09.2012) 73.65 Daily Volume 101.5 52-Week High % Change -2.87% Dividend Yield - 52-Week Low % Change 37.81% Beta 1.11 % 52 Week Price Range High/Low 88.33% Equity Float 44.93 Shares Out 30.06.2013 50.0 Short Int - 5'075.00 1 Yr Total Return 42.17% Total Debt 2'017.60 YTD Return 35.56% Preferred Stock 0.0 Adjusted BETA 1.111 Minority Interest 42.1 Analyst Recs 16 Cash and Equivalents 2'923.70 Consensus Rating 3.000 Enterprise Value 3'980.90 Average Volume 5 Day 117'290 BALN VX EQUITY YTD Change - Average Volume 30 Day 149'140 BALN VX EQUITY YTD % CHANGE - Average Volume 3 Month 154'829 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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'807.9 9'464.6 9'420.2 7'691.1 9'333.4 0.0 0.0 8'213.2 8'477.6 - - 0.46x 0.34x 0.37x 0.31x 0.30x #DIV/0! #DIV/0! 0.27x 0.26x - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 358.3 414.1 433.4 60.8 436.6 0.0 0.0 473.8 492.0 - - 10.70x 9.95x 9.95x 49.68x 8.42x 0.00x 0.00x 9.86x 9.64x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 5.78% Long-Term Outlook - Pretax Margin 5.30% Short-Term Rating Date - Return on Assets 0.64% Short-Term Rating - Return on Common Equity 10.74% Return on Capital 8.63% EBITDA/Interest Exp. - Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 41.8% Net Income Margin 4.7% Total Debt/Capital 29.3% Asset Turnover 0.13 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 2.74% Inventory Days - Tot Debt to Common Equity 41.77% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Baloise Holding AG Price/Volume Valuation Analysis 75'318.00 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 M .1 M .2 M .2 M .3 M .3 M .4 M .4 M .5 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 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 2'950'000 5.9 - 25.09.2013 Investment Advisor SIGNAL IDUNA GRUPPE n/a Co File 2'500'000 5 - 31.12.2012 Unclassified BALOISE HOLDING AG n/a Co File 2'264'287 4.53 - 31.12.2012 Insurance Company LSV ASSET MANAGEMENT n/a EXCH 1'862'547 3.73 - 02.07.2013 Investment Advisor UBS AG n/a ULT-AGG 1'650'911 3.3 (8'336) 31.07.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 1'348'296 2.7 7'401 31.05.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 1'033'406 2.07 - 31.12.2012 Government PICTET FUNDS n/a ULT-AGG 615'109 1.23 (7'472) 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 610'984 1.22 (36'919) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 525'908 1.05 18'368 30.06.2013 Unclassified KEMPEN CAPITAL MANAG n/a ULT-AGG 457'630 0.92 41'285 30.06.2013 Unclassified DIMENSIONAL FUND ADV n/a ULT-AGG 399'544 0.8 3'042 30.04.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 336'800 0.67 3'700 30.04.2013 Investment Advisor IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 305'153 0.61 - 30.06.2013 Investment Advisor DANSKE INVEST A/S Multiple Portfolios MF-AGG 267'545 0.54 1'693 31.05.2013 Investment Advisor SARASIN n/a ULT-AGG 252'201 0.5 (3'288) 30.04.2013 Unclassified PRUDENTIAL FINANCIAL n/a ULT-AGG 187'032 0.37 7'800 31.08.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 176'989 0.35 41'000 31.03.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 168'856 0.34 323 30.04.2013 Investment Advisor BARING FUND MANAGERS Multiple Portfolios MF-AGG 133'453 0.27 - 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Berenberg Bank PETER ELIOT buy 5 M 115 Not Provided 26.09.2013 AlphaValue DIETER HEIN sell 1 M 84 6 month 26.09.2013 Goldman Sachs WILLIAM ELDERKIN Sell/Neutral 1 D 100 12 month 17.09.2013 Main First Bank AG RENE LOCHER underperform 1 M 100 12 month 09.09.2013 Bank am Bellevue ANDREAS FRICK buy 5 M 119 Not Provided 06.09.2013 HSBC DHRUV GAHLAUT neutral 3 M 103 Not Provided 05.09.2013 Credit Suisse RICHARD BURDEN neutral 3 M 97 Not Provided 03.09.2013 Helvea DANIEL BISCHOF hold 3 M 102 12 month 02.09.2013 JPMorgan MICHAEL HUTTNER neutral 3 M 109 3 month 30.08.2013 Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 30.08.2013 Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 107 Not Provided 30.08.2013 Kepler Cheuvreux FABRIZIO CROCE hold 3 M 93 Not Provided 30.08.2013 Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 106 12 month 29.08.2013 Nomura MICHAEL KLIEN buy 5 M 100 12 month 29.08.2013 Mediobanca SpA MARC THIELE neutral 3 M 96 6 month 20.06.2013 EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013 Holdings By: Baloise Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery products. The Company markets its products through its own specialty stores and boutiques, as well as through retail outlets and catalog sales. Lindt operates subsidiaries in Europe, North America and Asia and also sells its products through various distributors in other world regions. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (20.08.2013) 43'515.00 52-Week Low (16.11.2012) 33'075.92 Daily Volume 42855 52-Week High % Change -1.52% Dividend Yield - 52-Week Low % Change 29.57% Beta 0.60 % 52 Week Price Range High/Low 90.61% Equity Float 0.10 Shares Out 30.06.2013 0.1 Short Int - 9'159.83 1 Yr Total Return 27.52% Total Debt 12.00 YTD Return 25.87% Preferred Stock 0.0 Adjusted BETA 0.598 Minority Interest 0.0 Analyst Recs 11 Cash and Equivalents 555.00 Consensus Rating 2.818 Enterprise Value 8'531.83 Average Volume 5 Day 147 LISN SE EQUITY YTD Change - Average Volume 30 Day 117 LISN SE EQUITY YTD % CHANGE - Average Volume 3 Month 113 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 01/yy 01/yy 12/13 Y 12/14 Y - - 2'573.2 2'524.8 2'579.3 2'488.6 2'669.5 - - 2'869.0 3'072.1 - - 1.85x 2.03x 2.42x 2.68x 2.70x - - 2.99x 2.77x - - 466.1 382.5 423.3 421.9 457.4 - - 512.5 559.3 - - 10.21x 13.41x 14.77x 15.83x 15.75x - - 16.58x 15.19x - - 261.5 193.1 241.9 246.5 271.9 - - 306.7 337.7 - - 19.52x 29.86x 28.38x 28.95x 28.80x - - 31.84x 28.87x - - EBITDA 457.40 Long-Term Rating Date - EBIT 362.50 Long-Term Rating - Operating Margin 13.58% Long-Term Outlook - Pretax Margin 13.55% Short-Term Rating Date - Return on Assets 10.34% Short-Term Rating - Return on Common Equity 15.04% Return on Capital - EBITDA/Interest Exp. 117.28 Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 81.85 Net Debt/EBITDA -1.29 Gross Margin - Total Debt/EBITDA 0.05 EBITDA Margin 17.6% EBIT Margin 13.7% Total Debt/Equity 0.7% Net Income Margin 10.2% Total Debt/Capital 0.7% Asset Turnover 1.01 Current Ratio 2.50 Net Fixed Asset Turnover 3.51 Quick Ratio 1.77 Accounts receivable turnover-days 39.36 Debt to Assets 0.46% Inventory Days - Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day - Accounts Receivable Turnover 9.27 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 Lindt & Spruengli AG Price/Volume Valuation Analysis 32.00 Current Price (9/dd/yy) Market Data 0 5000 10000 15000 20000 25000 30000 35000 40000 45000 50000 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 .0 M .0 M .0 M .0 M .0 M .0 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 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 LINDT & SPRUENGLI AG n/a Research 29'144 21.32 - 16.03.2013 Corporation NORGES BANK Multiple Portfolios MF-AGG 4'630 3.39 - 31.12.2012 Government TANNER ERNST n/a Co File 2'803 2.05 - 31.12.2011 n/a CREDIT SUISSE AG n/a ULT-AGG 2'239 1.64 (21) 31.05.2013 Investment Advisor AXA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'400 1.02 - 30.06.2012 Investment Advisor CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'285 0.94 - 31.12.2012 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 1'166 0.85 24 30.06.2013 Unclassified SPRUENGLI RUDOLF K n/a Co File 1'014 0.74 - 31.12.2011 n/a BULGHERONI ANTONIO n/a Co File 1'000 0.73 - 31.12.2011 n/a BLACKROCK n/a ULT-AGG 861 0.63 (19) 25.09.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 857 0.63 (22) 28.03.2013 Investment Advisor UBS AG n/a ULT-AGG 799 0.58 (32) 31.05.2013 Unclassified FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 639 0.47 (68) 30.06.2013 Hedge Fund Manager PICTET FUNDS n/a ULT-AGG 540 0.4 (11) 31.05.2013 Investment Advisor FMR LLC n/a ULT-AGG 325 0.24 - 31.07.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 319 0.23 - 30.04.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 241 0.18 20 31.05.2013 Investment Advisor IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 175 0.13 - 30.04.2013 Investment Advisor F&C ASSET MANAGEMENT Multiple Portfolios MF-AGG 170 0.12 (14) 28.02.2013 Investment Advisor ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 166 0.12 (8) 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Goldman Sachs FULVIO CAZZOL Sell/Neutral 1 M 41'600 12 month 12.09.2013 Bank am Bellevue GINA FRANCIOLI hold 3 M 24'760 Not Provided 03.09.2013 UBS JOERN IFFERT buy 5 M 47'500 12 month 21.08.2013 Berenberg Bank JAMES TARGETT hold 3 M 43'000 Not Provided 21.08.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY not rated #N/A N/A M #N/A N/A Not Provided 21.08.2013 Natixis NICOLAS LANGLET neutral 3 M 40'000 Not Provided 21.08.2013 Kepler Cheuvreux JON COX hold 3 M 40'000 Not Provided 20.08.2013 HSBC FLORENCE DOHAN underweight 1 M 35'500 Not Provided 14.08.2013 EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013 Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 15.01.2013 GSC Research MATTHIAS SCHRADE hold 3 U #N/A N/A Not Provided 27.04.2012 Holdings By: Lindt & Spruengli AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Swiss Prime Site AG is a real estate investment company. The Company owns business and mixed-use business/residential buildings in commercial centers in Switzerland. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (15.05.2013) 78.85 52-Week Low (09.09.2013) 66.65 Daily Volume 69.5 52-Week High % Change -11.86% Dividend Yield - 52-Week Low % Change 4.28% Beta 0.55 % 52 Week Price Range High/Low 29.10% Equity Float 56.68 Shares Out 30.06.2013 60.5 Short Int - 4'204.63 1 Yr Total Return -4.33% Total Debt 4'125.09 YTD Return -4.51% Preferred Stock 0.0 Adjusted BETA 0.550 Minority Interest 0.0 Analyst Recs 6 Cash and Equivalents 199.36 Consensus Rating 3.000 Enterprise Value 8'352.48 Average Volume 5 Day 126'302 SPSN VX EQUITY YTD Change - Average Volume 30 Day 115'505 SPSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 115'773 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 01/yy 01/yy 12/13 Y 12/14 Y 06/10 Q2 09/10 Q3 209.6 293.7 601.1 571.6 576.7 - - 678.0 674.0 - - 16.31x 25.52x 13.23x 13.78x 14.75x - - 12.41x 12.77x - - 158.8 171.5 357.9 355.2 339.6 - - 362.5 378.0 - - 21.53x 43.70x 22.22x 22.17x 25.05x - - 23.02x 22.08x - - 116.4 187.4 235.0 355.1 316.3 - - 223.0 230.0 - - 10.26x 9.52x 16.07x 10.80x 13.26x - - 19.21x 18.69x - - EBITDA 339.59 Long-Term Rating Date - EBIT 316.80 Long-Term Rating - Operating Margin 34.64% Long-Term Outlook - Pretax Margin 71.33% Short-Term Rating Date - Return on Assets 3.95% Short-Term Rating - Return on Common Equity 9.67% Return on Capital 4.50% EBITDA/Interest Exp. 2.90 Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 0.53 Net Debt/EBITDA 11.98 Gross Margin - Total Debt/EBITDA 12.32 EBITDA Margin 55.8% EBIT Margin - Total Debt/Equity 105.1% Net Income Margin 54.8% Total Debt/Capital 51.3% Asset Turnover 0.07 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 44.61% Inventory Days - Tot Debt to Common Equity 105.14% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Swiss Prime Site AG Price/Volume Valuation Analysis 45'844.00 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 M .2 M .3 M .4 M .5 M .6 M .7 M .8 M .9 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 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 CREDIT SUISSE AG n/a ULT-AGG 3'325'716 5.5 11'533 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 3'061'591 5.06 - 25.09.2013 Investment Advisor WECKEN KLAUS RUDOLF n/a Co File 2'070'000 3.42 - 31.12.2012 n/a STATE STREET CORP n/a ULT-AGG 2'037'272 3.37 (2'047) 26.09.2013 Investment Advisor UBS AG n/a ULT-AGG 1'707'673 2.82 (11'128) 30.06.2013 Unclassified FUST WALTER n/a EXCH 1'619'979 2.68 (717'875) 31.07.2012 n/a NORGES BANK Multiple Portfolios MF-AGG 1'591'970 2.63 - 31.12.2012 Government SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 726'335 1.2 13'700 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 699'611 1.16 (68'492) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 693'588 1.15 20'478 30.06.2013 Unclassified BNP PARIBAS n/a ULT-AGG 315'738 0.52 (2'164) 30.04.2013 Unclassified PICTET FUNDS n/a ULT-AGG 304'241 0.5 (16'419) 31.05.2013 Investment Advisor SCOTTISH WIDOWS n/a ULT-AGG 222'747 0.37 10'051 28.02.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 207'810 0.34 - 30.04.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 178'103 0.29 (11'832) 30.06.2013 Investment Advisor ING INTERNATIONAL AD Multiple Portfolios MF-AGG 152'800 0.25 (700) 28.03.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 140'000 0.23 (17'826) 31.03.2013 Investment Advisor SEB n/a ULT-AGG 137'255 0.23 15'992 28.03.2013 Unclassified AMUNDI Multiple Portfolios MF-AGG 131'662 0.22 451 30.04.2013 Investment Advisor PETERCAM SA Multiple Portfolios MF-AGG 125'910 0.21 - 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS ANDRE RUDOLF VON ROHR neutral 3 M 73 12 month 17.09.2013 EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 17.09.2013 ABN Amro Bank N.V. RUUD VAN MAANEN sell 1 M 61 Not Provided 13.09.2013 Zuercher Kantonalbank MARKUS WAEBER outperform 5 U #N/A N/A Not Provided 12.09.2013 Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 75 Not Provided 23.05.2013 Kempen & Co ROBERT WOERDEMAN neutral 3 M 78 Not Provided 25.04.2013 Holdings By: Swiss Prime Site AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Partners Group Holding AG is a global private markets asset management firm in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and other financial institutions. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (09.07.2013) 273.50 52-Week Low (08.11.2012) 183.80 Daily Volume 223.6 52-Week High % Change -18.24% Dividend Yield - 52-Week Low % Change 21.65% Beta 0.65 % 52 Week Price Range High/Low 42.81% Equity Float 16.10 Shares Out 17.07.2013 26.7 Short Int - 5'970.12 1 Yr Total Return 19.37% Total Debt 0.00 YTD Return 8.63% Preferred Stock 0.0 Adjusted BETA 0.647 Minority Interest 0.9 Analyst Recs 12 Cash and Equivalents 234.65 Consensus Rating 3.500 Enterprise Value 6'133.67 Average Volume 5 Day 74'221 PGHN SE EQUITY YTD Change - Average Volume 30 Day 77'084 PGHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 65'895 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 01/yy 01/yy 12/13 Y 12/14 Y - - 270.7 329.4 447.3 448.8 564.2 - - 493.6 560.7 - - 6.16x 9.30x 9.31x 9.06x 9.12x - - 11.63x 10.21x - - 182.5 231.9 320.8 236.2 295.5 - - 306.5 351.9 - - 9.14x 13.21x 12.98x 17.21x 17.42x - - 20.00x 17.42x - - 170.8 204.8 296.3 202.1 257.3 - - 288.1 330.8 - - 10.90x 15.75x 14.86x 20.51x 20.81x - - 20.70x 17.86x - - EBITDA 295.53 Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 48.95% Long-Term Outlook - Pretax Margin 49.76% Short-Term Rating Date - Return on Assets 34.49% Short-Term Rating - Return on Common Equity 47.31% Return on Capital 40.53% EBITDA/Interest Exp. - Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA 0.49 Gross Margin - Total Debt/EBITDA 0.62 EBITDA Margin 55.4% EBIT Margin - Total Debt/Equity 0.0% Net Income Margin 45.6% Total Debt/Capital 0.0% Asset Turnover 0.71 Current Ratio - Net Fixed Asset Turnover 33.37 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 0.00% Inventory Days - Tot Debt to Common Equity 0.00% 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 Partners Group Holding AG Price/Volume Valuation Analysis 35'025.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 300 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 0.0 100.0 200.0 300.0 400.0 500.0 600.0 1999 2000 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 GANTNER ALFRED n/a Co File 2'673'659 10.01 - 31.12.2012 n/a WIETLISBACH URS n/a Co File 2'673'659 10.01 - 31.12.2012 n/a ERNI MARCEL n/a Co File 2'673'659 10.01 - 31.12.2012 n/a BLACKROCK n/a ULT-AGG 1'548'675 5.8 (3'297) 25.09.2013 Investment Advisor PARTNERS GROUP n/a Co File 1'218'791 4.56 - 31.12.2012 Investment Advisor WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 729'025 2.73 358 30.06.2013 Investment Advisor MEISTER STEFFEN n/a Co File 534'000 2 - 31.12.2012 n/a CREDIT SUISSE AG n/a ULT-AGG 506'447 1.9 4'143 31.05.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 360'910 1.35 - 31.12.2012 Government FMR LLC n/a ULT-AGG 352'189 1.32 6'828 31.07.2013 Investment Advisor HALDNER FELIX n/a Co File 347'100 1.3 - 31.12.2012 n/a COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 319'621 1.2 190 31.07.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 283'127 1.06 2'912 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 207'899 0.78 9'636 30.06.2013 Unclassified ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 201'303 0.75 (137'985) 30.06.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 193'408 0.72 (28'089) 30.06.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 190'583 0.71 (11'505) 28.03.2013 Investment Advisor UBS AG n/a ULT-AGG 178'166 0.67 (2'465) 31.05.2013 Unclassified WENGER JUERG n/a Co File 140'333 0.53 - 31.12.2012 n/a PRUDENTIAL FINANCIAL n/a ULT-AGG 133'413 0.5 14'478 31.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Goldman Sachs CHRIS M. TURNER neutral/neutral 3 U 240 12 month 20.09.2013 Main First Bank AG KILIAN MAIER underperform 1 M 210 12 month 18.09.2013 Helvea TIM DAWSON buy 5 M 248 12 month 18.09.2013 Bank am Bellevue MARC DEUSTER hold 3 M 235 Not Provided 13.09.2013 Mediobanca SpA ALEVIZOS ALEVIZAKOS outperform 5 M 282 12 month 12.09.2013 Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 250 12 month 11.09.2013 Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 11.09.2013 Bank Vontobel AG TERESA NIELSEN hold 3 M 220 Not Provided 11.09.2013 Credit Suisse GURJIT KAMBO outperform 5 M 255 Not Provided 10.09.2013 UBS DANIELE BRUPBACHER neutral 3 M 250 12 month 17.06.2013 EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013 Holdings By: Partners Group Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Lonza Group AG produces organic fine chemicals, biocides, active ingredients, and biotechnology products. The Company offers custom chemical manufacturing and fermentation processing and manufactures its products for the life sciences, pharmaceuticals, food processing, and agricultural products industries. Lonza operates production sites in Europe, the United States, and China. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (16.09.2013) 77.90 52-Week Low (16.11.2012) 40.11 Daily Volume 74.45 52-Week High % Change -4.43% Dividend Yield - 52-Week Low % Change 85.61% Beta 1.27 % 52 Week Price Range High/Low 91.14% Equity Float 50.70 Shares Out 25.07.2013 52.9 Short Int - 3'939.90 1 Yr Total Return 55.04% Total Debt 2'815.00 YTD Return 56.33% Preferred Stock 0.0 Adjusted BETA 1.267 Minority Interest (1.0) Analyst Recs 16 Cash and Equivalents 429.00 Consensus Rating 3.125 Enterprise Value 6'454.90 Average Volume 5 Day 170'327 LONN VX EQUITY YTD Change - Average Volume 30 Day 200'147 LONN VX EQUITY YTD % CHANGE - Average Volume 3 Month 203'028 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 01/yy 01/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 2'937.0 2'690.0 2'680.0 2'692.0 3'925.0 - - 3'844.6 4'046.8 - - 2.20x 1.91x 1.91x 2.07x 1.26x - - 1.61x 1.48x - - 691.0 517.0 647.0 537.0 640.0 - - 668.3 754.8 - - 9.36x 9.91x 7.91x 10.37x 7.73x - - 9.67x 8.56x - - 420.0 162.0 291.0 154.0 182.0 - - 228.2 305.5 - - 11.07x 22.88x 13.50x 18.62x 14.02x - - 15.20x 12.52x - - EBITDA 640.00 Long-Term Rating Date - EBIT 336.00 Long-Term Rating - Operating Margin 8.56% Long-Term Outlook - Pretax Margin 5.63% Short-Term Rating Date - Return on Assets 1.84% Short-Term Rating - Return on Common Equity 5.73% Return on Capital - EBITDA/Interest Exp. 5.00 Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 2.69 Net Debt/EBITDA - Gross Margin 25.6% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 7.6% Total Debt/Equity 117.0% Net Income Margin 4.6% Total Debt/Capital 53.9% Asset Turnover 0.53 Current Ratio 1.51 Net Fixed Asset Turnover 0.75 Quick Ratio 0.81 Accounts receivable turnover-days - Debt to Assets 39.65% Inventory Days - Tot Debt to Common Equity 116.95% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle 121.14 Inventory Turnover - Fiscal Year Ended Lonza Group AG Price/Volume Valuation Analysis 133'132.00 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 .2 M .4 M .6 M .8 M 1.0 M 1.2 M 1.4 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 4'000.0 4'500.0 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 FRANKLIN RESOURCES n/a ULT-AGG 3'594'879 6.79 (93'632) 28.06.2013 Investment Advisor MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'801'813 5.29 (816'138) 31.12.2012 Investment Advisor HARDING LOEVNER LP n/a Co File 2'658'885 5.02 - 31.12.2012 Investment Advisor MANNING & NAPIER ADV n/a EXCH 2'642'891 4.99 - 08.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 2'091'802 3.95 455 25.09.2013 Investment Advisor AFFILIATED MANAGING n/a Co File 1'912'949 3.61 - 31.12.2012 Other TIAA CREF INVESTMENT n/a EXCH 1'566'236 2.96 (44'662) 09.08.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 1'400'896 2.65 - 31.12.2012 Government FMR LLC n/a ULT-AGG 1'280'490 2.42 3'681 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 1'113'830 2.1 (11'765) 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 645'001 1.22 (26'029) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 593'447 1.12 19'759 30.06.2013 Unclassified UBS AG n/a ULT-AGG 448'208 0.85 (7'030) 31.07.2013 Unclassified PICTET FUNDS n/a ULT-AGG 393'091 0.74 16'864 31.05.2013 Investment Advisor PRINCIPAL FINANCIAL n/a ULT-AGG 174'983 0.33 10'223 31.07.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 173'931 0.33 57 31.07.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 173'386 0.33 59'181 31.07.2013 Investment Advisor PRUDENTIAL FINANCIAL n/a ULT-AGG 156'525 0.3 (52'442) 31.07.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 156'410 0.3 (16'100) 30.04.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 144'892 0.27 - 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue FABRICE FARIGOULE reduce 2 M 73 6 month 26.09.2013 Main First Bank AG BERND POMREHN outperform 5 U 85 12 month 09.09.2013 Helvea OLAV ZILIAN buy 5 M 83 12 month 15.08.2013 EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 09.08.2013 Bank am Bellevue BRUNO ESCHLI hold 3 M 74 Not Provided 29.07.2013 Jefferies PETER WELFORD hold 3 M 75 12 month 29.07.2013 Kepler Cheuvreux AITANA PEIRE reduce 2 N 56 Not Provided 29.07.2013 S&P Capital IQ JACOB THRANE hold 3 U 74 12 month 29.07.2013 Credit Suisse LUISA HECTOR neutral 3 M 70 Not Provided 26.07.2013 Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 26.07.2013 Bank Vontobel AG CARLA BAENZIGER hold 3 M 69 Not Provided 26.07.2013 Kempen & Co SACHIN SONI hold 3 M 63 12 month 25.07.2013 Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 55 6 month 12.07.2013 UBS MARTIN WALES neutral 3 M 71 12 month 10.05.2013 Deutsche Bank HOLGER BLUM hold 3 M 47 12 month 22.01.2013 JPMorgan RICHARD VOSSER neutral 3 M 40 Not Provided 10.08.2012 Holdings By: Lonza Group AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Galenica AG manufactures and distributes pharmaceuticals and offers related services. The Company produces prescription and over-the-counter drugs, toiletries and hygiene products, and operates pharmacies. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (27.09.2013) 775.50 52-Week Low (16.11.2012) 479.25 Daily Volume 774.5 52-Week High % Change -0.13% Dividend Yield - 52-Week Low % Change 61.61% Beta 0.89 % 52 Week Price Range High/Low 98.08% Equity Float 4.55 Shares Out 30.06.2013 6.5 Short Int - 5'034.25 1 Yr Total Return 40.59% Total Debt 1'038.04 YTD Return 48.67% Preferred Stock 0.0 Adjusted BETA 0.887 Minority Interest 32.3 Analyst Recs 14 Cash and Equivalents 356.88 Consensus Rating 2.857 Enterprise Value 5'757.52 Average Volume 5 Day 28'072 GALN SE EQUITY YTD Change - Average Volume 30 Day 21'533 GALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 23'723 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 01/yy 01/yy 12/13 Y 12/14 Y - - 3'128.1 3'279.1 3'446.6 3'480.6 3'608.0 - - 3'554.4 3'700.6 - - 0.94x 1.14x 1.37x 1.26x 1.15x - - 1.56x 1.45x - - 470.1 401.6 443.7 399.9 431.3 - - 452.7 460.3 - - 6.26x 9.28x 10.65x 10.99x 9.62x - - 12.73x 12.51x - - 188.2 210.2 230.4 223.1 253.5 - - 279.3 284.5 - - 11.80x 11.55x 15.91x 15.89x 13.55x - - 17.53x 17.12x - - EBITDA 431.34 Long-Term Rating Date - EBIT 355.28 Long-Term Rating - Operating Margin 9.85% Long-Term Outlook - Pretax Margin 8.90% Short-Term Rating Date - Return on Assets 9.11% Short-Term Rating - Return on Common Equity 21.84% Return on Capital - EBITDA/Interest Exp. 11.56 Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 10.35 Net Debt/EBITDA 1.54 Gross Margin 40.6% Total Debt/EBITDA 1.98 EBITDA Margin 12.5% EBIT Margin 10.4% Total Debt/Equity 77.1% Net Income Margin 7.0% Total Debt/Capital 43.0% Asset Turnover 1.17 Current Ratio 1.45 Net Fixed Asset Turnover 8.28 Quick Ratio 0.93 Accounts receivable turnover-days - Debt to Assets 32.99% Inventory Days 58.37 Tot Debt to Common Equity 77.14% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle 46.11 Inventory Turnover 6.25 Fiscal Year Ended Galenica AG Price/Volume Valuation Analysis 17'197.00 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 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 .0 M .0 M .1 M .1 M .1 M .1 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 4'000.0 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 ALLIANCE BOOTS LTD n/a EXCH 1'656'172 25.48 - 10.05.2013 Corporation CREDIT SUISSE AG n/a EXCH 379'607 5.84 116'645 12.03.2013 Investment Advisor ALECTA PENSIONSFORSA n/a Co File 210'000 3.23 - 31.12.2012 Pension Fund (ERISA) PATINEX AG n/a EXCH 196'758 3.03 (37'419) 06.09.2013 Private Equity NORGES BANK Multiple Portfolios MF-AGG 124'460 1.91 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 102'457 1.58 (845) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 95'726 1.47 3'752 31.07.2013 Unclassified JORNOD ETIENNE n/a Co File 47'261 0.73 - 31.12.2012 n/a VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 42'675 0.66 3'000 30.04.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 39'944 0.61 (1'616) 28.03.2013 Investment Advisor LB SWISS INVESTMENT Multiple Portfolios MF-AGG 39'208 0.6 1'950 28.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 30'647 0.47 1'605 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 29'685 0.46 1'827 30.06.2013 Unclassified IST FUND MANAGERS Multiple Portfolios MF-AGG 26'466 0.41 (2'353) 30.04.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 23'740 0.37 1'849 31.05.2013 Investment Advisor SARASIN n/a ULT-AGG 21'306 0.33 (86) 30.04.2013 Unclassified GALENICA AG n/a Co File 20'075 0.31 - 31.12.2012 Corporation DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 19'785 0.3 1'000 28.06.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 16'068 0.25 351 31.05.2013 Investment Advisor HIRSBRUNNER FRITZ n/a Co File 13'032 0.2 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue ARMELLE MOULIN sell 1 D 665 6 month 26.09.2013 UBS GUILLAUME VAN RENTERGHEM buy 5 U 890 12 month 23.09.2013 EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 10.09.2013 Helvea OLAV ZILIAN buy 5 M 860 12 month 05.09.2013 Deutsche Bank HOLGER BLUM buy 5 M 870 12 month 03.09.2013 Bank Vontobel AG CARLA BAENZIGER hold 3 M 751 Not Provided 30.08.2013 Kepler Cheuvreux MAJA PATAKI hold 3 M 710 Not Provided 27.08.2013 Credit Suisse CHRISTOPH GRETLER neutral 3 M 780 Not Provided 14.08.2013 Bank am Bellevue STEPHEN LEVENTHAL hold 3 M 595 Not Provided 13.08.2013 Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 13.08.2013 Main First Bank AG MARCUS WIEPRECHT underperform 1 M 660 12 month 13.08.2013 Berenberg Bank ALISTAIR CAMPBELL sell 1 M 500 Not Provided 03.05.2013 Goldman Sachs VERONIKA DUBAJOVA Sell/Neutral 1 M 454 12 month 30.01.2013 Holdings By: Galenica AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico, France, Russia, the United Arab Emirates, Singapore, the Caribbean and the United States. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 139.00 52-Week Low (10.10.2012) 111.10 Daily Volume 137.1 52-Week High % Change -1.37% Dividend Yield - 52-Week Low % Change 23.40% Beta 1.14 % 52 Week Price Range High/Low 93.19% Equity Float 23.74 Shares Out 30.06.2013 29.7 Short Int - 4'068.28 1 Yr Total Return 20.69% Total Debt 1'385.30 YTD Return 14.63% Preferred Stock 0.0 Adjusted BETA 1.144 Minority Interest 128.4 Analyst Recs 13 Cash and Equivalents 434.00 Consensus Rating 4.154 Enterprise Value 5'799.58 Average Volume 5 Day 113'832 DUFN VX EQUITY YTD Change - Average Volume 30 Day 104'280 DUFN VX EQUITY YTD % CHANGE - Average Volume 3 Month 124'561 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 2'113.5 2'378.7 2'610.2 2'637.7 3'153.6 2'973.8 3'303.6 3'638.6 4'116.5 1'061.5 960.5 0.79x 0.95x 1.56x 1.43x 1.45x 5.59x 5.67x 1.54x 1.33x - - 277.3 288.1 328.0 344.3 444.0 414.9 425.6 515.1 611.6 174.5 149.5 6.02x 7.85x 12.43x 10.94x 10.33x 10.99x 12.06x 11.28x 9.50x - - 95.0 38.5 116.6 111.9 122.4 127.8 89.0 175.6 235.3 65.9 41.5 8.62x 34.88x 27.17x 20.78x 26.82x 24.11x 35.70x 21.48x 16.17x - - EBITDA 444.00 Long-Term Rating Date 15.10.2012 EBIT 275.70 Long-Term Rating BB+ Operating Margin 8.74% Long-Term Outlook STABLE Pretax Margin 6.26% Short-Term Rating Date - Return on Assets 2.27% Short-Term Rating - Return on Common Equity 7.93% Return on Capital 6.67% EBITDA/Interest Exp. 5.58 Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 4.53 Net Debt/EBITDA 3.69 Gross Margin 58.9% Total Debt/EBITDA 4.45 EBITDA Margin 12.9% EBIT Margin 7.6% Total Debt/Equity 111.8% Net Income Margin 3.9% Total Debt/Capital 50.3% Asset Turnover 0.84 Current Ratio 1.75 Net Fixed Asset Turnover 11.82 Quick Ratio 0.83 Accounts receivable turnover-days 6.93 Debt to Assets 39.29% Inventory Days 131.41 Tot Debt to Common Equity 111.83% Accounts Payable Turnover Day 75.29 Accounts Receivable Turnover 52.69 Cash Conversion Cycle 48.44 Inventory Turnover 2.78 Fiscal Year Ended Dufry AG Price/Volume Valuation Analysis 73'043.00 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 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 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 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 TRAVEL RETAIL INVEST #N/A N/A Research 4'060'445 13.68 - 25.09.2013 Other FRANKLIN RESOURCES n/a ULT-AGG 1'508'287 5.08 598'288 26.07.2013 Investment Advisor HUDSON MEDIA INC #N/A N/A EXCH 1'506'687 5.08 - 05.04.2013 Other ARTIO GLOBAL MANAGEM #N/A N/A EXCH 804'639 2.71 (492'317) 20.03.2012 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 714'317 2.41 (27'119) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 545'215 1.84 4'149 31.05.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 522'095 1.76 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 469'027 1.58 (468) 31.05.2013 Investment Advisor BTG PACTUAL GLOBAL A Multiple Portfolios MF-AGG 425'495 1.43 (46'493) 31.05.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 335'552 1.13 133'461 30.08.2013 Investment Advisor NUCLEO CAPITAL LTDA Multiple Portfolios MF-AGG 277'641 0.94 7'320 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 218'875 0.74 (31'443) 28.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 198'646 0.67 55'569 31.05.2013 Investment Advisor JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 188'742 0.64 - 31.05.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 182'340 0.61 (3'948) 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 178'975 0.6 38'927 30.06.2013 Unclassified COHEN JAMES n/a Co File 177'010 0.6 - 31.12.2012 n/a DEUTSCHE BANK AG n/a ULT-AGG 167'134 0.56 (81'900) 31.07.2013 Investment Advisor NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 161'800 0.55 11'048 31.07.2013 Investment Advisor DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 161'292 0.54 1'742 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Mirabaud Securities THOMAS BAUMANN accumulate 4 M 145 12 month 26.09.2013 UBS JOERN IFFERT buy 5 N 138 12 month 23.09.2013 Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 135 12 month 11.09.2013 Bank am Bellevue MICHAEL HEIDER buy 5 M 154 Not Provided 11.09.2013 Grupo Santander REBECCA MCCLELLAN buy 5 M 160 Not Provided 06.09.2013 Kepler Cheuvreux BEAT KEISER buy 5 M 142 Not Provided 06.09.2013 Bank Vontobel AG RENE WEBER buy 5 M 150 Not Provided 04.09.2013 Natixis ANDRE JUILLARD buy 5 M 160 Not Provided 04.09.2013 Main First Bank AG GAEL COLCOMBET outperform 5 M 150 12 month 04.09.2013 Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 135 Not Provided 03.09.2013 EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 06.08.2013 Credit Suisse PATRICK JNGLIN outperform 5 M 145 Not Provided 04.06.2013 Holdings By: Dufry AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery products. The Company markets its products through its own specialty stores and boutiques, as well as through retail outlets and catalog sales. Lindt operates subsidiaries in Europe, North America and Asia and also sells its products through various distributors in other world regions. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (20.08.2013) 3'811.00 52-Week Low (10.10.2012) 2'793.29 Daily Volume 3691 52-Week High % Change -3.15% Dividend Yield - 52-Week Low % Change 32.14% Beta 0.56 % 52 Week Price Range High/Low 85.46% Equity Float 0.88 Shares Out 30.06.2013 0.9 Short Int - 9'159.83 1 Yr Total Return 26.27% Total Debt 12.00 YTD Return 25.84% Preferred Stock 0.0 Adjusted BETA 0.559 Minority Interest 0.0 Analyst Recs 9 Cash and Equivalents 555.00 Consensus Rating 3.667 Enterprise Value 8'531.83 Average Volume 5 Day 1'630 LISP SE EQUITY YTD Change - Average Volume 30 Day 1'756 LISP SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'646 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 01/yy 01/yy 12/13 Y 12/14 Y - - 2'573.2 2'524.8 2'579.3 2'488.6 2'669.5 - - 2'878.6 3'085.6 - - 1.85x 2.03x 2.42x 2.68x 2.70x - - 2.95x 2.72x - - 466.1 382.5 423.3 421.9 457.4 - - 508.4 555.8 - - 10.21x 13.41x 14.77x 15.83x 15.75x - - 16.71x 15.29x - - 261.5 193.1 241.9 246.5 271.9 - - 305.6 336.8 - - - - - - - - - 27.77x 25.42x - - EBITDA 457.40 Long-Term Rating Date - EBIT 362.50 Long-Term Rating - Operating Margin 13.58% Long-Term Outlook - Pretax Margin 13.55% Short-Term Rating Date - Return on Assets 10.34% Short-Term Rating - Return on Common Equity 15.04% Return on Capital - EBITDA/Interest Exp. 117.28 Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 81.85 Net Debt/EBITDA -1.29 Gross Margin - Total Debt/EBITDA 0.05 EBITDA Margin 17.6% EBIT Margin 13.7% Total Debt/Equity 0.7% Net Income Margin 10.2% Total Debt/Capital 0.7% Asset Turnover 1.01 Current Ratio 2.50 Net Fixed Asset Turnover 3.51 Quick Ratio 1.77 Accounts receivable turnover-days 39.36 Debt to Assets 0.46% Inventory Days - Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day - Accounts Receivable Turnover 9.27 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 Lindt & Spruengli AG Price/Volume Valuation Analysis 686.00 Current Price (9/dd/yy) Market Data 0 500 1000 1500 2000 2500 3000 3500 4000 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 .0 M .0 M .0 M .0 M .0 M .0 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 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 PICTET FUNDS n/a ULT-AGG 35'617 3.98 271 31.05.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 19'046 2.13 482 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 18'456 2.06 (171) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 16'439 1.84 234 31.07.2013 Unclassified BLACKROCK n/a ULT-AGG 14'979 1.67 (175) 25.09.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 11'189 1.25 (534) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 10'029 1.12 550 30.06.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 7'770 0.87 200 30.04.2013 Investment Advisor VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 7'657 0.86 900 28.06.2013 Insurance Company COMGEST GROWTH PLC Multiple Portfolios MF-AGG 7'000 0.78 - 31.12.2012 Investment Advisor NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'649 0.74 277 31.05.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 5'429 0.61 (5) 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 4'986 0.56 10 30.04.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 4'555 0.51 125 30.04.2013 Investment Advisor FIRST EAGLE INVESTME n/a EXCH 4'175 0.47 - 19.11.2009 Hedge Fund Manager TANNER ERNST n/a Co File 3'580 0.4 - 31.12.2010 n/a SOCIETE GENERALE Multiple Portfolios MF-AGG 2'918 0.33 725 30.04.2013 Bank SARASIN n/a ULT-AGG 2'660 0.3 (38) 30.04.2013 Unclassified KLINGLER HANSJUERG n/a Co File 2'650 0.3 - 31.12.2010 n/a RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 2'185 0.24 205 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'885 6 month 26.09.2013 Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 4'200 12 month 18.09.2013 Helvea ANDREAS VON ARX hold 3 M 3'800 12 month 22.08.2013 Berenberg Bank JAMES TARGETT buy 5 M 4'300 Not Provided 21.08.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 3'850 Not Provided 21.08.2013 S&P Capital IQ CARL SHORT hold 3 M 3'890 12 month 20.08.2013 Credit Suisse PATRICK JNGLIN neutral 3 M 3'300 Not Provided 04.04.2013 Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 15.01.2013 Jefferies DIRK VAN VLAANDEREN buy 5 M 3'470 Not Provided 31.10.2012 Holdings By: Lindt & Spruengli AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Sulzer AG manufactures machinery and equipment, and operates in a surfacing technology business. The Company provides pumping and surface technology solution and services, services and repair of thermal turbo machinery, and service for separation columns and static mixing. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (22.05.2013) 171.00 52-Week Low (24.10.2012) 130.30 Daily Volume 139.1 52-Week High % Change -18.65% Dividend Yield - 52-Week Low % Change 6.75% Beta 1.26 % 52 Week Price Range High/Low 23.83% Equity Float 23.18 Shares Out 30.06.2013 34.3 Short Int - 4'765.90 1 Yr Total Return 3.64% Total Debt 609.00 YTD Return -1.54% Preferred Stock 0.0 Adjusted BETA 1.261 Minority Interest 6.8 Analyst Recs 14 Cash and Equivalents 513.10 Consensus Rating 3.071 Enterprise Value 4'948.30 Average Volume 5 Day 124'580 SUN SE EQUITY YTD Change - Average Volume 30 Day 95'757 SUN SE EQUITY YTD % CHANGE - Average Volume 3 Month 118'479 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 01/yy 01/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'713.5 3'350.4 3'183.7 3'577.9 4'021.6 - - 4'119.4 4'382.4 - - 0.47x 0.62x 1.34x 1.04x 1.25x - - 1.15x 1.03x - - 575.3 471.2 508.0 481.8 552.0 - - 520.8 614.8 - - 3.06x 4.38x 8.38x 7.76x 9.07x - - 9.51x 8.05x - - 322.9 270.4 300.4 279.8 307.1 - - 274.6 344.0 - - 6.26x 10.06x 15.98x 12.17x 15.96x - - 17.11x 13.75x - - EBITDA 552.00 Long-Term Rating Date - EBIT 420.60 Long-Term Rating - Operating Margin 10.46% Long-Term Outlook - Pretax Margin 10.30% Short-Term Rating Date - Return on Assets 5.96% Short-Term Rating - Return on Common Equity 12.75% Return on Capital 10.41% EBITDA/Interest Exp. 24.53 Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 18.94 Net Debt/EBITDA 0.34 Gross Margin 31.0% Total Debt/EBITDA 1.23 EBITDA Margin 12.8% EBIT Margin 9.4% Total Debt/Equity 26.5% Net Income Margin 7.6% Total Debt/Capital 20.9% Asset Turnover 0.87 Current Ratio 1.66 Net Fixed Asset Turnover 6.20 Quick Ratio 1.07 Accounts receivable turnover-days 91.07 Debt to Assets 13.26% Inventory Days 89.42 Tot Debt to Common Equity 26.51% Accounts Payable Turnover Day 52.92 Accounts Receivable Turnover 4.01 Cash Conversion Cycle 123.92 Inventory Turnover 4.08 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 Sulzer AG Price/Volume Valuation Analysis 85'225.00 Current Price (9/dd/yy) Market Data 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 .1 M .2 M .3 M .4 M .5 M .6 M .7 M .8 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 4'000.0 4'500.0 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 RENOVA GROUP #N/A N/A EXCH 10'579'797 30.88 - 26.07.2013 Unclassified BLACKROCK n/a ULT-AGG 1'034'389 3.02 27'354 25.09.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 863'020 2.52 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 776'310 2.27 (6'456) 31.05.2013 Investment Advisor THREADNEEDLE n/a ULT-AGG 656'137 1.92 166'417 31.05.2013 Unclassified PICTET FUNDS n/a ULT-AGG 638'482 1.86 (7) 31.05.2013 Investment Advisor SULZER LTD #N/A N/A Co File 457'863 1.34 - 31.12.2011 Corporation DANSKE INVEST A/S Multiple Portfolios MF-AGG 368'254 1.07 9'938 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 359'265 1.05 1'600 28.06.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 354'956 1.04 (57'253) 28.03.2013 Investment Advisor NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 338'812 0.99 (123) 31.07.2013 Investment Advisor DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 297'486 0.87 10'946 28.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 262'061 0.76 5'662 30.06.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 238'560 0.7 9'000 30.04.2013 Investment Advisor ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 183'675 0.54 - 30.09.2012 Investment Advisor SARASIN n/a ULT-AGG 157'958 0.46 6'855 30.04.2013 Unclassified NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 151'717 0.44 2'355 31.07.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 129'728 0.38 (25'068) 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 116'121 0.34 (1'600) 28.03.2013 Investment Advisor PRUDENTIAL FINANCIAL n/a ULT-AGG 105'272 0.31 37'612 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank am Bellevue MICHAEL ROOST reduce 2 M 121 Not Provided 23.09.2013 Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 N 182 6 month 22.09.2013 Barclays RIZK MAIDI equalweight 3 M 135 Not Provided 05.09.2013 HSBC JOERG-ANDRE FINKE underweight 1 M 132 Not Provided 23.08.2013 Berenberg Bank ALEXANDER VIRGO hold 3 M 143 Not Provided 20.08.2013 Helvea VOLKAN GOCMEN buy 5 M 190 12 month 15.08.2013 UBS TORSTEN WYSS neutral 3 M 145 12 month 06.08.2013 Kepler Cheuvreux OLIVER GIRAKHOU buy 5 M 160 Not Provided 29.07.2013 EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 25.07.2013 Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 24.07.2013 Bank Vontobel AG FABIAN HAECKI hold 3 D 155 Not Provided 24.07.2013 Main First Bank AG BERND POMREHN underperform 1 M 150 12 month 24.07.2013 Credit Suisse PATRICK LAAGER not rated #N/A N/A M #N/A N/A Not Provided 23.07.2013 Mirabaud Securities THOMAS BAUMANN neutral 3 M 150 12 month 23.07.2013 Holdings By: Sulzer AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 PSP Swiss Property AG owns and manages real estate. The Company owns a portfolio of office and business premises at exclusive locations in Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and Lausanne. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (15.05.2013) 91.25 52-Week Low (18.09.2013) 77.45 Daily Volume 78.95 52-Week High % Change -13.48% Dividend Yield - 52-Week Low % Change 1.94% Beta 0.64 % 52 Week Price Range High/Low 17.03% Equity Float 38.59 Shares Out 30.06.2013 45.9 Short Int - 3'621.27 1 Yr Total Return -4.22% Total Debt 1'808.29 YTD Return -5.27% Preferred Stock 0.0 Adjusted BETA 0.643 Minority Interest 0.0 Analyst Recs 12 Cash and Equivalents 33.60 Consensus Rating 3.167 Enterprise Value 5'532.52 Average Volume 5 Day 97'493 PSPN SE EQUITY YTD Change - Average Volume 30 Day 89'088 PSPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 81'653 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 205.7 271.1 270.4 284.2 283.3 235.4 282.8 274.8 278.9 69.1 66.8 20.75x 17.16x 19.18x 18.75x 20.28x 93.01x 80.88x 19.93x 19.95x - - 147.4 214.0 215.8 231.3 175.4 184.9 214.1 234.0 235.8 60.6 57.0 28.96x 21.74x 24.04x 23.04x 32.75x 30.67x 26.45x 23.63x 23.46x - - 224.0 231.2 280.8 404.0 368.6 384.7 348.4 167.3 166.0 43.2 42.9 9.96x 10.73x 11.52x 8.36x 10.54x 9.48x 10.72x 21.94x 22.14x 22.08x 21.57x EBITDA 175.39 Long-Term Rating Date - EBIT 174.82 Long-Term Rating - Operating Margin 47.81% Long-Term Outlook - Pretax Margin 165.05% Short-Term Rating Date - Return on Assets 5.50% Short-Term Rating - Return on Common Equity 9.67% Return on Capital 6.31% EBITDA/Interest Exp. 3.84 Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. 1.80 Net Debt/EBITDA 8.93 Gross Margin - Total Debt/EBITDA 9.10 EBITDA Margin 75.7% EBIT Margin - Total Debt/Equity 48.9% Net Income Margin 130.1% Total Debt/Capital 32.8% Asset Turnover 0.04 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 28.46% Inventory Days - Tot Debt to Common Equity 48.89% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended PSP Swiss Property AG Price/Volume Valuation Analysis 80'382.00 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 .1 M .1 M .2 M .2 M .3 M .3 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 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 HETZ NATHAN n/a Co File 5'600'000 12.21 - 31.12.2012 n/a BLACKROCK n/a ULT-AGG 2'152'934 4.69 220 25.09.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 1'541'748 3.36 11'569 31.05.2013 Investment Advisor NORGES BANK n/a EXCH 1'422'715 3.1 - 11.09.2013 Government UBS AG n/a ULT-AGG 677'452 1.48 (2'576) 30.06.2013 Unclassified STATE STREET CORP n/a ULT-AGG 536'473 1.17 (2'019) 26.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 532'083 1.16 143'339 30.06.2013 Unclassified MORGAN STANLEY n/a ULT-AGG 438'128 0.96 (58'226) 30.06.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 356'061 0.78 (40'310) 28.03.2013 Investment Advisor BNP PARIBAS n/a ULT-AGG 308'548 0.67 (10'791) 30.04.2013 Unclassified ING INVESTMENT MANAG Multiple Portfolios MF-AGG 304'897 0.66 (69'900) 30.06.2013 Investment Advisor SCOTTISH WIDOWS n/a ULT-AGG 200'621 0.44 (30'004) 28.02.2013 Unclassified T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 171'133 0.37 16'060 30.06.2013 Investment Advisor SNS INVESTMENT FUND Multiple Portfolios MF-AGG 159'359 0.35 (8'917) 28.03.2013 Investment Advisor ING INTERNATIONAL AD Multiple Portfolios MF-AGG 158'208 0.34 2'200 28.03.2013 Investment Advisor IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 158'001 0.34 - 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 157'534 0.34 (2'709) 31.05.2013 Investment Advisor KEMPEN CAPITAL MANAG n/a ULT-AGG 153'366 0.33 50'993 30.06.2013 Unclassified GABRIEL LUCIANO n/a Co File 152'294 0.33 - 31.12.2012 n/a VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 144'160 0.31 5'500 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 78 12 month 26.09.2013 ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 85 Not Provided 09.09.2013 UBS ANDRE RUDOLF VON ROHR neutral 3 M 84 12 month 06.09.2013 JPMorgan TIM LECKIE neutral 3 M 87 12 month 02.09.2013 Exane BNP Paribas VALERIE GUEZI outperform 5 M 86 Not Provided 02.09.2013 Morgan Stanley BIANCA RIEMER Equalwt/Attractive 3 M 90 12 month 28.08.2013 Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 90 Not Provided 21.08.2013 Deutsche Bank MARKUS SCHEUFLER hold 3 M 93 12 month 16.08.2013 Berenberg Bank KAI MALTE KLOSE hold 3 M 90 Not Provided 16.08.2013 EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013 Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 13.05.2013 Kempen & Co ROBERT WOERDEMAN neutral 3 M 90 Not Provided 13.01.2013 Holdings By: PSP Swiss Property AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Schindler Holding AG manufactures and installs elevators, escalators, and moving walkways internationally. The Company's products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings. Schindler also offers maintenance services. Latest Fiscal Year: 12/2011 LTM as of: 06/yy 52-Week High (08.03.2013) 142.00 52-Week Low (27.09.2012) 115.00 Daily Volume 130.7 52-Week High % Change -7.96% Dividend Yield - 52-Week Low % Change 13.65% Beta 0.82 % 52 Week Price Range High/Low 58.89% Equity Float 18.45 Shares Out 30.06.2013 70.9 Short Int - 15'488.99 1 Yr Total Return 15.50% Total Debt 754.00 YTD Return 2.33% Preferred Stock 0.0 Adjusted BETA 0.819 Minority Interest 33.0 Analyst Recs 8 Cash and Equivalents 2'626.00 Consensus Rating 3.375 Enterprise Value 13'649.99 Average Volume 5 Day 26'086 SCHN SE EQUITY YTD Change - Average Volume 30 Day 31'629 SCHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 31'643 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 14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 7'824.0 8'537.0 8'811.5 9'375.0 - - 0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.53x 1.40x - - 1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'146.8 1'233.5 - - 4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 11.91x 11.07x - - 615.0 625.0 677.0 576.0 702.0 655.0 596.0 680.8 783.6 - - 9.34x 15.44x 20.11x 23.83x 21.78x 0.00x 27.53x 21.82x 19.08x - - EBITDA 1'104.00 Long-Term Rating Date - EBIT 985.00 Long-Term Rating - Operating Margin 11.93% Long-Term Outlook - Pretax Margin 11.90% Short-Term Rating Date - Return on Assets 7.11% Short-Term Rating - Return on Common Equity 22.24% Return on Capital - EBITDA/Interest Exp. 25.67 Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 22.60 Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin 13.1% EBIT Margin 11.7% Total Debt/Equity 27.1% Net Income Margin 8.5% Total Debt/Capital 21.1% Asset Turnover 1.07 Current Ratio 1.55 Net Fixed Asset Turnover - Quick Ratio 1.22 Accounts receivable turnover-days - Debt to Assets 9.64% Inventory Days - Tot Debt to Common Equity 27.12% 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 Schindler Holding AG Price/Volume Valuation Analysis 17'088.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 160 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 .0 M .0 M .1 M .1 M .1 M .1 M .1 M .2 M .2 M .2 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 SCHINDLER FAMILY n/a Co File 51'033'236 71.99 - 31.12.2010 n/a SCHINDLER HOLDING AG n/a Co File 1'327'102 1.87 - 31.12.2010 Corporation FIL LIMITED n/a ULT-AGG 831'839 1.17 (83'395) 30.04.2013 Investment Advisor FMR LLC n/a ULT-AGG 826'810 1.17 (117'302) 31.07.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 280'141 0.4 26'718 30.06.2013 Unclassified PICTET FUNDS n/a ULT-AGG 274'351 0.39 (2'060) 31.05.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 264'990 0.37 (189'039) 28.06.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 219'896 0.31 (13'641) 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 213'289 0.3 5'205 31.05.2013 Investment Advisor FIDELITY INVESTMENT Multiple Portfolios MF-AGG 194'593 0.27 - 31.12.2012 Investment Advisor BLACKROCK n/a ULT-AGG 147'913 0.21 (6'648) 25.09.2013 Investment Advisor UBS AG n/a ULT-AGG 127'751 0.18 (1'720) 31.05.2013 Unclassified ABERDEEN n/a ULT-AGG 106'700 0.15 - 30.06.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 90'000 0.13 4'000 30.04.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 43'199 0.06 78 30.04.2013 Investment Advisor TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 25'000 0.04 - 31.03.2012 Investment Advisor TINGGREN JUERGEN n/a Co File 20'097 0.03 - 31.12.2010 n/a RODRIGUEZ MIGUEL A n/a Co File 19'841 0.03 - 31.12.2010 n/a SAASTOPANKKI FUND MA Multiple Portfolios MF-AGG 19'400 0.03 - 30.08.2013 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 18'259 0.03 - 28.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue EILEEN RYAN add 4 M 140 6 month 26.09.2013 Exane BNP Paribas ALEXIS DENAUD outperform 5 M 155 Not Provided 16.09.2013 HSBC MICHAEL HAGMANN overweight 5 M 170 Not Provided 28.08.2013 EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 20.08.2013 Bank am Bellevue MICHAEL ROOST hold 3 M 118 Not Provided 19.08.2013 Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 13.08.2013 Bank Vontobel AG ANDY SCHNYDER hold 3 M 145 Not Provided 21.06.2013 Helvea VOLKAN GOCMEN neutral 3 M 90 12 month 16.12.2011 Holdings By: Schindler Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 GAM Holding AG is an independent, well-diversified asset management business, with a focus on the manufacturing and distribution of investment products and services. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (15.05.2013) 17.95 52-Week Low (16.11.2012) 10.54 Daily Volume 16.6 52-Week High % Change -7.52% Dividend Yield - 52-Week Low % Change 57.42% Beta 1.48 % 52 Week Price Range High/Low 83.12% Equity Float 142.99 Shares Out 19.08.2013 173.2 Short Int - 2'875.61 1 Yr Total Return 40.66% Total Debt 23.40 YTD Return 38.95% Preferred Stock 0.0 Adjusted BETA 1.480 Minority Interest 2.0 Analyst Recs 11 Cash and Equivalents 504.00 Consensus Rating 3.727 Enterprise Value - Average Volume 5 Day 663'687 GAM SE EQUITY YTD Change - Average Volume 30 Day 501'721 GAM SE EQUITY YTD % CHANGE - Average Volume 3 Month 511'662 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 01/yy 01/yy 12/13 Y 12/14 Y - - 4'144.8 1'020.2 964.9 812.2 999.1 - - 676.5 711.9 - - - - - - - - - 3.48x 3.08x - - - - - - - - - - - - - - - - - - - - - - - - 661.2 3'636.9 10.2 (95.0) 86.7 - - 201.6 208.4 - - 12.53x 0.96x 309.00x - 24.22x - - 13.27x 12.45x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 11.87% Long-Term Outlook - Pretax Margin 11.99% Short-Term Rating Date - Return on Assets 7.45% Short-Term Rating - Return on Common Equity 8.79% Return on Capital 8.83% EBITDA/Interest Exp. - Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 1.2% Net Income Margin 8.7% Total Debt/Capital 1.2% Asset Turnover 0.50 Current Ratio - Net Fixed Asset Turnover 50.57 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 1.02% Inventory Days - Tot Debt to Common Equity 1.20% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended GAM Holding AG Price/Volume Valuation Analysis 298'170.00 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 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 2.0 M 4.0 M 6.0 M 8.0 M 10.0 M 12.0 M 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 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 SILCHESTER INTL INVE n/a Co File 18'500'519 10.68 - 31.12.2012 Investment Advisor BLACKROCK n/a ULT-AGG 17'397'230 10.04 (122'660) 25.09.2013 Investment Advisor GLOBAL ASSET MANAGEM n/a EXCH 12'175'617 7.03 (4'785'293) 27.06.2012 Investment Advisor GAM HOLDING LTD n/a EXCH 9'759'133 5.63 (10'119'694) 27.06.2013 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 9'437'266 5.45 3'618'228 31.08.2013 Unclassified CREDIT SUISSE FUNDS n/a Co File 8'269'310 4.77 - 31.12.2012 n/a FMR LLC n/a ULT-AGG 5'684'005 3.28 - 31.12.2012 Investment Advisor T ROWE PRICE ASSOCIA n/a Co File 5'610'663 3.24 - 31.12.2012 Investment Advisor FIL LIMITED n/a ULT-AGG 5'573'602 3.22 610'422 30.04.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 5'479'829 3.16 (2'537) 31.05.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 4'870'611 2.81 - 31.12.2012 Government VANGUARD GROUP INC n/a ULT-AGG 3'427'876 1.98 527'601 30.06.2013 Unclassified FARALLON CAPITAL MAN n/a EXCH 3'194'408 1.84 - 23.04.2012 Hedge Fund Manager PICTET FUNDS n/a ULT-AGG 2'941'005 1.7 (19'368) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 2'869'078 1.66 (125'339) 30.06.2013 Unclassified DIMENSIONAL FUND ADV n/a ULT-AGG 2'521'472 1.46 39'106 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'284'036 1.32 (257'178) 28.03.2013 Investment Advisor PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 2'091'929 1.21 177'410 31.08.2013 Insurance Company THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'033'682 1.17 - 31.07.2013 Investment Advisor FIDELITY INVESTMENT Multiple Portfolios MF-AGG 1'605'355 0.93 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Main First Bank AG KILIAN MAIER underperform 1 M 17 12 month 18.09.2013 Credit Suisse GURJIT KAMBO outperform 5 M 20 Not Provided 02.09.2013 RBC Capital Markets PETER K LENARDOS outperform 5 M 20 12 month 19.08.2013 Bank Vontobel AG TERESA NIELSEN hold 3 M 19 Not Provided 15.08.2013 Helvea TIM DAWSON buy 5 M 21 12 month 15.08.2013 UBS DANIELE BRUPBACHER buy 5 U 19 12 month 14.08.2013 Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 14.08.2013 Bank am Bellevue MARC DEUSTER buy 5 M 20 Not Provided 13.08.2013 Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 18 12 month 03.07.2013 EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013 Holdings By: GAM Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Helvetia Holding AG provides a broad range of life, casualty, liability, accident and transportation insurance. The Company insures individuals, property such as vehicles and buildings, and consumer goods and personal belongings during transportation. Helvetia and subsidiaries operate in Switzerland, in other European countries, and North America. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (09.08.2013) 430.00 52-Week Low (16.11.2012) 308.00 Daily Volume 407.5 52-Week High % Change -5.23% Dividend Yield - 52-Week Low % Change 32.31% Beta 1.20 % 52 Week Price Range High/Low 86.07% Equity Float 6.00 Shares Out 30.06.2013 8.7 Short Int - 3'526.05 1 Yr Total Return 29.66% Total Debt 179.90 YTD Return 22.93% Preferred Stock 300.0 Adjusted BETA 1.198 Minority Interest 39.6 Analyst Recs 12 Cash and Equivalents 1'565.20 Consensus Rating 3.000 Enterprise Value 3'102.85 Average Volume 5 Day 12'685 HELN SE EQUITY YTD Change - Average Volume 30 Day 16'041 HELN SE EQUITY YTD % CHANGE - Average Volume 3 Month 13'520 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 01/yy 01/yy 12/13 Y 12/14 Y - - 5'559.2 7'279.3 7'366.2 7'496.2 7'967.0 - - 7'748.3 7'978.0 - - 0.35x 0.36x 0.36x 0.24x 0.24x - - 0.30x 0.29x - - - - - - - - - - - - - - - - - - - - - - - - 230.6 323.4 339.0 288.2 339.6 - - 351.0 364.1 - - 8.52x 8.54x 9.14x 9.02x 9.09x - - 10.11x 9.76x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 5.50% Long-Term Outlook - Pretax Margin 5.39% Short-Term Rating Date - Return on Assets 0.85% Short-Term Rating - Return on Common Equity 10.26% Return on Capital 9.54% EBITDA/Interest Exp. - Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 4.8% Net Income Margin 4.3% Total Debt/Capital 4.2% Asset Turnover 0.20 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 0.42% Inventory Days - Tot Debt to Common Equity 4.78% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Helvetia Holding AG Price/Volume Valuation Analysis 22'127.00 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 50 100 150 200 250 300 350 400 450 500 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .1 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 9'000.0 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 90.00 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 PATRIA GENOSSENSCHAF n/a Research 2'604'515 30.1 - 30.06.2013 n/a VONTOBEL ASSET MANAG n/a Research 346'115 4 - 30.06.2013 Investment Advisor RAIFFEISEN SWITZERLA n/a Research 346'115 4 - 30.06.2013 Unclassified UBS AG n/a ULT-AGG 186'111 2.15 1'313 31.07.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 140'796 1.63 (834) 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 134'192 1.55 114 30.04.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 102'263 1.18 3'256 30.06.2013 Unclassified SCHRODER INVESTMENT Multiple Portfolios MF-AGG 93'978 1.09 (529) 30.08.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 77'255 0.89 (3'670) 28.03.2013 Investment Advisor DJE INVESTMENT SA Multiple Portfolios MF-AGG 59'744 0.69 - 31.05.2013 Investment Advisor BNP PARIBAS n/a ULT-AGG 54'400 0.63 5'277 30.04.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 46'623 0.54 - 30.04.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 44'328 0.51 - 31.12.2012 Government HELVETIA HOLDING AG n/a Co File 40'436 0.47 - 31.12.2012 Insurance Company PICTET FUNDS n/a ULT-AGG 37'124 0.43 4'990 31.05.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 36'200 0.42 12'914 30.06.2013 Investment Advisor JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 34'754 0.4 - 31.07.2013 Investment Advisor LB SWISS INVESTMENT Multiple Portfolios MF-AGG 33'737 0.39 2'150 28.03.2013 Investment Advisor BLACKROCK n/a ULT-AGG 31'941 0.37 (9'024) 25.09.2013 Investment Advisor PARVEST INVESTMENT M Multiple Portfolios MF-AGG 30'624 0.35 5'300 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Berenberg Bank PETER ELIOT hold 3 D 450 Not Provided 26.09.2013 Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 450 12 month 17.09.2013 Credit Suisse RICHARD BURDEN underperform 1 M 421 Not Provided 16.09.2013 Bankhaus Metzler JOCHEN SCHMITT sell 1 D 400 12 month 12.09.2013 Main First Bank AG RENE LOCHER underperform 1 M 400 12 month 09.09.2013 Bank am Bellevue ANDREAS FRICK hold 3 M 402 Not Provided 06.09.2013 Bank Vontobel AG STEFAN SCHUERMANN not rated #N/A N/A M #N/A N/A Not Provided 03.09.2013 Nomura MICHAEL KLIEN buy 5 M 430 12 month 03.09.2013 Helvea DANIEL BISCHOF hold 3 M 412 12 month 03.09.2013 Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 02.09.2013 Kepler Cheuvreux FABRIZIO CROCE hold 3 M 403 Not Provided 26.08.2013 Mediobanca SpA MARC THIELE neutral 3 M 404 6 month 20.06.2013 EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013 Holdings By: Helvetia Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Georg Fischer AG produces automobile parts, piping systems, plastics processing equipment, and tool and mold making machinery. The Company manufactures cast and machined components for road vehicles and machinery, plastic and metal pipes and fittings, electric discharge machines, milling centers, automation equipment, and plastics factories and compounding systems. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (19.09.2013) 570.00 52-Week Low (16.11.2012) 294.65 Daily Volume 554.5 52-Week High % Change -2.72% Dividend Yield - 52-Week Low % Change 88.19% Beta 1.39 % 52 Week Price Range High/Low 94.19% Equity Float 3.86 Shares Out 30.06.2013 4.1 Short Int - 2'273.95 1 Yr Total Return 72.49% Total Debt 640.00 YTD Return 56.32% Preferred Stock 0.0 Adjusted BETA 1.387 Minority Interest 44.0 Analyst Recs 11 Cash and Equivalents 338.00 Consensus Rating 3.909 Enterprise Value 2'711.95 Average Volume 5 Day 17'993 FI/N SE EQUITY YTD Change - Average Volume 30 Day 23'386 FI/N SE EQUITY YTD % CHANGE - Average Volume 3 Month 24'617 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 01/yy 01/yy 12/13 Y 12/14 Y - - 4'465.0 2'906.0 3'447.0 3'511.0 3'602.0 - - 3'714.5 3'883.0 - - 0.34x 0.53x 0.72x 0.46x 0.52x - - 0.71x 0.65x - - 390.0 111.0 357.0 373.0 359.0 - - 369.8 404.6 - - 3.87x 13.90x 6.97x 4.34x 5.17x - - 7.34x 6.71x - - 56.0 (246.0) 99.0 160.0 121.0 - - 159.2 181.9 - - 17.14x - 21.98x 8.23x 9.95x - - 14.24x 12.49x - - EBITDA 359.00 Long-Term Rating Date - EBIT 226.00 Long-Term Rating - Operating Margin 6.27% Long-Term Outlook - Pretax Margin 5.25% Short-Term Rating Date - Return on Assets 4.29% Short-Term Rating - Return on Common Equity 11.47% Return on Capital 8.71% EBITDA/Interest Exp. 10.56 Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 6.68 Net Debt/EBITDA 1.10 Gross Margin - Total Debt/EBITDA 1.87 EBITDA Margin 10.1% EBIT Margin 6.5% Total Debt/Equity 51.5% Net Income Margin 3.4% Total Debt/Capital 33.2% Asset Turnover 1.24 Current Ratio 1.89 Net Fixed Asset Turnover 3.76 Quick Ratio 1.03 Accounts receivable turnover-days 66.32 Debt to Assets 22.08% Inventory Days - Tot Debt to Common Equity 51.53% Accounts Payable Turnover Day - Accounts Receivable Turnover 5.50 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 Georg Fischer AG Price/Volume Valuation Analysis 9'431.00 Current Price (9/dd/yy) Market Data 0 100 200 300 400 500 600 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 .0 M .0 M .0 M .0 M .1 M .1 M .1 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 4'000.0 4'500.0 5'000.0 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 LSV ASSET MANAGEMENT n/a EXCH 212'993 5.19 - 02.07.2013 Investment Advisor NORGES BANK n/a EXCH 205'756 5.02 82'443 10.09.2013 Government UBS AG n/a ULT-AGG 135'932 3.31 (759) 31.05.2013 Unclassified BLACKROCK n/a ULT-AGG 107'186 2.61 (10'739) 25.09.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 93'123 2.27 (254) 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 68'526 1.67 (11'925) 28.03.2013 Investment Advisor SARASIN n/a ULT-AGG 51'418 1.25 1'348 30.04.2013 Unclassified RUFFER LLP Multiple Portfolios MF-AGG 43'215 1.05 - 28.02.2013 Investment Advisor JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 33'688 0.82 - 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 32'697 0.8 (1'300) 28.03.2013 Investment Advisor NEW JERSEY DIVISION Multiple Portfolios MF-AGG 31'189 0.76 - 30.06.2012 Pension Fund (ERISA) VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 28'500 0.69 (600) 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 26'804 0.65 1'657 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 26'025 0.63 (4'349) 30.04.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 25'623 0.62 3'095 30.06.2013 Unclassified BNP PARIBAS n/a ULT-AGG 23'857 0.58 3'000 30.04.2013 Unclassified PRUDENTIAL FINANCIAL n/a ULT-AGG 23'100 0.56 - 31.08.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'218 0.52 799 31.12.2012 Investment Advisor ASN FUND MANAGEMENT Multiple Portfolios MF-AGG 19'994 0.49 - 31.07.2013 Investment Advisor LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 19'565 0.48 (3'860) 30.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank Vontobel AG FABIAN HAECKI hold 3 M 625 Not Provided 13.09.2013 Bank am Bellevue ALESSANDRO FOLETTI buy 5 M 560 Not Provided 03.09.2013 EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 02.09.2013 Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 490 6 month 27.08.2013 Credit Suisse PATRICK LAAGER outperform 5 M 580 Not Provided 16.08.2013 Helvea VOLKAN GOCMEN sell 1 M 370 12 month 15.08.2013 Mirabaud Securities THOMAS BAUMANN neutral 3 D 530 12 month 08.08.2013 UBS TORSTEN WYSS buy 5 M 570 12 month 19.07.2013 Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 U 520 12 month 19.07.2013 Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 550 Not Provided 18.07.2013 Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 17.07.2013 Holdings By: Georg Fischer AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade chemical intermediates, fine chemicals, and protective bonding, coating and sealing products. The Company supplies its products to the automotive, transportation, and textile industries. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (06.08.2013) 328.89 52-Week Low (27.09.2012) 186.52 Daily Volume 317.25 52-Week High % Change -3.54% Dividend Yield - 52-Week Low % Change 70.09% Beta 0.87 % 52 Week Price Range High/Low 91.83% Equity Float 7.08 Shares Out 30.06.2013 23.4 Short Int - 7'420.17 1 Yr Total Return 71.60% Total Debt 119.10 YTD Return 51.92% Preferred Stock 0.0 Adjusted BETA 0.869 Minority Interest 14.7 Analyst Recs 5 Cash and Equivalents 461.04 Consensus Rating 2.800 Enterprise Value 7'092.96 Average Volume 5 Day 43'254 EMSN SE EQUITY YTD Change - Average Volume 30 Day 22'479 EMSN SE EQUITY YTD % CHANGE - Average Volume 3 Month 22'016 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 03/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 1'503.9 1'197.7 1'595.6 1'657.7 1'755.4 0.0 254.0 1'881.5 1'985.8 - 434.0 1.16x 2.02x 2.17x 2.09x 2.68x #DIV/0! 0.00x 3.79x 3.57x - - 283.2 272.2 351.4 347.3 376.5 0.0 0.0 407.8 429.5 - - 6.15x 8.91x 9.88x 9.98x 12.51x 0.00x 0.00x 17.47x 16.58x - - 211.8 216.1 225.9 237.1 267.0 0.0 0.0 292.3 300.3 - - 9.57x 12.82x 17.08x 15.69x 18.86x 0.00x 0.00x 25.31x 24.65x - - EBITDA 376.52 Long-Term Rating Date - EBIT 322.21 Long-Term Rating - Operating Margin 18.36% Long-Term Outlook - Pretax Margin 18.30% Short-Term Rating Date - Return on Assets 15.65% Short-Term Rating - Return on Common Equity 23.00% Return on Capital - EBITDA/Interest Exp. 183.58 Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 162.01 Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin 18.7% Total Debt/Equity 10.5% Net Income Margin 15.2% Total Debt/Capital 9.4% Asset Turnover 1.01 Current Ratio 3.59 Net Fixed Asset Turnover 3.55 Quick Ratio 2.33 Accounts receivable turnover-days 73.39 Debt to Assets 7.10% Inventory Days - Tot Debt to Common Equity 10.48% Accounts Payable Turnover Day - Accounts Receivable Turnover 4.97 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 EMS-Chemie Holding AG Price/Volume Valuation Analysis 13'657.00 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 .1 M .2 M .3 M .4 M .5 M .6 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 1'600.0 1'800.0 2'000.0 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 EMESTA HOLDING AG n/a Co File 14'224'143 60.82 - 31.12.2012 Corporation BLOCHER MIRIAM n/a Co File 2'079'000 8.89 - 31.12.2012 n/a NORGES BANK Multiple Portfolios MF-AGG 391'357 1.67 - 31.12.2012 Government VANGUARD GROUP INC n/a ULT-AGG 88'149 0.38 (1'101) 30.06.2013 Unclassified UBS AG n/a ULT-AGG 77'507 0.33 2'734 28.06.2013 Unclassified LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 76'985 0.33 (4'067) 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 69'048 0.3 (1'378) 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 66'015 0.28 22 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 63'831 0.27 3'102 25.09.2013 Investment Advisor SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 59'090 0.25 59'090 31.03.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 54'601 0.23 (13'844) 30.04.2013 Investment Advisor ALLIANCE BERNSTEIN n/a ULT-AGG 51'190 0.22 (8'180) 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 39'121 0.17 (872) 31.05.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 24'500 0.1 - 30.04.2013 Investment Advisor LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 21'300 0.09 - 28.06.2013 Investment Advisor BNP PARIBAS n/a ULT-AGG 15'612 0.07 (8'397) 30.04.2013 Unclassified SEB n/a ULT-AGG 15'605 0.07 5'855 28.03.2013 Unclassified DIGITAL FUNDS Multiple Portfolios MF-AGG 15'413 0.07 - 31.05.2013 Investment Advisor ROBECO n/a ULT-AGG 14'339 0.06 1'194 30.04.2013 Unclassified GOLDMAN SACHS GROUP n/a ULT-AGG 11'025 0.05 5'996 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank Vontobel AG PATRICK RAFAISZ reduce 2 M 200 Not Provided 19.08.2013 Main First Bank AG BERND POMREHN underperform 1 M 300 Not Provided 23.07.2013 UBS THOMAS GILBERT neutral 3 M 288 12 month 15.07.2013 Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 15.07.2013 EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013 Holdings By: EMS-Chemie Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products. The Company markets to industrial food manufacturers, chocolatiers, pastry chefs, bakers, and retailers globally. Barry Callebaut also offers product development, processing, training, and marketing services. Latest Fiscal Year: 08/2012 LTM as of: 05/yy 52-Week High (22.05.2013) 934.00 52-Week Low (24.06.2013) 841.50 Daily Volume 897 52-Week High % Change -3.96% Dividend Yield - 52-Week Low % Change 6.60% Beta 0.60 % 52 Week Price Range High/Low 60.00% Equity Float 2.12 Shares Out 18.06.2013 5.5 Short Int - 4'923.51 1 Yr Total Return 4.29% Total Debt 997.47 YTD Return 3.69% Preferred Stock 0.0 Adjusted BETA 0.595 Minority Interest 4.7 Analyst Recs 12 Cash and Equivalents 54.56 Consensus Rating 3.000 Enterprise Value 5'921.71 Average Volume 5 Day 7'804 BARN SE EQUITY YTD Change - Average Volume 30 Day 6'845 BARN SE EQUITY YTD % CHANGE - Average Volume 3 Month 6'725 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 4'815.4 4'880.2 4'524.5 4'459.9 4'829.5 4'018.9 4'777.1 4'995.0 6'127.1 1'491.0 - 0.99x 0.80x 0.99x 1.06x 1.16x 0.93x 0.00x 1.29x 1.05x - - 422.6 448.1 443.2 458.3 441.3 110.4 0.0 436.6 527.2 - - 11.30x 8.72x 10.15x 10.34x 12.72x 0.00x 0.00x 13.59x 11.25x - - 204.6 226.9 251.2 177.6 142.1 56.8 0.0 230.1 270.7 - - 17.93x 13.05x 15.32x 14.94x 19.40x 0.00x 0.00x 21.02x 17.65x - - EBITDA 441.32 Long-Term Rating Date 28.03.2013 EBIT 356.44 Long-Term Rating BB+ Operating Margin 7.38% Long-Term Outlook NEG Pretax Margin 5.76% Short-Term Rating Date - Return on Assets 4.36% Short-Term Rating - Return on Common Equity 12.05% Return on Capital - EBITDA/Interest Exp. 6.01 Asset Turnover 1.28% (EBITDA-Capex)/Interest Exp. 3.58 Net Debt/EBITDA - Gross Margin 13.9% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 7.5% Total Debt/Equity 73.5% Net Income Margin 2.9% Total Debt/Capital 42.3% Asset Turnover 1.28 Current Ratio 1.73 Net Fixed Asset Turnover 6.00 Quick Ratio 0.30 Accounts receivable turnover-days - Debt to Assets 27.89% Inventory Days 101.81 Tot Debt to Common Equity 73.50% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle 71.62 Inventory Turnover 3.59 Fiscal Year Ended Barry Callebaut AG Price/Volume Valuation Analysis 5'038.00 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 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 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 JACOBS HOLDINGS AG n/a Co File 2'590'687 47.2 - 31.08.2012 Corporation JACOBS RENATA n/a Co File 438'416 7.99 - 31.08.2012 n/a JACOBS NICOLAS n/a EXCH 158'999 2.9 - 18.06.2013 n/a JACOBS NATHALIE n/a EXCH 158'999 2.9 - 18.06.2013 n/a OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 121'710 2.22 5'385 31.07.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 52'432 0.96 (154) 31.05.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 52'423 0.96 - 31.12.2012 Government FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 40'314 0.73 2'077 30.08.2013 Unclassified BLACKROCK n/a ULT-AGG 24'673 0.45 826 25.09.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 23'133 0.42 (457) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 19'915 0.36 295 30.06.2013 Unclassified PICTET FUNDS n/a ULT-AGG 15'040 0.27 (1'139) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 14'862 0.27 (790) 31.05.2013 Unclassified ABERDEEN n/a ULT-AGG 14'060 0.26 2'060 31.07.2013 Investment Advisor SARASIN n/a ULT-AGG 10'282 0.19 61 30.04.2013 Unclassified SCHMID ANDREAS n/a Co File 8'790 0.16 - 31.08.2012 n/a JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 6'579 0.12 751 31.05.2013 Investment Advisor MANNING & NAPIER ADV Multiple Portfolios MF-AGG 5'790 0.11 - 31.12.2012 Investment Advisor FIL LIMITED n/a ULT-AGG 5'501 0.1 (4'221) 30.04.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 5'320 0.1 (79) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Rabobank International KAREL ZOETE hold 3 N 900 12 month 20.09.2013 Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 800 12 month 18.09.2013 Berenberg Bank JAMES TARGETT hold 3 M 900 Not Provided 27.08.2013 Helvea ANDREAS VON ARX hold 3 M 890 12 month 26.08.2013 Societe Generale ALEX SLOANE hold 3 M 875 12 month 09.07.2013 UBS JOERN IFFERT neutral 3 M 910 12 month 05.07.2013 Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 05.07.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 900 Not Provided 04.07.2013 Kepler Cheuvreux JON COX buy 5 M 1'000 Not Provided 18.06.2013 EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013 Equita SIM SpA FABIO FAZZARI buy 5 M 1'100 12 month 07.05.2013 Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'081 6 month 06.02.2013 Credit Suisse PATRICK JNGLIN not rated #N/A N/A M #N/A N/A Not Provided 13.12.2012 GSC Research MATTHIAS SCHRADE sell 1 M #N/A N/A Not Provided 17.03.2011 Holdings By: Barry Callebaut AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 OC Oerlikon Corporation AG manufactures industrial equipment. The Company produces vacuum pumps, equipment to supply PVD coatings for tools and precision components, man-made textile machines, and transmission driveline equipment. OC Oerlikon operates in Switzerland. Latest Fiscal Year: 12/2012 LTM as of: 09/yy 52-Week High (11.09.2013) 12.75 52-Week Low (16.11.2012) 8.39 Daily Volume 12.3 52-Week High % Change -3.53% Dividend Yield - 52-Week Low % Change 46.65% Beta 1.14 % 52 Week Price Range High/Low 88.54% Equity Float 175.02 Shares Out 30.06.2013 326.0 Short Int - 4'009.36 1 Yr Total Return 40.03% Total Debt 322.00 YTD Return 21.63% Preferred Stock 0.0 Adjusted BETA 1.137 Minority Interest 24.0 Analyst Recs 13 Cash and Equivalents 654.00 Consensus Rating 4.000 Enterprise Value 3'645.36 Average Volume 5 Day 756'668 OERL SE EQUITY YTD Change - Average Volume 30 Day 1'061'313 OERL SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'112'326 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 09/yy 09/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'632.0 2'877.0 3'601.0 2'731.0 2'906.0 0.0 957.0 2'912.2 3'003.3 710.8 721.0 0.55x 0.73x 0.53x 0.64x 1.05x #DIV/0! 0.00x 1.04x 0.96x - - 512.0 (71.0) 298.0 493.0 572.0 0.0 0.0 485.8 540.0 - - 4.97x - 6.36x 3.55x 5.34x 0.00x 0.00x 7.50x 6.75x - - (425.0) (592.0) 3.0 220.0 382.0 0.0 0.0 190.3 252.6 - - - - 490.00x 10.48x 15.22x 0.00x 0.00x 18.09x 15.63x - - EBITDA 572.00 Long-Term Rating Date - EBIT 421.00 Long-Term Rating - Operating Margin 14.49% Long-Term Outlook - Pretax Margin 11.49% Short-Term Rating Date - Return on Assets 9.33% Short-Term Rating - Return on Common Equity 23.33% Return on Capital - EBITDA/Interest Exp. 13.95 Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 9.54 Net Debt/EBITDA -0.84 Gross Margin 28.5% Total Debt/EBITDA 0.67 EBITDA Margin 19.3% EBIT Margin 13.6% Total Debt/Equity 17.3% Net Income Margin 13.1% Total Debt/Capital 14.6% Asset Turnover 0.54 Current Ratio 1.75 Net Fixed Asset Turnover 3.12 Quick Ratio 0.83 Accounts receivable turnover-days 90.79 Debt to Assets 7.74% Inventory Days 112.24 Tot Debt to Common Equity 17.33% Accounts Payable Turnover Day 90.39 Accounts Receivable Turnover 4.02 Cash Conversion Cycle 82.99 Inventory Turnover 3.25 Fiscal Year Ended OC Oerlikon Corp AG Price/Volume Valuation Analysis 537'588.00 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 2 4 6 8 10 12 14 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 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 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 VEKSELBERG VIKTOR n/a EXCH 149'435'408 45.84 - 26.07.2013 n/a BLACKROCK n/a ULT-AGG 15'625'151 4.79 5'793'428 25.09.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 6'219'474 1.91 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 5'912'184 1.81 74'320 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 4'901'472 1.5 42'245 31.05.2013 Unclassified PICTET FUNDS n/a ULT-AGG 4'839'132 1.48 14'305 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'284'599 0.7 (151'391) 28.03.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'310'000 0.4 260'000 30.04.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 1'185'027 0.36 230'000 31.03.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'041'586 0.32 213'350 31.05.2013 Investment Advisor BARING FUND MANAGERS Multiple Portfolios MF-AGG 1'030'840 0.32 - 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 1'018'378 0.31 21'970 30.06.2013 Unclassified CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 922'120 0.28 4'414 28.02.2013 Investment Advisor OC OERLIKON CORP n/a Co File 902'248 0.28 - 31.12.2012 Corporation IST FUND MANAGERS Multiple Portfolios MF-AGG 767'805 0.24 1'443 30.04.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 724'918 0.22 6'293 30.04.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 722'648 0.22 24'630 31.05.2013 Investment Advisor PRINCIPAL FINANCIAL n/a ULT-AGG 715'128 0.22 555'822 31.07.2013 Investment Advisor JP MORGAN n/a ULT-AGG 678'625 0.21 57'929 31.07.2013 Investment Advisor ACATIS Multiple Portfolios MF-AGG 625'000 0.19 (220'506) 28.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue PIERRE-YVES GAUTHIER add 4 M 14 6 month 12.09.2013 Main First Bank AG MICHAEL INAUEN outperform 5 N 14 12 month 09.09.2013 Helvea RETO AMSTALDEN hold 3 M 13 12 month 06.09.2013 Bank Vontobel AG MICHAEL FOETH buy 5 M 15 Not Provided 04.09.2013 Bank am Bellevue ALESSANDRO FOLETTI hold 3 M 12 Not Provided 03.09.2013 Mirabaud Securities THOMAS BAUMANN neutral 3 N 13 12 month 28.08.2013 Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 M #N/A N/A Not Provided 27.08.2013 Berenberg Bank BENJAMIN GLAESER buy 5 M 14 Not Provided 15.08.2013 Credit Suisse PATRICK LAAGER outperform 5 M 15 Not Provided 07.08.2013 Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 15 Not Provided 07.08.2013 Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 12 12 month 06.08.2013 EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013 UBS ANDRE RUDOLF VON ROHR buy 5 M 14 12 month 13.03.2013 Holdings By: OC Oerlikon Corp AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 DKSH Holding Limited is an international marketing and services group. The Company offers a comprehensive package of services that includes organizing and running the entire value chain for any product: from sourcing, research and analysis, marketing, sales, distribution and logistics to after-sales services. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (20.03.2013) 88.47 52-Week Low (27.09.2012) 56.20 Daily Volume 77.8 52-Week High % Change -12.07% Dividend Yield 0.00 52-Week Low % Change 38.44% Beta - % 52 Week Price Range High/Low 67.24% Equity Float 28.69 Shares Out 30.06.2013 64.3 Short Int - 5'001.52 1 Yr Total Return 36.85% Total Debt 199.40 YTD Return 19.41% Preferred Stock 0.0 Adjusted BETA - Minority Interest 33.4 Analyst Recs 12 Cash and Equivalents 253.60 Consensus Rating 3.167 Enterprise Value 4'980.62 Average Volume 5 Day 155'291 DKSH SE EQUITY YTD Change - Average Volume 30 Day 146'529 DKSH SE EQUITY YTD % CHANGE - Average Volume 3 Month 115'025 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 01/yy 01/yy 12/13 Y 12/14 Y - - - 6'356.4 7'295.4 7'340.0 8'834.1 - - 9'993.6 10'960.4 - - - - - - 0.47x - - 0.49x 0.44x - - - 168.3 241.6 274.3 320.7 - - 359.0 406.6 - - - - - - 12.98x - - 13.83x 12.21x - - - 72.7 128.4 147.1 201.2 - - 207.1 231.8 - - - - - - 20.72x - - 24.13x 21.64x - - EBITDA 320.70 Long-Term Rating Date - EBIT 278.00 Long-Term Rating - Operating Margin 3.15% Long-Term Outlook - Pretax Margin 3.26% Short-Term Rating Date - Return on Assets 6.26% Short-Term Rating - Return on Common Equity 18.57% Return on Capital 16.03% EBITDA/Interest Exp. 34.12 Asset Turnover 2.75% (EBITDA-Capex)/Interest Exp. 29.04 Net Debt/EBITDA -0.17 Gross Margin - Total Debt/EBITDA 0.62 EBITDA Margin 3.6% EBIT Margin 3.1% Total Debt/Equity 17.0% Net Income Margin 2.3% Total Debt/Capital 14.2% Asset Turnover 2.75 Current Ratio 1.48 Net Fixed Asset Turnover 60.61 Quick Ratio 0.94 Accounts receivable turnover-days 64.95 Debt to Assets 5.94% Inventory Days - Tot Debt to Common Equity 17.03% Accounts Payable Turnover Day - Accounts Receivable Turnover 5.64 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 DKSH Holding AG Price/Volume Valuation Analysis 72'623.00 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 .1 M .2 M .3 M .4 M .5 M .6 M .7 M .8 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 9'000.0 10'000.0 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 DIETHELM KELLER HOLD #N/A N/A EXCH 29'267'730 45.53 (8'721'650) 21.09.2013 Corporation FFP INVEST SAS #N/A N/A EXCH 3'820'000 5.94 - 21.09.2013 Corporation FREY RAINER-MARC n/a EXCH 2'509'666 3.9 - 21.09.2013 n/a BLACKROCK n/a ULT-AGG 1'445'646 2.25 (11'632) 25.09.2013 Investment Advisor MATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'219'665 1.9 668'787 28.06.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 851'629 1.32 (448'796) 30.06.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 652'003 1.01 (5'391) 31.05.2013 Investment Advisor RUFFER LLP Multiple Portfolios MF-AGG 394'500 0.61 - 28.02.2013 Investment Advisor VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 378'230 0.59 154'577 28.06.2013 Insurance Company FIL LIMITED n/a ULT-AGG 340'293 0.53 332'247 31.10.2012 Investment Advisor PICTET FUNDS n/a ULT-AGG 305'887 0.48 (1'683) 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 254'559 0.4 5'412 31.08.2013 Unclassified VANGUARD GROUP INC n/a ULT-AGG 250'179 0.39 201'649 30.06.2013 Unclassified LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 240'180 0.37 82'440 31.05.2013 Investment Advisor WASATCH ADVISORS INC Multiple Portfolios MF-AGG 214'293 0.33 119'605 30.06.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 212'908 0.33 124'869 30.04.2013 Investment Advisor BMO INVESTMENTS INC Multiple Portfolios MF-AGG 181'950 0.28 4'000 31.05.2013 Investment Advisor HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 157'000 0.24 157'000 30.06.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 132'468 0.21 4'118 28.03.2013 Investment Advisor BARING FUND MANAGERS Multiple Portfolios MF-AGG 126'906 0.2 44'277 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Credit Suisse ANDY GROBLER neutral 3 M 83 Not Provided 21.08.2013 EVA Dimensions TIMOTHY STANISH hold 3 N #N/A N/A Not Provided 20.08.2013 Kepler Cheuvreux BEAT KEISER hold 3 M 81 Not Provided 16.08.2013 Helvea CHRISTIAN BURGER hold 3 M 78 12 month 15.08.2013 Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 14.08.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 75 Not Provided 14.08.2013 Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 88 12 month 14.08.2013 Deutsche Bank ANDY CHU hold 3 M 89 12 month 13.08.2013 Berenberg Bank SIMON MEZZANOTTE hold 3 M 72 Not Provided 13.08.2013 Religare Capital Markets PETER WILLIAMSON buy 5 M 85 12 month 24.04.2013 HSBC RAJESH KUMAR underweight 1 N 50 Not Provided 22.04.2013 UBS WILLIAM VANDERPUMP neutral 3 M 79 12 month 13.03.2013 Holdings By: DKSH Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Pargesa Holding SA acquires, sells, operates and manages investments in the financial, commercial, and industrial sectors in Switzerland and other European countries. The Company has a portfolio of a limited number of major long-term holdings. Pargesa seeks to exercise control over or influence the activities of its holdings as a strategic shareholder. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 70.40 52-Week Low (16.11.2012) 60.25 Daily Volume 68.65 52-Week High % Change -2.49% Dividend Yield - 52-Week Low % Change 13.94% Beta 1.09 % 52 Week Price Range High/Low 77.34% Equity Float 37.40 Shares Out 30.07.2013 77.2 Short Int - 5'830.87 1 Yr Total Return 14.44% Total Debt 4'022.50 YTD Return 13.90% Preferred Stock 0.0 Adjusted BETA 1.093 Minority Interest 8'781.4 Analyst Recs 7 Cash and Equivalents 2'050.40 Consensus Rating 3.714 Enterprise Value 17'837.37 Average Volume 5 Day 165'709 PARG SE EQUITY YTD Change - Average Volume 30 Day 73'464 PARG SE EQUITY YTD % CHANGE - Average Volume 3 Month 63'179 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 12/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'475.2 4'189.5 4'625.4 4'729.1 4'915.4 5'912.1 2'523.8 492.0 557.0 - - 3.64x 5.31x 4.21x 3.66x 3.27x 0.00x 0.00x 34.82x 30.13x - - 799.9 1'077.2 888.7 915.2 1'419.0 0.0 0.0 348.0 489.0 - - 24.95x 20.64x 21.93x 18.92x 11.33x 0.00x 0.00x 51.23x 36.46x - - (520.8) 791.7 465.9 (64.9) 417.9 709.0 519.0 333.5 460.0 - - - 4.83x 14.44x - 12.68x 0.00x 0.00x 15.57x 12.48x - - EBITDA 1'419.00 Long-Term Rating Date - EBIT 757.20 Long-Term Rating - Operating Margin 15.40% Long-Term Outlook - Pretax Margin 23.69% Short-Term Rating Date - Return on Assets 0.51% Short-Term Rating - Return on Common Equity 1.62% Return on Capital - EBITDA/Interest Exp. 7.84 Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 6.02 Net Debt/EBITDA 3.54 Gross Margin - Total Debt/EBITDA 5.32 EBITDA Margin 20.0% EBIT Margin 4.9% Total Debt/Equity 55.6% Net Income Margin 8.5% Total Debt/Capital 20.1% Asset Turnover 0.21 Current Ratio 2.51 Net Fixed Asset Turnover 2.06 Quick Ratio 1.62 Accounts receivable turnover-days 58.53 Debt to Assets 18.33% Inventory Days - Tot Debt to Common Equity 55.59% Accounts Payable Turnover Day - Accounts Receivable Turnover 6.24 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Pargesa Holding SA Price/Volume Valuation Analysis 65'615.00 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 M .2 M .3 M .4 M .5 M .6 M -1'000.0 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00 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 PARJOINTCO NV n/a Research 39'301'000 50.9 - 01.03.2013 Holding Company BNP PARIBAS SA n/a EXCH 9'586'556 12.42 - 14.03.2013 Bank FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'871'239 8.9 - 30.06.2013 Hedge Fund Manager ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'855 1.75 - 31.03.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 892'349 1.16 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 583'417 0.76 (6'949) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 504'034 0.65 (429) 30.06.2013 Unclassified THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 447'872 0.58 (21'773) 28.06.2013 Hedge Fund Manager PARGESA HOLDING SA n/a EXCH 297'800 0.39 - 12.03.2012 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 278'931 0.36 8'149 30.06.2013 Unclassified BLACKROCK n/a ULT-AGG 238'735 0.31 85 25.09.2013 Investment Advisor TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 227'651 0.29 - 30.06.2013 Investment Advisor FRERE GERALD n/a Co File 216'654 0.28 - 31.12.2012 n/a AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 208'884 0.27 - 30.04.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 164'086 0.21 (13'780) 28.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 121'126 0.16 1'271 31.05.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 111'274 0.14 62'936 30.06.2013 Investment Advisor LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 89'000 0.12 - 28.06.2013 Investment Advisor SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 57'310 0.07 - 30.08.2013 Investment Advisor ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 50'000 0.06 - 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue PIERRE-YVES GAUTHIER add 4 M 73 6 month 26.09.2013 Bank Vontobel AG RENE WEBER hold 3 M 70 Not Provided 16.08.2013 Goldman Sachs MARKUS IWAR neutral/neutral 3 M 73 12 month 05.08.2013 Petercam MARC DEBROUWER not rated #N/A N/A M #N/A N/A Not Provided 01.08.2013 Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 31.07.2013 KBC Securities JAN-WILLEM BILLIET hold 3 M 68 Not Provided 31.07.2013 UBS DENIS MOREAU buy 5 M 79 12 month 17.06.2013 EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013 Holdings By: Pargesa Holding SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Flughafen Zuerich AG operates the Zurich Airport. The Company constructs, leases, and maintains airport structures and equipment. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (09.08.2013) 508.50 52-Week Low (28.09.2012) 380.75 Daily Volume 480 52-Week High % Change -5.60% Dividend Yield - 52-Week Low % Change 26.07% Beta 0.75 % 52 Week Price Range High/Low 78.47% Equity Float 3.61 Shares Out 30.06.2013 6.1 Short Int - 2'947.38 1 Yr Total Return 27.96% Total Debt 1'354.22 YTD Return 16.08% Preferred Stock 0.0 Adjusted BETA 0.752 Minority Interest 0.0 Analyst Recs 18 Cash and Equivalents 368.71 Consensus Rating 3.833 Enterprise Value 4'033.41 Average Volume 5 Day 7'879 FHZN SE EQUITY YTD Change - Average Volume 30 Day 10'922 FHZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'032 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 01/yy 01/yy 12/13 Y 12/14 Y - - 855.1 820.2 863.0 905.4 948.8 - - 971.3 985.7 - - 3.14x 3.56x 3.83x 3.48x 3.77x - - 3.98x 3.85x - - 421.0 402.9 437.1 484.6 391.3 - - 523.1 524.4 - - 6.37x 7.24x 7.57x 6.50x 9.15x - - 7.71x 7.69x - - 121.3 190.6 138.5 169.8 94.7 - - 132.5 203.1 - - 12.61x 9.98x 16.93x 11.78x 27.24x - - 19.24x 14.71x - - EBITDA 391.32 Long-Term Rating Date 20.04.2012 EBIT 171.94 Long-Term Rating A Operating Margin 18.12% Long-Term Outlook STABLE Pretax Margin 12.37% Short-Term Rating Date - Return on Assets 0.65% Short-Term Rating - Return on Common Equity 1.32% Return on Capital 2.14% EBITDA/Interest Exp. 6.75 Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 3.38 Net Debt/EBITDA 2.75 Gross Margin - Total Debt/EBITDA 3.36 EBITDA Margin 41.0% EBIT Margin 17.9% Total Debt/Equity 72.8% Net Income Margin 10.0% Total Debt/Capital 42.1% Asset Turnover 0.25 Current Ratio 1.60 Net Fixed Asset Turnover 0.33 Quick Ratio 1.17 Accounts receivable turnover-days 42.98 Debt to Assets 33.29% Inventory Days - Tot Debt to Common Equity 72.82% Accounts Payable Turnover Day - Accounts Receivable Turnover 8.49 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 Flughafen Zuerich AG Price/Volume Valuation Analysis 9'556.00 Current Price (9/dd/yy) Market Data 0 100 200 300 400 500 600 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1'000.0 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 CANTON OF ZURICH n/a Co File 2'046'595 33.33 - 31.12.2012 Government UNIVERSITIES SUPERAN n/a EXCH 342'593 5.58 - 19.07.2012 Investment Advisor CITY OF ZURICH n/a Co File 309'476 5.04 - 31.12.2012 Government CREDIT SUISSE AG n/a EXCH 224'630 3.66 24'918 12.07.2013 Investment Advisor LAZARD ASSET MANAGEM n/a ULT-AGG 185'229 3.02 1'900 17.08.2012 Unclassified ARTIO GLOBAL MANAGEM n/a EXCH 183'681 2.99 (122'936) 22.02.2012 Investment Advisor TAUBE HODSON STONEX n/a EXCH 174'707 2.85 (104'647) 21.05.2008 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 79'876 1.3 - 31.12.2012 Government COMMONWEALTH BANK OF n/a ULT-AGG 76'001 1.24 361 31.05.2013 Bank DIMENSIONAL FUND ADV n/a ULT-AGG 59'364 0.97 164 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 58'286 0.95 1'803 31.05.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 53'400 0.87 10'600 31.07.2013 Investment Advisor UBS AG n/a ULT-AGG 51'704 0.84 (428) 31.05.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 44'850 0.73 (4'128) 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 43'468 0.71 (3'378) 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 41'287 0.67 (5'488) 25.09.2013 Investment Advisor FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 36'922 0.6 (3'746) 31.05.2012 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 35'400 0.58 - 30.06.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 33'920 0.55 400 30.04.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 31'300 0.51 4'000 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date HSBC JOSEPH P THOMAS neutral 3 D 510 Not Provided 03.09.2013 Morgan Stanley DANIEL RUIVO Overwt/In-Line 5 M 550 12 month 02.09.2013 RBC Capital Markets ANDREW JONES sector perform 3 M 470 12 month 30.08.2013 Nomura PETER LARKIN reduce 2 M 440 Not Provided 30.08.2013 Helvea RETO AMSTALDEN buy 5 M 550 12 month 28.08.2013 Bank am Bellevue MICHAEL HEIDER hold 3 M 501 Not Provided 27.08.2013 Bank Vontobel AG PASCAL FURGER hold 3 M 500 Not Provided 27.08.2013 Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 530 6 month 26.08.2013 Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 M #N/A N/A Not Provided 26.08.2013 Goldman Sachs NICK EDELMAN neutral/neutral 3 M 493 12 month 23.08.2013 JPMorgan ELODIE RALL overweight 5 M 538 9 month 09.08.2013 UBS ALEX BRIGNALL buy 5 M 540 12 month 19.07.2013 Kepler Cheuvreux RUXANDRA HARADAU-DOESER buy 5 U 556 Not Provided 13.07.2013 Main First Bank AG TOBIAS SITTIG outperform 5 M 540 Not Provided 28.06.2013 EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013 Credit Suisse PATRICK JNGLIN outperform 5 M 500 Not Provided 15.05.2013 Barclays SUSANNA INVERNIZZI underweight 1 D 430 Not Provided 23.01.2013 Holdings By: Flughafen Zuerich AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Panalpina Welttransport Holding AG offers freight shipping and supply chain management services. The Company transports freight by air and ship, and offers warehousing and distribution services. Panalpina operates worldwide. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (17.09.2013) 144.80 52-Week Low (15.10.2012) 81.25 Daily Volume 133 52-Week High % Change -8.15% Dividend Yield - 52-Week Low % Change 63.69% Beta 0.76 % 52 Week Price Range High/Low 79.07% Equity Float 9.82 Shares Out 30.06.2013 23.8 Short Int - 3'158.75 1 Yr Total Return 51.06% Total Debt 1.87 YTD Return 46.18% Preferred Stock 0.0 Adjusted BETA 0.755 Minority Interest 9.2 Analyst Recs 23 Cash and Equivalents 393.06 Consensus Rating 2.348 Enterprise Value 2'837.74 Average Volume 5 Day 33'259 PWTN SE EQUITY YTD Change - Average Volume 30 Day 36'200 PWTN SE EQUITY YTD % CHANGE - Average Volume 3 Month 39'137 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 8'877.6 5'957.9 7'164.2 6'499.6 6'616.6 6'426.3 6'737.2 7'240.0 7'566.9 1'790.7 1'791.0 0.12x 0.17x 0.33x 0.26x 0.27x 0.95x 1.07x 0.39x 0.36x 1.52x 1.51x 239.9 79.2 62.1 212.2 36.6 109.7 110.1 166.4 206.9 46.2 38.5 4.42x 13.06x 37.55x 7.99x 49.57x 13.31x 19.01x 16.99x 13.67x 15.79x 15.39x 112.7 8.5 (27.4) 126.3 (70.5) 36.1 (8.6) 79.5 109.2 24.6 19.4 12.55x 182.78x - 18.02x - 55.89x 0.00x 38.69x 28.39x 33.00x 31.97x EBITDA 36.60 Long-Term Rating Date - EBIT -19.25 Long-Term Rating - Operating Margin -0.29% Long-Term Outlook - Pretax Margin -0.63% Short-Term Rating Date - Return on Assets -0.41% Short-Term Rating - Return on Common Equity -1.09% Return on Capital - EBITDA/Interest Exp. 25.03 Asset Turnover 3.21% (EBITDA-Capex)/Interest Exp. -9.66 Net Debt/EBITDA -3.00 Gross Margin 22.1% Total Debt/EBITDA 0.03 EBITDA Margin 1.6% EBIT Margin 0.8% Total Debt/Equity 0.3% Net Income Margin -1.1% Total Debt/Capital 0.2% Asset Turnover 3.21 Current Ratio 1.49 Net Fixed Asset Turnover 55.06 Quick Ratio 1.34 Accounts receivable turnover-days 58.41 Debt to Assets 0.10% Inventory Days 6.21 Tot Debt to Common Equity 0.25% Accounts Payable Turnover Day 44.07 Accounts Receivable Turnover 6.25 Cash Conversion Cycle 20.39 Inventory Turnover 58.79 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 Panalpina Welttransport Holding AG Price/Volume Valuation Analysis 28'850.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 160 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 .0 M .0 M .1 M .1 M .1 M .1 M .1 M .2 M .2 M .2 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 9'000.0 10'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 50.00 100.00 150.00 200.00 250.00 300.00 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 ERNST GOEHNER FOUNDA n/a Co File 10'910'750 45.94 - 31.12.2012 Other CEVIAN CAPITAL AB n/a Co File 2'842'875 11.97 - 31.12.2012 Venture Capital ARTISAN PARTNERS HOL #N/A N/A EXCH 2'357'490 9.93 (37'138) 20.09.2013 Investment Advisor BESTINVER GESTION SG n/a Co File 1'263'500 5.32 - 31.12.2012 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 475'224 2 - 31.12.2012 Government HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 433'200 1.82 34'300 30.06.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 194'550 0.82 (2'340) 28.06.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 133'473 0.56 (39'477) 30.04.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 120'216 0.51 (6'794) 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 112'564 0.47 - 31.05.2013 Investment Advisor PANALPINA WELTTRANSP n/a Co File 99'750 0.42 - 31.12.2012 Corporation VANGUARD GROUP INC n/a ULT-AGG 80'653 0.34 (464) 30.06.2013 Unclassified HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 75'600 0.32 75'600 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 68'944 0.29 (14'573) 31.05.2013 Investment Advisor ERIE INSURANCE GROUP n/a ULT-AGG 67'419 0.28 1'537 30.06.2013 Insurance Company UBS AG n/a ULT-AGG 64'046 0.27 (572) 31.05.2013 Unclassified AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 45'362 0.19 6'772 31.07.2013 Investment Advisor BRANDES INVESTMENT P Multiple Portfolios MF-AGG 36'291 0.15 (16'925) 31.08.2013 Investment Advisor RIBAR MONIKA n/a Co File 35'596 0.15 - 31.12.2012 n/a SENTINEL ASSET MANAG Multiple Portfolios MF-AGG 35'000 0.15 - 30.06.2013 Insurance Company Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 26.09.2013 Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 139 12 month 23.09.2013 Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 13.09.2013 Macquarie ROBERT JOYNSON underperform 1 M 110 12 month 10.09.2013 Main First Bank AG TOBIAS SITTIG underperform 1 M 140 Not Provided 02.09.2013 HSBC JULIA WINARSO underweight 1 D 125 Not Provided 22.08.2013 Helvea CHRISTIAN BURGER sell 1 D 125 12 month 15.08.2013 Kepler Cheuvreux BEAT KEISER hold 3 M 119 Not Provided 05.08.2013 RBC Capital Markets DAMIAN BREWER sector perform 3 M 125 12 month 01.08.2013 UBS TORSTEN WYSS neutral 3 M 130 12 month 31.07.2013 Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 U 120 12 month 30.07.2013 Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 150 12 month 30.07.2013 Bank am Bellevue ROLF KUNZ hold 3 M 118 Not Provided 30.07.2013 Cantor Fitzgerald ROBIN BYDE sell 1 M 100 Not Provided 30.07.2013 Bank Vontobel AG MICHAEL FOETH hold 3 M 130 Not Provided 29.07.2013 Nomura MARK MCVICAR reduce 2 M 90 Not Provided 29.07.2013 Credit Suisse NEIL GLYNN underperform 1 M 103 Not Provided 26.07.2013 Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 U #N/A N/A Not Provided 26.07.2013 Goldman Sachs NICK EDELMAN neutral/neutral 3 M 99 12 month 10.06.2013 Davy JOSHUA GOLDMAN underperform 1 N #N/A N/A Not Provided 25.01.2013 Barclays DAVID E FINTZEN equalweight 3 M 95 Not Provided 09.01.2013 Holdings By: Panalpina Welttransport Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Nobel Biocare Holding AG develops and produces dental implants and dental prosthetics. The Company manufactures permanent replacements for tooth roots, and dental crowns and bridges. Nobel Biocare sells under the brand names Branemark System, Steri-Oss/Replace, and Procera on the global market. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (23.08.2013) 14.80 52-Week Low (21.11.2012) 6.94 Daily Volume 13.45 52-Week High % Change -9.12% Dividend Yield - 52-Week Low % Change 93.69% Beta 1.49 % 52 Week Price Range High/Low 81.54% Equity Float 104.94 Shares Out 30.06.2013 123.8 Short Int - 1'664.90 1 Yr Total Return 46.91% Total Debt 99.51 YTD Return 77.01% Preferred Stock 0.0 Adjusted BETA 1.486 Minority Interest 0.0 Analyst Recs 23 Cash and Equivalents 154.94 Consensus Rating 2.000 Enterprise Value 1'304.25 Average Volume 5 Day 258'302 NOBN SE EQUITY YTD Change - Average Volume 30 Day 498'057 NOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 355'626 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 619.2 581.4 576.6 569.2 580.5 579.3 573.3 569.9 591.6 126.2 152.7 2.93x 4.95x 3.02x 1.97x 1.26x 7.41x 6.41x 2.25x 2.10x 10.28x 8.46x 161.1 169.4 114.5 104.6 100.7 109.9 92.8 96.6 109.4 20.6 25.4 11.26x 16.98x 15.22x 10.71x 7.29x 9.23x 11.88x 13.45x 11.87x 13.52x 13.22x 109.7 105.8 45.7 39.8 45.8 38.2 39.4 48.0 55.9 8.4 15.2 15.96x 27.21x 38.35x 28.05x 17.37x 27.17x 29.21x 28.09x 24.08x 27.18x 26.53x EBITDA 100.72 Long-Term Rating Date - EBIT 68.69 Long-Term Rating - Operating Margin 11.83% Long-Term Outlook - Pretax Margin 10.51% Short-Term Rating Date - Return on Assets 6.66% Short-Term Rating - Return on Common Equity 12.52% Return on Capital 10.52% EBITDA/Interest Exp. 19.81 Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 18.32 Net Debt/EBITDA -0.59 Gross Margin 75.4% Total Debt/EBITDA 1.07 EBITDA Margin 16.2% EBIT Margin 11.1% Total Debt/Equity 30.6% Net Income Margin 7.9% Total Debt/Capital 23.4% Asset Turnover 0.97 Current Ratio 2.24 Net Fixed Asset Turnover 8.00 Quick Ratio 1.86 Accounts receivable turnover-days 71.21 Debt to Assets 16.57% Inventory Days 58.66 Tot Debt to Common Equity 30.61% Accounts Payable Turnover Day 38.06 Accounts Receivable Turnover 5.13 Cash Conversion Cycle 76.25 Inventory Turnover 6.22 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 Nobel Biocare Holding AG Price/Volume Valuation Analysis 204'834.00 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 .5 M 1.0 M 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 4.0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 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 SILCHESTER INTL INVE n/a Co File 12'626'019 10.2 - 31.12.2012 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 12'531'783 10.12 5'144'302 28.06.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 12'078'949 9.76 (79'559) 26.09.2013 Investment Advisor GIC PRIVATE LIMITED n/a ULT-AGG 9'820'991 7.93 - 22.07.2013 Government GOVERNANCE FOR OWNER n/a Co File 3'961'104 3.2 - 31.12.2012 Other NORGES BANK n/a EXCH 3'768'834 3.04 - 05.02.2013 Government CREDIT SUISSE AG n/a ULT-AGG 2'499'268 2.02 (30'377) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 2'387'283 1.93 128'963 30.06.2013 Unclassified NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'183'120 1.76 - 30.06.2012 Pension Fund (ERISA) UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'029'700 1.64 29'700 28.03.2013 Investment Advisor UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'538'091 1.24 214'244 28.03.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'352'481 1.09 36'625 28.03.2013 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 1'350'000 1.09 - 30.06.2013 Investment Advisor MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'135'410 0.92 (578'990) 30.06.2013 Investment Advisor NOBEL BIOCARE HOLDIN n/a Co File 981'139 0.79 - 31.12.2012 Unclassified HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 965'000 0.78 (318'000) 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 820'654 0.66 (41'243) 31.07.2013 Unclassified PICTET FUNDS n/a ULT-AGG 671'925 0.54 (11'942) 31.05.2013 Investment Advisor VALIC CO I Multiple Portfolios MF-AGG 568'017 0.46 - 31.05.2013 Investment Advisor INVERCAIXA GESTION S Multiple Portfolios MF-AGG 464'892 0.38 464'892 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Sanford C. Bernstein & Co LISA BEDELL CLIVE outperform 5 M 17 12 month 26.09.2013 Jefferies INGEBORG OIE hold 3 M 13 12 month 13.09.2013 Commerzbank Corporates & Markets OLIVER METZGER hold 3 M 13 6 month 09.09.2013 Bank am Bellevue GINA FRANCIOLI hold 3 M 12 Not Provided 06.09.2013 Main First Bank AG STEPHAN VOLLERT underperform 1 M 11 12 month 30.08.2013 Berenberg Bank TOM JONES buy 5 M 16 Not Provided 29.08.2013 Goldman Sachs VERONIKA DUBAJOVA Sell/Neutral 1 M 9 12 month 27.08.2013 Credit Suisse CHRISTOPH GRETLER neutral 3 M 14 Not Provided 23.08.2013 UBS MARTIN WALES sell 1 M 11 12 month 23.08.2013 Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK underperform 1 M #N/A N/A Not Provided 23.08.2013 Bank Vontobel AG CARLA BAENZIGER hold 3 M 15 Not Provided 23.08.2013 Kepler Cheuvreux MAJA PATAKI reduce 2 M 10 Not Provided 23.08.2013 Barclays ALEXANDER KLEBAN underweight 1 M 7 Not Provided 23.08.2013 EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 23.08.2013 Deutsche Bank YI-DAN WANG sell 1 M 7 12 month 22.08.2013 Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 7 12 month 22.08.2013 JPMorgan DAVID J ADLINGTON underweight 1 M 10 15 month 22.08.2013 HSBC HENDRIK LOFRUTHE underweight 1 M 12 Not Provided 22.08.2013 S&P Capital IQ JACOB THRANE sell 1 D 13 12 month 22.08.2013 Exane BNP Paribas JULIEN DORMOIS underperform 1 M 10 Not Provided 22.08.2013 Northcoast Research EDWIN SNYDER sell 1 M 7 12 month 24.07.2013 Holdings By: Nobel Biocare Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Bucher Industries AG manufactures food processing machinery, vehicles, and hydraulic components. The Company produces fruit and vegetable juice processing machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers, spreaders, tractors, street sweepers, and snow blowers. Bucher operates worldwide. Latest Fiscal Year: 12/2012 LTM as of: 09/yy 52-Week High (14.08.2013) 242.50 52-Week Low (27.09.2012) 163.00 Daily Volume 234 52-Week High % Change -3.51% Dividend Yield - 52-Week Low % Change 43.56% Beta 1.16 % 52 Week Price Range High/Low 89.94% Equity Float 7.87 Shares Out 30.06.2013 10.3 Short Int - 2'398.50 1 Yr Total Return 44.33% Total Debt 499.70 YTD Return 33.10% Preferred Stock 0.0 Adjusted BETA 1.158 Minority Interest 35.4 Analyst Recs 12 Cash and Equivalents 480.30 Consensus Rating 3.667 Enterprise Value 2'598.70 Average Volume 5 Day 13'431 BUCN SE EQUITY YTD Change - Average Volume 30 Day 10'194 BUCN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'629 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 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 2'788.9 2'142.1 2'033.7 2'336.0 2'609.0 0.0 550.5 2'696.5 2'785.0 575.0 669.3 0.42x 0.58x 0.86x 0.73x 0.70x #DIV/0! 0.00x 0.90x 0.84x - - 262.3 113.1 151.6 260.1 305.0 0.0 0.0 331.3 350.5 - - 4.45x 11.08x 11.50x 6.57x 5.95x 0.00x 0.00x 7.84x 7.41x - - 143.3 (26.0) 95.4 124.7 149.9 0.0 0.0 170.0 181.8 67.4 - 7.30x - 18.33x 13.12x 11.73x 0.00x 0.00x 13.51x 12.63x - - EBITDA 305.00 Long-Term Rating Date - EBIT 229.80 Long-Term Rating - Operating Margin 8.81% Long-Term Outlook - Pretax Margin 8.30% Short-Term Rating Date - Return on Assets 6.78% Short-Term Rating - Return on Common Equity 17.90% Return on Capital - EBITDA/Interest Exp. 18.05 Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 12.50 Net Debt/EBITDA 0.52 Gross Margin - Total Debt/EBITDA 1.71 EBITDA Margin 12.0% EBIT Margin 9.0% Total Debt/Equity 56.8% Net Income Margin 5.7% Total Debt/Capital 35.3% Asset Turnover 1.14 Current Ratio 1.68 Net Fixed Asset Turnover 5.34 Quick Ratio 0.98 Accounts receivable turnover-days 67.64 Debt to Assets 22.15% Inventory Days - Tot Debt to Common Equity 56.76% Accounts Payable Turnover Day - Accounts Receivable Turnover 5.40 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Bucher Industries AG Price/Volume Valuation Analysis 6'750.00 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 50 100 150 200 250 300 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 .0 M .0 M .0 M .0 M .1 M .1 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 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 HAUSER MICHAEL n/a Co File 604'008 5.89 - 31.12.2012 n/a BUCHER INDUSTRIES AG n/a Co File 465'073 4.54 - 31.12.2012 Corporation BUCHER BETEILIGUNGS- n/a Co File 440'750 4.3 - 31.12.2012 Corporation HAUSER ANITA n/a Co File 438'779 4.28 - 31.12.2012 n/a BLACKROCK n/a ULT-AGG 339'067 3.31 (9'216) 25.09.2013 Investment Advisor NORGES BANK n/a EXCH 307'917 3 - 08.08.2013 Government UBS AG n/a ULT-AGG 190'771 1.86 7'421 31.08.2013 Unclassified SARASIN n/a ULT-AGG 118'600 1.16 - 30.04.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 106'859 1.04 (7'847) 28.03.2013 Investment Advisor HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 100'520 0.98 - 30.06.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 95'405 0.93 2'370 31.05.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 83'990 0.82 (536) 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 79'719 0.78 154 30.04.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 79'653 0.78 (3'972) 30.04.2013 Investment Advisor NEW JERSEY DIVISION Multiple Portfolios MF-AGG 60'000 0.59 13'317 30.06.2012 Pension Fund (ERISA) CREDIT SUISSE AG n/a ULT-AGG 58'567 0.57 (128) 31.05.2013 Investment Advisor MOSIMANN PHILIP n/a Co File 52'478 0.51 - 31.12.2012 n/a NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 51'016 0.5 990 31.07.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 49'020 0.48 38'558 31.12.2012 Investment Advisor ODIN FORVALTNING AS Multiple Portfolios MF-AGG 46'069 0.45 - 30.08.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Helvea STEFAN GAECHTER buy 5 M 265 12 month 09.09.2013 Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 216 6 month 21.08.2013 Main First Bank AG TOBIAS FAHRENHOLZ underperform 1 M 235 12 month 05.08.2013 Bank am Bellevue MICHAEL ROOST hold 3 M 238 Not Provided 31.07.2013 UBS ANDRE RUDOLF VON ROHR neutral 3 M 240 12 month 31.07.2013 Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 270 Not Provided 31.07.2013 Credit Suisse PATRICK LAAGER neutral 3 M 230 Not Provided 30.07.2013 Mirabaud Securities THOMAS BAUMANN buy 5 M 270 12 month 30.07.2013 Bank Vontobel AG FABIAN HAECKI hold 3 M 255 Not Provided 30.07.2013 Berenberg Bank FREDERIK BITTER hold 3 M 220 Not Provided 10.06.2013 EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013 Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 U #N/A N/A Not Provided 14.03.2013 Holdings By: Bucher Industries AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Kaba Holding AG provides mechanical and electronic security systems. The Company offers individually tailored "Total Access Control" including high-security locking devices for heavy safes, modular access and time management applications, as well as no-contact identification technology. Latest Fiscal Year: 06/2013 LTM as of: 01/yy 52-Week High (12.03.2013) 412.25 52-Week Low (24.06.2013) 338.25 Daily Volume 399.75 52-Week High % Change -3.03% Dividend Yield - 52-Week Low % Change 18.18% Beta 0.79 % 52 Week Price Range High/Low 86.82% Equity Float 2.98 Shares Out 30.06.2013 3.8 Short Int - 1'525.06 1 Yr Total Return 11.59% Total Debt 86.10 YTD Return 3.16% Preferred Stock 0.0 Adjusted BETA 0.792 Minority Interest 0.9 Analyst Recs 7 Cash and Equivalents 142.30 Consensus Rating 3.571 Enterprise Value 1'469.76 Average Volume 5 Day 11'463 KABN SE EQUITY YTD Change - Average Volume 30 Day 10'079 KABN SE EQUITY YTD % CHANGE - Average Volume 3 Month 7'922 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 01/yy 01/yy 06/14 Y 06/15 Y - - 1'166.1 952.1 945.2 947.5 964.3 - - 983.7 1'016.3 - - 0.94x 1.40x 1.50x 1.43x 1.34x - - 1.47x 1.37x - - 174.6 166.8 122.7 153.7 150.0 - - 157.0 169.8 - - 6.25x 7.96x 11.59x 8.83x 8.61x - - 9.39x 8.68x - - 70.7 86.9 221.6 88.2 85.4 - - 89.8 98.8 - - 10.86x 13.94x 25.54x 16.00x 16.03x - - 17.23x 15.54x - - EBITDA 150.00 Long-Term Rating Date - EBIT 118.60 Long-Term Rating - Operating Margin 12.30% Long-Term Outlook - Pretax Margin 11.93% Short-Term Rating Date - Return on Assets 8.86% Short-Term Rating - Return on Common Equity 14.85% Return on Capital - EBITDA/Interest Exp. 34.09 Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 29.05 Net Debt/EBITDA -0.37 Gross Margin - Total Debt/EBITDA 0.57 EBITDA Margin 15.6% EBIT Margin 12.3% Total Debt/Equity 14.4% Net Income Margin 8.9% Total Debt/Capital 12.6% Asset Turnover 1.00 Current Ratio 1.67 Net Fixed Asset Turnover 6.06 Quick Ratio 1.07 Accounts receivable turnover-days 64.56 Debt to Assets 8.86% Inventory Days - Tot Debt to Common Equity 14.41% Accounts Payable Turnover Day - Accounts Receivable Turnover 5.65 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Kaba Holding AG Price/Volume Valuation Analysis 10'205.00 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 50 100 150 200 250 300 350 400 450 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 .0 M .0 M .0 M .0 M .1 M .1 M .1 M .1 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 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 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 FORRER KARIN n/a Co File 153'020 4.01 - 30.06.2012 n/a GEKLA AG n/a Co File 140'000 3.67 - 30.06.2012 Corporation BREMI ULRICH n/a Co File 138'228 3.62 - 30.06.2012 n/a BLACKROCK n/a ULT-AGG 130'405 3.42 117 25.09.2013 Investment Advisor KUENZLE CREED n/a Co File 127'452 3.34 - 30.06.2012 n/a PICTET FUNDS n/a ULT-AGG 113'290 2.97 853 31.05.2013 Investment Advisor HARRIS ASSOCIATES LP n/a EXCH 113'000 2.96 - 07.09.2011 Investment Advisor NG KIN SHEK n/a EXCH 112'815 2.96 (60'274) 27.07.2009 n/a COLLEGE RETIREMENT E n/a EXCH 101'785 2.67 (15'539) 08.10.2009 Other NORGES BANK Multiple Portfolios MF-AGG 93'398 2.45 - 31.12.2012 Government UBS AG n/a ULT-AGG 78'816 2.07 3'170 31.05.2013 Unclassified SARASIN n/a ULT-AGG 65'800 1.72 - 30.04.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 51'269 1.34 (5'489) 28.03.2013 Investment Advisor DUBS-KUENZLE KARINA n/a Co File 35'744 0.94 - 30.06.2012 n/a CREDIT SUISSE AG n/a ULT-AGG 33'447 0.88 (1'003) 31.05.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 31'412 0.82 (60) 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 27'234 0.71 51 30.04.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 25'500 0.67 (1'100) 30.04.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 23'312 0.61 5'874 30.06.2013 Unclassified ABERDEEN n/a ULT-AGG 19'100 0.5 1'010 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 430 12 month 23.09.2013 Credit Suisse PATRICK LAAGER neutral 3 M 350 Not Provided 16.09.2013 Helvea STEFAN GAECHTER hold 3 M 385 12 month 16.09.2013 EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 20.08.2013 Bank Vontobel AG ANDY SCHNYDER hold 3 M 360 Not Provided 23.04.2013 UBS TORSTEN WYSS neutral 3 D 370 12 month 18.03.2013 Zuercher Kantonalbank ANDREAS MUELLER market perform 3 D #N/A N/A Not Provided 13.03.2013 Holdings By: Kaba Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Straumann Holding AG develops, produces and sells dental implants. The Company manufactures metal devices implantable in the jaw, in place of missing teeth, to which prosthetic teeth are attached. Straumann has subsidiaries throughout Europe and North America. The Company sells its products worldwide. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (10.09.2013) 182.00 52-Week Low (16.11.2012) 97.90 Daily Volume 165 52-Week High % Change -9.34% Dividend Yield - 52-Week Low % Change 68.54% Beta 0.97 % 52 Week Price Range High/Low 80.38% Equity Float 7.55 Shares Out 30.06.2013 15.7 Short Int - 2'586.63 1 Yr Total Return 34.58% Total Debt 0.06 YTD Return 52.00% Preferred Stock 0.0 Adjusted BETA 0.974 Minority Interest 0.0 Analyst Recs 21 Cash and Equivalents 146.74 Consensus Rating 2.905 Enterprise Value 2'461.92 Average Volume 5 Day 34'411 STMN SE EQUITY YTD Change - Average Volume 30 Day 52'091 STMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 40'522 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 03/13 Q1 06/13 Q2 778.7 736.4 737.6 693.6 686.3 558.1 679.3 681.5 701.6 179.4 175.8 3.59x 5.86x 4.07x 3.07x 2.31x 0.00x 0.00x 3.52x 3.32x - - 101.0 217.9 211.3 116.7 95.6 0.0 0.0 150.9 170.1 - - 27.70x 19.81x 14.20x 18.26x 16.56x 0.00x 0.00x 16.28x 14.44x - - 8.1 146.4 131.1 71.0 36.4 0.0 0.0 105.8 121.3 - - 356.73x 31.18x 25.57x 35.70x 47.46x 0.00x 0.00x 23.23x 20.72x - - EBITDA 95.56 Long-Term Rating Date - EBIT 60.97 Long-Term Rating - Operating Margin 8.88% Long-Term Outlook - Pretax Margin 8.15% Short-Term Rating Date - Return on Assets 5.23% Short-Term Rating - Return on Common Equity 7.43% Return on Capital - EBITDA/Interest Exp. 131.27 Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 110.59 Net Debt/EBITDA -1.26 Gross Margin 77.5% Total Debt/EBITDA 2.02 EBITDA Margin 14.5% EBIT Margin 9.5% Total Debt/Equity 0.0% Net Income Margin 5.3% Total Debt/Capital 0.0% Asset Turnover 0.77 Current Ratio 2.96 Net Fixed Asset Turnover 6.84 Quick Ratio 2.23 Accounts receivable turnover-days 62.03 Debt to Assets 0.01% Inventory Days 149.52 Tot Debt to Common Equity 0.01% Accounts Payable Turnover Day - Accounts Receivable Turnover 5.88 Cash Conversion Cycle 146.52 Inventory Turnover 2.44 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 Straumann Holding AG Price/Volume Valuation Analysis 21'866.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 160 180 200 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 .2 M .3 M .4 M .5 M .6 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 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 STRAUMANN THOMAS n/a Research 2'712'936 17.31 (1'566'749) 27.11.2012 n/a GIC PRIVATE LIMITED n/a ULT-AGG 2'165'138 13.81 - 22.07.2013 Government MAAG RUDOLF n/a Co File 1'912'533 12.2 - 31.12.2011 n/a PARVUS ASSET MANAGEM n/a EXCH 1'579'616 10.08 1'084'312 25.07.2013 Investment Advisor DE MOURA CUNHA SIMON n/a EXCH 767'700 4.9 - 05.07.2013 n/a STRAUMANN GABRIELLA n/a Co File 533'001 3.4 - 31.12.2011 n/a SPRUCEGROVE INVESTME n/a EXCH 474'035 3.02 - 23.08.2012 Investment Advisor MANNING & NAPIER ADV n/a EXCH 465'447 2.97 (4'939) 22.06.2012 Investment Advisor BAILLIE GIFFORD AND n/a EXCH 461'120 2.94 - 18.01.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 215'259 1.37 - 31.12.2012 Government UBS AG n/a ULT-AGG 186'982 1.19 15'288 31.07.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 177'549 1.13 (1'221) 31.05.2013 Investment Advisor CARMIGNAC GESTION Multiple Portfolios MF-AGG 125'454 0.8 (1'228) 28.06.2013 Investment Advisor HENDERSON GLOBAL INV HENDERSON EUROPEAN F MF-USA 97'000 0.62 (779) 31.03.2013 Investment Advisor HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 97'000 0.62 (779) 31.03.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 63'087 0.4 - 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 60'038 0.38 (1'097) 28.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 59'474 0.38 (6'821) 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 53'080 0.34 11'193 25.09.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 45'600 0.29 (1'300) 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 123 12 month 17.09.2013 Jefferies INGEBORG OIE hold 3 M 165 12 month 13.09.2013 Commerzbank Corporates & Markets OLIVER METZGER reduce 2 M 145 6 month 09.09.2013 Sanford C. Bernstein & Co LISA BEDELL CLIVE outperform 5 U 205 12 month 09.09.2013 Exane BNP Paribas JULIEN DORMOIS underperform 1 M 145 Not Provided 05.09.2013 Goldman Sachs VERONIKA DUBAJOVA Sell/Neutral 1 M 118 12 month 27.08.2013 HSBC HENDRIK LOFRUTHE neutral 3 M 170 Not Provided 26.08.2013 Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 U #N/A N/A Not Provided 22.08.2013 Bank am Bellevue GINA FRANCIOLI hold 3 M 150 Not Provided 21.08.2013 Credit Suisse CHRISTOPH GRETLER outperform 5 M 185 Not Provided 21.08.2013 Berenberg Bank TOM JONES buy 5 M 190 Not Provided 21.08.2013 Bank Vontobel AG CARLA BAENZIGER hold 3 M 183 Not Provided 21.08.2013 Kepler Cheuvreux MAJA PATAKI reduce 2 M 130 Not Provided 21.08.2013 Main First Bank AG STEPHAN VOLLERT underperform 1 M 130 12 month 21.08.2013 Barclays ALEXANDER KLEBAN underweight 1 M 127 Not Provided 21.08.2013 Northcoast Research EDWIN SNYDER neutral 3 M #N/A N/A Not Provided 21.08.2013 Deutsche Bank YI-DAN WANG buy 5 M 190 12 month 20.08.2013 UBS MARTIN WALES neutral 3 M 143 12 month 26.07.2013 EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013 Holdings By: Straumann Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Temenos Group AG provides integrated software for the banking sector. The Company develops, distributes, implements, and supports its process-oriented, real-time enterprise software designed for the management of administrative tasks at banks and financial services companies. Temenos operates offices in Europe, North America, Asia, and the Middle East. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (09.08.2013) 25.85 52-Week Low (10.10.2012) 13.28 Daily Volume 22.4 52-Week High % Change -13.35% Dividend Yield - 52-Week Low % Change 68.72% Beta 1.39 % 52 Week Price Range High/Low 66.99% Equity Float 62.12 Shares Out 30.06.2013 72.0 Short Int - 1'613.32 1 Yr Total Return 64.42% Total Debt 215.84 YTD Return 41.81% Preferred Stock 0.0 Adjusted BETA 1.395 Minority Interest 0.0 Analyst Recs 17 Cash and Equivalents 117.73 Consensus Rating 3.471 Enterprise Value 1'931.38 Average Volume 5 Day 451'718 TEMN SE EQUITY YTD Change - Average Volume 30 Day 336'539 TEMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 308'725 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 406.9 370.3 448.0 473.5 450.2 453.9 457.8 474.7 508.9 117.5 143.0 2.23x 4.56x 6.65x 2.61x 2.91x 11.49x 17.60x 3.95x 3.59x 16.58x 13.09x 100.2 127.4 123.1 88.5 107.9 116.4 127.5 139.1 159.6 34.0 56.2 9.04x 13.25x 24.19x 13.95x 12.13x 11.61x 28.73x 13.94x 12.15x 12.92x 12.36x 64.7 68.6 61.6 (28.3) 24.2 (7.1) 47.8 70.0 83.5 19.0 37.5 11.83x 22.14x 42.37x - 50.07x 0.00x 35.39x 21.76x 18.58x 20.33x 19.58x EBITDA 107.92 Long-Term Rating Date - EBIT 48.12 Long-Term Rating - Operating Margin 10.69% Long-Term Outlook - Pretax Margin 8.17% Short-Term Rating Date - Return on Assets 5.61% Short-Term Rating - Return on Common Equity 13.43% Return on Capital 9.37% EBITDA/Interest Exp. 15.41 Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 14.62 Net Debt/EBITDA 1.16 Gross Margin 68.3% Total Debt/EBITDA 1.69 EBITDA Margin 27.9% EBIT Margin 15.1% Total Debt/Equity 55.8% Net Income Margin 5.4% Total Debt/Capital 35.8% Asset Turnover 0.54 Current Ratio 1.27 Net Fixed Asset Turnover 34.02 Quick Ratio 1.27 Accounts receivable turnover-days 197.05 Debt to Assets 23.91% Inventory Days - Tot Debt to Common Equity 55.81% Accounts Payable Turnover Day - Accounts Receivable Turnover 1.85 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Temenos Group AG Price/Volume Valuation Analysis 660'157.00 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 M .4 M .6 M .8 M 1.0 M 1.2 M 1.4 M 1.6 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0 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 MASSACHUSETTS MUTUAL n/a EXCH 7'170'920 9.96 (74'429) 12.09.2013 Insurance Company OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'846'210 9.51 137'240 31.07.2013 Investment Advisor PATINEX AG n/a Co File 3'722'992 5.17 - 27.03.2013 Private Equity ALKEN LUXEMBOURG SAR n/a Co File 3'638'595 5.05 - 27.03.2013 Investment Advisor TEMENOS GROUP AG n/a EXCH 3'618'030 5.02 1'167'530 08.08.2013 Corporation BLACKROCK n/a ULT-AGG 2'311'427 3.21 - 25.09.2013 Investment Advisor UBS AG n/a ULT-AGG 2'283'476 3.17 (12'895) 31.05.2013 Unclassified ODDO ASSET MANAGEMEN n/a Co File 2'189'949 3.04 - 27.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 2'177'404 3.02 - 31.05.2013 Investment Advisor AVIVA PLC n/a Co File 2'170'741 3.01 - 27.03.2013 Investment Advisor STANDARD LIFE INVEST n/a RNS-RUL8 2'038'000 2.83 (94'634) 08.03.2012 Investment Advisor ZADIG GESTION LUXEMB n/a EXCH 1'875'000 2.6 (1'254'000) 16.04.2013 Other CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 1'477'099 2.05 - 30.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 1'420'462 1.97 178'223 31.05.2013 Investment Advisor NORGES BANK n/a RNS-RUL8 1'331'523 1.85 7'394 10.02.2012 Government ZUERCHER KANTONALBAN n/a RNS-RUL8 1'083'505 1.5 (6'000) 28.02.2012 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'005'500 1.4 (98'000) 30.04.2013 Investment Advisor YORK CAPITAL MANAGME n/a RNS-RUL8 975'000 1.35 105'000 09.02.2012 Hedge Fund Manager BAILLIE GIFFORD AND n/a RNS-RUL8 948'495 1.32 (10'682) 24.02.2012 Investment Advisor ANDREADES ANDREAS n/a Co File 929'982 1.29 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Credit Suisse FELIX REMMERS underperform 1 N 18 Not Provided 26.09.2013 Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 28 6 month 25.09.2013 Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 32 12 month 11.09.2013 Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 24 12 month 04.09.2013 Bank am Bellevue SANDRA DIETSCHY hold 3 M 26 Not Provided 03.09.2013 Main First Bank AG CHANDRAMOULI SRIRAMAN outperform 5 N 28 12 month 28.08.2013 Baader Bank KNUT WOLLER sell 1 M 16 12 month 14.08.2013 Mirabaud Securities MARK DIETHELM neutral 3 D 25 12 month 13.08.2013 Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 30.07.2013 Berenberg Bank DAUD KHAN sell 1 M 18 Not Provided 30.07.2013 Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 31 Not Provided 30.07.2013 Exane BNP Paribas BRICE PRUNAS outperform 5 M 25 Not Provided 30.07.2013 Barclays GERARDUS VOS overweight 5 M 27 Not Provided 30.07.2013 UBS MICHAEL BRIEST buy 5 M 27 12 month 29.07.2013 Kepler Cheuvreux XAVIER CAROEN buy 5 M 27 Not Provided 29.07.2013 Bankhaus Metzler ULRICH TRABERT sell 1 M 17 12 month 28.06.2013 EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 06.06.2013 Holdings By: Temenos Group AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. The Bank offers consumer loans, treasury management, pension funds, and investment management services, trades in commodities, advises on mergers and acquisitions, and offers securities brokerage services. BCV operates primarily in the Canton of Vaud. Latest Fiscal Year: 12/2012 LTM as of: 12/yy 52-Week High (26.04.2013) 549.04 52-Week Low (24.06.2013) 445.00 Daily Volume 495.25 52-Week High % Change -9.80% Dividend Yield - 52-Week Low % Change 11.29% Beta 0.69 % 52 Week Price Range High/Low 47.58% Equity Float 2.81 Shares Out 22.08.2013 8.6 Short Int - 4'262.22 1 Yr Total Return 6.79% Total Debt 8'415.00 YTD Return 8.39% Preferred Stock 0.0 Adjusted BETA 0.686 Minority Interest 1.0 Analyst Recs 7 Cash and Equivalents 6'742.00 Consensus Rating 3.000 Enterprise Value - Average Volume 5 Day 7'187 BCVN SE EQUITY YTD Change - Average Volume 30 Day 6'782 BCVN SE EQUITY YTD % CHANGE - Average Volume 3 Month 6'753 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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'565.7 1'371.2 1'351.6 1'351.7 1'321.2 0.0 1'229.4 997.2 1'030.8 252.0 247.0 - - - - - #DIV/0! 0.00x - - - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 356.3 300.6 313.2 302.1 311.0 0.0 311.0 295.0 296.6 - - 7.68x 11.77x 13.49x 13.00x 13.43x 0.00x 13.74x 14.45x 13.98x - - EBITDA - Long-Term Rating Date 05.12.2011 EBIT - Long-Term Rating AA Operating Margin 36.52% Long-Term Outlook STABLE Pretax Margin 37.66% Short-Term Rating Date 02.12.2008 Return on Assets 0.76% Short-Term Rating A-1+ Return on Common Equity 10.80% Return on Capital 2.70% EBITDA/Interest Exp. - Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 322.4% Net Income Margin 29.1% Total Debt/Capital 76.3% Asset Turnover 0.03 Current Ratio - Net Fixed Asset Turnover 2.15 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 21.14% Inventory Days - Tot Debt to Common Equity 322.41% 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 Banque Cantonale Vaudoise Price/Volume Valuation Analysis 6'203.00 Current Price (9/dd/yy) Market Data 0 100 200 300 400 500 600 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 1'600.0 1'800.0 2'000.0 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 CANTON OF VAUD n/a Co File 5'766'154 67 - 31.12.2012 Government NORGES BANK Multiple Portfolios MF-AGG 87'516 1.02 - 31.12.2012 Government UBS AG n/a ULT-AGG 82'814 0.96 3'820 31.05.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 51'100 0.59 (742) 31.05.2013 Investment Advisor THORNBURG INVESTMENT Multiple Portfolios MF-AGG 44'400 0.52 - 31.07.2013 Investment Advisor BLACKROCK n/a ULT-AGG 34'594 0.4 1'279 25.09.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 34'516 0.4 (1'714) 30.06.2013 Unclassified SCHRODER INVESTMENT Multiple Portfolios MF-AGG 32'073 0.37 1'235 30.08.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 27'261 0.32 (1'710) 28.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 25'388 0.29 378 31.05.2013 Investment Advisor NEW JERSEY DIVISION Multiple Portfolios MF-AGG 24'618 0.29 - 30.06.2012 Pension Fund (ERISA) BNP PARIBAS n/a ULT-AGG 18'151 0.21 596 30.04.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 16'900 0.2 (1'200) 30.04.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 16'170 0.19 - 28.09.2012 Investment Advisor JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 16'000 0.19 4'000 31.05.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 12'154 0.14 (34) 31.07.2013 Investment Advisor PARVEST INVESTMENT M Multiple Portfolios MF-AGG 10'780 0.13 988 30.04.2013 Investment Advisor SARASIN n/a ULT-AGG 9'201 0.11 - 30.04.2013 Unclassified KIENER PASCAL n/a Co File 8'355 0.1 - 31.12.2012 n/a STEIMER OLIVIER n/a Co File 8'074 0.09 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Main First Bank AG KILIAN MAIER outperform 5 M 500 12 month 18.09.2013 Bank am Bellevue MARC DEUSTER hold 3 M 490 Not Provided 10.09.2013 Helvea TIM DAWSON buy 5 M 519 12 month 27.08.2013 Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 23.08.2013 Bank Vontobel AG TERESA NIELSEN hold 3 M 515 Not Provided 23.08.2013 EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013 UBS DANIELE BRUPBACHER sell 1 N 430 12 month 07.03.2013 Holdings By: Banque Cantonale Vaudoise All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Valiant Holding AG, through its subsidiaries, provides financial services in Switzerland. The company offers a range of products and services in the areas of retail banking, business banking, private banking, and asset management. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (22.11.2012) 100.66 52-Week Low (13.06.2013) 76.90 Daily Volume 87.85 52-Week High % Change -12.73% Dividend Yield - 52-Week Low % Change 14.24% Beta 0.63 % 52 Week Price Range High/Low 49.45% Equity Float 14.97 Shares Out 30.06.2013 15.8 Short Int - 1'387.37 1 Yr Total Return 10.68% Total Debt 6'510.11 YTD Return 4.95% Preferred Stock 0.0 Adjusted BETA 0.625 Minority Interest 0.0 Analyst Recs 3 Cash and Equivalents 1'814.22 Consensus Rating 3.000 Enterprise Value - Average Volume 5 Day 17'663 VATN SE EQUITY YTD Change - Average Volume 30 Day 17'883 VATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 17'368 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 01/yy 01/yy 12/13 Y 12/14 Y - - 731.7 731.2 707.1 614.6 616.8 - - 389.0 386.0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 148.6 148.5 122.5 112.6 107.6 - - 109.0 107.0 - - 21.96x 22.77x 16.88x 16.68x 12.76x - - 12.62x 12.84x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 26.59% Long-Term Outlook - Pretax Margin 33.34% Short-Term Rating Date - Return on Assets 0.43% Short-Term Rating - Return on Common Equity 5.84% Return on Capital 1.32% EBITDA/Interest Exp. - Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 389.9% Net Income Margin 28.3% Total Debt/Capital 79.6% Asset Turnover 0.02 Current Ratio - Net Fixed Asset Turnover 3.45 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 25.93% Inventory Days - Tot Debt to Common Equity 389.86% 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 Valiant Holding Price/Volume Valuation Analysis 24'087.00 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 M .1 M .2 M .2 M .3 M .3 M .4 M .4 M .5 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 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 UBS AG n/a ULT-AGG 503'446 3.19 64 03.07.2013 Unclassified HIGHCLERE INTL INVES n/a EXCH 482'652 3.06 - 27.03.2013 Investment Advisor NORGES BANK n/a EXCH 475'013 3.01 - 11.06.2013 Government VALIANT HOLDING AG n/a EXCH 145'350 0.92 - 28.06.2011 Corporation CREDIT SUISSE AG n/a ULT-AGG 131'899 0.84 (253) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 96'993 0.61 7'501 30.06.2013 Unclassified DIMENSIONAL FUND ADV n/a ULT-AGG 69'696 0.44 518 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 66'001 0.42 (469) 31.05.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 53'000 0.34 - 30.04.2013 Investment Advisor BLACKROCK n/a ULT-AGG 48'267 0.31 - 25.09.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 39'554 0.25 (1'876) 28.03.2013 Investment Advisor HAEUSERRMANN MARKUS n/a Co File 36'272 0.23 - 31.12.2010 n/a STREIT KURT n/a Co File 31'598 0.2 - 31.12.2010 n/a BEYELER ROLF n/a Co File 27'445 0.17 - 31.12.2010 n/a HOBMEIER MICHAEL n/a Co File 26'149 0.17 - 31.12.2010 n/a BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 19'831 0.13 204 26.09.2013 Investment Advisor NYFFELER PAUL n/a Co File 19'638 0.12 - 31.12.2010 n/a ZGRAGGEN EDUARD n/a Co File 16'576 0.1 - 31.12.2010 n/a GAFNER MARTIN n/a Co File 15'430 0.1 - 31.12.2010 n/a GERIFONDS SA Multiple Portfolios MF-AGG 14'015 0.09 (71) 31.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Main First Bank AG KILIAN MAIER outperform 5 M 100 12 month 18.09.2013 Zuercher Kantonalbank ANDREAS BRUN market perform 3 N #N/A N/A Not Provided 12.08.2013 EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013 Holdings By: Valiant Holding All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Kuoni Reisen Holding AG is a global travel-related service provider with activities in three primary areas: Destination Management Services, Tour Operating and Visa Services. The Company focuses on the B2B travel industry in providing hotel databases transactions and destination services for travel agencies, online portals and tour operators. Latest Fiscal Year: 12/2012 LTM as of: 12/yy 52-Week High (19.09.2013) 371.00 52-Week Low (07.11.2012) 237.31 Daily Volume 365.25 52-Week High % Change -1.55% Dividend Yield - 52-Week Low % Change 53.91% Beta 0.94 % 52 Week Price Range High/Low 92.71% Equity Float 3.33 Shares Out 22.08.2013 3.7 Short Int - 1'460.42 1 Yr Total Return 41.35% Total Debt 233.54 YTD Return 34.77% Preferred Stock 0.0 Adjusted BETA 0.936 Minority Interest 8.1 Analyst Recs 17 Cash and Equivalents 334.55 Consensus Rating 3.882 Enterprise Value 1'267.02 Average Volume 5 Day 7'719 KUNN SE EQUITY YTD Change - Average Volume 30 Day 11'968 KUNN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'173 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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'855.0 3'893.6 3'983.6 5'111.3 5'845.5 5'298.2 5'338.4 5'798.6 5'979.5 - - 0.14x 0.17x 0.24x 0.16x 0.17x 0.13x 0.12x 0.26x 0.24x - - 199.6 67.5 113.2 167.0 171.2 270.7 89.7 206.9 235.6 - - 3.39x 9.80x 8.54x 5.01x 5.82x 0.00x 0.00x 6.13x 5.39x - - 150.7 0.2 21.3 31.8 (14.8) 254.7 87.4 82.2 109.4 - - 7.26x 4362.50x 61.14x 24.40x - 0.00x 0.00x 15.39x 12.47x - - EBITDA 171.19 Long-Term Rating Date - EBIT 64.70 Long-Term Rating - Operating Margin 1.11% Long-Term Outlook - Pretax Margin 0.13% Short-Term Rating Date - Return on Assets -0.44% Short-Term Rating - Return on Common Equity -1.79% Return on Capital - EBITDA/Interest Exp. 14.67 Asset Turnover 2.14% (EBITDA-Capex)/Interest Exp. 12.33 Net Debt/EBITDA -0.92 Gross Margin 18.9% Total Debt/EBITDA 1.07 EBITDA Margin 3.7% EBIT Margin 1.9% Total Debt/Equity 31.8% Net Income Margin -0.3% Total Debt/Capital 24.0% Asset Turnover 2.14 Current Ratio 0.60 Net Fixed Asset Turnover 31.59 Quick Ratio 0.48 Accounts receivable turnover-days 30.65 Debt to Assets 9.69% Inventory Days - Tot Debt to Common Equity 31.85% Accounts Payable Turnover Day - Accounts Receivable Turnover 11.91 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Kuoni Reisen Holding AG Price/Volume Valuation Analysis 3'777.00 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 50 100 150 200 250 300 350 400 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .1 M 0.0 1'000.0 2'000.0 3'000.0 4'000.0 5'000.0 6'000.0 7'000.0 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 SILCHESTER INTL INVE n/a Co File 757'704 20.21 - 31.12.2012 Investment Advisor MIGROS GENOSSEN n/a Co File 284'656 7.59 - 31.12.2012 Other PICTET FUNDS n/a ULT-AGG 220'080 5.87 8'144 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 162'588 4.34 23 31.05.2013 Unclassified KUONI REISEN HOLDING n/a Co File 107'742 2.87 - 31.12.2012 Other VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 97'020 2.59 10'300 30.04.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 91'095 2.43 1'141 30.06.2013 Unclassified SCHRODER INVESTMENT Multiple Portfolios MF-AGG 74'797 2 6'653 30.08.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 73'959 1.97 - 31.12.2012 Government SPARINVEST n/a ULT-AGG 64'369 1.72 (1'108) 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 60'349 1.61 (1'229) 28.03.2013 Investment Advisor INVESCO LTD n/a ULT-AGG 46'949 1.25 37'571 26.09.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 30'916 0.82 (52) 31.05.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 30'000 0.8 5'068 31.05.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 25'976 0.69 1'499 30.04.2013 Investment Advisor T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 23'657 0.63 23'643 30.06.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 22'531 0.6 (309) 31.05.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 18'400 0.49 17'800 31.03.2013 Investment Advisor LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 18'000 0.48 5'000 30.06.2013 Investment Advisor JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 13'639 0.36 (82) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 450 12 month 17.09.2013 Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 12.09.2013 AlphaValue BERENICE LACROIX reduce 2 M 348 6 month 12.09.2013 Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 460 6 month 05.09.2013 Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 410 12 month 28.08.2013 Bank am Bellevue ROLF KUNZ buy 5 M 425 Not Provided 23.08.2013 UBS ALEX BRIGNALL neutral 3 M 340 12 month 23.08.2013 Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 420 Not Provided 23.08.2013 Natixis GEOFFREY D'HALLUIN neutral 3 M 350 Not Provided 23.08.2013 Exane BNP Paribas MATTHIAS DESMARAIS neutral 3 M 330 Not Provided 23.08.2013 Helvea CHRISTIAN BURGER buy 5 M 410 12 month 23.08.2013 JPMorgan JAAFAR MESTARI neutral 3 M 350 12 month 19.08.2013 Deutsche Bank GEOF COLLYER buy 5 M 398 12 month 15.08.2013 Kepler Cheuvreux BEAT KEISER buy 5 M 385 Not Provided 06.08.2013 EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 22.05.2013 Credit Suisse PATRICK JNGLIN neutral 3 M 300 Not Provided 25.03.2013 Holdings By: Kuoni Reisen Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Allreal Holding AG develops and manages real estate. The Company operates as a general contractor offering planning, architect, and construction management services. Allreal also provides renovation services and manages a portfolio of apartment, office, and commercial buildings. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (22.05.2013) 139.50 52-Week Low (29.08.2013) 125.10 Daily Volume 125.8 52-Week High % Change -9.82% Dividend Yield - 52-Week Low % Change 0.56% Beta 0.52 % 52 Week Price Range High/Low 9.03% Equity Float 15.30 Shares Out 22.08.2013 15.9 Short Int - 2'005.48 1 Yr Total Return -5.03% Total Debt 1'563.60 YTD Return -7.18% Preferred Stock 0.0 Adjusted BETA 0.524 Minority Interest 0.0 Analyst Recs 4 Cash and Equivalents 26.10 Consensus Rating 2.500 Enterprise Value 3'713.68 Average Volume 5 Day 20'636 ALLN SE EQUITY YTD Change - Average Volume 30 Day 15'183 ALLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 13'751 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 01/yy 01/yy 12/13 Y 12/14 Y - - 207.9 215.8 656.0 831.8 868.6 - - 278.0 287.3 - - 12.02x 13.28x 4.84x 4.16x 4.36x - - 12.98x 12.67x - - 136.9 137.9 170.3 182.6 172.3 - - 191.7 201.7 - - 18.25x 20.78x 18.66x 18.93x 21.97x - - 19.36x 18.40x - - 90.7 88.6 116.4 146.8 98.0 - - 122.0 135.0 - - 13.39x 15.75x 15.48x 12.93x 22.29x - - 17.11x 15.80x - - EBITDA 172.30 Long-Term Rating Date - EBIT 171.20 Long-Term Rating - Operating Margin 15.75% Long-Term Outlook - Pretax Margin 14.76% Short-Term Rating Date - Return on Assets 2.33% Short-Term Rating - Return on Common Equity 4.92% Return on Capital 2.66% EBITDA/Interest Exp. 3.92 Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -0.79 Net Debt/EBITDA 9.97 Gross Margin - Total Debt/EBITDA 10.30 EBITDA Margin 18.7% EBIT Margin - Total Debt/Equity 82.0% Net Income Margin 11.3% Total Debt/Capital 45.0% Asset Turnover 0.23 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 39.80% Inventory Days - Tot Debt to Common Equity 81.98% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Allreal Holding AG Price/Volume Valuation Analysis 8'678.00 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 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 .0 M .0 M .0 M .0 M .1 M .1 M .1 M .1 M .1 M .1 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1'000.0 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 45.00 50.00 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 HELVETIA PATRIA GRUP n/a EXCH 6'737'352 42.26 382'059 20.09.2012 Other BVK PERSONALVORSORGE n/a Co File 603'490 3.79 - 31.12.2009 Investment Advisor SCHWEIZERISCHE MOBIL n/a EXCH 445'814 2.8 - 11.05.2010 Holding Company CREDIT SUISSE AG n/a ULT-AGG 378'370 2.37 (4'718) 31.05.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 223'408 1.4 - 31.12.2012 Government BLACKROCK n/a ULT-AGG 174'032 1.09 118 25.09.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 172'768 1.08 1'088 30.04.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 152'430 0.96 - 30.04.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 144'358 0.91 (7'251) 28.03.2013 Investment Advisor RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 99'505 0.62 - 30.04.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 91'267 0.57 5'935 30.06.2013 Unclassified UBS AG n/a ULT-AGG 88'587 0.56 (855) 30.06.2013 Unclassified PICTET FUNDS n/a ULT-AGG 82'597 0.52 8'667 31.05.2013 Investment Advisor IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 36'897 0.23 - 30.04.2013 Investment Advisor JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 28'506 0.18 (152) 30.06.2013 Investment Advisor SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 25'943 0.16 - 30.04.2013 Investment Advisor KBC GROUP NV Multiple Portfolios MF-AGG 15'727 0.1 1 31.07.2013 Investment Advisor ALLREAL HOLDING AG n/a EXCH 15'496 0.1 (33'906) 16.05.2012 Holding Company VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 14'300 0.09 (2'100) 30.04.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 11'525 0.07 - 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS ANDRE RUDOLF VON ROHR neutral 3 M 135 12 month 27.08.2013 Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 145 Not Provided 27.08.2013 EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013 Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 16.01.2013 Holdings By: Allreal Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Logitech International S.A. manufactures personal computer input devices. The Company produces computer mice which help the user move the cursor around the computer screen quickly, trackballs, game controllers, keyboards, PC video cameras, and multimedia speakers. The Company sells its products worldwide. Latest Fiscal Year: 03/2013 LTM as of: 06/yy 52-Week High (02.10.2012) 8.92 52-Week Low (29.04.2013) 5.73 Daily Volume 8.04 52-Week High % Change -9.87% Dividend Yield - 52-Week Low % Change 40.31% Beta 0.64 % 52 Week Price Range High/Low 72.73% Equity Float 140.80 Shares Out 11.09.2013 173.1 Short Int - 1'391.78 1 Yr Total Return -1.39% Total Debt 0.00 YTD Return 19.10% Preferred Stock 0.0 Adjusted BETA 0.645 Minority Interest 0.0 Analyst Recs 18 Cash and Equivalents 333.82 Consensus Rating 3.111 Enterprise Value 1'219.87 Average Volume 5 Day 757'831 LOGN SE EQUITY YTD Change - Average Volume 30 Day 1'242'869 LOGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 981'019 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 2'208.8 1'966.7 2'362.9 2'316.2 2'099.9 2'304.4 2'109.2 2'040.3 2'076.3 502.4 596.7 0.61x 1.31x 1.17x 0.35x 0.36x 2.00x 1.91x 0.57x 0.53x 2.47x 1.96x 182.4 151.0 218.6 144.5 75.5 160.0 103.9 122.1 147.4 29.7 55.6 7.44x 17.02x 12.61x 5.56x 9.88x 10.64x 7.48x 10.04x 8.32x 9.15x 8.72x 107.0 65.0 128.5 71.5 (228.1) 49.7 (174.9) 50.5 74.0 9.5 32.4 17.19x 44.61x 24.74x 19.02x - 41.40x 0.00x 27.02x 18.44x 29.05x 26.78x EBITDA 75.45 Long-Term Rating Date - EBIT 7.96 Long-Term Rating - Operating Margin 0.38% Long-Term Outlook - Pretax Margin -12.08% Short-Term Rating Date - Return on Assets -11.21% Short-Term Rating - Return on Common Equity -20.51% Return on Capital - EBITDA/Interest Exp. - Asset Turnover 1.35% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA -3.07 Gross Margin 33.7% Total Debt/EBITDA 0.00 EBITDA Margin 4.9% EBIT Margin -8.2% Total Debt/Equity 0.0% Net Income Margin -10.9% Total Debt/Capital 0.0% Asset Turnover 1.35 Current Ratio 1.86 Net Fixed Asset Turnover 23.40 Quick Ratio 1.13 Accounts receivable turnover-days 37.43 Debt to Assets 0.00% Inventory Days 76.37 Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 73.25 Accounts Receivable Turnover 9.75 Cash Conversion Cycle 31.85 Inventory Turnover 4.78 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 Logitech International SA Price/Volume Valuation Analysis 1'075'589.00 Current Price (9/dd/yy) Market Data 0 1 2 3 4 5 6 7 8 9 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 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 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 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 LOGITECH INTERNATION n/a EXCH 15'111'187 8.73 (25'743) 04.01.2013 Unclassified BOREL DANIEL n/a Form 4 10'366'743 5.99 - 05.09.2013 n/a FMR LLC n/a ULT-AGG 9'800'000 5.66 (3'415'705) 30.06.2013 Investment Advisor DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 6'038'748 3.49 611'104 31.05.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 5'700'247 3.29 1'789'440 30.06.2013 Investment Advisor MARATHON ASSET MANAG n/a EXCH 5'358'296 3.1 - 05.04.2013 Investment Advisor NORGES BANK n/a EXCH 5'293'034 3.06 - 25.04.2013 Government CAPITAL GROUP COMPAN n/a ULT-AGG 4'830'000 2.79 - 06.08.2013 Investment Advisor UBS AG n/a ULT-AGG 4'547'270 2.63 2'433'282 30.06.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 3'486'208 2.01 (50'977) 31.05.2013 Investment Advisor CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 2'570'310 1.48 15'284 30.06.2013 Investment Advisor NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'400'000 1.39 900'000 30.06.2012 Pension Fund (ERISA) ALLIANZ ASSET MANAGE n/a ULT-AGG 2'160'545 1.25 (218'911) 30.06.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 1'643'834 0.95 291'799 30.06.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 1'335'783 0.77 111'421 31.05.2013 Investment Advisor VALINOR MANAGEMENT L VALINOR MANAGEMENT L 13F 1'298'319 0.75 861'526 30.06.2013 Hedge Fund Manager ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'287'100 0.74 (71'800) 30.06.2013 Investment Advisor SKANDIA FONDER AB Multiple Portfolios MF-AGG 1'276'157 0.74 541'398 31.03.2013 Investment Advisor COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 1'125'376 0.65 734'057 30.06.2013 Hedge Fund Manager VANGUARD GROUP INC n/a ULT-AGG 1'084'473 0.63 57'799 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue HEINZ STEFFEN add 4 M 8 6 month 26.09.2013 Goldman Sachs ALEXANDER DUVAL neutral/neutral 3 M 9 12 month 11.09.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 11.09.2013 Raymond James TAVIS C MCCOURT market perform 3 M #N/A N/A Not Provided 04.09.2013 Helvea STEFAN GAECHTER hold 3 M 7 12 month 04.09.2013 Bank am Bellevue SANDRA DIETSCHY hold 3 M 7 Not Provided 03.09.2013 Exane BNP Paribas ALEXANDER PETERC outperform 5 M 9 Not Provided 02.09.2013 Mirabaud Securities MARK DIETHELM neutral 3 N 7 12 month 22.08.2013 Avondale Partners LLC JOHN F BRIGHT market underperform 2 M 5 12 month 02.08.2013 Credit Suisse FELIX REMMERS neutral 3 M 6 Not Provided 29.07.2013 Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 M 7 12 month 26.07.2013 Bank Vontobel AG MICHAEL FOETH hold 3 M 8 Not Provided 26.07.2013 Barclays ANDREW M GARDINER underweight 1 M 6 Not Provided 26.07.2013 JPMorgan PAUL T COSTER underweight 1 M 7 15 month 25.07.2013 Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 25.07.2013 Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 09.07.2013 S&P Capital IQ ANGELO ZINO hold 3 U 7 12 month 05.06.2013 UBS JOERN IFFERT neutral 3 M 7 12 month 27.05.2013 Zuercher Kantonalbank ANDREAS MUELLER outperform 5 U #N/A N/A Not Provided 23.05.2013 Holdings By: Logitech International SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans including mortgage loans, investment counseling and asset management. Luzerner Kantonalbank serves the Canton of Lucerne through numerous full and secondary branches. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (17.05.2013) 380.05 52-Week Low (02.10.2012) 325.05 Daily Volume 360.75 52-Week High % Change -5.08% Dividend Yield - 52-Week Low % Change 10.98% Beta 0.46 % 52 Week Price Range High/Low 59.91% Equity Float 3.25 Shares Out 30.06.2013 8.5 Short Int - 3'066.38 1 Yr Total Return 11.52% Total Debt 5'639.41 YTD Return 10.86% Preferred Stock 0.0 Adjusted BETA 0.460 Minority Interest 0.0 Analyst Recs 2 Cash and Equivalents 2'920.51 Consensus Rating 2.000 Enterprise Value - Average Volume 5 Day 956 LUKN SE EQUITY YTD Change - Average Volume 30 Day 1'428 LUKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'746 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 871.3 754.2 730.0 719.4 685.4 704.4 673.1 427.0 437.0 - - - - - - - 0.00x 0.00x - - - - - - - - - 0.0 0.0 - - - - - - - - - 0.00x 0.00x - - - - 143.3 140.7 149.4 158.6 168.3 165.1 172.7 183.0 188.0 - - 14.72x 16.61x 17.69x 16.73x 16.92x 16.98x 17.16x 16.65x 16.16x - - EBITDA - Long-Term Rating Date 12.09.2008 EBIT - Long-Term Rating AA+ Operating Margin 44.91% Long-Term Outlook NEG Pretax Margin 43.49% Short-Term Rating Date 29.08.2002 Return on Assets 0.63% Short-Term Rating A-1+ Return on Common Equity 9.71% Return on Capital 2.42% EBITDA/Interest Exp. - Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 364.2% Net Income Margin 37.2% Total Debt/Capital 78.5% Asset Turnover 0.02 Current Ratio - Net Fixed Asset Turnover 4.22 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 20.11% Inventory Days - Tot Debt to Common Equity 364.20% 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 Luzerner Kantonalbank AG Price/Volume Valuation Analysis 807.00 Current Price (9/dd/yy) Market Data 0 50 100 150 200 250 300 350 400 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1'000.0 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 CANTON OF LUCERNE n/a Co File 5'225'800 61.48 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 25'981 0.31 - 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 19'230 0.23 (910) 28.03.2013 Investment Advisor UBS AG n/a ULT-AGG 16'885 0.2 (559) 31.05.2013 Unclassified PICTET FUNDS n/a ULT-AGG 13'496 0.16 (261) 31.05.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'092 0.11 - 28.09.2012 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 5'958 0.07 35 30.04.2013 Investment Advisor KOBLER BERNARD n/a Co File 5'740 0.07 - 31.12.2012 n/a FELDER JOSEF ANTON n/a Co File 4'155 0.05 - 31.12.2012 n/a SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'240 0.04 - 31.12.2012 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 2'722 0.03 - 28.03.2013 Investment Advisor HURSCHLER MARCEL n/a Co File 2'688 0.03 - 31.12.2012 n/a IST FUND MANAGERS Multiple Portfolios MF-AGG 2'293 0.03 2 30.04.2013 Investment Advisor BACHMANN MARK n/a Co File 2'167 0.03 - 31.12.2012 n/a SALZMANN DANIEL n/a Co File 2'014 0.02 - 31.12.2012 n/a SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'942 0.02 - 28.06.2013 Investment Advisor HODEL BEAT n/a Co File 1'723 0.02 - 31.12.2012 n/a GRUETER LEO n/a Co File 1'629 0.02 - 31.12.2012 n/a JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 1'448 0.02 (34) 30.06.2013 Investment Advisor BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1'434 0.02 - 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 13.09.2013 Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 21.08.2013 Holdings By: Luzerner Kantonalbank AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Mobimo Holding AG builds and renovates residential real estate and invests in commercial real estate. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (03.12.2012) 215.38 52-Week Low (03.07.2013) 185.10 Daily Volume 188.8 52-Week High % Change -12.34% Dividend Yield - 52-Week Low % Change 2.00% Beta 0.56 % 52 Week Price Range High/Low 15.52% Equity Float 5.58 Shares Out 30.06.2013 6.2 Short Int - 1'172.24 1 Yr Total Return -8.28% Total Debt 1'062.91 YTD Return -9.95% Preferred Stock 0.0 Adjusted BETA 0.559 Minority Interest 3.5 Analyst Recs 5 Cash and Equivalents 97.65 Consensus Rating 2.600 Enterprise Value 2'229.05 Average Volume 5 Day 14'810 MOBN SE EQUITY YTD Change - Average Volume 30 Day 10'646 MOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'569 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 01/yy 01/yy 12/13 Y 12/14 Y - - 197.2 258.7 177.3 230.0 252.4 - - 123.7 121.0 - - 6.14x 6.61x 10.81x 9.10x 9.22x - - 18.08x 19.88x - - 69.3 74.4 69.6 81.1 83.7 - - 102.0 93.3 - - 17.48x 22.97x 27.52x 25.80x 27.78x - - 21.86x 23.91x - - 45.0 62.5 66.0 80.5 76.3 - - 53.0 53.7 - - 13.65x 12.50x 15.35x 13.45x 17.75x - - 21.29x 22.28x - - EBITDA 83.72 Long-Term Rating Date - EBIT 81.44 Long-Term Rating - Operating Margin 21.39% Long-Term Outlook - Pretax Margin 37.11% Short-Term Rating Date - Return on Assets 3.09% Short-Term Rating - Return on Common Equity 6.64% Return on Capital 3.44% EBITDA/Interest Exp. 3.05 Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -1.29 Net Debt/EBITDA 12.74 Gross Margin - Total Debt/EBITDA 13.65 EBITDA Margin 36.3% EBIT Margin - Total Debt/Equity 88.8% Net Income Margin 30.2% Total Debt/Capital 47.0% Asset Turnover 0.09 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 42.20% Inventory Days - Tot Debt to Common Equity 88.76% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Mobimo Holding AG Price/Volume Valuation Analysis 5'641.00 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 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 .0 M .0 M .0 M .0 M .1 M .1 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 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 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 PENSIONSKASSE DES KA n/a Co File 209'861 3.38 - 31.12.2012 Other MIGROS COOPERATIVE A n/a Co File 204'894 3.3 - 31.12.2012 Other CREDIT SUISSE AG n/a ULT-AGG 198'783 3.2 (745) 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 185'034 2.98 - 25.09.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 172'512 2.78 - 31.12.2012 Government MEILI ALFRED n/a EXCH 134'560 2.17 (13'762) 01.02.2011 n/a UBS AG n/a ULT-AGG 84'972 1.37 (744) 30.06.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 77'266 1.24 (4'541) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 53'754 0.87 3'444 30.06.2013 Unclassified REICHMUTH & CO n/a EXCH 41'500 0.67 - 09.07.2010 Investment Advisor LEDERMANN URS n/a Co File 34'650 0.56 - 31.12.2012 n/a DIMENSIONAL FUND ADV n/a ULT-AGG 30'442 0.49 390 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 26'232 0.42 (427) 31.05.2013 Investment Advisor MORGAN STANLEY n/a ULT-AGG 22'435 0.36 666 30.06.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 22'084 0.36 446 30.04.2013 Investment Advisor IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 21'534 0.35 - 30.04.2013 Investment Advisor SARASIN n/a ULT-AGG 20'315 0.33 100 30.04.2013 Unclassified STATE STREET CORP n/a ULT-AGG 16'523 0.27 (410) 26.09.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 15'670 0.25 - 31.05.2013 Investment Advisor KBC GROUP NV Multiple Portfolios MF-AGG 12'688 0.2 - 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Kempen & Co ROBERT WOERDEMAN underweight 1 M 200 12 month 23.09.2013 EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 28.08.2013 Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 210 Not Provided 16.08.2013 UBS ANDRE RUDOLF VON ROHR buy 5 M 220 12 month 15.08.2013 Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 16.01.2013 Holdings By: Mobimo Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Tecan AG develops, manufactures and distributes laboratory automation components and systems. The Company produces robotic sample processors, stand-alone separation and detection devices, laser scanners, integrated systems, and pumps and valves for high precision liquid handling. The products are mainly used by research and diagnostic laboratories. Latest Fiscal Year: 12/2012 LTM as of: 12/yy 52-Week High (11.09.2013) 103.40 52-Week Low (22.10.2012) 64.98 Daily Volume 96.35 52-Week High % Change -6.82% Dividend Yield - 52-Week Low % Change 48.28% Beta 0.49 % 52 Week Price Range High/Low 87.25% Equity Float 10.10 Shares Out 01.06.2013 11.4 Short Int - 1'102.68 1 Yr Total Return 43.15% Total Debt 4.90 YTD Return 28.18% Preferred Stock 0.0 Adjusted BETA 0.485 Minority Interest 0.0 Analyst Recs 9 Cash and Equivalents 144.53 Consensus Rating 4.111 Enterprise Value 974.63 Average Volume 5 Day 15'655 TECN SE EQUITY YTD Change - Average Volume 30 Day 22'306 TECN SE EQUITY YTD % CHANGE - Average Volume 3 Month 21'429 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 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 396.0 356.2 370.5 377.0 391.1 307.7 405.9 406.9 446.1 - - 0.93x 2.14x 2.11x 1.50x 1.77x 0.00x 2.10x 2.34x 2.00x - - 56.7 68.7 64.7 60.4 62.6 0.0 0.0 69.6 79.3 - - 6.53x 11.08x 12.07x 9.38x 11.09x 0.00x 0.00x 14.10x 12.36x - - 25.6 49.3 16.2 47.6 42.2 8.4 40.6 45.7 55.1 - - 16.60x 17.03x 17.33x 15.19x 19.62x 0.00x 21.60x 22.97x 19.36x - - EBITDA 62.57 Long-Term Rating Date - EBIT 52.31 Long-Term Rating - Operating Margin 13.37% Long-Term Outlook - Pretax Margin 13.42% Short-Term Rating Date - Return on Assets 10.03% Short-Term Rating - Return on Common Equity 14.12% Return on Capital - EBITDA/Interest Exp. 744.86 Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 636.63 Net Debt/EBITDA -2.00 Gross Margin 50.7% Total Debt/EBITDA 0.15 EBITDA Margin 16.3% EBIT Margin 13.6% Total Debt/Equity 1.6% Net Income Margin 10.8% Total Debt/Capital 1.6% Asset Turnover 0.95 Current Ratio 3.39 Net Fixed Asset Turnover 21.73 Quick Ratio 2.19 Accounts receivable turnover-days 55.20 Debt to Assets 1.16% Inventory Days 200.55 Tot Debt to Common Equity 1.62% Accounts Payable Turnover Day 13.66 Accounts Receivable Turnover 6.09 Cash Conversion Cycle 222.57 Inventory Turnover 1.68 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 Tecan Group AG Price/Volume Valuation Analysis 38'785.00 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 .0 M .0 M .1 M .1 M .1 M .1 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 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 ING GROEP NV n/a Co File 1'052'903 9.2 - 31.12.2012 Investment Advisor UBS AG n/a ULT-AGG 663'356 5.8 3'052 31.07.2013 Unclassified PICTET FUNDS n/a ULT-AGG 574'091 5.02 6'289 29.08.2013 Investment Advisor TECAN GROUP AG n/a Co File 572'230 5 - 31.12.2012 Unclassified CREDIT SUISSE AG n/a ULT-AGG 368'034 3.22 26'922 31.05.2013 Investment Advisor SUVA n/a Co File 366'227 3.2 - 31.12.2012 Unclassified NORGES BANK n/a Co File 354'783 3.1 - 31.12.2012 Government FMR LLC n/a ULT-AGG 343'921 3.01 (925) 12.04.2013 Investment Advisor TIAA CREF INVESTMENT n/a Co File 343'338 3 - 31.12.2012 Investment Advisor INVESCO LTD n/a ULT-AGG 221'092 1.93 132'071 26.09.2013 Investment Advisor ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 214'179 1.87 214'179 31.03.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 195'395 1.71 (15'626) 28.03.2013 Investment Advisor FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 188'335 1.65 (9'242) 31.07.2013 Unclassified HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 173'100 1.51 21'600 30.06.2013 Investment Advisor JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 151'500 1.32 - 31.05.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 147'431 1.29 17'000 31.03.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 140'550 1.23 27'582 30.08.2013 Investment Advisor ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 100'761 0.88 - 30.09.2012 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 98'488 0.86 - 31.07.2013 Investment Advisor KEMPEN CAPITAL MANAG n/a ULT-AGG 97'765 0.85 - 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Credit Suisse CHRISTOPH GRETLER outperform 5 M 105 Not Provided 12.09.2013 Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 12.09.2013 Berenberg Bank SCOTT BARDO buy 5 M 110 Not Provided 12.09.2013 Bank Vontobel AG CARLA BAENZIGER hold 3 M 104 Not Provided 12.09.2013 Main First Bank AG STEPHAN VOLLERT outperform 5 M 120 12 month 12.09.2013 Bank am Bellevue GINA FRANCIOLI hold 3 M 88 Not Provided 11.09.2013 HSBC JAN KEPPELER neutral 3 M 98 Not Provided 14.08.2013 EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 05.08.2013 UBS IAN DOUGLAS-PENNANT buy 5 U 100 12 month 08.03.2013 Holdings By: Tecan Group AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional banking services such as mortgage loans and various types of deposits. Berner Kantonalbank operates through a network of branches. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (17.05.2013) 259.34 52-Week Low (08.07.2013) 225.00 Daily Volume 238.1 52-Week High % Change -8.19% Dividend Yield - 52-Week Low % Change 5.82% Beta 0.39 % 52 Week Price Range High/Low 38.44% Equity Float 4.33 Shares Out 30.06.2013 9.3 Short Int - 2'219.09 1 Yr Total Return -1.81% Total Debt 1'661.67 YTD Return -2.39% Preferred Stock 0.0 Adjusted BETA 0.394 Minority Interest 0.0 Analyst Recs 1 Cash and Equivalents 2'671.52 Consensus Rating 1.000 Enterprise Value - Average Volume 5 Day 1'773 BEKN SE EQUITY YTD Change - Average Volume 30 Day 1'750 BEKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'250 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 01/yy 01/yy 12/13 Y 12/14 Y - - 829.2 947.6 869.1 689.7 663.3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 112.7 119.0 125.0 130.1 128.1 - - - - - - 18.51x 17.99x 18.05x 17.92x 18.49x - - - - - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 38.82% Long-Term Outlook - Pretax Margin 32.14% Short-Term Rating Date - Return on Assets 0.49% Short-Term Rating - Return on Common Equity 8.73% Return on Capital 4.00% EBITDA/Interest Exp. - Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 109.7% Net Income Margin 25.3% Total Debt/Capital 52.3% Asset Turnover 0.03 Current Ratio - Net Fixed Asset Turnover 3.11 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 6.30% Inventory Days - Tot Debt to Common Equity 109.74% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Berner Kantonalbank AG Price/Volume Valuation Analysis 836.00 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 50 100 150 200 250 300 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1'000.0 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 KANTON BERN n/a Co File 4'799'800 51.5 - 31.12.2012 Government BERNER KANTONALBANK n/a Co File 160'349 1.72 - 31.12.2012 Bank SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 53'220 0.57 (1'674) 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 36'239 0.39 - 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 24'247 0.26 135 31.05.2013 Unclassified PICTET FUNDS n/a ULT-AGG 18'923 0.2 (96) 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 8'544 0.09 (1'163) 30.04.2013 Investment Advisor NOBILI JEAN-CLAUDE n/a Co File 7'283 0.08 - 31.12.2012 n/a STARCAP AG Multiple Portfolios MF-AGG 7'136 0.08 (19) 30.06.2013 Investment Advisor DJE INVESTMENT SA Multiple Portfolios MF-AGG 4'100 0.04 - 28.06.2013 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 3'780 0.04 - 28.03.2013 Investment Advisor JONES HEWARD INVESTM Multiple Portfolios MF-AGG 3'645 0.04 - 26.09.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 3'226 0.03 2 30.04.2013 Investment Advisor RIEBEN JUERG n/a Co File 2'876 0.03 - 31.12.2012 n/a RUFER THOMAS n/a Co File 2'781 0.03 - 31.12.2012 n/a RUEFENACHT HANSPETER n/a Co File 2'700 0.03 - 31.12.2012 n/a WEHRLI RUDOLF n/a Co File 2'352 0.03 - 31.12.2012 n/a ANDEREGG-DIETRICH KA n/a Co File 2'301 0.02 - 31.12.2012 n/a GERBER STEFAN n/a Co File 2'250 0.02 - 31.12.2012 n/a HOPF JOHANNES n/a Co File 2'220 0.02 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013 Holdings By: Berner Kantonalbank AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Belimo Holding AG manufactures heating, ventilation and air conditioning equipment (HVAC). The Company develops and manufactures damper actuators for general purposes, special motorized fire and smoke dampers and air-volume controls for HVAC systems. Belimo offers sales and consulting services worldwide. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (20.09.2013) 2'447.00 52-Week Low (29.10.2012) 1'559.00 Daily Volume 2323 52-Week High % Change -5.07% Dividend Yield - 52-Week Low % Change 49.01% Beta 0.65 % 52 Week Price Range High/Low 85.47% Equity Float 0.45 Shares Out 30.06.2013 0.6 Short Int - 1'428.65 1 Yr Total Return 43.33% Total Debt 21.20 YTD Return 35.37% Preferred Stock 0.0 Adjusted BETA 0.650 Minority Interest 0.0 Analyst Recs 6 Cash and Equivalents 105.69 Consensus Rating 4.000 Enterprise Value 1'352.52 Average Volume 5 Day 290 BEAN SE EQUITY YTD Change - Average Volume 30 Day 233 BEAN SE EQUITY YTD % CHANGE - Average Volume 3 Month 242 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 01/yy 01/yy 12/13 Y 12/14 Y - - 403.8 385.9 426.4 416.0 444.6 - - 481.8 521.4 - - 1.15x 1.76x 2.29x 2.35x 2.23x - - 2.78x 2.58x - - 78.6 74.9 96.6 81.8 91.9 - - 103.4 113.2 - - 5.91x 9.08x 10.11x 11.96x 10.79x - - 13.08x 11.95x - - 46.1 49.3 61.3 51.6 61.4 - - 69.6 77.1 - - 9.88x 14.14x 16.72x 20.03x 17.50x - - 20.39x 18.51x - - EBITDA 91.90 Long-Term Rating Date - EBIT 76.30 Long-Term Rating - Operating Margin 17.16% Long-Term Outlook - Pretax Margin 16.86% Short-Term Rating Date - Return on Assets 19.33% Short-Term Rating - Return on Common Equity 27.42% Return on Capital - EBITDA/Interest Exp. 141.17 Asset Turnover 1.37% (EBITDA-Capex)/Interest Exp. 115.54 Net Debt/EBITDA -0.77 Gross Margin - Total Debt/EBITDA 0.21 EBITDA Margin 21.4% EBIT Margin 17.8% Total Debt/Equity 8.1% Net Income Margin 13.8% Total Debt/Capital 7.5% Asset Turnover 1.37 Current Ratio 5.17 Net Fixed Asset Turnover 4.86 Quick Ratio 3.55 Accounts receivable turnover-days 52.38 Debt to Assets 6.17% Inventory Days - Tot Debt to Common Equity 8.11% Accounts Payable Turnover Day - Accounts Receivable Turnover 6.97 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Belimo Holding AG Price/Volume Valuation Analysis 78.00 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 0 500 1000 1500 2000 2500 3000 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 .0 M .0 M .0 M .0 M .0 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0 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 GROUPE LINSI n/a Co File 118'572 19.28 - 31.12.2012 Other CAPITAL GROUP COMPAN n/a ULT-AGG 61'377 9.98 - 30.06.2013 Investment Advisor RONER WERNER n/a Co File 34'994 5.69 - 31.12.2012 n/a AMERIPRISE FINANCIAL n/a Co File 28'413 4.62 - 31.12.2012 Investment Advisor THREADNEEDLE n/a ULT-AGG 25'272 4.11 76 31.05.2013 Unclassified MONTANARO ASSET MGMT n/a EXCH 19'822 3.22 - 07.01.2013 Investment Advisor SARASIN n/a ULT-AGG 18'300 2.98 (703) 31.08.2012 Unclassified LOMBARD ODIER DARIER n/a EXCH 17'385 2.83 - 05.06.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 10'825 1.76 21 30.04.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 10'653 1.73 300 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 10'607 1.72 614 31.05.2013 Investment Advisor LINSI WALTER n/a Co File 10'187 1.66 - 31.12.2012 n/a LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 8'358 1.36 5 31.05.2013 Investment Advisor LB SWISS INVESTMENT Multiple Portfolios MF-AGG 7'005 1.14 (1'150) 28.03.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 5'810 0.94 - 31.12.2012 Government UBS AG n/a ULT-AGG 5'585 0.91 54 31.05.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 5'393 0.88 (49) 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 4'990 0.81 (149) 28.03.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'072 0.5 450 31.12.2012 Investment Advisor STATE STREET CORP n/a ULT-AGG 2'095 0.34 - 26.09.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 20.08.2013 Helvea PATRICK APPENZELLER buy 5 M 2'500 12 month 15.08.2013 Zuercher Kantonalbank RICHARD FREI market perform 3 M #N/A N/A Not Provided 07.08.2013 Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 2'200 Not Provided 07.08.2013 UBS TORSTEN WYSS neutral 3 M 2'150 12 month 06.08.2013 Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 2'370 12 month 06.08.2013 Holdings By: Belimo Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Burckhardt Compression Holding AG manufactures reciprocating compressors. The Company produces compressors for oil refining, the chemical and petrochemical industries, industrial gases, and gas transport and storage. Latest Fiscal Year: 03/2013 LTM as of: 01/yy 52-Week High (11.09.2013) 399.25 52-Week Low (23.10.2012) 255.50 Daily Volume 358 52-Week High % Change -10.33% Dividend Yield - 52-Week Low % Change 40.12% Beta 0.79 % 52 Week Price Range High/Low 74.78% Equity Float 2.74 Shares Out 31.03.2013 3.4 Short Int - 1'217.20 1 Yr Total Return 36.85% Total Debt 39.16 YTD Return 22.14% Preferred Stock 0.0 Adjusted BETA 0.792 Minority Interest 0.0 Analyst Recs 11 Cash and Equivalents 189.99 Consensus Rating 3.000 Enterprise Value 1'066.36 Average Volume 5 Day 8'747 BCHN SE EQUITY YTD Change - Average Volume 30 Day 3'630 BCHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'324 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - - 424.5 343.2 355.6 328.9 366.7 - - 436.9 474.6 - - 0.55x 1.83x 2.43x 2.09x 2.87x - - 2.36x 2.12x - - 102.1 83.7 71.7 79.3 86.4 - - 89.4 102.3 - - 2.29x 7.50x 12.06x 8.67x 12.19x - - 11.93x 10.42x - - 72.8 56.0 45.1 50.5 55.5 - - 60.1 69.1 - - 4.94x 12.47x 21.33x 16.26x 21.37x - - 20.22x 17.45x - - EBITDA 86.42 Long-Term Rating Date - EBIT 75.35 Long-Term Rating - Operating Margin 20.55% Long-Term Outlook - Pretax Margin 19.89% Short-Term Rating Date - Return on Assets 9.85% Short-Term Rating - Return on Common Equity 17.86% Return on Capital - EBITDA/Interest Exp. 65.67 Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 53.15 Net Debt/EBITDA -1.75 Gross Margin 37.1% Total Debt/EBITDA 0.45 EBITDA Margin 23.6% EBIT Margin 20.5% Total Debt/Equity 11.5% Net Income Margin 15.1% Total Debt/Capital 10.4% Asset Turnover 0.65 Current Ratio 2.22 Net Fixed Asset Turnover 2.81 Quick Ratio 1.53 Accounts receivable turnover-days 95.97 Debt to Assets 6.56% Inventory Days 167.54 Tot Debt to Common Equity 11.55% Accounts Payable Turnover Day 29.48 Accounts Receivable Turnover 3.80 Cash Conversion Cycle 234.02 Inventory Turnover 2.18 Fiscal Year Ended Burckhardt Compression Holding AG Price/Volume Valuation Analysis 6'086.00 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 50 100 150 200 250 300 350 400 450 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 .0 M .0 M .0 M .0 M .0 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 10.00 20.00 30.00 40.00 50.00 60.00 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 ING GROEP NV n/a Co File 241'400 7.1 - 31.03.2012 Investment Advisor THREADNEEDLE n/a ULT-AGG 224'283 6.6 4'089 31.05.2013 Unclassified ALLIANZ ASSET MANAGE n/a ULT-AGG 210'675 6.2 (12'956) 31.08.2013 Investment Advisor VOGT VALENTIN n/a Co File 202'633 5.96 - 31.03.2012 n/a BLACKROCK n/a ULT-AGG 191'247 5.62 6'992 25.09.2013 Investment Advisor COLLEGE RETIREMENT E n/a #N/A N/A 176'332 5.19 - 30.04.2012 Other TIAA CREF INVESTMENT n/a Co File 166'600 4.9 - 31.03.2012 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 112'200 3.3 - 31.03.2012 Investment Advisor WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 111'243 3.27 13'982 30.06.2013 Investment Advisor AMERIPRISE FINANCIAL n/a Co File 108'800 3.2 - 31.03.2012 Investment Advisor WILLIAM BLAIR & COMP n/a EXCH 107'548 3.16 - 12.04.2013 Investment Advisor MONDRIAN INVESTMENT n/a EXCH 104'968 3.09 - 10.07.2013 Hedge Fund Manager UBS AG n/a ULT-AGG 102'404 3.01 6 31.05.2013 Unclassified HARRIS ASSOCIATES LP n/a EXCH 99'988 2.94 (5'475) 30.04.2012 Investment Advisor ROYCE & ASSOCIATES n/a EXCH 99'450 2.92 (3'468) 06.12.2011 Unclassified NORGES BANK Multiple Portfolios MF-AGG 81'201 2.39 - 31.12.2012 Government BURCKHARDT COMPRESSI n/a Co File 76'255 2.24 - 31.03.2012 Corporation KELLER LEONHARD n/a Co File 71'563 2.1 - 31.03.2012 n/a HELLER MARTIN n/a Co File 57'500 1.69 - 31.03.2012 n/a PAWLICEK MARCEL n/a Co File 52'045 1.53 - 31.03.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank am Bellevue MICHAEL ROOST hold 3 M 344 Not Provided 26.09.2013 Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 25.09.2013 Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 475 6 month 24.09.2013 UBS TORSTEN WYSS neutral 3 M 360 12 month 24.09.2013 Main First Bank AG BERND POMREHN underperform 1 M 350 12 month 24.09.2013 Helvea VOLKAN GOCMEN hold 3 M 350 12 month 15.08.2013 Kepler Cheuvreux OLIVER GIRAKHOU hold 3 N 355 Not Provided 31.07.2013 Baden Hill LLP ANTOINE HNEIN buy 5 M #N/A N/A Not Provided 09.07.2013 Berenberg Bank FREDERIK BITTER hold 3 M 345 Not Provided 10.06.2013 Bank Vontobel AG FABIAN HAECKI hold 3 M 355 Not Provided 10.06.2013 EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 10.06.2013 Holdings By: Burckhardt Compression Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 AMS AG develops and manufactures high-performance analog semiconductors. ams' product range includes sensor, sensor interfaces, power management ICs and wireless ICs for customers in the consumer, industrial, medical, mobile communications and automotive markets. The Company is based in Austria. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (14.02.2013) 122.00 52-Week Low (23.07.2013) 62.50 Daily Volume 86.25 52-Week High % Change -29.30% Dividend Yield - 52-Week Low % Change 38.00% Beta 1.34 % 52 Week Price Range High/Low 41.09% Equity Float 11.26 Shares Out 30.06.2013 14.5 Short Int - 1'249.79 1 Yr Total Return -7.53% Total Debt 80.84 YTD Return -10.26% Preferred Stock 0.0 Adjusted BETA 1.336 Minority Interest 0.0 Analyst Recs 16 Cash and Equivalents 86.85 Consensus Rating 4.125 Enterprise Value 1'022.57 Average Volume 5 Day 123'577 AMS SE EQUITY YTD Change - Average Volume 30 Day 123'925 AMS SE EQUITY YTD % CHANGE - Average Volume 3 Month 131'447 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 184.7 137.2 209.4 275.7 387.6 349.5 376.9 390.7 440.7 99.1 115.0 0.66x 1.36x 1.77x 1.65x 2.96x 7.06x 11.48x 2.55x 2.11x 10.29x 8.60x 48.2 4.0 49.7 69.9 117.9 98.3 101.0 98.5 124.3 24.1 33.0 2.52x 47.09x 7.45x 6.53x 9.73x 7.77x 8.16x 10.40x 8.24x 9.16x 8.23x 12.3 (16.7) 23.1 35.3 81.9 60.2 61.8 61.8 82.9 19.7 24.4 7.48x - 16.01x 10.38x 12.74x 10.90x 12.02x 15.78x 11.64x 13.07x 11.50x EBITDA 117.87 Long-Term Rating Date - EBIT 84.57 Long-Term Rating - Operating Margin 21.82% Long-Term Outlook - Pretax Margin 21.51% Short-Term Rating Date - Return on Assets 10.14% Short-Term Rating - Return on Common Equity 15.91% Return on Capital - EBITDA/Interest Exp. 22.24 Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 16.61 Net Debt/EBITDA 0.02 Gross Margin 52.3% Total Debt/EBITDA 0.77 EBITDA Margin 26.8% EBIT Margin 17.6% Total Debt/Equity 19.7% Net Income Margin 21.1% Total Debt/Capital 16.5% Asset Turnover 0.62 Current Ratio 2.43 Net Fixed Asset Turnover 2.80 Quick Ratio 1.60 Accounts receivable turnover-days 53.84 Debt to Assets 12.75% Inventory Days 110.53 Tot Debt to Common Equity 19.74% Accounts Payable Turnover Day 61.80 Accounts Receivable Turnover 6.78 Cash Conversion Cycle 108.89 Inventory Turnover 3.30 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 ams AG Price/Volume Valuation Analysis 33'002.00 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 M .2 M .3 M .4 M .5 M .6 M .7 M .8 M .9 M 1.0 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 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 TWILIGHT S LLC n/a Co File 2'715'684 18.74 - 31.12.2011 Other NORGES BANK n/a EXCH 459'183 3.17 - 25.05.2013 Government BLACKROCK n/a ULT-AGG 432'315 2.98 (495'872) 25.09.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 409'168 2.82 (15'147) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 324'299 2.24 58'498 31.05.2013 Unclassified ODIN FORVALTNING AS Multiple Portfolios MF-AGG 295'747 2.04 2'890 30.08.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 172'311 1.19 5'905 28.03.2013 Investment Advisor PIONEER INVESTMENTS Multiple Portfolios MF-AGG 165'210 1.14 - 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 153'459 1.06 15'915 31.05.2013 Investment Advisor DEUTSCHE BANK AG n/a ULT-AGG 152'500 1.05 (42'289) 31.07.2013 Investment Advisor BARING FUND MANAGERS Multiple Portfolios MF-AGG 124'401 0.86 33'196 31.05.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 115'000 0.79 10'000 30.04.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 110'000 0.76 21'800 31.03.2013 Investment Advisor 3 BANKEN-GENERALI IN Multiple Portfolios MF-AGG 101'090 0.7 - 31.07.2013 Investment Advisor OEKOWORLD LUX SA Multiple Portfolios MF-AGG 88'729 0.61 - 31.03.2013 Investment Advisor ACTIVEST MUNICH Multiple Portfolios MF-AGG 79'341 0.55 2'452 30.04.2013 Investment Advisor GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 72'820 0.5 19'270 28.03.2013 Investment Advisor DWS INVESTMENTS Multiple Portfolios MF-AGG 72'610 0.5 - 31.05.2013 Investment Advisor LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 63'756 0.44 (24'947) 30.08.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 62'797 0.43 15'381 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 90 12 month 11.09.2013 Jefferies LEE SIMPSON buy 5 M 89 12 month 11.09.2013 Bank Vontobel AG MICHAEL FOETH hold 3 M 75 Not Provided 11.09.2013 Natixis MAXIME MALLET neutral 3 M 70 Not Provided 11.09.2013 EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 06.09.2013 Raiffeisenbank AG DANIEL DAMASKA buy 5 U 83 12 month 16.08.2013 HSBC CHRISTIAN DOMINIK RATH overweight 5 M 100 Not Provided 16.08.2013 Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 90 12 month 24.07.2013 Mirabaud Securities MARK DIETHELM buy 5 M 89 12 month 24.07.2013 Erste Group DANIEL LION buy 5 M 107 12 month 23.07.2013 UBS DAVID MULHOLLAND buy 5 M 100 12 month 23.07.2013 Hauck & Aufhaeuser TIM OLIVER WUNDERLICH hold 3 M 80 12 month 23.07.2013 Berenberg Bank ALI FARID KHWAJA hold 3 M 80 Not Provided 23.07.2013 Main First Bank AG JUERGEN WAGNER outperform 5 M 92 12 month 23.07.2013 Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 105 Not Provided 15.07.2013 Zuercher Kantonalbank ANDREAS MUELLER market perform 3 D #N/A N/A Not Provided 23.04.2013 Holdings By: ams AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Forbo Holding AG produces floor coverings, adhesives, and belts for conveying and power transmission. Forbo operates worldwide. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (02.08.2013) 700.00 52-Week Low (01.10.2012) 541.88 Daily Volume 684.5 52-Week High % Change -2.21% Dividend Yield - 52-Week Low % Change 26.32% Beta 0.94 % 52 Week Price Range High/Low 89.88% Equity Float 1.22 Shares Out 23.01.2013 2.3 Short Int - 1'540.13 1 Yr Total Return 25.62% Total Debt 135.10 YTD Return 19.39% Preferred Stock 0.0 Adjusted BETA 0.937 Minority Interest 0.0 Analyst Recs 7 Cash and Equivalents 393.40 Consensus Rating 3.857 Enterprise Value 1'313.93 Average Volume 5 Day 6'509 FORN SE EQUITY YTD Change - Average Volume 30 Day 5'382 FORN SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'159 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 01/yy 01/yy 12/13 Y 12/14 Y - - 1'918.7 1'782.4 1'291.2 1'203.8 1'201.1 - - 1'193.0 1'211.8 - - 0.44x 0.58x 1.10x 0.94x 0.78x - - 1.01x 0.96x - - 198.7 188.2 227.7 197.2 206.5 - - 159.0 168.0 - - 4.22x 5.45x 6.25x 5.74x 4.56x - - 8.27x 7.83x - - 16.0 76.1 163.3 146.5 197.2 - - 94.4 100.4 - - 28.43x 10.10x 9.01x 8.37x 10.44x - - 15.12x 13.87x - - EBITDA 206.50 Long-Term Rating Date - EBIT 167.10 Long-Term Rating - Operating Margin 13.91% Long-Term Outlook - Pretax Margin 13.08% Short-Term Rating Date - Return on Assets 9.18% Short-Term Rating - Return on Common Equity 14.99% Return on Capital - EBITDA/Interest Exp. 23.20 Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 19.53 Net Debt/EBITDA - Gross Margin 36.5% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 14.2% Total Debt/Equity 16.5% Net Income Margin 16.4% Total Debt/Capital 14.2% Asset Turnover 0.84 Current Ratio 2.12 Net Fixed Asset Turnover 2.38 Quick Ratio 1.43 Accounts receivable turnover-days 72.02 Debt to Assets 10.13% Inventory Days 115.50 Tot Debt to Common Equity 16.53% Accounts Payable Turnover Day 37.83 Accounts Receivable Turnover 5.07 Cash Conversion Cycle 111.20 Inventory Turnover 3.16 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 Forbo Holding AG Price/Volume Valuation Analysis 6'229.00 Current Price (9/dd/yy) Market Data 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 .0 M .0 M .0 M .0 M .0 M .0 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 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 PIEPER MICHAEL W n/a Co File 681'628 30.29 - 31.12.2012 n/a FORBO HOLDING AG n/a EXCH 196'117 8.72 (179'360) 22.01.2013 Corporation UBS AG n/a ULT-AGG 99'613 4.43 2 31.07.2013 Unclassified SCHNEIDER THIS E n/a Co File 77'653 3.45 - 31.12.2012 n/a NORGES BANK n/a EXCH 67'741 3.01 - 21.05.2013 Government VANGUARD GROUP INC n/a ULT-AGG 42'113 1.87 7'113 30.06.2013 Unclassified SCHRODER INVESTMENT Multiple Portfolios MF-AGG 31'136 1.38 5'609 30.08.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 20'368 0.91 2'259 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 19'562 0.87 (669) 28.03.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 18'345 0.82 138 30.04.2013 Investment Advisor RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 11'500 0.51 (1'500) 30.04.2013 Investment Advisor SARASIN n/a ULT-AGG 8'519 0.38 (2'807) 30.04.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 7'500 0.33 (1'300) 30.04.2013 Investment Advisor PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 6'703 0.3 - 30.06.2013 Investment Advisor SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'421 0.29 - 31.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 6'408 0.28 (210) 31.05.2013 Investment Advisor LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 6'009 0.27 789 28.06.2013 Investment Advisor GNAGI ALBERT n/a Co File 4'903 0.22 - 31.12.2012 n/a GOLDMAN SACHS GROUP n/a ULT-AGG 4'581 0.2 2'877 30.06.2013 Investment Advisor BARING FUND MANAGERS Multiple Portfolios MF-AGG 4'152 0.18 - 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 10.09.2013 UBS TORSTEN WYSS neutral 3 M 675 12 month 09.09.2013 Bank Vontobel AG CHRISTIAN ARNOLD buy 5 M 740 Not Provided 09.09.2013 Credit Suisse PATRICK LAAGER neutral 3 D 710 Not Provided 22.08.2013 Zuercher Kantonalbank MARTIN HUESLER outperform 5 M #N/A N/A Not Provided 22.08.2013 Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 800 12 month 21.08.2013 Helvea PATRICK APPENZELLER hold 3 M 650 12 month 20.08.2013 Holdings By: Forbo Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and commercial banking as well as private and institutional banking. SGKB also provides asset management and financial planning services. The Bank offers its services in the Canton of St. Gall through a network of branches. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (15.03.2013) 414.00 52-Week Low (18.06.2013) 322.50 Daily Volume 366 52-Week High % Change -11.59% Dividend Yield - 52-Week Low % Change 13.49% Beta 0.64 % 52 Week Price Range High/Low 53.01% Equity Float 2.47 Shares Out 30.06.2013 5.6 Short Int - 2'039.87 1 Yr Total Return 8.49% Total Debt 5'469.21 YTD Return 0.99% Preferred Stock 0.0 Adjusted BETA 0.639 Minority Interest 0.0 Analyst Recs 4 Cash and Equivalents 2'748.50 Consensus Rating 4.000 Enterprise Value - Average Volume 5 Day 2'649 SGKN SE EQUITY YTD Change - Average Volume 30 Day 1'887 SGKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'068 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 01/yy 01/yy 12/13 Y 12/14 Y - - 928.6 795.9 731.9 702.9 711.5 - - 492.5 465.5 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 171.1 168.1 146.3 135.7 151.4 - - 162.5 166.0 - - 12.44x 15.24x 17.82x 14.45x 13.78x - - 12.49x 12.22x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 34.63% Long-Term Outlook - Pretax Margin 36.54% Short-Term Rating Date - Return on Assets 0.52% Short-Term Rating - Return on Common Equity 7.59% Return on Capital 1.87% EBITDA/Interest Exp. - Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 282.8% Net Income Margin 29.2% Total Debt/Capital 73.9% Asset Turnover 0.03 Current Ratio - Net Fixed Asset Turnover 3.99 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 19.79% Inventory Days - Tot Debt to Common Equity 282.78% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended St Galler Kantonalbank AG Price/Volume Valuation Analysis 2'023.00 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 50 100 150 200 250 300 350 400 450 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 .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1'000.0 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 KANTON ST GALLEN n/a Co File 3'054'223 54.8 - 31.12.2012 Government THORNBURG INVESTMENT Multiple Portfolios MF-AGG 78'741 1.41 - 31.07.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 40'745 0.73 - 31.12.2012 Government SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 33'748 0.61 (2'055) 28.03.2013 Investment Advisor ST GALLER KANTONALBA n/a Co File 28'226 0.51 - 31.12.2012 Bank CREDIT SUISSE AG n/a ULT-AGG 20'097 0.36 (68) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 14'782 0.27 716 30.06.2013 Unclassified SCHRODER INVESTMENT Multiple Portfolios MF-AGG 14'030 0.25 11'030 31.12.2012 Investment Advisor UBS AG n/a ULT-AGG 13'046 0.23 (389) 31.05.2013 Unclassified DIMENSIONAL FUND ADV n/a ULT-AGG 12'076 0.22 - 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 10'633 0.19 (63) 31.05.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 10'400 0.19 - 30.04.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'100 0.16 - 28.09.2012 Investment Advisor LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 6'712 0.12 - 30.06.2013 Investment Advisor LEDERGERBER ROLAND n/a Co File 5'871 0.11 - 31.12.2012 n/a OESCH FRANZ PETER n/a Co File 2'955 0.05 - 31.12.2012 n/a BUSCHOR FELIX n/a Co File 2'760 0.05 - 31.12.2012 n/a IST FUND MANAGERS Multiple Portfolios MF-AGG 2'558 0.05 3 30.04.2013 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 2'105 0.04 - 28.03.2013 Investment Advisor KOLLER ALBERT n/a Co File 2'015 0.04 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 09.09.2013 Bank Vontobel AG TERESA NIELSEN hold 3 M 400 Not Provided 05.09.2013 UBS DANIELE BRUPBACHER neutral 3 U 360 12 month 07.08.2013 Zuercher Kantonalbank ANDREAS BRUN outperform 5 U #N/A N/A Not Provided 19.06.2013 Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 19.04.2012 Holdings By: St Galler Kantonalbank AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Graubuendner Kantonalbank is a Swiss bank which provides standard banking services such as deposits and real estate mortgage loans, along with other financial services. The Bank serves the Canton of Graubuenden through numerous branches. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (12.10.2012) 1'203.00 52-Week Low (12.06.2013) 1'123.00 Daily Volume 1190 52-Week High % Change -1.08% Dividend Yield - 52-Week Low % Change 5.97% Beta 0.35 % 52 Week Price Range High/Low 82.50% Equity Float 0.75 Shares Out 30.06.2013 0.8 Short Int - 2'975.00 1 Yr Total Return 5.09% Total Debt 2'869.60 YTD Return 6.63% Preferred Stock 0.0 Adjusted BETA 0.345 Minority Interest 30.5 Analyst Recs 2 Cash and Equivalents 1'847.61 Consensus Rating 3.000 Enterprise Value - Average Volume 5 Day 95 GRKP SE EQUITY YTD Change - Average Volume 30 Day 120 GRKP SE EQUITY YTD % CHANGE - Average Volume 3 Month 128 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 01/yy 01/yy 12/13 Y 12/14 Y - - 618.9 548.9 509.9 509.8 494.3 - - 387.0 399.0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 121.5 141.6 149.5 149.6 153.3 - - 191.0 202.0 - - 19.22x 20.45x 20.36x 19.59x 20.69x - - 15.44x 14.62x - - EBITDA - Long-Term Rating Date 17.12.2010 EBIT - Long-Term Rating AA+ Operating Margin 46.98% Long-Term Outlook NEG Pretax Margin 40.18% Short-Term Rating Date 02.09.2002 Return on Assets 0.82% Short-Term Rating A-1+ Return on Common Equity 10.84% Return on Capital 3.77% EBITDA/Interest Exp. - Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 338.9% Net Income Margin 38.1% Total Debt/Capital 76.6% Asset Turnover 0.03 Current Ratio - Net Fixed Asset Turnover 4.00 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 14.82% Inventory Days - Tot Debt to Common Equity 338.91% 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 Graubuendner Kantonalbank Price/Volume Valuation Analysis 119.00 Current Price (9/dd/yy) Market Data 0 200 400 600 800 1000 1200 1400 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 .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 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 CREDIT SUISSE AG n/a ULT-AGG 6'032 0.8 - 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 3'752 0.5 (119) 31.05.2013 Unclassified PICTET FUNDS n/a ULT-AGG 3'094 0.41 (87) 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 721 0.1 1 30.04.2013 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 626 0.08 - 28.03.2013 Investment Advisor SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 498 0.07 - 28.06.2013 Investment Advisor JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 309 0.04 16 30.06.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 105 0.01 - 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 20 0 1 28.03.2013 Investment Advisor KBC GROUP NV Multiple Portfolios MF-AGG 7 0 - 31.07.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Zuercher Kantonalbank ANDREAS BRUN market perform 3 M #N/A N/A Not Provided 31.07.2013 EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 26.07.2013 Holdings By: Graubuendner Kantonalbank All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Meyer Burger Technology AG supplies systems and production equipment to the photovoltaic, semiconductor and optoelectronic industries. The company produces equipment for solar production from wafers to building integrated solar systems. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (11.09.2013) 10.90 52-Week Low (29.11.2012) 4.65 Daily Volume 9.68 52-Week High % Change -11.19% Dividend Yield - 52-Week Low % Change 107.97% Beta 1.30 % 52 Week Price Range High/Low 73.26% Equity Float 76.57 Shares Out 30.06.2013 84.3 Short Int - 816.38 1 Yr Total Return -7.20% Total Debt 133.81 YTD Return 72.28% Preferred Stock 0.0 Adjusted BETA 1.299 Minority Interest 12.7 Analyst Recs 14 Cash and Equivalents 134.59 Consensus Rating 2.643 Enterprise Value 767.37 Average Volume 5 Day 1'069'925 MBTN SE EQUITY YTD Change - Average Volume 30 Day 1'108'170 MBTN SE EQUITY YTD % CHANGE - Average Volume 3 Month 837'079 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 01/yy 01/yy 12/13 Y 12/14 Y - - 448.4 420.9 826.0 1'315.0 645.2 - - 319.6 496.9 - - 0.80x 1.98x 1.13x 0.36x 0.52x - - 2.35x 1.46x - - 82.7 63.7 191.7 280.4 (32.7) - - (73.8) 17.2 - - 4.35x 13.08x 4.88x 1.70x - - - - 44.49x - - 35.0 29.2 97.9 40.8 (111.1) - - (121.7) (40.7) - - 10.36x 27.79x 13.13x 16.90x - - - - - - - EBITDA -32.75 Long-Term Rating Date - EBIT -134.95 Long-Term Rating - Operating Margin -20.91% Long-Term Outlook - Pretax Margin -22.41% Short-Term Rating Date - Return on Assets -12.86% Short-Term Rating - Return on Common Equity -23.09% Return on Capital - EBITDA/Interest Exp. -5.89 Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. -16.58 Net Debt/EBITDA - Gross Margin 75.5% Total Debt/EBITDA -1.71 EBITDA Margin -22.4% EBIT Margin -43.6% Total Debt/Equity 21.7% Net Income Margin -17.2% Total Debt/Capital 17.6% Asset Turnover 0.35 Current Ratio 1.61 Net Fixed Asset Turnover 2.68 Quick Ratio 0.71 Accounts receivable turnover-days 33.66 Debt to Assets 12.16% Inventory Days 549.13 Tot Debt to Common Equity 21.75% Accounts Payable Turnover Day 258.41 Accounts Receivable Turnover 10.84 Cash Conversion Cycle 331.07 Inventory Turnover 0.66 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 Meyer Burger Technology AG Price/Volume Valuation Analysis 707'150.00 Current Price (9/dd/yy) Market Data 0 2 4 6 8 10 12 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 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 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 NORGES BANK #N/A N/A EXCH 4'348'270 5.16 156'728 20.09.2013 Government GENERATION INVESTMEN n/a Co File 2'896'102 3.43 - 31.12.2012 Investment Advisor PAULI PETER n/a EXCH 2'890'882 3.43 - 07.05.2013 n/a PLATINUM INVESTMENT n/a EXCH 2'547'892 3.02 1'106'815 09.01.2013 Hedge Fund Manager CREDIT SUISSE AG n/a ULT-AGG 1'653'476 1.96 599'302 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 1'423'488 1.69 487'645 31.05.2013 Unclassified WILLIAM BLAIR & COMP n/a EXCH 1'339'622 1.59 (129'899) 19.04.2012 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 892'543 1.06 (200'000) 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 808'644 0.96 116'324 31.05.2013 Investment Advisor CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 788'175 0.93 - 26.09.2013 Investment Advisor HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 663'000 0.79 351'000 30.06.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 639'211 0.76 (224'780) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 479'902 0.57 217'541 30.06.2013 Unclassified DIMENSIONAL FUND ADV n/a ULT-AGG 444'066 0.53 - 30.04.2013 Investment Advisor MEYER BURGER TECHNOL n/a Co File 336'795 0.4 - 31.12.2012 Unclassified LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 295'345 0.35 136'852 31.05.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 263'800 0.31 30'648 31.03.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 223'000 0.26 60'000 30.04.2013 Investment Advisor IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 212'000 0.25 58'500 31.05.2013 Investment Advisor SARASIN n/a ULT-AGG 163'911 0.19 (17'288) 30.04.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Helvea STEFAN GAECHTER sell 1 M 6 12 month 18.09.2013 EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 05.09.2013 Bank am Bellevue MICHAEL ROOST hold 3 M 8 Not Provided 22.08.2013 Macquarie ROBERT SCHRAMM-FUCHS outperform 5 U 15 12 month 22.08.2013 Credit Suisse FELIX REMMERS neutral 3 U 8 Not Provided 19.08.2013 UBS JEAN-FRANCOIS MEYMANDI neutral 3 M 8 12 month 19.08.2013 Bank Vontobel AG MICHAEL FOETH hold 3 M 8 Not Provided 16.08.2013 HSBC CHRISTIAN DOMINIK RATH neutral 3 M 8 Not Provided 15.08.2013 Zuercher Kantonalbank RICHARD FREI market perform 3 M #N/A N/A Not Provided 15.08.2013 Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 6 Not Provided 06.08.2013 Kepler Cheuvreux OLIVER GIRAKHOU reduce 2 M 6 Not Provided 06.08.2013 Natureo Finance INGO QUEISER hold 3 M 8 12 month 11.07.2013 Axiom Capital GORDON L JOHNSON sell 1 M 3 Not Provided 10.07.2013 Nomura Code Securities JOHN-MARC BUNCE neutral 3 M 12 6 month 01.06.2012 Holdings By: Meyer Burger Technology AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Daetwyler Holding AG manufactures rubber components and sealing solutions for the automotive, pharmaceutical and civil engineering industries. The company also distributes electronic, automation, engineering and IT components and accessories. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (20.08.2013) 115.80 52-Week Low (01.10.2012) 76.20 Daily Volume 113.3 52-Week High % Change -2.16% Dividend Yield - 52-Week Low % Change 48.69% Beta 0.92 % 52 Week Price Range High/Low 94.44% Equity Float 4.46 Shares Out 31.12.2012 12.6 Short Int - 1'926.10 1 Yr Total Return 47.23% Total Debt 304.90 YTD Return 34.62% Preferred Stock 0.0 Adjusted BETA 0.917 Minority Interest 0.0 Analyst Recs 4 Cash and Equivalents 248.50 Consensus Rating 4.000 Enterprise Value 1'970.20 Average Volume 5 Day 10'272 DAE SE EQUITY YTD Change - Average Volume 30 Day 12'685 DAE SE EQUITY YTD % CHANGE - Average Volume 3 Month 9'880 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 01/yy 01/yy 12/13 Y 12/14 Y - - 1'294.9 1'122.2 1'319.5 1'050.5 1'185.9 - - 1'409.7 1'507.0 - - 0.53x 0.76x 0.88x 0.73x 1.29x - - 1.40x 1.25x - - 197.3 134.0 176.6 164.4 159.4 - - 213.0 239.7 - - 3.50x 6.35x 6.57x 4.68x 9.56x - - 9.31x 8.27x - - 109.6 63.7 98.2 96.2 127.5 - - 116.0 140.3 - - 6.03x 14.04x 12.19x 9.28x 14.34x - - 15.06x 12.50x - - EBITDA 159.40 Long-Term Rating Date - EBIT 107.30 Long-Term Rating - Operating Margin 9.05% Long-Term Outlook - Pretax Margin 8.87% Short-Term Rating Date - Return on Assets 13.95% Short-Term Rating - Return on Common Equity 22.22% Return on Capital - EBITDA/Interest Exp. 79.70 Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. 42.20 Net Debt/EBITDA - Gross Margin 24.9% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 9.9% Total Debt/Equity 55.3% Net Income Margin 10.8% Total Debt/Capital 35.6% Asset Turnover 1.23 Current Ratio 2.18 Net Fixed Asset Turnover 3.21 Quick Ratio 1.47 Accounts receivable turnover-days 57.06 Debt to Assets 28.26% Inventory Days - Tot Debt to Common Equity 55.35% Accounts Payable Turnover Day - Accounts Receivable Turnover 6.40 Cash Conversion Cycle 92.84 Inventory Turnover - Fiscal Year Ended Daetwyler Holding AG Price/Volume Valuation Analysis 20'130.00 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .1 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 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 PEMA HOLDINGS AG n/a Co File 6'633'900 52.65 - 31.12.2012 Holding Company DAETWYLER HOLDING AG n/a Co File 1'415'347 11.23 - 31.12.2012 Corporation SARASIN n/a ULT-AGG 461'500 3.66 (8'500) 30.04.2013 Unclassified TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 343'783 2.73 - 31.03.2012 Investment Advisor UBS AG n/a ULT-AGG 277'143 2.2 44'546 31.05.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 260'860 2.07 (11'000) 30.04.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 160'660 1.28 - 30.04.2013 Investment Advisor BLACKROCK n/a ULT-AGG 160'427 1.27 (7'560) 31.05.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 117'862 0.94 6'402 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 83'123 0.66 (5'148) 28.03.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79'271 0.63 - 31.07.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 68'631 0.54 6'059 31.05.2013 Investment Advisor LB SWISS INVESTMENT Multiple Portfolios MF-AGG 63'000 0.5 (30'184) 28.03.2013 Investment Advisor LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 58'000 0.46 - 28.06.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 52'211 0.41 5'000 31.12.2012 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 43'201 0.34 - 31.12.2012 Government JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 34'818 0.28 (528) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 34'560 0.27 30'543 30.06.2013 Unclassified HAELG PAUL J n/a Co File 24'500 0.19 - 31.12.2012 n/a DEKA INVESTMENT GMBH DEKA-SCHWEIZ MF-DEU 23'971 0.19 2'500 28.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Helvea STEFAN GAECHTER buy 5 M 125 12 month 16.08.2013 EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013 Bank Vontobel AG ANDY SCHNYDER buy 5 M 125 Not Provided 18.03.2013 Zuercher Kantonalbank RICHARD FREI outperform 5 U #N/A N/A Not Provided 30.10.2012 Holdings By: Daetwyler Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Vontobel Holding AG offers wealth management services for private and institutional clients, and investment banking services. The bank offers portfolio management services, derivative and structured products, securities brokerage, capital market transactions, custodian services, institutional asset management and investment funds. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (23.08.2013) 36.70 52-Week Low (27.09.2012) 23.50 Daily Volume 35.1 52-Week High % Change -4.36% Dividend Yield - 52-Week Low % Change 49.36% Beta 1.07 % 52 Week Price Range High/Low 87.12% Equity Float 20.74 Shares Out 30.06.2013 65.0 Short Int - 2'281.50 1 Yr Total Return 52.55% Total Debt 8'900.30 YTD Return 29.56% Preferred Stock 0.0 Adjusted BETA 1.067 Minority Interest 0.0 Analyst Recs 12 Cash and Equivalents 4'216.70 Consensus Rating 3.167 Enterprise Value 8'095.60 Average Volume 5 Day 33'282 VONN SE EQUITY YTD Change - Average Volume 30 Day 40'038 VONN SE EQUITY YTD % CHANGE - Average Volume 3 Month 43'750 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 01/yy 01/yy 12/13 Y 12/14 Y - - 931.8 903.3 951.8 890.7 904.9 - - 882.6 942.7 - - 8.69x 11.08x 10.99x 6.50x 7.15x - - - - - - 256.0 232.9 242.8 213.9 222.3 - - - - - - 31.63x 42.96x 43.08x 27.06x 29.11x - - - - - - 112.8 138.9 147.8 113.7 130.6 - - 154.9 184.2 - - 12.36x 13.62x 15.41x 11.80x 13.76x - - 14.35x 12.33x - - EBITDA 222.30 Long-Term Rating Date 30.03.2009 EBIT - Long-Term Rating A Operating Margin 17.58% Long-Term Outlook NEG Pretax Margin 17.27% Short-Term Rating Date 30.03.2009 Return on Assets 0.72% Short-Term Rating A-1 Return on Common Equity 9.08% Return on Capital 1.62% EBITDA/Interest Exp. - Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA 25.31 Gross Margin - Total Debt/EBITDA 31.08 EBITDA Margin 23.4% EBIT Margin - Total Debt/Equity 565.6% Net Income Margin 14.4% Total Debt/Capital 85.0% Asset Turnover 0.05 Current Ratio - Net Fixed Asset Turnover 5.29 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 42.20% Inventory Days - Tot Debt to Common Equity 565.60% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Vontobel Holding AG Price/Volume Valuation Analysis 15'972.00 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 M .1 M .2 M .2 M .3 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 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 VONTOBEL HANS n/a Co File 11'765'000 18.1 - 31.12.2012 n/a RAIFFEISEN SCHWEIZ n/a Co File 8'125'000 12.5 - 31.12.2012 Investment Advisor VONTRUST AG n/a Co File 8'125'000 12.5 - 31.12.2012 Other VONTOBEL FOUNDATION n/a Co File 7'085'000 10.9 - 31.12.2012 Other DE LA COUR-VONTOBEL n/a Co File 3'575'000 5.5 - 31.12.2012 n/a PELLEGRINUS HOLDING n/a Co File 2'730'000 4.2 - 31.12.2012 Other VONTOBEL HOLDING AG n/a Co File 1'625'000 2.5 - 31.12.2012 Bank FRANKLIN RESOURCES n/a ULT-AGG 930'719 1.43 (76'298) 28.06.2013 Investment Advisor UBS AG n/a ULT-AGG 732'542 1.13 21'817 31.05.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 707'829 1.09 - 31.12.2012 Government SCHEIDT HERBERT JULI n/a Co File 618'025 0.95 - 31.12.2012 n/a CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 531'506 0.82 - 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 328'490 0.51 (6'000) 25.09.2013 Investment Advisor ALLIANZ ASSET MANAGE n/a ULT-AGG 224'400 0.35 - 31.05.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 221'921 0.34 (1'362) 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 197'380 0.3 44'897 30.06.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 174'284 0.27 (8'286) 28.03.2013 Investment Advisor STAUB ZENO n/a Co File 167'453 0.26 - 31.12.2012 n/a LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 165'000 0.25 25'000 30.06.2013 Investment Advisor STUDER ROGER n/a Co File 138'583 0.21 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Main First Bank AG KILIAN MAIER outperform 5 M 35 12 month 18.09.2013 Mediobanca SpA ALEVIZOS ALEVIZAKOS outperform 5 N 39 12 month 09.09.2013 Berenberg Bank ELENI PAPOULA hold 3 M 28 Not Provided 02.09.2013 Helvea TIM DAWSON sell 1 D 32 12 month 15.08.2013 Mirabaud Securities Claudia von Turk Myers neutral 3 M 38 12 month 06.08.2013 Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 05.08.2013 Bank am Bellevue MARC DEUSTER hold 3 M 40 Not Provided 02.08.2013 UBS DANIELE BRUPBACHER neutral 3 M 33 12 month 02.08.2013 Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 M 30 12 month 31.07.2013 EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 29.07.2013 Goldman Sachs MARTIN LEITGEB Buy/Neutral 5 M 41 12 month 05.06.2013 Holdings By: Vontobel Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 EFG International AG is a bank holding company. The Bank offers private banking and asset management services. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (16.09.2013) 13.95 52-Week Low (13.11.2012) 7.63 Daily Volume 12.65 52-Week High % Change -9.32% Dividend Yield - 52-Week Low % Change 65.89% Beta 1.45 % 52 Week Price Range High/Low 81.82% Equity Float 44.41 Shares Out 30.06.2013 146.7 Short Int - 1'855.38 1 Yr Total Return 61.62% Total Debt 2'075.10 YTD Return 43.28% Preferred Stock 0.0 Adjusted BETA 1.451 Minority Interest 104.3 Analyst Recs 13 Cash and Equivalents 4'757.70 Consensus Rating 3.308 Enterprise Value - Average Volume 5 Day 32'621 EFGN SE EQUITY YTD Change - Average Volume 30 Day 36'599 EFGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 41'672 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 01/yy 01/yy 12/13 Y 12/14 Y - - 1'621.3 1'106.6 596.9 1'078.2 1'172.2 - - 719.1 733.4 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 221.9 101.1 (721.8) (294.1) 111.0 - - 138.9 156.9 - - 14.06x 25.09x - - 11.27x - - 13.41x 11.89x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 17.16% Long-Term Outlook - Pretax Margin 14.99% Short-Term Rating Date - Return on Assets 0.64% Short-Term Rating - Return on Common Equity 13.23% Return on Capital 6.75% 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 171.2% Net Income Margin 11.6% Total Debt/Capital 61.2% Asset Turnover 0.05 Current Ratio - Net Fixed Asset Turnover 38.40 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 8.78% Inventory Days - Tot Debt to Common Equity 171.20% 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 EFG International AG Price/Volume Valuation Analysis 3'808.00 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 .1 M .2 M .3 M .4 M .5 M .6 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 1'600.0 1'800.0 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 EFG BANK EUROPEAN FI n/a Co File 82'545'117 56.28 - 31.12.2012 Bank HOWELL LAWRENCE D n/a Co File 8'052'705 5.49 - 31.12.2012 n/a CUONI JEAN-PIERRE n/a Co File 6'909'500 4.71 - 31.12.2012 n/a NORGES BANK n/a EXCH 4'379'472 2.99 (1'147'415) 02.02.2012 Government CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 3'382'667 2.31 - 30.06.2013 Investment Advisor UBS AG n/a ULT-AGG 2'255'884 1.54 76'184 31.05.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'086'063 0.74 (17'395) 28.03.2013 Investment Advisor BARING FUND MANAGERS Multiple Portfolios MF-AGG 959'252 0.65 - 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 894'332 0.61 - 30.04.2013 Investment Advisor LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 540'000 0.37 150'000 30.06.2013 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 539'072 0.37 - 31.07.2013 Investment Advisor HENDERSON GLOBAL INV TR EUROPEAN GROWTH T MF-PART 477'352 0.33 (21'781) 30.08.2013 Investment Advisor EUROPEAN ASSETS TRUS Multiple Portfolios MF-AGG 449'995 0.31 - 31.08.2013 Investment Advisor THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 436'535 0.3 9'181 28.06.2013 Investment Advisor PRUDENTIAL FINANCIAL n/a ULT-AGG 389'161 0.27 - 31.07.2013 Investment Advisor MAINFIRST SICAV Multiple Portfolios MF-AGG 370'796 0.25 - 28.02.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 348'253 0.24 (1'862) 31.05.2013 Investment Advisor LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 309'566 0.21 19'344 28.06.2013 Investment Advisor JP MORGAN n/a ULT-AGG 305'723 0.21 78'929 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 291'867 0.2 6'894 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date AlphaValue DIETER HEIN reduce 2 U 12 6 month 26.09.2013 Main First Bank AG KILIAN MAIER outperform 5 M 15 12 month 18.09.2013 Mediobanca SpA ALEVIZOS ALEVIZAKOS neutral 3 M 14 12 month 09.09.2013 Berenberg Bank ELENI PAPOULA buy 5 M 14 Not Provided 02.09.2013 Helvea TIM DAWSON hold 3 M 14 12 month 15.08.2013 UBS DANIELE BRUPBACHER buy 5 M 15 12 month 25.07.2013 Nomura JON PEACE reduce 2 M 13 Not Provided 25.07.2013 Deutsche Bank MATT SPICK hold 3 M 12 12 month 24.07.2013 Mirabaud Securities Claudia von Turk Myers neutral 3 D 13 12 month 24.07.2013 EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013 Goldman Sachs MARTIN LEITGEB neutral/neutral 3 M 14 12 month 05.06.2013 Bank Vontobel AG TERESA NIELSEN buy 5 M 15 Not Provided 29.05.2013 Holdings By: EFG International AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Basilea Pharmaceutica AG is a biotechnology company conducting research into the development of drugs for the treatment of infectious diseases and dermatological problems. The Company develops anti-bacterial and anti-fungal compounds which destroy infectious organisms. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (13.08.2013) 84.20 52-Week Low (20.12.2012) 37.76 Daily Volume 73.85 52-Week High % Change -12.29% Dividend Yield - 52-Week Low % Change 95.56% Beta 1.36 % 52 Week Price Range High/Low 76.53% Equity Float 7.18 Shares Out 30.06.2013 9.6 Short Int - 708.78 1 Yr Total Return 65.96% Total Debt 0.00 YTD Return 80.47% Preferred Stock 0.0 Adjusted BETA 1.357 Minority Interest 0.0 Analyst Recs 5 Cash and Equivalents 343.96 Consensus Rating 4.600 Enterprise Value 446.03 Average Volume 5 Day 29'307 BSLN SE EQUITY YTD Change - Average Volume 30 Day 52'203 BSLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 42'421 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 01/yy 01/yy 12/13 Y 12/14 Y - - 12.0 26.8 116.2 66.7 57.9 - - 41.1 57.4 - - 94.50x - 2.93x 2.18x 1.45x - - 10.52x 7.72x - - (148.4) (116.2) 111.7 (54.4) (47.2) - - (40.6) (31.2) - - - - 3.04x - - - - - - - - (143.5) (120.7) 107.6 (57.6) (53.0) - - (45.0) (39.3) - - - - 5.79x - - - - - - - - EBITDA -47.21 Long-Term Rating Date - EBIT -50.85 Long-Term Rating - Operating Margin -87.85% Long-Term Outlook - Pretax Margin -90.43% Short-Term Rating Date - Return on Assets -14.87% Short-Term Rating - Return on Common Equity -43.50% Return on Capital - EBITDA/Interest Exp. - Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin 92.4% Total Debt/EBITDA - EBITDA Margin - EBIT Margin -71.9% Total Debt/Equity 0.0% Net Income Margin -91.6% Total Debt/Capital 0.0% Asset Turnover 0.20 Current Ratio 6.14 Net Fixed Asset Turnover 3.32 Quick Ratio 6.00 Accounts receivable turnover-days 81.56 Debt to Assets 0.00% Inventory Days - Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day - Accounts Receivable Turnover 4.48 Cash Conversion Cycle -1229.73 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 Basilea Pharmaceutica Price/Volume Valuation Analysis 39'374.00 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 M .1 M .2 M .2 M .3 M .3 M 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 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 HBM PARTNERS LIMITED Multiple Portfolios MF-AGG 1'997'342 20.81 - 30.06.2013 Unclassified HBM HEALTHCARE INVES n/a EXCH 1'914'770 19.95 - 12.09.2013 Venture Capital MORGAN STANLEY SECUR n/a EXCH 861'389 8.98 291'630 16.09.2013 Investment Advisor ROCHE HOLDING AG n/a Co File 479'380 4.99 - 31.12.2012 Corporation CREDIT SUISSE AG n/a ULT-AGG 451'830 4.71 3'000 31.05.2013 Investment Advisor FRANKLIN RESOURCES n/a ULT-AGG 351'012 3.66 (120) 28.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 180'774 1.88 - 31.12.2012 Government DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 101'450 1.06 - 28.12.2012 Investment Advisor OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 95'191 0.99 - 31.07.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 94'985 0.99 (12'489) 28.03.2013 Investment Advisor MASON STREET ADVISOR Multiple Portfolios MF-AGG 87'430 0.91 - 30.06.2013 Investment Advisor BLACKROCK n/a ULT-AGG 86'523 0.9 6'500 25.09.2013 Investment Advisor BARING FUND MANAGERS Multiple Portfolios MF-AGG 68'846 0.72 - 31.05.2013 Investment Advisor DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 68'799 0.72 10'945 28.06.2013 Investment Advisor HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 63'800 0.66 63'800 30.06.2013 Investment Advisor DEKA INVESTMENT GMBH DEKA-EUROPAPOTENTIAL MF-DEU 56'960 0.59 - 28.12.2012 Investment Advisor OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 54'201 0.56 - 31.01.2013 Investment Advisor UBS AG n/a ULT-AGG 48'571 0.51 1'419 31.07.2013 Unclassified DEKA INVESTMENT GMBH DEKA-SCHWEIZ MF-DEU 44'490 0.46 - 28.12.2012 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 40'901 0.43 972 30.06.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Helvea OLAV ZILIAN buy 5 M 105 12 month 13.09.2013 Bank Vontobel AG ANDREW C WEISS hold 3 M 75 Not Provided 22.08.2013 EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013 Kepler Cheuvreux FABIAN WENNER buy 5 M 110 Not Provided 08.02.2013 Holdings By: Basilea Pharmaceutica All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Implenia AG provides construction, civil and underground engineering services. The Company's projects include residential and industrial buildings, tunnels, bridges and roads. Implenia also provides real estate and facilities management and marketing services. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (29.08.2013) 55.90 52-Week Low (26.11.2012) 35.10 Daily Volume 55.2 52-Week High % Change -1.25% Dividend Yield - 52-Week Low % Change 57.28% Beta 0.57 % 52 Week Price Range High/Low 93.51% Equity Float 11.66 Shares Out 30.06.2013 18.5 Short Int - 1'019.65 1 Yr Total Return 49.19% Total Debt 212.90 YTD Return 42.09% Preferred Stock 0.0 Adjusted BETA 0.566 Minority Interest 12.5 Analyst Recs 4 Cash and Equivalents 500.95 Consensus Rating 5.000 Enterprise Value 812.51 Average Volume 5 Day 28'888 IMPN SE EQUITY YTD Change - Average Volume 30 Day 52'670 IMPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 33'279 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 01/yy 01/yy 12/13 Y 12/14 Y - - 2'326.4 2'279.8 2'388.4 2'522.6 2'695.8 - - 2'944.5 3'108.3 - - 0.22x 0.18x 0.19x 0.10x 0.17x - - 0.22x 0.20x - - 85.2 100.4 105.4 135.4 140.6 - - 158.0 167.7 - - 5.88x 4.11x 4.21x 1.92x 3.25x - - 5.13x 4.83x - - 41.0 45.9 51.5 60.3 69.1 - - 79.6 84.8 - - 12.95x 11.33x 11.09x 7.15x 10.58x - - 12.67x 11.70x - - EBITDA 140.61 Long-Term Rating Date - EBIT 98.94 Long-Term Rating - Operating Margin 3.67% Long-Term Outlook - Pretax Margin 3.45% Short-Term Rating Date - Return on Assets 3.57% Short-Term Rating - Return on Common Equity 15.54% Return on Capital 11.23% EBITDA/Interest Exp. 70.66 Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 52.40 Net Debt/EBITDA -1.53 Gross Margin - Total Debt/EBITDA 1.44 EBITDA Margin 5.1% EBIT Margin 3.6% Total Debt/Equity 36.3% Net Income Margin 2.6% Total Debt/Capital 26.2% Asset Turnover 1.38 Current Ratio 1.42 Net Fixed Asset Turnover 12.38 Quick Ratio 0.86 Accounts receivable turnover-days 73.72 Debt to Assets 10.60% Inventory Days - Tot Debt to Common Equity 36.27% Accounts Payable Turnover Day - Accounts Receivable Turnover 4.95 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Implenia AG Price/Volume Valuation Analysis 26'713.00 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 M .1 M .2 M .2 M .3 M .3 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 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 PARMINO HOLDING AG n/a Co File 2'936'950 15.9 - 31.12.2012 Holding Company CREDIT SUISSE AG n/a EXCH 2'032'412 11 - 02.09.2013 Investment Advisor MAAG RUDOLF n/a Co File 2'000'000 10.83 - 31.12.2012 n/a AMMANN GROUP HOLDING n/a EXCH 1'362'000 7.37 - 02.09.2013 Holding Company SCHRODERS PLC n/a EXCH 864'964 4.68 - 02.07.2013 Investment Advisor VONTOBEL ASSET MANAG n/a EXCH 568'544 3.08 - 03.09.2013 Investment Advisor CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 392'839 2.13 479 28.02.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 300'222 1.63 1'244 30.04.2013 Investment Advisor JP MORGAN n/a ULT-AGG 241'676 1.31 (158) 31.05.2013 Investment Advisor AFFENTRANGER ANTON n/a Co File 224'422 1.21 - 31.12.2012 n/a IMPLENIA AG n/a Co File 211'017 1.14 - 31.12.2010 Corporation MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 195'939 1.06 (1'098) 31.03.2013 Investment Advisor UBS AG n/a ULT-AGG 193'148 1.05 445 31.05.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 180'687 0.98 (24'655) 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 101'398 0.55 - 31.05.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 89'144 0.48 39'703 31.05.2013 Investment Advisor ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 83'500 0.45 2'500 31.05.2013 Investment Advisor CAZENOVE FUND MANAGE Multiple Portfolios MF-AGG 71'842 0.39 2'737 28.02.2013 Investment Advisor LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 58'363 0.32 18'000 30.06.2013 Investment Advisor THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 53'894 0.29 17'556 28.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank Vontobel AG CHRISTIAN ARNOLD buy 5 M 65 Not Provided 04.09.2013 Zuercher Kantonalbank MARTIN HUESLER outperform 5 M #N/A N/A Not Provided 02.09.2013 Helvea PATRICK APPENZELLER buy 5 M 65 12 month 30.08.2013 EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013 Holdings By: Implenia AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Huber & Suhner AG manufactures telecommunications products and polymer systems. The Company produces antenna systems, lightning protection, fiber optic cables and connectors, and hybrid cables. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (28.01.2013) 50.00 52-Week Low (16.11.2012) 39.15 Daily Volume 47.6 52-Week High % Change -4.80% Dividend Yield - 52-Week Low % Change 21.58% Beta 0.80 % 52 Week Price Range High/Low 79.72% Equity Float 12.94 Shares Out 30.06.2013 20.2 Short Int - 961.52 1 Yr Total Return 14.06% Total Debt 0.00 YTD Return 10.65% Preferred Stock 0.0 Adjusted BETA 0.796 Minority Interest 0.0 Analyst Recs 4 Cash and Equivalents 84.84 Consensus Rating 3.000 Enterprise Value 830.59 Average Volume 5 Day 12'604 HUBN SE EQUITY YTD Change - Average Volume 30 Day 12'997 HUBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 9'566 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 01/yy 01/yy 12/13 Y 12/14 Y - - 760.2 631.1 799.5 758.5 698.1 - - 740.3 782.3 - - 0.76x 0.93x 1.32x 0.78x 1.14x - - 1.07x 1.00x - - 114.3 80.8 142.3 76.4 - - - 90.6 102.0 - - 5.06x 7.26x 7.40x 7.73x - - - 9.17x 8.15x - - 60.2 48.4 79.0 49.8 21.8 - - 42.0 52.2 - - 11.97x 15.94x 15.80x 15.43x 38.84x - - 21.71x 17.76x - - EBITDA 76.36 Long-Term Rating Date - EBIT 24.46 Long-Term Rating - Operating Margin 3.50% Long-Term Outlook - Pretax Margin 3.04% Short-Term Rating Date - Return on Assets 5.33% Short-Term Rating - Return on Common Equity 6.67% Return on Capital - EBITDA/Interest Exp. 1908.98 Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 977.93 Net Debt/EBITDA - Gross Margin 30.7% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 5.8% Total Debt/Equity 0.0% Net Income Margin 3.1% Total Debt/Capital 0.0% Asset Turnover 1.07 Current Ratio 3.97 Net Fixed Asset Turnover 4.30 Quick Ratio 2.22 Accounts receivable turnover-days 60.51 Debt to Assets 0.00% Inventory Days 112.96 Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day - Accounts Receivable Turnover 6.03 Cash Conversion Cycle 146.81 Inventory Turnover 3.23 Fiscal Year Ended Huber & Suhner AG Price/Volume Valuation Analysis 5'635.00 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 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 45.00 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 BODMER HENRY CARL MA n/a Co File 2'399'760 11.88 - 31.12.2011 n/a METROHM AG n/a Co File 2'145'240 10.62 - 31.12.2011 Corporation HOFFMAN-SUHNER SYLVI n/a Co File 1'268'560 6.28 - 31.12.2011 n/a LODH SWISS CAP n/a Co File 959'500 4.75 - 31.12.2011 Other HUBER & SUHNER AG n/a Co File 746'663 3.7 - 31.12.2011 Corporation HUWA FINANZ UND BETE n/a Co File 640'340 3.17 - 31.12.2011 Investment Advisor EGS BETEILIGUNGEN AG n/a EXCH 607'195 3.01 - 04.06.2012 Investment Advisor SARASIN n/a ULT-AGG 582'487 2.88 (7) 30.04.2013 Unclassified LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 350'000 1.73 - 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 313'062 1.55 (9'396) 30.04.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 278'369 1.38 - 31.12.2012 Government LB SWISS INVESTMENT Multiple Portfolios MF-AGG 171'114 0.85 (34'625) 28.03.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 148'308 0.73 2'497 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 112'119 0.56 - 31.05.2013 Investment Advisor MAINFIRST SICAV Multiple Portfolios MF-AGG 111'198 0.55 - 28.02.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 80'279 0.4 - 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 77'364 0.38 1'800 30.06.2013 Unclassified UBS AG n/a ULT-AGG 74'401 0.37 (1'962) 31.05.2013 Unclassified ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 51'000 0.25 2'000 31.05.2013 Investment Advisor KAUFMANN URS n/a Co File 45'800 0.23 - 31.12.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 29.08.2013 Zuercher Kantonalbank RICHARD FREI market perform 3 M #N/A N/A Not Provided 22.08.2013 Helvea RETO AMSTALDEN buy 5 M 50 12 month 20.08.2013 UBS ANDRE RUDOLF VON ROHR sell 1 M 40 12 month 13.03.2013 Bank Vontobel AG ANDY SCHNYDER not rated #N/A N/A M #N/A N/A Not Provided 27.09.2012 Holdings By: Huber & Suhner AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking and other financial services. Zuger Kantonalbank emphasizes mortgage lending and corporate finance. The Bank operates through a number of branches in the Canton Zug. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (11.04.2013) 5'075.00 52-Week Low (19.06.2013) 4'644.00 Daily Volume 4720 52-Week High % Change -7.00% Dividend Yield - 52-Week Low % Change 1.64% Beta 0.40 % 52 Week Price Range High/Low 15.31% Equity Float 0.14 Shares Out 30.06.2013 0.3 Short Int - 1'360.72 1 Yr Total Return 0.74% Total Debt 2'706.64 YTD Return 1.68% Preferred Stock 0.0 Adjusted BETA 0.404 Minority Interest 0.0 Analyst Recs 1 Cash and Equivalents 1'022.47 Consensus Rating 1.000 Enterprise Value - Average Volume 5 Day 24 ZG SE EQUITY YTD Change - Average Volume 30 Day 39 ZG SE EQUITY YTD % CHANGE - Average Volume 3 Month 40 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 01/yy 01/yy 12/13 Y 12/14 Y - - 376.5 336.9 334.9 338.0 326.6 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 61.3 61.4 61.1 61.0 61.2 - - - - - - 17.40x 19.96x 23.56x 23.81x 22.62x - - - - - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 44.74% Long-Term Outlook - Pretax Margin 33.87% Short-Term Rating Date - Return on Assets 0.49% Short-Term Rating - Return on Common Equity 5.47% Return on Capital 1.60% EBITDA/Interest Exp. - Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 237.4% Net Income Margin 28.2% Total Debt/Capital 70.4% Asset Turnover 0.03 Current Ratio - Net Fixed Asset Turnover 2.84 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 21.98% Inventory Days - Tot Debt to Common Equity 237.42% 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 Zuger Kantonalbank AG Price/Volume Valuation Analysis 20.00 Current Price (9/dd/yy) Market Data 0 1000 2000 3000 4000 5000 6000 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 .0 M .0 M .0 M .0 M .0 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 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 KANTON ZUG n/a Co File 144'438 50.1 - 31.12.2011 Government CREDIT SUISSE AG n/a ULT-AGG 1'143 0.4 - 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 745 0.26 - 31.05.2013 Unclassified PICTET FUNDS n/a ULT-AGG 594 0.21 (27) 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 186 0.06 1 30.04.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 164 0.06 - 30.04.2013 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 115 0.04 - 28.03.2013 Investment Advisor SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 67 0.02 - 28.06.2013 Investment Advisor JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 63 0.02 (2) 30.06.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 42 0.01 - 31.05.2013 Investment Advisor JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 32 0.01 - 30.06.2013 Investment Advisor PRINCIPAL FINANCIAL n/a ULT-AGG 31 0.01 31 30.06.2013 Investment Advisor BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 31 0.01 - 30.04.2013 Investment Advisor FLEXSHARES TRUST Multiple Portfolios MF-AGG 4 0 - 31.08.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 4 0 - 28.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013 Holdings By: Zuger Kantonalbank AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products in Europe. The Company's products include reinsurance, health, transport, legal, technical, life, accident, travel, automobile, fire and theft insurance. Schweizerische National has a network of offices in Switzerland and subsidiaries located throughout Europe. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (15.03.2013) 47.70 52-Week Low (27.09.2012) 36.05 Daily Volume 41.6 52-Week High % Change -12.79% Dividend Yield - 52-Week Low % Change 15.40% Beta 0.63 % 52 Week Price Range High/Low 47.21% Equity Float 18.25 Shares Out 30.06.2013 22.1 Short Int - 917.28 1 Yr Total Return 17.91% Total Debt 0.00 YTD Return 6.70% Preferred Stock 0.0 Adjusted BETA 0.626 Minority Interest 8.3 Analyst Recs 7 Cash and Equivalents 525.81 Consensus Rating 3.429 Enterprise Value 450.65 Average Volume 5 Day 10'045 NATN SE EQUITY YTD Change - Average Volume 30 Day 9'420 NATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 8'782 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 01/yy 01/yy 12/13 Y 12/14 Y - - 1'853.9 1'585.5 1'653.6 1'579.1 1'591.1 - - 1'573.3 1'625.3 - - 0.06x - 0.18x 0.07x 0.24x - - - - - - - - - - - - - - - - - - - - - - - - - - - - 64.5 76.2 91.6 164.5 103.0 - - 103.2 108.7 - - 9.31x 10.13x 8.81x 4.47x 8.65x - - 8.99x 8.49x - - EBITDA - Long-Term Rating Date - EBIT - Long-Term Rating NR Operating Margin 8.01% Long-Term Outlook - Pretax Margin 8.07% Short-Term Rating Date - Return on Assets 1.58% Short-Term Rating - Return on Common Equity 11.77% Return on Capital 11.71% EBITDA/Interest Exp. - Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 0.0% Net Income Margin 6.5% Total Debt/Capital 0.0% Asset Turnover 0.25 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 0.00% Inventory Days - Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Schweizerische National-Versicherungs-Gesellschaft AG Price/Volume Valuation Analysis 7'395.00 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 .0 M .0 M .1 M .1 M .1 M .1 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 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 HELVETIA HOLDING AG #N/A N/A Co File 2'657'780 12.05 - 31.12.2012 Insurance Company SCHWEIZERISCHE MOBIL #N/A N/A Co File 2'503'137 11.35 - 31.12.2012 Holding Company BALOISE HOLDING AG n/a EXCH 2'210'000 10.02 - 17.06.2013 Insurance Company METZLER INVESTMENT G #N/A N/A Co File 2'055'323 9.32 - 31.12.2012 Investment Advisor NUERNBERGER BETEILIG n/a Co File 1'435'833 6.51 - 31.12.2012 n/a GEBAUDEVERSICHERUNG #N/A N/A Co File 1'189'000 5.39 - 31.12.2012 Insurance Company DIMENSIONAL FUND ADV n/a ULT-AGG 418'291 1.9 - 30.04.2013 Investment Advisor ODIN FORVALTNING AS Multiple Portfolios MF-AGG 308'195 1.4 - 30.08.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 160'519 0.73 (10'624) 28.03.2013 Investment Advisor ROYAL BANK OF CANADA n/a ULT-AGG 146'224 0.66 18'202 30.04.2013 Bank LB SWISS INVESTMENT Multiple Portfolios MF-AGG 141'000 0.64 - 28.03.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 118'059 0.54 (373) 31.05.2013 Investment Advisor JP MORGAN n/a ULT-AGG 115'632 0.52 (18'481) 31.05.2013 Investment Advisor AMUNDI Multiple Portfolios MF-AGG 104'723 0.47 - 30.04.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 85'829 0.39 - 31.05.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 75'000 0.34 - 30.04.2013 Investment Advisor BARING FUND MANAGERS Multiple Portfolios MF-AGG 74'198 0.34 - 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 67'968 0.31 8'742 30.06.2013 Unclassified UBS AG n/a ULT-AGG 54'031 0.25 832 31.05.2013 Unclassified KUENZLE HANS n/a Co File 45'430 0.21 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Main First Bank AG RENE LOCHER underperform 1 M 45 12 month 09.09.2013 Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 44 Not Provided 06.09.2013 Kepler Cheuvreux FABRIZIO CROCE buy 5 M 53 Not Provided 06.09.2013 Nomura MICHAEL KLIEN reduce 2 M 42 12 month 06.09.2013 Helvea DANIEL BISCHOF buy 5 M 50 12 month 06.09.2013 Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 05.09.2013 EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013 Holdings By: Schweizerische National-Versicherungs-Gesellschaft AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Gategroup Holding AG, through its subsidiaries, provides a wide range of services for airlines. The Company specializes in catering and hospitality, provisioning and logistics, and onboard solutions to companies that serve people on the move. Gategroups customers include airlines, railroads and hotels around the world. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (07.11.2012) 26.70 52-Week Low (18.04.2013) 16.55 Daily Volume 23.15 52-Week High % Change -13.30% Dividend Yield - 52-Week Low % Change 39.88% Beta 0.90 % 52 Week Price Range High/Low 60.59% Equity Float 23.81 Shares Out 30.06.2013 26.8 Short Int - 620.10 1 Yr Total Return -1.07% Total Debt 429.10 YTD Return -3.54% Preferred Stock 0.0 Adjusted BETA 0.903 Minority Interest 8.2 Analyst Recs 7 Cash and Equivalents 170.60 Consensus Rating 3.286 Enterprise Value 899.10 Average Volume 5 Day 28'326 GATE SE EQUITY YTD Change - Average Volume 30 Day 85'471 GATE SE EQUITY YTD % CHANGE - Average Volume 3 Month 69'017 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 - 2'712.3 2'700.0 2'688.1 2'992.5 2'783.3 3'044.0 3'062.7 3'150.7 - - - 0.42x 0.56x 0.28x 0.30x 1.34x 1.09x 0.28x 0.26x - - - 158.5 188.1 166.9 65.7 137.8 104.7 165.7 183.2 - - - 7.15x 8.05x 4.48x 13.58x 0.00x 0.00x 5.43x 4.91x - - - 35.5 49.5 49.6 (58.8) 34.7 (76.8) 22.6 40.2 - - - 18.52x 21.05x 12.04x - 20.30x 0.00x 18.31x 12.54x - - EBITDA 65.70 Long-Term Rating Date 11.06.2013 EBIT 15.70 Long-Term Rating BB- Operating Margin 0.52% Long-Term Outlook STABLE Pretax Margin -1.41% Short-Term Rating Date - Return on Assets -4.81% Short-Term Rating - Return on Common Equity -24.94% Return on Capital - EBITDA/Interest Exp. 1.49 Asset Turnover 1.91% (EBITDA-Capex)/Interest Exp. 0.25 Net Debt/EBITDA 5.85 Gross Margin - Total Debt/EBITDA 9.44 EBITDA Margin 1.5% EBIT Margin 0.1% Total Debt/Equity 174.1% Net Income Margin -2.0% Total Debt/Capital 62.8% Asset Turnover 1.91 Current Ratio 1.17 Net Fixed Asset Turnover 9.31 Quick Ratio 0.80 Accounts receivable turnover-days 36.96 Debt to Assets 28.00% Inventory Days - Tot Debt to Common Equity 174.15% Accounts Payable Turnover Day - Accounts Receivable Turnover 9.88 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 Gategroup Holding AG Price/Volume Valuation Analysis 34'195.00 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 .1 M .2 M .3 M .4 M .5 M .6 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 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 PICTET FUNDS n/a ULT-AGG 1'445'460 5.4 626'591 17.07.2013 Investment Advisor RAINER-MARC FREY n/a Co File 1'429'415 5.34 - 31.12.2012 n/a HARRIS ASSOCIATES LP n/a Co File 1'416'081 5.29 - 31.12.2012 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 1'344'057 5.02 4'890 03.09.2013 Investment Advisor H21 GLOBAL OPPORTUNI n/a EXCH 1'337'000 4.99 - 26.03.2013 n/a KEMPEN CAPITAL MANAG n/a ULT-AGG 812'656 3.03 (491'265) 09.07.2013 Unclassified SCHRODER INVESTMENT n/a EXCH 796'280 2.97 (7'424) 04.01.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 772'555 2.88 52'656 30.06.2013 Unclassified GATEGROUP HOLDING AG n/a Co File 719'537 2.69 - 31.12.2012 Holding Company JANUS CAPITAL MANAGE n/a ULT-AGG 705'009 2.63 (434'373) 22.05.2012 Investment Advisor SILVER POINT CAPITAL n/a EXCH 631'153 2.36 - 04.01.2013 Hedge Fund Manager UBS AG n/a ULT-AGG 607'229 2.27 (5'963) 31.05.2013 Unclassified NORGES BANK Multiple Portfolios MF-AGG 555'213 2.07 - 31.12.2012 Government SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 446'696 1.67 (336) 28.03.2013 Investment Advisor WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 300'000 1.12 120'000 28.03.2013 Investment Advisor SCHMID ANDREAS n/a Co File 247'067 0.92 - 31.12.2012 n/a LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 229'251 0.86 70'000 30.06.2013 Investment Advisor FIL LIMITED n/a ULT-AGG 205'028 0.77 43'890 31.10.2012 Investment Advisor HARTFORD INVESTMENT Multiple Portfolios MF-AGG 131'693 0.49 13'797 31.08.2013 Investment Advisor BROWN NEIL GRAEME n/a Co File 100'000 0.37 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank Vontobel AG RENE WEBER hold 3 M 22 Not Provided 23.08.2013 Helvea ANDREAS VON ARX hold 3 M 23 12 month 23.08.2013 Mirabaud Securities THOMAS BAUMANN accumulate 4 M 24 12 month 22.08.2013 Kepler Cheuvreux BEAT KEISER reduce 2 M 19 Not Provided 06.08.2013 EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013 Credit Suisse PATRICK JNGLIN neutral 3 M 20 Not Provided 17.05.2013 UBS ALEX BRIGNALL buy 5 M 27 12 month 12.02.2013 Holdings By: Gategroup Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Rieter Holding AG manufactures spinning systems and chemical fiber systems. The Company's spinning and chemical fiber systems are used to process cotton and man-made fibers. Rieter produces its products throughout Europe and sells internationally. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (19.09.2013) 196.40 52-Week Low (16.11.2012) 139.60 Daily Volume 186.1 52-Week High % Change -5.24% Dividend Yield - 52-Week Low % Change 33.31% Beta 1.24 % 52 Week Price Range High/Low 83.10% Equity Float 2.96 Shares Out 30.06.2013 4.7 Short Int - 869.53 1 Yr Total Return 18.88% Total Debt 256.30 YTD Return 18.80% Preferred Stock 0.0 Adjusted BETA 1.237 Minority Interest 5.0 Analyst Recs 10 Cash and Equivalents 351.90 Consensus Rating 2.900 Enterprise Value 809.33 Average Volume 5 Day 6'044 RIEN SE EQUITY YTD Change - Average Volume 30 Day 11'363 RIEN SE EQUITY YTD % CHANGE - Average Volume 3 Month 15'295 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 01/yy 01/yy 12/13 Y 12/14 Y - - 3'011.9 1'882.7 812.1 1'000.7 888.5 - - 971.9 1'118.3 - - 0.26x 0.58x 2.02x 0.50x 0.73x - - 0.81x 0.67x - - 281.9 (45.7) 115.6 146.5 66.8 - - 79.4 134.4 - - 2.79x - 14.19x 3.43x 9.67x - - 10.22x 6.04x - - (405.9) (223.9) 26.5 267.2 29.5 - - 18.6 57.0 - - - - 19.03x 5.46x 24.91x - - 35.69x 14.28x - - EBITDA 66.80 Long-Term Rating Date - EBIT 33.60 Long-Term Rating - Operating Margin 3.78% Long-Term Outlook - Pretax Margin 3.95% Short-Term Rating Date - Return on Assets 1.17% Short-Term Rating - Return on Common Equity 3.45% Return on Capital - EBITDA/Interest Exp. 4.34 Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. -0.96 Net Debt/EBITDA -1.19 Gross Margin - Total Debt/EBITDA 4.90 EBITDA Margin 5.9% EBIT Margin 2.1% Total Debt/Equity 68.9% Net Income Margin 3.3% Total Debt/Capital 40.5% Asset Turnover 0.84 Current Ratio 2.33 Net Fixed Asset Turnover 3.68 Quick Ratio 1.44 Accounts receivable turnover-days 47.05 Debt to Assets 23.95% Inventory Days - Tot Debt to Common Equity 68.93% Accounts Payable Turnover Day - Accounts Receivable Turnover 7.76 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 Rieter Holding AG Price/Volume Valuation Analysis 5'886.00 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 .0 M .0 M .1 M .1 M .1 M .1 M .1 M .2 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 4'000.0 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 90.00 100.00 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 SPUHLER PETER n/a Co File 896'561 19.19 - 31.12.2012 n/a PIEPER MICHAEL W n/a Co File 538'695 11.53 - 31.12.2012 n/a SPARINVEST n/a ULT-AGG 270'036 5.78 - 31.07.2013 Investment Advisor SCHRODERS PLC #N/A N/A EXCH 251'734 5.39 - 02.07.2013 Investment Advisor FIRST EAGLE INVESTME n/a Co File 183'274 3.92 - 31.12.2012 Hedge Fund Manager CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 161'532 3.46 30'104 31.07.2013 Investment Advisor VONTOBEL ASSET MANAG n/a EXCH 141'028 3.02 - 27.06.2013 Investment Advisor NORGES BANK n/a EXCH 140'652 3.01 - 27.03.2013 Government VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 103'028 2.21 21'750 30.04.2013 Investment Advisor NIHON TOKUSHU TORYO n/a Co File 53'495 1.14 - 31.03.2013 Corporation BLACKROCK n/a ULT-AGG 53'323 1.14 - 25.09.2013 Investment Advisor RIETER HOLDING AG n/a Co File 50'938 1.09 - 31.12.2012 Corporation JP MORGAN n/a ULT-AGG 46'442 0.99 10'388 31.07.2013 Investment Advisor KEMPEN CAPITAL MANAG n/a ULT-AGG 45'873 0.98 (639) 30.06.2013 Unclassified UBS AG n/a ULT-AGG 42'434 0.91 13'207 31.05.2013 Unclassified FIL LIMITED n/a ULT-AGG 40'899 0.88 7'847 30.04.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 37'407 0.8 - 31.05.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 36'770 0.79 6'845 31.05.2013 Investment Advisor DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 36'237 0.78 1'500 28.06.2013 Investment Advisor BANK OF NOVA SCOTIA n/a ULT-AGG 29'588 0.63 29'588 30.06.2013 Bank Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank Vontobel AG FABIAN HAECKI buy 5 U 235 Not Provided 16.09.2013 Main First Bank AG MICHAEL INAUEN underperform 1 N 180 12 month 16.09.2013 Helvea VOLKAN GOCMEN buy 5 M 260 12 month 13.09.2013 Bank am Bellevue ALESSANDRO FOLETTI hold 3 M 185 Not Provided 03.09.2013 Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 185 Not Provided 07.08.2013 Mirabaud Securities THOMAS BAUMANN accumulate 4 M 210 12 month 29.07.2013 Credit Suisse PATRICK LAAGER neutral 3 M 190 Not Provided 26.07.2013 Zuercher Kantonalbank ARMIN RECHBERGER underperform 1 M #N/A N/A Not Provided 26.07.2013 EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013 UBS ANDRE RUDOLF VON ROHR neutral 3 M 160 12 month 17.04.2013 Holdings By: Rieter Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Valora Holding AG is a holding company. The company owns and operates kiosks, self-service stores, food, coffee and snack shops and restaurants, and wholesale outlets. Valora also owns and manages commercial real estate in Switzerland. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (26.09.2013) 208.90 52-Week Low (01.10.2012) 160.99 Daily Volume 208 52-Week High % Change -0.43% Dividend Yield - 52-Week Low % Change 29.20% Beta 0.89 % 52 Week Price Range High/Low 98.12% Equity Float 2.54 Shares Out 30.06.2013 3.4 Short Int - 714.60 1 Yr Total Return 32.27% Total Debt 511.71 YTD Return 20.26% Preferred Stock 0.0 Adjusted BETA 0.891 Minority Interest 5.1 Analyst Recs 8 Cash and Equivalents 147.15 Consensus Rating 2.375 Enterprise Value 1'006.19 Average Volume 5 Day 5'382 VALN SE EQUITY YTD Change - Average Volume 30 Day 7'155 VALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'316 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 01/yy 01/yy 12/13 Y 12/14 Y - - 2'931.1 2'897.0 2'877.7 2'817.9 2'847.9 - - 2'886.9 2'926.1 - - 0.15x 0.24x 0.32x 0.21x 0.35x - - 0.38x 0.37x - - 100.4 101.7 122.8 118.7 133.5 - - 142.1 148.6 - - 4.38x 6.87x 7.51x 4.95x 7.46x - - 7.08x 6.77x - - 38.6 54.0 63.4 56.3 45.4 - - 54.7 61.6 - - 19.90x 13.46x 14.60x 9.71x 11.87x - - 12.67x 11.74x - - EBITDA 133.48 Long-Term Rating Date - EBIT 78.03 Long-Term Rating - Operating Margin 2.74% Long-Term Outlook - Pretax Margin 1.88% Short-Term Rating Date - Return on Assets 3.97% Short-Term Rating - Return on Common Equity 10.05% Return on Capital - EBITDA/Interest Exp. 9.36 Asset Turnover 2.03% (EBITDA-Capex)/Interest Exp. 5.81 Net Debt/EBITDA 1.89 Gross Margin 33.0% Total Debt/EBITDA 2.61 EBITDA Margin 5.3% EBIT Margin 3.1% Total Debt/Equity 89.7% Net Income Margin 1.6% Total Debt/Capital 47.1% Asset Turnover 2.03 Current Ratio 1.37 Net Fixed Asset Turnover 12.37 Quick Ratio 0.68 Accounts receivable turnover-days 20.91 Debt to Assets 31.94% Inventory Days 46.25 Tot Debt to Common Equity 89.73% Accounts Payable Turnover Day 46.37 Accounts Receivable Turnover 17.45 Cash Conversion Cycle 13.36 Inventory Turnover 7.89 Fiscal Year Ended Valora Holding AG Price/Volume Valuation Analysis 6'102.00 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 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 .0 M .0 M .0 M .0 M .0 M .0 M 2'400.0 2'500.0 2'600.0 2'700.0 2'800.0 2'900.0 3'000.0 3'100.0 3'200.0 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 DITSCH ERNST PETER n/a Co File 635'599 18.5 - 31.12.2012 n/a UBS AG n/a ULT-AGG 170'937 4.98 - 24.06.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 151'034 4.4 - 31.05.2013 Investment Advisor NORGES BANK n/a EXCH 120'741 3.51 - 27.03.2013 Government ETHENEA INDEPENDENT n/a EXCH 106'431 3.1 - 05.08.2013 Investment Advisor BLACKROCK n/a ULT-AGG 92'738 2.7 - 25.09.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 82'205 2.39 (53'334) 22.08.2012 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 66'355 1.93 - 31.05.2013 Investment Advisor VALORA HOLDING AG n/a EXCH 51'011 1.48 (2'119) 19.04.2013 Unclassified DIMENSIONAL FUND ADV n/a ULT-AGG 42'987 1.25 241 30.04.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 39'894 1.16 79 30.04.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 36'000 1.05 - 30.04.2013 Investment Advisor BENEDICK ROLANDO n/a Co File 29'772 0.87 - 31.12.2012 n/a WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 27'500 0.8 - 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 17'291 0.5 675 30.06.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 15'431 0.45 568 28.03.2013 Investment Advisor BERGER ANDREAS n/a Co File 12'145 0.35 - 31.12.2012 n/a MUELLER MICHAEL n/a Co File 12'000 0.35 - 31.12.2012 n/a MINDER ALEX n/a Co File 11'618 0.34 - 31.12.2012 n/a SEB n/a ULT-AGG 9'423 0.27 2'644 28.03.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date Main First Bank AG STEPHAN VOLLERT underperform 1 M 185 12 month 26.09.2013 Bank Vontobel AG RENE WEBER hold 3 M 200 Not Provided 02.09.2013 EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 20.08.2013 Berenberg Bank ANNA PATRICE hold 3 M 199 Not Provided 30.07.2013 Kepler Cheuvreux CHRISTOPHER LADNER reduce 2 M 170 Not Provided 15.05.2013 Credit Suisse PATRICK JNGLIN neutral 3 M 175 Not Provided 14.05.2013 UBS JEAN-FRANCOIS MEYMANDI sell 1 M 170 12 month 04.04.2013 Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 D #N/A N/A Not Provided 26.03.2013 GSC Research MATTHIAS WAHLER buy 5 N #N/A N/A Not Provided 18.03.2009 Holdings By: Valora Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts deposits and offers universal banking services. The Bank offers mortgage loans, consumer loans, and loans to small and medium-sized companies, investment advice, asset management, securities brokerage, and financial planning services. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (27.09.2012) 1'225.00 52-Week Low (20.06.2013) 940.00 Daily Volume 981.5 52-Week High % Change -19.88% Dividend Yield - 52-Week Low % Change 4.41% Beta 0.51 % 52 Week Price Range High/Low 17.54% Equity Float 0.57 Shares Out 30.06.2013 0.6 Short Int - 2'129.85 1 Yr Total Return -15.73% Total Debt 3'711.32 YTD Return -8.90% Preferred Stock 0.0 Adjusted BETA 0.509 Minority Interest 0.0 Analyst Recs 1 Cash and Equivalents 775.55 Consensus Rating 3.000 Enterprise Value - Average Volume 5 Day 141 BLKB SE EQUITY YTD Change - Average Volume 30 Day 185 BLKB SE EQUITY YTD % CHANGE - Average Volume 3 Month 154 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 01/yy 01/yy 12/13 Y 12/14 Y - - 688.4 621.0 595.2 584.1 567.3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 96.1 106.3 108.9 109.0 111.9 - - - - - - 22.03x 21.15x 25.51x 25.88x 21.53x - - - - - - EBITDA - Long-Term Rating Date 21.11.2001 EBIT - Long-Term Rating AAA Operating Margin 47.06% Long-Term Outlook NEG Pretax Margin 30.33% Short-Term Rating Date 21.11.2001 Return on Assets 0.57% Short-Term Rating A-1+ Return on Common Equity 8.69% Return on Capital 2.16% EBITDA/Interest Exp. - Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 427.6% Net Income Margin 30.3% Total Debt/Capital 81.0% Asset Turnover 0.03 Current Ratio - Net Fixed Asset Turnover 3.46 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 19.29% Inventory Days - Tot Debt to Common Equity 427.56% 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 Basellandschaftliche Kantonalbank Price/Volume Valuation Analysis 25.00 Current Price (9/dd/yy) Market Data 0 200 400 600 800 1000 1200 1400 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 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 CREDIT SUISSE AG n/a ULT-AGG 4'567 0.8 - 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 3'107 0.55 (40) 31.05.2013 Unclassified PICTET FUNDS n/a ULT-AGG 2'455 0.43 - 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 759 0.13 1 30.04.2013 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 457 0.08 - 28.03.2013 Investment Advisor SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 413 0.07 - 28.06.2013 Investment Advisor BAUMANN URS DANIEL n/a Co File 410 0.07 - 31.12.2011 n/a SCHENK DANIEL L n/a Co File 380 0.07 - 31.12.2011 n/a SCHUDEL HANS ULRICH n/a Co File 290 0.05 - 31.12.2011 n/a JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 261 0.05 (7) 30.06.2013 Investment Advisor GREINER DORIS n/a Co File 260 0.05 - 31.12.2011 n/a SCHIRMER-MOSSET ELIS n/a Co File 240 0.04 - 31.12.2011 n/a BALLMER ADRIAN n/a Co File 227 0.04 - 31.12.2011 n/a JANIAK CLAUDE n/a Co File 160 0.03 - 31.12.2011 n/a HANSEN WILHELM n/a Co File 140 0.02 - 31.12.2011 n/a VOELLMIN DIETER n/a Co File 130 0.02 - 31.12.2011 n/a FORTUNA INVESTMENT A Multiple Portfolios MF-AGG 100 0.02 - 30.08.2013 Investment Advisor AXA ROSENBERG INTL Multiple Portfolios MF-AGG 62 0.01 62 31.12.2012 Investment Advisor STATE STREET CORP n/a ULT-AGG 18 0 - 26.09.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 14 0 - 28.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 27.08.2013 Holdings By: Basellandschaftliche Kantonalbank All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk, cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also produces a variety of fruit juices and iced tea. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (13.05.2013) 297.00 52-Week Low (28.09.2012) 200.34 Daily Volume 268 52-Week High % Change -9.76% Dividend Yield - 52-Week Low % Change 33.77% Beta 0.61 % 52 Week Price Range High/Low 68.70% Equity Float 1.93 Shares Out 28.08.2013 5.3 Short Int - 1'433.75 1 Yr Total Return 31.13% Total Debt 599.02 YTD Return 18.02% Preferred Stock 0.0 Adjusted BETA 0.605 Minority Interest 177.3 Analyst Recs 6 Cash and Equivalents 182.83 Consensus Rating 3.000 Enterprise Value 1'991.72 Average Volume 5 Day 1'139 EMMN SE EQUITY YTD Change - Average Volume 30 Day 2'937 EMMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'310 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 01/yy 01/yy 12/13 Y 12/14 Y - - 2'670.8 2'619.3 2'683.7 2'721.3 2'981.2 - - 3'249.2 3'321.2 - - 0.34x 0.38x 0.54x 0.55x 0.61x - - 0.61x 0.57x - - 188.7 211.8 231.9 224.1 249.4 - - 262.4 272.0 - - 4.85x 4.67x 6.25x 6.73x 7.31x - - 7.56x 7.30x - - 58.7 75.3 86.1 83.0 106.2 - - 95.0 99.9 - - 9.02x 9.13x 13.04x 12.57x 11.58x - - 14.50x 13.64x - - EBITDA 249.42 Long-Term Rating Date - EBIT 145.48 Long-Term Rating - Operating Margin 4.88% Long-Term Outlook - Pretax Margin 5.10% Short-Term Rating Date - Return on Assets 4.29% Short-Term Rating - Return on Common Equity 9.50% Return on Capital - EBITDA/Interest Exp. 17.28 Asset Turnover 1.49% (EBITDA-Capex)/Interest Exp. 8.61 Net Debt/EBITDA 1.45 Gross Margin - Total Debt/EBITDA 2.28 EBITDA Margin 8.1% EBIT Margin 4.6% Total Debt/Equity 60.6% Net Income Margin 3.6% Total Debt/Capital 34.0% Asset Turnover 1.49 Current Ratio 1.51 Net Fixed Asset Turnover 3.61 Quick Ratio 0.94 Accounts receivable turnover-days 40.54 Debt to Assets 25.79% Inventory Days - Tot Debt to Common Equity 60.64% Accounts Payable Turnover Day - Accounts Receivable Turnover 9.00 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Emmi AG Price/Volume Valuation Analysis 1'308.00 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 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 500.0 1'000.0 1'500.0 2'000.0 2'500.0 3'000.0 3'500.0 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 ZMP n/a Co File 2'904'941 54.3 - 31.12.2012 Unclassified ZENTRALSCHWEIZER MIL n/a Co File 251'441 4.7 - 31.12.2012 n/a MIBA MILCHVERBAND NO n/a Co File 192'593 3.6 - 31.12.2012 Corporation CAPITAL GROUP COMPAN n/a ULT-AGG 164'100 3.07 - 30.06.2013 Investment Advisor LOMBARD ODIER ASSET n/a EXCH 152'470 2.85 - 11.09.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 80'272 1.5 (1'344) 30.04.2013 Investment Advisor BLACKROCK n/a ULT-AGG 55'827 1.04 (3'586) 31.05.2013 Investment Advisor BAER STEPHAN n/a Co File 49'000 0.92 - 31.12.2012 n/a DIMENSIONAL FUND ADV n/a ULT-AGG 43'656 0.82 (576) 30.04.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 40'900 0.76 (1'174) 28.03.2013 Investment Advisor RUFFER LLP Multiple Portfolios MF-AGG 35'280 0.66 - 28.02.2013 Investment Advisor DJE INVESTMENT SA Multiple Portfolios MF-AGG 32'700 0.61 - 28.06.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 20'999 0.39 - 31.12.2012 Government EMMI WOHLFAHRTSFONDS n/a Co File 16'049 0.3 - 31.12.2012 Corporation CREDIT SUISSE AG n/a ULT-AGG 15'988 0.3 - 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 12'129 0.23 (384) 31.07.2013 Unclassified HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 12'050 0.23 4'250 30.06.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 11'981 0.22 10'736 30.06.2013 Unclassified CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 9'000 0.17 1'000 30.08.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 8'556 0.16 (5'500) 31.05.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS JOERN IFFERT neutral 3 M 270 12 month 30.08.2013 Bank Vontobel AG RENE WEBER hold 3 M 260 Not Provided 29.08.2013 Helvea ANDREAS VON ARX buy 5 M 305 12 month 29.08.2013 EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 20.08.2013 Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 290 Not Provided 15.05.2013 Zuercher Kantonalbank PATRIK SCHWENDIMANN underperform 1 D #N/A N/A Not Provided 28.03.2013 Holdings By: Emmi AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Bossard Holding AG supplies fastening devices, industrial adhesives, and tools. The Company offers its customers engineering assistance in solving fastening problems. Bossard markets its products in Europe, the United States, and Asia. Latest Fiscal Year: 12/2012 LTM as of: 03/yy 52-Week High (27.09.2013) 186.60 52-Week Low (10.10.2012) 108.89 Daily Volume 183 52-Week High % Change -1.93% Dividend Yield 2.89 52-Week Low % Change 68.06% Beta 0.85 % 52 Week Price Range High/Low 99.19% Equity Float 1.17 Shares Out 30.06.2013 3.3 Short Int - 732.00 1 Yr Total Return 64.53% Total Debt 227.81 YTD Return 53.48% Preferred Stock 0.0 Adjusted BETA 0.853 Minority Interest 3.4 Analyst Recs 5 Cash and Equivalents 25.63 Consensus Rating 4.600 Enterprise Value 865.44 Average Volume 5 Day 6'128 BOS SE EQUITY YTD Change - Average Volume 30 Day 6'891 BOS SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'883 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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 542.8 379.9 458.7 457.7 471.2 0.0 156.1 601.5 644.5 - - 0.44x 0.57x 0.78x 0.74x 1.29x #DIV/0! 0.00x 1.40x 1.28x - - 57.0 30.5 57.8 60.1 58.1 0.0 0.0 81.2 87.2 - - 4.19x 7.15x 6.22x 5.67x 10.50x 0.00x 0.00x 10.66x 9.92x - - 32.1 15.1 44.3 44.3 42.9 0.0 0.0 52.4 57.5 - - 4.27x 11.77x 7.39x 6.85x 9.32x 0.00x 0.00x 11.96x 11.59x - - EBITDA 58.08 Long-Term Rating Date - EBIT 47.63 Long-Term Rating - Operating Margin 10.11% Long-Term Outlook - Pretax Margin 10.42% Short-Term Rating Date - Return on Assets 12.12% Short-Term Rating - Return on Common Equity 34.38% Return on Capital 16.95% EBITDA/Interest Exp. 25.72 Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 16.21 Net Debt/EBITDA 3.48 Gross Margin 39.8% Total Debt/EBITDA 3.92 EBITDA Margin 12.3% EBIT Margin 10.1% Total Debt/Equity 488.0% Net Income Margin 9.1% Total Debt/Capital 82.0% Asset Turnover 1.33 Current Ratio 1.43 Net Fixed Asset Turnover 6.24 Quick Ratio 0.57 Accounts receivable turnover-days 64.19 Debt to Assets 60.54% Inventory Days 199.43 Tot Debt to Common Equity 488.02% Accounts Payable Turnover Day 44.61 Accounts Receivable Turnover 5.70 Cash Conversion Cycle 219.01 Inventory Turnover 1.84 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 Bossard Holding AG Price/Volume Valuation Analysis 9'927.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 160 180 200 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 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 BOSSARD FAMILIES n/a Co File 1'502'900 45.2 - 31.12.2012 n/a KOLIN HOLDING AG n/a EXCH 407'455 12.25 - 22.03.2013 Other SARASIN n/a ULT-AGG 267'737 8.05 - 30.04.2013 Unclassified BOSSARD HOLDING AG n/a Co File 185'000 5.56 - 31.12.2012 Corporation UBS AG n/a ULT-AGG 92'745 2.79 2'310 31.05.2013 Unclassified SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 66'106 1.99 14'288 28.03.2013 Investment Advisor JP MORGAN n/a ULT-AGG 27'717 0.83 (5'140) 31.05.2013 Investment Advisor MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 27'440 0.83 3'940 31.03.2013 Investment Advisor ANLAGESTIFTUNG WINTE Multiple Portfolios MF-AGG 26'705 0.8 (8'295) 28.06.2013 Investment Advisor REICHMUTH & CO INVES Multiple Portfolios MF-AGG 25'048 0.75 42 30.08.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 24'598 0.74 5'000 31.05.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 15'400 0.46 (378) 30.04.2013 Investment Advisor ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 14'000 0.42 - 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 13'650 0.41 (78) 30.04.2013 Investment Advisor JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 13'620 0.41 (91) 30.06.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 11'640 0.35 95 31.05.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 11'602 0.35 747 31.05.2013 Investment Advisor WETTER-BOSSARD HELEN n/a Co File 10'555 0.32 - 31.12.2012 n/a GROB BEATRICE n/a Co File 10'038 0.3 - 31.12.2012 n/a DEAN DAVID n/a Co File 8'600 0.26 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 10.09.2013 Bank Vontobel AG PATRICK RAFAISZ hold 3 M 150 Not Provided 28.08.2013 Helvea STEFAN GAECHTER buy 5 U 185 12 month 28.08.2013 Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 M #N/A N/A Not Provided 07.05.2013 Berenberg Bank FREDERIK BITTER buy 5 M 170 Not Provided 01.05.2013 Holdings By: Bossard Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Schweiter Technologies AG, through its wholly owned subsidiaries, is a core material, composite construction company. The Company also manufactures textile machinery used primarily in the production and treatment of yarn, thread, and textile samples. Schweiter also produces machines for the assembly and packaging of semiconductor devices. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (18.07.2013) 614.00 52-Week Low (15.11.2012) 420.75 Daily Volume 608 52-Week High % Change -0.98% Dividend Yield - 52-Week Low % Change 44.50% Beta 0.55 % 52 Week Price Range High/Low 96.90% Equity Float 0.77 Shares Out 30.06.2013 1.4 Short Int - 877.75 1 Yr Total Return 43.17% Total Debt 5.59 YTD Return 23.80% Preferred Stock 0.0 Adjusted BETA 0.551 Minority Interest 0.0 Analyst Recs 5 Cash and Equivalents 382.60 Consensus Rating 3.800 Enterprise Value 560.35 Average Volume 5 Day 499 SWTQ SE EQUITY YTD Change - Average Volume 30 Day 781 SWTQ SE EQUITY YTD % CHANGE - Average Volume 3 Month 844 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 01/yy 01/yy 12/13 Y 12/14 Y - - 147.8 129.9 932.1 698.0 673.5 - - 670.5 699.0 - - - 3.53x 0.81x 0.57x 0.56x - - 0.73x 0.73x - - 16.9 (16.2) 100.3 83.8 80.4 - - 70.4 79.2 - - - - 7.55x 4.75x 4.70x - - 7.93x 7.05x - - 450.7 (20.4) 49.6 47.5 60.8 - - 35.2 43.8 - - - - 20.67x 16.51x 18.46x - - 24.31x 19.79x - - EBITDA 80.37 Long-Term Rating Date - EBIT 52.02 Long-Term Rating - Operating Margin 7.72% Long-Term Outlook - Pretax Margin 7.55% Short-Term Rating Date - Return on Assets 6.18% Short-Term Rating - Return on Common Equity 8.45% Return on Capital - EBITDA/Interest Exp. 29.88 Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 23.31 Net Debt/EBITDA -4.52 Gross Margin - Total Debt/EBITDA 0.09 EBITDA Margin 11.1% EBIT Margin 6.9% Total Debt/Equity 0.8% Net Income Margin 9.0% Total Debt/Capital 0.8% Asset Turnover 0.73 Current Ratio 5.47 Net Fixed Asset Turnover 3.69 Quick Ratio 4.19 Accounts receivable turnover-days 60.18 Debt to Assets 0.63% Inventory Days - Tot Debt to Common Equity 0.84% Accounts Payable Turnover Day - Accounts Receivable Turnover 6.07 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 Schweiter Technologies AG Price/Volume Valuation Analysis 625.00 Current Price (9/dd/yy) Market Data 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1'000.0 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 KWE BETEILIGUNGEN AG n/a Co File 364'973 25.28 - 31.12.2012 Other WIDMER HANS n/a Co File 181'906 12.6 - 31.12.2012 n/a SIEGRIST BEAT n/a Co File 83'916 5.81 - 31.12.2012 n/a BANK OF NOVA SCOTIA n/a ULT-AGG 74'585 5.17 - 31.07.2013 Bank UBS AG n/a ULT-AGG 60'700 4.2 - 31.08.2013 Unclassified LOMBARD ODIER ASSET n/a EXCH 46'485 3.22 - 14.06.2013 Investment Advisor CREDIT SUISSE FUNDS n/a Co File 46'198 3.2 - 31.12.2012 n/a SCHWEITER TECHNOLOGI n/a Co File 43'311 3 - 31.12.2012 n/a SARASIN n/a ULT-AGG 29'700 2.06 (300) 30.04.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 28'800 1.99 (700) 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 27'099 1.88 516 31.05.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 26'321 1.82 1'723 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 22'305 1.55 44 30.04.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'923 1.45 (535) 31.12.2012 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 13'335 0.92 (25) 31.05.2013 Investment Advisor LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 10'581 0.73 2'322 30.06.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'414 0.72 (335) 28.03.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 5'578 0.39 533 30.06.2013 Unclassified MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 4'021 0.28 - 31.03.2013 Investment Advisor NORGES BANK Multiple Portfolios MF-AGG 3'808 0.26 - 31.12.2012 Government Firm Name Analyst Recommendation Weighting Change Target Price Date Date Helvea RETO AMSTALDEN buy 5 M 710 12 month 02.09.2013 UBS JOERN IFFERT neutral 3 D 595 12 month 19.08.2013 Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 19.08.2013 Bank Vontobel AG PATRICK RAFAISZ hold 3 M 570 Not Provided 19.08.2013 EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013 Main First Bank AG BERND POMREHN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.10.2012 Holdings By: Schweiter Technologies AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 U-Blox AG develops global positioning systems (GPS) for a range of markets. The Company develops systems for navigation, automatic vehicle location, security, traffic navigation, security, traffic control, location based services, timing, and surveying. Latest Fiscal Year: 12/2012 LTM as of: 12/yy 52-Week High (23.09.2013) 76.95 52-Week Low (05.12.2012) 36.51 Daily Volume 76.2 52-Week High % Change -0.97% Dividend Yield - 52-Week Low % Change 108.72% Beta 0.78 % 52 Week Price Range High/Low 95.80% Equity Float 5.27 Shares Out 30.06.2013 6.3 Short Int - 480.44 1 Yr Total Return 88.27% Total Debt 2.83 YTD Return 98.61% Preferred Stock 0.0 Adjusted BETA 0.781 Minority Interest 0.0 Analyst Recs 4 Cash and Equivalents 60.59 Consensus Rating 4.000 Enterprise Value 418.88 Average Volume 5 Day 16'509 UBXN SE EQUITY YTD Change - Average Volume 30 Day 26'876 UBXN SE EQUITY YTD % CHANGE - Average Volume 3 Month 21'965 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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 74.5 73.5 112.8 124.7 173.1 0.0 112.8 220.5 254.5 - - 0.47x 1.35x 2.12x 1.41x 1.09x #DIV/0! 0.00x 1.89x 1.60x - - 12.9 14.1 30.7 29.8 37.1 0.0 0.0 43.9 50.8 - - 2.71x 7.04x 7.79x 5.91x 5.10x 0.00x 0.00x 9.52x 8.22x - - 8.8 3.3 12.9 16.5 17.2 0.0 12.9 25.2 29.5 - - 13.68x 49.53x 24.30x 15.61x 14.29x 0.00x 0.00x 19.87x 16.99x - - EBITDA 37.08 Long-Term Rating Date - EBIT 24.84 Long-Term Rating - Operating Margin 14.35% Long-Term Outlook - Pretax Margin 12.44% Short-Term Rating Date - Return on Assets 10.81% Short-Term Rating - Return on Common Equity 13.46% Return on Capital - EBITDA/Interest Exp. 1612.00 Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. 1423.78 Net Debt/EBITDA - Gross Margin 46.9% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 13.6% Total Debt/Equity 1.9% Net Income Margin 9.9% Total Debt/Capital 1.9% Asset Turnover 1.06 Current Ratio 4.00 Net Fixed Asset Turnover 25.36 Quick Ratio 3.08 Accounts receivable turnover-days 45.99 Debt to Assets 1.47% Inventory Days 77.74 Tot Debt to Common Equity 1.89% Accounts Payable Turnover Day 40.64 Accounts Receivable Turnover 7.94 Cash Conversion Cycle 91.18 Inventory Turnover 4.70 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 U-Blox AG Price/Volume Valuation Analysis 10'292.00 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 .0 M .0 M .1 M .1 M .1 M .1 M .1 M .2 M .2 M 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 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 DUBACH WERNER n/a EXCH 638'000 10.12 - 09.06.2013 n/a BLACKROCK n/a ULT-AGG 315'330 5 16'886 25.09.2013 Investment Advisor LB SWISS INVESTMENT n/a EXCH 308'717 4.9 - 05.09.2013 Investment Advisor UBS AG n/a ULT-AGG 198'341 3.15 - 31.05.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 190'424 3.02 - 31.05.2013 Investment Advisor SWISS REINSURANCE n/a EXCH 174'786 2.77 - 29.04.2013 Insurance Company MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 133'413 2.12 - 31.03.2013 Investment Advisor SEILER THOMAS n/a Co File 104'552 1.66 - 31.12.2012 n/a THIEL ANDREAS n/a Co File 68'164 1.08 - 31.12.2012 n/a WYSS JEAN-PIERRE n/a Co File 67'914 1.08 - 31.12.2012 n/a AMMANN DANIEL n/a Co File 53'804 0.85 - 31.12.2012 n/a MUELLER HANS-ULRICH n/a Co File 51'090 0.81 - 31.12.2012 n/a DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 38'151 0.61 - 28.06.2013 Investment Advisor TROSTER GERHARD n/a Co File 35'760 0.57 - 31.12.2012 n/a ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 33'100 0.52 11'100 31.05.2013 Investment Advisor CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 25'000 0.4 3'000 30.08.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 21'518 0.34 - 31.05.2013 Investment Advisor BELGRAVE CAPITAL MAN Multiple Portfolios MF-AGG 15'000 0.24 10'000 30.06.2013 Investment Advisor FAHRNI FRITZ n/a Co File 12'422 0.2 - 31.12.2012 n/a DIMENSIONAL FUND ADV n/a ULT-AGG 9'271 0.15 - 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 10.09.2013 Credit Suisse FELIX REMMERS outperform 5 M 84 Not Provided 06.09.2013 Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 06.09.2013 Bank Vontobel AG MICHAEL FOETH hold 3 M 52 Not Provided 22.03.2013 Holdings By: U-Blox AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Inficon Holding AG develops, manufactures and markets vacuum instruments used to monitor and control production processes. The Company's products help semiconductor manufacturers to monitor and control their manufacturing processes and prepare computer chips for packaging. Inficon also manufactures refrigerant and helium leak detectors, and vacuum control products. Latest Fiscal Year: 12/2012 LTM as of: 06/yy 52-Week High (19.09.2013) 305.00 52-Week Low (16.11.2012) 177.66 Daily Volume 293.5 52-Week High % Change -3.77% Dividend Yield - 52-Week Low % Change 65.20% Beta 0.85 % 52 Week Price Range High/Low 90.97% Equity Float 1.45 Shares Out 08.08.2013 2.3 Short Int - 672.62 1 Yr Total Return 52.12% Total Debt 2.32 YTD Return 41.64% Preferred Stock 0.0 Adjusted BETA 0.846 Minority Interest 0.0 Analyst Recs 6 Cash and Equivalents 92.24 Consensus Rating 4.333 Enterprise Value 675.56 Average Volume 5 Day 4'076 IFCN SE EQUITY YTD Change - Average Volume 30 Day 3'682 IFCN SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'280 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 256.5 181.7 265.4 312.1 297.2 304.7 284.6 306.4 324.0 - - 0.53x 1.18x 1.32x 0.92x 1.51x 0.00x 0.00x 2.13x 2.00x - - 42.0 12.9 48.4 59.9 56.9 0.0 0.0 60.1 65.5 - - 3.27x 16.60x 7.21x 4.78x 7.88x 0.00x 0.00x 11.26x 10.32x - - 24.3 2.3 27.1 40.3 39.9 41.6 37.0 40.0 43.6 10.2 9.6 7.33x 106.96x 15.25x 8.90x 13.32x 10.75x 18.00x 18.53x 16.83x - - EBITDA 56.86 Long-Term Rating Date - EBIT 50.11 Long-Term Rating - Operating Margin 16.86% Long-Term Outlook - Pretax Margin 17.90% Short-Term Rating Date - Return on Assets 1.29% Short-Term Rating - Return on Common Equity 1.66% Return on Capital - EBITDA/Interest Exp. 148.85 Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 131.45 Net Debt/EBITDA - Gross Margin 49.5% Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 1.4% Net Income Margin 13.4% Total Debt/Capital 1.3% Asset Turnover 1.03 Current Ratio 4.12 Net Fixed Asset Turnover 6.71 Quick Ratio 3.21 Accounts receivable turnover-days 56.75 Debt to Assets 1.08% Inventory Days - Tot Debt to Common Equity 1.35% Accounts Payable Turnover Day - Accounts Receivable Turnover 6.43 Cash Conversion Cycle 107.02 Inventory Turnover - Fiscal Year Ended Inficon Holding AG Price/Volume Valuation Analysis 596.00 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 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 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 KWE BETEILIGUNGEN AG n/a EXCH 440'482 19.22 - 29.04.2013 Other 7 INDUSTRIES HOLDING n/a Co File 225'736 9.85 - 31.12.2012 Holding Company BLACKROCK n/a ULT-AGG 162'485 7.09 30'065 25.09.2013 Investment Advisor WETHMEIMER RUTH n/a EXCH 111'458 4.86 - 09.03.2011 n/a UBS AG n/a ULT-AGG 110'616 4.83 4 31.05.2013 Unclassified DONALDSON LUFKIN & J n/a Co File 79'711 3.48 - 31.12.2012 Unclassified CREDIT SUISSE AG n/a EXCH 67'713 2.95 - 04.10.2012 Investment Advisor POLAR CAPITAL LLP n/a EXCH 59'066 2.58 - 14.08.2012 Investment Advisor PICTET FUNDS n/a ULT-AGG 55'791 2.43 880 31.05.2013 Investment Advisor LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 51'306 2.24 366 31.05.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 35'780 1.56 1'787 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 33'219 1.45 (713) 28.03.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 30'965 1.35 889 30.04.2013 Investment Advisor WIRZ GUSTAV A n/a Co File 25'938 1.13 - 31.12.2012 n/a HENDERSON GLOBAL INV TR EUROPEAN GROWTH T MF-PART 25'019 1.09 (312) 30.08.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 22'000 0.96 (1'750) 30.04.2013 Investment Advisor JP MORGAN n/a ULT-AGG 21'791 0.95 9'233 31.05.2013 Investment Advisor FISCHER RICHARD n/a Co File 21'000 0.92 - 31.12.2012 n/a LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 16'510 0.72 4'855 30.06.2013 Investment Advisor PETERCAM SA Multiple Portfolios MF-AGG 15'899 0.69 2'499 30.04.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date UBS JOERN IFFERT buy 5 M 320 12 month 11.09.2013 Bank am Bellevue SANDRA DIETSCHY buy 5 M 350 Not Provided 03.09.2013 Helvea RETO AMSTALDEN hold 3 M 285 12 month 15.08.2013 Zuercher Kantonalbank ALEXANDER KOLLER market perform 3 M #N/A N/A Not Provided 09.08.2013 Bank Vontobel AG MICHAEL FOETH buy 5 M 310 Not Provided 09.08.2013 EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 03.04.2013 Holdings By: Inficon Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Siegfried Holding AG provides development services and the production of active pharmaceutical ingredients (API), intermediates, controlled & standard substances, and complex formulations. The Company operates in Switzerland, Malta and the United States. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (26.08.2013) 146.90 52-Week Low (10.12.2012) 105.95 Daily Volume 146 52-Week High % Change -0.61% Dividend Yield - 52-Week Low % Change 37.81% Beta 0.33 % 52 Week Price Range High/Low 96.58% Equity Float 2.81 Shares Out 30.06.2013 3.8 Short Int - 554.80 1 Yr Total Return 28.21% Total Debt 47.51 YTD Return 29.00% Preferred Stock 0.0 Adjusted BETA 0.333 Minority Interest 0.0 Analyst Recs 3 Cash and Equivalents 73.31 Consensus Rating 4.333 Enterprise Value 530.02 Average Volume 5 Day 3'438 SFZN SE EQUITY YTD Change - Average Volume 30 Day 5'982 SFZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'948 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 01/yy 01/yy 12/13 Y 12/14 Y - - 289.3 283.0 314.4 328.1 367.8 - - 386.0 396.5 - - 1.12x 1.14x 0.68x 0.82x 1.05x - - 1.42x 1.42x - - 117.2 32.8 36.7 37.1 49.1 - - 57.6 75.4 - - 2.76x 9.81x 5.85x 7.28x 7.86x - - 9.23x 7.05x - - (74.9) (35.3) (16.2) 9.7 20.9 - - 34.2 42.6 - - - - - 34.00x 19.84x - - 15.29x 12.00x - - EBITDA 49.09 Long-Term Rating Date - EBIT 21.65 Long-Term Rating - Operating Margin 5.89% Long-Term Outlook - Pretax Margin 4.12% Short-Term Rating Date - Return on Assets 5.53% Short-Term Rating - Return on Common Equity 8.23% Return on Capital - EBITDA/Interest Exp. - Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA -0.45 Gross Margin 22.5% Total Debt/EBITDA 0.96 EBITDA Margin 14.4% EBIT Margin 7.3% Total Debt/Equity 15.0% Net Income Margin 5.7% Total Debt/Capital 13.1% Asset Turnover 0.81 Current Ratio 3.06 Net Fixed Asset Turnover 2.05 Quick Ratio 1.53 Accounts receivable turnover-days 63.38 Debt to Assets 9.95% Inventory Days 139.23 Tot Debt to Common Equity 15.02% Accounts Payable Turnover Day 42.50 Accounts Receivable Turnover 5.76 Cash Conversion Cycle 153.21 Inventory Turnover 2.62 Fiscal Year Ended Siegfried Holding AG Price/Volume Valuation Analysis 4'146.00 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 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 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 TWEEDY BROWNE COMPAN n/a Co File 376'200 9.9 - 31.12.2012 Investment Advisor FREY RAINER-MARC n/a EXCH 359'431 9.46 - 28.08.2013 n/a SE SWISS EQUITIES AG n/a Co File 224'200 5.9 - 31.12.2012 Corporation SIEGFRIED HOLDING AG n/a EXCH 191'429 5.04 - 07.03.2013 Corporation BAYERNINVEST CAPITAL n/a EXCH 137'178 3.61 - 19.04.2012 Other KREISSPARKASSE BIBER n/a Co File 136'800 3.6 - 31.12.2012 Bank UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 89'295 2.35 39'295 28.09.2012 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 37'492 0.99 30 30.04.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 23'592 0.62 - 31.05.2013 Investment Advisor HANKO RUDOLF n/a Co File 17'830 0.47 - 31.12.2012 n/a NORGES BANK Multiple Portfolios MF-AGG 15'869 0.42 - 31.12.2012 Government ACHERMANN GILBERT n/a Co File 15'850 0.42 - 31.12.2012 n/a VANGUARD GROUP INC n/a ULT-AGG 15'845 0.42 - 30.06.2013 Unclassified PICTET FUNDS n/a ULT-AGG 14'923 0.39 (903) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 14'631 0.39 (25) 31.05.2013 Unclassified IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 9'541 0.25 1'887 31.05.2013 Investment Advisor ROYAL BANK OF CANADA n/a ULT-AGG 6'600 0.17 - 30.04.2013 Bank SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 6'538 0.17 717 30.04.2013 Investment Advisor SPAENE MARIANNE n/a Co File 6'531 0.17 - 31.12.2012 n/a SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 6'000 0.16 (1'000) 30.04.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 04.09.2013 Bank Vontobel AG CARLA BAENZIGER hold 3 M 150 Not Provided 27.08.2013 Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 19.04.2013 Solventis WPH-Bank GmbH KLAUS SOER buy 5 M 130 12 month 13.07.2011 Holdings By: Siegfried Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 VZ Holding AG provides independent financial advice to private individuals and companies. The Company consults on investment, tax and inheritance planning and provides advice regarding insurance products and coverage. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (14.08.2013) 152.20 52-Week Low (27.09.2012) 104.10 Daily Volume 150.7 52-Week High % Change -0.99% Dividend Yield - 52-Week Low % Change 44.76% Beta 0.52 % 52 Week Price Range High/Low 94.39% Equity Float 2.51 Shares Out 30.06.2013 8.0 Short Int - 1'205.60 1 Yr Total Return 45.05% Total Debt 29.87 YTD Return 33.69% Preferred Stock 0.0 Adjusted BETA 0.517 Minority Interest 0.1 Analyst Recs 6 Cash and Equivalents 233.24 Consensus Rating 3.333 Enterprise Value 1'006.99 Average Volume 5 Day 1'255 VZN SE EQUITY YTD Change - Average Volume 30 Day 1'706 VZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'595 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 01/yy 01/yy 12/13 Y 12/14 Y - - 104.7 110.3 133.1 143.8 153.6 - - 176.5 203.8 - - 0.50x 2.37x 5.15x 2.76x 4.55x - - - - - - 45.2 49.0 63.9 66.4 70.3 - - 82.7 95.9 - - 1.17x 5.35x 10.71x 5.99x 9.95x - - 12.18x 10.50x - - 34.3 37.6 49.3 51.0 54.3 - - 65.0 76.0 - - 9.29x 16.50x 19.14x 14.89x 16.62x - - 18.28x 15.66x - - EBITDA 70.30 Long-Term Rating Date - EBIT - Long-Term Rating - Operating Margin 43.52% Long-Term Outlook - Pretax Margin 43.49% Short-Term Rating Date - Return on Assets 5.45% Short-Term Rating - Return on Common Equity 26.95% Return on Capital 23.12% EBITDA/Interest Exp. - Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA -2.56 Gross Margin - Total Debt/EBITDA 0.89 EBITDA Margin 46.6% EBIT Margin - Total Debt/Equity 12.7% Net Income Margin 35.4% Total Debt/Capital 11.3% Asset Turnover 0.15 Current Ratio - Net Fixed Asset Turnover 25.70 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 2.88% Inventory Days - Tot Debt to Common Equity 12.72% 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 VZ Holding AG Price/Volume Valuation Analysis 300.00 Current Price (9/dd/yy) Market Data 0 20 40 60 80 100 120 140 160 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 200.00 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 REINHART MATTHIAS n/a Co File 4'860'415 60.76 - 31.12.2012 n/a DEUTSCHE BANK AG n/a ULT-AGG 489'800 6.12 - 31.12.2012 Investment Advisor UBS AG n/a ULT-AGG 266'625 3.33 - 31.05.2013 Unclassified FIL LIMITED n/a ULT-AGG 240'000 3 - 31.12.2012 Investment Advisor CAPITAL GROUP COMPAN n/a ULT-AGG 240'000 3 - 30.06.2013 Investment Advisor MIGROS GENOSSEN n/a EXCH 238'732 2.98 - 25.06.2013 Other BLACKROCK n/a ULT-AGG 93'572 1.17 4'274 31.05.2013 Investment Advisor KINDLE FRED n/a Co File 90'960 1.14 - 31.12.2012 n/a STOCKER PETER n/a Co File 80'943 1.01 - 31.12.2012 n/a VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 79'000 0.99 (8'500) 30.04.2013 Investment Advisor JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 74'341 0.93 - 31.05.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 74'077 0.93 (13'170) 31.05.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 60'091 0.75 13'000 31.12.2012 Investment Advisor FMR LLC n/a ULT-AGG 51'930 0.65 - 30.04.2013 Investment Advisor FRIESS TOM n/a Co File 50'825 0.64 - 31.12.2012 n/a HEIM LORENZ n/a Co File 50'373 0.63 - 31.12.2012 n/a MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 43'210 0.54 - 31.08.2013 Investment Advisor DWS INVESTMENTS Multiple Portfolios MF-AGG 41'990 0.52 - 31.05.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 41'397 0.52 - 31.05.2013 Investment Advisor THURNHERR STEFAN n/a Co File 31'639 0.4 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Helvea TIM DAWSON buy 5 M 165 12 month 27.08.2013 EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 27.08.2013 Bank am Bellevue MARC DEUSTER buy 5 U 150 Not Provided 19.08.2013 Bank Vontobel AG TERESA NIELSEN hold 3 M 147 Not Provided 19.08.2013 Zuercher Kantonalbank ANDREAS BRUN market perform 3 D #N/A N/A Not Provided 15.08.2013 UBS DANIELE BRUPBACHER neutral 3 M 150 12 month 07.08.2013 Holdings By: VZ Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 AFG Arbonia-Forster Holding AG has positions as an integrated construction industry supplier, and in selected areas of technology. The Company is comprised of five divisions: Heating Technology and Sanitary Equipment, Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface Technology. AFG has a presence in countries worldwide. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (20.09.2013) 31.85 52-Week Low (27.09.2012) 17.55 Daily Volume 31.4 52-Week High % Change -1.41% Dividend Yield - 52-Week Low % Change 78.92% Beta 1.37 % 52 Week Price Range High/Low 96.85% Equity Float 14.21 Shares Out 08.08.2013 18.2 Short Int - 572.28 1 Yr Total Return 78.92% Total Debt 395.19 YTD Return 35.93% Preferred Stock 0.0 Adjusted BETA 1.366 Minority Interest 0.8 Analyst Recs 6 Cash and Equivalents 264.06 Consensus Rating 4.000 Enterprise Value 821.78 Average Volume 5 Day 24'087 AFGN SE EQUITY YTD Change - Average Volume 30 Day 23'284 AFGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 27'650 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 01/yy 01/yy 12/13 Y 12/14 Y - - 1'570.6 1'384.2 1'413.5 1'265.0 1'215.5 - - 1'294.6 1'307.2 - - 0.44x 0.49x 0.49x 0.38x 0.45x - - 0.55x 0.53x - - 153.2 106.0 121.1 101.2 109.6 - - 116.8 132.2 - - 4.55x 6.38x 5.77x 4.73x 4.94x - - 7.03x 6.21x - - 48.0 (22.5) 14.1 (70.2) (74.5) - - 32.8 46.1 - - 5.31x - 36.25x - - - - 16.92x 11.80x - - EBITDA 109.62 Long-Term Rating Date - EBIT -17.80 Long-Term Rating - Operating Margin -1.46% Long-Term Outlook - Pretax Margin -4.18% Short-Term Rating Date - Return on Assets -5.09% Short-Term Rating - Return on Common Equity -14.05% Return on Capital - EBITDA/Interest Exp. 5.98 Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. 2.94 Net Debt/EBITDA 2.31 Gross Margin - Total Debt/EBITDA 3.70 EBITDA Margin 9.1% EBIT Margin -1.5% Total Debt/Equity 90.8% Net Income Margin -6.1% Total Debt/Capital 47.6% Asset Turnover 0.98 Current Ratio 2.04 Net Fixed Asset Turnover 2.37 Quick Ratio 1.29 Accounts receivable turnover-days - Debt to Assets 34.56% Inventory Days - Tot Debt to Common Equity 90.84% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended AFG Arbonia-Forster Holding AG Price/Volume Valuation Analysis 18'333.00 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 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 .0 M .0 M .1 M .1 M .1 M .1 M .1 M .2 M .2 M .2 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 1'600.0 1'800.0 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 OEHLER EDGAR n/a EXCH 3'353'893 18.4 (508'459) 19.04.2013 n/a LOMBARD ODIER DARIER n/a Co File 716'266 3.93 - 31.12.2012 Investment Advisor UBS AG n/a ULT-AGG 552'097 3.03 - 31.05.2013 Unclassified AFG ARBONIA FORSTER n/a Co File 546'768 3 - 31.12.2012 Holding Company NORGES BANK Multiple Portfolios MF-AGG 409'483 2.25 - 31.12.2012 Government LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 390'785 2.14 9'750 31.05.2013 Investment Advisor IST FUND MANAGERS Multiple Portfolios MF-AGG 344'168 1.89 680 30.04.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 309'221 1.7 - 30.04.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 295'490 1.62 - 30.04.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 284'558 1.56 (9'367) 28.03.2013 Investment Advisor LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 220'725 1.21 97'500 30.06.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 118'756 0.65 - 31.05.2013 Investment Advisor PETERCAM SA Multiple Portfolios MF-AGG 95'000 0.52 (111'500) 30.04.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 83'509 0.46 (726) 30.06.2013 Unclassified IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 77'600 0.43 (2'500) 31.05.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 63'480 0.35 (951) 31.05.2013 Investment Advisor VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 60'000 0.33 - 30.04.2013 Investment Advisor ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 60'000 0.33 (13'000) 31.05.2013 Investment Advisor SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 55'000 0.3 - 30.04.2012 Investment Advisor FRUTIG DANIEL n/a Co File 48'145 0.26 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Helvea PATRICK APPENZELLER buy 5 M 40 12 month 15.08.2013 Bank Vontobel AG CHRISTIAN ARNOLD buy 5 M 35 Not Provided 13.08.2013 Zuercher Kantonalbank MARTIN HUESLER outperform 5 M #N/A N/A Not Provided 12.08.2013 UBS TORSTEN WYSS buy 5 M 35 12 month 09.08.2013 Main First Bank AG TOBIAS FAHRENHOLZ underperform 1 M 30 12 month 08.08.2013 EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013 Holdings By: AFG Arbonia-Forster Holding AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and offers mortgage and other loans, portfolio management, foreign currency trading, precious metals trading and other banking services. Basler Kantonalbank operates through a network of branches in the Canton of Basel. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (16.05.2013) 104.30 52-Week Low (21.06.2013) 68.85 Daily Volume 78.4 52-Week High % Change -24.83% Dividend Yield - 52-Week Low % Change 13.87% Beta 0.56 % 52 Week Price Range High/Low 26.94% Equity Float 5.57 Shares Out 30.06.2013 5.9 Short Int - 2'454.84 1 Yr Total Return -21.70% Total Debt 8'006.26 YTD Return -18.30% Preferred Stock 0.0 Adjusted BETA 0.563 Minority Interest 346.0 Analyst Recs 1 Cash and Equivalents 5'276.57 Consensus Rating 5.000 Enterprise Value - Average Volume 5 Day 2'284 BSKP SE EQUITY YTD Change - Average Volume 30 Day 2'930 BSKP SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'227 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 01/yy 01/yy 12/13 Y 12/14 Y - - 1'154.9 1'076.0 1'001.4 935.8 961.9 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 145.6 222.7 194.9 182.1 228.7 - - - - - - 23.63x 16.05x 21.86x 22.07x 12.23x - - - - - - EBITDA - Long-Term Rating Date 06.08.2013 EBIT - Long-Term Rating AA Operating Margin 37.84% Long-Term Outlook STABLE Pretax Margin 38.90% Short-Term Rating Date 18.10.2001 Return on Assets 0.51% Short-Term Rating A-1+ Return on Common Equity 7.34% Return on Capital 1.98% EBITDA/Interest Exp. - Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. - Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin - Total Debt/Equity 286.7% Net Income Margin 32.2% Total Debt/Capital 71.8% Asset Turnover 0.02 Current Ratio - Net Fixed Asset Turnover 4.66 Quick Ratio - Accounts receivable turnover-days - Debt to Assets 20.46% Inventory Days - Tot Debt to Common Equity 286.67% 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 Basler Kantonalbank Price/Volume Valuation Analysis 1'574.00 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .1 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 1'400.0 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 BASLER KANTONALBANK n/a Co File 330'400 5.6 - 31.12.2010 Bank NORGES BANK Multiple Portfolios MF-AGG 91'768 1.56 - 31.12.2012 Government CREDIT SUISSE AG n/a ULT-AGG 47'374 0.8 - 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 34'612 0.59 29'278 30.06.2013 Unclassified UBS AG n/a ULT-AGG 30'128 0.51 (37) 31.05.2013 Unclassified SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 25'947 0.44 - 28.06.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 24'576 0.42 (1'191) 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 9'099 0.15 - 30.04.2013 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 4'744 0.08 - 28.03.2013 Investment Advisor FIRST TRUST n/a ULT-AGG 3'831 0.06 - 26.09.2013 Investment Advisor BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'881 0.05 - 30.04.2013 Investment Advisor JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 2'729 0.05 (70) 30.06.2013 Investment Advisor SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 2'216 0.04 - 30.04.2013 Investment Advisor JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 1'330 0.02 - 31.05.2013 Investment Advisor CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'101 0.02 - 26.09.2013 Investment Advisor BAYERNINVEST KAPITAL Multiple Portfolios MF-AGG 930 0.02 - 30.04.2013 Investment Advisor ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 335 0.01 (837) 30.06.2013 Government SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 149 0 1 28.03.2013 Investment Advisor ALLSTATE CORP n/a ULT-AGG - 0 (837) 30.06.2013 Insurance Company Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 10.09.2013 Holdings By: Basler Kantonalbank All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Intershop Holding AG invests in Swiss property, primarily commercial real estate. The Company's portfolio includes properties in Zurich, Berne and Geneva and other business centers. Intershop also develops and buys and sells real estate. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (02.04.2013) 339.00 52-Week Low (20.11.2012) 310.00 Daily Volume 327.5 52-Week High % Change -3.39% Dividend Yield - 52-Week Low % Change 5.65% Beta 0.33 % 52 Week Price Range High/Low 62.07% Equity Float 1.11 Shares Out 30.06.2013 2.1 Short Int - 687.75 1 Yr Total Return 7.43% Total Debt 538.86 YTD Return 7.18% Preferred Stock 0.0 Adjusted BETA 0.330 Minority Interest 0.0 Analyst Recs 3 Cash and Equivalents 23.78 Consensus Rating 2.333 Enterprise Value 1'228.50 Average Volume 5 Day 429 IS SE EQUITY YTD Change - Average Volume 30 Day 1'416 IS SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'506 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 01/yy 01/yy 12/13 Y 12/14 Y - - 115.9 89.4 143.4 89.6 89.3 - - 88.7 94.3 - - 9.77x 12.81x 7.97x 12.99x 13.40x - - 13.96x 12.89x - - 65.9 65.6 85.3 66.6 69.5 - - 72.7 78.3 - - 17.18x 17.47x 13.39x 17.48x 17.22x - - 16.93x 15.72x - - 58.9 50.6 57.6 55.0 56.1 - - 46.4 49.9 - - 10.16x 12.38x 11.06x 12.22x 12.15x - - 14.94x 13.78x - - EBITDA 69.52 Long-Term Rating Date - EBIT 69.52 Long-Term Rating - Operating Margin 60.19% Long-Term Outlook - Pretax Margin 77.06% Short-Term Rating Date - Return on Assets 4.49% Short-Term Rating - Return on Common Equity 10.43% Return on Capital 5.22% EBITDA/Interest Exp. 4.41 Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 0.22 Net Debt/EBITDA 9.74 Gross Margin - Total Debt/EBITDA 9.86 EBITDA Margin 61.1% EBIT Margin - Total Debt/Equity 97.2% Net Income Margin 62.8% Total Debt/Capital 49.3% Asset Turnover 0.07 Current Ratio - Net Fixed Asset Turnover - Quick Ratio - Accounts receivable turnover-days - Debt to Assets 42.62% Inventory Days - Tot Debt to Common Equity 97.21% Accounts Payable Turnover Day - Accounts Receivable Turnover - Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Intershop Holdings AG Price/Volume Valuation Analysis 793.00 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 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 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 PATINEX AG n/a Co File 745'500 35.5 - 31.12.2012 Private Equity CPV/CAP PENSIONSKASS n/a Co File 210'000 10 - 31.12.2012 Pension Fund (ERISA) RELAG HOLDING AG n/a Co File 92'400 4.4 - 31.12.2012 Holding Company GENERAL ORIENTAL INV n/a Co File 71'400 3.4 - 31.12.2012 Unclassified GRAPAL HOLDING AG n/a Co File 65'100 3.1 - 31.12.2012 Unclassified CREDIT SUISSE AG n/a ULT-AGG 36'269 1.73 634 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 11'829 0.56 - 30.04.2013 Investment Advisor UBS AG n/a ULT-AGG 11'440 0.54 261 31.05.2013 Unclassified IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 6'400 0.3 - 30.04.2013 Investment Advisor SCHNEUWLY CYRILL M n/a Co File 6'331 0.3 - 31.12.2012 n/a PICTET FUNDS n/a ULT-AGG 4'925 0.23 (234) 31.05.2013 Investment Advisor LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 3'950 0.19 - 30.06.2013 Investment Advisor MARMET DIETER n/a Co File 3'000 0.14 - 31.12.2012 n/a WIRZ ANDREAS n/a Co File 2'668 0.13 - 31.12.2012 n/a JP MORGAN n/a ULT-AGG 2'636 0.13 2'636 31.05.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 1'984 0.09 (4'075) 30.06.2013 Unclassified SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'955 0.09 - 28.06.2013 Investment Advisor IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 1'700 0.08 - 31.05.2013 Investment Advisor JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 1'370 0.07 (13) 30.06.2013 Investment Advisor KEPLER-FONDS KAGMBH Multiple Portfolios MF-AGG 1'315 0.06 53 28.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 17.09.2013 Zuercher Kantonalbank MARKUS WAEBER market perform 3 M #N/A N/A Not Provided 29.08.2013 UBS ANDRE RUDOLF VON ROHR neutral 3 M 330 12 month 21.05.2013 Holdings By: Intershop Holdings AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Metall Zug AG operates as a holding company. The Company, through its subsidiaries, manufactures appliances, sterilization equipment, wires and cables, and operates resorts. Metall Zug provides its products in Switzerland. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (06.05.2013) 2'300.00 52-Week Low (12.11.2012) 1'868.00 Daily Volume 2190 52-Week High % Change -4.78% Dividend Yield - 52-Week Low % Change 17.24% Beta 0.49 % 52 Week Price Range High/Low 75.23% Equity Float 0.19 Shares Out 30.06.2013 0.3 Short Int - 971.86 1 Yr Total Return 16.66% Total Debt 31.32 YTD Return 20.14% Preferred Stock 0.0 Adjusted BETA 0.487 Minority Interest 0.0 Analyst Recs 2 Cash and Equivalents 380.93 Consensus Rating 4.000 Enterprise Value 622.25 Average Volume 5 Day 121 METN SE EQUITY YTD Change - Average Volume 30 Day 206 METN SE EQUITY YTD % CHANGE - Average Volume 3 Month 198 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 01/yy 01/yy 12/13 Y 12/14 Y - - 787.8 770.1 832.1 842.5 836.8 - - 855.0 875.0 - - 0.86x 1.15x 1.62x 1.72x 0.61x - - 0.67x 0.60x - - 127.0 104.7 153.0 143.7 111.4 - - 105.0 115.0 - - 5.31x 8.48x 8.80x 10.06x 4.57x - - 5.94x 5.42x - - 31.8 71.7 92.3 63.4 61.5 - - 55.6 64.0 - - 28.34x 15.23x 16.94x 25.78x 13.95x - - 15.84x 13.87x - - EBITDA 111.41 Long-Term Rating Date - EBIT 66.58 Long-Term Rating - Operating Margin 7.96% Long-Term Outlook - Pretax Margin 8.96% Short-Term Rating Date - Return on Assets 5.27% Short-Term Rating - Return on Common Equity 7.95% Return on Capital - EBITDA/Interest Exp. 31.62 Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 8.93 Net Debt/EBITDA - Gross Margin - Total Debt/EBITDA - EBITDA Margin - EBIT Margin 8.0% Total Debt/Equity 4.5% Net Income Margin 7.4% Total Debt/Capital 4.3% Asset Turnover 0.72 Current Ratio 3.00 Net Fixed Asset Turnover 2.09 Quick Ratio 2.26 Accounts receivable turnover-days 49.46 Debt to Assets 3.28% Inventory Days - Tot Debt to Common Equity 4.53% Accounts Payable Turnover Day - Accounts Receivable Turnover 7.40 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 Metall Zug AG Price/Volume Valuation Analysis 192.00 Current Price (9/dd/yy) Market Data 0 500 1000 1500 2000 2500 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 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 WEBER WERNER O n/a Co File 41'600 16.31 - 31.12.2012 n/a STOECKLI URSULA n/a Co File 17'006 6.67 - 31.12.2012 n/a VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 6'075 2.38 - 30.04.2013 Investment Advisor METALL ZUG AG #N/A N/A Co File 5'950 2.33 - 31.12.2012 Corporation UBS AG n/a ULT-AGG 2'654 1.04 (207) 31.05.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 2'586 1.01 600 31.05.2013 Investment Advisor DORMANN JUERGEN n/a Co File 1'364 0.53 - 31.12.2012 n/a PICTET FUNDS n/a ULT-AGG 836 0.33 - 31.05.2013 Investment Advisor SCHRODER INVESTMENT Multiple Portfolios MF-AGG 624 0.24 (386) 30.06.2013 Investment Advisor BUHOFER HEINZ M n/a Co File 604 0.24 - 31.12.2012 n/a LB SWISS INVESTMENT Multiple Portfolios MF-AGG 300 0.12 - 28.03.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 285 0.11 - 30.04.2013 Investment Advisor WIPFLI MARTIN n/a Co File 266 0.1 - 31.12.2012 n/a ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 256 0.1 - 21.06.2012 Investment Advisor IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 220 0.09 45 31.05.2013 Investment Advisor DEKA INVESTMENT GMBH DEKA-SCHWEIZ MF-DEU 176 0.07 (325) 28.12.2012 Investment Advisor DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 176 0.07 (325) 28.12.2012 Investment Advisor NEXTAM PARTNERS SGR Multiple Portfolios MF-AGG 175 0.07 18 31.05.2013 Investment Advisor SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 158 0.06 - 28.03.2013 Investment Advisor JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 98 0.04 (2) 30.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 2'400 Not Provided 03.09.2013 EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 17.04.2013 Holdings By: Metall Zug AG All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Kudelski SA designs and manufactures digital security products. The Company produces digital security systems for digital television operators and content providers, smart cards for e-commerce, electronic voting and health cards, software for pay-per-view and video-on-demand television, encryption technology for digital television, digital recorders, and ticketing and access systems. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (14.08.2013) 12.90 52-Week Low (15.11.2012) 8.23 Daily Volume 12.3 52-Week High % Change -4.65% Dividend Yield - 52-Week Low % Change 49.40% Beta 1.23 % 52 Week Price Range High/Low 87.14% Equity Float 34.69 Shares Out 20.08.2013 49.2 Short Int - 661.57 1 Yr Total Return 17.51% Total Debt 268.76 YTD Return 31.32% Preferred Stock 0.0 Adjusted BETA 1.234 Minority Interest 9.4 Analyst Recs 7 Cash and Equivalents 110.09 Consensus Rating 3.571 Enterprise Value 800.62 Average Volume 5 Day 73'158 KUD SE EQUITY YTD Change - Average Volume 30 Day 91'911 KUD SE EQUITY YTD % CHANGE - Average Volume 3 Month 69'557 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 01/yy 01/yy 12/13 Y 12/14 Y - - 1'027.5 1'052.3 1'035.2 873.9 844.1 - - 875.2 911.8 - - 0.85x 1.46x 1.25x 0.79x 0.80x - - 0.90x 0.81x - - 100.6 139.6 177.2 89.5 102.5 - - 122.0 131.0 - - 8.72x 11.02x 7.32x 7.76x 6.63x - - 6.61x 6.15x - - (14.6) 49.0 65.7 (18.1) 16.3 - - 51.3 56.6 - - - 25.33x 16.24x - 31.48x - - 13.04x 11.46x - - EBITDA 102.48 Long-Term Rating Date - EBIT 38.69 Long-Term Rating - Operating Margin 4.58% Long-Term Outlook - Pretax Margin 2.76% Short-Term Rating Date - Return on Assets 3.61% Short-Term Rating - Return on Common Equity 8.69% Return on Capital 5.66% EBITDA/Interest Exp. 6.51 Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 4.82 Net Debt/EBITDA 1.11 Gross Margin - Total Debt/EBITDA 1.82 EBITDA Margin 13.7% EBIT Margin 6.8% Total Debt/Equity 62.7% Net Income Margin 1.9% Total Debt/Capital 38.0% Asset Turnover 0.85 Current Ratio 1.82 Net Fixed Asset Turnover 5.47 Quick Ratio 1.29 Accounts receivable turnover-days 73.43 Debt to Assets 29.50% Inventory Days - Tot Debt to Common Equity 62.75% Accounts Payable Turnover Day - Accounts Receivable Turnover 4.97 Cash Conversion Cycle - Inventory Turnover - Fiscal Year Ended Kudelski SA Price/Volume Valuation Analysis 112'303.00 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 2 4 6 8 10 12 14 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 .2 M .3 M .4 M .5 M .6 M 0.0 200.0 400.0 600.0 800.0 1'000.0 1'200.0 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 KUDELSKI ANDRE n/a EXCH 14'234'423 28.96 - 16.03.2013 n/a NORGES BANK Multiple Portfolios MF-AGG 1'175'484 2.39 - 31.12.2012 Government PICTET FUNDS n/a ULT-AGG 461'261 0.94 53 31.05.2013 Investment Advisor SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 278'370 0.57 10'588 28.03.2013 Investment Advisor CREDIT SUISSE AG n/a ULT-AGG 276'681 0.56 - 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 256'185 0.52 - 30.04.2013 Investment Advisor VANGUARD GROUP INC n/a ULT-AGG 242'345 0.49 12'738 30.06.2013 Unclassified VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 200'000 0.41 - 30.04.2013 Investment Advisor JP MORGAN n/a ULT-AGG 192'584 0.39 (1'974) 31.05.2013 Investment Advisor UBS AG n/a ULT-AGG 181'583 0.37 5'902 31.05.2013 Unclassified SALADINI MAURO n/a Co File 159'783 0.33 - 31.12.2012 n/a FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 154'960 0.32 (3'329) 30.06.2013 Investment Advisor DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 141'000 0.29 40'000 28.12.2012 Investment Advisor DIGITAL FUNDS Multiple Portfolios MF-AGG 130'579 0.27 - 31.05.2013 Investment Advisor 1741 ASSET MANAGEMEN Multiple Portfolios MF-AGG 117'750 0.24 33'000 31.05.2013 Investment Advisor BLACKROCK n/a ULT-AGG 83'067 0.17 - 25.09.2013 Investment Advisor DEKA INVESTMENT GMBH DEKA-EUROPAPOTENTIAL MF-DEU 76'500 0.16 - 28.12.2012 Investment Advisor STATE STREET CORP n/a ULT-AGG 69'517 0.14 - 26.09.2013 Investment Advisor DEKA INVESTMENT GMBH DEKA-SCHWEIZ MF-DEU 64'500 0.13 40'000 28.12.2012 Investment Advisor ROY PIERRE n/a Co File 52'880 0.11 - 31.12.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 28.08.2013 Helvea RETO AMSTALDEN buy 5 M 15 12 month 26.08.2013 Credit Suisse FELIX REMMERS neutral 3 M 12 Not Provided 23.08.2013 UBS JOERN IFFERT neutral 3 M 12 12 month 21.08.2013 Zuercher Kantonalbank ANDREAS MUELLER market perform 3 M #N/A N/A Not Provided 21.08.2013 Bank Vontobel AG MICHAEL FOETH hold 3 M 13 Not Provided 21.08.2013 Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 11 Not Provided 21.08.2013 Holdings By: Kudelski SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Lem Holding SA manufactures electrical components. The Company produces transducers and sensors which measure high voltage currents, variable speed drives, uninterrupted power supplies, and testers for semiconductors. Lem's components are used in locomotives, trams, trolleys, and the French TGV high-speed trains. The Company sells its products internationally. Latest Fiscal Year: 03/2013 LTM as of: 06/yy 52-Week High (24.09.2013) 631.00 52-Week Low (17.10.2012) 453.00 Daily Volume 629 52-Week High % Change -0.32% Dividend Yield - 52-Week Low % Change 38.85% Beta 0.46 % 52 Week Price Range High/Low 99.44% Equity Float 0.61 Shares Out 31.03.2013 1.1 Short Int - 717.06 1 Yr Total Return 36.09% Total Debt 0.00 YTD Return 30.70% Preferred Stock 0.0 Adjusted BETA 0.458 Minority Interest 0.0 Analyst Recs 3 Cash and Equivalents 27.63 Consensus Rating 3.000 Enterprise Value 689.43 Average Volume 5 Day 322 LEHN SE EQUITY YTD Change - Average Volume 30 Day 316 LEHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 364 LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 196.8 185.5 296.2 236.3 235.0 231.8 233.6 262.0 284.5 - - 0.74x 1.94x 2.09x 2.30x 2.74x 0.00x 0.00x 2.66x 2.41x - - 38.8 24.1 62.4 42.5 48.7 0.0 0.0 56.3 66.0 - - 3.73x 14.95x 9.91x 12.78x 13.20x 0.00x 0.00x 12.27x 10.47x - - 23.8 10.5 39.6 28.5 32.6 32.0 31.7 40.6 44.7 - - 7.17x 36.96x 16.43x 19.69x 20.54x 17.07x 21.84x 19.57x 15.97x - - EBITDA 48.70 Long-Term Rating Date - EBIT 41.04 Long-Term Rating - Operating Margin 17.47% Long-Term Outlook - Pretax Margin 16.83% Short-Term Rating Date - Return on Assets 23.95% Short-Term Rating - Return on Common Equity 39.09% Return on Capital - EBITDA/Interest Exp. 918.87 Asset Turnover 1.73% (EBITDA-Capex)/Interest Exp. 783.40 Net Debt/EBITDA - Gross Margin 42.0% Total Debt/EBITDA - EBITDA Margin - EBIT Margin 17.5% Total Debt/Equity 0.0% Net Income Margin 13.9% Total Debt/Capital 0.0% Asset Turnover 1.73 Current Ratio 2.06 Net Fixed Asset Turnover 9.48 Quick Ratio 1.47 Accounts receivable turnover-days 66.19 Debt to Assets 0.00% Inventory Days 67.24 Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 47.40 Accounts Receivable Turnover 5.51 Cash Conversion Cycle 86.04 Inventory Turnover 5.43 Fiscal Year Ended LEM Holding SA Price/Volume Valuation Analysis 92.00 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 .0 M .0 M .0 M .0 M .0 M .0 M .0 M 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.00 5.00 10.00 15.00 20.00 25.00 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 WEBER WERNER O n/a Co File 398'000 34.91 - 31.03.2013 n/a 7 INDUSTRIES HOLDING n/a Co File 144'581 12.68 - 31.03.2013 Holding Company STUDER ERWIN n/a Co File 97'000 8.51 - 31.03.2013 n/a SARASIN n/a ULT-AGG 90'320 7.92 - 30.04.2013 Unclassified THREADNEEDLE n/a ULT-AGG 76'432 6.7 - 31.05.2013 Unclassified MONTANARO GROUP n/a Co File 69'071 6.06 - 31.03.2013 Investment Advisor IMPAX ASSET MANAGEME n/a EXCH 34'112 2.99 - 14.08.2012 Investment Advisor WAMPFLER UELI n/a Co File 28'000 2.46 - 31.03.2013 n/a MONTANARO ASSET MGMT Multiple Portfolios MF-AGG 15'370 1.35 (1'353) 31.08.2013 Investment Advisor UBS AG n/a ULT-AGG 9'640 0.85 1'260 31.05.2013 Unclassified RUFFER LLP Multiple Portfolios MF-AGG 8'711 0.76 - 28.02.2013 Investment Advisor KEMPEN CAPITAL MANAG n/a ULT-AGG 7'879 0.69 (63) 30.06.2013 Unclassified BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 6'100 0.54 200 31.07.2013 Unclassified CREDIT SUISSE AG n/a ULT-AGG 5'583 0.49 - 31.05.2013 Investment Advisor PARVEST INVESTMENT M Multiple Portfolios MF-AGG 3'992 0.35 (424) 30.04.2013 Investment Advisor PICTET FUNDS n/a ULT-AGG 3'767 0.33 (43) 31.05.2013 Investment Advisor DIMENSIONAL FUND ADV n/a ULT-AGG 3'368 0.3 - 30.04.2013 Investment Advisor RUTISHAUSER PETER n/a Co File 2'606 0.23 - 31.03.2013 n/a COLOMBEL LUC n/a Co File 2'100 0.18 - 31.03.2013 n/a BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG 2'000 0.18 - 28.06.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date Berenberg Bank FREDERIK BITTER hold 3 M 600 Not Provided 11.06.2013 Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 600 Not Provided 24.04.2013 EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013 Bank Vontobel AG ANDY SCHNYDER not rated #N/A N/A M #N/A N/A Not Provided 27.09.2012 Holdings By: LEM Holding SA All Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 27.09.2013 Komax Holding AG manufactures wire processing machines. The Company produces machines for cutting and stripping round and flat wire, crimping and insertion machines for processing single wires, and equipment for processing wire harnesses. Komax also manufactures automatic assembly systems for the telecommunications, medical products, and automotive industries. Latest Fiscal Year: 12/2012 LTM as of: 01/yy 52-Week High (02.09.2013) 129.50 52-Week Low (15.11.2012) 59.38 Daily Volume 123.6 52-Week High % Change -4.56% Dividend Yield - 52-Week Low % Change 108.14% Beta 1.02 % 52 Week Price Range High/Low 90.59% Equity Float 3.08 Shares Out 30.06.2013 3.5 Short Int - 430.77 1 Yr Total Return 78.83% Total Debt 56.77 YTD Return 77.70% Preferred Stock 0.0 Adjusted BETA 1.019 Minority Interest 0.9 Analyst Recs 7 Cash and Equivalents 57.70 Consensus Rating 4.714 Enterprise Value 422.40 Average Volume 5 Day 10'799 KOMN SE EQUITY YTD Change - Average Volume 30 Day 18'021 KOMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'940 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 01/yy 01/yy 12/13 Y 12/14 Y - - 341.9 208.4 339.1 370.0 286.7 - - 336.7 352.2 - - 0.48x 1.20x 0.99x 0.62x 0.85x - - 1.22x 1.09x - - 39.1 (11.9) 36.9 54.3 24.5 - - 54.0 55.6 - - 4.17x - 9.07x 4.22x 9.96x - - 7.83x 7.60x - - 23.2 (19.8) 17.8 39.4 10.2 - - 28.1 34.3 - - 7.71x - 19.21x 5.89x 23.75x - - 14.16x 12.69x - - EBITDA 24.54 Long-Term Rating Date - EBIT 15.97 Long-Term Rating - Operating Margin 5.57% Long-Term Outlook - Pretax Margin 3.82% Short-Term Rating Date - Return on Assets 4.75% Short-Term Rating - Return on Common Equity 6.83% Return on Capital - EBITDA/Interest Exp. 13.57 Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 9.72 Net Debt/EBITDA -0.26 Gross Margin 58.8% Total Debt/EBITDA 1.08 EBITDA Margin 11.4% EBIT Margin 8.2% Total Debt/Equity 23.2% Net Income Margin 3.5% Total Debt/Capital 18.8% Asset Turnover 0.87 Current Ratio 4.04 Net Fixed Asset Turnover 4.49 Quick Ratio 2.68 Accounts receivable turnover-days 120.87 Debt to Assets 15.76% Inventory Days 163.44 Tot Debt to Common Equity 23.23% Accounts Payable Turnover Day 41.72 Accounts Receivable Turnover 3.02 Cash Conversion Cycle 259.89 Inventory Turnover 2.23 Fiscal Year Ended Komax Holding AG Price/Volume Valuation Analysis 7'157.00 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 6