Fundamental Analysis - SX5E Index (Eurostoxx50) Members
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Fundamental Analysis - SX5E Index (Eurostoxx50) Members with Tables

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Fundamental Analysis - SX5E Index (Eurostoxx50) Members Presentation Transcript

  • 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations Eurostoxx 50 - SX5E Index April 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 |
  • 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.30 15.30 14.04 14.04 18.80Euro Stoxx 50 Pr EUR 2555033 5428.22 4634 4634 740 776 776 230.14 308.17 308.17 19.06 16.44 14.23 14.23 19.71NIKKEI 225 JPY 2553542 187.175 188 188 19 20 20 5.27 5.50 5.50 0.27 0.27 0.25 0.25 0.12FTSE 100 INDEX GBP 2684101 11617.73 9620 9620 1448 1651 1651 532.11 821.22 821.22 27.64 - 17.91 17.91 22.26SWISS MARKET INDEX CHF 1031986 10949.77 4120 4120 845 836 836 408.90 551.91 551.91 21.14 18.80 15.66 15.66 21.93S&P/TSX COMPOSITE INDEX CAD 1670979 17101.32 7899 7899 1847 2081 2081 793.83 887.70 887.70 15.34 15.34 13.72 13.72 24.22S&P/ASX 200 INDEX AUD 1406910 6765.465 2874 2874 607 705 705 252.31 342.22 342.22 21.52 17.41 15.86 15.86 22.41HANG SENG INDEX HKD 1692292 3630.113 1766 1766 362 478 478 267.66 266.29 266.29 1.38 1.51 1.39 1.39 2.94MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03AIR LIQUIDE SA EUR 38129 169 311 9 0 0 1 46.30 19722 19722 21011 22524 4880 4880 - - 6.69 6.66 7.17 7.93 23.58 23.70 21.90 19.81 7.74 6.61 8.26 8.74 31.84 A 02.07.2007 - -ALLIANZ SE-REG EUR 63690 543 453 37 0 3 16 87.98 123562 123561 134052 137749 - - - - 15.06 14.70 15.60 16.33 12.23 12.02 11.52 11.01 12.72 3.88 - - - AA 27.01.2012 Aa3 03.05.2004ANHEUSER-BUSCH INBEV NV EUR 155231 463 1602 57 0 6 18 244.51 51162 51162 57945 62722 19882 19882 - - 5.74 5.83 6.39 7.22 27.45 27.82 25.03 22.17 2.35 19.25 1.29 22.83 50.01 A 01.05.2012 A3 27.03.2012ARCELORMITTAL EUR 22181 2761 1549 33 0 4 6 60.50 108368 108368 111347 116268 8702 9201 1860 1860 0.01 -3.10 0.87 1.85 - 109.16 25.36 11.91 -13.37 -4.76 -40.77 -24.46 10.93 BB+ 02.08.2012 Ba1 06.11.2012ASML HOLDING NV EUR 27744 317 407 1 0 0 3 25.25 6089 6089 6253 7814 1729 1729 180 180 3.45 3.47 2.94 4.56 25.04 25.13 29.55 19.10 -20.94 24.16 -32.98 9.18 36.54 - - Baa2 11.11.2010ASSICURAZIONI GENERALI EUR 25464 2630 1541 30 0 4 28 31.34 104788 105575 98010 99834 - - - - 0.93 0.11 1.69 1.90 191.45 - 12.45 11.06 13.92 11.65 - - - A 23.01.2013 Baa2 21.03.2013AXA SA EUR 42255 1373 2389 14 8 3 39 19.70 147586 147586 129398 131691 - - - - 2.35 2.28 2.54 2.71 9.98 9.67 8.97 8.41 21.40 76.58 - - - A- 18.12.2012 A2 19.03.2003BANCO BILBAO VIZCAYA ARGENTA EUR 49356 14096 5433 291 0 3 82 #VALUE! 45325 29418 30027 31639 - - - - 0.77 0.33 1.00 1.13 35.43 35.83 11.64 10.33 8.46 12.49 - - - BBB- 16.10.2012 Baa3 24.10.2012BANCO SANTANDER SA EUR 74005 25421 10321 473 0 12 234 #VALUE! 56074 56074 57221 60012 - - - - 0.77 0.31 0.76 0.88 29.48 11.19 11.92 10.24 -56.80 12.27 - - - BBB 16.10.2012 (P)Baa2 24.10.2012BASF SE EUR 82652 972 918 17 0 2 2 99.10 101311 101311 104563 103421 16192 16192 4513 4513 6.44 6.83 7.68 8.27 16.95 17.99 15.07 14.00 9.16 8.45 7.90 4.79 20.57 A+ 10.05.2011 A1 17.11.2010BAYER AG-REG EUR 84280 511 827 12 0 0 3 93.39 51165 51165 53456 56145 11583 11073 3237 3237 7.19 3.81 7.58 8.38 34.43 19.95 17.30 15.66 11.39 5.58 0.55 7.97 27.85 A- 30.04.2008 A3 17.07.2006BAYERISCHE MOTOREN WERKE AG EUR 57546 584 656 89 0 0 17 130.42 98891 98891 102538 107481 15460 15460 - - 9.99 10.00 10.04 10.34 11.53 11.53 11.48 11.15 15.01 8.33 3.71 -0.81 20.12 A 16.04.2012 A2 22.07.2011BNP PARIBAS EUR 64511 2076 1240 1303 9 11 180 #VALUE! 88 K 125 K 52 K 53 K - - - - 7.04 6.86 6.45 7.37 9.74 9.27 10.36 9.06 -4.25 14.66 - - - A+ 25.10.2012 A2 21.06.2012CARREFOUR SA EUR 19604 417 709 14 0 1 9 26.29 98815 98815 101617 104813 5011 3355 - - 0.28 0.30 1.86 2.12 119.29 44.50 19.12 16.80 -5.86 -3.25 - 1.48 4.19 BBB 15.03.2012 (P)Baa2 15.03.2012COMPAGNIE DE SAINT-GOBAIN EUR 20381 553 531 16 0 1 5 31.84 55589 55589 55342 57233 3393 3393 - - 1.28 1.88 3.14 3.79 26.33 38.57 15.72 13.02 3.31 0.25 -61.14 -18.58 7.86 BBB 24.07.2009 Baa2 31.07.2009CRH PLC EUR 16005 166 726 6 0 0 2 20.06 24011 24011 24544 25898 2110 2110 761 761 0.65 0.98 1.09 1.40 28.79 43.80 26.02 20.18 4.11 -2.37 -1.24 -13.53 11.31 BBB+ 17.12.2007 - -DAIMLER AG-REGISTERED SHARES EUR 60300 953 1068 109 0 2 19 151.95 147081 147081 150523 159678 15620 15690 - - 7.30 7.35 5.98 7.09 9.89 9.89 12.15 10.25 9.37 22.76 -0.82 -6.67 13.73 A- 23.02.2012 A3 01.10.2007DANONE EUR 44228 360 593 12 0 0 4 52.68 26855 26855 28432 30191 4661 4661 - - 3.58 3.59 4.07 4.49 24.98 25.03 22.07 19.98 10.33 14.00 5.02 14.60 22.33 A- 25.07.2007 A3 06.11.2007DEUTSCHE BANK AG-REGISTERED EUR 37713 2191 929 366 0 2 229 #VALUE! 43215 60676 43528 44813 - - - - 4.09 0.88 4.97 6.44 59.67 10.66 10.50 8.11 -46.62 -7.49 - - - A+ 25.01.2012 A2 21.06.2012DEUTSCHE TELEKOM AG-REG EUR 46761 5001 4319 57 0 6 8 102.34 74854 74854 74333 74043 22813 22787 5568 5568 1.29 -1.58 0.91 0.95 - 10.94 15.24 14.72 -1.06 -1.78 -15.76 1.91 39.17 BBB+ 19.05.2008 Baa1 22.12.2011E.ON SE EUR 34891 3227 1907 33 0 5 8 65.40 169982 169982 142882 145391 10865 10865 12298 12298 2.33 1.47 1.68 1.79 15.30 9.64 13.33 12.51 21.80 21.06 125.82 -6.77 8.23 A- 27.07.2012 A3 05.10.2011EADS NV EUR 43982 791 822 6 0 0 14 35.90 72680 72680 75573 80604 5053 5131 1387 1387 1.87 1.92 3.46 4.64 35.48 35.46 19.75 14.72 19.26 14.82 30.63 29.73 9.08 A- 22.09.2010 (P)A2 06.12.2012ENEL SPA EUR 31365 18160 9403 86 0 21 13 125.35 106420 106420 103509 104386 20782 20782 - - 0.12 0.12 0.43 0.45 37.06 - 9.99 9.50 8.50 11.76 -7.84 13.83 25.13 BBB+ 08.03.2012 Baa2 05.11.2012ENI SPA EUR 84179 4195 3634 31 0 5 10 109.80 163777 163777 151612 155903 31610 31610 9093 9093 0.85 3.08 2.52 2.67 9.68 10.87 11.84 11.18 20.76 7.62 -5.84 -1.35 24.84 A 17.01.2012 A3 16.07.2012ESSILOR INTERNATIONAL EUR 24159 145 215 1 0 0 1 24.81 6420 6420 6897 7471 1410 1410 - - 3.61 3.61 4.00 4.42 40.03 40.09 36.14 32.74 24.55 14.95 24.64 14.67 28.25 - - - -FRANCE TELECOM SA EUR 28193 2857 2627 50 0 3 11 70.44 55997 55997 54170 53378 15923 15923 3996 3996 0.95 0.40 1.41 1.38 34.33 14.45 9.71 9.95 -5.01 -4.59 -22.66 -10.88 36.59 A- *- 27.02.2013 A3 23.06.2005GDF SUEZ EUR 47583 1144 2357 74 0 15 15 121.74 124872 124872 104487 104681 23679 23679 - - 1.72 0.92 1.76 1.83 27.67 14.77 14.44 13.86 9.03 9.21 18.66 26.59 24.40 A *- 29.01.2013 A1 03.07.2012IBERDROLA SA EUR 30723 9634 6053 42 0 0 8 65.00 44011 44845 42965 44357 9237 9890 2946 2946 0.59 0.61 0.52 0.54 10.40 10.35 12.14 11.59 10.38 10.14 3.26 10.35 28.38 BBB 28.11.2012 (P)Baa1 05.11.2012INDITEX EUR 82218 266 623 0 0 0 5 76.99 20520 20520 22813 25320 5034 5035 1066 1066 4.87 4.87 5.51 6.18 34.84 - 30.80 27.47 20.09 13.33 27.92 16.38 31.58 - - - -ING GROEP NV-CVA EUR 28331 9946 3801 267 0 1 23 274.21 52481 54357 49358 54228 - - - - 0.94 0.96 1.29 1.42 9.87 9.21 7.39 6.68 -29.26 -11.93 - - - A 03.09.2009 A3 15.06.2012INTESA SANPAOLO EUR 24040 91195 16434 364 0 1 51 #VALUE! 22922 22758 21625 22168 - - - - 0.12 0.17 0.14 0.20 11.42 16.33 13.14 9.69 -37.96 -15.18 - - - BBB+ 10.02.2012 Baa2 16.07.2012KONINKLIJKE PHILIPS ELECTRON EUR 28957 764 915 6 0 0 5 29.90 31898 31898 32000 33064 3169 3169 758 758 0.37 0.35 2.10 2.43 110.57 79.42 18.53 16.04 12.59 1.94 138.78 -4.56 12.79 A- 11.05.2005 A3 20.04.2006LOREAL EUR 94679 222 598 0 0 0 2 92.66 28906 28906 30170 31938 5648 5648 - - 6.10 6.18 6.59 7.14 32.64 32.66 30.58 28.24 13.41 7.44 14.11 6.14 25.14 - - - -LVMH MOET HENNESSY LOUIS VUI EUR 85875 219 500 9 0 1 3 93.23 36164 36164 38951 42288 8931 9291 3634 3634 8.98 8.83 9.75 10.94 24.66 24.25 22.32 19.89 24.17 14.35 16.53 14.22 33.06 A 20.05.2011 - -MUENCHENER RUECKVER AG-REG EUR 34306 205 179 8 0 0 4 38.99 84797 85105 71849 74391 - - - - 23.14 23.14 21.08 21.59 10.64 10.64 11.68 11.40 10.54 9.26 - - - AA- 22.12.2006 - -REPSOL SA EUR 26801 2690 1256 25 0 1 8 44.23 75826 80225 78528 79449 9030 9411 2303 2303 2.12 2.25 2.13 2.22 11.95 - 12.62 12.10 20.28 9.04 27.00 -6.33 15.09 BBB- 19.04.2012 - -RWE AG EUR 23202 937 615 26 0 2 7 44.16 65334 #VALUE! 68801 69794 11652 - - - 2.51 - 5.03 4.58 - - 9.63 10.59 4.24 5.28 11.94 3.94 - BBB+ 27.07.2012 A3 19.07.2011SANOFI EUR 132583 675 1323 19 0 0 8 143.24 44971 44971 46139 48698 15936 16335 - - 5.61 4.84 7.74 8.64 26.59 22.92 16.63 14.90 6.00 6.17 -2.14 3.94 46.74 AA- 18.02.2011 A2 18.02.2011SAP AG EUR 97936 743 1192 7 0 0 3 101.31 20876 20876 23174 25536 6352 5887 1432 1432 3.06 3.05 4.46 5.05 33.64 33.71 23.01 20.30 17.99 12.48 9.07 13.84 36.29 - - - -SCHNEIDER ELECTRIC SA EUR 40647 504 547 10 0 0 5 46.53 30815 30815 31336 32954 4938 4938 - - 4.58 4.36 5.31 5.91 21.59 20.58 17.74 15.92 9.22 10.22 3.87 5.82 20.62 A- 26.11.2008 A3 12.01.2009SIEMENS AG-REG EUR 97476 648 856 27 0 1 15 112.35 100754 101235 100661 104505 12422 13320 2632 2632 7.21 7.31 7.84 9.70 19.48 19.71 18.17 14.68 8.82 0.14 -10.29 2.15 16.93 A+ 05.06.2009 - -SOCIETE GENERALE EUR 25795 5318 754 953 7 6 142 #VALUE! 56277 #VALUE! 30568 31851 - - - - 5.18 1.23 4.61 5.56 34.68 12.02 9.22 7.65 -12.77 - - - - A 23.01.2012 A2 21.06.2012TELEFONICA SA EUR 63425 110692 4551 86 0 9 15 143.64 80242 80242 76560 76891 26811 26858 5890 5890 1.06 1.14 1.46 1.52 15.75 - 12.27 11.79 -0.99 2.53 9.58 -2.33 43.07 BBB 20.12.2012 Baa2 18.10.2012TOTAL SA EUR 115496 1269 2258 43 0 2 22 138.07 234589 234589 233029 231598 41620 41104 11168 11168 6.07 6.09 6.79 6.83 10.32 10.34 9.25 9.19 12.17 5.79 -2.25 1.33 22.55 AA- 12.04.2011 Aa1 30.08.2005UNIBAIL-RODAMCO SE EUR 22328 51 92 15 0 2 0 39.62 2217 2217 2030 2223 1528 1528 - - 22.80 20.32 13.04 14.16 14.90 13.23 23.21 21.38 -14.41 13.29 0.32 19.95 88.67 A 27.06.2007 WR 16.07.2010UNICREDIT SPA EUR 25047 52362 5789 372 0 5 106 #VALUE! 32235 32421 31587 32630 - - - - -0.03 0.25 0.28 0.53 22.18 - 19.93 10.57 -51.87 -4.49 - - - BBB+ 10.02.2012 Baa2 16.07.2012UNILEVER NV-CVA EUR 123515 870 2832 13 0 1 4 133.70 66046 66046 68774 72671 10537 10537 - - 1.96 2.03 2.17 2.36 25.77 26.76 24.10 22.18 13.45 6.87 12.52 5.00 20.53 A+ 05.10.2000 A1 11.07.2000VINCI SA EUR 26545 876 536 26 0 1 8 45.09 50422 49715 50113 51132 7088 7018 - - 4.53 4.60 4.52 4.79 12.81 12.90 13.03 12.31 5.25 5.47 1.46 4.79 18.16 BBB+ 29.03.2007 Baa1 23.07.2002VIVENDI EUR 27779 1283 1323 23 0 4 5 49.44 37311 37311 37128 37552 5761 8404 - - 0.37 0.18 2.30 2.45 147.16 56.38 11.72 11.03 0.81 8.98 -63.56 -8.50 28.99 BBB 26.10.2012 Baa2 13.09.2005VOLKSWAGEN AG-PREF EUR 90906 227 465 151 0 6 33 214.51 247942 247942 262952 276740 31430 31430 5645 5645 59.56 59.93 27.91 32.24 4.33 4.34 9.30 8.05 26.93 15.64 18.42 12.93 16.31 A- 31.08.2009 A3 17.08.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 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 SpotS&P 500 INDEX 2.15 2.15 1.98 1.79 2.15 1.39 1.39 1.33 1.27 1.39 9.94 9.94 9.64 9.43 9.94 8.74 8.74 8.08 7.57 8.74 14.04 14.04 12.58 11.37 14.04 2.22 2.22 2.38 2.58 2.22 1681.4 8.4%Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.74 0.74 0.71 0.69 0.74 5.33 5.33 4.98 4.74 5.33 7.00 7.00 6.62 6.30 7.00 11.06 11.06 9.91 9.07 11.06 4.34 4.34 4.68 4.97 4.34 2895.5 9.3%NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.45 9.45 8.14 7.61 9.45 9.55 9.55 8.32 7.80 9.55 24.05 24.05 18.83 14.59 24.05 1.65 1.65 1.66 1.94 1.65 11908.4 -4.5%FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.90 7.90 7.28 5.26 7.90 7.04 7.04 6.59 6.32 7.04 11.81 11.81 10.71 9.81 11.81 3.89 3.89 4.18 4.62 3.89 6809.6 6.5%SWISS MARKET INDEX 2.39 2.39 2.21 2.04 2.39 1.99 1.99 1.89 1.81 1.99 12.25 12.25 11.20 9.83 12.25 13.09 13.09 12.11 11.32 13.09 14.86 14.86 13.30 12.08 14.86 3.32 3.32 3.68 4.18 3.32 8026.2 3.2%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.41 8.41 7.55 7.01 8.41 8.22 8.22 7.27 6.88 8.22 14.00 14.00 12.34 11.35 14.00 3.13 3.13 3.29 3.49 3.13 14540.6 14.7%S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.59 9.59 8.44 7.83 9.59 15.15 15.15 13.47 12.37 15.15 4.39 4.39 4.70 5.07 4.39 5149.3 4.0%HANG SENG INDEX 1.33 1.33 1.23 1.14 1.33 1.63 1.63 1.50 1.40 1.63 7.12 7.12 6.58 6.16 7.12 7.59 7.59 6.93 6.39 7.59 10.80 10.80 9.89 9.01 10.80 3.57 3.57 3.86 4.37 3.57 24932.1 11.7%MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%AIR LIQUIDE SA 2.76 2.57 2.39 2.23 1.99 1.94 1.81 1.69 1.59 1.55 10.26 9.46 8.83 8.33 7.56 9.55 8.81 8.11 7.57 7.27 18.51 17.02 15.39 14.09 13.13 2.65 2.85 3.10 3.36 3.36 101.28 6.8%ALLIANZ SE-REG 0.95 0.90 0.86 0.81 0.75 0.48 0.48 0.46 0.46 0.44 9.63 8.95 8.55 8.37 7.88 4.23 4.50 4.73 4.84 5.07 118.03 8.7%ANHEUSER-BUSCH INBEV NV 3.61 3.36 3.12 2.87 2.52 3.91 3.45 3.19 3.01 2.96 13.79 12.79 11.87 10.79 9.46 12.31 10.82 9.78 9.08 8.95 20.66 19.45 17.23 15.45 14.31 1.97 2.41 2.75 3.28 3.88 75.39 0.4%ARCELORMITTAL 0.39 0.40 0.39 0.36 0.34 0.26 0.26 0.25 0.24 0.24 4.32 4.63 3.35 3.15 1.97 6.77 6.19 5.06 4.54 3.94 77.90 19.70 9.26 6.57 4.93 4.23 1.61 2.33 2.63 1.88 13.80 33.4%ASML HOLDING NV 5.10 4.40 3.75 3.03 4.55 4.44 3.55 2.98 2.42 17.88 20.62 13.34 10.82 14.34 15.88 10.80 8.30 7.10 21.13 22.96 14.84 11.06 8.24 0.87 1.04 1.19 1.36 53.78 2.4%ASSICURAZIONI GENERALI 0.99 0.93 0.87 0.80 0.25 0.26 0.26 0.26 0.23 14.95 9.67 8.59 7.85 7.99 2.25 3.45 4.30 4.67 4.80 13.52 6.4%AXA SA 0.69 0.64 0.61 0.56 0.54 0.33 0.33 0.32 0.30 7.53 6.97 6.53 6.23 5.75 5.31 5.70 6.03 6.36 16.38 19.2%BANCO BILBAO VIZCAYA ARGENTA 0.93 0.87 0.83 0.78 1.68 1.64 1.56 1.51 3.05 2.99 2.90 3.01 19.83 9.05 8.03 7.10 5.97 6.01 6.04 6.61 7.86 11.7%BANCO SANTANDER SA 0.71 0.74 0.72 0.74 0.85 1.30 1.29 1.23 1.19 1.18 2.08 2.06 1.95 2.32 9.78 9.26 7.95 7.73 8.03 10.79 11.09 10.65 9.99 11.00 6.15 12.7%BASF SE 2.47 2.41 2.24 2.09 1.79 0.82 0.79 0.80 0.76 0.76 7.98 7.70 7.11 6.89 5.85 6.24 6.00 5.67 5.33 5.28 12.89 11.71 10.88 10.10 9.48 3.69 3.91 4.09 4.30 4.36 77.17 10.4%BAYER AG-REG 3.28 3.10 2.79 2.55 2.20 1.65 1.58 1.50 1.42 1.37 11.73 10.16 9.31 8.44 7.91 8.78 8.25 7.68 7.15 6.82 14.62 13.44 12.17 11.02 10.26 2.29 2.62 2.87 3.13 3.34 79.46 0.3%BAYERISCHE MOTOREN WERKE AG 1.46 1.34 1.23 1.10 1.05 0.58 0.56 0.54 0.51 0.51 5.39 5.22 4.98 4.80 3.35 7.72 7.96 7.69 7.93 6.69 8.96 8.92 8.67 8.30 8.19 3.75 3.95 4.25 4.41 3.88 79.43 14.1%BNP PARIBAS 0.65 0.62 0.59 0.55 1.28 1.25 1.21 1.17 1.17 5.06 4.51 4.03 3.74 7.41 8.05 7.04 6.45 3.72 4.36 5.28 6.19 6.44 52.31 29.6%CARREFOUR SA 1.95 1.85 1.70 1.56 1.56 0.20 0.19 0.19 0.18 0.18 6.43 5.49 5.04 5.26 4.64 5.54 5.29 4.98 4.74 4.51 17.12 14.85 13.06 11.57 10.67 2.44 2.89 3.31 3.82 3.72 22.90 6.6%COMPAGNIE DE SAINT-GOBAIN 0.88 0.87 0.84 0.79 0.37 0.37 0.36 0.34 0.34 5.63 5.61 5.12 4.48 5.67 5.61 5.17 4.65 4.24 12.70 12.22 10.12 8.15 6.89 3.90 4.43 4.46 4.68 33.03 10.7%CRH PLC 1.14 1.13 1.10 1.05 0.66 0.65 0.62 0.58 0.48 9.61 8.60 7.61 6.48 9.73 9.04 7.89 6.79 5.52 23.30 20.22 15.68 12.16 9.94 3.69 3.74 3.84 4.02 15.81 -7.5%DAIMLER AG-REGISTERED SHARES 1.09 1.05 0.97 0.88 0.81 0.41 0.40 0.38 0.36 0.36 5.33 5.05 4.44 3.67 3.07 9.24 9.34 8.20 7.31 6.22 9.49 9.44 7.97 6.89 6.80 4.88 4.64 5.11 5.77 47.46 8.1%DANONE 2.60 2.45 2.32 2.15 1.87 1.66 1.56 1.46 1.38 1.31 12.78 12.53 11.01 9.90 9.03 11.36 10.84 10.10 9.36 8.58 17.95 17.15 15.53 14.31 12.89 2.70 2.80 3.06 3.36 3.88 54.56 0.7%DEUTSCHE BANK AG-REGISTERED 0.52 0.51 0.49 0.45 0.41 0.87 0.87 0.84 0.82 0.73 5.56 4.84 4.24 3.98 8.80 8.16 6.30 5.28 4.53 2.39 2.45 3.09 3.61 3.41 38.64 22.5%DEUTSCHE TELEKOM AG-REG 1.28 1.28 1.23 1.20 1.34 0.62 0.63 0.63 0.62 0.63 2.72 2.61 2.64 2.75 2.63 4.41 4.58 4.57 4.51 4.41 13.10 11.85 11.44 11.11 10.48 8.31 6.37 6.10 6.28 6.95 9.16 9.0%E.ON SE 0.68 0.69 0.67 0.65 0.62 0.24 0.24 0.24 0.23 0.21 3.31 4.08 4.05 3.84 3.58 4.72 5.33 5.22 5.21 5.05 6.05 10.36 9.72 9.73 9.18 8.07 5.44 5.61 5.54 5.90 13.41 -1.0%EADS NV 3.42 3.39 2.72 2.32 1.99 0.62 0.58 0.55 0.52 0.51 11.18 8.67 7.76 5.61 6.90 6.37 5.09 4.35 3.96 3.85 21.36 15.34 11.44 9.45 8.80 1.49 2.32 3.13 3.79 3.66 42.96 4.2%ENEL SPA 0.60 0.59 0.57 0.54 0.56 0.30 0.30 0.30 0.30 0.29 2.71 2.68 2.46 2.61 2.71 5.87 6.03 5.97 5.84 5.71 7.06 7.76 7.38 6.95 6.99 5.79 5.36 5.52 5.94 5.75 3.04 17.3%ENI SPA 1.09 1.04 0.98 0.92 0.88 0.54 0.56 0.54 0.52 0.56 3.92 3.62 3.38 3.20 3.72 2.90 2.98 2.87 2.75 2.78 8.96 9.20 8.68 8.05 9.60 5.99 6.11 6.24 6.44 6.33 20.11 11.7%ESSILOR INTERNATIONAL 5.11 4.61 4.21 3.60 3.76 3.50 3.23 2.97 2.75 23.41 20.25 18.51 17.52 21.63 17.70 16.44 15.03 13.77 12.73 31.14 28.08 25.44 23.49 21.21 1.13 1.18 1.29 1.38 1.48 82.08 -6.1%FRANCE TELECOM SA 0.80 0.82 0.81 0.78 0.80 0.50 0.52 0.53 0.53 0.54 2.17 2.22 2.29 2.38 2.34 4.02 4.25 4.37 4.46 4.49 6.42 7.55 7.73 7.63 7.36 9.71 9.41 9.10 8.81 9.27 9.63 16.4%GDF SUEZ 0.55 0.55 0.56 0.57 0.53 0.40 0.46 0.45 0.45 0.42 3.07 3.42 3.31 3.60 3.30 5.56 6.75 6.64 6.48 5.95 9.83 11.22 10.77 10.25 8.89 9.79 9.57 9.60 8.69 9.21 16.67 8.8%IBERDROLA SA 0.66 0.65 0.64 0.63 0.63 0.76 0.72 0.69 0.67 0.71 4.02 4.31 4.38 3.94 6.52 6.64 6.39 6.14 5.98 8.34 9.43 9.00 9.12 9.62 8.21 7.73 7.71 7.66 7.89 4.33 13.9%INDITEX 7.50 6.86 5.97 5.21 3.90 4.00 3.60 3.25 2.95 2.66 19.81 18.08 16.13 14.45 15.07 13.60 12.14 10.98 9.76 26.76 23.94 21.35 19.17 17.09 2.22 2.45 2.79 3.12 3.55 108.25 5.6%ING GROEP NV-CVA 0.44 0.40 0.38 0.37 0.52 0.57 0.52 0.51 7.42 5.75 5.19 4.96 5.99 0.00 0.30 3.29 4.84 7.98 38.9%INTESA SANPAOLO 0.38 0.37 0.36 0.36 1.07 1.11 1.08 1.06 2.38 2.41 2.29 2.18 11.67 10.21 7.53 6.16 7.16 4.46 4.55 6.03 6.99 7.86 1.41 23.3%KONINKLIJKE PHILIPS ELECTRON 1.88 1.88 1.77 1.63 1.45 0.91 0.90 0.88 0.84 0.83 11.46 9.40 7.98 7.49 6.87 8.47 6.82 6.21 5.64 5.59 19.67 14.40 12.47 11.12 9.69 3.23 3.35 3.61 3.85 3.93 24.21 3.0%LOREAL 3.85 3.37 3.11 2.86 2.40 3.29 3.14 2.96 2.78 2.65 20.25 18.75 17.37 16.23 15.36 16.27 15.20 14.14 13.25 12.46 25.45 23.77 21.94 20.12 18.98 1.81 2.02 2.20 2.45 2.62 113.54 -6.7%LVMH MOET HENNESSY LOUIS VUI 2.64 2.44 2.21 2.00 1.62 2.38 2.20 2.03 1.88 1.75 13.88 12.89 11.67 10.83 11.17 10.34 9.47 8.58 7.79 7.50 18.24 17.34 15.46 13.83 12.35 2.28 2.50 2.81 3.13 3.30 152.49 16.0%MUENCHENER RUECKVER AG-REG 1.00 0.93 0.89 0.84 0.82 0.48 0.48 0.46 0.45 0.38 8.42 9.07 8.86 8.91 9.86 4.58 4.74 4.88 5.14 5.27 147.33 -0.9%REPSOL SA 0.77 0.73 0.70 0.66 0.58 0.34 0.34 0.34 0.36 0.39 4.16 4.10 3.92 3.87 3.98 4.89 4.63 4.48 4.31 4.07 10.33 9.81 9.40 9.03 8.55 5.46 5.78 5.92 6.10 6.11 18.75 15.5%RWE AG 1.12 1.14 1.09 1.04 0.92 0.35 0.34 0.33 0.32 0.31 3.00 3.13 3.18 3.42 2.89 3.92 3.89 3.98 4.04 4.06 7.19 7.49 8.23 8.52 8.25 6.90 6.76 6.47 6.20 6.28 30.15 3.1%SANOFI 1.78 1.74 1.67 1.60 1.48 2.96 2.87 2.72 2.58 2.49 11.04 10.99 10.12 8.62 7.93 8.31 8.51 7.84 7.24 6.95 12.56 12.92 11.58 10.52 9.70 3.57 3.79 4.20 4.67 5.20 79.18 1.9%SAP AG 5.23 4.46 3.74 3.13 2.63 4.67 4.23 3.84 3.51 3.25 19.21 15.31 13.57 11.82 11.04 14.28 12.28 10.88 9.61 8.72 20.07 17.88 15.77 13.89 12.93 1.36 1.54 1.78 1.98 1.94 65.45 5.7%SCHNEIDER ELECTRIC SA 1.84 1.76 1.64 1.54 1.32 1.30 1.23 1.16 11.59 11.09 9.85 9.40 9.59 8.92 8.19 7.65 14.84 13.79 12.37 11.31 3.09 3.40 3.71 4.05 59.03 3.8%SIEMENS AG-REG 2.31 2.34 2.12 1.93 1.50 0.97 0.97 0.93 0.90 0.87 10.28 11.03 9.34 8.50 8.64 8.82 9.18 7.65 7.13 7.37 14.01 14.12 11.41 10.54 9.67 3.57 3.64 3.94 4.18 4.45 86.64 0.8%SOCIETE GENERALE 0.46 0.44 0.41 0.39 0.87 0.84 0.81 0.78 3.92 3.51 3.18 2.85 9.27 7.17 5.95 5.29 1.97 3.92 5.19 6.63 33.60 30.8%TELEFONICA SA 2.16 2.06 1.94 1.77 1.69 0.79 0.83 0.82 0.82 0.82 3.39 3.48 3.44 3.58 4.46 5.27 5.48 5.46 5.45 5.46 8.92 9.54 9.16 8.75 8.91 1.18 6.91 7.29 6.88 8.86 11.29 4.2%TOTAL SA 1.16 1.09 1.00 0.91 0.91 0.50 0.50 0.50 0.51 0.52 3.92 3.77 3.67 3.40 3.26 3.18 3.19 3.12 3.01 2.68 6.95 7.19 7.14 6.71 6.23 6.16 6.28 6.41 6.66 6.86 45.78 20.7%UNIBAIL-RODAMCO SE 1.38 1.25 1.16 1.05 0.89 13.10 11.00 10.04 9.55 8.56 18.33 17.75 16.41 14.75 12.76 23.45 22.02 20.34 18.95 18.27 19.24 18.04 16.61 15.19 13.85 4.59 4.83 5.19 5.60 5.90 181.68 -0.6%UNICREDIT SPA 0.31 0.31 0.30 0.29 0.77 0.79 0.77 0.74 1.91 1.92 1.75 1.60 23.50 15.48 8.22 5.70 1.73 2.32 3.99 5.39 3.96 18.0%UNILEVER NV-CVA 5.73 5.17 4.55 4.09 3.63 1.88 1.80 1.70 1.60 1.53 15.94 14.64 13.59 12.37 11.60 12.62 11.84 11.06 10.24 9.79 20.02 18.72 17.24 15.84 14.71 3.00 3.20 3.42 3.63 3.94 31.63 -0.1%VINCI SA 1.46 1.38 1.31 1.19 1.04 0.54 0.53 0.52 0.51 0.47 5.21 5.05 4.91 4.62 4.35 6.42 6.33 6.16 5.93 5.52 10.32 10.13 9.57 9.11 8.07 5.02 5.07 5.29 5.67 5.90 43.76 23.0%VIVENDI 1.04 1.07 1.03 1.02 1.03 0.76 0.75 0.74 0.73 0.72 3.57 3.85 3.72 3.51 3.59 4.84 4.95 4.82 4.74 4.60 8.12 9.11 8.57 8.27 8.16 6.15 6.03 6.28 6.60 7.95 17.84 9.4%VOLKSWAGEN AG-PREF 0.94 0.87 0.77 0.67 0.65 0.37 0.35 0.33 0.31 0.31 3.29 3.35 2.98 3.06 2.63 7.64 6.94 6.21 5.80 5.01 7.30 7.23 6.25 5.65 5.25 2.46 2.81 3.45 4.34 4.19 192.58 22.9% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 26.03.2013Air Liquide SAAir Liquide SA, through its subsidiaries, produces, markets, and sells Price/Volumeindustrial and healthcare gases worldwide. These gases include liquid nitrogen, 120 3.5 Margon, carbon dioxide, and oxygen. The Company also produces welding equipment, 100 3.0 Mdiving equipment, and technical-medical equipment. Air Liquide sells itsproducts throughout Europe, the United States, Canada, Africa, and Asia. 2.5 M 80 2.0 M 60 Valuation Analysis 1.5 MLatest Fiscal Year: 12/2012 40 1.0 MLTM as of: 09/yy 20 .5 M52-Week High (21.09.2012) 100.00 0 .0 M52-Week Low (18.05.2012) 83.45 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12Daily Volume 169244.00 Current Price (3/dd/yy) 94.83 Market Data 52-Week High % Change -5.19% Dividend Yield - 52-Week Low % Change 13.63% Beta 0.76 % 52 Week Price Range High/Low 64.95% Equity Float 311.10Shares Out 08.03.2013 312.5 Short Int - Market Capitalization 29629.93 1 Yr Total Return 7.50%Total Debt 7273.70 YTD Return -0.23%Preferred Stock 0.0 Adjusted BETA 0.756Minority Interest 232.6 Analyst Recs 35Cash and Equivalents 1154.20 Consensus Rating 3.543Enterprise Value 35982.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 910620AI FP EQUITY YTD Change - Average Volume 30 Day 933595AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 770134 Fiscal Year Ended 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 03/13 Q1 06/13 Q2 Total Revenue 13103.1 11976.1 13488.0 14456.9 15326.3 13003.5 14255.5 16327.5 17503.5 3966.8 3976.0 TEV/Revenue 1.73x 2.25x 2.38x 2.25x 2.34x 0.00x 0.00x 2.20x 2.03x - 9.03x EBITDA 2941.8 2969.0 3374.3 3563.6 3792.3 0.0 0.0 4091.5 4441.9 - 1976.0 TEV/EBITDA 7.71x 9.08x 9.50x 9.13x 9.48x 0.00x 0.00x 8.81x 8.11x - - Net Income 1220.0 1230.0 1403.6 1534.9 1609.4 0.0 0.0 1733.8 1918.7 - 879.0 P/E 13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 17.02x 15.39x - - Profitability S&P Issuer RatingsEBITDA 3792.30 Long-Term Rating Date 02.07.2007EBIT 2560.50 Long-Term Rating AOperating Margin 16.71% Long-Term Outlook POSPretax Margin 14.63% Short-Term Rating Date 06.05.2004Return on Assets 6.55% Short-Term Rating A-1Return on Common Equity 16.12% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 13.84Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 6.51Margin Analysis Net Debt/EBITDA 1.61Gross Margin - Total Debt/EBITDA 1.92EBITDA Margin 24.7% ReferenceEBIT Margin 16.7% Total Debt/Equity 71.2%Net Income Margin 10.5% Total Debt/Capital 41.1%Structure Asset Turnover 0.62Current Ratio 1.03 Net Fixed Asset Turnover 1.23Quick Ratio 0.77 Accounts receivable turnover-days 66.93Debt to Assets 29.09% Inventory Days -Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.47 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 16000.0 12.00 14000.0 12000.0 10.00 10000.0 8.00 8000.0 6.00 6000.0 4.00 4000.0 2.00 2000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 5. 26.03.2013Air Liquide SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4602821 1.62 332555 30.06.2011 Mutual Fund ManagerTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 4158340 1.46 - 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2834874 1 61554 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1442705 0.51 (1613) 07.03.2012 Investment AdvisorAIR LIQUIDE n/a Co File 1339624 0.47 - 31.12.2010 CorporationAMUNDI Multiple Portfolios MF-AGG 1178326 0.42 111689 30.12.2011 Mutual Fund ManagerDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1151189 0.41 (369) 31.01.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1055066 0.37 (452336) 31.12.2011 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1033942 0.36 (5605) 31.12.2011 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 872830 0.31 (582) 07.03.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 816304 0.29 (2392) 30.12.2011 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 812698 0.29 653801 30.12.2011 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 795418 0.28 (9820) 07.03.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 775161 0.27 - 31.10.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 694738 0.24 (31780) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 678737 0.24 (22020) 31.01.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 608046 0.21 (1432) 30.09.2011 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 581653 0.2 (8773) 07.03.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 507326 0.18 (993) 30.11.2011 Mutual Fund ManagerROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 457871 0.16 - 30.09.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBanco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 115 Not Provided 05.03.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 02.03.2012AlphaValue VERONIQUE COLAS add 4 M 101 6 month 01.03.2012Macquarie JUERGEN RECK outperform 5 M 108 12 month 25.02.2012Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 104 Not Provided 24.02.2012Day by Day VALERIE GASTALDY buy 5 U 109 3 month 22.02.2012Collins Stewart PAUL W SATCHELL hold 3 M 90 Not Provided 22.02.2012Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 104 6 month 21.02.2012BHF-Bank ANNETT WEBER market weight 3 M 101 12 month 21.02.2012Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 110 Not Provided 21.02.2012CA Cheuvreux KLAUS RINGEL outperform 5 D 108 Not Provided 21.02.2012Independent Research GmbH STEFAN ROEHLE hold 3 M 106 6 month 21.02.2012Societe Generale PETER CLARK buy 5 M 106 12 month 20.02.2012Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.02.2012Barclays Capital GUNTHER ZECHMANN underwt/positive 1 M 98 Not Provided 20.02.2012Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 100 12 month 17.02.2012Credit Suisse CHRIS COUNIHAN neutral 3 M 109 Not Provided 17.02.2012Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 96 12 month 17.02.2012CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 96 12 month 17.02.2012Nomura JEAN DE WATTEVILLE reduce 2 M 110 12 month 17.02.2012Standard & Poors Equity Research ANKIT JAIN hold 3 M 101 12 month 17.02.2012Main First Bank AG THOMAS SWOBODA neutral 3 M 102 Not Provided 09.02.2012Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 101 Not Provided 08.02.2012JPMorgan NEIL C TYLER overweight 5 M 108 12 month 02.02.2012Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 122 12 month 30.01.2012HSBC GEOFF HAIRE neutral 3 M 104 Not Provided 26.01.2012ING Wholesale Banking FABIAN SMEETS not rated #N/A N/A M #N/A N/A Not Provided 19.01.2012Citi ANDREW BENSON neutral 3 M 100 Not Provided 12.12.2011Deutsche Bank TIMOTHY JONES hold 3 M 98 12 month 02.12.2011DZ Bank AG PETER SPENGLER buy 5 M 100 12 month 27.10.2011Oddo & Cie JEAN-PIERRE DMIRDJIAN buy 5 M 100 Not Provided 26.10.2011Alembic Global Advisors HASSAN I AHMED neutral 3 M 105 12 month 03.01.2011Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 26.05.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 26.03.2013Allianz SEAllianz SE, through subsidiaries, offers insurance and financial services. The Price/VolumeCompany offers property and casualty, life and health, credit, motor vehicle and 120 16.0 Mtravel insurance, and fund management services. 14.0 M 100 12.0 M 80 10.0 M 60 8.0 M Valuation Analysis 6.0 MLatest Fiscal Year: 12/2012 40 4.0 MLTM as of: 12/yy 20 2.0 M52-Week High (14.03.2013) 114.05 0 .0 M52-Week Low (04.06.2012) 68.50 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12Daily Volume 542623.00 Current Price (3/dd/yy) 108.55 Market Data 52-Week High % Change -4.91% Dividend Yield - 52-Week Low % Change 58.47% Beta 1.25 % 52 Week Price Range High/Low 86.06% Equity Float 451.47Shares Out 31.12.2012 456.0 Short Int - Market Capitalization 49493.38 1 Yr Total Return 23.80%Total Debt 28651.00 YTD Return 3.58%Preferred Stock 0.0 Adjusted BETA 1.251Minority Interest 2665.0 Analyst Recs 43Cash and Equivalents 12437.00 Consensus Rating 4.279Enterprise Value 68372.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1585730ALV GY EQUITY YTD Change - Average Volume 30 Day 1974630ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1710488 Fiscal Year Ended 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 Total Revenue 76195.0 82711.0 89740.0 87384.0 96020.0 89413.0 64190.0 104171.7 107045.1 - - TEV/Revenue 0.69x 0.75x 0.67x 0.61x 0.69x 2.71x 2.83x 0.59x 0.57x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (2444.0) 4297.0 5053.0 2545.0 5169.0 4966.0 2545.0 5440.3 5682.2 - - P/E 8.51x 8.37x 7.94x 13.13x 9.18x 8.08x 13.15x 8.95x 8.55x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 27.01.2012EBIT - Long-Term Rating AAOperating Margin 10.61% Long-Term Outlook STABLEPretax Margin 8.95% Short-Term Rating Date 23.03.2009Return on Assets 0.77% Short-Term Rating A-1+Return on Common Equity 10.50% Credit RatiosReturn on Capital 8.01% EBITDA/Interest Exp. -Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 53.5%Net Income Margin 5.4% Total Debt/Capital 33.8%Structure Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 4.12% Inventory Days -Tot Debt to Common Equity 53.50% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 6.00 100000.0 90000.0 5.00 80000.0 70000.0 4.00 60000.0 3.00 50000.0 40000.0 2.00 30000.0 20000.0 1.00 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 7. 26.03.2013Allianz SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a EXCH 22861350 5.02 - 29.06.2011 Investment AdvisorAXA n/a Research 13449857 2.95 - 30.07.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 11190894 2.46 (9000) 07.03.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 5848109 1.28 (33373) 31.01.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5710817 1.25 2479720 31.01.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5061636 1.11 (90446) 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4838347 1.06 84632 31.12.2011 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 4712955 1.04 213077 31.12.2011 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 4510090 0.99 150583 31.03.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4305644 0.95 1036531 30.12.2011 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 3973507 0.87 282800 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3756586 0.83 (512) 07.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3607698 0.79 217890 31.01.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 2536585 0.56 54500 31.10.2011 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2497805 0.55 (150830) 31.10.2011 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2321367 0.51 (846227) 30.12.2011 Mutual Fund ManagerDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2141056 0.47 10236 31.10.2011 Mutual Fund ManagerCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1894650 0.42 (1026500) 31.12.2011 Investment AdvisorCOMINVEST ASSET MANA Multiple Portfolios MF-AGG 1717202 0.38 97100 31.10.2011 Mutual Fund ManagerSOCIETE GENERALE Multiple Portfolios MF-AGG 1713830 0.38 898985 30.12.2011 Bank Firm Name Analyst Recommendation Weighting Change Target Price Date DateBryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 100 6 month 09.03.2012DZ Bank AG THORSTEN WENZEL buy 5 M 105 12 month 09.03.2012Main First Bank AG MICHAEL HAID buy 5 M 105 12 month 07.03.2012Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 D 120 12 month 04.03.2012Morgan Stanley JON HOCKING Overwt/In-Line 5 M 108 12 month 02.03.2012Oddo & Cie NICOLAS JACOB neutral 3 M 85 12 month 02.03.2012Barclays Capital ANDREW BROADFIELD overwt/neutral 5 M 109 Not Provided 02.03.2012Exane BNP Paribas THOMAS JACQUET outperform 5 M 108 Not Provided 01.03.2012Societe Generale EMMANUELLE CALES buy 5 M 100 12 month 29.02.2012Credit Suisse RICHARD BURDEN outperform 5 M 111 Not Provided 29.02.2012Commerzbank Corporates & Markets ROLAND PFAENDER add 4 M 100 6 month 28.02.2012HSBC KAILESH MISTRY overweight 5 M 110 Not Provided 28.02.2012Macquarie HADLEY COHEN outperform 5 M 110 12 month 28.02.2012Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 104 12 month 28.02.2012Mediobanca SpA GIANLUCA FERRARI outperform 5 M 110 12 month 27.02.2012Nord/LB CONSTANTIN ROHRBACH hold 3 U 85 12 month 27.02.2012JPMorgan MICHAEL HUTTNER neutral 3 M 109 9 month 27.02.2012CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 105 Not Provided 27.02.2012Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 27.02.2012Kepler Capital Markets FABRIZIO CROCE hold 3 M 73 Not Provided 27.02.2012Nomura NICK HOLMES neutral 3 M 100 Not Provided 27.02.2012Collins Stewart BEN COHEN buy 5 M 100 Not Provided 27.02.2012Independent Research GmbH MATTHIAS ENGELMAYER hold 3 M 97 6 month 24.02.2012Standard & Poors Equity Research TONY SILVERMAN hold 3 M 109 12 month 24.02.2012RBC Capital Markets JEAN-FRANCOIS TREMBLAY outperform 5 M 110 12 month 23.02.2012Raymond James DANNY JACQUES market perform 3 D 95 Not Provided 23.02.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 92 Not Provided 23.02.2012National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 23.02.2012Bankhaus Metzler JOCHEN SCHMITT sell 1 M 81 12 month 23.02.2012WestLB Equity Markets ANDREAS SCHAEFER neutral 3 M #N/A N/A Not Provided 23.02.2012Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 88 18 month 23.02.2012Day by Day VALERIE GASTALDY buy 5 U 103 3 month 17.02.2012AlphaValue DIETER HEIN add 4 M 104 6 month 16.02.2012ING Wholesale Banking MAARTEN ALTENA buy 5 M 105 12 month 14.02.2012Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 110 12 month 08.02.2012Banco Sabadell MARIO LODOS sell 1 D 97 Not Provided 06.02.2012Natixis BENOIT VALLEAUX buy 5 M 106 Not Provided 26.01.2012Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 23.01.2012Berenberg Bank MICHAEL BROOM buy 5 M 123 12 month 09.01.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.01.2012Grupo Santander VALVANERA GOMEZ PASTOR buy 5 M 104 Not Provided 16.12.2011Deutsche Bank SPENCER HORGAN buy 5 M 100 12 month 06.12.2011Jefferies JAMES SHUCK hold 3 M 85 12 month 14.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 26.03.2013Anheuser-Busch InBev NVAnheuser-Busch InBev NV brews beer. The Company manufactures ale, lager, Price/Volumestout, and bitter beer. Anheuser-Busch InBev owns brands that are both 60 8.0 Mnationally and internationally prominent. The Company has production plants in 7.0 MEurope, the Americas, and Asia. 50 6.0 M 40 5.0 M 30 4.0 M Valuation Analysis 3.0 MLatest Fiscal Year: 12/2012 20 2.0 MLTM as of: 12/yy 10 1.0 M52-Week High (25.03.2013) 76.67 0 .0 M52-Week Low (01.06.2012) 52.11 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12Daily Volume 463152.00 Current Price (3/dd/yy) 75.07 Market Data 52-Week High % Change -2.14% Dividend Yield - 52-Week Low % Change 44.06% Beta 0.76 % 52 Week Price Range High/Low 94.95% Equity Float -Shares Out 08.03.2013 1606.9 Short Int - Market Capitalization 120629.63 1 Yr Total Return 40.10%Total Debt 44341.00 YTD Return 14.19%Preferred Stock 0.0 Adjusted BETA 0.758Minority Interest 4299.0 Analyst Recs 34Cash and Equivalents 13878.00 Consensus Rating 3.794Enterprise Value 190012.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1883907ABI BB EQUITY YTD Change - Average Volume 30 Day 2050414ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1945848 Fiscal Year Ended 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 Total Revenue 23507.0 36758.0 36297.0 39046.0 39758.0 36297.0 39045.0 45029.1 48741.1 9508.0 10382.0 TEV/Revenue 4.07x 3.57x 3.70x 3.49x 4.37x 0.00x 0.00x 4.34x 3.90x - - EBITDA 7734.0 12925.0 13768.0 15297.0 15450.0 0.0 0.0 17607.4 19483.7 - - TEV/EBITDA 12.37x 10.15x 9.76x 8.91x 11.25x 0.00x 0.00x 10.82x 9.78x - - Net Income 1927.0 4613.0 4026.0 5855.0 7243.0 4026.0 5855.0 8000.2 8972.7 1593.0 1700.0 P/E 11.99x 17.92x 22.61x 16.71x 19.15x 19.82x 16.71x 19.45x 17.23x 20.17x - Profitability S&P Issuer RatingsEBITDA 15450.00 Long-Term Rating Date 01.05.2012EBIT 12765.00 Long-Term Rating AOperating Margin 32.11% Long-Term Outlook STABLEPretax Margin 28.05% Short-Term Rating Date 01.05.2012Return on Assets 6.16% Short-Term Rating A-1Return on Common Equity 18.42% Credit RatiosReturn on Capital 13.08% EBITDA/Interest Exp. 7.48Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.90Margin Analysis Net Debt/EBITDA 1.97Gross Margin 58.6% Total Debt/EBITDA 2.87EBITDA Margin 38.9% ReferenceEBIT Margin 32.1% Total Debt/Equity 107.8%Net Income Margin 18.2% Total Debt/Capital 49.4%Structure Asset Turnover 0.34Current Ratio 1.01 Net Fixed Asset Turnover 2.45Quick Ratio 0.88 Accounts receivable turnover-days 37.49Debt to Assets 36.16% Inventory Days 55.25Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 306.82Accounts Receivable Turnover 9.76 Cash Conversion Cycle -214.08Inventory Turnover 6.62Price/ Cash Flow Sales/Revenue/Turnover 10.00 45000.0 9.00 40000.0 8.00 35000.0 7.00 30000.0 6.00 25000.0 5.00 20000.0 4.00 15000.0 3.00 10000.0 2.00 5000.0 1.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 9. 26.03.2013Anheuser-Busch InBev NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTICHTING INBEV n/a 20F 663074830 41.29 - 21.12.2010 n/aEPS n/a 20F 133467609 8.31 - 21.12.2010 n/aBRC SARL n/a 20F 33048460 2.06 - 21.12.2010 OtherCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29310490 1.82 (1800000) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 22112718 1.38 1706049 31.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 17347945 1.08 906827 31.12.2011 Investment AdvisorANHEUSER-BUSCH INBEV n/a 20F 12006309 0.75 - 21.12.2010 CorporationHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11090162 0.69 (82832) 31.12.2011 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 9412565 0.59 - 31.12.2011 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7083170 0.44 (4572) 31.12.2011 Investment AdvisorVOORZITTER VERHELST n/a 20F 6997665 0.44 - 21.12.2010 OtherBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6587360 0.41 1405350 07.03.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5828515 0.36 2576808 30.09.2011 Investment AdvisorINBEV-BAILLET LATOUR n/a 20F 5485415 0.34 - 21.12.2010 OtherDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5050061 0.31 1667528 31.01.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4307090 0.27 549629 30.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3872837 0.24 (916) 07.03.2012 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 3356768 0.21 (6033037) 31.12.2011 Investment AdvisorBRITO CARLOS ALVES D n/a Co File 2928172 0.18 - 30.06.2009 n/aBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 2619854 0.16 (1530) 07.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale ANDREW HOLLAND hold 3 M 55 12 month 09.03.2012Deutsche Bank JONATHAN FELL hold 3 M 51 12 month 09.03.2012Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 64 12 month 09.03.2012Bryan Garnier & Cie NIKOLAAS FAES neutral 3 M 54 6 month 09.03.2012Nomura IAN SHACKLETON neutral 3 M 53 12 month 09.03.2012Standard & Poors Equity Research CARL SHORT hold 3 M 54 Not Provided 09.03.2012Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 41 Not Provided 09.03.2012Liberum Capital Ltd PABLO ZUANIC buy 5 M 63 Not Provided 09.03.2012Kempen & Co SANDER VAN OORT buy 5 M 53 Not Provided 08.03.2012Morgan Stanley DAVID BELAUNDE Overwt/In-Line 5 M 60 12 month 08.03.2012JPMorgan MIKE J GIBBS overweight 5 M 57 12 month 08.03.2012Jefferies DIRK VAN VLAANDEREN buy 5 M 59 12 month 08.03.2012Bank Degroof(ESN) MARC LEEMANS accumulate 4 M 46 12 month 08.03.2012Independent Research GmbH LARS LUSEBRINK hold 3 M 55 6 month 08.03.2012KBC Securities WIM HOSTE accumulate 4 M 54 Not Provided 08.03.2012Rabobank International KAREL ZOETE buy 5 M 56 12 month 08.03.2012AlphaValue SOPHIE CABO-BROSETA reduce 2 M 38 6 month 08.03.2012ABN Amro Bank N.V. ROBERT JAN VOS buy 5 M 53 12 month 08.03.2012Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 60 12 month 06.03.2012Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.03.2012Collins Stewart EDDY HARGREAVES buy 5 M 55 9 month 02.03.2012Citi ANDREA PISTACCHI buy 5 M 55 Not Provided 24.02.2012Grupo Santander ANTHONY J BUCALO buy 5 M 56 Not Provided 20.02.2012Credit Suisse SANJEET AUJLA neutral 3 N 52 Not Provided 13.02.2012Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012ING Wholesale Banking GERARD RIJK hold 3 M 53 12 month 07.02.2012Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 30.01.2012Petercam KRIS KIPPERS hold 3 D 50 Not Provided 27.01.2012CA Cheuvreux XAVIER CROQUEZ outperform 5 M 50 Not Provided 20.01.2012Berenberg Bank PHILIP MORRISEY buy 5 M 52 Not Provided 19.01.2012Collins Stewart ROB MANN buy 5 M 55 Not Provided 03.01.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.12.2011Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 29.11.2011HSBC LAUREN E TORRES overweight 5 M 51 Not Provided 11.11.2011Barclays Capital SIMON HALES overwt/neutral 5 M 45 Not Provided 10.11.2011Espirito Santo Investment Bank Research MARTIN DOLAN buy 5 M 48 Not Provided 04.10.2011Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011Natixis OLIVIER DELAHOUSSE neutral 3 M 41 Not Provided 05.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 26.03.2013ArcelorMittalArcelorMittal produces steel. The Company manufactures cold rolled, Price/Volumeelectrogalvanized and coated steels, slabs, special quality bars, and wire 30 25.0 Mrods. Arcelor Mittal has steel making operations in Europe, the Americas,Asia, and Africa. 25 20.0 M 20 15.0 M 15 Valuation Analysis 10.0 MLatest Fiscal Year: 12/2012 10LTM as of: 12/yy 5 5.0 M52-Week High (26.03.2012) 15.05 0 .0 M52-Week Low (25.03.2013) 10.29 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12Daily Volume 2761156.00 Current Price (3/dd/yy) 10.35 Market Data 52-Week High % Change -31.26% Dividend Yield - 52-Week Low % Change 0.58% Beta 1.48 % 52 Week Price Range High/Low 0.32% Equity Float 976.79Shares Out 15.01.2013 1665.4 Short Int - Market Capitalization 17236.81 1 Yr Total Return -27.24%Total Debt 25752.00 YTD Return -19.98%Preferred Stock 0.0 Adjusted BETA 1.479Minority Interest 3474.0 Analyst Recs 43Cash and Equivalents 4398.00 Consensus Rating 3.558Enterprise Value 47011.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11851370MT NA EQUITY YTD Change - Average Volume 30 Day 10083010MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 9437893 Fiscal Year Ended 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 Total Revenue 124936.0 61021.0 78025.0 93973.0 84213.0 74009.0 93973.0 86528.0 90351.7 20331.0 21669.8 TEV/Revenue 0.50x 1.52x 1.05x 0.58x 0.61x 4.31x 2.93x 0.50x 0.46x 2.24x 2.09x EBITDA 24436.0 3656.0 8525.0 9898.0 6762.0 8508.0 10448.0 7609.6 9308.1 1445.5 1887.0 TEV/EBITDA 2.57x 25.37x 9.63x 5.47x 7.58x 9.65x 5.25x 6.19x 5.06x 6.49x 5.93x Net Income 9399.0 157.0 2916.0 2263.0 (3726.0) 2879.0 2263.0 1107.4 2518.1 (45.8) 324.5 P/E 3.49x 308.59x 17.66x 15.75x - 19.21x 15.75x 19.70x 9.26x 31.72x 15.76x Profitability S&P Issuer RatingsEBITDA 6762.00 Long-Term Rating Date 02.08.2012EBIT 1809.00 Long-Term Rating BB+Operating Margin 2.15% Long-Term Outlook NEGPretax Margin -6.85% Short-Term Rating Date 02.08.2012Return on Assets -3.15% Short-Term Rating BReturn on Common Equity -6.87% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 3.33Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 1.02Margin Analysis Net Debt/EBITDA 2.99Gross Margin 6.1% Total Debt/EBITDA 3.60EBITDA Margin 8.5% ReferenceEBIT Margin 2.8% Total Debt/Equity 49.8%Net Income Margin -4.4% Total Debt/Capital 31.8%Structure Asset Turnover 0.71Current Ratio 1.33 Net Fixed Asset Turnover 1.56Quick Ratio 0.40 Accounts receivable turnover-days 25.07Debt to Assets 22.48% Inventory Days 96.59Tot Debt to Common Equity 49.79% Accounts Payable Turnover Day 59.60Accounts Receivable Turnover 14.60 Cash Conversion Cycle 61.20Inventory Turnover 3.79Price/ Cash Flow Sales/Revenue/Turnover 25.00 140000.0 120000.0 20.00 100000.0 15.00 80000.0 60000.0 10.00 40000.0 5.00 20000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 11. 26.03.2013ArcelorMittalHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMITTAL LAKSHMI N n/a Co File 637604863 40.85 - 31.12.2010 n/aMORGAN STANLEY n/a 13G 80449457 5.15 - 17.02.2010 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 23828254 1.53 (7343500) 31.12.2011 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 16290176 1.04 258035 30.06.2011 Mutual Fund ManagerCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 13397736 0.86 (3600400) 31.12.2011 Investment AdvisorARCELOR MITTAL n/a Co File 10520234 0.67 - 31.12.2010 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 10040989 0.64 492342 31.12.2011 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 7661255 0.49 1441268 30.12.2011 Mutual Fund ManagerING INVESTMENT MANAG Multiple Portfolios MF-AGG 7389184 0.47 288498 31.12.2011 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 5425079 0.35 109501 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4438009 0.28 (4958) 07.03.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 3725256 0.24 (14297) 30.11.2011 Mutual Fund ManagerBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3656473 0.23 (1900) 07.03.2012 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 3626142 0.23 624941 31.01.2012 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 2960275 0.19 1683 31.01.2012 Mutual Fund ManagerALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2632518 0.17 (40000) 31.10.2011 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2385544 0.15 (31920) 07.03.2012 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 2364520 0.15 2394 31.12.2011 Investment AdvisorUBS STRATEGY FUND MG Multiple Portfolios MF-AGG 2182687 0.14 26166 30.11.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1915427 0.12 163046 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura NEIL SAMPAT neutral 3 M 17 Not Provided 08.03.2012AlphaValue VERONIQUE COLAS buy 5 M 21 6 month 08.03.2012Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 16 Not Provided 05.03.2012Exane BNP Paribas LUC PEZ underperform 1 M 14 Not Provided 29.02.2012RBC Capital Markets TIMOTHY HUFF outperform 5 M 20 12 month 23.02.2012Standard & Poors Equity Research JOHNSON IMODE sell 1 M 14 12 month 23.02.2012Kempen & Co SANDER VAN OORT buy 5 M 22 12 month 14.02.2012Landesbank Baden-Wuerttemberg ACHIM WITTMANN hold 3 M 18 Not Provided 14.02.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 13.02.2012Nord/LB HOLGER FECHNER buy 5 U 21 12 month 10.02.2012Kepler Capital Markets ROCHUS BRAUNEISER reduce 2 M 15 Not Provided 09.02.2012Barclays Capital VINCENT LEPINE equalwt/positive 3 M 20 Not Provided 09.02.2012Grupo Santander JUAN RAMON CORREAS buy 5 M 26 Not Provided 08.02.2012Societe Generale ALAIN WILLIAM buy 5 M 20 12 month 08.02.2012JPMorgan ALESSANDRO ABATE overweight 5 M 22 12 month 08.02.2012Rabobank International FRANK CLAASSEN buy 5 U 20 Not Provided 08.02.2012Natixis RAOUDHA BOUZEKRI buy 5 M 14 Not Provided 08.02.2012Main First Bank AG ALEXANDER HAUENSTEIN neutral 3 M 17 12 month 08.02.2012ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 23 12 month 08.02.2012Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 16 6 month 07.02.2012BHF-Bank HERMANN REITH underweight 1 M 15 12 month 07.02.2012Independent Research GmbH STEFAN ROEHLE hold 3 M 18 6 month 07.02.2012Hamburger Sparkasse INGO SCHMIDT buy 5 U #N/A N/A Not Provided 07.02.2012Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 22 12 month 07.02.2012Petercam ALAN VANDENBERGHE hold 3 M 18 Not Provided 07.02.2012National Bank AG MANFRED JAISFELD buy 5 M 19 Not Provided 07.02.2012ING Wholesale Banking FILIP DE PAUW buy 5 M 16 12 month 07.02.2012Day by Day VALERIE GASTALDY buy 5 U 20 3 month 07.02.2012Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 29 12 month 07.02.2012Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 21 Not Provided 06.02.2012Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012HSBC THORSTEN ZIMMERMANN neutral 3 D 17 Not Provided 19.01.2012Macquarie JEFFREY LARGEY outperform 5 M 19 12 month 19.01.2012CA Cheuvreux ALEXANDER HAISSL outperform 5 D 23 Not Provided 19.12.2011BBVA LUIS DE TOLEDO underperform 1 M 25 Not Provided 29.11.2011Davy KILLIAN H MURPHY underperform 1 N #N/A N/A Not Provided 10.11.2011La Caixa ICIAR GOMEZ BOTAS buy 5 M 20 Not Provided 08.11.2011Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 27.10.2011Dahlman Rose & Co ANTHONY B RIZZUTO JR buy 5 M #N/A N/A Not Provided 17.10.2011Citi ANINDYA MOHINTA buy 5 U 20 Not Provided 15.09.2011Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 17 12 month 26.08.2011Daiwa Securities Capital Markets Co. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011CS Capital CHRISTOPHER PARKINSON buy 5 M 27 Not Provided 24.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 26.03.2013ASML Holding NVASML Holding N.V. develops, produces, and markets semiconductor manufacturing Price/Volumeequipment. The Companys products allow semiconductor manufacturers to choose 60 18.0 Mthe optimal numerical aperture and wavelength for their applications, assure 16.0 Muniformity, and produce more using less floor space. 50 14.0 M 40 12.0 M 10.0 M 30 Valuation Analysis 8.0 MLatest Fiscal Year: 12/2012 20 6.0 M 4.0 MLTM as of: 12/yy 10 2.0 M52-Week High (04.02.2013) 58.09 0 .0 M52-Week Low (04.06.2012) 34.71 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 317035.00 Current Price (3/dd/yy) 52.54 Market Data 52-Week High % Change -9.54% Dividend Yield - 52-Week Low % Change 51.37% Beta 0.89 % 52 Week Price Range High/Low 78.49% Equity Float 317.30Shares Out 11.03.2013 410.4 Short Int - Market Capitalization 21560.20 1 Yr Total Return 74.47%Total Debt 759.49 YTD Return 9.46%Preferred Stock 0.0 Adjusted BETA 0.891Minority Interest 0.0 Analyst Recs 36Cash and Equivalents 2697.60 Consensus Rating 3.583Enterprise Value 19622.09 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1397025ASML NA EQUITY YTD Change - Average Volume 30 Day 1321925ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1524034 Fiscal Year Ended 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 Total Revenue 2953.7 1596.1 4507.9 5651.0 4731.6 5651.0 4731.5 4859.4 6072.5 911.5 1090.4 TEV/Revenue 1.71x 6.29x 2.52x 2.02x 3.72x 7.30x 12.93x 3.98x 3.07x 21.35x 18.10x EBITDA 406.2 (21.5) 1402.1 1806.4 1343.4 1806.4 1343.4 1238.0 1820.4 139.5 235.0 TEV/EBITDA 12.42x - 8.11x 6.33x 13.11x 6.33x 13.11x 15.88x 10.80x 16.50x 13.09x Net Income 322.4 (150.9) 1021.8 1467.0 1146.3 1467.0 1146.3 936.3 1453.4 120.0 196.8 P/E 17.00x - 12.30x 9.41x 17.78x 9.41x 17.78x 22.96x 14.84x 22.01x 18.35x Profitability S&P Issuer RatingsEBITDA 1343.39 Long-Term Rating Date -EBIT 1156.77 Long-Term Rating -Operating Margin 24.45% Long-Term Outlook -Pretax Margin 24.32% Short-Term Rating Date -Return on Assets 15.63% Short-Term Rating -Return on Common Equity 30.52% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 58.97Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 51.43Margin Analysis Net Debt/EBITDA -1.44Gross Margin 42.4% Total Debt/EBITDA 0.57EBITDA Margin 28.4% ReferenceEBIT Margin 24.4% Total Debt/Equity 18.7%Net Income Margin 24.2% Total Debt/Capital 15.7%Structure Asset Turnover 0.65Current Ratio 2.80 Net Fixed Asset Turnover 4.54Quick Ratio 1.58 Accounts receivable turnover-days 57.47Debt to Assets 10.25% Inventory Days 233.70Tot Debt to Common Equity 18.67% Accounts Payable Turnover Day 39.17Accounts Receivable Turnover 6.37 Cash Conversion Cycle 252.00Inventory Turnover 1.57Price/ Cash Flow Sales/Revenue/Turnover 250.00 6000.0 5000.0 200.00 4000.0 150.00 3000.0 100.00 2000.0 50.00 1000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13. 26.03.2013ASML Holding NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTICHTING ADM MAKTSJ n/a 20F 62977877 15.35 - 06.02.2013 OtherCAPITAL GROUP COMPAN n/a ULT-AGG 51453097 12.54 - 06.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 36311008 8.85 - 06.02.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 22878489 5.58 - 22.03.2013 Investment AdvisorSTICHT ADM TSMC n/a 20F 20992625 5.12 - 06.02.2013 n/aASML HOLDING NV n/a Co File 8980030 2.19 - 01.07.2012 CorporationWADDELL & REED FINAN Multiple Portfolios MF-AGG 8028537 1.96 191077 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 4226859 1.03 1261872 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3325708 0.81 28372 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2855626 0.7 (621636) 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2504815 0.61 - 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1645738 0.4 39872 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 1451319 0.35 (71809) 31.01.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 1245488 0.3 (147819) 31.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1164538 0.28 700111 31.01.2013 Mutual Fund ManagerACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1036267 0.25 130859 31.01.2013 Mutual Fund ManagerDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1033023 0.25 291137 28.02.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 990324 0.24 1306 22.03.2013 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 855324 0.21 2376 31.12.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842648 0.21 827721 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas JEROME RAMEL neutral 3 M 50 Not Provided 26.03.2013Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 22.03.2013Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 21.03.2013Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 21.03.2013AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 21.03.2013Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 19.03.2013Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 13.03.2013Societe Generale PETER KNOX hold 3 M 56 12 month 05.03.2013Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 26.02.2013Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 25.02.2013Rabobank International PHILIP SCHOLTE hold 3 M 52 Not Provided 25.02.2013Natixis STEPHANE HOURI buy 5 M 62 Not Provided 21.02.2013JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013Day by Day VALERIE GASTALDY buy 5 M 63 3 month 28.01.2013Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 18.01.2013Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 26.03.2013Assicurazioni Generali SpAAssicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance Price/Volumethroughout the world. The Company offers life, health, accident, automobile, 16 30.0 Mmarine, aviation, transport, fire, general liability, and credit insurance and 14reinsurance. 25.0 M 12 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2012 10.0 M 4LTM as of: 12/yy 5.0 M 252-Week High (14.01.2013) 14.65 0 .0 M52-Week Low (31.05.2012) 8.16 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2629546.00 Current Price (3/dd/yy) 12.71 Market Data 52-Week High % Change -13.24% Dividend Yield - 52-Week Low % Change 55.86% Beta 1.04 % 52 Week Price Range High/Low 69.98% Equity Float 1267.12Shares Out 31.12.2012 1556.9 Short Int - Market Capitalization 19787.86 1 Yr Total Return 5.66%Total Debt 23475.00 YTD Return -7.50%Preferred Stock 0.0 Adjusted BETA 1.043Minority Interest 2740.0 Analyst Recs 31Cash and Equivalents 21646.00 Consensus Rating 2.613Enterprise Value 24356.86 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9535383G IM EQUITY YTD Change - Average Volume 30 Day 8866133G IM EQUITY YTD % CHANGE - Average Volume 3 Month 8111964 Fiscal Year Ended 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 Total Revenue 62298.4 85790.6 87072.1 73481.8 81431.0 76669.1 82042.4 76163.8 77581.3 - - TEV/Revenue 0.61x 0.50x 0.40x 0.22x 0.32x 0.65x 0.26x 0.29x 0.28x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 860.9 1309.1 1701.9 856.1 90.0 3467.1 90.0 2005.4 2234.7 - - P/E 30.45x 20.68x 12.92x 20.77x 171.75x 5.21x 160.83x 9.67x 8.59x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating AOperating Margin 4.06% Long-Term Outlook NEGPretax Margin 2.01% Short-Term Rating Date -Return on Assets - Short-Term Rating -Return on Common Equity - Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover - (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 118.4%Net Income Margin 0.1% Total Debt/Capital 51.0%Structure Asset Turnover -Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.31% Inventory Days -Tot Debt to Common Equity 118.39% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 100000.0 90000.0 1.00 80000.0 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 15. 26.03.2013Assicurazioni Generali SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMEDIOBANCA SPA n/a EXCH 194048687 12.46 - 20.11.2012 BankBANCA DITALIA n/a EXCH 69420980 4.46 - 30.11.2012 GovernmentDEA PARTICIPATIONS S n/a EXCH 35185336 2.26 - 30.11.2012 Investment AdvisorEFFETI SPA n/a EXCH 33488344 2.15 - 30.11.2012 CorporationDELFIN SARL n/a EXCH 31168603 2 - 30.11.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 16291345 1.05 (22379) 22.03.2013 Investment AdvisorCOMPASS SPA n/a EXCH 14198684 0.91 - 30.11.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 12404560 0.8 460550 31.12.2012 Investment AdvisorVIKING GLOBAL INVEST n/a Short (11832237) -0.76 1245499 13.03.2013 Hedge Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 9564755 0.61 - 31.12.2012 Investment AdvisorVM 2006 SRL n/a EXCH 6196356 0.4 - 30.11.2012 OtherMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3707604 0.24 4969 22.03.2013 Investment AdvisorPANTHEON 2000 SPA n/a EXCH 3502965 0.23 - 30.11.2012 OtherMARKETFIELD ASSET MA Multiple Portfolios MF-AGG 3499885 0.22 3499885 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 3413330 0.22 (55034) 31.01.2013 Investment AdvisorCALTAGIRONE EDITORE n/a EXCH 3144884 0.2 - 30.11.2012 CorporationGAMMA SRL n/a EXCH 2958059 0.19 - 30.11.2012 Holding CompanyB&D FINANCE SA n/a EXCH 2693391 0.17 - 30.11.2012 Investment AdvisorARCA SGR SPA Multiple Portfolios MF-AGG 2669743 0.17 126616 28.02.2013 Mutual Fund ManagerFINANZIARIA ITALIA 2 n/a EXCH 2646685 0.17 - 30.11.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 25.03.2013Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 9 12 month 22.03.2013Macquarie HADLEY COHEN neutral 3 M 13 12 month 22.03.2013Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 22.03.2013AlphaValue JEROME CASSAGNE reduce 2 D 13 6 month 21.03.2013ICBPI ENRICO ESPOSTI neutral 3 M 14 12 month 20.03.2013Banca IMI ELENA PERINI hold 3 M 14 12 month 19.03.2013Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 13 12 month 18.03.2013Independent Research GmbH STEFAN BONGARDT sell 1 M 13 12 month 18.03.2013Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.03.2013Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 Not Provided 15.03.2013CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 11 Not Provided 15.03.2013Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 15.03.2013S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.03.2013Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 15.03.2013Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 14.03.2013Oddo & Cie NICOLAS JACOB neutral 3 M 14 Not Provided 14.03.2013Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.03.2013JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 13.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 04.03.2013Barclays CLAUDIA GASPARI equalweight 3 M 12 Not Provided 04.03.2013Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 22.02.2013Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 26.03.2013AXA SAAXA SA is an insurance company which also provides related financial services. Price/VolumeThe Company offers life and non-life insurance, reinsurance, savings and pension 16 30.0 Mproducts, and asset management services. AXA operates in both domestic and 14international markets. 25.0 M 12 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2012 10.0 M 4LTM as of: 12/yy 5.0 M 252-Week High (15.03.2013) 14.68 0 .0 M52-Week Low (04.06.2012) 8.65 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1373483.00 Current Price (3/dd/yy) 13.74 Market Data 52-Week High % Change -6.47% Dividend Yield - 52-Week Low % Change 58.84% Beta 1.51 % 52 Week Price Range High/Low 82.92% Equity Float 2045.00Shares Out 28.02.2013 2389.8 Short Int - Market Capitalization 32836.16 1 Yr Total Return 14.79%Total Debt 10662.00 YTD Return 2.92%Preferred Stock 6059.0 Adjusted BETA 1.512Minority Interest 2355.0 Analyst Recs 35Cash and Equivalents 30546.00 Consensus Rating 4.086Enterprise Value 15307.16 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6436833CS FP EQUITY YTD Change - Average Volume 30 Day 8224358CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6937233 Fiscal Year Ended 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 Total Revenue 51235.0 122704.0 117414.0 98334.0 114689.0 0.0 0.0 100555.2 102337.0 - - TEV/Revenue 0.62x 0.36x 0.29x 0.18x 0.13x #DIV/0! #DIV/0! 0.45x 0.51x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 923.0 3606.0 2749.0 4324.0 4152.0 0.0 0.0 4700.7 5037.4 - - P/E 51.67x 10.60x 12.33x 5.88x 7.53x 0.00x 0.00x 6.97x 6.53x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 18.12.2012EBIT - Long-Term Rating A-Operating Margin 5.81% Long-Term Outlook STABLEPretax Margin 5.03% Short-Term Rating Date 18.12.2012Return on Assets 0.56% Short-Term Rating A-2Return on Common Equity 8.33% Credit RatiosReturn on Capital 7.16% EBITDA/Interest Exp. -Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 19.9%Net Income Margin 3.6% Total Debt/Capital 16.0%Structure Asset Turnover 0.15Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 1.40% Inventory Days -Tot Debt to Common Equity 19.87% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 3.00 140000.0 2.50 120000.0 100000.0 2.00 80000.0 1.50 60000.0 1.00 40000.0 0.50 20000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 17. 26.03.2013AXA SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMUTUELLES AXA #N/A N/A Co File 342767775 14.34 - 31.12.2012 Insurance CompanyAMUNDI n/a Research 91682238 3.84 (20493797) 15.05.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 79973621 3.35 (78613) 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 65131985 2.73 2125718 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50254088 2.1 (9366) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 48017589 2.01 2656159 22.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 35243907 1.47 (323861) 31.12.2012 Investment AdvisorLANSDOWNE UK EQUITY n/a Short (20395259) -0.85 (7936172) 16.09.2011 UnclassifiedNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19768792 0.83 (2318038) 31.01.2013 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 18896417 0.79 730180 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 14453235 0.6 - 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12758066 0.53 255752 31.12.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 11629095 0.49 (143415) 31.12.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 10723804 0.45 (3360) 28.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 7885132 0.33 (13091874) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 7000250 0.29 - 31.10.2012 Mutual Fund ManagerTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5835130 0.24 (52090) 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5664606 0.24 7582 22.03.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4466038 0.19 - 31.07.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 4309635 0.18 (9429) 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James DANNY JACQUES strong buy 5 M 19 Not Provided 25.03.2013Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 25.03.2013Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 25.03.2013Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 21.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 18.03.2013Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.03.2013AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 07.03.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 26.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 26.02.2013Helvea DANIEL BISCHOF buy 5 M 16 12 month 26.02.2013Berenberg Bank PETER ELIOT hold 3 M 18 Not Provided 25.02.2013Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 24.02.2013Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 18 12 month 22.02.2013CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 17 Not Provided 22.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 14 12 month 22.02.2013S&P Capital IQ RODERICK WALLACE buy 5 M 15 12 month 22.02.2013Nomura MICHAEL KLIEN buy 5 M 23 12 month 21.02.2013Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 21.02.2013Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011Espirito Santo Investment Bank Research FERNEYHOUGH JOY buy 5 M 21 Not Provided 05.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 26.03.2013Banco Bilbao Vizcaya Argentaria SABanco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail, Price/Volumewholesale, and investment banking services. The Bank offers consumer and 9 700.0 Mmortgage loans, private banking, asset management, insurance, mutual funds, and 8 600.0 Msecurities brokerage services. It operates in Europe, Latin America, United 7States, China and Turkey. 500.0 M 6 5 400.0 M Valuation Analysis 4 300.0 MLatest Fiscal Year: 12/2012 3 200.0 M 2LTM as of: 12/yy 100.0 M 152-Week High (28.01.2013) 7.86 0 .0 M52-Week Low (23.07.2012) 4.31 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 14095962.00 Current Price (3/dd/yy) 7.039 Market Data 52-Week High % Change -10.40% Dividend Yield - 52-Week Low % Change 63.32% Beta 1.22 % 52 Week Price Range High/Low 76.80% Equity Float 5268.16Shares Out 31.12.2012 5448.9 Short Int - Market Capitalization 38354.45 1 Yr Total Return 22.86%Total Debt 226217.00 YTD Return 2.45%Preferred Stock 0.0 Adjusted BETA 1.224Minority Interest 2372.0 Analyst Recs 43Cash and Equivalents 63956.00 Consensus Rating 3.488Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 58466950BBVA SQ EQUITY YTD Change - Average Volume 30 Day 46536140BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 67781880 Fiscal Year Ended 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 Total Revenue 41508.0 34467.0 32482.0 33049.0 35222.0 20977.0 22861.0 23334.4 24586.3 5931.0 6071.0 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 5020.0 4210.0 4606.0 3004.0 1676.0 3004.0 1676.0 4549.6 5107.3 1169.0 1168.0 P/E 6.41x 11.37x 6.46x 11.74x 28.56x 11.25x 27.22x 9.05x 8.03x 10.35x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 16.10.2012EBIT - Long-Term Rating BBB-Operating Margin 5.89% Long-Term Outlook NEGPretax Margin 6.89% Short-Term Rating Date 16.10.2012Return on Assets 0.27% Short-Term Rating A-3Return on Common Equity 4.21% Credit RatiosReturn on Capital 0.88% EBITDA/Interest Exp. -Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 546.0%Net Income Margin 7.0% Total Debt/Capital 83.8%Structure Asset Turnover 0.04Current Ratio - Net Fixed Asset Turnover 3.93Quick Ratio - Accounts receivable turnover-days -Debt to Assets 35.47% Inventory Days -Tot Debt to Common Equity 546.02% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 45000.0 40000.0 1.00 35000.0 0.80 30000.0 25000.0 0.60 20000.0 15000.0 0.40 10000.0 0.20 5000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 19. 26.03.2013Banco Bilbao Vizcaya Argentaria SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBNP PARIBAS SA n/a EXCH 184725823 3.39 22455188 07.01.2013 BankINVERAVANTE INVERSIO n/a 13G 160934820 2.95 (86470698) 24.07.2012 OtherBLACKROCK n/a ULT-AGG 74694018 1.37 3440401 22.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 59867255 1.1 3027039 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 46627136 0.86 (9198725) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 42699687 0.78 - 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 38166132 0.7 587169 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 34776596 0.64 5369252 31.01.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 25945674 0.48 (5617228) 31.01.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18375918 0.34 268712 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 16143314 0.3 20241 22.03.2013 Investment AdvisorCORP GNRAL FINANCIER n/a Co File 10870987 0.2 - 19.10.2012 n/aUMB BANK N A Multiple Portfolios MF-AGG 10811646 0.2 2209334 31.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9521867 0.17 (3610744) 31.01.2013 Mutual Fund ManagerDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7802767 0.14 4703508 28.12.2012 Mutual Fund ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7760019 0.14 1553396 31.12.2012 Investment AdvisorSANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7718009 0.14 (2806444) 30.09.2012 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7169179 0.13 (121826) 31.01.2013 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 6810379 0.12 2789705 31.01.2013 Investment AdvisorPIONEER INVESTMENT M Multiple Portfolios MF-AGG 6002218 0.11 958831 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMediobanca SpA ANDREA FILTRI neutral 3 M 7 Not Provided 25.03.2013Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 25.03.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 25.03.2013Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 22.03.2013Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 9 12 month 22.03.2013Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 22.03.2013Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 20.03.2013Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 14.03.2013EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.03.2013Societe Generale CARLOS GARCIA GONZALEZ hold 3 U 7 12 month 11.03.2013Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 8 12 month 11.03.2013Credit Suisse IGNACIO CEREZO neutral 3 M 8 Not Provided 11.03.2013Espirito Santo Investment Bank Research JUAN PABLO LOPEZ buy 5 U 9 Not Provided 08.03.2013BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 07.03.2013AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 07.03.2013La Caixa DAVID FERNANDEZ buy 5 M 9 Not Provided 04.03.2013Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 Not Provided 04.03.2013Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013Banco Sabadell MARIO LODOS buy 5 M 8 12 month 15.02.2013Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.02.2013Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 06.02.2013RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 04.02.2013Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 17.01.2013HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013Barclays ROHITH CHANDRA-RAJAN underweight 1 M 6 Not Provided 08.01.2013Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 20. 26.03.2013Banco Santander SABanco Santander SA attracts deposits and offers retail, commercial and private Price/Volumebanking, and asset management services. The Bank offers consumer credit, 7 700.0 Mmortgage loans, lease financing, factoring, mutual funds, pension funds, 6 600.0 Minsurance, commercial credit, investment banking services, structured finance,and advice on mergers and acquisitions. 5 500.0 M 4 400.0 M Valuation Analysis 3 300.0 MLatest Fiscal Year: 12/2012 2 200.0 MLTM as of: 12/yy 1 100.0 M52-Week High (14.01.2013) 6.68 0 .0 M52-Week Low (23.07.2012) 3.98 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 25421288.00 Current Price (3/dd/yy) 5.457 Market Data 52-Week High % Change -18.34% Dividend Yield - 52-Week Low % Change 37.25% Beta 1.17 % 52 Week Price Range High/Low 53.22% Equity Float 10341.30Shares Out 14.01.2013 10538.7 Short Int - Market Capitalization 57509.59 1 Yr Total Return 3.34%Total Debt 367524.00 YTD Return -8.43%Preferred Stock 0.0 Adjusted BETA 1.171Minority Interest 9672.0 Analyst Recs 42Cash and Equivalents 182116.00 Consensus Rating 2.857Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 82515660SAN SQ EQUITY YTD Change - Average Volume 30 Day 73113590SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 75098120 Fiscal Year Ended 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 Total Revenue 70114.3 69736.2 68965.5 78009.0 43575.0 44219.0 43575.0 44466.5 46635.0 11268.0 11390.0 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 8876.4 8942.5 8180.9 5351.0 2205.0 5351.0 2205.0 6311.5 7521.8 1408.0 1407.0 P/E 5.74x 11.09x 8.39x 9.74x 26.44x 9.70x 25.61x 9.26x 7.95x 8.46x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 16.10.2012EBIT - Long-Term Rating BBBOperating Margin 24.02% Long-Term Outlook NEGPretax Margin 12.39% Short-Term Rating Date 30.04.2012Return on Assets 0.17% Short-Term Rating A-2Return on Common Equity 2.92% Credit RatiosReturn on Capital 0.65% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 492.3%Net Income Margin 5.1% Total Debt/Capital 81.3%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 3.19Quick Ratio - Accounts receivable turnover-days -Debt to Assets 28.95% Inventory Days -Tot Debt to Common Equity 492.30% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 90000.0 80000.0 1.00 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21. 26.03.2013Banco Santander SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTATE STREET n/a ULT-AGG 866045236 8.22 20454 25.03.2013 Investment AdvisorBANK OF NEW YORK MEL n/a Co File 555448975 5.27 - 31.12.2011 Investment AdvisorBNP PARIBAS SA n/a EXCH 341264391 3.24 86154727 14.01.2013 BankCAPITAL GROUP COMPAN n/a ULT-AGG 243314406 2.31 - 31.12.2012 Investment AdvisorBARCLAYS PLC n/a ULT-AGG 227263557 2.16 (56807364) 03.05.2011 Investment AdvisorBLACKROCK n/a ULT-AGG 151615535 1.44 2496892 22.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 138161167 1.31 10545834 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 80954358 0.77 - 31.12.2012 Investment AdvisorDE LOS RIOS EMILIO B n/a EXCH 79184471 0.75 (240126) 05.03.2013 n/aDODGE & COX Multiple Portfolios MF-AGG 53673238 0.51 447012 29.01.2013 Investment AdvisorASSICURAZIONI GENERA n/a EXCH 50134290 0.48 - 01.10.2011 Insurance CompanyHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43495798 0.41 586726 31.12.2012 Investment AdvisorBANCO SANTANDER SA n/a Co File 42192066 0.4 - 31.12.2011 BankBNP PARIBAS INV PART n/a ULT-AGG 39434500 0.37 (3431125) 31.01.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 39143000 0.37 - 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 30578576 0.29 38354 22.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 27695932 0.26 (2001686) 28.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 19224262 0.18 1930244 31.01.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 16712670 0.16 (436850) 31.12.2012 Mutual Fund ManagerOSHEA JAVIER BOTIN- n/a EXCH 16280026 0.15 937 31.01.2013 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateMediobanca SpA ANDREA FILTRI underperform 1 M 4 Not Provided 25.03.2013Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 25.03.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 25.03.2013Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 22.03.2013La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 20.03.2013Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 19.03.2013Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 14.03.2013Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.03.2013Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 11.03.2013Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 11.03.2013Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 10.03.2013Espirito Santo Investment Bank Research JUAN PABLO LOPEZ neutral 3 M 6 Not Provided 08.03.2013BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 07.03.2013AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 07.03.2013Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 01.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 01.02.2013Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 26.03.2013BASF SEBASF SE is a chemical company. The Company operates in six segments: Chemicals, Price/VolumePlastics, Performance Products, Functional Solutions, Agricultural Solutions 80 12.0 Mand Oil & Gas. BASF offers products for the chemical, automotive, construction, 70agriculture, oil, plastics, electrical / electronics, furniture and paper 10.0 M 60industries, and provides a range of system solutions and services. 8.0 M 50 40 6.0 M Valuation Analysis 30Latest Fiscal Year: 12/2012 4.0 M 20LTM as of: 12/yy 2.0 M 1052-Week High (25.02.2013) 76.20 0 .0 M52-Week Low (28.06.2012) 51.13 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 972372.00 Current Price (3/dd/yy) 69.93 Market Data 52-Week High % Change -8.24% Dividend Yield - 52-Week Low % Change 36.77% Beta 1.07 % 52 Week Price Range High/Low 73.55% Equity Float 854.55Shares Out 31.12.2012 918.5 Short Int - Market Capitalization 64229.21 1 Yr Total Return 8.46%Total Debt 13355.00 YTD Return -1.71%Preferred Stock 0.0 Adjusted BETA 1.067Minority Interest 1224.0 Analyst Recs 40Cash and Equivalents 1800.00 Consensus Rating 3.800Enterprise Value 77008.22 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3709083BAS GY EQUITY YTD Change - Average Volume 30 Day 3079755BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2651788 Fiscal Year Ended 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 Total Revenue 62304.0 50693.0 63873.0 73497.0 78729.0 73497.0 78729.0 81255.8 80368.4 21598.8 20076.0 TEV/Revenue 0.62x 1.07x 1.09x 0.84x 0.99x 3.54x 3.62x 0.95x 0.93x 3.52x 3.84x EBITDA 10238.0 8500.0 11903.0 11855.0 12583.0 11855.0 12583.0 12846.6 13587.8 3507.0 3438.0 TEV/EBITDA 3.74x 6.36x 5.85x 5.20x 6.21x 5.20x 6.21x 6.00x 5.67x 6.06x - Net Income 2912.0 1410.0 4557.0 6188.0 4879.0 6188.0 4879.0 5368.9 5824.2 1618.0 1469.0 P/E 8.86x 28.22x 12.04x 8.00x 13.40x 8.00x 13.40x 11.71x 10.88x 11.82x - Profitability S&P Issuer RatingsEBITDA 12583.00 Long-Term Rating Date 10.05.2011EBIT 9022.00 Long-Term Rating A+Operating Margin 11.46% Long-Term Outlook STABLEPretax Margin 10.72% Short-Term Rating Date 12.02.2009Return on Assets 7.78% Short-Term Rating A-1Return on Common Equity 20.03% Credit RatiosReturn on Capital 14.67% EBITDA/Interest Exp. 16.73Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 11.22Margin Analysis Net Debt/EBITDA 0.92Gross Margin 26.3% Total Debt/EBITDA 1.06EBITDA Margin 16.0% ReferenceEBIT Margin 11.5% Total Debt/Equity 54.3%Net Income Margin 6.2% Total Debt/Capital 34.1%Structure Asset Turnover 1.25Current Ratio 1.66 Net Fixed Asset Turnover 4.36Quick Ratio 0.69 Accounts receivable turnover-days 48.87Debt to Assets 20.76% Inventory Days 63.04Tot Debt to Common Equity 54.33% Accounts Payable Turnover Day 31.03Accounts Receivable Turnover 7.49 Cash Conversion Cycle 80.88Inventory Turnover 5.81Price/ Cash Flow Sales/Revenue/Turnover 12.00 90000.0 80000.0 10.00 70000.0 8.00 60000.0 50000.0 6.00 40000.0 4.00 30000.0 20000.0 2.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 23. 26.03.2013BASF SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 63927154 6.96 - 22.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 12764100 1.39 933000 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11343571 1.24 813771 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 11072038 1.21 (195542) 28.02.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 7816891 0.85 3435 28.09.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7728029 0.84 (1894889) 31.01.2013 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7464197 0.81 1313530 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7218080 0.79 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 6827084 0.74 (273418) 28.02.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3833502 0.42 150348 28.12.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 3562928 0.39 4200 30.11.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 3382122 0.37 (16461) 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2723078 0.3 3410 22.03.2013 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2394986 0.26 (1000) 31.01.2013 Mutual Fund ManagerUNION INVESTMENT LUX Multiple Portfolios MF-AGG 2052900 0.22 251750 28.09.2012 Investment AdvisorSEB n/a ULT-AGG 2000933 0.22 85942 31.01.2013 UnclassifiedETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1827520 0.2 3283 25.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1605194 0.17 (18792) 31.12.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1494928 0.16 95786 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1446357 0.16 (1093863) 31.01.2013 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateNord/LB THORSTEN STRAUSS hold 3 M 73 12 month 25.03.2013Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 25.03.2013AlphaValue MARTIN SCHNEE add 4 M 79 6 month 21.03.2013JPMorgan MARTIN EVANS neutral 3 M 75 12 month 20.03.2013Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 20.03.2013DZ Bank AG PETER SPENGLER buy 5 M 86 12 month 13.03.2013Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 12.03.2013M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 D 78 12 month 07.03.2013Exane BNP Paribas JAMES KNIGHT outperform 5 M 74 Not Provided 06.03.2013Baader Bank NORBERT BARTH buy 5 M 85 12 month 05.03.2013CA Cheuvreux MARTIN ROEDIGER outperform 5 M 80 Not Provided 01.03.2013Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 28.02.2013S&P Capital IQ JOHNSON IMODE hold 3 D 78 12 month 28.02.2013Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 81 Not Provided 27.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.02.2013Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 18.02.2013Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012Day by Day VALERIE GASTALDY buy 5 M 76 3 month 03.10.2012Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 26.03.2013Bayer AGBayer AG produces and markets healthcare and agricultural products, and Price/Volumepolymers. The Company manufactures products that include aspirin, antibiotics, 90 12.0 Manti-infectives, and cardiovascular, oncology, and central nervous system 80drugs, over-the-counter medications, diagnostics, animal health products, crop 10.0 M 70protection products, plastics, and polyurethanes. 60 8.0 M 50 6.0 M Valuation Analysis 40Latest Fiscal Year: 12/2012 30 4.0 M 20LTM as of: 12/yy 2.0 M 1052-Week High (21.03.2013) 80.71 0 .0 M52-Week Low (05.06.2012) 47.63 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 511464.00 Current Price (3/dd/yy) 79.2 Market Data 52-Week High % Change -1.93% Dividend Yield - 52-Week Low % Change 66.30% Beta 0.96 % 52 Week Price Range High/Low 95.13% Equity Float 826.95Shares Out 28.02.2013 826.9 Short Int - Market Capitalization 65494.27 1 Yr Total Return 51.69%Total Debt 9532.00 YTD Return 10.17%Preferred Stock 0.0 Adjusted BETA 0.964Minority Interest 100.0 Analyst Recs 38Cash and Equivalents 2551.00 Consensus Rating 3.816Enterprise Value 72575.26 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2403161BAYN GY EQUITY YTD Change - Average Volume 30 Day 2420970BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2195789 Fiscal Year Ended 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 Total Revenue 32918.0 31168.0 35088.0 36528.0 39760.0 36528.0 39760.0 41540.8 43629.9 10500.3 10590.3 TEV/Revenue 1.40x 1.80x 1.53x 1.32x 1.67x 5.33x 5.89x 1.72x 1.59x - - EBITDA 6702.0 7695.0 8900.0 8963.0 9001.0 8963.0 8605.0 8798.2 9453.7 2515.5 2276.0 TEV/EBITDA 6.86x 7.30x 6.04x 5.36x 7.39x 5.36x 7.73x 8.25x 7.68x 8.23x - Net Income 1719.0 1359.0 1301.0 2470.0 2446.0 2470.0 2446.0 4673.7 5191.6 1466.5 1294.0 P/E 18.72x 32.92x 35.22x 16.52x 24.29x 16.52x 24.29x 13.44x 12.17x 13.32x - Profitability S&P Issuer RatingsEBITDA 9001.00 Long-Term Rating Date 30.04.2008EBIT 6041.00 Long-Term Rating A-Operating Margin 15.19% Long-Term Outlook POSPretax Margin 8.17% Short-Term Rating Date 11.07.2006Return on Assets 4.70% Short-Term Rating A-2Return on Common Equity 12.98% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 12.11Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52Margin Analysis Net Debt/EBITDA 0.81Gross Margin 52.1% Total Debt/EBITDA 1.11EBITDA Margin 21.6% ReferenceEBIT Margin 14.2% Total Debt/Equity 51.6%Net Income Margin 6.2% Total Debt/Capital 33.9%Structure Asset Turnover 0.76Current Ratio 1.45 Net Fixed Asset Turnover 4.04Quick Ratio 0.76 Accounts receivable turnover-days 66.70Debt to Assets 18.57% Inventory Days 128.16Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 75.11Accounts Receivable Turnover 5.49 Cash Conversion Cycle 119.75Inventory Turnover 2.86Price/ Cash Flow Sales/Revenue/Turnover 18.00 45000.0 16.00 40000.0 14.00 35000.0 12.00 30000.0 10.00 25000.0 8.00 20000.0 6.00 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 25. 26.03.2013Bayer AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 99286793 12.01 (3516978) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 63671516 7.7 (376074) 22.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 15106150 1.83 12931 31.01.2013 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 11899870 1.44 - 29.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11028402 1.33 (349533) 31.12.2012 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 8812434 1.07 (518224) 31.01.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 8564198 1.04 - 03.05.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 7534779 0.91 118983 28.02.2013 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7532781 0.91 2307304 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6512673 0.79 - 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6298642 0.76 129068 22.03.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 5937955 0.72 279716 28.09.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5795523 0.7 (211094) 28.12.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 5770395 0.7 227355 28.02.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 5155549 0.62 (1063717) 31.01.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3647992 0.44 356211 31.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 3035802 0.37 (32100) 31.12.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 3035138 0.37 45000 30.11.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2450000 0.3 3064 22.03.2013 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2406227 0.29 (149624) 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHelvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 21.03.2013Exane BNP Paribas FLORENT CESPEDES neutral 3 M 76 Not Provided 21.03.2013AlphaValue MARTIN SCHNEE reduce 2 M 81 6 month 21.03.2013Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.03.2013Baader Bank NORBERT BARTH hold 3 M 66 12 month 20.03.2013Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 20.03.2013Berenberg Bank ALISTAIR CAMPBELL buy 5 M 85 Not Provided 20.03.2013Natixis BEATRICE MUZARD buy 5 M 90 Not Provided 20.03.2013Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 20.03.2013S&P Capital IQ SHO MATSUBARA hold 3 M 79 12 month 19.03.2013JPMorgan RICHARD VOSSER overweight 5 M 95 15 month 15.03.2013Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 12.03.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 07.03.2013CA Cheuvreux LAURENT FLAMME outperform 5 M 82 Not Provided 06.03.2013Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 85 Not Provided 05.03.2013Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.03.2013Nomura JEAN DE WATTEVILLE neutral 3 M 84 12 month 05.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2013Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 01.03.2013Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 01.03.2013Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 01.03.2013Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 01.03.2013Barclays MARK PURCELL underweight 1 M 68 Not Provided 01.03.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 76 12 month 28.02.2013M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 28.02.2013Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 28.02.2013Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 26. 26.03.2013Bayerische Motoren Werke AGBayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and Price/Volumemotorcycles worldwide. The Company produces everything from convertible sports 80 7.0 Mcars to luxury sedans to touring motorcycles with large displacement engines. 70 6.0 M 60 5.0 M 50 4.0 M 40 Valuation Analysis 3.0 M 30Latest Fiscal Year: 12/2012 2.0 M 20LTM as of: 12/yy 1.0 M 1052-Week High (02.01.2013) 76.16 0 .0 M52-Week Low (26.06.2012) 53.16 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 583961.00 Current Price (3/dd/yy) 69.61 Market Data 52-Week High % Change -8.61% Dividend Yield - 52-Week Low % Change 30.94% Beta 1.08 % 52 Week Price Range High/Low 72.13% Equity Float 323.27Shares Out 31.12.2012 602.0 Short Int - Market Capitalization 44719.00 1 Yr Total Return 5.09%Total Debt 69507.00 YTD Return -4.55%Preferred Stock 0.0 Adjusted BETA 1.078Minority Interest 107.0 Analyst Recs 38Cash and Equivalents 12982.00 Consensus Rating 3.895Enterprise Value 101351.01 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2238892BMW GY EQUITY YTD Change - Average Volume 30 Day 1899492BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1704613 Fiscal Year Ended 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 Total Revenue 53197.0 50681.0 60477.0 68821.0 76848.0 68821.0 76848.0 79682.3 83523.6 - - TEV/Revenue 1.19x 1.40x 1.49x 1.31x 1.36x 5.13x 5.09x 0.60x 0.57x - - EBITDA 11231.0 9311.0 9087.0 11677.0 12014.0 11677.0 12014.0 12733.7 13186.0 - - TEV/EBITDA 5.64x 7.59x 9.93x 7.75x 8.70x 7.75x 8.70x 7.96x 7.69x - - Net Income 324.0 204.0 3227.0 4881.0 5096.0 4881.0 5096.0 5108.9 5275.6 - - P/E 44.10x 102.58x 11.94x 6.95x 9.39x 6.95x 9.39x 8.92x 8.67x - - Profitability S&P Issuer RatingsEBITDA 12014.00 Long-Term Rating Date 16.04.2012EBIT 8298.00 Long-Term Rating AOperating Margin 10.80% Long-Term Outlook STABLEPretax Margin 10.17% Short-Term Rating Date 16.04.2012Return on Assets 3.99% Short-Term Rating A-1Return on Common Equity 17.78% Credit RatiosReturn on Capital 5.87% EBITDA/Interest Exp. 13.16Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 7.42Margin Analysis Net Debt/EBITDA 4.70Gross Margin 20.2% Total Debt/EBITDA 5.79EBITDA Margin 15.6% ReferenceEBIT Margin 10.8% Total Debt/Equity 229.4%Net Income Margin 6.6% Total Debt/Capital 69.6%Structure Asset Turnover 0.60Current Ratio 1.04 Net Fixed Asset Turnover 2.12Quick Ratio 0.32 Accounts receivable turnover-days 13.68Debt to Assets 52.72% Inventory Days 57.75Tot Debt to Common Equity 229.43% Accounts Payable Turnover Day 34.90Accounts Receivable Turnover 26.75 Cash Conversion Cycle 36.53Inventory Turnover 6.34Price/ Cash Flow Sales/Revenue/Turnover 20.00 90000.0 18.00 80000.0 16.00 70000.0 14.00 60000.0 12.00 50000.0 10.00 40000.0 8.00 30000.0 6.00 20000.0 4.00 10000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 27. 26.03.2013Bayerische Motoren Werke AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQUANDT STEFAN n/a Co File 104747161 17.4 - 31.12.2012 n/aQUANDT JOHANNA n/a Co File 98125214 16.3 - 31.12.2012 n/aKLATTEN SUSANNE n/a Co File 75851392 12.6 - 31.12.2012 n/aBLACKROCK n/a ULT-AGG 36141000 6 (180026) 22.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 14833170 2.46 113170 31.12.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 8265500 1.37 (130000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7021307 1.17 204186 31.01.2013 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 6403800 1.06 - 29.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3796472 0.63 289797 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3474386 0.58 (1064286) 28.02.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 2987994 0.5 120702 28.09.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 2917838 0.48 6788 28.02.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2667376 0.44 (191841) 28.12.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 2575521 0.43 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2407518 0.4 (414675) 28.02.2013 Investment AdvisorSEB n/a ULT-AGG 1314060 0.22 12465 31.01.2013 UnclassifiedWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1310054 0.22 28645 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 1212415 0.2 45585 31.01.2013 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 1200968 0.2 380695 30.11.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1149062 0.19 - 31.01.2013 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 26.03.2013DZ Bank AG MICHAEL PUNZET sell 1 M 65 12 month 26.03.2013Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 25.03.2013Exane BNP Paribas RABIH FREIHA neutral 3 M 74 Not Provided 25.03.2013Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 22.03.2013Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.03.2013Nord/LB FRANK SCHWOPE sell 1 M 61 12 month 21.03.2013JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 21.03.2013Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 21.03.2013Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 21.03.2013Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 21.03.2013M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 21.03.2013Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 21.03.2013AlphaValue HANS-PETER WODNIOK add 4 M 82 6 month 21.03.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 79 12 month 20.03.2013Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 20.03.2013Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 19.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 18.03.2013S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.03.2013Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 12 month 13.03.2013Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 77 12 month 26.11.2012Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 08.11.2012CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28. 26.03.2013BNP Paribas SABNP Paribas S.A. attracts deposits and offers commercial, retail, investment, Price/Volumeprivate and corporate banking services. The Bank also provides asset management 60 18.0 Mand investment advisory services to institutions and individuals in Europe, the 16.0 MUnited States, Asia and the Emerging Markets. 50 14.0 M 40 12.0 M 10.0 M 30 Valuation Analysis 8.0 MLatest Fiscal Year: 12/2012 20 6.0 M 4.0 MLTM as of: 12/yy 10 2.0 M52-Week High (29.01.2013) 47.92 0 .0 M52-Week Low (30.05.2012) 24.54 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2075750.00 Current Price (3/dd/yy) 40.355 Market Data 52-Week High % Change -15.87% Dividend Yield - 52-Week Low % Change 64.48% Beta 1.53 % 52 Week Price Range High/Low 65.83% Equity Float 1096.19Shares Out 31.12.2012 1242.3 Short Int - Market Capitalization 50131.48 1 Yr Total Return 12.55%Total Debt 1012615.00 YTD Return -5.24%Preferred Stock 7241.0 Adjusted BETA 1.528Minority Interest 8536.0 Analyst Recs 37Cash and Equivalents 139568.00 Consensus Rating 4.216Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6051194BNP FP EQUITY YTD Change - Average Volume 30 Day 4986330BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4274194 Fiscal Year Ended 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 Total Revenue 78052.0 70526.0 72848.0 71009.0 68664.0 11685.0 2593.0 40100.7 41381.3 10526.0 10144.0 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 3021.0 5832.0 7843.0 6050.0 6553.0 6050.0 6553.0 6165.6 7031.9 1658.0 1498.0 P/E 9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 7.78x 8.05x 7.04x 8.57x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 25.10.2012EBIT - Long-Term Rating A+Operating Margin 22.58% Long-Term Outlook NEGPretax Margin 22.58% Short-Term Rating Date 25.10.2012Return on Assets 0.34% Short-Term Rating A-1Return on Common Equity 8.93% Credit RatiosReturn on Capital 0.63% EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 1287.6%Net Income Margin 14.3% Total Debt/Capital 91.5%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 4.07Quick Ratio - Accounts receivable turnover-days -Debt to Assets 53.09% Inventory Days -Tot Debt to Common Equity 1287.58% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 4.00 90000.0 3.50 80000.0 3.00 70000.0 60000.0 2.50 50000.0 2.00 40000.0 1.50 30000.0 1.00 20000.0 0.50 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 29. 26.03.2013BNP Paribas SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBELGIAN STATE n/a Co File 129166979 10.4 - 31.12.2012 GovernmentAXA n/a ULT-AGG 66464562 5.35 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 23278745 1.87 21613 22.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 18754945 1.51 (517367) 28.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 16235239 1.31 760566 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 16011192 1.29 (4223421) 31.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14387267 1.16 620876 31.01.2013 Mutual Fund ManagerSTATE OF LUXEMBOURG n/a Co File 12540483 1.01 - 31.12.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 12412585 1 476466 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9991341 0.8 215029 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7954017 0.64 - 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 5974782 0.48 (227174) 31.01.2013 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5548626 0.45 (313400) 31.12.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 5066891 0.41 (6900) 28.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 5050237 0.41 (63407) 31.10.2012 Mutual Fund ManagerLBPAM Multiple Portfolios MF-AGG 4981512 0.4 (358290) 31.12.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 3846420 0.31 50313 31.01.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3793501 0.31 263565 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 3752412 0.3 (1668815) 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 3700000 0.3 - 29.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKeefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 57 12 month 26.03.2013Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 Not Provided 25.03.2013RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 22.03.2013Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 22.03.2013AlphaValue CHRISTOPHE NIJDAM add 4 M 48 6 month 21.03.2013Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 20.03.2013Macquarie PIERS BROWN underperform 1 M 41 12 month 19.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.03.2013Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 59 Not Provided 13.03.2013Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.03.2013JPMorgan DELPHINE LEE neutral 3 M 48 18 month 11.03.2013Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 08.03.2013Barclays JEREMY SIGEE overweight 5 M 54 Not Provided 04.03.2013HSBC ROBIN DOWN overweight 5 M 55 Not Provided 28.02.2013Deutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013Nomura JON PEACE buy 5 M 56 Not Provided 18.02.2013Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 48 Not Provided 15.02.2013CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.02.2013Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013Independent Research GmbH STEFAN BONGARDT buy 5 M 53 12 month 14.02.2013CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013Espirito Santo Investment Bank Research ANDREW LIM neutral 3 M 43 Not Provided 30.01.2013Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 26.03.2013Carrefour SACarrefour SA operates chains of supermarkets, hypermarkets, discount, cash and Price/Volumecarry, and frozen food stores in Europe, the Americas, and Asia. 25 16.0 M 14.0 M 20 12.0 M 15 10.0 M 8.0 M Valuation Analysis 10 6.0 MLatest Fiscal Year: 12/2012 4.0 MLTM as of: 09/yy 5 2.0 M52-Week High (08.03.2013) 23.03 0 .0 M52-Week Low (11.07.2012) 12.87 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 416968.00 Current Price (3/dd/yy) 21.48 Market Data 52-Week High % Change -6.77% Dividend Yield - 52-Week Low % Change 66.90% Beta 1.13 % 52 Week Price Range High/Low 82.68% Equity Float 561.21Shares Out 31.12.2012 709.2 Short Int - Market Capitalization 15233.93 1 Yr Total Return 20.75%Total Debt 11246.00 YTD Return 11.04%Preferred Stock 0.0 Adjusted BETA 1.127Minority Interest 874.0 Analyst Recs 39Cash and Equivalents 6925.00 Consensus Rating 3.487Enterprise Value 20428.93 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3019122CA FP EQUITY YTD Change - Average Volume 30 Day 3332659CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 3142015 Fiscal Year Ended 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 10/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 Total Revenue 86341.0 84763.0 79737.0 80455.0 76789.0 0.0 0.0 78966.2 81450.4 22980.3 - TEV/Revenue 0.30x 0.37x 0.37x 0.25x 0.25x #DIV/0! #DIV/0! 0.26x 0.25x - - EBITDA 4044.0 4599.0 4380.0 3894.0 - 0.0 0.0 3871.5 4119.4 - - TEV/EBITDA 6.51x 6.75x 6.81x 5.08x - 0.00x 0.00x 5.29x 4.98x - - Net Income 1269.0 276.0 433.0 371.0 1233.0 0.0 0.0 999.9 1135.0 - - P/E 14.82x 67.12x 61.70x - 88.09x 0.00x 0.00x 14.85x 13.06x - - Profitability S&P Issuer RatingsEBITDA 3894.00 Long-Term Rating Date 15.03.2012EBIT 1433.00 Long-Term Rating BBBOperating Margin 1.87% Long-Term Outlook STABLEPretax Margin 0.81% Short-Term Rating Date 16.04.2010Return on Assets 2.63% Short-Term Rating A-2Return on Common Equity 17.48% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 6.25Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 2.51Margin Analysis Net Debt/EBITDA 3.76Gross Margin 19.9% Total Debt/EBITDA 4.73EBITDA Margin 3.3% ReferenceEBIT Margin 1.9% Total Debt/Equity 217.0%Net Income Margin 1.6% Total Debt/Capital 66.0%Structure Asset Turnover 1.64Current Ratio 0.90 Net Fixed Asset Turnover 5.84Quick Ratio 0.41 Accounts receivable turnover-days 11.74Debt to Assets 35.43% Inventory Days 37.20Tot Debt to Common Equity 216.96% Accounts Payable Turnover Day 85.80Accounts Receivable Turnover 31.18 Cash Conversion Cycle -36.86Inventory Turnover 9.84Price/ Cash Flow Sales/Revenue/Turnover 9.00 100000.0 8.00 90000.0 7.00 80000.0 70000.0 6.00 60000.0 5.00 50000.0 4.00 40000.0 3.00 30000.0 2.00 20000.0 1.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 31. 26.03.2013Carrefour SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLUE CAPITAL SARL n/a Co File 64047813 9.03 - 31.12.2011 OtherSOCIETE GENERALE n/a Research 31310832 4.41 (14638655) 20.06.2012 BankBLUE PARTICIPATIONS n/a Co File 25359996 3.58 - 31.12.2011 Holding CompanyAMUNDI SA n/a Research 23161032 3.27 - 11.07.2011 OtherCOLONY BLUE INVESTOR n/a Co File 15166770 2.14 - 31.12.2011 OtherFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12514112 1.76 1806945 30.09.2012 Hedge Fund ManagerSOCIETE GEN GESTION n/a Research 8353963 1.18 - 11.07.2011 Mutual Fund ManagerMANNING & NAPIER ADV Multiple Portfolios MF-AGG 8126922 1.15 - 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7809733 1.1 10661 31.01.2013 Mutual Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 7552796 1.06 (724500) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6421564 0.91 (50861) 22.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6313630 0.89 454748 31.12.2012 Investment AdvisorCARREFOUR SA n/a Co File 5598650 0.79 - 31.12.2011 CorporationAKO CAPITAL LLP n/a Short (5531875) -0.78 290035 17.01.2013 Investment AdvisorGROUPE ARNAULT SAS n/a Co File 5156752 0.73 - 31.12.2011 Holding CompanyVANGUARD GROUP INC Multiple Portfolios MF-AGG 4806506 0.68 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 3440346 0.49 51232 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 2387980 0.34 (947010) 28.02.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 2260463 0.32 1018888 31.12.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 1939988 0.27 (214082) 31.10.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateHammer Partners SA STEPHAN SEIP hold 3 U 21 Not Provided 25.03.2013AlphaValue VIRGINIE BLIN add 4 U 24 6 month 21.03.2013CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 26 12 month 20.03.2013Jyske Bank ROBERT JAKOBSEN strong buy 5 M 26 Not Provided 18.03.2013Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 32 Not Provided 15.03.2013Nomura NICK COULTER neutral 3 M 20 Not Provided 13.03.2013Independent Research GmbH ZAFER RUZGAR hold 3 M 24 12 month 12.03.2013Redburn Partners MARC DE SPEVILLE buy 5 U #N/A N/A Not Provided 12.03.2013Deutsche Bank SALLY RONALD hold 3 M 25 12 month 11.03.2013Credit Suisse XAVIER LE MENE outperform 5 M 25 Not Provided 11.03.2013Main First Bank AG RICKIN THAKRAR outperform 5 M 24 12 month 11.03.2013Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 08.03.2013Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 23 Not Provided 08.03.2013Oddo & Cie LAURENCE HOFMANN buy 5 M 27 Not Provided 08.03.2013Natixis PIERRE-EDOUARD BOUDOT buy 5 M 25 Not Provided 08.03.2013Exane BNP Paribas JOHN KERSHAW outperform 5 M 24 Not Provided 08.03.2013Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 22 6 month 07.03.2013Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 25 12 month 07.03.2013JPMorgan JAIME VAZQUEZ overweight 5 M 25 9 month 07.03.2013Jefferies JAMES GRZINIC hold 3 M 20 12 month 07.03.2013S&P Capital IQ WILLIAM MACK sell 1 M 19 12 month 07.03.2013Barclays NICOLAS CHAMP equalweight 3 M 20 Not Provided 07.03.2013Day by Day VALERIE GASTALDY buy 5 U 24 3 month 19.02.2013Espirito Santo Investment Bank Research CAROLINE GULLIVER buy 5 M 25 Not Provided 18.02.2013Banco Sabadell MARTA DIAZ sell 1 M 22 12 month 15.02.2013Baader Bank VOLKER BOSSE sell 1 M 17 12 month 12.02.2013Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013Aurel - BGC JEAN-MARIE LHOME buy 5 M 23 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Kepler Capital Markets FABIENNE CARON buy 5 M 26 Not Provided 19.12.2012Macquarie SREEDHAR MAHAMKALI outperform 5 M 22 12 month 12.12.2012HSBC JEROME SAMUEL neutral 3 M 19 Not Provided 05.12.2012Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 20 12 month 26.11.2012CA Cheuvreux ARNAUD JOLY underperform 1 M 16 Not Provided 19.10.2012Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 03.09.2012Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 16 12 month 31.01.2012Equita SIM SpA FABIO FAZZARI hold 3 M 22 12 month 12.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 26.03.2013Cie de St-GobainCompagnie de Saint-Gobain manufactures glass products, high-performance Price/Volumematerials, and construction materials. The Company produces flat glass, 40 12.0 Minsulation, and glass containers, high-performance ceramics, plastics, and 35abrasives, and building materials such as roofing, wall facings, mortars, and 10.0 M 30ductile cast iron pipe. Saint-Gobain also retails building materials. 8.0 M 25 20 6.0 M Valuation Analysis 15Latest Fiscal Year: 12/2012 4.0 M 10LTM as of: 12/yy 2.0 M 552-Week High (27.03.2012) 35.44 0 .0 M52-Week Low (02.08.2012) 23.90 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 553287.00 Current Price (3/dd/yy) 29.82 Market Data 52-Week High % Change -15.91% Dividend Yield - 52-Week Low % Change 24.77% Beta 1.25 % 52 Week Price Range High/Low 50.95% Equity Float 460.13Shares Out 29.01.2013 531.1 Short Int - Market Capitalization 15838.17 1 Yr Total Return -10.09%Total Debt 12669.00 YTD Return -7.45%Preferred Stock 0.0 Adjusted BETA 1.249Minority Interest 412.0 Analyst Recs 30Cash and Equivalents 4179.00 Consensus Rating 3.433Enterprise Value 24740.17 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1930998SGO FP EQUITY YTD Change - Average Volume 30 Day 2133740SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1950587 Fiscal Year Ended 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 Total Revenue 43800.0 37786.0 40119.0 42116.0 43198.0 42116.0 43198.0 43006.3 44475.5 9924.0 10981.0 TEV/Revenue 0.56x 0.75x 0.69x 0.57x 0.60x 0.00x 0.00x 0.56x 0.53x - - EBITDA 5263.0 3821.0 4785.0 5024.0 2637.0 0.0 0.0 4425.2 4804.0 - - TEV/EBITDA 4.68x 7.39x 5.80x 4.80x 9.87x 0.00x 0.00x 5.61x 5.17x - - Net Income 1378.0 202.0 1129.0 1284.0 766.0 0.0 0.0 1260.1 1562.0 - - P/E 9.15x 88.53x 17.66x 12.16x 22.07x 0.00x 0.00x 12.22x 10.12x - - Profitability S&P Issuer RatingsEBITDA 2637.00 Long-Term Rating Date 24.07.2009EBIT 1087.00 Long-Term Rating BBBOperating Margin 2.52% Long-Term Outlook NEGPretax Margin 2.94% Short-Term Rating Date 30.04.2004Return on Assets 1.63% Short-Term Rating A-2Return on Common Equity 4.35% Credit RatiosReturn on Capital 4.86% EBITDA/Interest Exp. 8.99Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 5.36Margin Analysis Net Debt/EBITDA 3.22Gross Margin 6.1% Total Debt/EBITDA 4.80EBITDA Margin 6.1% ReferenceEBIT Margin 2.5% Total Debt/Equity 72.6%Net Income Margin 1.8% Total Debt/Capital 41.5%Structure Asset Turnover 0.92Current Ratio 1.31 Net Fixed Asset Turnover 3.09Quick Ratio 0.67 Accounts receivable turnover-days 43.88Debt to Assets 26.66% Inventory Days 56.89Tot Debt to Common Equity 72.65% Accounts Payable Turnover Day 55.34Accounts Receivable Turnover 8.34 Cash Conversion Cycle 45.44Inventory Turnover 6.43Price/ Cash Flow Sales/Revenue/Turnover 12.00 50000.0 45000.0 10.00 40000.0 35000.0 8.00 30000.0 6.00 25000.0 20000.0 4.00 15000.0 10000.0 2.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 33. 26.03.2013Cie de St-GobainHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWENDEL INVESTISSEMEN #N/A N/A Co File 91581114 17.24 - 31.12.2011 Investment AdvisorFONDS DU PLAN D EPAR n/a Co File 42844966 8.07 - 31.12.2011 n/aAMUNDI SA n/a Research 40161206 7.56 17861078 27.06.2012 OtherCAISSE DES DEPOTS ET #N/A N/A Co File 13924614 2.62 - 31.12.2011 GovernmentGROUPAMA SA #N/A N/A Co File 10175679 1.92 - 31.12.2011 Insurance CompanyCIE DE SAINT GOBAIN #N/A N/A Co File 9104555 1.71 - 31.12.2011 CorporationHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6617178 1.25 - 31.12.2012 Investment AdvisorCOGEMA #N/A N/A Co File 5891183 1.11 - 31.12.2011 CorporationBLACKROCK n/a ULT-AGG 4692443 0.88 260564 22.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4217347 0.79 180416 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4101338 0.77 (846845) 31.01.2013 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 3240887 0.61 - 31.12.2012 Investment AdvisorPREDICA #N/A N/A Co File 3213372 0.61 - 31.12.2011 Insurance CompanyAVIVA PLC Multiple Portfolios MF-AGG 2716101 0.51 203000 28.02.2013 Investment AdvisorSOCIETE GEN GESTION n/a Research 2536782 0.48 - 15.06.2011 Mutual Fund ManagerFMR LLC n/a ULT-AGG 2316466 0.44 (88176) 31.01.2013 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 1784591 0.34 - 29.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 1671822 0.31 (320096) 31.12.2012 Mutual Fund ManagerJP MORGAN n/a ULT-AGG 1522906 0.29 50015 31.01.2013 UnclassifiedDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1334277 0.25 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 22.03.2013Aurel - BGC ERIC LEMARIE buy 5 M 40 6 month 22.03.2013EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 22.03.2013Oddo & Cie VIRGINIE ROUSSEAU neutral 3 M 34 Not Provided 21.03.2013Exane BNP Paribas PAUL ROGER underperform 1 M 32 Not Provided 20.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 18.03.2013Deutsche Bank LUIS PRIETO buy 5 M 38 12 month 11.03.2013Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.03.2013AlphaValue GAETAN DUPONT buy 5 M 40 6 month 11.03.2013Societe Generale MURIEL FELLOUS buy 5 M 38 12 month 08.03.2013Credit Suisse HARRY GOAD neutral 3 M 27 Not Provided 07.03.2013Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 37 12 month 07.03.2013Jefferies MICHAEL F BETTS buy 5 M 45 12 month 25.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 27 12 month 21.02.2013Kepler Capital Markets JOSEP PUJAL hold 3 M 30 Not Provided 21.02.2013Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 32 6 month 21.02.2013Natixis RAFIC EL HADDAD buy 5 U 38 Not Provided 21.02.2013S&P Capital IQ JAWAHAR HINGORANI sell 1 M 28 12 month 21.02.2013Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013Goldman Sachs WILL MORGAN neutral/neutral 3 D 34 12 month 12.02.2013HSBC JOHN FRASER-ANDREWS underweight 1 D 31 Not Provided 29.01.2013Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 18.01.2013CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 37 12 month 18.01.2013JPMorgan MICHAEL MORRIS overweight 5 M 35 9 month 15.01.2013Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 33 Not Provided 15.01.2013Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 26.03.2013CRH PLCCRH plc manufactures cement, concrete products, aggregates, asphalt, clay Price/Volumebricks, chemical lime, security fencing products, and roofing, insulation and 20 5.0 Mother building materials. The Group also operates some 136 builders merchant 18 4.5 Mlocations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19 16 4.0 Mcountries, including Ireland, the US, Spain, Germany and the Netherlands. 14 3.5 M 12 3.0 M 10 2.5 M Valuation Analysis 8 2.0 MLatest Fiscal Year: 12/2012 6 1.5 MLTM as of: 01/yy 4 1.0 M 2 .5 M52-Week High (15.03.2013) 18.03 0 .0 M52-Week Low (05.06.2012) 12.81 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 165651.00 Current Price (3/dd/yy) 17.105 Market Data 52-Week High % Change -5.10% Dividend Yield 3.65 52-Week Low % Change 33.53% Beta 1.43 % 52 Week Price Range High/Low 86.00% Equity Float 683.33Shares Out 21.03.2013 727.1 Short Int - Market Capitalization 12437.39 1 Yr Total Return 12.87%Total Debt 4915.00 YTD Return 14.74%Preferred Stock 1.0 Adjusted BETA 1.433Minority Interest 36.0 Analyst Recs 32Cash and Equivalents 1799.00 Consensus Rating 2.531Enterprise Value 15590.39 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1100321CRH ID EQUITY YTD Change - Average Volume 30 Day 1352334CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1252896 Fiscal Year Ended 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 - - Total Revenue 20887.0 17373.0 17173.0 18081.0 18659.0 - - 19073.4 20125.6 - - TEV/Revenue 0.78x 1.01x 0.86x 0.82x 0.76x - - 0.81x 0.75x - - EBITDA 2656.0 1803.0 1614.0 1656.0 1640.0 - - 1724.8 1974.8 - - TEV/EBITDA 6.11x 9.69x 9.18x 9.01x 8.70x - - 9.04x 7.89x - - Net Income 1248.0 592.0 432.0 590.0 552.0 - - 601.1 791.3 - - P/E 7.66x 21.54x 25.28x 18.60x 20.01x - - 20.22x 15.68x - - Profitability S&P Issuer RatingsEBITDA 1640.00 Long-Term Rating Date 17.12.2007EBIT 845.00 Long-Term Rating BBB+Operating Margin 4.53% Long-Term Outlook STABLEPretax Margin 3.61% Short-Term Rating Date 07.09.2001Return on Assets 2.59% Short-Term Rating A-2Return on Common Equity 5.25% Credit RatiosReturn on Capital 5.03% EBITDA/Interest Exp. 5.92Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.84Margin Analysis Net Debt/EBITDA 1.90Gross Margin 27.3% Total Debt/EBITDA 3.00EBITDA Margin 8.8% ReferenceEBIT Margin 4.5% Total Debt/Equity 46.6%Net Income Margin 3.0% Total Debt/Capital 31.7%Structure Asset Turnover 0.88Current Ratio 1.84 Net Fixed Asset Turnover 2.15Quick Ratio 1.15 Accounts receivable turnover-days 46.46Debt to Assets 23.22% Inventory Days 63.19Tot Debt to Common Equity 46.65% Accounts Payable Turnover Day 59.16Accounts Receivable Turnover 7.88 Cash Conversion Cycle 50.49Inventory Turnover 5.79Price/ Cash Flow Sales/Revenue/Turnover 14.00 25000.0 12.00 20000.0 10.00 15000.0 8.00 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 35. 26.03.2013CRH PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES n/a ULT-AGG 46828488 6.44 (10758929) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 28961677 3.98 - 22.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 27093488 3.73 (7581034) 21.01.2013 Investment AdvisorUBS n/a ULT-AGG 26645973 3.66 (214912) 31.01.2013 UnclassifiedHARBOR CAPITAL ADVIS n/a 20F 21999275 3.03 - 23.03.2012 Investment AdvisorNORGES BANK n/a 20F 21543277 2.96 - 23.03.2012 GovernmentGRWTH FUND OF AMERIC n/a RNS-MAJ 21114087 2.9 - 15.02.2011 n/aFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11276498 1.55 1580407 30.09.2012 Hedge Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 8149088 1.12 (1338324) 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7954808 1.09 318307 31.12.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 7703980 1.06 3376460 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5646139 0.78 - 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 5345457 0.74 2283455 30.11.2012 UnclassifiedTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4922840 0.68 (13040) 31.12.2012 Investment AdvisorMARKETFIELD ASSET MA Multiple Portfolios MF-AGG 4196785 0.58 2571785 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 3206686 0.44 - 21.03.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 2802622 0.39 92614 31.12.2012 Investment AdvisorMACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2762000 0.38 342000 30.11.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2746054 0.38 850506 31.12.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 2586810 0.36 3567 28.02.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateLandesbank Baden-Wuerttemberg HANS-PETER KUHLMANN sell 1 D 16 Not Provided 21.03.2013Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 16 Not Provided 21.03.2013AlphaValue GAETAN DUPONT add 4 M 19 6 month 21.03.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 21.03.2013Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 17 12 month 18.03.2013Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 15.03.2013Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 08.03.2013Credit Suisse HARRY GOAD underperform 1 M 13 Not Provided 07.03.2013Goodbody Stockbrokers Ltd ROBERT EASON sell 1 M 15 12 month 06.03.2013Deutsche Bank LUIS PRIETO buy 5 M 18 12 month 01.03.2013JPMorgan MICHAEL MORRIS neutral 3 M 14 9 month 28.02.2013Natixis ABDELKADER BENCHIHA neutral 3 U 17 Not Provided 28.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.02.2013Societe Generale MURIEL FELLOUS hold 3 M 16 12 month 27.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 18 12 month 27.02.2013Berenberg Bank ROBERT MUIR sell 1 M 14 Not Provided 27.02.2013Jefferies MICHAEL F BETTS buy 5 M 20 12 month 26.02.2013Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 15 6 month 26.02.2013S&P Capital IQ JAWAHAR HINGORANI hold 3 M 17 12 month 26.02.2013Exane BNP Paribas PAUL ROGER neutral 3 M 18 Not Provided 26.02.2013Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 11 Not Provided 25.02.2013Merrion Stockbrokers DAVID HOLOHAN sell 1 N 14 Not Provided 22.02.2013Kepler Capital Markets JOSEP PUJAL hold 3 M 16 Not Provided 04.02.2013HSBC JOHN FRASER-ANDREWS underweight 1 D 15 Not Provided 29.01.2013Morgan Stanley YURI SEROV Underwt/In-Line 1 M 16 12 month 13.12.2012Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 14 Not Provided 09.11.2012Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 07.11.2012Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 19.10.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 36. 26.03.2013Daimler AGDaimler AG develops, manufactures, distributes, and sells a wide range of Price/Volumeautomotive products, mainly passenger cars, trucks, vans and buses. The Company 50 18.0 Malso provides financial and other services relating to its automotive 45 16.0 Mbusinesses. 40 14.0 M 35 12.0 M 30 10.0 M 25 Valuation Analysis 8.0 M 20Latest Fiscal Year: 12/2012 15 6.0 M 10 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (27.03.2012) 47.47 0 .0 M52-Week Low (27.06.2012) 32.86 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 952801.00 Current Price (3/dd/yy) 43.89 Market Data 52-Week High % Change -7.57% Dividend Yield - 52-Week Low % Change 33.59% Beta 1.21 % 52 Week Price Range High/Low 76.57% Equity Float 944.56Shares Out 28.02.2013 1067.6 Short Int - Market Capitalization 46859.00 1 Yr Total Return -1.09%Total Debt 84642.00 YTD Return 6.22%Preferred Stock 0.0 Adjusted BETA 1.208Minority Interest 1631.0 Analyst Recs 39Cash and Equivalents 15055.00 Consensus Rating 3.487Enterprise Value 118077.00 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3976119DAI GY EQUITY YTD Change - Average Volume 30 Day 4051994DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 4004314 Fiscal Year Ended 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 Total Revenue 95873.0 78924.0 97761.0 106540.0 114297.0 106540.0 114297.0 116971.5 124085.7 - - TEV/Revenue 0.87x 1.15x 1.10x 0.93x 1.01x 3.70x 3.91x 0.45x 0.43x - - EBITDA 11685.0 3032.0 10489.0 12216.0 12138.0 12265.0 12193.0 12649.2 14408.5 - - TEV/EBITDA 7.14x 29.84x 10.26x 8.09x 9.50x 8.06x 9.46x 9.34x 8.20x - - Net Income 1348.0 (2640.0) 4498.0 5667.0 6095.0 5667.0 6095.0 4965.6 5999.1 1313.0 1314.0 P/E 15.61x - 11.85x 6.38x 7.24x 6.38x 7.24x 9.44x 7.97x 8.92x - Profitability S&P Issuer RatingsEBITDA 12138.00 Long-Term Rating Date 23.02.2012EBIT 8071.00 Long-Term Rating A-Operating Margin 7.06% Long-Term Outlook STABLEPretax Margin 6.75% Short-Term Rating Date 26.02.2001Return on Assets 3.92% Short-Term Rating A-2Return on Common Equity 14.60% Credit RatiosReturn on Capital 6.94% EBITDA/Interest Exp. 5.24Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 3.16Margin Analysis Net Debt/EBITDA 5.71Gross Margin 22.3% Total Debt/EBITDA 6.94EBITDA Margin 10.7% ReferenceEBIT Margin 7.1% Total Debt/Equity 192.9%Net Income Margin 5.3% Total Debt/Capital 65.0%Structure Asset Turnover 0.73Current Ratio 1.13 Net Fixed Asset Turnover 2.58Quick Ratio 0.38 Accounts receivable turnover-days 24.64Debt to Assets 51.93% Inventory Days 71.73Tot Debt to Common Equity 192.90% Accounts Payable Turnover Day 37.55Accounts Receivable Turnover 14.85 Cash Conversion Cycle 58.83Inventory Turnover 5.10Price/ Cash Flow Sales/Revenue/Turnover 70.00 180000.0 60.00 160000.0 140000.0 50.00 120000.0 40.00 100000.0 30.00 80000.0 60000.0 20.00 40000.0 10.00 20000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 37. 26.03.2013Daimler AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 92440565 8.66 (897278) 22.03.2013 Investment AdvisorKUWAIT INVESTMENT AU n/a Co File 73577854 6.89 - 06.02.2012 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 50908791 4.77 (2451600) 31.12.2012 Investment AdvisorAABAR INVESTMENTS PJ n/a Co File 33056717 3.1 - 06.02.2012 GovernmentNORGES BANK n/a Research 32355918 3.03 - 17.09.2012 GovernmentNISSAN MOTOR CO LTD n/a Co File 16448378 1.54 - 31.03.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 13205464 1.24 361219 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12065091 1.13 17008 28.02.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10511692 0.98 3324 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10428300 0.98 1095300 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7278602 0.68 - 31.12.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7252246 0.68 (488209) 28.12.2012 Mutual Fund ManagerFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6339832 0.59 6700 30.09.2012 Hedge Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 3548162 0.33 (1704912) 28.09.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 3200000 0.3 - 31.12.2011 Pension Fund (ERISA)MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2911975 0.27 3634 22.03.2013 Investment AdvisorGOLDMAN SACHS GROUP n/a Research 2719961 0.25 - 05.10.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2556213 0.24 - 31.07.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 2366939 0.22 338129 31.01.2013 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2327805 0.22 (1000) 31.01.2013 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 26.03.2013Exane BNP Paribas RABIH FREIHA outperform 5 M 54 Not Provided 25.03.2013AlphaValue HANS-PETER WODNIOK sell 1 M 40 6 month 21.03.2013Independent Research GmbH ZAFER RUZGAR hold 3 M 48 12 month 07.03.2013Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 60 6 month 04.03.2013Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 60 12 month 28.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.02.2013Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 53 12 month 26.02.2013Credit Suisse ERICH HAUSER neutral 3 M 35 Not Provided 21.02.2013Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 62 12 month 13.02.2013Kepler Capital Markets MICHAEL RAAB reduce 2 M 41 Not Provided 12.02.2013Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013DZ Bank AG MICHAEL PUNZET hold 3 M 44 12 month 11.02.2013Barclays KRISTINA CHURCH equalweight 3 M 43 Not Provided 11.02.2013Societe Generale STEPHEN REITMAN hold 3 M 46 12 month 08.02.2013JPMorgan JOSE ASUMENDI neutral 3 M 46 9 month 08.02.2013HSBC HORST SCHNEIDER overweight 5 M 52 Not Provided 08.02.2013Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 58 Not Provided 08.02.2013Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 39 12 month 08.02.2013Oddo & Cie FRANCOIS MAURY neutral 3 M 45 Not Provided 08.02.2013M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 46 12 month 08.02.2013Bankhaus Metzler JUERGEN PIEPER buy 5 M 50 12 month 08.02.2013Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 47 12 month 08.02.2013S&P Capital IQ JAWAHAR HINGORANI hold 3 M 48 12 month 08.02.2013Nord/LB FRANK SCHWOPE buy 5 M 51 12 month 07.02.2013Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 07.02.2013Natixis GEORGES DIENG neutral 3 M 38 Not Provided 06.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 37 12 month 31.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 43 12 month 26.11.2012Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 16.11.2012Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012Deutsche Bank JOCHEN GEHRKE hold 3 M 35 12 month 28.10.2012CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 48 Not Provided 26.10.2012Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 26.03.2013Danone SADanone is a food processing company. The Company produces dairy products, Price/Volumebeverages, baby food and clinical/medical nutrition products. 60 12.0 M 50 10.0 M 40 8.0 M 30 6.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 20 4.0 MLTM as of: 12/yy 10 2.0 M52-Week High (08.03.2013) 55.78 0 .0 M52-Week Low (23.10.2012) 45.61 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 360471.00 Current Price (3/dd/yy) 54.18 Market Data 52-Week High % Change -2.90% Dividend Yield - 52-Week Low % Change 18.80% Beta 0.65 % 52 Week Price Range High/Low 82.21% Equity Float 538.12Shares Out 21.02.2013 634.4 Short Int - Market Capitalization 34369.73 1 Yr Total Return 7.28%Total Debt 9522.00 YTD Return 8.57%Preferred Stock 0.0 Adjusted BETA 0.648Minority Interest 63.0 Analyst Recs 43Cash and Equivalents 3017.00 Consensus Rating 3.256Enterprise Value 40937.73 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1734776BN FP EQUITY YTD Change - Average Volume 30 Day 1883776BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1624149 Fiscal Year Ended 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 Total Revenue 15220.0 14982.0 17010.0 19318.0 20869.0 19318.0 20868.0 22094.1 23461.1 5388.0 5667.8 TEV/Revenue 2.09x 2.20x 2.11x 1.89x 1.73x 0.00x 0.00x 1.84x 1.70x - - EBITDA 2796.0 2844.0 3194.0 3486.0 3622.0 0.0 0.0 3782.5 4062.6 - - TEV/EBITDA 11.35x 11.61x 11.23x 10.45x 9.99x 0.00x 0.00x 10.84x 10.10x - - Net Income 1313.0 1361.0 1875.0 1671.0 1672.0 0.0 0.0 1821.8 2033.9 - - P/E 19.75x 17.77x 15.42x 17.53x 17.95x 0.00x 0.00x 17.15x 15.53x 3.74x - Profitability S&P Issuer RatingsEBITDA 3622.00 Long-Term Rating Date 25.07.2007EBIT 2958.00 Long-Term Rating A-Operating Margin 14.17% Long-Term Outlook STABLEPretax Margin 11.97% Short-Term Rating Date 11.07.2007Return on Assets 5.77% Short-Term Rating A-2Return on Common Equity 13.77% Credit RatiosReturn on Capital 9.13% EBITDA/Interest Exp. 14.78Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 10.80Margin Analysis Net Debt/EBITDA 1.80Gross Margin 50.1% Total Debt/EBITDA 2.63EBITDA Margin 17.4% ReferenceEBIT Margin 14.2% Total Debt/Equity 78.1%Net Income Margin 8.0% Total Debt/Capital 43.7%Structure Asset Turnover 0.72Current Ratio 0.81 Net Fixed Asset Turnover 5.20Quick Ratio 0.58 Accounts receivable turnover-days 34.05Debt to Assets 32.24% Inventory Days 37.89Tot Debt to Common Equity 78.11% Accounts Payable Turnover Day 98.95Accounts Receivable Turnover 10.75 Cash Conversion Cycle -27.01Inventory Turnover 9.66Price/ Cash Flow Sales/Revenue/Turnover 14.00 25000.0 12.00 20000.0 10.00 15000.0 8.00 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 39. 26.03.2013Danone SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSUN LIFE FINANCIAL I n/a ULT-AGG 55771157 8.79 15779 31.01.2013 Investment AdvisorGROUPE DANONE n/a Co File 44051229 6.94 - 31.12.2012 CorporationAMUNDI SA n/a Co File 20039020 3.16 - 31.12.2012 OtherEURAZEO n/a Co File 16433370 2.59 - 31.12.2012 Investment AdvisorNORGES BANK n/a Co File 15048614 2.37 - 31.12.2012 GovernmentSOFINA & HENEX GROUP n/a Co File 13584541 2.14 - 31.12.2012 OtherNATIXIS ASSET MANAGE n/a Co File 12811179 2.02 - 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 12721689 2.01 4624340 31.01.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9939780 1.57 (112541) 31.12.2012 Investment AdvisorCAISSE DES DEPOTS ET n/a Co File 9783434 1.54 - 31.12.2012 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 9120390 1.44 681500 31.12.2012 Investment AdvisorFCPE FONDS GROUPE DA n/a Co File 8533644 1.35 - 31.12.2012 n/aNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7429890 1.17 (278200) 31.01.2013 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 6674800 1.05 (418650) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6538555 1.03 (280973) 22.03.2013 Investment AdvisorTRIAN FUND MANAGEMEN n/a Research 6431620 1.01 - 07.11.2012 Hedge Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 5801340 0.91 2699 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4580056 0.72 - 31.12.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 4324592 0.68 745570 31.12.2012 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3969086 0.63 (54102) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 25.03.2013HSBC CEDRIC BESNARD overweight 5 M 63 Not Provided 25.03.2013AlphaValue SOPHIE CABO-BROSETA add 4 M 65 6 month 21.03.2013Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.03.2013Nomura DAVID HAYES buy 5 M 60 12 month 20.03.2013Jefferies ALEX HOWSON hold 3 M 48 12 month 19.03.2013Exane BNP Paribas JEFF STENT neutral 3 M 57 Not Provided 19.03.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 63 Not Provided 14.03.2013Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 13.03.2013S&P Capital IQ CARL SHORT buy 5 M 63 12 month 13.03.2013Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 59 12 month 11.03.2013Kepler Capital Markets JON COX buy 5 M 59 Not Provided 11.03.2013Day by Day VALERIE GASTALDY buy 5 M 58 3 month 11.03.2013Credit Suisse ALEX MOLLOY underperform 1 M 54 Not Provided 07.03.2013Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 05.03.2013Mirabaud Securities JULIAN LAKIN hold 3 M 49 12 month 26.02.2013EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013Berenberg Bank JAMES TARGETT sell 1 M 51 Not Provided 22.02.2013Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.02.2013Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 20.02.2013CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 55 12 month 19.02.2013Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013CA Cheuvreux ERIC BOROIAN outperform 5 M 53 Not Provided 21.01.2013Espirito Santo Investment Bank Research ALEX SMITH buy 5 M 56 Not Provided 08.01.2013Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012Aurel - BGC JEAN-MARIE LHOME hold 3 M 50 Not Provided 13.12.2012DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 26.03.2013Deutsche Bank AGDeutsche Bank AG is a global financial service provider delivering commercial, Price/Volumeinvestment, private and retail banking. The Bank offers debt, foreign exchange, 45 18.0 Mderivatives, commodities, money markets, repo and securitization, cash equities, 40 16.0 Mresearch, equity prime services, loans, convertibles, advice on M&A and IPOs, 35 14.0 Mtrade finance, retail banking, asset management and corporate investments. 30 12.0 M 25 10.0 M Valuation Analysis 20 8.0 MLatest Fiscal Year: 12/2012 15 6.0 M 10 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (27.03.2012) 39.51 0 .0 M52-Week Low (26.07.2012) 22.11 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2190573.00 Current Price (3/dd/yy) 31.53 Market Data 52-Week High % Change -20.22% Dividend Yield - 52-Week Low % Change 42.61% Beta 1.35 % 52 Week Price Range High/Low 53.19% Equity Float 889.66Shares Out 31.12.2012 929.5 Short Int - Market Capitalization 29307.13 1 Yr Total Return -16.85%Total Debt 284516.00 YTD Return -4.31%Preferred Stock 0.0 Adjusted BETA 1.352Minority Interest 1270.0 Analyst Recs 41Cash and Equivalents 177928.00 Consensus Rating 3.488Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7713140DBK GY EQUITY YTD Change - Average Volume 30 Day 6546414DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 6365816 Fiscal Year Ended 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 Total Revenue 58492.0 45167.0 46151.0 52660.0 33582.0 50925.0 47151.0 33825.7 34823.9 8560.0 8581.0 TEV/Revenue - - - - - 0.00x 0.00x 1.96x 1.95x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (3835.0) 4973.0 2310.0 4132.0 611.0 4132.0 611.0 3654.5 4753.6 - - P/E - 6.24x 12.74x 6.61x 50.69x 6.64x 48.46x 8.16x 6.30x 7.13x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 25.01.2012EBIT - Long-Term Rating A+Operating Margin 10.41% Long-Term Outlook NEGPretax Margin 4.16% Short-Term Rating Date 19.12.2008Return on Assets 0.03% Short-Term Rating A-1Return on Common Equity 1.13% Credit RatiosReturn on Capital 0.85% EBITDA/Interest Exp. -Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.0%Net Income Margin 1.8% Total Debt/Capital 83.9%Structure Asset Turnover 0.02Current Ratio - Net Fixed Asset Turnover 9.56Quick 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 -Price/ Cash Flow Sales/Revenue/Turnover 10.00 100000.0 9.00 90000.0 8.00 80000.0 7.00 70000.0 6.00 60000.0 5.00 50000.0 4.00 40000.0 3.00 30000.0 2.00 20000.0 1.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 41. 26.03.2013Deutsche Bank AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 73721977 7.93 974954 22.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 49064352 5.28 (3318049) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a Co File 24888999 2.68 - 31.12.2011 Investment AdvisorDEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24458657 2.63 (3091342) 31.12.2012 BankDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16957871 1.82 5959356 31.12.2012 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16648807 1.79 3630244 31.12.2012 Investment AdvisorCOMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14797901 1.59 10133323 31.12.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 9550425 1.03 384651 31.12.2012 Investment AdvisorCREDIT SUISSE GROUP n/a Research 9379275 1.01 - 08.06.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8557620 0.92 3906478 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7334422 0.79 - 31.12.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7115570 0.77 (629994) 28.12.2012 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 6857407 0.74 165336 28.09.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 5952018 0.64 (4277134) 31.12.2012 UnclassifiedBANK OF AMERICA CORP BANK OF AMERICA 13F 5677666 0.61 (3004857) 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 4655730 0.5 (1922371) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3906432 0.42 176476 31.12.2012 Investment AdvisorDEUTSCHE TELEKOM n/a Research 3832262 0.41 - 13.11.2012 UnclassifiedUBS n/a ULT-AGG 3758375 0.4 1963628 31.01.2013 UnclassifiedALLIANCE BERNSTEIN n/a ULT-AGG 3350113 0.36 (1003376) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 Not Provided 25.03.2013AlphaValue DIETER HEIN add 4 M 38 6 month 21.03.2013Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 20.03.2013Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 20.03.2013Nord/LB MICHAEL SEUFERT buy 5 M 39 12 month 20.03.2013Credit Suisse AMIT GOEL underperform 1 M 32 Not Provided 20.03.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 35 12 month 20.03.2013Oddo & Cie JEAN SASSUS neutral 3 M 38 Not Provided 20.03.2013Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 44 12 month 20.03.2013DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 20.03.2013Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 18.03.2013Grupo Santander AURELIA FAURE underweight 1 M 30 12 month 14.03.2013JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 9 month 11.03.2013Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 08.03.2013Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 06.03.2013Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 U 38 Not Provided 06.03.2013RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 05.03.2013Macquarie PIERS BROWN neutral 3 M 36 12 month 05.03.2013Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 D 37 12 month 28.02.2013Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 U 44 12 month 27.02.2013Espirito Santo Investment Bank Research ANDREW LIM sell 1 M 30 Not Provided 25.02.2013Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 39 Not Provided 07.02.2013Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 Not Provided 04.02.2013CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 31.01.2013Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 26.03.2013Deutsche Telekom AGDeutsche Telekom AG offers telecommunications services. The Company offers a Price/Volumefull range of fixed-line telephone services, mobile communications services, 12 140.0 MInternet access, and combined information technology and telecommunications 10 120.0 Mservices for businesses. 100.0 M 8 80.0 M 6 Valuation Analysis 60.0 MLatest Fiscal Year: 12/2012 4 40.0 MLTM as of: 12/yy 2 20.0 M52-Week High (20.09.2012) 10.06 0 .0 M52-Week Low (05.06.2012) 7.69 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12Daily Volume 5000809.00 Current Price (3/dd/yy) 8.409 Market Data 52-Week High % Change -16.44% Dividend Yield - 52-Week Low % Change 9.38% Beta 0.75 % 52 Week Price Range High/Low 34.36% Equity Float 2938.38Shares Out 31.12.2012 4321.3 Short Int - Market Capitalization 36337.98 1 Yr Total Return -0.58%Total Debt 44614.00 YTD Return -2.16%Preferred Stock 0.0 Adjusted BETA 0.749Minority Interest 4623.0 Analyst Recs 43Cash and Equivalents 6046.00 Consensus Rating 3.209Enterprise Value 79528.97 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12207060DTE GY EQUITY YTD Change - Average Volume 30 Day 17002280DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 14106620 Fiscal Year Ended 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 Total Revenue 61666.0 64602.0 62421.0 58653.0 58169.0 50286.0 58653.0 57764.0 57538.6 14049.0 13969.0 TEV/Revenue 1.49x 1.46x 1.48x 1.45x 1.38x 7.49x 6.25x 1.38x 1.34x - - EBITDA 17535.0 17335.0 17726.0 20202.0 17728.0 16185.0 19002.0 17368.0 17397.1 4327.0 4436.0 TEV/EBITDA 5.24x 5.46x 5.20x 4.22x 4.53x 5.69x 4.48x 4.58x 4.57x 4.60x - Net Income 1483.0 353.0 1695.0 557.0 (5255.0) 1593.0 557.0 2893.0 3073.9 764.0 944.0 P/E 31.62x 128.63x 24.76x 68.19x - 64.37x 0.00x 11.85x 11.44x 9.78x - Profitability S&P Issuer RatingsEBITDA 17728.00 Long-Term Rating Date 19.05.2008EBIT 6720.00 Long-Term Rating BBB+Operating Margin 11.55% Long-Term Outlook STABLEPretax Margin -10.71% Short-Term Rating Date 08.04.2002Return on Assets -4.56% Short-Term Rating A-2Return on Common Equity -17.17% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 7.58Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 4.88Margin Analysis Net Debt/EBITDA 2.18Gross Margin 41.2% Total Debt/EBITDA 2.52EBITDA Margin 30.4% ReferenceEBIT Margin 11.5% Total Debt/Equity 172.1%Net Income Margin -9.0% Total Debt/Capital 59.4%Structure Asset Turnover 0.50Current Ratio 0.65 Net Fixed Asset Turnover 1.46Quick Ratio 0.54 Accounts receivable turnover-days 40.50Debt to Assets 41.33% Inventory Days 11.72Tot Debt to Common Equity 172.12% Accounts Payable Turnover Day 68.88Accounts Receivable Turnover 9.04 Cash Conversion Cycle -16.66Inventory Turnover 31.23Price/ Cash Flow Sales/Revenue/Turnover 3.50 70000.0 3.00 60000.0 2.50 50000.0 2.00 40000.0 1.50 30000.0 1.00 20000.0 0.50 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 43. 26.03.2013Deutsche Telekom AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKREDITANSTALT FUER W n/a Co File 741424370 17.16 - 31.12.2010 Investment AdvisorFEDERAL REPUBLIC OF n/a Co File 654197974 15.14 - 31.12.2010 GovernmentBLACKSTONE GROUP LP n/a Research 191700000 4.44 - 01.02.2012 Hedge Fund ManagerBLACKROCK INC n/a Co File 148284874 3.43 - 31.12.2010 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 78262814 1.81 (107919) 07.03.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 51600000 1.19 6400000 31.12.2010 Pension Fund (ERISA)DEUTSCHE BANK AG Multiple Portfolios MF-AGG 37849583 0.88 2072 31.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 28689139 0.66 616256 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 24646392 0.57 (3332) 07.03.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 24203959 0.56 6097908 30.12.2011 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17360458 0.4 (151394) 07.03.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 16400396 0.38 (9542126) 31.01.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 15124225 0.35 (1413136) 30.12.2011 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 14155889 0.33 (1331366) 31.03.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 13429768 0.31 6953862 30.12.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 12937232 0.3 986882 07.03.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 12420972 0.29 29446 31.10.2011 Mutual Fund ManagerNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11946685 0.28 5943207 30.06.2011 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 11425259 0.26 3102360 25.10.2011 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8337481 0.19 (102960) 07.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 10 12 month 09.03.2012Barclays Capital JONATHAN DANN overwt/negative 5 M 11 Not Provided 09.03.2012Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 08.03.2012AlphaValue HEINZ STEFFEN add 4 U 10 6 month 08.03.2012Citi SIMON H WEEDEN buy 5 M 9 Not Provided 07.03.2012Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 06.03.2012Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 05.03.2012Nomura FREDERIC BOULAN buy 5 M 11 12 month 05.03.2012Goldman Sachs HUGH I MCCAFFREY neutral/neutral 3 M 9 12 month 02.03.2012M.M. Warburg Investment Research JOCHEN REICHERT hold 3 D 10 12 month 02.03.2012Grupo Santander STEPHANE SCHLATTER underweight 1 M 9 Not Provided 29.02.2012Jefferies ULRICH RATHE buy 5 M 10 12 month 29.02.2012JPMorgan HANNES C WITTIG neutral 3 M 9 12 month 28.02.2012Macquarie GUY R PEDDY underperform 1 M 8 12 month 28.02.2012Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 27.02.2012RBC Capital Markets JONATHAN ATKIN sector perform 3 M 9 12 month 27.02.2012Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 27.02.2012Morgan Stanley NICK DELFAS Overwt/Attractive 5 M 12 12 month 24.02.2012Nord/LB JAN CHRISTIAN GOEHMANN buy 5 M 10 12 month 24.02.2012Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 9 Not Provided 24.02.2012Bankhaus Metzler ULRICH TRABERT sell 1 M 8 12 month 24.02.2012Natixis JACQUES DE GRELING reduce 2 M 8 Not Provided 24.02.2012Standard & Poors Equity Research ALEXANDER WISCH hold 3 M 10 12 month 24.02.2012DZ Bank AG JOERI SELS sell 1 M 8 12 month 24.02.2012Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 23.02.2012Independent Research GmbH MARKUS FRIEBEL hold 3 M 10 6 month 23.02.2012National Bank AG MANFRED JAISFELD hold 3 M 10 Not Provided 23.02.2012WestLB Equity Markets WOLFGANG SPECHT add 4 M 10 Not Provided 23.02.2012Main First Bank AG MARC RODE buy 5 M 11 12 month 23.02.2012Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M #N/A N/A Not Provided 23.02.2012CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 21.02.2012HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 20.02.2012Exane BNP Paribas MATHIEU ROBILLIARD outperform 5 M 12 Not Provided 09.02.2012Credit Suisse JUSTIN FUNNELL underperform 1 M 9 Not Provided 31.01.2012Espirito Santo Investment Bank Research WILL DRAPER sell 1 D 7 Not Provided 25.01.2012Deutsche Bank MATTHEW BLOXHAM hold 3 M 9 12 month 18.01.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 28.12.2011ING Wholesale Banking JEFFREY VONK hold 3 M 9 12 month 13.12.2011Day by Day VALERIE GASTALDY buy 5 M 10 3 month 17.11.2011Investec MORTEN SINGLETON hold 3 M 9 12 month 10.11.2011Liberum Capital Ltd MARK JAMES buy 5 U 8 Not Provided 07.10.2011Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 Not Provided 28.09.2011Kepler Capital Markets THOMAS KARLOVITS buy 5 M 13 Not Provided 25.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 26.03.2013E.ON SEE.ON AG operates in power generation and gas production businesses. The Price/VolumeCompanys operations include electric generation at conventional, nuclear, and 25 70.0 Mrenewable-source facilities, electric transmission via high-voltage wires 60.0 Mnetwork, regional distribution of electricity, gas, and heat, power trading and 20electricity, gas, and heat sales. 50.0 M 15 40.0 M Valuation Analysis 10 30.0 MLatest Fiscal Year: 12/2012 20.0 MLTM as of: 09/yy 5 10.0 M52-Week High (14.09.2012) 19.74 0 .0 M52-Week Low (08.02.2013) 12.42 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12Daily Volume 3227292.00 Current Price (3/dd/yy) 13.55 Market Data 52-Week High % Change -31.41% Dividend Yield - 52-Week Low % Change 9.10% Beta 1.10 % 52 Week Price Range High/Low 15.44% Equity Float 1787.19Shares Out 31.12.2012 2001.0 Short Int - Market Capitalization 27113.55 1 Yr Total Return -20.58%Total Debt 25944.00 YTD Return -3.83%Preferred Stock 0.0 Adjusted BETA 1.097Minority Interest 3862.0 Analyst Recs 39Cash and Equivalents 6097.00 Consensus Rating 2.538Enterprise Value 50822.55 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 15459160EOAN GY EQUITY YTD Change - Average Volume 30 Day 12266840EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 12058850 Fiscal Year Ended 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 03/13 Q1 06/13 Q2 Total Revenue 86753.0 81817.0 92863.0 112954.0 132093.0 87039.0 105888.0 111033.7 112983.7 - - TEV/Revenue 1.08x 1.11x 0.78x 0.52x 0.38x 3.84x 2.46x 0.45x 0.44x - - EBITDA 5403.0 12703.0 13006.0 4269.0 8443.0 11991.0 6579.0 9556.6 9756.4 - - TEV/EBITDA 17.28x 7.18x 5.56x 13.73x 5.99x 6.34x 8.68x 5.33x 5.22x - - Net Income 1266.0 8396.0 5853.0 (2219.0) 2217.0 5815.0 3195.0 2529.9 2678.9 - - P/E 37.92x 6.50x 6.53x - 12.36x 7.24x 7.49x 10.36x 9.72x - - Profitability S&P Issuer RatingsEBITDA 8443.00 Long-Term Rating Date 27.07.2012EBIT 4940.00 Long-Term Rating A-Operating Margin 3.74% Long-Term Outlook STABLEPretax Margin 2.51% Short-Term Rating Date 27.07.2012Return on Assets 1.51% Short-Term Rating A-2Return on Common Equity 6.27% Credit RatiosReturn on Capital 6.98% EBITDA/Interest Exp. 2.90Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 0.71Margin Analysis Net Debt/EBITDA 2.35Gross Margin - Total Debt/EBITDA 3.07EBITDA Margin 6.4% ReferenceEBIT Margin 3.7% Total Debt/Equity 74.2%Net Income Margin 1.7% Total Debt/Capital 40.1%Structure Asset Turnover 0.90Current Ratio 1.20 Net Fixed Asset Turnover 2.40Quick Ratio 0.61 Accounts receivable turnover-days 47.34Debt to Assets 18.48% Inventory Days -Tot Debt to Common Equity 74.22% Accounts Payable Turnover Day -Accounts Receivable Turnover 7.73 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 100000.0 90000.0 10.00 80000.0 70000.0 8.00 60000.0 6.00 50000.0 40000.0 4.00 30000.0 20000.0 2.00 10000.0 0.00 0.0 04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 45. 26.03.2013E.ON SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a EXCH 100250100 5.01 - 04.08.2011 Investment AdvisorE.ON AG n/a EXCH 95647800 4.78 - 04.08.2011 CorporationSTATKRAFT REGIONAL H n/a EXCH 83441700 4.17 - 04.08.2011 n/aBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 49493927 2.47 (39510) 07.03.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 29662658 1.48 6062932 31.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 26282832 1.31 (3244509) 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 19623079 0.98 336487 31.12.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 16309998 0.82 (639720) 31.01.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 16123725 0.81 (1772) 07.03.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 15916758 0.8 (399899) 30.12.2011 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 13699221 0.68 (2198390) 31.03.2011 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 9021711 0.45 225000 31.10.2011 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 7638548 0.38 (60000) 31.10.2011 Mutual Fund ManagerDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7385848 0.37 1103872 31.10.2011 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 6878820 0.34 (617388) 30.12.2011 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6295972 0.31 (6774) 31.01.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5599877 0.28 (69160) 07.03.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5513581 0.28 (2870809) 30.06.2011 Mutual Fund ManagerALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 5440521 0.27 (8900) 31.10.2011 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 4200000 0.21 (4705000) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan VINCENT DE BLIC overweight 5 M 19 9 month 09.03.2012WestLB Equity Markets PETER WIRTZ neutral 3 M #N/A N/A Not Provided 08.03.2012Macquarie MATTHIAS HECK outperform 5 M 21 12 month 06.03.2012Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 Not Provided 05.03.2012Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 24 12 month 01.03.2012Berenberg Bank ROBERT CHANTRY hold 3 M 20 Not Provided 01.03.2012Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 17 6 month 27.02.2012Nomura MARTIN YOUNG neutral 3 M 20 12 month 27.02.2012Espirito Santo Investment Bank Research LAWSON STEELE buy 5 M 21 Not Provided 24.02.2012Raymond James EMMANUEL RETIF underperform 1 M 14 Not Provided 22.02.2012Main First Bank AG ANDREAS THIELEN buy 5 M 21 12 month 14.02.2012Baader Bank KARIN BRINKMANN hold 3 D 18 12 month 09.02.2012AlphaValue EILEEN RYAN reduce 2 M 16 6 month 09.02.2012Landesbank Baden-Wuerttemberg BERNHARD JEGGLE buy 5 M 19 Not Provided 08.02.2012HSBC ADAM DICKENS underweight 1 D 16 Not Provided 06.02.2012Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 17 12 month 31.01.2012Grupo Santander OSCAR NAJAR RIOS buy 5 M 21 Not Provided 25.01.2012Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 21 12 month 23.01.2012Barclays Capital PETER BISZTYGA underwt/neutral 1 M 14 Not Provided 23.01.2012Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 21 Not Provided 20.01.2012Equinet Institutional Services(ESN) MICHAEL SCHAEFER accumulate 4 M 20 12 month 18.01.2012Oddo & Cie STEPHANE LACAZE neutral 3 M 18 Not Provided 17.01.2012Collins Stewart HAROLD HUTCHINSON hold 3 M 17 Not Provided 16.01.2012Nord/LB HEINO HAMMANN hold 3 M 18 12 month 12.01.2012Independent Research GmbH SVEN DIERMEIER hold 3 M 18 6 month 12.01.2012DZ Bank AG HASIM SENGUEL buy 5 M 20 12 month 12.01.2012Credit Suisse VINCENT GILLES neutral 3 M 17 Not Provided 11.01.2012Kepler Capital Markets INGO BECKER reduce 2 M 15 Not Provided 09.01.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 28.12.2011Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.12.2011M.M. Warburg Investment Research STEPHAN WULF buy 5 M 21 12 month 16.11.2011Hamburger Sparkasse ANNEMARIE SCHLUETER buy 5 M #N/A N/A Not Provided 14.11.2011Dolmen Stockbrokers IAN G HUNTER buy 5 M 19 Not Provided 14.11.2011Societe Generale ALBERTO PONTI hold 3 M 18 12 month 10.11.2011National Bank AG STEFFEN MANSKE buy 5 M 20 Not Provided 10.11.2011Standard & Poors Equity Research CLIVE ROBERTS hold 3 M 17 12 month 10.11.2011Deutsche Bank ALEXANDER KARNICK buy 5 M 23 12 month 09.11.2011Citi SOFIA SAVVANTIDOU neutral 3 M 16 Not Provided 08.10.2011CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 15 Not Provided 12.08.2011Natixis CELINE CHERUBIN reduce 2 M 13 Not Provided 11.08.2011SEB AG STIPO BRALO buy 5 M 27 12 month 23.11.2010BBVA DANIEL ORTEA HERNANDEZ underperform 1 M 29 Not Provided 09.12.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 46. 26.03.2013European Aeronautic Defence and Space Co NVEuropean Aeronautic Defence and Space Company manufactures airplanes and Price/Volumemilitary equipment. The Company produces commercial aircraft including the 45 30.0 MAirbus, military fighter aircraft, military and commercial helicopters, 40missiles, satellites, and telecommunications and defense systems, and offers 25.0 M 35military and commercial aircraft conversion and maintenance services. 30 20.0 M 25 15.0 M Valuation Analysis 20Latest Fiscal Year: 12/2012 15 10.0 M 10LTM as of: 12/yy 5.0 M 552-Week High (15.03.2013) 42.59 0 .0 M52-Week Low (23.11.2012) 24.26 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 790609.00 Current Price (3/dd/yy) 41.23 Market Data 52-Week High % Change -3.18% Dividend Yield - 52-Week Low % Change 69.99% Beta 0.75 % 52 Week Price Range High/Low 93.84% Equity Float 424.89Shares Out 08.03.2013 829.0 Short Int - Market Capitalization 34178.32 1 Yr Total Return 35.97%Total Debt 4779.00 YTD Return 39.76%Preferred Stock 0.0 Adjusted BETA 0.745Minority Interest 25.0 Analyst Recs 31Cash and Equivalents 11084.00 Consensus Rating 4.323Enterprise Value 27898.31 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2376348EAD FP EQUITY YTD Change - Average Volume 30 Day 3317500EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2646174 Fiscal Year Ended 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 Total Revenue 43265.0 42822.0 45752.0 49128.0 56480.0 49128.0 56480.0 58727.4 62637.6 11786.3 14051.0 TEV/Revenue 0.09x 0.13x 0.17x 0.31x 0.32x 1.04x 1.39x 0.52x 0.48x - - EBITDA 4136.0 1236.0 2500.0 3172.0 3927.0 3381.0 3987.0 5510.0 6453.2 1078.0 1321.0 TEV/EBITDA 0.89x 4.62x 3.02x 4.81x 4.58x 4.51x 4.51x 5.09x 4.35x 5.10x - Net Income 1572.0 (763.0) 553.0 1033.0 1228.0 1033.0 1228.0 2109.1 2692.3 373.0 489.0 P/E 6.17x - 25.65x 19.02x 19.67x 19.00x 19.73x 15.34x 11.44x 15.56x 15.68x Profitability S&P Issuer RatingsEBITDA 3927.00 Long-Term Rating Date 22.09.2010EBIT 1890.00 Long-Term Rating A-Operating Margin 3.35% Long-Term Outlook POSPretax Margin 2.97% Short-Term Rating Date 02.10.2012Return on Assets 1.36% Short-Term Rating A-1Return on Common Equity 12.75% Credit RatiosReturn on Capital 11.04% EBITDA/Interest Exp. 7.52Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 1.26Margin Analysis Net Debt/EBITDA -1.58Gross Margin 14.0% Total Debt/EBITDA 1.20EBITDA Margin 7.1% ReferenceEBIT Margin 3.4% Total Debt/Equity 45.9%Net Income Margin 2.2% Total Debt/Capital 31.4%Structure Asset Turnover 0.63Current Ratio 0.93 Net Fixed Asset Turnover 3.83Quick Ratio 0.37 Accounts receivable turnover-days 42.72Debt to Assets 5.19% Inventory Days 172.57Tot Debt to Common Equity 45.91% Accounts Payable Turnover Day 72.71Accounts Receivable Turnover 8.57 Cash Conversion Cycle 142.58Inventory Turnover 2.12Price/ Cash Flow Sales/Revenue/Turnover 45.00 60000.0 40.00 50000.0 35.00 30.00 40000.0 25.00 30000.0 20.00 15.00 20000.0 10.00 10000.0 5.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 47. 26.03.2013European Aeronautic Defence and Space Co NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOGEADE n/a Research 183337704 22.12 - 11.12.2012 Holding CompanyDAIMLERCHRYSLER AERO n/a Research 122225136 14.74 (61096851) 11.12.2012 CorporationSOCIEDAD ESTATAL DE n/a Research 44690871 5.39 - 11.12.2012 Holding CompanyFEDERAL REPUBLIC OF n/a Research 22725182 2.74 - 06.12.2012 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 22700810 2.74 3758 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 22605402 2.73 472675 22.03.2013 Investment AdvisorCAISSE DES DEPOTS ET n/a RNS-RUL8 15584382 1.88 - 25.09.2012 GovernmentAMUNDI SA n/a RNS-RUL8 15385347 1.86 (2721) 10.10.2012 OtherVANGUARD GROUP INC n/a RNS-RUL8 12117860 1.46 3341 09.10.2012 Investment AdvisorVIKING GLOBAL INVEST n/a RNS-RUL8 11930093 1.44 (1079438) 10.10.2012 Hedge Fund ManagerOLD MUTUAL n/a ULT-AGG 9406422 1.13 (41413) 31.01.2013 UnclassifiedOPPENHEIMERFUNDS INC n/a RNS-RUL8 9211702 1.11 (9990) 05.10.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 8702906 1.05 19603 25.03.2013 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6266690 0.76 60000 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4821239 0.58 (71788) 31.01.2013 Mutual Fund ManagerDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4590746 0.55 (24565) 31.01.2013 Investment AdvisorINVESCO LTD n/a RNS-RUL8 3879592 0.47 - 13.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3248935 0.39 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2739880 0.33 (144726) 31.01.2013 Investment AdvisorBARCLAYS CAPITAL SEC n/a RNS-RUL8 2644421 0.32 (833201) 10.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan DAVID H. PERRY overweight 5 M 47 9 month 26.03.2013Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 43 12 month 22.03.2013RBC Capital Markets ROBERT STALLARD sector perform 3 M 43 12 month 21.03.2013Societe Generale ZAFAR KHAN buy 5 M 42 12 month 19.03.2013Investec ANDREW GOLLAN buy 5 M 46 12 month 19.03.2013Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 48 Not Provided 14.03.2013AlphaValue THOMAS PICHERIT buy 5 U 51 6 month 13.03.2013Barclays CARTER COPELAND overweight 5 M 49 Not Provided 11.03.2013Jefferies SANDY MORRIS buy 5 M 45 12 month 08.03.2013EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 08.03.2013Credit Suisse OLIVER SLEATH neutral 3 N 40 Not Provided 06.03.2013S&P Capital IQ UNAI FRANCO buy 5 M 45 12 month 05.03.2013Nord/LB WOLFGANG DONIE hold 3 M 38 12 month 04.03.2013Day by Day VALERIE GASTALDY buy 5 M 44 3 month 04.03.2013Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 46 12 month 01.03.2013Independent Research GmbH ZAFER RUZGAR buy 5 M 47 12 month 01.03.2013Espirito Santo Investment Bank Research EDWARD STACEY sell 1 M 27 Not Provided 01.03.2013Exane BNP Paribas OLIVIER BROCHET outperform 5 M 48 Not Provided 01.03.2013Deutsche Bank BEN FIDLER buy 5 M 48 12 month 28.02.2013Bankhaus Lampe SEBASTIAN HEIN buy 5 M 43 Not Provided 28.02.2013Oddo & Cie YAN DEROCLES buy 5 M 44 Not Provided 28.02.2013DZ Bank AG MARKUS TURNWALD buy 5 M 42 12 month 28.02.2013Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 44 6 month 27.02.2013CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX select list 5 M 42 Not Provided 27.02.2013CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 27 12 month 27.02.2013Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 42 Not Provided 27.02.2013Natixis ERIC CHADEYRAS buy 5 M 41 Not Provided 01.02.2013Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 22.01.2013Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 26.03.2013Enel SpAEnel S.p.A. generates, transmits, distributes, and trades electricity. The Price/VolumeCompany operates hydroelectric, geothermal, and other generating plants. Enel, 4 200.0 Mthrough subsidiaries, also provides fixed-line and mobile telephone services, 180.0 M 3installs public lighting systems, and operates real estate, factoring, 160.0 Minsurance, telecommunications, and Internet service provider businesses. 3 140.0 M 2 120.0 M 100.0 M Valuation Analysis 2 80.0 MLatest Fiscal Year: 12/2012 1 60.0 MLTM as of: 12/yy 40.0 M 1 20.0 M52-Week High (14.01.2013) 3.30 0 .0 M52-Week Low (24.07.2012) 2.02 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 18159921.00 Current Price (3/dd/yy) 2.592 Market Data 52-Week High % Change -21.52% Dividend Yield - 52-Week Low % Change 28.32% Beta 0.97 % 52 Week Price Range High/Low 45.78% Equity Float 6465.37Shares Out 31.12.2012 9403.4 Short Int - Market Capitalization 24373.50 1 Yr Total Return -0.86%Total Debt 66539.00 YTD Return -17.40%Preferred Stock 0.0 Adjusted BETA 0.974Minority Interest 16387.0 Analyst Recs 31Cash and Equivalents 9891.00 Consensus Rating 3.226Enterprise Value 97408.50 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 42960880ENEL IM EQUITY YTD Change - Average Volume 30 Day 43708530ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 41709380 Fiscal Year Ended 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 Total Revenue 59577.0 62498.0 71943.0 77573.0 82699.0 77573.0 82699.0 80436.6 81118.4 - - TEV/Revenue 1.53x 1.85x 1.56x 1.34x 1.24x 5.64x 4.86x 1.03x 0.98x - - EBITDA 13722.0 15883.0 16768.0 17198.0 16150.0 15554.0 16150.0 16142.6 16318.0 - - TEV/EBITDA 6.63x 7.29x 6.68x 6.03x 6.35x 0.00x 6.35x 6.03x 5.97x - - Net Income 5293.0 5586.0 4390.0 4148.0 865.0 4148.0 865.0 3175.2 3309.3 - - P/E 5.54x 5.90x 8.01x 7.13x 34.87x 7.08x 34.87x 7.76x 7.38x - - Profitability S&P Issuer RatingsEBITDA 16150.00 Long-Term Rating Date 08.03.2012EBIT 7735.00 Long-Term Rating BBB+Operating Margin 9.35% Long-Term Outlook NEGPretax Margin 5.83% Short-Term Rating Date 14.12.2007Return on Assets 0.51% Short-Term Rating A-2Return on Common Equity 2.29% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 6.25Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.72Margin Analysis Net Debt/EBITDA 3.51Gross Margin - Total Debt/EBITDA 4.12EBITDA Margin 19.5% ReferenceEBIT Margin 9.4% Total Debt/Equity 181.0%Net Income Margin 1.0% Total Debt/Capital 55.6%Structure Asset Turnover 0.48Current Ratio 1.09 Net Fixed Asset Turnover 1.01Quick Ratio 0.61 Accounts receivable turnover-days 51.53Debt to Assets 38.76% Inventory Days -Tot Debt to Common Equity 180.96% Accounts Payable Turnover Day -Accounts Receivable Turnover 7.10 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 4.00 90000.0 3.50 80000.0 3.00 70000.0 60000.0 2.50 50000.0 2.00 40000.0 1.50 30000.0 1.00 20000.0 0.50 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 49. 26.03.2013Enel SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMINISTERO DELLECONO n/a EXCH 2937984993 31.24 - 20.11.2012 GovernmentBLACKROCK n/a ULT-AGG 99017582 1.05 503167 22.03.2013 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 78166519 0.83 (3333832) 30.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 68602047 0.73 2529990 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 52144652 0.55 - 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 30181320 0.32 5582196 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17684685 0.19 23665 22.03.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 14302828 0.15 1268674 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 13120169 0.14 6820235 31.01.2013 Investment AdvisorARCA SGR SPA Multiple Portfolios MF-AGG 12861686 0.14 216500 28.02.2013 Mutual Fund ManagerSTATE STREET BANQUE Multiple Portfolios MF-AGG 9428887 0.1 775921 28.02.2013 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 9331460 0.1 317904 28.02.2013 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8892727 0.09 (165071) 31.01.2013 Mutual Fund ManagerING INTERNATIONAL AD Multiple Portfolios MF-AGG 8055396 0.09 61977 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7830955 0.08 23874 31.01.2013 Mutual Fund ManagerUNION INVESTMENT LUX Multiple Portfolios MF-AGG 7754520 0.08 (198780) 28.09.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7123096 0.08 3250432 28.12.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7000872 0.07 43419 22.03.2013 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6929768 0.07 - 31.01.2013 Mutual Fund ManagerING INVESTMENT MANAG Multiple Portfolios MF-AGG 5732826 0.06 185790 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan JAVIER GARRIDO underweight 1 D 3 12 month 25.03.2013Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 25.03.2013HSBC ADAM DICKENS underweight 1 M 2 Not Provided 21.03.2013Banca IMI ROBERTO RANIERI Under Review #N/A N/A M #N/A N/A Not Provided 19.03.2013ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 19.03.2013Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 3 12 month 18.03.2013S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 18.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 15.03.2013Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 14.03.2013Societe Generale ALBERTO PONTI buy 5 M 3 12 month 14.03.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 3 12 month 14.03.2013Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA neutral 3 M 3 Not Provided 14.03.2013Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 14.03.2013Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 13.03.2013Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 4 12 month 11.03.2013AlphaValue MYRIAM COHEN buy 5 M 4 6 month 07.03.2013Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 05.03.2013Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 3 12 month 06.02.2013Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 26.03.2013Eni SpAEni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North Price/VolumeSea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces 25 80.0 Mnatural gas and imports it for sale in Italy and elsewhere in Europe. Eni 70.0 Mtransports natural gas in pipelines. The Company generates and trades 20 60.0 Melectricity, refines oil, and operates gasoline service stations. 15 50.0 M 40.0 M Valuation Analysis 10 30.0 MLatest Fiscal Year: 12/2012 20.0 MLTM as of: 12/yy 5 10.0 M52-Week High (18.01.2013) 19.59 0 .0 M52-Week Low (25.07.2012) 14.94 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 4195062.00 Current Price (3/dd/yy) 18 Market Data 52-Week High % Change -8.17% Dividend Yield - 52-Week Low % Change 20.48% Beta 0.86 % 52 Week Price Range High/Low 65.38% Equity Float 2532.64Shares Out 31.12.2012 3634.2 Short Int - Market Capitalization 65415.34 1 Yr Total Return 6.01%Total Debt 24463.00 YTD Return -1.85%Preferred Stock 0.0 Adjusted BETA 0.856Minority Interest 3514.0 Analyst Recs 38Cash and Equivalents 8066.00 Consensus Rating 4.053Enterprise Value 85326.34 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11980490ENI IM EQUITY YTD Change - Average Volume 30 Day 12911260ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 12469510 Fiscal Year Ended 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 Total Revenue 108082.0 83227.0 98523.0 109589.0 127271.0 108740.0 127271.0 117817.6 121152.2 32632.7 31508.3 TEV/Revenue 0.74x 1.10x 0.91x 0.83x 0.68x 3.31x 2.95x 0.70x 0.68x 2.56x 2.67x EBITDA 26939.0 20817.0 24992.0 25732.0 24564.0 25213.0 24564.0 28660.3 29774.6 7066.0 7108.0 TEV/EBITDA 2.98x 4.39x 3.58x 3.53x 3.52x 3.60x 3.52x 2.98x 2.87x 3.02x 2.95x Net Income 8825.0 4367.0 6318.0 6860.0 7788.0 6860.0 8673.0 7070.0 7593.9 1777.0 1748.0 P/E 6.89x 14.71x 9.39x 8.47x 16.38x 8.45x 7.66x 9.20x 8.68x 9.66x 8.86x Profitability S&P Issuer RatingsEBITDA 24564.00 Long-Term Rating Date 17.01.2012EBIT 15026.00 Long-Term Rating AOperating Margin 11.81% Long-Term Outlook NEGPretax Margin 13.04% Short-Term Rating Date 19.05.2010Return on Assets 6.12% Short-Term Rating A-1Return on Common Equity 15.13% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 27.91Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 15.26Margin Analysis Net Debt/EBITDA 0.67Gross Margin - Total Debt/EBITDA 1.00EBITDA Margin 19.3% ReferenceEBIT Margin 11.8% Total Debt/Equity 41.3%Net Income Margin 6.1% Total Debt/Capital 28.1%Structure Asset Turnover 0.90Current Ratio 1.44 Net Fixed Asset Turnover 1.86Quick Ratio 0.23 Accounts receivable turnover-days -Debt to Assets 17.43% Inventory Days -Tot Debt to Common Equity 41.32% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 6.00 140000.0 5.00 120000.0 100000.0 4.00 80000.0 3.00 60000.0 2.00 40000.0 1.00 20000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 51. 26.03.2013Eni SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCASSA DEPOSITI E PRE n/a EXCH 958298322 26.37 - 20.11.2012 OtherMINISTERO DELLECONO n/a EXCH 142968850 3.93 - 20.11.2012 GovernmentBLACKROCK n/a ULT-AGG 64340002 1.77 966273 22.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 52398608 1.44 (1337435) 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 44489000 1.22 1853508 31.12.2012 Investment AdvisorBNP PARIBAS ARBITRAG n/a EXCH 41175319 1.13 - 20.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 30369401 0.84 999327 31.12.2012 Investment AdvisorBNP PARIBAS SA n/a EXCH 28455671 0.78 - 20.11.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 20189385 0.56 - 31.12.2012 Investment AdvisorABERDEEN n/a ULT-AGG 15842800 0.44 (245000) 28.02.2013 UnclassifiedT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12165115 0.33 848857 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 11763842 0.32 (368082) 31.12.2012 Investment AdvisorBNP PARIBAS SEC SERV n/a EXCH 11484026 0.32 - 20.11.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 10515376 0.29 (23369) 31.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9054715 0.25 250401 31.01.2013 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 7927747 0.22 9938 22.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 6754973 0.19 1643290 31.01.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 5925800 0.16 (1437700) 31.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 5679489 0.16 463987 31.01.2013 UnclassifiedEATON VANCE MANAGEME Multiple Portfolios MF-AGG 5385693 0.15 996578 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBanca IMI ROBERTO RANIERI add 4 M #N/A N/A Not Provided 25.03.2013HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 21.03.2013AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 21.03.2013Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 20.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 18.03.2013Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.03.2013Societe Generale IRENE HIMONA hold 3 M 19 12 month 15.03.2013Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 15.03.2013Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.03.2013Macquarie MARC B KOFLER outperform 5 M 21 12 month 15.03.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 20 12 month 15.03.2013Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 15.03.2013Banca Akros(ESN) DARIO MICHI buy 5 M 23 12 month 15.03.2013Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.03.2013Natixis ANNE PUMIR neutral 3 M 20 Not Provided 15.03.2013Barclays RAHIM KARIM overweight 5 M 21 Not Provided 15.03.2013RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 14.03.2013Jefferies IAIN REID buy 5 M 22 12 month 14.03.2013Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 14.03.2013Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 14.03.2013JPMorgan NITIN SHARMA overweight 5 M 22 3 month 13.03.2013S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 12.03.2013VTB Capital COLIN SMITH hold 3 M 19 12 month 01.03.2013Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 15.02.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 09.01.2013Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 52. 26.03.2013Cie Generale dOptique Essilor International SAEssilor International SA manufactures and sells plastic and glass ophthalmic Price/Volumelenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and 100 9.0 MCrizal lenses. Essilor sells its products internationally. 90 8.0 M 80 7.0 M 70 6.0 M 60 5.0 M 50 Valuation Analysis 4.0 M 40Latest Fiscal Year: 12/2012 30 3.0 M 20 2.0 MLTM as of: 12/yy 10 1.0 M52-Week High (25.03.2013) 89.99 0 .0 M52-Week Low (23.04.2012) 63.62 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 145151.00 Current Price (3/dd/yy) 87.37 Market Data 52-Week High % Change -2.96% Dividend Yield - 52-Week Low % Change 37.33% Beta 0.53 % 52 Week Price Range High/Low 92.53% Equity Float 197.27Shares Out 28.02.2013 214.9 Short Int - Market Capitalization 18773.71 1 Yr Total Return 34.03%Total Debt 916.25 YTD Return 14.93%Preferred Stock 0.0 Adjusted BETA 0.531Minority Interest 256.6 Analyst Recs 23Cash and Equivalents 666.74 Consensus Rating 3.696Enterprise Value 19279.79 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 753776EI FP EQUITY YTD Change - Average Volume 30 Day 678642EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 542290 Fiscal Year Ended 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 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 3074.4 3268.0 3891.6 4189.5 4988.8 3333.4 4518.6 5359.5 5805.9 - - TEV/Revenue 2.30x 2.68x 2.68x 2.87x 3.37x 0.00x 0.00x 3.57x 3.25x - - EBITDA 696.7 754.4 900.2 919.3 1095.4 0.0 0.0 1177.6 1288.3 - - TEV/EBITDA 10.16x 11.63x 11.58x 13.09x 15.36x 0.00x 0.00x 16.44x 15.03x - - Net Income 382.4 390.7 462.0 505.6 584.0 0.0 0.0 642.6 707.0 - - P/E 18.15x 22.09x 21.90x 22.36x 27.15x 0.00x 0.00x 28.08x 25.44x - - Profitability S&P Issuer RatingsEBITDA 1095.35 Long-Term Rating Date -EBIT 865.73 Long-Term Rating -Operating Margin 17.35% Long-Term Outlook -Pretax Margin 16.79% Short-Term Rating Date -Return on Assets 8.94% Short-Term Rating -Return on Common Equity 16.71% Credit RatiosReturn on Capital 14.08% EBITDA/Interest Exp. 45.52Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 35.54Margin Analysis Net Debt/EBITDA 0.23Gross Margin 55.8% Total Debt/EBITDA 0.84EBITDA Margin 22.0% ReferenceEBIT Margin 17.4% Total Debt/Equity 25.0%Net Income Margin 11.7% Total Debt/Capital 18.9%Structure Asset Turnover 0.76Current Ratio 1.51 Net Fixed Asset Turnover 5.10Quick Ratio 0.97 Accounts receivable turnover-days 84.68Debt to Assets 13.27% Inventory Days 131.44Tot Debt to Common Equity 25.01% Accounts Payable Turnover Day 154.58Accounts Receivable Turnover 4.32 Cash Conversion Cycle -Inventory Turnover 2.78Price/ Cash Flow Sales/Revenue/Turnover 25.00 6000.0 5000.0 20.00 4000.0 15.00 3000.0 10.00 2000.0 5.00 1000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 53. 26.03.2013Cie Generale dOptique Essilor International SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFCPE VALOPTEC INTERN n/a Co File 6263487 2.91 - 31.12.2011 n/aCIE GENERALE DOPTIQ n/a Co File 5363126 2.5 - 31.12.2011 CorporationFCPE GROUPE ESSILOR n/a Co File 5269233 2.45 - 31.12.2011 n/aHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4201430 1.96 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3545168 1.65 (20616) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 3360016 1.56 (200059) 31.01.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 2844588 1.32 (511731) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 2822175 1.31 (652753) 22.03.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2444465 1.14 69755 31.01.2013 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 1795207 0.84 32110 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1597663 0.74 - 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 959216 0.45 (68200) 31.01.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 938921 0.44 74350 31.12.2012 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 887486 0.41 57290 31.01.2013 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 878922 0.41 16921 30.11.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 870680 0.41 (179060) 31.12.2012 Investment AdvisorUMB BANK N A Multiple Portfolios MF-AGG 668435 0.31 131153 31.01.2013 Investment AdvisorSARASIN n/a ULT-AGG 630495 0.29 (38746) 31.01.2013 UnclassifiedBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 620910 0.29 18487 22.03.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 608800 0.28 (3800) 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale MARIE-LINE FORT hold 3 M 83 12 month 25.03.2013AlphaValue ARMELLE MOULIN reduce 2 M 77 6 month 21.03.2013Day by Day VALERIE GASTALDY buy 5 M 102 3 month 18.03.2013BPI HUBERT DAILLIERES buy 5 M 92 Not Provided 15.03.2013Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 75 12 month 12.03.2013HSBC SOPHIE DARGNIES overweight 5 M 94 Not Provided 08.03.2013Berenberg Bank BASSEL CHOUGHARI hold 3 M 77 Not Provided 06.03.2013Raymond James MARC WILLAUME outperform 5 M 83 12 month 05.03.2013Barclays ALEXANDER KLEBAN overweight 5 M 89 Not Provided 05.03.2013Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 73 12 month 04.03.2013Jefferies INGEBORG OIE hold 3 M 75 12 month 01.03.2013Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 85 6 month 01.03.2013Main First Bank AG MOURAD LAHMIDI outperform 5 N 95 12 month 01.03.2013Exane BNP Paribas JULIEN DORMOIS neutral 3 M 78 Not Provided 01.03.2013Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 60 12 month 28.02.2013Kepler Capital Markets CLAIRE DERAY reduce 2 M 70 Not Provided 28.02.2013S&P Capital IQ JACOB THRANE strong buy 5 M 92 12 month 28.02.2013Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 22.02.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013Natixis STEPHANE SUMAR buy 5 M 90 Not Provided 10.01.2013CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 15.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 54. 26.03.2013France Telecom SAFrance Telecom SA provides telecommunications services to residential, Price/Volumeprofessional, and large business customers. The Company offers public 12 40.0 Mfixed-line telephone, leased lines and data transmission, mobile 35.0 Mtelecommunications, cable television, Internet and wireless applications, and 10 30.0 Mbroadcasting services, and telecommunications equipment sales and rentals. 8 25.0 M 6 20.0 M Valuation Analysis 15.0 MLatest Fiscal Year: 12/2012 4 10.0 MLTM as of: 12/yy 2 5.0 M52-Week High (27.03.2012) 11.59 0 .0 M52-Week Low (01.03.2013) 7.20 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2856743.00 Current Price (3/dd/yy) 8.271 Market Data 52-Week High % Change -28.74% Dividend Yield 16.68 52-Week Low % Change 14.83% Beta 0.86 % 52 Week Price Range High/Low 25.14% Equity Float 2273.08Shares Out 31.12.2012 2648.9 Short Int - Market Capitalization 21908.93 1 Yr Total Return -17.99%Total Debt 39214.00 YTD Return -0.82%Preferred Stock 0.0 Adjusted BETA 0.861Minority Interest 2078.0 Analyst Recs 37Cash and Equivalents 8462.00 Consensus Rating 3.108Enterprise Value 54738.93 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11081960FTE FP EQUITY YTD Change - Average Volume 30 Day 12972720FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 11050580 Fiscal Year Ended 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 12/12 Q4 03/13 Q1 Total Revenue 46712.0 44845.0 45503.0 45277.0 43515.0 45277.0 43515.0 42095.4 41480.3 10817.4 - TEV/Revenue 1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.28x 1.27x - - EBITDA 17300.0 14480.0 15291.0 15019.0 12374.0 0.0 0.0 12899.7 12533.7 3105.2 - TEV/EBITDA 5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.25x 4.37x - - Net Income 4073.0 3018.0 4880.0 3895.0 820.0 0.0 0.0 2939.5 2842.5 - - P/E 14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 7.55x 7.73x - - Profitability S&P Issuer RatingsEBITDA 12374.00 Long-Term Rating Date 27.02.2013EBIT 6045.00 Long-Term Rating A- *-Operating Margin 13.89% Long-Term Outlook -Pretax Margin 5.37% Short-Term Rating Date 14.05.2003Return on Assets 0.88% Short-Term Rating A-2Return on Common Equity 3.16% Credit RatiosReturn on Capital 2.88% EBITDA/Interest Exp. 6.99Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.17Margin Analysis Net Debt/EBITDA 2.49Gross Margin - Total Debt/EBITDA 3.17EBITDA Margin 28.4% ReferenceEBIT Margin 13.9% Total Debt/Equity 161.3%Net Income Margin 1.9% Total Debt/Capital 59.8%Structure Asset Turnover 0.47Current Ratio 0.65 Net Fixed Asset Turnover 1.84Quick Ratio 0.53 Accounts receivable turnover-days 40.12Debt to Assets 43.58% Inventory Days -Tot Debt to Common Equity 161.33% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.12 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 3.50 60000.0 3.00 50000.0 2.50 40000.0 2.00 30000.0 1.50 20000.0 1.00 10000.0 0.50 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 55. 26.03.2013France Telecom SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRENCH STATE n/a Research 360248428 13.6 - 08.03.2013 GovernmentSOCIETE GENERALE n/a Research 132135951 4.99 (27339807) 16.05.2012 BankAMUNDI n/a Research 129217007 4.88 (3894321) 11.06.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 39954280 1.51 638687 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 28552290 1.08 (76123) 22.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 23340657 0.88 4937505 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19392378 0.73 1826645 31.01.2013 Mutual Fund ManagerFRANCE TELECOM SA n/a Co File 15456045 0.58 - 31.12.2011 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 14712836 0.56 - 31.12.2012 Investment AdvisorDNCA FINANCE Multiple Portfolios MF-AGG 13910873 0.53 (368000) 28.09.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 11401463 0.43 (255991) 31.12.2012 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 8637978 0.33 (20132) 31.01.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 7761976 0.29 (527072) 31.12.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 7460542 0.28 - 28.02.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5369828 0.2 7189 22.03.2013 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5174475 0.2 (26670) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 4580800 0.17 (9177060) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4211079 0.16 - 31.07.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 3773787 0.14 - 25.03.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 3716633 0.14 (59716) 31.10.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 U 8 12 month 25.03.2013Oddo & Cie VINCENT MAULAY neutral 3 M 11 Not Provided 22.03.2013Jefferies JEREMY A DELLIS buy 5 M 12 12 month 21.03.2013Societe Generale STEPHANE SCHLATTER hold 3 M 9 12 month 15.03.2013Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 10 12 month 14.03.2013Nomura FREDERIC BOULAN neutral 3 M 8 12 month 14.03.2013Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 10 Not Provided 08.03.2013AlphaValue JEAN-MICHEL SALVADOR buy 5 M 16 6 month 07.03.2013Berenberg Bank STUART GORDON hold 3 M 8 Not Provided 06.03.2013Kepler Capital Markets JAVIER BORRACHERO hold 3 M 8 Not Provided 06.03.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 28.02.2013JPMorgan HANNES C WITTIG underweight 1 M 7 9 month 26.02.2013Espirito Santo Investment Bank Research WILL DRAPER buy 5 M 12 Not Provided 22.02.2013Grupo Santander CARLOS JAVIER TREVINO hold 3 M 14 Not Provided 21.02.2013Nord/LB WOLFGANG DONIE buy 5 M 10 12 month 21.02.2013Macquarie GUY R PEDDY outperform 5 M 12 12 month 21.02.2013Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 21.02.2013Barclays JONATHAN DANN underweight 1 M 9 Not Provided 21.02.2013Goldman Sachs ANDREW LEE Sell/Neutral 1 M 8 12 month 20.02.2013Independent Research GmbH MARKUS FRIEBEL buy 5 M 10 12 month 20.02.2013S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 20.02.2013New Street Research RUSSELL WALLER buy 5 M 10 Not Provided 20.02.2013Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 D 7 Not Provided 07.02.2013HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 31.01.2013Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 24.01.2013Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 13.12.2012CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 U 9 12 month 26.11.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.11.2012Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 26.10.2012Natixis BENOIT MAYNARD buy 5 M 14 Not Provided 26.10.2012CA Cheuvreux PETER KURT NIELSEN underperform 1 M 12 Not Provided 26.09.2012Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 56. 26.03.2013GDF SuezGDF Suez offers a full range of electricity, gas and associated energy and Price/Volumeenvironment services throughout the world. The Company produces, trades, 25 45.0 Mtransports, stores and distributes natural gas, and offers energy management and 40.0 Mclimatic and thermal engineering services. 20 35.0 M 30.0 M 15 25.0 M Valuation Analysis 20.0 M 10Latest Fiscal Year: 12/2012 15.0 M 5 10.0 MLTM as of: 12/yy 5.0 M52-Week High (21.08.2012) 20.35 0 .0 M52-Week Low (01.03.2013) 14.05 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1144412.00 Current Price (3/dd/yy) 15.325 Market Data 52-Week High % Change -24.74% Dividend Yield 9.79 52-Week Low % Change 9.07% Beta 1.04 % 52 Week Price Range High/Low 18.57% Equity Float 1388.04Shares Out 31.12.2012 2412.8 Short Int - Market Capitalization 36976.53 1 Yr Total Return -15.48%Total Debt 57552.00 YTD Return -1.61%Preferred Stock 0.0 Adjusted BETA 1.042Minority Interest 11462.0 Analyst Recs 29Cash and Equivalents 11383.00 Consensus Rating 3.414Enterprise Value 94607.53 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6257538GSZ FP EQUITY YTD Change - Average Volume 30 Day 5130060GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4586809 Fiscal Year Ended 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 06/12 Q2 09/12 Q3 Total Revenue 67923.8 79908.0 84478.0 90673.0 97038.0 89792.0 97038.0 81196.9 81347.5 - 20325.0 TEV/Revenue 1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.03x 1.00x - - EBITDA 9605.7 13781.0 15918.0 16071.0 18401.0 0.0 0.0 14045.7 14265.5 - 3489.8 TEV/EBITDA 11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 6.75x 6.64x - - Net Income 4857.1 4477.0 4616.0 4003.0 1550.0 0.0 0.0 3241.7 3399.5 - - P/E 11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 11.22x 10.77x - - Profitability S&P Issuer RatingsEBITDA 18401.00 Long-Term Rating Date 29.01.2013EBIT 9520.00 Long-Term Rating A *-Operating Margin 9.81% Long-Term Outlook -Pretax Margin 4.96% Short-Term Rating Date 29.01.2013Return on Assets 0.74% Short-Term Rating A-1 *-Return on Common Equity 2.53% Credit RatiosReturn on Capital 3.13% EBITDA/Interest Exp. 7.47Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.74Margin Analysis Net Debt/EBITDA 2.51Gross Margin - Total Debt/EBITDA 3.13EBITDA Margin 19.0% ReferenceEBIT Margin 9.8% Total Debt/Equity 96.3%Net Income Margin 1.6% Total Debt/Capital 44.7%Structure Asset Turnover 0.46Current Ratio 1.07 Net Fixed Asset Turnover 1.10Quick Ratio 0.65 Accounts receivable turnover-days 91.09Debt to Assets 28.01% Inventory Days -Tot Debt to Common Equity 96.33% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.03 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 6.00 120000.0 5.00 100000.0 4.00 80000.0 3.00 60000.0 2.00 40000.0 1.00 20000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 57. 26.03.2013GDF SuezHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRENCH STATE n/a Co File 810927246 33.61 - 31.12.2011 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 209718616 8.69 (12226130) 31.12.2012 Investment AdvisorGROUPE BRUXELLES LAM n/a Research 116911820 4.85 - 15.03.2012 Holding CompanyCAISSE DES DEPOTS ET n/a Co File 45051514 1.87 - 31.12.2011 GovernmentGDF SUEZ n/a Co File 38293787 1.59 - 31.12.2011 CorporationCNP ASSURANCES n/a Co File 24778333 1.03 - 31.12.2011 Insurance CompanyFRANKLIN RESOURCES n/a ULT-AGG 22829438 0.95 (392875) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 20930063 0.87 1377303 22.03.2013 Investment AdvisorSOFINA SA n/a Co File 13515454 0.56 - 31.12.2011 Holding CompanyVANGUARD GROUP INC Multiple Portfolios MF-AGG 13452139 0.56 639284 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12881757 0.53 (1633213) 31.01.2013 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 12536267 0.52 357707 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 10531768 0.44 - 31.12.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 10301897 0.43 (349199) 30.11.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 9130000 0.38 602100 31.01.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 8811951 0.37 134083 31.12.2012 Mutual Fund ManagerINTERNATIONAL VALUE Multiple Portfolios MF-AGG 7777965 0.32 124302 31.12.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 6360558 0.26 - 28.02.2013 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 4948780 0.21 (698442) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 4229692 0.18 (10748086) 31.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 25.03.2013Macquarie SHAI HILL outperform 5 M 17 12 month 22.03.2013HSBC ADAM DICKENS overweight 5 U 18 Not Provided 21.03.2013Grupo Santander OSCAR NAJAR RIOS hold 3 M 17 Not Provided 12.03.2013Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 25 12 month 12.03.2013Nomura MARTIN YOUNG neutral 3 M 19 Not Provided 12.03.2013Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013Independent Research GmbH SVEN DIERMEIER hold 3 U 15 12 month 04.03.2013Barclays JULIE ARAV equalweight 3 M 15 Not Provided 01.03.2013Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 28.02.2013Raymond James EMMANUEL RETIF underperform 1 M 13 Not Provided 28.02.2013KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 28.02.2013CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 28.02.2013S&P Capital IQ CLIVE ROBERTS hold 3 M 13 12 month 28.02.2013AlphaValue MYRIAM COHEN buy 5 M 18 6 month 28.02.2013Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 26.02.2013Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 15 Not Provided 05.02.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 20.12.2012Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 58. 26.03.2013Iberdrola SAIberdrola S.A. generates, distributes, trades, and markets electricity in Price/Volumethe United Kingdom, United States, Spain, Portugal, and Latin America. The 5 500.0 MCompany specializes in clean energy and more specifically wind power. 4 450.0 M 4 400.0 M 3 350.0 M 300.0 M 3 250.0 M Valuation Analysis 2 200.0 MLatest Fiscal Year: 12/2012 2 150.0 M 1 100.0 MLTM as of: 12/yy 1 50.0 M52-Week High (02.01.2013) 4.29 0 .0 M52-Week Low (26.07.2012) 2.63 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 9634402.00 Current Price (3/dd/yy) 3.801 Market Data 52-Week High % Change -11.47% Dividend Yield - 52-Week Low % Change 44.52% Beta 1.05 % 52 Week Price Range High/Low 71.04% Equity Float 5243.95Shares Out 03.01.2013 6281.2 Short Int - Market Capitalization 23874.78 1 Yr Total Return -4.70%Total Debt 32884.10 YTD Return -6.24%Preferred Stock 0.0 Adjusted BETA 1.052Minority Interest 324.8 Analyst Recs 36Cash and Equivalents 6575.55 Consensus Rating 3.361Enterprise Value 50508.15 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 60229120IBE SQ EQUITY YTD Change - Average Volume 30 Day 44789910IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 39169240 Fiscal Year Ended 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 Total Revenue 24889.3 25891.9 30431.0 31648.0 34201.2 32095.3 34848.9 33387.7 34470.0 - - TEV/Revenue 2.53x 2.39x 1.90x 1.76x 1.52x 8.28x 5.91x 1.57x 1.49x - - EBITDA 6105.6 6197.0 6857.9 7000.4 7177.7 7004.8 7685.6 7606.5 7904.4 2289.0 1696.0 TEV/EBITDA 10.31x 10.00x 8.42x 7.95x 7.25x 7.94x 6.77x 6.64x 6.39x 6.60x - Net Income 2553.7 2824.3 2870.9 2804.5 2840.7 2804.6 2840.7 2497.0 2695.0 916.0 440.0 P/E 11.20x 12.54x 10.95x 10.04x 9.14x 10.09x 8.92x 9.43x 9.00x - - Profitability S&P Issuer RatingsEBITDA 7177.74 Long-Term Rating Date 28.11.2012EBIT 3828.04 Long-Term Rating BBBOperating Margin 11.19% Long-Term Outlook STABLEPretax Margin 8.99% Short-Term Rating Date 26.11.2007Return on Assets 2.93% Short-Term Rating A-2Return on Common Equity 8.52% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 4.82Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 2.20Margin Analysis Net Debt/EBITDA 3.42Gross Margin 36.8% Total Debt/EBITDA 4.28EBITDA Margin 22.1% ReferenceEBIT Margin 12.4% Total Debt/Equity 97.4%Net Income Margin 8.3% Total Debt/Capital 49.1%Structure Asset Turnover 0.36Current Ratio 1.11 Net Fixed Asset Turnover -Quick Ratio 0.92 Accounts receivable turnover-days 61.92Debt to Assets 33.97% Inventory Days 34.18Tot Debt to Common Equity 97.41% Accounts Payable Turnover Day 104.74Accounts Receivable Turnover 5.91 Cash Conversion Cycle -6.92Inventory Turnover 10.71Price/ Cash Flow Sales/Revenue/Turnover 9.00 40000.0 8.00 35000.0 7.00 30000.0 6.00 25000.0 5.00 20000.0 4.00 15000.0 3.00 10000.0 2.00 5000.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 59. 26.03.2013Iberdrola SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQATAR INVESTMENT AUT n/a Co File 514250814 8.19 - 31.12.2012 GovernmentACS ACTIVIDADES CONS n/a Co File 415111949 6.61 - 31.12.2012 CorporationBANCAJA (VALENCIA CA n/a Co File 314887559 5.01 - 31.12.2012 BankBILBAO BIZKAIA KUTXA n/a EXCH 309430747 4.93 (13299908) 24.01.2013 BankNATIXIS n/a Co File 277971800 4.43 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 266516245 4.24 1839249 22.03.2013 Investment AdvisorSOCIETE GENERALE n/a Co File 182216094 2.9 - 17.01.2013 BankIBERDROLA SA n/a Co File 83188438 1.32 - 31.12.2012 CorporationAMUNDI Multiple Portfolios MF-AGG 60811776 0.97 9929612 31.12.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 41196587 0.66 2388677 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 31636791 0.5 - 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 26238031 0.42 6809180 31.01.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 17171395 0.27 (1721294) 28.02.2013 Investment AdvisorDE URRUTIA VAL VICTO n/a EXCH 14465535 0.23 1000000 27.02.2013 n/aMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 13973808 0.22 18723 22.03.2013 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 13214700 0.21 7602990 28.09.2012 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 8811697 0.14 (673854) 31.01.2013 Investment AdvisorINVERCAIXA GESTION S Multiple Portfolios MF-AGG 8353126 0.13 1181206 31.01.2013 Investment AdvisorMAINFIRST SICAV Multiple Portfolios MF-AGG 8200000 0.13 - 30.11.2012 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 7236945 0.12 263277 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale JORGE ALONSO SUILS buy 5 M 5 12 month 25.03.2013JPMorgan JAVIER GARRIDO underweight 1 D 4 12 month 25.03.2013Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 25.03.2013Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 22.03.2013HSBC ADAM DICKENS neutral 3 M 4 Not Provided 21.03.2013NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 21.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013Goldman Sachs FRED BARASI neutral/neutral 3 M 5 12 month 11.03.2013BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 07.03.2013Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 4 Not Provided 20.02.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 4 12 month 20.02.2013Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 15.02.2013Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 15.02.2013Nomura JAVIER SUAREZ reduce 2 M 4 12 month 15.02.2013Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 14.02.2013Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.02.2013S&P Capital IQ CLIVE ROBERTS hold 3 M 4 12 month 14.02.2013Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 14.02.2013BBVA ISIDORO DEL ALAMO market perform 3 D 4 Not Provided 12.02.2013Berenberg Bank ANDREW FISHER hold 3 N 4 Not Provided 05.02.2013Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 05.02.2013Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA buy 5 M 5 Not Provided 04.02.2013La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 5 Not Provided 28.01.2013Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 25.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013Mirabaud Finanzas Sociedad de ValoresJOSE MARTIN-VIVAS S underweight 1 M 4 Not Provided 14.01.2013BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 U 5 12 month 29.10.2012Natixis PHILIPPE OURPATIAN neutral 3 M 4 Not Provided 25.10.2012Macquarie SHAI HILL underperform 1 M 3 12 month 19.10.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 60. 26.03.2013Inditex SAIndustria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs, Price/Volumemanufactures and distributes apparel. The Company operates retail chains in 120 35.0 MEurope, the Americas, Asia, and Africa. 100 30.0 M 25.0 M 80 20.0 M 60 Valuation Analysis 15.0 MLatest Fiscal Year: 01/2013 40 10.0 MLTM as of: 01/yy 20 5.0 M52-Week High (19.12.2012) 111.80 0 .0 M52-Week Low (01.06.2012) 63.97 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 266308.00 Current Price (3/dd/yy) 102.5 Market Data 52-Week High % Change -8.32% Dividend Yield - 52-Week Low % Change 60.23% Beta 0.69 % 52 Week Price Range High/Low 77.21% Equity Float 221.78Shares Out 31.01.2013 623.3 Short Int - Market Capitalization 63891.37 1 Yr Total Return 45.36%Total Debt 6.00 YTD Return -2.84%Preferred Stock 0.0 Adjusted BETA 0.692Minority Interest 36.0 Analyst Recs 40Cash and Equivalents 4104.00 Consensus Rating 3.450Enterprise Value 59829.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1107449ITX SQ EQUITY YTD Change - Average Volume 30 Day 1297963ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1178268 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 Total Revenue 10407.0 11083.5 12526.6 13792.6 15946.0 13792.6 15946.0 17727.9 19675.9 3773.5 4227.9 TEV/Revenue 1.68x 2.36x 2.48x 2.76x 3.78x 10.68x 12.87x 3.32x 2.94x - - EBITDA 2186.9 2353.1 2966.2 3214.6 3912.0 3214.6 3913.0 4399.6 4927.6 828.8 934.0 TEV/EBITDA 7.97x 11.09x 10.46x 11.86x 15.40x 11.86x 15.40x 13.60x 12.14x 13.85x 13.50x Net Income 1253.5 1314.4 1731.8 1932.3 2361.0 1932.3 2360.0 2668.6 2992.9 472.0 550.9 P/E 14.82x 21.63x 19.86x 21.51x 27.24x 21.51x 27.26x 23.94x 21.35x 24.24x 23.56x Profitability S&P Issuer RatingsEBITDA 3912.00 Long-Term Rating Date -EBIT 3116.00 Long-Term Rating -Operating Margin 19.54% Long-Term Outlook -Pretax Margin 19.64% Short-Term Rating Date -Return on Assets 19.79% Short-Term Rating -Return on Common Equity 29.76% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 875.44Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 573.53Margin Analysis Net Debt/EBITDA -1.05Gross Margin 59.8% Total Debt/EBITDA 0.00EBITDA Margin 24.5% ReferenceEBIT Margin 19.5% Total Debt/Equity 0.1%Net Income Margin 14.8% Total Debt/Capital 0.1%Structure Asset Turnover 1.34Current Ratio 1.92 Net Fixed Asset Turnover 3.62Quick Ratio 1.42 Accounts receivable turnover-days 15.83Debt to Assets 0.05% Inventory Days 81.50Tot Debt to Common Equity 0.07% Accounts Payable Turnover Day 160.21Accounts Receivable Turnover 23.13 Cash Conversion Cycle -62.88Inventory Turnover 4.49Price/ Cash Flow Sales/Revenue/Turnover 1.20 18000.0 16000.0 1.00 14000.0 0.80 12000.0 10000.0 0.60 8000.0 6000.0 0.40 4000.0 0.20 2000.0 0.0 0.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 61. 26.03.2013Inditex SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGARTLER SL n/a Co File 311727598 50.01 - 31.01.2013 UnclassifiedPARTLER 2006 SL n/a Co File 57872465 9.28 - 31.01.2013 CorporationROSP CORUNNA n/a Co File 31494806 5.05 - 31.01.2013 UnclassifiedJP MORGAN n/a ULT-AGG 18823336 3.02 (2766) 30.11.2012 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 7598170 1.22 759500 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 6649493 1.07 (1464302) 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5244417 0.84 86426 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 4779721 0.77 893049 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3112524 0.5 (620282) 22.03.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2887450 0.46 (43431) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2657118 0.43 62876 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2349841 0.38 (75362) 31.01.2013 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1835758 0.29 61061 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1745086 0.28 - 31.12.2012 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1192900 0.19 119400 31.12.2012 Investment AdvisorUMB BANK N A Multiple Portfolios MF-AGG 1105737 0.18 (159687) 31.01.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 871054 0.14 (53921) 31.01.2013 Investment AdvisorJENNISON ASSOCIATES Multiple Portfolios MF-AGG 753341 0.12 (54094) 31.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 737364 0.12 518290 31.01.2013 Mutual Fund ManagerSUN LIFE FINANCIAL I n/a ULT-AGG 703033 0.11 (36531) 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateISI Group OMAR SAAD strong buy 5 M 110 12 month 24.03.2013EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 20.03.2013Grupo Santander REBECCA MCCLELLAN buy 5 M 125 12 month 15.03.2013Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 102 Not Provided 15.03.2013Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013Societe Generale ANNE CRITCHLOW buy 5 M 131 12 month 14.03.2013BPI JOSE RITO neutral 3 M 112 Not Provided 14.03.2013CA Cheuvreux DANIEL OVIN underperform 1 D 95 Not Provided 14.03.2013Cantor Fitzgerald ALLEGRA PERRY hold 3 M 106 Not Provided 14.03.2013Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 14.03.2013BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 14.03.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 6 month 14.03.2013Exane BNP Paribas BEN SPRUNTULIS neutral 3 D 110 Not Provided 14.03.2013Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 118 12 month 14.03.2013Credit Suisse SIMON IRWIN underperform 1 M 103 Not Provided 13.03.2013Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 13.03.2013HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.03.2013Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.03.2013Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 13.03.2013Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 13.03.2013Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 13.03.2013Nomura FRASER RAMZAN buy 5 M 121 12 month 13.03.2013S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 13.03.2013Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 13.03.2013Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 13.03.2013Espirito Santo Investment Bank Research FILIPE ROSA neutral 3 M 110 Not Provided 11.03.2013AlphaValue VIRGINIE BLIN sell 1 M 87 6 month 07.03.2013Deutsche Bank WARWICK OKINES buy 5 U 115 12 month 06.03.2013Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 89 Not Provided 22.02.2013Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 18.12.2012Day by Day VALERIE GASTALDY buy 5 U 114 3 month 23.11.2012Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012Mirabaud Finanzas Sociedad de ValoresGONZALO SANZ S underweight 1 M 67 12 month 21.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 62. 26.03.2013ING Groep NVING Groep N.V. offers financial services to individuals, corporations, and other Price/Volumeinstitutions. The Company offers corporate, investment, and private banking 9 70.0 Mservices, asset and portfolio management, treasury services, and insurance. ING 8 60.0 MGroep has offices throughout the world. 7 50.0 M 6 5 40.0 M Valuation Analysis 4 30.0 MLatest Fiscal Year: 12/2012 3 20.0 M 2LTM as of: 12/yy 10.0 M 152-Week High (14.01.2013) 7.91 0 .0 M52-Week Low (04.06.2012) 4.44 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 9946024.00 Current Price (3/dd/yy) 5.746 Market Data 52-Week High % Change -27.40% Dividend Yield - 52-Week Low % Change 29.41% Beta 1.80 % 52 Week Price Range High/Low 37.69% Equity Float -Shares Out 31.12.2012 3831.6 Short Int - Market Capitalization 22016.15 1 Yr Total Return -14.75%Total Debt 207649.00 YTD Return -18.62%Preferred Stock 0.0 Adjusted BETA 1.803Minority Interest 1081.0 Analyst Recs 30Cash and Equivalents 17657.00 Consensus Rating 3.900Enterprise Value 213089.15 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 27909460INGA NA EQUITY YTD Change - Average Volume 30 Day 23402670INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 20065100 Fiscal Year Ended 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 Total Revenue 64680.0 46025.0 51411.0 52787.0 40783.0 46023.0 42241.0 38356.4 42140.7 - - TEV/Revenue 4.40x 5.41x 4.99x 4.38x 5.34x 22.59x 22.26x 0.80x 0.73x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (729.0) (935.0) 2810.0 5766.0 3894.0 5766.0 3894.0 3713.0 4145.3 - - P/E - - 12.77x 6.70x 10.31x 6.43x 9.42x 5.75x 5.19x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 03.09.2009EBIT - Long-Term Rating AOperating Margin 15.18% Long-Term Outlook NEGPretax Margin 8.66% Short-Term Rating Date 31.03.2009Return on Assets 0.32% Short-Term Rating A-1Return on Common Equity 7.33% Credit RatiosReturn on Capital 1.55% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 366.8%Net Income Margin 9.5% Total Debt/Capital 78.3%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 17.77% Inventory Days -Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 100000.0 90000.0 1.00 80000.0 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 63. 26.03.2013ING Groep NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 246341958 6.43 (1827221) 22.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 155242498 4.05 (2936906) 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 59837974 1.56 599105 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 39943572 1.04 1701096 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 33982940 0.89 (5732380) 31.01.2013 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 32439848 0.85 1170048 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 30409081 0.79 122201 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 30235207 0.79 - 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 30159946 0.79 968030 28.02.2013 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 30118916 0.79 (541144) 31.01.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 26517755 0.69 (2920368) 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 25314880 0.66 - 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 24042650 0.63 1817067 28.02.2013 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23087088 0.6 1256401 31.12.2012 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19206527 0.5 (493114) 31.01.2013 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 18861119 0.49 3877089 28.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 17785056 0.46 (81806) 31.12.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 14894179 0.39 (269814) 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11441515 0.3 14365 22.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 11184560 0.29 - 30.11.2012 Bank Firm Name Analyst Recommendation Weighting Change Target Price Date DateMediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 Not Provided 25.03.2013AlphaValue JEROME CASSAGNE add 4 D 7 6 month 21.03.2013Rabobank International COR KLUIS buy 5 M 10 12 month 20.03.2013Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 20.03.2013JPMorgan MICHAEL HUTTNER overweight 5 M 10 18 month 19.03.2013Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 18.03.2013Berenberg Bank JAMES CHAPPELL buy 5 M 8 Not Provided 14.03.2013ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.03.2013Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 05.03.2013Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013Credit Suisse RICHARD BURDEN restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 26.02.2013HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.02.2013Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 18.02.2013SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013S&P Capital IQ RODERICK WALLACE hold 3 M 8 12 month 14.02.2013Petercam MATTHIAS DE WIT hold 3 M 8 Not Provided 13.02.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 07.12.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 7 Not Provided 08.11.2012CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 64. 26.03.2013Intesa Sanpaolo SpAIntesa Sanpaolo attracts deposits and offers banking and financial services. Price/VolumeThe Bank offers consumer credit, asset management, Internet banking, merchant 2 500.0 Mbanking, securities brokerage, factoring, and lease financing services, and 2 450.0 Mmanages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and 1 400.0 Moffices elsewhere in Europe, Asia, and the United States. 1 350.0 M 300.0 M 1 250.0 M Valuation Analysis 1 200.0 MLatest Fiscal Year: 12/2012 1 150.0 M 0 100.0 MLTM as of: 12/yy 0 50.0 M52-Week High (30.01.2013) 1.54 0 .0 M52-Week Low (23.07.2012) 0.85 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 91194557.00 Current Price (3/dd/yy) 1.145 Market Data 52-Week High % Change -25.81% Dividend Yield - 52-Week Low % Change 34.15% Beta 1.39 % 52 Week Price Range High/Low 42.63% Equity Float 13656.70Shares Out 02.01.2013 15501.5 Short Int - Market Capitalization 18681.26 1 Yr Total Return -17.59%Total Debt 283077.00 YTD Return -11.92%Preferred Stock 0.0 Adjusted BETA 1.388Minority Interest 586.0 Analyst Recs 35Cash and Equivalents 39926.00 Consensus Rating 3.171Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########ISP IM EQUITY YTD Change - Average Volume 30 Day #########ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 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 Total Revenue 33216.0 27022.0 24836.0 25266.0 17813.0 23133.0 17685.0 16804.9 17226.7 - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 2553.0 2805.0 2705.0 (8190.0) 1605.0 (8190.0) 1605.0 1847.7 2481.0 - - P/E 23.67x 15.27x 12.90x - 12.56x 0.00x 10.08x 10.21x 7.53x 9.70x 8.95x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 10.02.2012EBIT - Long-Term Rating BBB+Operating Margin 21.90% Long-Term Outlook NEGPretax Margin 17.87% Short-Term Rating Date 10.02.2012Return on Assets 0.24% Short-Term Rating A-2Return on Common Equity 3.32% Credit RatiosReturn on Capital 0.51% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 570.6%Net Income Margin 9.0% Total Debt/Capital 84.9%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 1.37Quick Ratio - Accounts receivable turnover-days -Debt to Assets 42.03% Inventory Days -Tot Debt to Common Equity 570.57% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 35000.0 30000.0 1.00 25000.0 0.80 20000.0 0.60 15000.0 0.40 10000.0 5000.0 0.20 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 65. 26.03.2013Intesa Sanpaolo SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMPAGNIA DI SAN PAO n/a EXCH 1532766787 9.89 - 20.11.2012 OtherFOND CR PROVINCIE LO n/a EXCH 725460008 4.68 - 20.11.2012 BankFONDAZIONE CASSA RIS n/a EXCH 647953597 4.18 - 20.11.2012 BankENTE CASSA DI RISP F n/a EXCH 523633314 3.38 - 20.11.2012 BankFONDAZIONE CASSA RIS n/a EXCH 422874979 2.73 - 20.11.2012 OtherALLEANZA TORO SPA n/a EXCH 286308683 1.85 - 20.11.2012 Insurance CompanyBLACKROCK n/a ULT-AGG 206391083 1.33 (2426868) 22.03.2013 Investment AdvisorASSICURAZIONI GENERA n/a EXCH 205236977 1.32 - 20.11.2012 Insurance CompanyHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 193171300 1.25 19137900 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 144797677 0.93 (3852992) 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 131567493 0.85 21857253 31.12.2012 Investment AdvisorINA ASSITALIA SPA n/a EXCH 85877104 0.55 - 20.11.2012 Insurance CompanyGENERALI VIE SA n/a EXCH 82931860 0.53 - 20.11.2012 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 80794996 0.52 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 57605428 0.37 24865982 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 38765931 0.25 51882 22.03.2013 Investment AdvisorMANDARINE GESTION Multiple Portfolios MF-AGG 38252534 0.25 (1421878) 28.02.2013 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 37525547 0.24 (363082) 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 35693662 0.23 (6397175) 31.01.2013 Mutual Fund ManagerGENERALI VERSICHERUN n/a EXCH 34722872 0.22 - 20.11.2012 Holding Company Firm Name Analyst Recommendation Weighting Change Target Price Date DateMediobanca SpA ANDREA FILTRI neutral 3 M 1 Not Provided 25.03.2013Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 25.03.2013Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 21.03.2013Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 18.03.2013Berenberg Bank ELENI PAPOULA hold 3 M 1 Not Provided 14.03.2013Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 13.03.2013Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 13.03.2013Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 13.03.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 1 12 month 13.03.2013Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 13.03.2013Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 13.03.2013Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 13.03.2013ICBPI LUCA COMI neutral 3 M 2 12 month 13.03.2013Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 13.03.2013Natixis STEVEN GOULD buy 5 M 1 Not Provided 13.03.2013Nomura DOMENICO SANTORO buy 5 M 2 Not Provided 13.03.2013S&P Capital IQ WILLIAM HOWLETT hold 3 M 1 12 month 13.03.2013Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 12.03.2013Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 11.03.2013Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 08.03.2013AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 07.03.2013Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 06.03.2013HSBC CARLO DIGRANDI neutral 3 U 1 Not Provided 25.02.2013Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 28.01.2013Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 17.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 06.11.2012Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 66. 26.03.2013Koninklijke Philips Electronics NVKoninklijke Philips Electronics N.V. manufactures medical systems, domestic Price/Volumeappliances, consumer electronics, and lighting. The Company produces imaging, 25 14.0 Multrasound and healthcare informatics equipment, shaving and beauty and health 12.0 Mand wellness products, displays, and peripherals, and lamps and luminaries. 20 10.0 M 15 8.0 M Valuation Analysis 10 6.0 MLatest Fiscal Year: 12/2012 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (20.03.2013) 24.16 0 .0 M52-Week Low (07.05.2012) 13.57 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 764432.00 Current Price (3/dd/yy) 23.51 Market Data 52-Week High % Change -2.69% Dividend Yield - 52-Week Low % Change 73.25% Beta 1.19 % 52 Week Price Range High/Low 93.96% Equity Float 908.50Shares Out 31.12.2012 957.1 Short Int - Market Capitalization 22502.20 1 Yr Total Return 60.88%Total Debt 4534.00 YTD Return 18.17%Preferred Stock 0.0 Adjusted BETA 1.188Minority Interest 34.0 Analyst Recs 41Cash and Equivalents 3834.00 Consensus Rating 3.756Enterprise Value 23236.20 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4440591PHIA NA EQUITY YTD Change - Average Volume 30 Day 3671441PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3306995 Fiscal Year Ended 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 Total Revenue 26385.0 20092.0 22287.0 22579.0 24788.0 22582.0 24788.0 24867.4 25694.2 5551.7 5823.8 TEV/Revenue 0.51x 0.95x 0.92x 0.70x 0.76x 3.02x 2.75x 0.94x 0.87x 4.08x 4.09x EBITDA 1883.0 2055.0 3436.0 1185.0 2463.0 1186.0 2463.0 3417.1 3749.6 589.0 713.0 TEV/EBITDA 7.11x 9.30x 5.98x 13.35x 7.69x 13.34x 7.69x 6.82x 6.21x 7.33x 9.00x Net Income (91.0) 410.0 1446.0 (1295.0) 226.0 (1295.0) 226.0 1435.0 1670.2 221.4 310.4 P/E - 41.36x 14.60x - 71.05x 0.00x 72.71x 14.40x 12.47x 13.94x 13.09x Profitability S&P Issuer RatingsEBITDA 2463.00 Long-Term Rating Date 11.05.2005EBIT 1030.00 Long-Term Rating A-Operating Margin 4.16% Long-Term Outlook NEGPretax Margin 2.30% Short-Term Rating Date 26.02.2001Return on Assets 0.78% Short-Term Rating A-2Return on Common Equity 1.92% Credit RatiosReturn on Capital 2.46% EBITDA/Interest Exp. 7.00Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.08Margin Analysis Net Debt/EBITDA 0.28Gross Margin 38.0% Total Debt/EBITDA 1.84EBITDA Margin 9.9% ReferenceEBIT Margin 4.2% Total Debt/Equity 40.7%Net Income Margin 0.9% Total Debt/Capital 28.9%Structure Asset Turnover 0.85Current Ratio 1.26 Net Fixed Asset Turnover 8.30Quick Ratio 0.82 Accounts receivable turnover-days 63.03Debt to Assets 15.59% Inventory Days 84.72Tot Debt to Common Equity 40.70% Accounts Payable Turnover Day 74.10Accounts Receivable Turnover 5.81 Cash Conversion Cycle 76.69Inventory Turnover 4.32Price/ Cash Flow Sales/Revenue/Turnover 40.00 35000.0 35.00 30000.0 30.00 25000.0 25.00 20000.0 20.00 15000.0 15.00 10000.0 10.00 5000.0 5.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 67. 26.03.2013Koninklijke Philips Electronics NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKONINKLIJKE PHILIPS n/a Research 47895476 5 15514236 08.02.2013 CorporationDODGE & COX n/a 13G 46061138 4.81 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 45264486 4.73 - 22.03.2013 Investment AdvisorSOUTHEASTERN ASSET M n/a 13G 41502897 4.34 (6799141) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 13434710 1.4 (5070179) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 10760946 1.12 498208 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 9615086 1 2767369 31.01.2013 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9437496 0.99 586900 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8150341 0.85 - 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 6622250 0.69 (220702) 31.01.2013 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5481917 0.57 282727 31.12.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 4800000 0.5 - 31.12.2011 Pension Fund (ERISA)ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4020057 0.42 623576 31.01.2013 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3920784 0.41 153795 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3875475 0.4 2263827 28.02.2013 Investment AdvisorFORTIS INVESTMENTS Multiple Portfolios MF-AGG 2924969 0.31 (78890) 30.11.2012 Mutual Fund ManagerBARCLAYS PLC n/a ULT-AGG 2911837 0.3 - 04.05.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2860801 0.3 (687730) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2569692 0.27 - 31.07.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2523231 0.26 3398 22.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 25.03.2013Societe Generale GAEL DE BRAY hold 3 M 24 12 month 22.03.2013Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 27 12 month 22.03.2013Rabobank International HANS SLOB buy 5 M 28 12 month 21.03.2013AlphaValue THOMAS PICHERIT add 4 D 27 6 month 21.03.2013RBC Capital Markets ANDREW CARTER outperform 5 M 27 12 month 20.03.2013Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 20.03.2013ING Bank FABIAN SMEETS buy 5 M 27 12 month 20.03.2013ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 20.03.2013Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 24 12 month 19.03.2013JPMorgan ANDREAS WILLI neutral 3 M 25 9 month 19.03.2013Kepler Capital Markets PETER OLOFSEN buy 5 M 23 Not Provided 19.03.2013Exane BNP Paribas OLIVIER ESNOU neutral 3 M 25 Not Provided 14.03.2013Nomura DANIEL CUNLIFFE buy 5 M 25 12 month 12.03.2013HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 08.03.2013Espirito Santo Investment Bank Research VIRDEE ROB buy 5 M 27 Not Provided 08.03.2013Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 08.03.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.03.2013Nord/LB WOLFGANG VASTERLING buy 5 M 24 12 month 26.02.2013Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 23 12 month 06.02.2013Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 25 Not Provided 30.01.2013CA Cheuvreux ANTOINE AZAR outperform 5 M 25 Not Provided 30.01.2013Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 30.01.2013Natixis LUDOVIC DEBAILLEUX buy 5 M 26 Not Provided 30.01.2013Barclays DAVID VOS equalweight 3 M 21 Not Provided 30.01.2013Deutsche Bank MARTIN WILKIE hold 3 M 23 12 month 29.01.2013Kempen & Co ERWIN DUT buy 5 M 23 12 month 29.01.2013Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 29.01.2013Petercam MARCEL ACHTERBERG hold 3 M 23 Not Provided 29.01.2013S&P Capital IQ JAMES CRAWSHAW hold 3 M 23 12 month 29.01.2013Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 17.01.2013Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 08.01.2013SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 68. 26.03.2013LOreal SALOreal SA manufactures, markets, and distributes health and beauty aids. The Price/VolumeCompany produces colorants, styling, and hair care products for professional 140 3.5 Mhairdressers, hair care, cosmetics, and skin care products and perfumes for 120 3.0 Mconsumers, luxury cosmetics and perfumes sold through department stores,perfumeries and travel stores, and dermatological and pharmaceutical products. 100 2.5 M 80 2.0 M Valuation Analysis 60 1.5 MLatest Fiscal Year: 12/2012 40 1.0 MLTM as of: 12/yy 20 .5 M52-Week High (25.03.2013) 123.70 0 .0 M52-Week Low (26.06.2012) 86.80 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 222002.00 Current Price (3/dd/yy) 121.75 Market Data 52-Week High % Change -1.62% Dividend Yield - 52-Week Low % Change 40.26% Beta 0.68 % 52 Week Price Range High/Low 95.26% Equity Float 226.70Shares Out 20.02.2013 604.3 Short Int - Market Capitalization 73575.18 1 Yr Total Return 39.42%Total Debt 248.00 YTD Return 16.06%Preferred Stock 0.0 Adjusted BETA 0.680Minority Interest 4.8 Analyst Recs 39Cash and Equivalents 1823.20 Consensus Rating 3.308Enterprise Value 72004.78 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 777020OR FP EQUITY YTD Change - Average Volume 30 Day 681386OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 584061 Fiscal Year Ended 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 Total Revenue 17541.8 17472.6 19495.8 20343.1 22462.7 20343.1 22462.7 23444.8 24818.8 5755.0 5663.0 TEV/Revenue 2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 3.04x 2.81x - - EBITDA 3441.7 3368.7 3757.5 3955.1 4388.9 0.0 0.0 4745.7 5099.7 - - TEV/EBITDA 11.63x 14.12x 13.05x 12.00x 13.94x 0.00x 0.00x 15.20x 14.14x - - Net Income 1948.3 1792.2 2239.7 2438.4 2867.7 0.0 0.0 3090.1 3346.8 - - P/E 18.82x 25.41x 21.75x 19.64x 21.90x 0.00x 0.00x 23.77x 21.94x - - Profitability S&P Issuer RatingsEBITDA 4388.90 Long-Term Rating Date -EBIT 3697.30 Long-Term Rating -Operating Margin 16.46% Long-Term Outlook -Pretax Margin 17.25% Short-Term Rating Date 05.06.2006Return on Assets 10.17% Short-Term Rating A-1+Return on Common Equity 14.87% Credit RatiosReturn on Capital 14.49% EBITDA/Interest Exp. 127.21Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 99.53Margin Analysis Net Debt/EBITDA -0.36Gross Margin 70.7% Total Debt/EBITDA 0.06EBITDA Margin 19.5% ReferenceEBIT Margin 16.5% Total Debt/Equity 1.2%Net Income Margin 12.8% Total Debt/Capital 1.2%Structure Asset Turnover 0.80Current Ratio 1.29 Net Fixed Asset Turnover 7.69Quick Ratio 0.79 Accounts receivable turnover-days 50.55Debt to Assets 0.84% Inventory Days 113.50Tot Debt to Common Equity 1.18% Accounts Payable Turnover Day 182.89Accounts Receivable Turnover 7.24 Cash Conversion Cycle -18.84Inventory Turnover 3.22Price/ Cash Flow Sales/Revenue/Turnover 25.00 25000.0 20.00 20000.0 15.00 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 69. 26.03.2013LOreal SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBETTENCOURT FAMILY n/a Co File 185661879 30.72 - 31.12.2012 n/aNESTLE SA #N/A N/A Co File 178381021 29.52 - 31.12.2012 CorporationLOREAL SA #N/A N/A Co File 10454165 1.73 - 31.12.2012 CorporationCAPITAL GROUP COMPAN n/a ULT-AGG 5729800 0.95 (1345900) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5647487 0.93 95322 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4446174 0.74 - 31.12.2012 Investment AdvisorOWEN-JONES LINDSAY n/a Co File 2998095 0.5 - 31.12.2012 n/aNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2784467 0.46 (516711) 31.01.2013 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 2524547 0.42 (3385) 22.03.2013 Investment AdvisorBALYASNY ASSET MANAG n/a Short (2309774) -0.38 729403 30.01.2013 Hedge Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 1948992 0.32 - 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 1794714 0.3 313136 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1415058 0.23 20420 31.01.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1085268 0.18 15098 22.03.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 1056948 0.17 306745 31.12.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 831525 0.14 2576 31.10.2012 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 805008 0.13 1825 21.03.2013 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 725628 0.12 - 30.06.2012 Pension Fund (ERISA)MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 661487 0.11 887 22.03.2013 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 511365 0.08 - 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co ANDREW WOOD underperform 1 M 95 12 month 25.03.2013Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013AlphaValue ARMELLE MOULIN reduce 2 M 115 6 month 21.03.2013Jefferies ALEX HOWSON buy 5 M 106 12 month 20.03.2013JPMorgan CELINE PANNUTI overweight 5 M 120 9 month 14.03.2013Kepler Capital Markets CATHERINE ROLLAND buy 5 M 125 Not Provided 14.03.2013Grupo Santander PEDRO GIL hold 3 M 105 Not Provided 12.03.2013RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 134 12 month 11.03.2013Berenberg Bank SETH PETERSON hold 3 M 113 Not Provided 11.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 08.03.2013Credit Suisse ALEX MOLLOY neutral 3 M 117 Not Provided 07.03.2013Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 94 12 month 05.03.2013Exane BNP Paribas EAMONN FERRY outperform 5 M 114 Not Provided 25.02.2013Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 105 Not Provided 19.02.2013Nomura GUILLAUME DELMAS reduce 2 M 97 Not Provided 18.02.2013Main First Bank AG GAEL COLCOMBET outperform 5 M 120 12 month 18.02.2013Barclays IAIN SIMPSON overweight 5 M 121 Not Provided 14.02.2013Raymond James HERMINE DE BENTZMANN outperform 5 M 120 Not Provided 13.02.2013Oddo & Cie LEOPOLD AUTHIE buy 5 M 120 Not Provided 13.02.2013Bryan Garnier & Cie LOIC MORVAN buy 5 M 118 6 month 13.02.2013Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 112 12 month 12.02.2013Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 12.02.2013Deutsche Bank HAROLD THOMPSON hold 3 M 105 12 month 12.02.2013Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 143 12 month 12.02.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 111 12 month 12.02.2013Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 12.02.2013S&P Capital IQ CARL SHORT hold 3 M 115 12 month 12.02.2013Telsey Advisory Group DAVID WU no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013Natixis PIERRE TEGNER neutral 3 M 96 Not Provided 08.02.2013HSBC CEDRIC BESNARD overweight 5 U 121 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 91 12 month 06.11.2012Espirito Santo Investment Bank Research ALEX SMITH sell 1 M 87 Not Provided 30.10.2012Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 70. 26.03.2013LVMH Moet Hennessy Louis Vuitton SALVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The Price/VolumeCompany produces and sells champagne, cognac, perfumes, cosmetics, luggage, 160 3.0 Mwatches and jewelry. 140 2.5 M 120 2.0 M 100 80 1.5 M Valuation Analysis 60Latest Fiscal Year: 12/2012 1.0 M 40LTM as of: 12/yy .5 M 2052-Week High (18.01.2013) 143.40 0 .0 M52-Week Low (04.06.2012) 111.00 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 219495.00 Current Price (3/dd/yy) 131.45 Market Data 52-Week High % Change -8.44% Dividend Yield 2.21 52-Week Low % Change 18.42% Beta 0.93 % 52 Week Price Range High/Low 57.56% Equity Float 254.93Shares Out 11.02.2013 507.7 Short Int - Market Capitalization 66733.20 1 Yr Total Return 3.68%Total Debt 6812.00 YTD Return -5.30%Preferred Stock 0.0 Adjusted BETA 0.927Minority Interest 1102.0 Analyst Recs 39Cash and Equivalents 2196.00 Consensus Rating 4.231Enterprise Value 72451.20 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 880641MC FP EQUITY YTD Change - Average Volume 30 Day 798440MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 723102 Fiscal Year Ended 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 Total Revenue 17193.0 17053.0 20320.0 23659.0 28103.0 23659.0 28103.0 30269.1 32861.8 - - TEV/Revenue 1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.33x 2.09x - - EBITDA 4323.0 4055.0 5106.0 6150.0 6940.0 0.0 0.0 7658.7 8459.6 - - TEV/EBITDA 6.34x 10.13x 12.27x 9.84x 10.82x 0.00x 0.00x 9.47x 8.58x - - Net Income 2026.0 1755.0 3032.0 3065.0 3424.0 0.0 0.0 3849.4 4302.2 - - P/E 11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 17.34x 15.46x - - Profitability S&P Issuer RatingsEBITDA 6940.00 Long-Term Rating Date 20.05.2011EBIT 5921.00 Long-Term Rating AOperating Margin 21.07% Long-Term Outlook POSPretax Margin 20.39% Short-Term Rating Date 20.05.2011Return on Assets 7.06% Short-Term Rating A-1Return on Common Equity 14.57% Credit RatiosReturn on Capital 12.72% EBITDA/Interest Exp. 41.81Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 31.51Margin Analysis Net Debt/EBITDA 0.64Gross Margin 64.7% Total Debt/EBITDA 0.94EBITDA Margin 25.7% ReferenceEBIT Margin 21.1% Total Debt/Equity 27.7%Net Income Margin 12.2% Total Debt/Capital 21.0%Structure Asset Turnover 0.58Current Ratio 1.51 Net Fixed Asset Turnover 3.35Quick Ratio 0.44 Accounts receivable turnover-days 25.15Debt to Assets 13.64% Inventory Days 287.68Tot Debt to Common Equity 27.73% Accounts Payable Turnover Day 106.20Accounts Receivable Turnover 14.55 Cash Conversion Cycle 206.64Inventory Turnover 1.27Price/ Cash Flow Sales/Revenue/Turnover 20.00 30000.0 18.00 25000.0 16.00 14.00 20000.0 12.00 10.00 15000.0 8.00 10000.0 6.00 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 71. 26.03.2013LVMH Moet Hennessy Louis Vuitton SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGROUPE ARNAULT SAS n/a Research 235886503 46.46 (147143) 01.10.2012 Holding CompanyLVMH MOET HENNESSY L n/a Co File 9536678 1.88 - 31.12.2011 Holding CompanyQATAR HOLDINGS LLC n/a Research 5230723 1.03 - 15.03.2012 GovernmentSUN LIFE FINANCIAL I n/a ULT-AGG 4275828 0.84 74218 31.01.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 4200037 0.83 4700 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 4085056 0.8 - 31.01.2013 Investment AdvisorFMR LLC n/a ULT-AGG 3878869 0.76 (478859) 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 3385819 0.67 (55514) 22.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3326140 0.66 134015 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios