Fundamental Equity Analysis - Australia S&P/ASX 200 Components
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Fundamental Equity Analysis - Australia S&P/ASX 200 Components

on

  • 254 views

Fundamental Equity Analysis & Analyst Recommendations - Australia's S&P ASX 200 Index components

Fundamental Equity Analysis & Analyst Recommendations - Australia's S&P ASX 200 Index components

Statistics

Views

Total Views
254
Views on SlideShare
254
Embed Views
0

Actions

Likes
0
Downloads
1
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Fundamental Equity Analysis - Australia S&P/ASX 200 Components 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 Australias S&P/ASX 200 Index March 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 2. 27.02.2013BHP Billiton LtdBHP Billiton Limited is an international resources company. The Companys Price/Volumeprincipal business lines are mineral exploration and production, including coal, 45 35.0 Miron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as 40 30.0 Mpetroleum exploration, production, and refining. Dually-listed company with 35BLT LN. 25.0 M 30 25 20.0 M Valuation Analysis 20 15.0 MLatest Fiscal Year: 06/2012 15 10.0 M 10LTM as of: 01/yy 5.0 M 552-Week High (20.02.2013) 39.34 0 .0 M52-Week Low (12.07.2012) 30.09 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 8741304.00 Current Price (2/dd/yy) 36.69 Market Data 52-Week High % Change -6.74% Dividend Yield 3.05 52-Week Low % Change 21.93% Beta 1.19 % 52 Week Price Range High/Low 67.68% Equity Float 3193.77Shares Out 30.06.2012 3211.7 Short Int - Market Capitalization 182807.81 1 Yr Total Return 4.24%Total Debt 28330.00 YTD Return -1.11%Preferred Stock 0.0 Adjusted BETA 1.190Minority Interest 1215.0 Analyst Recs 19Cash and Equivalents 4781.00 Consensus Rating 3.842Enterprise Value 217850.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12325000BHP AT EQUITY YTD Change - Average Volume 30 Day 8111171BHP AT EQUITY YTD % CHANGE - Average Volume 3 Month 7972941 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 59473.0 50211.0 52798.0 71739.0 72226.0 - - 68522.1 75406.9 - - TEV/Revenue 3.93x 2.99x 3.44x 3.56x 2.70x - - 3.14x 2.82x - - EBITDA 27892.0 17311.0 24106.0 38030.0 33421.0 - - 29030.4 34724.0 - - TEV/EBITDA 8.39x 8.67x 7.53x 6.71x 5.84x - - 7.50x 6.27x - - Net Income 15390.0 5877.0 13034.0 23648.0 15417.0 - - 13408.5 16808.3 - - P/E 15.19x 26.55x 13.95x 10.93x 11.12x - - 14.60x 12.00x - - Profitability S&P Issuer RatingsEBITDA 33421.00 Long-Term Rating Date 15.11.2010EBIT 27013.00 Long-Term Rating A+Operating Margin 37.40% Long-Term Outlook STABLEPretax Margin 31.87% Short-Term Rating Date 06.02.2008Return on Assets 7.60% Short-Term Rating A-1Return on Common Equity 14.89% Credit RatiosReturn on Capital 10.48% EBITDA/Interest Exp. 44.27Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 18.79Margin Analysis Net Debt/EBITDA 1.37Gross Margin - Total Debt/EBITDA 1.60EBITDA Margin 33.2% ReferenceEBIT Margin 23.2% Total Debt/Equity 43.0%Net Income Margin 21.3% Total Debt/Capital 29.7%Structure Asset Turnover 0.52Current Ratio 0.93 Net Fixed Asset Turnover 0.72Quick Ratio 0.43 Accounts receivable turnover-days 43.13Debt to Assets 21.91% Inventory Days -Tot Debt to Common Equity 43.01% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.49 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 80000.0 18.00 70000.0 16.00 60000.0 14.00 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 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 3. 27.02.2013BHP Billiton LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 156919245 4.89 - 25.02.2013 Investment AdvisorNORGES BANK n/a EXCH 63635068 1.98 - 05.02.2013 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 57591844 1.79 1165265 31.12.2012 Investment AdvisorAMP LIFE LTD n/a 20F 28294856 0.88 - 24.08.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 17009446 0.53 379792 30.09.2012 Mutual Fund ManagerAUSTRALIAN FOUNDATIO n/a 20F 13990941 0.44 - 24.08.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 10617239 0.33 874883 31.12.2012 Investment AdvisorARGO INVESTMENTS LTD n/a 20F 8024309 0.25 - 24.08.2012 Investment AdvisorPERPETUAL TRUSTEE CO n/a 20F 7569447 0.24 - 24.08.2012 CorporationT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7057193 0.22 (1110028) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 6995213 0.22 (596155) 31.12.2012 Investment AdvisorQUEENSLAND INVESTMEN n/a 20F 6532033 0.2 - 24.08.2012 Investment AdvisorNAVIGATOR AUSTRALIA n/a 20F 5536830 0.17 - 24.08.2012 CorporationCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5046713 0.16 65063 28.12.2012 Mutual Fund ManagerCI INVESTMENTS INC Multiple Portfolios MF-AGG 5000000 0.16 - 30.06.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 4617865 0.14 (930416) 26.02.2013 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 4171450 0.13 (350650) 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 4126849 0.13 (1011479) 31.12.2012 Investment AdvisorDJERRIWARRH INVESTME n/a Co File 2303000 0.07 - 30.06.2011 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 2044017 0.06 171652 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co PAUL GAIT outperform 5 M 38 12 month 26.02.2013Commonwealth Bank ANDREW HINES neutral 3 M 41 12 month 22.02.2013Deutsche Bank PAUL-D YOUNG buy 5 M 43 12 month 21.02.2013Nomura DAVID RADCLYFFE buy 5 M 41 Not Provided 21.02.2013Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 40 12 month 20.02.2013Investec TIM GERRARD hold 3 M 37 12 month 20.02.2013Credit Suisse PAUL MCTAGGART neutral 3 M 40 Not Provided 20.02.2013JPMorgan LYNDON FAGAN neutral 3 M 40 9 month 20.02.2013CIMB PHILLIP CHIPPINDALE neutral 3 M 37 12 month 20.02.2013RBC Capital Markets DES KILALEA outperform 5 M 34 12 month 14.02.2013HSBC ANDREW KEEN neutral 3 M 39 Not Provided 08.02.2013Macquarie ADRIAN WOOD neutral 3 M 39 12 month 23.01.2013Goldman Sachs CRAIG SAINSBURY buy/attractive 5 M 42 12 month 16.01.2013Barclays EPHREM RAVI overweight 5 M 45 Not Provided 15.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013BMO Capital Markets TONY ROBSON outperform 5 M 42 Not Provided 23.02.2010Wise-owl.com JOSH TERLICH long-term buy 5 N #N/A N/A Not Provided 28.11.2008 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 27.02.2013Commonwealth Bank of AustraliaCommonwealth Bank of Australia provides banking, life insurance and related Price/Volumeservices for individuals, small businesses and medium sized commercial 80 40.0 Menterprises. The Bank provides corporate and general banking, international 70 35.0 Mfinancing, institutional banking and stock broking and funds management such as 60 30.0 Msuperannuation product. 50 25.0 M 40 20.0 M Valuation Analysis 30 15.0 MLatest Fiscal Year: 06/2012 20 10.0 MLTM as of: 01/yy 10 5.0 M52-Week High (15.02.2013) 67.74 0 .0 M52-Week Low (08.03.2012) 47.50 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 2175774.00 Current Price (2/dd/yy) 66.01 Market Data 52-Week High % Change -2.55% Dividend Yield 5.47 52-Week Low % Change 38.97% Beta 0.96 % 52 Week Price Range High/Low 88.78% Equity Float 1558.53Shares Out 31.12.2012 1609.2 Short Int - Market Capitalization 106222.03 1 Yr Total Return 41.68%Total Debt 168660.00 YTD Return 8.81%Preferred Stock 0.0 Adjusted BETA 0.957Minority Interest 531.0 Analyst Recs 17Cash and Equivalents 30552.00 Consensus Rating 2.353Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4627061CBA AT EQUITY YTD Change - Average Volume 30 Day 4880606CBA AT EQUITY YTD % CHANGE - Average Volume 3 Month 4334893 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 35969.0 37721.0 39647.0 44286.0 45481.0 - - 21476.5 22213.8 - - TEV/Revenue - - - - - - - - - - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 4791.0 4723.0 5664.0 6394.0 7090.0 - - 7445.9 7752.9 - - P/E 11.07x 11.85x 13.22x 12.72x 11.83x - - 14.44x 13.92x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 01.12.2011EBIT - Long-Term Rating AA-Operating Margin 49.15% Long-Term Outlook STABLEPretax Margin 48.98% Short-Term Rating Date 13.06.1996Return on Assets 1.00% Short-Term Rating A-1+Return on Common Equity 17.47% Credit RatiosReturn on Capital 3.51% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 411.0%Net Income Margin 34.8% Total Debt/Capital 80.2%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 17.47Quick Ratio - Accounts receivable turnover-days -Debt to Assets 23.48% Inventory Days -Tot Debt to Common Equity 410.95% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 18.00 50000.0 16.00 45000.0 14.00 40000.0 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 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 5. 27.02.2013Commonwealth Bank of AustraliaHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 41822942 2.6 - 24.08.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 27733995 1.72 60280 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 18526606 1.15 84696 25.02.2013 Investment AdvisorAMP LIFE LTD n/a Co File 13795362 0.86 895434 03.08.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9243764 0.57 327234 30.09.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 8704067 0.54 (423702) 31.12.2012 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 8527900 0.53 - 03.08.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 3922878 0.24 173914 31.08.2011 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 3878234 0.24 2847414 31.12.2012 Investment AdvisorAUSTRALIAN REWARD IN n/a Co File 3619024 0.22 - 05.08.2011 Investment AdvisorMILTON CORP LTD n/a Co File 3013225 0.19 - 03.08.2012 Investment AdvisorQUEENSLAND INVESTMEN n/a Co File 2998879 0.19 - 03.08.2012 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 2777895 0.17 70000 03.08.2012 Investment AdvisorNAVIGATOR AUSTRALIA n/a Co File 2647807 0.16 - 03.08.2012 CorporationCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2473457 0.15 39522 28.12.2012 Mutual Fund ManagerPERPETUAL TRUSTEE CO n/a Co File 2453418 0.15 - 05.08.2011 CorporationQUESTOR FINANCIAL SE n/a Co File 2200705 0.14 - 03.08.2012 Private EquitySUNCORP CUSTODIAN SE n/a Co File 1969648 0.12 - 05.08.2011 Holding CompanyDJERRIWARRH INVESTME Multiple Portfolios MF-AGG 1247000 0.08 - 30.06.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1034187 0.06 (30418) 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura VICTOR GERMAN neutral 3 U 63 Not Provided 27.02.2013Evans & Partners Pty Ltd GEORGE GABRIEL negative 2 D #N/A N/A Not Provided 21.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 18.02.2013Morgan Stanley RICHARD E WILES Equalwt/In-Line 3 M 61 12 month 14.02.2013Macquarie MICHAEL WIBLIN neutral 3 M 64 12 month 14.02.2013Deutsche Bank JAMES FREEMAN hold 3 M 66 12 month 13.02.2013Goldman Sachs BENJAMIN KOO Sell/Neutral 1 M 52 12 month 13.02.2013Credit Suisse JARROD MARTIN underperform 1 M 60 Not Provided 13.02.2013JPMorgan SCOTT MANNING underweight 1 M 59 3 month 13.02.2013CIMB JOHN BUONACCORSI underperform 1 D 57 12 month 13.02.2013BBY Limited BRETT LE MESURIER buy 5 M 70 12 month 13.02.2013Bell Potter T S LIM buy 5 M 70 12 month 13.02.2013Shaw Stockbroking TIM BUCKLEY accumulate 4 M #N/A N/A Not Provided 18.01.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 27.02.2013Westpac Banking CorpWestpac Banking Corporation offers general and savings banking services. The Price/VolumeCompany provides investment portfolio management and advice, insurance services, 35 60.0 Mconsumer finance, and money market services among other services. Westpac 30 50.0 MBanking Corp. serves individuals, businesses, and corporations worldwide. 25 40.0 M 20 30.0 M Valuation Analysis 15Latest Fiscal Year: 09/2012 20.0 M 10LTM as of: 01/yy 5 10.0 M52-Week High (20.02.2013) 30.72 0 .0 M52-Week Low (04.06.2012) 20.00 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 3833221.00 Current Price (2/dd/yy) 30.2 Market Data 52-Week High % Change -1.69% Dividend Yield 5.50 52-Week Low % Change 51.00% Beta 1.14 % 52 Week Price Range High/Low 95.43% Equity Float 3040.12Shares Out 20.12.2012 3103.7 Short Int - Market Capitalization 93732.62 1 Yr Total Return 56.29%Total Debt 174646.00 YTD Return 15.98%Preferred Stock 0.0 Adjusted BETA 1.142Minority Interest 1970.0 Analyst Recs 17Cash and Equivalents 24644.00 Consensus Rating 3.235Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 8523349WBC AT EQUITY YTD Change - Average Volume 30 Day 6573229WBC AT EQUITY YTD % CHANGE - Average Volume 3 Month 6004784 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - - Total Revenue 33007.0 35313.0 39173.0 42969.0 42308.0 - - 18772.0 19489.5 - - TEV/Revenue - - - - - - - 3.73x 3.54x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 3859.0 3446.0 6346.0 6991.0 5970.0 - - 6850.6 7159.5 - - P/E 10.43x 20.95x 10.85x 8.73x 12.69x - - 13.96x 13.49x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 01.12.2011EBIT - Long-Term Rating AA-Operating Margin 50.04% Long-Term Outlook STABLEPretax Margin 49.41% Short-Term Rating Date 11.09.1996Return on Assets 0.89% Short-Term Rating A-1+Return on Common Equity 13.87% Credit RatiosReturn on Capital 2.61% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 394.7%Net Income Margin 33.3% Total Debt/Capital 79.1%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 36.87Quick Ratio - Accounts receivable turnover-days -Debt to Assets 25.87% Inventory Days -Tot Debt to Common Equity 394.69% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 160.00 50000.0 140.00 45000.0 40000.0 120.00 35000.0 100.00 30000.0 80.00 25000.0 20000.0 60.00 15000.0 40.00 10000.0 20.00 5000.0 0.00 0.0 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 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 |
  • 7. 27.02.2013Westpac Banking CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B n/a ULT-AGG 97603344 3.14 (81301352) 18.05.2012 BankWESTPAC BANKING CORP n/a EXCH 60312493 1.94 4631708 22.11.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 53653139 1.73 123107 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 35260451 1.14 21804 25.02.2013 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18476000 0.6 - 29.06.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 17867376 0.58 621056 30.09.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 10176077 0.33 - 31.12.2012 Investment AdvisorARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 9146851 0.29 - 30.06.2011 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 7390421 0.24 211701 31.08.2011 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5656759 0.18 (118442) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 5105285 0.16 (23933) 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4712372 0.15 47324 28.12.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 4493921 0.14 (613642) 31.10.2012 Investment AdvisorDJERRIWARRH INVESTME Multiple Portfolios MF-AGG 3194000 0.1 - 30.06.2011 Investment AdvisorSJUNDE AP FONDEN Multiple Portfolios MF-AGG 1993229 0.06 160498 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 1920044 0.06 (97327) 28.12.2012 UnclassifiedSTATE STREET n/a ULT-AGG 1808901 0.06 - 26.02.2013 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 1613023 0.05 174952 31.12.2012 Mutual Fund ManagerKELLY GAIL PATRICIA n/a EXCH 1589971 0.05 - 24.12.2012 n/aNOMURA n/a ULT-AGG 1533082 0.05 (14600) 12.09.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura VICTOR GERMAN neutral 3 M 28 Not Provided 27.02.2013Goldman Sachs BENJAMIN KOO Sell/Neutral 1 M 24 12 month 26.02.2013Deutsche Bank JAMES FREEMAN hold 3 M 29 12 month 25.02.2013Commonwealth Bank ROSS CURRAN overweight 5 M 30 12 month 25.02.2013Credit Suisse JARROD MARTIN neutral 3 M 30 Not Provided 15.02.2013BBY Limited BRETT LE MESURIER buy 5 M 30 12 month 11.02.2013JPMorgan SCOTT MANNING underweight 1 M 26 3 month 05.02.2013Macquarie MICHAEL WIBLIN underperform 1 M 27 12 month 04.02.2013Morgan Stanley RICHARD E WILES Overwt/In-Line 5 M 27 12 month 21.01.2013CIMB JOHN BUONACCORSI neutral 3 M 26 12 month 21.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013Bell Potter T S LIM buy 5 U 27 12 month 05.11.2012Evans & Partners Pty Ltd GEORGE GABRIEL neutral 3 D #N/A N/A Not Provided 18.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 27.02.2013Australia & New Zealand Banking Group LtdAustralia and New Zealand Banking Group Limited is an international bank with Price/Volumeactivities in general banking, mortgage and installment lending, life insurance, 35 40.0 Mleasing, hire purchase and general finance. ANZ also provides international and 30 35.0 Minvestment banking, investment and portfolio management and advisory services, 25 30.0 Mnominee and custodian services, stock broking and executor and trustee services. 25.0 M 20 20.0 M Valuation Analysis 15 15.0 MLatest Fiscal Year: 09/2012 10 10.0 MLTM as of: 06/yy 5 5.0 M52-Week High (21.02.2013) 28.83 0 .0 M52-Week Low (25.05.2012) 20.26 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 5162468.00 Current Price (2/dd/yy) 28.28 Market Data 52-Week High % Change -1.91% Dividend Yield 5.13 52-Week Low % Change 39.59% Beta 1.09 % 52 Week Price Range High/Low 92.18% Equity Float 2670.91Shares Out 11.02.2013 2743.6 Short Int - Market Capitalization 77589.22 1 Yr Total Return 36.17%Total Debt 118987.00 YTD Return 12.89%Preferred Stock 871.0 Adjusted BETA 1.091Minority Interest 49.0 Analyst Recs 18Cash and Equivalents 55159.00 Consensus Rating 3.278Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6699784ANZ AT EQUITY YTD Change - Average Volume 30 Day 6108037ANZ AT EQUITY YTD % CHANGE - Average Volume 3 Month 5687383 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 Total Revenue 36622.0 29836.0 31324.0 35602.0 35968.0 0.0 0.0 18113.3 19046.4 - - TEV/Revenue - - - - - #DIV/0! #DIV/0! 1.13x 0.82x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 3319.0 2943.0 4501.0 5355.0 5661.0 1416.8 0.0 6277.9 6652.9 - - P/E 11.00x 18.62x 13.24x 9.38x 11.60x 0.00x 0.00x 12.56x 12.03x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 01.12.2011EBIT - Long-Term Rating AA-Operating Margin 45.92% Long-Term Outlook STABLEPretax Margin 45.58% Short-Term Rating Date 11.09.1996Return on Assets 0.91% Short-Term Rating A-1+Return on Common Equity 14.61% Credit RatiosReturn on Capital 3.66% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 295.3%Net Income Margin 32.3% Total Debt/Capital 74.3%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 16.97Quick Ratio - Accounts receivable turnover-days -Debt to Assets 18.53% Inventory Days -Tot Debt to Common Equity 295.25% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 40000.0 35000.0 20.00 30000.0 25000.0 15.00 20000.0 10.00 15000.0 10000.0 5.00 5000.0 0.00 0.0 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 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 |
  • 9. 27.02.2013Australia & New Zealand Banking Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B n/a ULT-AGG 79043517 2.88 (94977033) 14.11.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 48960984 1.78 202631 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 33382219 1.22 (448296) 25.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 28623138 1.04 (126641) 31.12.2012 Investment AdvisorAMP LIFE LTD n/a Co File 26021302 0.95 - 12.10.2012 Investment AdvisorAUSTRALIA & NEW ZEAL n/a EXCH 22272100 0.81 240948 14.02.2013 BankANZEST PTY LTD n/a Co File 17899078 0.65 - 12.10.2012 OtherRANCHLAND HOLDINGS P n/a EXCH 17051442 0.62 - 31.01.2013 Holding CompanyVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 15749960 0.57 609075 30.09.2012 Mutual Fund ManagerAUSTRALIAN FOUNDATIO n/a Co File 8187710 0.3 - 12.10.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7992412 0.29 (114910) 25.02.2013 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 7902915 0.29 - 12.10.2012 Investment AdvisorBLUEKNIGHT CORP PTY n/a EXCH 7000000 0.26 - 29.01.2013 UnclassifiedPERPETUAL TRUSTEE CO n/a Co File 6936856 0.25 - 12.10.2012 CorporationMACQUARIE GROUP LTD n/a ULT-AGG 6637141 0.24 142437 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6287331 0.23 1670 31.12.2012 Investment AdvisorQUEENSLAND INVESTMEN n/a Co File 5787257 0.21 - 12.10.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4273810 0.16 41568 28.12.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 4251603 0.15 816803 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 3584755 0.13 (356616) 31.12.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura VICTOR GERMAN neutral 3 M 27 Not Provided 27.02.2013Deutsche Bank JAMES FREEMAN buy 5 M 31 12 month 15.02.2013Morgan Stanley RICHARD E WILES Underwt/In-Line 1 M 23 12 month 15.02.2013Goldman Sachs BENJAMIN KOO neutral/neutral 3 M 26 12 month 15.02.2013Credit Suisse JARROD MARTIN outperform 5 M 31 Not Provided 15.02.2013JPMorgan SCOTT MANNING neutral 3 M 26 3 month 15.02.2013Macquarie MICHAEL WIBLIN outperform 5 M 31 12 month 15.02.2013CIMB JOHN BUONACCORSI neutral 3 M 25 12 month 15.02.2013BBY Limited BRETT LE MESURIER buy 5 M 29 12 month 15.02.2013Commonwealth Bank ROSS CURRAN neutral 3 M 28 12 month 15.02.2013Bell Potter T S LIM hold 3 D 29 12 month 15.02.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013Evans & Partners Pty Ltd GEORGE GABRIEL negative 2 D #N/A N/A Not Provided 26.10.2012Paterson Securities TONY FARNHAM hold 3 M #N/A N/A Not Provided 08.11.2011Shaw Stockbroking TIM BUCKLEY hold 3 M #N/A N/A Not Provided 05.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 27.02.2013National Australia Bank LtdNational Australia Bank Limited is an international banking group which operates Price/Volumein Australia, New Zealand, Europe, Asia and the United States. The Group offers 35 40.0 Mbanking services, credit and access card facilities, leasing, housing and 30 35.0 Mgeneral finance, international and investment banking, wealth and funds 25 30.0 Mmanagement, life insurance and custodian, trustee and nominee services. 25.0 M 20 20.0 M Valuation Analysis 15 15.0 MLatest Fiscal Year: 09/2012 10 10.0 MLTM as of: 06/yy 5 5.0 M52-Week High (20.02.2013) 30.80 0 .0 M52-Week Low (04.06.2012) 21.95 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 4582078.00 Current Price (2/dd/yy) 30.03 Market Data 52-Week High % Change -2.50% Dividend Yield 5.99 52-Week Low % Change 36.81% Beta 1.17 % 52 Week Price Range High/Low 90.40% Equity Float 2283.85Shares Out 24.01.2013 2342.3 Short Int - Market Capitalization 70338.06 1 Yr Total Return 37.99%Total Debt 166809.00 YTD Return 20.12%Preferred Stock 4914.0 Adjusted BETA 1.165Minority Interest 47.0 Analyst Recs 18Cash and Equivalents 66874.00 Consensus Rating 3.944Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7091610NAB AT EQUITY YTD Change - Average Volume 30 Day 6792626NAB AT EQUITY YTD % CHANGE - Average Volume 3 Month 6213740 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 12/12 Q1 03/13 Q2 Total Revenue 41424.0 35749.0 34005.0 38154.0 38797.0 0.0 0.0 18826.5 19575.4 - 4700.0 TEV/Revenue - - - - - #DIV/0! #DIV/0! 0.30x 0.15x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 4536.0 2589.0 4224.0 5219.0 4082.0 0.0 0.0 5793.5 6289.9 - 1500.0 P/E 9.23x 24.93x 13.21x 9.58x 14.54x 0.00x 0.00x 12.09x 11.40x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 01.12.2011EBIT - Long-Term Rating AA-Operating Margin 37.22% Long-Term Outlook STABLEPretax Margin 35.20% Short-Term Rating Date 21.07.1992Return on Assets 0.54% Short-Term Rating A-1+Return on Common Equity 10.08% Credit RatiosReturn on Capital 1.89% 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 429.5%Net Income Margin 23.3% Total Debt/Capital 79.2%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 20.31Quick Ratio - Accounts receivable turnover-days -Debt to Assets 21.86% Inventory Days -Tot Debt to Common Equity 429.46% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 45.00 45000.0 40.00 40000.0 35.00 35000.0 30.00 30000.0 25.00 25000.0 20.00 20000.0 15.00 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 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 |
  • 11. 27.02.2013National Australia Bank LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B n/a ULT-AGG 50599502 2.16 (7148665) 14.12.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 39668606 1.69 836436 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 27559557 1.18 13715 25.02.2013 Investment AdvisorAMP GROUP n/a Co File 17565667 0.75 - 31.10.2012 OtherVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 13185793 0.56 535152 30.09.2012 Mutual Fund ManagerAUSTRALIAN FOUNDATIO n/a Co File 9342065 0.4 - 31.10.2012 Investment AdvisorQUEENSLAND INVESTMEN n/a Co File 7938149 0.34 - 31.10.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 6768885 0.29 284797 31.08.2011 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 5156609 0.22 - 31.10.2012 Investment AdvisorNAVIGATOR AUSTRALIA n/a Co File 5094181 0.22 - 19.11.2012 CorporationEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 4517157 0.19 - 14.09.2012 Investment AdvisorFMR LLC n/a ULT-AGG 3742463 0.16 (193175) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3666890 0.16 59056 31.10.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 3589212 0.15 67687 28.12.2012 Mutual Fund ManagerALLIANCE BERNSTEIN n/a ULT-AGG 3171323 0.14 (76331) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2968791 0.13 - 31.07.2012 Investment AdvisorDJERRIWARRH INVESTME Multiple Portfolios MF-AGG 1924000 0.08 - 30.06.2011 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1850494 0.08 (313) 31.01.2013 Mutual Fund ManagerUBS n/a ULT-AGG 1836802 0.08 (216958) 28.12.2012 UnclassifiedSTATE STREET n/a ULT-AGG 1760761 0.08 - 26.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura VICTOR GERMAN buy 5 M 33 Not Provided 27.02.2013BBY Limited BRETT LE MESURIER buy 5 M 30 12 month 11.02.2013Deutsche Bank JAMES FREEMAN buy 5 M 32 12 month 07.02.2013Morgan Stanley RICHARD E WILES Equalwt/In-Line 3 M 27 12 month 07.02.2013Credit Suisse JARROD MARTIN neutral 3 M 29 Not Provided 07.02.2013JPMorgan SCOTT MANNING neutral 3 M 27 3 month 07.02.2013Macquarie MICHAEL WIBLIN neutral 3 M 28 12 month 07.02.2013CIMB JOHN BUONACCORSI outperform 5 M 31 12 month 07.02.2013Commonwealth Bank ROSS CURRAN neutral 3 M 28 12 month 07.02.2013Bell Potter T S LIM buy 5 M 31 12 month 07.02.2013Evans & Partners Pty Ltd GEORGE GABRIEL Positive 4 U #N/A N/A Not Provided 07.02.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Goldman Sachs BENJAMIN KOO neutral/neutral 3 M 26 12 month 31.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 27.02.2013Telstra Corp LtdTelstra Corporation Limited is a full service domestic and international Price/Volumetelecommunications provider for Australia. The Company provides telephone 5 300.0 Mexchange lines to homes and businesses, supplying local, long distance and 5international telephone calls and supplying mobile telecommunications services. 4 250.0 MTelstra also provides data, internet, on-line services and directory services. 4 200.0 M 3 3 150.0 M Valuation Analysis 2Latest Fiscal Year: 06/2012 2 100.0 MLTM as of: 01/yy 1 50.0 M 152-Week High (04.02.2013) 4.69 0 .0 M52-Week Low (20.03.2012) 3.18 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 18776264.00 Current Price (2/dd/yy) 4.61 Market Data 52-Week High % Change -1.71% Dividend Yield 6.07 52-Week Low % Change 44.97% Beta 0.52 % 52 Week Price Range High/Low 93.38% Equity Float 12219.63Shares Out 31.12.2012 12443.1 Short Int - Market Capitalization 57362.57 1 Yr Total Return 52.66%Total Debt 15264.00 YTD Return 8.72%Preferred Stock 0.0 Adjusted BETA 0.518Minority Interest 209.0 Analyst Recs 16Cash and Equivalents 3945.00 Consensus Rating 3.000Enterprise Value 69492.57 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 44585150TLS AT EQUITY YTD Change - Average Volume 30 Day 44471940TLS AT EQUITY YTD % CHANGE - Average Volume 3 Month 35740540 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 24657.0 25371.0 24813.0 24983.0 25232.0 - - 25536.3 25859.5 - - TEV/Revenue 2.73x 2.30x 2.16x 1.91x 2.28x - - 2.76x 2.71x - - EBITDA 10299.0 10744.0 10913.0 10555.0 10216.0 - - 10610.5 10749.3 - - TEV/EBITDA 6.54x 5.43x 4.92x 4.52x 5.62x - - 6.55x 6.46x - - Net Income 3692.0 4073.0 3883.0 3231.0 3405.0 - - 3758.2 3825.4 - - P/E 14.18x 10.30x 10.35x 11.07x 13.42x - - 15.26x 14.97x - - Profitability S&P Issuer RatingsEBITDA 10216.00 Long-Term Rating Date 14.02.2006EBIT 5804.00 Long-Term Rating AOperating Margin 23.00% Long-Term Outlook STABLEPretax Margin 19.55% Short-Term Rating Date 14.02.2006Return on Assets 9.22% Short-Term Rating A-1Return on Common Equity 30.69% Credit RatiosReturn on Capital 16.06% EBITDA/Interest Exp. 9.02Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 6.37Margin Analysis Net Debt/EBITDA 1.15Gross Margin 75.5% Total Debt/EBITDA 1.40EBITDA Margin 40.7% ReferenceEBIT Margin 23.5% Total Debt/Equity 133.0%Net Income Margin 13.5% Total Debt/Capital 56.6%Structure Asset Turnover 0.66Current Ratio 0.93 Net Fixed Asset Turnover 1.22Quick Ratio 0.67 Accounts receivable turnover-days 66.75Debt to Assets 38.62% Inventory Days 23.88Tot Debt to Common Equity 132.96% Accounts Payable Turnover Day 220.70Accounts Receivable Turnover 5.48 Cash Conversion Cycle -2.98Inventory Turnover 15.33Price/ Cash Flow Sales/Revenue/Turnover 8.00 30000.0 7.00 25000.0 6.00 20000.0 5.00 4.00 15000.0 3.00 10000.0 2.00 5000.0 1.00 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013Telstra Corp LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 141796500 1.14 (7688500) 31.12.2012 Investment AdvisorAMP LIFE LTD n/a Co File 115005150 0.92 - 06.08.2012 Investment AdvisorFMR LLC n/a ULT-AGG 77777789 0.63 (19970223) 31.12.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 77650846 0.62 3160627 30.09.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 76135821 0.61 950848 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 75137400 0.6 10827905 25.02.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 72305999 0.58 (976828) 25.02.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 70094263 0.56 - 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 68594956 0.55 270 31.12.2012 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 53695000 0.43 - 06.08.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 45817154 0.37 (366418) 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 34570271 0.28 13272436 31.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 29495484 0.24 56900 30.06.2012 Investment AdvisorTELSTRA GROWTHSHARE n/a Co File 29272227 0.24 - 06.08.2012 n/aARGO INVESTMENTS LTD n/a Co File 29204800 0.23 - 06.08.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 26102389 0.21 6680452 14.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 26017431 0.21 2530823 31.12.2012 Investment AdvisorQUESTOR FINANCIAL SE n/a Co File 25665758 0.21 - 06.08.2012 Private EquityQUEENSLAND INVESTMEN n/a Co File 25479545 0.2 - 06.08.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 25005756 0.2 11540168 26.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura DANIEL BLAIR neutral 3 M 4 Not Provided 27.02.2013Macquarie ANDREW LEVY neutral 3 M 4 12 month 08.02.2013CIMB FRASER MCLEISH underperform 1 M 4 12 month 08.02.2013Morgan Stanley MARK GOODRIDGE Equalwt/In-Line 3 M 4 12 month 07.02.2013Credit Suisse BRADLEY CLIBBORN neutral 3 M 5 Not Provided 07.02.2013JPMorgan PAUL BRUNKER neutral 3 M 4 9 month 07.02.2013HSBC NEALE ANDERSON neutral 3 M 5 Not Provided 07.02.2013BBY Limited MARK MCDONNELL buy 5 M 5 12 month 07.02.2013Commonwealth Bank ALICE BENNETT underweight 1 M 4 12 month 07.02.2013Deutsche Bank VIKAS GOUR hold 3 M 4 12 month 31.01.2013Goldman Sachs RAYMOND TONG neutral/neutral 3 M 4 12 month 30.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013Evans & Partners Pty Ltd TONY WILSON neutral 3 U #N/A N/A Not Provided 07.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 27.02.2013Wesfarmers LtdWesfarmers Ltd. owns retail chains, operates mines, writes insurance, Price/Volumemanufactures and distributes industrial products, manufactures fertilizers and 45 14.0 Mchemicals, and distributes liquefied petroleum gas and medical and industrial 40 12.0 Mgases. 35 10.0 M 30 25 8.0 M Valuation Analysis 20 6.0 MLatest Fiscal Year: 06/2012 15 4.0 M 10LTM as of: 01/yy 2.0 M 552-Week High (27.02.2013) 40.78 0 .0 M52-Week Low (12.03.2012) 28.25 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1770391.00 Current Price (2/dd/yy) 40.52 Market Data 52-Week High % Change -0.64% Dividend Yield 4.24 52-Week Low % Change 43.43% Beta 0.87 % 52 Week Price Range High/Low 95.58% Equity Float 1003.09Shares Out 31.01.2013 1006.7 Short Int - Market Capitalization 46947.19 1 Yr Total Return 45.85%Total Debt 5502.00 YTD Return 12.11%Preferred Stock 0.0 Adjusted BETA 0.874Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 2817.00 Consensus Rating 3.267Enterprise Value 49783.19 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2890703WES AT EQUITY YTD Change - Average Volume 30 Day 2588618WES AT EQUITY YTD % CHANGE - Average Volume 3 Month 2192192 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 33301.0 50641.0 51485.0 54513.0 57685.0 - - 59651.9 62896.0 - - TEV/Revenue 1.36x 0.51x 0.70x 0.72x 0.65x - - 0.87x 0.82x - - EBITDA 2714.0 3854.0 3474.0 3793.0 4427.0 - - 4798.7 5222.5 - - TEV/EBITDA 16.73x 6.70x 10.30x 10.36x 8.42x - - 10.37x 9.53x - - Net Income 1063.0 1535.0 1565.0 1922.0 2126.0 - - 2321.6 2587.4 - - P/E 21.41x 14.16x 21.11x 19.11x 16.23x - - 20.23x 18.19x - - Profitability S&P Issuer RatingsEBITDA 4427.00 Long-Term Rating Date 10.03.2011EBIT 3432.00 Long-Term Rating A-Operating Margin 5.95% Long-Term Outlook STABLEPretax Margin 5.28% Short-Term Rating Date 07.11.2007Return on Assets 5.21% Short-Term Rating A-2Return on Common Equity 8.71% Credit RatiosReturn on Capital 7.98% EBITDA/Interest Exp. 10.59Asset Turnover 1.37% (EBITDA-Capex)/Interest Exp. 4.31Margin Analysis Net Debt/EBITDA 0.65Gross Margin - Total Debt/EBITDA 1.33EBITDA Margin 7.5% ReferenceEBIT Margin 5.7% Total Debt/Equity 21.5%Net Income Margin 3.7% Total Debt/Capital 17.7%Structure Asset Turnover 1.37Current Ratio 1.02 Net Fixed Asset Turnover 6.13Quick Ratio 0.42 Accounts receivable turnover-days 13.44Debt to Assets 13.00% Inventory Days -Tot Debt to Common Equity 21.47% Accounts Payable Turnover Day -Accounts Receivable Turnover 27.23 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 70000.0 12.00 60000.0 10.00 50000.0 8.00 40000.0 6.00 30000.0 4.00 20000.0 2.00 10000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 15. 27.02.2013Wesfarmers LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 29318462 2.91 (1000000) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 17502200 1.74 122494 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 11856512 1.18 7586 25.02.2013 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6960351 0.69 229361 30.09.2012 Mutual Fund ManagerCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4932575 0.49 (504754) 31.10.2012 BankARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 4493419 0.45 - 30.06.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4345772 0.43 - 31.07.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3472112 0.34 - 25.02.2013 Investment AdvisorAMP LIFE LTD n/a Co File 2782042 0.28 - 18.09.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2474639 0.25 (418230) 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 2441551 0.24 20670 31.08.2011 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1547258 0.15 15108 28.12.2012 Mutual Fund ManagerAUSTRALIAN FOUNDATIO n/a Co File 1400120 0.14 - 18.09.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1090800 0.11 (13300) 28.09.2012 Investment AdvisorGOYDER RICHARD J B n/a EXCH 1043229 0.1 19833 19.12.2012 n/aAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 919730 0.09 61553 31.12.2012 Investment AdvisorSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 864908 0.09 (228998) 31.12.2012 Mutual Fund ManagerGRAHAM JAMES PHILIP n/a EXCH 807317 0.08 (150395) 15.11.2011 n/aCREDIT SUISSE SECURI n/a Co File 760000 0.08 - 18.09.2012 UnclassifiedHEXAVEST INC HEXAVEST INC 13F 721882 0.07 67814 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan SHAUN COUSINS underweight 1 M 36 12 month 15.02.2013Macquarie GREG DRING neutral 3 M 36 12 month 15.02.2013Deutsche Bank MICHAEL SIMOTAS hold 3 M 38 12 month 14.02.2013Morgan Stanley THOMAS KIERATH Overwt/In-Line 5 M 42 12 month 14.02.2013Goldman Sachs PHILLIP KIMBER Buy/Neutral 5 M 44 12 month 14.02.2013Credit Suisse GRANT SALIGARI underperform 1 M 36 Not Provided 14.02.2013CIMB DANIEL BROEREN neutral 3 M 35 12 month 14.02.2013Commonwealth Bank ANDREW MCLENNAN overweight 5 M 40 12 month 14.02.2013Nomura DAVID COOKE neutral 3 M 38 Not Provided 14.02.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013Evans & Partners Pty Ltd TONY WILSON neutral 3 D #N/A N/A Not Provided 17.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 27.02.2013Woolworths LtdWoolworths Limited operates supermarkets, specialty and discount department Price/Volumestores, liquor and electronics stores throughout Australia. Woolworths also 40 12.0 Mmanufactures processed foods, exports and wholesales food and offers petrol 35retailing. The Company also operates hotels which includes pubs, food, 10.0 M 30accommodation, and gaming operations. 8.0 M 25 20 6.0 M Valuation Analysis 15Latest Fiscal Year: 06/2012 4.0 M 10LTM as of: 01/yy 2.0 M 552-Week High (25.02.2013) 35.08 0 .0 M52-Week Low (20.03.2012) 24.53 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 3101282.00 Current Price (2/dd/yy) 34.01 Market Data 52-Week High % Change -3.05% Dividend Yield 3.70 52-Week Low % Change 38.66% Beta 0.59 % 52 Week Price Range High/Low 89.20% Equity Float 1235.91Shares Out 08.02.2013 1242.7 Short Int - Market Capitalization 42264.00 1 Yr Total Return 43.86%Total Debt 4749.70 YTD Return 15.96%Preferred Stock 0.0 Adjusted BETA 0.594Minority Interest 258.1 Analyst Recs 15Cash and Equivalents 833.40 Consensus Rating 2.867Enterprise Value 46438.40 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3030151WOW AT EQUITY YTD Change - Average Volume 30 Day 2362212WOW AT EQUITY YTD % CHANGE - Average Volume 3 Month 2331227 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 03/12 Q3 06/12 Q4 Total Revenue 47034.8 49594.8 51694.3 52609.1 55129.8 - - 58940.5 61166.2 - 12685.5 TEV/Revenue 0.68x 0.70x 0.71x 0.70x 0.66x - - 0.79x 0.76x - - EBITDA 3108.0 3517.5 3845.7 4071.1 4345.8 - - 4554.8 4796.0 - - TEV/EBITDA 10.25x 9.88x 9.54x 9.00x 8.42x - - 10.20x 9.68x - - Net Income 1626.8 1835.7 2020.8 2124.0 1816.7 - - 2339.8 2468.2 - - P/E 18.13x 17.49x 16.71x 15.73x 14.77x - - 17.93x 17.02x - - Profitability S&P Issuer RatingsEBITDA 4345.80 Long-Term Rating Date 27.05.2005EBIT 3449.90 Long-Term Rating A-Operating Margin 6.26% Long-Term Outlook STABLEPretax Margin 5.57% Short-Term Rating Date 27.05.2005Return on Assets 8.57% Short-Term Rating A-2Return on Common Equity 23.02% Credit RatiosReturn on Capital 15.79% EBITDA/Interest Exp. 10.65Asset Turnover 2.60% (EBITDA-Capex)/Interest Exp. 5.42Margin Analysis Net Debt/EBITDA 0.90Gross Margin 26.0% Total Debt/EBITDA 1.09EBITDA Margin 7.9% ReferenceEBIT Margin 6.3% Total Debt/Equity 58.0%Net Income Margin 3.3% Total Debt/Capital 36.0%Structure Asset Turnover 2.60Current Ratio 0.86 Net Fixed Asset Turnover 6.06Quick Ratio 0.16 Accounts receivable turnover-days 1.37Debt to Assets 22.01% Inventory Days 33.17Tot Debt to Common Equity 58.01% Accounts Payable Turnover Day 36.38Accounts Receivable Turnover 265.94 Cash Conversion Cycle -1.84Inventory Turnover 10.97Price/ Cash Flow Sales/Revenue/Turnover 16.00 60000.0 14.00 50000.0 12.00 40000.0 10.00 8.00 30000.0 6.00 20000.0 4.00 10000.0 2.00 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013Woolworths LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 21525596 1.73 (2787464) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 13350066 1.07 9725 25.02.2013 Investment AdvisorABERDEEN n/a ULT-AGG 10352834 0.83 146478 31.01.2013 UnclassifiedAMP LIFE LTD n/a Co File 8962090 0.72 - 18.09.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6540863 0.53 184307 30.09.2012 Mutual Fund ManagerAUSTRALIAN FOUNDATIO n/a Co File 6213729 0.5 - 18.09.2012 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 4083026 0.33 - 18.09.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 3350626 0.27 - 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3240221 0.26 (258028) 31.12.2012 Investment AdvisorPERPETUAL TRUSTEE CO n/a Co File 2945888 0.24 - 18.09.2012 CorporationNAVIGATOR AUSTRALIA n/a Co File 2883628 0.23 - 18.09.2012 CorporationMACQUARIE GROUP LTD n/a ULT-AGG 2692463 0.22 (81300) 31.12.2012 Investment AdvisorMILTON CORP LTD n/a Co File 2586473 0.21 - 18.09.2012 Investment AdvisorQUESTOR FINANCIAL SE n/a Co File 2541091 0.2 - 18.09.2012 Private EquityQIC LTD n/a Co File 2502013 0.2 - 18.09.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2421818 0.19 86348 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1883985 0.15 18975 28.12.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1779902 0.14 (456) 25.02.2013 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 1556768 0.13 - 14.09.2012 Investment AdvisorUMB BANK N A Multiple Portfolios MF-AGG 1529182 0.12 67965 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse GRANT SALIGARI underperform 1 M 25 Not Provided 06.02.2013Nomura DAVID COOKE buy 5 M 36 Not Provided 06.02.2013JPMorgan SHAUN COUSINS overweight 5 M 32 6 month 04.02.2013Deutsche Bank MICHAEL SIMOTAS buy 5 M 34 12 month 31.01.2013Morgan Stanley THOMAS KIERATH Underwt/In-Line 1 M 26 12 month 31.01.2013Goldman Sachs PHILLIP KIMBER neutral/neutral 3 M 28 12 month 31.01.2013CIMB DANIEL BROEREN neutral 3 M 30 12 month 31.01.2013Commonwealth Bank ANDREW MCLENNAN neutral 3 M 30 12 month 31.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Erste Bank STEPHAN LINGNAU hold 3 N #N/A N/A Not Provided 16.12.2012Macquarie GREG DRING outperform 5 M 33 12 month 04.10.2012Evans & Partners Pty Ltd TONY WILSON Positive 4 M #N/A N/A Not Provided 23.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 27.02.2013CSL LtdCSL Limited develops, manufactures and markets human pharmaceutical and Price/Volumediagnostic products derived from human plasma. The Companys products include 70 6.0 Mpediatric and adult vaccines, infection and pain medicine, skin disorder 60 5.0 Mremedies, antivenoms, anticoagulants and immunoglobulins. 50 4.0 M 40 3.0 M Valuation Analysis 30Latest Fiscal Year: 06/2012 2.0 M 20LTM as of: 01/yy 10 1.0 M52-Week High (27.02.2013) 59.25 0 .0 M52-Week Low (09.03.2012) 32.12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1155289.00 Current Price (2/dd/yy) 58.85 Market Data 52-Week High % Change -0.68% Dividend Yield 1.64 52-Week Low % Change 83.22% Beta 0.78 % 52 Week Price Range High/Low 96.78% Equity Float 493.75Shares Out 12.02.2013 498.2 Short Int - Market Capitalization 29319.03 1 Yr Total Return 85.40%Total Debt 1301.48 YTD Return 9.18%Preferred Stock 0.0 Adjusted BETA 0.781Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 1184.09 Consensus Rating 3.667Enterprise Value 30235.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1556692CSL AT EQUITY YTD Change - Average Volume 30 Day 1476626CSL AT EQUITY YTD % CHANGE - Average Volume 3 Month 1468727 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 Total Revenue 3187.8 3454.8 3931.2 4145.7 4575.4 - - 5114.6 5579.6 - - TEV/Revenue 5.60x 3.78x 3.90x 4.12x 4.53x - - 5.94x 5.42x - - EBITDA 983.1 1100.0 1408.2 1414.6 1519.0 - - 1745.7 1920.8 - - TEV/EBITDA 18.14x 11.86x 10.88x 12.09x 13.66x - - 17.32x 15.74x - - Net Income 629.0 856.5 928.9 931.2 1014.1 - - 1247.0 1384.8 - - P/E 27.98x 16.70x 17.54x 19.00x 20.83x - - 24.13x 21.13x - - Profitability S&P Issuer RatingsEBITDA 1519.01 Long-Term Rating Date -EBIT 1342.01 Long-Term Rating -Operating Margin 29.33% Long-Term Outlook -Pretax Margin 27.45% Short-Term Rating Date -Return on Assets 19.36% Short-Term Rating -Return on Common Equity 31.65% Credit RatiosReturn on Capital 24.50% EBITDA/Interest Exp. 37.64Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 30.04Margin Analysis Net Debt/EBITDA 0.22Gross Margin 48.3% Total Debt/EBITDA 0.67EBITDA Margin 35.5% ReferenceEBIT Margin 31.5% Total Debt/Equity 37.1%Net Income Margin 22.2% Total Debt/Capital 27.1%Structure Asset Turnover 0.81Current Ratio 3.62 Net Fixed Asset Turnover 3.34Quick Ratio 1.95 Accounts receivable turnover-days 64.96Debt to Assets 21.85% Inventory Days 233.99Tot Debt to Common Equity 37.09% Accounts Payable Turnover Day 71.75Accounts Receivable Turnover 5.63 Cash Conversion Cycle 252.95Inventory Turnover 1.56Price/ Cash Flow Sales/Revenue/Turnover 30.00 5000.0 4500.0 25.00 4000.0 3500.0 20.00 3000.0 15.00 2500.0 2000.0 10.00 1500.0 1000.0 5.00 500.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 19. 27.02.2013CSL LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 31003196 6.22 (2201811) 25.02.2013 Investment AdvisorCOMMONWEALTH BANK OF n/a Co File 27559359 5.53 - 30.06.2012 BankCAPITAL GROUP COMPAN n/a ULT-AGG 12888329 2.59 (2129000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 10141648 2.04 (366217) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8855331 1.78 58180 31.12.2012 Investment AdvisorAMP LIFE LTD n/a Co File 4653879 0.93 - 05.02.2013 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2681385 0.54 29192 30.09.2012 Mutual Fund ManagerUMB BANK N A Multiple Portfolios MF-AGG 2164323 0.43 96194 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2026300 0.41 (295400) 30.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1963957 0.39 1963957 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1907069 0.38 (44406) 26.02.2013 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 1895577 0.38 - 28.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1876468 0.38 (135855) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1621732 0.33 (524848) 31.10.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1365238 0.27 (374) 25.02.2013 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 1179752 0.24 - 30.06.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 1155008 0.23 281998 31.12.2012 Investment AdvisorSARASIN n/a ULT-AGG 1082381 0.22 10791 28.12.2012 UnclassifiedQUEENSLAND INVESTMEN n/a Co File 1047450 0.21 - 05.02.2013 Investment AdvisorNAVIGATOR AUSTRALIA n/a Co File 928139 0.19 - 30.06.2012 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateWilson HTM Investment Group SHANE STOREY hold 3 M 56 Not Provided 21.02.2013Nomura DAVID STANTON buy 5 M 65 Not Provided 15.02.2013Macquarie CRAIG COLLIE outperform 5 M 64 12 month 14.02.2013CIMB DEREK JELLINEK neutral 3 M 49 12 month 14.02.2013Deutsche Bank DAVID A LOW hold 3 M 53 12 month 13.02.2013Morgan Stanley SEAN LAAMAN Equalwt/In-Line 3 M 49 12 month 13.02.2013Goldman Sachs IAN ABBOTT neutral/neutral 3 M 55 12 month 13.02.2013Credit Suisse SAUL HADASSIN outperform 5 M 61 Not Provided 13.02.2013JPMorgan STEVEN D WHEEN overweight 5 M 56 9 month 13.02.2013Commonwealth Bank BRUCE DU neutral 3 M 56 12 month 13.02.2013Bell Potter STUART ROBERTS buy 5 U 65 12 month 13.02.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 20. 27.02.2013Rio Tinto LtdRio Tinto Limited is an international mining company. The Company has interests Price/Volumein mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, 80 12.0 Muranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. 70Dually-listed company with RIO LN. 10.0 M 60 8.0 M 50 40 6.0 M Valuation Analysis 30Latest Fiscal Year: 12/2012 4.0 M 20LTM as of: 03/yy 2.0 M 1052-Week High (14.02.2013) 72.30 0 .0 M52-Week Low (30.08.2012) 48.37 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 2923754.00 Current Price (2/dd/yy) 66.01 Market Data 52-Week High % Change -8.70% Dividend Yield 2.48 52-Week Low % Change 36.47% Beta 1.29 % 52 Week Price Range High/Low 71.88% Equity Float 435.51Shares Out 31.12.2012 435.8 Short Int - Market Capitalization 101517.59 1 Yr Total Return 0.39%Total Debt 26819.00 YTD Return 0.00%Preferred Stock 0.0 Adjusted BETA 1.293Minority Interest 11156.0 Analyst Recs 17Cash and Equivalents 7615.00 Consensus Rating 4.294Enterprise Value 133765.82 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4777675RIO AT EQUITY YTD Change - Average Volume 30 Day 2923304RIO AT EQUITY YTD % CHANGE - Average Volume 3 Month 2720502 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 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 Total Revenue 54264.0 41825.0 55171.0 60537.0 50967.0 0.0 9191.0 58856.0 62661.4 - - TEV/Revenue 1.28x 3.46x 3.33x 2.22x 3.08x #DIV/0! 0.00x 2.27x 2.09x - - EBITDA 18964.0 10920.0 22458.0 26304.0 15902.0 0.0 0.0 22112.5 24211.3 - - TEV/EBITDA 3.67x 13.25x 8.18x 5.11x 9.87x 0.00x 0.00x 6.05x 5.53x - - Net Income 3676.0 4872.0 14238.0 5826.0 (2990.0) 0.0 1604.0 11217.1 12317.4 - - P/E 7.63x 22.29x 11.96x 20.37x - 0.00x 0.00x 11.07x 9.85x - - Profitability S&P Issuer RatingsEBITDA 15902.00 Long-Term Rating Date 18.04.2011EBIT 11461.00 Long-Term Rating A-Operating Margin 22.49% Long-Term Outlook NEGPretax Margin -5.04% Short-Term Rating Date 08.07.2009Return on Assets -2.52% Short-Term Rating A-2Return on Common Equity -6.02% Credit RatiosReturn on Capital 5.71% EBITDA/Interest Exp. 22.98Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -2.25Margin Analysis Net Debt/EBITDA 1.24Gross Margin - Total Debt/EBITDA 1.73EBITDA Margin 30.4% ReferenceEBIT Margin 21.7% Total Debt/Equity 57.2%Net Income Margin -5.9% Total Debt/Capital 31.6%Structure Asset Turnover 0.43Current Ratio 1.46 Net Fixed Asset Turnover 0.73Quick Ratio 0.94 Accounts receivable turnover-days 32.33Debt to Assets 22.81% Inventory Days -Tot Debt to Common Equity 57.23% Accounts Payable Turnover Day -Accounts Receivable Turnover 11.32 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 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 |
  • 21. 27.02.2013Rio Tinto LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 28934168 6.64 (1114122) 25.02.2013 Investment AdvisorNATIONAL AUSTRALIA B n/a ULT-AGG 20955192 4.81 (1354766) 25.06.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 7592958 1.74 93629 31.12.2012 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 3605000 0.83 - 29.06.2012 Investment AdvisorARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 2393539 0.55 - 30.06.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2307271 0.53 49901 30.09.2012 Mutual Fund ManagerMACQUARIE GROUP LTD n/a ULT-AGG 1617963 0.37 (264542) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 1311292 0.3 (394422) 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1062005 0.24 11751 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1030553 0.24 325958 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 915029 0.21 (8260) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 748053 0.17 (10341) 31.12.2012 UnclassifiedCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 697809 0.16 6251 28.12.2012 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 672840 0.15 (115591) 26.02.2013 Investment AdvisorPRINCIPAL FINANCIAL n/a ULT-AGG 584735 0.13 (21) 31.01.2013 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 464685 0.11 27067 31.10.2012 BankNATIXIS INTERNATIONA Multiple Portfolios MF-AGG 442091 0.1 (14540) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 415431 0.1 (199) 31.12.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 400826 0.09 (5720) 31.12.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 395400 0.09 21000 28.09.2012 Bank Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura DAVID RADCLYFFE buy 5 M 80 Not Provided 27.02.2013Credit Suisse PAUL MCTAGGART outperform 5 M 75 Not Provided 19.02.2013Commonwealth Bank ANDREW HINES overweight 5 M 83 12 month 18.02.2013Deutsche Bank PAUL-D YOUNG buy 5 M 88 12 month 15.02.2013Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 70 12 month 14.02.2013Investec TIM GERRARD buy 5 M 74 12 month 14.02.2013JPMorgan LYNDON FAGAN overweight 5 M 79 9 month 14.02.2013CIMB PHILLIP CHIPPINDALE outperform 5 M 81 12 month 14.02.2013Macquarie ADRIAN WOOD neutral 3 M 75 12 month 12.02.2013HSBC ANDREW KEEN overweight 5 M 78 Not Provided 08.02.2013RBC Capital Markets DES KILALEA outperform 5 M #N/A N/A Not Provided 07.02.2013Goldman Sachs CRAIG SAINSBURY neutral/attractive 3 M 70 12 month 16.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 27.02.2013Westfield GroupWestfield Group is a property trust that invests in, leases and manages over Price/Volumeretail shopping centers in Australia, New Zealand, the United States and the 12 25.0 MUnited Kingdom. The Groups operations also include funds and asset managementand property development and construction. 10 20.0 M 8 15.0 M 6 Valuation Analysis 10.0 MLatest Fiscal Year: 12/2012 4LTM as of: 01/yy 2 5.0 M52-Week High (06.02.2013) 11.40 0 .0 M52-Week Low (27.02.2012) 8.57 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 7640312.00 Current Price (2/dd/yy) 11.14 Market Data 52-Week High % Change -2.28% Dividend Yield 4.44 52-Week Low % Change 29.99% Beta 0.63 % 52 Week Price Range High/Low 88.69% Equity Float 1936.08Shares Out 25.12.2012 2228.4 Short Int - Market Capitalization 24824.41 1 Yr Total Return 35.85%Total Debt 11177.60 YTD Return 7.86%Preferred Stock 0.0 Adjusted BETA 0.628Minority Interest 434.8 Analyst Recs 15Cash and Equivalents 1099.20 Consensus Rating 3.400Enterprise Value 35337.61 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5512295WDC AT EQUITY YTD Change - Average Volume 30 Day 5720011WDC AT EQUITY YTD % CHANGE - Average Volume 3 Month 5442616 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 03/12 Q1 06/12 Q2 Total Revenue 4351.2 4123.0 3625.6 4006.0 2277.8 - - 3221.5 3385.5 - - TEV/Revenue 10.63x 10.91x 9.89x 7.98x 14.92x - - 11.21x 10.91x - - EBITDA 2231.1 2432.1 2284.1 1356.8 1239.2 - - 1962.9 2058.1 - - TEV/EBITDA 20.73x 18.50x 15.70x 23.55x 27.42x - - 18.00x 17.17x - - Net Income (2196.6) (457.8) 1114.0 1452.9 1718.1 - - 1435.0 1513.0 - - P/E - - 19.80x 12.38x 13.93x - - 16.55x 15.62x - - Profitability S&P Issuer RatingsEBITDA 1239.20 Long-Term Rating Date 07.12.2010EBIT 1239.20 Long-Term Rating A-Operating Margin 30.56% Long-Term Outlook STABLEPretax Margin 86.44% Short-Term Rating Date 04.02.2005Return on Assets 4.83% Short-Term Rating A-2Return on Common Equity 11.15% Credit RatiosReturn on Capital 6.24% EBITDA/Interest Exp. 2.04Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 0.02Margin Analysis Net Debt/EBITDA 8.13Gross Margin - Total Debt/EBITDA 9.02EBITDA Margin 54.4% ReferenceEBIT Margin - Total Debt/Equity 72.9%Net Income Margin 75.4% Total Debt/Capital 41.5%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 32.80% Inventory Days -Tot Debt to Common Equity 72.92% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 18.00 5000.0 16.00 4500.0 14.00 4000.0 3500.0 12.00 3000.0 10.00 2500.0 8.00 2000.0 6.00 1500.0 4.00 1000.0 2.00 500.0 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. 27.02.2013Westfield GroupHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 187919260 8.43 165203 25.02.2013 Investment AdvisorWESTFIELD C FUND PTY n/a Co File 179598386 8.06 - 14.03.2012 UnclassifiedVANGUARD INVESTMENTS n/a Co File 140169212 6.29 - 31.12.2011 Mutual Fund ManagerAMP LTD n/a EXCH 110310826 4.95 (2427517) 18.09.2012 Insurance CompanyCAPITAL GROUP COMPAN n/a ULT-AGG 82830563 3.72 (537775) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 36593014 1.64 607722 31.12.2012 Investment AdvisorLASALLE INVESTMENT M Multiple Portfolios MF-AGG 29652238 1.33 (955076) 21.08.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 28400269 1.27 3408378 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 26303663 1.18 27497 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 26057631 1.17 2122934 31.12.2012 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 25481438 1.14 (3971911) 25.02.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 22410960 1.01 - 26.02.2013 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 17002787 0.76 (402217) 31.12.2012 Investment AdvisorABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 16383012 0.74 (1400622) 17.07.2012 Investment AdvisorCBRE CLARION SECURIT Multiple Portfolios MF-AGG 11302243 0.51 958800 31.10.2012 Investment AdvisorDIAM n/a ULT-AGG 9091048 0.41 (12000) 31.12.2012 UnclassifiedCI INVESTMENTS INC Multiple Portfolios MF-AGG 9021211 0.4 (3141640) 30.06.2012 Investment AdvisorNIKKO ASSET MANAGEME n/a ULT-AGG 8383112 0.38 (2443981) 01.02.2013 UnclassifiedNOMURA n/a ULT-AGG 6879241 0.31 (712430) 06.09.2012 UnclassifiedPRINCIPAL FINANCIAL n/a ULT-AGG 6617924 0.3 (583922) 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley LOURENS PIRENC Overwt/In-Line 5 M 11 12 month 27.02.2013Commonwealth Bank DAVID LLOYD overweight 5 M 11 12 month 26.02.2013Macquarie PAUL CHECCHIN underperform 1 M 11 12 month 19.02.2013JPMorgan ROB STANTON neutral 3 M 11 9 month 05.02.2013Credit Suisse STEPHEN RICH neutral 3 M 11 Not Provided 16.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013Evercore Partners BENJAMIN YANG equalweight 3 M 11 12 month 09.01.2013Moelis & Company SIMON SCOTT buy 5 M 11 12 month 06.11.2012Deutsche Bank IAN RANDALL buy 5 M 12 12 month 31.10.2012Goldman Sachs SIMON WHEATLEY Sell/Neutral 1 M 9 12 month 15.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 27.02.2013Woodside Petroleum LtdWoodside Petroleum Limited explores for and produces oil and gas from offshore Price/Volumeand onshore facilities located in Western Australia and Northern Territory. The 45 9.0 MCompany operates numerous oil and gas fields and pipelines throughout Australia, 40 8.0 MUnited States and Mauritania and its products include liquefied natural gas, 35 7.0 Mdomestic gas, condensate, crude oil and liquefied petroleum gas. 30 6.0 M 25 5.0 M Valuation Analysis 20 4.0 MLatest Fiscal Year: 12/2012 15 3.0 M 10 2.0 MLTM as of: 01/yy 5 1.0 M52-Week High (20.02.2013) 39.21 0 .0 M52-Week Low (11.07.2012) 30.09 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 3388626.00 Current Price (2/dd/yy) 36.2 Market Data 52-Week High % Change -7.68% Dividend Yield 3.53 52-Week Low % Change 20.31% Beta 1.10 % 52 Week Price Range High/Low 68.53% Equity Float 633.52Shares Out 31.12.2012 823.9 Short Int - Market Capitalization 29825.57 1 Yr Total Return 0.87%Total Debt 4340.00 YTD Return 8.67%Preferred Stock 0.0 Adjusted BETA 1.101Minority Interest 679.0 Analyst Recs 15Cash and Equivalents 2422.00 Consensus Rating 3.533Enterprise Value 32977.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5521386WPL AT EQUITY YTD Change - Average Volume 30 Day 2494135WPL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2061580 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 09/12 Q3 12/12 Q4 Total Revenue 5103.3 3487.0 4193.0 4802.0 6348.0 - - 6360.1 6979.5 - - TEV/Revenue 4.75x 10.26x 9.20x 6.44x 4.97x - - 5.15x 4.50x - - EBITDA 3818.5 2482.0 2887.0 2755.0 4323.0 - - 4424.5 5008.8 - - TEV/EBITDA 6.35x 14.42x 13.37x 11.23x 7.30x - - 7.45x 6.58x - - Net Income 1521.6 1474.0 1575.0 1507.0 2983.0 - - 2043.2 2318.8 - - P/E 14.06x 20.18x 21.34x 16.53x 9.61x - - 15.07x 13.11x - - Profitability S&P Issuer RatingsEBITDA 4323.00 Long-Term Rating Date 03.12.2010EBIT 3106.00 Long-Term Rating BBB+Operating Margin 48.93% Long-Term Outlook STABLEPretax Margin 57.62% Short-Term Rating Date 25.04.2001Return on Assets 12.42% Short-Term Rating NRReturn on Common Equity 21.46% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 166.27Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. 92.65Margin Analysis Net Debt/EBITDA 0.44Gross Margin 58.8% Total Debt/EBITDA 1.00EBITDA Margin 68.1% ReferenceEBIT Margin 48.9% Total Debt/Equity 28.7%Net Income Margin 47.0% Total Debt/Capital 21.5%Structure Asset Turnover 0.26Current Ratio 1.39 Net Fixed Asset Turnover 0.30Quick Ratio 1.21 Accounts receivable turnover-days 22.72Debt to Assets 17.49% Inventory Days 30.48Tot Debt to Common Equity 28.65% Accounts Payable Turnover Day 41.97Accounts Receivable Turnover 16.11 Cash Conversion Cycle 11.22Inventory Turnover 12.01Price/ Cash Flow Sales/Revenue/Turnover 25.00 7000.0 6000.0 20.00 5000.0 15.00 4000.0 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 |
  • 25. 27.02.2013Woodside Petroleum LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHELL ENERGY HOLDING n/a EXCH 190119364 23.08 - 04.04.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 14265568 1.73 (123785) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 7167487 0.87 6083 25.02.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 5709250 0.69 (1531) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5055486 0.61 94000 25.02.2013 Investment AdvisorONTARIO TEACHERS PEN n/a Research 3400000 0.41 - 31.12.2011 Pension Fund (ERISA)VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3323100 0.4 117359 30.09.2012 Mutual Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 3230216 0.39 3000000 31.10.2012 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 3121000 0.38 - 29.06.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 2878844 0.35 (574628) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2759580 0.33 51027 31.12.2012 Investment AdvisorSTATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 2580656 0.31 - 30.09.2012 Insurance CompanyARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 1700873 0.21 - 30.06.2011 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 1625502 0.2 624441 31.08.2011 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1069841 0.13 9438 28.12.2012 Mutual Fund ManagerMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 963300 0.12 113300 31.12.2012 Mutual Fund ManagerDJERRIWARRH INVESTME Multiple Portfolios MF-AGG 948000 0.12 - 30.06.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 870545 0.11 4596 26.02.2013 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 632446 0.08 1871 28.12.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 596332 0.07 (16269) 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 26.02.2013Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 42 12 month 21.02.2013Macquarie ADRIAN WOOD underperform 1 D 40 12 month 21.02.2013Deutsche Bank JOHN HIRJEE buy 5 M 41 12 month 20.02.2013Morgan Stanley STUART BAKER Equalwt/Attractive 3 D 42 12 month 20.02.2013Goldman Sachs MARK WISEMAN neutral/neutral 3 M 41 12 month 20.02.2013RBC Capital Markets ANDREW WILLIAMS sector perform 3 M 40 12 month 20.02.2013Credit Suisse PAUL MCTAGGART neutral 3 M 39 Not Provided 20.02.2013JPMorgan BENJAMIN X. WILSON overweight 5 M 45 9 month 20.02.2013Commonwealth Bank LUKE SMITH underweight 1 M 39 12 month 20.02.2013Bell Potter JOHAN HEDSTROM buy 5 M 43 12 month 03.12.2012Nomura RICHARD J JOHNSON suspended coverage #N/A N/A M #N/A N/A Not Provided 29.04.2012Hartleys DAVID WALL buy 5 M 55 12 month 23.03.2012Intersuisse Ltd NICK WIRUBOV buy 5 N 51 Not Provided 10.11.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 26. 27.02.2013Newcrest Mining LtdNewcrest Mining Limited is a gold mining, exploration and production company. Price/VolumeThe Companys exploration projects include Telfer and Boddington which are 35 14.0 Mlocated in Western Australia. The Company also is developing and exploring at 30 12.0 Mthe Cadia Hill and Ridgeway projects in New South Wales and the Gosowong projectin Indonesia. 25 10.0 M 20 8.0 M Valuation Analysis 15 6.0 MLatest Fiscal Year: 06/2012 10 4.0 MLTM as of: 06/yy 5 2.0 M52-Week High (27.02.2012) 33.98 0 .0 M52-Week Low (23.07.2012) 20.89 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 3832946.00 Current Price (2/dd/yy) 22.58 Market Data 52-Week High % Change -33.55% Dividend Yield 1.55 52-Week Low % Change 8.09% Beta 0.96 % 52 Week Price Range High/Low 9.47% Equity Float 757.59Shares Out 31.12.2012 765.9 Short Int - Market Capitalization 17294.18 1 Yr Total Return -31.79%Total Debt 2408.00 YTD Return 1.80%Preferred Stock 0.0 Adjusted BETA 0.963Minority Interest 119.0 Analyst Recs 17Cash and Equivalents 242.00 Consensus Rating 3.647Enterprise Value 20546.18 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5360506NCM AT EQUITY YTD Change - Average Volume 30 Day 3990749NCM AT EQUITY YTD % CHANGE - Average Volume 3 Month 3722064 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 Total Revenue 2363.1 2530.8 2802.0 4102.0 4416.0 0.0 0.0 4078.3 5318.1 1101.0 1101.0 TEV/Revenue 5.76x 5.88x 6.00x 7.20x 4.43x #DIV/0! #DIV/0! 5.02x 3.80x 17.69x 17.69x EBITDA 1041.4 1032.6 1432.0 2069.0 2150.0 0.0 0.0 1978.3 2895.6 545.0 545.0 TEV/EBITDA 13.06x 14.40x 11.74x 14.28x 9.10x 0.00x 0.00x 10.39x 7.10x - - Net Income 134.3 248.1 557.0 908.0 1117.0 0.0 0.0 871.3 1382.3 250.0 250.0 P/E 94.52x 57.57x 30.47x 29.83x 15.49x 0.00x 0.00x 19.69x 12.52x 13.85x 12.27x Profitability S&P Issuer RatingsEBITDA 2150.00 Long-Term Rating Date 19.10.2011EBIT 1589.00 Long-Term Rating BBB+Operating Margin 35.98% Long-Term Outlook NEGPretax Margin 35.71% Short-Term Rating Date -Return on Assets 3.86% Short-Term Rating -Return on Common Equity 5.24% Credit RatiosReturn on Capital 4.92% EBITDA/Interest Exp. 37.07Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 26.83Margin Analysis Net Debt/EBITDA 1.81Gross Margin 41.0% Total Debt/EBITDA 1.87EBITDA Margin 44.2% ReferenceEBIT Margin 29.9% Total Debt/Equity 16.1%Net Income Margin 25.3% Total Debt/Capital 13.8%Structure Asset Turnover 0.19Current Ratio 0.73 Net Fixed Asset Turnover 0.30Quick Ratio 0.15 Accounts receivable turnover-days 24.20Debt to Assets 11.74% Inventory Days 112.75Tot Debt to Common Equity 16.08% Accounts Payable Turnover Day 59.13Accounts Receivable Turnover 15.12 Cash Conversion Cycle 91.53Inventory Turnover 3.25Price/ Cash Flow Sales/Revenue/Turnover 25.00 5000.0 4500.0 20.00 4000.0 3500.0 15.00 3000.0 2500.0 10.00 2000.0 1500.0 5.00 1000.0 500.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013Newcrest Mining LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 133116804 17.38 (1276099) 25.02.2013 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 60396213 7.89 8223213 29.01.2013 BankFMR LLC n/a ULT-AGG 39279839 5.13 (8644020) 30.09.2012 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 25078635 3.27 749362 30.09.2012 Hedge Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 16929851 2.21 179189 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 16908632 2.21 209603 25.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 7910782 1.03 (165400) 31.12.2012 Investment AdvisorAMP LIFE LTD n/a Co File 6121417 0.8 - 31.08.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 5722469 0.75 2406041 31.12.2012 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 4656589 0.61 - 28.09.2012 Hedge Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4044326 0.53 90648 30.09.2012 Mutual Fund ManagerUNITED SERVICES AUTO Multiple Portfolios MF-AGG 3979189 0.52 (101011) 30.11.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3567826 0.47 - 30.12.2012 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 2961552 0.39 (40000) 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 2829427 0.37 (90306) 31.12.2012 Investment AdvisorGAMCO n/a ULT-AGG 2509504 0.33 (16600) 28.09.2012 UnclassifiedNEW JERSEY DIVISION Multiple Portfolios MF-AGG 2250000 0.29 750000 30.06.2012 Pension Fund (ERISA)MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2245493 0.29 37339 31.12.2012 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 2201893 0.29 54959 31.12.2012 Mutual Fund ManagerTROY ASSET MANAGEMEN Multiple Portfolios MF-AGG 2095000 0.27 - 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura DAVID COTTERELL buy 5 M 35 Not Provided 27.02.2013Goldman Sachs IAN PRESTON neutral/attractive 3 M 23 12 month 26.02.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 32 Not Provided 25.02.2013Deutsche Bank BRETT MCKAY hold 3 M 25 12 month 08.02.2013Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 M 31 12 month 08.02.2013RBC Capital Markets GEOFF BREEN outperform 5 M 30 12 month 08.02.2013Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 29 Not Provided 08.02.2013JPMorgan JOSEPH KIM neutral 3 M 27 9 month 08.02.2013Macquarie MITCH RYAN outperform 5 M 30 12 month 08.02.2013Commonwealth Bank ANDREW KNUCKEY neutral 3 M 27 12 month 08.02.2013CIMB JAMES STEWART outperform 5 M 28 12 month 01.02.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013DJ Carmichael Pty Ltd PAUL ADAMS not rated #N/A N/A M #N/A N/A Not Provided 14.08.2012Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 02.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28. 27.02.2013AMP LtdAMP Limited provides life insurance, superannuation, asset management products, Price/Volumepensions, retirement planning and other diversified financial services 6 35.0 Mthroughout Australia and New Zealand. The Company services individual 5 30.0 Mcustomers, small businesses, corporations and associated superannuation funds. 25.0 M 4 20.0 M 3 Valuation Analysis 15.0 MLatest Fiscal Year: 12/2012 2 10.0 MLTM as of: 01/yy 1 5.0 M52-Week High (20.02.2013) 5.59 0 .0 M52-Week Low (26.06.2012) 3.71 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 7376388.00 Current Price (2/dd/yy) 5.37 Market Data 52-Week High % Change -3.94% Dividend Yield 4.93 52-Week Low % Change 44.74% Beta 1.16 % 52 Week Price Range High/Low 86.17% Equity Float 2773.91Shares Out 31.12.2012 2930.4 Short Int - Market Capitalization 15736.37 1 Yr Total Return 36.78%Total Debt 12359.00 YTD Return 11.64%Preferred Stock 0.0 Adjusted BETA 1.159Minority Interest 68.0 Analyst Recs 15Cash and Equivalents 4652.00 Consensus Rating 2.867Enterprise Value 24752.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 14629320AMP AT EQUITY YTD Change - Average Volume 30 Day 10528980AMP AT EQUITY YTD % CHANGE - Average Volume 3 Month 9106636 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 (11190.0) 10742.0 7462.0 5436.0 - - - 13454.0 16298.0 - - TEV/Revenue - 2.21x 2.52x 3.54x - - - 1.79x 1.45x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 580.0 739.0 775.0 688.0 704.0 - - 970.8 1086.7 - - P/E 24.52x 18.45x 13.96x 15.48x 19.47x - - 16.42x 14.79x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 23.55% Long-Term Outlook -Pretax Margin 12.38% Short-Term Rating Date -Return on Assets 0.64% Short-Term Rating -Return on Common Equity 10.24% Credit RatiosReturn on Capital 6.46% EBITDA/Interest Exp. -Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 181.0%Net Income Margin 12.7% Total Debt/Capital 64.2%Structure Asset Turnover 0.08Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 11.21% Inventory Days -Tot Debt to Common Equity 180.98% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 7.00 25000.0 6.00 20000.0 5.00 15000.0 4.00 10000.0 5000.0 3.00 0.0 2.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 -5000.0 1.00 -10000.0 0.00 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 -15000.0 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 29. 27.02.2013AMP LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B n/a ULT-AGG 90851830 3.1 (74443778) 11.09.2012 BankAMP LTD n/a EXCH 64042678 2.19 (4345242) 13.02.2013 Insurance CompanyCAPITAL GROUP COMPAN n/a ULT-AGG 58153609 1.98 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 50993307 1.74 770446 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 38675469 1.32 58792 25.02.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 31090357 1.06 (292244) 25.02.2013 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 20665000 0.71 - 29.06.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 17323764 0.59 1403934 31.12.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 16841211 0.57 415744 30.09.2012 Mutual Fund ManagerARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 12068681 0.41 - 30.06.2011 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 11419825 0.39 - 14.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 7669238 0.26 2183181 31.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 6852582 0.23 1686100 30.06.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 6660101 0.23 (2048030) 31.12.2012 Investment AdvisorDJERRIWARRH INVESTME Multiple Portfolios MF-AGG 5518000 0.19 - 30.06.2011 Investment AdvisorABERDEEN n/a ULT-AGG 5435023 0.19 (2477) 31.01.2013 UnclassifiedUBS n/a ULT-AGG 5170092 0.18 - 31.10.2012 UnclassifiedFMR LLC n/a ULT-AGG 4480126 0.15 (238799) 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4409860 0.15 45558 28.12.2012 Mutual Fund ManagerCI INVESTMENTS INC Multiple Portfolios MF-AGG 3768500 0.13 1012150 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 5 3 month 22.02.2013Macquarie TIM LAWSON neutral 3 M 5 12 month 22.02.2013Nomura TOBY LANGLEY neutral 3 M 5 Not Provided 22.02.2013Deutsche Bank KIEREN CHIDGEY buy 5 M 6 12 month 21.02.2013Morgan Stanley DANIEL TOOHEY Equalwt/Attractive 3 M 6 12 month 21.02.2013Goldman Sachs RYAN FISHER neutral/neutral 3 M 5 12 month 21.02.2013Credit Suisse ANDREW ADAMS neutral 3 M 6 Not Provided 21.02.2013CIMB RICHARD COLES neutral 3 M 5 12 month 21.02.2013BBY Limited BRETT LE MESURIER underperform 1 M 5 12 month 21.02.2013Commonwealth Bank ROSS CURRAN underweight 1 M 5 12 month 21.02.2013Bell Potter LAFITANI SOTIRIOU buy 5 M 7 12 month 21.02.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 27.02.2013QBE Insurance Group LtdQBE Insurance Group Limited is an insurance company which underwrites most forms Price/Volumeof commercial and industrial insurance policies, as well as individual policies. 16 60.0 MQBE also manages Lloyds syndicates and provides investment management services. 14The Company provides its services both domestically and internationally. 50.0 M 12 40.0 M 10 8 30.0 M Valuation Analysis 6Latest Fiscal Year: 12/2012 20.0 M 4LTM as of: 01/yy 10.0 M 252-Week High (04.04.2012) 14.71 0 .0 M52-Week Low (05.12.2012) 10.02 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 8349924.00 Current Price (2/dd/yy) 13.18 Market Data 52-Week High % Change -10.40% Dividend Yield 3.87 52-Week Low % Change 31.54% Beta 1.21 % 52 Week Price Range High/Low 58.21% Equity Float 1193.49Shares Out 31.12.2012 1196.7 Short Int - Market Capitalization 15773.13 1 Yr Total Return 20.59%Total Debt 4932.00 YTD Return 20.92%Preferred Stock 0.0 Adjusted BETA 1.213Minority Interest 59.0 Analyst Recs 15Cash and Equivalents 2025.00 Consensus Rating 2.867Enterprise Value 19031.73 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7394722QBE AT EQUITY YTD Change - Average Volume 30 Day 5580509QBE AT EQUITY YTD % CHANGE - Average Volume 3 Month 5176937 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 10603.6 10933.1 12021.0 16135.0 17011.0 - - 17907.9 18410.7 - - TEV/Revenue 2.12x 2.00x 1.76x 1.12x 0.97x - - 1.19x 1.15x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 1583.8 1562.5 1278.0 704.0 761.0 - - 1368.3 1512.6 - - P/E 12.36x 13.03x 15.01x 20.46x 17.38x - - 13.06x 11.41x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 28.06.2012EBIT - Long-Term Rating AOperating Margin 7.40% Long-Term Outlook NEGPretax Margin 5.53% Short-Term Rating Date -Return on Assets 1.56% Short-Term Rating -Return on Common Equity 7.00% Credit RatiosReturn on Capital 6.65% EBITDA/Interest Exp. -Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 43.4%Net Income Margin 4.5% Total Debt/Capital 30.2%Structure Asset Turnover 0.35Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 9.72% Inventory Days -Tot Debt to Common Equity 43.42% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 18000.0 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 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. 27.02.2013QBE Insurance Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeABERDEEN n/a ULT-AGG 169005891 14.12 22462268 08.01.2013 UnclassifiedCREDIT SUISSE AG n/a EXCH 125774584 10.51 (12756433) 18.03.2011 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 111084158 9.28 13495710 19.12.2012 BankNATIONAL AUSTRALIA B n/a ULT-AGG 32716423 2.73 (26444095) 31.08.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 20632535 1.72 323284 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 17776192 1.49 991300 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 12606528 1.05 (4492) 25.02.2013 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6830982 0.57 146001 30.09.2012 Mutual Fund ManagerAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 6365000 0.53 - 29.06.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5683815 0.47 106906 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 5430228 0.45 160478 31.12.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 4484726 0.37 - 28.09.2012 Investment AdvisorARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 3631156 0.3 - 30.06.2011 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2610967 0.22 (2088890) 14.09.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 2577880 0.22 67133 30.11.2012 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2265624 0.19 (15523) 31.05.2012 Investment AdvisorTAUBE HODSON STONEX Multiple Portfolios MF-AGG 2116882 0.18 (107370) 30.11.2012 Investment AdvisorUBS n/a ULT-AGG 1952414 0.16 (39106) 28.12.2012 UnclassifiedCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1942512 0.16 9288 28.12.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 1716057 0.14 20996 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 14 12 month 27.02.2013Macquarie TIM LAWSON neutral 3 M 13 12 month 27.02.2013Deutsche Bank KIEREN CHIDGEY buy 5 U 14 12 month 26.02.2013Morgan Stanley DANIEL TOOHEY Equalwt/Attractive 3 M 12 12 month 26.02.2013Goldman Sachs RYAN FISHER neutral/neutral 3 M 12 12 month 26.02.2013Credit Suisse ANDREW ADAMS outperform 5 M 13 Not Provided 26.02.2013CIMB RICHARD COLES neutral 3 M 13 12 month 26.02.2013BBY Limited BRETT LE MESURIER underperform 1 M 10 12 month 26.02.2013Commonwealth Bank ROSS CURRAN underweight 1 M 12 12 month 26.02.2013Nomura TOBY LANGLEY buy 5 M 15 Not Provided 26.02.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Shaw Stockbroking TIM BUCKLEY buy 5 U #N/A N/A Not Provided 10.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 27.02.2013Suncorp Group LtdSuncorp Group Ltd. offers retail and business banking, life and general Price/Volumeinsurance, superannuation and funds management services. The Companys 14 16.0 Mservices include personal banking and loans, personal insurance products, 12 14.0 Mcredit cards, pension savings accounts, term deposits, property development 10 12.0 Mfinance, commercial lending, investments and lease financing. 10.0 M 8 8.0 M Valuation Analysis 6 6.0 MLatest Fiscal Year: 06/2012 4 4.0 MLTM as of: 01/yy 2 2.0 M52-Week High (22.02.2013) 11.98 0 .0 M52-Week Low (04.06.2012) 7.33 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 6517692.00 Current Price (2/dd/yy) 11.17 Market Data 52-Week High % Change -6.76% Dividend Yield 4.03 52-Week Low % Change 52.47% Beta 0.94 % 52 Week Price Range High/Low 84.53% Equity Float 1272.74Shares Out 31.12.2012 1286.6 Short Int - Market Capitalization 14371.33 1 Yr Total Return 45.57%Total Debt 56254.00 YTD Return 12.17%Preferred Stock 0.0 Adjusted BETA 0.942Minority Interest 17.0 Analyst Recs 16Cash and Equivalents 866.00 Consensus Rating 4.000Enterprise Value 69682.33 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9030830SUN AT EQUITY YTD Change - Average Volume 30 Day 5543147SUN AT EQUITY YTD % CHANGE - Average Volume 3 Month 4497475 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 Total Revenue 11345.0 12199.0 13122.0 13242.0 15088.0 - - 8368.5 8827.0 - - TEV/Revenue 5.36x 4.79x 4.52x 4.84x 4.36x - - 2.95x 2.76x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 583.0 348.0 780.0 453.0 724.0 - - 1068.6 1201.1 - - P/E 21.65x 21.19x 13.01x 22.89x 14.27x - - 13.71x 12.23x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 06.02.2012EBIT - Long-Term Rating AOperating Margin 27.23% Long-Term Outlook STABLEPretax Margin 6.38% Short-Term Rating Date 07.01.2009Return on Assets 0.97% Short-Term Rating A-1Return on Common Equity 6.40% Credit RatiosReturn on Capital 4.15% EBITDA/Interest Exp. -Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 398.7%Net Income Margin 4.8% Total Debt/Capital 79.9%Structure Asset Turnover 0.17Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 58.56% Inventory Days -Tot Debt to Common Equity 398.68% Accounts Payable Turnover Day -Accounts Receivable Turnover - 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 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013Suncorp Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B n/a ULT-AGG 63173610 4.91 (1373324) 03.09.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 22669872 1.76 271887 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 17771931 1.38 (38675) 25.02.2013 Investment AdvisorAMP LIFE LTD n/a Co File 12603307 0.98 - 17.08.2012 Investment AdvisorCPU SHARE PLANS PTY n/a Co File 9606366 0.75 1653897 17.08.2012 n/aEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 9513588 0.74 4174649 14.09.2012 Investment AdvisorQUEENSLAND INVESTMEN n/a Co File 7711303 0.6 - 17.08.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 7456729 0.58 182332 30.09.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 6267519 0.49 (257077) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6233489 0.48 406 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 4238276 0.33 42200 31.12.2012 Investment AdvisorARGO INVESTMENTS LTD n/a EXCH 3510894 0.27 - 06.02.2013 Investment AdvisorUBS n/a ULT-AGG 3004284 0.23 192796 28.12.2012 UnclassifiedSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3001809 0.23 (7155) 31.12.2012 Investment AdvisorMILTON CORP LTD n/a Co File 2832882 0.22 - 17.08.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2695980 0.21 - 31.07.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1988500 0.15 - 28.09.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1988146 0.15 - 30.11.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1983701 0.15 17971 28.12.2012 Mutual Fund ManagerMACQUARIE GROUP LTD n/a ULT-AGG 1913797 0.15 82152 31.08.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013Nomura TOBY LANGLEY buy 5 M 13 Not Provided 22.02.2013JPMorgan SIDDHARTH PARAMESWARAN overweight 5 M 13 12 month 21.02.2013Macquarie TIM LAWSON underperform 1 M 10 12 month 21.02.2013Deutsche Bank KIEREN CHIDGEY buy 5 M 12 12 month 20.02.2013Morgan Stanley DANIEL TOOHEY Equalwt/Attractive 3 M 11 12 month 20.02.2013Goldman Sachs RYAN FISHER Buy/Neutral 5 M 11 12 month 20.02.2013Credit Suisse ANDREW ADAMS neutral 3 M 12 Not Provided 20.02.2013CIMB RICHARD COLES outperform 5 M 12 12 month 20.02.2013BBY Limited BRETT LE MESURIER underperform 1 M 11 12 month 20.02.2013Commonwealth Bank ROSS CURRAN neutral 3 D 11 12 month 20.02.2013Bell Potter T S LIM buy 5 M 12 12 month 20.02.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 27.02.2013Brambles LtdBrambles Limited is a global support services group which provides pallet and Price/Volumeplastic container pooling services and information management services. 10 16.0 M 9 14.0 M 8 12.0 M 7 6 10.0 M 5 8.0 M Valuation Analysis 4 6.0 MLatest Fiscal Year: 06/2012 3 4.0 MLTM as of: 01/yy 2 1 2.0 M52-Week High (22.02.2013) 8.78 0 .0 M52-Week Low (12.07.2012) 6.04 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 4334330.00 Current Price (2/dd/yy) 8.57 Market Data 52-Week High % Change -2.39% Dividend Yield 3.13 52-Week Low % Change 41.89% Beta 0.89 % 52 Week Price Range High/Low 89.05% Equity Float 1467.69Shares Out 25.02.2013 1556.7 Short Int - Market Capitalization 13340.62 1 Yr Total Return 24.88%Total Debt 2864.10 YTD Return 14.11%Preferred Stock 0.0 Adjusted BETA 0.889Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 174.20 Consensus Rating 3.429Enterprise Value 16265.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5308716BXB AT EQUITY YTD Change - Average Volume 30 Day 3877304BXB AT EQUITY YTD % CHANGE - Average Volume 3 Month 3726528 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 4358.6 4018.6 4146.8 4672.2 5625.0 - - 5975.0 6397.9 - - TEV/Revenue 3.21x 2.21x 2.01x 3.09x 2.20x - - 2.74x 2.54x - - EBITDA 1356.5 1147.9 1143.9 1089.5 1532.4 - - 1655.9 1830.8 - - TEV/EBITDA 10.31x 7.75x 7.29x 13.25x 8.08x - - 9.82x 8.88x - - Net Income 648.7 452.6 448.8 247.0 576.3 - - 703.1 795.6 - - P/E 18.20x 15.38x 14.68x 23.72x 16.25x - - 19.44x 17.25x - - Profitability S&P Issuer RatingsEBITDA 1532.40 Long-Term Rating Date 21.12.2009EBIT 980.20 Long-Term Rating BBB+Operating Margin 17.43% Long-Term Outlook STABLEPretax Margin 13.99% Short-Term Rating Date -Return on Assets 8.15% Short-Term Rating -Return on Common Equity 23.76% Credit RatiosReturn on Capital 12.66% EBITDA/Interest Exp. 9.80Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 3.73Margin Analysis Net Debt/EBITDA 1.49Gross Margin - Total Debt/EBITDA 1.57EBITDA Margin 29.1% ReferenceEBIT Margin 18.4% Total Debt/Equity 104.5%Net Income Margin 10.2% Total Debt/Capital 51.1%Structure Asset Turnover 0.78Current Ratio 0.96 Net Fixed Asset Turnover 1.51Quick Ratio 0.70 Accounts receivable turnover-days 60.60Debt to Assets 37.96% Inventory Days -Tot Debt to Common Equity 104.51% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.04 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 6000.0 10.00 5000.0 8.00 4000.0 6.00 3000.0 4.00 2000.0 2.00 1000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013Brambles LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBAILLIE GIFFORD AND n/a Co File 92229027 5.92 - 07.08.2012 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 78838646 5.06 2862568 05.12.2012 BankSCHRODER INVESTMENT n/a EXCH 78187751 5.02 - 19.09.2012 Investment AdvisorNATIONAL AUSTRALIA B n/a ULT-AGG 68163075 4.38 (10075237) 26.11.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 45280609 2.91 380021 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 19210836 1.23 260626 26.02.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 16547321 1.06 8972 25.02.2013 Investment AdvisorAMP LIFE LTD n/a Co File 13340696 0.86 - 07.08.2012 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 10063530 0.65 - 07.08.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 8394062 0.54 (757059) 31.12.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 8252496 0.53 204980 30.09.2012 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5565884 0.36 118472 31.12.2012 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 4756341 0.31 - 07.08.2012 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 4529077 0.29 (61498) 31.12.2012 Investment AdvisorGENERAL ELECTRIC COM Multiple Portfolios MF-AGG 3900712 0.25 (620326) 31.12.2012 CorporationQUEENSLAND INVESTMEN n/a Co File 3196461 0.21 - 07.08.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 3059333 0.2 - 31.10.2012 Investment AdvisorUBS n/a ULT-AGG 2991113 0.19 (5698) 28.12.2012 UnclassifiedFMR LLC n/a ULT-AGG 2971162 0.19 (113480) 31.12.2012 Investment AdvisorDJERRIWARRH INVESTME Multiple Portfolios MF-AGG 2586000 0.17 - 30.06.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan SCOTT CARROLL overweight 5 M 9 9 month 22.02.2013Macquarie RUSSELL SHAW outperform 5 M 9 12 month 22.02.2013Deutsche Bank CAMERON MCDONALD buy 5 M 9 12 month 21.02.2013Morgan Stanley SCOTT KELLY Equalwt/In-Line 3 M 8 12 month 21.02.2013Goldman Sachs ANDREW GIBSON neutral/neutral 3 M 9 12 month 21.02.2013Credit Suisse NICHOLAS MARKIEWICZ outperform 5 M 10 Not Provided 21.02.2013CIMB MARK WILLIAMS underperform 1 M 8 12 month 21.02.2013Commonwealth Bank MATT CROWE neutral 3 M 9 12 month 21.02.2013Nomura DAVID FRASER neutral 3 M 8 Not Provided 21.02.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013Evans & Partners Pty Ltd PAUL RYAN neutral 3 D #N/A N/A Not Provided 17.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 36. 27.02.2013Origin Energy LtdOrigin Energy Limited is an integrated energy company. The Company focuses on Price/Volumegas and oil exploration and production, electricity and renewable power 14 18.0 Mgeneration and energy retailing. Origin also invests in renewable energy 16.0 M 12technologies, including geothermal, wind, hydro and solar. 14.0 M 10 12.0 M 8 10.0 M Valuation Analysis 6 8.0 MLatest Fiscal Year: 06/2012 6.0 M 4 4.0 MLTM as of: 01/yy 2 2.0 M52-Week High (27.02.2012) 14.15 0 .0 M52-Week Low (16.11.2012) 9.84 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 4623392.00 Current Price (2/dd/yy) 11.9 Market Data 52-Week High % Change -15.90% Dividend Yield 4.20 52-Week Low % Change 20.93% Beta 0.99 % 52 Week Price Range High/Low 44.78% Equity Float 1064.36Shares Out 31.01.2013 1094.0 Short Int - Market Capitalization 13018.97 1 Yr Total Return -9.01%Total Debt 5879.00 YTD Return 4.58%Preferred Stock 0.0 Adjusted BETA 0.990Minority Interest 1364.0 Analyst Recs 13Cash and Equivalents 368.00 Consensus Rating 3.769Enterprise Value 19893.97 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7968804ORG AT EQUITY YTD Change - Average Volume 30 Day 3847562ORG AT EQUITY YTD % CHANGE - Average Volume 3 Month 3151657 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 8275.0 8042.0 8534.0 10344.0 12935.0 - - 14445.8 14773.9 - - TEV/Revenue 2.25x 1.70x 1.99x 2.14x 1.56x - - 1.45x 1.52x - - EBITDA 1260.0 1144.0 1209.0 1443.0 2067.0 - - 2234.7 2448.5 - - TEV/EBITDA 14.75x 11.95x 14.06x 15.34x 9.76x - - 8.90x 8.12x - - Net Income 517.0 6941.0 612.0 186.0 980.0 - - 781.2 884.1 - - P/E 37.93x 1.85x 21.43x 80.56x 13.47x - - 16.64x 14.86x - - Profitability S&P Issuer RatingsEBITDA 2067.00 Long-Term Rating Date 20.02.2013EBIT 1453.00 Long-Term Rating BBBOperating Margin 11.23% Long-Term Outlook STABLEPretax Margin 10.51% Short-Term Rating Date 31.03.2011Return on Assets 3.57% Short-Term Rating A-2Return on Common Equity 7.74% Credit RatiosReturn on Capital 6.79% EBITDA/Interest Exp. 6.34Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 2.12Margin Analysis Net Debt/EBITDA 2.67Gross Margin - Total Debt/EBITDA 2.84EBITDA Margin 16.0% ReferenceEBIT Margin 11.2% Total Debt/Equity 44.9%Net Income Margin 7.6% Total Debt/Capital 28.9%Structure Asset Turnover 0.47Current Ratio 0.92 Net Fixed Asset Turnover 1.22Quick Ratio 0.29 Accounts receivable turnover-days 24.86Debt to Assets 21.01% Inventory Days -Tot Debt to Common Equity 44.90% Accounts Payable Turnover Day -Accounts Receivable Turnover 14.72 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 14000.0 18.00 12000.0 16.00 14.00 10000.0 12.00 8000.0 10.00 6000.0 8.00 6.00 4000.0 4.00 2000.0 2.00 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013Origin Energy LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNATIONAL AUSTRALIA B n/a ULT-AGG 50870668 4.65 (3151593) 14.09.2011 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 19079650 1.74 222393 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 12727991 1.16 1305387 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 11853254 1.08 11178 25.02.2013 Investment AdvisorAMP LIFE LTD n/a Co File 8813495 0.81 - 22.08.2012 Investment AdvisorBOND STREET CUSTODIA n/a Co File 7919254 0.72 - 22.08.2012 OtherAUSTRALIAN FOUNDATIO n/a Co File 7202045 0.66 - 22.08.2012 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 6689947 0.61 - 22.08.2012 Investment AdvisorQUEENSLAND INVESTMEN n/a Co File 6365263 0.58 - 22.08.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 6022949 0.55 1017011 14.09.2012 Investment AdvisorPERPETUAL TRUSTEE CO n/a Co File 5854160 0.54 - 22.08.2012 CorporationVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 5750794 0.53 134049 30.09.2012 Mutual Fund ManagerMACQUARIE GROUP LTD n/a ULT-AGG 5240735 0.48 (150617) 31.08.2011 Investment AdvisorINVIA CUSTODIAN PTY n/a Co File 3759261 0.34 - 22.08.2012 Investment AdvisorBT PORTFOLIO SERVICE n/a Co File 3015651 0.28 - 22.08.2012 CorporationNAVIGATOR AUSTRALIA n/a Co File 2950639 0.27 - 22.08.2012 CorporationBNP PARIBAS n/a Co File 2934059 0.27 - 22.08.2012 Investment AdvisorPUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2329702 0.21 266079 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2196547 0.2 - 31.07.2012 Investment AdvisorUBS n/a ULT-AGG 1959486 0.18 5095 28.12.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan JASON HARLEY STEED overweight 5 M 14 9 month 22.02.2013Commonwealth Bank WILLIAM ALLOTT overweight 5 M 15 12 month 22.02.2013Deutsche Bank JOHN HIRJEE hold 3 M 14 12 month 21.02.2013Morgan Stanley STUART BAKER Underwt/In-Line 1 M 10 12 month 21.02.2013Goldman Sachs MARK WISEMAN neutral/neutral 3 M 13 12 month 21.02.2013RBC Capital Markets PAUL A JOHNSTON sector perform 3 M 12 12 month 21.02.2013Credit Suisse BENJAMIN MCVICAR neutral 3 M 12 Not Provided 21.02.2013Macquarie ADRIAN WOOD outperform 5 M 15 12 month 21.02.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013Nomura RICHARD J JOHNSON suspended coverage #N/A N/A M #N/A N/A Not Provided 29.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 27.02.2013Macquarie Group LtdMacquarie Group Ltd. offers banking, financial advisory, investment and funds Price/Volumemanagement services. The Company offers financial advice, cash management, 45 6.0 Mwealth management and private banking, life insurance, securities brokerage, 40corporate debt financing, real estate funds management, real estate development 5.0 M 35financing, investment funds management, and foreign exchange services. 30 4.0 M 25 3.0 M Valuation Analysis 20Latest Fiscal Year: 03/2012 15 2.0 M 10LTM as of: 01/yy 1.0 M 552-Week High (20.02.2013) 39.80 0 .0 M52-Week Low (25.07.2012) 23.56 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1130828.00 Current Price (2/dd/yy) 37.53 Market Data 52-Week High % Change -5.70% Dividend Yield 4.00 52-Week Low % Change 59.30% Beta 1.35 % 52 Week Price Range High/Low 89.04% Equity Float 302.93Shares Out 25.02.2013 339.2 Short Int - Market Capitalization 12804.00 1 Yr Total Return 46.25%Total Debt 62033.00 YTD Return 5.75%Preferred Stock 0.0 Adjusted BETA 1.355Minority Interest 529.0 Analyst Recs 15Cash and Equivalents 18417.00 Consensus Rating 2.733Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1634160MQG AT EQUITY YTD Change - Average Volume 30 Day 1522233MQG AT EQUITY YTD % CHANGE - Average Volume 3 Month 1398893 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - - Total Revenue 13796.0 12533.0 9863.0 11585.0 10992.0 - - 6597.4 7237.8 - - TEV/Revenue - - - - - - - -0.79x -0.82x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 1803.0 871.0 1050.0 956.0 730.0 - - 821.3 1051.0 - - P/E 7.88x 8.74x 14.76x 12.96x 13.84x - - 16.15x 12.47x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 01.12.2011EBIT - Long-Term Rating BBBOperating Margin 12.17% Long-Term Outlook STABLEPretax Margin 15.08% Short-Term Rating Date 16.11.2007Return on Assets 0.47% Short-Term Rating A-2Return on Common Equity 6.87% Credit RatiosReturn on Capital 1.01% EBITDA/Interest Exp. -Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 553.7%Net Income Margin 10.5% Total Debt/Capital 84.1%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 2.04Quick Ratio - Accounts receivable turnover-days -Debt to Assets 40.38% Inventory Days -Tot Debt to Common Equity 553.72% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 6.00 16000.0 14000.0 5.00 12000.0 4.00 10000.0 3.00 8000.0 6000.0 2.00 4000.0 1.00 2000.0 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 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. 27.02.2013Macquarie Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE GROUP LTD n/a ULT-AGG 34192115 10.08 - 11.10.2012 Investment AdvisorNATIONAL AUSTRALIA B n/a ULT-AGG 10328781 3.05 (14138005) 14.05.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 5876255 1.73 89474 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4185856 1.23 11910 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3542784 1.04 847 25.02.2013 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2208895 0.65 (257958) 14.09.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2025272 0.6 55997 30.09.2012 Mutual Fund ManagerALLIANCE BERNSTEIN n/a ULT-AGG 1910686 0.56 (15210) 31.12.2012 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 1879326 0.55 - 28.09.2012 Investment AdvisorMOORE NICHOLAS WILLI n/a EXCH 1304884 0.38 - 01.11.2012 n/aSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1095907 0.32 (52500) 30.11.2012 Investment AdvisorFMR LLC n/a ULT-AGG 823071 0.24 (318732) 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 692391 0.2 (677092) 26.02.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 667845 0.2 - 31.07.2012 Investment AdvisorPUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 575605 0.17 (30381) 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 503553 0.15 5395 28.12.2012 Mutual Fund ManagerPRUDENTIAL FINANCIAL n/a ULT-AGG 429921 0.13 (14434) 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 404490 0.12 (11813) 31.12.2012 Investment AdvisorGUARDIAN CAPITAL INC Multiple Portfolios MF-AGG 354629 0.1 - 30.09.2012 Mutual Fund ManagerFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 310295 0.09 - 31.12.2010 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateCIMB JOHN BUONACCORSI neutral 3 M 34 12 month 06.02.2013Deutsche Bank JAMES FREEMAN hold 3 M 35 12 month 05.02.2013Morgan Stanley RICHARD E WILES Equalwt/In-Line 3 M 35 12 month 05.02.2013Credit Suisse JAMES ELLIS outperform 5 M 42 Not Provided 05.02.2013JPMorgan SCOTT MANNING neutral 3 M 37 9 month 05.02.2013BBY Limited BRETT LE MESURIER underperform 1 M 30 12 month 05.02.2013Commonwealth Bank ROSS CURRAN underweight 1 M 33 12 month 05.02.2013Nomura VICTOR GERMAN neutral 3 M 35 Not Provided 05.02.2013Bell Potter T S LIM hold 3 M 38 12 month 05.02.2013Goldman Sachs BENJAMIN KOO neutral/neutral 3 M 32 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 27.02.2013Santos LtdSantos Limited explores for and produces natural gas, crude oil, condensate, Price/Volumenaphtha and liquid petroleum gas. The Company conducts major onshore and 16 12.0 Moffshore petroleum exploration activities at oil and gas fields in Australia 14(Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and 10.0 M 12Papua New Guinea. The Company also transports crude oil by pipeline. 8.0 M 10 8 6.0 M Valuation Analysis 6Latest Fiscal Year: 12/2012 4.0 M 4LTM as of: 01/yy 2.0 M 252-Week High (14.03.2012) 14.63 0 .0 M52-Week Low (18.07.2012) 10.04 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 5407745.00 Current Price (2/dd/yy) 13.13 Market Data 52-Week High % Change -10.25% Dividend Yield 2.28 52-Week Low % Change 30.78% Beta 1.15 % 52 Week Price Range High/Low 57.30% Equity Float 961.01Shares Out 14.02.2013 961.3 Short Int - Market Capitalization 12621.32 1 Yr Total Return -5.01%Total Debt 3261.00 YTD Return 18.29%Preferred Stock 0.0 Adjusted BETA 1.145Minority Interest (4.0) Analyst Recs 14Cash and Equivalents 3332.00 Consensus Rating 4.143Enterprise Value 13233.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5649000STO AT EQUITY YTD Change - Average Volume 30 Day 3721978STO AT EQUITY YTD % CHANGE - Average Volume 3 Month 3745311 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 2761.8 2181.0 2228.0 2530.0 3220.0 - - 3483.8 3751.9 - - TEV/Revenue 3.69x 5.15x 4.64x 4.54x - - - 4.81x 4.75x - - EBITDA 1737.8 1151.0 1194.0 1406.0 - - - 1850.4 2052.2 - - TEV/EBITDA 5.86x 9.76x 8.66x 8.17x - - - 7.15x 6.45x - - Net Income 1650.1 434.0 500.0 753.0 519.0 - - 570.3 617.0 - - P/E 5.45x 27.04x 21.99x 14.43x 20.40x - - 22.22x 20.87x - - Profitability S&P Issuer RatingsEBITDA 1406.00 Long-Term Rating Date 12.01.2011EBIT 765.00 Long-Term Rating BBB+Operating Margin 30.24% Long-Term Outlook NEGPretax Margin 50.67% Short-Term Rating Date 12.01.2011Return on Assets 3.33% Short-Term Rating A-2Return on Common Equity 5.92% Credit RatiosReturn on Capital 4.32% EBITDA/Interest Exp. 7.32Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -5.26Margin Analysis Net Debt/EBITDA 0.43Gross Margin 38.3% Total Debt/EBITDA 2.44EBITDA Margin 49.5% ReferenceEBIT Margin 27.5% Total Debt/Equity 36.4%Net Income Margin 16.1% Total Debt/Capital 26.7%Structure Asset Turnover 0.19Current Ratio 3.12 Net Fixed Asset Turnover 0.32Quick Ratio 2.40 Accounts receivable turnover-days 106.22Debt to Assets 20.62% Inventory Days 65.15Tot Debt to Common Equity 36.37% Accounts Payable Turnover Day 159.82Accounts Receivable Turnover 3.45 Cash Conversion Cycle -31.26Inventory Turnover 5.62Price/ Cash Flow Sales/Revenue/Turnover 12.00 3500.0 10.00 3000.0 2500.0 8.00 2000.0 6.00 1500.0 4.00 1000.0 2.00 500.0 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. 27.02.2013Santos LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeEM INDUSTRIES INCORP n/a EXCH 28425292 2.96 - 02.03.2012 UnclassifiedNATIONAL AUSTRALIA B n/a ULT-AGG 27761769 2.89 (20492896) 29.08.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 16847940 1.75 268236 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 10520608 1.09 6085 25.02.2013 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 7788000 0.81 - 29.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6416291 0.67 3592304 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5773493 0.6 - 25.02.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 5427150 0.56 340989 31.12.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 5027889 0.52 146425 30.09.2012 Mutual Fund ManagerARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 3648136 0.38 - 30.06.2011 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 3338808 0.35 (1382426) 31.12.2012 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 2200000 0.23 (2172657) 30.06.2012 Pension Fund (ERISA)MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1889364 0.2 (45000) 31.12.2012 Mutual Fund ManagerDJERRIWARRH INVESTME Multiple Portfolios MF-AGG 1810000 0.19 - 30.06.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1779140 0.19 - 31.07.2012 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1458700 0.15 - 24.07.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1456753 0.15 16281 28.12.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 1180793 0.12 (414022) 31.12.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 800000 0.08 5000 28.09.2012 BankAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 785393 0.08 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 26.02.2013Morgan Stanley STUART BAKER Overwt/Attractive 5 M 15 12 month 24.02.2013Macquarie ADRIAN WOOD outperform 5 M 17 12 month 23.02.2013Deutsche Bank JOHN HIRJEE buy 5 M 16 12 month 22.02.2013Goldman Sachs MARK WISEMAN Buy/Neutral 5 M 15 12 month 22.02.2013RBC Capital Markets ANDREW WILLIAMS underperform 1 M 14 12 month 22.02.2013Credit Suisse PAUL MCTAGGART neutral 3 D 13 Not Provided 22.02.2013JPMorgan BENJAMIN X. WILSON overweight 5 M 17 9 month 22.02.2013Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 13 12 month 22.02.2013Commonwealth Bank LUKE SMITH overweight 5 M 14 12 month 22.02.2013Bell Potter JOHAN HEDSTROM buy 5 M 17 12 month 22.02.2013Nomura RICHARD J JOHNSON suspended coverage #N/A N/A M #N/A N/A Not Provided 29.04.2012Intersuisse Ltd NICK WIRUBOV buy 5 N 16 Not Provided 27.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 27.02.2013Insurance Australia Group LtdInsurance Australia Group Limited (IAG) is an Australian-based international Price/Volumegeneral insurance group, with operations in Australia, New Zealand, the United 7 30.0 MKingdom and Asia. The Group provides a range of personal and commercial 6 25.0 Minsurance products, primarily motor vehicle and home insurance. 5 20.0 M 4 15.0 M Valuation Analysis 3Latest Fiscal Year: 06/2012 10.0 M 2LTM as of: 01/yy 1 5.0 M52-Week High (27.02.2013) 5.80 0 .0 M52-Week Low (02.03.2012) 3.13 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 12687237.00 Current Price (2/dd/yy) 5.75 Market Data 52-Week High % Change -0.86% Dividend Yield 4.00 52-Week Low % Change 83.71% Beta 0.88 % 52 Week Price Range High/Low 95.74% Equity Float 2075.78Shares Out 31.12.2012 2079.0 Short Int - Market Capitalization 11954.45 1 Yr Total Return 83.23%Total Debt 1659.00 YTD Return 22.60%Preferred Stock 0.0 Adjusted BETA 0.880Minority Interest 181.0 Analyst Recs 17Cash and Equivalents 969.00 Consensus Rating 3.471Enterprise Value 13274.45 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7929420IAG AT EQUITY YTD Change - Average Volume 30 Day 6168485IAG AT EQUITY YTD % CHANGE - Average Volume 3 Month 5667230 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 Total Revenue 8174.0 8409.0 7999.0 8180.0 9120.0 - - 9271.1 9749.6 - - TEV/Revenue 0.83x 0.96x 1.03x 0.99x 0.88x - - 1.11x 1.04x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income (261.0) 181.0 91.0 250.0 207.0 - - 1025.7 878.0 - - P/E - 37.66x 77.68x 28.15x 34.77x - - 12.23x 13.76x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A+Operating Margin 9.31% Long-Term Outlook STABLEPretax Margin 4.86% Short-Term Rating Date -Return on Assets 2.10% Short-Term Rating -Return on Common Equity 11.74% Credit RatiosReturn on Capital 11.04% EBITDA/Interest Exp. -Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 38.2%Net Income Margin 2.3% Total Debt/Capital 26.8%Structure Asset Turnover 0.37Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 6.60% Inventory Days -Tot Debt to Common Equity 38.20% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 18.00 10000.0 16.00 9000.0 14.00 8000.0 7000.0 12.00 6000.0 10.00 5000.0 8.00 4000.0 6.00 3000.0 4.00 2000.0 2.00 1000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 43. 27.02.2013Insurance Australia Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePERPETUAL LTD n/a EXCH 126098642 6.07 (21512767) 17.09.2012 Investment AdvisorNATIONAL AUSTRALIA B n/a ULT-AGG 89792616 4.32 (17787614) 20.04.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 36799574 1.77 634062 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 22224779 1.07 6636 25.02.2013 Investment AdvisorAMP LIFE LTD n/a Co File 21206421 1.02 - 02.08.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 12063743 0.58 383455 30.09.2012 Mutual Fund ManagerQUEENSLAND INVESTMEN n/a Co File 10449527 0.5 - 02.08.2012 Investment AdvisorCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 9176866 0.44 - 31.12.2012 Investment AdvisorNMRA TREASURY LTD n/a Co File 9000000 0.43 - 02.08.2012 n/aARGO INVESTMENTS LTD n/a Co File 6303333 0.3 - 02.08.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5230649 0.25 164531 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 4075512 0.2 97274 31.08.2011 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 3185924 0.15 31557 28.12.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 2879784 0.14 (581940) 31.10.2012 Investment AdvisorUBS n/a ULT-AGG 2735902 0.13 (205710) 31.10.2012 UnclassifiedDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2597674 0.12 - 31.07.2012 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 2538000 0.12 - 29.06.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 2315000 0.11 (414084) 28.09.2012 BankDJERRIWARRH INVESTME Multiple Portfolios MF-AGG 2152000 0.1 - 30.06.2011 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 1996312 0.1 (9156) 31.01.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan SIDDHARTH PARAMESWARAN overweight 5 M 6 9 month 22.02.2013Macquarie TIM LAWSON neutral 3 M 5 12 month 22.02.2013Nomura TOBY LANGLEY neutral 3 M 6 Not Provided 22.02.2013Deutsche Bank KIEREN CHIDGEY hold 3 M 5 12 month 21.02.2013Morgan Stanley DANIEL TOOHEY Overwt/Attractive 5 M 6 12 month 21.02.2013Goldman Sachs RYAN FISHER neutral/neutral 3 M 5 12 month 21.02.2013Credit Suisse ANDREW ADAMS neutral 3 M 6 Not Provided 21.02.2013CIMB RICHARD COLES neutral 3 M 5 12 month 21.02.2013BBY Limited BRETT LE MESURIER buy 5 M 6 12 month 21.02.2013Commonwealth Bank ROSS CURRAN overweight 5 M 6 12 month 21.02.2013Bell Potter T S LIM buy 5 U 6 12 month 21.02.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013E.L. & C. Baillieu NICK CALEY buy 5 M 4 12 month 03.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 27.02.2013Amcor Ltd/AustraliaAmcor Limited is an international integrated packaging company offering Price/Volumepackaging and related services. Amcor primarily produces a wide range of 10 16.0 Mpackaging products which include corrugated boxes, cartons, aluminum and steel 9 14.0 Mcans, flexible plastic packaging, PET plastic bottles and jars, and multi-wall 8 12.0 Msacks. 7 6 10.0 M 5 8.0 M Valuation Analysis 4 6.0 MLatest Fiscal Year: 06/2012 3 4.0 MLTM as of: 01/yy 2 1 2.0 M52-Week High (20.02.2013) 9.67 0 .0 M52-Week Low (07.03.2012) 6.72 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 2660870.00 Current Price (2/dd/yy) 9.24 Market Data 52-Week High % Change -4.45% Dividend Yield 4.17 52-Week Low % Change 37.50% Beta 0.64 % 52 Week Price Range High/Low 80.00% Equity Float 1198.54Shares Out 31.12.2012 1206.7 Short Int - Market Capitalization 11149.77 1 Yr Total Return 40.86%Total Debt 4057.10 YTD Return 16.92%Preferred Stock 0.0 Adjusted BETA 0.639Minority Interest 88.5 Analyst Recs 13Cash and Equivalents 357.60 Consensus Rating 3.231Enterprise Value 15006.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4765737AMC AT EQUITY YTD Change - Average Volume 30 Day 3706895AMC AT EQUITY YTD % CHANGE - Average Volume 3 Month 3044409 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 9234.9 9535.4 9849.5 12412.3 12192.9 - - 12528.5 13323.8 - - TEV/Revenue 0.71x 0.73x 1.11x 0.98x 1.01x - - 1.18x 1.09x - - EBITDA 998.2 1037.8 1132.1 1299.2 1443.5 - - 1624.5 1760.9 - - TEV/EBITDA 6.54x 6.68x 9.64x 9.33x 8.54x - - 9.24x 8.52x - - Net Income 258.8 211.7 183.0 356.7 412.6 - - 684.0 760.1 - - P/E 18.77x 19.65x 40.38x 24.74x 20.85x - - 16.44x 14.71x - - Profitability S&P Issuer RatingsEBITDA 1443.50 Long-Term Rating Date 18.09.2009EBIT 948.00 Long-Term Rating BBBOperating Margin 7.78% Long-Term Outlook STABLEPretax Margin 4.65% Short-Term Rating Date 18.09.2009Return on Assets 4.04% Short-Term Rating A-2Return on Common Equity 13.10% Credit RatiosReturn on Capital 8.47% EBITDA/Interest Exp. 6.53Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 3.34Margin Analysis Net Debt/EBITDA 2.67Gross Margin 16.9% Total Debt/EBITDA 2.92EBITDA Margin 11.6% ReferenceEBIT Margin 7.7% Total Debt/Equity 123.3%Net Income Margin 3.4% Total Debt/Capital 54.6%Structure Asset Turnover 1.10Current Ratio 0.89 Net Fixed Asset Turnover 2.67Quick Ratio 0.43 Accounts receivable turnover-days 47.21Debt to Assets 35.79% Inventory Days 58.36Tot Debt to Common Equity 123.27% Accounts Payable Turnover Day 88.40Accounts Receivable Turnover 7.75 Cash Conversion Cycle 32.99Inventory Turnover 6.27Price/ Cash Flow Sales/Revenue/Turnover 12.00 14000.0 10.00 12000.0 10000.0 8.00 8000.0 6.00 6000.0 4.00 4000.0 2.00 2000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 45. 27.02.2013Amcor Ltd/AustraliaHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 115099109 9.54 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 24019378 1.99 799325 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 22384900 1.86 (4303100) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 19862669 1.65 206114 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 16554447 1.37 6760 25.02.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 15700084 1.3 (2416) 25.02.2013 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 12623653 1.05 - 07.08.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 8936653 0.74 714233 30.09.2012 Mutual Fund ManagerAMP LIFE LTD n/a Co File 7967441 0.66 - 07.08.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 7767978 0.64 1296277 14.09.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 7165417 0.59 (584142) 31.12.2012 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 4614711 0.38 - 07.08.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 2863528 0.24 401 31.12.2012 Investment AdvisorTHE SENIOR MASTER OF n/a Co File 2769033 0.23 - 07.08.2012 OtherSCHRODER INVESTMENT Multiple Portfolios MF-AGG 2501240 0.21 228151 30.06.2012 Investment AdvisorCPU SHARE PLANS PTY n/a Co File 2500000 0.21 - 07.08.2012 n/aPACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 2499508 0.21 184738 31.01.2013 Insurance CompanyING INVESTMENT MANAG Multiple Portfolios MF-AGG 2401734 0.2 35006 31.12.2012 Investment AdvisorMACKENZIE KENNETH NO n/a EXCH 2278381 0.19 - 30.11.2012 n/aALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 2053400 0.17 - 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013JPMorgan STUART JACKSON underweight 1 M 9 9 month 20.02.2013Nomura RICHARD J JOHNSON reduce 2 D 9 Not Provided 20.02.2013Macquarie JOHN PURTELL outperform 5 M 10 12 month 19.02.2013Deutsche Bank MARK WILSON buy 5 M 9 12 month 18.02.2013Goldman Sachs JAMES HANNAM neutral/neutral 3 M 9 12 month 18.02.2013Credit Suisse LARRY GANDLER outperform 5 U 10 Not Provided 18.02.2013CIMB ANDREW G SCOTT outperform 5 M 10 12 month 18.02.2013Commonwealth Bank MICHAEL WARD underweight 1 M 9 12 month 18.02.2013Goldman Sachs ANDREW GIBSON hold 3 M 8 Not Provided 12.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 46. 27.02.2013Orica LtdOrica Limited is a diversified manufacturing company. The Company produces Price/Volumeindustrial and specialty chemicals, polyethylene, surface coatings for vehicles, 30 4.0 Mfood and beverage flavoring and fragrances, packaging and appliances. The 3.5 MCompany also supplies explosive and blasting services to the mining, quarrying 25 3.0 Mand construction industries. 20 2.5 M 15 2.0 M Valuation Analysis 1.5 MLatest Fiscal Year: 09/2012 10 1.0 MLTM as of: 01/yy 5 .5 M52-Week High (02.04.2012) 28.27 0 .0 M52-Week Low (06.12.2012) 22.86 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1198574.00 Current Price (2/dd/yy) 26.73 Market Data 52-Week High % Change -5.45% Dividend Yield 3.44 52-Week Low % Change 16.93% Beta 1.10 % 52 Week Price Range High/Low 63.96% Equity Float 345.77Shares Out 14.02.2013 366.8 Short Int - Market Capitalization 9803.72 1 Yr Total Return 4.80%Total Debt 2535.00 YTD Return 6.62%Preferred Stock 0.0 Adjusted BETA 1.105Minority Interest 125.0 Analyst Recs 17Cash and Equivalents 235.80 Consensus Rating 4.294Enterprise Value 12227.92 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1145951ORI AT EQUITY YTD Change - Average Volume 30 Day 1168692ORI AT EQUITY YTD % CHANGE - Average Volume 3 Month 1283215 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - - Total Revenue 6544.1 6470.9 5812.1 6182.3 6674.1 - - 6932.7 7401.4 - - TEV/Revenue 1.40x 1.57x 1.89x 1.71x 1.73x - - 1.78x 1.67x - - EBITDA 1105.6 1278.7 1802.4 1128.4 1170.5 - - 1402.0 1520.9 - - TEV/EBITDA 8.26x 7.94x 6.08x 9.36x 9.84x - - 8.72x 8.04x - - Net Income 539.6 541.8 1318.7 642.3 402.8 - - 717.4 790.3 - - P/E 13.11x 18.91x 20.23x 13.53x 22.77x - - 13.56x 12.33x - - Profitability S&P Issuer RatingsEBITDA 1170.50 Long-Term Rating Date 18.12.2000EBIT 919.10 Long-Term Rating BBB+Operating Margin 13.77% Long-Term Outlook STABLEPretax Margin 7.90% Short-Term Rating Date 23.09.1997Return on Assets 5.28% Short-Term Rating A-2Return on Common Equity 12.34% Credit RatiosReturn on Capital 9.70% EBITDA/Interest Exp. 5.88Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 2.93Margin Analysis Net Debt/EBITDA 1.96Gross Margin - Total Debt/EBITDA 2.17EBITDA Margin 17.5% ReferenceEBIT Margin 13.8% Total Debt/Equity 81.2%Net Income Margin 6.0% Total Debt/Capital 43.8%Structure Asset Turnover 0.88Current Ratio 1.29 Net Fixed Asset Turnover 2.32Quick Ratio 0.71 Accounts receivable turnover-days 47.44Debt to Assets 33.25% Inventory Days -Tot Debt to Common Equity 81.21% Accounts Payable Turnover Day -Accounts Receivable Turnover 7.72 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 8000.0 18.00 7000.0 16.00 6000.0 14.00 5000.0 12.00 10.00 4000.0 8.00 3000.0 6.00 2000.0 4.00 1000.0 2.00 0.00 0.0 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 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. 27.02.2013Orica LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePERPETUAL LTD n/a EXCH 27848787 7.59 3736860 11.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 24702347 6.74 (102242) 25.02.2013 Investment AdvisorHARRIS ASSOCIATES LP n/a EXCH 18376361 5.01 - 29.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 9780193 2.67 (2377348) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7459662 2.03 133578 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5220120 1.42 825883 31.12.2012 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 2711626 0.74 - 09.11.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2627710 0.72 842100 14.09.2012 Investment AdvisorAMP LIFE LTD n/a Co File 2613156 0.71 - 09.11.2012 Investment AdvisorTRIMARK INVESTMENT M Multiple Portfolios MF-AGG 2257932 0.62 - 30.09.2012 UnclassifiedARGO INVESTMENTS LTD n/a Co File 2237983 0.61 - 09.11.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1927116 0.53 46431 30.09.2012 Mutual Fund ManagerLIEBELT GRAEME RICHA n/a EXCH 1671429 0.46 - 27.02.2012 n/aMACQUARIE GROUP LTD n/a ULT-AGG 1643622 0.45 (54555) 31.08.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1116478 0.3 (589857) 31.10.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 694377 0.19 15377 30.12.2012 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 676600 0.18 - 09.07.2012 Investment AdvisorUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 627432 0.17 (106) 31.01.2013 Mutual Fund ManagerSMITH IAN n/a EXCH 598382 0.16 293080 07.02.2013 n/aCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 560427 0.15 4524 28.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie JOHN PURTELL outperform 5 M 28 12 month 20.02.2013JPMorgan STUART JACKSON overweight 5 M 29 9 month 06.02.2013Octa Phillip Securities Ltd PAUL JENSZ buy 5 U 32 Not Provided 01.02.2013Deutsche Bank MARK WILSON buy 5 M 32 12 month 31.01.2013Commonwealth Bank MICHAEL WARD overweight 5 M 27 12 month 22.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013Goldman Sachs MATTHEW MCNEE Buy/Neutral 5 M 30 12 month 21.12.2012Morgan Stanley NICHOLAS ROBISON Underwt/In-Line 1 M 21 12 month 03.12.2012BBY Limited DENNIS HULME buy 5 M 27 12 month 13.11.2012Paterson Securities GEORGE GALANOPOULOS buy 5 U 28 12 month 13.11.2012Credit Suisse LARRY GANDLER outperform 5 M 27 Not Provided 12.11.2012CIMB ANDREW G SCOTT outperform 5 M 27 12 month 12.11.2012Nomura RICHARD J JOHNSON neutral 3 M 24 Not Provided 12.11.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 27.02.2013Westfield Retail TrustWestfield Retail Trust is a real estate investment trust. The Trust owns and Price/Volumemanages a portfolio of shopping malls in Australia and New Zealand. 4 40.0 M 3 35.0 M 3 30.0 M 25.0 M 2 20.0 M Valuation Analysis 2 15.0 MLatest Fiscal Year: 12/2012 1 10.0 MLTM as of: 01/yy 1 5.0 M52-Week High (29.01.2013) 3.26 0 .0 M52-Week Low (27.02.2012) 2.43 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 6019968.00 Current Price (2/dd/yy) 3.19 Market Data 52-Week High % Change -2.15% Dividend Yield - 52-Week Low % Change 31.28% Beta 0.70 % 52 Week Price Range High/Low 85.54% Equity Float 2658.72Shares Out 30.06.2012 3054.2 Short Int - Market Capitalization 9742.79 1 Yr Total Return 37.78%Total Debt 2244.20 YTD Return 8.85%Preferred Stock 0.0 Adjusted BETA 0.700Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 18.90 Consensus Rating 3.857Enterprise Value 12628.89 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11609550WRT AT EQUITY YTD Change - Average Volume 30 Day 10077130WRT AT EQUITY YTD % CHANGE - Average Volume 3 Month 9949683 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 379.3 374.6 - 468.8 - - - 945.0 942.3 - - TEV/Revenue - - - 20.97x - - - 13.47x 13.75x - - EBITDA 269.6 276.0 - 307.9 - - - 776.7 804.5 - - TEV/EBITDA - - - 31.93x - - - 16.26x 15.70x - - Net Income 610.3 645.5 - 851.7 830.8 - - 587.8 607.5 - - P/E - - - 8.93x 11.10x - - 16.53x 16.03x - - Profitability S&P Issuer RatingsEBITDA 307.90 Long-Term Rating Date 03.04.2011EBIT 144.00 Long-Term Rating A+Operating Margin 30.72% Long-Term Outlook STABLEPretax Margin 182.12% Short-Term Rating Date 11.04.2011Return on Assets - Short-Term Rating A-1Return on Common Equity - Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.88Asset Turnover - (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 22.5%Net Income Margin 181.7% Total Debt/Capital 18.4%Structure Asset Turnover -Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 17.51% Inventory Days -Tot Debt to Common Equity 22.53% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 500.0 450.0 1.00 400.0 350.0 0.80 300.0 250.0 0.60 200.0 150.0 0.40 100.0 0.20 50.0 0.0 0.00 2000 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. 27.02.2013Westfield Retail TrustHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeING GROEP NV n/a EXCH 223753285 7.33 - 04.01.2011 Investment AdvisorLOWY STEVEN M n/a Co File 214799637 7.03 - 31.12.2011 n/aBLACKROCK n/a ULT-AGG 211854207 6.94 217225 25.02.2013 Investment AdvisorVANGUARD GROUP INC n/a Co File 176041877 5.76 - 01.03.2012 Investment AdvisorAMP LTD n/a EXCH 154097168 5.05 - 23.10.2012 Insurance CompanyCORDERA HOLDINGS PTY n/a EXCH 154004347 5.04 - 12.08.2010 UnclassifiedCBRE CLARION SECURIT n/a EXCH 153998792 5.04 3097791 14.08.2012 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 152264861 4.99 (2666801) 24.06.2011 BankVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 116797749 3.82 3176011 30.09.2012 Mutual Fund ManagerMORGAN STANLEY n/a ULT-AGG 48424544 1.59 (340900) 31.12.2012 Investment AdvisorLASALLE INVESTMENT M Multiple Portfolios MF-AGG 40449277 1.32 (4000191) 21.08.2012 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 35407225 1.16 (9864056) 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 34956001 1.14 (3030972) 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 34040024 1.11 (51670) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 32894569 1.08 410955 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 30357434 0.99 (201929) 26.02.2013 Investment AdvisorFRANLEY HOLDINGS PTY n/a EXCH 20988539 0.69 - 12.08.2010 OtherABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 19208783 0.63 8201785 17.07.2012 Investment AdvisorNOMURA n/a ULT-AGG 16583765 0.54 (1578250) 06.09.2012 UnclassifiedNIKKO ASSET MANAGEME n/a ULT-AGG 12643542 0.41 (2235768) 01.02.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan RICHARD JONES overweight 5 M 3 9 month 27.02.2013Commonwealth Bank JAMES DRUCE neutral 3 M 3 12 month 26.02.2013Macquarie PAUL CHECCHIN outperform 5 M 3 12 month 14.02.2013Credit Suisse STEPHEN RICH outperform 5 U 3 Not Provided 04.02.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Moelis & Company SIMON SCOTT buy 5 M 3 12 month 06.11.2012Deutsche Bank IAN RANDALL buy 5 U 4 12 month 31.10.2012Goldman Sachs SIMON WHEATLEY Buy/Neutral 5 M 3 12 month 25.10.2012Morgan Stanley LOURENS PIRENC Underwt/In-Line 1 M 3 12 month 30.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 27.02.2013Transurban GroupTransurban Group is involved in the operation of the Melbourne City Link and the Price/VolumeHills Motorway M2 toll roads. The Group is also involved in developing and 7 140.0 Moperatings electronic toll systems. 6 120.0 M 5 100.0 M 4 80.0 M Valuation Analysis 3 60.0 MLatest Fiscal Year: 06/2012 2 40.0 MLTM as of: 01/yy 1 20.0 M52-Week High (12.12.2012) 6.39 0 .0 M52-Week Low (20.03.2012) 5.47 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 3093686.00 Current Price (2/dd/yy) 6.12 Market Data 52-Week High % Change -4.23% Dividend Yield 4.98 52-Week Low % Change 11.88% Beta 0.59 % 52 Week Price Range High/Low 68.48% Equity Float 1067.79Shares Out 14.02.2013 1481.6 Short Int - Market Capitalization 9067.36 1 Yr Total Return 15.68%Total Debt 4489.40 YTD Return 0.49%Preferred Stock 0.0 Adjusted BETA 0.587Minority Interest 9.6 Analyst Recs 15Cash and Equivalents 318.15 Consensus Rating 3.667Enterprise Value 13506.81 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2849408TCL AT EQUITY YTD Change - Average Volume 30 Day 3952882TCL AT EQUITY YTD % CHANGE - Average Volume 3 Month 3526591 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 03/12 Q3 06/12 Q4 Total Revenue 764.9 829.9 816.4 1035.5 1152.0 - - 963.3 1031.4 - - TEV/Revenue 11.62x 11.48x 11.83x 11.25x 10.83x - - 13.96x 12.99x - - EBITDA 368.8 479.4 527.5 603.9 636.9 - - 691.1 751.0 - - TEV/EBITDA 24.09x 19.87x 18.31x 19.30x 19.59x - - 19.54x 17.99x - - Net Income (109.7) (24.6) 59.4 112.5 54.9 - - 169.8 187.6 - - P/E - - 92.17x 67.05x 149.74x - - 46.36x 40.80x - - Profitability S&P Issuer RatingsEBITDA 636.94 Long-Term Rating Date -EBIT 335.29 Long-Term Rating -Operating Margin 29.11% Long-Term Outlook -Pretax Margin -1.10% Short-Term Rating Date -Return on Assets 0.43% Short-Term Rating -Return on Common Equity 1.24% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.79Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. 1.68Margin Analysis Net Debt/EBITDA 6.71Gross Margin - Total Debt/EBITDA 7.05EBITDA Margin 56.7% ReferenceEBIT Margin 30.1% Total Debt/Equity 129.1%Net Income Margin 4.8% Total Debt/Capital 56.3%Structure Asset Turnover 0.12Current Ratio 0.81 Net Fixed Asset Turnover 6.04Quick Ratio 0.73 Accounts receivable turnover-days 24.70Debt to Assets 45.34% Inventory Days -Tot Debt to Common Equity 129.10% Accounts Payable Turnover Day -Accounts Receivable Turnover 14.82 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 1400.0 1200.0 20.00 1000.0 15.00 800.0 600.0 10.00 400.0 5.00 200.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013Transurban GroupHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeUBS n/a ULT-AGG 156548641 10.57 9430 28.12.2012 UnclassifiedTREASURY GROUP LTD n/a EXCH 123924947 8.36 48771627 19.03.2012 CorporationRARE INFRASTRUCTURE n/a EXCH 102126158 6.89 (17001208) 20.07.2012 OtherFUTURE FUND n/a EXCH 98867357 6.67 - 20.03.2012 GovernmentUNISUPER n/a EXCH 74293549 5.01 - 05.10.2012 OtherNATIONAL AUSTRALIA B n/a ULT-AGG 57833983 3.9 (16572611) 26.06.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 23784573 1.61 385248 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 20061419 1.35 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 18522945 1.25 62945 25.02.2013 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 16025348 1.08 - 03.08.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 15178474 1.02 - 30.06.2012 Investment AdvisorAMP LIFE LTD n/a Co File 13243281 0.89 - 03.08.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 10721019 0.72 772217 30.09.2012 Mutual Fund ManagerCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 10644201 0.72 (2273300) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8969195 0.61 97559 31.12.2012 Investment AdvisorQUEENSLAND INVESTMEN n/a Co File 7602587 0.51 - 03.08.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 7144371 0.48 (721782) 31.05.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 5794232 0.39 (10846) 31.10.2012 BankDJERRIWARRH INVESTME n/a Co File 4270000 0.29 - 03.08.2012 Investment AdvisorGCIC LTD/CANADA Multiple Portfolios MF-AGG 4215000 0.28 420000 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie IAN MYLES neutral 3 M 6 12 month 06.02.2013Deutsche Bank CAMERON MCDONALD hold 3 M 6 12 month 05.02.2013Morgan Stanley SCOTT KELLY Equalwt/Cautious 3 M 6 12 month 05.02.2013RBC Capital Markets PAUL A JOHNSTON sector perform 3 M 6 12 month 05.02.2013JPMorgan CAROLYN HOLMES overweight 5 M 6 9 month 05.02.2013CIMB MICHAEL NEWBOLD outperform 5 M 7 12 month 05.02.2013Commonwealth Bank ANDRE FROMYHR overweight 5 M 6 12 month 05.02.2013Nomura DAVID FRASER neutral 3 M 7 Not Provided 05.02.2013Goldman Sachs ANDREW MCCUSKER Buy/Neutral 5 M 6 12 month 18.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013E.L. & C. Baillieu MATHAN SOMASUNDARAM buy 5 M 6 12 month 10.12.2012Evans & Partners Pty Ltd TONY WILSON Positive 4 M #N/A N/A Not Provided 13.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 52. 27.02.2013AGL Energy LtdAGL Energy Limited sells and distributes gas and electricity. The Company Price/Volumeretails and wholesales energy and fuel products to customers throughout 18 7.0 MAustralia. 16 6.0 M 14 5.0 M 12 10 4.0 M Valuation Analysis 8 3.0 MLatest Fiscal Year: 06/2012 6 2.0 M 4LTM as of: 01/yy 1.0 M 252-Week High (27.07.2012) 16.01 0 .0 M52-Week Low (01.03.2012) 13.03 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 2850292.00 Current Price (2/dd/yy) 15.87 Market Data 52-Week High % Change -0.87% Dividend Yield 3.79 52-Week Low % Change 21.79% Beta 0.65 % 52 Week Price Range High/Low 72.47% Equity Float 538.04Shares Out 31.12.2012 550.2 Short Int - Market Capitalization 8731.18 1 Yr Total Return 23.89%Total Debt 4312.00 YTD Return 3.19%Preferred Stock 0.0 Adjusted BETA 0.653Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 1812.90 Consensus Rating 4.067Enterprise Value 11230.28 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1400420AGK AT EQUITY YTD Change - Average Volume 30 Day 1904568AGK AT EQUITY YTD % CHANGE - Average Volume 3 Month 1643959 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 5424.0 5953.9 6609.9 7071.8 7454.0 - - 9502.4 10009.6 - - TEV/Revenue 1.54x 1.09x 1.06x 1.01x 1.42x - - 1.20x 1.13x - - EBITDA 439.3 (1368.1) 544.5 1008.5 576.5 - - 1404.4 1484.4 - - TEV/EBITDA 19.07x - 12.92x 7.12x 18.32x - - 8.00x 7.57x - - Net Income 229.0 1596.1 356.1 558.7 114.9 - - 625.0 680.0 - - P/E 19.70x 8.35x 18.54x 11.97x 62.06x - - 13.93x 12.91x - - Profitability S&P Issuer RatingsEBITDA 576.50 Long-Term Rating Date 25.06.2012EBIT 402.60 Long-Term Rating BBBOperating Margin 5.40% Long-Term Outlook STABLEPretax Margin 2.19% Short-Term Rating Date -Return on Assets 0.94% Short-Term Rating -Return on Common Equity 1.71% Credit RatiosReturn on Capital 1.71% EBITDA/Interest Exp. 6.12Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -1.55Margin Analysis Net Debt/EBITDA 4.33Gross Margin 20.6% Total Debt/EBITDA 7.48EBITDA Margin 7.7% ReferenceEBIT Margin 5.4% Total Debt/Equity 60.5%Net Income Margin 1.5% Total Debt/Capital 37.7%Structure Asset Turnover 0.61Current Ratio 1.58 Net Fixed Asset Turnover 1.77Quick Ratio 0.93 Accounts receivable turnover-days 27.24Debt to Assets 29.26% Inventory Days 9.67Tot Debt to Common Equity 60.45% Accounts Payable Turnover Day 61.05Accounts Receivable Turnover 13.43 Cash Conversion Cycle -24.13Inventory Turnover 37.84Price/ Cash Flow Sales/Revenue/Turnover 70.00 8000.0 60.00 7000.0 6000.0 50.00 5000.0 40.00 4000.0 30.00 3000.0 20.00 2000.0 10.00 1000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013AGL Energy LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 9648323 1.75 218847 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6291651 1.14 2787 25.02.2013 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 5083157 0.92 - 15.08.2012 Investment AdvisorBOND STREET CUSTODIA n/a Co File 4894766 0.89 - 15.08.2012 OtherSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3415182 0.62 678644 31.10.2012 Investment AdvisorAMP LIFE LTD n/a Co File 3176225 0.58 - 15.08.2012 Investment AdvisorARGO INVESTMENTS LTD n/a Co File 3159316 0.57 - 15.08.2012 Investment AdvisorBT PORTFOLIO SERVICE n/a Co File 2942949 0.53 - 15.08.2012 CorporationVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2908769 0.53 115358 30.09.2012 Mutual Fund ManagerQUESTOR FINANCIAL SE n/a Co File 2800113 0.51 - 15.08.2012 Private EquityCUSTODIAL SERVICES L n/a Co File 2783102 0.51 - 15.08.2012 OtherPERPETUAL TRUSTEE CO n/a Co File 2769469 0.5 - 15.08.2012 CorporationMILTON CORP LTD n/a Co File 2306876 0.42 - 15.08.2012 Investment AdvisorAvanteos Investments n/a Co File 1716552 0.31 - 15.08.2012 UnclassifiedMACQUARIE GROUP LTD n/a ULT-AGG 1691271 0.31 352632 31.08.2011 Investment AdvisorNAVIGATOR AUSTRALIA n/a Co File 1577159 0.29 - 15.08.2012 CorporationABERDEEN n/a ULT-AGG 1411967 0.26 (33583) 31.01.2013 UnclassifiedGwynvill Investments n/a Co File 1263150 0.23 - 15.08.2012 UnclassifiedUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1012615 0.18 (171) 31.01.2013 Mutual Fund ManagerHEXAVEST INC HEXAVEST INC 13F 1002689 0.18 157732 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse BENJAMIN MCVICAR neutral 3 M 16 Not Provided 27.02.2013RBC Capital Markets PAUL A JOHNSTON outperform 5 M 17 12 month 26.02.2013Nomura DAVID FRASER neutral 3 M 16 Not Provided 26.02.2013Macquarie IAN MYLES neutral 3 M 16 12 month 20.02.2013Morgan Stanley PHILIP BARE Overwt/In-Line 5 M 17 12 month 12.02.2013JPMorgan JASON HARLEY STEED overweight 5 M 17 9 month 12.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 12.02.2013E.L. & C. Baillieu MATHAN SOMASUNDARAM buy 5 M 16 12 month 10.12.2012Commonwealth Bank WILLIAM ALLOTT overweight 5 M 16 12 month 09.11.2012Goldman Sachs MARK WISEMAN neutral/neutral 3 M 16 12 month 23.10.2012Deutsche Bank JOHN HIRJEE buy 5 M 17 12 month 22.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 54. 27.02.2013News CorpNews Corporation is a diversified global media company. The Companys Price/Volumeoperations include the production and distribution of motion pictures and 35 16.0 Mtelevision programming. The Company provides television, direct satellite, and 30 14.0 Mcable broadcasting and the publication of newspapers, magazines, books and 25 12.0 Mpromotional inserts. 10.0 M 20 8.0 M Valuation Analysis 15 6.0 MLatest Fiscal Year: 06/2012 10 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (18.02.2013) 28.88 0 .0 M52-Week Low (07.03.2012) 18.36 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 727625.00 Current Price (2/dd/yy) 28.06 Market Data 52-Week High % Change -2.84% Dividend Yield - 52-Week Low % Change 52.83% Beta 0.79 % 52 Week Price Range High/Low 88.97% Equity Float -Shares Out 04.02.2013 798.5 Short Int - Market Capitalization 65721.52 1 Yr Total Return 50.91%Total Debt 15455.00 YTD Return 14.53%Preferred Stock - Adjusted BETA 0.794Minority Interest 1142.0 Analyst Recs 8Cash and Equivalents 9626.00 Consensus Rating 3.875Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1080023NWS AT EQUITY YTD Change - Average Volume 30 Day 1282092NWS AT EQUITY YTD % CHANGE - Average Volume 3 Month 1114685 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 Total Revenue 32996.0 30423.0 32778.0 33405.0 33706.0 34152.0 34333.0 35673.7 37903.2 8879.8 8998.4 TEV/Revenue 1.49x 1.06x 1.12x 1.50x 1.78x 5.75x 7.24x 2.14x 1.98x - - EBITDA 6668.0 4472.0 5228.0 6133.0 6646.0 6648.0 6754.0 7359.1 8122.8 1823.3 1873.2 TEV/EBITDA 7.36x 7.23x 7.02x 8.17x 9.04x 7.73x 10.53x - - - - Net Income 5387.0 (3378.0) 2539.0 2739.0 1179.0 3117.0 3998.0 3863.0 4312.3 921.8 994.6 P/E - - - - - 0.00x 0.00x 17.00x 14.65x - - Profitability S&P Issuer RatingsEBITDA 6646.00 Long-Term Rating Date 30.11.2012EBIT 5379.00 Long-Term Rating BBB+Operating Margin 15.96% Long-Term Outlook STABLEPretax Margin 6.56% Short-Term Rating Date -Return on Assets 6.52% Short-Term Rating -Return on Common Equity 14.38% Credit RatiosReturn on Capital 11.39% EBITDA/Interest Exp. 6.18Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 5.30Margin Analysis Net Debt/EBITDA 1.28Gross Margin - Total Debt/EBITDA 2.44EBITDA Margin 19.7% ReferenceEBIT Margin 15.9% Total Debt/Equity 62.6%Net Income Margin 3.5% Total Debt/Capital 37.4%Structure Asset Turnover 0.56Current Ratio 2.02 Net Fixed Asset Turnover 5.82Quick Ratio 1.69 Accounts receivable turnover-days 79.48Debt to Assets 27.28% Inventory Days -Tot Debt to Common Equity 62.61% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.61 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 40000.0 35000.0 1.00 30000.0 0.80 25000.0 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 |
  • 55. 27.02.2013News CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE GROUP LTD n/a ULT-AGG 3048112 0.38 (449862) 31.08.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1612273 0.2 36809 30.09.2012 Mutual Fund ManagerFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 600735 0.08 - 31.12.2010 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 480513 0.06 480513 31.12.2012 Investment AdvisorDEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 290347 0.04 - 31.12.2012 Investment AdvisorLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 285445 0.04 - 31.01.2013 Mutual Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 174874 0.02 (10400) 31.12.2012 Investment AdvisorPARVEST INVESTMENT M Multiple Portfolios MF-AGG 140833 0.02 (28006) 30.09.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 57676 0.01 - 28.09.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 49127 0.01 (4235) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 39040 0 - 25.02.2013 Investment AdvisorINVESCO LTD INVESCO LTD 13F 35636 0 4367 31.12.2012 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 22630 0 - 15.02.2012 Investment AdvisorWILSON HTM INVESTMEN Multiple Portfolios MF-AGG 17000 0 - 31.12.2012 Investment AdvisorINKA-INTERNATIONALE Multiple Portfolios MF-AGG 6227 0 (1997) 31.01.2013 Mutual Fund ManagerKBC GROUP NV Multiple Portfolios MF-AGG 5138 0 - 31.01.2011 Investment AdvisorHEXAVEST INC HEXAVEST INC 13F 3851 0 - 31.12.2012 Investment AdvisorMFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 3332 0 910 31.12.2012 Investment AdvisorCASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 2900 0 - 31.07.2012 Mutual Fund ManagerEATON VANCE MANAGEME Multiple Portfolios MF-AGG 1084 0 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommonwealth Bank ALICE BENNETT overweight 5 M 30 12 month 19.02.2013Credit Suisse SAMANTHA CARLETON neutral 3 M 27 Not Provided 15.02.2013Macquarie ANDREW LEVY outperform 5 M 30 12 month 13.02.2013Evans & Partners Pty Ltd PETER STAMOULIS Positive 4 M #N/A N/A Not Provided 08.02.2013CIMB FRASER MCLEISH neutral 3 M 25 12 month 07.02.2013BBY Limited MARK MCDONNELL underperform 1 D 27 12 month 07.02.2013Deutsche Bank VIKAS GOUR buy 5 M 31 12 month 04.02.2013Goldman Sachs ADAM ALEXANDER not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 56. 27.02.2013Oil Search LtdOil Search Limited explores for and produces gas and oil through operations in Price/VolumePapua New Guinea. The Companys activities are located in the Papuan Highlands 9 20.0 Mwhich include the Kutubu, Hides, and Gobe oil and gas projects. 8 18.0 M 7 16.0 M 6 14.0 M 12.0 M 5 10.0 M Valuation Analysis 4 8.0 MLatest Fiscal Year: 12/2012 3 6.0 M 2 4.0 MLTM as of: 01/yy 1 2.0 M52-Week High (17.09.2012) 7.91 0 .0 M52-Week Low (25.06.2012) 6.21 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 6147969.00 Current Price (2/dd/yy) 7.52 Market Data 52-Week High % Change -4.93% Dividend Yield 0.52 52-Week Low % Change 21.10% Beta 1.14 % 52 Week Price Range High/Low 67.06% Equity Float 1135.84Shares Out 10.10.2012 1334.8 Short Int - Market Capitalization 10037.37 1 Yr Total Return 8.77%Total Debt 1747.57 YTD Return 7.28%Preferred Stock 0.0 Adjusted BETA 1.140Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 1047.46 Consensus Rating 4.467Enterprise Value 11720.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3691635OSH AT EQUITY YTD Change - Average Volume 30 Day 4350947OSH AT EQUITY YTD % CHANGE - Average Volume 3 Month 3490084 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 814.3 512.2 583.6 732.9 724.6 - - 720.0 1032.2 - - TEV/Revenue 3.85x 11.45x 15.63x 12.54x - - - 19.76x 14.12x - - EBITDA 572.7 281.7 281.2 526.1 - - - 419.6 649.6 - - TEV/EBITDA 5.47x 20.81x 32.45x 17.47x - - - 27.93x 18.04x - - Net Income 313.4 133.7 185.6 202.5 175.8 - - 165.1 325.7 - - P/E 11.71x 47.73x 50.72x 41.75x 55.14x - - 64.37x 31.01x - - Profitability S&P Issuer RatingsEBITDA 526.13 Long-Term Rating Date -EBIT 474.82 Long-Term Rating -Operating Margin 64.79% Long-Term Outlook -Pretax Margin 60.02% Short-Term Rating Date -Return on Assets 3.37% Short-Term Rating -Return on Common Equity 6.46% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 2.95Gross Margin 78.0% Total Debt/EBITDA 4.64EBITDA Margin 66.6% ReferenceEBIT Margin 59.9% Total Debt/Equity 57.9%Net Income Margin 24.3% Total Debt/Capital 36.7%Structure Asset Turnover 0.13Current Ratio 2.45 Net Fixed Asset Turnover 0.20Quick Ratio 2.08 Accounts receivable turnover-days 62.58Debt to Assets 30.65% Inventory Days 141.04Tot Debt to Common Equity 57.92% Accounts Payable Turnover Day 688.77Accounts Receivable Turnover 5.85 Cash Conversion Cycle -655.48Inventory Turnover 2.60Price/ Cash Flow Sales/Revenue/Turnover 40.00 900.0 35.00 800.0 30.00 700.0 600.0 25.00 500.0 20.00 400.0 15.00 300.0 10.00 200.0 5.00 100.0 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. 27.02.2013Oil Search LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINDEPENDENT PUBLIC B n/a Co File 196604177 14.73 - 29.02.2012 OtherCAPITAL GROUP COMPAN n/a ULT-AGG 152543105 11.43 - 31.12.2012 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 79940057 5.99 - 30.03.2012 BankNATIONAL AUSTRALIA B n/a ULT-AGG 49109365 3.68 (28984641) 14.09.2012 BankRS INVESTMENT MANAGE Multiple Portfolios MF-AGG 19228122 1.44 43684 31.12.2012 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 15246000 1.14 - 29.06.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8910281 0.67 (1345485) 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8068302 0.6 485154 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6790986 0.51 98000 25.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6536694 0.49 77176 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 6024391 0.45 (298421) 31.08.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 5823203 0.44 169872 30.09.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5000000 0.37 - 30.11.2012 Investment AdvisorDJERRIWARRH INVESTME n/a Co File 4987000 0.37 - 30.06.2011 Investment AdvisorJENNISON ASSOCIATES Multiple Portfolios MF-AGG 3567701 0.27 - 31.12.2012 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios MF-AGG 2550852 0.19 - 31.12.2010 Mutual Fund ManagerJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2179812 0.16 1441038 30.09.2011 Mutual Fund ManagerBARING ASSET MANAGEM Multiple Portfolios MF-AGG 2140147 0.16 (43554) 31.10.2012 UnclassifiedMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 2000000 0.15 - 31.12.2012 Mutual Fund ManagerJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 1914075 0.14 35527 30.04.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie ADRIAN WOOD outperform 5 M 10 12 month 27.02.2013Octa Phillip Securities Ltd LAWRENCE GRECH buy 5 M 9 Not Provided 27.02.2013Deutsche Bank JOHN HIRJEE buy 5 M 9 12 month 26.02.2013Morgan Stanley STUART BAKER Overwt/Attractive 5 M 8 12 month 26.02.2013RBC Capital Markets ANDREW WILLIAMS outperform 5 M 9 12 month 26.02.2013Credit Suisse PAUL MCTAGGART outperform 5 U 9 Not Provided 26.02.2013JPMorgan BENJAMIN X. WILSON neutral 3 M 9 9 month 26.02.2013Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 9 12 month 26.02.2013Commonwealth Bank LUKE SMITH overweight 5 M 9 12 month 26.02.2013Bell Potter JOHAN HEDSTROM buy 5 M 9 12 month 14.02.2013Goldman Sachs MARK WISEMAN Buy/Neutral 5 M 9 12 month 29.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013Nomura RICHARD J JOHNSON suspended coverage #N/A N/A M #N/A N/A Not Provided 29.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 58. 27.02.2013StocklandStockland is a diversified Australian property group. The Group develops and Price/Volumemanages Retail centers, Residential Communities and Retirement Living assets 4 60.0 Mwith a focus on regional centers and outer metropolitan. Stockland also owns a 4portfolio of Office and Industrial assets. 50.0 M 3 40.0 M 3 2 30.0 M Valuation Analysis 2Latest Fiscal Year: 06/2012 20.0 M 1LTM as of: 01/yy 10.0 M 152-Week High (21.02.2013) 3.79 0 .0 M52-Week Low (11.04.2012) 2.90 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 12149871.00 Current Price (2/dd/yy) 3.7 Market Data 52-Week High % Change -2.25% Dividend Yield 6.49 52-Week Low % Change 27.59% Beta 0.66 % 52 Week Price Range High/Low 84.75% Equity Float 2198.73Shares Out 31.12.2012 2202.7 Short Int - Market Capitalization 8149.83 1 Yr Total Return 28.09%Total Debt 2867.60 YTD Return 4.82%Preferred Stock 0.0 Adjusted BETA 0.663Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 135.60 Consensus Rating 3.000Enterprise Value 10993.83 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9832437SGP AT EQUITY YTD Change - Average Volume 30 Day 11890290SGP AT EQUITY YTD % CHANGE - Average Volume 3 Month 9764574 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 2134.0 1847.4 2060.1 2363.2 2029.7 - - 1734.0 1943.9 - - TEV/Revenue 5.30x 5.13x 5.23x 4.37x 4.69x - - 6.37x 5.77x - - EBITDA 669.3 567.8 593.2 616.3 634.4 - - 536.7 647.3 - - TEV/EBITDA 16.90x 16.68x 18.16x 16.77x 15.00x - - 20.49x 16.99x - - Net Income 705.2 (1802.8) 478.4 754.6 487.0 - - 526.8 573.1 - - P/E 11.14x - 18.51x 10.76x 14.60x - - 15.81x 14.62x - - Profitability S&P Issuer RatingsEBITDA 634.40 Long-Term Rating Date 07.06.2005EBIT 613.50 Long-Term Rating A-Operating Margin 27.50% Long-Term Outlook STABLEPretax Margin 22.52% Short-Term Rating Date -Return on Assets 0.22% Short-Term Rating -Return on Common Equity 0.39% Credit RatiosReturn on Capital 0.29% EBITDA/Interest Exp. 2.87Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -0.22Margin Analysis Net Debt/EBITDA 5.14Gross Margin - Total Debt/EBITDA 5.43EBITDA Margin 29.5% ReferenceEBIT Margin - Total Debt/Equity 34.9%Net Income Margin 24.0% Total Debt/Capital 25.8%Structure Asset Turnover 0.13Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 19.73% Inventory Days -Tot Debt to Common Equity 34.85% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 2500.0 20.00 2000.0 15.00 1500.0 10.00 1000.0 5.00 500.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013StocklandHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC n/a EXCH 169936759 7.72 24019255 31.08.2011 Investment AdvisorING GROEP NV n/a EXCH 146983278 6.67 24996475 31.01.2011 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 145852889 6.62 12750897 19.12.2012 BankCOHEN & STEERS CAPIT n/a EXCH 120564679 5.47 - 07.01.2011 Investment AdvisorAMP LTD n/a EXCH 119116942 5.41 (57917) 21.09.2011 Insurance CompanyWESTPAC BANKING CORP n/a EXCH 116324895 5.28 (4577428) 14.02.2011 BankVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 92309045 4.19 2545547 30.09.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 41695494 1.89 158881 25.02.2013 Investment AdvisorEUROPEAN INVESTORS I n/a Research 40560020 1.84 1243937 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 31127856 1.41 998050 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 25453349 1.16 (1070755) 31.12.2012 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 14853862 0.67 (2311138) 08.05.2012 Investment AdvisorABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 14242429 0.65 (9577634) 17.07.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 11235693 0.51 252210 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 10666982 0.48 114388 31.12.2012 Investment AdvisorCBRE CLARION SECURIT Multiple Portfolios MF-AGG 10524693 0.48 (700) 17.07.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 10480994 0.48 - 26.02.2013 Investment AdvisorDIAM n/a ULT-AGG 10196064 0.46 (28000) 31.12.2012 UnclassifiedT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8994778 0.41 6390349 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 6994829 0.32 537779 26.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie PAUL CHECCHIN underperform 1 M 3 12 month 19.02.2013Credit Suisse JOHN RICHMOND underperform 1 M 3 Not Provided 14.02.2013Deutsche Bank IAN RANDALL hold 3 D 4 12 month 13.02.2013Morgan Stanley JOHN MEREDITH Overwt/In-Line 5 M 4 12 month 13.02.2013Goldman Sachs PETER ZUK neutral/neutral 3 M 4 12 month 13.02.2013JPMorgan RICHARD JONES overweight 5 M 4 9 month 13.02.2013Commonwealth Bank DAVID LLOYD underweight 1 M 3 12 month 13.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Moelis & Company SIMON SCOTT buy 5 M 4 12 month 17.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 60. 27.02.2013Fortescue Metals Group LtdFortescue Metals Group Ltd. explores for and produces iron ore. The Company Price/Volumeconducts business worldwide. 7 80.0 M 6 70.0 M 60.0 M 5 50.0 M 4 40.0 M Valuation Analysis 3 30.0 MLatest Fiscal Year: 06/2012 2 20.0 MLTM as of: 01/yy 1 10.0 M52-Week High (22.03.2012) 6.18 0 .0 M52-Week Low (06.09.2012) 2.81 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 10063831.00 Current Price (2/dd/yy) 4.6 Market Data 52-Week High % Change -25.57% Dividend Yield 0.90 52-Week Low % Change 63.70% Beta 1.38 % 52 Week Price Range High/Low 53.41% Equity Float 1484.22Shares Out 01.02.2013 3113.8 Short Int - Market Capitalization 14323.47 1 Yr Total Return -13.36%Total Debt 8501.00 YTD Return -1.08%Preferred Stock 0.0 Adjusted BETA 1.380Minority Interest 0.0 Analyst Recs 19Cash and Equivalents 2343.00 Consensus Rating 3.421Enterprise Value 25320.89 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 19983750FMG AT EQUITY YTD Change - Average Volume 30 Day 15514120FMG AT EQUITY YTD % CHANGE - Average Volume 3 Month 15185490 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2 Total Revenue 139.3 1828.6 3220.1 5442.0 6681.0 - - 8267.2 11734.6 - - TEV/Revenue 248.66x 6.22x 3.91x 4.30x 3.26x - - 3.04x 2.08x - - EBITDA (1038.4) 532.1 1223.0 2771.0 2830.0 - - 3084.7 4427.8 - - TEV/EBITDA - 21.37x 10.30x 8.44x 7.69x - - 8.21x 5.72x - - Net Income (771.8) 508.0 580.9 1019.0 1559.0 - - 1438.9 2173.7 - - P/E - 17.22x 18.51x 20.70x 10.02x - - 9.80x 6.68x - - Profitability S&P Issuer RatingsEBITDA 2830.00 Long-Term Rating Date 28.09.2012EBIT 2563.00 Long-Term Rating BB-Operating Margin 38.36% Long-Term Outlook NEGPretax Margin 33.87% Short-Term Rating Date -Return on Assets 8.06% Short-Term Rating -Return on Common Equity 34.15% Credit RatiosReturn on Capital 12.31% EBITDA/Interest Exp. 3.87Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -4.40Margin Analysis Net Debt/EBITDA 4.58Gross Margin 39.9% Total Debt/EBITDA 5.45EBITDA Margin 35.4% ReferenceEBIT Margin 29.8% Total Debt/Equity 226.0%Net Income Margin 23.3% Total Debt/Capital 69.3%Structure Asset Turnover 0.43Current Ratio 1.71 Net Fixed Asset Turnover 0.57Quick Ratio 1.22 Accounts receivable turnover-days 36.17Debt to Assets 56.44% Inventory Days 48.19Tot Debt to Common Equity 225.97% Accounts Payable Turnover Day 77.74Accounts Receivable Turnover 10.12 Cash Conversion Cycle 22.57Inventory Turnover 7.59Price/ Cash Flow Sales/Revenue/Turnover 35.00 8000.0 30.00 7000.0 6000.0 25.00 5000.0 20.00 4000.0 15.00 3000.0 10.00 2000.0 5.00 1000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 61. 27.02.2013Fortescue Metals Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFORREST ANDREW JOHN n/a Co File 1020690915 32.78 - 13.09.2012 n/aHUNAN VALIN IRON & S n/a Co File 458405492 14.72 - 13.09.2012 CorporationEMICHROME PTY LTD n/a Co File 94685358 3.04 - 13.09.2012 UnclassifiedBLACKROCK n/a ULT-AGG 92877990 2.98 713887 25.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 61496429 1.97 2826951 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 53736238 1.73 23192002 31.12.2012 Investment AdvisorMEURS PETER n/a EXCH 25924523 0.83 - 22.02.2013 n/aFMR LLC n/a ULT-AGG 18361114 0.59 (1455405) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 13682332 0.44 (417051) 31.12.2012 UnclassifiedAMP LIFE LTD n/a Co File 12997879 0.42 - 13.09.2012 Investment AdvisorROWLEY WILLIAM GRAEM n/a Co File 11644951 0.37 (6500000) 13.09.2012 n/aJP MORGAN INVESTMENT Multiple Portfolios MF-AGG 10532700 0.34 - 30.06.2012 Mutual Fund ManagerLEAPING JOEY PTY LTD n/a Co File 9674500 0.31 - 13.09.2012 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9068915 0.29 249942 30.09.2012 Mutual Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6856547 0.22 (20900) 31.12.2012 Investment AdvisorSTATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5637400 0.18 - 30.09.2012 Insurance CompanyIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 4972628 0.16 - 28.09.2012 Investment AdvisorAMBRECHT KENNETH CHA n/a EXCH 4823030 0.15 (360000) 23.10.2012 n/aJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 3721356 0.12 1378324 31.12.2012 Mutual Fund ManagerGUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 3176396 0.1 403608 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura DAVID RADCLYFFE neutral 3 M 5 Not Provided 27.02.2013BMO Capital Markets TONY ROBSON market perform 3 M 4 Not Provided 26.02.2013Paterson Securities ROB BRIERLEY hold 3 M 5 12 month 26.02.2013Macquarie LEE BOWERS restricted #N/A N/A M #N/A N/A Not Provided 25.02.2013BBY Limited MIKE HARROWELL buy 5 M 5 12 month 25.02.2013Commonwealth Bank ANDREW HINES overweight 5 M 6 12 month 25.02.2013Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 5 12 month 20.02.2013RBC Capital Markets CHRIS DREW outperform 5 M 5 12 month 20.02.2013Credit Suisse MATTHEW HOPE neutral 3 D 6 Not Provided 20.02.2013JPMorgan LYNDON FAGAN neutral 3 M 5 6 month 20.02.2013Bell Potter STUART HOWE buy 5 M 6 12 month 13.02.2013Deutsche Bank PAUL-D YOUNG sell 1 M 4 12 month 24.01.2013CIMB MICHAEL EVANS outperform 5 M 6 12 month 24.01.2013Goldman Sachs CRAIG SAINSBURY neutral/attractive 3 D 5 12 month 22.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013Investec TIM GERRARD sell 1 D 3 12 month 16.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 62. 27.02.2013Coca-Cola Amatil LtdCoca-Cola Amatil Limited manufactures, distributes and sells carbonated soft Price/Volumedrinks along with still and mineral waters, fruit drinks, ready-to-drink coffee 16 9.0 Mand tea and flavored milk drinks. The Company also rents and services commercial 8.0 M 14refrigeration equipment to food/beverage manufacturers. 7.0 M 12 6.0 M 10 5.0 M 8 Valuation Analysis 4.0 M 6Latest Fiscal Year: 12/2012 3.0 M 4 2.0 MLTM as of: 01/yy 2 1.0 M52-Week High (21.02.2013) 14.47 0 .0 M52-Week Low (08.03.2012) 11.60 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1984151.00 Current Price (2/dd/yy) 14.27 Market Data 52-Week High % Change -1.41% Dividend Yield 3.92 52-Week Low % Change 23.01% Beta 0.56 % 52 Week Price Range High/Low 83.17% Equity Float 533.61Shares Out 31.12.2012 762.1 Short Int - Market Capitalization 10875.64 1 Yr Total Return 25.57%Total Debt 2787.20 YTD Return 8.78%Preferred Stock 0.0 Adjusted BETA 0.562Minority Interest 5.2 Analyst Recs 15Cash and Equivalents 1178.00 Consensus Rating 2.667Enterprise Value 12490.04 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3815745CCL AT EQUITY YTD Change - Average Volume 30 Day 3359478CCL AT EQUITY YTD % CHANGE - Average Volume 3 Month 2714755 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 4091.4 4436.0 4490.3 4801.2 5097.4 - - 5444.3 5844.8 - - TEV/Revenue 2.17x 2.30x 2.18x 2.16x 2.33x - - 2.31x 2.14x - - EBITDA 969.7 1047.0 1114.5 1038.2 952.0 - - 1212.1 1308.0 - - TEV/EBITDA 9.15x 9.76x 8.79x 10.00x 12.46x - - 10.30x 9.55x - - Net Income 385.6 449.0 497.3 591.8 459.9 - - 599.1 649.7 - - P/E 17.54x 19.06x 16.45x 14.74x 22.27x - - 18.18x 16.73x - - Profitability S&P Issuer RatingsEBITDA 952.00 Long-Term Rating Date 16.07.2001EBIT 718.60 Long-Term Rating A-Operating Margin 14.10% Long-Term Outlook STABLEPretax Margin 12.73% Short-Term Rating Date 16.07.2001Return on Assets 7.21% Short-Term Rating A-2Return on Common Equity 22.39% Credit RatiosReturn on Capital 12.27% EBITDA/Interest Exp. 6.24Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 3.46Margin Analysis Net Debt/EBITDA 1.71Gross Margin 44.3% Total Debt/EBITDA 2.96EBITDA Margin 18.5% ReferenceEBIT Margin 13.9% Total Debt/Equity 134.4%Net Income Margin 9.0% Total Debt/Capital 57.3%Structure Asset Turnover 0.80Current Ratio 1.68 Net Fixed Asset Turnover 2.71Quick Ratio 1.22 Accounts receivable turnover-days 62.60Debt to Assets 41.46% Inventory Days 92.93Tot Debt to Common Equity 134.43% Accounts Payable Turnover Day 92.26Accounts Receivable Turnover 5.85 Cash Conversion Cycle 63.27Inventory Turnover 3.94Price/ Cash Flow Sales/Revenue/Turnover 20.00 6000.0 18.00 5000.0 16.00 14.00 4000.0 12.00 10.00 3000.0 8.00 2000.0 6.00 4.00 1000.0 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 |
  • 63. 27.02.2013Coca-Cola Amatil LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOCA-COLA CO/THE n/a Co File 223049276 29.27 - 05.03.2012 CorporationCAPITAL GROUP COMPAN n/a ULT-AGG 41163729 5.4 (8299854) 22.01.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10675327 1.4 (10069) 25.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 10195818 1.34 169061 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7647602 1 350965 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 5911897 0.78 6362 25.02.2013 Investment AdvisorAUSTRALIAN FOUNDATIO n/a Co File 4723704 0.62 - 05.03.2012 Investment AdvisorAMP LIFE LTD n/a Co File 3973545 0.52 - 05.03.2012 Investment AdvisorABERDEEN n/a ULT-AGG 3622645 0.48 21845 31.01.2013 UnclassifiedMATTHEWS INTERNATION Multiple Portfolios MF-AGG 2994730 0.39 - 28.09.2012 Investment AdvisorQUESTOR FINANCIAL SE n/a Co File 2920358 0.38 - 05.03.2012 Private EquityVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2791118 0.37 50732 30.09.2012 Mutual Fund ManagerARGO INVESTMENTS LTD n/a Co File 2125733 0.28 - 05.03.2012 Investment AdvisorPSS BOARD n/a Co File 1813708 0.24 - 05.03.2012 n/aARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1670249 0.22 35495 31.12.2012 Investment AdvisorJIKINTA INVESTMENTS n/a Co File 1381331 0.18 - 05.03.2012 n/aTHE SENIOR MASTER OF n/a Co File 1381162 0.18 - 05.03.2012 OtherNOMURA n/a ULT-AGG 1373633 0.18 - 06.09.2012 UnclassifiedMILTON CORP LTD n/a Co File 1367184 0.18 - 05.03.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1361902 0.18 (160805) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 22.02.2013Macquarie GREG DRING neutral 3 M 14 12 month 20.02.2013Deutsche Bank MICHAEL SIMOTAS hold 3 M 15 12 month 19.02.2013Morgan Stanley MARK A CHRISTENSEN Equalwt/In-Line 3 M 13 12 month 19.02.2013Goldman Sachs GABRIEL WILSON-OTTO neutral/neutral 3 M 14 12 month 19.02.2013Credit Suisse LARRY GANDLER underperform 1 M 14 Not Provided 19.02.2013JPMorgan STUART JACKSON overweight 5 U 15 9 month 19.02.2013CIMB DANIEL BROEREN neutral 3 M 14 12 month 19.02.2013Commonwealth Bank ANDREW MCLENNAN underweight 1 M 13 12 month 19.02.2013Nomura DAVID COOKE neutral 3 M 14 Not Provided 19.02.2013Evans & Partners Pty Ltd PAUL RYAN negative 2 D #N/A N/A Not Provided 23.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 64. 27.02.2013Aurizon Holdings LtdAurizon Holdings Ltd is a rail freight company. The Company provides coal, bulk Price/Volumeand general freight haulage services, operating on the Central Queensland Coal 5 200.0 MNetwork (CQCN) and including specialised track maintenance and workshop support 4 180.0 Mfunctions. 4 160.0 M 3 140.0 M 120.0 M 3 100.0 M Valuation Analysis 2 80.0 MLatest Fiscal Year: 06/2012 2 60.0 M 1 40.0 MLTM as of: 01/yy 1 20.0 M52-Week High (19.02.2013) 4.24 0 .0 M52-Week Low (25.07.2012) 3.07 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 5410429.00 Current Price (2/dd/yy) 3.99 Market Data 52-Week High % Change -5.90% Dividend Yield - 52-Week Low % Change 29.97% Beta 0.81 % 52 Week Price Range High/Low 75.21% Equity Float 1511.33Shares Out 31.12.2012 2137.3 Short Int - Market Capitalization 8527.77 1 Yr Total Return 5.29%Total Debt 1201.60 YTD Return 6.68%Preferred Stock 0.0 Adjusted BETA 0.808Minority Interest 0.0 Analyst Recs 17Cash and Equivalents 98.80 Consensus Rating 3.353Enterprise Value 10951.07 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 27676040AZJ AT EQUITY YTD Change - Average Volume 30 Day 11215690AZJ AT EQUITY YTD % CHANGE - Average Volume 3 Month 7527401 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 2614.0 2402.0 2748.1 2970.5 3263.8 - - 3831.9 4067.1 - - TEV/Revenue - - - 3.01x 2.88x - - 2.88x 2.78x - - EBITDA 493.0 417.0 702.8 588.4 929.3 - - 1260.1 1386.4 - - TEV/EBITDA - - - 15.18x 10.11x - - 8.69x 7.90x - - Net Income - - (36.8) 360.9 440.9 - - 463.6 508.1 - - P/E - - - 21.95x 18.78x - - 19.09x 16.76x - - Profitability S&P Issuer RatingsEBITDA 929.30 Long-Term Rating Date 05.10.2010EBIT 465.60 Long-Term Rating BBB+Operating Margin 14.27% Long-Term Outlook STABLEPretax Margin 16.98% Short-Term Rating Date -Return on Assets 4.34% Short-Term Rating -Return on Common Equity 6.38% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 10.49Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. -2.56Margin Analysis Net Debt/EBITDA 2.41Gross Margin - Total Debt/EBITDA 2.43EBITDA Margin 28.8% ReferenceEBIT Margin 14.7% Total Debt/Equity 16.5%Net Income Margin 13.5% Total Debt/Capital 14.1%Structure Asset Turnover 0.35Current Ratio 1.15 Net Fixed Asset Turnover 0.39Quick Ratio 0.63 Accounts receivable turnover-days 54.27Debt to Assets 11.99% Inventory Days -Tot Debt to Common Equity 16.47% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.74 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 3500.0 14.00 3000.0 12.00 2500.0 10.00 2000.0 8.00 1500.0 6.00 1000.0 4.00 500.0 2.00 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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 |
  • 65. 27.02.2013Aurizon Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQLD TREASURY HLDGS P n/a EXCH 389229499 18.21 (288184818) 26.11.2012 OtherUBS n/a ULT-AGG 214000024 10.01 - 11.10.2012 UnclassifiedPERPETUAL LTD n/a EXCH 167388470 7.83 (22456088) 19.02.2013 Investment AdvisorCHILDRENS INVESTMEN n/a Co File 125051143 5.85 - 17.08.2012 Hedge Fund ManagerTALOS CAPITAL LIMITE n/a EXCH 125051143 5.85 - 04.05.2012 OtherNATIONAL AUSTRALIA B n/a ULT-AGG 122823460 5.75 - 12.09.2012 BankHSBC HOLDINGS PLC n/a EXCH 109882901 5.14 - 04.12.2012 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 104774726 4.9 (8553485) 08.02.2013 BankSCOUT CAPITAL MANAGE n/a EXCH 100000000 4.68 (24000000) 09.01.2012 Hedge Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 31494804 1.47 1425179 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 18912132 0.88 14859 25.02.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 12159600 0.57 (2803100) 28.09.2012 Investment AdvisorAMP LIFE LTD n/a Co File 9798957 0.46 - 17.08.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 8497895 0.4 174916 30.09.2012 Mutual Fund ManagerSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 4933571 0.23 (966539) 31.12.2012 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3832908 0.18 - 25.02.2013 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 3015321 0.14 29771 28.12.2012 Mutual Fund ManagerMACQUARIE GROUP LTD n/a ULT-AGG 2472731 0.12 81221 31.12.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1691451 0.08 - 28.09.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 1657580 0.08 129329 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 25.02.2013Macquarie IAN MYLES outperform 5 M 4 12 month 21.02.2013Deutsche Bank CAMERON MCDONALD hold 3 M 4 12 month 20.02.2013Morgan Stanley SCOTT KELLY Equalwt/In-Line 3 M 4 12 month 20.02.2013Goldman Sachs ANDREW GIBSON neutral/neutral 3 M 4 12 month 20.02.2013Credit Suisse BRADLEY CLIBBORN neutral 3 M 4 Not Provided 20.02.2013JPMorgan SCOTT CARROLL neutral 3 U 4 9 month 20.02.2013CIMB MARK WILLIAMS outperform 5 M 4 12 month 20.02.2013BBY Limited MOIRA EILEEN DAW underperform 1 M 4 12 month 20.02.2013Commonwealth Bank MATT CROWE overweight 5 M 4 12 month 20.02.2013Nomura DAVID FRASER neutral 3 M 4 Not Provided 20.02.2013Wilson HTM Investment Group NATHAN LEAD buy 5 M 5 Not Provided 09.10.2012Moelis & Company SIMON FITZGERALD buy 5 M 4 12 month 17.05.2012Paterson Securities GRAEME CARSON hold 3 M 4 12 month 30.08.2011Evans & Partners Pty Ltd PAUL RYAN Positive 4 N #N/A N/A Not Provided 01.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 66. 27.02.2013Goodman GroupGoodman Group is an integrated industrial property group. The Group has Price/Volumeoperations in Australia, New Zealand, UK, Asia and Europe. Goodmans activities 5 160.0 Minclude property investment, funds management, property development and property 5 140.0 Mservices. The Groups property portfolio includes business parks, industrial 4 120.0 Mestates, office parks and warehouse/distribution centers. 4 3 100.0 M 3 80.0 M Valuation Analysis 2 60.0 MLatest Fiscal Year: 06/2012 2 40.0 MLTM as of: 01/yy 1 1 20.0 M52-Week High (22.02.2013) 4.78 0 .0 M52-Week Low (04.06.2012) 3.22 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 6442431.00 Current Price (2/dd/yy) 4.65 Market Data 52-Week High % Change -2.72% Dividend Yield 3.87 52-Week Low % Change 44.41% Beta 0.97 % 52 Week Price Range High/Low 91.67% Equity Float 1042.09Shares Out 31.12.2012 1713.2 Short Int - Market Capitalization 7966.54 1 Yr Total Return 44.41%Total Debt 2347.50 YTD Return 7.39%Preferred Stock 0.0 Adjusted BETA 0.969Minority Interest 318.8 Analyst Recs 15Cash and Equivalents 310.80 Consensus Rating 3.267Enterprise Value 10322.04 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9581693GMG AT EQUITY YTD Change - Average Volume 30 Day 5487033GMG AT EQUITY YTD % CHANGE - Average Volume 3 Month 7490000 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 852.5 409.4 594.6 696.4 692.9 - - 683.6 870.2 - - TEV/Revenue 10.66x 13.02x 11.07x 10.69x 11.90x - - 14.91x 11.85x - - EBITDA 269.8 (7.7) 228.8 219.4 242.5 - - 586.3 653.2 - - TEV/EBITDA 33.68x - 28.76x 33.94x 34.01x - - 17.61x 15.80x - - Net Income 250.7 (1120.0) (537.0) 392.0 408.3 - - 543.5 599.3 - - P/E 20.44x - - 11.95x 13.59x - - 14.18x 13.17x - - Profitability S&P Issuer RatingsEBITDA 242.50 Long-Term Rating Date 29.09.2009EBIT 242.50 Long-Term Rating BBBOperating Margin 34.02% Long-Term Outlook STABLEPretax Margin 66.42% Short-Term Rating Date -Return on Assets 5.17% Short-Term Rating -Return on Common Equity 8.78% Credit RatiosReturn on Capital 6.24% EBITDA/Interest Exp. 2.56Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. 1.08Margin Analysis Net Debt/EBITDA 6.33Gross Margin - Total Debt/EBITDA 7.30EBITDA Margin 46.4% ReferenceEBIT Margin - Total Debt/Equity 48.3%Net Income Margin 58.9% Total Debt/Capital 31.2%Structure Asset Turnover 0.09Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 28.56% Inventory Days -Tot Debt to Common Equity 48.34% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 30.00 900.0 800.0 25.00 700.0 20.00 600.0 500.0 15.00 400.0 10.00 300.0 200.0 5.00 100.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.02.2013Goodman GroupHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA INVESTMENT COR n/a Research 168466446 9.83 - 11.12.2012 GovernmentLEADER INVESTMENT CO n/a EXCH 168462083 9.83 (116675592) 13.12.2012 OtherHARRIS ASSOCIATES LP n/a EXCH 119869947 7 (23173290) 11.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 109965215 6.42 (669840) 30.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 103561413 6.04 130821 25.02.2013 Investment AdvisorNATL AUSTRALIA BANK n/a EXCH 84882377 4.95 (1102909) 05.12.2012 BankVANGUARD INVESTMENTS n/a Co File 83236550 4.86 - 31.08.2012 Mutual Fund ManagerCAMBIO INVESTMENTS P n/a EXCH 45076923 2.63 - 19.12.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 28115745 1.64 1712625 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 26448067 1.54 415978 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 16582620 0.97 - 26.02.2013 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 12994596 0.76 269674 25.02.2013 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 12109381 0.71 994580 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 9930807 0.58 1695363 31.12.2012 UnclassifiedING INVESTMENT MANAG Multiple Portfolios MF-AGG 5593645 0.33 (135055) 31.12.2012 Investment AdvisorDIAM n/a ULT-AGG 5564862 0.32 (89152) 31.12.2012 UnclassifiedPRUDENTIAL FINANCIAL n/a ULT-AGG 5396267 0.31 700132 31.12.2012 Investment AdvisorCBRE CLARION SECURIT Multiple Portfolios MF-AGG 5047958 0.29 286827 30.09.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 4859763 0.28 (649773) 31.12.2012 Investment AdvisorMITSUBISHI UFJ FINAN n/a ULT-AGG 3840255 0.22 59275 05.07.2012 Holding Company Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommonwealth Bank DAVID LLOYD overweight 5 M 5 12 month 26.02.2013Macquarie PAUL CHECCHIN neutral 3 D 5 12 month 22.02.2013Morgan Stanley LOURENS PIRENC Overwt/In-Line 5 M 5 12 month 21.02.2013Goldman Sachs PETER ZUK neutral/neutral 3 M 5 12 month 21.02.2013Credit Suisse STEPHEN RICH neutral 3 U 5 Not Provided 21.02.2013JPMorgan RICHARD JONES neutral 3 M 5 9 month 21.02.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013CIMB ANDREW HODGE neutral 3 N 4 12 month 07.11.2012Deutsche Bank IAN RANDALL hold 3 D 5 12 month 31.10.2012Moelis & Company SIMON SCOTT hold 3 D 4 12 month 16.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 68. 27.02.2013GPT GroupGPT Group is an active owner and manager of a diversified portfolio of Price/VolumeAustralian retail, office and industrial property assets. The Groups property 5 40.0 Mportfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and 4 35.0 MMelbourne Central. 4 30.0 M 3 25.0 M 3 20.0 M Valuation Analysis 2 15.0 MLatest Fiscal Year: 12/2012 2 1 10.0 MLTM as of: 01/yy 1 5.0 M52-Week High (11.02.2013) 3.89 0 .0 M52-Week Low (08.03.2012) 3.07 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 4530160.00 Current Price (2/dd/yy) 3.88 Market Data 52-Week High % Change -0.26% Dividend Yield 4.97 52-Week Low % Change 26.38% Beta 0.64 % 52 Week Price Range High/Low 92.68% Equity Float 1669.96Shares Out 18.02.2013 1768.7 Short Int - Market Capitalization 6862.68 1 Yr Total Return 33.17%Total Debt 2143.60 YTD Return 6.93%Preferred Stock 0.0 Adjusted BETA 0.640Minority Interest 0.0 Analyst Recs 12Cash and Equivalents 159.90 Consensus Rating 3.500Enterprise Value 8846.38 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5841067GPT AT EQUITY YTD Change - Average Volume 30 Day 5313242GPT AT EQUITY YTD % CHANGE - Average Volume 3 Month 4928952 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 773.1 562.0 565.4 619.5 646.1 - - 661.9 682.6 - - TEV/Revenue 10.56x 13.80x 13.91x 12.38x 13.13x - - 13.27x 12.92x - - EBITDA 432.0 362.8 345.4 370.2 388.7 - - 556.6 572.9 - - TEV/EBITDA 18.89x 21.38x 22.78x 20.72x 21.83x - - 15.89x 15.44x - - Net Income (3253.5) (1069.1) 707.3 246.2 594.5 - - 443.9 456.9 - - P/E - 30.09x 12.57x 18.32x 11.43x - - 15.52x 15.04x - - Profitability S&P Issuer RatingsEBITDA 388.70 Long-Term Rating Date 10.05.2010EBIT 270.60 Long-Term Rating A-Operating Margin 41.88% Long-Term Outlook STABLEPretax Margin - Short-Term Rating Date 26.08.2009Return on Assets 6.38% Short-Term Rating A-2Return on Common Equity 8.70% Credit RatiosReturn on Capital 6.62% EBITDA/Interest Exp. 3.24Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 0.73Margin Analysis Net Debt/EBITDA 5.10Gross Margin - Total Debt/EBITDA 5.51EBITDA Margin 60.2% ReferenceEBIT Margin - Total Debt/Equity 31.2%Net Income Margin 92.0% Total Debt/Capital 23.8%Structure Asset Turnover 0.07Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 22.94% Inventory Days -Tot Debt to Common Equity 31.17% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 18.00 1200.0 16.00 1000.0 14.00 12.00 800.0 10.00 600.0 8.00 6.00 400.0 4.00 200.0 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 |
  • 69. 27.02.2013GPT GroupHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeING GROEP NV n/a EXCH 117899517 6.67 (21579512) 28.01.2011 Investment AdvisorCBRE CLARION SEC LLC n/a EXCH 96412048 5.45 - 01.07.2011 n/aCOHEN & STEERS INC n/a EXCH 95049157 5.37 1137216 23.08.2011 CorporationCOMMONWEALTH BANK OF n/a EXCH 92549184 5.23 (13867874) 20.05.2011 BankVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 68000230 3.84 554799 30.09.2012 Mutual Fund ManagerEUROPEAN INVESTORS I n/a Research 30575357 1.73 1492785 31.12.2012 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 29787046 1.68 (5791097) 25.02.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 29136893 1.65 (131836) 25.02.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 28793993 1.63 (546170) 31.12.2012 Investment AdvisorLASALLE INVESTMENT M Multiple Portfolios MF-AGG 28091898 1.59 (1719704) 21.08.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 25230826 1.43 400343 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 20358588 1.15 (1235299) 31.08.2011 Investment AdvisorSTATE STREET n/a ULT-AGG 17680576 1 (214451) 26.02.2013 Investment AdvisorCBRE CLARION SECURIT Multiple Portfolios MF-AGG 13073021 0.74 597100 30.09.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 9945483 0.56 977880 31.12.2012 Investment AdvisorDIAM n/a ULT-AGG 7374064 0.42 - 31.12.2012 UnclassifiedFMR LLC n/a ULT-AGG 6459019 0.37 379655 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 5941415 0.34 88518 26.02.2013 Investment AdvisorCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 5691150 0.32 (2201850) 08.05.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 5681780 0.32 285349 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommonwealth Bank DAVID LLOYD overweight 5 M 4 12 month 26.02.2013Macquarie ROB FREEMAN outperform 5 M 4 12 month 22.02.2013Deutsche Bank JASON WEATE hold 3 M 4 12 month 15.02.2013Goldman Sachs SIMON WHEATLEY neutral/neutral 3 M 4 12 month 14.02.2013Credit Suisse STEPHEN RICH underperform 1 D 4 Not Provided 14.02.2013JPMorgan ROB STANTON neutral 3 D 4 9 month 14.02.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Morgan Stanley LOURENS PIRENC restricted #N/A N/A M #N/A N/A Not Provided 10.12.2012Moelis & Company SIMON SCOTT hold 3 M 3 12 month 17.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 70. 27.02.2013ASX LtdASX Ltd is a demutualized company which operates Australias primary national Price/Volumestock exchange and equity derivatives market. The ASX operates markets for 40 2.0 Mequities, derivatives, fixed-interest securities and capital-raising for 1.8 M 35unlisted companies using advanced computer systems for both trading and 1.6 M 30settlement. 1.4 M 25 1.2 M 20 1.0 M Valuation Analysis .8 M 15Latest Fiscal Year: 06/2012 .6 M 10LTM as of: 01/yy .4 M 5 .2 M52-Week High (22.02.2013) 37.44 0 .0 M52-Week Low (07.08.2012) 27.53 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 279631.00 Current Price (2/dd/yy) 35.96 Market Data 52-Week High % Change -3.95% Dividend Yield 4.95 52-Week Low % Change 30.62% Beta 0.75 % 52 Week Price Range High/Low 83.15% Equity Float 175.00Shares Out 31.12.2012 175.1 Short Int - Market Capitalization 6297.92 1 Yr Total Return 17.95%Total Debt 3189.60 YTD Return 15.22%Preferred Stock 0.0 Adjusted BETA 0.752Minority Interest 0.0 Analyst Recs 17Cash and Equivalents 3696.10 Consensus Rating 2.706Enterprise Value 5791.42 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 835108ASX AT EQUITY YTD Change - Average Volume 30 Day 713156ASX AT EQUITY YTD % CHANGE - Average Volume 3 Month 616384 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 598.2 529.5 582.2 611.7 604.1 - - 619.2 661.2 - - TEV/Revenue 8.39x 11.51x 7.88x 7.82x 7.81x - - 6.30x 5.79x - - EBITDA 481.0 400.2 452.4 478.2 460.0 - - 474.8 512.5 - - TEV/EBITDA 10.44x 15.23x 10.13x 10.00x 10.25x - - 12.20x 11.30x - - Net Income 365.9 313.6 328.1 352.3 339.2 - - 348.3 376.1 - - P/E