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

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

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations 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. 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. 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. 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. 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. 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. 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. 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. 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. 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 |
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