Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans
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Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans Presentation Transcript

  • 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 Insurance Titans February 2013 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Daily Total Preferred Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in Volume Common Total Debt Stock Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency mio USD) (M) Shares (M) (USD) (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89ACE LTD USD 29257 371 340 5 0 0 1 33.71 17936 17936 18451 19348 - - - - 7.65 7.66 7.80 8.03 11.22 11.22 11.03 10.71 6.55 7.15 - - - - - WR 01.04.2007AFLAC INC USD 23305 975 468 4 0 0 2 24.72 25364 25364 24982 26558 - - - - 6.60 6.60 6.40 6.85 7.55 7.55 7.79 7.27 14.40 9.73 - - - A- 21.04.2009 A3 22.09.2011AIA GROUP LTD HKD 49855 43064 12044 0 0 0 1 6.20 1855 1855 2354 2651 - - - - 0.02 0.02 0.03 0.03 3.71 - 2.46 2.22 -2.81 - - - - - - - -ALLIANZ SE-REG EUR 63044 1544 452 38 0 3 14 87.92 142075 129243 140639 143796 - - - - 15.25 15.25 16.16 16.88 12.11 12.02 11.42 10.94 29.06 4.91 - - - AA 27.01.2012 Aa3 03.05.2004ALLSTATE CORP USD 22158 1191 479 6 #VALUE! 0 1 27.41 33315 33315 33548 34173 - - - - 4.36 4.34 4.65 5.11 10.69 10.69 9.98 9.08 2.02 0.34 - - - A- 29.01.2009 A3 29.01.2009AMERICAN INTERNATIONAL GROUP USD 55465 2475 1897 75 0 9 1 128.51 64237 70623 56264 58434 - - - - 0.57 4.54 3.85 3.41 8.28 8.28 9.77 11.01 -17.14 397.89 - - - A- 02.03.2009 Baa1 12.01.2011ASSICURAZIONI GENERALI EUR 26048 6708 1541 29 0 4 34 32.17 98120 108842 98972 101882 - - - - 1.56 1.02 1.38 1.78 21.81 - 16.13 12.57 -20.84 11.60 - - - A 23.01.2013 Baa2 *- 18.12.2012AVIVA PLC GBp 15966 5904 2906 13 2 2 35 #VALUE! 54408 56389 60307 59807 - - - - 0.55 -0.34 0.68 0.71 - 15.16 12.21 11.73 -44.61 31.28 - - - A- 15.08.2012 A1 19.05.2009AXA SA EUR 42236 5987 2374 22 8 3 41 35.35 158129 158129 133235 136186 - - - - 2.41 2.28 2.62 2.79 10.36 9.52 9.02 8.45 27.28 81.83 - - - A- 18.12.2012 A2 19.03.2003BERKSHIRE HATHAWAY INC-CL B USD 249036 2668 #VALUE! 60 0 4 162 129.56 143688 155698 #VALUE! #VALUE! 22008 27148 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 5.51 7.27 -12.61 1.91 17.44 AA+ 04.02.2010 Aa2 04.02.2010CHINA LIFE INSURANCE CO-H HKD 84715 46396 28265 6 0 0 7 #VALUE! 47758 45368 47018 52629 - - - - 0.08 0.07 0.07 0.13 4.55 4.55 4.76 2.32 -0.50 2.64 - - - AA- 16.12.2010 - -CHUBB CORP USD 21811 259 262 4 0 0 0 25.33 13546 13502 13459 13888 - - - - 5.23 5.21 6.63 6.89 15.99 15.99 12.57 12.09 - -1.01 - - - A+ 15.12.2008 A2 08.03.2004ING GROEP NV-CVA EUR 32115 15653 3801 277 0 1 24 287.25 54 K 56 K 61 K 62 K - - - - 0.98 1.00 1.32 1.46 11.18 10.44 8.50 7.68 -30.37 -12.38 - - - A 03.09.2009 A3 15.06.2012LEGAL & GENERAL GROUP PLC GBp 14104 5654 5872 5 0 0 22 #VALUE! 28025 30506 12127 12777 - - - - 0.16 0.11 0.21 0.23 33.51 21.79 17.05 16.13 -80.09 - - - - A 09.02.2010 A3 18.05.2010LOEWS CORP USD 17059 368 396 9 0 4 0 30.78 14552 14552 13288 14489 - - - - 2.36 2.42 3.37 4.04 17.91 17.91 12.88 10.74 3.01 8.06 - - - A+ 17.11.2011 A2 28.06.2012MANULIFE FINANCIAL CORP CAD 27299 4399 1828 27 2 0 13 44.33 28359 28359 40519 42560 - - - - 0.95 0.93 1.27 1.48 15.72 15.72 11.52 9.94 -41.59 18.13 - - - A- 13.12.2010 - -MARSH & MCLENNAN COS USD 19669 695 545 3 #VALUE! 0 2 20.29 11924 11924 12489 13123 1970 2150 683 683 2.15 2.11 2.40 2.67 17.10 17.10 15.02 13.50 3.45 1.11 - 3.70 18.17 BBB 12.10.2012 Baa2 03.03.2005METLIFE INC USD 39181 1848 1092 27 2 1 16 52.60 68150 68150 69972 72114 - - - - 5.28 5.27 5.29 5.65 6.81 6.81 6.78 6.35 -3.01 15.20 - - - A- 06.08.2010 A3 16.12.2009MUENCHENER RUECKVER AG-REG EUR 31982 454 178 7 0 0 3 36.75 81330 88314 77832 82400 - - - - 5.26 24.02 21.22 21.70 9.91 9.48 11.22 10.97 - 12.27 - - - AA- 22.12.2006 - -PING AN INSURANCE GROUP CO-H HKD 62065 19308 7916 42 0 5 12 84.00 35164 41200 41446 49095 - - - - 0.32 0.34 0.37 0.48 2.58 - 2.35 1.82 5.13 2.86 - - - - - - -PROGRESSIVE CORP USD 14692 1018 605 2 0 0 0 16.56 16789 16789 17441 18544 - - - - 1.16 1.16 1.48 1.60 20.95 20.95 16.41 15.19 8.35 3.61 - - - A+ 06.02.1995 A1 24.04.2003PRUDENTIAL FINANCIAL INC USD 26119 642 470 33 0 1 14 47.80 84815 84815 52809 54926 - - - - 6.27 6.12 7.79 8.69 9.16 9.16 7.20 6.45 72.93 66.96 - - - A 17.02.2009 Baa2 18.03.2009PRUDENTIAL PLC GBp 37541 1688 2548 12 #VALUE! 0 11 37.07 55854 59339 76189 88583 - - - - 0.98 0.95 1.05 1.17 23.54 18.54 21.31 19.16 -35.77 - - - - A+ 17.08.2010 A2 20.12.2002QBE INSURANCE GROUP LTD AUD 16173 5545 1112 5 0 0 1 19.42 16595 17219 18045 18493 - - - - 0.63 0.73 0.95 1.17 19.64 - 14.95 12.18 35.20 10.94 - - - A 09.07.2009 A3 *- 14.11.2012SAMPO OYJ-A SHS EUR 20893 462 560 3 0 0 1 22.69 8566 8567 7529 7548 - - - - 3.35 4.11 3.19 3.38 12.12 14.86 15.60 14.75 26.82 12.61 - - - NR 02.01.2002 Baa2 26.03.2009SUN LIFE FINANCIAL INC CAD 17050 1776 600 5 2 0 7 17.40 17265 18364 21427 22213 - - - - 2.45 2.54 2.52 2.68 11.02 11.02 11.11 10.44 -11.26 -1.18 - - - A 24.02.2012 - -SWISS RE AG CHF 30287 2334 371 22 0 0 12 42.37 35859 35859 34543 37162 - - - - 11.98 13.10 8.76 9.03 7.25 7.77 10.85 10.52 20.72 0.92 - - - - - - -TOKIO MARINE HOLDINGS INC JPY 22938 3082 767 15 0 0 4 20.90 36114 34580 36640 37303 - - - - - -0.15 1.57 1.80 - - 0.20 0.18 0.07 0.02 - - - - - - -TRAVELERS COS INC/THE USD 30278 514 377 6 0 0 0 36.30 25740 25740 25916 26494 - - - - 6.21 6.21 7.22 7.56 12.90 12.90 11.10 10.60 1.16 0.20 - - - A 28.07.2011 A2 06.06.2008ZURICH INSURANCE GROUP AG CHF 40692 311 147 14 0 3 10 49.98 76282 76282 65460 67834 - - - - 28.68 28.65 31.24 32.97 11.14 11.14 10.22 9.68 35.70 12.80 - - - - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%ACE LTD 1.08 0.99 0.94 0.86 1.67 1.59 1.51 1.38 11.47 11.03 10.71 9.96 2.24 2.23 2.40 2.28 91.93 6.9%AFLAC INC 1.59 1.38 1.22 1.05 0.91 0.93 0.88 0.82 7.56 7.79 7.27 6.63 2.68 2.88 3.13 3.39 58.59 17.6%AIA GROUP LTD 2.38 2.11 1.91 1.74 1.46 3.14 2.73 2.42 2.16 31.35 19.07 17.24 15.39 12.93 0.94 1.26 1.38 1.57 1.21 35.62 11.0%ALLIANZ SE-REG 0.91 0.86 0.81 0.77 0.72 0.46 0.45 0.44 0.43 0.42 9.19 8.55 8.19 8.33 7.52 4.44 4.74 4.96 5.09 5.32 114.28 10.4%ALLSTATE CORP 1.10 1.01 0.92 0.82 0.67 0.66 0.65 0.63 12.57 9.98 9.08 8.41 1.89 2.12 2.20 2.33 47.95 3.3%AMERICAN INTERNATIONAL GROUP 0.82 0.57 0.54 0.51 0.46 1.18 0.99 0.95 0.92 47.02 9.77 11.01 9.43 8.01 0.00 0.00 0.17 0.52 40.63 8.2%ASSICURAZIONI GENERALI 1.23 0.97 0.90 0.84 0.76 0.27 0.26 0.26 0.25 0.26 17.07 12.08 9.41 8.55 7.65 2.39 2.59 3.42 4.01 5.11 13.46 7.4%AVIVA PLC 0.81 0.93 0.91 0.86 0.93 0.33 0.26 0.27 0.22 6.60 7.98 7.67 7.18 6.26 7.57 7.17 7.17 7.23 7.59 414.58 17.0%AXA SA 0.66 0.64 0.60 0.54 0.31 0.32 0.31 0.29 7.26 6.76 6.33 6.37 5.51 5.87 6.26 6.71 15.85 19.7%BERKSHIRE HATHAWAY INC-CL B 23.04 103.00 2.8%CHINA LIFE INSURANCE CO-H 2.66 2.46 2.19 1.94 1.51 1.46 1.45 1.30 1.18 24.55 36.90 17.97 15.26 8.17 1.29 1.06 1.77 2.04 4.11 27.40 17.9%CHUBB CORP 1.41 1.30 1.22 1.16 1.68 1.62 1.57 1.51 12.13 9.65 18.06 12.57 12.09 10.95 2.00 2.03 2.13 2.18 87.29 4.8%ING GROEP NV-CVA 0.48 0.45 0.42 0.41 0.56 0.53 0.51 0.45 8.10 6.37 5.76 5.64 0.00 0.35 3.43 4.77 8.03 28.0%LEGAL & GENERAL GROUP PLC 1.69 1.66 1.54 1.46 1.32 1.69 1.16 1.10 0.96 12.89 11.14 10.54 10.00 9.18 3.78 4.75 5.26 5.64 6.54 160.13 2.7%LOEWS CORP 0.89 0.79 0.74 1.22 1.28 1.18 25.12 12.88 10.74 0.58 0.58 0.58 46.00 6.1%MANULIFE FINANCIAL CORP 1.22 1.17 1.09 1.03 0.93 0.69 0.67 0.64 15.19 11.72 10.11 9.01 7.27 3.42 3.46 3.50 3.46 15.70 3.4%MARSH & MCLENNAN COS 2.92 2.65 2.35 2.10 1.65 1.57 1.50 1.40 14.31 12.54 11.37 10.37 9.08 8.35 7.67 7.10 16.72 15.02 13.50 12.23 2.49 2.57 2.64 2.96 39.20 8.6%METLIFE INC 0.67 0.63 0.59 0.51 0.58 0.56 0.54 0.52 6.89 6.78 6.35 5.77 2.16 2.85 3.24 3.66 43.79 22.0%MUENCHENER RUECKVER AG-REG 0.90 0.84 0.80 0.75 0.73 0.42 0.41 0.39 0.35 0.35 7.56 8.40 8.22 8.38 9.03 5.08 5.20 5.33 5.65 5.43 141.30 5.8%PING AN INSURANCE GROUP CO-H 3.13 2.71 2.33 2.07 2.53 1.78 1.21 1.02 0.91 20.76 18.20 14.14 12.07 9.49 0.90 0.89 1.15 1.28 1.74 76.26 17.4%PROGRESSIVE CORP 2.46 2.23 2.05 1.95 0.88 0.84 0.79 0.76 21.20 16.41 15.19 13.59 3.78 1.59 1.85 2.45 23.50 -3.3%PRUDENTIAL FINANCIAL INC 0.82 0.76 0.68 0.56 0.35 0.49 0.48 0.42 9.08 7.20 6.45 5.75 2.85 3.16 3.41 3.79 68.06 21.4%PRUDENTIAL PLC 2.83 2.53 2.26 2.02 1.85 0.51 0.49 0.42 0.41 16.37 13.93 12.53 11.29 10.28 2.63 2.77 3.04 3.28 3.49 1007.44 5.0%QBE INSURANCE GROUP LTD 1.39 1.42 1.34 1.28 1.24 0.98 0.92 0.90 0.87 0.85 14.98 11.33 10.21 18.59 14.54 11.85 10.60 10.34 6.62 3.89 5.20 5.92 6.57 11.86 -9.7%SAMPO OYJ-A SHS 1.62 1.50 1.41 1.27 2.91 2.77 2.77 2.53 2.50 11.48 11.69 11.04 10.38 11.04 4.61 5.01 5.32 5.61 5.58 26.78 -4.2%SUN LIFE FINANCIAL INC 1.26 1.27 1.21 1.08 0.84 0.80 0.77 11.64 11.30 10.62 8.51 4.98 4.98 4.98 5.15 29.53 2.1%SWISS RE AG 0.86 0.86 0.83 0.77 0.72 0.92 0.94 0.88 0.79 0.85 7.94 10.02 9.72 9.33 8.77 4.69 5.26 5.26 5.25 5.05 71.92 -4.7%TOKIO MARINE HOLDINGS INC 1.16 1.10 1.05 0.98 0.62 0.63 0.61 0.60 0.58 196.82 19.03 16.53 14.51 1.79 1.97 2.14 2.28 2984.31 7.0%TRAVELERS COS INC/THE 1.20 1.11 1.04 0.98 1.18 1.17 1.14 1.11 12.74 8.68 14.24 11.10 10.60 10.46 2.26 2.38 2.52 2.68 83.18 3.8%ZURICH INSURANCE GROUP AG 1.19 1.13 1.07 1.00 0.95 0.65 0.67 0.64 0.67 0.59 12.21 9.43 8.94 8.42 7.96 6.80 6.80 6.96 7.17 7.78 264.76 4.5% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013ACE LtdACE Limited is the holding company for the ACE Group of Companies, a property Price/Volumeand casualty insurance business. The Group provides a diversified range of 100 2.0 Mproducts and services to clients through operations in countries around the 90 1.8 Mworld. ACE provides specialty insurance and reinsurance products. 80 1.6 M 70 1.4 M 60 1.2 M 50 1.0 M Valuation Analysis 40 .8 MLatest Fiscal Year: 12/2012 30 .6 MLTM as of: 12/yy 20 .4 M 10 .2 M52-Week High (20.02.2013) 87.40 0 .0 M52-Week Low (24.07.2012) 68.98 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 371075.00 Current Price (2/dd/yy) 85.97 Market Data 52-Week High % Change -1.64% Dividend Yield 2.26 52-Week Low % Change 24.63% Beta 0.89 % 52 Week Price Range High/Low 92.24% Equity Float 338.18Shares Out 31.12.2012 340.3 Short Int 2.64 Market Capitalization 29257.44 1 Yr Total Return 19.21%Total Debt 5070.00 YTD Return 7.73%Preferred Stock 0.0 Adjusted BETA 0.887Minority Interest 0.0 Analyst Recs 25Cash and Equivalents 615.00 Consensus Rating 4.480Enterprise Value 33712.44 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 373883ACE UN EQUITY YTD Change - Average Volume 30 Day 409477ACE UN EQUITY YTD % CHANGE - Average Volume 3 Month 372506 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 13698.0 15075.0 16006.0 16834.0 17936.0 16834.0 17936.0 18451.3 19347.7 4415.2 4938.4 TEV/Revenue 1.49x 1.32x 1.56x 1.66x 1.76x 6.22x 6.72x 1.59x 1.52x 7.57x 6.76x EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1197.0 2549.0 3108.0 1585.0 2706.0 1555.0 2706.0 2686.5 2773.0 633.5 676.1 P/E 6.85x 6.17x 7.99x 10.06x 10.43x 10.21x 10.42x 11.03x 10.71x 11.08x 10.96x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 10.12.2010EBIT - Long-Term Rating -Operating Margin 17.99% Long-Term Outlook STABLEPretax Margin 16.59% Short-Term Rating Date -Return on Assets 3.01% Short-Term Rating -Return on Common Equity 10.40% Credit RatiosReturn on Capital 9.46% EBITDA/Interest Exp. -Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 18.4%Net Income Margin 15.1% Total Debt/Capital 15.6%Structure Asset Turnover 0.20Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.48% Inventory Days -Tot Debt to Common Equity 18.42% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 10.00 20000.0 9.00 18000.0 8.00 16000.0 7.00 14000.0 6.00 12000.0 5.00 10000.0 4.00 8000.0 3.00 6000.0 2.00 4000.0 1.00 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 |
  • 21.02.2013ACE LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 27285196 8.02 (98932) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 25693352 7.55 - 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 23750703 6.98 (304352) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 18541280 5.45 4906808 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 16403760 4.82 1046102 31.12.2012 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 14765094 4.34 (637012) 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 14718334 4.32 427091 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 14079521 4.14 518333 19.02.2013 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 11286678 3.32 723273 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5942534 1.75 (723625) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5595355 1.64 168811 31.12.2012 Investment AdvisorVIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 5502835 1.62 499700 31.12.2012 Hedge Fund ManagerDAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 4417316 1.3 (253106) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4234259 1.24 58421 31.12.2012 Investment AdvisorONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 3912125 1.15 (28211) 31.12.2012 Pension Fund (ERISA)TCW GROUP INC TCW GROUP INCORPORAT 13F 3499196 1.03 (239074) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3247477 0.95 (51665) 31.12.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 3157882 0.93 184943 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3000574 0.88 241719 31.12.2012 Investment AdvisorCITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2945918 0.87 1306606 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JOSH STIRLING market perform 3 M 80 12 month 20.02.2013Keefe, Bruyette & Woods MEYER SHIELDS outperform 5 M 100 12 month 15.02.2013Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.02.2013Miller Tabak + Co., LLC TOM MITCHELL buy 5 M 92 12 month 08.02.2013Credit Suisse MICHAEL ZAREMSKI outperform 5 M 91 Not Provided 06.02.2013Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 89 12 month 01.02.2013Deutsche Bank JOSHUA D SHANKER hold 3 M 81 12 month 31.01.2013Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 87 12 month 31.01.2013Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 31.01.2013Sandler ONeill & Partners, LP J PAUL NEWSOME buy 5 M 92 Not Provided 31.01.2013JMP Securities MATTHEW J CARLETTI market outperform 4 M 95 12 month 31.01.2013Morgan Stanley GREGORY W LOCRAFT Overwt/In-Line 5 M 104 12 month 30.01.2013RBC Capital Markets MARK A DWELLE outperform 5 M 93 12 month 30.01.2013Raymond James C GREGORY PETERS outperform 5 M 91 12 month 30.01.2013Macquarie AMIT KUMAR outperform 5 M 89 12 month 30.01.2013Sterne, Agee & Leach DANIEL FARRELL buy 5 M 94 12 month 30.01.2013Evercore Partners VINAY MISQUITH overweight 5 M 92 12 month 30.01.2013Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 30.01.2013MKM Partners HARRY FONG buy 5 M 95 12 month 30.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 30.01.2013Barclays JAY H GELB overweight 5 M 94 Not Provided 29.01.2013S&P Capital IQ CATHY SEIFERT buy 5 M 92 Not Provided 10.12.2012Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 29.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Aflac IncAflac, Inc. is a general business holding company. The Company, through its Price/Volumesubsidiaries, provides supplemental insurance to individuals in the United 60 2.5 MStates and Japan. Aflacs products include accident/disability plans, cancerexpense plans, short-term disability plans, sickness and hospital indemnity 50 2.0 Mplans, hospital intensive care plans, and fixed-benefit dental plans. 40 1.5 M 30 Valuation Analysis 1.0 MLatest Fiscal Year: 12/2012 20LTM as of: 12/yy 10 .5 M52-Week High (12.12.2012) 54.93 0 .0 M52-Week Low (04.06.2012) 38.14 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 974788.00 Current Price (2/dd/yy) 49.82 Market Data 52-Week High % Change -9.30% Dividend Yield 2.69 52-Week Low % Change 30.62% Beta 1.33 % 52 Week Price Range High/Low 69.57% Equity Float 456.83Shares Out 31.12.2012 467.8 Short Int 8.69 Market Capitalization 23305.10 1 Yr Total Return 7.06%Total Debt 4352.00 YTD Return -5.54%Preferred Stock 0.0 Adjusted BETA 1.329Minority Interest 0.0 Analyst Recs 24Cash and Equivalents 2249.00 Consensus Rating 3.833Enterprise Value 24721.10 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1021160AFL UN EQUITY YTD Change - Average Volume 30 Day 812057AFL UN EQUITY YTD % CHANGE - Average Volume 3 Month 769363 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 16554.0 18254.0 20732.0 22171.0 25364.0 22171.0 25364.0 24982.2 26558.3 6196.0 6234.6 TEV/Revenue 1.34x 1.20x 1.32x 0.96x - 3.97x 2.70x 0.95x - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1254.0 1497.0 2344.0 1964.0 2866.0 1944.0 2866.0 2973.7 3135.3 762.2 750.1 P/E 11.49x 9.54x 10.20x 6.83x 8.05x 6.88x 8.05x 7.79x 7.27x 7.79x 7.67x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 21.04.2009EBIT - Long-Term Rating A-Operating Margin 16.96% Long-Term Outlook NEGPretax Margin 16.96% Short-Term Rating Date -Return on Assets 2.31% Short-Term Rating -Return on Common Equity 19.44% Credit RatiosReturn on Capital 16.42% EBITDA/Interest Exp. -Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 27.2%Net Income Margin 11.3% Total Debt/Capital 21.4%Structure Asset Turnover 0.20Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 3.32% Inventory Days -Tot Debt to Common Equity 27.24% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 4.50 30000.0 4.00 25000.0 3.50 3.00 20000.0 2.50 15000.0 2.00 1.50 10000.0 1.00 5000.0 0.50 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Aflac IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 24565187 5.25 882429 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 23143891 4.95 (348978) 19.02.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 22642924 4.84 297248 19.02.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 17677736 3.78 112338 31.12.2011 GovernmentWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10595408 2.27 (2409014) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 10425617 2.23 3021953 31.12.2012 Investment AdvisorWELLS FARGO n/a ULT-AGG 8518434 1.82 215452 31.12.2012 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 6766110 1.45 457966 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6400360 1.37 31538 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5843558 1.25 (135007) 31.12.2012 Investment AdvisorEATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4799952 1.03 2236649 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4533709 0.97 2289209 31.12.2012 Investment AdvisorCORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 4500000 0.96 4500000 31.12.2012 Investment AdvisorAMOS DANIEL P n/a Form 4 4092942 0.87 46569 12.02.2013 n/aUBS n/a ULT-AGG 4001649 0.86 (10046) 31.12.2012 UnclassifiedNORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 3967872 0.85 263666 31.12.2012 Investment AdvisorPANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 3521319 0.75 654184 31.12.2012 Investment AdvisorYOSHIDA TAKURO n/a PROXY 3458452 0.74 - 29.02.2012 n/aSCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 3336537 0.71 656996 31.12.2012 Investment AdvisorHERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 3324379 0.71 93729 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSterne, Agee & Leach JOHN M NADEL neutral 3 M 60 12 month 21.02.2013Raymond James STEVEN D SCHWARTZ outperform 5 U 62 12 month 20.02.2013Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 68 12 month 18.02.2013Portales Partners NINA GUPTA underperform 1 N #N/A N/A Not Provided 14.02.2013Deutsche Bank YARON KINAR hold 3 M 55 12 month 11.02.2013Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 11.02.2013Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013Morgan Stanley NIGEL P DALLY Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013RBC Capital Markets ERIC N BERG sector perform 3 M 59 12 month 06.02.2013SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 06.02.2013JPMorgan JIMMY S BHULLAR neutral 3 M 54 9 month 06.02.2013Macquarie SEAN DARGAN neutral 3 M 53 12 month 06.02.2013Sandler ONeill & Partners, LP EDWARD SHIELDS buy 5 M 57 12 month 06.02.2013S&P Capital IQ ROBERT MCMILLAN strong buy 5 M 58 Not Provided 06.02.2013Barclays JAY H GELB overweight 5 M 65 Not Provided 06.02.2013EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 06.02.2013Credit Suisse THOMAS GALLAGHER outperform 5 M 58 Not Provided 05.02.2013FBR Capital Markets RANDY BINNER market perform 3 M 52 12 month 05.02.2013Scotia Capital JOANNE SMITH sector outperform 5 M 63 12 month 05.02.2013Evercore Partners MARK FINKELSTEIN equalweight 3 M 61 12 month 05.02.2013Goldman Sachs CHRISTOPHER GIOVANNI neutral/attractive 3 M 55 12 month 08.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013AIA Group LtdAIA Group Ltd. offers insurance and financial services. The Company writes Price/Volumelife insurance for individuals and businesses, accident and health insurance, 35 2500.0 Mretirement planning, and wealth management services. 30 2000.0 M 25 20 1500.0 M Valuation Analysis 15 1000.0 MLatest Fiscal Year: 11/2011 10LTM as of: 01/yy 500.0 M 552-Week High (21.02.2013) 32.50 0 .0 M52-Week Low (04.06.2012) 24.05 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 43064252.00 Current Price (2/dd/yy) 32.1 Market Data 52-Week High % Change -1.23% Dividend Yield 1.07 52-Week Low % Change 33.47% Beta 0.85 % 52 Week Price Range High/Low 100.00% Equity Float 12039.65Shares Out 30.11.2012 12044.0 Short Int - Market Capitalization 386612.38 1 Yr Total Return 19.97%Total Debt 1229.00 YTD Return 6.12%Preferred Stock 0.0 Adjusted BETA 0.847Minority Interest 102.0 Analyst Recs 23Cash and Equivalents 4303.00 Consensus Rating 4.304Enterprise Value 48107.84 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 356518901299 HK EQUITY YTD Change - Average Volume 30 Day 396193601299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67483780 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 01/yy 01/yy 11/12 Y 11/13 Y - - Total Revenue 15226.0 3810.0 19016.0 18394.0 14385.0 - - 18251.3 20560.8 - - TEV/Revenue - - - 1.85x 2.33x - - 2.64x 2.46x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 1914.0 408.0 1754.0 2701.0 1600.0 - - 2659.0 2842.2 - - P/E - - - 13.14x 23.31x - - 19.07x 17.24x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 15.24% Long-Term Outlook -Pretax Margin 15.07% Short-Term Rating Date -Return on Assets 1.47% Short-Term Rating -Return on Common Equity 7.84% Credit RatiosReturn on Capital 7.34% EBITDA/Interest Exp. -Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 5.8%Net Income Margin 11.1% Total Debt/Capital 5.4%Structure Asset Turnover 0.12Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 1.07% Inventory Days -Tot Debt to Common Equity 5.77% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 140.00 20000.0 18000.0 120.00 16000.0 100.00 14000.0 12000.0 80.00 10000.0 60.00 8000.0 6000.0 40.00 4000.0 20.00 2000.0 0.00 0.0 05.12.2008 05.06.2009 05.12.2009 05.06.2010 05.12.2010 05.06.2011 05.12.2011 05.06.2012 05.12.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013AIA Group LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 1431991813 11.89 75997000 10.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 947131193 7.86 (27400) 17.12.2012 UnclassifiedBLACKROCK n/a ULT-AGG 872440983 7.24 2199200 19.02.2013 Investment AdvisorABERDEEN n/a ULT-AGG 607474500 5.04 - 23.01.2013 UnclassifiedFMR LLC n/a ULT-AGG 306826224 2.55 52083324 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 298181135 2.48 41460521 31.12.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 279263500 2.32 33684200 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 219402776 1.82 67540336 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 132900800 1.1 8571000 31.12.2012 Investment AdvisorLEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 119148250 0.99 119148250 30.09.2012 Insurance CompanyCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 107408000 0.89 852800 31.10.2012 BankTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 104143762 0.86 50914552 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 104087200 0.86 3339200 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 86696300 0.72 1568200 31.12.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 85271979 0.71 11139725 30.06.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 84229621 0.7 1779400 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79225000 0.66 - 30.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 77373800 0.64 50369000 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 50209800 0.42 (2170000) 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 44959365 0.37 (1172032) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies BARON NIE buy 5 M 35 12 month 20.02.2013HSBC MICHAEL P CHANG overweight 5 M 40 Not Provided 20.02.2013ICBC International Securities PIUS CHENG buy 5 M 37 Not Provided 20.02.2013Morgan Stanley BEN LIN Overwt/Attractive 5 M 38 12 month 19.02.2013BNP Paribas Equity Research DOMINIC CHAN buy 5 M 40 12 month 18.02.2013CCB International Securities Ltd KENNETH YUE outperform 5 M 36 Not Provided 07.02.2013Nomura DAVID CHUNG buy 5 M 36 Not Provided 06.02.2013China International Capital Corp SALLY NG hold 3 M 33 12 month 01.02.2013Deutsche Bank ESTHER CHWEI buy 5 M 38 12 month 31.01.2013Standard Chartered PETER OBRIEN outperform 5 M 38 12 month 30.01.2013CIMB BERTRAM LAI outperform 5 M 34 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013JPMorgan CHAN BAO LING overweight 5 M 34 9 month 16.01.2013Macquarie SCOTT G RUSSELL neutral 3 M 29 12 month 16.01.2013BOCOM International Holdings LI WENBING long-term buy 5 M 38 12 month 19.12.2012Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 13.12.2012ABC International FRANCIS CHAN buy 5 M 35 12 month 11.12.2012Fortune CLSA Securities Limited YANG YAN sell 1 M 29 12 month 24.10.2012Goldman Sachs MANCY SUN Buy/Neutral 5 M 38 12 month 18.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 32 Not Provided 11.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Allianz SEAllianz SE, through subsidiaries, offers insurance and financial services. The Price/VolumeCompany offers property and casualty, life and health, credit, motor vehicle and 120 10.0 Mtravel insurance, and fund management services. 9.0 M 100 8.0 M 80 7.0 M 6.0 M 60 5.0 M Valuation Analysis 4.0 MLatest Fiscal Year: 12/2012 40 3.0 MLTM as of: 12/yy 20 2.0 M 1.0 M52-Week High (02.01.2013) 108.65 0 .0 M52-Week Low (04.06.2012) 68.50 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 1543647.00 Current Price (2/dd/yy) 103.55 Market Data 52-Week High % Change -4.69% Dividend Yield - 52-Week Low % Change 51.17% Beta 1.24 % 52 Week Price Range High/Low 89.17% Equity Float 455.95Shares Out 31.12.2012 456.0 Short Int - Market Capitalization 47213.63 1 Yr Total Return 20.73%Total Debt 28411.00 YTD Return -1.19%Preferred Stock 0.0 Adjusted BETA 1.238Minority Interest 2338.0 Analyst Recs 43Cash and Equivalents 10492.00 Consensus Rating 4.326Enterprise Value 65845.62 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1532143ALV GY EQUITY YTD Change - Average Volume 30 Day 1507210ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1528593 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 76195.0 82711.0 89740.0 87384.0 106400.0 87384.0 96790.0 105324.8 107688.9 - - TEV/Revenue 0.69x 0.75x 0.67x 0.61x - 2.70x 1.86x 0.55x 0.54x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (2444.0) 4297.0 5053.0 2545.0 5169.0 2545.0 5169.0 5448.1 5671.0 - - P/E 8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.55x 8.19x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 27.01.2012EBIT - Long-Term Rating AAOperating Margin 7.01% Long-Term Outlook NEGPretax Margin 5.45% Short-Term Rating Date 23.03.2009Return on Assets 0.67% Short-Term Rating A-1+Return on Common Equity 9.30% Credit RatiosReturn on Capital 7.26% EBITDA/Interest Exp. -Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.0%Net Income Margin 4.9% Total Debt/Capital 37.5%Structure Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 4.43% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 7.00 120000.0 6.00 100000.0 5.00 80000.0 4.00 60000.0 3.00 40000.0 2.00 20000.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Allianz SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 32047039 7.03 - 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8563293 1.88 175318 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8000572 1.75 (440475) 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6365290 1.4 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 4770085 1.05 (11363) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4519378 0.99 (131397) 31.12.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 4513764 0.99 546507 28.09.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 3746308 0.82 - 16.05.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3598771 0.79 972739 31.01.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 3381128 0.74 - 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2337600 0.51 - 31.12.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 2232924 0.49 (99900) 31.10.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2116731 0.46 (65405) 30.11.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 1904355 0.42 64334 30.11.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 1843650 0.4 - 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1490728 0.33 - 19.02.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1483920 0.33 - 30.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1455112 0.32 388780 31.12.2012 Mutual Fund ManagerFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1212611 0.27 (82340) 30.11.2012 Mutual Fund ManagerJP MORGAN n/a ULT-AGG 961909 0.21 8661 31.12.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateOddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 21.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 21.02.2013Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 96 12 month 21.02.2013Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 12 month 20.02.2013JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 18.02.2013Independent Research GmbH STEFAN BONGARDT buy 5 M 120 12 month 18.02.2013Bankhaus Metzler JOCHEN SCHMITT sell 1 M 85 12 month 18.02.2013Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.02.2013Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013DZ Bank AG THORSTEN WENZEL buy 5 M 105 12 month 15.02.2013Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 14.02.2013AlphaValue DIETER HEIN add 4 M 111 6 month 14.02.2013Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 13.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 128 12 month 12.02.2013Berenberg Bank PETER ELIOT buy 5 N 124 Not Provided 11.02.2013Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013RBC Capital Markets GORDON AITKEN outperform 5 M 120 12 month 31.01.2013Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012Nord/LB VOLKER SACK buy 5 U 104 12 month 12.11.2012Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 09.11.2012S&P Capital IQ RODERICK WALLACE buy 5 M 133 12 month 09.11.2012Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012Espirito Santo Investment Bank Research FERNEYHOUGH JOY neutral 3 M 92 Not Provided 11.11.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Allstate Corp/TheThe Allstate Corporation, through its subsidiaries, provides property-liability Price/Volumeinsurance, as well as other types of insurance in the United States and Canada. 50 3.0 MThe Company primarily sells private passenger automobile and homeowners 45insurance through independent and specialized brokers. Allstate also sells life 40 2.5 Minsurance, annuity, and group pension products through agents. 35 2.0 M 30 25 1.5 M Valuation Analysis 20Latest Fiscal Year: 12/2012 15 1.0 MLTM as of: 12/yy 10 .5 M 552-Week High (20.02.2013) 47.08 0 .0 M52-Week Low (08.03.2012) 30.76 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 1191008.00 Current Price (2/dd/yy) 46.41 Market Data 52-Week High % Change -1.42% Dividend Yield 1.90 52-Week Low % Change 50.88% Beta 0.94 % 52 Week Price Range High/Low 95.89% Equity Float 476.70Shares Out 01.02.2013 477.4 Short Int 4.61 Market Capitalization 22158.28 1 Yr Total Return 50.75%Total Debt 6057.00 YTD Return 15.53%Preferred Stock - Adjusted BETA 0.935Minority Interest 0.0 Analyst Recs 29Cash and Equivalents 806.00 Consensus Rating 4.103Enterprise Value 27409.28 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1053488ALL UN EQUITY YTD Change - Average Volume 30 Day 747553ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 796655 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 29394.0 32013.0 31400.0 32654.0 33315.0 32654.0 33315.0 33547.7 34173.3 8337.4 8386.2 TEV/Revenue 0.78x 0.67x 0.71x 0.58x 0.74x 2.41x 2.80x 0.85x 0.85x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (1679.0) 854.0 928.0 787.0 2306.0 787.0 2306.0 2151.6 2243.2 595.9 511.7 P/E 10.17x 8.63x 11.23x 21.58x 9.21x 21.08x 9.26x 9.98x 9.08x 9.98x 9.71x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A-Operating Margin 11.09% Long-Term Outlook NEGPretax Margin 9.92% Short-Term Rating Date -Return on Assets 1.83% Short-Term Rating -Return on Common Equity 11.86% Credit RatiosReturn on Capital 10.09% EBITDA/Interest Exp. -Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 29.4%Net Income Margin 6.9% Total Debt/Capital 22.7%Structure Asset Turnover 0.26Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 4.77% Inventory Days -Tot Debt to Common Equity 29.43% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 10.00 40000.0 9.00 35000.0 8.00 30000.0 7.00 25000.0 6.00 5.00 20000.0 4.00 15000.0 3.00 10000.0 2.00 5000.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Allstate Corp/TheHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 23637491 4.95 (266139) 19.02.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22671855 4.75 (1682359) 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 22292659 4.67 382527 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 20104214 4.21 529373 19.02.2013 Investment AdvisorINVESCO LTD INVESCO LTD 13F 12957795 2.71 (362127) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 10584076 2.22 (200033) 31.12.2012 Investment AdvisorHOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 10485305 2.2 (2368767) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 8487084 1.78 (961655) 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7389120 1.55 80488 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7163891 1.5 (501604) 31.12.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 6584538 1.38 (77162) 31.12.2012 Investment AdvisorPZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 6486248 1.36 (3897691) 31.12.2012 Hedge Fund ManagerAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6104700 1.28 (672920) 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 5864695 1.23 (115558) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5668651 1.19 (550075) 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4714744 0.99 (41867) 31.12.2012 Investment AdvisorAJO, LP AJO, LP 13F 4545300 0.95 (326800) 31.12.2012 Investment AdvisorDISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 4353350 0.91 2484100 31.12.2012 Hedge Fund ManagerCITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4255921 0.89 345131 31.12.2012 Hedge Fund ManagerPERKINS INVESTMENT M PERKINS INVESTMENT M 13F 3971969 0.83 31662 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JOSH STIRLING outperform 5 M 50 12 month 20.02.2013Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 15.02.2013Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 50 12 month 15.02.2013Barclays JAY H GELB overweight 5 M 54 Not Provided 14.02.2013Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 50 12 month 13.02.2013Macquarie RAYMOND IARDELLA neutral 3 M 47 12 month 12.02.2013Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 11.02.2013Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013Deutsche Bank JOSHUA D SHANKER buy 5 M 51 12 month 08.02.2013Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 08.02.2013Argus Research Corp JOHN M EADE buy 5 M 51 Not Provided 08.02.2013Sandler ONeill & Partners, LP J PAUL NEWSOME buy 5 M 51 Not Provided 08.02.2013Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 49 12 month 08.02.2013RBC Capital Markets MARK A DWELLE sector perform 3 M 48 12 month 07.02.2013SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 07.02.2013Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M 34 12 month 07.02.2013William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 07.02.2013Raymond James C GREGORY PETERS strong buy 5 M 52 12 month 07.02.2013Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 47 12 month 07.02.2013Evercore Partners VINAY MISQUITH overweight 5 M 50 12 month 07.02.2013JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 07.02.2013Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 07.02.2013MKM Partners HARRY FONG buy 5 M 55 12 month 07.02.2013Credit Suisse MICHAEL ZAREMSKI outperform 5 M 42 Not Provided 06.02.2013FBR Capital Markets RANDY BINNER market perform 3 M 40 12 month 06.02.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013S&P Capital IQ CATHY SEIFERT hold 3 M 43 Not Provided 29.11.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013American International Group IncAmerican International Group, Inc. is an international insurance organization Price/Volumeserving commercial, institutional and individual customers. AIG provides 45 70.0 Mproperty-casualty insurance, life insurance and retirement services. 40 60.0 M 35 50.0 M 30 25 40.0 M Valuation Analysis 20 30.0 MLatest Fiscal Year: 12/2011 15 20.0 M 10LTM as of: 09/yy 10.0 M 552-Week High (12.02.2013) 39.90 0 .0 M52-Week Low (21.02.2012) 27.11 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 2475348.00 Current Price (2/dd/yy) 37.57 Market Data 52-Week High % Change -5.84% Dividend Yield 0.00 52-Week Low % Change 38.58% Beta 1.39 % 52 Week Price Range High/Low 81.78% Equity Float 1474.50Shares Out 26.10.2012 1476.3 Short Int 21.34 Market Capitalization 55464.76 1 Yr Total Return 37.47%Total Debt 75253.00 YTD Return 6.43%Preferred Stock 0.0 Adjusted BETA 1.389Minority Interest 9378.0 Analyst Recs 22Cash and Equivalents 1474.00 Consensus Rating 4.364Enterprise Value 128511.76 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2615682AIG UN EQUITY YTD Change - Average Volume 30 Day 2676961AIG UN EQUITY YTD % CHANGE - Average Volume 3 Month 3720372 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 110064.0 6896.0 75352.0 77526.0 64237.0 68040.0 70623.0 56263.5 58434.0 14392.0 14476.5 TEV/Revenue 3.34x 41.00x 3.38x 2.92x 1.98x 9.63x 7.20x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 6200.0 (99289.0) (10949.0) 7786.0 17798.0 10319.0 27194.0 6529.0 4966.6 (84.0) 1293.7 P/E 16.28x - - - 40.70x 0.00x 7.22x 9.77x 11.01x 15.97x 11.24x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 02.03.2009EBIT - Long-Term Rating A-Operating Margin 9.01% Long-Term Outlook NEGPretax Margin -1.66% Short-Term Rating Date 14.01.2011Return on Assets 4.97% Short-Term Rating A-2Return on Common Equity 28.98% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 71.7%Net Income Margin 27.7% Total Debt/Capital 39.7%Structure Asset Turnover 0.13Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 13.54% Inventory Days -Tot Debt to Common Equity 71.70% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 120000.0 18.00 100000.0 16.00 14.00 80000.0 12.00 10.00 60000.0 8.00 40000.0 6.00 4.00 20000.0 2.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013American International Group IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 85862294 5.82 (683424) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 69502743 4.71 12923253 19.02.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 61921180 4.19 13491642 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 60476872 4.1 15353796 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 54481168 3.69 12500525 19.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 28385814 1.92 4226487 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 21350033 1.45 7824042 31.12.2012 Investment AdvisorORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 20223023 1.37 20223023 31.12.2012 Investment AdvisorTHIRD POINT LLC THIRD POINT LLC 13F 18500000 1.25 (5000000) 31.12.2012 Hedge Fund ManagerBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17727826 1.2 4028675 31.12.2012 Investment AdvisorHOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 17648202 1.2 (2548657) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16237006 1.1 3304695 31.12.2012 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 15571045 1.05 123324 31.12.2012 Investment AdvisorOZ MANAGEMENT LP OZ MANAGEMENT 13F 15292833 1.04 (17906763) 31.12.2012 Investment AdvisorPERRY CORP PERRY CORPORATION 13F 14865903 1.01 4365903 31.12.2012 Hedge Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 14000345 0.95 5000000 31.12.2012 Investment AdvisorSTARR INTERNATIONAL STARR INTERNATIONAL 13F 13928284 0.94 - 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12437183 0.84 (1708452) 31.12.2012 Investment AdvisorWADDELL & REED FINAN WADDELL & REED FINAN 13F 11937000 0.81 11937000 31.12.2012 Investment AdvisorD E SHAW & COMPANY I D E SHAW & CO 13F 11816695 0.8 397840 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JOSH STIRLING outperform 5 M 45 12 month 21.02.2013Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 37 12 month 15.02.2013William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 13.02.2013Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013FBR Capital Markets RANDY BINNER outperform 5 M 44 12 month 04.02.2013Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 43 12 month 30.01.2013Evercore Partners MARK FINKELSTEIN overweight 5 M 40 12 month 22.01.2013Sterne, Agee & Leach JOHN M NADEL buy 5 M 40 12 month 15.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 14.01.2013S&P Capital IQ CATHY SEIFERT buy 5 M 40 12 month 09.01.2013Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 43 12 month 08.01.2013Sandler ONeill & Partners, LP J PAUL NEWSOME buy 5 M 41 Not Provided 08.01.2013JPMorgan JIMMY S BHULLAR neutral 3 M 40 9 month 03.01.2013Barclays JAY H GELB equalweight 3 M 33 Not Provided 03.01.2013Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 18.12.2012Argus Research Corp JOHN M EADE buy 5 M 40 Not Provided 14.12.2012Deutsche Bank JOSHUA D SHANKER buy 5 M 41 12 month 10.12.2012Credit Suisse THOMAS GALLAGHER restricted #N/A N/A M #N/A N/A Not Provided 10.12.2012Macquarie G ALAN ZIMMERMANN outperform 5 M 44 12 month 10.12.2012Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M 37 12 month 01.11.2012Societe Generale EMMANUELLE CALES buy 5 U 24 12 month 01.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Assicurazioni Generali SpAAssicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance Price/Volumethroughout the world. The Company offers life, health, accident, automobile, 16 30.0 Mmarine, aviation, transport, fire, general liability, and credit insurance and 14reinsurance. 25.0 M 12 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2011 10.0 M 4LTM as of: 09/yy 5.0 M 252-Week High (14.01.2013) 14.65 0 .0 M52-Week Low (31.05.2012) 8.16 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 6708171.00 Current Price (2/dd/yy) 12.53 Market Data 52-Week High % Change -14.47% Dividend Yield - 52-Week Low % Change 53.65% Beta 1.05 % 52 Week Price Range High/Low 73.98% Equity Float 1267.12Shares Out 30.09.2012 1556.9 Short Int - Market Capitalization 19507.62 1 Yr Total Return 7.75%Total Debt 21346.20 YTD Return -8.81%Preferred Stock 0.0 Adjusted BETA 1.045Minority Interest 2635.0 Analyst Recs 31Cash and Equivalents 25559.90 Consensus Rating 2.613Enterprise Value 24091.92 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6098240G IM EQUITY YTD Change - Average Volume 30 Day 7097060G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6845836 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 80164.7 62298.4 85790.6 87072.1 73481.8 79976.9 81511.6 74120.1 76299.8 14345.0 - TEV/Revenue 0.66x 0.61x 0.50x 0.40x 0.22x 0.85x 0.46x 0.29x 0.28x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 2915.6 860.9 1309.1 1701.9 856.1 3825.2 1163.8 1564.8 2055.4 454.0 - P/E 14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 14.58x 12.08x 9.41x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating AOperating Margin 4.66% Long-Term Outlook NEGPretax Margin 2.46% Short-Term Rating Date -Return on Assets 0.27% Short-Term Rating -Return on Common Equity 6.64% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 137.8%Net Income Margin 1.2% Total Debt/Capital 54.1%Structure Asset Turnover 0.19Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.05% Inventory Days -Tot Debt to Common Equity 137.85% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 100000.0 90000.0 1.00 80000.0 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Assicurazioni Generali SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMEDIOBANCA SPA n/a EXCH 194048687 12.46 - 20.11.2012 BankBANCA DITALIA n/a EXCH 69420980 4.46 - 30.11.2012 GovernmentDEA PARTICIPATIONS S n/a EXCH 35185336 2.26 - 30.11.2012 Investment AdvisorEFFETI SPA n/a EXCH 33488344 2.15 - 30.11.2012 CorporationDELFIN SARL n/a EXCH 31168603 2 - 30.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 21969315 1.41 460550 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 17295553 1.11 126386 19.02.2013 Investment AdvisorCOMPASS SPA n/a EXCH 14198684 0.91 - 30.11.2012 CorporationVIKING GLOBAL INVEST n/a Short (14167547) -0.91 - 01.11.2012 Hedge Fund ManagerVM 2006 SRL n/a EXCH 6196356 0.4 - 30.11.2012 OtherDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5321220 0.34 (41688) 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4134095 0.27 - 19.02.2013 Investment AdvisorPANTHEON 2000 SPA n/a EXCH 3502965 0.23 - 30.11.2012 OtherCALTAGIRONE EDITORE n/a EXCH 3144884 0.2 - 30.11.2012 CorporationGAMMA SRL n/a EXCH 2958059 0.19 - 30.11.2012 Holding CompanyBNP PARIBAS INV PART n/a ULT-AGG 2833608 0.18 (6015) 30.11.2012 Investment AdvisorB&D FINANCE SA n/a EXCH 2693391 0.17 - 30.11.2012 Investment AdvisorFINANZIARIA ITALIA 2 n/a EXCH 2646685 0.17 - 30.11.2012 UnclassifiedARCA SGR SPA Multiple Portfolios MF-AGG 2543127 0.16 (5402) 28.12.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 2540642 0.16 409970 30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue JEROME CASSAGNE reduce 2 M 13 6 month 21.02.2013Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 20.02.2013ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 20.02.2013Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 6 month 18.02.2013Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 15.02.2013Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 08.02.2013Oddo & Cie NICOLAS JACOB neutral 3 M 14 12 month 04.02.2013Barclays CLAUDIA GASPARI equalweight 3 M 13 Not Provided 04.02.2013Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 25.01.2013Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.01.2013Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 15.01.2013Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 15.01.2013Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 15.01.2013S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.01.2013Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 8 12 month 09.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 09.01.2013Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013Banca IMI ELENA PERINI suspended coverage #N/A N/A M #N/A N/A Not Provided 28.12.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 10.12.2012Macquarie HADLEY COHEN neutral 3 M 13 12 month 13.11.2012Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Aviva PLCAviva PLC is an international insurance company that provides all classes of Price/Volumegeneral and life assurance, including fire, motor, marine, aviation, and 450 35.0 Mtransport insurance. The Company also supplies a variety of financial services, 400 30.0 Mincluding unit trusts, stockbroking, long-term savings, and fund management. 350 25.0 M 300 250 20.0 M Valuation Analysis 200 15.0 MLatest Fiscal Year: 12/2011 150 10.0 M 100LTM as of: 09/yy 5.0 M 5052-Week High (21.12.2012) 390.40 0 .0 M52-Week Low (01.06.2012) 251.10 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 5904209.00 Current Price (2/dd/yy) 354.2 Market Data 52-Week High % Change -9.25% Dividend Yield 7.34 52-Week Low % Change 41.06% Beta 1.53 % 52 Week Price Range High/Low 73.87% Equity Float 2943.97Shares Out 31.01.2013 2946.1 Short Int - Market Capitalization 10435.12 1 Yr Total Return 1.53%Total Debt 8450.00 YTD Return -5.04%Preferred Stock 1190.0 Adjusted BETA 1.535Minority Interest 1530.0 Analyst Recs 27Cash and Equivalents 23043.00 Consensus Rating 3.704Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11696210AV/ LN EQUITY YTD Change - Average Volume 30 Day 10299640AV/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 9325394 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 40761.0 20484.0 59434.0 50197.0 35561.0 0.0 0.0 39416.7 39089.7 - - TEV/Revenue 0.42x 0.23x 0.09x 0.11x - #DIV/0! #DIV/0! - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1320.0 (915.0) 1085.0 1463.0 225.0 0.0 0.0 1031.1 1416.6 - - P/E 13.93x - 10.51x 14.10x 11.69x 0.00x 0.00x 7.98x 7.67x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A-Operating Margin 5.13% Long-Term Outlook STABLEPretax Margin 2.29% Short-Term Rating Date -Return on Assets -0.20% Short-Term Rating -Return on Common Equity -5.59% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 66.8%Net Income Margin 0.6% Total Debt/Capital 35.5%Structure Asset Turnover 0.12Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.71% Inventory Days -Tot Debt to Common Equity 66.84% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 70000.0 10.00 60000.0 50000.0 8.00 40000.0 6.00 30000.0 4.00 20000.0 2.00 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Aviva PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES n/a ULT-AGG 211675498 7.18 4795562 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 151238790 5.13 1582908 19.02.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 117884648 4 10749361 01.11.2012 UnclassifiedM&G INVESTMENT MANAG Multiple Portfolios REG 78598635 2.67 (8044005) 01.11.2012 Investment AdvisorAVIVA PLC SHARE ACCO Multiple Portfolios REG 65413024 2.22 (181106) 01.11.2012 UnclassifiedSCOTTISH WIDOWS n/a ULT-AGG 65336334 2.22 (5784626) 31.12.2012 UnclassifiedAVIVA PLC n/a RNS-MAJ 61649544 2.09 - 17.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 61037483 2.07 2236701 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 54324031 1.84 - 01.11.2012 GovernmentMAJEDIE ASSET MANAGE Multiple Portfolios REG 42870595 1.46 5011081 01.11.2012 Investment AdvisorTHREADNEEDLE ASSET M Multiple Portfolios REG 41983449 1.43 (1060681) 01.11.2012 Investment AdvisorHARGREAVES LANSDOWN Multiple Portfolios REG 38102462 1.29 (824169) 01.11.2012 Investment AdvisorTD WATERHOUSE GROUP Multiple Portfolios REG 37094970 1.26 (2106276) 01.11.2012 Investment AdvisorEDINBURGH PARTNERS L Multiple Portfolios REG 36444709 1.24 (2650661) 01.11.2012 Investment AdvisorUBS n/a ULT-AGG 33646794 1.14 8421593 28.12.2012 UnclassifiedAPG ALGEMENE PENSIOE Multiple Portfolios REG 32720468 1.11 294056 01.11.2012 Pension Fund (ERISA)PEOPLES REPUBLIC OF Multiple Portfolios REG 32078780 1.09 - 01.11.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios REG 31828838 1.08 1797329 01.11.2012 Investment AdvisorBREWIN DOLPHIN LIMIT Multiple Portfolios REG 28103629 0.95 (964978) 01.11.2012 Investment AdvisorGLOBAL ASSET MANAGEM Multiple Portfolios REG 28057234 0.95 - 01.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas ANDY HUGHES outperform 5 U 414 Not Provided 21.02.2013AlphaValue JEROME CASSAGNE add 4 M 380 6 month 21.02.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 350 12 month 20.02.2013Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 540 12 month 18.02.2013Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 425 Not Provided 13.02.2013Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 410 12 month 11.02.2013JPMorgan ASHIK MUSADDI overweight 5 M 443 9 month 08.02.2013Barclays ALAN DEVLIN underweight 1 M 302 Not Provided 04.02.2013Macquarie NEIL WELCH neutral 3 M 384 12 month 23.01.2013Berenberg Bank MATTHEW PRESTON buy 5 M 470 Not Provided 23.01.2013Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 416 12 month 18.01.2013Oriel Securities Ltd MARCUS BARNARD hold 3 M 400 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY neutral 3 D 425 Not Provided 16.01.2013Credit Suisse CHRIS ESSON outperform 5 M 455 Not Provided 14.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013Investec KEVIN RYAN buy 5 M 422 12 month 07.01.2013Morgan Stanley JON HOCKING Overwt/In-Line 5 M 444 12 month 04.01.2013Canaccord Genuity Corp BEN COHEN hold 3 M 380 12 month 24.12.2012Deutsche Bank OLIVER STEEL restricted #N/A N/A M #N/A N/A Not Provided 21.12.2012Societe Generale ABID HUSSAIN hold 3 M 343 12 month 11.12.2012Redburn Partners LANCE BURBIDGE neutral 3 D #N/A N/A Not Provided 22.11.2012S&P Capital IQ RODERICK WALLACE hold 3 M 350 12 month 08.11.2012Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 23.10.2012Nomura FAHAD CHANGAZI buy 5 M 540 Not Provided 31.05.2012Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 508 6 month 01.07.2011Espirito Santo Investment Bank Research FERNEYHOUGH JOY buy 5 M 605 Not Provided 31.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013AXA SAAXA SA is an insurance company which also provides related financial services. Price/VolumeThe Company offers life and non-life insurance, reinsurance, savings and pension 16 30.0 Mproducts, and asset management services. AXA operates in both domestic and 14international markets. 25.0 M 12 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2012 10.0 M 4LTM as of: 09/yy 5.0 M 252-Week High (19.02.2013) 13.98 0 .0 M52-Week Low (04.06.2012) 8.65 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 5987449.00 Current Price (2/dd/yy) 13.24 Market Data 52-Week High % Change -5.33% Dividend Yield - 52-Week Low % Change 53.06% Beta 1.50 % 52 Week Price Range High/Low 94.84% Equity Float 2042.80Shares Out 31.01.2013 2389.0 Short Int - Market Capitalization 31630.34 1 Yr Total Return 13.94%Total Debt 16693.00 YTD Return -0.82%Preferred Stock 6059.0 Adjusted BETA 1.500Minority Interest 2371.0 Analyst Recs 35Cash and Equivalents 31072.00 Consensus Rating 4.029Enterprise Value 26475.34 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6558331CS FP EQUITY YTD Change - Average Volume 30 Day 6011588CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 5949014 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 51235.0 122704.0 117414.0 98334.0 118423.0 0.0 0.0 99780.0 101989.9 - - TEV/Revenue 0.62x 0.36x 0.29x 0.18x - #DIV/0! #DIV/0! 0.43x - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 923.0 3606.0 2749.0 4324.0 4152.0 0.0 0.0 4737.9 5062.5 - - P/E 51.67x 10.60x 12.33x 5.88x 8.09x 0.00x 0.00x 6.76x 6.33x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 18.12.2012EBIT - Long-Term Rating A-Operating Margin 4.36% Long-Term Outlook STABLEPretax Margin 5.58% Short-Term Rating Date 18.12.2012Return on Assets 0.40% Short-Term Rating A-2Return on Common Equity 6.27% Credit RatiosReturn on Capital 4.84% EBITDA/Interest Exp. -Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.0%Net Income Margin 3.5% Total Debt/Capital 24.7%Structure Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.29% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 3.00 140000.0 2.50 120000.0 100000.0 2.00 80000.0 1.50 60000.0 1.00 40000.0 0.50 20000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013AXA SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMUTUELLES AXA n/a Co File 342767775 14.35 - 31.12.2011 Insurance CompanyAMUNDI n/a Research 91682238 3.84 (20493797) 15.05.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 79994391 3.35 76406 30.10.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 65131985 2.73 2125718 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50254088 2.1 (9366) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 44960584 1.88 4851628 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 33349652 1.4 730180 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 29871758 1.25 (2926509) 31.12.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 21618306 0.9 (3608266) 31.12.2012 Investment AdvisorLANSDOWNE UK EQUITY n/a Short (20395259) -0.85 (7936172) 16.09.2011 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 14730009 0.62 1189780 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 14093406 0.59 (809204) 30.11.2012 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12758066 0.53 255752 31.12.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 11629095 0.49 (143415) 31.12.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 10727164 0.45 (27579) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 7008017 0.29 210749 28.09.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6232941 0.26 - 19.02.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5917236 0.25 - 31.07.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5835130 0.24 (52090) 30.11.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5477948 0.23 (37515) 30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateKeefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 21.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 21.02.2013Berenberg Bank PETER ELIOT hold 3 M 16 Not Provided 21.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 21.02.2013Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 14.02.2013Helvea DANIEL BISCHOF buy 5 M 15 12 month 13.02.2013Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 12.02.2013Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.02.2013Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 08.02.2013Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 04.02.2013Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 17 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 16 Not Provided 10.12.2012Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012RBC Capital Markets GORDON AITKEN sector perform 3 D 13 12 month 05.11.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 25.10.2012National Bank AG MANFRED JAISFELD hold 3 M 13 Not Provided 25.10.2012S&P Capital IQ RODERICK WALLACE buy 5 M 16 12 month 25.10.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 08.10.2012Nomura MICHAEL KLIEN buy 5 M 23 Not Provided 27.01.2012DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011Espirito Santo Investment Bank Research FERNEYHOUGH JOY buy 5 M 21 Not Provided 05.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Berkshire Hathaway IncBerkshire Hathaway Inc. is a holding company owning subsidiaries in a variety Price/Volumeof business sectors. The Companys principal operations are insurance business 120 12.0 Mconducted nationwide on a primary basis and worldwide on a reinsurance basis.Berkshires other operations include a railway company, a specialty chemical 100 10.0 Mcompany, and an international association of diversified businesses. 80 8.0 M 60 6.0 M Valuation AnalysisLatest Fiscal Year: 12/2011 40 4.0 MLTM as of: 09/yy 20 2.0 M52-Week High (20.02.2013) 101.49 0 .0 M52-Week Low (02.03.2012) 78.18 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 2667580.00 Current Price (2/dd/yy) 100.22 Market Data 52-Week High % Change -1.25% Dividend Yield - 52-Week Low % Change 28.19% Beta 0.87 % 52 Week Price Range High/Low 94.55% Equity Float 1006.54Shares Out 25.10.2012 1099.8 Short Int 10.24 Market Capitalization 249035.52 1 Yr Total Return 25.86%Total Debt 60384.00 YTD Return 11.73%Preferred Stock 0.0 Adjusted BETA 0.872Minority Interest 4111.0 Analyst Recs 3Cash and Equivalents 162471.00 Consensus Rating 3.000Enterprise Value 129564.52 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1758383BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1388391BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1494883 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 118245.0 107786.0 112493.0 136185.0 143688.0 141898.0 155698.0 - - - - TEV/Revenue 0.89x 0.58x 0.35x 0.78x 0.64x 2.70x 2.42x - - - - EBITDA 23890.0 11708.0 15985.0 25185.0 22008.0 23914.0 27148.0 - - - - TEV/EBITDA 4.39x 5.38x 2.48x 4.23x 4.15x 3.51x 3.68x - - - - Net Income 13213.0 4994.0 8055.0 12967.0 10254.0 11583.0 13321.0 - - - - P/E - - - - - 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA 22008.00 Long-Term Rating Date -EBIT 17325.00 Long-Term Rating AA+Operating Margin 12.06% Long-Term Outlook NEGPretax Margin 10.66% Short-Term Rating Date -Return on Assets 3.29% Short-Term Rating -Return on Common Equity 7.73% Credit RatiosReturn on Capital 6.44% EBITDA/Interest Exp. 10.94Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 6.87Margin Analysis Net Debt/EBITDA -4.57Gross Margin 20.4% Total Debt/EBITDA 2.30EBITDA Margin 17.4% ReferenceEBIT Margin 14.2% Total Debt/Equity 36.6%Net Income Margin 7.1% Total Debt/Capital 26.3%Structure Asset Turnover 0.38Current Ratio 1.33 Net Fixed Asset Turnover 1.53Quick Ratio 1.27 Accounts receivable turnover-days 80.39Debt to Assets 15.38% Inventory Days 28.48Tot Debt to Common Equity 36.63% Accounts Payable Turnover Day 97.62Accounts Receivable Turnover 4.55 Cash Conversion Cycle 15.98Inventory Turnover 12.85Price/ Cash Flow Sales/Revenue/Turnover 1.20 160000.0 140000.0 1.00 120000.0 0.80 100000.0 80000.0 0.60 60000.0 0.40 40000.0 20000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Berkshire Hathaway IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGATES FOUNDATION BILL & MELINDA FOUND 13F 87081373 7.92 (6250000) 31.12.2012 EndowmentGATES FOUNDATION n/a Research 87081373 7.92 - 31.12.2012 EndowmentBLACKROCK n/a ULT-AGG 77069842 7.01 - 19.02.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 75432624 6.86 4131834 19.02.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 54930572 4.99 1194300 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 20791931 1.89 249896 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 18336741 1.67 2396700 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17876029 1.63 (173106) 31.12.2012 Investment AdvisorGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12060161 1.1 (1241696) 31.12.2012 Investment AdvisorEAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10466779 0.95 1906404 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9289649 0.84 (896170) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 8703898 0.79 1509930 31.12.2012 UnclassifiedD E SHAW & COMPANY I D E SHAW & CO 13F 7645865 0.7 1726351 31.12.2012 Hedge Fund ManagerFIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7063428 0.64 52252 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 6635439 0.6 (259071) 31.12.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 6104157 0.56 199861 31.12.2012 Investment AdvisorNEW YORK STATE COMMO NEW YORK STATE COMMO 13F 6007207 0.55 59600 31.12.2012 Pension Fund (ERISA)ALLIANCE BERNSTEIN n/a ULT-AGG 5696660 0.52 861902 31.12.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 5672149 0.52 3185272 31.12.2012 Investment AdvisorBROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 5434465 0.49 177503 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays JAY H GELB overweight 5 M 105 Not Provided 05.02.2013S&P Capital IQ CATHY SEIFERT hold 3 M 101 Not Provided 16.01.2013EVA Dimensions AUSTIN BURKETT sell 1 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 |
  • 21.02.2013China Life Insurance Co LtdChina Life Insurance Co., Limited offers a wide range of life, accident, and Price/Volumehealth insurance products and services. 30 180.0 M 160.0 M 25 140.0 M 20 120.0 M 100.0 M 15 Valuation Analysis 80.0 MLatest Fiscal Year: 12/2011 10 60.0 M 40.0 MLTM as of: 09/yy 5 20.0 M52-Week High (15.01.2013) 27.35 0 .0 M52-Week Low (04.06.2012) 17.00 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 46395776.00 Current Price (2/dd/yy) 23.25 Market Data 52-Week High % Change -14.99% Dividend Yield 1.23 52-Week Low % Change 36.76% Beta 1.23 % 52 Week Price Range High/Low 65.70% Equity Float 7441.18Shares Out 30.09.2012 7441.2 Short Int - Market Capitalization 656935.56 1 Yr Total Return -0.57%Total Debt 42990.00 YTD Return -8.10%Preferred Stock 0.0 Adjusted BETA 1.232Minority Interest 1858.0 Analyst Recs 32Cash and Equivalents 55985.00 Consensus Rating 3.375Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 341219302628 HK EQUITY YTD Change - Average Volume 30 Day 336770202628 HK EQUITY YTD % CHANGE - Average Volume 3 Month 32758290 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 191372.0 299478.0 339262.0 385446.0 370352.0 387400.0 391051.0 364609.7 408119.7 - - TEV/Revenue 7.65x 1.74x 2.68x 1.61x 1.27x 1.33x 0.00x 1.43x 1.26x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 38879.0 19137.0 32881.0 33626.0 18331.0 25398.0 9042.0 14469.6 29274.0 - - P/E 27.36x 30.50x 29.11x 22.62x 23.96x 17.15x 56.76x 36.90x 17.97x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating AA-Operating Margin 5.18% Long-Term Outlook NEGPretax Margin 5.54% Short-Term Rating Date -Return on Assets 0.90% Short-Term Rating -Return on Common Equity 7.31% Credit RatiosReturn on Capital 5.91% EBITDA/Interest Exp. -Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 22.4%Net Income Margin 4.9% Total Debt/Capital 18.2%Structure Asset Turnover 0.21Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.71% Inventory Days -Tot Debt to Common Equity 22.45% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 450000.0 400000.0 1.00 350000.0 0.80 300000.0 250000.0 0.60 200000.0 150000.0 0.40 100000.0 0.20 50000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013China Life Insurance Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 796734221 10.71 (75000) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 379930827 5.11 (3440000) 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 130870500 1.76 (19411000) 31.12.2012 Investment AdvisorHANG SENG INVESTMENT Multiple Portfolios MF-AGG 63572828 0.85 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 61981243 0.83 (3448832) 30.06.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 54474441 0.73 (111253) 31.12.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 47183000 0.63 2903000 31.10.2012 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 41000300 0.55 (22410000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 37598982 0.51 (4544394) 31.12.2012 Investment AdvisorCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 34090000 0.46 - 30.06.2011 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 26080000 0.35 5080000 30.06.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 25426500 0.34 5880000 31.01.2013 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 25027342 0.34 (3247000) 28.09.2012 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 21845000 0.29 9795000 31.05.2012 Mutual Fund ManagerHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21744000 0.29 6742000 30.06.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 21228680 0.29 (5216320) 31.12.2012 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 18943000 0.25 - 31.10.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 16351692 0.22 2625000 28.12.2012 Mutual Fund ManagerSTATE STREET n/a ULT-AGG 16206332 0.22 - 20.02.2013 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15478204 0.21 2547000 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCore Pacific OLIVE XIA hold 3 M 25 Not Provided 21.02.2013Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 19.02.2013BOCOM International Holdings LI WENBING buy 5 M 28 12 month 19.02.2013Credit Suisse ARJAN VAN VEEN underperform 1 M 26 Not Provided 18.02.2013Haitong International Securities CHEN FANNY buy 5 N 29 12 month 06.02.2013Nomura DAVID CHUNG neutral 3 D 27 Not Provided 06.02.2013Standard Chartered JENNIFER LAW in-line 3 M 24 12 month 31.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013JPMorgan CHAN BAO LING neutral 3 M 23 9 month 16.01.2013DBS Vickers PING CHENG hold 3 M 27 12 month 16.01.2013ABC International FRANCIS CHAN buy 5 M 32 12 month 14.01.2013China International Capital Corp TANG SHENGBO accumulate 4 D 29 12 month 08.01.2013Deutsche Bank ESTHER CHWEI buy 5 M 30 12 month 07.01.2013UOB Kay Hian EDMOND LAW hold 3 M 27 Not Provided 07.01.2013CCB International Securities Ltd KENNETH YUE underperform 1 D 24 Not Provided 07.01.2013ICBC International Securities PIUS CHENG hold 3 M 27 Not Provided 14.12.2012Bank of China International SUN PENG buy 5 M 25 Not Provided 06.12.2012Goldman Sachs MANCY SUN neutral/neutral 3 M 26 12 month 13.11.2012Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 02.11.2012Jefferies BARON NIE hold 3 M 23 12 month 29.10.2012Kim Eng Securities IVAN LI buy 5 M 26 12 month 29.10.2012SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.10.2012Guotai Junan FELIX LUO accumulate 4 M 27 Not Provided 29.10.2012Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 26.10.2012HSBC JAMES GARNER neutral 3 M 24 Not Provided 18.10.2012BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 22 Not Provided 27.03.2012Phillip Securities CHEN XINGYU buy 5 U 26 12 month 16.03.2012Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Chubb Corp/TheThe Chubb Corporation, a holding company, offers property and casualty Price/Volumeinsurance, which includes personal, standard commercial and specialty commercial 90 1.4 Minsurance. The Company provides insurance coverage principally in the United 80 1.2 MStates, Canada, Europe, Australia, and parts of Latin America and Asia. 70 1.0 M 60 50 .8 M Valuation Analysis 40 .6 MLatest Fiscal Year: 12/2012 30 .4 M 20LTM as of: 12/yy .2 M 1052-Week High (01.02.2013) 85.00 0 .0 M52-Week Low (07.03.2012) 66.66 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 258928.00 Current Price (2/dd/yy) 83.31 Market Data 52-Week High % Change -1.99% Dividend Yield 1.94 52-Week Low % Change 24.98% Beta 0.76 % 52 Week Price Range High/Low 90.79% Equity Float 260.75Shares Out 31.12.2012 261.8 Short Int 2.46 Market Capitalization 21810.56 1 Yr Total Return 23.60%Total Debt 3575.00 YTD Return 10.61%Preferred Stock 0.0 Adjusted BETA 0.764Minority Interest 0.0 Analyst Recs 23Cash and Equivalents 58.00 Consensus Rating 3.696Enterprise Value 25332.56 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 284387CB UN EQUITY YTD Change - Average Volume 30 Day 329732CB UN EQUITY YTD % CHANGE - Average Volume 3 Month 349231 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 13189.0 12977.0 13284.0 13546.0 - 13546.0 10165.0 13459.0 13887.8 3338.8 3403.3 TEV/Revenue 1.66x 1.56x 1.63x 1.65x - 6.40x 6.74x 1.88x 1.82x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1804.0 2183.0 2174.0 1678.0 1545.0 1678.0 1545.0 1716.4 1692.9 439.1 413.2 P/E 9.14x 8.01x 10.11x 13.52x 14.40x 13.49x 14.46x 12.57x 12.09x 12.58x 12.41x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A+Operating Margin 18.04% Long-Term Outlook STABLEPretax Margin 16.23% Short-Term Rating Date -Return on Assets 3.67% Short-Term Rating -Return on Common Equity 11.99% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 23.0%Net Income Margin 12.4% Total Debt/Capital 18.7%Structure Asset Turnover 0.26Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 7.03% Inventory Days -Tot Debt to Common Equity 22.95% 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 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 |
  • 21.02.2013Chubb Corp/TheHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 21434779 8.19 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 13526400 5.17 181217 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 12695706 4.85 229566 19.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 10279918 3.93 1007182 31.12.2012 Investment AdvisorBROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 8543635 3.26 427184 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6301398 2.41 (2488367) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5836088 2.23 52316 31.12.2012 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 5755096 2.2 (75200) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4926966 1.88 72101 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 4552734 1.74 (33800) 31.12.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 3845628 1.47 62784 31.12.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3731546 1.43 (478154) 31.12.2012 Investment AdvisorWELLS FARGO n/a ULT-AGG 3676588 1.4 212937 31.12.2012 UnclassifiedINVESCO LTD INVESCO LTD 13F 3620123 1.38 263898 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3538330 1.35 (358018) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3516651 1.34 (42793) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 3501998 1.34 298 31.12.2012 Investment AdvisorPNC FINANCIAL SERVIC PNC FINANCIAL SERVIC 13F 2906495 1.11 (2766) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 2881281 1.1 108636 31.12.2012 UnclassifiedARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 2792335 1.07 478137 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JOSH STIRLING market perform 3 M 85 12 month 20.02.2013Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 87 12 month 15.02.2013Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013S&P Capital IQ CATHY SEIFERT hold 3 D 87 12 month 06.02.2013Argus Research Corp JOHN M EADE buy 5 M 92 Not Provided 04.02.2013Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 04.02.2013Deutsche Bank JOSHUA D SHANKER buy 5 U 90 12 month 01.02.2013Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 01.02.2013Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 86 12 month 01.02.2013RBC Capital Markets MARK A DWELLE sector perform 3 M 84 12 month 01.02.2013William Blair & Co ADAM KLAUBER underperform 1 M #N/A N/A Not Provided 01.02.2013Raymond James C GREGORY PETERS outperform 5 M 85 12 month 01.02.2013Macquarie AMIT KUMAR outperform 5 M 90 12 month 01.02.2013Sandler ONeill & Partners, LP J PAUL NEWSOME hold 3 M 84 Not Provided 01.02.2013Portales Partners NINA GUPTA sector perform 3 M #N/A N/A Not Provided 01.02.2013MKM Partners HARRY FONG neutral 3 M 85 12 month 01.02.2013Drexel Hamilton LLC GLORIA L VOGEL hold 3 D 88 12 month 01.02.2013Credit Suisse MICHAEL ZAREMSKI outperform 5 M 87 Not Provided 31.01.2013Evercore Partners VINAY MISQUITH equalweight 3 M 87 12 month 31.01.2013Barclays JAY H GELB overweight 5 M 92 Not Provided 31.01.2013EVA Dimensions AUSTIN BURKETT 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 |
  • 21.02.2013ING Groep NVING Groep N.V. offers financial services to individuals, corporations, and other Price/Volumeinstitutions. The Company offers corporate, investment, and private banking 9 70.0 Mservices, asset and portfolio management, treasury services, and insurance. ING 8 60.0 MGroep has offices throughout the world. 7 50.0 M 6 5 40.0 M Valuation Analysis 4 30.0 MLatest Fiscal Year: 12/2012 3 20.0 M 2LTM as of: 12/yy 10.0 M 152-Week High (14.01.2013) 7.91 0 .0 M52-Week Low (04.06.2012) 4.44 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 15652518.00 Current Price (2/dd/yy) 6.277 Market Data 52-Week High % Change -20.66% Dividend Yield - 52-Week Low % Change 41.37% Beta 1.77 % 52 Week Price Range High/Low 59.22% Equity Float -Shares Out 31.12.2012 3831.6 Short Int - Market Capitalization 24050.71 1 Yr Total Return -7.87%Total Debt 207649.00 YTD Return -11.10%Preferred Stock 0.0 Adjusted BETA 1.771Minority Interest 1081.0 Analyst Recs 30Cash and Equivalents 17657.00 Consensus Rating 3.833Enterprise Value 215123.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 15714510INGA NA EQUITY YTD Change - Average Volume 30 Day 18091420INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 16186250 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 64680.0 46025.0 51411.0 52787.0 40783.0 46023.0 42241.0 45396.2 46723.3 - - TEV/Revenue 4.40x 5.41x 4.99x 4.38x 5.34x 22.59x 22.26x 1.53x 1.77x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (729.0) (935.0) 2810.0 5766.0 3894.0 5766.0 3894.0 3708.7 4100.2 - - P/E - - 12.77x 6.70x 10.31x 6.43x 9.42x 6.37x 5.76x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 03.09.2009EBIT - Long-Term Rating AOperating Margin 15.18% Long-Term Outlook NEGPretax Margin 8.66% Short-Term Rating Date 31.03.2009Return on Assets 0.32% Short-Term Rating A-1Return on Common Equity 7.33% Credit RatiosReturn on Capital 1.55% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 366.8%Net Income Margin 9.5% Total Debt/Capital 78.3%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 17.77% Inventory Days -Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 100000.0 90000.0 1.00 80000.0 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013ING Groep NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 247106748 6.45 (1062367) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 90073181 2.35 599105 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 85553052 2.23 2763356 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 40930087 1.07 (35661908) 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 39943572 1.04 1701096 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 31337900 0.82 665045 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 30654369 0.8 (22538) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 30275998 0.79 (1469145) 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 29191916 0.76 191764 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 25314880 0.66 - 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 23645980 0.62 3963556 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23087088 0.6 1256401 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 23055437 0.6 (6597312) 30.11.2012 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19699641 0.51 - 31.12.2012 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 18894298 0.49 3885289 28.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 18175184 0.47 201990 31.12.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 15020303 0.39 (143690) 30.11.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13099026 0.34 574476 31.12.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 12727018 0.33 - 19.02.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 9741760 0.25 (549162) 28.09.2012 Bank Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue JEROME CASSAGNE add 4 M 7 6 month 21.02.2013HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 18.02.2013SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013Rabobank International COR KLUIS buy 5 M 10 12 month 15.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013JPMorgan MICHAEL HUTTNER not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013Macquarie THOMAS STOEGNER underperform 1 M 7 12 month 14.02.2013Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013S&P Capital IQ RODERICK WALLACE hold 3 M 8 12 month 14.02.2013Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 13.02.2013Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 13.02.2013Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 13.02.2013ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.02.2013Berenberg Bank JAMES CHAPPELL buy 5 N 8 Not Provided 28.01.2013Petercam MATTHIAS DE WIT hold 3 D 8 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 18.12.2012Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 07.12.2012Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 23.11.2012Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 12 month 20.11.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 7 Not Provided 08.11.2012CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 21.08.2012DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Legal & General Group PLCLegal & General Group plc is a holding company. The Company, through its Price/Volumesubsidiaries, provides savings, risk and investment management services such as 180 60.0 Mannuities, long-term savings, life assurance and financial protection products. 160Legal & General Groups products are sold through bank, building society 50.0 M 140relationships, Independent Financial Advisers and directly to customers. 120 40.0 M 100 30.0 M Valuation Analysis 80Latest Fiscal Year: 12/2011 60 20.0 M 40LTM as of: 09/yy 10.0 M 2052-Week High (20.02.2013) 157.40 0 .0 M52-Week Low (01.06.2012) 105.30 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 5653574.00 Current Price (2/dd/yy) 155.9 Market Data 52-Week High % Change -0.95% Dividend Yield 4.30 52-Week Low % Change 48.05% Beta 1.37 % 52 Week Price Range High/Low 98.46% Equity Float 5906.47Shares Out 01.02.2013 5912.9 Short Int - Market Capitalization 9218.15 1 Yr Total Return 35.16%Total Debt 3250.00 YTD Return 7.07%Preferred Stock 0.0 Adjusted BETA 1.373Minority Interest 66.0 Analyst Recs 27Cash and Equivalents 14113.00 Consensus Rating 3.519Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10769440LGEN LN EQUITY YTD Change - Average Volume 30 Day 11069380LGEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 9991372 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 18202.0 (31644.0) 43790.0 38440.0 18317.0 0.0 0.0 7926.3 8351.0 436.5 - TEV/Revenue 0.13x - - - - #DIV/0! #DIV/0! 1.09x 1.03x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 724.0 (1067.0) 863.0 820.0 726.0 0.0 0.0 830.1 882.5 - - P/E 11.62x - 2.72x 6.88x 8.25x 0.00x 0.00x 11.14x 10.54x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 09.02.2010EBIT - Long-Term Rating AOperating Margin 6.12% Long-Term Outlook STABLEPretax Margin 5.22% Short-Term Rating Date 25.02.2009Return on Assets 0.00% Short-Term Rating A-1Return on Common Equity - Credit RatiosReturn on Capital - 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 62.5%Net Income Margin 4.0% Total Debt/Capital 38.2%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 0.99% Inventory Days -Tot Debt to Common Equity 62.50% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 50000.0 40000.0 10.00 30000.0 8.00 20000.0 6.00 10000.0 0.0 4.00 -10000.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2.00 -20000.0 -30000.0 0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 -40000.0 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Legal & General Group PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSCHRODER INVESTMENT Multiple Portfolios REG 386066239 6.53 (10233954) 03.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 291921424 4.94 (1707207) 19.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 290344506 4.91 - 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 240966463 4.08 245672 31.12.2012 Investment AdvisorTHREADNEEDLE ASSET M Multiple Portfolios REG 238287407 4.03 11184585 03.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 215079841 3.64 98290 31.12.2012 Investment AdvisorSWISS REINSURANCE Multiple Portfolios REG 169171985 2.86 418703 03.12.2012 Insurance CompanySTANDARD LIFE INVEST Multiple Portfolios REG 162792629 2.75 13696488 03.12.2012 Investment AdvisorAXA INVESTMENT MANAG Multiple Portfolios REG 154548532 2.61 (2209633) 03.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 125180804 2.12 27796179 31.12.2012 UnclassifiedTHREADNEEDLE ASSET M Multiple Portfolios MF-AGG 118694862 2.01 673846 31.10.2012 Investment AdvisorARTEMIS INVESTMENT M Multiple Portfolios REG 114033951 1.93 21870538 03.12.2012 Investment AdvisorAVIVA INVESTORS Multiple Portfolios REG 112000485 1.89 (16190706) 03.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 108308669 1.83 2913807 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 101018107 1.71 6951655 03.12.2012 GovernmentARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 93648888 1.58 37648888 31.12.2012 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 81906572 1.39 - 03.12.2012 GovernmentLEGAL & GENERAL GROU Multiple Portfolios REG 72641394 1.23 (2070035) 03.12.2012 UnclassifiedF&C ASSET MANAGEMENT Multiple Portfolios REG 70631364 1.19 403808 03.12.2012 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios REG 65293473 1.1 1547523 03.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateOriel Securities Ltd MARCUS BARNARD buy 5 M 165 Not Provided 21.02.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 150 12 month 20.02.2013Credit Suisse CHRIS ESSON neutral 3 M 160 Not Provided 15.02.2013Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 165 12 month 04.02.2013Barclays ALAN DEVLIN overweight 5 M 166 Not Provided 04.02.2013Deutsche Bank OLIVER STEEL buy 5 M 170 12 month 24.01.2013Macquarie NEIL WELCH outperform 5 M 175 12 month 23.01.2013Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 165 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 180 Not Provided 16.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013Investec KEVIN RYAN hold 3 D 153 12 month 07.01.2013Societe Generale ABID HUSSAIN hold 3 M 144 12 month 11.12.2012Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 10.12.2012Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 157 12 month 05.12.2012Canaccord Genuity Corp BEN COHEN hold 3 M 150 12 month 26.11.2012Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 154 Not Provided 16.11.2012Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 08.11.2012Keefe, Bruyette & Woods GREIG N PATERSON underperform 1 M 100 12 month 01.11.2012Berenberg Bank MATTHEW PRESTON buy 5 M 170 Not Provided 01.11.2012S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 01.11.2012Exane BNP Paribas ANDY HUGHES underperform 1 M 116 Not Provided 01.11.2012JPMorgan ASHIK MUSADDI neutral 3 M 122 Not Provided 24.10.2012Nomura FAHAD CHANGAZI buy 5 M 185 Not Provided 17.09.2012Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 137 6 month 01.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Loews CorpLoews Corporation is a diversified holding company. The Company, through its Price/Volumesubsidiaries, is involved in a variety of businesses including commercial 50 1.8 Mproperty-casualty insurance, offshore drilling, natural gas exploration and 45 1.6 Mproduction, operation of natural gas pipeline systems, and the operation of 40 1.4 Mhotels and resorts. 35 1.2 M 30 1.0 M 25 Valuation Analysis .8 M 20Latest Fiscal Year: 12/2012 15 .6 M 10 .4 MLTM as of: 12/yy 5 .2 M52-Week High (15.02.2013) 44.21 0 .0 M52-Week Low (07.03.2012) 38.00 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 367810.00 Current Price (2/dd/yy) 43.34 Market Data 52-Week High % Change -1.97% Dividend Yield 0.58 52-Week Low % Change 14.05% Beta 0.96 % 52 Week Price Range High/Low 85.99% Equity Float 311.43Shares Out 19.10.2012 393.6 Short Int 1.52 Market Capitalization 17058.70 1 Yr Total Return 12.61%Total Debt 9001.00 YTD Return 6.36%Preferred Stock 0.0 Adjusted BETA 0.956Minority Interest 4438.0 Analyst Recs 4Cash and Equivalents 129.00 Consensus Rating 3.500Enterprise Value 30778.70 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 359006L UN EQUITY YTD Change - Average Volume 30 Day 311903L UN EQUITY YTD % CHANGE - Average Volume 3 Month 326256 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 13247.0 14117.0 14615.0 14127.0 14552.0 14127.0 14552.0 13288.0 14489.0 - - TEV/Revenue 1.84x 2.05x 2.06x 2.00x - 8.36x 6.14x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 4530.0 564.0 1288.0 1064.0 568.0 1059.0 568.0 1292.0 1529.0 331.0 315.0 P/E 13.58x 12.84x 10.32x 13.79x 17.27x 14.59x 16.84x 12.88x 10.74x 13.17x 12.86x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 17.11.2011EBIT - Long-Term Rating A+Operating Margin 9.61% Long-Term Outlook STABLEPretax Margin 9.61% Short-Term Rating Date -Return on Assets 1.11% Short-Term Rating -Return on Common Equity 4.47% Credit RatiosReturn on Capital 5.36% EBITDA/Interest Exp. -Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 47.8%Net Income Margin 3.9% Total Debt/Capital 27.9%Structure Asset Turnover 0.18Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 11.94% Inventory Days -Tot Debt to Common Equity 47.79% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 300.00 20000.0 18000.0 250.00 16000.0 14000.0 200.00 12000.0 150.00 10000.0 8000.0 100.00 6000.0 4000.0 50.00 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 |
  • 21.02.2013Loews CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 37689638 9.58 (275419) 31.12.2012 Investment AdvisorDAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 29852965 7.58 (4293999) 31.12.2012 Investment AdvisorTISCH JOAN H n/a 13G 24238378 6.16 - 31.12.2012 n/aTISCH WILMA STEIN n/a 13G 20190505 5.13 - 31.12.2012 n/aTISCH JAMES S n/a Form 4 14794193 3.76 4903 19.11.2012 n/aTISCH ANDREW H n/a Form 4 14326197 3.64 4903 19.11.2012 n/aBLACKROCK n/a ULT-AGG 14205772 3.61 309901 19.02.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 13477204 3.42 316343 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 13207132 3.36 435641 19.02.2013 Investment AdvisorEAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10469714 2.66 1207414 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 10260782 2.61 818332 31.12.2012 UnclassifiedTISCH JONATHAN M n/a Form 4 8581861 2.18 9090 08.11.2012 n/aT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7623243 1.94 241220 31.12.2012 Investment AdvisorCORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 5300000 1.35 5300000 31.12.2012 Investment AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 5158228 1.31 (796384) 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4808383 1.22 (116500) 31.12.2012 Investment AdvisorPRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 4295906 1.09 290859 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3926383 1 54789 31.12.2012 Investment AdvisorROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3343838 0.85 (69629) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3289318 0.84 (16198) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJanney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M #N/A N/A Not Provided 19.02.2013Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M #N/A N/A Not Provided 11.02.2013Millman Research Associates MICHAEL MILLMAN buy 5 M 46 12 month 11.02.2013EVA Dimensions AUSTIN BURKETT sell 1 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 |
  • 21.02.2013Manulife Financial CorpManulife Financial Corporation provides financial protection products and Price/Volumeinvestment management services to individuals, families, businesses, and groups. 18 20.0 MThe Company conducts operations in Canada, the United States, and Asia, as well 16 18.0 Mas reinsurance operations on a global basis. Manulife offers products such as 14 16.0 Mannuities, pension products, life insurance, health insurance, and mutual funds. 12 14.0 M 12.0 M 10 10.0 M Valuation Analysis 8 8.0 MLatest Fiscal Year: 12/2012 6 6.0 M 4 4.0 MLTM as of: 12/yy 2 2.0 M52-Week High (12.02.2013) 15.75 0 .0 M52-Week Low (25.07.2012) 10.18 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 4399272.00 Current Price (2/dd/yy) 15.19 Market Data 52-Week High % Change -3.56% Dividend Yield 3.42 52-Week Low % Change 49.21% Beta 1.27 % 52 Week Price Range High/Low 89.95% Equity Float 1826.75Shares Out 31.01.2013 1827.7 Short Int 38.68 Market Capitalization 27763.09 1 Yr Total Return 24.52%Total Debt 27810.00 YTD Return 13.38%Preferred Stock 2497.0 Adjusted BETA 1.265Minority Interest 501.0 Analyst Recs 18Cash and Equivalents 13484.00 Consensus Rating 4.000Enterprise Value 45087.09 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6490630MFC CT EQUITY YTD Change - Average Volume 30 Day 4523389MFC CT EQUITY YTD % CHANGE - Average Volume 3 Month 4195571 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 32060.0 39160.0 36637.0 49982.0 28841.0 49982.0 28841.0 41207.3 43283.3 10160.5 10356.5 TEV/Revenue 0.82x 0.66x 1.27x 0.73x 1.46x 3.35x 5.71x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 517.0 1402.0 (1663.0) 129.0 1736.0 129.0 1736.0 2395.8 2799.7 613.8 584.0 P/E 65.00x 23.57x - 41.73x 13.93x 43.40x 14.22x 11.72x 10.11x 11.64x 11.38x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 13.12.2010EBIT - Long-Term Rating A-Operating Margin 8.10% Long-Term Outlook STABLEPretax Margin 4.05% Short-Term Rating Date -Return on Assets 0.34% Short-Term Rating -Return on Common Equity 7.16% Credit RatiosReturn on Capital - 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 121.2%Net Income Margin 6.0% Total Debt/Capital 51.6%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.72% Inventory Days -Tot Debt to Common Equity 121.17% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 3.00 60000.0 2.50 50000.0 2.00 40000.0 1.50 30000.0 1.00 20000.0 0.50 10000.0 0.00 0.0 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 |
  • 21.02.2013Manulife Financial CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYAL BANK OF CANADA n/a ULT-AGG 132717841 7.26 3189615 31.01.2013 BankIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 65176055 3.57 (3563431) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 62308769 3.41 9721612 31.12.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 52983403 2.9 4822004 31.12.2012 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 46618481 2.55 862500 31.12.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 46038435 2.52 1709609 31.12.2012 Investment AdvisorJARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 38758629 2.12 (7335379) 31.12.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 36131085 1.98 (2431543) 31.12.2012 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 34237076 1.87 931433 31.12.2012 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 27843660 1.52 1239820 31.12.2012 Investment AdvisorBEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 27549732 1.51 1842493 31.12.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 21002900 1.15 7630300 30.09.2012 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 20992205 1.15 (2094006) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 20211354 1.11 (874259) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 20016481 1.1 361536 31.12.2012 Investment AdvisorLETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 19397638 1.06 433678 31.12.2012 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 18511526 1.01 3879594 31.12.2012 Investment AdvisorGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 17725733 0.97 579978 31.12.2012 Insurance CompanyTRIMARK INVESTMENT M Multiple Portfolios MF-AGG 17026155 0.93 - 30.09.2012 UnclassifiedALLIANZ ASSET MANAGE n/a ULT-AGG 16712315 0.91 5187323 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp MARIO MENDONCA hold 3 M 16 12 month 18.02.2013RBC Capital Markets ANDRE PHILIPPE HARDY sector perform 3 M 15 12 month 15.02.2013Credit Suisse GABRIEL DECHAINE neutral 3 M 15 Not Provided 12.02.2013Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 12.02.2013National Bank Financial PETER D ROUTLEDGE sector perform 3 M 16 12 month 11.02.2013BMO Capital Markets TOM MACKINNON market perform 3 M 16 Not Provided 08.02.2013Macquarie SUMIT MALHOTRA neutral 3 M 15 12 month 08.02.2013Desjardins Securities MICHAEL GOLDBERG buy 5 M 16 12 month 08.02.2013Cormark Securities Inc. DARKO MIHELIC buy 5 M 17 12 month 08.02.2013TD Securities DOUG YOUNG buy 5 M 17 12 month 08.02.2013Veritas Investment Research Co OHAD LEDERER buy 5 M 15 Not Provided 08.02.2013Barclays JOHN AIKEN overweight 5 M 15 Not Provided 08.02.2013Morgan Stanley HAYLEY LOCKER Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013CIBC World Markets ROBERT SEDRAN sector outperform 5 U 16 Not Provided 07.02.2013Scotia Capital JOANNE SMITH sector outperform 5 M 16 12 month 30.01.2013EVA 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 |
  • 21.02.2013Marsh & McLennan Cos IncMarsh & McLennan Companies, Inc. is a global professional services Price/Volumefirm providing advice and solutions in the areas of risk, strategy and human 40 5.0 Mcapital. Marsh & McLennan offers analysis, advice, and transactional 4.5 M 35capabilities to clients worldwide 4.0 M 30 3.5 M 25 3.0 M 20 2.5 M Valuation Analysis 2.0 M 15Latest Fiscal Year: 12/2012 1.5 M 10LTM as of: 12/yy 1.0 M 5 .5 M52-Week High (06.02.2013) 36.93 0 .0 M52-Week Low (22.06.2012) 30.74 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 694899.00 Current Price (2/dd/yy) 36.09 Market Data 52-Week High % Change -2.27% Dividend Yield 3.13 52-Week Low % Change 17.40% Beta 0.85 % 52 Week Price Range High/Low 86.43% Equity Float 543.60Shares Out 31.12.2012 545.0 Short Int 3.03 Market Capitalization 19669.05 1 Yr Total Return 14.87%Total Debt 2918.00 YTD Return 5.39%Preferred Stock - Adjusted BETA 0.854Minority Interest 57.0 Analyst Recs 19Cash and Equivalents 2301.00 Consensus Rating 4.368Enterprise Value 20286.05 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 749325MMC UN EQUITY YTD Change - Average Volume 30 Day 809250MMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 781951 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 11518.0 9831.0 10550.0 11526.0 11924.0 11526.0 11924.0 12489.4 13122.8 3189.7 3169.2 TEV/Revenue 1.25x 1.38x 1.51x 1.55x 1.63x 6.06x 6.48x 1.60x 1.50x 6.49x 6.48x EBITDA 1192.0 1143.0 1296.0 1970.0 - 1970.0 1677.0 2428.5 2646.5 683.0 671.1 TEV/EBITDA 12.11x 11.91x 12.32x 9.10x - 9.10x 0.00x 8.35x 7.67x 8.24x 8.08x Net Income (73.0) 227.0 855.0 993.0 1176.0 993.0 1176.0 1334.4 1474.6 385.0 372.4 P/E 16.74x 10.56x 15.62x 17.09x 16.03x 17.09x 16.34x 15.02x 13.50x 15.03x 14.68x Profitability S&P Issuer RatingsEBITDA 1970.00 Long-Term Rating Date -EBIT 1829.00 Long-Term Rating BBBOperating Margin 15.34% Long-Term Outlook STABLEPretax Margin 14.22% Short-Term Rating Date -Return on Assets 7.41% Short-Term Rating -Return on Common Equity 18.83% Credit RatiosReturn on Capital 14.45% EBITDA/Interest Exp. 9.90Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 8.49Margin Analysis Net Debt/EBITDA 0.41Gross Margin - Total Debt/EBITDA 1.36EBITDA Margin 18.2% ReferenceEBIT Margin 15.3% Total Debt/Equity 44.1%Net Income Margin 9.9% Total Debt/Capital 30.6%Structure Asset Turnover 0.75Current Ratio 1.69 Net Fixed Asset Turnover 14.78Quick Ratio 1.50 Accounts receivable turnover-days 91.53Debt to Assets 17.89% Inventory Days -Tot Debt to Common Equity 44.15% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.00 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 60.00 14000.0 50.00 12000.0 10000.0 40.00 8000.0 30.00 6000.0 20.00 4000.0 10.00 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 |
  • 21.02.2013Marsh & McLennan Cos IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 47523428 8.72 3617377 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 34696987 6.37 (3476824) 31.12.2012 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 31612388 5.8 (1461800) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28875216 5.3 (9977) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 24926000 4.57 312044 19.02.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 24282559 4.46 1326482 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 22506540 4.13 530562 19.02.2013 Investment AdvisorINVESCO LTD INVESCO LTD 13F 18986064 3.48 (237774) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11784565 2.16 80240 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8808089 1.62 4901876 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8660802 1.59 (205154) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8427780 1.55 (1135116) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 7018433 1.29 37860 31.12.2012 UnclassifiedNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6993138 1.28 80083 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6862315 1.26 972236 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 6632129 1.22 14830 31.12.2012 Investment AdvisorEPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 5941464 1.09 (225790) 31.12.2012 Hedge Fund ManagerNIPPON LIFE INSURANC n/a ULT-AGG 5341000 0.98 23700 31.12.2012 Insurance CompanyVERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 4901400 0.9 345136 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4605059 0.84 2972183 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKeefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 40 12 month 15.02.2013Morgan Stanley GREGORY W LOCRAFT Overwt/In-Line 5 M 40 12 month 13.02.2013Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M 38 12 month 13.02.2013Macquarie RAYMOND IARDELLA outperform 5 M 40 12 month 13.02.2013MKM Partners DARREN MARCUS neutral 3 M 35 12 month 13.02.2013RBC Capital Markets MARK A DWELLE outperform 5 M 40 12 month 12.02.2013William Blair & Co ADAM KLAUBER market perform 3 M #N/A N/A Not Provided 12.02.2013Raymond James C GREGORY PETERS strong buy 5 M 40 12 month 12.02.2013Sandler ONeill & Partners, LP J PAUL NEWSOME buy 5 M 39 12 month 12.02.2013Miller Tabak + Co., LLC TOM MITCHELL buy 5 M #N/A N/A Not Provided 12.02.2013Wells Fargo Securities, LLC ELYSE GREENSPAN outperform 5 M #N/A N/A Not Provided 12.02.2013Portales Partners ALEX J LOPEZ sector perform 3 M #N/A N/A Not Provided 12.02.2013Barclays JAY H GELB overweight 5 M 41 Not Provided 12.02.2013Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 U 40 12 month 06.02.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013Sterne, Agee & Leach DANIEL FARRELL buy 5 M 43 12 month 14.01.2013Credit Suisse MICHAEL ZAREMSKI neutral 3 M 34 Not Provided 07.01.2013Deutsche Bank JOSHUA D SHANKER buy 5 M 40 12 month 29.11.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013MetLife IncMetLife, Inc. provides individual insurance, employee benefits and financial Price/Volumeservices with operations throughout the United States and the regions of Latin 45 12.0 MAmerica, Europe, and Asia Pacific. The Companys products include life 40insurance, annuities, automobile and homeowners insurance, retail banking and 10.0 M 35other financial services to individuals as well as group insurance. 30 8.0 M 25 6.0 M Valuation Analysis 20Latest Fiscal Year: 12/2012 15 4.0 M 10LTM as of: 12/yy 2.0 M 552-Week High (13.03.2012) 39.54 0 .0 M52-Week Low (05.06.2012) 27.65 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 1848073.00 Current Price (2/dd/yy) 35.89 Market Data 52-Week High % Change -9.23% Dividend Yield 2.06 52-Week Low % Change 29.80% Beta 1.53 % 52 Week Price Range High/Low 69.30% Equity Float 886.47Shares Out 31.12.2012 1091.7 Short Int 22.48 Market Capitalization 39181.11 1 Yr Total Return -4.76%Total Debt 26550.00 YTD Return 9.50%Preferred Stock 2100.0 Adjusted BETA 1.526Minority Interest 505.0 Analyst Recs 24Cash and Equivalents 15738.00 Consensus Rating 4.333Enterprise Value 52598.11 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2425580MET UN EQUITY YTD Change - Average Volume 30 Day 1819475MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 2110008 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 50984.0 41057.0 52265.0 70262.0 68150.0 70253.0 68150.0 69972.1 72113.8 17204.7 17339.3 TEV/Revenue 0.53x 1.07x 1.34x 0.82x 0.72x 3.78x 2.92x 0.89x - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 3209.0 (2246.0) 2790.0 6981.0 1324.0 6589.0 1324.0 5818.8 6254.7 1411.0 1428.8 P/E 9.63x 12.32x 10.31x 6.21x 6.24x 6.81x 6.25x 6.78x 6.35x 6.85x 6.77x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A-Operating Margin 4.86% Long-Term Outlook STABLEPretax Margin 2.12% Short-Term Rating Date -Return on Assets 0.16% Short-Term Rating -Return on Common Equity 2.00% Credit RatiosReturn on Capital 3.57% 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 42.6%Net Income Margin 1.9% Total Debt/Capital 29.0%Structure Asset Turnover 0.08Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 3.17% Inventory Days -Tot Debt to Common Equity 42.58% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 10.00 80000.0 9.00 70000.0 8.00 60000.0 7.00 50000.0 6.00 5.00 40000.0 4.00 30000.0 3.00 20000.0 2.00 10000.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013MetLife IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMETLIFE POLICY HOLDE n/a 13D 203576838 18.65 (3556363) 07.11.2012 n/aBLACKROCK n/a ULT-AGG 52515080 4.81 (1885712) 19.02.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 48480872 4.44 4841471 19.02.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 41416690 3.79 1333652 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 36642769 3.36 (5204712) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 35509275 3.25 827405 31.12.2012 UnclassifiedMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 25462420 2.33 1540428 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 22437292 2.06 744827 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 18355097 1.68 6030319 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18025332 1.65 605225 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 17492065 1.6 1940893 31.12.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15626592 1.43 (1360601) 31.12.2012 Investment AdvisorDODGE & COX DODGE & COX 13F 15437200 1.41 15437200 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13412130 1.23 351832 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 13290583 1.22 (482005) 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 12569684 1.15 2143394 31.12.2011 GovernmentWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9118347 0.84 (1067997) 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 8883483 0.81 137386 31.12.2012 UnclassifiedAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8831580 0.81 (4077272) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8745373 0.8 (19860) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank YARON KINAR hold 3 M 40 12 month 21.02.2013Argus Research Corp JOHN M EADE buy 5 M 46 Not Provided 19.02.2013Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 15.02.2013FBR Capital Markets RANDY BINNER outperform 5 M 50 12 month 15.02.2013Macquarie SEAN DARGAN outperform 5 M 45 12 month 15.02.2013S&P Capital IQ CATHY SEIFERT buy 5 M 43 Not Provided 15.02.2013Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 45 12 month 14.02.2013RBC Capital Markets ERIC N BERG sector perform 3 M 50 12 month 14.02.2013Credit Suisse THOMAS GALLAGHER outperform 5 M 44 Not Provided 14.02.2013JPMorgan JIMMY S BHULLAR overweight 5 M 41 9 month 14.02.2013Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 42 12 month 14.02.2013Raymond James STEVEN D SCHWARTZ outperform 5 M 44 12 month 14.02.2013Sandler ONeill & Partners, LP EDWARD SHIELDS buy 5 M 44 12 month 14.02.2013Scotia Capital JOANNE SMITH focus stock 5 M 47 12 month 14.02.2013Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 14.02.2013Portales Partners NINA GUPTA sector perform 3 N #N/A N/A Not Provided 14.02.2013Sterne, Agee & Leach JOHN M NADEL buy 5 M 48 12 month 13.02.2013Evercore Partners MARK FINKELSTEIN overweight 5 M 40 12 month 13.02.2013Barclays JAY H GELB equalweight 3 M 37 Not Provided 13.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 45 12 month 08.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Muenchener Rueckversicherungs AGMuenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial Price/Volumeservices. The Company offers reinsurance, insurance, and asset management 160 3.5 Mservices. MunichRe has subsidiaries in most major financial centers throughout 140 3.0 Mthe world. 120 2.5 M 100 2.0 M 80 Valuation Analysis 1.5 M 60Latest Fiscal Year: 12/2012 1.0 M 40LTM as of: 12/yy .5 M 2052-Week High (05.02.2013) 139.75 0 .0 M52-Week Low (04.06.2012) 95.85 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 453966.00 Current Price (2/dd/yy) 133.55 Market Data 52-Week High % Change -4.44% Dividend Yield - 52-Week Low % Change 39.33% Beta 0.95 % 52 Week Price Range High/Low 89.29% Equity Float 178.94Shares Out 30.09.2012 179.3 Short Int - Market Capitalization 23951.02 1 Yr Total Return 27.96%Total Debt 5562.00 YTD Return -1.80%Preferred Stock 0.0 Adjusted BETA 0.947Minority Interest 247.0 Analyst Recs 41Cash and Equivalents 2490.00 Consensus Rating 3.366Enterprise Value 27524.02 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 589417MUV2 GY EQUITY YTD Change - Average Volume 30 Day 638424MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 611161 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 47151.0 53891.0 59111.0 60908.0 - 61764.0 49754.0 58288.6 61709.4 - - TEV/Revenue 0.56x 0.44x 0.42x 0.33x - 1.29x 1.45x 0.51x - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1555.0 2521.0 2422.0 702.0 3200.0 702.0 3200.0 2830.5 2888.2 - - P/E 14.34x 8.39x 8.69x 24.03x 7.62x 23.74x 7.56x 8.40x 8.22x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating AA-Operating Margin 0.74% Long-Term Outlook STABLEPretax Margin 0.26% Short-Term Rating Date -Return on Assets 1.32% Short-Term Rating -Return on Common Equity 13.69% Credit RatiosReturn on Capital 12.08% EBITDA/Interest Exp. -Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.0%Net Income Margin 1.2% Total Debt/Capital 19.3%Structure Asset Turnover 0.26Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.25% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 5.00 70000.0 4.50 60000.0 4.00 3.50 50000.0 3.00 40000.0 2.50 30000.0 2.00 1.50 20000.0 1.00 10000.0 0.50 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Muenchener Rueckversicherungs AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBERKSHIRE HATHAWAY I n/a ULT-AGG 18292803 10.2 - 31.12.2011 Investment AdvisorBLACKROCK n/a ULT-AGG 17598935 9.81 (341649) 19.02.2013 Investment AdvisorPEOPLES BANK OF CHIN n/a Co File 5380236 3 - 31.12.2011 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 3304459 1.84 75261 31.12.2012 Investment AdvisorCREDIT SUISSE AG n/a Research 3097431 1.73 - 25.04.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2375402 1.32 (45342) 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1798228 1 263657 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1606533 0.9 (448) 31.12.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1583488 0.88 62941 30.11.2012 Mutual Fund ManagerDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1155674 0.64 1135418 31.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1059394 0.59 698268 31.12.2012 Mutual Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 953106 0.53 2470 30.11.2012 Investment AdvisorTWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909100 0.51 (376953) 31.03.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 836088 0.47 4122 28.09.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 674788 0.38 - 31.07.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 638641 0.36 (84166) 30.11.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619738 0.35 6554 31.12.2012 Investment AdvisorSARASIN n/a ULT-AGG 571730 0.32 195044 30.11.2012 UnclassifiedFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 549131 0.31 6600 30.11.2012 Mutual Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 525186 0.29 (123320) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue DIETER HEIN reduce 2 M 138 6 month 21.02.2013Bankhaus Lampe ANDREAS SCHAEFER hold 3 N 145 12 month 20.02.2013Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 18.02.2013CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013Credit Suisse ADAM MCINALLY neutral 3 M 140 Not Provided 15.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013Nord/LB JULIA SIEKMANN hold 3 M 145 12 month 06.02.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 140 Not Provided 06.02.2013Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 06.02.2013S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 06.02.2013Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 165 12 month 05.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 160 12 month 05.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 145 12 month 05.02.2013Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 05.02.2013Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 136 6 month 05.02.2013Nomura MICHAEL KLIEN reduce 2 M 128 12 month 05.02.2013Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 05.02.2013DZ Bank AG THORSTEN WENZEL buy 5 M 154 12 month 05.02.2013Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 05.02.2013Helvea DANIEL BISCHOF neutral 3 M 130 12 month 05.02.2013Barclays ANDREW BROADFIELD overweight 5 M 157 Not Provided 04.02.2013Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013JPMorgan MICHAEL HUTTNER overweight 5 M 150 9 month 29.01.2013RBC Capital Markets GORDON AITKEN underperform 1 M 115 12 month 28.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013Natixis BENOIT VALLEAUX neutral 3 M 137 Not Provided 10.01.2013Canaccord Genuity Corp BEN COHEN buy 5 M 142 12 month 09.01.2013Bankhaus Metzler JOCHEN SCHMITT buy 5 M 150 12 month 08.01.2013Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 100 12 month 13.12.2012Macquarie HADLEY COHEN neutral 3 M 140 12 month 27.11.2012Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 09.11.2012National Bank AG MANFRED JAISFELD buy 5 M 145 Not Provided 07.11.2012Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012Espirito Santo Investment Bank Research FERNEYHOUGH JOY neutral 3 M 118 Not Provided 02.02.2012Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Ping An Insurance Group Co of China LtdPing An Insurance (Group) Company of China Limited provides a variety of Price/Volumeinsurance service in China. The Company writes property, casualty, and life 80 1200.0 Minsurance. Ping An Insurance also offers financial services. 70 1000.0 M 60 800.0 M 50 40 600.0 M Valuation Analysis 30Latest Fiscal Year: 12/2011 400.0 M 20LTM as of: 09/yy 200.0 M 1052-Week High (04.02.2013) 72.70 0 .0 M52-Week Low (04.06.2012) 53.00 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 19307952.00 Current Price (2/dd/yy) 64.95 Market Data 52-Week High % Change -10.66% Dividend Yield 0.77 52-Week Low % Change 22.55% Beta 1.48 % 52 Week Price Range High/Low 66.50% Equity Float 1564.20Shares Out 31.10.2012 3129.7 Short Int - Market Capitalization 481299.16 1 Yr Total Return -2.49%Total Debt 322062.00 YTD Return 0.08%Preferred Stock 0.0 Adjusted BETA 1.477Minority Interest 40475.0 Analyst Recs 30Cash and Equivalents 94582.00 Consensus Rating 4.233Enterprise Value 651372.99 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 109025802318 HK EQUITY YTD Change - Average Volume 30 Day 471404202318 HK EQUITY YTD % CHANGE - Average Volume 3 Month 35102580 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 139137.0 87666.0 152961.0 195052.0 272683.0 244495.0 313844.0 321397.7 380716.5 - - TEV/Revenue 5.10x 3.19x 3.24x 3.37x 2.06x 9.11x 7.64x 1.80x 1.53x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 18688.0 1418.0 13883.0 17311.0 19475.0 19074.0 21041.0 21888.3 28722.5 - - P/E 30.00x 173.82x 31.68x 32.03x 16.61x 14.56x 17.85x 18.20x 14.14x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 19.28% Long-Term Outlook -Pretax Margin 11.01% Short-Term Rating Date -Return on Assets 1.05% Short-Term Rating -Return on Common Equity 14.71% Credit RatiosReturn on Capital 9.85% EBITDA/Interest Exp. -Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 246.1%Net Income Margin 7.1% Total Debt/Capital 65.3%Structure Asset Turnover 0.16Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 14.09% Inventory Days -Tot Debt to Common Equity 246.10% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 300000.0 18.00 250000.0 16.00 14.00 200000.0 12.00 10.00 150000.0 8.00 100000.0 6.00 4.00 50000.0 2.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Ping An Insurance Group Co of China LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHAROEN POKPHAND GRO n/a ULT-AGG 1232815614 39.39 1 06.02.2013 Holding CompanyJP MORGAN n/a ULT-AGG 279150433 8.92 2131000 14.02.2013 UnclassifiedDIAMOND EPOCH LTD #N/A N/A EXCH 256694218 8.2 - 01.02.2013 OtherBLACKROCK n/a ULT-AGG 229704872 7.34 (2930930) 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 96820967 3.09 (2885500) 31.12.2012 Investment AdvisorJINJUN CO LTD n/a EXCH 76000000 2.43 (120000000) 24.08.2011 CorporationFMR LLC n/a ULT-AGG 45370339 1.45 5262045 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 40846297 1.31 (83300) 08.02.2013 UnclassifiedMATTHEWS INTERNATION Multiple Portfolios MF-AGG 25632500 0.82 (668000) 28.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 20890300 0.67 1798500 31.12.2012 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 17892689 0.57 1311300 28.09.2012 Mutual Fund ManagerHANG SENG INVESTMENT Multiple Portfolios MF-AGG 17379914 0.56 - 30.06.2012 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 16944635 0.54 (894024) 30.06.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 13215000 0.42 (82443000) 31.12.2012 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 12302000 0.39 3583000 31.10.2012 UnclassifiedSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11165702 0.36 509500 28.09.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 7906500 0.25 1634000 31.01.2013 Investment AdvisorGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 7906000 0.25 - 31.10.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 6775500 0.22 (2213000) 30.06.2012 Investment AdvisorMIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 6448500 0.21 1641500 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCore Pacific OLIVE XIA buy 5 M 80 12 month 21.02.2013Credit Suisse ARJAN VAN VEEN outperform 5 M 80 Not Provided 20.02.2013Nomura DAVID CHUNG neutral 3 M 67 Not Provided 20.02.2013JF Apex Securities Bhd TEAM COVERAGE hold 3 M 74 Not Provided 05.02.2013Capital Securities Corp TEAM COVERAGE buy 5 M 70 Not Provided 04.02.2013BOCOM International Holdings LI WENBING buy 5 M 83 12 month 04.02.2013Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 03.02.2013Jefferies BARON NIE buy 5 M 83 12 month 03.02.2013Standard Chartered JENNIFER LAW outperform 5 M 72 12 month 31.01.2013UOB Kay Hian EDMOND LAW buy 5 M 84 Not Provided 21.01.2013JPMorgan CHAN BAO LING overweight 5 M 76 9 month 16.01.2013DBS Vickers PING CHENG buy 5 M 79 12 month 16.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013ABC International FRANCIS CHAN sell 1 M 68 12 month 14.01.2013SWS Research Co Ltd ROBERT HU neutral 3 M 62 Not Provided 11.01.2013Deutsche Bank ESTHER CHWEI buy 5 U 86 12 month 07.01.2013CCB International Securities Ltd KENNETH YUE outperform 5 M 77 Not Provided 07.01.2013ICBC International Securities PIUS CHENG buy 5 M 75 Not Provided 14.12.2012Bank of China International SUN PENG hold 3 M 66 Not Provided 12.12.2012Goldman Sachs MANCY SUN Buy/Neutral 5 M 79 12 month 13.11.2012Kim Eng Securities IVAN LI buy 5 M 70 12 month 06.11.2012Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 02.11.2012Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012HSBC JAMES GARNER restricted #N/A N/A M #N/A N/A Not Provided 18.10.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 64 Not Provided 16.10.2012BNP Paribas Equity Research DORRIS CHEN hold 3 M 67 12 month 21.08.2012Phillip Securities CHEN XINGYU buy 5 M 80 Not Provided 02.03.2012China International Capital Corp TANG SHENGBO buy 5 M 77 12 month 27.10.2011Mirae Asset Securities IVAN CHEUNG hold 3 D 58 12 month 18.10.2011China Merchants Securities LUO JINMING buy 5 M 60 Not Provided 12.02.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Progressive Corp/TheThe Progressive Corporation is an insurance holding company. The Company, Price/Volumethrough its subsidiaries, provide personal and commercial automobile insurance 30 8.0 Mand other specialty property-casualty insurance and related services throughout 7.0 Mthe United States. 25 6.0 M 20 5.0 M 15 4.0 M Valuation Analysis 3.0 MLatest Fiscal Year: 12/2012 10 2.0 MLTM as of: 12/yy 5 1.0 M52-Week High (20.02.2013) 24.61 0 .0 M52-Week Low (02.08.2012) 18.32 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 1018157.00 Current Price (2/dd/yy) 24.3 Market Data 52-Week High % Change -1.26% Dividend Yield 1.17 52-Week Low % Change 32.64% Beta 0.86 % 52 Week Price Range High/Low 95.07% Equity Float 556.16Shares Out 31.12.2012 604.6 Short Int 18.75 Market Capitalization 14691.78 1 Yr Total Return 19.28%Total Debt 2063.10 YTD Return 16.61%Preferred Stock 0.0 Adjusted BETA 0.855Minority Interest 0.0 Analyst Recs 22Cash and Equivalents 155.70 Consensus Rating 2.727Enterprise Value 16562.28 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1409909PGR UN EQUITY YTD Change - Average Volume 30 Day 1164161PGR UN EQUITY YTD % CHANGE - Average Volume 3 Month 1174744 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 12831.3 14552.5 14945.0 15494.7 16788.5 15494.7 16788.5 17441.1 18544.4 4357.0 4385.9 TEV/Revenue 0.95x 0.97x 1.00x 0.92x - 3.79x 2.69x 0.95x 0.89x 2.90x 2.88x EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (70.0) 1057.5 1068.3 1015.5 902.3 1015.5 902.3 902.6 943.4 274.4 196.3 P/E 11.48x 11.68x 13.16x 13.18x 18.19x 13.18x 18.19x 16.41x 15.19x 16.39x 16.25x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A+Operating Margin 8.60% Long-Term Outlook STABLEPretax Margin 7.85% Short-Term Rating Date -Return on Assets 4.05% Short-Term Rating -Return on Common Equity 15.28% Credit RatiosReturn on Capital 12.10% EBITDA/Interest Exp. -Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 34.3%Net Income Margin 5.4% Total Debt/Capital 25.6%Structure Asset Turnover 0.75Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 9.09% Inventory Days -Tot Debt to Common Equity 34.34% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 10.00 18000.0 9.00 16000.0 8.00 14000.0 7.00 12000.0 6.00 10000.0 5.00 8000.0 4.00 6000.0 3.00 4000.0 2.00 2000.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Progressive Corp/TheHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 50531368 8.36 (5782026) 31.12.2012 Investment AdvisorLEWIS PETER BENJAMIN n/a Form 4 43682459 7.23 (1410288) 30.11.2012 n/aMORGAN STANLEY n/a ULT-AGG 38883783 6.43 1683178 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 36669158 6.07 - 31.12.2012 Investment AdvisorBROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 24453486 4.04 1291054 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 24349461 4.03 546180 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24189506 4 904615 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 23105024 3.82 544138 19.02.2013 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 22420667 3.71 1276467 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 22215050 3.67 942094 31.12.2012 Investment AdvisorBARCLAYS PLC BARCLAYS PLC 13F 17385566 2.88 16892287 31.12.2012 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 12299752 2.03 (552882) 31.12.2012 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 10093577 1.67 1517177 31.12.2012 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 10012688 1.66 11500 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 9716474 1.61 (340324) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 9033096 1.49 (3483615) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7448536 1.23 56027 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6107990 1.01 (927757) 31.12.2012 Investment AdvisorJOHN W BRISTOL & COM JOHN W BRISTOL & COM 13F 6029753 1 (297034) 31.12.2012 Investment AdvisorING GROEP NV ING GROEP NV 13F 5128000 0.85 5128000 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JOSH STIRLING outperform 5 M 24 12 month 20.02.2013Goldman Sachs MICHAEL S NANNIZZI Sell/Neutral 1 M 21 12 month 15.02.2013Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 15.02.2013Janney Montgomery Scott LLC ROBERT GLASSPIEGEL neutral 3 M #N/A N/A Not Provided 15.02.2013Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 25 12 month 15.02.2013Macquarie RAYMOND IARDELLA underperform 1 M 20 12 month 14.02.2013MKM Partners HARRY FONG buy 5 M 28 12 month 14.02.2013Barclays JAY H GELB equalweight 3 D 26 Not Provided 14.02.2013Morgan Stanley GREGORY W LOCRAFT Underwt/In-Line 1 M #N/A N/A Not Provided 13.02.2013William Blair & Co ADAM KLAUBER underperform 1 M #N/A N/A Not Provided 13.02.2013Raymond James C GREGORY PETERS strong buy 5 M 28 12 month 13.02.2013Sandler ONeill & Partners, LP J PAUL NEWSOME hold 3 M 25 12 month 13.02.2013Evercore Partners VINAY MISQUITH equalweight 3 M 24 12 month 13.02.2013Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 13.02.2013Portales Partners NINA GUPTA sector perform 3 U #N/A N/A Not Provided 13.02.2013Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 31.01.2013Credit Suisse MICHAEL ZAREMSKI underperform 1 M 20 Not Provided 23.01.2013RBC Capital Markets MARK A DWELLE outperform 5 M 24 12 month 18.01.2013FBR Capital Markets RANDY BINNER market perform 3 M 19 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013Deutsche Bank JOSHUA D SHANKER sell 1 M 18 12 month 15.11.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Prudential Financial IncPrudential Financial, Inc. provides financial services throughout the United Price/VolumeStates and several locations worldwide. The Company offers a variety of 70 3.0 Mproducts and services, including life insurance, mutual funds, annuities, 60 2.5 Mpension and retirement related services and administration, and assetmanagement. 50 2.0 M 40 1.5 M Valuation Analysis 30Latest Fiscal Year: 12/2012 1.0 M 20LTM as of: 12/yy 10 .5 M52-Week High (21.03.2012) 65.16 0 .0 M52-Week Low (04.06.2012) 44.47 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 641619.00 Current Price (2/dd/yy) 56.05 Market Data 52-Week High % Change -13.98% Dividend Yield 2.59 52-Week Low % Change 26.04% Beta 1.50 % 52 Week Price Range High/Low 55.97% Equity Float 460.99Shares Out 31.10.2012 462.0 Short Int 2.75 Market Capitalization 26119.30 1 Yr Total Return -5.65%Total Debt 33176.00 YTD Return 5.10%Preferred Stock 0.0 Adjusted BETA 1.496Minority Interest 588.0 Analyst Recs 25Cash and Equivalents 14251.00 Consensus Rating 4.280Enterprise Value 47795.30 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 609144PRU UN EQUITY YTD Change - Average Volume 30 Day 684971PRU UN EQUITY YTD % CHANGE - Average Volume 3 Month 718070 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 29219.0 32566.0 38200.0 49045.0 84815.0 49040.0 84815.0 52809.1 54926.0 12354.4 12463.4 TEV/Revenue 1.25x 1.25x 1.25x 0.88x - 3.79x 1.69x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (1117.0) 3124.0 3195.0 3666.0 469.0 3630.0 381.0 3649.0 4047.6 867.8 906.1 P/E 11.55x 9.03x 9.52x 7.82x 8.51x 8.35x 8.71x 7.20x 6.45x 7.19x 6.99x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 17.02.2009EBIT - Long-Term Rating AOperating Margin 13.11% Long-Term Outlook STABLEPretax Margin 10.81% Short-Term Rating Date 15.02.2006Return on Assets 0.20% Short-Term Rating A-1Return on Common Equity 3.32% Credit RatiosReturn on Capital 3.06% 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 89.1%Net Income Margin 0.6% Total Debt/Capital 46.7%Structure Asset Turnover 0.08Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.31% Inventory Days -Tot Debt to Common Equity 89.13% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 9.00 90000.0 8.00 80000.0 7.00 70000.0 6.00 60000.0 5.00 50000.0 4.00 40000.0 3.00 30000.0 2.00 20000.0 1.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Prudential Financial IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 33453781 7.24 3710691 19.02.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 20265805 4.39 449784 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 19147061 4.14 577008 19.02.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 15056369 3.26 2131248 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 12182867 2.64 (681083) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 10553869 2.28 (1484042) 31.12.2012 UnclassifiedGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8021431 1.74 676519 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 7586223 1.64 (88667) 31.12.2011 GovernmentNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6330064 1.37 (24683) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5726453 1.24 401714 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5592068 1.21 (113154) 31.12.2012 Investment AdvisorCITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 5371178 1.16 4534645 31.12.2012 Hedge Fund ManagerAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5199705 1.13 1403023 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 4749833 1.03 (17709) 31.12.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4202938 0.91 (269008) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4102725 0.89 6179 31.12.2012 Investment AdvisorLORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 3840147 0.83 (175083) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 3600000 0.78 - 31.12.2012 Investment AdvisorCAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 3062675 0.66 514244 31.12.2012 Investment AdvisorGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2937330 0.64 18288 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 75 12 month 19.02.2013Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 67 12 month 19.02.2013FBR Capital Markets RANDY BINNER outperform 5 M 70 12 month 19.02.2013Portales Partners NINA GUPTA sector perform 3 N #N/A N/A Not Provided 14.02.2013Evercore Partners MARK FINKELSTEIN overweight 5 M 65 12 month 13.02.2013Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 12.02.2013Raymond James STEVEN D SCHWARTZ strong buy 5 M 82 12 month 11.02.2013Sandler ONeill & Partners, LP EDWARD SHIELDS hold 3 M 59 Not Provided 11.02.2013Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.02.2013Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 08.02.2013Macquarie SEAN DARGAN neutral 3 M 62 12 month 08.02.2013Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 71 12 month 07.02.2013RBC Capital Markets ERIC N BERG top pick 5 M 90 12 month 07.02.2013JPMorgan JIMMY S BHULLAR overweight 5 M 67 9 month 07.02.2013S&P Capital IQ ROBERT MCMILLAN buy 5 M 66 Not Provided 07.02.2013Barclays JAY H GELB equalweight 3 M 62 Not Provided 07.02.2013Credit Suisse THOMAS GALLAGHER outperform 5 M 65 Not Provided 06.02.2013Sterne, Agee & Leach JOHN M NADEL buy 5 M 80 12 month 06.02.2013Scotia Capital JOANNE SMITH sector perform 3 M 61 12 month 30.01.2013Deutsche Bank YARON KINAR buy 5 M 67 12 month 16.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 14.11.2012Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 21.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Prudential PLCPrudential plc is an international company which provides a wide assortment of Price/Volumeinsurance and investment products and services. Insurance products include life, 1200 16.0 Maccident and health, property and casualty insurance, as well as fixed and 14.0 Mvariable annuities. Financial and investment services include personal and 1000 12.0 Mgroup pensions, equity plans, mortgages and deposit accounts. 800 10.0 M 600 8.0 M Valuation Analysis 6.0 MLatest Fiscal Year: 12/2011 400 4.0 MLTM as of: 09/yy 200 2.0 M52-Week High (20.02.2013) 989.00 0 .0 M52-Week Low (01.06.2012) 654.50 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 1688394.00 Current Price (2/dd/yy) 959.5 Market Data 52-Week High % Change -2.98% Dividend Yield 2.67 52-Week Low % Change 46.60% Beta 1.33 % 52 Week Price Range High/Low 96.41% Equity Float 2447.67Shares Out 01.02.2013 2557.3 Short Int - Market Capitalization 24537.06 1 Yr Total Return 38.57%Total Debt 7923.00 YTD Return 10.86%Preferred Stock - Adjusted BETA 1.326Minority Interest 43.0 Analyst Recs 27Cash and Equivalents 7257.00 Consensus Rating 4.111Enterprise Value 24231.06 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3845747PRU LN EQUITY YTD Change - Average Volume 30 Day 3743157PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3778077 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 32870.0 (10269.0) 48099.0 47646.0 36506.0 0.0 0.0 49797.0 57898.0 933.1 - TEV/Revenue 0.59x - 0.38x 0.39x 0.47x #DIV/0! #DIV/0! 0.36x 0.32x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 947.0 (396.0) 676.0 1431.0 1490.0 0.0 0.0 1748.7 1944.9 - - P/E 24.66x - 23.20x 11.78x 10.85x 0.00x 0.00x 13.93x 12.53x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 17.08.2010EBIT - Long-Term Rating A+Operating Margin 6.05% Long-Term Outlook NEGPretax Margin 5.32% Short-Term Rating Date 17.08.2010Return on Assets 0.57% Short-Term Rating A-1Return on Common Equity 17.77% Credit RatiosReturn on Capital 11.06% EBITDA/Interest Exp. -Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 86.9%Net Income Margin 4.1% Total Debt/Capital 46.4%Structure Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.90% Inventory Days -Tot Debt to Common Equity 86.90% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 60000.0 14.00 50000.0 12.00 40000.0 10.00 30000.0 8.00 20000.0 6.00 10000.0 4.00 0.0 2.00 -10000.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 -20000.0 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Prudential PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 256652047 10.04 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 128527550 5.03 1911502 19.02.2013 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 109343285 4.28 (3426400) 01.09.2012 GovernmentLEGAL & GENERAL n/a ULT-AGG 104422688 4.08 (2480541) 01.09.2012 UnclassifiedBAILLIE GIFFORD AND Multiple Portfolios REG 88005484 3.44 6184930 01.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 73253657 2.86 (685857) 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 68974059 2.7 1266568 31.12.2012 UnclassifiedFMR LLC n/a ULT-AGG 54416212 2.13 (2477186) 31.12.2012 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 50900480 1.99 2349806 01.09.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 46515731 1.82 (10468461) 01.09.2012 Investment AdvisorUBS n/a ULT-AGG 46132289 1.8 (47271) 28.12.2012 UnclassifiedJP MORGAN n/a ULT-AGG 41096800 1.61 (2879736) 31.12.2012 UnclassifiedSCHRODER INVESTMENT Multiple Portfolios REG 37587380 1.47 (1798097) 01.09.2012 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 32116464 1.26 6524975 01.09.2012 GovernmentAEGON n/a ULT-AGG 31314498 1.22 (1575145) 01.09.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios REG 27712324 1.08 2776676 01.09.2012 Investment AdvisorLANSDOWNE PARTNERS L n/a Short (26336610) -1.03 (2301258) 20.12.2012 Hedge Fund ManagerLAZARD ASSET MANAGEM n/a ULT-AGG 25693022 1 (3128089) 31.12.2012 UnclassifiedMORGAN STANLEY INVES Multiple Portfolios REG 25352169 0.99 (3324924) 01.09.2012 Investment AdvisorHSBC INVESTMENTS UK Multiple Portfolios REG 24274851 0.95 2269984 01.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue JEROME CASSAGNE reduce 2 M 902 6 month 21.02.2013RBC Capital Markets GORDON AITKEN outperform 5 M 910 12 month 20.02.2013Credit Suisse CHRIS ESSON outperform 5 M 1080 Not Provided 15.02.2013Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1135 12 month 11.02.2013Macquarie NEIL WELCH neutral 3 M 1000 12 month 05.02.2013Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1055 12 month 04.02.2013Barclays ALAN DEVLIN overweight 5 M 1023 Not Provided 04.02.2013Deutsche Bank OLIVER STEEL buy 5 M 1060 12 month 24.01.2013JPMorgan ASHIK MUSADDI underweight 1 M 781 9 month 17.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 1095 Not Provided 16.01.2013Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 950 12 month 09.01.2013Investec KEVIN RYAN hold 3 M 831 12 month 07.01.2013S&P Capital IQ RODERICK WALLACE strong buy 5 M 1100 12 month 21.12.2012Exane BNP Paribas ANDY HUGHES underperform 1 M 745 Not Provided 17.12.2012Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 06.12.2012Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1085 Not Provided 04.12.2012Societe Generale ABID HUSSAIN buy 5 M 900 12 month 03.12.2012Berenberg Bank MATTHEW PRESTON buy 5 M 1080 Not Provided 03.12.2012Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 22.11.2012Oriel Securities Ltd MARCUS BARNARD buy 5 M 900 Not Provided 14.11.2012Day by Day VALERIE GASTALDY buy 5 M 957 3 month 16.10.2012Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 1081 12 month 11.10.2012Nomura FAHAD CHANGAZI reduce 2 M 680 Not Provided 15.08.2012Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 812 6 month 01.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013QBE 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: 12/2011 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 5544580.00 Current Price (2/dd/yy) 13.14 Market Data 52-Week High % Change -10.67% Dividend Yield 6.66 52-Week Low % Change 31.14% Beta 1.21 % 52 Week Price Range High/Low 71.22% Equity Float 1193.49Shares Out 16.10.2012 1196.7 Short Int - Market Capitalization 15725.26 1 Yr Total Return 17.96%Total Debt 4757.00 YTD Return 20.55%Preferred Stock 0.0 Adjusted BETA 1.209Minority Interest 52.0 Analyst Recs 15Cash and Equivalents 1457.00 Consensus Rating 2.733Enterprise Value 18882.76 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5502611QBE AT EQUITY YTD Change - Average Volume 30 Day 5163217QBE AT EQUITY YTD % CHANGE - Average Volume 3 Month 5052321 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - - Total Revenue 9714.6 10603.6 10933.1 12021.0 16135.0 - - 17545.1 17980.9 - - TEV/Revenue 2.75x 2.12x 2.00x 1.76x 1.12x - - 1.21x 1.19x - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 1614.5 1583.8 1562.5 1278.0 704.0 - - 1146.5 1500.5 - - P/E 14.77x 12.36x 13.03x 15.01x 20.46x - - 14.54x 11.85x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 28.06.2012EBIT - Long-Term Rating AOperating Margin 7.05% Long-Term Outlook NEGPretax Margin 5.38% Short-Term Rating Date -Return on Assets 1.64% Short-Term Rating -Return on Common Equity 6.95% Credit RatiosReturn on Capital 6.66% 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 45.8%Net Income Margin 4.4% Total Debt/Capital 31.3%Structure Asset Turnover 0.35Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 10.18% Inventory Days -Tot Debt to Common Equity 45.80% 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 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013QBE 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 EXCH 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 12645397 1.06 30908 19.02.2013 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 DateNomura TOBY LANGLEY buy 5 M 14 Not Provided 21.02.2013JPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 14 9 month 15.02.2013Credit Suisse ANDREW ADAMS outperform 5 M 13 Not Provided 13.02.2013Commonwealth Bank ROSS CURRAN underweight 1 M 12 12 month 08.02.2013Macquarie TIM LAWSON neutral 3 M 13 12 month 07.02.2013Morgan Stanley DANIEL TOOHEY Equalwt/Attractive 3 M 12 12 month 31.01.2013CIMB RICHARD COLES neutral 3 M 12 12 month 23.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Goldman Sachs RYAN FISHER neutral/neutral 3 M 11 12 month 14.01.2013Deutsche Bank KIEREN CHIDGEY hold 3 M 12 12 month 07.01.2013BBY Limited BRETT LE MESURIER underperform 1 M 9 12 month 10.12.2012Shaw 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 |
  • 21.02.2013SampoSampo Oyj offers multi-line insurance. The Company offers life and pension and Price/Volumeproperty/casualty insurance. 30 2.5 M 25 2.0 M 20 1.5 M 15 Valuation Analysis 1.0 MLatest Fiscal Year: 12/2012 10LTM as of: 12/yy 5 .5 M52-Week High (13.02.2013) 28.50 0 .0 M52-Week Low (04.06.2012) 17.91 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 461976.00 Current Price (2/dd/yy) 27.94 Market Data 52-Week High % Change -1.96% Dividend Yield - 52-Week Low % Change 56.00% Beta 0.93 % 52 Week Price Range High/Low 97.36% Equity Float -Shares Out 20.02.2013 558.8 Short Int - Market Capitalization 15646.40 1 Yr Total Return 40.54%Total Debt 2378.00 YTD Return 14.79%Preferred Stock 0.0 Adjusted BETA 0.935Minority Interest 0.0 Analyst Recs 27Cash and Equivalents 1034.00 Consensus Rating 3.259Enterprise Value 16990.40 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1057443SAMAS FH EQUITY YTD Change - Average Volume 30 Day 923453SAMAS FH EQUITY YTD % CHANGE - Average Volume 3 Month 807487 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 4634.0 5655.0 6305.0 5342.0 6415.0 5342.0 6416.0 5638.5 5652.4 - - TEV/Revenue 1.78x 1.92x 2.05x - 2.33x 7.10x 8.71x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 675.0 641.0 1104.0 1038.0 1404.0 1038.0 1404.0 1349.4 1424.7 335.5 348.0 P/E 11.22x 14.93x 10.18x 10.36x 9.71x 5.18x 7.91x 11.69x 11.04x 11.48x 10.86x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating NROperating Margin 15.46% Long-Term Outlook -Pretax Margin 25.19% Short-Term Rating Date -Return on Assets 4.52% Short-Term Rating -Return on Common Equity 14.75% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 23.5%Net Income Margin 21.9% Total Debt/Capital 19.0%Structure Asset Turnover 0.21Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 7.42% Inventory Days -Tot Debt to Common Equity 23.51% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 120.00 7000.0 100.00 6000.0 5000.0 80.00 4000.0 60.00 3000.0 40.00 2000.0 20.00 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 |
  • 21.02.2013SampoHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOLIDIUM OY n/a Research 79280080 14.19 - 31.01.2013 Holding CompanyVARMA MUTUAL PENSION n/a Research 47709421 8.54 - 31.01.2013 Insurance CompanyCAPITAL GROUP COMPAN n/a ULT-AGG 22872997 4.09 - 31.12.2012 Investment AdvisorWAHLROOS BJORN n/a Research 11761383 2.1 - 31.01.2013 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 9111481 1.63 382597 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 7096795 1.27 (545761) 31.12.2012 Investment AdvisorILMARINEN MUTUAL PEN n/a Research 5850422 1.05 - 31.01.2013 Insurance CompanyKALEVA MUTUAL INSURA n/a Research 5668476 1.01 - 31.01.2013 Insurance CompanyUMB BANK N A Multiple Portfolios MF-AGG 5350770 0.96 237817 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 5050788 0.9 (325137) 31.12.2012 Investment AdvisorFINLAND STATE PENSIO n/a Research 4260000 0.76 - 31.01.2013 GovernmentTHREADNEEDLE ASSET M Multiple Portfolios MF-AGG 4231895 0.76 105058 31.10.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 4067878 0.73 (476757) 30.11.2012 Investment AdvisorTHREADNEEDLE INVESTM THREADNEEDLE EUROPEA UT-UK 3798781 0.68 66922 31.10.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3329672 0.6 40614 19.02.2013 Investment AdvisorLOCAL GOVERNMENT PEN n/a Research 2552530 0.46 - 31.01.2013 Pension Fund (ERISA)SWISS NATIONAL BANK n/a Research 2457137 0.44 - 31.01.2013 GovernmentSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2172644 0.39 411981 30.09.2012 Investment AdvisorUBS n/a ULT-AGG 2170127 0.39 (340986) 28.12.2012 UnclassifiedNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1949210 0.35 (18522) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays CLAUDIA GASPARI equalweight 3 D 28 Not Provided 20.02.2013Berenberg Bank PETER ELIOT hold 3 M 30 Not Provided 19.02.2013Deutsche Bank JAN WOLTER hold 3 M 26 12 month 14.02.2013Pohjola Bank Plc (ESN) ANTTI SAARI reduce 2 D 27 12 month 14.02.2013Macquarie HADLEY COHEN outperform 5 M 29 12 month 14.02.2013Carnegie GIANANDREA ROBERTI buy 5 M #N/A N/A Not Provided 14.02.2013Nordea Equity Research PAAVO AHONEN hold 3 M 29 12 month 14.02.2013Handelsbanken MATTI AHOKAS accumulate 4 M 29 12 month 14.02.2013DNB Markets HAKON FURE hold 3 M 29 Not Provided 14.02.2013AlphaValue JEROME CASSAGNE reduce 2 M 25 6 month 14.02.2013ABG Sundal Collier JAKOB BRINK buy 5 M 31 6 month 13.02.2013Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 27 12 month 13.02.2013Credit Suisse CHRIS ESSON outperform 5 M 30 Not Provided 13.02.2013Evli Bank Plc KIMMO RAMA buy 5 M 27 12 month 13.02.2013Danske Markets PER GRONBORG sell 1 M 27 12 month 13.02.2013Keefe, Bruyette & Woods KARL MORRIS underperform 1 M 23 12 month 11.02.2013Mediobanca SpA SIMONETTA CHIRIOTTI neutral 3 M 28 6 month 30.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 22 12 month 13.12.2012SEB Enskilda MIKA KOSKINEN hold 3 M 23 Not Provided 10.12.2012Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 22 12 month 05.12.2012CA Cheuvreux HANS PLUIJGERS outperform 5 M 25 Not Provided 09.08.2012Societe Generale EMMANUELLE CALES hold 3 M 22 12 month 31.05.2012JPMorgan ANDREAS VAN EMBDEN underweight 1 M 20 Not Provided 23.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Sun Life Financial IncSun Life Financial Inc. is an international financial services organization Price/Volumeproviding a diverse range of wealth accumulation and protection products and 35 8.0 Mservices. The Company provides insurance, mutual funds, annuities, pensions, 30 7.0 Minvestment management, trust services, and banking services. Sun Life serves 25 6.0 Mindividuals and corporate customers worldwide. 5.0 M 20 4.0 M Valuation Analysis 15 3.0 MLatest Fiscal Year: 12/2012 10 2.0 MLTM as of: 12/yy 5 1.0 M52-Week High (13.02.2013) 30.03 0 .0 M52-Week Low (04.06.2012) 19.76 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 1776238.00 Current Price (2/dd/yy) 28.92 Market Data 52-Week High % Change -3.70% Dividend Yield 4.98 52-Week Low % Change 46.36% Beta 1.03 % 52 Week Price Range High/Low 89.19% Equity Float 599.25Shares Out 31.01.2013 599.6 Short Int 24.91 Market Capitalization 17339.37 1 Yr Total Return 43.39%Total Debt 4889.00 YTD Return 9.67%Preferred Stock 2503.0 Adjusted BETA 1.033Minority Interest 0.0 Analyst Recs 17Cash and Equivalents 7034.00 Consensus Rating 3.118Enterprise Value 17697.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2100416SLF CT EQUITY YTD Change - Average Volume 30 Day 1252380SLF CT EQUITY YTD % CHANGE - Average Volume 3 Month 1400360 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 14548.0 27572.0 24801.0 19830.0 17559.0 22240.0 18676.0 21791.7 22590.7 5566.0 5407.5 TEV/Revenue 0.97x 0.50x 0.70x 0.49x 0.92x 2.39x 3.02x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 855.0 613.0 1499.0 (270.0) 1674.0 (199.0) 1627.0 1423.2 1627.2 393.4 410.0 P/E - 30.56x 11.63x 20.54x 10.59x 21.24x 10.22x 11.30x 10.62x 11.35x 11.21x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 24.02.2012EBIT - Long-Term Rating AOperating Margin 11.83% Long-Term Outlook NEGPretax Margin 9.74% Short-Term Rating Date 06.03.2009Return on Assets 0.74% Short-Term Rating A-1Return on Common Equity 11.11% Credit RatiosReturn on Capital 9.32% 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 34.6%Net Income Margin 9.5% Total Debt/Capital 22.6%Structure Asset Turnover 0.08Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.17% Inventory Days -Tot Debt to Common Equity 34.62% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 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 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 |
  • 21.02.2013Sun Life Financial IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYAL BANK OF CANADA n/a ULT-AGG 45412621 7.57 5014354 31.01.2013 BankIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 23473093 3.92 (14937) 31.12.2012 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 15505568 2.59 (955347) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 15285841 2.55 142216 31.12.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14375481 2.4 2896551 31.12.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 12708859 2.12 867408 31.12.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 12024655 2.01 1042553 31.12.2012 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11607221 1.94 407764 31.12.2012 Investment AdvisorLETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 10544568 1.76 1422122 31.12.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 9530096 1.59 12600 30.09.2012 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 9292573 1.55 (235071) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8322300 1.39 (1466400) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 7155314 1.19 (675688) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6560372 1.09 122300 31.12.2012 Investment AdvisorGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 5800795 0.97 (433537) 31.12.2012 Insurance CompanyCAPITAL GROUP COMPAN n/a ULT-AGG 5762400 0.96 2702500 31.12.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3144675 0.52 747625 31.12.2012 Investment AdvisorAPG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 2869340 0.48 (110916) 31.12.2012 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2856457 0.48 460000 31.12.2012 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2746771 0.46 (628379) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNational Bank Financial PETER D ROUTLEDGE sector perform 3 M 31 12 month 19.02.2013Canaccord Genuity Corp MARIO MENDONCA hold 3 M 29 12 month 18.02.2013RBC Capital Markets ANDRE PHILIPPE HARDY sector perform 3 M 28 12 month 15.02.2013Credit Suisse GABRIEL DECHAINE outperform 5 M 31 Not Provided 15.02.2013Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 15.02.2013Desjardins Securities MICHAEL GOLDBERG hold 3 M 31 12 month 15.02.2013Cormark Securities Inc. DARKO MIHELIC market perform 3 M 29 12 month 15.02.2013TD Securities DOUG YOUNG buy 5 M 32 12 month 15.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 15.02.2013BMO Capital Markets TOM MACKINNON market perform 3 M 29 Not Provided 14.02.2013Morgan Stanley NIGEL P DALLY Equalwt/In-Line 3 M #N/A N/A Not Provided 14.02.2013Scotia Capital JOANNE SMITH sector perform 3 M 28 12 month 13.02.2013Veritas Investment Research Co OHAD LEDERER sell 1 M 29 Not Provided 13.02.2013CIBC World Markets ROBERT SEDRAN sector perform 3 M 28 Not Provided 14.01.2013Barclays JOHN AIKEN suspended coverage #N/A N/A M #N/A N/A Not Provided 17.12.2012Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 24.09.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Swiss Re AGSwiss Re AG offers reinsurance, insurance and insurance linked financial Price/Volumemarket products. The Company offers automobile, liability, accident, 80 4.0 Mengineering, marine, aviation, life, and health insurance. Swiss Re also 70 3.5 Mmanages fixed-income and equity investments for itself and other insurance 60 3.0 Mcompanies. 50 2.5 M 40 2.0 M Valuation Analysis 30 1.5 MLatest Fiscal Year: 12/2012 20 1.0 MLTM as of: 12/yy 10 .5 M52-Week High (21.02.2013) 76.60 0 .0 M52-Week Low (22.02.2012) 50.00 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 2334142.00 Current Price (2/dd/yy) 75.45 Market Data 52-Week High % Change -1.50% Dividend Yield - 52-Week Low % Change 50.89% Beta 1.16 % 52 Week Price Range High/Low 99.37% Equity Float 370.21Shares Out 31.12.2012 370.7 Short Int - Market Capitalization 27969.84 1 Yr Total Return 46.17%Total Debt 19898.00 YTD Return 14.49%Preferred Stock 0.0 Adjusted BETA 1.162Minority Interest 24.0 Analyst Recs 37Cash and Equivalents 10837.00 Consensus Rating 3.189Enterprise Value 39125.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1208043SREN VX EQUITY YTD Change - Average Volume 30 Day 1105172SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 964773 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 24011.7 30624.0 28484.0 27797.0 33116.0 27797.0 33116.0 31900.3 34319.4 - - TEV/Revenue 1.03x 0.50x 1.13x 1.02x 1.08x 3.93x 3.87x 1.22x - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (800.3) 467.4 863.0 2626.0 4201.0 2626.0 4180.0 2857.7 2951.2 - - P/E - 33.44x 21.30x 6.64x 6.09x 6.64x 5.97x 10.02x 9.72x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 17.37% Long-Term Outlook -Pretax Margin 16.51% Short-Term Rating Date -Return on Assets 1.89% Short-Term Rating -Return on Common Equity 13.15% Credit RatiosReturn on Capital 9.38% EBITDA/Interest Exp. -Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 58.5%Net Income Margin 12.7% Total Debt/Capital 36.9%Structure Asset Turnover 0.15Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 9.22% Inventory Days -Tot Debt to Common Equity 58.52% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 40000.0 14.00 35000.0 12.00 30000.0 10.00 25000.0 8.00 20000.0 6.00 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Swiss Re AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSWISS RE n/a EXCH 27282124 7.36 (1396672) 29.03.2012 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 19016988 5.13 (465989) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 15114719 4.08 763755 19.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 13188586 3.56 (222639) 31.12.2012 Investment AdvisorDODGE & COX n/a Co File 12639368 3.41 - 31.12.2011 Investment AdvisorMFS INVESTMENT MANAG n/a Co File 11485890 3.1 - 31.12.2011 Investment AdvisorBERKSHIRE HATHAWAY I n/a ULT-AGG 11262000 3.04 - 31.12.2011 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5610148 1.51 (9893) 28.12.2012 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5482330 1.48 154354 31.12.2012 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 2870923 0.77 (16783) 31.10.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 2181639 0.59 (8205) 31.10.2012 Mutual Fund ManagerSARASIN n/a ULT-AGG 1986440 0.54 4568 28.12.2012 UnclassifiedSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1464844 0.4 (33255) 30.11.2012 Mutual Fund ManagerTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1299889 0.35 (264683) 30.11.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1238106 0.33 - 30.04.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 1214600 0.33 (801) 31.12.2012 UnclassifiedHARTFORD INVESTMENT Multiple Portfolios MF-AGG 1102833 0.3 (174506) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 833022 0.22 (181060) 31.12.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819676 0.22 145000 31.10.2012 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 635477 0.17 (6100) 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 21.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 78 Not Provided 21.02.2013Berenberg Bank TOM CARSTAIRS sell 1 M 66 Not Provided 21.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 70 6 month 21.02.2013Bankhaus Metzler JOCHEN SCHMITT buy 5 M 78 12 month 19.02.2013Main First Bank AG RENE LOCHER underperform 1 M 72 12 month 19.02.2013CA Cheuvreux FRANK KOPFINGER select list 5 M 86 Not Provided 18.02.2013Credit Suisse ADAM MCINALLY neutral 3 M 68 Not Provided 15.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013AlphaValue DIETER HEIN sell 1 D 63 6 month 14.02.2013Helvea DANIEL BISCHOF neutral 3 M 70 12 month 13.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 79 12 month 12.02.2013Nomura MICHAEL KLIEN reduce 2 M 60 12 month 12.02.2013Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 06.02.2013Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 80 Not Provided 06.02.2013Kepler Capital Markets FABRIZIO CROCE buy 5 U 83 Not Provided 05.02.2013Barclays ANDREW BROADFIELD overweight 5 M 78 Not Provided 04.02.2013JPMorgan MICHAEL HUTTNER overweight 5 M 71 9 month 31.01.2013Mediobanca SpA GIANLUCA FERRARI neutral 3 M 75 6 month 30.01.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 66 12 month 28.01.2013Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 67 Not Provided 28.01.2013Goldman Sachs VINIT MALHOTRA Sell/Neutral 1 M 67 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013HSBC THOMAS FOSSARD neutral 3 M 75 Not Provided 16.01.2013Canaccord Genuity Corp BEN COHEN buy 5 M 70 12 month 09.01.2013Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 50 12 month 13.12.2012S&P Capital IQ RODERICK WALLACE hold 3 M 78 12 month 30.11.2012Macquarie HADLEY COHEN neutral 3 D 72 12 month 27.11.2012Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 71 12 month 15.11.2012Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012Nord/LB VOLKER SACK buy 5 U 74 Not Provided 09.11.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 68 Not Provided 09.11.2012DZ Bank AG THORSTEN WENZEL sell 1 M 58 12 month 10.09.2012Raymond James DANNY JACQUES underperform 1 M 63 Not Provided 09.08.2012Espirito Santo Investment Bank Research FERNEYHOUGH JOY neutral 3 M 48 Not Provided 12.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Tokio Marine Holdings IncTokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and Price/Volumelife insurance, and asset management services. 3500 7.0 M 3000 6.0 M 2500 5.0 M 2000 4.0 M Valuation Analysis 1500 3.0 MLatest Fiscal Year: 03/2012 1000 2.0 MLTM as of: 12/yy 500 1.0 M52-Week High (20.02.2013) 2898.00 0 .0 M52-Week Low (04.06.2012) 1651.00 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 3082300.00 Current Price (2/dd/yy) 2788 Market Data 52-Week High % Change -3.80% Dividend Yield 1.88 52-Week Low % Change 68.87% Beta 1.24 % 52 Week Price Range High/Low 98.96% Equity Float 667.68Shares Out 31.01.2013 769.5 Short Int - Market Capitalization 2145434.00 1 Yr Total Return 29.21%Total Debt 1436988.00 YTD Return 17.00%Preferred Stock 0.0 Adjusted BETA 1.241Minority Interest 16261.0 Analyst Recs 16Cash and Equivalents 380792.00 Consensus Rating 4.500Enterprise Value 1954778.96 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 35250408766 JT EQUITY YTD Change - Average Volume 30 Day 32949608766 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3144149 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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 Total Revenue 2937717.0 2747081.0 3074931.0 3175791.0 3377787.0 ######### ######### ######### ######### 857600.0 - TEV/Revenue 1.41x 0.96x 1.18x 0.90x 0.83x 2.31x 2.49x 0.57x 0.56x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 108766.0 23141.0 128418.0 71924.0 6001.0 (86757.0) 113094.0 113399.6 131204.9 - - P/E 27.56x 82.22x 16.15x 24.05x 290.41x 0.00x 16.16x 19.03x 16.53x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 4.83% Long-Term Outlook -Pretax Margin 4.54% Short-Term Rating Date -Return on Assets -0.06% Short-Term Rating -Return on Common Equity -0.60% Credit RatiosReturn on Capital -0.34% EBITDA/Interest Exp. -Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 78.0%Net Income Margin 0.2% Total Debt/Capital 43.6%Structure Asset Turnover 0.20Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 8.80% Inventory Days -Tot Debt to Common Equity 78.05% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 40.00 4000000.0 35.00 3500000.0 30.00 3000000.0 25.00 2500000.0 20.00 2000000.0 15.00 1500000.0 10.00 1000000.0 5.00 500000.0 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 |
  • 21.02.2013Tokio Marine Holdings IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJAPAN TRUSTEE SERVIC n/a Co File 60652000 7.88 13908000 30.09.2012 BankBLACKROCK n/a ULT-AGG 54385589 7.07 (932638) 19.02.2013 Investment AdvisorMASTER TRUST BANK OF n/a Co File 46660000 6.06 2764000 30.09.2012 BankSUMITOMO MITSUI TRUS n/a ULT-AGG 34462300 4.48 - 15.06.2012 BankMITSUBISHI UFJ FINAN n/a ULT-AGG 19939000 2.59 (78500) 31.01.2013 Holding CompanyMEIJI YASUDA LIFE IN n/a Co File 19179000 2.49 - 30.09.2012 Insurance CompanySTATE STREET CUSTODI n/a ULT-AGG 16969000 2.21 (1233000) 30.09.2012 OtherSTATE STREET n/a ULT-AGG 15599791 2.03 980000 20.02.2013 Investment AdvisorMITSUBISHI HEAVY IND n/a Co File 14074000 1.83 - 30.09.2012 CorporationMELLON BANK NA n/a Co File 12666000 1.65 438000 30.09.2012 Investment AdvisorEMPLOYEES STOCKHOLD n/a Co File 11785000 1.53 151000 30.09.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 11711613 1.52 (75946) 31.12.2012 Investment AdvisorASAHI GLASS CO LTD n/a Co File 10256000 1.33 - 31.12.2011 CorporationNOMURA n/a ULT-AGG 7627500 0.99 (274000) 31.01.2013 UnclassifiedMITSUBISHI ESTATE CO n/a Co File 6929500 0.9 - 31.03.2012 CorporationNIPPON YUSEN KK n/a Co File 6912000 0.9 - 31.03.2012 CorporationNIKKO ASSET MANAGEME n/a ULT-AGG 5869600 0.76 - 15.06.2012 UnclassifiedSHIZUOKA BANK LTD n/a Co File 5602948 0.73 - 31.03.2012 BankDAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3369700 0.44 (38400) 31.01.2013 Holding CompanyMITSUBISHI ELECTRIC n/a Co File 3219000 0.42 - 31.03.2012 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura WATARU OHTSUKA buy 5 M 3300 12 month 19.02.2013JPMorgan NATSUMU TSUJINO overweight 5 M 3800 12 month 15.02.2013Jefferies MAKARIM SALMAN buy 5 M 3626 12 month 14.02.2013Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 M 3000 Not Provided 14.02.2013Tokai Tokyo Securities TATSUO MAJIMA neutral 3 M #N/A N/A Not Provided 13.02.2013Morgan Stanley HIDEYASU BAN Overwt/Attractive 5 M 3200 12 month 13.02.2013Credit Suisse TAKEHITO YAMANAKA neutral 3 M 2750 Not Provided 13.02.2013Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 3400 12 month 13.02.2013SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 M 2600 12 month 13.02.2013Barclays AZUMA OHNO equalweight 3 M 2400 Not Provided 13.02.2013Mitsubishi UFJ Morgan Stanley Securitie FUTOSHI SASAKI neutral 3 M 2400 12 month 13.02.2013Deutsche Bank MASAO MURAKI buy 5 M 2920 12 month 12.02.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013Macquarie SCOTT G RUSSELL outperform 5 M 2300 12 month 06.12.2012Mizuho Securities RIE NISHIHARA buy 5 M 2500 12 month 19.11.2012Goldman Sachs TAKANORI MIYOSHI Buy/Neutral 5 M 3400 24 month 10.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Travelers Cos Inc/TheThe Travelers Companies, Inc. provides commercial and personal property and Price/Volumecasualty insurance products and services to businesses, government units, 90 4.5 Massociations and individuals. 80 4.0 M 70 3.5 M 60 3.0 M 50 2.5 M Valuation Analysis 40 2.0 MLatest Fiscal Year: 12/2012 30 1.5 M 20 1.0 MLTM as of: 12/yy 10 .5 M52-Week High (19.02.2013) 81.07 0 .0 M52-Week Low (07.03.2012) 55.88 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 514246.00 Current Price (2/dd/yy) 80.11 Market Data 52-Week High % Change -1.18% Dividend Yield 2.23 52-Week Low % Change 43.36% Beta 0.83 % 52 Week Price Range High/Low 96.19% Equity Float 376.56Shares Out 11.02.2013 378.0 Short Int 4.10 Market Capitalization 30277.95 1 Yr Total Return 38.99%Total Debt 6350.00 YTD Return 11.54%Preferred Stock 0.0 Adjusted BETA 0.829Minority Interest 0.0 Analyst Recs 26Cash and Equivalents 330.00 Consensus Rating 4.077Enterprise Value 36297.95 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 507953TRV UN EQUITY YTD Change - Average Volume 30 Day 514726TRV UN EQUITY YTD % CHANGE - Average Volume 3 Month 567998 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 24477.0 24680.0 25112.0 25446.0 25740.0 25446.0 25740.0 25916.1 26493.8 6471.3 6499.3 TEV/Revenue 1.32x 1.31x 1.22x 1.16x 1.29x 4.65x 4.88x 1.40x 1.37x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 2924.0 3622.0 3216.0 1426.0 2473.0 1426.0 2473.0 2708.0 2717.9 742.7 615.5 P/E 8.59x 7.93x 8.90x 18.04x 11.57x 18.21x 11.57x 11.10x 10.60x 11.10x 10.93x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 28.07.2011EBIT - Long-Term Rating AOperating Margin 13.77% Long-Term Outlook STABLEPretax Margin 12.30% Short-Term Rating Date 28.07.2011Return on Assets 2.36% Short-Term Rating A-1Return on Common Equity 9.91% Credit RatiosReturn on Capital 8.81% EBITDA/Interest Exp. -Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 25.0%Net Income Margin 9.6% Total Debt/Capital 20.0%Structure Asset Turnover 0.25Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 6.05% Inventory Days -Tot Debt to Common Equity 25.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 30000.0 12.00 25000.0 10.00 20000.0 8.00 15000.0 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Travelers Cos Inc/TheHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 33540635 8.87 - 19.02.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 22631987 5.99 73306 19.02.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 17337640 4.59 430226 31.12.2012 Investment AdvisorSOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 16307385 4.31 (1312817) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 13456258 3.56 4269331 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 9930820 2.63 (107654) 31.12.2012 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9813454 2.6 (57119) 31.12.2012 Investment AdvisorCLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7343903 1.94 (587239) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 6604716 1.75 377615 31.12.2012 UnclassifiedNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5691457 1.51 (247574) 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5535994 1.46 (965523) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 5135152 1.36 (312747) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 4835668 1.28 (535325) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4826840 1.28 (498067) 31.12.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4745685 1.26 (421072) 31.12.2012 Investment AdvisorLEGG MASON INC Multiple Portfolios MF-AGG 3959271 1.05 (310675) 31.12.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 3665861 0.97 (133263) 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3618674 0.96 2279896 31.12.2012 Investment AdvisorMANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3543517 0.94 (118988) 31.12.2012 Investment AdvisorLORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 3196942 0.85 (181885) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JOSH STIRLING market perform 3 M 77 12 month 20.02.2013Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 86 12 month 15.02.2013Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.02.2013Deutsche Bank JOSHUA D SHANKER hold 3 M 74 12 month 06.02.2013RBC Capital Markets MARK A DWELLE top pick 5 M 88 12 month 04.02.2013FBR Capital Markets RANDY BINNER market perform 3 M 65 12 month 04.02.2013Macquarie AMIT KUMAR outperform 5 M 86 12 month 29.01.2013Portales Partners NINA GUPTA sector perform 3 M #N/A N/A Not Provided 25.01.2013Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 24.01.2013Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 23.01.2013Argus Research Corp JOHN M EADE buy 5 M 85 Not Provided 23.01.2013Credit Suisse MICHAEL ZAREMSKI outperform 5 M 83 Not Provided 23.01.2013William Blair & Co ADAM KLAUBER market perform 3 M #N/A N/A Not Provided 23.01.2013JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 23.01.2013MKM Partners HARRY FONG neutral 3 M 85 12 month 23.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 23.01.2013Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 87 12 month 23.01.2013Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 88 12 month 22.01.2013Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 22.01.2013Sandler ONeill & Partners, LP J PAUL NEWSOME buy 5 M 89 12 month 22.01.2013Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 79 12 month 22.01.2013Evercore Partners VINAY MISQUITH equalweight 3 M 83 12 month 22.01.2013Barclays JAY H GELB overweight 5 M 87 Not Provided 22.01.2013S&P Capital IQ CATHY SEIFERT hold 3 M 80 Not Provided 18.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 21.02.2013Zurich Insurance Group AGZurich Insurance Group AG provides insurance-based financial services. The Price/VolumeCompany offers general and life insurance products and services for individuals, 300 1.8 Msmall businesses, commercial enterprises, mid-sized and large corporations, and 1.6 Mmultinational companies. 250 1.4 M 200 1.2 M 1.0 M 150 Valuation Analysis .8 MLatest Fiscal Year: 12/2012 100 .6 M .4 MLTM as of: 12/yy 50 .2 M52-Week High (28.01.2013) 264.00 0 .0 M52-Week Low (05.06.2012) 192.50 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 310524.00 Current Price (2/dd/yy) 253.4 Market Data 52-Week High % Change -4.02% Dividend Yield - 52-Week Low % Change 31.64% Beta 1.20 % 52 Week Price Range High/Low 91.19% Equity Float 148.14Shares Out 31.12.2012 148.3 Short Int 0.42 Market Capitalization 37579.25 1 Yr Total Return 20.59%Total Debt 12521.00 YTD Return 4.11%Preferred Stock 0.0 Adjusted BETA 1.199Minority Interest 2368.0 Analyst Recs 39Cash and Equivalents 9098.00 Consensus Rating 3.436Enterprise Value 46152.14 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 550708ZURN VX EQUITY YTD Change - Average Volume 30 Day 439884ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 403527 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 32331.0 70123.0 67819.0 52978.0 70446.0 52980.0 70446.0 60452.2 62644.9 - - TEV/Revenue 0.99x 0.50x 0.64x 0.73x 0.64x 3.11x 2.48x 0.91x - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 3039.0 3963.0 3428.0 3750.0 3878.0 3750.0 3872.0 4325.6 4551.0 1146.0 988.0 P/E 9.86x 7.83x 10.92x 8.80x 10.08x 8.80x 10.07x 9.43x 8.94x 9.18x 9.39x Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 8.34% Long-Term Outlook -Pretax Margin 7.48% Short-Term Rating Date -Return on Assets 0.97% Short-Term Rating -Return on Common Equity 11.74% Credit RatiosReturn on Capital 9.17% EBITDA/Interest Exp. -Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 36.3%Net Income Margin 5.5% Total Debt/Capital 25.4%Structure Asset Turnover 0.18Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 3.06% Inventory Days -Tot Debt to Common Equity 36.30% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 80000.0 12.00 70000.0 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 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 |
  • 21.02.2013Zurich Insurance Group AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 6475809 4.37 3004 19.02.2013 Investment AdvisorNORGES BANK n/a EXCH 4495862 3.03 - 23.06.2011 GovernmentABERDEEN n/a ULT-AGG 4377801 2.95 (23819) 31.01.2012 UnclassifiedFMR LLC n/a ULT-AGG 3587304 2.42 168230 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3087350 2.08 22537 31.12.2012 Investment AdvisorCREDIT SUISSE n/a EXCH 2525492 1.7 787 23.03.2010 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2266979 1.53 (85) 28.12.2012 Mutual Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 2237458 1.51 (4054) 31.12.2012 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1414418 0.95 (14169) 31.10.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 760603 0.51 (26750) 31.10.2012 Mutual Fund ManagerTWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716240 0.48 (13585) 31.03.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 601051 0.41 20468 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 559536 0.38 16355 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 540678 0.36 - 31.07.2012 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 487809 0.33 (5360) 30.11.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 420245 0.28 10384 31.12.2012 Investment AdvisorUMB BANK N A Multiple Portfolios MF-AGG 329296 0.22 32803 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 313506 0.21 56299 31.12.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 297808 0.2 16869 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 281822 0.19 7978 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBerenberg Bank PETER ELIOT hold 3 M 290 Not Provided 21.02.2013Credit Suisse RICHARD BURDEN outperform 5 M 282 Not Provided 20.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 270 12 month 19.02.2013Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 19.02.2013Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 D 300 12 month 17.02.2013JPMorgan MICHAEL HUTTNER neutral 3 M 263 9 month 15.02.2013Macquarie HADLEY COHEN neutral 3 M 270 12 month 15.02.2013Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 15.02.2013Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 15.02.2013Kepler Capital Markets FABRIZIO CROCE hold 3 M 213 Not Provided 15.02.2013Nomura MICHAEL KLIEN buy 5 M 290 Not Provided 15.02.2013S&P Capital IQ RODERICK WALLACE sell 1 D 230 12 month 15.02.2013Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 15.02.2013Exane BNP Paribas THOMAS JACQUET neutral 3 M 245 Not Provided 15.02.2013Helvea DANIEL BISCHOF neutral 3 M 255 12 month 15.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 14.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 252 6 month 14.02.2013AlphaValue DIETER HEIN add 4 M 281 6 month 14.02.2013Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 13.02.2013CA Cheuvreux ATANASIO PANTARROTAS select list 5 M 300 Not Provided 04.02.2013Barclays ANDREW BROADFIELD equalweight 3 M 260 Not Provided 04.02.2013Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 30.01.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 280 12 month 28.01.2013Deutsche Bank ROBIN BUCKLEY hold 3 M 265 12 month 24.01.2013Sanford C. Bernstein & Co THOMAS SEIDL outperform 5 M 250 12 month 17.01.2013HSBC THOMAS FOSSARD neutral 3 M 254 Not Provided 16.01.2013Day by Day VALERIE GASTALDY buy 5 M 270 3 month 15.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013Espirito Santo Investment Bank Research FERNEYHOUGH JOY buy 5 M 300 Not Provided 08.01.2013Raymond James DANNY JACQUES outperform 5 M 262 Not Provided 19.12.2012Canaccord Genuity Corp BEN COHEN buy 5 M 260 Not Provided 18.12.2012Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 267 12 month 05.12.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 200 Not Provided 30.11.2012Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 15.11.2012Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 292 12 month 11.10.2012Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012DZ Bank AG WERNER EISENMANN buy 5 M 240 12 month 05.12.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE underperform 1 M 216 6 month 06.05.2011CS Capital CHRISTOPHER PARKINSON neutral 3 M #N/A N/A Not Provided 05.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |