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Fundamental Equity Analysis - STOXX Europe Mid 200 Index Components

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  • 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations STOXX Europe Mid 200 Index March 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 2. 27.02.20133i Group PLC3i Group plc is an international investor focused on private equity, Price/Volumeinfrastructure and debt management. The Companys investments are located across 350 12.0 Mmultiple continents through local investment teams in Europe, Asia and North 300 10.0 MAmerica. 250 8.0 M 200 6.0 M Valuation Analysis 150Latest Fiscal Year: 03/2012 4.0 M 100LTM as of: 01/yy 50 2.0 M52-Week High (27.02.2013) 318.50 0 .0 M52-Week Low (31.05.2012) 168.20 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 3588412.00 Current Price (2/dd/yy) 317.9 Market Data 52-Week High % Change -0.19% Dividend Yield 2.55 52-Week Low % Change 89.00% Beta 1.26 % 52 Week Price Range High/Low 92.52% Equity Float 938.04Shares Out 14.02.2013 971.4 Short Int - Market Capitalization 3088.03 1 Yr Total Return 71.08%Total Debt 1589.00 YTD Return 46.36%Preferred Stock 0.0 Adjusted BETA 1.262Minority Interest 0.0 Analyst Recs 11Cash and Equivalents 718.00 Consensus Rating 3.545Enterprise Value 3700.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2825703III LN EQUITY YTD Change - Average Volume 30 Day 3438012III LN EQUITY YTD % CHANGE - Average Volume 3 Month 2556031 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 06/11 Q1 09/11 Q2 Total Revenue 1250.0 (2097.0) 942.0 705.0 (243.0) - - 494.0 546.5 - - TEV/Revenue 3.73x - 3.92x 5.51x - - - 7.00x 5.77x - - EBITDA - - - - - - - 240.0 373.7 - - TEV/EBITDA - - - - - - - 15.42x 9.90x - - Net Income 828.0 (1948.0) 154.0 186.0 (783.0) - - 163.5 374.8 - - P/E 4.10x - 16.91x 15.28x - - - 21.48x 9.41x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 27.03.2012EBIT - Long-Term Rating BBBOperating Margin - Long-Term Outlook STABLEPretax Margin - Short-Term Rating Date 28.01.2009Return on Assets -10.02% Short-Term Rating A-2Return on Common Equity -16.69% Credit RatiosReturn on Capital -10.86% 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 60.5%Net Income Margin - Total Debt/Capital 37.7%Structure Asset Turnover 0.06Current Ratio - Net Fixed Asset Turnover 22.58Quick Ratio - Accounts receivable turnover-days -Debt to Assets 34.54% Inventory Days -Tot Debt to Common Equity 60.49% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 2000.0 1500.0 1.00 1000.0 0.80 500.0 0.0 0.60 -500.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.40 -1000.0 -1500.0 0.20 -2000.0 0.00 -2500.0 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. 27.02.20133i Group PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 97623518 10.05 8182632 25.02.2013 Investment AdvisorUBS n/a ULT-AGG 44668625 4.6 (748890) 01.11.2012 UnclassifiedFMR LLC n/a ULT-AGG 40193438 4.14 (3142759) 31.12.2012 Investment AdvisorARTEMIS INVESTMENT M Multiple Portfolios REG 34501983 3.55 (104707) 01.11.2012 Investment Advisor3I GROUP PLC ESOP Multiple Portfolios REG 32778181 3.37 41202 01.11.2012 UnclassifiedMAJEDIE ASSET MANAGE Multiple Portfolios REG 30462192 3.14 (3300) 01.11.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 29204206 3.01 - 12.02.2013 UnclassifiedARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 27408645 2.82 - 31.12.2012 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 21798292 2.24 (61728) 01.11.2012 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 20303336 2.09 (1853591) 01.11.2012 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios REG 18484034 1.9 (6021169) 01.11.2012 Investment AdvisorJO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 18137300 1.87 677131 31.10.2012 Investment AdvisorTHREADNEEDLE INVESTM Multiple Portfolios MF-AGG 16170266 1.66 1895857 31.10.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 15902532 1.64 495731 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios REG 15257945 1.57 - 01.11.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 14964804 1.54 - 01.11.2012 GovernmentROYAL LONDON ASSET M Multiple Portfolios REG 14722305 1.52 1919107 01.11.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 14514496 1.49 (606607) 01.11.2012 UnclassifiedSARASIN n/a ULT-AGG 13127218 1.35 9270 28.12.2012 UnclassifiedKUWAIT INVESTMENT AU Multiple Portfolios REG 10354125 1.07 1070400 01.11.2012 Government Firm Name Analyst Recommendation Weighting Change Target Price Date DateOriel Securities Ltd IAIN SCOULLER sell 1 M 250 Not Provided 27.02.2013Macquarie NEIL WELCH neutral 3 U 293 12 month 21.02.2013Societe Generale BILL BARNARD hold 3 M 305 12 month 14.02.2013Barclays DANIEL R GARROD overweight 5 M 340 Not Provided 13.02.2013JPMorgan CHRISTOPHER BROWN neutral 3 M #N/A N/A Not Provided 12.02.2013Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 291 12 month 05.02.2013Investec HENRY FREEMAN hold 3 D 278 12 month 01.02.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013Keefe, Bruyette & Woods TOM MILLS outperform 5 M 230 12 month 15.11.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 27.02.2013Aberdeen Asset Management PLCAberdeen Asset Management PLC operates an investment management group, which Price/Volumemanages unit trusts, investment trusts, and institutional funds for retail and 500 120.0 Minstitutional clients. The Groups funds under management are mainly United 450Kingdom funds, but also include an assortment from the Far East, Japan, Europe, 400 100.0 Mand the United States. 350 80.0 M 300 250 60.0 M Valuation Analysis 200Latest Fiscal Year: 09/2012 150 40.0 MLTM as of: 01/yy 100 20.0 M 5052-Week High (20.02.2013) 442.30 0 .0 M52-Week Low (31.05.2012) 232.70 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 2028902.00 Current Price (2/dd/yy) 425.6 Market Data 52-Week High % Change -3.78% Dividend Yield 2.70 52-Week Low % Change 82.90% Beta 1.06 % 52 Week Price Range High/Low 91.60% Equity Float 918.68Shares Out 01.02.2013 1198.4 Short Int - Market Capitalization 5100.41 1 Yr Total Return 76.66%Total Debt 81.50 YTD Return 15.94%Preferred Stock 0.0 Adjusted BETA 1.057Minority Interest 212.1 Analyst Recs 23Cash and Equivalents 406.40 Consensus Rating 4.174Enterprise Value 4987.61 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3329283ADN LN EQUITY YTD Change - Average Volume 30 Day 4051840ADN LN EQUITY YTD % CHANGE - Average Volume 3 Month 3811913 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - - Total Revenue 430.1 421.9 638.2 784.0 869.2 - - 996.2 1119.2 - - TEV/Revenue 2.84x 4.39x 3.16x 2.56x 4.12x - - 4.93x 4.21x - - EBITDA 114.9 132.0 226.4 313.2 361.0 - - 414.4 476.4 - - TEV/EBITDA 10.64x 14.02x 8.90x 6.40x 9.91x - - 12.04x 10.47x - - Net Income 35.2 (8.1) 92.6 169.7 208.7 - - 324.1 370.3 - - P/E 27.55x - 18.72x 11.51x 16.46x - - 16.06x 13.82x - - Profitability S&P Issuer RatingsEBITDA 361.00 Long-Term Rating Date -EBIT 274.60 Long-Term Rating -Operating Margin 31.59% Long-Term Outlook -Pretax Margin 31.03% Short-Term Rating Date -Return on Assets 6.00% Short-Term Rating -Return on Common Equity 19.80% Credit RatiosReturn on Capital 17.03% EBITDA/Interest Exp. 48.78Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 47.76Margin Analysis Net Debt/EBITDA -0.90Gross Margin - Total Debt/EBITDA 0.23EBITDA Margin 41.5% ReferenceEBIT Margin 31.6% Total Debt/Equity 7.5%Net Income Margin 24.0% Total Debt/Capital 5.9%Structure Asset Turnover 0.25Current Ratio 1.10 Net Fixed Asset Turnover 44.35Quick Ratio 0.15 Accounts receivable turnover-days -Debt to Assets 2.00% Inventory Days -Tot Debt to Common Equity 7.49% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 100.00 1000.0 90.00 900.0 80.00 800.0 70.00 700.0 60.00 600.0 50.00 500.0 40.00 400.0 30.00 300.0 20.00 200.0 10.00 100.0 0.00 0.0 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 5. 27.02.2013Aberdeen Asset Management PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMITSUBISHI UFJ FINAN n/a ULT-AGG 226032919 18.86 1646457 05.12.2012 Holding CompanyBLACKROCK n/a ULT-AGG 57119257 4.77 - 25.02.2013 Investment AdvisorAPPLEBY TRUST (JERSE n/a RNS-MAJ 47936218 4 - 21.12.2012 UnclassifiedMASSACHUSETTS FINANC Multiple Portfolios REG 43320397 3.61 (753989) 01.11.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios REG 42009653 3.51 - 01.11.2012 UnclassifiedLEGAL & GENERAL n/a ULT-AGG 41521633 3.46 1392097 31.01.2013 UnclassifiedNEWTON INV MGMT Multiple Portfolios REG 40703100 3.4 7067513 01.11.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 33107285 2.76 (2947145) 25.02.2013 Investment AdvisorUBS n/a ULT-AGG 32040599 2.67 639539 01.11.2012 UnclassifiedFMR LLC n/a ULT-AGG 28046325 2.34 1389402 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 25526935 2.13 - 01.11.2012 GovernmentOLD MUTUAL n/a ULT-AGG 18919308 1.58 2034629 31.12.2012 UnclassifiedROYAL BANK OF CANADA n/a ULT-AGG 18578175 1.55 6833979 01.11.2012 BankHANSBERGER GLOBAL IN Multiple Portfolios REG 18034335 1.5 (102894) 01.11.2012 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 17811055 1.49 571724 01.11.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 16153600 1.35 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 15735842 1.31 398285 31.12.2012 Investment AdvisorSKAGEN FUNDS Multiple Portfolios REG 14584554 1.22 (21994650) 01.11.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 12603020 1.05 (329609) 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 12154070 1.01 (6042690) 01.11.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateShore Capital Stockbrokers OWEN JONES buy 5 M #N/A N/A Not Provided 26.02.2013Macquarie NEIL WELCH neutral 3 M 455 12 month 21.02.2013Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 460 12 month 20.02.2013Societe Generale MICHAEL SANDERSON hold 3 M 420 12 month 19.02.2013Cantor Fitzgerald CATHERINE HEATH buy 5 N 489 Not Provided 19.02.2013Numis Securities Ltd DAVID MCCANN add 4 M 475 Not Provided 19.02.2013RBC Capital Markets PETER K LENARDOS outperform 5 M 465 12 month 15.02.2013Jefferies JASON STREETS hold 3 M 400 12 month 15.02.2013Canaccord Genuity Corp ARUN MELMANE buy 5 M 460 Not Provided 15.02.2013Exane BNP Paribas ABHISHEK PARTHASARATHY outperform 5 M 505 Not Provided 15.02.2013Barclays DANIEL R GARROD overweight 5 M 490 Not Provided 15.02.2013Credit Suisse GURJIT KAMBO outperform 5 M 470 Not Provided 14.02.2013JPMorgan RAE MAILE overweight 5 M 498 9 month 14.02.2013Oriel Securities Ltd SARAH ING buy 5 M 460 Not Provided 14.02.2013Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 U 510 12 month 24.01.2013Espirito Santo Investment Bank Research PHILIP DOBBIN neutral 3 M 385 Not Provided 22.01.2013Peel Hunt STUART DUNCAN hold 3 M 365 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013HSBC NITIN ARORA neutral 3 D 390 Not Provided 14.01.2013Keefe, Bruyette & Woods TOM MILLS outperform 5 U 310 12 month 23.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 27.02.2013Abertis Infraestructuras SAAbertis Infraestructuras S.A. is an international group which manages mobility Price/Volumeand telecommunications infrastructures through three business areas: tollroads, 16 100.0 Mtelecommunications infrastructures and airports. The group is present in Europe 90.0 M 14and the Americas. 80.0 M 12 70.0 M 10 60.0 M 8 50.0 M Valuation Analysis 40.0 M 6Latest Fiscal Year: 12/2012 30.0 M 4LTM as of: 12/yy 20.0 M 2 10.0 M52-Week High (25.02.2013) 13.49 0 .0 M52-Week Low (24.07.2012) 9.33 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1041916.00 Current Price (2/dd/yy) 13.275 Market Data 52-Week High % Change -1.93% Dividend Yield - 52-Week Low % Change 42.36% Beta 0.88 % 52 Week Price Range High/Low 92.80% Equity Float 332.59Shares Out 31.12.2012 814.8 Short Int - Market Capitalization 10816.33 1 Yr Total Return 16.15%Total Debt 16512.00 YTD Return 6.88%Preferred Stock 0.0 Adjusted BETA 0.876Minority Interest 1351.4 Analyst Recs 31Cash and Equivalents 2636.00 Consensus Rating 3.871Enterprise Value 24692.33 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2182075ABE SQ EQUITY YTD Change - Average Volume 30 Day 3011680ABE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 2642806 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 3575.1 3836.7 3802.3 3810.7 4039.0 3772.7 4039.0 4845.6 5120.1 1272.0 1272.0 TEV/Revenue 6.72x 7.08x 6.86x 6.49x 5.94x 13.73x 22.82x 5.38x 4.97x - - EBITDA 2255.8 2435.1 2407.0 2453.7 2459.0 2453.9 3200.8 2984.3 3171.8 - - TEV/EBITDA 10.64x 11.15x 10.83x 10.07x 9.75x 10.07x 7.49x 8.27x 7.78x - - Net Income 618.4 653.1 661.6 720.1 1024.0 720.3 1024.0 704.6 807.5 202.0 201.0 P/E 14.16x 16.55x 17.13x 13.64x 9.87x 13.74x 9.81x 15.31x 13.67x 16.43x - Profitability S&P Issuer RatingsEBITDA 2459.00 Long-Term Rating Date 10.09.2012EBIT 1290.00 Long-Term Rating BBBOperating Margin 31.94% Long-Term Outlook NEGPretax Margin 29.12% Short-Term Rating Date -Return on Assets 3.95% Short-Term Rating -Return on Common Equity 20.43% Credit RatiosReturn on Capital 10.82% EBITDA/Interest Exp. 4.17Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 3.72Margin Analysis Net Debt/EBITDA 5.64Gross Margin - Total Debt/EBITDA 6.71EBITDA Margin 60.9% ReferenceEBIT Margin 31.9% Total Debt/Equity 237.2%Net Income Margin 25.4% Total Debt/Capital 70.3%Structure Asset Turnover 0.16Current Ratio 1.33 Net Fixed Asset Turnover 2.28Quick Ratio 1.33 Accounts receivable turnover-days 72.24Debt to Assets 56.77% Inventory Days -Tot Debt to Common Equity 237.21% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.05 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 4500.0 4000.0 10.00 3500.0 8.00 3000.0 2500.0 6.00 2000.0 4.00 1500.0 1000.0 2.00 500.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 7. 27.02.2013Abertis Infraestructuras SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAJA AHORROS PENSION n/a Research 243621966 29.9 (8962929) 05.07.2012 UnclassifiedOBRASCON HUARTE LAIN n/a EXCH 124622434 15.3 442718 11.02.2013 CorporationINMOBILIARIA ESPACIO n/a EXCH 124279716 15.25 - 21.01.2013 Holding CompanyTREBOL HOLDINGS SARL n/a EXCH 120681879 14.81 - 25.04.2012 CorporationADMIRABLIA SL n/a Co File 79772767 9.79 - 31.12.2011 OtherINVERSIONES AUTOPIST n/a Co File 60161580 7.38 - 31.12.2011 OtherVILLA AUREA SL n/a EXCH 33071941 4.06 1571941 01.07.2010 Holding CompanyABERTIS INFRAESTRUCT n/a Co File 29885288 3.67 - 31.12.2011 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 6667909 0.82 35073 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 4902157 0.6 46850 25.02.2013 Investment AdvisorNATEXIS ASSET MANAGE Multiple Portfolios MF-AGG 3423421 0.42 3423421 31.12.2012 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2899511 0.36 13000 31.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 2289276 0.28 - 30.06.2012 Investment AdvisorG3T SL n/a Co File 2236959 0.27 - 31.12.2011 UnclassifiedING INTERNATIONAL AD Multiple Portfolios MF-AGG 1712632 0.21 59695 31.08.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1559394 0.19 (152866) 31.05.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1442455 0.18 (4255) 31.10.2012 BankMACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 1261593 0.15 160902 31.08.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1232650 0.15 104650 28.09.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 905639 0.11 - 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura PETER LARKIN buy 5 M 15 Not Provided 26.02.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013BPI BRUNO ALMEIDA DA SILVA neutral 3 M 13 Not Provided 25.02.2013Equita SIM SpA STEFANO GAMBERINI hold 3 N 13 12 month 25.02.2013Societe Generale VICTOR ACITORES buy 5 M 14 12 month 20.02.2013Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 14 12 month 20.02.2013Espirito Santo Investment Bank Research JUAN CARLOS CALVO neutral 3 M 13 Not Provided 20.02.2013NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 14 12 month 20.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013Exane BNP Paribas NICOLAS MORA neutral 3 M 14 Not Provided 20.02.2013RBC Capital Markets ANDREW JONES outperform 5 M 14 12 month 19.02.2013Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 19.02.2013Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA buy 5 M 14 12 month 19.02.2013Banco Sabadell MARIA CEBOLLERO buy 5 M 14 12 month 19.02.2013Ahorro Corporacion Financiera SA RAFAEL CAVANILLAS buy 5 M 15 Not Provided 19.02.2013Banesto Bolsa SA Sociedad MARTA OLBA neutral 3 M 13 12 month 19.02.2013AlphaValue MYRIAM COHEN add 4 M 14 6 month 14.02.2013Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M 14 Not Provided 13.02.2013CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 15 Not Provided 06.02.2013Barclays SUSANNA INVERNIZZI underweight 1 M 13 Not Provided 23.01.2013Natixis GREGOIRE THIBAULT neutral 3 M 12 Not Provided 16.01.2013Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 14 12 month 14.12.2012Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 M 14 Not Provided 20.11.2012La Caixa BORJA PAGOAGA buy 5 M 14 Not Provided 06.11.2012JPMorgan ELODIE RALL overweight 5 M 16 6 month 18.10.2012Macquarie ROBERT JOYNSON outperform 5 M 17 12 month 27.09.2012Grupo Santander JOAQUIN FERRER buy 5 M 13 Not Provided 25.06.2012Oddo & Cie OLIVIER BECKER neutral 3 M 13 Not Provided 05.06.2012Mirabaud Finanzas Sociedad de ValoresJAVIER MIELGO S underweight 1 M 12 12 month 21.05.2012BBVA ANTONIO RODRIGUEZ VICENS market perform 3 M 11 Not Provided 12.09.2011Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 15 Not Provided 18.05.2011Iberian Equities DAVID STIX buy 5 M 16 Not Provided 12.11.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 27.02.2013Accor SAAccor SA operates hotel chains and offers human resources, marketing, and Price/Volumeexpense management services. The Company operates hotels ranging from budget 35 5.0 Mto upscale worldwide. 4.5 M 30 4.0 M 25 3.5 M 20 3.0 M 2.5 M Valuation Analysis 15 2.0 MLatest Fiscal Year: 12/2012 10 1.5 MLTM as of: 03/yy 1.0 M 5 .5 M52-Week High (15.02.2013) 29.63 0 .0 M52-Week Low (14.06.2012) 21.98 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 494314.00 Current Price (2/dd/yy) 27.5 Market Data 52-Week High % Change -7.17% Dividend Yield - 52-Week Low % Change 25.14% Beta 1.18 % 52 Week Price Range High/Low 70.65% Equity Float 167.37Shares Out 31.12.2012 227.3 Short Int - Market Capitalization 6250.14 1 Yr Total Return 10.64%Total Debt 2381.00 YTD Return 3.02%Preferred Stock 0.0 Adjusted BETA 1.178Minority Interest 230.0 Analyst Recs 29Cash and Equivalents 1878.00 Consensus Rating 3.862Enterprise Value 6983.14 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1184694AC FP EQUITY YTD Change - Average Volume 30 Day 718414AC FP EQUITY YTD % CHANGE - Average Volume 3 Month 638630 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 Total Revenue 7610.0 5490.0 5948.0 6100.0 5649.0 5636.0 6116.0 5553.1 5451.8 1592.5 1469.8 TEV/Revenue 1.20x 1.92x 1.46x 0.82x 1.20x 0.00x 0.00x 1.22x 1.20x - - EBITDA 1376.0 808.0 1046.0 983.0 1046.0 0.0 0.0 859.1 889.2 - - TEV/EBITDA 6.61x 13.08x 8.31x 5.12x 6.50x 0.00x 0.00x 8.12x 7.84x - - Net Income 575.0 (282.0) 3600.0 27.0 (599.0) 0.0 0.0 317.7 360.0 - - P/E 13.50x - - 152.05x 76.78x 0.00x 0.00x 19.73x 17.26x - - Profitability S&P Issuer RatingsEBITDA 1046.00 Long-Term Rating Date 05.04.2011EBIT 526.00 Long-Term Rating BBB-Operating Margin 9.31% Long-Term Outlook STABLEPretax Margin 4.21% Short-Term Rating Date 05.04.2011Return on Assets -7.70% Short-Term Rating A-3Return on Common Equity -19.03% Credit RatiosReturn on Capital -10.14% EBITDA/Interest Exp. 12.45Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 0.85Margin Analysis Net Debt/EBITDA 0.48Gross Margin - Total Debt/EBITDA 2.28EBITDA Margin 18.5% ReferenceEBIT Margin 9.3% Total Debt/Equity 86.3%Net Income Margin -10.6% Total Debt/Capital 44.3%Structure Asset Turnover 0.73Current Ratio 1.07 Net Fixed Asset Turnover 1.93Quick Ratio 0.83 Accounts receivable turnover-days 24.81Debt to Assets 31.49% Inventory Days -Tot Debt to Common Equity 86.30% Accounts Payable Turnover Day -Accounts Receivable Turnover 14.75 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 60.00 9000.0 8000.0 50.00 7000.0 40.00 6000.0 5000.0 30.00 4000.0 20.00 3000.0 2000.0 10.00 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 |
  • 9. 27.02.2013Accor SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOLDAY SARL n/a Research 25506869 11.22 - 06.12.2012 UnclassifiedLEGENDRE HOLDING 19 n/a Research 23061291 10.15 - 06.12.2012 UnclassifiedMANNING & NAPIER ADV n/a Research 11374332 5 - 15.11.2012 Investment AdvisorCAISSE DES DEPOTS ET n/a Research 11333481 4.99 - 26.11.2012 UnclassifiedHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11028426 4.85 - 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 9119385 4.01 (269130) 31.12.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 6628710 2.92 1221050 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 4958051 2.18 - 29.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4373486 1.92 (228030) 31.12.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 2901677 1.28 55972 31.12.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 1501900 0.66 - 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 1356460 0.6 2852 25.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 1155241 0.51 97299 28.09.2012 Mutual Fund ManagerSOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 1040673 0.46 (75853) 30.09.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1003355 0.44 128661 26.02.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 771574 0.34 7982 31.07.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 705717 0.31 (21387) 30.11.2012 Mutual Fund ManagerACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 680153 0.3 - 31.12.2012 Mutual Fund ManagerHARTFORD INVESTMENT Multiple Portfolios MF-AGG 671616 0.3 35207 31.01.2013 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 656980 0.29 100649 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateOddo & Cie GUILLAUME RASCOUSSIER buy 5 M 32 Not Provided 27.02.2013Raymond James JULIEN RICHER outperform 5 M 33 Not Provided 26.02.2013Goldman Sachs OLIVER NEAL neutral/neutral 3 M 31 12 month 25.02.2013Societe Generale SABRINA BLANC buy 5 M 32 12 month 21.02.2013CA Cheuvreux MARCO BACCAGLIO outperform 5 M 31 Not Provided 21.02.2013Cantor Fitzgerald ROBIN BYDE buy 5 M 33 Not Provided 21.02.2013Kepler Capital Markets CATHERINE ROLLAND reduce 2 M 26 Not Provided 21.02.2013Natixis ANDRE JUILLARD buy 5 M 33 Not Provided 21.02.2013Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 33 Not Provided 21.02.2013Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 30 12 month 21.02.2013CM - CIC Securities(ESN) ANNICK THEVENON hold 3 M 31 12 month 20.02.2013Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD buy 5 M 32 6 month 20.02.2013Nomura TIM BARRETT reduce 2 M 20 12 month 20.02.2013S&P Capital IQ WILLIAM MACK strong buy 5 M 32 12 month 20.02.2013JPMorgan KOMAL DHILLON overweight 5 U 32 9 month 18.02.2013Deutsche Bank GEOF COLLYER sell 1 D 25 12 month 16.02.2013Day by Day VALERIE GASTALDY buy 5 M 34 3 month 14.02.2013AlphaValue BERENICE LACROIX add 4 M 31 6 month 14.02.2013Barclays VICTORIA LEE overweight 5 M 32 Not Provided 07.02.2013Morgan Stanley VAUGHAN LEWIS Equalwt/In-Line 3 M 28 12 month 04.02.2013Jefferies IAN RENNARDSON buy 5 M 31 Not Provided 01.02.2013HSBC LENA THAKKAR underweight 1 M 27 Not Provided 31.01.2013Main First Bank AG LOIC SABATIER outperform 5 M 35 12 month 24.01.2013Credit Suisse TIM RAMSKILL outperform 5 M 29 Not Provided 18.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Redburn Partners PASCAL HAUTCOEUR buy 5 M #N/A N/A Not Provided 18.09.2012Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 23.05.2012Aurel - BGC JEAN-MARIE LHOME suspended coverage #N/A N/A M #N/A N/A Not Provided 21.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 27.02.2013ACS Actividades de Construccion y Servicios SAACS, Actividades de Construccion y Servicios, S.A. is an engineering and Price/Volumecontracting company that develops civil and industrial infrastructures. The 25 25.0 MCompany provides Civil Works Construction, Greenfield Concession Development,Industrial Services (electricity, oil and gas) and Environmental Services 20 20.0 M(waste treatment and facility management). 15 15.0 M Valuation Analysis 10 10.0 MLatest Fiscal Year: 12/2011LTM as of: 09/yy 5 5.0 M52-Week High (28.02.2012) 23.13 0 .0 M52-Week Low (25.07.2012) 10.38 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 500106.00 Current Price (2/dd/yy) 18.42 Market Data 52-Week High % Change -20.35% Dividend Yield - 52-Week Low % Change 77.46% Beta 1.08 % 52 Week Price Range High/Low 61.51% Equity Float 205.72Shares Out 30.09.2012 314.7 Short Int - Market Capitalization 5796.12 1 Yr Total Return -12.85%Total Debt 16495.58 YTD Return -3.26%Preferred Stock 0.0 Adjusted BETA 1.085Minority Interest 2872.2 Analyst Recs 26Cash and Equivalents 7161.40 Consensus Rating 2.885Enterprise Value 18302.12 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1463646ACS SQ EQUITY YTD Change - Average Volume 30 Day 1877982ACS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1209114 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 15344.9 16010.0 15605.9 14328.5 28471.9 21306.5 38730.9 37397.9 38029.7 9048.5 9365.0 TEV/Revenue 2.36x 1.64x 1.29x 1.30x 0.66x 3.89x 1.88x 0.43x 0.41x - - EBITDA 1948.9 1587.7 1011.7 1411.4 2247.0 1817.4 3052.0 2857.6 3019.6 735.8 - TEV/EBITDA 18.58x 16.55x 19.95x 13.21x 8.40x 11.60x 5.75x 6.40x 6.06x - - Net Income 1551.1 1805.0 1951.5 1312.6 961.9 919.6 (876.1) (451.3) 759.7 (295.7) - P/E 40.06x 52.96x 16.08x 8.54x 7.42x 9.11x 0.00x - 7.41x 28.61x - Profitability S&P Issuer RatingsEBITDA 2246.97 Long-Term Rating Date -EBIT 1293.02 Long-Term Rating -Operating Margin 4.54% Long-Term Outlook -Pretax Margin 4.37% Short-Term Rating Date -Return on Assets -1.86% Short-Term Rating -Return on Common Equity -30.05% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 3.14Gross Margin - Total Debt/EBITDA 4.97EBITDA Margin 7.9% ReferenceEBIT Margin 3.9% Total Debt/Equity 497.0%Net Income Margin 3.4% Total Debt/Capital 72.7%Structure Asset Turnover 0.82Current Ratio 0.99 Net Fixed Asset Turnover 12.19Quick Ratio 0.59 Accounts receivable turnover-days 105.10Debt to Assets 34.37% Inventory Days -Tot Debt to Common Equity 496.99% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.48 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 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 |
  • 11. 27.02.2013ACS Actividades de Construccion y Servicios SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALBA PARTICIPACIONES n/a Co File 56050975 17.81 - 31.12.2011 OtherINVERSIONES VESAN SA n/a EXCH 39537469 12.56 - 31.05.2012 CorporationINVERNELIN PATRIMONI n/a EXCH 27306595 8.68 - 30.07.2012 OtherSOUTHEASTERN ASSET M n/a Co File 23527063 7.48 - 31.12.2011 Investment AdvisorIBEROSTAR HTLS Y APA n/a Co File 17643657 5.61 - 31.12.2011 OtherBANCO BILBAO VIZCAYA n/a EXCH 6252323 1.99 (3497676) 02.05.2011 BankBATUECAS TORREGO AGU n/a EXCH 3611212 1.15 - 31.05.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 2732861 0.87 51682 31.12.2012 Investment AdvisorAMBER CAPITAL LP n/a Short (2422918) -0.77 314664 11.02.2013 Hedge Fund ManagerONTARIO TEACHERS PEN n/a Research 2100000 0.67 300000 31.12.2010 Pension Fund (ERISA)BLACKROCK n/a ULT-AGG 1625431 0.52 1702 25.02.2013 Investment AdvisorBALBOA PARTICIPACION n/a Co File 1548257 0.49 - 31.12.2011 Holding CompanyLBPAM Multiple Portfolios MF-AGG 1446774 0.46 1235193 31.12.2012 Mutual Fund ManagerCORPORACION FINANCIE n/a EXCH 932880 0.3 - 30.07.2012 UnclassifiedLOPEZ JIMENEZ PEDRO n/a EXCH 903797 0.29 (4990) 21.09.2012 n/aCINAINVEST HOLDING S n/a Co File 477162 0.15 - 31.12.2011 Holding CompanyAGUIRRE GONZALE JOSE n/a EXCH 421500 0.13 - 14.04.2011 n/aLONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 399000 0.13 - 31.01.2013 Mutual Fund ManagerVANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 300022 0.1 (6800) 31.01.2013 Investment AdvisorDEL VALLE PEREZ JOSE n/a Co File 278902 0.09 - 31.12.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateGrupo Santander ARANZAZU BUENO hold 3 M 19 Not Provided 27.02.2013Ahorro Corporacion Financiera SA JUAN MORENO hold 3 M 19 Not Provided 27.02.2013Banesto Bolsa SA Sociedad MARTA OLBA neutral 3 M 19 12 month 26.02.2013Exane BNP Paribas ANTONIO LOPEZ SILVESTRE underperform 1 M 18 Not Provided 26.02.2013BPI FLORA TRINDADE neutral 3 M 21 Not Provided 25.02.2013Banco Sabadell MARIA CEBOLLERO sell 1 M #N/A N/A Not Provided 21.02.2013AlphaValue GAETAN DUPONT buy 5 M 25 6 month 21.02.2013Espirito Santo Investment Bank Research JUAN CARLOS CALVO neutral 3 M 19 Not Provided 18.02.2013Interdin Bolsa PABLO ORTIZ DE JUAN neutral 3 M 20 Not Provided 29.01.2013Day by Day VALERIE GASTALDY buy 5 U 20 3 month 28.01.2013Bankia Bolsa (ESN) VICTOR PEIRO PEREZ accumulate 4 M 24 12 month 24.01.2013NMAS 1 Agencia de Valores JOSE RAMON OCINA sell 1 M 21 12 month 24.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013Goldman Sachs WILL MORGAN neutral/neutral 3 M 19 12 month 14.01.2013Deutsche Bank LUIS PRIETO hold 3 M 18 12 month 19.12.2012S&P Capital IQ JAWAHAR HINGORANI sell 1 M 14 12 month 13.12.2012Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 M 21 Not Provided 26.11.2012La Caixa SANTIAGO MOLINA buy 5 M 21 Not Provided 16.11.2012Societe Generale VICTOR ACITORES buy 5 M 20 12 month 12.11.2012CA Cheuvreux BORJA CASTRO PEREZ MANZUCO underperform 1 M 17 Not Provided 05.11.2012HSBC TOBIAS LOSKAMP neutral 3 N 17 Not Provided 19.09.2012BBVA ANTONIO RODRIGUEZ VICENS market perform 3 M 14 Not Provided 02.08.2012RBC Capital Markets OLIVIA PETERS sector perform 3 M 39 12 month 05.07.2012Renta 4 SA SVB NURIA ALVAREZ hold 3 M 37 Not Provided 18.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 27.02.2013Actelion LtdActelion Ltd. is a pharmaceutical company that develops and markets synthetic Price/Volumesmall-molecule drugs against diseases related to the endothelium. The Companys 60 4.5 Mdrugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary 4.0 Mconditions. 50 3.5 M 40 3.0 M 2.5 M 30 Valuation Analysis 2.0 MLatest Fiscal Year: 12/2012 20 1.5 M 1.0 MLTM as of: 12/yy 10 .5 M52-Week High (20.02.2013) 48.88 0 .0 M52-Week Low (23.04.2012) 31.24 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 271301.00 Current Price (2/dd/yy) 47.37 Market Data 52-Week High % Change -3.09% Dividend Yield - 52-Week Low % Change 51.62% Beta 1.15 % 52 Week Price Range High/Low 93.08% Equity Float 104.03Shares Out 31.12.2012 126.8 Short Int - Market Capitalization 6005.24 1 Yr Total Return 39.11%Total Debt 235.43 YTD Return 8.82%Preferred Stock 0.0 Adjusted BETA 1.149Minority Interest 0.0 Analyst Recs 21Cash and Equivalents 1123.02 Consensus Rating 4.190Enterprise Value 5117.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 436335ATLN VX EQUITY YTD Change - Average Volume 30 Day 401417ATLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 422481 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 1428.9 1698.0 1826.3 1713.0 1722.1 1713.0 1722.1 1697.0 1758.8 398.0 429.7 TEV/Revenue 4.58x 3.32x 2.80x 1.56x 2.34x 9.02x 9.55x 3.00x 2.73x 12.73x 11.56x EBITDA 414.2 403.4 536.1 435.6 503.4 435.6 503.4 509.3 555.2 103.9 147.5 TEV/EBITDA 15.80x 13.98x 9.53x 6.14x 8.00x 6.14x 8.00x 10.04x 9.21x 10.56x - Net Income 306.1 311.3 390.6 (146.3) 303.2 (146.3) 303.2 354.8 397.6 74.1 110.5 P/E 22.93x 21.07x 15.61x - 16.68x 0.00x 16.68x 14.38x 12.69x 15.60x - Profitability S&P Issuer RatingsEBITDA 503.36 Long-Term Rating Date -EBIT 421.47 Long-Term Rating -Operating Margin 24.47% Long-Term Outlook -Pretax Margin 20.82% Short-Term Rating Date -Return on Assets 11.18% Short-Term Rating -Return on Common Equity 20.02% Credit RatiosReturn on Capital 17.85% EBITDA/Interest Exp. 6.02Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 5.56Margin Analysis Net Debt/EBITDA -1.76Gross Margin 88.6% Total Debt/EBITDA 0.47EBITDA Margin 29.2% ReferenceEBIT Margin 24.5% Total Debt/Equity 15.5%Net Income Margin 17.6% Total Debt/Capital 13.4%Structure Asset Turnover 0.63Current Ratio 3.54 Net Fixed Asset Turnover 4.16Quick Ratio 3.34 Accounts receivable turnover-days 100.89Debt to Assets 8.74% Inventory Days 112.08Tot Debt to Common Equity 15.50% Accounts Payable Turnover Day 186.73Accounts Receivable Turnover 3.63 Cash Conversion Cycle 26.24Inventory Turnover 3.27Price/ Cash Flow Sales/Revenue/Turnover 25.00 2000.0 1800.0 20.00 1600.0 1400.0 15.00 1200.0 1000.0 10.00 800.0 600.0 5.00 400.0 200.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 13. 27.02.2013Actelion LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeACTELION LTD n/a EXCH 12606321 9.94 244000 13.11.2012 OtherORBIS INVESTMENT MAN n/a Co File 6519600 5.14 - 31.12.2011 Investment AdvisorCLOZEL JEAN-PAUL n/a Co File 5248883 4.14 - 31.12.2011 n/aTRIDENT MERGER n/a EXCH 4083119 3.22 - 02.05.2012 OtherMAAG RUDOLF n/a Co File 3911760 3.09 - 31.12.2011 n/aBB BIOTECH AG n/a Co File 3911760 3.09 - 31.12.2011 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 3911760 3.09 - 31.12.2011 UnclassifiedBLACKROCK n/a ULT-AGG 3728814 2.94 - 25.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2137787 1.69 23390 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2014254 1.59 (5978) 28.12.2012 Mutual Fund ManagerPICTET & CIE Multiple Portfolios MF-AGG 1183396 0.93 (58777) 30.11.2012 Mutual Fund ManagerUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1057406 0.83 (6165) 31.10.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 901792 0.71 (8069) 31.12.2012 Investment AdvisorCAWTHORN ROBERT E n/a Co File 692119 0.55 - 31.12.2011 n/aEATON VANCE MANAGEME Multiple Portfolios MF-AGG 526952 0.42 (7) 31.12.2012 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 509576 0.4 - 31.01.2013 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 497770 0.39 181433 30.11.2012 Investment AdvisorFROSTROW CAPITAL LLP Multiple Portfolios MF-AGG 378200 0.3 (217900) 30.09.2012 UnclassifiedINVESCO LTD Multiple Portfolios MF-AGG 331462 0.26 (249337) 26.02.2013 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 306680 0.24 6517 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan JAMES D GORDON neutral 3 M 52 3 month 22.02.2013AlphaValue FABRICE FARIGOULE add 4 M 54 6 month 21.02.2013Helvea OLAV ZILIAN buy 5 M 72 12 month 19.02.2013Jefferies PETER WELFORD buy 5 M 56 12 month 18.02.2013Kepler Capital Markets FABIAN WENNER buy 5 M 53 Not Provided 18.02.2013Barclays MICHAEL LEUCHTEN equalweight 3 M 47 Not Provided 18.02.2013Deutsche Bank RICHARD J PARKES buy 5 M 60 12 month 16.02.2013Bank Vontobel AG ANDREW C WEISS buy 5 M 69 Not Provided 15.02.2013Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 57 6 month 15.02.2013S&P Capital IQ JACOB THRANE buy 5 M 53 12 month 15.02.2013Credit Suisse RAVI MEHROTRA outperform 5 M 50 Not Provided 14.02.2013Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 14.02.2013Berenberg Bank ADRIAN HOWD buy 5 M 57 Not Provided 14.02.2013Nomura Code Securities SAMIR DEVANI buy 5 M 55 6 month 14.02.2013Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 50 Not Provided 14.02.2013Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 44 12 month 28.01.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013Redburn Partners TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 18.04.2012Matrix ANNIE J CHENG buy 5 M 54 12 month 30.08.2011Neue Zuercher Bank LILIAN MONTERO neutral 3 M #N/A N/A Not Provided 28.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 27.02.2013Adecco SAAdecco SA is a personnel and temporary employment company. The Company supplies Price/Volumepersonnel and temporary help, and offers permanent placement services for 60 2.5 Mprofessionals and specialists in a range of occupations. Adecco conducts itsplacement services internationally. 50 2.0 M 40 1.5 M 30 Valuation Analysis 1.0 MLatest Fiscal Year: 12/2011 20LTM as of: 09/yy 10 .5 M52-Week High (25.02.2013) 54.70 0 .0 M52-Week Low (04.06.2012) 36.13 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 307022.00 Current Price (2/dd/yy) 52.65 Market Data 52-Week High % Change -3.75% Dividend Yield - 52-Week Low % Change 45.72% Beta 1.43 % 52 Week Price Range High/Low 88.15% Equity Float 148.02Shares Out 30.09.2012 189.3 Short Int - Market Capitalization 9964.72 1 Yr Total Return 19.27%Total Debt 1426.00 YTD Return 9.60%Preferred Stock 0.0 Adjusted BETA 1.428Minority Interest 3.0 Analyst Recs 27Cash and Equivalents 534.00 Consensus Rating 3.704Enterprise Value 9276.58 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 371530ADEN VX EQUITY YTD Change - Average Volume 30 Day 546208ADEN VX EQUITY YTD % CHANGE - Average Volume 3 Month 572930 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 21090.0 19965.0 14797.0 18656.0 20545.0 20344.0 20703.0 20579.1 20683.0 5030.7 4809.0 TEV/Revenue 0.36x 0.24x 0.46x 0.50x 0.31x 1.74x 1.48x 0.45x 0.44x - - EBITDA 1170.0 992.0 380.0 809.0 939.0 974.0 878.0 904.5 1010.5 - - TEV/EBITDA 6.51x 4.84x 17.88x 11.58x 6.82x 6.99x 9.24x 10.26x 9.18x - - Net Income 735.0 495.0 8.0 423.0 519.0 527.0 475.0 514.8 573.8 128.0 - P/E 9.30x 8.51x 959.73x 22.41x 11.89x 10.82x 14.81x 15.64x 13.97x - - Profitability S&P Issuer RatingsEBITDA 939.00 Long-Term Rating Date 12.10.2011EBIT 763.00 Long-Term Rating BBBOperating Margin 3.71% Long-Term Outlook STABLEPretax Margin 3.34% Short-Term Rating Date 12.10.2011Return on Assets 4.94% Short-Term Rating A-2Return on Common Equity 12.66% Credit RatiosReturn on Capital 9.62% EBITDA/Interest Exp. 13.23Asset Turnover 2.15% (EBITDA-Capex)/Interest Exp. 11.69Margin Analysis Net Debt/EBITDA 1.25Gross Margin 17.4% Total Debt/EBITDA 2.29EBITDA Margin 4.2% ReferenceEBIT Margin 3.6% Total Debt/Equity 37.4%Net Income Margin 2.5% Total Debt/Capital 27.2%Structure Asset Turnover 2.15Current Ratio 1.24 Net Fixed Asset Turnover 68.67Quick Ratio 1.13 Accounts receivable turnover-days 68.43Debt to Assets 15.24% Inventory Days -Tot Debt to Common Equity 37.45% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.35 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 25000.0 30.00 20000.0 25.00 15000.0 20.00 15.00 10000.0 10.00 5000.0 5.00 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 |
  • 15. 27.02.2013Adecco SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJACOBS HOLDING n/a Co File 35392275 18.7 - 31.12.2011 Private EquityAKILA FINANCE SA n/a Co File 10163580 5.37 - 31.12.2011 Investment AdvisorHARRIS ASSOCIATES LP n/a Co File 9660727 5.1 - 31.12.2011 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 5802061 3.07 - 31.12.2012 Investment AdvisorADECCO SA n/a EXCH 5775632 3.05 - 27.11.2012 CorporationMFS INVESTMENT MANAG n/a RNS-MAJ 5693009 3.01 19900 27.07.2012 Investment AdvisorARTISAN PARTNERS HOL n/a EXCH 5595344 2.96 - 19.04.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2828400 1.49 31328 31.12.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 2236720 1.18 678600 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2188744 1.16 16847 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1766918 0.93 (10005) 28.12.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 1492666 0.79 (980533) 31.12.2012 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1371009 0.72 (20659) 31.10.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1278453 0.68 46950 31.12.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 1089489 0.58 5982 30.11.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 1044761 0.55 (4891) 25.02.2013 Investment AdvisorSEB n/a ULT-AGG 479090 0.25 74900 31.12.2012 UnclassifiedMFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 441973 0.23 - 31.12.2012 Investment AdvisorLITMAN/GREGORY FUND Multiple Portfolios MF-AGG 428200 0.23 (37800) 31.12.2012 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 423333 0.22 (15931) 28.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateMain First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 25.02.2013Goldman Sachs CHARLES WILSON neutral/neutral 3 M 57 12 month 21.02.2013AlphaValue HEINZ STEFFEN add 4 M 63 6 month 21.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013Helvea CHRISTIAN BURGER neutral 3 M 57 12 month 15.02.2013Credit Suisse ANDY GROBLER outperform 5 M 62 Not Provided 14.02.2013Natixis OLIVIER LEBRUN buy 5 M 58 Not Provided 07.02.2013Deutsche Bank THOMAS SYKES buy 5 M 59 12 month 01.02.2013Jefferies KEAN MARDEN hold 3 M 49 12 month 31.01.2013Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 62 Not Provided 30.01.2013Rabobank International DAVID TAILLEUR buy 5 M 57 12 month 28.01.2013RBC Capital Markets ANDREW BROOKE top pick 5 M 65 12 month 21.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 52 6 month 15.01.2013Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 10.01.2013Bank Vontobel AG MICHAEL FOETH buy 5 M 57 Not Provided 20.12.2012Barclays PAUL D A SULLIVAN equalweight 3 M 50 Not Provided 07.11.2012JPMorgan ROBERT PLANT neutral 3 M 45 3 month 06.11.2012Berenberg Bank KONRAD ZOMER buy 5 M 58 Not Provided 06.11.2012S&P Capital IQ CLIVE ROBERTS hold 3 M 47 12 month 06.11.2012ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 58 Not Provided 06.11.2012Kepler Capital Markets MATTHIJS VAN LEIJENHORST buy 5 M 52 Not Provided 05.11.2012Espirito Santo Investment Bank Research HEWETT GUY sell 1 N 39 Not Provided 18.10.2012HSBC MATTHEW LLOYD overweight 5 M 60 Not Provided 11.09.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 27.02.2013Admiral Group PLCAdmiral Group Plc principally sells private motor insurance, together with Price/Volumeancillary products, such as breakdown cover and cover for legal expenses. The 1400 4.0 MCompany markets directly to the public in the United Kingdom through its core 1200 3.5 Mbrands, the Admiral brand, elephant.co.uk, Diamond, and Bell Direct. 1000 3.0 M 2.5 M 800 2.0 M Valuation Analysis 600 1.5 MLatest Fiscal Year: 12/2011 400 1.0 MLTM as of: 09/yy 200 .5 M52-Week High (20.02.2013) 1300.00 0 .0 M52-Week Low (06.03.2012) 970.22 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 130220.00 Current Price (2/dd/yy) 1248 Market Data 52-Week High % Change -3.92% Dividend Yield 6.54 52-Week Low % Change 28.63% Beta 0.72 % 52 Week Price Range High/Low 83.63% Equity Float 225.20Shares Out 31.10.2012 273.5 Short Int - Market Capitalization 3413.57 1 Yr Total Return 26.18%Total Debt 0.90 YTD Return 7.59%Preferred Stock 0.0 Adjusted BETA 0.722Minority Interest 0.5 Analyst Recs 24Cash and Equivalents 224.60 Consensus Rating 2.708Enterprise Value 3141.67 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 445787ADM LN EQUITY YTD Change - Average Volume 30 Day 399920ADM LN EQUITY YTD % CHANGE - Average Volume 3 Month 399209 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 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 364.1 422.8 507.5 640.8 870.3 0.0 1738.0 1967.3 1955.8 - - TEV/Revenue 7.51x 5.35x 5.83x 5.97x 2.39x #DIV/0! 0.00x 1.54x 1.51x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 127.4 144.9 156.9 193.8 221.2 0.0 0.0 247.8 262.9 - - P/E 22.62x 16.56x 20.14x 20.94x 10.40x 0.00x 0.00x 13.71x 13.01x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 34.37% Long-Term Outlook -Pretax Margin 34.37% Short-Term Rating Date -Return on Assets 8.88% Short-Term Rating -Return on Common Equity 56.34% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.2%Net Income Margin 25.4% Total Debt/Capital 0.2%Structure Asset Turnover 0.36Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 0.03% Inventory Days -Tot Debt to Common Equity 0.23% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 1000.0 900.0 30.00 800.0 25.00 700.0 600.0 20.00 500.0 15.00 400.0 300.0 10.00 200.0 5.00 100.0 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 |
  • 17. 27.02.2013Admiral Group PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDIRECTOR & RELATED H Multiple Portfolios REG 49217919 17.99 192033 01.11.2012 OtherENGELHARDT HENRY ALL n/a RNS-DIR 37005472 13.53 (1000000) 07.12.2012 n/aMORGAN STANLEY n/a ULT-AGG 28892084 10.56 - 30.09.2012 Investment AdvisorMUENCHENER RUECKVERS n/a Research 27499400 10.05 - 17.10.2012 Insurance CompanyMUNICH RE GROUP Multiple Portfolios REG 27149400 9.93 - 01.11.2012 UnclassifiedFMR LLC n/a ULT-AGG 15395905 5.63 (712004) 01.11.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 14047726 5.14 - 25.02.2013 Investment AdvisorMORGAN STANLEY INVES Multiple Portfolios REG 12467412 4.56 378747 01.11.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 11209387 4.1 1111939 31.12.2012 Investment AdvisorSTEVENS DAVID GRAHAM n/a RNS-DIR 10631950 3.89 97500 08.11.2012 n/aMORGAN STANLEY INVES Multiple Portfolios REG 9716105 3.55 13628 01.11.2012 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios REG 9600602 3.51 (358600) 01.11.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios REG 9400997 3.44 2312377 01.11.2012 UnclassifiedMANNING & NAPIER ADV Multiple Portfolios MF-AGG 7094500 2.59 1728350 31.12.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 6914106 2.53 (44781) 01.11.2012 UnclassifiedSARASIN n/a ULT-AGG 5861401 2.14 651800 28.12.2012 UnclassifiedBARING ASSET MANAGEM Multiple Portfolios REG 5643623 2.06 1144122 01.11.2012 Investment AdvisorTIGER GLOBAL MANAGEM Multiple Portfolios REG 5215000 1.91 1502660 01.11.2012 Hedge Fund ManagerMARATHON ASSET MANAG Multiple Portfolios REG 4752031 1.74 (164514) 01.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3861376 1.41 102723 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKeefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 1392 12 month 27.02.2013JPMorgan ANDREAS VAN EMBDEN neutral 3 N 1246 Not Provided 21.02.2013RBC Capital Markets GORDON AITKEN underperform 1 M 890 12 month 20.02.2013Exane BNP Paribas ANDY HUGHES underperform 1 M 866 Not Provided 19.02.2013Numis Securities Ltd NICHOLAS JOHNSON reduce 2 M 1040 12 month 11.02.2013Nomura FAHAD CHANGAZI buy 5 M 1350 12 month 05.02.2013Peel Hunt MARK WILLIAMSON buy 5 M 1226 Not Provided 04.02.2013Barclays ANDREW BROADFIELD equalweight 3 M 1266 Not Provided 04.02.2013Shore Capital Stockbrokers EAMONN FLANAGAN sell 1 M #N/A N/A Not Provided 01.02.2013Goldman Sachs RAVI TANNA Buy/Neutral 5 U 1500 12 month 18.01.2013Oriel Securities Ltd MARCUS BARNARD sell 1 M 740 Not Provided 18.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Credit Suisse CHRIS ESSON neutral 3 M 1320 Not Provided 14.01.2013HSBC DHRUV GAHLAUT overweight 5 M 1420 Not Provided 14.01.2013Espirito Santo Investment Bank Research FERNEYHOUGH JOY sell 1 M 900 Not Provided 08.01.2013Investec KEVIN RYAN sell 1 M 582 12 month 07.01.2013Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 1201 12 month 05.12.2012Canaccord Genuity Corp BEN COHEN sell 1 M 1050 12 month 26.11.2012Berenberg Bank PETER ELIOT sell 1 M 1000 Not Provided 02.11.2012Deutsche Bank OLIVER STEEL hold 3 M 1140 12 month 05.10.2012Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 27.02.2013Aegis Group PLCAegis Group plc operates as a holding company. Through its operating Price/Volumesubsidiaries, the Group provides a broad range of media services including media 300 200.0 Mstrategy, consulting, advertising, marketing, planning and buying. Aegis 180.0 Moperates throughout the world. 250 160.0 M 200 140.0 M 120.0 M 150 100.0 M Valuation Analysis 80.0 MLatest Fiscal Year: 12/2011 100 60.0 MLTM as of: 01/yy 50 40.0 M 20.0 M52-Week High (25.02.2013) 239.30 0 .0 M52-Week Low (15.06.2012) 151.90 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1742496.00 Current Price (2/dd/yy) 238.7 Market Data 52-Week High % Change -0.25% Dividend Yield 0.84 52-Week Low % Change 57.14% Beta 1.03 % 52 Week Price Range High/Low 99.20% Equity Float 724.98Shares Out 12.02.2013 1173.2 Short Int - Market Capitalization 2800.37 1 Yr Total Return 41.73%Total Debt 754.50 YTD Return 1.66%Preferred Stock 0.0 Adjusted BETA 1.030Minority Interest (12.9) Analyst Recs 21Cash and Equivalents 626.10 Consensus Rating 2.810Enterprise Value 3112.67 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4325532AGS LN EQUITY YTD Change - Average Volume 30 Day 5987660AGS LN EQUITY YTD % CHANGE - Average Volume 3 Month 4029651 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 1106.4 1342.0 1346.5 941.0 1135.0 - - 1275.9 1361.0 - - TEV/Revenue 1.40x 0.83x 1.18x 2.19x 1.56x - - 2.28x 2.10x - - EBITDA 167.7 200.7 171.6 124.6 216.1 - - 253.9 274.7 - - TEV/EBITDA 9.25x 5.56x 9.25x 16.55x 8.20x - - 12.26x 11.33x - - Net Income 88.5 82.8 62.7 41.2 164.1 - - 146.8 158.4 - - P/E 14.94x 10.20x 21.68x 87.81x 22.22x - - 19.41x 17.68x - - Profitability S&P Issuer RatingsEBITDA 216.10 Long-Term Rating Date -EBIT 145.30 Long-Term Rating -Operating Margin 12.80% Long-Term Outlook -Pretax Margin 9.37% Short-Term Rating Date -Return on Assets 3.80% Short-Term Rating -Return on Common Equity 28.03% Credit RatiosReturn on Capital 16.14% EBITDA/Interest Exp. 4.53Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 3.52Margin Analysis Net Debt/EBITDA 1.47Gross Margin 97.6% Total Debt/EBITDA 3.34EBITDA Margin 18.2% ReferenceEBIT Margin 12.3% Total Debt/Equity 158.6%Net Income Margin 14.5% Total Debt/Capital 62.0%Structure Asset Turnover 0.28Current Ratio 0.96 Net Fixed Asset Turnover 22.09Quick Ratio 0.91 Accounts receivable turnover-days 694.12Debt to Assets 17.13% Inventory Days 82.15Tot Debt to Common Equity 158.64% Accounts Payable Turnover Day 25472.83Accounts Receivable Turnover 0.53 Cash Conversion Cycle -48510.77Inventory Turnover 4.46Price/ Cash Flow Sales/Revenue/Turnover 40.00 8000.0 35.00 7000.0 30.00 6000.0 25.00 5000.0 20.00 4000.0 15.00 3000.0 10.00 2000.0 5.00 1000.0 0.00 0.0 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 |
  • 19. 27.02.2013Aegis Group PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDENTSU INC n/a RNS-MAJ 234571301 19.99 - 16.08.2012 CorporationCREDIT SUISSE GROUP n/a RNS-MAJ 139296771 11.87 (4311796) 12.02.2013 Investment AdvisorNORD SUMATRA INVESTI n/a RNS-RUL8 133991451 11.42 - 12.07.2012 Holding CompanyBANK OF NEW YORK MEL Multiple Portfolios REG 126469266 10.78 21874321 03.12.2012 Investment AdvisorBOLLORE GROUP n/a RNS-MAJ 75348626 6.42 - 12.12.2012 Holding CompanyUBS AG/LONDON n/a RNS-MAJ 74428395 6.34 (5099620) 08.02.2013 Investment AdvisorMORGAN STANLEY SECUR n/a RNS-MAJ 70739707 6.03 11955042 14.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a RNS-MAJ 68405862 5.83 (3068744) 13.02.2013 Investment AdvisorDEUTSCHE BANK PROP T Multiple Portfolios REG 56499658 4.82 53844880 03.12.2012 OtherFMR LLC n/a ULT-AGG 56045974 4.78 (17152520) 05.12.2012 Investment AdvisorCREDIT SUISSE SECURI Multiple Portfolios REG 49815036 4.25 1342930 03.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 43242042 3.69 510018 11.02.2013 UnclassifiedMITCHELL HAROLD CHAR n/a RNS-DIR 41598988 3.55 (652139) 03.05.2012 n/aDIRECTOR & RELATED H Multiple Portfolios REG 41019905 3.5 - 03.12.2012 OtherSTANDARD LIFE INVEST n/a Co File 39495036 3.37 - 31.12.2011 Investment AdvisorUBS n/a ULT-AGG 35376423 3.02 (6077541) 03.12.2012 UnclassifiedMAGNETAR FINANCIAL U #N/A N/A RNS-MAJ 30563708 2.61 (8468763) 20.02.2013 Private EquityWESTCHESTER CAPITAL n/a RNS-RUL8 29251340 2.49 3584669 20.02.2013 Hedge Fund ManagerNORGES BANK n/a RNS-RUL8 29000000 2.47 15000000 04.02.2013 GovernmentBARCLAYS PLC #N/A N/A RNS-RUL8 28805272 2.46 (711461) 26.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue VERONIQUE CABIOCH sell 1 M 189 6 month 21.02.2013Nomura MATTHEW WALKER neutral 3 M 240 12 month 19.02.2013Exane BNP Paribas ADRIEN DE SAINT HILAIRE neutral 3 M 240 Not Provided 05.02.2013Investec STEVEN LIECHTI hold 3 M 240 12 month 28.01.2013Barclays NATASHA BRILLIANT equalweight 3 M 240 Not Provided 25.01.2013Peel Hunt MALCOLM MORGAN hold 3 M 240 Not Provided 24.01.2013Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 240 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Societe Generale LAURENT PICARD hold 3 M 240 12 month 16.01.2013Liberum Capital Ltd IAN WHITTAKER hold 3 M 240 Not Provided 02.01.2013Oddo & Cie BRUNO HARENG buy 5 M #N/A N/A Not Provided 29.11.2012Westhouse Securities RODDY DAVIDSON neutral 3 M 240 Not Provided 01.11.2012Macquarie TIMOTHY W NOLLEN underperform 1 M 240 12 month 23.08.2012Kepler Capital Markets CONOR OSHEA accept the offer #N/A N/A D 240 Not Provided 23.08.2012Numis Securities Ltd PAUL RICHARDS suspended coverage #N/A N/A M #N/A N/A Not Provided 16.08.2012Goldman Sachs RICHARD JONES neutral/neutral 3 M 240 12 month 13.08.2012CA Cheuvreux THOMAS JORION underperform 1 M 240 Not Provided 16.07.2012Deutsche Bank PATRICK KIRBY hold 3 M 240 12 month 13.07.2012HSBC DAN GRAHAM underweight 1 D 240 Not Provided 13.07.2012Natixis JEROME BODIN tender #N/A N/A M 240 Not Provided 13.07.2012Morgan Stanley PATRICK WELLINGTON restricted #N/A N/A M #N/A N/A Not Provided 12.07.2012JPMorgan FILIPPO PIETRO LO FRANCO restricted #N/A N/A M #N/A N/A Not Provided 12.07.2012Dr. Kalliwoda Equity Research ADRIAN KOWOLLIK hold 3 M 172 12 month 04.05.2012WYT Ltd ANTHONY DE LARRINAGA hold 3 M 177 12 month 18.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 20. 27.02.2013Aeroports de ParisAeroports de Paris (ADP) manages all the civil airports in the Paris area. The Price/VolumeCompany also develops and operates light aircraft aerodromes. ADP offers air 80 .5 Mtransport related services, and business services such as office rental. .4 M 70 60 .4 M .3 M 50 .3 M 40 Valuation Analysis .2 M 30Latest Fiscal Year: 12/2011 .2 M 20 .1 MLTM as of: 09/yy 10 .1 M52-Week High (17.08.2012) 67.29 0 .0 M52-Week Low (27.06.2012) 55.70 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 43978.00 Current Price (2/dd/yy) 61.99 Market Data 52-Week High % Change -7.88% Dividend Yield - 52-Week Low % Change 11.29% Beta 0.70 % 52 Week Price Range High/Low 53.32% Equity Float 30.88Shares Out 30.06.2012 99.0 Short Int - Market Capitalization 6134.57 1 Yr Total Return 6.28%Total Debt 3487.71 YTD Return 6.20%Preferred Stock 0.0 Adjusted BETA 0.702Minority Interest 0.2 Analyst Recs 27Cash and Equivalents 1133.67 Consensus Rating 3.222Enterprise Value 9380.06 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 48665ADP FP EQUITY YTD Change - Average Volume 30 Day 60510ADP FP EQUITY YTD % CHANGE - Average Volume 3 Month 64840 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 2292.4 2527.0 2633.4 2479.6 2501.5 2787.5 2389.3 2620.0 2703.2 665.0 - TEV/Revenue 3.82x 2.81x 3.03x 3.31x 3.04x 0.00x 0.00x 3.51x 3.36x - - EBITDA 757.3 848.2 882.9 921.9 972.2 0.0 0.0 998.7 1027.6 - - TEV/EBITDA 11.56x 8.37x 9.04x 8.91x 7.82x 0.00x 0.00x 9.39x 9.13x - - Net Income 322.2 272.6 269.5 300.1 347.8 0.0 0.0 341.6 359.4 - - P/E 21.47x 17.53x 20.63x 18.94x 14.54x 0.00x 0.00x 17.87x 16.94x - - Profitability S&P Issuer RatingsEBITDA 972.23 Long-Term Rating Date 17.01.2012EBIT 589.11 Long-Term Rating A+Operating Margin 23.55% Long-Term Outlook NEGPretax Margin 22.10% Short-Term Rating Date -Return on Assets 3.71% Short-Term Rating -Return on Common Equity 9.00% Credit RatiosReturn on Capital 6.36% EBITDA/Interest Exp. 5.57Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 1.64Margin Analysis Net Debt/EBITDA 3.34Gross Margin - Total Debt/EBITDA 4.01EBITDA Margin 40.0% ReferenceEBIT Margin 24.5% Total Debt/Equity 96.9%Net Income Margin 13.9% Total Debt/Capital 49.2%Structure Asset Turnover 0.29Current Ratio 1.21 Net Fixed Asset Turnover 0.40Quick Ratio 1.06 Accounts receivable turnover-days 94.52Debt to Assets 39.39% Inventory Days -Tot Debt to Common Equity 96.90% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.87 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 3000.0 10.00 2500.0 8.00 2000.0 6.00 1500.0 4.00 1000.0 2.00 500.0 0.00 0.0 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. 27.02.2013 All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRENCH STATE n/a Research 51558474 52.1 - 31.12.2011 GovernmentFONDS STRATEGIQUE D n/a Research 8609572 8.7 - 31.12.2011 Investment AdvisorSCHIPHOL GROUP n/a Research 7916848 8 - 31.12.2011 Holding CompanyBNP PARIBAS INV PART n/a ULT-AGG 1560284 1.58 322732 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 533818 0.54 7613 31.12.2012 Investment AdvisorBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 371384 0.38 (18048) 30.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 316187 0.32 1896 25.02.2013 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 224032 0.23 - 31.10.2012 BankBNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 199383 0.2 (17326) 30.09.2012 Investment Advisor Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 27.02.2013AgeasAgeas offers international insurance services such as life and non-life, Price/Volumedisability, and medical to individuals and groups. 30 1.8 M 1.6 M 25 1.4 M 20 1.2 M 1.0 M 15 Valuation Analysis .8 MLatest Fiscal Year: 12/2012 10 .6 M .4 MLTM as of: 12/yy 5 .2 M52-Week High (20.02.2013) 27.27 0 .0 M52-Week Low (04.06.2012) 12.17 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 570982.00 Current Price (2/dd/yy) 25.72 Market Data 52-Week High % Change -5.83% Dividend Yield - 52-Week Low % Change 111.34% Beta 1.53 % 52 Week Price Range High/Low 87.19% Equity Float -Shares Out 31.12.2012 243.1 Short Int 0.02 Market Capitalization 6253.08 1 Yr Total Return 69.57%Total Debt 5070.30 YTD Return 15.78%Preferred Stock 0.0 Adjusted BETA 1.530Minority Interest 875.5 Analyst Recs 21Cash and Equivalents 2449.90 Consensus Rating 3.619Enterprise Value 9748.98 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1162375AGS BB EQUITY YTD Change - Average Volume 30 Day 722658AGS BB EQUITY YTD % CHANGE - Average Volume 3 Month 646867 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 Total Revenue - 16667.7 13460.8 12151.3 13462.5 12151.3 13462.5 12364.4 12172.8 - - TEV/Revenue - 0.53x 0.61x 0.51x 0.63x 2.73x 2.28x 0.59x 0.84x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (28000.0) 1209.8 223.1 (578.2) 743.0 (578.2) 743.0 626.3 650.6 185.1 - P/E - 5.37x 19.03x - 7.10x 0.00x 5.21x 9.48x 9.03x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 7.69% Long-Term Outlook -Pretax Margin 9.42% Short-Term Rating Date -Return on Assets 0.79% Short-Term Rating -Return on Common Equity 8.41% Credit RatiosReturn on Capital 7.54% 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 51.2%Net Income Margin 5.5% Total Debt/Capital 32.0%Structure Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.22% Inventory Days -Tot Debt to Common Equity 51.16% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 3.50 18000.0 3.00 16000.0 14000.0 2.50 12000.0 2.00 10000.0 1.50 8000.0 6000.0 1.00 4000.0 0.50 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 |
  • 23. 27.02.2013AgeasHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAGEAS n/a Co File 17678167 7.27 - 31.12.2011 BankFRANKLIN RESOURCES n/a ULT-AGG 15642668 6.43 (583370) 26.02.2013 Investment AdvisorNORGES BANK n/a Research 12632239 5.2 - 03.02.2012 GovernmentFORTIS BANK SA/NV n/a Co File 12531328 5.15 - 31.12.2011 BankPING AN INSURANCE GR n/a Co File 12099626 4.98 - 31.12.2011 Insurance CompanyVANGUARD GROUP INC Multiple Portfolios MF-AGG 4244324 1.75 68135 31.12.2012 Investment AdvisorBRUCKNER RONNY n/a Co File 3100000 1.28 - 31.12.2011 n/aBLACKROCK n/a ULT-AGG 2370705 0.98 316901 25.02.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1835796 0.76 (285244) 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 1637532 0.67 (7268) 31.12.2012 Investment AdvisorAXXION SA Multiple Portfolios MF-AGG 838885 0.35 - 31.12.2011 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 788255 0.32 (2581) 31.01.2013 Investment AdvisorBANQUE DEGROOF Multiple Portfolios MF-AGG 588697 0.24 7000 01.02.2013 Investment AdvisorJO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 559524 0.23 98587 30.06.2012 Investment AdvisorDEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 522944 0.22 408 28.12.2012 Investment AdvisorING ASSET MANAGEMENT Multiple Portfolios MF-AGG 480000 0.2 (37500) 31.08.2012 Investment AdvisorFMR LLC n/a ULT-AGG 459815 0.19 (1528513) 31.12.2012 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 440972 0.18 41112 30.11.2012 Investment AdvisorUNIVERSAL INVEST CON Multiple Portfolios MF-AGG 400000 0.16 - 31.01.2013 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 396761 0.16 142143 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC STEVEN HAYWOOD overweight 5 M 32 Not Provided 27.02.2013Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 29 12 month 26.02.2013Credit Suisse CHRIS ESSON outperform 5 M 30 Not Provided 26.02.2013JPMorgan ASHIK MUSADDI overweight 5 M 33 9 month 26.02.2013Deutsche Bank ROBIN BUCKLEY hold 3 M 26 12 month 21.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 26 12 month 21.02.2013Oddo & Cie MAXIME DUPUIS neutral 3 M 26 Not Provided 21.02.2013ING Bank ALBERT PLOEGH buy 5 M 28 12 month 21.02.2013AlphaValue JEROME CASSAGNE reduce 2 M 24 6 month 21.02.2013ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 32 Not Provided 21.02.2013Bank Degroof(ESN) MARC LEEMANS hold 3 M 29 12 month 20.02.2013Petercam MATTHIAS DE WIT buy 5 M 30 Not Provided 20.02.2013Rabobank International COR KLUIS hold 3 M 28 12 month 20.02.2013Exane BNP Paribas FRANCOIS BOISSIN outperform 5 M 30 Not Provided 12.02.2013Societe Generale JASON KALAMBOUSSIS buy 5 M 23 12 month 31.01.2013CA Cheuvreux HANS PLUIJGERS outperform 5 M 27 Not Provided 24.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 21 12 month 05.12.2012Kepler Capital Markets BENOIT PETRARQUE buy 5 M 25 Not Provided 06.08.2012Nomura FAHAD CHANGAZI neutral 3 M 23 Not Provided 31.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 27.02.2013Aker Solutions ASAAker Solutions ASA, through its subsidiaries and affiliates, is a global oil Price/Volumeservices company that provides engineering services, technologies, product 140 7.0 Msolutions and field-life solutions for the oil and gas industry. 120 6.0 M 100 5.0 M 80 4.0 M Valuation Analysis 60 3.0 MLatest Fiscal Year: 12/2012 40 2.0 MLTM as of: 12/yy 20 1.0 M52-Week High (25.01.2013) 124.60 0 .0 M52-Week Low (26.06.2012) 72.20 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 1243684.00 Current Price (2/dd/yy) 114 Market Data 52-Week High % Change -8.51% Dividend Yield - 52-Week Low % Change 57.89% Beta 1.47 % 52 Week Price Range High/Low 75.95% Equity Float 145.58Shares Out 26.02.2013 274.0 Short Int - Market Capitalization 31236.00 1 Yr Total Return 22.57%Total Debt 7691.00 YTD Return 0.97%Preferred Stock 0.0 Adjusted BETA 1.474Minority Interest 157.0 Analyst Recs 24Cash and Equivalents 1214.00 Consensus Rating 4.125Enterprise Value 37870.00 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1537574AKSO NO EQUITY YTD Change - Average Volume 30 Day 1137733AKSO NO EQUITY YTD % CHANGE - Average Volume 3 Month 1022582 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 58252.0 49527.0 33207.0 35667.0 44922.0 32195.0 44922.0 49526.4 55135.6 11649.7 12332.5 TEV/Revenue 0.26x 0.50x 0.96x 0.61x 0.83x 3.37x 3.01x 0.75x 0.65x 3.22x 3.14x EBITDA 3382.0 4108.0 3380.0 3465.0 4739.0 3070.0 4701.0 5330.5 6519.7 1171.7 1312.9 TEV/EBITDA 4.48x 6.04x 9.45x 6.30x 7.84x 7.12x 7.91x 7.10x 5.81x 7.14x 6.69x Net Income 1438.0 2260.0 1957.0 5218.0 2249.0 5218.0 2225.0 2599.4 3449.8 530.5 630.1 P/E 8.42x 9.60x 20.85x 10.91x 13.55x 13.40x 13.68x 11.85x 8.94x 11.85x 10.93x Profitability S&P Issuer RatingsEBITDA 4739.00 Long-Term Rating Date -EBIT 3573.00 Long-Term Rating -Operating Margin 7.95% Long-Term Outlook -Pretax Margin 6.58% Short-Term Rating Date -Return on Assets 5.99% Short-Term Rating -Return on Common Equity 19.37% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 10.13Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 0.23Margin Analysis Net Debt/EBITDA 1.38Gross Margin - Total Debt/EBITDA 1.64EBITDA Margin 10.5% ReferenceEBIT Margin 7.9% Total Debt/Equity 65.1%Net Income Margin 5.0% Total Debt/Capital 39.1%Structure Asset Turnover 1.21Current Ratio 1.14 Net Fixed Asset Turnover 5.15Quick Ratio 0.07 Accounts receivable turnover-days -Debt to Assets 19.12% Inventory Days -Tot Debt to Common Equity 65.05% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 90.00 70000.0 80.00 60000.0 70.00 50000.0 60.00 50.00 40000.0 40.00 30000.0 30.00 20000.0 20.00 10000.0 10.00 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 |
  • 25. 27.02.2013Aker Solutions ASAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAKER KVAERNER ASA n/a EXCH 110333615 40.27 - 18.02.2013 CorporationSTATE STREET n/a ULT-AGG 14972515 5.46 - 26.02.2013 Investment AdvisorGOVERNMENT PENSION F n/a EXCH 14538795 5.31 - 18.02.2013 GovernmentFMR LLC n/a ULT-AGG 10617174 3.87 (110388) 31.12.2012 Investment AdvisorJP MORGAN CHASE BANK n/a EXCH 9238529 3.37 - 18.02.2013 Investment AdvisorBANK OF NEW YORK MEL n/a EXCH 8094350 2.95 - 18.02.2013 Investment AdvisorCLEARSTREAM BANKING n/a EXCH 5972994 2.18 - 18.02.2013 BankDANSKE BANK A/S n/a EXCH 5427563 1.98 - 18.02.2013 BankSEB n/a ULT-AGG 3928857 1.43 143651 18.02.2013 UnclassifiedDANSKE INVEST A/S Multiple Portfolios MF-AGG 3774607 1.38 19843 31.01.2013 Investment AdvisorAKER SOLUTIONS ASA n/a EXCH 3490985 1.27 - 18.02.2013 CorporationRBC INVESTOR SERVICE n/a EXCH 3487391 1.27 - 18.02.2013 n/aDNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3109670 1.13 7420 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3057075 1.12 43085 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 3042260 1.11 - 31.12.2012 Investment AdvisorCITIBANK NA n/a EXCH 2726200 0.99 - 18.02.2013 BankDANSKE INVEST MANAGE Multiple Portfolios MF-AGG 2168000 0.79 207895 29.06.2012 Investment AdvisorVARMA MUTUAL PENSION n/a EXCH 1780796 0.65 - 18.02.2013 Insurance CompanySTATOILS PENSJONSKAS n/a EXCH 1765482 0.64 - 18.02.2013 Pension Fund (ERISA)STOREBRAND FUND MANA Multiple Portfolios MF-AGG 1703233 0.62 (189672) 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSpareBank 1 Markets AS ERIK TONNE neutral 3 M 115 12 month 26.02.2013Guggenheim Securities LLC DARREN GACICIA buy 5 M 135 12 month 22.02.2013Fearnley Fonds TRULS OLSEN buy 5 M 140 Not Provided 19.02.2013HSBC PHILLIP LINDSAY overweight 5 M 144 Not Provided 18.02.2013Carnegie FREDERIK H LUNDE hold 3 D #N/A N/A Not Provided 18.02.2013Fondsfinans AS PETTER NARVESTAD buy 5 M 138 Not Provided 18.02.2013Nordea Equity Research ANNE SCHULT ULRIKSEN buy 5 M 130 12 month 18.02.2013Handelsbanken DANIEL RAVIK accumulate 4 D 120 12 month 18.02.2013Pareto Securities STEFFEN RODSJO buy 5 M 140 12 month 18.02.2013DNB Markets EIRIK RONOLD MATHISEN buy 5 M 130 Not Provided 18.02.2013Arctic Securities ASA KJETIL GARSTAD buy 5 M 125 Not Provided 18.02.2013Barclays MICK PICKUP underweight 1 M 130 Not Provided 18.02.2013RS Platou Markets GORAN ANDREASSEN buy 5 M 135 6 month 18.02.2013Danske Markets ENDRE STORLOKKEN buy 5 M 120 12 month 18.02.2013Swedbank First Securities EIVIND TONNESSEN buy 5 M 128 Not Provided 18.02.2013ABG Sundal Collier HAAKON AMUNDSEN hold 3 D 120 6 month 17.02.2013Goldman Sachs HENRY TARR Buy/Neutral 5 M 128 12 month 15.02.2013Nomura CHRISTYAN MALEK buy 5 M 160 12 month 29.01.2013RBC Capital Markets KATHERINE TONKS sector perform 3 M 120 12 month 17.01.2013SEB Enskilda TERJE FATNES buy 5 M 136 Not Provided 15.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013JPMorgan ANDREW DOBBING overweight 5 M 80 3 month 21.07.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 26. 27.02.2013Alcatel-Lucent/FranceAlcatel-Lucent manufactures telecommunications equipment, and offers Price/Volumetelecommunications services. The Companys telecommunications equipment and 3 180.0 Mservices enable its customers to send or receive virtually any type of voice or 160.0 Mdata transmission. Alcatel-Lucent designs and builds public and private 2 140.0 Mnetworks, communications systems and software, and data networking systems. 120.0 M 2 100.0 M Valuation Analysis 80.0 M 1Latest Fiscal Year: 12/2012 60.0 M 1 40.0 MLTM as of: 12/yy 20.0 M52-Week High (27.02.2012) 1.95 0 .0 M52-Week Low (11.10.2012) 0.71 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 23047908.00 Current Price (2/dd/yy) 1.075 Market Data 52-Week High % Change -44.94% Dividend Yield - 52-Week Low % Change 51.41% Beta 1.21 % 52 Week Price Range High/Low 28.05% Equity Float 2102.95Shares Out 31.12.2012 2326.6 Short Int - Market Capitalization 2501.06 1 Yr Total Return -43.63%Total Debt 4811.00 YTD Return 7.18%Preferred Stock 0.0 Adjusted BETA 1.210Minority Interest 745.0 Analyst Recs 30Cash and Equivalents 4929.00 Consensus Rating 2.500Enterprise Value 3128.06 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 40232160ALU FP EQUITY YTD Change - Average Volume 30 Day 39431150ALU FP EQUITY YTD % CHANGE - Average Volume 3 Month 46069980 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 16984.0 15157.0 15996.0 15327.0 14446.0 15064.0 14446.0 14325.2 14454.1 3183.6 3433.4 TEV/Revenue 0.27x 0.34x 0.33x 0.24x 0.20x 1.98x 0.92x 0.28x 0.29x 1.10x 1.13x EBITDA 1200.0 907.0 980.0 1151.0 423.0 1176.0 423.0 837.8 1036.7 126.0 221.5 TEV/EBITDA 3.80x 5.66x 5.38x 3.15x 6.86x 3.09x 6.86x 3.73x 3.01x 3.21x 3.22x Net Income (5215.0) (524.0) (334.0) 1095.0 (1374.0) 1095.0 (1374.0) (229.4) 75.9 (197.0) (89.3) P/E - - - 4.06x - 4.16x 0.00x - 19.91x - - Profitability S&P Issuer RatingsEBITDA 423.00 Long-Term Rating Date 18.02.2013EBIT -490.00 Long-Term Rating BOperating Margin -3.39% Long-Term Outlook NEGPretax Margin -10.99% Short-Term Rating Date 18.02.2013Return on Assets -6.03% Short-Term Rating BReturn on Common Equity -47.38% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.18Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -0.45Margin Analysis Net Debt/EBITDA -0.28Gross Margin 30.1% Total Debt/EBITDA 11.37EBITDA Margin 2.9% ReferenceEBIT Margin -3.4% Total Debt/Equity 247.2%Net Income Margin -9.5% Total Debt/Capital 64.1%Structure Asset Turnover 0.63Current Ratio 1.28 Net Fixed Asset Turnover 11.90Quick Ratio 0.94 Accounts receivable turnover-days 79.40Debt to Assets 22.52% Inventory Days 70.94Tot Debt to Common Equity 247.23% Accounts Payable Turnover Day 138.58Accounts Receivable Turnover 4.61 Cash Conversion Cycle 11.77Inventory Turnover 5.16Price/ Cash Flow Sales/Revenue/Turnover 900.00 30000.0 800.00 25000.0 700.00 600.00 20000.0 500.00 15000.0 400.00 300.00 10000.0 200.00 5000.0 100.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 27. 27.02.2013Alcatel-Lucent/FranceHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 111850900 4.81 (3397043) 30.04.2012 Investment AdvisorCAISSE DES DEPOTS ET n/a Co File 83857900 3.6 - 31.12.2011 GovernmentMANNING & NAPIER ADV n/a Co File 77433500 3.33 - 31.12.2011 Investment AdvisorBLACKROCK n/a ULT-AGG 57801158 2.48 150819 25.02.2013 Investment AdvisorCREDIT AGRICOLE SA n/a 20F 57032900 2.45 - 31.12.2009 Investment AdvisorNORGES BANK INVESTME n/a Co File 49965500 2.15 - 31.12.2011 GovernmentGROUPAMA ASSET MANAG n/a Co File 38900000 1.67 - 31.12.2011 Investment AdvisorNATIXIS ASSET MANAGE n/a Co File 36358200 1.56 - 31.12.2011 Investment AdvisorBRANDES INVESTMENT P n/a Co File 36274000 1.56 - 31.12.2011 Investment AdvisorFCP 2AL n/a Co File 34381763 1.48 - 31.12.2011 n/aARTIS CAPITAL MANAGE n/a Co File 33890800 1.46 - 31.12.2011 Hedge Fund ManagerNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 31478968 1.35 (1575953) 31.12.2012 Mutual Fund ManagerSTATE STREET n/a ULT-AGG 29601602 1.27 - 26.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 25910540 1.11 (9245061) 31.12.2012 Investment AdvisorALCATEL-LUCENT n/a Co File 25343255 1.09 - 31.12.2011 CorporationODEY ASSET MANAGEMEN n/a Short (22102355) -0.95 (1628594) 07.01.2013 Investment AdvisorAQR CAPITAL MANAGEME n/a Short (17914541) -0.77 (1628594) 25.02.2013 Hedge Fund ManagerSARASIN n/a ULT-AGG 11412433 0.49 140488 28.12.2012 UnclassifiedMARSHALL WACE LLP n/a Short (10934849) -0.47 2791877 17.01.2013 Hedge Fund ManagerCAXTON INTERNATIONAL n/a ULT-AGG (10702193) -0.46 1675126 20.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas ALEXANDER PETERC neutral 3 M 1 Not Provided 26.02.2013HSBC RICHARD DINEEN underweight 1 D 1 Not Provided 25.02.2013Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 2 12 month 22.02.2013Credit Suisse ACHAL SULTANIA neutral 3 M 1 Not Provided 22.02.2013Jefferies GEORGE C NOTTER underperform 1 M 1 12 month 22.02.2013Oddo & Cie VINCENT MAULAY neutral 3 M 2 Not Provided 22.02.2013AlphaValue JEAN-MICHEL SALVADOR buy 5 M 2 6 month 21.02.2013Kepler Capital Markets SEBASTIEN SZTABOWICZ reduce 2 M 1 Not Provided 11.02.2013Societe Generale ANDY PERKINS sell 1 M 1 12 month 08.02.2013JPMorgan SANDEEP S DESHPANDE neutral 3 M 1 9 month 08.02.2013Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 1 12 month 08.02.2013Landesbank Baden-Wuerttemberg MIRKO MAIER sell 1 M 1 Not Provided 08.02.2013Nomura STUART JEFFREY neutral 3 M 1 12 month 08.02.2013Barclays ANDREW M GARDINER equalweight 3 M 1 Not Provided 08.02.2013Grupo Santander CARLOS JAVIER TREVINO buy 5 M #N/A N/A Not Provided 07.02.2013CM - CIC Securities(ESN) SEBASTIEN LIAGRE sell 1 M 1 12 month 07.02.2013Berenberg Bank ADNAAN AHMAD sell 1 M 1 Not Provided 07.02.2013S&P Capital IQ JAMES CRAWSHAW sell 1 D 1 12 month 07.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013Goldman Sachs SIMON F SCHAFER Sell/Neutral 1 M 1 12 month 07.01.2013Natixis ERIC BEAUDET buy 5 U 2 Not Provided 17.12.2012Deutsche Bank KAI KORSCHELT hold 3 M 1 12 month 03.12.2012Liberum Capital Ltd JANARDAN MENON buy 5 M 2 Not Provided 05.11.2012MKM Partners MICHAEL GENOVESE neutral 3 M 1 12 month 02.11.2012CA Cheuvreux ODON DE LAPORTE underperform 1 D 1 Not Provided 10.09.2012DZ Bank AG OLIVER FINGER hold 3 D #N/A N/A Not Provided 19.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28. 27.02.2013Alfa Laval ABAlfa Laval AB provides specialized products and engineering solutions. The Price/VolumeCompanys product line includes equipment and systems for heating, cooling, 160 7.0 Mseparation, and transportation of products such as oil, water, chemicals, 140 6.0 Mbeverages, starch, foodstuffs, and pharmaceuticals. Alfa Laval sells and 120markets worldwide. 5.0 M 100 4.0 M 80 Valuation Analysis 3.0 M 60Latest Fiscal Year: 12/2012 2.0 M 40LTM as of: 12/yy 1.0 M 2052-Week High (25.02.2013) 153.20 0 .0 M52-Week Low (05.09.2012) 110.40 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 684325.00 Current Price (2/dd/yy) 148.5 Market Data 52-Week High % Change -3.13% Dividend Yield - 52-Week Low % Change 34.51% Beta 1.04 % 52 Week Price Range High/Low 88.32% Equity Float -Shares Out 26.02.2013 419.5 Short Int - Market Capitalization 62289.26 1 Yr Total Return 14.08%Total Debt 2446.00 YTD Return 9.76%Preferred Stock 0.0 Adjusted BETA 1.042Minority Interest 61.0 Analyst Recs 25Cash and Equivalents 1404.00 Consensus Rating 2.720Enterprise Value 63392.26 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1446865ALFA SS EQUITY YTD Change - Average Volume 30 Day 1304994ALFA SS EQUITY YTD % CHANGE - Average Volume 3 Month 1229169 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 27850.0 26039.0 24720.0 28652.0 29813.0 28652.0 29813.0 30395.5 32021.6 7027.6 7711.5 TEV/Revenue 1.10x 1.61x 2.40x 1.96x 1.94x 7.65x 7.31x 2.13x 1.97x 9.44x 8.56x EBITDA 6296.0 4751.0 5197.0 5566.0 5306.0 5566.0 5306.0 5559.2 5987.2 1244.1 1399.6 TEV/EBITDA 4.85x 8.84x 11.39x 10.08x 10.90x 10.08x 10.90x 11.40x 10.59x 11.22x 12.29x Net Income 3774.0 2710.0 3088.0 3223.0 3190.0 3223.0 3190.0 3403.9 3712.7 723.3 836.9 P/E 7.65x 15.42x 19.30x 16.97x 17.79x 16.97x 17.79x 18.33x 16.79x 18.28x 18.11x Profitability S&P Issuer RatingsEBITDA 5306.00 Long-Term Rating Date 07.06.2012EBIT 4372.00 Long-Term Rating BBB+Operating Margin 14.66% Long-Term Outlook POSPretax Margin 15.11% Short-Term Rating Date -Return on Assets 9.17% Short-Term Rating -Return on Common Equity 21.05% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 27.69Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 24.93Margin Analysis Net Debt/EBITDA 0.20Gross Margin 35.7% Total Debt/EBITDA 0.46EBITDA Margin 17.8% ReferenceEBIT Margin 14.7% Total Debt/Equity 16.0%Net Income Margin 10.7% Total Debt/Capital 13.7%Structure Asset Turnover 0.86Current Ratio 1.48 Net Fixed Asset Turnover 7.68Quick Ratio 0.61 Accounts receivable turnover-days 63.17Debt to Assets 6.97% Inventory Days 117.65Tot Debt to Common Equity 15.96% Accounts Payable Turnover Day 46.35Accounts Receivable Turnover 5.79 Cash Conversion Cycle 134.47Inventory Turnover 3.11Price/ Cash Flow Sales/Revenue/Turnover 20.00 35000.0 18.00 30000.0 16.00 14.00 25000.0 12.00 20000.0 10.00 15000.0 8.00 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 29. 27.02.2013Alfa Laval ABHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTETRA LAVAL BV n/a Research 109478094 26.1 - 28.09.2012 OtherALECTA PENSIONSFORSA n/a Research 29361941 7 - 28.09.2012 Pension Fund (ERISA)FOUNDATION ASSET MAN n/a Research 25167378 6 - 28.09.2012 OtherSWEDBANK ROBUR FONDE n/a Research 13422602 3.2 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11672070 2.78 106262 31.12.2012 Investment AdvisorAMF PENSION INSURANC n/a Research 10905864 2.6 - 28.09.2012 Insurance CompanySEB n/a ULT-AGG 8057678 1.92 (51788) 31.12.2012 UnclassifiedLANNEBO FONDER AB n/a Co File 6775736 1.62 - 30.12.2011 Investment AdvisorETON PARK INTERNATIO n/a Short (5830443) -1.39 - 01.11.2012 Hedge Fund ManagerFORSTA AP FONDEN n/a Research 5452932 1.3 - 28.09.2012 Investment AdvisorFIRST AP FUND n/a Co File 5286709 1.26 - 30.12.2011 n/aFOLKSAM GROUP n/a Research 5033476 1.2 - 28.09.2012 Insurance CompanyANDRA AP FONDEN n/a Co File 4662614 1.11 - 30.12.2011 Pension Fund (ERISA)HANDELSBANKEN FONDER n/a Research 4614019 1.1 - 31.01.2013 Investment AdvisorFJARDE AP-FONDEN n/a Research 4194563 1 - 28.09.2012 Pension Fund (ERISA)NTC UN JOINT STAFF n/a Research 3355650 0.8 - 28.09.2012 OtherFOLKSAM LO FOND AB Multiple Portfolios MF-AGG 3345724 0.8 223563 31.12.2012 Investment AdvisorAMF FONDER AB Multiple Portfolios MF-AGG 2865000 0.68 2082000 31.12.2012 Investment AdvisorSPP FONDER AB Multiple Portfolios MF-AGG 2328861 0.56 (27018) 31.01.2013 Investment AdvisorENTER FONDER AB Multiple Portfolios MF-AGG 2274712 0.54 785100 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue LIONEL PELLICER sell 1 M 123 6 month 25.02.2013Credit Suisse ANDRE KUKHNIN neutral 3 M 145 Not Provided 20.02.2013Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 134 12 month 12.02.2013Exane BNP Paribas ALEXIS DENAUD neutral 3 M 140 Not Provided 11.02.2013Commerzbank Corporates & Markets SEBASTIAN GROWE reduce 2 M 120 6 month 08.02.2013Canaccord Genuity Corp ANDREW BELL sell 1 M 115 Not Provided 08.02.2013Barclays ALLAN SMYLIE equalweight 3 M 130 Not Provided 07.02.2013SEB Enskilda DANIEL SCHMIDT hold 3 M 140 Not Provided 06.02.2013Carnegie KENNETH TOLL JOHANSSON sell 1 M #N/A N/A Not Provided 06.02.2013Nordea Equity Research ANDREAS KOSKI hold 3 M 145 12 month 06.02.2013Handelsbanken JON HYLTNER buy 5 M 170 12 month 06.02.2013DNB Markets LARS BRORSON sell 1 M 120 Not Provided 06.02.2013Danske Markets OSCAR STJERNGREN hold 3 M 150 12 month 06.02.2013ABG Sundal Collier ANDERS IDBORG hold 3 M 130 6 month 05.02.2013Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 151 12 month 05.02.2013JPMorgan GLEN H LIDDY neutral 3 M 141 9 month 05.02.2013HSBC COLIN GIBSON neutral 3 M 135 Not Provided 05.02.2013CA Cheuvreux JOAKIM HOGLUND underperform 1 M 120 Not Provided 29.01.2013Deutsche Bank JOHAN WETTERGREN hold 3 M 125 12 month 22.01.2013Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 125 12 month 17.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Pareto Securities DAVID JACOBSSON buy 5 U 145 6 month 21.11.2012Swedbank MATS LISS neutral 3 M 130 12 month 23.11.2011Evli Bank Plc MAGNUS AXEN buy 5 M 180 Not Provided 16.11.2011Alandsbanken Equities ANDERS ROSLUND buy 5 M 182 12 month 28.04.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 27.02.2013Amadeus IT Holding SAAmadeus IT Holding SA processes transactions for the global travel and tourism Price/Volumeindustry. The Company processes transactions for airlines, hotels, rail 25 80.0 Moperators, cruise lines and ferry operators, car rental companies, and tour 70.0 Moperators. 20 60.0 M 15 50.0 M 40.0 M Valuation Analysis 10 30.0 MLatest Fiscal Year: 12/2012 20.0 MLTM as of: 12/yy 5 10.0 M52-Week High (27.02.2013) 20.60 0 .0 M52-Week Low (07.03.2012) 13.68 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 2329658.00 Current Price (2/dd/yy) 19.995 Market Data 52-Week High % Change -2.86% Dividend Yield - 52-Week Low % Change 46.16% Beta 0.67 % 52 Week Price Range High/Low 95.49% Equity Float 349.83Shares Out 14.11.2012 447.6 Short Int - Market Capitalization 8949.40 1 Yr Total Return 44.71%Total Debt 2241.57 YTD Return 6.36%Preferred Stock 0.0 Adjusted BETA 0.668Minority Interest 2.5 Analyst Recs 27Cash and Equivalents 435.74 Consensus Rating 3.815Enterprise Value 10465.20 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2409922AMS SQ EQUITY YTD Change - Average Volume 30 Day 7466228AMS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 5730749 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 2505.1 2383.9 2593.6 2759.1 2910.3 2810.8 2910.2 3021.3 3215.9 - - TEV/Revenue - - 3.66x 2.68x - 11.10x 9.18x 3.38x 3.07x - - EBITDA 875.1 869.8 654.1 1073.5 - 1111.7 892.9 1158.7 1253.7 - - TEV/EBITDA - - 14.52x 6.89x - 6.65x 0.00x 9.03x 8.35x - - Net Income 183.5 272.5 136.8 729.5 501.6 722.1 501.5 598.8 661.3 167.0 162.0 P/E - - 111.04x 12.33x 16.99x 7.77x 16.90x 14.74x 13.25x 13.98x - Profitability S&P Issuer RatingsEBITDA 1073.45 Long-Term Rating Date 14.06.2011EBIT 831.23 Long-Term Rating BBB-Operating Margin 30.13% Long-Term Outlook POSPretax Margin 24.18% Short-Term Rating Date 14.06.2011Return on Assets 9.78% Short-Term Rating A-3Return on Common Equity 34.50% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 5.37Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 5.15Margin Analysis Net Debt/EBITDA 1.34Gross Margin - Total Debt/EBITDA 1.74EBITDA Margin 38.5% ReferenceEBIT Margin 29.8% Total Debt/Equity 177.4%Net Income Margin 17.2% Total Debt/Capital 63.9%Structure Asset Turnover 0.58Current Ratio 0.82 Net Fixed Asset Turnover 10.65Quick Ratio 0.63 Accounts receivable turnover-days -Debt to Assets 44.44% Inventory Days -Tot Debt to Common Equity 177.38% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 3500.0 14.00 3000.0 12.00 2500.0 10.00 2000.0 8.00 1500.0 6.00 1000.0 4.00 500.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 31. 27.02.2013Amadeus IT Holding SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAIR FRANCE CORP n/a Research 27302498 6.1 - 14.11.2012 CorporationBNP PARIBAS SA n/a EXCH 22750649 5.08 429477 12.11.2012 BankMFS INVESTMENT MANAG n/a EXCH 22455727 5.02 - 20.03.2012 Investment AdvisorBLACKROCK INVESTMENT n/a EXCH 22246749 4.97 (221962) 19.10.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a ULT-AGG 22041227 4.92 - 25.01.2013 GovernmentDEUTSCHE LUFTHANSA A n/a EXCH 17903279 4 - 07.12.2012 CorporationMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 15374186 3.43 324717 31.12.2012 Investment AdvisorFIDELITY LTD n/a Research 9443979 2.11 4835887 13.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8278502 1.85 1211347 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 6809996 1.52 1357146 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 5815000 1.3 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5656644 1.26 114351 31.12.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 5419846 1.21 20790 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 4977973 1.11 (9193) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 4960073 1.11 (1173169) 25.02.2013 Investment AdvisorLANSDOWNE PARTNERS L n/a Short (4610095) -1.03 (179033) 01.02.2013 Hedge Fund ManagerFEDERATED INVESTORS Multiple Portfolios MF-AGG 4541700 1.01 (710300) 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 4342039 0.97 360004 26.02.2013 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4060148 0.91 242000 31.07.2012 Investment AdvisorIBERIA LINEA AEREAS n/a Research 3759689 0.84 - 31.08.2012 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley ADAM WOOD Overwt/In-Line 5 M 21 12 month 27.02.2013Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO reduce 2 M 19 12 month 27.02.2013Oddo & Cie YAN DEROCLES buy 5 M 23 Not Provided 27.02.2013Ahorro Corporacion Financiera SA ELENA FERNANDEZ hold 3 M 21 Not Provided 27.02.2013Banesto Bolsa SA Sociedad MARTA GOMEZ overweight 5 M 20 Not Provided 27.02.2013BPI JOAO SAFARA SILVA neutral 3 M 20 Not Provided 25.02.2013Grupo Santander JUAN RAMON CORREAS underweight 1 M 19 Not Provided 22.02.2013Espirito Santo Investment Bank Research JUAN CARLOS CALVO neutral 3 M 22 Not Provided 21.02.2013AlphaValue HELENE COUMES add 4 M 21 6 month 21.02.2013Banco Sabadell MARIA CEBOLLERO sell 1 M 21 12 month 19.02.2013JPMorgan STACY E POLLARD overweight 5 M 22 12 month 05.02.2013Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 22 Not Provided 24.01.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013Barclays GERARDUS VOS equalweight 3 M 18 Not Provided 14.01.2013NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 20 12 month 24.12.2012Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 27 12 month 18.12.2012Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS buy 5 M 20 Not Provided 17.12.2012La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 M 22 Not Provided 24.10.2012CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO outperform 5 D 20 Not Provided 23.10.2012Renta 4 SA SVB TEAM COVERAGE overweight 5 M 22 Not Provided 26.09.2012Redburn Partners NEIL STEER buy 5 N #N/A N/A Not Provided 29.08.2012Interdin Bolsa SOFIA REBUELTA VILLEGAS neutral 3 M #N/A N/A Not Provided 03.08.2012Davy JOSHUA GOLDMAN neutral 3 M #N/A N/A Not Provided 01.08.2012BBVA LURDES SAIZ DE QUEVEDO outperform 5 M 19 Not Provided 18.07.2012Link Securities INIGO ISARDO hold 3 D 19 Not Provided 07.07.2012HSBC ANTONIN BAUDRY restricted #N/A N/A M #N/A N/A Not Provided 14.05.2012Mirabaud Finanzas Sociedad de ValoresGONZALO SANZ S overweight 5 M 16 12 month 24.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 27.02.2013AMEC PLCAMEC PLC provides consulting, engineering and project management services to the Price/Volumeworlds energy, power and process industries. The Company project manages the 1400 6.0 Mdelivery of major industrial and infrastructure projects, such as power 1200 5.0 Mnetworks, and supplies engineering, procurement and construction managementservices in the energy and mining industries. 1000 4.0 M 800 3.0 M Valuation Analysis 600Latest Fiscal Year: 12/2012 2.0 M 400LTM as of: 01/yy 200 1.0 M52-Week High (14.03.2012) 1189.00 0 .0 M52-Week Low (01.06.2012) 914.00 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 665401.00 Current Price (2/dd/yy) 1047 Market Data 52-Week High % Change -11.94% Dividend Yield 3.49 52-Week Low % Change 14.55% Beta 1.16 % 52 Week Price Range High/Low 44.73% Equity Float 294.67Shares Out 08.02.2013 297.1 Short Int - Market Capitalization 3110.25 1 Yr Total Return -3.30%Total Debt 176.00 YTD Return 4.39%Preferred Stock 0.0 Adjusted BETA 1.158Minority Interest 4.0 Analyst Recs 20Cash and Equivalents 275.00 Consensus Rating 3.800Enterprise Value 3015.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1516464AMEC LN EQUITY YTD Change - Average Volume 30 Day 1429403AMEC LN EQUITY YTD % CHANGE - Average Volume 3 Month 1244654 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - - Total Revenue 2606.4 2539.1 2951.0 3261.0 4158.0 - - 4256.4 4538.8 - - TEV/Revenue 0.35x 0.76x 1.07x 0.78x 0.70x - - 0.69x 0.63x - - EBITDA 209.8 155.6 238.0 281.0 363.0 - - 368.8 410.8 - - TEV/EBITDA 4.31x 12.45x 13.23x 9.06x 8.05x - - 8.18x 7.34x - - Net Income 199.7 171.7 231.0 232.0 216.0 - - 255.8 286.8 - - P/E 7.64x 16.64x 15.75x 14.34x 14.97x - - 11.97x 10.69x - - Profitability S&P Issuer RatingsEBITDA 363.00 Long-Term Rating Date -EBIT 308.00 Long-Term Rating -Operating Margin 7.41% Long-Term Outlook -Pretax Margin 6.33% Short-Term Rating Date -Return on Assets 8.69% Short-Term Rating -Return on Common Equity 17.62% Credit RatiosReturn on Capital 16.97% EBITDA/Interest Exp. 45.38Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. 43.00Margin Analysis Net Debt/EBITDA -0.27Gross Margin 12.8% Total Debt/EBITDA 0.48EBITDA Margin 8.7% ReferenceEBIT Margin 7.4% Total Debt/Equity 16.3%Net Income Margin 5.2% Total Debt/Capital 14.0%Structure Asset Turnover 1.67Current Ratio 1.13 Net Fixed Asset Turnover 106.62Quick Ratio 0.24 Accounts receivable turnover-days -Debt to Assets 6.99% Inventory Days 0.40Tot Debt to Common Equity 16.31% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 16.85Inventory Turnover 906.25Price/ Cash Flow Sales/Revenue/Turnover 25.00 5000.0 4500.0 20.00 4000.0 3500.0 15.00 3000.0 2500.0 10.00 2000.0 1500.0 5.00 1000.0 500.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 33. 27.02.2013AMEC PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 33121639 11.15 - 25.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 23973795 8.07 (307868) 31.12.2012 Investment AdvisorABERDEEN n/a ULT-AGG 12460653 4.19 (613469) 31.01.2013 UnclassifiedLEGAL & GENERAL n/a ULT-AGG 11385673 3.83 (43019) 01.11.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 11154807 3.76 136550 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 10708016 3.6 (1206854) 01.11.2012 UnclassifiedSCHRODER INVESTMENT Multiple Portfolios REG 9990730 3.36 (418) 01.11.2012 Investment AdvisorTHREADNEEDLE ASSET M Multiple Portfolios REG 8850888 2.98 (440568) 01.11.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 6463073 2.18 - 01.11.2012 GovernmentALLIANCE BERNSTEIN n/a ULT-AGG 5413600 1.82 (524159) 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP Multiple Portfolios REG 5207071 1.75 771229 01.11.2012 Investment AdvisorAMEC PLC ESOP Multiple Portfolios REG 5025555 1.69 1571140 01.11.2012 UnclassifiedWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4991837 1.68 (1138044) 31.12.2012 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4861416 1.64 - 31.07.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios REG 4614995 1.55 (2643223) 01.11.2012 Investment AdvisorRENSBURG INVESTMENT Multiple Portfolios REG 4435270 1.49 884176 01.11.2012 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios REG 4299884 1.45 258058 01.11.2012 Investment AdvisorAVIVA INVESTORS Multiple Portfolios REG 4191907 1.41 (812913) 01.11.2012 Investment AdvisorIGNIS ASSET MANAGEME Multiple Portfolios REG 4010049 1.35 (397351) 01.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 3852222 1.3 (38669) 01.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale GUILLAUME DELABY buy 5 M 1320 12 month 19.02.2013Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1135 Not Provided 19.02.2013Deutsche Bank SEBASTIAN YOSHIDA buy 5 M 1250 12 month 16.02.2013RBC Capital Markets KATHERINE TONKS sector perform 3 M 1150 12 month 15.02.2013HSBC PHILLIP LINDSAY overweight 5 M 1200 Not Provided 15.02.2013Canaccord Genuity Corp JAMES EVANS hold 3 M 1215 Not Provided 15.02.2013Nomura CHRISTYAN MALEK buy 5 M 1300 Not Provided 15.02.2013S&P Capital IQ CHRISTINE TISCARENO buy 5 M 1300 12 month 15.02.2013Oriel Securities Ltd DAVID ROUND hold 3 D #N/A N/A Not Provided 15.02.2013Barclays MICK PICKUP underweight 1 M 1350 Not Provided 15.02.2013Investec KEITH ADAM MORRIS buy 5 M 1300 12 month 14.02.2013Goldman Sachs HENRY TARR Buy/Neutral 5 M 1190 12 month 14.02.2013Exane BNP Paribas ALEXANDRE MARIE underperform 1 M 1110 Not Provided 14.02.2013JPMorgan ANDREW DOBBING neutral 3 M 1301 9 month 08.02.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Morgan Stanley ROBERT PULLEYN Underwt/Attractive 1 M 1220 12 month 16.11.2012Arden Partners Ltd BEN THEFAUT buy 5 M 1395 12 month 01.11.2012Shore Capital Stockbrokers JON BELL buy 5 M #N/A N/A Not Provided 01.12.2011Fox-Davies Capital PAUL SINGER hold 3 M #N/A N/A Not Provided 20.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 27.02.2013Amlin PLCAmlin PLC is an insurance and reinsurance business operating in the Lloyds Price/Volumemarket. The Company provides insurance cover to commercial enterprises. Amlin 450 6.0 Moffers risk management solutions to the following areas, aviation, 400international property and casualty, marine, and UK commercial business clients 5.0 M 350worldwide. 300 4.0 M 250 3.0 M Valuation Analysis 200Latest Fiscal Year: 12/2011 150 2.0 M 100LTM as of: 01/yy 1.0 M 5052-Week High (25.02.2013) 430.80 0 .0 M52-Week Low (16.05.2012) 307.80 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 596886.00 Current Price (2/dd/yy) 426.1 Market Data 52-Week High % Change -1.04% Dividend Yield 5.47 52-Week Low % Change 38.43% Beta 0.79 % 52 Week Price Range High/Low 92.44% Equity Float 495.57Shares Out 31.01.2013 497.1 Short Int - Market Capitalization 2118.21 1 Yr Total Return 27.88%Total Debt 388.50 YTD Return 12.43%Preferred Stock - Adjusted BETA 0.792Minority Interest 0.7 Analyst Recs 20Cash and Equivalents 256.40 Consensus Rating 3.450Enterprise Value 2337.91 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1024755AML LN EQUITY YTD Change - Average Volume 30 Day 1003678AML LN EQUITY YTD % CHANGE - Average Volume 3 Month 778994 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 1132.1 934.2 1534.9 1928.8 1976.7 - - 2298.6 2407.6 - - TEV/Revenue 1.49x 2.10x 1.33x 1.18x 0.86x - - - - - - EBITDA - - - - - - - - - - - TEV/EBITDA - - - - - - - - - - - Net Income 352.7 80.3 454.7 221.8 (149.9) - - 232.7 228.4 - - P/E 4.49x 20.98x 3.81x 9.09x - - - 9.33x 9.39x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating BBB+Operating Margin -8.39% Long-Term Outlook STABLEPretax Margin -9.80% Short-Term Rating Date -Return on Assets 2.44% Short-Term Rating -Return on Common Equity 11.52% Credit RatiosReturn on Capital 10.49% EBITDA/Interest Exp. -Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 27.4%Net Income Margin -7.6% Total Debt/Capital 21.5%Structure Asset Turnover 0.30Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.97% Inventory Days -Tot Debt to Common Equity 27.36% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 30.00 2500.0 25.00 2000.0 20.00 1500.0 15.00 1000.0 10.00 500.0 5.00 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 |
  • 35. 27.02.2013Amlin PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINVESCO LTD n/a RNS-MAJ 69588184 14 4957 24.09.2012 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios REG 41724366 8.39 2312625 01.10.2012 Investment AdvisorAEGON n/a ULT-AGG 33665446 6.77 (939243) 01.10.2012 UnclassifiedBLACKROCK n/a ULT-AGG 22099330 4.45 (1289710) 25.02.2013 Investment AdvisorMAJEDIE ASSET MANAGE Multiple Portfolios REG 20503656 4.12 241820 01.10.2012 Investment AdvisorFMR LLC n/a ULT-AGG 20112918 4.05 (4939724) 31.12.2012 Investment AdvisorKAMES CAPITAL PLC n/a RNS-MAJ 19570858 3.94 (220448) 02.02.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 19537266 3.93 (80245) 31.01.2013 UnclassifiedDIMENSIONAL FUND ADV Multiple Portfolios REG 17596946 3.54 (25345) 01.10.2012 Investment AdvisorPERPETUAL INVESTMENT Multiple Portfolios MF-AGG 15505301 3.12 - 31.03.2012 Investment AdvisorF&C ASSET MANAGEMENT Multiple Portfolios REG 13633601 2.74 (1660863) 01.10.2012 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 12818841 2.58 (220022) 01.10.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12000242 2.41 - 31.07.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios REG 11964812 2.41 818940 01.10.2012 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios REG 11847372 2.38 (672021) 01.10.2012 Investment AdvisorTHREADNEEDLE ASSET M Multiple Portfolios REG 9355319 1.88 653803 01.10.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 8977190 1.81 (338823) 01.10.2012 GovernmentMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 8286062 1.67 273246 31.12.2012 Investment AdvisorNEUBERGER BERMAN LLC Multiple Portfolios REG 7950206 1.6 (1699919) 01.10.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 7584962 1.53 (1004806) 31.10.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse RICHARD BURDEN underperform 1 M 372 Not Provided 13.02.2013Numis Securities Ltd NICHOLAS JOHNSON buy 5 M 475 12 month 11.02.2013Westhouse Securities JOANNA PARSONS add 4 M 440 Not Provided 06.02.2013Peel Hunt MARK WILLIAMSON hold 3 M 469 Not Provided 04.02.2013Oriel Securities Ltd MARCUS BARNARD hold 3 U 400 Not Provided 04.02.2013Barclays OLIVIA BRINDLE overweight 5 M 490 Not Provided 04.02.2013Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 01.02.2013Nomura FAHAD CHANGAZI neutral 3 M 425 12 month 25.01.2013Keefe, Bruyette & Woods CHRISTOPHER HITCHINGS market perform 3 M 375 12 month 17.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013RBC Capital Markets KAMRAN HOSSAIN sector perform 3 D 430 12 month 16.01.2013HSBC THOMAS FOSSARD neutral 3 M 435 Not Provided 16.01.2013Canaccord Genuity Corp BEN COHEN buy 5 M 435 Not Provided 09.01.2013JPMorgan ANDREAS VAN EMBDEN underweight 1 M 360 3 month 28.12.2012Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 428 12 month 05.12.2012Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 420 12 month 11.10.2012Berenberg Bank TOM CARSTAIRS hold 3 M 404 Not Provided 19.09.2012Espirito Santo Investment Bank Research FERNEYHOUGH JOY neutral 3 D 362 Not Provided 12.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 36. 27.02.2013Andritz AGAndritz AG manufactures and markets machines for the production and processing Price/Volumeof pulp, fiberboard, and paper. The Company also provides high-tech production 60 4.5 Msystems, machinery, and services for the steel and other specialized industries 4.0 Msuch as feed manufacturing and sewage sludge treatment. Andritz operates 50 3.5 Mworldwide. 40 3.0 M 2.5 M 30 Valuation Analysis 2.0 MLatest Fiscal Year: 12/2011 20 1.5 M 1.0 MLTM as of: 09/yy 10 .5 M52-Week High (27.02.2013) 52.90 0 .0 M52-Week Low (06.03.2012) 34.12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 66585.00 Current Price (2/dd/yy) 52.86 Market Data 52-Week High % Change -0.11% Dividend Yield - 52-Week Low % Change 54.92% Beta 0.82 % 52 Week Price Range High/Low 95.45% Equity Float -Shares Out 30.09.2012 104.0 Short Int - Market Capitalization 5497.44 1 Yr Total Return 45.67%Total Debt 436.29 YTD Return 8.90%Preferred Stock 0.0 Adjusted BETA 0.816Minority Interest 42.2 Analyst Recs 16Cash and Equivalents 1615.05 Consensus Rating 3.750Enterprise Value 4514.04 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 99597ANDR AV EQUITY YTD Change - Average Volume 30 Day 93725ANDR AV EQUITY YTD % CHANGE - Average Volume 3 Month 98397 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 3282.5 3609.8 3197.5 3553.8 4596.0 4279.2 5115.1 5148.9 6301.6 1458.8 1303.0 TEV/Revenue 0.57x 0.16x 0.46x 0.67x 0.47x 2.17x 2.33x 0.89x 0.73x 3.00x 3.10x EBITDA 242.0 292.3 229.3 306.9 393.2 366.1 398.1 416.2 535.9 136.3 102.0 TEV/EBITDA 7.79x 1.97x 6.39x 7.78x 5.52x 5.79x 9.04x 10.83x 8.41x 8.64x 8.03x Net Income 134.5 139.7 96.8 179.6 230.7 215.5 247.3 249.7 312.3 86.1 62.8 P/E 15.88x 6.65x 21.44x 19.77x 14.28x 14.70x 18.36x 21.66x 17.66x 17.26x 16.17x Profitability S&P Issuer RatingsEBITDA 393.20 Long-Term Rating Date -EBIT 319.74 Long-Term Rating -Operating Margin 6.96% Long-Term Outlook -Pretax Margin 7.00% Short-Term Rating Date -Return on Assets 5.21% Short-Term Rating -Return on Common Equity 28.08% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 22.47Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 18.07Margin Analysis Net Debt/EBITDA -2.58Gross Margin - Total Debt/EBITDA 2.01EBITDA Margin 7.8% ReferenceEBIT Margin 6.6% Total Debt/Equity 48.7%Net Income Margin 5.0% Total Debt/Capital 31.7%Structure Asset Turnover 1.08Current Ratio 1.18 Net Fixed Asset Turnover 11.43Quick Ratio 0.77 Accounts receivable turnover-days 38.08Debt to Assets 9.55% Inventory Days -Tot Debt to Common Equity 48.66% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.61 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 18.00 5000.0 16.00 4500.0 14.00 4000.0 3500.0 12.00 3000.0 10.00 2500.0 8.00 2000.0 6.00 1500.0 4.00 1000.0 2.00 500.0 0.00 0.0 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 |
  • 37. 27.02.2013Andritz AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCERTUS BETEILIGUNGS n/a Co File 31200000 30 - 31.12.2011 OtherCAPITAL GROUP INTERN n/a Research 5193954 4.99 - 10.08.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2348122 2.26 3745 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1434021 1.38 (13903) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1369235 1.32 20019 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 1313200 1.26 - 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 1281921 1.23 30117 31.12.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 1053241 1.01 (240) 30.11.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 921781 0.89 648 25.02.2013 Investment AdvisorRINGTURM KAG Multiple Portfolios MF-AGG 790000 0.76 (65000) 31.10.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 721137 0.69 (3124) 31.01.2013 Investment AdvisorDENVER INVESTMENT AD DENVER INVESTMENT AD 13F 605994 0.58 339158 31.12.2012 Investment AdvisorDELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 573784 0.55 - 31.10.2012 Investment AdvisorBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 499911 0.48 (31719) 30.09.2012 Investment AdvisorPIONEER INVESTMENTS Multiple Portfolios MF-AGG 477600 0.46 (4000) 31.05.2011 Investment AdvisorGLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 462500 0.44 (12909) 31.10.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 459400 0.44 (5602) 31.12.2012 Investment AdvisorACTIVEST MUNICH Multiple Portfolios MF-AGG 421961 0.41 - 30.11.2012 Investment AdvisorROYAL LONDON ASSET M Multiple Portfolios MF-AGG 360409 0.35 - 30.11.2012 Investment AdvisorBNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 313972 0.3 (15615) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateErste Bank GERALD WALEK accumulate 4 M 58 12 month 26.02.2013Baader Bank CHRISTINE REITSAMER buy 5 U 57 12 month 25.02.2013HSBC JOERG-ANDRE FINKE underweight 1 M 44 Not Provided 25.02.2013M.M. Warburg Investment Research ROLAND RAPELIUS buy 5 M 56 12 month 21.02.2013Commerzbank Corporates & Markets SEBASTIAN GROWE add 4 M 50 6 month 20.02.2013Raiffeisenbank AG BERNHARD SELINGER hold 3 M 50 12 month 13.02.2013Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 53 12 month 08.02.2013Deutsche Bank MATTHIAS PFEIFENBERGER hold 3 D 52 12 month 23.01.2013Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 71 6 month 23.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013JPMorgan ANDREAS WILLI neutral 3 D 52 9 month 14.01.2013Berenberg Bank BENJAMIN GLAESER hold 3 D 52 Not Provided 08.01.2013CA Cheuvreux OLIVER GIRAKHOU outperform 5 M 51 Not Provided 26.10.2012Kepler Capital Markets THOMAS NEUHOLD hold 3 M 47 Not Provided 08.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 27.02.2013Arkema SAArkema manufactures a wide range of chemicals. The Company manufactures Price/Volumeboth generic and brand name chemicals. 100 2.5 M 90 80 2.0 M 70 60 1.5 M 50 Valuation Analysis 40 1.0 MLatest Fiscal Year: 12/2011 30LTM as of: 09/yy 20 .5 M 1052-Week High (04.02.2013) 87.77 0 .0 M52-Week Low (28.06.2012) 46.60 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 205074.00 Current Price (2/dd/yy) 80.67 Market Data 52-Week High % Change -8.07% Dividend Yield - 52-Week Low % Change 73.11% Beta 1.06 % 52 Week Price Range High/Low 84.75% Equity Float 56.12Shares Out 07.11.2012 62.8 Short Int - Market Capitalization 5064.79 1 Yr Total Return 17.94%Total Debt 855.00 YTD Return 1.84%Preferred Stock 0.0 Adjusted BETA 1.057Minority Interest 27.0 Analyst Recs 23Cash and Equivalents 252.00 Consensus Rating 3.957Enterprise Value 6095.79 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 174838AKE FP EQUITY YTD Change - Average Volume 30 Day 188335AKE FP EQUITY YTD % CHANGE - Average Volume 3 Month 198242 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 5675.0 5633.0 4444.0 4869.0 5900.0 4500.0 6348.0 6415.2 6614.9 1463.6 1619.0 TEV/Revenue 0.56x 0.22x 0.44x 0.70x 0.68x 2.71x 3.00x 0.92x 0.86x - - EBITDA 554.0 517.0 339.0 839.0 1090.0 918.0 1053.0 996.3 1052.8 178.7 289.0 TEV/EBITDA 5.77x 2.43x 5.71x 4.08x 3.67x 0.00x 5.28x 6.12x 5.79x 5.63x 5.39x Net Income 122.0 100.0 (172.0) 347.0 (19.0) 444.0 (259.0) 451.1 505.8 64.4 130.5 P/E 25.85x 7.42x - 7.73x 5.94x 0.00x 10.11x 11.05x 9.95x 9.90x 9.92x Profitability S&P Issuer RatingsEBITDA 1090.00 Long-Term Rating Date 23.05.2012EBIT 762.00 Long-Term Rating BBBOperating Margin 12.92% Long-Term Outlook STABLEPretax Margin 11.81% Short-Term Rating Date 23.05.2012Return on Assets -4.66% Short-Term Rating A-2Return on Common Equity -10.51% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 35.16Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 21.48Margin Analysis Net Debt/EBITDA 0.95Gross Margin - Total Debt/EBITDA 1.16EBITDA Margin 16.6% ReferenceEBIT Margin 10.4% Total Debt/Equity 39.0%Net Income Margin -0.3% Total Debt/Capital 27.8%Structure Asset Turnover 1.14Current Ratio 1.51 Net Fixed Asset Turnover 3.44Quick Ratio 0.64 Accounts receivable turnover-days 62.21Debt to Assets 16.04% Inventory Days -Tot Debt to Common Equity 39.04% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.88 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 80.00 7000.0 70.00 6000.0 60.00 5000.0 50.00 4000.0 40.00 3000.0 30.00 2000.0 20.00 1000.0 10.00 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 |
  • 39. 27.02.2013Arkema SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAMUNDI n/a Research 4011877 6.39 357549 04.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3665111 5.84 (139087) 25.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 3385396 5.39 62194 31.12.2012 Investment AdvisorFMR LLC n/a Research 3378902 5.38 - 01.11.2012 UnclassifiedGREENLIGHT CAPITAL I n/a Research 3350002 5.34 (52216) 27.12.2012 Hedge Fund ManagerDODGE & COX n/a Research 3072187 4.89 - 17.02.2011 Investment AdvisorNORGES BANK n/a Research 2999498 4.78 (79060) 07.08.2012 GovernmentNATIXIS n/a Research 2263722 3.61 (878326) 06.06.2012 BankWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2154310 3.43 317853 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 1303852 2.08 (25834) 30.11.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 1293112 2.06 204388 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 960573 1.53 133299 31.12.2012 Investment AdvisorCOMMERZBANK AG n/a Research 410523 0.65 - 03.06.2011 BankINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 383157 0.61 2160 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 372851 0.59 - 31.07.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 352810 0.56 (341) 31.12.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 330269 0.53 40916 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 325736 0.52 58410 28.09.2012 Mutual Fund ManagerBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 308750 0.49 2709 30.09.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 297913 0.47 36275 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGilbert Dupont FRANCOISE DELVA add 4 M 96 Not Provided 25.02.2013AlphaValue MARTIN SCHNEE reduce 2 M 83 6 month 21.02.2013Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 18.02.2013Goldman Sachs RAKESH PATEL neutral/neutral 3 M 73 12 month 15.02.2013Natixis FREDERIC WILLIAMS-GOBEAUX buy 5 M 95 Not Provided 04.02.2013Nomura JEAN DE WATTEVILLE buy 5 M 100 Not Provided 04.02.2013Exane BNP Paribas JAMES KNIGHT neutral 3 M 77 Not Provided 04.02.2013Barclays ANDREAS HEINE overweight 5 N 108 Not Provided 04.02.2013EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 31.01.2013Credit Suisse RHIAN OCONNOR outperform 5 M 96 Not Provided 30.01.2013Oddo & Cie EMMANUEL MATOT neutral 3 M 85 Not Provided 29.01.2013Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 90 12 month 25.01.2013HSBC GEOFF HAIRE neutral 3 M 85 Not Provided 11.01.2013Macquarie CHRISTIAN FAITZ outperform 5 M 88 12 month 09.01.2013JPMorgan MARTIN EVANS overweight 5 M 75 9 month 07.12.2012Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 92 12 month 06.12.2012Main First Bank AG HOLGER OCHS outperform 5 M 85 Not Provided 20.11.2012Societe Generale PETER CLARK buy 5 M 90 12 month 09.11.2012CA Cheuvreux KLAUS RINGEL outperform 5 M 93 Not Provided 09.11.2012Berenberg Bank JAIDEEP PANDYA buy 5 M 100 Not Provided 08.11.2012Prosdocimi TEAM COVERAGE accumulate 4 N #N/A N/A Not Provided 07.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 27.02.2013Aryzta AGAryzta AG produces and retails specialty bakery products. The Company produces Price/VolumeFrench breads, pastries, continental breads, confections, artisan breads, 60 .7 Mhomestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and 50 .6 Msweet baked goods. Aryzta operates in North America, South America, Europe,South East Asia, Australia and New Zealand. .5 M 40 .4 M 30 Valuation Analysis .3 MLatest Fiscal Year: 07/2012 20 .2 MLTM as of: 10/yy 10 .1 M52-Week High (19.02.2013) 53.95 0 .0 M52-Week Low (11.04.2012) 41.21 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 81730.00 Current Price (2/dd/yy) 52.9 Market Data 52-Week High % Change -2.04% Dividend Yield - 52-Week Low % Change 28.37% Beta 0.92 % 52 Week Price Range High/Low 90.19% Equity Float 86.71Shares Out 31.07.2012 91.8 Short Int - Market Capitalization 4856.78 1 Yr Total Return 19.89%Total Debt 1591.57 YTD Return 14.26%Preferred Stock 0.0 Adjusted BETA 0.916Minority Interest 86.2 Analyst Recs 14Cash and Equivalents 547.47 Consensus Rating 3.929Enterprise Value 5113.61 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 229529ARYN SE EQUITY YTD Change - Average Volume 30 Day 196936ARYN SE EQUITY YTD % CHANGE - Average Volume 3 Month 204375 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 10/yy 10/yy 07/13 Y 07/14 Y 01/13 Q2 04/13 Q3 Total Revenue 2660.9 3212.3 3009.7 3876.9 4207.7 3914.5 4298.0 4409.8 4623.9 939.5 1236.0 TEV/Revenue - 0.83x 1.31x 1.10x 1.11x 0.00x 0.00x 1.15x 1.03x - - EBITDA 232.4 342.7 340.5 485.1 540.0 0.0 0.0 573.5 623.5 - - TEV/EBITDA - 7.74x 11.62x 8.80x 8.68x 0.00x 0.00x 8.92x 8.21x - - Net Income 129.8 54.0 151.7 212.7 146.3 0.0 0.0 323.2 350.2 - - P/E - 35.77x 16.43x 14.81x 26.80x 0.00x 0.00x 11.92x 10.79x - - Profitability S&P Issuer RatingsEBITDA 540.04 Long-Term Rating Date -EBIT 337.87 Long-Term Rating -Operating Margin 8.03% Long-Term Outlook -Pretax Margin 4.45% Short-Term Rating Date -Return on Assets 2.75% Short-Term Rating -Return on Common Equity 6.43% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 1.93Gross Margin 28.1% Total Debt/EBITDA 2.95EBITDA Margin 12.8% ReferenceEBIT Margin 8.0% Total Debt/Equity 65.7%Net Income Margin 3.5% Total Debt/Capital 38.8%Structure Asset Turnover 0.79Current Ratio 1.11 Net Fixed Asset Turnover 4.29Quick Ratio 0.88 Accounts receivable turnover-days 44.86Debt to Assets 28.64% Inventory Days 32.28Tot Debt to Common Equity 65.68% Accounts Payable Turnover Day 107.86Accounts Receivable Turnover 8.16 Cash Conversion Cycle -30.71Inventory Turnover 11.34Price/ Cash Flow Sales/Revenue/Turnover 12.00 4500.0 4000.0 10.00 3500.0 8.00 3000.0 2500.0 6.00 2000.0 4.00 1500.0 1000.0 2.00 500.0 0.00 0.0 31.07.2009 31.01.2010 31.07.2010 31.01.2011 31.07.2011 31.01.2012 31.07.2012 31.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 41. 27.02.2013Aryzta AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 5104071 5.56 (4740) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3870316 4.22 265562 25.02.2013 Investment AdvisorARYZTA AG n/a EXCH 3772859 4.11 - 21.11.2011 CorporationARI LTIP TRUSTEE LTD n/a Co File 3772859 4.11 - 31.07.2012 OtherCREDIT SUISSE FUND M n/a EXCH 3080273 3.36 - 30.11.2012 Investment AdvisorFIDELITY MA AND RES n/a Co File 2785897 3.03 - 31.07.2012 Investment AdvisorINVESCO LTD n/a EXCH 2733026 2.98 (25844) 20.11.2012 Investment AdvisorMASSACHUSETTS MUTUAL #N/A N/A EXCH 2683776 2.92 (126845) 21.02.2013 Insurance CompanyCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2421808 2.64 (40471) 28.12.2012 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2288657 2.49 309555 30.12.2012 Investment AdvisorTRIMARK INVESTMENT M Multiple Portfolios MF-AGG 2178413 2.37 - 30.09.2012 UnclassifiedUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1773529 1.93 (12556) 31.10.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1620972 1.77 38556 31.12.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 1291486 1.41 146502 30.11.2012 BankSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1160302 1.26 (8300) 28.12.2012 Mutual Fund ManagerPICTET & CIE Multiple Portfolios MF-AGG 989187 1.08 (56931) 30.11.2012 Mutual Fund ManagerKILLIAN OWEN n/a RNS-DIR 823731 0.9 - 26.09.2011 n/aDWS INVESTMENT S A Multiple Portfolios MF-AGG 739639 0.81 - 28.12.2012 Mutual Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 701861 0.76 19090 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 635244 0.69 6900 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMain First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 58 12 month 25.02.2013Helvea ANDREAS VON ARX accumulate 4 M 57 12 month 22.02.2013Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 57 12 month 20.02.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013Societe Generale ALEX SLOANE hold 3 M 51 12 month 04.12.2012Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 M #N/A N/A Not Provided 04.12.2012Credit Suisse PATRICK JNGLIN outperform 5 M 50 Not Provided 03.12.2012Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 50 Not Provided 03.12.2012Davy JOHN OREILLY outperform 5 M #N/A N/A Not Provided 31.10.2012Kepler Capital Markets JON COX buy 5 M 55 Not Provided 05.10.2012Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 68 12 month 02.10.2012CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 48 Not Provided 26.09.2012Bloxham Stockbrokers JOE R GILL market weight 3 M #N/A N/A Not Provided 20.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 27.02.2013Atlantia SpAAtlantia S.p.A. is a holding company with responsibility for portfolio Price/Volumestrategies in the transport and communications infrastructures and network 16 8.0 Msectors. 14 7.0 M 12 6.0 M 10 5.0 M 8 4.0 M Valuation Analysis 6 3.0 MLatest Fiscal Year: 12/2011 4 2.0 MLTM as of: 09/yy 2 1.0 M52-Week High (03.01.2013) 14.29 0 .0 M52-Week Low (27.06.2012) 9.03 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 870027.00 Current Price (2/dd/yy) 12.92 Market Data 52-Week High % Change -9.52% Dividend Yield - 52-Week Low % Change 43.08% Beta 0.88 % 52 Week Price Range High/Low 71.86% Equity Float 299.58Shares Out 30.09.2012 661.8 Short Int - Market Capitalization 8550.81 1 Yr Total Return 15.43%Total Debt 10759.55 YTD Return -5.49%Preferred Stock 0.0 Adjusted BETA 0.876Minority Interest 450.5 Analyst Recs 24Cash and Equivalents 619.90 Consensus Rating 3.500Enterprise Value 22710.26 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2260880ATL IM EQUITY YTD Change - Average Volume 30 Day 1823855ATL IM EQUITY YTD % CHANGE - Average Volume 3 Month 1815369 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 2781.3 2919.7 3300.6 3901.4 4306.6 4206.8 3891.1 4075.1 4267.5 1042.0 - TEV/Revenue 9.09x 6.15x 6.43x 4.93x 4.23x 17.87x 20.45x 4.78x 4.66x 19.60x - EBITDA 1988.8 2020.6 2155.6 2285.1 2345.2 2444.5 2291.8 2448.1 2586.7 590.0 - TEV/EBITDA 12.72x 8.88x 9.85x 8.42x 7.77x 7.00x 9.67x 9.28x 8.78x - - Net Income 380.7 734.8 562.5 683.0 830.3 926.1 797.5 729.2 690.2 145.0 - P/E 40.35x 10.43x 18.35x 13.03x 10.89x 8.14x 10.57x 12.11x 12.72x - - Profitability S&P Issuer RatingsEBITDA 2345.17 Long-Term Rating Date 23.02.2012EBIT 1810.25 Long-Term Rating BBB+Operating Margin 42.03% Long-Term Outlook NEGPretax Margin 26.18% Short-Term Rating Date 28.04.2009Return on Assets 2.98% Short-Term Rating A-2Return on Common Equity 20.83% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 4.19Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. 1.47Margin Analysis Net Debt/EBITDA 5.45Gross Margin - Total Debt/EBITDA 6.28EBITDA Margin 58.9% ReferenceEBIT Margin 43.1% Total Debt/Equity 306.5%Net Income Margin 19.3% Total Debt/Capital 73.1%Structure Asset Turnover 0.15Current Ratio 0.66 Net Fixed Asset Turnover 17.17Quick Ratio 0.44 Accounts receivable turnover-days 116.54Debt to Assets 46.44% Inventory Days -Tot Debt to Common Equity 306.54% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.14 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 5000.0 4500.0 10.00 4000.0 3500.0 8.00 3000.0 6.00 2500.0 2000.0 4.00 1500.0 1000.0 2.00 500.0 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 |
  • 43. 27.02.2013Atlantia SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSINTONIA SA n/a EXCH 307140941 46.41 - 14.01.2013 Investment AdvisorFONDAZIONE CASSA RIS n/a EXCH 41801030 6.32 - 14.01.2013 CorporationBLACKROCK n/a ULT-AGG 34447033 5.2 484978 25.02.2013 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 16047205 2.42 468598 31.01.2013 UnclassifiedATLANTIA SPA n/a EXCH 13282879 2.01 - 14.01.2013 Holding CompanyBLACKROCK LUX SA n/a EXCH 11290778 1.71 - 14.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7877374 1.19 477302 31.12.2012 Investment AdvisorAKO CAPITAL LLP n/a Short (5493169) -0.83 - 01.11.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2381890 0.36 (3764498) 31.12.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 2155380 0.33 - 31.10.2012 BankLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1988101 0.3 (77179) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1955523 0.3 629696 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 1774060 0.27 83042 31.12.2012 Investment AdvisorKEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 1716945 0.26 (21750) 31.12.2012 Mutual Fund ManagerFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1696224 0.26 (142784) 31.05.2012 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 1664685 0.25 (1598) 28.09.2012 Investment AdvisorCOHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1645051 0.25 (740850) 31.12.2012 Investment AdvisorBLACKROCK LIFE LTD n/a EXCH 1641332 0.25 - 14.01.2013 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1301364 0.2 (90083) 31.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1292868 0.2 (1770602) 31.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateCA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 15 Not Provided 26.02.2013AlphaValue MYRIAM COHEN add 4 M 16 6 month 21.02.2013RBC Capital Markets ANDREW JONES sector perform 3 M 12 12 month 07.02.2013Banca IMI FABIO M PICARDI add 4 M 15 12 month 30.01.2013ICBPI ENRICO ESPOSTI buy 5 M 15 12 month 30.01.2013Barclays SUSANNA INVERNIZZI overweight 5 M 17 Not Provided 23.01.2013Nomura PETER LARKIN neutral 3 M 14 12 month 21.01.2013Equita SIM SpA STEFANO GAMBERINI hold 3 M 15 12 month 18.01.2013Goldman Sachs OLIVER NEAL not rated #N/A N/A M #N/A N/A Not Provided 17.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013Grupo Santander JOAQUIN FERRER hold 3 D 16 Not Provided 11.01.2013Morgan Stanley JAIME ROWBOTHAM Underwt/In-Line 1 M 13 12 month 10.01.2013Banca Akros(ESN) FRANCESCO PREVITERA accumulate 4 M 12 12 month 02.01.2013Kepler Capital Markets FILIPPO PRINI buy 5 M 16 Not Provided 13.12.2012Societe Generale VICTOR ACITORES buy 5 U 15 12 month 12.11.2012Exane BNP Paribas NICOLAS MORA outperform 5 N 15 Not Provided 08.11.2012Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 15 12 month 24.10.2012Macquarie ROBERT JOYNSON outperform 5 M 18 12 month 27.09.2012JPMorgan ELODIE RALL neutral 3 M 14 Not Provided 23.07.2012Oddo & Cie OLIVIER BECKER neutral 3 M 13 Not Provided 05.06.2012Natixis GREGOIRE THIBAULT reduce 2 D 11 Not Provided 14.05.2012BBVA ANTONIO RODRIGUEZ VICENS outperform 5 M 12 Not Provided 12.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 27.02.2013AtoSAtoS offers management consulting and outsourcing services, enterprise Price/Volumesolutions, and e-commerce solutions. The Company offers supply chain 70 1.4 Mmanagement, data warehousing, enterprise application integration, document 60 1.2 Mmanagement, geomarketing, data mining, e-marketing, and pre-customized computerapplications, and manages customers hardware, software, and networks. 50 1.0 M 40 .8 M Valuation Analysis 30 .6 MLatest Fiscal Year: 12/2012 20 .4 MLTM as of: 09/yy 10 .2 M52-Week High (25.02.2013) 59.22 0 .0 M52-Week Low (08.03.2012) 40.75 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 196903.00 Current Price (2/dd/yy) 57.41 Market Data 52-Week High % Change -3.07% Dividend Yield - 52-Week Low % Change 40.88% Beta 0.91 % 52 Week Price Range High/Low 95.72% Equity Float 55.17Shares Out 31.01.2013 85.7 Short Int - Market Capitalization 4921.74 1 Yr Total Return 34.78%Total Debt 908.60 YTD Return 8.61%Preferred Stock 0.0 Adjusted BETA 0.912Minority Interest 6.0 Analyst Recs 21Cash and Equivalents 766.80 Consensus Rating 4.190Enterprise Value 4852.24 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 353052ATO FP EQUITY YTD Change - Average Volume 30 Day 206300ATO FP EQUITY YTD % CHANGE - Average Volume 3 Month 200251 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 12/12 Q4 03/13 Q1 Total Revenue 5623.5 5127.0 5020.6 6812.5 8844.0 5886.0 8790.0 8942.9 9161.9 2316.5 - TEV/Revenue 0.27x 0.46x 0.58x 0.44x - 0.00x 0.00x 0.50x 0.45x - - EBITDA 452.7 241.5 390.3 689.8 - 0.0 0.0 1011.6 1068.1 - - TEV/EBITDA 3.41x 9.80x 7.48x 4.31x - 0.00x 0.00x 4.79x 4.54x - - Net Income 22.6 3.9 116.1 181.6 224.0 0.0 0.0 433.7 462.2 204.0 - P/E 55.98x 534.75x 23.86x 14.19x 20.23x 0.00x 0.00x 12.55x 11.44x - - Profitability S&P Issuer RatingsEBITDA 689.80 Long-Term Rating Date -EBIT 422.40 Long-Term Rating -Operating Margin 6.20% Long-Term Outlook -Pretax Margin 4.58% Short-Term Rating Date -Return on Assets 2.97% Short-Term Rating -Return on Common Equity 9.23% Credit RatiosReturn on Capital 7.13% EBITDA/Interest Exp. 23.54Asset Turnover 1.41% (EBITDA-Capex)/Interest Exp. 14.90Margin Analysis Net Debt/EBITDA -0.12Gross Margin - Total Debt/EBITDA 1.11EBITDA Margin 9.8% ReferenceEBIT Margin 5.8% Total Debt/Equity 39.1%Net Income Margin 2.5% Total Debt/Capital 28.1%Structure Asset Turnover 1.41Current Ratio 0.99 Net Fixed Asset Turnover 16.57Quick Ratio 0.81 Accounts receivable turnover-days 69.53Debt to Assets 12.33% Inventory Days -Tot Debt to Common Equity 39.11% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.26 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 10.00 10000.0 9.00 9000.0 8.00 8000.0 7.00 7000.0 6.00 6000.0 5.00 5000.0 4.00 4000.0 3.00 3000.0 2.00 2000.0 1.00 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 |
  • 45. 27.02.2013AtoSHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFINANCIERE DAUNOU n/a Co File 17855541 20.83 - 31.12.2011 UnclassifiedSIEMENS AG n/a Research 12483153 14.56 - 10.07.2012 CorporationFMR LLC n/a ULT-AGG 4150658 4.84 10905 30.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1029653 1.2 33834 31.12.2012 Investment AdvisorGENERALI ASSET MANAG Multiple Portfolios MF-AGG 642169 0.75 (1470) 31.01.2013 Mutual Fund ManagerDEUTSCHE BANK AG Multiple Portfolios MF-AGG 606214 0.71 (137266) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 498397 0.58 (35607) 25.02.2013 Investment AdvisorPALATINE ASSET MANAG Multiple Portfolios MF-AGG 462000 0.54 (5500) 31.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 397385 0.46 (2479) 31.12.2012 Mutual Fund ManagerBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 378041 0.44 16108 30.09.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 284639 0.33 (61950) 28.12.2012 Mutual Fund ManagerHSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 265000 0.31 (623) 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 261844 0.31 21036 31.12.2012 Investment AdvisorNEW JERSEY DIVISION Multiple Portfolios MF-AGG 250000 0.29 (750000) 30.06.2012 Pension Fund (ERISA)AMUNDI Multiple Portfolios MF-AGG 247840 0.29 - 28.09.2012 Mutual Fund ManagerGROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 237919 0.28 (82609) 28.09.2012 Investment AdvisorBNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 222845 0.26 (885) 30.09.2012 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 202861 0.24 (11135) 31.12.2012 Investment AdvisorATOS n/a Co File 202370 0.24 - 31.12.2011 OtherALLIANZ ASSET MANAGE n/a ULT-AGG 183788 0.21 (36057) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale DERRIC MARCON buy 5 M 78 12 month 25.02.2013Credit Suisse CHARLES BRENNAN outperform 5 M 63 Not Provided 22.02.2013Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 44 Not Provided 22.02.2013Berenberg Bank DAUD KHAN hold 3 M 51 Not Provided 22.02.2013Bryan Garnier & Cie GREGORY RAMIREZ neutral 3 M 60 6 month 22.02.2013Exane BNP Paribas BRICE PRUNAS outperform 5 M 62 Not Provided 22.02.2013Barclays GERARDUS VOS overweight 5 M 64 Not Provided 22.02.2013Morgan Stanley ADAM WOOD Equalwt/In-Line 3 M 56 12 month 21.02.2013Kepler Capital Markets LAURENT DAURE buy 5 M 59 Not Provided 21.02.2013AlphaValue HELENE COUMES add 4 M 60 6 month 21.02.2013Jefferies MILAN RADIA hold 3 M 56 12 month 19.02.2013Natixis GWENAEL GIARD buy 5 M 65 Not Provided 15.02.2013Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013Goldman Sachs SIVA KRISHNA PRASAD BORRA Buy/Neutral 5 M 70 12 month 11.01.2013Main First Bank AG CAROLE ROZEN outperform 5 M 72 12 month 04.01.2013HSBC ANTONIN BAUDRY neutral 3 M 55 Not Provided 03.11.2012CM - CIC Securities(ESN) DOV LEVY buy 5 M 55 12 month 04.09.2012CA Cheuvreux MICHAEL BEUCHER underperform 1 M 41 Not Provided 27.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 46. 27.02.2013Babcock International Group PLCBabcock International Group plc offers support services to public sector Price/Volumeinstitutions. The Company offers facilities management, training, and support 1200 12.0 Mservices to defense, rail transportation, marine, and other public sectororganizations. Babcock serves customers in Europe, Africa, and North America. 1000 10.0 M 800 8.0 M 600 6.0 M Valuation AnalysisLatest Fiscal Year: 03/2012 400 4.0 MLTM as of: 01/yy 200 2.0 M52-Week High (25.02.2013) 1079.00 0 .0 M52-Week Low (06.03.2012) 729.50 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 282865.00 Current Price (2/dd/yy) 1064 Market Data 52-Week High % Change -1.39% Dividend Yield 2.19 52-Week Low % Change 45.85% Beta 0.75 % 52 Week Price Range High/Low 93.42% Equity Float 340.90Shares Out 07.01.2013 360.3 Short Int - Market Capitalization 3833.28 1 Yr Total Return 47.43%Total Debt 761.50 YTD Return 10.20%Preferred Stock 0.0 Adjusted BETA 0.749Minority Interest 8.6 Analyst Recs 18Cash and Equivalents 100.30 Consensus Rating 3.833Enterprise Value 4459.08 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 608601BAB LN EQUITY YTD Change - Average Volume 30 Day 582585BAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 637595 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - - Total Revenue 1555.9 1901.9 1923.4 2703.2 3070.4 - - 3245.7 3467.9 - - TEV/Revenue 1.05x 0.88x 0.88x 1.10x 1.15x - - 1.35x 1.23x - - EBITDA 138.8 168.9 189.6 293.5 337.5 - - 378.4 392.9 - - TEV/EBITDA 11.79x 9.89x 8.92x 10.12x 10.45x - - 11.78x 11.35x - - Net Income 67.3 72.0 106.0 101.1 100.8 - - 245.5 249.9 - - P/E 19.06x 11.48x 13.02x 20.60x 18.55x - - 15.35x 15.09x - - Profitability S&P Issuer RatingsEBITDA 337.50 Long-Term Rating Date -EBIT 213.60 Long-Term Rating -Operating Margin 6.96% Long-Term Outlook -Pretax Margin 5.63% Short-Term Rating Date -Return on Assets 3.26% Short-Term Rating -Return on Common Equity 11.24% Credit RatiosReturn on Capital 8.50% EBITDA/Interest Exp. 7.34Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 6.41Margin Analysis Net Debt/EBITDA 1.79Gross Margin 18.3% Total Debt/EBITDA 2.08EBITDA Margin 11.2% ReferenceEBIT Margin 7.3% Total Debt/Equity 83.6%Net Income Margin 3.3% Total Debt/Capital 45.3%Structure Asset Turnover 0.99Current Ratio 0.83 Net Fixed Asset Turnover 13.35Quick Ratio 0.52 Accounts receivable turnover-days -Debt to Assets 25.40% Inventory Days -Tot Debt to Common Equity 83.55% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 10.97Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 3500.0 3000.0 20.00 2500.0 15.00 2000.0 1500.0 10.00 1000.0 5.00 500.0 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 |
  • 47. 27.02.2013Babcock International Group PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 25843624 7.17 (1025216) 03.12.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 22863754 6.35 (1015026) 31.01.2013 UnclassifiedCantillon Capital Multiple Portfolios REG 20606227 5.72 (360605) 03.12.2012 UnclassifiedBLACKROCK n/a ULT-AGG 18147899 5.04 - 25.02.2013 Investment AdvisorCANTILLON CAPITAL MA n/a RNS-MAJ 17938977 4.98 (79071) 26.09.2012 Hedge Fund ManagerSTANDARD LIFE INVEST Multiple Portfolios REG 17854888 4.96 465117 03.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 14719045 4.09 2617853 08.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 14338948 3.98 (76638) 03.12.2012 UnclassifiedWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11433505 3.17 758130 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL n/a Co File 11330063 3.14 - 10.05.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 9328039 2.59 655756 03.12.2012 BankWILLIAM BLAIR & COMP Multiple Portfolios REG 8925933 2.48 (2752744) 03.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 8077865 2.24 (150797) 03.12.2012 GovernmentSCOTTISH WIDOWS n/a ULT-AGG 8026561 2.23 (772082) 03.12.2012 UnclassifiedM&G INVESTMENT MANAG Multiple Portfolios REG 7802040 2.17 (53708) 03.12.2012 Investment AdvisorDEUTSCHE BANK PROP T Multiple Portfolios REG 6852026 1.9 258445 03.12.2012 OtherDWS INVESTMENT SA Multiple Portfolios REG 6580850 1.83 - 03.12.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 6384257 1.77 116802 31.12.2012 Investment AdvisorIGNIS ASSET MANAGEME Multiple Portfolios REG 6113871 1.7 (4142296) 03.12.2012 Investment AdvisorF&C ASSET MANAGEMENT Multiple Portfolios REG 5588384 1.55 62487 03.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBerenberg Bank SIMON MEZZANOTTE buy 5 M 1180 Not Provided 14.02.2013Westhouse Securities MICHAEL DONNELLY add 4 M 1142 Not Provided 07.02.2013Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 970 Not Provided 05.02.2013Investec JOHN LAWSON hold 3 M 1070 12 month 31.01.2013JPMorgan ROBERT PLANT overweight 5 M 1120 9 month 31.01.2013Jefferies KEAN MARDEN buy 5 M 1080 12 month 31.01.2013Shore Capital Stockbrokers ROBIN SPEAKMAN hold 3 M #N/A N/A Not Provided 31.01.2013Numis Securities Ltd MIKE MURPHY hold 3 M 1074 Not Provided 31.01.2013Peel Hunt CHRISTOPHER BAMBERRY hold 3 D 1038 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Liberum Capital Ltd JOE BRENT hold 3 M 950 Not Provided 09.01.2013Goldman Sachs CHARLES WILSON neutral/neutral 3 M 1081 12 month 18.12.2012N+1 Singer Ltd JAMES GC WOODROW hold 3 M 1013 12 month 12.11.2012Arden Partners Ltd GRAHAM J WEBSTER buy 5 M #N/A N/A Not Provided 01.10.2012Espirito Santo Investment Bank Research DAVID BROCKTON neutral 3 D 945 Not Provided 16.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 27.02.2013Balfour Beatty PLCBalfour Beatty plc operates an international engineering and construction group. Price/VolumeThe Group provides civil and specialist engineering, design and management 350 30.0 Mservices for businesses in the transport and energy sectors. Balfour Beatty 300 25.0 Malso invests in a number of privately funded infrastructure projects anddevelopments in the United Kingdom and overseas. 250 20.0 M 200 15.0 M Valuation Analysis 150Latest Fiscal Year: 12/2011 10.0 M 100LTM as of: 01/yy 50 5.0 M52-Week High (01.11.2012) 321.40 0 .0 M52-Week Low (13.11.2012) 234.60 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 2160591.00 Current Price (2/dd/yy) 285.5 Market Data 52-Week High % Change -11.08% Dividend Yield 4.94 52-Week Low % Change 21.70% Beta 1.09 % 52 Week Price Range High/Low 57.26% Equity Float 686.29Shares Out 01.02.2013 688.5 Short Int 0.32 Market Capitalization 1965.58 1 Yr Total Return 6.65%Total Debt 587.00 YTD Return 4.31%Preferred Stock 0.0 Adjusted BETA 1.088Minority Interest 4.0 Analyst Recs 17Cash and Equivalents 595.00 Consensus Rating 3.529Enterprise Value 2287.58 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2250737BBY LN EQUITY YTD Change - Average Volume 30 Day 1914680BBY LN EQUITY YTD % CHANGE - Average Volume 3 Month 1908216 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 6466.0 8261.0 8954.0 9236.0 9494.0 - - 10141.9 9650.3 - - TEV/Revenue 0.28x 0.16x 0.16x 0.21x 0.19x - - 0.20x 0.22x - - EBITDA 182.0 248.0 265.0 325.0 326.0 - - 350.1 343.7 - - TEV/EBITDA 10.09x 5.16x 5.47x 5.85x 5.57x - - 6.54x 6.66x - - Net Income 151.0 196.0 211.0 143.0 186.0 - - 221.3 206.6 - - P/E 12.65x 7.67x 6.99x 13.60x 9.92x - - 8.26x 8.96x - - Profitability S&P Issuer RatingsEBITDA 326.00 Long-Term Rating Date -EBIT 190.00 Long-Term Rating -Operating Margin 2.00% Long-Term Outlook -Pretax Margin 2.59% Short-Term Rating Date 04.07.2007Return on Assets 3.44% Short-Term Rating NRReturn on Common Equity 16.22% Credit RatiosReturn on Capital 12.59% EBITDA/Interest Exp. 6.04Asset Turnover 1.68% (EBITDA-Capex)/Interest Exp. 4.61Margin Analysis Net Debt/EBITDA 0.85Gross Margin 12.0% Total Debt/EBITDA 2.42EBITDA Margin 3.8% ReferenceEBIT Margin 2.5% Total Debt/Equity 46.6%Net Income Margin 2.0% Total Debt/Capital 31.7%Structure Asset Turnover 1.68Current Ratio 0.78 Net Fixed Asset Turnover 34.35Quick Ratio 0.66 Accounts receivable turnover-days 42.96Debt to Assets 10.17% Inventory Days 5.88Tot Debt to Common Equity 46.62% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.47 Cash Conversion Cycle 17.83Inventory Turnover 61.89Price/ Cash Flow Sales/Revenue/Turnover 40.00 10000.0 35.00 9000.0 8000.0 30.00 7000.0 25.00 6000.0 20.00 5000.0 4000.0 15.00 3000.0 10.00 2000.0 5.00 1000.0 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 |
  • 49. 27.02.2013Balfour Beatty PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 34469134 5.01 - 25.02.2013 Investment AdvisorCAUSEWAY CAPITAL MAN Multiple Portfolios REG 31794184 4.62 1513561 02.01.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 26513930 3.85 (307283) 31.01.2013 UnclassifiedSTANDARD LIFE INVEST #N/A N/A RNS-MAJ 25104162 3.65 (3150060) 26.02.2013 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 24430583 3.55 (1270665) 02.01.2013 Investment AdvisorARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 19027016 2.76 7381620 31.12.2012 Investment AdvisorAPG ALGEMENE PENSIOE Multiple Portfolios REG 14648319 2.13 - 02.01.2013 Pension Fund (ERISA)SCOTTISH WIDOWS n/a ULT-AGG 13416522 1.95 1645290 02.01.2013 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 12248871 1.78 413840 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 11352552 1.65 - 02.01.2013 GovernmentSTATE STREET n/a ULT-AGG 10534786 1.53 (881726) 26.02.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 10445981 1.52 (59045) 02.01.2013 UnclassifiedSMITH & WILLIAMSON H n/a ULT-AGG 9845994 1.43 853706 31.01.2013 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios REG 9225854 1.34 726897 02.01.2013 Investment AdvisorRWC PARTNERS Multiple Portfolios REG 8874380 1.29 350000 02.01.2013 Investment AdvisorBARCLAYS PERSONAL IN Multiple Portfolios REG 8732440 1.27 752923 02.01.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8348018 1.21 1323595 25.02.2013 Investment AdvisorNEWTON INV MGMT Multiple Portfolios REG 7820900 1.14 (115400) 02.01.2013 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios REG 7529569 1.09 30284 02.01.2013 Investment AdvisorAVIVA INVESTORS Multiple Portfolios REG 7461899 1.08 (5624566) 02.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateInvestec ANDREW GIBB sell 1 M 200 12 month 25.02.2013Oriel Securities Ltd MARK HOWSON buy 5 M 346 Not Provided 15.02.2013Panmure Gordon & Co Limited ANDY BROWN buy 5 M 310 Not Provided 04.02.2013RBC Capital Markets OLIVIA PETERS sector perform 3 M 300 12 month 29.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Numis Securities Ltd HOWARD SEYMOUR add 4 M 330 Not Provided 16.01.2013Credit Suisse EUGENE KLERK neutral 3 M 279 Not Provided 15.01.2013Goldman Sachs WILL MORGAN neutral/neutral 3 M 292 12 month 14.01.2013Liberum Capital Ltd JOE BRENT buy 5 M 320 Not Provided 09.01.2013Berenberg Bank CHRIS MOORE hold 3 D 290 Not Provided 12.11.2012JPMorgan EMILY BIDDULPH neutral 3 M 275 9 month 09.11.2012HSBC JEFFREY G DAVIS overweight 5 M 310 Not Provided 09.11.2012Deutsche Bank MANU RIMPELA hold 3 M 260 12 month 08.11.2012Canaccord Genuity Corp ALASTAIR STEWART buy 5 N 413 Not Provided 30.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 27.02.2013Baloise Holding AGBaloise Holding AG offers group and individual life, health, accident, liability Price/Volumeproperty, and transportation insurance to customers in Europe. The Company also 90 1.0 Moffers private banking and asset management services. 80 .9 M 70 .8 M 60 .7 M .6 M 50 .5 M Valuation Analysis 40 .4 MLatest Fiscal Year: 12/2011 30 .3 M 20 .2 MLTM as of: 12/yy 10 .1 M52-Week High (28.01.2013) 84.90 0 .0 M52-Week Low (05.06.2012) 58.30 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13