Fundamental Equity Analysis - STOXX Europe Large 200 Index Components
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Fundamental Equity Analysis - STOXX Europe Large 200 Index Components

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Fundamental Equity Analysis & Analyst Recommendations - STOXX Large 200 Index Components

Fundamental Equity Analysis & Analyst Recommendations - STOXX Large 200 Index Components

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 Fundamental Equity Analysis - STOXX Europe Large 200 Index Components Fundamental Equity Analysis - STOXX Europe Large 200 Index Components Presentation Transcript

  • This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations STOXX Europe Large 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 |
  • 28.02.2013ABB LtdABB Limited provides power and automation technologies. The Company operates Price/Volumeunder segments that include power products, power systems, automation products, 25 35.0 Mprocess automation and robotics. 30.0 M 20 25.0 M 15 20.0 M Valuation Analysis 10 15.0 MLatest Fiscal Year: 12/2012 10.0 MLTM as of: 12/yy 5 5.0 M52-Week High (25.02.2013) 21.60 0 .0 M52-Week Low (15.06.2012) 14.45 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 1257514.00 Current Price (2/dd/yy) 21.38 Market Data 52-Week High % Change -1.06% Dividend Yield - 52-Week Low % Change 47.96% Beta 1.28 % 52 Week Price Range High/Low 93.85% Equity Float 2145.77Shares Out 31.12.2012 2314.7 Short Int - Market Capitalization 49489.21 1 Yr Total Return 19.98%Total Debt 10071.00 YTD Return 14.03%Preferred Stock 0.0 Adjusted BETA 1.278Minority Interest 540.0 Analyst Recs 41Cash and Equivalents 8481.00 Consensus Rating 3.805Enterprise Value 55299.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6918902ABBN VX EQUITY YTD Change - Average Volume 30 Day 6780230ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 5981187 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 34912.0 31795.0 31589.0 37990.0 39336.0 37990.0 39336.0 41566.0 43746.9 9585.5 10338.2 TEV/Revenue 0.83x 1.18x 1.42x 1.10x 1.25x 5.09x 4.69x 1.30x 1.19x 5.73x 5.43x EBITDA 5259.0 4892.0 4733.0 5688.0 5240.0 5688.0 5420.0 6298.4 6953.3 1413.7 1587.3 TEV/EBITDA 5.48x 7.67x 9.49x 7.37x 9.40x 7.37x 9.09x 8.78x 7.95x 8.74x - Net Income 3118.0 2901.0 2561.0 3168.0 2704.0 3168.0 2704.0 3455.2 3961.8 737.8 849.5 P/E 10.76x 15.27x 19.85x 13.65x 17.40x 13.65x 17.55x 15.07x 13.30x 15.30x - Profitability S&P Issuer RatingsEBITDA 5240.00 Long-Term Rating Date 08.06.2010EBIT 4058.00 Long-Term Rating AOperating Margin 10.32% Long-Term Outlook STABLEPretax Margin 9.76% Short-Term Rating Date 08.06.2010Return on Assets 6.10% Short-Term Rating A-1Return on Common Equity 16.55% Credit RatiosReturn on Capital 12.65% EBITDA/Interest Exp. 17.88Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 13.47Margin Analysis Net Debt/EBITDA 0.29Gross Margin 28.9% Total Debt/EBITDA 1.86EBITDA Margin 13.8% ReferenceEBIT Margin 10.8% Total Debt/Equity 59.6%Net Income Margin 6.9% Total Debt/Capital 36.6%Structure Asset Turnover 0.89Current Ratio 1.48 Net Fixed Asset Turnover 7.24Quick Ratio 1.06 Accounts receivable turnover-days 89.90Debt to Assets 20.52% Inventory Days 78.02Tot Debt to Common Equity 59.57% Accounts Payable Turnover Day 63.02Accounts Receivable Turnover 4.07 Cash Conversion Cycle 104.90Inventory Turnover 4.69Price/ Cash Flow Sales/Revenue/Turnover 25.00 45000.0 40000.0 20.00 35000.0 30000.0 15.00 25000.0 20000.0 10.00 15000.0 10000.0 5.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013ABB LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINVESTOR AB n/a Research 166330142 7.19 - 04.01.2011 Investment AdvisorBLACKROCK n/a ULT-AGG 88383685 3.82 641066 26.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 46622931 2.01 107985 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 35969759 1.55 (250775) 28.12.2012 Mutual Fund ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25109683 1.08 - 31.12.2012 Investment AdvisorNORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24404999 1.05 742517 31.01.2013 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 21512467 0.93 (228817) 30.11.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 14688361 0.63 1127411 30.11.2012 Mutual Fund ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14044104 0.61 (1721905) 31.12.2012 Investment AdvisorSEB n/a ULT-AGG 12616326 0.55 442829 25.02.2013 UnclassifiedSKAGEN AS Multiple Portfolios MF-AGG 10421737 0.45 - 31.01.2013 Mutual Fund ManagerAMF FONDER AB Multiple Portfolios MF-AGG 9443400 0.41 1877700 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 8568106 0.37 (2579835) 27.02.2013 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8070678 0.35 4651 28.12.2012 Mutual Fund ManagerHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 7074030 0.31 559620 31.01.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6861907 0.3 5064054 31.12.2012 Investment AdvisorFOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6064784 0.26 1403 31.12.2012 Investment AdvisorCALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6040300 0.26 (135000) 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 5600000 0.24 - 31.12.2012 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 3823948 0.17 (15000) 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue HEINZ STEFFEN reduce 2 M 21 6 month 28.02.2013Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 26.02.2013Credit Suisse SIMON TOENNESSEN outperform 5 N 26 Not Provided 20.02.2013Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 20.02.2013Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 20.02.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013RBC Capital Markets ANDREW CARTER sector perform 3 M 21 12 month 19.02.2013Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.02.2013Kepler Capital Markets CHRISTOPH LADNER hold 3 D 21 Not Provided 18.02.2013Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013Barclays NICK WEBSTER overweight 5 M 24 Not Provided 18.02.2013Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 15.02.2013Deutsche Bank MARTIN WILKIE sell 1 M 18 12 month 15.02.2013SEB Enskilda DANIEL SCHMIDT buy 5 M 23 Not Provided 15.02.2013Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 15.02.2013Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 15.02.2013Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.02.2013Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 15.02.2013Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 18 12 month 14.02.2013ABG Sundal Collier ANDERS IDBORG buy 5 U 24 6 month 14.02.2013JPMorgan ANDREAS WILLI underweight 1 M 21 9 month 14.02.2013Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 14.02.2013Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month 14.02.2013Nomura DANIEL CUNLIFFE neutral 3 M 19 12 month 14.02.2013S&P Capital IQ JAWAHAR HINGORANI hold 3 M 23 12 month 14.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013CA Cheuvreux ALFRED GLASER underperform 1 M 14 Not Provided 23.01.2013Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 24 12 month 17.01.2013Berenberg Bank WILLIAM MACKIE hold 3 M 21 Not Provided 08.01.2013Natixis ARNAUD SCHMIT neutral 3 M 19 Not Provided 21.12.2012Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012HSBC COLIN GIBSON neutral 3 M 18 Not Provided 29.11.2012Espirito Santo Investment Bank Research VIRDEE ROB buy 5 M 21 Not Provided 30.10.2012Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Adidas AGAdidas AG manufactures sports shoes and sports equipment. The Company produces Price/Volumeproducts that include footwear, sports apparel, and golf clubs and balls. Adidas 80 3.0 Msells its products worldwide. 70 2.5 M 60 2.0 M 50 40 1.5 M Valuation Analysis 30Latest Fiscal Year: 12/2011 1.0 M 20LTM as of: 09/yy .5 M 1052-Week High (20.02.2013) 72.64 0 .0 M52-Week Low (29.06.2012) 54.75 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 129500.00 Current Price (2/dd/yy) 69.56 Market Data 52-Week High % Change -4.38% Dividend Yield - 52-Week Low % Change 27.05% Beta 0.77 % 52 Week Price Range High/Low 81.61% Equity Float 209.22Shares Out 30.09.2012 209.2 Short Int - Market Capitalization 14553.08 1 Yr Total Return 19.87%Total Debt 1280.00 YTD Return 3.31%Preferred Stock 0.0 Adjusted BETA 0.773Minority Interest 4.0 Analyst Recs 40Cash and Equivalents 1371.00 Consensus Rating 3.950Enterprise Value 14891.08 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 960899ADS GY EQUITY YTD Change - Average Volume 30 Day 831914ADS GY EQUITY YTD % CHANGE - Average Volume 3 Month 755077 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 10299.0 10799.0 10381.0 11990.0 13344.0 12922.0 14777.0 14934.2 15751.7 3433.6 3994.5 TEV/Revenue 1.18x 0.69x 0.85x 0.87x 0.78x 3.36x 3.33x 0.97x 0.90x - - EBITDA 1167.0 1310.0 823.0 1174.0 1264.0 1262.0 1468.0 1468.7 1699.3 93.5 503.0 TEV/EBITDA 10.41x 5.69x 10.72x 8.91x 8.25x 8.22x 9.35x 10.13x 8.75x 9.26x 9.01x Net Income 551.0 642.0 245.0 567.0 671.0 659.0 817.0 801.2 949.2 (14.9) 308.5 P/E 18.79x 8.35x 30.22x 18.04x 15.71x 14.58x 16.45x 18.23x 15.47x 16.33x 15.53x Profitability S&P Issuer RatingsEBITDA 1264.00 Long-Term Rating Date -EBIT 1011.00 Long-Term Rating -Operating Margin 7.58% Long-Term Outlook -Pretax Margin 6.95% Short-Term Rating Date -Return on Assets 7.16% Short-Term Rating -Return on Common Equity 14.84% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 11.70Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 8.76Margin Analysis Net Debt/EBITDA 0.23Gross Margin 47.5% Total Debt/EBITDA 1.13EBITDA Margin 9.9% ReferenceEBIT Margin 8.1% Total Debt/Equity 24.0%Net Income Margin 5.0% Total Debt/Capital 19.4%Structure Asset Turnover 1.30Current Ratio 1.50 Net Fixed Asset Turnover 15.45Quick Ratio 0.72 Accounts receivable turnover-days 57.44Debt to Assets 11.25% Inventory Days 109.25Tot Debt to Common Equity 24.03% Accounts Payable Turnover Day 63.25Accounts Receivable Turnover 6.37 Cash Conversion Cycle 77.37Inventory Turnover 3.35Price/ Cash Flow Sales/Revenue/Turnover 600.00 16000.0 14000.0 500.00 12000.0 400.00 10000.0 300.00 8000.0 6000.0 200.00 4000.0 100.00 2000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Adidas AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 24832306 11.87 (190000) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 13092430 6.26 (131765) 26.02.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 7035046 3.36 (787289) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5079560 2.43 (630886) 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4875195 2.33 1800000 31.01.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4020990 1.92 (4077) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2695238 1.29 (5477) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2395061 1.14 (84641) 31.01.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1745150 0.83 7200 28.09.2012 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1563123 0.75 - 31.08.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1556158 0.74 8590 27.02.2013 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 1271690 0.61 11310 31.12.2012 Investment AdvisorBROOKSIDE CAPITAL TR n/a Short (1234376) -0.59 (104609) 02.11.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1162385 0.56 (54247) 28.12.2012 Mutual Fund ManagerTRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1126329 0.54 - 30.09.2012 UnclassifiedBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 980376 0.47 219000 31.10.2012 Investment AdvisorSEB n/a ULT-AGG 757244 0.36 146586 31.01.2013 UnclassifiedFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 651800 0.31 - 28.12.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 647738 0.31 75000 31.10.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 627633 0.3 395273 30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateMain First Bank AG MATTHIAS EIFERT outperform 5 M 85 12 month 28.02.2013AlphaValue HANS-PETER WODNIOK reduce 2 M 72 6 month 28.02.2013Equinet Institutional Services(ESN) INGBERT FAUST buy 5 M 80 12 month 27.02.2013Susquehanna Financial Group CHRISTOPHER SVEZIA Positive 4 M 78 12 month 25.02.2013Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 62 12 month 22.02.2013JPMorgan CHIARA BATTISTINI neutral 3 M 65 9 month 22.02.2013Deutsche Bank MICHAEL KUHN buy 5 M 81 12 month 20.02.2013Cantor Fitzgerald ALLEGRA PERRY sell 1 M 62 Not Provided 20.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013Barclays JULIAN EASTHOPE equalweight 3 M 74 Not Provided 18.02.2013Baader Bank VOLKER BOSSE buy 5 M 80 12 month 14.02.2013Exane BNP Paribas ANDREAS INDERST outperform 5 M 83 Not Provided 13.02.2013Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 74 Not Provided 10.02.2013Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A Not Provided 01.02.2013DZ Bank AG HERBERT STURM buy 5 M 72 12 month 23.01.2013National Bank AG MANFRED JAISFELD hold 3 D 72 Not Provided 18.01.2013Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 63 6 month 17.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Bryan Garnier & Cie PETER FARREN buy 5 M 82 6 month 16.01.2013Nomura CHRISTOPHER WALKER buy 5 M 85 Not Provided 16.01.2013Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 70 12 month 11.01.2013Robert W. Baird & Co MITCHEL J KUMMETZ outperform 5 M 82 12 month 08.01.2013ISI Group OMAR SAAD neutral 3 D 70 Not Provided 04.01.2013Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 97 12 month 04.12.2012HSBC ERWAN RAMBOURG overweight 5 M 77 Not Provided 28.11.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.11.2012Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 76 Not Provided 13.11.2012Nord/LB VOLKER SACK hold 3 M 60 12 month 09.11.2012Credit Suisse ROGERIO FUJIMORI outperform 5 M 61 Not Provided 09.11.2012Independent Research GmbH ZAFER RUZGAR hold 3 M 70 12 month 09.11.2012M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 82 12 month 08.11.2012S&P Capital IQ WILLIAM MACK hold 3 M 68 12 month 08.11.2012Silvia Quandt Research MARK JOSEFSON buy 5 M 75 12 month 08.11.2012Raymond James CEDRIC LECASBLE outperform 5 M 84 Not Provided 25.09.2012Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 66 12 month 24.09.2012CA Cheuvreux JUERGEN KOLB outperform 5 M 74 Not Provided 14.09.2012Hammer Partners SA STEPHAN SEIP buy 5 M 70 Not Provided 02.08.2012Equita SIM SpA FABIO FAZZARI hold 3 M 60 12 month 24.05.2012Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Aegon NVAEGON N.V. offers life and health insurance, and related pension, savings, and Price/Volumeinvestment products in Europe and North America. The Company also offers 6 40.0 Mproperty and casualty insurance in the Netherlands, Spain, and Hungary, and 35.0 Mfinancial services including banking, equipment lease financing, and mortgage 5 30.0 Mlending. 4 25.0 M 3 20.0 M Valuation Analysis 15.0 MLatest Fiscal Year: 12/2012 2 10.0 MLTM as of: 12/yy 1 5.0 M52-Week High (15.02.2013) 5.26 0 .0 M52-Week Low (04.06.2012) 3.12 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 2055856.00 Current Price (2/dd/yy) 4.563 Market Data 52-Week High % Change -13.05% Dividend Yield - 52-Week Low % Change 46.30% Beta 1.64 % 52 Week Price Range High/Low 66.50% Equity Float 1971.57Shares Out 31.12.2012 1972.0 Short Int - Market Capitalization 8998.37 1 Yr Total Return 22.48%Total Debt 12974.00 YTD Return -5.00%Preferred Stock 6853.0 Adjusted BETA 1.641Minority Interest 13.0 Analyst Recs 36Cash and Equivalents 9653.00 Consensus Rating 3.528Enterprise Value 12332.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12265640AGN NA EQUITY YTD Change - Average Volume 30 Day 8723121AGN NA EQUITY YTD % CHANGE - Average Volume 3 Month 7793220 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 3208.0 41592.0 44750.0 25121.0 42930.0 25121.0 40160.0 30120.0 28295.0 - - TEV/Revenue 3.74x 0.48x 0.44x 0.59x 0.30x 2.66x 1.48x 0.63x 0.67x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (1082.0) 204.0 1759.0 869.0 1570.0 869.0 1570.0 1324.0 1392.0 - - P/E - - 6.05x - 6.96x 0.00x 6.96x 7.31x 6.92x 8.15x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 31.03.2009EBIT - Long-Term Rating A-Operating Margin 5.46% Long-Term Outlook STABLEPretax Margin 4.44% Short-Term Rating Date 31.03.2009Return on Assets 0.44% Short-Term Rating A-2Return on Common Equity 5.42% Credit RatiosReturn on Capital 4.97% EBITDA/Interest Exp. -Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 43.7%Net Income Margin 3.7% Total Debt/Capital 30.4%Structure Asset Turnover 0.11Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 3.54% Inventory Days -Tot Debt to Common Equity 43.70% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 9.00 50000.0 8.00 45000.0 7.00 40000.0 35000.0 6.00 30000.0 5.00 25000.0 4.00 20000.0 3.00 15000.0 2.00 10000.0 1.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Aegon NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDODGE & COX n/a Co File 145133708 7.36 - 10.02.2012 Investment AdvisorFMR LLC n/a ULT-AGG 96406786 4.89 9558140 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 32464728 1.65 1133247 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 16465793 0.83 266744 26.02.2013 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 10982748 0.56 1359 31.12.2012 Mutual Fund ManagerING INTERNATIONAL AD Multiple Portfolios MF-AGG 7093254 0.36 1033941 28.09.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 6579517 0.33 (340436) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 5805289 0.29 1988 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 5182047 0.26 (19659) 31.12.2012 Investment AdvisorTHRIVENT FINANCIAL F Multiple Portfolios MF-AGG 5083550 0.26 1290650 31.10.2012 Investment AdvisorROBECO FUND MANAGEME Multiple Portfolios MF-AGG 4802291 0.24 39363 31.12.2012 Investment AdvisorTAUBE HODSON STONEX Multiple Portfolios MF-AGG 3919013 0.2 (215630) 30.11.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3704372 0.19 - 30.11.2012 Investment AdvisorSNS INVESTMENT FUND Multiple Portfolios MF-AGG 3640000 0.18 - 29.06.2012 Investment AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 3455894 0.18 (173700) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3243816 0.16 - 31.07.2012 Investment AdvisorSTOREBRAND FUND MANA Multiple Portfolios MF-AGG 3091098 0.16 - 31.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 2999325 0.15 716574 31.12.2012 UnclassifiedSTATE STREET BANQUE Multiple Portfolios MF-AGG 2948624 0.15 (43457) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2822679 0.14 1923228 30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue JEROME CASSAGNE add 4 M 5 6 month 28.02.2013Credit Suisse RICHARD BURDEN neutral 3 M 6 Not Provided 22.02.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 5 12 month 21.02.2013HSBC KAILESH MISTRY overweight 5 M 6 Not Provided 20.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.02.2013Barclays CLAUDIA GASPARI overweight 5 M 6 Not Provided 20.02.2013ABN Amro Bank N.V. JAN WILLEM WEIDEMA sell 1 D 5 12 month 20.02.2013Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 6 12 month 19.02.2013JPMorgan ASHIK MUSADDI overweight 5 M 6 9 month 19.02.2013S&P Capital IQ RODERICK WALLACE buy 5 M 6 12 month 19.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 6 12 month 18.02.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 5 Not Provided 18.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 6 Not Provided 18.02.2013Exane BNP Paribas FRANCOIS BOISSIN underperform 1 M 4 Not Provided 18.02.2013Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 15.02.2013SNS Securities(ESN) LEMER SALAH reduce 2 M 4 12 month 15.02.2013Petercam MATTHIAS DE WIT reduce 2 M 5 Not Provided 15.02.2013Rabobank International COR KLUIS buy 5 M 6 12 month 15.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 5 6 month 15.02.2013ING Bank ALBERT PLOEGH hold 3 M 5 12 month 15.02.2013Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 11.02.2013Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 6 12 month 07.02.2013Deutsche Bank ROBIN BUCKLEY buy 5 M 6 12 month 05.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 N 6 12 month 04.02.2013Main First Bank AG MICHAEL HAID underperform 1 M 5 12 month 01.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013Mediobanca SpA MARC THIELE neutral 3 M 6 6 month 30.01.2013Macquarie NEIL WELCH neutral 3 M 5 12 month 23.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Theodoor Gilissen Securities TOM MULLER buy 5 M 8 Not Provided 15.01.2013CA Cheuvreux HANS PLUIJGERS outperform 5 D 6 Not Provided 10.01.2013Natixis BENOIT VALLEAUX buy 5 M 6 Not Provided 10.01.2013Societe Generale JASON KALAMBOUSSIS hold 3 M 5 12 month 08.11.2012Nomura FAHAD CHANGAZI neutral 3 M 5 Not Provided 08.10.2012Kepler Capital Markets BENOIT PETRARQUE hold 3 M 4 Not Provided 17.02.2012DZ Bank AG WERNER EISENMANN hold 3 M 4 12 month 24.01.2012Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 5 12 month 22.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Aggreko PLCAggreko plc provides specialist power and temperature control rental services in Price/Volumetwo main product areas, mobile electricity generators and temperature control 3000 7.0 Mequipment. Aggreko also supplies oil-free diesel compressors used to eliminate 2500 6.0 Moil based contaminants in the food, pharmaceutical and textile industries. TheGroup operates through approximately 118 depots in 23 countries worldwide. 5.0 M 2000 4.0 M 1500 Valuation Analysis 3.0 MLatest Fiscal Year: 12/2011 1000 2.0 MLTM as of: 01/yy 500 1.0 M52-Week High (17.09.2012) 2415.00 0 .0 M52-Week Low (31.01.2013) 1548.00 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 88623.00 Current Price (2/dd/yy) 1666 Market Data 52-Week High % Change -31.01% Dividend Yield 1.31 52-Week Low % Change 7.62% Beta 1.01 % 52 Week Price Range High/Low 14.99% Equity Float 257.86Shares Out 01.02.2013 268.6 Short Int - Market Capitalization 4474.35 1 Yr Total Return -23.99%Total Debt 417.70 YTD Return -4.25%Preferred Stock 0.0 Adjusted BETA 1.007Minority Interest 0.0 Analyst Recs 24Cash and Equivalents 53.20 Consensus Rating 3.667Enterprise Value 5152.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 794832AGK LN EQUITY YTD Change - Average Volume 30 Day 1091881AGK LN EQUITY YTD % CHANGE - Average Volume 3 Month 1038844 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 693.2 946.6 1023.9 1229.9 1396.1 - - 1590.8 1608.5 - - TEV/Revenue 2.38x 1.65x 2.62x 3.34x 4.05x - - 3.19x 3.06x - - EBITDA 227.3 318.4 403.4 472.9 526.9 - - 624.8 628.8 - - TEV/EBITDA 7.24x 4.90x 6.64x 8.69x 10.72x - - 8.25x 8.20x - - Net Income 80.7 122.7 168.4 213.1 260.1 - - 269.5 253.3 - - P/E 17.58x 9.74x 14.84x 18.67x 20.60x - - 16.37x 17.39x - - Profitability S&P Issuer RatingsEBITDA 526.90 Long-Term Rating Date -EBIT 337.80 Long-Term Rating -Operating Margin 24.20% Long-Term Outlook -Pretax Margin 23.19% Short-Term Rating Date -Return on Assets 14.91% Short-Term Rating -Return on Common Equity 31.46% Credit RatiosReturn on Capital 21.41% EBITDA/Interest Exp. 26.75Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 5.52Margin Analysis Net Debt/EBITDA 1.17Gross Margin 58.7% Total Debt/EBITDA 1.20EBITDA Margin 39.0% ReferenceEBIT Margin 24.7% Total Debt/Equity 47.4%Net Income Margin 18.6% Total Debt/Capital 32.2%Structure Asset Turnover 0.79Current Ratio 1.22 Net Fixed Asset Turnover 1.37Quick Ratio 0.66 Accounts receivable turnover-days 75.00Debt to Assets 23.57% Inventory Days 98.42Tot Debt to Common Equity 47.40% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.88 Cash Conversion Cycle 66.20Inventory Turnover 3.72Price/ Cash Flow Sales/Revenue/Turnover 18.00 1600.0 16.00 1400.0 14.00 1200.0 12.00 1000.0 10.00 800.0 8.00 600.0 6.00 400.0 4.00 200.0 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 |
  • 28.02.2013Aggreko PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeM&G INVESTMENT MANAG Multiple Portfolios REG 16146748 6.01 (619982) 01.11.2012 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios REG 13384025 4.98 (351722) 01.11.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 12600810 4.69 - 26.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 12091039 4.5 (3930510) 11.02.2013 Investment AdvisorSALVESEN ALASTAIR ER n/a RNS-MAJ 9995283 3.72 (894717) 27.12.2012 n/aLEGAL & GENERAL n/a ULT-AGG 9932162 3.7 (54102) 31.01.2013 UnclassifiedPRIVATE INDIVIDUALS Multiple Portfolios REG 8517852 3.17 (169268) 01.11.2012 OtherFMR LLC n/a ULT-AGG 7802230 2.91 (634391) 31.12.2012 Investment AdvisorLANSDOWNE PARTNERS n/a Short (7727861) -2.88 (348827) 02.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6806019 2.53 1888342 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 6195331 2.31 143820 01.11.2012 GovernmentUBS n/a ULT-AGG 6128812 2.28 (1503178) 28.12.2012 UnclassifiedSPEIRS & JEFFERY STO Multiple Portfolios REG 5695595 2.12 (44566) 01.11.2012 UnclassifiedSCOTTISH WIDOWS n/a ULT-AGG 4943653 1.84 775291 30.11.2012 UnclassifiedKIMBERLEY GRANGE INV Multiple Portfolios REG 4862100 1.81 - 01.11.2012 UnclassifiedDEUTSCHE PRIVATE BAN Multiple Portfolios REG 4287117 1.6 4049575 01.11.2012 UnclassifiedINVESTEC BANK (UK) L Multiple Portfolios REG 3981801 1.48 14000 01.11.2012 UnclassifiedGE ASSET MANAGEMENT Multiple Portfolios REG 3904273 1.45 601072 01.11.2012 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 3872491 1.44 222636 01.11.2012 GovernmentAEGON n/a ULT-AGG 3297588 1.23 (3732303) 01.11.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets ANDREW BROOKE outperform 5 M 2100 12 month 27.02.2013Panmure Gordon & Co Limited PAUL JONES hold 3 M 1742 Not Provided 27.02.2013Berenberg Bank SIMON MEZZANOTTE hold 3 M 1720 Not Provided 26.02.2013AlphaValue LIONEL PELLICER buy 5 M 2400 6 month 21.02.2013Jefferies JUSTIN JORDAN buy 5 M 2000 12 month 20.02.2013HSBC ALEX MAGNI neutral 3 U 1650 Not Provided 08.02.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013JPMorgan Nicholas de la Grense neutral 3 M 1845 9 month 04.01.2013Peel Hunt ANDREW NUSSEY hold 3 M 1800 Not Provided 02.01.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.12.2012Deutsche Bank ANDY CHU hold 3 M 1813 12 month 19.12.2012Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 2530 12 month 18.12.2012Credit Suisse DAVID RIGBY neutral 3 M 1850 Not Provided 18.12.2012Espirito Santo Investment Bank Research DAVID BROCKTON neutral 3 D 1700 Not Provided 18.12.2012Oriel Securities Ltd HECTOR FORSYTHE buy 5 M #N/A N/A Not Provided 18.12.2012Investec JOHN LAWSON hold 3 M #N/A N/A Not Provided 17.12.2012S&P Capital IQ CLIVE ROBERTS hold 3 M 2300 12 month 17.12.2012Numis Securities Ltd MIKE MURPHY hold 3 M 1680 Not Provided 17.12.2012WH Ireland Ltd NICK SPOLIAR buy 5 M 2500 12 month 23.10.2012Barclays PAUL CHECKETTS overweight 5 M 2360 Not Provided 22.10.2012Canaccord Genuity Corp JULIAN CATER hold 3 M 1450 12 month 27.03.2012Arden Partners Ltd GEOFF ALLUM neutral 3 M 1450 12 month 30.09.2011McCall Aitken McKenzie & Co TEAM COVERAGE sell 1 N #N/A N/A Not Provided 16.10.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Air Liquide SAAir Liquide SA, through its subsidiaries, produces, markets, and sells Price/Volumeindustrial and healthcare gases worldwide. These gases include liquid nitrogen, 120 3.5 Margon, carbon dioxide, and oxygen. The Company also produces welding equipment, 100 3.0 Mdiving equipment, and technical-medical equipment. Air Liquide sells itsproducts throughout Europe, the United States, Canada, Africa, and Asia. 2.5 M 80 2.0 M 60 Valuation Analysis 1.5 MLatest Fiscal Year: 12/2012 40 1.0 MLTM as of: 12/yy 20 .5 M52-Week High (21.09.2012) 100.00 0 .0 M52-Week Low (18.05.2012) 83.45 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 136192.00 Current Price (2/dd/yy) 92.95 Market Data 52-Week High % Change -7.05% Dividend Yield - 52-Week Low % Change 11.38% Beta 0.77 % 52 Week Price Range High/Low 56.97% Equity Float 310.66Shares Out 07.12.2012 312.2 Short Int - Market Capitalization 29019.67 1 Yr Total Return 7.84%Total Debt 7273.70 YTD Return -2.21%Preferred Stock 0.0 Adjusted BETA 0.768Minority Interest 232.6 Analyst Recs 35Cash and Equivalents 1154.20 Consensus Rating 3.486Enterprise Value 35371.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1102385AI FP EQUITY YTD Change - Average Volume 30 Day 834332AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 690965 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 13103.1 11976.1 13488.0 14456.9 15326.3 14255.5 15326.0 16326.4 17510.6 3964.3 3952.3 TEV/Revenue 1.73x 2.25x 2.38x 2.25x 2.35x 0.00x 0.00x 2.15x 1.99x - - EBITDA 2941.8 2969.0 3374.3 3563.6 3792.3 0.0 0.0 4096.0 4445.6 - - TEV/EBITDA 7.71x 9.08x 9.50x 9.13x 9.50x 0.00x 0.00x 8.64x 7.96x - - Net Income 1220.0 1230.0 1403.6 1534.9 1609.4 0.0 0.0 1738.0 1922.0 - - P/E 13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 16.66x 15.07x - - Profitability S&P Issuer RatingsEBITDA 3792.30 Long-Term Rating Date 02.07.2007EBIT 2560.50 Long-Term Rating AOperating Margin 16.71% Long-Term Outlook POSPretax Margin 14.63% Short-Term Rating Date 06.05.2004Return on Assets 6.55% Short-Term Rating A-1Return on Common Equity 16.12% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 14.00Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11Margin Analysis Net Debt/EBITDA 1.61Gross Margin - Total Debt/EBITDA 1.92EBITDA Margin 24.7% ReferenceEBIT Margin 16.7% Total Debt/Equity 71.2%Net Income Margin 10.5% Total Debt/Capital 41.1%Structure Asset Turnover 0.62Current Ratio 1.03 Net Fixed Asset Turnover 1.23Quick Ratio 0.77 Accounts receivable turnover-days 66.93Debt to Assets 29.09% Inventory Days -Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.47 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 18000.0 12.00 16000.0 14000.0 10.00 12000.0 8.00 10000.0 6.00 8000.0 6000.0 4.00 4000.0 2.00 2000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Air Liquide SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 5647329 1.81 119140 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4574842 1.47 6156 31.12.2012 Mutual Fund ManagerTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 4574174 1.47 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3568694 1.14 232636 26.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2688376 0.86 (65449) 30.11.2012 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1814483 0.58 47020 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1445902 0.46 (10563) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1126821 0.36 1125 26.02.2013 Investment AdvisorAIR LIQUIDE n/a Co File 1119676 0.36 - 31.12.2011 CorporationMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1028653 0.33 - 26.02.2013 Investment AdvisorTHREADNEEDLE INVESTM Multiple Portfolios MF-AGG 983348 0.31 23544 31.10.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 924128 0.3 (61527) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 902774 0.29 (450378) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 886970 0.28 (92423) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 730867 0.23 308898 28.09.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 716601 0.23 (9134) 28.09.2012 Mutual Fund ManagerHARTFORD INVESTMENT Multiple Portfolios MF-AGG 629057 0.2 9691 31.01.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 606009 0.19 (7465) 31.12.2012 Mutual Fund ManagerARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561349 0.18 11929 31.12.2012 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 509650 0.16 144631 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs RAKESH PATEL neutral/neutral 3 M 108 12 month 27.02.2013Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 22.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 22.02.2013AlphaValue FABRICE FARIGOULE add 4 M 98 6 month 21.02.2013Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 96 Not Provided 19.02.2013S&P Capital IQ JOHNSON IMODE hold 3 M 95 12 month 18.02.2013Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 15.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 15.02.2013Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 14.02.2013HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 14.02.2013Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013Nomura JEAN DE WATTEVILLE neutral 3 M 106 12 month 14.02.2013Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012JPMorgan NEIL C TYLER neutral 3 M 100 9 month 07.12.2012Macquarie CHRISTIAN FAITZ outperform 5 M 100 12 month 21.11.2012Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 15.11.2012CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Akzo Nobel NVAkzo Nobel N.V. produces and markets chemicals, coatings, and paints. The Price/VolumeCompanys products include surfactants, polymer chemicals, pulp and paper 60 5.0 Mchemicals, as well as lacquers and varnishes. 4.5 M 50 4.0 M 40 3.5 M 3.0 M 30 2.5 M Valuation Analysis 2.0 MLatest Fiscal Year: 12/2012 20 1.5 MLTM as of: 12/yy 10 1.0 M .5 M52-Week High (14.02.2013) 52.84 0 .0 M52-Week Low (28.06.2012) 34.85 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 176386.00 Current Price (2/dd/yy) 49.23 Market Data 52-Week High % Change -6.81% Dividend Yield - 52-Week Low % Change 41.28% Beta 1.11 % 52 Week Price Range High/Low 77.66% Equity Float 238.82Shares Out 10.01.2013 239.0 Short Int - Market Capitalization 11768.31 1 Yr Total Return 19.78%Total Debt 4050.00 YTD Return -1.04%Preferred Stock 0.0 Adjusted BETA 1.114Minority Interest 465.0 Analyst Recs 33Cash and Equivalents 1752.00 Consensus Rating 3.394Enterprise Value 14531.31 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1460065AKZA NA EQUITY YTD Change - Average Volume 30 Day 867881AKZA NA EQUITY YTD % CHANGE - Average Volume 3 Month 913781 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 15415.0 13028.0 14640.0 15697.0 15390.0 15697.0 16331.0 15799.7 16330.2 3626.7 4037.0 TEV/Revenue 0.61x 1.00x 0.84x 0.71x 0.95x 3.02x 3.32x 0.91x 0.87x 4.32x 3.71x EBITDA 1310.0 1414.0 2449.0 1663.0 3657.0 1663.0 4026.0 2011.1 2208.1 408.7 555.3 TEV/EBITDA 7.14x 9.19x 5.03x 6.73x 4.01x 6.94x 3.64x 7.22x 6.58x 8.00x - Net Income (1086.0) 285.0 754.0 477.0 (2169.0) 477.0 (2169.0) 823.8 970.3 127.5 222.0 P/E - 42.57x 16.31x 18.59x - 18.59x 0.00x 13.56x 11.89x 15.63x - Profitability S&P Issuer RatingsEBITDA 3657.00 Long-Term Rating Date 25.02.2009EBIT 862.00 Long-Term Rating BBB+Operating Margin 5.60% Long-Term Outlook STABLEPretax Margin -9.73% Short-Term Rating Date 28.06.2000Return on Assets -11.47% Short-Term Rating A-2Return on Common Equity -26.94% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 13.70Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 10.60Margin Analysis Net Debt/EBITDA 0.57Gross Margin 37.6% Total Debt/EBITDA 1.01EBITDA Margin 24.7% ReferenceEBIT Margin 5.0% Total Debt/Equity 58.8%Net Income Margin -14.1% Total Debt/Capital 35.5%Structure Asset Turnover 0.86Current Ratio 1.39 Net Fixed Asset Turnover 4.39Quick Ratio 0.35 Accounts receivable turnover-days -Debt to Assets 22.55% Inventory Days 62.71Tot Debt to Common Equity 58.76% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 47.88Inventory Turnover 5.84Price/ Cash Flow Sales/Revenue/Turnover 80.00 18000.0 70.00 16000.0 60.00 14000.0 12000.0 50.00 10000.0 40.00 8000.0 30.00 6000.0 20.00 4000.0 10.00 2000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Akzo Nobel NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 8322900 3.48 (954000) 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 6995056 2.93 133919 31.12.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 5100000 2.13 - 31.12.2011 Pension Fund (ERISA)VANGUARD GROUP INC Multiple Portfolios MF-AGG 5075719 2.12 106690 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 4598291 1.92 2468 29.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 3217767 1.35 791178 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 3046145 1.27 575475 31.12.2012 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 2565119 1.07 - 31.01.2013 Mutual Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 2546361 1.07 (69636) 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2474010 1.03 (281868) 31.12.2012 Investment AdvisorTWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 2436793 1.02 58893 31.03.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 2256713 0.94 (559598) 26.02.2013 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1639488 0.69 (55518) 31.12.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 1496246 0.63 193027 31.12.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 1184020 0.5 1164397 31.01.2013 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1170845 0.49 24506 31.05.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1126384 0.47 (9520) 30.11.2012 Investment AdvisorCAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 1054310 0.44 217455 31.12.2012 Investment AdvisorNEW YORK LIFE GROUP n/a ULT-AGG 1054117 0.44 316600 30.09.2012 Insurance CompanyING INVESTMENT MANAG Multiple Portfolios MF-AGG 917981 0.38 (308457) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue MARTIN SCHNEE reduce 2 M 47 6 month 28.02.2013Goldman Sachs RAKESH PATEL neutral/neutral 3 M 53 12 month 27.02.2013Credit Suisse CHRIS COUNIHAN outperform 5 M 56 Not Provided 27.02.2013S&P Capital IQ JOHNSON IMODE hold 3 M 49 12 month 27.02.2013Exane BNP Paribas JAMES KNIGHT outperform 5 M 57 Not Provided 27.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 65 12 month 26.02.2013Societe Generale PETER CLARK buy 5 M 60 12 month 25.02.2013Nomura JEAN DE WATTEVILLE reduce 2 M 54 Not Provided 25.02.2013HSBC SEBASTIAN SATZ neutral 3 M 51 Not Provided 22.02.2013ING Bank FABIAN SMEETS hold 3 M 54 12 month 22.02.2013Deutsche Bank MARTIN DUNWOODIE buy 5 M 58 12 month 21.02.2013Kempen & Co ARUN RAMBOCUS buy 5 M 59 12 month 21.02.2013Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 60 12 month 21.02.2013KBC Securities WIM HOSTE hold 3 D 49 Not Provided 21.02.2013Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 65 6 month 20.02.2013Macquarie CHRISTIAN FAITZ outperform 5 M 53 12 month 20.02.2013SNS Securities(ESN) GERT STEENS hold 3 M 38 12 month 20.02.2013Rabobank International MICHA TIEKINK buy 5 M 60 12 month 20.02.2013Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 18.02.2013ABN Amro Bank N.V. MUTLU GUNDOGAN hold 3 M 42 Not Provided 12.02.2013Berenberg Bank JAIDEEP PANDYA hold 3 M 58 Not Provided 07.02.2013Barclays GUNTHER ZECHMANN equalweight 3 M 53 Not Provided 04.02.2013Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 54 Not Provided 01.02.2013Kepler Capital Markets MARKUS MAYER reduce 2 D 45 Not Provided 01.02.2013Petercam Roderick Verhelst hold 3 M 47 Not Provided 25.01.2013JPMorgan NEIL C TYLER neutral 3 U 50 9 month 24.01.2013Theodoor Gilissen Securities TOM MULLER hold 3 M 50 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013CA Cheuvreux MARTIN ROEDIGER underperform 1 M 45 Not Provided 17.12.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Allianz SEAllianz SE, through subsidiaries, offers insurance and financial services. The Price/VolumeCompany offers property and casualty, life and health, credit, motor vehicle and 120 10.0 Mtravel insurance, and fund management services. 9.0 M 100 8.0 M 80 7.0 M 6.0 M 60 5.0 M Valuation Analysis 4.0 MLatest Fiscal Year: 12/2012 40 3.0 MLTM as of: 12/yy 20 2.0 M 1.0 M52-Week High (02.01.2013) 108.65 0 .0 M52-Week Low (04.06.2012) 68.50 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 511490.00 Current Price (2/dd/yy) 104.35 Market Data 52-Week High % Change -3.82% Dividend Yield - 52-Week Low % Change 52.34% Beta 1.24 % 52 Week Price Range High/Low 87.42% Equity Float 455.95Shares Out 31.12.2012 456.0 Short Int - Market Capitalization 47578.38 1 Yr Total Return 21.09%Total Debt 28411.00 YTD Return -0.43%Preferred Stock 0.0 Adjusted BETA 1.239Minority Interest 2338.0 Analyst Recs 43Cash and Equivalents 10492.00 Consensus Rating 4.372Enterprise Value 66210.38 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2663762ALV GY EQUITY YTD Change - Average Volume 30 Day 1702802ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1612530 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 76195.0 82711.0 89740.0 87384.0 106400.0 87384.0 96790.0 105205.6 108287.8 - - TEV/Revenue 0.69x 0.75x 0.67x 0.61x - 2.70x 1.86x 0.56x 0.54x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (2444.0) 4297.0 5053.0 2545.0 5169.0 2545.0 5169.0 5442.6 5676.6 - - P/E 8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.58x 8.20x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 27.01.2012EBIT - Long-Term Rating AAOperating Margin 7.01% Long-Term Outlook NEGPretax Margin 5.45% Short-Term Rating Date 23.03.2009Return on Assets 0.67% Short-Term Rating A-1+Return on Common Equity 9.30% Credit RatiosReturn on Capital 7.26% EBITDA/Interest Exp. -Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.0%Net Income Margin 4.9% Total Debt/Capital 37.5%Structure Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 4.43% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 7.00 120000.0 6.00 100000.0 5.00 80000.0 4.00 60000.0 3.00 40000.0 2.00 20000.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Allianz SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 32047039 7.03 - 26.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8563293 1.88 175318 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8000572 1.75 (440475) 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6365290 1.4 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 4767885 1.05 (13563) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4519378 0.99 (131397) 31.12.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 4513764 0.99 546507 28.09.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 3746308 0.82 - 16.05.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3598771 0.79 972739 31.01.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 3381128 0.74 - 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2337600 0.51 - 31.12.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2263956 0.5 135754 28.12.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 2232924 0.49 (99900) 31.10.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 1917437 0.42 2699 30.11.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 1843650 0.4 - 31.12.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1516111 0.33 303500 28.12.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1488178 0.33 - 26.02.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1483920 0.33 - 30.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1455112 0.32 388780 31.12.2012 Mutual Fund ManagerJP MORGAN n/a ULT-AGG 961436 0.21 8714 31.12.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue DIETER HEIN add 4 M 110 6 month 28.02.2013RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 27.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 U 135 12 month 27.02.2013Berenberg Bank PETER ELIOT buy 5 M 132 Not Provided 26.02.2013Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 105 12 month 26.02.2013Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 26.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 25.02.2013Bankhaus Metzler JOCHEN SCHMITT sell 1 M 85 12 month 25.02.2013Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 25.02.2013DZ Bank AG THORSTEN WENZEL buy 5 M 120 12 month 25.02.2013Nord/LB VOLKER SACK buy 5 M 113 12 month 22.02.2013National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 22.02.2013S&P Capital IQ RODERICK WALLACE buy 5 M 133 12 month 22.02.2013Independent Research GmbH STEFAN BONGARDT buy 5 M 125 12 month 21.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 21.02.2013Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 Not Provided 20.02.2013JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 18.02.2013Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.02.2013Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012Espirito Santo Investment Bank Research FERNEYHOUGH JOY neutral 3 M 92 Not Provided 11.11.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Alstom SAAlstom S.A. serves the power generation market and the rail transport market. Price/VolumeThe Group offers a broad range of solutions for the rail industry, from 40 9.0 Mtramways to high speed trains. Alstom also provides integrated power plants and 8.0 M 35associated services and equipment for a wide variety of energy sources, and 7.0 M 30offers technology solutions to eliminate pollutants and reduce emissions. 6.0 M 25 5.0 M 20 Valuation Analysis 4.0 M 15Latest Fiscal Year: 03/2012 3.0 M 10 2.0 MLTM as of: 12/yy 5 1.0 M52-Week High (19.02.2013) 34.44 0 .0 M52-Week Low (28.06.2012) 22.71 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 634119.00 Current Price (2/dd/yy) 33.695 Market Data 52-Week High % Change -2.08% Dividend Yield - 52-Week Low % Change 48.40% Beta 1.17 % 52 Week Price Range High/Low 86.45% Equity Float 207.06Shares Out 31.12.2012 308.0 Short Int - Market Capitalization 10379.32 1 Yr Total Return 7.79%Total Debt 5022.00 YTD Return 11.81%Preferred Stock 0.0 Adjusted BETA 1.171Minority Interest 107.0 Analyst Recs 32Cash and Equivalents 2104.00 Consensus Rating 3.844Enterprise Value 13784.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1129861ALO FP EQUITY YTD Change - Average Volume 30 Day 1124900ALO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1114955 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 Total Revenue 16908.0 18739.0 19650.0 20923.0 19934.0 19994.0 20343.0 20830.6 21752.3 6069.0 - TEV/Revenue 1.13x 0.51x 0.60x 0.67x 0.58x 0.00x 0.00x 0.62x 0.58x - - EBITDA 1557.0 1971.0 2212.0 2244.0 2032.0 0.0 0.0 1957.6 2111.9 - - TEV/EBITDA 12.28x 4.89x 5.34x 6.28x 5.73x 0.00x 0.00x 7.05x 6.54x - - Net Income 852.0 1109.0 1217.0 462.0 732.0 0.0 0.0 935.3 1071.2 - - P/E 22.77x 10.07x 10.97x 26.58x 11.75x 0.00x 0.00x 10.55x 9.62x - - Profitability S&P Issuer RatingsEBITDA 2032.00 Long-Term Rating Date 12.05.2011EBIT 1406.00 Long-Term Rating BBBOperating Margin 7.05% Long-Term Outlook NEGPretax Margin 4.63% Short-Term Rating Date 20.01.2010Return on Assets 2.53% Short-Term Rating A-2Return on Common Equity 18.47% Credit RatiosReturn on Capital 10.51% EBITDA/Interest Exp. 11.35Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 6.81Margin Analysis Net Debt/EBITDA 1.56Gross Margin 19.0% Total Debt/EBITDA 2.34EBITDA Margin 10.4% ReferenceEBIT Margin 7.3% Total Debt/Equity 116.1%Net Income Margin 3.7% Total Debt/Capital 53.1%Structure Asset Turnover 0.66Current Ratio 0.92 Net Fixed Asset Turnover 7.22Quick Ratio 0.39 Accounts receivable turnover-days 94.71Debt to Assets 16.18% Inventory Days 74.91Tot Debt to Common Equity 116.06% Accounts Payable Turnover Day 92.08Accounts Receivable Turnover 3.86 Cash Conversion Cycle 87.81Inventory Turnover 4.89Price/ Cash Flow Sales/Revenue/Turnover 60.00 30000.0 50.00 25000.0 40.00 20000.0 30.00 15000.0 20.00 10000.0 10.00 5000.0 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 |
  • 28.02.2013Alstom SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBOUYGUES n/a Research 90543867 29.39 - 04.10.2012 CorporationFRANKLIN RESOURCES n/a ULT-AGG 22992941 7.46 744152 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8866611 2.88 4494482 31.12.2012 Mutual Fund ManagerFMR LLC n/a Co File 7229711 2.35 - 31.03.2012 UnclassifiedNORGES BANK n/a Co File 5835364 1.89 - 31.03.2012 GovernmentAMUNDI n/a Co File 5432726 1.76 - 31.03.2012 Investment AdvisorNATIXIS ASSET MANAGE n/a Co File 4438557 1.44 - 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3812822 1.24 97141 31.12.2012 Investment AdvisorUBS INVESTMENT BANK n/a Co File 3680708 1.19 - 31.03.2012 BankGROUPAMA ASSET MANAG n/a Co File 3511872 1.14 - 31.03.2012 Investment AdvisorFMR LLC n/a ULT-AGG 3468278 1.13 (1263275) 31.12.2012 Investment AdvisorEDMOND DE ROTHSCHILD n/a Co File 3435566 1.12 - 31.03.2012 Investment AdvisorUBS n/a ULT-AGG 3343360 1.09 (2546) 28.12.2012 UnclassifiedCAISSE DES DEPOTS ET n/a Co File 3155418 1.02 - 31.03.2012 UnclassifiedCITIGROUP GLOBAL MAR n/a Co File 2596414 0.84 - 31.03.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2409031 0.78 (16250) 30.11.2012 Investment AdvisorHSBC HOLDINGS PLC n/a Co File 1710061 0.56 - 31.03.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1686171 0.55 (32839) 26.02.2013 Investment AdvisorCREDIT SUISSE n/a Co File 1665544 0.54 - 31.03.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 1512457 0.49 - 31.03.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue LIONEL PELLICER buy 5 M 47 6 month 28.02.2013Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 33 12 month 26.02.2013RBC Capital Markets ANDREW CARTER underperform 1 M 27 12 month 19.02.2013CM - CIC Securities(ESN) ARI AGOPYAN buy 5 M 40 12 month 14.02.2013Day by Day VALERIE GASTALDY buy 5 U 43 3 month 14.02.2013Canaccord Genuity Corp JAMES STETTLER hold 3 M 30 Not Provided 08.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 38 Not Provided 07.02.2013Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 38 12 month 04.02.2013Exane BNP Paribas OLIVIER ESNOU outperform 5 M 37 Not Provided 25.01.2013Espirito Santo Investment Bank Research VIRDEE ROB buy 5 M 42 Not Provided 24.01.2013Grupo Santander JOSE MANUEL ARROYAS underweight 1 M 31 Not Provided 23.01.2013Societe Generale GAEL DE BRAY buy 5 M 37 12 month 23.01.2013William Blair & Co NICHOLAS P HEYMANN market perform 3 M 34 12 month 23.01.2013Landesbank Baden-Wuerttemberg VOLKER STOLL sell 1 M 28 Not Provided 23.01.2013Barclays NICK WEBSTER overweight 5 M 39 Not Provided 23.01.2013Goldman Sachs DANIELA COSTA neutral/neutral 3 M 32 12 month 22.01.2013Credit Suisse ANDRE KUKHNIN neutral 3 M 27 Not Provided 22.01.2013JPMorgan ANDREAS WILLI neutral 3 M 33 9 month 22.01.2013Nomura DANIEL CUNLIFFE reduce 2 M 25 12 month 22.01.2013S&P Capital IQ JAWAHAR HINGORANI buy 5 M 38 12 month 22.01.2013Main First Bank AG CHRISTOPHER YOUL outperform 5 M 41 12 month 22.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Natixis ARNAUD SCHMIT buy 5 M 37 Not Provided 15.01.2013Berenberg Bank WILLIAM MACKIE hold 3 D 35 Not Provided 08.01.2013HSBC MICHAEL HAGMANN overweight 5 M 38 Not Provided 29.11.2012Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012Kepler Capital Markets PIERRE BOUCHENY buy 5 M 34 Not Provided 02.10.2012CA Cheuvreux ALFRED GLASER select list 5 M 35 Not Provided 07.05.2012DZ Bank AG KARSTEN OBLINGER hold 3 M 31 12 month 23.03.2012Deutsche Bank MARTIN WILKIE buy 5 M 41 12 month 04.11.2011Independent Research GmbH ROSSEN KOEV hold 3 M 44 6 month 21.07.2011CS Capital CHRISTOPHER PARKINSON buy 5 N 42 Not Provided 27.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Anglo American PLCAnglo American PLC is a global mining company. The Companys mining portfolio Price/Volumeincludes bulk commodities including iron ore, manganese and metallurgical 3000 9.0 Mcoal, base metals including copper and nickel and precious metals and minerals 8.0 Mincluding platinum and diamonds. Anglo American PLC has mining operations in 2500 7.0 MAfrica, Europe, North and South America, Asia and Australia. 2000 6.0 M 5.0 M 1500 Valuation Analysis 4.0 MLatest Fiscal Year: 12/2012 1000 3.0 M 2.0 MLTM as of: 01/yy 500 1.0 M52-Week High (29.02.2012) 2752.00 0 .0 M52-Week Low (16.11.2012) 1662.50 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 752288.00 Current Price (2/dd/yy) 1918 Market Data 52-Week High % Change -30.29% Dividend Yield 2.92 52-Week Low % Change 15.37% Beta 1.42 % 52 Week Price Range High/Low 26.62% Equity Float 1225.82Shares Out 27.02.2013 1393.1 Short Int - Market Capitalization 26720.28 1 Yr Total Return -25.94%Total Debt 17754.00 YTD Return 1.27%Preferred Stock 0.0 Adjusted BETA 1.418Minority Interest 6130.0 Analyst Recs 32Cash and Equivalents 9094.00 Consensus Rating 3.031Enterprise Value 55305.96 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3361866AAL LN EQUITY YTD Change - Average Volume 30 Day 3079506AAL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3129120 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 26311.0 20858.0 27960.0 30580.0 28761.0 - - 34446.7 36034.4 - - TEV/Revenue 1.61x 3.39x 2.84x 1.77x 2.00x - - 1.66x 1.61x - - EBITDA 9986.0 4465.0 10301.0 11889.0 7694.0 - - 9887.9 10889.3 - - TEV/EBITDA 4.23x 15.82x 7.71x 4.55x 7.48x - - 5.59x 5.08x - - Net Income 5215.0 2425.0 6544.0 6169.0 (1493.0) - - 2988.7 3662.5 - - P/E 5.19x 21.67x 9.58x 7.23x - - - 12.30x 10.19x - - Profitability S&P Issuer RatingsEBITDA 7694.00 Long-Term Rating Date 18.04.2011EBIT 5405.00 Long-Term Rating BBB+Operating Margin 18.79% Long-Term Outlook NEGPretax Margin -0.83% Short-Term Rating Date 19.04.2010Return on Assets -1.97% Short-Term Rating A-2Return on Common Equity -3.89% Credit RatiosReturn on Capital 9.38% EBITDA/Interest Exp. 7.09Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 1.92Margin Analysis Net Debt/EBITDA 1.13Gross Margin 43.3% Total Debt/EBITDA 2.31EBITDA Margin 26.8% ReferenceEBIT Margin 18.8% Total Debt/Equity 47.1%Net Income Margin -5.2% Total Debt/Capital 28.8%Structure Asset Turnover 0.38Current Ratio 2.41 Net Fixed Asset Turnover 0.67Quick Ratio 1.41 Accounts receivable turnover-days 39.11Debt to Assets 22.37% Inventory Days -Tot Debt to Common Equity 47.15% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.36 Cash Conversion Cycle 49.13Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 35000.0 14.00 30000.0 12.00 25000.0 10.00 20000.0 8.00 15000.0 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Anglo American PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 78986629 5.67 - 26.02.2013 Investment AdvisorPUBLIC INVESTMENT CO Multiple Portfolios REG 77592603 5.57 - 01.11.2012 GovernmentLEGAL & GENERAL n/a ULT-AGG 51463960 3.69 540016 31.01.2013 UnclassifiedTARL INVESTMENT HOLD Multiple Portfolios REG 47275613 3.39 - 01.11.2012 UnclassifiedEPOCH TWO INVESTMENT Multiple Portfolios REG 42166686 3.03 - 01.11.2012 UnclassifiedNORGES BANK INVESTME Multiple Portfolios REG 29466453 2.12 (2557012) 01.11.2012 GovernmentSCOTTISH WIDOWS n/a ULT-AGG 29199945 2.1 3632677 30.11.2012 UnclassifiedFMR LLC n/a ULT-AGG 28152759 2.02 (4622324) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 25211973 1.81 549175 31.12.2012 Investment AdvisorE OPPENHEIMER & SON Multiple Portfolios REG 25200000 1.81 - 01.11.2012 OtherOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18493976 1.33 1751397 30.12.2012 Investment AdvisorUBS n/a ULT-AGG 17632458 1.27 523597 28.12.2012 UnclassifiedPEOPLES REPUBLIC OF Multiple Portfolios REG 17290964 1.24 - 01.11.2012 GovernmentOPPENHEIMERFUNDS INC Multiple Portfolios REG 15661337 1.12 6944224 01.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 14199373 1.02 1122571 01.11.2012 Investment AdvisorCORONATION ASSET MAN Multiple Portfolios MF-AGG 10574494 0.76 1982164 30.09.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a ULT-AGG 10535767 0.76 1922748 01.11.2012 GovernmentAVIVA INVESTORS Multiple Portfolios REG 10437360 0.75 (639640) 01.11.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 9723569 0.7 393514 27.02.2013 Investment AdvisorNorthern Cross Inter Multiple Portfolios REG 9024700 0.65 95026 01.11.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue SACHIN KUMAR add 4 M 2191 6 month 28.02.2013Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 1700 Not Provided 27.02.2013Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2225 12 month 26.02.2013RBC Capital Markets DES KILALEA sector perform 3 M 1700 12 month 25.02.2013EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013Jefferies Christopher LaFemina buy 5 U 2450 12 month 21.02.2013Societe Generale ALAIN WILLIAM sell 1 M 1900 12 month 19.02.2013Independent Research GmbH SVEN DIERMEIER sell 1 M 1800 12 month 19.02.2013Deutsche Bank GRANT SPORRE buy 5 M 2290 12 month 18.02.2013Credit Suisse LIAM FITZPATRICK neutral 3 M 2100 Not Provided 18.02.2013JPMorgan FRASER JAMIESON underweight 1 M 1640 9 month 18.02.2013Natixis RAOUDHA BOUZEKRI neutral 3 M 1900 Not Provided 18.02.2013Nomura SAM CATALANO neutral 3 M 1800 12 month 18.02.2013SBG Securities PETER DAVEY sell 1 M 2000 12 month 18.02.2013S&P Capital IQ JOHNSON IMODE hold 3 M 2100 12 month 16.02.2013BMO Capital Markets TONY ROBSON market perform 3 M 2200 Not Provided 15.02.2013Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 1970 12 month 15.02.2013Goldman Sachs EUGENE KING sell/attractive 1 M 1550 12 month 11.02.2013HSBC ANDREW KEEN overweight 5 U 2240 Not Provided 07.02.2013Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013Investec ALBERT MINASSIAN hold 3 M 2259 Not Provided 16.01.2013Redburn Partners SIMON TOYNE sell 1 D #N/A N/A Not Provided 16.01.2013Barclays IAN ROSSOUW equalweight 3 M 1970 Not Provided 14.01.2013Macquarie KIERAN DALY outperform 5 M 2250 12 month 10.01.2013Liberum Capital Ltd ASH LAZENBY hold 3 U #N/A N/A Not Provided 30.11.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 03.10.2012Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1960 12 month 08.09.2012Avior Research CLINTON DUNCAN outperform 5 M 2338 Not Provided 27.08.2012CA Cheuvreux JOAKIM AHLBERG outperform 5 M 2250 Not Provided 30.07.2012Daiwa Securities Co. Ltd. SCOTT FINLAY hold 3 N 3329 6 month 21.04.2011Panmure Gordon & Co Limited ALISON TURNER hold 3 M 2756 Not Provided 21.04.2011Prosdocimi TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.06.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Anheuser-Busch InBev NVAnheuser-Busch InBev NV brews beer. The Company manufactures ale, lager, Price/Volumestout, and bitter beer. Anheuser-Busch InBev owns brands that are both 80 9.0 Mnationally and internationally prominent. The Company has production plants in 8.0 M 70Europe, the Americas, and Asia. 7.0 M 60 6.0 M 50 5.0 M 40 Valuation Analysis 4.0 M 30Latest Fiscal Year: 12/2012 3.0 M 20 2.0 MLTM as of: 12/yy 10 1.0 M52-Week High (28.02.2013) 71.74 0 .0 M52-Week Low (29.02.2012) 49.79 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 540520.00 Current Price (2/dd/yy) 71.2 Market Data 52-Week High % Change -0.79% Dividend Yield - 52-Week Low % Change 43.00% Beta 0.78 % 52 Week Price Range High/Low 97.20% Equity Float -Shares Out 31.12.2012 1606.8 Short Int - Market Capitalization 114403.27 1 Yr Total Return 44.29%Total Debt 44341.00 YTD Return 8.31%Preferred Stock 0.0 Adjusted BETA 0.775Minority Interest 4299.0 Analyst Recs 35Cash and Equivalents 13878.00 Consensus Rating 3.714Enterprise Value 184756.12 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2462573ABI BB EQUITY YTD Change - Average Volume 30 Day 2289935ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1827882 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 23507.0 36758.0 36297.0 39046.0 39758.0 39046.0 39758.0 45038.9 48541.3 - - TEV/Revenue 4.07x 3.57x 3.70x 3.49x 4.37x 3.49x 4.14x 4.20x 3.78x - - EBITDA 7734.0 12925.0 13768.0 15297.0 15450.0 15297.0 11768.0 17643.5 19424.8 - - TEV/EBITDA 12.37x 10.15x 9.76x 8.91x 11.25x 8.91x 0.00x 10.48x 9.52x - - Net Income 1927.0 4613.0 4026.0 5855.0 7243.0 5855.0 7244.0 8086.7 8967.0 - - P/E 11.99x 17.92x 22.61x 16.71x 19.15x 16.71x 19.04x 18.73x 16.66x - - Profitability S&P Issuer RatingsEBITDA 15450.00 Long-Term Rating Date 01.05.2012EBIT 12765.00 Long-Term Rating AOperating Margin 32.11% Long-Term Outlook STABLEPretax Margin 28.05% Short-Term Rating Date 01.05.2012Return on Assets 6.16% Short-Term Rating A-1Return on Common Equity 18.42% Credit RatiosReturn on Capital 13.08% EBITDA/Interest Exp. 7.48Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.90Margin Analysis Net Debt/EBITDA 1.97Gross Margin 58.6% Total Debt/EBITDA 2.87EBITDA Margin 38.9% ReferenceEBIT Margin 32.1% Total Debt/Equity 107.8%Net Income Margin 18.2% Total Debt/Capital 49.4%Structure Asset Turnover 0.34Current Ratio 1.01 Net Fixed Asset Turnover 2.45Quick Ratio 0.88 Accounts receivable turnover-days 37.49Debt to Assets 36.16% Inventory Days 55.25Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 306.82Accounts Receivable Turnover 9.76 Cash Conversion Cycle -214.08Inventory Turnover 6.62Price/ Cash Flow Sales/Revenue/Turnover 14.00 45000.0 12.00 40000.0 35000.0 10.00 30000.0 8.00 25000.0 6.00 20000.0 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Anheuser-Busch InBev NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTICHTING INBEV n/a 20F 663074830 41.27 - 29.08.2011 n/aEUGENIE PATRI SEBAST n/a 20F 133267604 8.29 - 29.08.2011 CorporationCAPITAL GROUP COMPAN n/a ULT-AGG 35079819 2.18 (3462946) 31.12.2012 Investment AdvisorBRC SARL n/a 20F 32666460 2.03 - 29.08.2011 OtherFMR LLC n/a ULT-AGG 19379453 1.21 (1662696) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16738779 1.04 (2422646) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 12006663 0.75 266830 26.02.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10597724 0.66 (128959) 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 9854250 0.61 727791 31.12.2012 Investment AdvisorANHEUSER-BUSCH INBEV n/a 20F 7601955 0.47 - 29.08.2011 CorporationVOORZITTER VERHELST n/a 20F 6997665 0.44 - 29.08.2011 OtherINBEV-BAILLET LATOUR n/a 20F 5485415 0.34 - 29.08.2011 OtherARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4160120 0.26 89672 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 3870095 0.24 10559 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3438936 0.21 1647249 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 2695029 0.17 311764 27.02.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2446978 0.15 - 26.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2292039 0.14 402350 30.11.2012 Mutual Fund ManagerGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2153869 0.13 166567 31.05.2012 Investment AdvisorTHREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2066638 0.13 46278 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale ANDREW HOLLAND buy 5 M 74 12 month 28.02.2013HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 28.02.2013Nomura IAN SHACKLETON neutral 3 M 70 12 month 28.02.2013Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 28.02.2013AlphaValue ISABELLE COMBEMALE sell 1 M 44 6 month 28.02.2013Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 27.02.2013Jefferies DIRK VAN VLAANDEREN buy 5 M 76 12 month 27.02.2013Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 81 12 month 27.02.2013Bank Degroof(ESN) HANS DHAESE hold 3 M 74 12 month 27.02.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 73 12 month 27.02.2013KBC Securities WIM HOSTE hold 3 M 71 Not Provided 27.02.2013Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 85 12 month 27.02.2013S&P Capital IQ CARL SHORT hold 3 M 73 12 month 27.02.2013ING Bank MARCO GULPERS hold 3 M 68 12 month 27.02.2013ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 27.02.2013Rabobank International KAREL ZOETE buy 5 U 76 12 month 25.02.2013JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 15.02.2013Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013Grupo Santander ANTHONY J BUCALO buy 5 M 71 Not Provided 14.02.2013Petercam KRIS KIPPERS buy 5 M 80 Not Provided 14.02.2013Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013Credit Suisse SANJEET AUJLA neutral 3 M 70 Not Provided 01.02.2013Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 75 6 month 01.02.2013Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 69 12 month 31.01.2013Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 25.01.2013CA Cheuvreux ERIC BOROIAN outperform 5 M 72 Not Provided 21.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Espirito Santo Investment Bank Research ALEX SMITH neutral 3 M 65 Not Provided 14.09.2012Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Antofagasta PLCAntofagasta plc owns and operates copper mines in Chile and conducts Price/Volumeexploration activities in Chile and Peru. The Group also operates a rail 1600 7.0 Mnetwork servicing the mining region of northern Chile, as well as operates a 1400 6.0 Mconcession for the distribution of water in this region. 1200 5.0 M 1000 4.0 M 800 Valuation Analysis 3.0 M 600Latest Fiscal Year: 12/2011 2.0 M 400LTM as of: 09/yy 1.0 M 20052-Week High (02.01.2013) 1392.00 0 .0 M52-Week Low (01.06.2012) 972.00 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 312006.00 Current Price (2/dd/yy) 1099 Market Data 52-Week High % Change -20.98% Dividend Yield 1.23 52-Week Low % Change 13.07% Beta 1.54 % 52 Week Price Range High/Low 34.05% Equity Float 345.84Shares Out 30.06.2012 985.9 Short Int - Market Capitalization 10834.56 1 Yr Total Return -15.25%Total Debt 2140.30 YTD Return -16.99%Preferred Stock 0.0 Adjusted BETA 1.544Minority Interest 1611.2 Analyst Recs 29Cash and Equivalents 3280.00 Consensus Rating 2.793Enterprise Value 16875.29 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2470585ANTO LN EQUITY YTD Change - Average Volume 30 Day 1964332ANTO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1610025 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 09/12 Q3 12/12 Q4 Total Revenue 3826.7 3372.6 2962.6 4577.1 6076.0 4172.9 6755.5 6640.1 6606.7 1587.8 1618.0 TEV/Revenue 3.37x 1.29x 5.22x 5.42x 3.14x 0.00x 0.00x 2.41x 2.41x - - EBITDA 2784.2 1776.4 1676.9 2881.1 3519.3 0.0 0.0 3744.1 3435.2 923.4 - TEV/EBITDA 4.64x 2.45x 9.23x 8.60x 5.41x 0.00x 0.00x 4.51x 4.91x - - Net Income 1382.1 1706.5 667.7 1051.8 1236.6 0.0 0.0 1338.0 1301.9 - - P/E 10.14x 3.58x 23.65x 23.56x 15.02x 0.00x 0.00x 12.16x 12.53x - - Profitability S&P Issuer RatingsEBITDA 3519.30 Long-Term Rating Date -EBIT 3087.60 Long-Term Rating -Operating Margin 50.82% Long-Term Outlook -Pretax Margin 50.63% Short-Term Rating Date -Return on Assets 10.17% Short-Term Rating -Return on Common Equity 19.40% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 79.09Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 64.11Margin Analysis Net Debt/EBITDA -0.39Gross Margin 64.8% Total Debt/EBITDA 0.59EBITDA Margin 55.4% ReferenceEBIT Margin 47.9% Total Debt/Equity 34.5%Net Income Margin 20.4% Total Debt/Capital 21.5%Structure Asset Turnover 0.53Current Ratio 4.79 Net Fixed Asset Turnover 0.97Quick Ratio 4.05 Accounts receivable turnover-days 57.78Debt to Assets 18.29% Inventory Days 91.82Tot Debt to Common Equity 34.54% Accounts Payable Turnover Day 68.81Accounts Receivable Turnover 6.33 Cash Conversion Cycle 77.50Inventory Turnover 3.99Price/ Cash Flow Sales/Revenue/Turnover 25.00 7000.0 6000.0 20.00 5000.0 15.00 4000.0 3000.0 10.00 2000.0 5.00 1000.0 0.00 0.0 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 |
  • 28.02.2013Antofagasta PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMETALINVEST ESTABLIS n/a Co File 500026513 50.72 - 12.03.2012 UnclassifiedKUPFERBERG ESTABLISH Multiple Portfolios REG 98032110 9.94 - 02.01.2013 UnclassifiedBLACKROCK n/a ULT-AGG 50278691 5.1 - 26.02.2013 Investment AdvisorAUREBERG ESTABLISHME Multiple Portfolios REG 41963110 4.26 - 02.01.2013 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 27996546 2.84 877100 02.01.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 14952806 1.52 (652086) 31.01.2013 UnclassifiedRS INVESTMENT MANAGE Multiple Portfolios REG 9420911 0.96 348840 02.01.2013 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 8649755 0.88 (310538) 02.01.2013 GovernmentSCOTTISH WIDOWS n/a ULT-AGG 8488957 0.86 2136431 02.01.2013 UnclassifiedRS INVESTMENT MANAGE Multiple Portfolios MF-AGG 7887165 0.8 387806 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 7412130 0.75 185093 02.01.2013 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 7272901 0.74 188245 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7259809 0.74 5090993 02.01.2013 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios REG 7141508 0.72 49137 02.01.2013 Investment AdvisorUBS n/a ULT-AGG 6973019 0.71 (597020) 02.01.2013 UnclassifiedMERRILL LYNCH & COMP Multiple Portfolios REG 6199759 0.63 (2450) 02.01.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios REG 5776806 0.59 (4170287) 02.01.2013 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 5702125 0.58 557168 02.01.2013 GovernmentT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5539205 0.56 (1951983) 31.12.2012 Investment AdvisorGH KLUGE & SONS LTD Multiple Portfolios REG 5345800 0.54 - 02.01.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue SACHIN KUMAR buy 5 M 1457 6 month 28.02.2013JPMorgan FRASER JAMIESON overweight 5 M 1400 12 month 27.02.2013Exane BNP Paribas RAPHAEL VEVERKA outperform 5 M 1350 Not Provided 27.02.2013Societe Generale ABHISHEK SHUKLA sell 1 M 970 12 month 25.02.2013RBC Capital Markets TIMOTHY HUFF outperform 5 U 1200 12 month 22.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.02.2013GMP MATHEW FERNLEY hold 3 D 1220 12 month 11.02.2013Jefferies Christopher LaFemina hold 3 M 1350 12 month 08.02.2013HSBC ANDREW KEEN neutral 3 U 1160 Not Provided 07.02.2013Goldman Sachs FAWZI HANANO sell/attractive 1 M 1075 12 month 06.02.2013Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 1175 12 month 06.02.2013Nomura PATRICK JONES neutral 3 M 1250 Not Provided 03.02.2013Macquarie ALON OLSHA neutral 3 M 1170 12 month 01.02.2013Deutsche Bank GRANT SPORRE hold 3 M 1260 12 month 31.01.2013Credit Suisse LIAM FITZPATRICK underperform 1 D 1150 Not Provided 31.01.2013Fox-Davies Capital PETER ROSE sell 1 M 984 Not Provided 31.01.2013Barclays IAN ROSSOUW equalweight 3 M 1100 Not Provided 30.01.2013Numis Securities Ltd CAILEY BARKER hold 3 M 1230 Not Provided 29.01.2013Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 1100 12 month 23.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Liberum Capital Ltd BEN DAVIS hold 3 U #N/A N/A Not Provided 14.01.2013Redburn Partners SIMON TOYNE sell 1 M #N/A N/A Not Provided 06.12.2012BMO Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 22.11.2012Natixis RAOUDHA BOUZEKRI neutral 3 M 1147 Not Provided 20.11.2012Larrain Vial Corredores de Bolsa JOSE PEDRO FUENZALIDA sell 1 M 1180 Not Provided 19.11.2012S&P Capital IQ JOHNSON IMODE sell 1 M 1000 12 month 12.10.2012Grupo Santander RODRIGO ORDONEZ buy 5 M 1500 Not Provided 15.03.2012Daiwa Securities Co. Ltd. SCOTT FINLAY outperform 5 D 1372 12 month 09.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013AP Moeller - Maersk A/SA.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The Price/VolumeCompanys fleet includes container vessels, tankers, supply ships, special 50000 .0 Mvessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial, 45000and supermarket businesses, and explores for and produces oil and gas. The 40000 .0 MCompany is active worldwide. 35000 .0 M 30000 25000 .0 M Valuation Analysis 20000Latest Fiscal Year: 12/2012 15000 .0 MLTM as of: 12/yy 10000 .0 M 500052-Week High (21.01.2013) 47480.00 0 .0 M52-Week Low (04.06.2012) 35000.00 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 1761.00 Current Price (2/dd/yy) 45680 Market Data 52-Week High % Change -3.79% Dividend Yield - 52-Week Low % Change 30.51% Beta 1.02 % 52 Week Price Range High/Low 83.33% Equity Float -Shares Out 27.02.2013 2.2 Short Int - Market Capitalization 196834.95 1 Yr Total Return 3.97%Total Debt 111064.00 YTD Return 7.23%Preferred Stock 0.0 Adjusted BETA 1.017Minority Interest 13744.0 Analyst Recs 31Cash and Equivalents 15171.00 Consensus Rating 3.677Enterprise Value 306471.96 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5834MAERSKB DC EQUITY YTD Change - Average Volume 30 Day 4800MAERSKB DC EQUITY YTD % CHANGE - Average Volume 3 Month 4522 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 311821.0 260336.0 315396.0 322520.0 342058.0 322520.0 342058.0 346192.4 366044.8 81773.1 85571.3 TEV/Revenue 0.68x 1.01x 0.97x 0.84x 0.85x 2.44x 3.40x 0.89x 0.83x - - EBITDA 83945.0 49262.0 89218.0 78506.0 72897.0 78506.0 72897.0 78615.5 85718.1 17725.7 19909.3 TEV/EBITDA 2.52x 5.34x 3.44x 3.44x 4.00x 3.44x 4.06x 3.90x 3.58x 3.95x 3.78x Net Income 16960.0 (7027.0) 26455.0 15189.0 21673.0 15189.0 21673.0 19673.8 24918.6 3444.0 5381.8 P/E 6.86x - 8.33x 10.96x 8.59x 11.01x 8.61x 10.30x 8.27x 10.09x 9.27x Profitability S&P Issuer RatingsEBITDA 72897.00 Long-Term Rating Date -EBIT 41924.00 Long-Term Rating -Operating Margin 12.26% Long-Term Outlook -Pretax Margin 12.43% Short-Term Rating Date -Return on Assets 5.25% Short-Term Rating -Return on Common Equity 10.76% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 15.68Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 7.80Margin Analysis Net Debt/EBITDA 1.32Gross Margin - Total Debt/EBITDA 1.52EBITDA Margin 21.3% ReferenceEBIT Margin 12.3% Total Debt/Equity 53.2%Net Income Margin 6.3% Total Debt/Capital 33.3%Structure Asset Turnover 0.83Current Ratio 1.15 Net Fixed Asset Turnover 1.33Quick Ratio 0.67 Accounts receivable turnover-days 30.01Debt to Assets 26.40% Inventory Days -Tot Debt to Common Equity 53.19% Accounts Payable Turnover Day -Accounts Receivable Turnover 12.20 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 9.00 400000.0 8.00 350000.0 7.00 300000.0 6.00 250000.0 5.00 200000.0 4.00 150000.0 3.00 100000.0 2.00 50000.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013AP Moeller - Maersk A/SHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAP & CHASTINE MOLLER n/a Co File 905933 41.22 - 31.12.2011 OtherAP MOLLER C MCKINNEY n/a Co File 216483 9.85 - 31.12.2011 n/aFRANKLIN RESOURCES n/a ULT-AGG 87574 3.98 (1148) 31.12.2012 Investment AdvisorMC-KINNEY MOLLER MAE n/a Co File 81758 3.72 - 31.12.2011 n/aDEN AP MOLLERSKE STO n/a Co File 64615 2.94 - 31.12.2011 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 35821 1.63 4657 31.12.2012 Investment AdvisorAP MOLLER - MAERSK A n/a Co File 29729 1.35 - 31.12.2011 CorporationSKAGEN AS Multiple Portfolios MF-AGG 16835 0.77 - 31.01.2013 Mutual Fund ManagerNORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 14480 0.66 275 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 14105 0.64 4040 26.02.2013 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 12536 0.57 1049 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 9054 0.41 - 31.12.2012 Investment AdvisorMANDARINE GESTION Multiple Portfolios MF-AGG 8206 0.37 4214 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 6963 0.32 (680) 31.12.2012 Investment AdvisorSPARINVEST n/a ULT-AGG 6719 0.31 (954) 31.01.2013 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 6527 0.3 (406) 28.09.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6428 0.29 530 31.12.2012 Investment AdvisorSARASIN n/a ULT-AGG 6199 0.28 (478) 28.12.2012 UnclassifiedDANSKE INVEST A/S Multiple Portfolios MF-AGG 5990 0.27 (319) 31.01.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 5839 0.27 (43) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue HELENE COUMES reduce 2 M 41684 6 month 28.02.2013ABN Amro Bank N.V. MARK VAN DER GEEST buy 5 M 52500 12 month 27.02.2013Nordea Equity Research FINN BJARKE PETERSEN buy 5 M 50000 12 month 26.02.2013ABG Sundal Collier LARS HEINDORFF buy 5 M 52000 6 month 25.02.2013SEB Enskilda MIKKEL M NIELSEN hold 3 M 45100 Not Provided 25.02.2013Carnegie STIG FREDERIKSEN buy 5 M #N/A N/A Not Provided 25.02.2013Handelsbanken DAN TOGO JENSEN buy 5 M 57000 12 month 25.02.2013DNB Markets NICOLAY DYVIK buy 5 M 51000 Not Provided 25.02.2013Danske Markets ERIK BERGOO buy 5 M 55000 12 month 25.02.2013Clarkson Capital Markets LLC URS M DUR market perform 3 M 42200 12 month 25.02.2013Alm Brand Markets JESPER CHRISTENSEN sell 1 M 42500 Not Provided 22.02.2013Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 56000 12 month 22.02.2013JPMorgan CHRISTOPHER G COMBE neutral 3 M 45000 9 month 22.02.2013Cantor Fitzgerald ROBIN BYDE buy 5 M 50000 Not Provided 22.02.2013Fearnley Fonds RIKARD VABO sell 1 M 38000 6 month 22.02.2013Nomura MARK MCVICAR buy 5 M 59000 12 month 21.02.2013Berenberg Bank WILLIAM FOGGON buy 5 M 57000 Not Provided 19.02.2013Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 53800 12 month 08.02.2013RS Platou Markets FRODE MOERKEDAL neutral 3 D 50000 6 month 03.02.2013Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 60000 12 month 01.02.2013Macquarie ROBERT JOYNSON neutral 3 D 45000 12 month 30.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Credit Suisse NEIL GLYNN underperform 1 N 38000 Not Provided 23.11.2012HSBC JULIA WINARSO overweight 5 M 56000 Not Provided 13.11.2012SpareBank 1 Markets AS GLENN LODDEN buy 5 N 50000 6 month 26.10.2012Equita SIM SpA GIANMARCO BONACINA buy 5 M 60000 12 month 17.10.2012Jyske Bank FRANS HOYER sell 1 M 37000 Not Provided 04.09.2012CA Cheuvreux BEAT KEISER underperform 1 M 40000 Not Provided 10.08.2012NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 23.02.2012Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 18.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013ArcelorMittalArcelorMittal produces steel. The Company manufactures cold rolled, Price/Volumeelectrogalvanized and coated steels, slabs, special quality bars, and wire 18 35.0 Mrods. Arcelor Mittal has steel making operations in Europe, the Americas, 16 30.0 MAsia, and Africa. 14 25.0 M 12 10 20.0 M Valuation Analysis 8 15.0 MLatest Fiscal Year: 12/2012 6 10.0 M 4LTM as of: 12/yy 5.0 M 252-Week High (29.02.2012) 16.42 0 .0 M52-Week Low (01.06.2012) 10.60 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 2321167.00 Current Price (2/dd/yy) 11.355 Market Data 52-Week High % Change -30.82% Dividend Yield - 52-Week Low % Change 7.17% Beta 1.48 % 52 Week Price Range High/Low 16.82% Equity Float 976.79Shares Out 15.01.2013 1665.4 Short Int - Market Capitalization 18910.53 1 Yr Total Return -25.49%Total Debt 25752.00 YTD Return -12.21%Preferred Stock 0.0 Adjusted BETA 1.477Minority Interest 3474.0 Analyst Recs 42Cash and Equivalents 4398.00 Consensus Rating 3.524Enterprise Value 49621.59 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11560490MT NA EQUITY YTD Change - Average Volume 30 Day 8518240MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 8114582 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 124936.0 61021.0 78025.0 93973.0 84213.0 93973.0 84213.0 87743.3 90551.9 20688.8 22234.8 TEV/Revenue 0.50x 1.52x 1.05x 0.58x 0.61x 2.92x 2.47x 0.53x 0.49x 2.34x 2.16x EBITDA 24436.0 3656.0 8014.0 9898.0 6762.0 10448.0 7280.0 7995.0 9529.1 1607.3 2168.3 TEV/EBITDA 2.57x 25.37x 10.25x 5.47x 7.58x 5.18x 7.04x 6.21x 5.21x 6.52x 6.11x Net Income 9399.0 157.0 2916.0 2263.0 (3726.0) 2263.0 (3726.0) 1250.1 2590.7 33.8 557.0 P/E 3.49x 308.59x 17.66x 15.75x - 15.75x 0.00x 20.01x 9.98x 22.97x 16.31x Profitability S&P Issuer RatingsEBITDA 6762.00 Long-Term Rating Date 02.08.2012EBIT 1809.00 Long-Term Rating BB+Operating Margin 2.15% Long-Term Outlook NEGPretax Margin -6.85% Short-Term Rating Date 02.08.2012Return on Assets -3.15% Short-Term Rating BReturn on Common Equity -6.87% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 3.33Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 1.02Margin Analysis Net Debt/EBITDA 2.93Gross Margin 6.1% Total Debt/EBITDA 3.54EBITDA Margin 8.6% ReferenceEBIT Margin 2.8% Total Debt/Equity 49.8%Net Income Margin -4.4% Total Debt/Capital 31.8%Structure Asset Turnover 0.71Current Ratio 1.33 Net Fixed Asset Turnover 1.56Quick Ratio 0.40 Accounts receivable turnover-days 25.07Debt to Assets 22.48% Inventory Days -Tot Debt to Common Equity 49.79% Accounts Payable Turnover Day -Accounts Receivable Turnover 14.60 Cash Conversion Cycle 61.20Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 60.00 140000.0 50.00 120000.0 100000.0 40.00 80000.0 30.00 60000.0 20.00 40000.0 10.00 20000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013ArcelorMittalHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHSBC TRUSTEE CI LTD n/a Research 637338263 38.27 - 31.07.2012 UnclassifiedSTATE OF LUXEMBOURG n/a Research 38965330 2.34 - 17.05.2012 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 34288654 2.06 (1268600) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 18860993 1.13 378014 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 13348667 0.8 (888877) 26.02.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12923790 0.78 (458274) 31.12.2012 Mutual Fund ManagerARCELOR MITTAL n/a Research 11807964 0.71 - 17.05.2012 CorporationING INVESTMENT MANAG Multiple Portfolios MF-AGG 8527735 0.51 (35853) 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 6034275 0.36 1244588 30.11.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 5391818 0.32 (2720) 31.01.2013 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 4509672 0.27 1632158 28.09.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3648408 0.22 - 31.07.2012 Investment AdvisorHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3405847 0.2 383008 31.12.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 3040188 0.18 (511043) 31.12.2012 Mutual Fund ManagerACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 2965210 0.18 - 31.12.2012 Mutual Fund ManagerBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 2897046 0.17 2297074 30.09.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2858279 0.17 - 26.02.2013 Investment AdvisorSNS INVESTMENT FUND Multiple Portfolios MF-AGG 2539528 0.15 (67376) 29.06.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 2400895 0.14 1952715 31.01.2013 Investment AdvisorBNP ASSET MANAGEMENT BNP PARIBAS CLIQUET MF-FRA 2277403 0.14 2277403 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas LUC PEZ neutral 3 M 15 Not Provided 27.02.2013EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013HSBC THORSTEN ZIMMERMANN neutral 3 U 12 Not Provided 22.02.2013Nomura NEIL SAMPAT neutral 3 M 12 12 month 22.02.2013AlphaValue FABRICE FARIGOULE buy 5 U 15 6 month 21.02.2013RBC Capital Markets TIMOTHY HUFF outperform 5 U 14 12 month 18.02.2013Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 16 12 month 18.02.2013Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 15 12 month 15.02.2013Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 11.02.2013Societe Generale ALAIN WILLIAM buy 5 M 16 12 month 07.02.2013Nord/LB HOLGER FECHNER sell 1 M 10 12 month 07.02.2013Jefferies SETH ROSENFELD buy 5 M 16 12 month 07.02.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 14 12 month 07.02.2013Rabobank International FRANK CLAASSEN buy 5 M 15 12 month 07.02.2013Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 13 Not Provided 07.02.2013Espirito Santo Investment Bank Research DIAS RUI sell 1 M 10 Not Provided 07.02.2013S&P Capital IQ JOHNSON IMODE sell 1 M 9 12 month 07.02.2013Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 13 6 month 06.02.2013Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 13 12 month 06.02.2013Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 12 12 month 06.02.2013JPMorgan ALESSANDRO ABATE overweight 5 M 15 9 month 06.02.2013Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE sell 1 M 12 Not Provided 06.02.2013ING Bank FILIP DE PAUW hold 3 M 13 12 month 06.02.2013Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 06.02.2013ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 06.02.2013VTB Capital WIKTOR BIELSKI buy 5 M 21 12 month 05.02.2013Macquarie JEFFREY LARGEY neutral 3 M 15 12 month 01.02.2013Grupo Santander JUAN RAMON CORREAS hold 3 M 17 Not Provided 25.01.2013Theodoor Gilissen Securities TOM MULLER buy 5 M 18 Not Provided 22.01.2013Petercam JUNIOR CUIGNIEZ hold 3 M 14 Not Provided 14.01.2013Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 15 Not Provided 11.01.2013BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 10.01.2013Natixis RAOUDHA BOUZEKRI neutral 3 M 13 Not Provided 10.01.2013Davy TIM CAHILL neutral 3 U #N/A N/A Not Provided 10.01.2013Kempen & Co DIRK VERBIESEN buy 5 M 17 12 month 06.01.2013La Caixa ICIAR GOMEZ BOTAS overweight 5 D 13 Not Provided 23.11.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.11.2012National Bank AG EKKEHARD D LINK buy 5 M 15 Not Provided 02.11.2012Main First Bank AG ALEXANDER HAUENSTEIN underperform 1 M 9 12 month 02.11.2012Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 13 12 month 26.10.2012Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012Dahlman Rose & Co ANTHONY B RIZZUTO JR buy 5 M #N/A N/A Not Provided 17.10.2011Daiwa Securities Co. Ltd. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013ARM Holdings PLCARM Holdings plc develops processors, data engines, peripherals, software, and Price/Volumetools. The Groups solutions are used in a variety of applications, including 1200 18.0 Min the automotive, consumer entertainment, digital imaging, mass storage, 16.0 Mnetworking, security, and wireless industries. 1000 14.0 M 800 12.0 M 10.0 M 600 Valuation Analysis 8.0 MLatest Fiscal Year: 12/2012 400 6.0 M 4.0 MLTM as of: 12/yy 200 2.0 M52-Week High (20.02.2013) 964.00 0 .0 M52-Week Low (18.07.2012) 463.60 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 607657.00 Current Price (2/dd/yy) 956.5 Market Data 52-Week High % Change -0.73% Dividend Yield 0.47 52-Week Low % Change 106.32% Beta 1.05 % 52 Week Price Range High/Low 97.20% Equity Float 1373.53Shares Out 01.02.2013 1380.8 Short Int - Market Capitalization 13207.05 1 Yr Total Return 69.17%Total Debt 5.80 YTD Return 24.54%Preferred Stock 0.0 Adjusted BETA 1.051Minority Interest 0.0 Analyst Recs 30Cash and Equivalents 386.30 Consensus Rating 3.400Enterprise Value 12826.55 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3416629ARM LN EQUITY YTD Change - Average Volume 30 Day 3835742ARM LN EQUITY YTD % CHANGE - Average Volume 3 Month 4028982 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 298.9 305.0 406.6 491.8 576.9 491.8 576.8 666.4 781.8 157.5 159.1 TEV/Revenue 3.63x 7.36x 13.31x 15.56x 17.92x 61.30x 56.03x 18.96x 15.87x 80.91x 80.05x EBITDA 90.0 63.1 125.6 159.3 225.5 0.0 0.0 337.3 419.6 74.3 72.8 TEV/EBITDA 12.05x 35.55x 43.09x 48.06x 45.85x 0.00x 0.00x 38.03x 30.57x 40.59x 37.42x Net Income 43.6 40.4 86.0 112.6 160.7 112.6 160.6 263.4 338.2 62.2 62.0 P/E 25.11x 55.60x 64.66x 70.69x 65.72x 70.73x 65.76x 51.42x 40.53x 50.61x 47.83x Profitability S&P Issuer RatingsEBITDA 225.50 Long-Term Rating Date -EBIT 208.10 Long-Term Rating -Operating Margin 36.07% Long-Term Outlook -Pretax Margin 38.31% Short-Term Rating Date -Return on Assets 11.62% Short-Term Rating -Return on Common Equity 14.18% Credit RatiosReturn on Capital 14.14% EBITDA/Interest Exp. -Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -1.69Gross Margin 94.5% Total Debt/EBITDA 0.03EBITDA Margin 39.1% ReferenceEBIT Margin 36.1% Total Debt/Equity 0.5%Net Income Margin 27.9% Total Debt/Capital 0.5%Structure Asset Turnover 0.42Current Ratio 2.84 Net Fixed Asset Turnover 21.31Quick Ratio 2.19 Accounts receivable turnover-days 77.44Debt to Assets 0.40% Inventory Days 27.36Tot Debt to Common Equity 0.48% Accounts Payable Turnover Day 84.05Accounts Receivable Turnover 4.73 Cash Conversion Cycle 20.76Inventory Turnover 13.38Price/ Cash Flow Sales/Revenue/Turnover 80.00 700.0 70.00 600.0 60.00 500.0 50.00 400.0 40.00 300.0 30.00 200.0 20.00 100.0 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 |
  • 28.02.2013ARM Holdings PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 95690311 6.93 (1388313) 01.02.2013 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios REG 81330184 5.89 209000 01.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 79925721 5.79 (14018380) 01.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 67090522 4.86 (3298076) 26.02.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios REG 61899954 4.48 93283 01.12.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 49773219 3.6 713733 01.12.2012 UnclassifiedJANUS CAPITAL MANAGE n/a ULT-AGG 48892118 3.54 - 01.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 44774427 3.24 619743 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 26857349 1.95 7456490 01.12.2012 UnclassifiedNORGES BANK INVESTME Multiple Portfolios REG 26616977 1.93 - 01.12.2012 GovernmentLONE PINE CAPITAL LL Multiple Portfolios REG 18045002 1.31 (622766) 01.12.2012 Hedge Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 16851701 1.22 (3881989) 31.12.2012 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 16092906 1.17 - 01.12.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios REG 15992665 1.16 542323 01.12.2012 Investment AdvisorAPG ALGEMENE PENSIOE Multiple Portfolios REG 15841776 1.15 (722733) 01.12.2012 Pension Fund (ERISA)STANDARD LIFE INVEST Multiple Portfolios REG 14958679 1.08 3127478 01.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 14519056 1.05 460541 31.12.2012 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios REG 9719233 0.7 - 01.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios REG 9530232 0.69 (630000) 01.12.2012 Investment AdvisorUBS n/a ULT-AGG 9001166 0.65 287919 28.12.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas JEROME RAMEL outperform 5 M 1000 Not Provided 28.02.2013AlphaValue LIONEL PELLICER sell 1 M 532 6 month 28.02.2013Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 911 12 month 27.02.2013Societe Generale PETER KNOX sell 1 M 640 12 month 26.02.2013BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 1200 Not Provided 24.02.2013Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 550 12 month 21.02.2013Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 21.02.2013Day by Day VALERIE GASTALDY buy 5 M 1090 3 month 14.02.2013Credit Suisse JUSTIS MCEVILLY outperform 5 U 1130 Not Provided 08.02.2013Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 1250 12 month 07.02.2013Peel Hunt PAUL GILMER MORLAND hold 3 M 930 Not Provided 07.02.2013RBC Capital Markets ANDREW DUNN outperform 5 M 960 12 month 06.02.2013JPMorgan SANDEEP S DESHPANDE neutral 3 M 625 9 month 06.02.2013CA Cheuvreux BERND LAUX outperform 5 M 1040 Not Provided 06.02.2013Espirito Santo Investment Bank Research VIJAY ANAND neutral 3 M 920 Not Provided 06.02.2013Natixis STEPHANE HOURI neutral 3 D 955 Not Provided 06.02.2013S&P Capital IQ JAMES CRAWSHAW hold 3 D 1000 12 month 06.02.2013Numis Securities Ltd NICK JAMES hold 3 M 920 Not Provided 06.02.2013Barclays ANDREW M GARDINER overweight 5 M 1075 Not Provided 06.02.2013Investec JULIAN YATES hold 3 M 940 12 month 05.02.2013Finncap LORNE DANIEL hold 3 M 900 12 month 05.02.2013Jefferies LEE SIMPSON hold 3 M 805 12 month 29.01.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013Berenberg Bank ADNAAN AHMAD buy 5 M 1000 Not Provided 29.11.2012D.A. Davidson & Co AALOK K SHAH neutral 3 M 655 12 month 23.10.2012Deutsche Bank KAI KORSCHELT sell 1 D 400 12 month 03.09.2012Liberum Capital Ltd JANARDAN MENON sell 1 M 440 Not Provided 27.07.2012Merchant Securities JULIAN TOLLEY buy 5 M 680 12 month 09.11.2011Panmure Gordon & Co Limited GEORGE OCONNOR sell 1 M 265 Not Provided 02.09.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013ASML Holding NVASML Holding N.V. develops, produces, and markets semiconductor manufacturing Price/Volumeequipment. The Companys products allow semiconductor manufacturers to choose 60 18.0 Mthe optimal numerical aperture and wavelength for their applications, assure 16.0 Muniformity, and produce more using less floor space. 50 14.0 M 40 12.0 M 10.0 M 30 Valuation Analysis 8.0 MLatest Fiscal Year: 12/2012 20 6.0 M 4.0 MLTM as of: 12/yy 10 2.0 M52-Week High (04.02.2013) 58.09 0 .0 M52-Week Low (06.03.2012) 33.59 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 240082.00 Current Price (2/dd/yy) 54.08 Market Data 52-Week High % Change -6.83% Dividend Yield - 52-Week Low % Change 61.02% Beta 0.93 % 52 Week Price Range High/Low 85.06% Equity Float 326.78Shares Out 31.12.2012 419.9 Short Int - Market Capitalization 22705.63 1 Yr Total Return 90.38%Total Debt 759.49 YTD Return 12.67%Preferred Stock 0.0 Adjusted BETA 0.933Minority Interest 0.0 Analyst Recs 36Cash and Equivalents 2697.60 Consensus Rating 3.583Enterprise Value 20767.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1329633ASML NA EQUITY YTD Change - Average Volume 30 Day 1782551ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1647886 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 2953.7 1596.1 4507.9 5651.0 4731.6 5651.0 4731.5 4862.8 6045.2 911.5 1090.4 TEV/Revenue 1.71x 6.29x 2.52x 2.02x 3.72x 7.30x 12.93x 4.18x 3.24x 22.57x 19.12x EBITDA 406.2 (21.5) 1402.1 1806.4 1343.4 1806.4 1343.4 1254.1 1821.5 139.5 235.0 TEV/EBITDA 12.42x - 8.11x 6.33x 13.11x 6.33x 13.11x 16.56x 11.40x 17.44x 13.83x Net Income 322.4 (150.9) 1021.8 1467.0 1146.3 1467.0 1146.3 945.6 1452.9 120.0 196.8 P/E 17.00x - 12.30x 9.41x 17.78x 9.41x 17.78x 23.38x 15.24x 22.58x 18.85x Profitability S&P Issuer RatingsEBITDA 1343.39 Long-Term Rating Date -EBIT 1156.77 Long-Term Rating -Operating Margin 24.45% Long-Term Outlook -Pretax Margin 24.32% Short-Term Rating Date -Return on Assets 15.63% Short-Term Rating -Return on Common Equity 30.52% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 58.97Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 51.43Margin Analysis Net Debt/EBITDA -1.44Gross Margin 42.4% Total Debt/EBITDA 0.57EBITDA Margin 28.4% ReferenceEBIT Margin 24.4% Total Debt/Equity 18.7%Net Income Margin 24.2% Total Debt/Capital 15.7%Structure Asset Turnover 0.65Current Ratio 2.80 Net Fixed Asset Turnover 4.54Quick Ratio 1.58 Accounts receivable turnover-days 57.47Debt to Assets 10.25% Inventory Days 233.70Tot Debt to Common Equity 18.67% Accounts Payable Turnover Day 39.17Accounts Receivable Turnover 6.37 Cash Conversion Cycle 252.00Inventory Turnover 1.57Price/ Cash Flow Sales/Revenue/Turnover 250.00 6000.0 5000.0 200.00 4000.0 150.00 3000.0 100.00 2000.0 50.00 1000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013ASML Holding NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTICHTING ADM MAKTSJ n/a 20F 62977877 15 - 06.02.2013 OtherCAPITAL GROUP COMPAN n/a ULT-AGG 51453097 12.26 - 06.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 36311008 8.65 - 06.02.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 22878489 5.45 - 26.02.2013 Investment AdvisorSTICHT ADM TSMC n/a 20F 20992625 5 - 06.02.2013 n/aASML HOLDING NV n/a Co File 8980030 2.14 - 01.07.2012 CorporationWADDELL & REED FINAN Multiple Portfolios MF-AGG 8028537 1.91 191077 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5830523 1.39 28372 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 3435506 0.82 (64060) 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 2964987 0.71 1901140 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1645738 0.39 39872 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 1523440 0.36 (421865) 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1165173 0.28 516501 31.12.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1104264 0.26 - 26.02.2013 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 905408 0.22 - 31.12.2012 Mutual Fund ManagerHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 855324 0.2 2376 31.12.2012 Investment AdvisorSARASIN n/a ULT-AGG 846675 0.2 (464871) 28.12.2012 UnclassifiedBNP PARIBAS INV PART n/a ULT-AGG 846555 0.2 (479776) 31.12.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842648 0.2 827721 31.10.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 809277 0.19 (247319) 31.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas JEROME RAMEL neutral 3 M 50 Not Provided 28.02.2013AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 28.02.2013Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 26.02.2013Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 25.02.2013Rabobank International PHILIP SCHOLTE hold 3 M 52 12 month 25.02.2013Natixis STEPHANE HOURI buy 5 M 62 Not Provided 21.02.2013JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013Day by Day VALERIE GASTALDY buy 5 M 63 3 month 28.01.2013Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 18.01.2013Societe Generale PETER KNOX hold 3 M 48 12 month 18.01.2013Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 18.01.2013Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 18.01.2013Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 18.01.2013Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 17.01.2013Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 17.01.2013Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Assa Abloy ABAssa Abloy AB develops, designs, and manufactures security locks. The Company Price/Volumemarkets mechanical locks, industrial locks, and electromechanical and electronic 300 4.5 Mlocks for doors and windows, and hotel locks, fittings, and other accessories. 4.0 MThe Company also makes locks for parking meters, pay telephones and gambling 250 3.5 Mmachines. Assa Abloy primarily sells in Europe and in North America. 200 3.0 M 2.5 M 150 Valuation Analysis 2.0 MLatest Fiscal Year: 12/2012 100 1.5 M 1.0 MLTM as of: 12/yy 50 .5 M52-Week High (25.02.2013) 257.80 0 .0 M52-Week Low (18.05.2012) 177.50 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 77679.00 Current Price (2/dd/yy) 256.4 Market Data 52-Week High % Change -0.50% Dividend Yield - 52-Week Low % Change 44.45% Beta 0.97 % 52 Week Price Range High/Low 94.89% Equity Float -Shares Out 27.02.2013 351.7 Short Int - Market Capitalization 95088.19 1 Yr Total Return 30.51%Total Debt 15807.00 YTD Return 5.56%Preferred Stock 0.0 Adjusted BETA 0.969Minority Interest 183.0 Analyst Recs 28Cash and Equivalents 907.00 Consensus Rating 2.964Enterprise Value 110171.19 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 847380ASSAB SS EQUITY YTD Change - Average Volume 30 Day 995078ASSAB SS EQUITY YTD % CHANGE - Average Volume 3 Month 924507 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 34918.0 34963.0 36823.0 41786.0 46619.0 41786.0 46620.0 48454.7 51263.2 11205.4 12179.3 TEV/Revenue 1.31x 1.74x 2.15x 1.42x 2.26x 7.28x 8.16x 2.23x 2.04x 10.09x 9.45x EBITDA 5122.0 5373.0 7093.0 6223.0 8465.0 6223.0 8465.0 9076.5 9701.5 1972.4 2230.4 TEV/EBITDA 8.95x 11.32x 11.16x 9.53x 12.42x 9.53x 12.42x 12.14x 11.36x 12.22x 11.90x Net Income 2413.0 2626.0 4050.0 3843.0 5112.0 3843.0 5111.0 5583.8 6141.5 1160.6 1378.2 P/E 13.42x 19.20x 17.11x 18.46x 17.58x 18.46x 17.58x 17.07x 15.53x 17.30x 16.82x Profitability S&P Issuer RatingsEBITDA 8465.00 Long-Term Rating Date 06.04.2011EBIT 7431.00 Long-Term Rating A-Operating Margin 15.94% Long-Term Outlook STABLEPretax Margin 14.44% Short-Term Rating Date 21.09.2001Return on Assets 8.87% Short-Term Rating A-2Return on Common Equity 20.42% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 9.96Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 8.52Margin Analysis Net Debt/EBITDA 1.76Gross Margin 39.5% Total Debt/EBITDA 1.87EBITDA Margin 18.2% ReferenceEBIT Margin 15.9% Total Debt/Equity 59.6%Net Income Margin 11.0% Total Debt/Capital 37.2%Structure Asset Turnover 0.81Current Ratio 1.00 Net Fixed Asset Turnover 8.26Quick Ratio 0.50 Accounts receivable turnover-days 56.84Debt to Assets 26.41% Inventory Days 75.36Tot Debt to Common Equity 59.55% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.44 Cash Conversion Cycle 80.73Inventory Turnover 4.86Price/ Cash Flow Sales/Revenue/Turnover 18.00 50000.0 16.00 45000.0 14.00 40000.0 35000.0 12.00 30000.0 10.00 25000.0 8.00 20000.0 6.00 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 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 |
  • 28.02.2013Assa Abloy ABHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 31078500 8.84 - 31.12.2012 Investment AdvisorLATOUR INVESTMENT AB n/a Research 21300000 6.06 - 30.09.2012 Holding CompanyBLACKROCK n/a ULT-AGG 18730437 5.33 - 26.02.2013 Investment AdvisorMELKER SCHORLING & C n/a Research 9162136 2.61 - 30.09.2012 Investment AdvisorGOVERNMENT OF NORWAY n/a Research 8757461 2.49 - 30.09.2012 GovernmentFMR LLC n/a ULT-AGG 8016506 2.28 839375 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7390937 2.1 348653 31.12.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6916101 1.97 (455393) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6077682 1.73 - 30.12.2012 Investment AdvisorSHB FUNDS n/a Research 5432951 1.54 - 30.09.2012 Investment AdvisorAMF FONDER AB n/a Research 5396500 1.53 131500 30.09.2012 Investment AdvisorALECTA PENSIONSFORSA n/a Research 5000000 1.42 - 30.09.2012 Pension Fund (ERISA)FOLKSAM GROUP n/a Research 4995340 1.42 - 30.09.2012 Insurance CompanyHARRIS ASSOCIATES LP n/a Research 4894400 1.39 - 30.09.2012 Investment AdvisorSEB TRYGG LIV INSURA n/a Research 4702754 1.34 - 30.09.2012 Insurance CompanyHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 3900416 1.11 (30981) 31.01.2013 Investment AdvisorSEB n/a ULT-AGG 3365011 0.96 (900432) 31.12.2012 UnclassifiedFOLKSAM LO FOND AB Multiple Portfolios MF-AGG 3280217 0.93 429555 31.12.2012 Investment AdvisorSPP FONDER AB Multiple Portfolios MF-AGG 2258051 0.64 (183832) 31.01.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1889009 0.54 187106 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse ANDRE KUKHNIN outperform 5 M 270 Not Provided 20.02.2013Danske Markets OSCAR STJERNGREN hold 3 M 255 12 month 20.02.2013Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 237 12 month 12.02.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 12.02.2013HSBC COLIN GIBSON overweight 5 M 270 Not Provided 08.02.2013Nordea Equity Research ANDREAS KOSKI sell 1 M 223 12 month 08.02.2013Erik Penser Bankaktiebolag AB MAX FRYDEN hold 3 M 240 12 month 08.02.2013Canaccord Genuity Corp ANDREW BELL buy 5 M 280 Not Provided 08.02.2013Handelsbanken JON HYLTNER reduce 2 M 225 12 month 08.02.2013Swedbank NICLAS HOGLUND neutral 3 M 235 12 month 08.02.2013DNB Markets LARS BRORSON sell 1 M 200 Not Provided 08.02.2013Societe Generale SEBASTIEN GRUTER sell 1 M 220 12 month 07.02.2013Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 225 12 month 07.02.2013ABG Sundal Collier ANDERS IDBORG sell 1 M 210 6 month 07.02.2013JPMorgan ANDREAS WILLI neutral 3 M 250 9 month 07.02.2013SEB Enskilda STEFAN ANDERSSON sell 1 M 230 Not Provided 07.02.2013Carnegie AGNIESZKA VILELA hold 3 M #N/A N/A Not Provided 07.02.2013Exane BNP Paribas JONATHAN R MOUNSEY underperform 1 M 250 Not Provided 07.02.2013CA Cheuvreux JOAKIM HOGLUND outperform 5 M 225 Not Provided 29.01.2013Deutsche Bank JOHAN WETTERGREN hold 3 M 215 12 month 22.01.2013Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 257 12 month 17.01.2013Pareto Securities DAVID JACOBSSON hold 3 M 240 6 month 16.01.2013Barclays ALLAN SMYLIE equalweight 3 M 225 Not Provided 12.11.2012Espirito Santo Investment Bank Research VIRDEE ROB buy 5 M 250 Not Provided 30.10.2012Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Assicurazioni Generali SpAAssicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance Price/Volumethroughout the world. The Company offers life, health, accident, automobile, 16 30.0 Mmarine, aviation, transport, fire, general liability, and credit insurance and 14reinsurance. 25.0 M 12 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2011 10.0 M 4LTM as of: 09/yy 5.0 M 252-Week High (14.01.2013) 14.65 0 .0 M52-Week Low (31.05.2012) 8.16 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1937245.00 Current Price (2/dd/yy) 12.26 Market Data 52-Week High % Change -16.38% Dividend Yield - 52-Week Low % Change 50.34% Beta 1.05 % 52 Week Price Range High/Low 64.13% Equity Float 1267.12Shares Out 30.09.2012 1556.9 Short Int - Market Capitalization 19087.27 1 Yr Total Return 3.77%Total Debt 21346.20 YTD Return -10.77%Preferred Stock 0.0 Adjusted BETA 1.045Minority Interest 2635.0 Analyst Recs 32Cash and Equivalents 25559.90 Consensus Rating 2.625Enterprise Value 23671.57 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 13128900G IM EQUITY YTD Change - Average Volume 30 Day 7561705G IM EQUITY YTD % CHANGE - Average Volume 3 Month 7603515 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 80164.7 62298.4 85790.6 87072.1 73481.8 79976.9 81511.6 74061.6 76271.1 15770.0 - TEV/Revenue 0.66x 0.61x 0.50x 0.40x 0.22x 0.85x 0.46x 0.28x 0.28x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 2915.6 860.9 1309.1 1701.9 856.1 3825.2 1163.8 1488.8 2037.0 38.5 - P/E 14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 14.58x 12.00x 9.18x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating AOperating Margin 4.66% Long-Term Outlook NEGPretax Margin 2.46% Short-Term Rating Date -Return on Assets 0.27% Short-Term Rating -Return on Common Equity 6.64% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 137.8%Net Income Margin 1.2% Total Debt/Capital 54.1%Structure Asset Turnover 0.19Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 5.05% Inventory Days -Tot Debt to Common Equity 137.85% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 100000.0 90000.0 1.00 80000.0 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Assicurazioni Generali SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMEDIOBANCA SPA n/a EXCH 194048687 12.46 - 20.11.2012 BankBANCA DITALIA n/a EXCH 69420980 4.46 - 30.11.2012 GovernmentDEA PARTICIPATIONS S n/a EXCH 35185336 2.26 - 30.11.2012 Investment AdvisorEFFETI SPA n/a EXCH 33488344 2.15 - 30.11.2012 CorporationDELFIN SARL n/a EXCH 31168603 2 - 30.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 21969315 1.41 460550 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 17558979 1.13 117904 26.02.2013 Investment AdvisorCOMPASS SPA n/a EXCH 14198684 0.91 - 30.11.2012 CorporationVIKING GLOBAL INVEST n/a Short (13077736) -0.84 1089811 20.02.2013 Hedge Fund ManagerVM 2006 SRL n/a EXCH 6196356 0.4 - 30.11.2012 OtherDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5321220 0.34 (41688) 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4134095 0.27 - 26.02.2013 Investment AdvisorPANTHEON 2000 SPA n/a EXCH 3502965 0.23 - 30.11.2012 OtherCALTAGIRONE EDITORE n/a EXCH 3144884 0.2 - 30.11.2012 CorporationAMUNDI Multiple Portfolios MF-AGG 3081151 0.2 946172 30.11.2012 Mutual Fund ManagerGAMMA SRL n/a EXCH 2958059 0.19 - 30.11.2012 Holding CompanyBNP PARIBAS INV PART n/a ULT-AGG 2878740 0.18 45132 31.12.2012 Investment AdvisorB&D FINANCE SA n/a EXCH 2693391 0.17 - 30.11.2012 Investment AdvisorFINANZIARIA ITALIA 2 n/a EXCH 2646685 0.17 - 30.11.2012 UnclassifiedARCA SGR SPA Multiple Portfolios MF-AGG 2543127 0.16 (5402) 28.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue JEROME CASSAGNE reduce 2 M 13 6 month 28.02.2013Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 12 month 25.02.2013Banca IMI ELENA PERINI hold 3 M 14 12 month 25.02.2013Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 25.02.2013Independent Research GmbH STEFAN BONGARDT sell 1 M 13 12 month 25.02.2013Oddo & Cie NICOLAS JACOB neutral 3 M 14 Not Provided 25.02.2013ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 25.02.2013Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 22.02.2013Nomura MICHAEL KLIEN reduce 2 M 12 12 month 22.02.2013Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 20.02.2013Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 15.02.2013Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 08.02.2013Barclays CLAUDIA GASPARI equalweight 3 M 13 Not Provided 04.02.2013Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 25.01.2013Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.01.2013Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 15.01.2013S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 8 12 month 09.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 09.01.2013Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012Macquarie HADLEY COHEN neutral 3 M 13 12 month 13.11.2012Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Associated British Foods PLCAssociated British Foods PLC is a diversified international food, ingredients, Price/Volumeand retail group. The Group conducts business in China, South America, Africa 2000 5.0 MEurope, Australia, New Zealand, Asia, and the United States. 1800 4.5 M 1600 4.0 M 1400 3.5 M 1200 3.0 M 1000 2.5 M Valuation Analysis 800 2.0 MLatest Fiscal Year: 08/2012 600 1.5 MLTM as of: 01/yy 400 1.0 M 200 .5 M52-Week High (20.02.2013) 1881.00 0 .0 M52-Week Low (06.06.2012) 1157.00 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 123264.00 Current Price (2/dd/yy) 1850 Market Data 52-Week High % Change -1.65% Dividend Yield 1.54 52-Week Low % Change 59.90% Beta 0.60 % 52 Week Price Range High/Low 93.09% Equity Float 351.15Shares Out 08.11.2012 791.7 Short Int - Market Capitalization 14645.97 1 Yr Total Return 57.67%Total Debt 1452.00 YTD Return 18.29%Preferred Stock 0.0 Adjusted BETA 0.598Minority Interest 387.0 Analyst Recs 22Cash and Equivalents 391.00 Consensus Rating 3.364Enterprise Value 16093.97 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1012493ABF LN EQUITY YTD Change - Average Volume 30 Day 1037641ABF LN EQUITY YTD % CHANGE - Average Volume 3 Month 994103 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 8235.0 9255.0 10167.0 11065.0 12252.0 - - 13073.6 13855.1 - - TEV/Revenue 0.85x 0.88x 0.94x 0.95x 0.94x - - 1.22x 1.13x - - EBITDA 878.0 1082.0 1304.0 1296.0 1568.0 - - 1568.6 1684.4 - - TEV/EBITDA 7.96x 7.52x 7.35x 8.15x 7.36x - - 10.26x 9.55x - - Net Income 357.0 359.0 546.0 541.0 555.0 - - 754.1 835.9 - - P/E 16.50x 18.89x 15.15x 16.28x 18.13x - - 19.37x 17.45x - - Profitability S&P Issuer RatingsEBITDA 1568.00 Long-Term Rating Date -EBIT 1052.00 Long-Term Rating -Operating Margin 8.59% Long-Term Outlook -Pretax Margin 6.21% Short-Term Rating Date -Return on Assets 5.43% Short-Term Rating -Return on Common Equity 9.58% Credit RatiosReturn on Capital 8.66% EBITDA/Interest Exp. 13.75Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 7.61Margin Analysis Net Debt/EBITDA 0.68Gross Margin 24.2% Total Debt/EBITDA 0.93EBITDA Margin 12.8% ReferenceEBIT Margin 8.6% Total Debt/Equity 24.9%Net Income Margin 4.5% Total Debt/Capital 18.9%Structure Asset Turnover 1.20Current Ratio 1.20 Net Fixed Asset Turnover 2.72Quick Ratio 0.53 Accounts receivable turnover-days 28.51Debt to Assets 14.18% Inventory Days -Tot Debt to Common Equity 24.89% Accounts Payable Turnover Day -Accounts Receivable Turnover 12.77 Cash Conversion Cycle 54.48Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 14000.0 14.00 12000.0 12.00 10000.0 10.00 8000.0 8.00 6000.0 6.00 4000.0 4.00 2000.0 2.00 0.00 0.0 18.09.2009 18.03.2010 18.09.2010 18.03.2011 18.09.2011 18.03.2012 18.09.2012 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 |
  • 28.02.2013Associated British Foods PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWITTINGTON PROPTYS L n/a Co File 431515108 54.51 - 17.09.2011 Investment AdvisorHOWARD INVESTMENTS L Multiple Portfolios REG 28173893 3.56 - 01.12.2012 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 24295000 3.07 - 31.12.2012 Investment AdvisorNEWTON INV MGMT Multiple Portfolios REG 15975514 2.02 (53882) 01.12.2012 Mutual Fund ManagerLEGAL & GENERAL n/a ULT-AGG 15915267 2.01 190351 31.01.2013 UnclassifiedFMR LLC n/a ULT-AGG 15525679 1.96 1548231 31.12.2012 Investment AdvisorASSOCIATED BRITISH F Multiple Portfolios REG 14299314 1.81 - 01.12.2012 UnclassifiedROYAL BANK OF CANADA n/a ULT-AGG 14216679 1.8 (1447801) 01.12.2012 BankNORGES BANK INVESTME Multiple Portfolios REG 11741776 1.48 - 01.12.2012 GovernmentBLACKROCK n/a ULT-AGG 11399202 1.44 228066 26.02.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9051956 1.14 (793792) 26.02.2013 Investment AdvisorABERDEEN n/a ULT-AGG 8116099 1.03 (267454) 31.01.2013 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 7447403 0.94 977135 31.12.2012 Investment AdvisorAEGON n/a ULT-AGG 5933442 0.75 (137379) 01.12.2012 UnclassifiedLAZARD ASSET MANAGEM n/a ULT-AGG 5847612 0.74 (152100) 01.12.2012 UnclassifiedWESTON W G GALEN n/a Co File 5672560 0.72 - 08.11.2011 n/aGALEWEST LIMITED Multiple Portfolios REG 5258642 0.66 - 01.12.2012 UnclassifiedJP MORGAN PRIVATE BA Multiple Portfolios REG 4495143 0.57 - 01.12.2012 UnclassifiedSTANDARD LIFE INVEST Multiple Portfolios REG 4293104 0.54 (17444) 01.12.2012 Investment AdvisorDIRECTOR & RELATED H Multiple Portfolios REG 3952713 0.5 60113 01.12.2012 Other Firm Name Analyst Recommendation Weighting Change Target Price Date DateNomura DAVID HAYES neutral 3 M 1800 Not Provided 26.02.2013Societe Generale WARREN L ACKERMAN buy 5 M 1820 12 month 25.02.2013Investec MARTIN DEBOO Under Review #N/A N/A M #N/A N/A Not Provided 25.02.2013Credit Suisse CHARLES MILLS outperform 5 M 1650 Not Provided 25.02.2013Jefferies DIRK VAN VLAANDEREN hold 3 M 1650 12 month 25.02.2013Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 1600 12 month 25.02.2013Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 25.02.2013Canaccord Genuity Corp ALICIA FORRY sell 1 M 1450 12 month 25.02.2013S&P Capital IQ CARL SHORT hold 3 M 1890 12 month 25.02.2013Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 1750 Not Provided 25.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 28.01.2013EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 24.01.2013Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 1510 12 month 21.01.2013Berenberg Bank JAMES TARGETT hold 3 M 1700 Not Provided 21.01.2013Mirabaud Securities JULIAN LAKIN hold 3 M 1520 12 month 19.01.2013Deutsche Bank JAMES ISENWATER hold 3 M 1500 12 month 17.01.2013Barclays LIAM ROWLEY overweight 5 M 1700 Not Provided 17.01.2013Exane BNP Paribas JEFF STENT neutral 3 M 1450 Not Provided 06.11.2012JPMorgan ANKUR GUPTA overweight 5 M 1340 Not Provided 11.09.2012Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013AstraZeneca PLCAstraZeneca PLC is a holding company. The Company, through its subsidiaries, Price/Volumeresearches, manufactures, and sells pharmaceutical and medical products. 3500 12.0 MAstraZeneca focuses its operations on eight therapeutic areas: 3000 10.0 MGastrointestinal, Oncology, Cardiovascular, Respiratory, Central NervousSystem, Pain Control, Anaesthesia, and Infection. 2500 8.0 M 2000 6.0 M Valuation Analysis 1500Latest Fiscal Year: 12/2012 4.0 M 1000LTM as of: 12/yy 500 2.0 M52-Week High (29.01.2013) 3171.50 0 .0 M52-Week Low (01.06.2012) 2578.50 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 283817.00 Current Price (2/dd/yy) 2991 Market Data 52-Week High % Change -5.74% Dividend Yield 6.17 52-Week Low % Change 16.00% Beta 0.77 % 52 Week Price Range High/Low 69.48% Equity Float 1245.93Shares Out 01.02.2013 1248.0 Short Int - Market Capitalization 37328.77 1 Yr Total Return 13.06%Total Debt 10310.00 YTD Return 7.06%Preferred Stock 0.0 Adjusted BETA 0.766Minority Interest 215.0 Analyst Recs 37Cash and Equivalents 8524.00 Consensus Rating 2.595Enterprise Value 58602.62 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2398473AZN LN EQUITY YTD Change - Average Volume 30 Day 2401776AZN LN EQUITY YTD % CHANGE - Average Volume 3 Month 2249583 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 31601.0 32804.0 33269.0 33591.0 27973.0 33591.0 27973.0 26439.8 25645.3 6532.1 6363.3 TEV/Revenue 2.11x 2.02x 1.84x 1.71x 2.18x 7.33x 8.49x 2.14x 2.16x - - EBITDA 11657.0 13235.0 14170.0 13276.0 10666.0 15415.0 11621.0 10157.3 9839.0 2403.3 2339.7 TEV/EBITDA 5.72x 5.00x 4.31x 4.32x 5.71x 3.72x 5.24x 5.77x 5.96x 5.94x - Net Income 6101.0 7521.0 8053.0 9983.0 6297.0 9983.0 6297.0 6601.2 6304.8 1488.3 1429.2 P/E 9.74x 9.05x 8.14x 6.29x 9.46x 6.31x 9.47x 8.29x 8.63x 8.59x 8.17x Profitability S&P Issuer RatingsEBITDA 10666.00 Long-Term Rating Date 27.07.2007EBIT 8148.00 Long-Term Rating AA-Operating Margin 29.13% Long-Term Outlook STABLEPretax Margin 27.59% Short-Term Rating Date 27.07.2007Return on Assets 11.84% Short-Term Rating A-1+Return on Common Equity 26.81% Credit RatiosReturn on Capital 21.21% EBITDA/Interest Exp. 11.13Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 10.43Margin Analysis Net Debt/EBITDA 0.15Gross Margin 80.7% Total Debt/EBITDA 0.89EBITDA Margin 41.5% ReferenceEBIT Margin 32.5% Total Debt/Equity 43.4%Net Income Margin 22.5% Total Debt/Capital 30.1%Structure Asset Turnover 0.53Current Ratio 1.37 Net Fixed Asset Turnover 4.47Quick Ratio 1.16 Accounts receivable turnover-days 93.28Debt to Assets 19.26% Inventory Days 132.78Tot Debt to Common Equity 43.43% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.92 Cash Conversion Cycle 47.04Inventory Turnover 2.76Price/ Cash Flow Sales/Revenue/Turnover 10.00 40000.0 9.00 35000.0 8.00 30000.0 7.00 25000.0 6.00 5.00 20000.0 4.00 15000.0 3.00 10000.0 2.00 5000.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013AstraZeneca PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINVESCO LTD Multiple Portfolios REG 87922954 7.04 3528935 01.11.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 81345820 6.52 (19539361) 26.02.2013 Investment AdvisorINVESTOR AB Multiple Portfolios REG 51587810 4.13 - 01.11.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 51380226 4.12 (900534) 31.01.2013 UnclassifiedSCOTTISH WIDOWS n/a ULT-AGG 41846600 3.35 992701 30.11.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 36823962 2.95 482103 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 28774269 2.31 - 01.11.2012 GovernmentPERPETUAL INVESTMENT Multiple Portfolios MF-AGG 25266060 2.02 29422 31.07.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios REG 18876288 1.51 79350 01.11.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 16945000 1.36 7945000 31.12.2012 Investment AdvisorTHREADNEEDLE ASSET M Multiple Portfolios REG 13116741 1.05 (724926) 01.11.2012 Investment AdvisorUBS n/a ULT-AGG 13107860 1.05 (3125329) 28.12.2012 UnclassifiedFMR LLC n/a ULT-AGG 12997614 1.04 (3148419) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 12996431 1.04 692446 01.11.2012 Investment AdvisorGMO LLC Multiple Portfolios REG 12463433 1 (1591513) 01.11.2012 CorporationPEOPLES REPUBLIC OF Multiple Portfolios REG 12453966 1 - 01.11.2012 GovernmentM&G INVESTMENT MANAG Multiple Portfolios REG 12281102 0.98 18817 01.11.2012 Investment AdvisorAXA INVESTMENT MANAG Multiple Portfolios REG 11823324 0.95 (596981) 01.11.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 11774477 0.94 471855 27.02.2013 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 11498305 0.92 (2576692) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue ARMELLE MOULIN add 4 M 3239 6 month 28.02.2013Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 3298 12 month 25.02.2013Helvea ODILE RUNDQUIST neutral 3 M 2850 12 month 22.02.2013Nomura AMIT ROY reduce 2 M 2600 12 month 18.02.2013Jefferies JEFFREY HOLFORD hold 3 M 3000 12 month 15.02.2013Day by Day VALERIE GASTALDY buy 5 M 3181 3 month 14.02.2013JPMorgan ALEXANDRA M HAUBER-SCHUELE underweight 1 M 2750 9 month 11.02.2013Berenberg Bank ALISTAIR CAMPBELL hold 3 M 3050 Not Provided 06.02.2013Kepler Capital Markets FABIAN WENNER hold 3 M 2600 Not Provided 06.02.2013Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 3000 Not Provided 06.02.2013Landesbank Baden-Wuerttemberg TIMO KUERSCHNER sell 1 D 2900 Not Provided 05.02.2013Pareto Securities YILMAZ MAHSHID sell 1 M 2843 6 month 04.02.2013Redburn Partners TEAM COVERAGE sell 1 M #N/A N/A Not Provided 04.02.2013Barclays MARK PURCELL equalweight 3 M 3200 Not Provided 04.02.2013Societe Generale STEPHEN MCGARRY sell 1 M 2650 12 month 01.02.2013Deutsche Bank MARK CLARK hold 3 M 2800 12 month 01.02.2013ABG Sundal Collier PETER HUGREFFE sell 1 M 2479 6 month 01.02.2013Credit Suisse LUISA HECTOR underperform 1 M 3050 Not Provided 01.02.2013SEB Enskilda LARS HEVRENG hold 3 M 2924 Not Provided 01.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 2800 12 month 01.02.2013Nordea Equity Research PATRIK LING sell 1 M 2824 12 month 01.02.2013Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 3400 6 month 01.02.2013Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 3000 Not Provided 01.02.2013Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 3020 12 month 31.01.2013Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 31.01.2013S&P Capital IQ SHO MATSUBARA sell 1 M 2700 12 month 31.01.2013Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 30.01.2013Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 3375 12 month 28.01.2013Danske Markets MATTIAS HAGGBLOM hold 3 M 3000 12 month 24.01.2013Natixis BEATRICE MUZARD reduce 2 M 2876 Not Provided 17.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013Swedbank JOHAN UNNERUS reduce 2 D 2735 12 month 26.10.2012Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 3000 Not Provided 05.10.2012Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012Mirabaud Securities NICHOLAS TURNER reduce 2 U 2700 Not Provided 02.04.2012DZ Bank AG ELMAR KRAUS buy 5 M 3700 12 month 02.02.2012National Bank AG STEFFEN MANSKE buy 5 M 3300 Not Provided 14.04.2010MP Advisors Pvt Ltd BHAVITA NAGRANI underperform 1 M 2509 Not Provided 07.01.2010Edward Jones LINDA BANNISTER sell 1 M #N/A N/A Not Provided 20.11.2008 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Atlas Copco ABAtlas Copco AB is an international industrial group. The Group develops, Price/Volumemanufactures, and markets compressed air equipment and generators, construction 200 14.0 Mand mining equipment, electric and pneumatic tools, and assembly systems and 180 12.0 Moffers related services. Atlas Copco also rents equipment. The Company markets 160to manufacturing, building, construction, and mining companies worldwide. 140 10.0 M 120 8.0 M 100 Valuation Analysis 80 6.0 MLatest Fiscal Year: 12/2012 60 4.0 MLTM as of: 12/yy 40 2.0 M 2052-Week High (30.01.2013) 190.10 0 .0 M52-Week Low (14.06.2012) 134.40 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 279196.00 Current Price (2/dd/yy) 186.8 Market Data 52-Week High % Change -1.63% Dividend Yield - 52-Week Low % Change 38.99% Beta 1.11 % 52 Week Price Range High/Low 93.72% Equity Float -Shares Out 27.02.2013 839.4 Short Int - Market Capitalization 222004.42 1 Yr Total Return 11.61%Total Debt 21052.00 YTD Return 4.77%Preferred Stock 0.0 Adjusted BETA 1.108Minority Interest 54.0 Analyst Recs 32Cash and Equivalents 12416.00 Consensus Rating 3.438Enterprise Value 230694.42 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2760204ATCOA SS EQUITY YTD Change - Average Volume 30 Day 2582804ATCOA SS EQUITY YTD % CHANGE - Average Volume 3 Month 2485087 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 74177.0 63762.0 69875.0 81203.0 90533.0 81203.0 90533.0 89640.7 93497.5 21651.9 22452.9 TEV/Revenue 1.38x 2.15x 2.97x 2.39x 2.43x 9.56x 9.07x 2.51x 2.34x 10.52x 10.28x EBITDA 15808.0 11527.0 16400.0 20061.0 21892.0 20076.0 21892.0 21680.0 22820.2 5037.0 5281.8 TEV/EBITDA 6.48x 11.87x 12.67x 9.68x 10.05x 9.47x 10.28x 10.64x 10.11x 10.79x 10.92x Net Income 10157.0 6244.0 9921.0 12963.0 13901.0 12963.0 13901.0 13854.8 14897.7 3279.8 3441.1 P/E 8.16x 20.51x 20.80x 13.86x 15.57x 13.86x 15.57x 16.41x 15.35x 16.57x 16.23x Profitability S&P Issuer RatingsEBITDA 21892.00 Long-Term Rating Date 24.02.2011EBIT 19228.00 Long-Term Rating AOperating Margin 21.24% Long-Term Outlook STABLEPretax Margin 20.48% Short-Term Rating Date 24.02.2011Return on Assets 17.79% Short-Term Rating A-1Return on Common Equity 43.54% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 28.78Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 26.30Margin Analysis Net Debt/EBITDA 0.39Gross Margin 38.4% Total Debt/EBITDA 0.96EBITDA Margin 24.2% ReferenceEBIT Margin 21.2% Total Debt/Equity 60.0%Net Income Margin 15.4% Total Debt/Capital 37.5%Structure Asset Turnover 1.16Current Ratio 2.43 Net Fixed Asset Turnover 10.33Quick Ratio 0.57 Accounts receivable turnover-days -Debt to Assets 25.94% Inventory Days 115.59Tot Debt to Common Equity 60.01% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 131.90Inventory Turnover 3.17Price/ Cash Flow Sales/Revenue/Turnover 30.00 100000.0 90000.0 25.00 80000.0 70000.0 20.00 60000.0 15.00 50000.0 40000.0 10.00 30000.0 20000.0 5.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Atlas Copco ABHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINVESTOR AB n/a Research 194803726 23.21 - 30.06.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 70407727 8.39 (6585000) 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38234795 4.56 - 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 26722665 3.18 257650 31.12.2012 Investment AdvisorSWEDBANK ROBUR FONDE n/a Research 21795438 2.6 - 30.09.2012 Investment AdvisorSEB n/a ULT-AGG 16233543 1.93 (599301) 25.02.2013 UnclassifiedFJARDE AP-FONDEN n/a Research 10437990 1.24 - 30.06.2012 Pension Fund (ERISA)WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9989946 1.19 46733 31.12.2012 Investment AdvisorALECTA PENSIONSFORSA n/a Research 9500000 1.13 - 30.06.2012 Pension Fund (ERISA)FMR LLC n/a ULT-AGG 8507039 1.01 2127591 31.12.2012 Investment AdvisorFOLKSAM GROUP n/a Research 7887691 0.94 - 30.06.2012 Insurance CompanyBAILLIE GIFFORD AND Multiple Portfolios MF-AGG 7767690 0.93 (52472) 30.11.2012 Investment AdvisorHANDELSBANKEN FONDER n/a Research 7211859 0.86 - 30.06.2012 Investment AdvisorFORSTA AP FONDEN n/a Research 7160904 0.85 - 30.06.2012 Investment AdvisorLANSDOWNE PARTNERS L n/a Short (6799092) -0.81 - 01.11.2012 Hedge Fund ManagerBLACKROCK n/a ULT-AGG 6276813 0.75 1031825 26.02.2013 Investment AdvisorANDRA AP FONDEN n/a Research 5976741 0.71 - 30.06.2012 Pension Fund (ERISA)ALLIANZ ASSET MANAGE n/a ULT-AGG 5408682 0.64 101175 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 5104743 0.61 1336585 31.12.2012 Investment AdvisorSPP FONDER AB Multiple Portfolios MF-AGG 4637001 0.55 (86681) 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue LIONEL PELLICER sell 1 M 160 6 month 21.02.2013SEB Enskilda DANIEL SCHMIDT hold 3 M 190 Not Provided 18.02.2013Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 172 12 month 12.02.2013Canaccord Genuity Corp ANDREW BELL buy 5 M 205 Not Provided 08.02.2013Credit Suisse ANDRE KUKHNIN outperform 5 M 200 Not Provided 05.02.2013Nomura KLAS BERGELIND neutral 3 M 187 Not Provided 05.02.2013Societe Generale SEBASTIEN GRUTER sell 1 M 155 12 month 01.02.2013HSBC COLIN GIBSON overweight 5 M 200 Not Provided 01.02.2013Carnegie KENNETH TOLL JOHANSSON hold 3 M #N/A N/A Not Provided 01.02.2013Nordea Equity Research ANDREAS KOSKI buy 5 M 202 12 month 01.02.2013Handelsbanken PEDER FROLEN accumulate 4 M 190 12 month 01.02.2013Pareto Securities DAVID JACOBSSON hold 3 M 180 6 month 01.02.2013Natixis LUDOVIC DEBAILLEUX neutral 3 M 178 Not Provided 01.02.2013DNB Markets LARS BRORSON hold 3 M 185 Not Provided 01.02.2013Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 185 Not Provided 01.02.2013Barclays ALLAN SMYLIE overweight 5 M 175 Not Provided 01.02.2013Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 163 12 month 31.01.2013ABG Sundal Collier ANDERS IDBORG buy 5 M 210 6 month 31.01.2013Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 240 12 month 31.01.2013JPMorgan ANDREAS WILLI neutral 3 M 192 9 month 31.01.2013William Blair & Co LAWRENCE T DE MARIA market perform 3 M 175 12 month 31.01.2013Danske Markets OSCAR STJERNGREN buy 5 M 210 12 month 31.01.2013CA Cheuvreux JOAKIM HOGLUND outperform 5 M 215 Not Provided 29.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013Berenberg Bank ALEXANDER VIRGO hold 3 M 185 Not Provided 08.01.2013Evli Bank Plc ELINA RIUTTA accumulate 4 M 175 Not Provided 07.11.2012Espirito Santo Investment Bank Research EDWARD STACEY neutral 3 M 160 Not Provided 30.10.2012Redburn Partners JAMES MOORE neutral 3 D #N/A N/A Not Provided 08.10.2012Deutsche Bank JOHAN WETTERGREN hold 3 M 170 12 month 30.04.2012Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011Alandsbanken Equities ANDERS ROSLUND neutral 3 M 192 12 month 20.04.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Aviva PLCAviva PLC is an international insurance company that provides all classes of Price/Volumegeneral and life assurance, including fire, motor, marine, aviation, and 450 35.0 Mtransport insurance. The Company also supplies a variety of financial services, 400 30.0 Mincluding unit trusts, stockbroking, long-term savings, and fund management. 350 25.0 M 300 250 20.0 M Valuation Analysis 200 15.0 MLatest Fiscal Year: 12/2011 150 10.0 M 100LTM as of: 09/yy 5.0 M 5052-Week High (21.12.2012) 390.40 0 .0 M52-Week Low (01.06.2012) 251.10 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1545462.00 Current Price (2/dd/yy) 356.4 Market Data 52-Week High % Change -8.73% Dividend Yield 7.30 52-Week Low % Change 41.94% Beta 1.53 % 52 Week Price Range High/Low 72.86% Equity Float 2943.97Shares Out 31.01.2013 2946.1 Short Int - Market Capitalization 10499.93 1 Yr Total Return 4.19%Total Debt 8450.00 YTD Return -4.45%Preferred Stock 1190.0 Adjusted BETA 1.535Minority Interest 1530.0 Analyst Recs 27Cash and Equivalents 23043.00 Consensus Rating 3.704Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9866538AV/ LN EQUITY YTD Change - Average Volume 30 Day 9948038AV/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 9409141 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 40761.0 20484.0 59434.0 50197.0 35561.0 0.0 0.0 34067.5 35166.5 - - TEV/Revenue 0.42x 0.23x 0.09x 0.11x - #DIV/0! #DIV/0! - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1320.0 (915.0) 1085.0 1463.0 225.0 0.0 0.0 772.4 1439.9 - - P/E 13.93x - 10.51x 14.10x 11.69x 0.00x 0.00x 8.08x 7.66x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating A-Operating Margin 5.13% Long-Term Outlook STABLEPretax Margin 2.29% Short-Term Rating Date -Return on Assets -0.20% Short-Term Rating -Return on Common Equity -5.59% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 66.8%Net Income Margin 0.6% Total Debt/Capital 35.5%Structure Asset Turnover 0.12Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.71% Inventory Days -Tot Debt to Common Equity 66.84% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 70000.0 10.00 60000.0 50000.0 8.00 40000.0 6.00 30000.0 4.00 20000.0 2.00 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Aviva PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES n/a ULT-AGG 211675498 7.18 4795562 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 151238790 5.13 1582908 26.02.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 117884648 4 10749361 01.11.2012 UnclassifiedM&G INVESTMENT MANAG Multiple Portfolios REG 78598635 2.67 (8044005) 01.11.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 76147776 2.58 3701029 30.11.2012 UnclassifiedAVIVA PLC SHARE ACCO Multiple Portfolios REG 65413024 2.22 (181106) 01.11.2012 UnclassifiedAVIVA PLC n/a RNS-MAJ 61649544 2.09 - 17.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 61037483 2.07 2236701 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 54324031 1.84 - 01.11.2012 GovernmentMAJEDIE ASSET MANAGE Multiple Portfolios REG 42870595 1.46 5011081 01.11.2012 Investment AdvisorTHREADNEEDLE ASSET M Multiple Portfolios REG 41983449 1.43 (1060681) 01.11.2012 Investment AdvisorHARGREAVES LANSDOWN Multiple Portfolios REG 38102462 1.29 (824169) 01.11.2012 Investment AdvisorTD WATERHOUSE GROUP Multiple Portfolios REG 37094970 1.26 (2106276) 01.11.2012 Investment AdvisorEDINBURGH PARTNERS L Multiple Portfolios REG 36444709 1.24 (2650661) 01.11.2012 Investment AdvisorUBS n/a ULT-AGG 33646794 1.14 8421593 28.12.2012 UnclassifiedAPG ALGEMENE PENSIOE Multiple Portfolios REG 32720468 1.11 294056 01.11.2012 Pension Fund (ERISA)PEOPLES REPUBLIC OF Multiple Portfolios REG 32078780 1.09 - 01.11.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios REG 31828838 1.08 1797329 01.11.2012 Investment AdvisorBREWIN DOLPHIN LIMIT Multiple Portfolios REG 28103629 0.95 (964978) 01.11.2012 Investment AdvisorGLOBAL ASSET MANAGEM Multiple Portfolios REG 28057234 0.95 - 01.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue JEROME CASSAGNE add 4 M 377 6 month 28.02.2013Credit Suisse CHRIS ESSON outperform 5 M 455 Not Provided 27.02.2013Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 540 12 month 27.02.2013Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 410 12 month 27.02.2013Exane BNP Paribas ANDY HUGHES outperform 5 U 414 Not Provided 21.02.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 350 12 month 20.02.2013Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 425 Not Provided 13.02.2013JPMorgan ASHIK MUSADDI overweight 5 M 443 9 month 08.02.2013Barclays ALAN DEVLIN underweight 1 M 302 Not Provided 04.02.2013Macquarie NEIL WELCH neutral 3 M 384 12 month 23.01.2013Berenberg Bank MATTHEW PRESTON buy 5 M 470 Not Provided 23.01.2013Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 416 12 month 18.01.2013Oriel Securities Ltd MARCUS BARNARD hold 3 M 400 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY neutral 3 D 425 Not Provided 16.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013Investec KEVIN RYAN buy 5 M 422 12 month 07.01.2013Morgan Stanley JON HOCKING Overwt/In-Line 5 M 444 12 month 04.01.2013Canaccord Genuity Corp BEN COHEN hold 3 M 380 Not Provided 24.12.2012Deutsche Bank OLIVER STEEL restricted #N/A N/A M #N/A N/A Not Provided 21.12.2012Societe Generale ABID HUSSAIN hold 3 M 343 12 month 11.12.2012Redburn Partners LANCE BURBIDGE neutral 3 D #N/A N/A Not Provided 22.11.2012S&P Capital IQ RODERICK WALLACE hold 3 M 350 12 month 08.11.2012Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 23.10.2012Nomura FAHAD CHANGAZI buy 5 M 540 Not Provided 31.05.2012Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 508 6 month 01.07.2011Espirito Santo Investment Bank Research FERNEYHOUGH JOY buy 5 M 605 Not Provided 31.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013AXA SAAXA SA is an insurance company which also provides related financial services. Price/VolumeThe Company offers life and non-life insurance, reinsurance, savings and pension 16 30.0 Mproducts, and asset management services. AXA operates in both domestic and 14international markets. 25.0 M 12 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2012 10.0 M 4LTM as of: 12/yy 5.0 M 252-Week High (25.02.2013) 14.11 0 .0 M52-Week Low (04.06.2012) 8.65 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1171984.00 Current Price (2/dd/yy) 13.19 Market Data 52-Week High % Change -6.42% Dividend Yield - 52-Week Low % Change 52.49% Beta 1.50 % 52 Week Price Range High/Low 83.23% Equity Float 2042.80Shares Out 31.01.2013 2389.0 Short Int - Market Capitalization 31510.89 1 Yr Total Return 16.75%Total Debt 10662.00 YTD Return -1.20%Preferred Stock 6059.0 Adjusted BETA 1.501Minority Interest 2355.0 Analyst Recs 34Cash and Equivalents 30546.00 Consensus Rating 4.059Enterprise Value 13981.89 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 10954980CS FP EQUITY YTD Change - Average Volume 30 Day 6871367CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6405464 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 51235.0 122704.0 117414.0 98334.0 114689.0 0.0 0.0 100036.2 101553.8 - - TEV/Revenue 0.62x 0.36x 0.29x 0.18x 0.13x #DIV/0! #DIV/0! 0.44x 0.50x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 923.0 3606.0 2749.0 4324.0 4152.0 0.0 0.0 4708.3 5056.6 - - P/E 51.67x 10.60x 12.33x 5.88x 7.53x 0.00x 0.00x 6.72x 6.30x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 18.12.2012EBIT - Long-Term Rating A-Operating Margin 5.81% Long-Term Outlook STABLEPretax Margin 5.03% Short-Term Rating Date 18.12.2012Return on Assets 0.56% Short-Term Rating A-2Return on Common Equity 8.33% Credit RatiosReturn on Capital 7.16% EBITDA/Interest Exp. -Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 19.9%Net Income Margin 3.6% Total Debt/Capital 16.0%Structure Asset Turnover 0.15Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 1.40% Inventory Days -Tot Debt to Common Equity 19.87% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 3.00 140000.0 2.50 120000.0 100000.0 2.00 80000.0 1.50 60000.0 1.00 40000.0 0.50 20000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013AXA SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMUTUELLES AXA n/a Co File 342767775 14.35 - 31.12.2011 Insurance CompanyAMUNDI n/a Research 91682238 3.84 (20493797) 15.05.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 80052305 3.35 57461 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 65131985 2.73 2125718 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50254088 2.1 (9366) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 45115691 1.89 4831525 26.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 33349652 1.4 730180 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 29871758 1.25 (2926509) 31.12.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 21618306 0.9 (3608266) 31.12.2012 Investment AdvisorLANSDOWNE UK EQUITY n/a Short (20395259) -0.85 (7936172) 16.09.2011 UnclassifiedAMUNDI Multiple Portfolios MF-AGG 13116372 0.55 (977034) 30.11.2012 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12758066 0.53 255752 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 11972481 0.5 496630 31.12.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 11629095 0.49 (143415) 31.12.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 10727164 0.45 (27579) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 7008017 0.29 210749 28.09.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6232941 0.26 - 26.02.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5917236 0.25 - 31.07.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5835130 0.24 (52090) 30.11.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 4299610 0.18 (138268) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 28.02.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 26.02.2013Helvea DANIEL BISCHOF buy 5 M 16 12 month 26.02.2013Berenberg Bank PETER ELIOT hold 3 M 18 Not Provided 25.02.2013Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 24.02.2013Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 18 12 month 22.02.2013CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 17 Not Provided 22.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 14 12 month 22.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 22.02.2013S&P Capital IQ RODERICK WALLACE buy 5 M 15 12 month 22.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 21.02.2013Nomura MICHAEL KLIEN buy 5 M 23 12 month 21.02.2013Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 21.02.2013Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 14.02.2013Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.02.2013Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 08.02.2013Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 08.10.2012DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011Espirito Santo Investment Bank Research FERNEYHOUGH JOY buy 5 M 21 Not Provided 05.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013BAE Systems PLCBAE Systems plc develops, delivers, and supports advanced defense and aerospace Price/Volumesystems. The Group manufactures military aircraft, surface ships, submarines, 400 70.0 Mradar, avionics, communications, electronics, and guided weapon systems. BAE 350 60.0 MSystems services clients located throughout the world. 300 50.0 M 250 40.0 M 200 Valuation Analysis 30.0 M 150Latest Fiscal Year: 12/2012 20.0 M 100LTM as of: 01/yy 10.0 M 5052-Week High (12.09.2012) 367.50 0 .0 M52-Week Low (01.06.2012) 268.60 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 1152782.00 Current Price (2/dd/yy) 353.7 Market Data 52-Week High % Change -3.67% Dividend Yield 5.51 52-Week Low % Change 31.68% Beta 0.96 % 52 Week Price Range High/Low 82.41% Equity Float 3247.04Shares Out 27.02.2013 3248.9 Short Int - Market Capitalization 11491.51 1 Yr Total Return 20.38%Total Debt 2988.00 YTD Return 4.99%Preferred Stock 0.0 Adjusted BETA 0.962Minority Interest 54.0 Analyst Recs 23Cash and Equivalents 3355.00 Consensus Rating 3.609Enterprise Value 11178.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 8356961BA/ LN EQUITY YTD Change - Average Volume 30 Day 5821528BA/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 5646299 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 16671.0 20374.0 20980.0 17770.0 16620.0 - - 19342.5 19270.1 - - TEV/Revenue 0.81x 0.60x 0.54x 0.58x 0.64x - - 0.62x 0.64x - - EBITDA 2512.0 2379.0 2394.0 2282.0 2199.0 - - 2405.1 2352.5 - - TEV/EBITDA 5.37x 5.12x 4.72x 4.53x 4.84x - - 4.65x 4.75x - - Net Income 1745.0 (67.0) 1052.0 1240.0 1068.0 - - 1352.9 1313.4 - - P/E 7.60x - 11.83x 7.71x 10.27x - - 8.46x 8.61x - - Profitability S&P Issuer RatingsEBITDA 2199.00 Long-Term Rating Date 16.10.2007EBIT 1530.00 Long-Term Rating BBB+Operating Margin 9.21% Long-Term Outlook STABLEPretax Margin 8.24% Short-Term Rating Date 24.04.2006Return on Assets 4.71% Short-Term Rating A-2Return on Common Equity 26.83% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.38Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 1.15Margin Analysis Net Debt/EBITDA -0.17Gross Margin - Total Debt/EBITDA 1.36EBITDA Margin 13.2% ReferenceEBIT Margin 9.2% Total Debt/Equity 80.3%Net Income Margin 6.4% Total Debt/Capital 44.2%Structure Asset Turnover 0.73Current Ratio 0.78 Net Fixed Asset Turnover 6.95Quick Ratio 0.38 Accounts receivable turnover-days 76.45Debt to Assets 13.41% Inventory Days -Tot Debt to Common Equity 80.32% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.79 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 18.00 25000.0 16.00 14.00 20000.0 12.00 15000.0 10.00 8.00 10000.0 6.00 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013BAE Systems PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINVESCO LTD n/a RNS-RUL8 434657796 13.38 1632804 08.10.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 151592177 4.67 35854 26.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 135967901 4.18 (260900) 01.01.2013 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 117018010 3.6 59046605 01.01.2013 UnclassifiedPERPETUAL INVESTMENT Multiple Portfolios MF-AGG 115758222 3.56 342354 31.07.2012 Investment AdvisorSILCHESTER INTL INVE Multiple Portfolios REG 114594189 3.53 720000 01.01.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 113064807 3.48 (210834) 01.01.2013 UnclassifiedBAE SYSTEMS PLC SIP Multiple Portfolios REG 104111765 3.2 1967358 01.01.2013 UnclassifiedFMR LLC n/a ULT-AGG 94399790 2.91 9221859 01.01.2013 Investment AdvisorLLOYDS BANKING GROUP n/a ULT-AGG 90005845 2.77 (59234) 31.01.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 89340803 2.75 12182 27.02.2013 Investment AdvisorUBS n/a ULT-AGG 87306549 2.69 198334 01.01.2013 UnclassifiedNEWTON INV MGMT Multiple Portfolios REG 65214916 2.01 849248 01.01.2013 Mutual Fund ManagerMAJEDIE ASSET MANAGE Multiple Portfolios REG 64156833 1.97 (1632401) 01.01.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 59681140 1.84 2160526 26.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 55533283 1.71 3414 01.01.2013 Investment AdvisorARTEMIS INVESTMENT M Multiple Portfolios REG 47629968 1.47 3672855 01.01.2013 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 41681313 1.28 (6837681) 01.01.2013 Investment AdvisorGRANTHAM MAYO VAN OT n/a RNS-RUL8 38552907 1.19 (33900) 08.10.2012 Investment AdvisorAVIVA INVESTORS Multiple Portfolios REG 37957321 1.17 2009254 01.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue THOMAS PICHERIT add 4 M 379 6 month 28.02.2013S&P Capital IQ UNAI FRANCO sell 1 M 320 12 month 27.02.2013Exane BNP Paribas TRISTAN SANSON neutral 3 M 360 Not Provided 26.02.2013Societe Generale ZAFAR KHAN hold 3 M 350 12 month 22.02.2013Deutsche Bank BEN FIDLER buy 5 M 375 12 month 22.02.2013Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 350 12 month 22.02.2013Investec ANDREW GOLLAN hold 3 M 325 12 month 22.02.2013Barclays CARTER COPELAND overweight 5 M 370 Not Provided 22.02.2013RBC Capital Markets ROBERT STALLARD underperform 1 M 315 12 month 21.02.2013JPMorgan DAVID H. PERRY neutral 3 M 360 9 month 21.02.2013Jefferies SANDY MORRIS buy 5 M 350 12 month 21.02.2013Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 347 12 month 21.02.2013Espirito Santo Investment Bank Research EDWARD STACEY buy 5 M 425 Not Provided 18.02.2013Kepler Capital Markets CHRISTOPHE MENARD hold 3 M 340 Not Provided 12.02.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX outperform 5 M 360 Not Provided 11.10.2012Arden Partners Ltd GRAHAM J WEBSTER add 4 M #N/A N/A Not Provided 01.10.2012CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX buy 5 M 360 12 month 03.08.2012Canaccord Genuity Corp PAUL BRANT buy 5 M 345 Not Provided 26.03.2012CS Capital CHRISTOPHER PARKINSON buy 5 M 331 Not Provided 15.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Banco Bilbao Vizcaya Argentaria SABanco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail, Price/Volumewholesale, and investment banking services. The Bank offers consumer and 9 700.0 Mmortgage loans, private banking, asset management, insurance, mutual funds, and 8 600.0 Msecurities brokerage services. It operates in Europe, Latin America, United 7States, China and Turkey. 500.0 M 6 5 400.0 M Valuation Analysis 4 300.0 MLatest Fiscal Year: 12/2012 3 200.0 M 2LTM as of: 12/yy 100.0 M 152-Week High (28.01.2013) 7.86 0 .0 M52-Week Low (23.07.2012) 4.31 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 6540944.00 Current Price (2/dd/yy) 7.404 Market Data 52-Week High % Change -5.84% Dividend Yield - 52-Week Low % Change 71.79% Beta 1.22 % 52 Week Price Range High/Low 86.58% Equity Float 5283.94Shares Out 31.12.2012 5448.9 Short Int - Market Capitalization 40343.28 1 Yr Total Return 18.17%Total Debt 227639.00 YTD Return 7.77%Preferred Stock 0.0 Adjusted BETA 1.224Minority Interest 2373.0 Analyst Recs 43Cash and Equivalents 63956.00 Consensus Rating 3.326Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 44472560BBVA SQ EQUITY YTD Change - Average Volume 30 Day 42580670BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 68606900 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 41508.0 34467.0 32482.0 36094.0 21714.0 19967.0 22260.0 23435.5 24669.5 5931.0 6071.0 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 5020.0 4210.0 4606.0 3004.0 1676.0 3004.0 1676.0 4436.5 5175.4 1169.0 1168.0 P/E 6.41x 11.37x 6.46x 10.44x 28.19x 10.33x 22.20x 9.78x 8.33x 10.88x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 16.10.2012EBIT - Long-Term Rating BBB-Operating Margin 13.57% Long-Term Outlook NEGPretax Margin 7.64% Short-Term Rating Date 16.10.2012Return on Assets 0.27% Short-Term Rating A-3Return on Common Equity 4.21% Credit RatiosReturn on Capital 0.88% EBITDA/Interest Exp. -Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 549.4%Net Income Margin 7.7% Total Debt/Capital 83.9%Structure Asset Turnover 0.04Current Ratio - Net Fixed Asset Turnover 3.29Quick Ratio - Accounts receivable turnover-days -Debt to Assets 35.69% Inventory Days -Tot Debt to Common Equity 549.44% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 45000.0 40000.0 1.00 35000.0 0.80 30000.0 25000.0 0.60 20000.0 15000.0 0.40 10000.0 0.20 5000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Banco Bilbao Vizcaya Argentaria SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBNP PARIBAS SA n/a EXCH 184725823 3.39 22455188 07.01.2013 BankINVERAVANTE INVERSIO n/a 13G 160934820 2.95 (86470698) 24.07.2012 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 102566942 1.88 3027039 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 77530161 1.42 6787277 26.02.2013 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 46618211 0.86 (9207019) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 38166132 0.7 587169 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 31913193 0.59 (5874425) 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 19030674 0.35 11638174 30.11.2012 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18107206 0.33 - 30.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 18072640 0.33 3203936 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17926186 0.33 - 26.02.2013 Investment AdvisorBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 13489332 0.25 (3037700) 30.09.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9664220 0.18 (2484158) 31.12.2012 Mutual Fund ManagerUMB BANK N A Multiple Portfolios MF-AGG 8602312 0.16 8602312 31.12.2012 Investment AdvisorBNP ASSET MANAGEMENT BNP PARIBAS CLIQUET MF-FRA 7841037 0.14 (2703176) 30.09.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7802767 0.14 4703508 28.12.2012 Mutual Fund ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7760019 0.14 1553396 31.12.2012 Investment AdvisorSANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7718009 0.14 (2806444) 30.09.2012 Mutual Fund ManagerCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7291005 0.13 141375 28.12.2012 Mutual Fund ManagerDEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 6508112 0.12 2342287 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateOddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 25.02.2013AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 21.02.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 18.02.2013Banco Sabadell MARIO LODOS buy 5 M 8 12 month 15.02.2013Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 15.02.2013Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 13.02.2013Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 12 month 13.02.2013Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 7 12 month 11.02.2013Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 11.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.02.2013Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 06.02.2013Mediobanca SpA ANDREA FILTRI neutral 3 M 7 12 month 04.02.2013RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 04.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 04.02.2013Espirito Santo Investment Bank Research JUAN PABLO LOPEZ neutral 3 M 7 Not Provided 04.02.2013Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013Credit Suisse IGNACIO CEREZO neutral 3 M 7 Not Provided 01.02.2013S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013Societe Generale CARLOS GARCIA GONZALEZ sell 1 M 6 12 month 22.01.2013Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 D 8 12 month 22.01.2013Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013Barclays ROHITH CHANDRA-RAJAN underweight 1 M 6 Not Provided 08.01.2013Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 04.01.2013Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 6 Not Provided 31.07.2012Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012La Caixa DAVID FERNANDEZ buy 5 U 8 Not Provided 16.03.2012DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Banco Santander SABanco Santander SA attracts deposits and offers retail, commercial and private Price/Volumebanking, and asset management services. The Bank offers consumer credit, 7 700.0 Mmortgage loans, lease financing, factoring, mutual funds, pension funds, 6 600.0 Minsurance, commercial credit, investment banking services, structured finance,and advice on mergers and acquisitions. 5 500.0 M 4 400.0 M Valuation Analysis 3 300.0 MLatest Fiscal Year: 12/2012 2 200.0 MLTM as of: 12/yy 1 100.0 M52-Week High (14.01.2013) 6.68 0 .0 M52-Week Low (23.07.2012) 3.98 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 15210496.00 Current Price (2/dd/yy) 5.793 Market Data 52-Week High % Change -13.31% Dividend Yield - 52-Week Low % Change 45.70% Beta 1.17 % 52 Week Price Range High/Low 66.58% Equity Float 10340.94Shares Out 14.01.2013 10538.7 Short Int - Market Capitalization 61050.59 1 Yr Total Return 5.30%Total Debt 367524.00 YTD Return -2.79%Preferred Stock 0.0 Adjusted BETA 1.170Minority Interest 9672.0 Analyst Recs 42Cash and Equivalents 182116.00 Consensus Rating 2.857Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 77307830SAN SQ EQUITY YTD Change - Average Volume 30 Day 65165030SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 74624020 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 70114.3 69736.2 68965.5 78009.0 43575.0 44219.0 43575.0 44623.9 46700.7 11268.0 11390.0 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 8876.4 8942.5 8180.9 5351.0 2205.0 5351.0 2205.0 6496.6 7591.4 1408.0 1407.0 P/E 5.74x 11.09x 8.39x 9.74x 26.44x 9.70x 25.61x 9.50x 8.23x 8.98x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 16.10.2012EBIT - Long-Term Rating BBBOperating Margin 24.02% Long-Term Outlook NEGPretax Margin 12.39% Short-Term Rating Date 30.04.2012Return on Assets 0.17% Short-Term Rating A-2Return on Common Equity 2.92% Credit RatiosReturn on Capital 0.65% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 492.3%Net Income Margin 5.1% Total Debt/Capital 81.3%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 3.19Quick Ratio - Accounts receivable turnover-days -Debt to Assets 28.95% Inventory Days -Tot Debt to Common Equity 492.30% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 90000.0 80000.0 1.00 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Banco Santander SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTATE STREET n/a ULT-AGG 865873141 8.22 (54770) 27.02.2013 Investment AdvisorBANK OF NEW YORK MEL n/a Co File 555448975 5.27 - 31.12.2011 Investment AdvisorBNP PARIBAS SA n/a EXCH 341264391 3.24 86154727 14.01.2013 BankCAPITAL GROUP COMPAN n/a ULT-AGG 302742257 2.87 (151165601) 31.12.2012 Investment AdvisorBARCLAYS PLC n/a EXCH 227263557 2.16 (56807364) 03.05.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 219115525 2.08 10545834 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 154615764 1.47 11146927 26.02.2013 Investment AdvisorDE LOS RIOS EMILIO B n/a EXCH 79366139 0.75 55838 15.02.2013 n/aDODGE & COX Multiple Portfolios MF-AGG 53673238 0.51 447012 29.01.2013 Investment AdvisorASSICURAZIONI GENERA n/a EXCH 50134290 0.48 - 01.10.2011 Insurance CompanyHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43495798 0.41 586726 31.12.2012 Investment AdvisorBANCO SANTANDER SA n/a Co File 42192066 0.4 - 31.12.2011 BankCARMIGNAC GESTION Multiple Portfolios MF-AGG 39143000 0.37 - 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 33955154 0.32 - 26.02.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 30913816 0.29 5743156 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 20697193 0.2 606704 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 20518705 0.19 (3364606) 30.11.2012 Mutual Fund ManagerLBPAM Multiple Portfolios MF-AGG 16712670 0.16 (436850) 31.12.2012 Mutual Fund ManagerOSHEA JAVIER BOTIN- n/a EXCH 16280026 0.15 937 31.01.2013 n/aFMR LLC n/a ULT-AGG 15945626 0.15 (305761) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateOddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 12 month 26.02.2013EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 25.02.2013AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 21.02.2013Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 15.02.2013Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 15.02.2013Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 12.02.2013JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013Mediobanca SpA ANDREA FILTRI underperform 1 M 4 12 month 01.02.2013RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 01.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 01.02.2013Espirito Santo Investment Bank Research JUAN PABLO LOPEZ neutral 3 M 6 Not Provided 01.02.2013Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 01.02.2013Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 31.01.2013Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 31.01.2013S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 05.11.2012Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 17.10.2012CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 5 Not Provided 02.08.2012Renta 4 SA SVB NURIA ALVAREZ hold 3 M 6 Not Provided 26.07.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012La Caixa DAVID FERNANDEZ buy 5 M 8 Not Provided 16.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Barclays PLCBarclays PLC is a global financial services provider engaged in retail banking, Price/Volumecredit cards, wholesale banking, investment banking, wealth management and 350 250.0 Minvestment management services. 300 200.0 M 250 200 150.0 M Valuation Analysis 150 100.0 MLatest Fiscal Year: 12/2012 100LTM as of: 12/yy 50.0 M 5052-Week High (13.02.2013) 330.05 0 .0 M52-Week Low (26.07.2012) 148.20 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 9423422.00 Current Price (2/dd/yy) 305.4 Market Data 52-Week High % Change -7.57% Dividend Yield 1.96 52-Week Low % Change 106.07% Beta 1.84 % 52 Week Price Range High/Low 84.47% Equity Float 11271.38Shares Out 26.02.2013 12860.6 Short Int - Market Capitalization 39276.20 1 Yr Total Return 27.85%Total Debt 437951.00 YTD Return 17.66%Preferred Stock 0.0 Adjusted BETA 1.835Minority Interest 9371.0 Analyst Recs 32Cash and Equivalents 128120.00 Consensus Rating 4.063Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 65563970BARC LN EQUITY YTD Change - Average Volume 30 Day 49456050BARC LN EQUITY YTD % CHANGE - Average Volume 3 Month 43695510 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 37159.0 41789.0 40058.0 38428.0 37203.0 36004.0 31035.0 29334.2 30068.1 - - TEV/Revenue - - - - - 0.00x 0.00x -6.78x -7.28x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 4382.0 9393.0 3564.0 3007.0 (1041.0) 3007.0 (1043.0) 4638.6 5577.8 - - P/E 3.00x 11.49x 8.60x 7.02x - 7.01x 0.00x 8.18x 6.92x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 29.11.2011EBIT - Long-Term Rating AOperating Margin 23.30% Long-Term Outlook NEGPretax Margin 0.83% Short-Term Rating Date 19.12.2008Return on Assets -0.07% Short-Term Rating A-1Return on Common Equity -1.91% Credit RatiosReturn on Capital -0.05% EBITDA/Interest Exp. -Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 817.3%Net Income Margin -3.5% Total Debt/Capital 87.4%Structure Asset Turnover 0.02Current Ratio - Net Fixed Asset Turnover 5.76Quick Ratio - Accounts receivable turnover-days -Debt to Assets 29.39% Inventory Days -Tot Debt to Common Equity 817.29% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 45000.0 30.00 40000.0 35000.0 25.00 30000.0 20.00 25000.0 15.00 20000.0 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Barclays PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQATAR HOLDINGS LLC n/a RNS-MAJ 813964552 6.33 - 27.12.2012 GovernmentAL NAHYAN MANSOUR BI n/a RNS-MAJ 758437618 5.9 - 21.01.2013 n/aBLACKROCK n/a ULT-AGG 690750564 5.37 - 26.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 492619694 3.83 120690937 29.01.2013 Investment AdvisorFMR LLC n/a ULT-AGG 463904594 3.61 5148776 31.12.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 432379416 3.36 1245216 01.11.2012 UnclassifiedSCOTTISH WIDOWS n/a ULT-AGG 296473338 2.31 37919535 30.11.2012 UnclassifiedNORGES BANK INVESTME Multiple Portfolios REG 284232353 2.21 - 01.11.2012 GovernmentUBS n/a ULT-AGG 276792600 2.15 9484275 28.12.2012 UnclassifiedDODGE & COX Multiple Portfolios REG 266149298 2.07 1600000 01.11.2012 Investment AdvisorUPPER CHANCE GROUP L Multiple Portfolios REG 248872808 1.94 - 01.11.2012 UnclassifiedDODGE & COX Multiple Portfolios MF-AGG 248069617 1.93 - 29.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 242608325 1.89 (3613787) 31.12.2012 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 239392965 1.86 11028820 01.11.2012 Investment AdvisorBARCLAYS PERSONAL IN Multiple Portfolios REG 228555406 1.78 (23810242) 01.11.2012 Investment AdvisorSUMITOMO MITSUI FINA n/a ULT-AGG 194868102 1.52 8779917 01.11.2012 BankFRANKLIN RESOURCES n/a ULT-AGG 159046261 1.24 19599450 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 140569309 1.09 4516290 01.11.2012 Investment AdvisorGOLDMAN SACHS INTERN Multiple Portfolios REG 137591049 1.07 (50282060) 01.11.2012 Investment AdvisorORBIS INVESTMENT MAN Multiple Portfolios REG 137036940 1.07 19446197 01.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue DAVID GRINSZTAJN add 4 M 360 6 month 28.02.2013Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 400 12 month 27.02.2013Numis Securities Ltd MICHAEL J TRIPPITT buy 5 U 400 Not Provided 27.02.2013Societe Generale JAMES INVINE buy 5 M 380 12 month 26.02.2013HSBC PETER TOEMAN overweight 5 M 400 Not Provided 26.02.2013Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA buy 5 M 418 Not Provided 26.02.2013Investec IAN GORDON buy 5 U 345 12 month 22.02.2013Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 U 400 12 month 21.02.2013Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 D 340 12 month 19.02.2013Exane BNP Paribas TOM RAYNER outperform 5 M 400 Not Provided 18.02.2013Macquarie EDWARD FIRTH neutral 3 M 320 12 month 15.02.2013Redburn Partners JON KIRK buy 5 M #N/A N/A Not Provided 15.02.2013Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 425 12 month 14.02.2013Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 14.02.2013Deutsche Bank JASON NAPIER buy 5 M 380 12 month 13.02.2013Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 400 12 month 13.02.2013RBC Capital Markets FIONA SWAFFIELD outperform 5 M 375 12 month 13.02.2013Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 290 Not Provided 13.02.2013JPMorgan RAUL SINHA overweight 5 M 375 9 month 13.02.2013Nomura CHINTAN JOSHI reduce 2 M 305 Not Provided 13.02.2013S&P Capital IQ FRANK BRADEN buy 5 R 380 12 month 13.02.2013Oriel Securities Ltd VIVEK RAJA hold 3 M 185 Not Provided 13.02.2013Independent Research GmbH STEFAN BONGARDT buy 5 U 350 12 month 12.02.2013Canaccord Genuity Corp GARETH HUNT hold 3 M 280 12 month 12.02.2013Berenberg Bank JAMES CHAPPELL sell 1 M 160 Not Provided 12.02.2013Grupo Santander ARTURO DE FRIAS buy 5 M 340 Not Provided 11.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013Liberum Capital Ltd CORMAC LEECH hold 3 D 230 Not Provided 14.11.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013BASF SEBASF SE is a chemical company. The Company operates in six segments: Chemicals, Price/VolumePlastics, Performance Products, Functional Solutions, Agricultural Solutions 80 12.0 Mand Oil & Gas. BASF offers products for the chemical, automotive, construction, 70agriculture, oil, plastics, electrical / electronics, furniture and paper 10.0 M 60industries, and provides a range of system solutions and services. 8.0 M 50 40 6.0 M Valuation Analysis 30Latest Fiscal Year: 12/2012 4.0 M 20LTM as of: 12/yy 2.0 M 1052-Week High (25.02.2013) 76.20 0 .0 M52-Week Low (28.06.2012) 51.13 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 836811.00 Current Price (2/dd/yy) 72 Market Data 52-Week High % Change -5.43% Dividend Yield - 52-Week Low % Change 40.82% Beta 1.07 % 52 Week Price Range High/Low 83.61% Equity Float 854.55Shares Out 31.12.2012 918.5 Short Int - Market Capitalization 66130.47 1 Yr Total Return 13.65%Total Debt 13355.00 YTD Return 1.19%Preferred Stock 0.0 Adjusted BETA 1.068Minority Interest 1224.0 Analyst Recs 40Cash and Equivalents 1800.00 Consensus Rating 3.850Enterprise Value 78909.47 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3889361BAS GY EQUITY YTD Change - Average Volume 30 Day 2654063BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2594073 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 62304.0 50693.0 63873.0 73497.0 78729.0 73497.0 78729.0 80623.4 81006.5 21903.0 19912.0 TEV/Revenue 0.62x 1.07x 1.09x 0.84x 0.99x 3.54x 3.62x 0.96x 0.93x - - EBITDA 10238.0 8500.0 11903.0 11855.0 12537.0 11855.0 12537.0 13059.2 13778.9 - - TEV/EBITDA 3.74x 6.36x 5.85x 5.20x 6.23x 5.20x 6.23x 6.05x 5.73x - - Net Income 2912.0 1410.0 4557.0 6188.0 4879.0 6188.0 4879.0 5356.1 5798.4 1629.5 1602.0 P/E 8.86x 28.22x 12.04x 8.00x 13.40x 8.00x 13.40x 12.10x 11.14x 11.66x - Profitability S&P Issuer RatingsEBITDA 12537.00 Long-Term Rating Date 10.05.2011EBIT 8976.00 Long-Term Rating A+Operating Margin 11.40% Long-Term Outlook STABLEPretax Margin 10.72% Short-Term Rating Date 12.02.2009Return on Assets 7.78% Short-Term Rating A-1Return on Common Equity 20.03% Credit RatiosReturn on Capital 14.67% EBITDA/Interest Exp. 16.67Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 11.15Margin Analysis Net Debt/EBITDA 0.92Gross Margin 26.3% Total Debt/EBITDA 1.07EBITDA Margin 15.9% ReferenceEBIT Margin 11.4% Total Debt/Equity 54.3%Net Income Margin 6.2% Total Debt/Capital 34.1%Structure Asset Turnover 1.25Current Ratio 1.66 Net Fixed Asset Turnover 4.36Quick Ratio 0.69 Accounts receivable turnover-days 48.87Debt to Assets 20.76% Inventory Days 63.04Tot Debt to Common Equity 54.33% Accounts Payable Turnover Day 31.03Accounts Receivable Turnover 7.49 Cash Conversion Cycle 80.88Inventory Turnover 5.81Price/ Cash Flow Sales/Revenue/Turnover 12.00 90000.0 80000.0 10.00 70000.0 8.00 60000.0 50000.0 6.00 40000.0 4.00 30000.0 20000.0 2.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013BASF SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 63927154 6.96 - 26.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 18561651 2.02 813771 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 12764100 1.39 933000 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 11265507 1.23 9211 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 10003820 1.09 (1484793) 31.12.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 7816891 0.85 3435 28.09.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 7086662 0.77 (813616) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 6645086 0.72 (1056416) 30.11.2012 Mutual Fund ManagerDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 6150667 0.67 (1176953) 31.01.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3833502 0.42 150348 28.12.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 3558728 0.39 6100 31.10.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3023851 0.33 - 26.02.2013 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2395986 0.26 9000 28.12.2012 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 2167370 0.24 246308 31.12.2012 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 2058912 0.22 239807 28.09.2012 Investment AdvisorSEB n/a ULT-AGG 1999333 0.22 84342 31.01.2013 UnclassifiedETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1848042 0.2 667 27.02.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1605194 0.17 (18792) 31.12.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1494928 0.16 95786 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1453204 0.16 (1208057) 31.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013AlphaValue MARTIN SCHNEE reduce 2 M 76 6 month 28.02.2013Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013Nord/LB THORSTEN STRAUSS hold 3 M 73 12 month 27.02.2013Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013Baader Bank NORBERT BARTH buy 5 M 85 12 month 27.02.2013Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013DZ Bank AG PETER SPENGLER buy 5 M 86 12 month 27.02.2013Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 73 12 month 26.02.2013HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.02.2013Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 81 Not Provided 26.02.2013Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 75 12 month 21.02.2013Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 20.02.2013Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 18.02.2013Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013CA Cheuvreux MARTIN ROEDIGER outperform 5 M 78 Not Provided 14.01.2013Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 04.01.2013Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 45 Not Provided 20.12.2012Exane BNP Paribas JAMES KNIGHT outperform 5 M 72 Not Provided 18.12.2012JPMorgan NEIL C TYLER neutral 3 M 60 9 month 07.12.2012Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 29.10.2012National Bank AG EKKEHARD D LINK hold 3 M 64 Not Provided 26.10.2012Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012S&P Capital IQ JOHNSON IMODE buy 5 M 78 12 month 25.10.2012Day by Day VALERIE GASTALDY buy 5 M 76 3 month 03.10.2012Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Bayer AGBayer AG produces and markets healthcare and agricultural products, and Price/Volumepolymers. The Company manufactures products that include aspirin, antibiotics, 80 12.0 Manti-infectives, and cardiovascular, oncology, and central nervous system 70drugs, over-the-counter medications, diagnostics, animal health products, crop 10.0 M 60protection products, plastics, and polyurethanes. 8.0 M 50 40 6.0 M Valuation Analysis 30Latest Fiscal Year: 12/2012 4.0 M 20LTM as of: 12/yy 2.0 M 1052-Week High (28.02.2013) 76.33 0 .0 M52-Week Low (05.06.2012) 47.63 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 1360076.00 Current Price (2/dd/yy) 75.35 Market Data 52-Week High % Change -1.28% Dividend Yield - 52-Week Low % Change 58.22% Beta 0.97 % 52 Week Price Range High/Low 91.81% Equity Float 826.95Shares Out 31.12.2012 826.9 Short Int - Market Capitalization 62310.52 1 Yr Total Return 39.98%Total Debt 9532.00 YTD Return 4.81%Preferred Stock 0.0 Adjusted BETA 0.967Minority Interest 100.0 Analyst Recs 39Cash and Equivalents 2551.00 Consensus Rating 3.795Enterprise Value 69391.52 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2766242BAYN GY EQUITY YTD Change - Average Volume 30 Day 2304609BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2139599 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 32918.0 31168.0 35088.0 36528.0 39760.0 36528.0 39760.0 41481.4 43481.3 10524.0 10624.5 TEV/Revenue 1.40x 1.80x 1.53x 1.32x 1.67x 5.33x 5.89x 1.66x 1.52x - - EBITDA 6702.0 7695.0 8900.0 8963.0 6920.0 8963.0 6920.0 8898.0 9487.1 2543.0 2223.0 TEV/EBITDA 6.86x 7.30x 6.04x 5.36x 9.61x 5.36x 9.61x 7.80x 7.31x 7.93x - Net Income 1719.0 1359.0 1301.0 2470.0 2446.0 2470.0 2446.0 4722.1 5185.3 1491.0 1289.5 P/E 18.72x 32.92x 35.22x 16.52x 24.29x 16.52x 24.29x 12.70x 11.57x 12.80x - Profitability S&P Issuer RatingsEBITDA 6920.00 Long-Term Rating Date 30.04.2008EBIT 3960.00 Long-Term Rating A-Operating Margin 9.96% Long-Term Outlook POSPretax Margin 8.17% Short-Term Rating Date 11.07.2006Return on Assets 4.70% Short-Term Rating A-2Return on Common Equity 12.98% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 1.01Gross Margin 52.1% Total Debt/EBITDA 1.38EBITDA Margin 17.4% ReferenceEBIT Margin 10.0% Total Debt/Equity 51.6%Net Income Margin 6.2% Total Debt/Capital 33.9%Structure Asset Turnover 0.76Current Ratio 1.45 Net Fixed Asset Turnover 4.04Quick Ratio 0.76 Accounts receivable turnover-days 66.70Debt to Assets 18.57% Inventory Days 128.16Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 75.11Accounts Receivable Turnover 5.49 Cash Conversion Cycle 119.75Inventory Turnover 2.86Price/ Cash Flow Sales/Revenue/Turnover 16.00 45000.0 14.00 40000.0 12.00 35000.0 30000.0 10.00 25000.0 8.00 20000.0 6.00 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Bayer AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 99286793 12.01 (3516978) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 64270632 7.77 (556122) 26.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 17541075 2.12 (349533) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 15159999 1.83 (694567) 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 11899870 1.44 - 29.01.2013 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9396803 1.14 202668 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 8564198 1.04 - 03.05.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 7412616 0.9 (2524) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6165632 0.75 (40739) 26.02.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 5943255 0.72 279416 28.09.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5795523 0.7 (211094) 28.12.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 5520569 0.67 (424208) 31.01.2013 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5225477 0.63 (1503851) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 5146630 0.62 (638334) 30.11.2012 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 4784393 0.58 788403 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3647992 0.44 356211 31.12.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 2990138 0.36 95300 31.10.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2720564 0.33 - 26.02.2013 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2555851 0.31 706 31.12.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2426162 0.29 105410 28.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies JEFFREY HOLFORD hold 3 M 79 12 month 28.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 66 12 month 28.02.2013Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 28.02.2013DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 28.02.2013AlphaValue MARTIN SCHNEE reduce 2 M 72 6 month 28.02.2013Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 26.02.2013Helvea ODILE RUNDQUIST accumulate 4 M 73 12 month 26.02.2013Societe Generale STEPHEN MCGARRY hold 3 M 72 12 month 25.02.2013Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013Barclays MARK PURCELL underweight 1 M 66 Not Provided 22.02.2013Baader Bank NORBERT BARTH hold 3 M 66 12 month 21.02.2013Berenberg Bank ALISTAIR CAMPBELL buy 5 M 80 Not Provided 21.02.2013Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.02.2013Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 77 Not Provided 20.02.2013Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 19.02.2013Exane BNP Paribas FLORENT CESPEDES neutral 3 M 73 Not Provided 19.02.2013Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 12.02.2013Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 07.02.2013Nomura JEAN DE WATTEVILLE neutral 3 M 83 Not Provided 04.02.2013Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 80 12 month 25.01.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 76 12 month 10.01.2013Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 75 12 month 09.01.2013Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.12.2012Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012S&P Capital IQ SHO MATSUBARA hold 3 M 70 12 month 21.11.2012Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012JPMorgan RICHARD VOSSER overweight 5 U 80 9 month 16.11.2012Nord/LB THORSTEN STRAUSS sell 1 D 60 12 month 31.10.2012National Bank AG STEFFEN MANSKE hold 3 M 65 12 month 31.10.2012Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012CA Cheuvreux LAURENT FLAMME outperform 5 D 73 Not Provided 12.10.2012Natixis BEATRICE MUZARD buy 5 M 77 Not Provided 28.09.2012Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013Bayerische Motoren Werke AGBayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and Price/Volumemotorcycles worldwide. The Company produces everything from convertible sports 80 8.0 Mcars to luxury sedans to touring motorcycles with large displacement engines. 70 7.0 M 60 6.0 M 50 5.0 M 40 4.0 M Valuation Analysis 30 3.0 MLatest Fiscal Year: 12/2011 20 2.0 MLTM as of: 09/yy 10 1.0 M52-Week High (02.01.2013) 76.16 0 .0 M52-Week Low (26.06.2012) 53.16 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 372891.00 Current Price (2/dd/yy) 70.68 Market Data 52-Week High % Change -7.26% Dividend Yield - 52-Week Low % Change 32.96% Beta 1.07 % 52 Week Price Range High/Low 74.61% Equity Float 320.86Shares Out 30.09.2012 602.0 Short Int - Market Capitalization 45067.57 1 Yr Total Return 5.53%Total Debt 67977.00 YTD Return -3.09%Preferred Stock 0.0 Adjusted BETA 1.073Minority Interest 65.0 Analyst Recs 38Cash and Equivalents 11527.00 Consensus Rating 3.842Enterprise Value 102773.57 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2421168BMW GY EQUITY YTD Change - Average Volume 30 Day 1587273BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1640821 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 56018.0 53197.0 50681.0 60477.0 68821.0 67218.0 74661.0 76565.3 79502.7 19616.9 - TEV/Revenue 1.18x 1.19x 1.40x 1.49x 1.31x 5.25x 5.05x 0.64x 0.59x - - EBITDA 12397.0 11231.0 9311.0 9087.0 11660.0 11906.0 11684.0 13165.3 13204.3 3141.0 - TEV/EBITDA 5.31x 5.64x 7.59x 9.93x 7.76x 7.11x 8.07x 7.81x 7.78x - - Net Income 3126.0 324.0 204.0 3227.0 4881.0 5211.0 4693.0 5082.3 5109.0 1141.0 - P/E 8.94x 44.10x 102.58x 11.94x 6.95x 6.26x 7.98x 9.12x 9.10x - - Profitability S&P Issuer RatingsEBITDA 11660.00 Long-Term Rating Date 16.04.2012EBIT 8006.00 Long-Term Rating AOperating Margin 11.63% Long-Term Outlook STABLEPretax Margin 10.73% Short-Term Rating Date 16.04.2012Return on Assets 3.77% Short-Term Rating A-1Return on Common Equity 17.16% Credit RatiosReturn on Capital 5.63% EBITDA/Interest Exp. 12.36Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 8.46Margin Analysis Net Debt/EBITDA 4.93Gross Margin 21.1% Total Debt/EBITDA 6.02EBITDA Margin 15.6% ReferenceEBIT Margin 10.6% Total Debt/Equity 251.4%Net Income Margin 7.1% Total Debt/Capital 71.5%Structure Asset Turnover 0.60Current Ratio 1.04 Net Fixed Asset Turnover 2.18Quick Ratio 0.31 Accounts receivable turnover-days 13.08Debt to Assets 55.07% Inventory Days 65.98Tot Debt to Common Equity 251.41% Accounts Payable Turnover Day 38.04Accounts Receivable Turnover 27.97 Cash Conversion Cycle 41.93Inventory Turnover 5.55Price/ Cash Flow Sales/Revenue/Turnover 900.00 80000.0 800.00 70000.0 700.00 60000.0 600.00 50000.0 500.00 40000.0 400.00 30000.0 300.00 20000.0 200.00 10000.0 100.00 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 |
  • 28.02.2013Bayerische Motoren Werke AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQUANDT STEFAN n/a Co File 104747161 17.4 - 31.12.2011 n/aQUANDT JOHANNA n/a Co File 100533195 16.7 - 31.12.2011 n/aKLATTEN SUSANNE n/a Co File 75851392 12.6 - 31.12.2011 n/aBLACKROCK n/a ULT-AGG 36438063 6.05 372565 26.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 14833170 2.46 113170 31.12.2012 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 8265500 1.37 (130000) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 6648125 1.1 (642747) 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 6403800 1.06 - 29.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6371993 1.06 289797 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4538672 0.75 2560111 31.01.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 2992094 0.5 120402 28.09.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 2908511 0.48 (48313) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2821310 0.47 283272 31.01.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2667376 0.44 (191841) 28.12.2012 Mutual Fund ManagerSEB n/a ULT-AGG 1312460 0.22 10865 31.01.2013 UnclassifiedWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1310054 0.22 28645 31.12.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1149062 0.19 2500 28.12.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1140397 0.19 - 31.07.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1009198 0.17 6167 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 994684 0.17 - 26.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue HANS-PETER WODNIOK add 4 M 81 6 month 28.02.2013Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 79 12 month 25.02.2013Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 12 month 25.02.2013Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 21.02.2013Exane BNP Paribas RABIH FREIHA neutral 3 M 71 Not Provided 21.02.2013Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 04.02.2013HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 01.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 28.01.2013Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 28.01.2013Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 23.01.2013DZ Bank AG MICHAEL PUNZET sell 1 M 62 12 month 21.01.2013JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 18.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 10.01.2013Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 08.01.2013National Bank AG MANFRED JAISFELD buy 5 M 85 Not Provided 02.01.2013Nord/LB FRANK SCHWOPE sell 1 M 57 12 month 18.12.2012Day by Day VALERIE GASTALDY buy 5 M 80 3 month 14.12.2012M.M. Warburg Investment Research MARC-RENE TONN buy 5 U 84 Not Provided 11.12.2012Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 77 12 month 26.11.2012Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 08.11.2012Societe Generale PHILIPPE BARRIER buy 5 M 72 12 month 07.11.2012CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 07.11.2012Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012S&P Capital IQ MARNIE COHEN strong buy 5 M 83 12 month 06.11.2012Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28.02.2013BG Group PLCBG Group plc specializes in the exploration, production, transmission and Price/Volumedistribution of gas, oil and liquefied natural gas. The Group also develops,