This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solic...
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 Fundamental Equity Analysis - STOXX Europe Large 200 Index Components
 Fundamental Equity Analysis - STOXX Europe Large 200 Index Components
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Fundamental Equity Analysis & Analyst Recommendations - STOXX Large 200 Index Components

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Fundamental Equity Analysis - STOXX Europe Large 200 Index Components

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations 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 |
  2. 2. 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 |
  3. 3. 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 |
  4. 4. 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 |
  5. 5. 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 |
  6. 6. 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 |
  7. 7. 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 |
  8. 8. 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 |
  9. 9. 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 |
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