This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solic...
28.02.2013Aalberts Industries NVAalberts Industries N.V. provides industrial services and flow control systems.           ...
28.02.2013Aalberts Industries NVHoldings By:          All            Holder Name               Portfolio Name             ...
28.02.2013Acciona SAAcciona S.A. is a global developer and service provider of solutions in                               ...
28.02.2013Acciona SAHoldings By:        All           Holder Name                    Portfolio Name                Source ...
28.02.2013Acerinox SAAcerinox, S.A. manufactures and distributes hot and cold-rolled stainless steel                      ...
28.02.2013Acerinox SAHoldings By:        All           Holder Name                    Portfolio Name                Source...
28.02.2013Ackermans & van Haaren NVAckermans & van Haaren NV is an industrial holding company. The Companys               ...
28.02.2013Ackermans & van Haaren NVHoldings By:        All           Holder Name           Portfolio Name                S...
28.02.2013Afren PLCAfren PLC is an independent oil and gas company. The Company conducts                                  ...
Fundamental Equity Analysis - STOXX Europe Small 200 Index Components
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Fundamental Equity Analysis - STOXX Europe Small 200 Index Components
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Fundamental Equity Analysis & Analyst Recommendations - STOXX Small Mid 200 Index Components

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Fundamental Equity Analysis - STOXX Europe Small 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 Small 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. 28.02.2013Aalberts Industries NVAalberts Industries N.V. provides industrial services and flow control systems. Price/VolumeThe Company manufactures extrusion tooling, precision parts, bimetallic barrels, 18 .7 Mand other industrial products. Aalberts also develops and produces valves, 16 .6 Mdispensing systems for beer and soft drinks, and other distribution systems for 14water, gas, and energy. .5 M 12 10 .4 M Valuation Analysis 8 .3 MLatest Fiscal Year: 12/2012 6 .2 M 4LTM as of: 01/yy .1 M 252-Week High (04.02.2013) 16.89 0 .0 M52-Week Low (27.06.2012) 11.40 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 322539.00 Current Price (2/dd/yy) 16.72 Market Data 52-Week High % Change -1.01% Dividend Yield - 52-Week Low % Change 46.67% Beta 1.20 % 52 Week Price Range High/Low 96.90% Equity Float 84.06Shares Out 31.12.2012 109.4 Short Int - Market Capitalization 1829.60 1 Yr Total Return 12.65%Total Debt 541.60 YTD Return 6.50%Preferred Stock 0.0 Adjusted BETA 1.197Minority Interest 11.1 Analyst Recs 12Cash and Equivalents 0.10 Consensus Rating 4.417Enterprise Value 2382.20 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 246672AALB NA EQUITY YTD Change - Average Volume 30 Day 184675AALB NA EQUITY YTD % CHANGE - Average Volume 3 Month 171517 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 1750.8 1404.9 1682.8 1937.4 2024.5 - - 2087.7 2167.7 - - TEV/Revenue 0.74x 1.22x 1.36x 1.04x 1.12x - - 1.09x 0.99x - - EBITDA 251.6 168.8 248.2 279.4 296.1 - - 312.9 330.0 - - TEV/EBITDA 5.16x 10.14x 9.23x 7.22x 7.67x - - 7.61x 7.22x - - Net Income 92.8 41.5 104.4 131.3 135.1 - - 154.3 166.5 - - P/E 4.96x 19.78x 14.34x 10.64x 12.66x - - 11.38x 10.58x - - Profitability S&P Issuer RatingsEBITDA 296.10 Long-Term Rating Date -EBIT 202.10 Long-Term Rating -Operating Margin 9.98% Long-Term Outlook -Pretax Margin 8.98% Short-Term Rating Date -Return on Assets 6.95% Short-Term Rating -Return on Common Equity 14.86% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 10.21Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 6.63Margin Analysis Net Debt/EBITDA 1.83Gross Margin - Total Debt/EBITDA 1.83EBITDA Margin 14.6% ReferenceEBIT Margin 10.0% Total Debt/Equity 55.9%Net Income Margin 6.7% Total Debt/Capital 35.6%Structure Asset Turnover 1.04Current Ratio 1.10 Net Fixed Asset Turnover 3.50Quick Ratio 0.34 Accounts receivable turnover-days 36.51Debt to Assets 27.70% Inventory Days -Tot Debt to Common Equity 55.90% Accounts Payable Turnover Day -Accounts Receivable Turnover 10.02 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 2500.0 10.00 2000.0 8.00 1500.0 6.00 1000.0 4.00 500.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 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. 28.02.2013Aalberts Industries NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAALBERTS BEHEER BV n/a Research 14542716 13.29 - 20.05.2011 UnclassifiedFMR LLC n/a ULT-AGG 11315498 10.34 - 30.09.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7259676 6.63 - 30.12.2012 Investment AdvisorFORTIS UTRECHT NV n/a EXCH 6022588 5.5 - 09.04.2009 OtherNIB CAPITAL NV n/a EXCH 5836642 5.33 - 09.04.2009 Venture CapitalCOLUMBIA WANGER ASSE n/a Research 5511788 5.04 - 20.05.2011 Investment AdvisorCANTILLON CAPITAL MA n/a Research 5340054 4.88 - 07.10.2010 Hedge Fund ManagerAALBERTS J n/a Research 2402582 2.2 - 03.02.2011 n/aAALBERTS-VEEN J A M n/a Research 2402582 2.2 - 03.02.2011 OtherMAWER INVESTMENT MAN Multiple Portfolios MF-AGG 1333741 1.22 - 30.11.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 1297544 1.19 - 31.08.2012 Mutual Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 1067214 0.98 (164650) 31.12.2012 Investment AdvisorLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1048738 0.96 - 31.01.2013 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 996333 0.91 16023 31.12.2012 Investment AdvisorBANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 626561 0.57 - 31.12.2012 Investment AdvisorSEB n/a ULT-AGG 609896 0.56 203806 31.12.2012 UnclassifiedBLACKROCK n/a ULT-AGG 596362 0.54 - 26.02.2013 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 506042 0.46 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 449200 0.41 1200 31.01.2013 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 436065 0.4 25900 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKBC Securities MICHAEL ROEG buy 5 M 20 Not Provided 27.02.2013Rabobank International DAVID TAILLEUR buy 5 M 19 12 month 27.02.2013Kepler Capital Markets PETER OLOFSEN hold 3 D 17 Not Provided 27.02.2013Kempen & Co DIRK VERBIESEN hold 3 M 17 12 month 26.02.2013SNS Securities(ESN) GERT STEENS hold 3 M 17 12 month 26.02.2013Berenberg Bank FELIX WIENEN buy 5 M 18 Not Provided 26.02.2013ING Bank TIJS HOLLESTELLE buy 5 M 19 12 month 26.02.2013ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 26.02.2013Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013CA Cheuvreux ROBERT VAN OVERBEEK outperform 5 M 17 Not Provided 26.10.2012Petercam LUUK VAN BEEK add 4 M 17 Not Provided 24.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 28.02.2013Acciona SAAcciona S.A. is a global developer and service provider of solutions in Price/Volumerenewable energy, large civil infrastructures and water treatment and reverse 70 2.5 Mosmosis desalination. The Company has sustainable development at the heart of 60its strategy. 2.0 M 50 40 1.5 M Valuation Analysis 30 1.0 MLatest Fiscal Year: 12/2011 20LTM as of: 09/yy .5 M 1052-Week High (09.01.2013) 65.00 0 .0 M52-Week Low (25.07.2012) 29.46 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 184826.00 Current Price (2/dd/yy) 46.52 Market Data 52-Week High % Change -28.43% Dividend Yield - 52-Week Low % Change 57.91% Beta 1.04 % 52 Week Price Range High/Low 48.00% Equity Float 23.34Shares Out 30.09.2012 57.3 Short Int - Market Capitalization 2663.71 1 Yr Total Return -16.15%Total Debt 8897.97 YTD Return -16.03%Preferred Stock 0.0 Adjusted BETA 1.042Minority Interest 301.0 Analyst Recs 23Cash and Equivalents 1963.00 Consensus Rating 2.652Enterprise Value 10649.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 287745ANA SQ EQUITY YTD Change - Average Volume 30 Day 379770ANA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 254713 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 7952.6 7207.8 6512.3 6263.0 6646.0 6489.0 7015.0 6820.6 6861.3 1816.2 1744.0 TEV/Revenue 4.24x 3.52x 2.03x 1.61x 1.67x 6.87x 6.08x 1.54x 1.52x - - EBITDA 1406.8 1069.3 1043.0 1211.2 1312.0 1331.2 1418.0 1399.7 1348.2 375.8 567.0 TEV/EBITDA 23.97x 23.70x 12.68x 8.35x 8.46x 8.21x 7.42x 7.61x 7.90x 5.89x 7.73x Net Income 950.4 464.5 1263.2 167.2 202.0 380.2 2.0 160.6 101.4 42.5 247.0 P/E 14.92x 23.18x 39.19x 19.41x 19.64x 9.87x 0.00x 16.96x 26.95x 5.21x 26.89x Profitability S&P Issuer RatingsEBITDA 1312.00 Long-Term Rating Date -EBIT 595.00 Long-Term Rating -Operating Margin 8.95% Long-Term Outlook -Pretax Margin 3.37% Short-Term Rating Date -Return on Assets 0.17% Short-Term Rating -Return on Common Equity 0.63% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.62Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 0.66Margin Analysis Net Debt/EBITDA 5.36Gross Margin - Total Debt/EBITDA 6.70EBITDA Margin 20.1% ReferenceEBIT Margin 9.3% Total Debt/Equity 166.5%Net Income Margin 3.0% Total Debt/Capital 61.2%Structure Asset Turnover 0.34Current Ratio 1.07 Net Fixed Asset Turnover 0.68Quick Ratio 0.69 Accounts receivable turnover-days 110.83Debt to Assets 43.77% Inventory Days -Tot Debt to Common Equity 166.50% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.30 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 30.00 9000.0 8000.0 25.00 7000.0 20.00 6000.0 5000.0 15.00 4000.0 10.00 3000.0 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 |
  5. 5. 28.02.2013Acciona SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTUSSEN DE GRACHTEN B n/a EXCH 15920109 27.8 - 27.06.2012 Holding CompanyENTREAZCA BV n/a EXCH 15706109 27.43 - 27.06.2012 Holding CompanyJELICO NETHERLANDS B n/a EXCH 2005686 3.5 - 27.06.2012 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 479860 0.84 32626 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 474972 0.83 75 26.02.2013 Investment AdvisorEGERTON CAPITAL LIMI n/a Short (297750) -0.52 - 20.02.2013 Hedge Fund ManagerACCRUED EQUITIES INC Multiple Portfolios MF-AGG 110000 0.19 (25000) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 101022 0.18 - 31.07.2012 Investment AdvisorDOMECQ DANIEL ENTREC n/a EXCH 88450 0.15 - 27.06.2012 n/aDNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 86717 0.15 (4272) 31.01.2013 Investment AdvisorSANTANDER ASSET MGMT Multiple Portfolios MF-AGG 84113 0.15 (12077) 30.09.2012 Mutual Fund ManagerABANTE ASESORES GEST Multiple Portfolios MF-AGG 79720 0.14 - 31.12.2012 Investment AdvisorENTRECANALES D JOSE n/a EXCH 63983 0.11 - 27.06.2012 n/aSTATE STREET BANQUE Multiple Portfolios MF-AGG 45611 0.08 8297 31.01.2013 Investment AdvisorBBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 41614 0.07 (500) 29.02.2012 Investment AdvisorCASTELLANOS BORREGO n/a EXCH 41000 0.07 7000 16.03.2012 n/aCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 39879 0.07 7591 28.12.2012 Mutual Fund ManagerACCIONA SA n/a Research 35833 0.06 - 27.06.2012 CorporationNATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 31120 0.05 - 30.11.2012 Investment AdvisorESPIRITO SANTO GESTI Multiple Portfolios MF-AGG 28991 0.05 (600) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBPI FLORA TRINDADE neutral 3 M 70 Not Provided 25.02.2013Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 123 12 month 22.02.2013Banco Sabadell MARIA CEBOLLERO sell 1 M 60 12 month 21.02.2013Grupo Santander JOAQUIN FERRER underweight 1 M 60 Not Provided 18.02.2013NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 55 6 month 18.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA sell 1 M 39 Not Provided 13.02.2013Exane BNP Paribas MANUEL PALOMO underperform 1 M 41 Not Provided 13.02.2013Goldman Sachs MANUEL LOSA sell/attractive 1 M 33 12 month 08.02.2013Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA hold 3 M 66 12 month 08.02.2013Macquarie SHAI HILL outperform 5 M 62 12 month 05.02.2013CA Cheuvreux JOSE PORTA SAUDAN underperform 1 D 51 Not Provided 04.02.2013Ahorro Corporacion Financiera SA JUAN MORENO sell 1 D 51 Not Provided 04.02.2013La Caixa FERNANDO MURILLO GUIRAO underweight 1 D 65 Not Provided 28.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013HSBC SEAN D MCLOUGHLIN neutral 3 D 66 Not Provided 10.01.2013Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 53 12 month 15.11.2012Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M #N/A N/A Not Provided 14.11.2012Intermoney Valores ALVARO NAVARRO buy 5 M #N/A N/A Not Provided 14.11.2012Kepler Capital Markets EMILIO ROTONDO-INCLAN hold 3 D 49 Not Provided 22.10.2012BBVA ISIDORO DEL ALAMO market perform 3 M 47 Not Provided 04.10.2012Nomura MARTIN YOUNG suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012AlphaValue VINCENT DOARE reduce 2 U 67 6 month 05.05.2010Renta 4 SA SVB NURIA ALVAREZ overweight 5 M #N/A N/A Not Provided 02.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 28.02.2013Acerinox SAAcerinox, S.A. manufactures and distributes hot and cold-rolled stainless steel Price/Volumeproducts including slabs, billets, and bars. The Company operates plants in 12 8.0 MSpain, the United States and South Africa, and piers used to ship raw 7.0 Mmaterials. The Company markets its products primarily in Europe, Asia, and the 10 6.0 MAmericas. 8 5.0 M 6 4.0 M Valuation Analysis 3.0 MLatest Fiscal Year: 12/2011 4 2.0 MLTM as of: 09/yy 2 1.0 M52-Week High (02.03.2012) 10.82 0 .0 M52-Week Low (23.07.2012) 7.39 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 834311.00 Current Price (2/dd/yy) 8.244 Market Data 52-Week High % Change -23.78% Dividend Yield - 52-Week Low % Change 11.62% Beta 0.84 % 52 Week Price Range High/Low 25.02% Equity Float 120.90Shares Out 30.09.2012 249.3 Short Int - Market Capitalization 2055.27 1 Yr Total Return -19.97%Total Debt 1051.23 YTD Return -1.25%Preferred Stock 0.0 Adjusted BETA 0.844Minority Interest 160.2 Analyst Recs 24Cash and Equivalents 181.88 Consensus Rating 3.250Enterprise Value 3135.18 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1124419ACX SQ EQUITY YTD Change - Average Volume 30 Day 1031388ACX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 994987 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 6900.9 5050.6 2993.4 4500.5 4672.2 4773.6 4568.6 4569.9 4997.2 1053.0 1235.0 TEV/Revenue 0.78x 0.76x 1.61x 1.00x 0.75x 3.52x 3.01x 0.67x 0.65x 2.66x - EBITDA 654.8 169.8 (194.1) 379.9 339.2 410.1 197.7 186.1 334.0 14.3 - TEV/EBITDA 8.17x 22.59x - 11.82x 10.32x 7.70x 16.47x 16.85x 9.39x - - Net Income 312.3 (10.5) (229.2) 122.7 73.7 128.0 (20.4) (19.0) 87.3 (29.2) - P/E 14.03x - - 26.79x 33.03x 16.58x 0.00x - 24.68x 80.04x - Profitability S&P Issuer RatingsEBITDA 339.22 Long-Term Rating Date -EBIT 192.44 Long-Term Rating -Operating Margin 4.12% Long-Term Outlook -Pretax Margin 2.84% Short-Term Rating Date -Return on Assets -0.49% Short-Term Rating -Return on Common Equity -1.10% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 5.33Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 2.54Margin Analysis Net Debt/EBITDA 5.46Gross Margin - Total Debt/EBITDA 6.83EBITDA Margin 4.3% ReferenceEBIT Margin 1.1% Total Debt/Equity 61.1%Net Income Margin 1.6% Total Debt/Capital 35.8%Structure Asset Turnover 1.10Current Ratio 1.51 Net Fixed Asset Turnover -Quick Ratio 0.58 Accounts receivable turnover-days 41.11Debt to Assets 25.82% Inventory Days -Tot Debt to Common Equity 61.08% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.90 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 8000.0 18.00 7000.0 16.00 6000.0 14.00 5000.0 12.00 10.00 4000.0 8.00 3000.0 6.00 2000.0 4.00 1000.0 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 |
  7. 7. 28.02.2013Acerinox SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALBA PARTICIPACIONES n/a Co File 60437949 24.24 - 31.12.2011 OtherNISSHIN STEEL CO LTD n/a Co File 38144820 15.3 - 31.12.2011 CorporationFEYNMAN CAPITAL SL n/a Co File 29533292 11.85 - 31.12.2011 OtherCASA GRANDE CARTAGEN n/a Co File 12465247 5 - 31.12.2011 OtherMETAL ONE CORP n/a Co File 9361560 3.76 - 31.12.2011 CorporationMARATHON ASSET MANAG n/a Co File 7785588 3.12 - 31.12.2011 Investment AdvisorINDUSTRIAL DEVELOPME n/a Co File 7733332 3.1 - 31.12.2011 UnclassifiedLUXOR CAPITAL GROUP n/a Short (5285255) -2.12 (299165) 13.02.2013 Hedge Fund ManagerPENNANT CAPITAL MANA n/a Short (4736786) -1.9 (249305) 21.02.2013 Hedge Fund ManagerBBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 1926059 0.77 1066022 29.02.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1277694 0.51 (420796) 31.12.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 1073600 0.43 (285300) 28.09.2012 Investment AdvisorSANTANDER ASSET MGMT Multiple Portfolios MF-AGG 690488 0.28 48257 30.09.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 546599 0.22 3072 26.02.2013 Investment AdvisorMARCH GESTION DE FON Multiple Portfolios MF-AGG 475399 0.19 32454 31.05.2012 Mutual Fund ManagerRENTA 4 GESTORA SGII Multiple Portfolios MF-AGG 388499 0.16 (82485) 30.11.2011 Investment AdvisorBPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 341777 0.14 71400 30.11.2012 Mutual Fund ManagerIBERCAJA GESTION, S. Multiple Portfolios MF-AGG 335250 0.13 103000 31.12.2012 Mutual Fund ManagerBARCLAYS WEALTH MANA Multiple Portfolios MF-AGG 324015 0.13 60000 30.11.2011 Investment AdvisorABANTE ASESORES GEST Multiple Portfolios MF-AGG 297350 0.12 62300 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale ALAIN WILLIAM hold 3 M 8 12 month 27.02.2013JPMorgan ALESSANDRO ABATE underweight 1 M 9 9 month 27.02.2013Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 8 Not Provided 27.02.2013Espirito Santo Investment Bank Research DIAS RUI buy 5 M 11 Not Provided 26.02.2013BPI MANUEL DIAS COELHO strong buy 5 M 11 Not Provided 25.02.2013Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 11 Not Provided 22.02.2013Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 11 Not Provided 22.02.2013Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 21.02.2013Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 9 12 month 20.02.2013Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE hold 3 M 8 Not Provided 20.02.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 10 12 month 20.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013Interdin Bolsa JAIME OJEDA DE DIEGO buy 5 U 10 Not Provided 05.02.2013Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 11 12 month 04.02.2013Grupo Santander PATRICIA LOPEZ DEL RIO buy 5 M 11 Not Provided 01.02.2013Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 10 Not Provided 30.01.2013Credit Suisse MICHAEL SHILLAKER neutral 3 M 8 Not Provided 25.01.2013CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS select list 5 U 11 Not Provided 16.01.2013Deutsche Bank BASTIAN SYNAGOWITZ sell 1 M 6 12 month 15.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013La Caixa ICIAR GOMEZ BOTAS underweight 1 M 8 Not Provided 27.11.2012BBVA LUIS DE TOLEDO underperform 1 D 9 Not Provided 09.10.2012Link Securities JUAN JOSE FERNANDEZ FIGARES buy 5 M 10 Not Provided 26.09.2012Mirabaud Finanzas Sociedad de ValoresGONZALO SANZ S underweight 1 D 9 12 month 18.09.2012Nomura NEIL SAMPAT neutral 3 D 10 Not Provided 11.10.2011Renta 4 SA SVB IVAN SAN FELIX overweight 5 M 16 Not Provided 28.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 28.02.2013Ackermans & van Haaren NVAckermans & van Haaren NV is an industrial holding company. The Companys Price/Volumeholdings are in the contracting-dredging environmental services, financial 80 .1 Mservices, staffing services, and private equity investing. .1 M 70 .1 M 60 .1 M 50 .1 M 40 .1 M Valuation Analysis .0 M 30Latest Fiscal Year: 12/2012 .0 M 20LTM as of: 01/yy .0 M 10 .0 M52-Week High (28.01.2013) 70.49 0 .0 M52-Week Low (28.06.2012) 59.00 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 29210.00 Current Price (2/dd/yy) 68.49 Market Data 52-Week High % Change -2.84% Dividend Yield - 52-Week Low % Change 16.08% Beta 1.01 % 52 Week Price Range High/Low 82.59% Equity Float -Shares Out 30.06.2012 33.5 Short Int - Market Capitalization 2294.20 1 Yr Total Return 12.92%Total Debt 529.78 YTD Return 9.99%Preferred Stock 0.0 Adjusted BETA 1.008Minority Interest 482.4 Analyst Recs 8Cash and Equivalents 187.36 Consensus Rating 3.625Enterprise Value 3237.64 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 31309ACKB BB EQUITY YTD Change - Average Volume 30 Day 30161ACKB BB EQUITY YTD % CHANGE - Average Volume 3 Month 29840 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 03/12 Q1 06/12 Q2 Total Revenue 503.5 423.7 375.5 422.4 432.5 - - - - - - TEV/Revenue 3.77x 6.28x 8.67x 6.47x - - - - - - - EBITDA 258.0 159.8 161.3 167.2 - - - - - - - TEV/EBITDA 7.36x 16.64x 20.17x 16.35x - - - - - - - Net Income 114.6 117.5 160.8 177.5 167.5 - - 203.0 231.0 - - P/E 10.55x 14.69x 12.86x 10.75x 12.45x - - 11.66x 10.46x - - Profitability S&P Issuer RatingsEBITDA 167.22 Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 19.58% Long-Term Outlook -Pretax Margin 53.11% Short-Term Rating Date -Return on Assets 2.31% Short-Term Rating -Return on Common Equity 8.33% Credit RatiosReturn on Capital 4.01% EBITDA/Interest Exp. -Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 28.1%Net Income Margin 38.7% Total Debt/Capital 18.3%Structure Asset Turnover 0.07Current Ratio - Net Fixed Asset Turnover 4.36Quick Ratio - Accounts receivable turnover-days -Debt to Assets 8.13% Inventory Days -Tot Debt to Common Equity 28.14% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 30.00 600.0 25.00 500.0 20.00 400.0 15.00 300.0 10.00 200.0 5.00 100.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 28.02.2013Ackermans & van Haaren NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSCALDIS INVEST n/a Co File 11054000 33 - 31.12.2010 OtherUNIVERSAL INVEST CON Multiple Portfolios MF-AGG 477867 1.43 6404 31.01.2013 Investment AdvisorACKERMANS & VAN HAAR n/a Co File 341700 1.02 - 31.12.2010 Holding CompanyVANGUARD GROUP INC Multiple Portfolios MF-AGG 251627 0.75 3423 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 216340 0.65 - 31.12.2012 Investment AdvisorDEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 163009 0.49 38750 28.12.2012 Investment AdvisorING ASSET MANAGEMENT Multiple Portfolios MF-AGG 155000 0.46 - 28.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 137982 0.41 2110 26.02.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 119468 0.36 - 31.07.2012 Investment AdvisorPETERCAM SA Multiple Portfolios MF-AGG 104684 0.31 32950 30.12.2011 Mutual Fund ManagerTHIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 98729 0.29 (37788) 31.10.2012 Hedge Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 81406 0.24 486 27.02.2013 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 79357 0.24 1526 31.01.2013 Investment AdvisorALPS MUTUAL FUNDS SE Multiple Portfolios MF-AGG 71986 0.21 6946 30.09.2012 Investment AdvisorINVESCO GESTION Multiple Portfolios MF-AGG 68093 0.2 34707 31.01.2013 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 65000 0.19 - 31.07.2012 Mutual Fund ManagerDEGROOF GESTION INST Multiple Portfolios MF-AGG 56000 0.17 50000 29.03.2012 Investment AdvisorBANK DELEN SA Multiple Portfolios MF-AGG 54500 0.16 - 31.12.2012 Investment AdvisorBRINVEST n/a Co File 51300 0.15 - 31.12.2010 OtherPETERCAM SA Multiple Portfolios MF-AGG 42962 0.13 (5000) 30.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKBC Securities TOM SIMONTS accumulate 4 M 74 Not Provided 27.02.2013ABN Amro Bank N.V. MAURITS HELDRING hold 3 M 61 Not Provided 27.02.2013Exane BNP Paribas DAVID VAGMAN outperform 5 M 74 Not Provided 26.02.2013Bank Degroof(ESN) HANS DHAESE hold 3 M 72 12 month 28.01.2013Petercam MARC DEBROUWER hold 3 M 70 Not Provided 28.01.2013ING Bank MATTHIAS MAENHAUT hold 3 M 64 Not Provided 28.01.2013Rabobank International COR KLUIS buy 5 M 75 Not Provided 26.10.2012Kempen & Co ERWIN DUT hold 3 M 64 12 month 10.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 28.02.2013Afren PLCAfren PLC is an independent oil and gas company. The Company conducts Price/Volumeexploration, appraisal, and development operations. Afren is currently 180 45.0 Mproducing from its assets in offshore Nigeria and Cote dIvoire. The Company 160 40.0 Mhas interests in the Kurdistan region of Iraq, Ghana, Congo Brazzaville, Kenya, 140 35.0 MEthiopia, Madagascar, Seychelles, Tanzania and South Africa. 120 30.0 M 100 25.0 M Valuation Analysis 80 20.0 MLatest Fiscal Year: 12/2011 60 15.0 M 40 10.0 MLTM as of: 09/yy 20 5.0 M52-Week High (04.02.2013) 162.00 0 .0 M52-Week Low (27.06.2012) 92.85 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13Daily Volume 2495442.00 Current Price (2/dd/yy) 143.1 Market Data 52-Week High % Change -11.67% Dividend Yield 0.00 52-Week Low % Change 54.12% Beta 1.76 % 52 Week Price Range High/Low 72.67% Equity Float 1040.52Shares Out 01.02.2013 1088.6 Short Int - Market Capitalization 1557.84 1 Yr Total Return 6.95%Total Debt 975.53 YTD Return 9.15%Preferred Stock 0.0 Adjusted BETA 1.763Minority Interest 0.0 Analyst Recs 32Cash and Equivalents 291.69 Consensus Rating 4.375Enterprise Value 2863.16 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4315082AFR LN EQUITY YTD Change - Average Volume 30 Day 7320910AFR LN EQUITY YTD % CHANGE - Average Volume 3 Month 5140602 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 0.0 42.5 335.8 319.4 596.7 396.8 1361.4 1569.1 1529.9 - - TEV/Revenue - 10.75x 3.47x 7.39x 3.54x 19.81x 7.78x 1.80x 1.76x - - EBITDA (35.1) (14.0) 200.6 184.6 429.3 285.1 1007.2 1132.8 1124.2 513.0 - TEV/EBITDA - - 5.81x 12.80x 4.92x 0.00x 2.94x 2.53x 2.55x - - Net Income (39.0) (56.1) (16.8) 45.3 121.7 71.0 181.5 302.2 287.9 - - P/E - - - 45.12x 10.81x 0.00x 13.23x 8.51x 8.07x - - Profitability S&P Issuer RatingsEBITDA 429.34 Long-Term Rating Date 23.12.2011EBIT 269.21 Long-Term Rating BOperating Margin 45.12% Long-Term Outlook STABLEPretax Margin 37.10% Short-Term Rating Date -Return on Assets 6.15% Short-Term Rating -Return on Common Equity 14.62% Credit RatiosReturn on Capital 9.91% EBITDA/Interest Exp. 4.13Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 0.10Margin Analysis Net Debt/EBITDA 0.50Gross Margin 50.7% Total Debt/EBITDA 0.94EBITDA Margin 74.0% ReferenceEBIT Margin 49.5% Total Debt/Equity 80.8%Net Income Margin 20.4% Total Debt/Capital 44.7%Structure Asset Turnover 0.46Current Ratio 0.66 Net Fixed Asset Turnover 0.95Quick Ratio 0.56 Accounts receivable turnover-days -Debt to Assets 33.29% Inventory Days 45.30Tot Debt to Common Equity 80.80% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 94.70Inventory Turnover 8.08Price/ Cash Flow Sales/Revenue/Turnover 9.00 700.0 8.00 600.0 7.00 500.0 6.00 5.00 400.0 4.00 300.0 3.00 200.0 2.00 100.0 1.00 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 |

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