Fundamental Equity Analysis & Analyst Recommendations - SX5E Eurostoxx 50…

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Fundamental equity analysis & analyst recommendations sx5 e eurostoxx 50 index components

Fundamental equity analysis & analyst recommendations sx5 e eurostoxx 50 index components

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  • 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations Eurostoxx 50 Index Components February 2013 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Daily Total Preferred Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in Volume Common Total Debt Stock Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency mio USD) (M) Shares (M) (USD) (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89AIR LIQUIDE SA EUR 37770 737 312 10 0 0 2 46.25 20465 20465 21835 23420 5064 5064 - - 6.90 6.91 7.45 8.23 23.38 23.39 21.69 19.64 8.03 6.86 8.57 9.07 33.04 A 02.07.2007 - -ALLIANZ SE-REG EUR 63501 1706 452 38 0 3 14 88.38 116683 125630 138147 141209 - - - - 7.45 13.31 15.05 16.18 13.97 13.88 12.35 11.50 -3.51 4.95 - - - AA 27.01.2012 Aa3 03.05.2004ANHEUSER-BUSCH INBEV NV EUR 149844 1725 1598 54 0 5 7 253.57 52138 52468 53048 59863 20426 20409 5912 5912 5.00 5.93 6.21 6.67 28.04 28.05 26.76 24.91 10.11 19.76 14.83 32.38 51.94 A 01.05.2012 A3 27.03.2012ARCELORMITTAL EUR 26585 9943 1549 34 0 5 6 68.65 112449 112449 117163 120913 9029 9721 2146 2146 0.01 -3.22 0.99 1.99 - 135.73 28.64 14.28 -13.87 -4.94 -42.31 -25.38 11.54 BB+ 02.08.2012 Ba1 06.11.2012ASML HOLDING NV EUR 30862 1114 407 1 0 0 4 28.27 6318 6318 6493 8062 1794 1794 186 186 3.58 3.61 3.09 4.73 27.23 27.32 31.77 20.74 -21.73 25.07 -34.23 9.53 37.91 - - Baa2 11.11.2010ASSICURAZIONI GENERALI EUR 26942 5148 1541 29 0 4 34 33.06 98120 108842 98972 101882 - - - - 1.56 1.02 1.38 1.78 22.56 - 16.70 12.99 -20.84 11.60 - - - A 23.01.2013 Baa2 *- 18.12.2012AXA SA EUR 43703 6393 2374 22 8 3 41 36.82 131305 135495 131200 130828 - - - - 1.51 1.54 2.42 2.56 15.84 31.76 10.11 9.54 -21.70 3.10 - - - A- 18.12.2012 A2 19.03.2003BANCO BILBAO VIZCAYA ARGENTA EUR 55289 24949 5449 304 0 3 85 #VALUE! 28995 29724 31293 32941 - - - - 1.00 0.42 1.01 1.19 32.37 20.67 13.40 11.43 -53.20 11.66 - - - BBB- 16.10.2012 Baa3 24.10.2012BANCO SANTANDER SA EUR 82463 46728 10321 469 0 13 230 #VALUE! 58756 58302 59586 62359 - - - - 0.41 0.32 0.81 0.94 32.85 13.71 12.83 11.11 -58.21 12.95 - - - BBB 16.10.2012 (P)Baa2 24.10.2012BASF SE EUR 90904 2789 918 17 0 2 3 107.15 98140 103016 104132 106827 15830 17211 3647 3647 8.57 7.32 7.14 7.95 18.06 18.07 18.51 16.62 20.12 9.87 -0.54 4.11 22.31 A+ 10.05.2011 A1 17.11.2010BAYER AG-REG EUR 80199 2207 827 16 0 0 6 89.31 48776 52195 52782 55336 11968 12751 2384 2384 7.16 3.99 7.24 7.92 32.44 16.40 17.90 16.35 5.48 6.30 0.95 16.44 32.62 A- 30.04.2008 A3 17.07.2006BAYERISCHE MOTOREN WERKE AG EUR 60524 1486 656 91 0 0 15 137.58 91896 99694 102240 106116 15570 15602 4194 4194 9.93 9.56 10.34 10.36 13.20 13.20 12.20 12.18 18.42 10.11 37.81 1.39 20.90 A 16.04.2012 A2 22.07.2011BNP PARIBAS EUR 73857 3700 1242 802 10 11 192 #VALUE! 92 K 130 K 54 K 55 K - - - - 7.41 6.89 6.82 7.72 11.52 10.71 11.64 10.28 -4.41 15.21 - - - A+ 25.10.2012 A2 21.06.2012CARREFOUR SA EUR 19688 2524 674 22 0 1 6 34.70 107431 106984 104141 106013 5200 3481 - - -1.00 -2.10 1.65 1.91 - - 22.48 19.40 1.20 0.13 -14.82 1.53 4.34 BBB 15.03.2012 (P)Baa2 15.03.2012COMPAGNIE DE SAINT-GOBAIN EUR 22276 1825 526 15 0 1 4 35.94 56237 57192 57394 57955 6709 6563 - - 3.51 2.59 3.14 3.44 21.62 19.96 17.86 16.29 6.65 0.23 6.67 0.54 15.32 BBB 24.07.2009 Baa2 31.07.2009CRH PLC EUR 15588 1039 728 7 0 0 2 21.11 24143 24707 25003 25645 2211 2203 1373 1373 1.02 1.15 0.98 1.15 24.85 37.24 29.27 24.95 7.06 -2.90 3.47 -10.60 11.91 BBB+ 17.12.2007 - -DAIMLER AG-REGISTERED SHARES EUR 64336 3559 1066 96 0 2 15 160.14 152620 152620 155983 165094 16312 16626 - - 7.62 7.62 6.21 7.38 10.55 10.55 12.95 10.90 9.72 23.62 - -9.22 14.64 A- 23.02.2012 A3 01.10.2007DANONE EUR 45568 2019 606 12 0 0 3 55.01 27866 27866 29439 31174 4655 4707 - - 3.70 3.72 4.20 4.65 25.45 25.56 22.54 20.37 10.72 14.53 - 14.41 23.46 A- 25.07.2007 A3 06.11.2007DEUTSCHE BANK AG-REGISTERED EUR 44942 3571 929 380 0 2 238 #VALUE! 44842 62960 45467 46804 - - - - 4.24 0.91 5.47 6.90 71.10 12.70 11.80 9.36 -48.38 -7.77 - - - A+ 25.01.2012 A2 21.06.2012DEUTSCHE TELEKOM AG-REG EUR 46947 21425 4321 65 0 6 8 107.62 78319 77945 77606 76899 26976 25806 5787 5787 0.66 -2.30 0.85 0.89 - - 17.00 16.36 -8.06 -1.72 18.65 5.73 44.21 BBB+ 19.05.2008 Baa1 22.12.2011E.ON SE EUR 34401 13142 1905 40 0 5 9 66.26 150827 167323 150300 147998 5700 6052 2721 2721 -0.01 -0.01 2.95 1.74 - 14.12 7.78 13.16 28.89 17.73 -89.70 -16.95 4.83 A- 27.07.2012 A3 05.10.2011ENEL SPA EUR 36413 23528 9403 87 0 21 9 136.56 103583 110101 105136 104852 22964 25842 5150 5150 0.59 0.49 0.49 0.48 10.58 - 10.55 10.88 10.45 24.26 3.42 22.44 31.34 BBB+ 08.03.2012 Baa2 05.11.2012ENI SPA EUR 85796 8681 3634 33 0 5 11 112.38 169944 169944 161957 164874 32800 32800 10055 10055 2.58 3.20 2.67 2.87 9.86 11.08 11.82 10.99 21.54 7.91 -6.06 -1.40 25.77 A 17.01.2012 A3 16.07.2012ESSILOR INTERNATIONAL EUR 21189 577 209 1 0 0 1 22.34 5594 6222 6660 7176 1228 1367 - - 3.34 3.53 3.75 4.15 37.38 37.19 35.14 31.77 10.22 15.47 2.84 12.10 29.34 - - - -FRANCE TELECOM SA EUR 26740 18406 2633 52 0 3 11 70.58 58105 58105 56210 55370 20055 19007 4146 4146 0.98 0.41 1.49 1.47 32.56 10.51 9.07 9.19 -5.20 -4.77 - -5.12 42.66 A- 10.02.2005 A3 23.06.2005GDF SUEZ EUR 46604 4026 2214 76 0 23 20 125.76 121075 127560 124907 110441 21459 22195 - - 2.73 2.15 2.08 1.86 11.98 11.31 12.41 13.90 9.79 45.55 1.28 34.86 23.23 A *- 29.01.2013 A1 03.07.2012IBERDROLA SA EUR 30982 21885 6139 45 0 0 9 67.20 46402 46533 44358 45909 9605 9550 3056 3056 0.62 0.63 0.53 0.56 10.48 10.43 12.39 11.69 13.09 10.52 3.67 10.80 27.40 BBB 28.11.2012 (P)Baa1 05.11.2012INDITEX EUR 83774 1558 623 0 0 0 5 78.54 18417 20624 21373 23763 4292 5040 1563 1563 4.14 4.90 5.15 5.82 36.66 - 34.82 30.84 13.50 14.13 11.18 16.59 32.63 - - - -ING GROEP NV-CVA EUR 33215 17985 3801 277 0 1 24 288.35 54457 56404 60617 62389 - - - - 0.98 1.00 1.32 1.46 11.57 10.80 8.79 7.95 -30.37 -12.38 - - - A 03.09.2009 A3 15.06.2012INTESA SANPAOLO EUR 29935 117426 16434 355 0 1 53 #VALUE! 33737 29857 23191 22437 - - - - 0.19 -0.72 0.15 0.16 - 12.95 16.55 14.94 2.31 1.95 - - - BBB+ 10.02.2012 Baa2 16.07.2012KONINKLIJKE PHILIPS ELECTRON EUR 27676 2299 926 6 0 0 5 28.66 33099 33099 33107 34351 3289 3289 786 786 0.37 0.37 2.24 2.56 105.68 32.66 17.21 15.08 13.06 2.02 143.54 -4.73 13.27 A- 11.05.2005 A3 20.04.2006LOREAL EUR 90741 491 598 0 0 0 2 88.64 29994 29994 31320 33158 5860 5860 - - 6.33 6.41 6.83 7.40 31.10 31.12 29.18 26.95 13.91 7.72 14.65 6.38 26.09 - - - -LVMH MOET HENNESSY LOUIS VUI EUR 89830 614 500 9 0 1 3 97.46 37526 37526 40278 43682 9267 9641 3771 3771 9.32 9.16 10.19 11.40 25.79 25.36 23.18 20.72 25.08 14.89 17.15 14.76 34.31 A 20.05.2011 - -MUENCHENER RUECKVER AG-REG EUR 32341 541 178 7 0 0 3 37.11 81330 88314 77353 82094 - - - - 5.26 24.02 21.22 21.70 10.02 9.59 11.35 11.10 - 12.27 - - - AA- 22.12.2006 - -NOKIA OYJ EUR 14282 21091 3711 7 0 2 13 10.86 40294 40294 39244 39704 -1305 -1305 192 192 - -1.12 0.02 0.21 - - 238.35 24.45 -29.30 -15.96 - -31.68 -4.32 BB- 15.08.2012 Ba3 23.07.2012REPSOL SA EUR 26663 4722 1221 27 0 5 4 49.92 80280 80164 79252 81245 11362 10340 2254 2254 2.52 2.39 2.14 2.24 11.60 - 12.99 12.40 16.07 5.66 -38.20 -1.50 17.22 BBB- 19.04.2012 - -RWE AG EUR 22850 2623 587 29 0 2 9 45.75 65634 66077 68182 69378 11064 10210 - - 4.47 5.02 5.44 5.27 9.89 9.89 9.12 9.42 -4.13 8.52 -13.66 3.47 20.63 BBB+ 27.07.2012 A3 19.07.2011SANOFI EUR 130651 2609 1326 19 0 0 9 141.71 46664 46664 47859 50367 16815 17603 - - 6.29 5.02 8.03 8.94 26.20 21.68 16.38 14.72 6.23 6.40 - 4.60 50.81 AA- 18.02.2011 A2 18.02.2011SAP AG EUR 98375 2034 1229 7 0 0 4 101.88 21661 21662 24118 26589 6590 6109 1491 1491 3.17 3.16 4.66 5.30 33.79 33.86 22.93 20.18 18.66 12.95 0.73 14.35 37.66 - - - -SCHNEIDER ELECTRIC SA EUR 41080 1551 540 11 0 0 4 49.56 29893 31325 31925 32804 5030 5200 - - 4.71 4.73 5.12 5.53 20.89 19.60 19.29 17.87 19.14 9.76 7.17 12.32 22.16 A- 26.11.2008 A3 12.01.2009SIEMENS AG-REG EUR 92488 1732 856 28 0 1 15 107.93 104548 105047 104643 108627 12890 13822 2731 2731 7.48 7.58 8.20 10.08 18.48 18.70 17.10 13.90 9.15 0.15 -10.68 2.23 17.57 A+ 05.06.2009 - -SOCIETE GENERALE EUR 31955 4572 754 906 0 6 193 #VALUE! 58396 #VALUE! 32105 33061 - - - - 1.83 1.30 4.87 5.80 41.92 14.82 11.24 9.42 -13.25 - - - - A 23.01.2012 A2 21.06.2012TELEFONICA SA EUR 58752 29612 4480 89 0 8 9 145.20 83906 83701 83298 80861 25894 27912 7419 7419 1.77 1.82 1.58 1.60 9.45 - 10.88 10.80 4.62 2.61 -33.08 0.37 44.53 BBB 20.12.2012 Baa2 18.10.2012TOTAL SA EUR 119908 4251 2258 44 0 2 23 143.33 243422 243422 239349 239885 43187 42652 11589 11589 6.30 6.32 7.03 7.15 10.71 10.74 9.62 9.46 12.63 6.01 -2.34 1.38 23.40 AA- 12.04.2011 Aa1 30.08.2005UNIBAIL-RODAMCO SE EUR 22123 268 92 16 0 2 0 40.07 2300 2300 2101 2337 1585 1585 - - 23.66 21.08 13.56 14.72 14.77 13.10 22.95 21.15 -14.95 13.79 0.33 20.70 92.01 A 27.06.2007 WR 16.07.2010UNICREDIT SPA EUR 32715 63059 2930 447 0 4 75 #VALUE! 56040 35005 33964 33274 - - - - -0.04 -3.34 0.29 0.37 - - 26.27 20.17 2.41 2.27 - - - BBB+ 10.02.2012 Baa2 16.07.2012UNILEVER NV-CVA EUR 120661 3602 2832 14 0 1 4 131.23 68533 68533 71410 75428 10933 10883 - - 2.06 2.11 2.26 2.45 25.32 26.47 23.61 21.79 13.96 7.13 12.99 5.19 21.20 A+ 05.10.2000 A1 11.07.2000VINCI SA EUR 27156 1541 536 27 0 1 9 46.40 51587 51587 51927 53173 7355 7282 - - 4.70 4.78 4.68 4.92 13.15 13.25 13.41 12.77 3.50 5.68 1.52 4.97 18.85 BBB+ 29.03.2007 Baa1 23.07.2002VIVENDI EUR 27340 3696 1287 21 0 4 5 50.86 38474 38101 38093 38382 11813 12537 2469 2469 3.21 1.56 2.68 2.57 17.71 13.40 10.28 10.72 -0.30 6.11 13.77 12.16 43.94 BBB 26.10.2012 Baa2 13.09.2005VOLKSWAGEN AG-PREF EUR 108335 540 465 125 0 8 33 235.48 212761 250079 256800 274030 28529 31192 - - 44.09 63.57 47.00 31.65 5.07 5.08 6.86 10.18 34.16 18.99 37.72 16.71 16.66 A- 31.08.2009 A3 17.08.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%AIR LIQUIDE SA 2.63 2.44 2.28 2.13 1.90 1.85 1.73 1.61 1.51 1.48 9.80 9.04 8.44 8.51 7.22 9.18 8.45 7.79 7.31 7.01 17.68 16.25 14.71 13.50 12.59 2.78 2.99 3.26 3.56 3.47 101.60 12.1%ALLIANZ SE-REG 1.07 0.92 0.86 0.81 0.77 0.48 0.46 0.45 0.44 0.43 15.94 9.25 8.61 8.25 8.39 4.19 4.41 4.70 4.93 5.05 114.40 9.7%ANHEUSER-BUSCH INBEV NV 3.77 3.49 3.17 2.91 2.59 3.84 3.77 3.34 3.11 2.97 14.87 13.30 12.37 11.36 10.31 12.44 12.27 10.79 9.84 9.48 24.27 20.04 18.66 16.66 15.42 1.46 2.04 2.39 2.78 3.27 70.98 1.6%ARCELORMITTAL 0.46 0.47 0.46 0.43 0.41 0.32 0.30 0.29 0.29 0.28 5.17 5.34 3.93 3.21 2.36 7.39 6.43 5.39 4.73 4.31 93.33 21.45 10.70 7.45 5.91 3.53 1.26 2.06 2.32 1.57 14.18 18.6%ASML HOLDING NV 5.34 4.54 3.87 3.28 4.88 4.75 3.83 3.21 2.59 18.73 20.88 13.74 11.05 15.45 16.89 11.65 9.21 7.65 22.14 23.79 15.53 11.56 8.63 0.83 0.99 1.14 1.27 53.37 -3.1%ASSICURAZIONI GENERALI 1.27 1.01 0.93 0.87 0.79 0.28 0.27 0.26 0.26 0.27 17.66 12.51 9.73 8.84 7.91 2.31 2.51 3.31 3.88 4.94 13.40 3.4%AXA SA 0.69 0.69 0.66 0.62 0.55 0.38 0.33 0.33 0.32 0.30 8.13 7.57 7.15 6.63 6.59 5.12 5.32 5.67 6.05 6.48 15.85 15.7%BANCO BILBAO VIZCAYA ARGENTA 1.00 0.95 0.90 0.85 1.81 1.77 1.68 1.62 3.29 3.30 3.17 21.41 10.04 8.56 7.53 5.53 5.54 5.74 6.46 7.62 0.3%BANCO SANTANDER SA 0.77 0.78 0.77 0.74 1.40 1.38 1.32 1.30 2.23 2.30 2.15 10.50 9.61 8.32 7.82 10.05 10.29 9.90 8.53 6.23 6.2%BASF SE 2.87 2.63 2.41 2.22 1.96 0.94 0.87 0.85 0.85 0.81 7.79 8.46 7.74 7.32 7.02 6.93 6.48 6.13 5.82 5.43 11.92 13.86 12.44 11.39 10.82 3.20 3.48 3.63 3.90 3.86 76.19 2.8%BAYER AG-REG 3.00 3.00 2.72 2.45 2.15 1.65 1.52 1.45 1.38 1.32 11.74 10.38 9.07 8.46 7.64 8.73 8.46 7.64 7.15 6.66 15.04 13.40 12.24 11.15 10.38 2.28 2.50 2.78 3.06 3.27 75.10 3.4%BAYERISCHE MOTOREN WERKE AG 1.66 1.49 1.34 1.22 1.16 0.66 0.59 0.57 0.54 0.55 5.02 5.47 5.26 4.99 3.71 7.61 7.82 7.80 7.60 7.44 9.21 9.14 9.12 8.95 8.82 3.36 3.68 3.91 4.14 4.11 77.86 10.0%BNP PARIBAS 0.72 0.68 0.64 0.61 1.41 1.38 1.34 1.32 5.58 4.97 4.45 5.57 8.18 8.72 7.70 7.46 3.37 3.80 4.54 5.60 52.18 17.2%CARREFOUR SA 1.57 1.89 1.79 1.64 1.53 0.18 0.19 0.19 0.18 0.18 5.38 6.10 5.19 4.86 4.50 6.70 6.98 6.69 6.32 6.12 14.79 16.83 14.53 12.94 11.39 3.86 2.53 2.84 3.14 3.71 21.62 4.0%COMPAGNIE DE SAINT-GOBAIN 0.90 0.92 0.90 0.86 0.82 0.40 0.39 0.38 0.37 0.35 5.36 5.92 5.72 5.21 4.55 5.44 6.15 5.97 5.45 4.74 9.50 13.37 12.20 10.15 8.15 4.01 3.71 3.95 4.22 4.87 33.36 6.2%CRH PLC 1.10 1.07 1.05 1.02 0.97 0.65 0.62 0.61 0.57 0.51 8.57 9.03 8.43 7.14 5.70 9.65 9.87 9.12 7.90 6.56 21.03 21.92 18.68 14.53 10.81 3.91 3.93 4.01 4.16 4.36 15.21 -5.3%DAIMLER AG-REGISTERED SHARES 1.12 1.07 1.00 0.93 0.83 0.42 0.41 0.39 0.37 0.37 5.47 5.18 4.59 3.67 3.16 9.37 9.47 8.34 7.45 6.31 9.76 9.70 8.17 7.09 7.00 4.74 4.53 5.01 5.71 46.80 3.7%DANONE 2.54 2.38 2.24 2.12 1.86 1.64 1.55 1.46 1.37 1.30 12.52 12.12 10.59 9.75 8.70 11.41 10.91 10.20 9.31 8.73 17.58 16.88 15.25 13.91 12.57 2.75 2.89 3.11 3.46 3.90 52.34 -1.4%DEUTSCHE BANK AG-REGISTERED 0.60 0.59 0.55 0.51 0.47 1.00 0.99 0.96 0.93 0.84 6.39 5.38 4.63 10.11 8.84 7.01 5.67 5.20 2.08 2.10 2.62 3.14 2.97 39.51 9.1%DEUTSCHE TELEKOM AG-REG 0.93 1.21 1.20 1.19 1.28 0.60 0.60 0.61 0.61 0.60 2.38 2.66 2.58 2.57 3.98 4.33 4.48 4.61 4.63 4.52 12.02 12.73 12.25 11.72 10.38 8.60 8.59 6.67 6.35 6.92 9.33 14.7%E.ON SE 0.62 0.65 0.64 0.62 0.62 0.27 0.23 0.23 0.23 0.22 4.02 3.15 3.81 3.70 3.76 5.41 4.65 5.21 5.13 5.09 10.41 5.83 9.86 9.24 9.47 7.77 8.54 5.74 5.90 5.73 13.34 3.6%ENEL SPA 0.69 0.67 0.64 0.61 0.58 0.37 0.35 0.35 0.34 0.32 2.52 3.09 2.99 2.70 3.72 5.82 6.18 6.24 6.13 5.94 6.68 7.90 8.15 7.63 7.29 9.00 5.17 5.21 5.52 5.66 3.28 13.2%ENI SPA 1.07 1.01 0.95 0.91 0.53 0.53 0.52 0.50 3.85 3.47 3.22 3.06 2.86 2.92 2.79 2.72 8.80 8.85 8.23 7.93 9.61 6.10 6.24 6.37 6.55 6.79 19.87 12.4%ESSILOR INTERNATIONAL 5.02 4.32 3.91 3.54 2.99 3.78 3.18 2.95 2.73 2.49 21.61 19.80 17.47 15.80 17.35 18.49 15.34 14.08 12.87 11.98 29.74 26.32 23.79 21.58 19.50 1.25 1.34 1.48 1.63 1.83 81.18 9.9%FRANCE TELECOM SA 0.73 0.71 0.69 0.63 0.68 0.46 0.48 0.48 0.49 0.49 1.98 2.13 2.20 2.65 2.21 3.87 4.08 4.20 4.30 4.31 5.87 6.79 6.89 6.91 6.81 10.62 10.44 10.33 10.22 10.61 9.51 25.7%GDF SUEZ 0.51 0.52 0.51 0.52 0.50 0.38 0.37 0.42 0.42 0.42 2.85 2.90 3.34 3.15 3.37 5.75 5.51 6.46 6.27 5.99 9.58 9.29 10.41 9.73 9.10 10.51 10.37 10.17 10.21 8.97 17.35 19.9%IBERDROLA SA 0.64 0.63 0.62 0.59 0.74 0.70 0.67 0.66 0.68 3.90 4.24 4.26 3.97 6.49 6.63 6.34 6.13 5.83 8.08 9.28 8.75 9.05 9.05 8.45 7.96 7.99 7.77 8.39 4.39 18.7%INDITEX 8.78 7.33 6.38 5.60 4.88 4.55 3.92 3.53 3.17 2.89 23.69 19.39 17.43 15.58 14.30 18.25 14.72 13.12 11.72 10.75 32.66 26.08 23.10 20.61 18.68 1.79 2.22 2.56 2.90 3.26 107.88 7.2%ING GROEP NV-CVA 0.49 0.46 0.44 0.42 0.58 0.55 0.53 0.46 8.39 6.58 5.96 5.84 0.00 0.34 3.31 4.61 8.07 24.3%INTESA SANPAOLO 0.38 0.46 0.45 0.43 0.42 1.36 1.29 1.33 1.30 1.26 3.13 2.87 2.90 2.78 9.23 12.40 11.19 8.49 7.52 4.36 3.78 4.14 5.31 5.38 1.45 5.1%KONINKLIJKE PHILIPS ELECTRON 1.73 1.72 1.62 1.37 1.33 0.84 0.84 0.81 0.77 0.77 10.55 8.66 7.36 6.51 6.33 7.80 6.24 5.71 5.17 5.30 18.12 12.89 11.29 10.08 9.27 3.50 3.64 3.91 4.51 4.36 23.90 10.4%LOREAL 3.54 3.12 2.88 2.64 2.33 3.04 2.90 2.74 2.56 2.45 18.60 17.20 15.89 14.69 13.58 14.98 13.97 12.98 11.97 11.60 23.37 21.85 20.18 18.35 17.38 1.97 2.19 2.40 2.72 2.91 110.96 -0.8%LVMH MOET HENNESSY LOUIS VUI 2.66 2.45 2.22 2.00 1.64 2.40 2.23 2.06 1.90 1.80 13.99 13.00 11.78 11.21 11.32 10.40 9.57 8.65 7.83 7.62 18.38 17.36 15.52 13.82 12.56 2.26 2.49 2.81 3.12 2.97 153.16 15.6%MUENCHENER RUECKVER AG-REG 0.91 0.85 0.81 0.76 0.74 0.42 0.42 0.39 0.36 0.35 7.64 8.50 8.31 8.48 9.13 5.02 5.14 5.27 5.59 5.37 141.18 4.5%NOKIA OYJ 1.41 1.45 1.39 1.34 1.30 0.35 0.36 0.36 0.35 0.35 136.00 10.98 4.87 2.44 11.46 5.41 3.79 2.87 2.27 178.50 18.31 11.70 11.42 1.65 1.12 1.09 2.21 5.25 2.99 4.8%REPSOL SA 0.75 0.74 0.71 0.68 0.61 0.31 0.34 0.33 0.32 0.29 3.29 3.99 3.91 3.63 3.56 4.44 5.31 5.20 4.84 4.52 9.35 9.73 9.28 8.52 8.12 7.42 5.67 5.70 5.90 6.10 18.53 19.0%RWE AG 0.94 1.07 0.99 0.95 0.90 0.32 0.34 0.33 0.32 0.32 2.81 2.87 2.93 2.78 2.97 4.15 3.97 3.90 3.89 3.87 6.51 6.83 7.06 7.19 7.58 7.37 7.27 7.14 7.17 6.95 31.61 13.6%SANOFI 1.69 1.66 1.59 1.51 1.40 2.81 2.73 2.59 2.46 2.37 10.48 10.49 9.66 8.06 7.59 7.90 8.05 7.43 6.90 6.66 11.92 12.26 11.02 10.00 9.33 3.76 3.99 4.42 4.95 5.41 78.78 6.8%SAP AG 5.06 4.34 3.64 3.03 2.55 4.52 4.08 3.70 3.39 3.14 18.60 14.88 13.08 11.51 10.69 13.79 11.92 10.52 9.47 8.42 19.43 17.17 15.11 13.38 12.52 1.40 1.59 1.85 2.08 2.00 65.15 8.6%SCHNEIDER ELECTRIC SA 1.94 1.79 1.68 1.57 1.40 1.29 1.25 1.19 1.12 13.20 11.29 10.37 9.58 9.34 10.25 9.80 9.21 8.41 8.16 15.06 14.45 13.38 11.99 11.42 3.04 3.18 3.44 3.78 3.94 56.50 2.0%SIEMENS AG-REG 2.11 2.14 1.94 1.76 1.37 0.89 0.88 0.85 0.82 0.79 9.40 10.50 8.57 7.77 7.90 8.15 8.49 7.08 6.56 6.81 12.81 12.81 10.41 9.63 8.85 3.90 4.00 4.34 4.61 4.87 84.77 7.8%SOCIETE GENERALE 0.55 0.52 0.49 0.46 1.04 1.00 0.97 0.94 4.68 4.19 3.80 4.76 11.07 8.41 7.06 6.46 1.65 3.38 4.37 5.32 34.11 11.2%TELEFONICA SA 2.00 1.91 1.73 1.61 1.40 0.70 0.71 0.73 0.73 0.72 2.91 3.02 3.02 2.89 2.65 5.16 5.13 5.27 5.25 5.29 6.25 8.15 8.09 7.87 7.28 15.92 1.24 6.99 7.74 8.24 11.42 18.1%TOTAL SA 1.16 1.08 0.99 0.91 0.50 0.50 0.50 0.51 3.92 3.78 3.66 3.42 3.24 3.18 3.22 3.10 3.04 6.96 7.21 7.08 6.64 6.17 6.16 6.28 6.40 6.64 6.74 44.98 18.5%UNIBAIL-RODAMCO SE 1.32 1.20 1.10 1.01 0.85 12.51 10.53 9.47 9.05 8.16 17.50 16.95 15.67 13.97 12.18 22.83 21.48 19.85 18.50 17.87 18.38 17.19 15.84 14.49 13.00 4.81 5.06 5.43 5.83 6.13 181.38 3.9%UNICREDIT SPA 0.25 0.39 0.39 0.38 0.42 0.97 0.96 0.98 0.95 0.93 1.02 2.41 2.31 2.10 13.22 19.67 15.11 9.14 7.69 0.14 1.44 2.06 3.57 3.74 4.17 -1.5%UNILEVER NV-CVA 5.43 4.94 4.35 3.85 3.44 1.77 1.69 1.60 1.51 1.44 15.09 13.92 12.91 11.83 10.98 11.93 11.17 10.44 9.68 9.26 18.95 17.68 16.32 15.00 13.93 3.17 3.39 3.62 3.84 4.17 31.22 4.2%VINCI SA 1.45 1.37 1.30 1.22 1.03 0.53 0.52 0.51 0.50 0.47 5.15 5.03 4.83 4.59 4.30 6.35 6.28 6.09 5.84 5.46 10.21 10.04 9.56 8.92 7.99 5.07 5.14 5.38 5.77 5.96 43.63 23.8%VIVENDI 0.86 0.99 0.95 0.91 0.82 0.71 0.72 0.71 0.70 0.69 3.33 3.38 3.68 3.56 3.29 4.59 4.79 4.86 4.76 4.65 6.90 7.70 8.03 7.60 7.19 9.10 6.52 6.46 6.76 7.82 17.84 15.3%VOLKSWAGEN AG-PREF 1.41 1.10 0.99 0.87 0.81 0.52 0.42 0.40 0.38 0.36 4.42 3.84 4.19 3.79 3.44 8.99 8.08 7.04 6.35 5.65 9.58 5.13 7.62 6.71 6.49 1.68 2.14 2.66 3.14 4.14 200.83 11.1% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 20.02.2013Air 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 736929.00 Current Price (2/dd/yy) 90.6 Market Data 52-Week High % Change -9.40% Dividend Yield - 52-Week Low % Change 8.56% Beta 0.76 % 52 Week Price Range High/Low 44.82% Equity Float 310.66Shares Out 07.12.2012 312.2 Short Int - Market Capitalization 28285.98 1 Yr Total Return 6.29%Total Debt 7273.70 YTD Return -4.68%Preferred Stock 0.0 Adjusted BETA 0.764Minority Interest 232.6 Analyst Recs 35Cash and Equivalents 1154.20 Consensus Rating 3.486Enterprise Value 34638.08 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1140082AI FP EQUITY YTD Change - Average Volume 30 Day 753002AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 637984 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 16352.3 17539.3 3960.0 3939.5 TEV/Revenue 1.73x 2.25x 2.38x 2.25x 2.35x 0.00x 0.00x 2.10x 1.94x - - EBITDA 2941.8 2969.0 3374.3 3563.6 3792.3 0.0 0.0 4098.5 4447.1 - - TEV/EBITDA 7.71x 9.08x 9.50x 9.13x 9.50x 0.00x 0.00x 8.45x 7.79x - - Net Income 1220.0 1230.0 1403.6 1534.9 1609.4 0.0 0.0 1737.6 1918.9 - - P/E 13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 16.25x 14.71x - - 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 |
  • 5. 20.02.2013Air 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 3544338 1.14 229303 19.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2311536 0.74 (157627) 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 1126673 0.36 1125 15.02.2013 Investment AdvisorAIR LIQUIDE n/a Co File 1119676 0.36 - 31.12.2011 CorporationMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1030417 0.33 - 15.02.2013 Investment AdvisorTHREADNEEDLE ASSET M Multiple Portfolios MF-AGG 983348 0.31 23544 31.10.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 918293 0.29 (66890) 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 AdvisorTHREADNEEDLE INVESTM THREADNEEDLE EUROPEA UT-UK 750992 0.24 21023 31.10.2012 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 608059 0.19 (36412) 31.12.2012 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 Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateLandesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 96 Not Provided 19.02.2013Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 18.02.2013S&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 18.02.2013AlphaValue FABRICE FARIGOULE add 4 U 97 6 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 14.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 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 26.10.2012Goldman Sachs RAKESH PATEL neutral/neutral 3 M 116 12 month 17.10.2012Alembic 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 |
  • 6. 20.02.2013Allianz 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: 12/2011 40 3.0 MLTM as of: 09/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 1705546.00 Current Price (2/dd/yy) 104.3 Market Data 52-Week High % Change -4.00% Dividend Yield - 52-Week Low % Change 52.26% Beta 1.24 % 52 Week Price Range High/Low 91.78% Equity Float 455.95Shares Out 31.10.2012 456.0 Short Int - Market Capitalization 47555.59 1 Yr Total Return 20.71%Total Debt 28411.00 YTD Return -0.48%Preferred Stock 0.0 Adjusted BETA 1.238Minority Interest 2338.0 Analyst Recs 42Cash and Equivalents 10492.00 Consensus Rating 4.310Enterprise Value 66187.59 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1488619ALV GY EQUITY YTD Change - Average Volume 30 Day 1520056ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1530919 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 94767.0 76195.0 82711.0 89740.0 87384.0 87402.0 94084.0 103458.3 105751.4 25563.3 - TEV/Revenue 2.57x 0.69x 0.75x 0.67x 0.61x 2.77x 2.48x 0.60x 0.56x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 7966.0 (2444.0) 4297.0 5053.0 2545.0 3188.0 4441.0 5097.9 5450.3 1132.0 - P/E 8.22x 8.51x 8.37x 7.94x 13.13x 9.98x 9.32x 9.25x 8.61x - - 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 63.3%Net Income Margin 2.9% 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 63.26% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 7.00 100000.0 90000.0 6.00 80000.0 5.00 70000.0 60000.0 4.00 50000.0 3.00 40000.0 30000.0 2.00 20000.0 1.00 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 |
  • 7. 20.02.2013Allianz SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 32047039 7.03 - 15.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8563293 1.88 175318 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8000572 1.75 (440475) 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6365290 1.4 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 4770085 1.05 (11363) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4519378 0.99 (131397) 31.12.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 4513764 0.99 546507 28.09.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 3746308 0.82 - 16.05.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3598771 0.79 972739 31.01.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 3381128 0.74 - 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2337600 0.51 - 31.12.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 2232924 0.49 (99900) 31.10.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2116731 0.46 (65405) 30.11.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 1904355 0.42 64334 30.11.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 1843650 0.4 - 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1490728 0.33 - 15.02.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1483920 0.33 - 30.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1455112 0.32 388780 31.12.2012 Mutual Fund ManagerFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1212611 0.27 (82340) 30.11.2012 Mutual Fund ManagerJP MORGAN n/a ULT-AGG 961909 0.21 8661 31.12.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 18.02.2013Independent Research GmbH STEFAN BONGARDT buy 5 M 120 12 month 18.02.2013Bankhaus Metzler JOCHEN SCHMITT sell 1 M 85 12 month 18.02.2013Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.02.2013Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013DZ Bank AG THORSTEN WENZEL buy 5 M 105 12 month 15.02.2013Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 14.02.2013AlphaValue DIETER HEIN add 4 M 111 6 month 14.02.2013Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 96 12 month 13.02.2013Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 13.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 128 12 month 12.02.2013Berenberg Bank PETER ELIOT buy 5 N 124 Not Provided 11.02.2013Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 06.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 120 12 month 04.02.2013Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013RBC Capital Markets GORDON AITKEN outperform 5 M 120 12 month 31.01.2013Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012Nord/LB VOLKER SACK buy 5 U 104 12 month 12.11.2012Nomura MICHAEL KLIEN neutral 3 M 103 Not Provided 12.11.2012Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 09.11.2012S&P Capital IQ RODERICK WALLACE buy 5 M 133 12 month 09.11.2012Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012Espirito Santo Investment Bank Research FERNEYHOUGH JOY neutral 3 M 92 Not Provided 11.11.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 20.02.2013Anheuser-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: 12/2011 3.0 M 20 2.0 MLTM as of: 09/yy 10 1.0 M52-Week High (07.09.2012) 71.05 0 .0 M52-Week Low (24.02.2012) 48.77 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 1724592.00 Current Price (2/dd/yy) 69.84 Market Data 52-Week High % Change -1.70% Dividend Yield - 52-Week Low % Change 43.22% Beta 0.78 % 52 Week Price Range High/Low 91.70% Equity Float -Shares Out 21.12.2012 1606.8 Short Int - Market Capitalization 112218.04 1 Yr Total Return 43.44%Total Debt 40165.00 YTD Return 6.24%Preferred Stock 0.0 Adjusted BETA 0.776Minority Interest 3552.0 Analyst Recs 35Cash and Equivalents 5423.00 Consensus Rating 3.629Enterprise Value 189902.30 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2622819ABI BB EQUITY YTD Change - Average Volume 30 Day 2149295ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1714784 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 19780.6 23507.0 36758.0 36297.0 39046.0 38645.0 39345.0 39727.8 44831.3 10198.3 - TEV/Revenue 2.84x 4.07x 3.57x 3.70x 3.49x 0.00x 7.65x 4.63x 4.17x - - EBITDA 6827.9 7734.0 12925.0 13768.0 15297.0 11120.0 15945.0 15480.0 17605.5 4427.1 - TEV/EBITDA 8.23x 12.37x 10.15x 9.76x 8.91x 0.00x 0.00x 12.27x 10.79x - - Net Income 3013.0 1927.0 4613.0 4026.0 5855.0 4973.0 7338.0 7440.7 8064.3 1946.8 - P/E 15.83x 11.99x 17.92x 22.61x 16.71x 16.23x 18.54x 20.04x 18.66x - - Profitability S&P Issuer RatingsEBITDA 15297.00 Long-Term Rating Date 01.05.2012EBIT 12607.00 Long-Term Rating AOperating Margin 32.29% Long-Term Outlook STABLEPretax Margin 25.14% Short-Term Rating Date 01.05.2012Return on Assets 6.19% Short-Term Rating A-1Return on Common Equity 19.04% Credit RatiosReturn on Capital 13.22% EBITDA/Interest Exp. 5.53Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 4.31Margin Analysis Net Debt/EBITDA 2.36Gross Margin 57.4% Total Debt/EBITDA 2.61EBITDA Margin 38.9% ReferenceEBIT Margin 32.0% Total Debt/Equity 107.1%Net Income Margin 15.0% Total Debt/Capital 49.5%Structure Asset Turnover 0.34Current Ratio 0.63 Net Fixed Asset Turnover 2.42Quick Ratio 0.49 Accounts receivable turnover-days -Debt to Assets 35.73% Inventory Days 59.46Tot Debt to Common Equity 107.13% Accounts Payable Turnover Day 277.57Accounts Receivable Turnover - Cash Conversion Cycle -183.39Inventory Turnover 6.16Price/ 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 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. 20.02.2013Anheuser-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 11944675 0.74 258591 19.02.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10597724 0.66 (128959) 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 9105051 0.57 (436646) 30.11.2012 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 3874886 0.24 17505 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 2694181 0.17 311764 19.02.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2451172 0.15 - 15.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2384500 0.15 1136735 30.11.2012 Mutual Fund ManagerGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2153869 0.13 166567 31.05.2012 Investment AdvisorTHREADNEEDLE ASSET M 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 20.02.2013ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 19.02.2013JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 15.02.2013Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 81 12 month 15.02.2013HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 15.02.2013Bank Degroof(ESN) HANS DHAESE hold 3 M 74 12 month 15.02.2013Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013S&P Capital IQ CARL SHORT hold 3 M 71 12 month 15.02.2013Grupo Santander ANTHONY J BUCALO buy 5 M 71 Not Provided 14.02.2013Jefferies DIRK VAN VLAANDEREN buy 5 M 76 12 month 14.02.2013KBC Securities WIM HOSTE hold 3 M 67 Not Provided 14.02.2013Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013ING Bank MARCO GULPERS hold 3 M 68 12 month 14.02.2013Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 14.02.2013AlphaValue ISABELLE COMBEMALE sell 1 M 42 6 month 14.02.2013Nomura IAN SHACKLETON reduce 2 M 59 12 month 12.02.2013Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013Credit Suisse SANJEET AUJLA neutral 3 M 70 Not Provided 01.02.2013Petercam KRIS KIPPERS buy 5 M 80 Not Provided 01.02.2013Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 76 12 month 01.02.2013Rabobank International KAREL ZOETE hold 3 D 66 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 17.01.2013Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 06.01.2013Independent Research GmbH LARS LUSEBRINK hold 3 U 69 6 month 31.10.2012Espirito 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 |
  • 10. 20.02.2013ArcelorMittalArcelorMittal 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 (20.02.2012) 16.85 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 9943193.00 Current Price (2/dd/yy) 11.955 Market Data 52-Week High % Change -29.05% Dividend Yield - 52-Week Low % Change 12.84% Beta 1.47 % 52 Week Price Range High/Low 29.74% Equity Float 976.79Shares Out 15.01.2013 1665.4 Short Int - Market Capitalization 19909.76 1 Yr Total Return -26.26%Total Debt 25752.00 YTD Return -7.58%Preferred Stock 0.0 Adjusted BETA 1.475Minority Interest 3474.0 Analyst Recs 42Cash and Equivalents 4398.00 Consensus Rating 3.500Enterprise Value 51409.53 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7005059MT NA EQUITY YTD Change - Average Volume 30 Day 9497878MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 7627378 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 0.55x 0.51x 2.43x 2.24x 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 6.43x 5.39x 6.76x 6.32x 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 21.45x 10.70x 24.63x 17.48x 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 |
  • 11. 20.02.2013ArcelorMittalHoldings 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 14036932 0.84 (572353) 19.02.2013 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 6157177 0.37 1059726 30.11.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 5391818 0.32 (2720) 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3648408 0.22 - 31.07.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 3040188 0.18 (511043) 31.12.2012 Mutual Fund ManagerHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3022839 0.18 - 30.09.2012 Investment AdvisorACHMEA 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 - 15.02.2013 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 2745413 0.16 (190655) 31.07.2012 Investment AdvisorSNS INVESTMENT FUND Multiple Portfolios MF-AGG 2539528 0.15 (67376) 29.06.2012 Investment AdvisorFORTIS INVESTMENTS Multiple Portfolios MF-AGG 2019861 0.12 47693 30.09.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 1908313 0.11 7855 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC 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 15.02.2013Nomura NEIL SAMPAT neutral 3 M 12 12 month 15.02.2013AlphaValue FABRICE FARIGOULE add 4 U 14 6 month 14.02.2013Hamburger 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 07.02.2013Exane BNP Paribas LUC PEZ neutral 3 M 15 Not Provided 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 01.02.2013HSBC THORSTEN ZIMMERMANN underweight 1 D 12 Not Provided 30.01.2013Grupo Santander JUAN RAMON CORREAS hold 3 M 17 Not Provided 25.01.2013Theodoor Gilissen Securities TOM MULLER buy 5 M 18 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Petercam 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 |
  • 12. 20.02.2013ASML 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 1114080.00 Current Price (2/dd/yy) 55.05 Market Data 52-Week High % Change -5.23% Dividend Yield - 52-Week Low % Change 63.91% Beta 0.93 % 52 Week Price Range High/Low 87.76% Equity Float 326.78Shares Out 31.12.2012 419.9 Short Int - Market Capitalization 23112.88 1 Yr Total Return 86.73%Total Debt 759.49 YTD Return 14.69%Preferred Stock 0.0 Adjusted BETA 0.933Minority Interest 0.0 Analyst Recs 36Cash and Equivalents 2697.60 Consensus Rating 3.583Enterprise Value 21174.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1090168ASML NA EQUITY YTD Change - Average Volume 30 Day 1756965ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1762041 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 4862.3 6037.6 911.5 1090.4 TEV/Revenue 1.71x 6.29x 2.52x 2.02x 3.72x 7.30x 12.93x 4.26x 3.31x 23.01x 19.49x EBITDA 406.2 (21.5) 1402.1 1806.4 1343.4 1806.4 1343.4 1253.6 1817.2 139.5 235.0 TEV/EBITDA 12.42x - 8.11x 6.33x 13.11x 6.33x 13.11x 16.89x 11.65x 17.78x 14.10x Net Income 322.4 (150.9) 1021.8 1467.0 1146.3 1467.0 1146.3 945.2 1449.8 120.0 196.8 P/E 17.00x - 12.30x 9.41x 17.78x 9.41x 17.78x 23.79x 15.53x 22.99x 19.17x 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 |
  • 13. 20.02.2013ASML 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 - 15.02.2013 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 3447015 0.82 (40604) 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 - 15.02.2013 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 905408 0.22 - 31.12.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 878582 0.21 (116206) 30.11.2012 Mutual Fund ManagerHENDERSON GLOBAL INV Multiple Portfolios MF-AGG 852802 0.2 (199700) 30.09.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 847444 0.2 (637888) 30.11.2012 Investment AdvisorSARASIN n/a ULT-AGG 846675 0.2 (464871) 28.12.2012 UnclassifiedBESSEMER INVESTMENT OLD WESTBURY INTERNA MF-USA 824000 0.2 824000 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue LIONEL PELLICER reduce 2 M 53 6 month 14.02.2013JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013Exane BNP Paribas JEROME RAMEL neutral 3 M 50 Not Provided 04.02.2013ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013Rabobank International PHILIP SCHOLTE hold 3 M 52 Not Provided 31.01.2013EVA 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 18.01.2013Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 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 18.01.2013Natixis STEPHANE HOURI buy 5 M 58 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 18.01.2013Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 17.01.2013Independent 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 |
  • 14. 20.02.2013Assicurazioni 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 5148329.00 Current Price (2/dd/yy) 12.96 Market Data 52-Week High % Change -11.54% Dividend Yield - 52-Week Low % Change 58.92% Beta 1.05 % 52 Week Price Range High/Low 76.14% Equity Float 1267.12Shares Out 30.09.2012 1556.9 Short Int - Market Capitalization 20177.08 1 Yr Total Return 11.08%Total Debt 21346.20 YTD Return -5.68%Preferred Stock 0.0 Adjusted BETA 1.045Minority Interest 2635.0 Analyst Recs 30Cash and Equivalents 25559.90 Consensus Rating 2.600Enterprise Value 24761.38 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5846905G IM EQUITY YTD Change - Average Volume 30 Day 7229142G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6852000 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 80164.7 62298.4 85790.6 87072.1 73481.8 79976.9 81511.6 74120.1 76299.8 14345.0 - TEV/Revenue 0.66x 0.61x 0.50x 0.40x 0.22x 0.85x 0.46x 0.30x 0.29x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 2915.6 860.9 1309.1 1701.9 856.1 3825.2 1163.8 1564.8 2055.4 454.0 - P/E 14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 14.58x 12.51x 9.73x - - 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 |
  • 15. 20.02.2013Assicurazioni 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 17248637 1.11 79470 15.02.2013 Investment AdvisorCOMPASS SPA n/a EXCH 14198684 0.91 - 30.11.2012 CorporationVIKING GLOBAL INVEST n/a Short (14167547) -0.91 - 01.11.2012 Hedge Fund ManagerVM 2006 SRL n/a EXCH 6196356 0.4 - 30.11.2012 OtherDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5321220 0.34 (41688) 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4134095 0.27 - 15.02.2013 Investment AdvisorPANTHEON 2000 SPA n/a EXCH 3502965 0.23 - 30.11.2012 OtherCALTAGIRONE EDITORE n/a EXCH 3144884 0.2 - 30.11.2012 CorporationGAMMA SRL n/a EXCH 2958059 0.19 - 30.11.2012 Holding CompanyBNP PARIBAS INV PART n/a ULT-AGG 2833608 0.18 (6015) 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 ManagerAMUNDI Multiple Portfolios MF-AGG 2540642 0.16 409970 30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateBanca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 20.02.2013Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 6 month 18.02.2013Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 15.02.2013AlphaValue JEROME CASSAGNE reduce 2 M 13 6 month 14.02.2013Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 08.02.2013Oddo & Cie NICOLAS JACOB neutral 3 M 14 12 month 04.02.2013Barclays CLAUDIA GASPARI equalweight 3 M 13 Not Provided 04.02.2013Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 25.01.2013Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.01.2013Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 15.01.2013Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 15.01.2013Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 15.01.2013S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.01.2013Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 8 12 month 09.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 09.01.2013Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013ICBPI ENRICO ESPOSTI not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013Banca IMI ELENA PERINI suspended coverage #N/A N/A M #N/A N/A Not Provided 28.12.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 10.12.2012Macquarie HADLEY COHEN neutral 3 M 13 12 month 13.11.2012Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 20.02.2013AXA 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: 12/2011 10.0 M 4LTM as of: 09/yy 5.0 M 252-Week High (19.02.2013) 13.98 0 .0 M52-Week Low (04.06.2012) 8.65 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 6393273.00 Current Price (2/dd/yy) 13.7 Market Data 52-Week High % Change -1.97% Dividend Yield - 52-Week Low % Change 58.38% Beta 1.50 % 52 Week Price Range High/Low 99.15% Equity Float 2042.80Shares Out 31.01.2013 2389.0 Short Int - Market Capitalization 32729.28 1 Yr Total Return 17.24%Total Debt 16693.00 YTD Return 2.62%Preferred Stock 6059.0 Adjusted BETA 1.500Minority Interest 2371.0 Analyst Recs 35Cash and Equivalents 31072.00 Consensus Rating 4.029Enterprise Value 27574.28 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6333995CS FP EQUITY YTD Change - Average Volume 30 Day 6017706CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 5980836 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 115035.0 51235.0 122704.0 117414.0 98334.0 0.0 0.0 98255.7 97977.1 - - TEV/Revenue 0.57x 0.62x 0.36x 0.29x 0.18x #DIV/0! #DIV/0! 0.45x 0.45x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 5666.0 923.0 3606.0 2749.0 4324.0 0.0 0.0 4445.6 4724.0 - - P/E 11.80x 51.67x 10.60x 12.33x 5.88x 0.00x 0.00x 7.57x 7.15x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 18.12.2012EBIT - Long-Term Rating A-Operating Margin 4.36% Long-Term Outlook STABLEPretax Margin 5.58% Short-Term Rating Date 18.12.2012Return on Assets 0.40% Short-Term Rating A-2Return on Common Equity 6.27% Credit RatiosReturn on Capital 4.84% EBITDA/Interest Exp. -Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 39.3%Net Income Margin 4.4% Total Debt/Capital 24.7%Structure Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 2.29% Inventory Days -Tot Debt to Common Equity 39.27% 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 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 17. 20.02.2013AXA SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMUTUELLES AXA n/a Co File 342767775 14.35 - 31.12.2011 Insurance CompanyAMUNDI n/a Research 91682238 3.84 (20493797) 15.05.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 79994391 3.35 76406 30.10.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 65131985 2.73 2125718 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50254088 2.1 (9366) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 44905493 1.88 4798856 19.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 35536058 1.49 464500 31.12.2012 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 14093406 0.59 (809204) 30.11.2012 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12758066 0.53 255752 31.12.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 11629095 0.49 (143415) 31.12.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 10727164 0.45 (27579) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 7008017 0.29 210749 28.09.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6232941 0.26 - 15.02.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5917236 0.25 - 31.07.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5835130 0.24 (52090) 30.11.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5477948 0.23 (37515) 30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateBanco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 14.02.2013Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 13.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 13.02.2013Helvea DANIEL BISCHOF buy 5 M 15 12 month 13.02.2013Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 12.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 11.02.2013Berenberg Bank PETER ELIOT hold 3 N 16 Not Provided 11.02.2013Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.02.2013Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 08.02.2013Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 04.02.2013Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 17 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 16 Not Provided 10.12.2012Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012RBC Capital Markets GORDON AITKEN sector perform 3 D 13 12 month 05.11.2012Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 25.10.2012National Bank AG MANFRED JAISFELD hold 3 M 13 Not Provided 25.10.2012S&P Capital IQ RODERICK WALLACE buy 5 M 16 12 month 25.10.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 08.10.2012Nomura MICHAEL KLIEN buy 5 M 23 Not Provided 27.01.2012DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011Espirito Santo Investment Bank Research FERNEYHOUGH JOY buy 5 M 21 Not Provided 05.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 20.02.2013Banco 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 24948923.00 Current Price (2/dd/yy) 7.599 Market Data 52-Week High % Change -3.28% Dividend Yield - 52-Week Low % Change 76.31% Beta 1.23 % 52 Week Price Range High/Low 94.16% Equity Float 5283.94Shares Out 31.12.2012 5448.9 Short Int - Market Capitalization 41405.81 1 Yr Total Return 14.94%Total Debt 227639.00 YTD Return 10.60%Preferred Stock 0.0 Adjusted BETA 1.226Minority 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 42000220BBVA SQ EQUITY YTD Change - Average Volume 30 Day 66786530BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 66306900 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 10.04x 8.56x 11.18x - 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 |
  • 19. 20.02.2013Banco 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 79084536 1.45 9573440 19.02.2013 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 AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18107206 0.33 - 30.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17956906 0.33 - 15.02.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 14935793 0.27 (1472244) 30.11.2012 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 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 AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6211936 0.11 725981 30.09.2012 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 5965807 0.11 7394 28.09.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 5954507 0.11 - 31.08.2012 Investment AdvisorSTATE STREET BANQUE Multiple Portfolios MF-AGG 5947119 0.11 66787 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateOddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 19.02.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 18.02.2013BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 15.02.2013Banco Sabadell MARIO LODOS buy 5 M 8 12 month 15.02.2013Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 15.02.2013AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 14.02.2013Kepler 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 01.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013Berenberg 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 |
  • 20. 20.02.2013Banco 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 46728212.00 Current Price (2/dd/yy) 5.86 Market Data 52-Week High % Change -12.25% Dividend Yield - 52-Week Low % Change 47.38% Beta 1.17 % 52 Week Price Range High/Low 73.72% Equity Float 10341.20Shares Out 14.01.2013 10538.7 Short Int - Market Capitalization 61756.68 1 Yr Total Return 1.03%Total Debt 350972.00 YTD Return -1.66%Preferred Stock 0.0 Adjusted BETA 1.174Minority Interest 9672.0 Analyst Recs 42Cash and Equivalents 172273.00 Consensus Rating 2.810Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 50936640SAN SQ EQUITY YTD Change - Average Volume 30 Day 72917710SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 70469670 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 44002.0 44219.0 43662.0 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 9.61x 8.32x 9.09x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 16.10.2012EBIT - Long-Term Rating BBBOperating Margin 24.76% Long-Term Outlook NEGPretax Margin 12.27% 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 0.66% 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 470.1%Net Income Margin 5.0% Total Debt/Capital 80.6%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 3.20Quick Ratio - Accounts receivable turnover-days -Debt to Assets 27.64% Inventory Days -Tot Debt to Common Equity 470.13% 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 |
  • 21. 20.02.2013Banco Santander SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTATE STREET n/a ULT-AGG 865848021 8.22 (48939) 19.02.2013 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 153423579 1.46 9808275 19.02.2013 Investment AdvisorDE LOS RIOS EMILIO B n/a EXCH 79310301 0.75 5467 31.01.2013 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 34013342 0.32 - 15.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 28023412 0.27 (1681830) 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 25685427 0.24 (1830191) 30.11.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 23883311 0.23 34326 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 DateNMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 12 month 20.02.2013Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 19.02.2013BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 15.02.2013Bankia 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 15.02.2013AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 14.02.2013Banesto 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 23.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013BBVA 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 04.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 07.11.2012Societe 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 |
  • 22. 20.02.2013BASF 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: 12/2011 4.0 M 20LTM as of: 09/yy 2.0 M 1052-Week High (01.02.2013) 76.17 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 2788580.00 Current Price (2/dd/yy) 74.12 Market Data 52-Week High % Change -2.69% Dividend Yield - 52-Week Low % Change 44.96% Beta 1.07 % 52 Week Price Range High/Low 90.50% Equity Float 854.55Shares Out 30.09.2012 918.5 Short Int - Market Capitalization 68077.64 1 Yr Total Return 19.24%Total Debt 13004.00 YTD Return 4.17%Preferred Stock 0.0 Adjusted BETA 1.066Minority Interest 1246.0 Analyst Recs 41Cash and Equivalents 2067.00 Consensus Rating 3.951Enterprise Value 80247.64 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2555583BAS GY EQUITY YTD Change - Average Volume 30 Day 2343481BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2447186 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 57951.3 62304.0 50693.0 63873.0 73497.0 71853.0 77149.0 77984.1 80002.7 19127.2 21903.0 TEV/Revenue 1.01x 0.62x 1.07x 1.09x 0.84x 3.74x 3.48x 1.02x 0.98x 4.12x - EBITDA 10480.0 10238.0 8500.0 11903.0 11855.0 12468.0 12889.0 12355.9 13071.2 2731.6 3828.0 TEV/EBITDA 5.59x 3.74x 6.36x 5.85x 5.20x 4.41x 5.63x 6.48x 6.13x 6.06x 5.81x Net Income 4065.5 2912.0 1410.0 4557.0 6188.0 6157.0 5030.0 4894.4 5319.1 953.8 1587.0 P/E 12.15x 8.86x 28.22x 12.04x 8.00x 6.84x 12.00x 13.86x 12.44x 12.71x 12.38x Profitability S&P Issuer RatingsEBITDA 11855.00 Long-Term Rating Date 10.05.2011EBIT 8436.00 Long-Term Rating A+Operating Margin 11.48% Long-Term Outlook STABLEPretax Margin 12.20% Short-Term Rating Date 12.02.2009Return on Assets 8.14% Short-Term Rating A-1Return on Common Equity 21.53% Credit RatiosReturn on Capital 15.48% EBITDA/Interest Exp. 15.54Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 11.07Margin Analysis Net Debt/EBITDA 0.85Gross Margin 26.5% Total Debt/EBITDA 0.99EBITDA Margin 16.7% ReferenceEBIT Margin 12.2% Total Debt/Equity 53.9%Net Income Margin 8.4% Total Debt/Capital 33.9%Structure Asset Turnover 1.25Current Ratio 1.64 Net Fixed Asset Turnover 4.33Quick Ratio 0.79 Accounts receivable turnover-days 52.95Debt to Assets 21.26% Inventory Days 67.26Tot Debt to Common Equity 53.87% Accounts Payable Turnover Day 32.56Accounts Receivable Turnover 6.91 Cash Conversion Cycle 83.15Inventory Turnover 5.44Price/ Cash Flow Sales/Revenue/Turnover 12.00 80000.0 70000.0 10.00 60000.0 8.00 50000.0 6.00 40000.0 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 |
  • 23. 20.02.2013BASF SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 63927154 6.96 - 15.02.2013 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 7085402 0.77 (812972) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 6797616 0.74 (294573) 30.11.2012 Mutual Fund ManagerDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 6083185 0.66 (1176953) 31.01.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3676967 0.4 (221248) 30.11.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 3558728 0.39 6100 31.10.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3029035 0.33 - 15.02.2013 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2386986 0.26 (189000) 30.11.2012 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 2165593 0.24 (7282) 30.11.2012 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 2058912 0.22 239807 28.09.2012 Investment AdvisorSEB n/a ULT-AGG 2039022 0.22 57931 31.12.2012 UnclassifiedETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1823939 0.2 - 19.02.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1605194 0.17 (18792) 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1453204 0.16 (1208057) 31.12.2012 Mutual Fund ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1425061 0.16 (13586) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateLandesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 81 Not Provided 20.02.2013Bankhaus Lampe HEIKO FEBER buy 5 M 80 12 month 20.02.2013Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 19.02.2013Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 85 12 month 18.02.2013Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 18.02.2013Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 77 12 month 15.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 73 12 month 15.02.2013Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013AlphaValue MARTIN SCHNEE reduce 2 M 76 6 month 14.02.2013Bankhaus Metzler LARS HETTCHE buy 5 M 72 12 month 12.02.2013Baader Bank NORBERT BARTH buy 5 M 85 12 month 04.02.2013Nomura JEAN DE WATTEVILLE buy 5 M 88 Not Provided 04.02.2013Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 30.01.2013Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 25.01.2013DZ Bank AG PETER SPENGLER buy 5 M 86 12 month 25.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 16.01.2013CA Cheuvreux MARTIN ROEDIGER outperform 5 M 78 Not Provided 14.01.2013HSBC GEOFF HAIRE neutral 3 M 76 Not Provided 11.01.2013Jefferies 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 18.12.2012Nord/LB THORSTEN STRAUSS hold 3 D 71 12 month 10.12.2012JPMorgan 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 20.11.2012M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 75 12 month 14.11.2012Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 29.10.2012Societe Generale PETER CLARK hold 3 M 61 12 month 26.10.2012National Bank AG EKKEHARD D LINK hold 3 M 64 Not Provided 26.10.2012Macquarie CHRISTIAN FAITZ neutral 3 M 63 12 month 25.10.2012Berenberg 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 |
  • 24. 20.02.2013Bayer 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: 12/2011 4.0 M 20LTM as of: 09/yy 2.0 M 1052-Week High (25.01.2013) 76.20 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 2206616.00 Current Price (2/dd/yy) 72.63 Market Data 52-Week High % Change -4.69% Dividend Yield - 52-Week Low % Change 52.50% Beta 0.96 % 52 Week Price Range High/Low 84.57% Equity Float 826.95Shares Out 30.09.2012 826.9 Short Int - Market Capitalization 60061.22 1 Yr Total Return 30.66%Total Debt 11679.00 YTD Return 1.03%Preferred Stock 0.0 Adjusted BETA 0.965Minority Interest 59.0 Analyst Recs 40Cash and Equivalents 4554.00 Consensus Rating 3.825Enterprise Value 66882.22 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2209786BAYN GY EQUITY YTD Change - Average Volume 30 Day 2055918BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2038600 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 32385.0 32918.0 31168.0 35088.0 36528.0 36349.0 39089.0 39528.5 41441.5 9672.3 10467.0 TEV/Revenue 1.83x 1.40x 1.80x 1.53x 1.32x 5.52x 5.52x 1.74x 1.61x - - EBITDA 6665.0 6702.0 7695.0 8900.0 8963.0 9386.0 9549.0 7910.6 8756.4 1785.2 2543.0 TEV/EBITDA 8.90x 6.86x 7.30x 6.04x 5.36x 4.41x 6.52x 8.46x 7.64x 7.87x 7.64x Net Income 4711.0 1719.0 1359.0 1301.0 2470.0 1876.0 2469.0 4545.9 4720.9 922.7 1491.0 P/E 21.43x 18.72x 32.92x 35.22x 16.52x 18.28x 22.41x 13.40x 12.24x 12.65x 12.34x Profitability S&P Issuer RatingsEBITDA 8963.00 Long-Term Rating Date 30.04.2008EBIT 6194.00 Long-Term Rating A-Operating Margin 16.96% Long-Term Outlook POSPretax Margin 9.21% Short-Term Rating Date 11.07.2006Return on Assets 4.71% Short-Term Rating A-2Return on Common Equity 13.14% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 9.98Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 8.18Margin Analysis Net Debt/EBITDA 0.71Gross Margin 50.8% Total Debt/EBITDA 1.02EBITDA Margin 24.4% ReferenceEBIT Margin 16.5% Total Debt/Equity 60.8%Net Income Margin 6.8% Total Debt/Capital 37.7%Structure Asset Turnover 0.75Current Ratio 1.50 Net Fixed Asset Turnover 4.08Quick Ratio 0.87 Accounts receivable turnover-days 69.98Debt to Assets 22.13% Inventory Days 129.61Tot Debt to Common Equity 60.79% Accounts Payable Turnover Day 67.72Accounts Receivable Turnover 5.23 Cash Conversion Cycle 122.42Inventory Turnover 2.82Price/ Cash Flow Sales/Revenue/Turnover 16.00 40000.0 14.00 35000.0 12.00 30000.0 10.00 25000.0 8.00 20000.0 6.00 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 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 |
  • 25. 20.02.2013Bayer 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 64193338 7.76 (577156) 19.02.2013 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 6165224 0.75 (40739) 15.02.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6048177 0.73 109811 30.11.2012 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 5943255 0.72 279416 28.09.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 5668209 0.69 910484 30.11.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 5520569 0.67 (421158) 31.01.2013 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5159156 0.62 (1503851) 31.01.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 3953890 0.48 (446817) 30.11.2012 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 2725226 0.33 - 15.02.2013 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2555851 0.31 706 31.12.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2321752 0.28 17890 28.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 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 19.02.2013Goldman Sachs RAKESH PATEL neutral/neutral 3 M 77 12 month 15.02.2013Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 15.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 66 12 month 15.02.2013AlphaValue MARTIN SCHNEE reduce 2 M 71 6 month 14.02.2013Baader Bank NORBERT BARTH hold 3 M 66 12 month 13.02.2013Macquarie 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 04.02.2013Barclays MARK PURCELL underweight 1 M 66 Not Provided 04.02.2013Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 80 12 month 25.01.2013Helvea ODILE RUNDQUIST accumulate 4 M 73 12 month 23.01.2013Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 17.01.2013EVA 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 09.01.2013DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 19.12.2012Deutsche 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 11.12.2012Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 60 12 month 06.12.2012Berenberg Bank ALISTAIR CAMPBELL buy 5 M 78 Not Provided 30.11.2012Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 77 Not Provided 28.11.2012Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 68 12 month 23.11.2012S&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 16.11.2012Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 05.11.2012Societe Generale STEPHEN MCGARRY hold 3 M 66 12 month 31.10.2012Nord/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 |
  • 26. 20.02.2013Bayerische 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 1485880.00 Current Price (2/dd/yy) 70.76 Market Data 52-Week High % Change -7.09% Dividend Yield - 52-Week Low % Change 33.11% Beta 1.08 % 52 Week Price Range High/Low 81.00% Equity Float 320.86Shares Out 30.09.2012 602.0 Short Int - Market Capitalization 45326.30 1 Yr Total Return 1.54%Total Debt 67977.00 YTD Return -2.98%Preferred Stock 0.0 Adjusted BETA 1.076Minority Interest 65.0 Analyst Recs 38Cash and Equivalents 11527.00 Consensus Rating 3.842Enterprise Value 103032.30 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1376601BMW GY EQUITY YTD Change - Average Volume 30 Day 1485355BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1624471 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 76567.8 79470.6 19616.9 - TEV/Revenue 1.18x 1.19x 1.40x 1.49x 1.31x 5.25x 5.05x 0.65x 0.60x - - EBITDA 12397.0 11231.0 9311.0 9087.0 11660.0 11906.0 11684.0 13169.8 13207.6 3141.0 - TEV/EBITDA 5.31x 5.64x 7.59x 9.93x 7.76x 7.11x 8.07x 7.82x 7.80x - - Net Income 3126.0 324.0 204.0 3227.0 4881.0 5211.0 4693.0 5082.3 5105.2 1141.0 - P/E 8.94x 44.10x 102.58x 11.94x 6.95x 6.26x 7.98x 9.14x 9.12x - - 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 |
  • 27. 20.02.2013Bayerische 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 36408213 6.05 364581 15.02.2013 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 283793 31.01.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2747933 0.46 (198157) 28.09.2012 Mutual Fund ManagerSEB n/a ULT-AGG 1337941 0.22 (45454) 31.12.2012 UnclassifiedWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1310054 0.22 28645 31.12.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1146562 0.19 237400 30.11.2012 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 - 15.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 19.02.2013Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 Not Provided 18.02.2013AlphaValue HANS-PETER WODNIOK add 4 M 82 6 month 14.02.2013Redburn 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 01.02.2013Exane BNP Paribas RABIH FREIHA neutral 3 M 71 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 10.12.2012Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 76 12 month 28.11.2012Main 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. 20.02.2013BNP Paribas SABNP Paribas S.A. attracts deposits and offers commercial, retail, investment, Price/Volumeprivate and corporate banking services. The Bank also provides asset management 60 18.0 Mand investment advisory services to institutions and individuals in Europe, the 16.0 MUnited States, Asia and the Emerging Markets. 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 (29.01.2013) 47.92 0 .0 M52-Week Low (30.05.2012) 24.54 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 3699626.00 Current Price (2/dd/yy) 44.525 Market Data 52-Week High % Change -7.08% Dividend Yield - 52-Week Low % Change 81.48% Beta 1.51 % 52 Week Price Range High/Low 90.21% Equity Float 1084.57Shares Out 31.12.2012 1242.3 Short Int - Market Capitalization 55311.71 1 Yr Total Return 25.56%Total Debt 600713.00 YTD Return 4.56%Preferred Stock 7241.0 Adjusted BETA 1.506Minority Interest 8536.0 Analyst Recs 38Cash and Equivalents 143596.00 Consensus Rating 4.184Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4555480BNP FP EQUITY YTD Change - Average Volume 30 Day 4038371BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 3635101 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 78052.0 70526.0 72848.0 71009.0 68664.0 11685.0 9395.0 40124.0 41220.5 10441.0 10074.5 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 3021.0 5832.0 7843.0 6050.0 6553.0 6050.0 6553.0 6343.1 7062.9 1658.0 1498.0 P/E 9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 7.78x 8.72x 7.70x 9.59x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 25.10.2012EBIT - Long-Term Rating A+Operating Margin 22.58% Long-Term Outlook NEGPretax Margin 22.58% Short-Term Rating Date 25.10.2012Return on Assets 0.34% Short-Term Rating A-1Return on Common Equity 8.93% Credit RatiosReturn on Capital 0.77% EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 763.8%Net Income Margin 14.3% Total Debt/Capital 86.4%Structure Asset Turnover 0.05Current Ratio - Net Fixed Asset Turnover 4.07Quick Ratio - Accounts receivable turnover-days -Debt to Assets 31.50% Inventory Days -Tot Debt to Common Equity 763.83% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 4.00 90000.0 3.50 80000.0 3.00 70000.0 60000.0 2.50 50000.0 2.00 40000.0 1.50 30000.0 1.00 20000.0 0.50 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 29. 20.02.2013BNP Paribas SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBELGIAN STATE n/a Co File 127750000 10.28 - 31.12.2011 GovernmentAXA n/a Co File 65670000 5.29 - 31.12.2011 Investment AdvisorBLACKROCK n/a ULT-AGG 22970853 1.85 (1258787) 15.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 20758385 1.67 (4298206) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 20366602 1.64 476466 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20253041 1.63 267400 31.12.2012 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 18903888 1.52 (431573) 30.11.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 18728472 1.51 (448913) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 16235239 1.31 760566 31.12.2012 Investment AdvisorSTATE OF LUXEMBOURG n/a Co File 12870000 1.04 - 31.12.2011 GovernmentWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9991341 0.8 215029 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5548626 0.45 (313400) 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 5454549 0.44 (328298) 30.11.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 5129144 0.41 (17017) 28.09.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 5073791 0.41 11613 31.01.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 4981512 0.4 (358290) 31.12.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3841153 0.31 304820 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 3812672 0.31 (195711) 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 3746401 0.3 (1674656) 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 3700000 0.3 - 29.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013Nomura JON PEACE buy 5 M 56 Not Provided 18.02.2013Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 15.02.2013Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 15.02.2013JPMorgan DELPHINE LEE neutral 3 M 48 12 month 15.02.2013Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 48 Not Provided 15.02.2013CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.02.2013Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 15.02.2013Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 60 Not Provided 14.02.2013Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 57 12 month 14.02.2013Independent Research GmbH STEFAN BONGARDT buy 5 M 53 12 month 14.02.2013CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 14.02.2013S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.02.2013AlphaValue CHRISTOPHE NIJDAM reduce 2 M 46 6 month 14.02.2013Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.02.2013Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 6 month 06.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 31.01.2013HSBC ROBIN DOWN overweight 5 M 56 Not Provided 30.01.2013Espirito Santo Investment Bank Research ANDREW LIM neutral 3 M 43 Not Provided 30.01.2013Macquarie PIERS BROWN underperform 1 M 41 12 month 29.01.2013Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013Barclays JEREMY SIGEE overweight 5 M 50 Not Provided 23.11.2012Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 20.02.2013Carrefour SACarrefour SA operates chains of supermarkets, hypermarkets, discount, cash and Price/Volumecarry, and frozen food stores in Europe, the Americas, and Asia. 25 16.0 M 14.0 M 20 12.0 M 15 10.0 M 8.0 M Valuation Analysis 10 6.0 MLatest Fiscal Year: 12/2011 4.0 MLTM as of: 09/yy 5 2.0 M52-Week High (30.01.2013) 21.63 0 .0 M52-Week Low (11.07.2012) 12.87 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 2524373.00 Current Price (2/dd/yy) 20.79 Market Data 52-Week High % Change -3.88% Dividend Yield - 52-Week Low % Change 61.54% Beta 1.11 % 52 Week Price Range High/Low 92.75% Equity Float 561.21Shares Out 30.09.2012 709.2 Short Int - Market Capitalization 14744.57 1 Yr Total Return 17.89%Total Debt 16573.00 YTD Return 7.47%Preferred Stock 0.0 Adjusted BETA 1.114Minority Interest 1009.0 Analyst Recs 39Cash and Equivalents 4760.00 Consensus Rating 3.333Enterprise Value 25990.57 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3195836CA FP EQUITY YTD Change - Average Volume 30 Day 3185590CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 2841688 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 10/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 82148.5 86341.0 84763.0 79737.0 80455.0 0.0 0.0 77991.2 79393.2 22948.8 - TEV/Revenue 0.61x 0.36x 0.42x 0.44x 0.31x #DIV/0! #DIV/0! 0.27x 0.26x - - EBITDA 3742.1 4044.0 4599.0 4380.0 3894.0 0.0 0.0 3723.5 3886.4 - - TEV/EBITDA 13.33x 7.62x 7.76x 7.95x 6.34x 0.00x 0.00x 6.98x 6.69x - - Net Income 2299.4 1269.0 276.0 433.0 371.0 0.0 0.0 836.5 982.0 - - P/E 20.00x 14.82x 67.12x 61.70x - 0.00x 0.00x 16.83x 14.53x - - Profitability S&P Issuer RatingsEBITDA 3894.00 Long-Term Rating Date 15.03.2012EBIT 2182.00 Long-Term Rating BBBOperating Margin 2.71% Long-Term Outlook STABLEPretax Margin -1.46% Short-Term Rating Date 16.04.2010Return on Assets 1.24% Short-Term Rating A-2Return on Common Equity 9.48% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 6.25Asset Turnover 1.69% (EBITDA-Capex)/Interest Exp. 2.51Margin Analysis Net Debt/EBITDA 3.99Gross Margin 19.3% Total Debt/EBITDA 4.96EBITDA Margin 3.3% ReferenceEBIT Margin 2.6% Total Debt/Equity 250.5%Net Income Margin 0.5% Total Debt/Capital 68.5%Structure Asset Turnover 1.69Current Ratio 0.74 Net Fixed Asset Turnover 5.84Quick Ratio 0.29 Accounts receivable turnover-days 11.68Debt to Assets 34.58% Inventory Days 35.93Tot Debt to Common Equity 250.46% Accounts Payable Turnover Day 69.25Accounts Receivable Turnover 31.35 Cash Conversion Cycle -39.59Inventory Turnover 10.19Price/ Cash Flow Sales/Revenue/Turnover 9.00 100000.0 8.00 90000.0 7.00 80000.0 70000.0 6.00 60000.0 5.00 50000.0 4.00 40000.0 3.00 30000.0 2.00 20000.0 1.00 10000.0 0.00 0.0 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 |
  • 31. 20.02.2013Carrefour SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLUE CAPITAL SARL n/a Co File 64047813 9.03 - 31.12.2011 OtherSOCIETE GENERALE n/a Research 31310832 4.41 (14638655) 20.06.2012 BankBLUE PARTICIPATIONS n/a Co File 25359996 3.58 - 31.12.2011 Holding CompanyAMUNDI SA n/a Research 23161032 3.27 - 11.07.2011 OtherCOLONY BLUE INVESTOR n/a Co File 15166770 2.14 - 31.12.2011 OtherFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12514112 1.76 1806945 30.09.2012 Hedge Fund ManagerNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11440585 1.61 853582 31.12.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 11120136 1.57 454748 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 10690192 1.51 (303617) 28.09.2012 Mutual Fund ManagerSOCIETE GEN GESTION n/a Research 8353963 1.18 - 11.07.2011 Mutual Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 8277296 1.17 20200 30.11.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 8126922 1.15 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6538390 0.92 84289 19.02.2013 Investment AdvisorCARREFOUR SA n/a Co File 5598650 0.79 - 31.12.2011 CorporationAKO CAPITAL LLP n/a Short (5531875) -0.78 290035 17.01.2013 Investment AdvisorGROUPE ARNAULT SAS n/a Co File 5156752 0.73 - 31.12.2011 Holding CompanyALLIANZ ASSET MANAGE n/a ULT-AGG 3390346 0.48 (393327) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 2940480 0.41 (695610) 31.12.2012 Investment AdvisorINTERNATIONAL VALUE Multiple Portfolios MF-AGG 2553188 0.36 25590 30.06.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 2260463 0.32 1018888 31.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan JAIME VAZQUEZ overweight 5 N 25 12 month 18.02.2013Espirito Santo Investment Bank Research CAROLINE GULLIVER buy 5 M 25 Not Provided 18.02.2013Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 25 12 month 15.02.2013Banco Sabadell MARTA DIAZ sell 1 M 22 12 month 15.02.2013AlphaValue VIRGINIE BLIN add 4 M 23 6 month 14.02.2013Baader Bank VOLKER BOSSE sell 1 M 17 12 month 12.02.2013Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 22 6 month 04.02.2013Jefferies JAMES GRZINIC hold 3 M 17 12 month 01.02.2013Nomura NICK COULTER neutral 3 M 20 Not Provided 01.02.2013Oddo & Cie LAURENCE HOFMANN buy 5 M 25 Not Provided 28.01.2013Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 27 Not Provided 25.01.2013Exane BNP Paribas JOHN KERSHAW outperform 5 M 22 Not Provided 25.01.2013Credit Suisse XAVIER LE MENE outperform 5 M 25 Not Provided 21.01.2013CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 25 12 month 21.01.2013Independent Research GmbH ZAFER RUZGAR hold 3 M 22 12 month 18.01.2013Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013Aurel - BGC JEAN-MARIE LHOME buy 5 M 23 Not Provided 17.01.2013S&P Capital IQ WILLIAM MACK sell 1 M 18 12 month 17.01.2013Main First Bank AG RICKIN THAKRAR outperform 5 M 24 12 month 17.01.2013Barclays NICOLAS CHAMP equalweight 3 M 19 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Hammer Partners SA STEPHAN SEIP sell 1 M 15 Not Provided 17.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013Jyske Bank ROBERT JAKOBSEN strong buy 5 M 25 Not Provided 09.01.2013Kepler Capital Markets FABIENNE CARON buy 5 M 26 Not Provided 19.12.2012Macquarie SREEDHAR MAHAMKALI outperform 5 M 22 12 month 12.12.2012HSBC JEROME SAMUEL neutral 3 M 19 Not Provided 05.12.2012Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 20 12 month 26.11.2012Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 D 19 Not Provided 23.11.2012Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 01.11.2012Natixis PIERRE-EDOUARD BOUDOT buy 5 U 24 Not Provided 01.11.2012Makor Capital ALBERT SAPORTA buy 5 M 35 Not Provided 29.10.2012CA Cheuvreux ARNAUD JOLY underperform 1 M 16 Not Provided 19.10.2012Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 12.10.2012Deutsche Bank JAMES G COLLINS hold 3 M 16 12 month 06.10.2012Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 03.09.2012Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 16 12 month 31.01.2012Equita SIM SpA FABIO FAZZARI hold 3 M 22 12 month 12.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 20.02.2013Cie de St-GobainCompagnie de Saint-Gobain manufactures glass products, high-performance Price/Volumematerials, and construction materials. The Company produces flat glass, 40 12.0 Minsulation, and glass containers, high-performance ceramics, plastics, and 35abrasives, and building materials such as roofing, wall facings, mortars, and 10.0 M 30ductile cast iron pipe. Saint-Gobain also retails building materials. 8.0 M 25 20 6.0 M Valuation Analysis 15Latest Fiscal Year: 12/2011 4.0 M 10LTM as of: 09/yy 2.0 M 552-Week High (20.02.2012) 37.63 0 .0 M52-Week Low (02.08.2012) 23.90 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1825125.00 Current Price (2/dd/yy) 31.41 Market Data 52-Week High % Change -16.52% Dividend Yield - 52-Week Low % Change 31.42% Beta 1.24 % 52 Week Price Range High/Low 55.96% Equity Float 460.13Shares Out 29.01.2013 531.1 Short Int - Market Capitalization 16682.66 1 Yr Total Return -11.68%Total Debt 11044.00 YTD Return -2.51%Preferred Stock 0.0 Adjusted BETA 1.241Minority Interest 403.0 Analyst Recs 30Cash and Equivalents 2949.00 Consensus Rating 3.500Enterprise Value 26915.66 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2480539SGO FP EQUITY YTD Change - Average Volume 30 Day 2044323SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1849240 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 43421.0 43800.0 37786.0 40119.0 42116.0 41741.0 43028.0 42982.1 43402.7 10283.6 - TEV/Revenue 0.78x 0.56x 0.75x 0.69x 0.57x 0.00x 0.00x 0.60x 0.57x - - EBITDA 5751.0 5263.0 3821.0 4785.0 5024.0 0.0 0.0 4375.2 4508.7 - - TEV/EBITDA 5.92x 4.68x 7.39x 5.80x 4.80x 0.00x 0.00x 6.15x 5.97x - - Net Income 1487.0 1378.0 202.0 1129.0 1284.0 0.0 0.0 1233.0 1338.7 - - P/E 15.92x 9.15x 88.53x 17.66x 12.16x 0.00x 0.00x 13.37x 12.20x - - Profitability S&P Issuer RatingsEBITDA 5024.00 Long-Term Rating Date 24.07.2009EBIT 3441.00 Long-Term Rating BBBOperating Margin 8.17% Long-Term Outlook NEGPretax Margin 4.79% Short-Term Rating Date 30.04.2004Return on Assets 2.20% Short-Term Rating A-2Return on Common Equity 5.75% Credit RatiosReturn on Capital 4.86% EBITDA/Interest Exp. 8.99Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 5.36Margin Analysis Net Debt/EBITDA 2.00Gross Margin 24.6% Total Debt/EBITDA 2.71EBITDA Margin 11.5% ReferenceEBIT Margin 7.5% Total Debt/Equity 62.0%Net Income Margin 3.0% Total Debt/Capital 37.7%Structure Asset Turnover 0.92Current Ratio 1.24 Net Fixed Asset Turnover 3.10Quick Ratio 0.63 Accounts receivable turnover-days 55.05Debt to Assets 23.89% Inventory Days 74.02Tot Debt to Common Equity 61.99% Accounts Payable Turnover Day 68.60Accounts Receivable Turnover 6.65 Cash Conversion Cycle 49.80Inventory Turnover 4.94Price/ Cash Flow Sales/Revenue/Turnover 12.00 50000.0 45000.0 10.00 40000.0 35000.0 8.00 30000.0 6.00 25000.0 20000.0 4.00 15000.0 10000.0 2.00 5000.0 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 |
  • 33. 20.02.2013Cie de St-GobainHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWENDEL INVESTISSEMEN n/a Co File 92891280 17.49 - 31.12.2010 Investment AdvisorFONDS DU PLAN D EPAR n/a Co File 41402970 7.8 - 31.12.2010 n/aAMUNDI SA n/a Research 40161206 7.56 17861078 27.06.2012 OtherCAISSE DES DEPOTS ET n/a Co File 15393412 2.9 - 31.12.2010 GovernmentGROUPAMA SA n/a Co File 10085339 1.9 - 31.12.2010 Insurance CompanyVANGUARD GROUP INC Multiple Portfolios MF-AGG 7458234 1.4 180416 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7332929 1.38 (114372) 31.12.2012 Mutual Fund ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6617178 1.25 - 31.12.2012 Investment AdvisorCOGEMA n/a Co File 5838880 1.1 - 31.12.2010 CorporationAMUNDI Multiple Portfolios MF-AGG 5432721 1.02 (239462) 30.11.2012 Mutual Fund ManagerCIE DE SAINT GOBAIN n/a Co File 4777266 0.9 - 31.12.2010 CorporationBLACKROCK n/a ULT-AGG 4474915 0.84 32319 19.02.2013 Investment AdvisorPREDICA n/a Co File 3715651 0.7 - 31.12.2010 Insurance CompanyAVIVA PLC Multiple Portfolios MF-AGG 2716101 0.51 203000 31.01.2013 Investment AdvisorSOCIETE GEN GESTION n/a Research 2536782 0.48 - 15.06.2011 Mutual Fund ManagerFMR LLC n/a ULT-AGG 2419956 0.46 61591 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 1784591 0.34 - 29.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1740267 0.33 - 31.07.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 1478226 0.28 (11122) 31.12.2012 UnclassifiedMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1375429 0.26 - 15.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAurel - BGC ERIC LEMARIE buy 5 M 40 Not Provided 20.02.2013Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013Jefferies MICHAEL F BETTS buy 5 M 46 12 month 18.02.2013Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 39 12 month 18.02.2013AlphaValue GAETAN DUPONT buy 5 M 40 6 month 14.02.2013EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 14.02.2013Goldman Sachs WILL MORGAN neutral/neutral 3 D 34 12 month 12.02.2013Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 08.02.2013Oddo & Cie VIRGINIE ROUSSEAU neutral 3 D 34 Not Provided 05.02.2013Kepler Capital Markets JOSEP PUJAL hold 3 M 30 Not Provided 04.02.2013S&P Capital IQ JAWAHAR HINGORANI sell 1 D 28 12 month 31.01.2013HSBC JOHN FRASER-ANDREWS underweight 1 D 31 Not Provided 29.01.2013Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 24.01.2013Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 32 6 month 23.01.2013Natixis RAFIC EL HADDAD neutral 3 M 29 Not Provided 21.01.2013Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 18.01.2013CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 37 12 month 18.01.2013Exane BNP Paribas PAUL ROGER underperform 1 D 33 Not Provided 18.01.2013Societe Generale MURIEL FELLOUS buy 5 M 38 12 month 15.01.2013JPMorgan MICHAEL MORRIS overweight 5 M 35 9 month 15.01.2013Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 33 Not Provided 15.01.2013Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 30 12 month 15.01.2013Deutsche Bank LUIS PRIETO buy 5 M 39 12 month 19.12.2012Credit Suisse HARRY GOAD neutral 3 M 27 Not Provided 17.12.2012Day by Day VALERIE GASTALDY buy 5 M 36 3 month 14.12.2012Raymond James ARNAUD PALLIEZ market perform 3 D #N/A N/A Not Provided 30.10.2012Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012CA Cheuvreux NABIL AHMED suspended coverage #N/A N/A M 52 Not Provided 12.01.2012Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 20.02.2013CRH PLCCRH plc manufactures cement, concrete products, aggregates, asphalt, clay Price/Volumebricks, chemical lime, security fencing products, and roofing, insulation and 18 5.0 Mother building materials. The Group also operates some 136 builders merchant 16 4.5 Mlocations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19 14 4.0 Mcountries, including Ireland, the US, Spain, Germany and the Netherlands. 12 3.5 M 3.0 M 10 2.5 M Valuation Analysis 8 2.0 MLatest Fiscal Year: 12/2011 6 1.5 M 4 1.0 MLTM as of: 01/yy 2 .5 M52-Week High (16.03.2012) 16.93 0 .0 M52-Week Low (05.06.2012) 12.81 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 1038849.00 Current Price (2/dd/yy) 16.069 Market Data 52-Week High % Change -5.10% Dividend Yield 3.89 52-Week Low % Change 25.44% Beta 1.43 % 52 Week Price Range High/Low 79.82% Equity Float 682.70Shares Out 19.02.2013 726.5 Short Int - Market Capitalization 11673.50 1 Yr Total Return 1.99%Total Debt 4982.00 YTD Return 5.03%Preferred Stock 1.0 Adjusted BETA 1.428Minority Interest 74.0 Analyst Recs 31Cash and Equivalents 1324.00 Consensus Rating 2.581Enterprise Value 15809.50 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1537401CRH ID EQUITY YTD Change - Average Volume 30 Day 1310172CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1239614 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 20992.0 20887.0 17373.0 17173.0 18081.0 - - 18724.9 19205.8 - - TEV/Revenue 0.87x 0.78x 1.01x 0.86x 0.82x - - 0.79x 0.77x - - EBITDA 2858.0 2656.0 1803.0 1614.0 1656.0 - - 1601.4 1733.0 - - TEV/EBITDA 6.40x 6.11x 9.69x 9.18x 9.01x - - 9.87x 9.12x - - Net Income 1430.0 1248.0 592.0 432.0 590.0 - - 522.1 612.0 - - P/E 9.08x 7.66x 21.54x 25.28x 18.60x - - 21.92x 18.68x - - Profitability S&P Issuer RatingsEBITDA 1656.00 Long-Term Rating Date 17.12.2007EBIT 871.00 Long-Term Rating BBB+Operating Margin 4.82% Long-Term Outlook STABLEPretax Margin 3.93% Short-Term Rating Date 07.09.2001Return on Assets 2.91% Short-Term Rating A-2Return on Common Equity 6.11% Credit RatiosReturn on Capital 5.28% EBITDA/Interest Exp. 6.32Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 4.12Margin Analysis Net Debt/EBITDA 2.48Gross Margin 27.1% Total Debt/EBITDA 3.18EBITDA Margin 8.9% ReferenceEBIT Margin 4.7% Total Debt/Equity 47.4%Net Income Margin 3.3% Total Debt/Capital 32.0%Structure Asset Turnover 0.87Current Ratio 1.70 Net Fixed Asset Turnover 2.17Quick Ratio 0.94 Accounts receivable turnover-days -Debt to Assets 23.29% Inventory Days 66.36Tot Debt to Common Equity 47.41% Accounts Payable Turnover Day 83.04Accounts Receivable Turnover - Cash Conversion Cycle 62.07Inventory Turnover 5.52Price/ Cash Flow Sales/Revenue/Turnover 12.00 25000.0 10.00 20000.0 8.00 15000.0 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 35. 20.02.2013CRH PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 28961677 3.99 - 15.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 27093488 3.73 (7581034) 21.01.2013 Investment AdvisorUBS n/a ULT-AGG 26862565 3.7 5121 28.12.2012 UnclassifiedLEGAL & GENERAL n/a RNS-MAJ 22496003 3.1 - 04.01.2012 Investment AdvisorHARBOR CAPITAL ADVIS n/a 20F 21999275 3.03 - 23.03.2012 Investment AdvisorNORGES BANK n/a 20F 21543277 2.97 - 23.03.2012 GovernmentFRANKLIN RESOURCES n/a ULT-AGG 21503171 2.96 - 30.06.2011 Investment AdvisorGRWTH FUND OF AMERIC n/a RNS-MAJ 21114087 2.91 - 15.02.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 13600947 1.87 318307 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11276498 1.55 1580407 30.09.2012 Hedge Fund ManagerMANNING & NAPIER ADV Multiple Portfolios MF-AGG 7703980 1.06 3376460 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 6589048 0.91 (1014146) 30.11.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4922840 0.68 (13040) 30.11.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 3203766 0.44 27 19.02.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 2811878 0.39 92614 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 2792454 0.38 (42617) 31.12.2012 UnclassifiedMACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2762000 0.38 342000 30.11.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2746054 0.38 850506 31.12.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 2583993 0.36 89230 31.01.2013 UnclassifiedINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2523636 0.35 7304 30.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateLandesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 16 Not Provided 20.02.2013Goodbody Stockbrokers Ltd ROBERT EASON sell 1 M 14 12 month 20.02.2013Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 16 12 month 19.02.2013AlphaValue GAETAN DUPONT add 4 M 19 6 month 14.02.2013Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 12.02.2013Jefferies MICHAEL F BETTS buy 5 M 22 12 month 08.02.2013Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 15 6 month 08.02.2013Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 15 Not Provided 05.02.2013Kepler Capital Markets JOSEP PUJAL hold 3 M 16 Not Provided 04.02.2013Deutsche Bank LUIS PRIETO buy 5 M 18 12 month 30.01.2013HSBC JOHN FRASER-ANDREWS underweight 1 D 15 Not Provided 29.01.2013Natixis ABDELKADER BENCHIHA reduce 2 M 13 Not Provided 21.01.2013Exane BNP Paribas PAUL ROGER neutral 3 U 17 Not Provided 18.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Numis Securities Ltd HOWARD SEYMOUR sell 1 D 12 Not Provided 07.01.2013Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 03.01.2013Credit Suisse HARRY GOAD underperform 1 M 12 Not Provided 17.12.2012Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.12.2012Morgan Stanley YURI SEROV Underwt/In-Line 1 M 16 12 month 13.12.2012Societe Generale MURIEL FELLOUS hold 3 M 15 12 month 04.12.2012S&P Capital IQ JAWAHAR HINGORANI hold 3 M 15 12 month 23.11.2012JPMorgan MICHAEL MORRIS neutral 3 M 14 9 month 20.11.2012Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 16 12 month 14.11.2012Berenberg Bank ROBERT MUIR sell 1 M 12 Not Provided 14.11.2012Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 14 Not Provided 09.11.2012Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 07.11.2012Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 19.10.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 04.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 36. 20.02.2013Daimler AGDaimler AG develops, manufactures, distributes, and sells a wide range of Price/Volumeautomotive products, mainly passenger cars, trucks, vans and buses. The Company 50 18.0 Malso provides financial and other services relating to its automotive 45 16.0 Mbusinesses. 40 14.0 M 35 12.0 M 30 10.0 M 25 Valuation Analysis 8.0 M 20Latest Fiscal Year: 12/2012 15 6.0 M 10 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (14.03.2012) 48.95 0 .0 M52-Week Low (27.06.2012) 32.86 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 3558783.00 Current Price (2/dd/yy) 45.13 Market Data 52-Week High % Change -7.80% Dividend Yield - 52-Week Low % Change 37.36% Beta 1.21 % 52 Week Price Range High/Low 76.89% Equity Float 944.53Shares Out 31.01.2013 1067.6 Short Int - Market Capitalization 48181.42 1 Yr Total Return -1.97%Total Debt 71860.00 YTD Return 9.22%Preferred Stock 0.0 Adjusted BETA 1.210Minority Interest 1713.0 Analyst Recs 39Cash and Equivalents 10910.00 Consensus Rating 3.564Enterprise Value 119926.42 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3429256DAI GY EQUITY YTD Change - Average Volume 30 Day 4027904DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 4048258 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 95873.0 78924.0 97761.0 106540.0 114297.0 106540.0 114297.0 116815.7 123639.1 - - TEV/Revenue 0.87x 1.15x 1.10x 0.93x - 3.70x 2.90x 0.47x 0.45x - - EBITDA 11685.0 3032.0 10489.0 12216.0 - 12265.0 9551.0 12663.8 14372.6 - - TEV/EBITDA 7.14x 29.84x 10.26x 8.09x - 8.06x 0.00x 9.47x 8.34x - - Net Income 1348.0 (2640.0) 4498.0 5667.0 6095.0 5667.0 6095.0 4978.5 5974.7 - - P/E 15.61x - 11.85x 6.38x 7.24x 6.38x 7.24x 9.70x 8.17x - - Profitability S&P Issuer RatingsEBITDA 12216.00 Long-Term Rating Date 23.02.2012EBIT 8641.00 Long-Term Rating A-Operating Margin 8.11% Long-Term Outlook STABLEPretax Margin 7.93% Short-Term Rating Date 26.02.2001Return on Assets 3.65% Short-Term Rating A-2Return on Common Equity 14.09% Credit RatiosReturn on Capital 5.96% EBITDA/Interest Exp. 52.66Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 34.73Margin Analysis Net Debt/EBITDA 5.64Gross Margin 24.0% Total Debt/EBITDA 6.82EBITDA Margin 11.0% ReferenceEBIT Margin 7.5% Total Debt/Equity 181.4%Net Income Margin 5.3% Total Debt/Capital 63.5%Structure Asset Turnover 0.74Current Ratio 1.07 Net Fixed Asset Turnover 2.67Quick Ratio 0.33 Accounts receivable turnover-days 26.72Debt to Assets 48.51% Inventory Days 77.15Tot Debt to Common Equity 181.35% Accounts Payable Turnover Day 41.35Accounts Receivable Turnover 13.70 Cash Conversion Cycle 59.49Inventory Turnover 4.74Price/ Cash Flow Sales/Revenue/Turnover 70.00 180000.0 60.00 160000.0 140000.0 50.00 120000.0 40.00 100000.0 30.00 80000.0 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 |
  • 37. 20.02.2013Daimler AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMORGAN STANLEY n/a ULT-AGG 112329268 10.52 14642 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 93355634 8.74 (567857) 19.02.2013 Investment AdvisorKUWAIT INVESTMENT AU n/a Co File 73577854 6.89 - 06.02.2012 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 50908791 4.77 (2451600) 31.12.2012 Investment AdvisorAABAR INVESTMENTS PJ n/a Co File 33056717 3.1 - 06.02.2012 GovernmentNORGES BANK n/a Research 32355918 3.03 - 17.09.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 20484066 1.92 361219 31.12.2012 Investment AdvisorNISSAN MOTOR CO LTD n/a Co File 16448378 1.54 - 31.03.2012 CorporationDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12048083 1.13 7881332 31.01.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10511692 0.98 3324 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10428300 0.98 1095300 31.12.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7647982 0.72 (15501) 31.10.2012 Mutual Fund ManagerFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6339832 0.59 6700 30.09.2012 Hedge Fund ManagerAMUNDI Multiple Portfolios MF-AGG 5657505 0.53 165016 30.11.2012 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 3548162 0.33 (1704912) 28.09.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3244839 0.3 - 31.07.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3239157 0.3 - 15.02.2013 Investment AdvisorONTARIO TEACHERS PEN n/a Research 3200000 0.3 - 31.12.2011 Pension Fund (ERISA)GOLDMAN SACHS GROUP n/a Research 2719961 0.25 - 05.10.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2350394 0.22 (931383) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 60 6 month 20.02.2013Morgan Stanley STUART PEARSON Equalwt/In-Line 3 U 53 12 month 20.02.2013Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 19.02.2013Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013AlphaValue HANS-PETER WODNIOK reduce 2 M 45 6 month 14.02.2013Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 62 12 month 13.02.2013Kepler Capital Markets MICHAEL RAAB reduce 2 M 41 Not Provided 12.02.2013Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 55 12 month 11.02.2013DZ Bank AG MICHAEL PUNZET hold 3 M 44 12 month 11.02.2013Barclays KRISTINA CHURCH equalweight 3 M 43 Not Provided 11.02.2013Societe Generale STEPHEN REITMAN hold 3 M 46 12 month 08.02.2013JPMorgan JOSE ASUMENDI neutral 3 M 46 9 month 08.02.2013HSBC HORST SCHNEIDER overweight 5 M 52 Not Provided 08.02.2013Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 58 Not Provided 08.02.2013Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 39 12 month 08.02.2013Oddo & Cie FRANCOIS MAURY neutral 3 M 45 Not Provided 08.02.2013M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 46 12 month 08.02.2013Bankhaus Metzler JUERGEN PIEPER buy 5 M 50 12 month 08.02.2013Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 47 12 month 08.02.2013S&P Capital IQ JAWAHAR HINGORANI hold 3 M 48 12 month 08.02.2013Nord/LB FRANK SCHWOPE buy 5 M 51 12 month 07.02.2013Credit Suisse ERICH HAUSER neutral 3 M 35 Not Provided 07.02.2013Independent Research GmbH ZAFER RUZGAR hold 3 M 46 12 month 07.02.2013Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 07.02.2013National Bank AG MANFRED JAISFELD buy 5 M 50 Not Provided 07.02.2013Natixis GEORGES DIENG neutral 3 M 38 Not Provided 06.02.2013Exane BNP Paribas RABIH FREIHA outperform 5 M 46 Not Provided 05.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 37 12 month 31.01.2013EVA 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 29.11.2012Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 43 12 month 26.11.2012Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 16.11.2012Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012Deutsche Bank JOCHEN GEHRKE hold 3 M 35 12 month 28.10.2012CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 48 Not Provided 26.10.2012Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 20.02.2013Danone SADanone is a food processing company. The Company produces dairy products, Price/Volumebeverages, baby food and clinical/medical nutrition products. 60 12.0 M 50 10.0 M 40 8.0 M 30 6.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 20 4.0 MLTM as of: 12/yy 10 2.0 M52-Week High (04.05.2012) 54.96 0 .0 M52-Week Low (23.10.2012) 45.61 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 2018731.00 Current Price (2/dd/yy) 53.06 Market Data 52-Week High % Change -3.46% Dividend Yield - 52-Week Low % Change 16.35% Beta 0.65 % 52 Week Price Range High/Low 80.65% Equity Float 543.97Shares Out 19.02.2013 643.2 Short Int - Market Capitalization 34126.18 1 Yr Total Return 8.10%Total Debt 9031.00 YTD Return 6.32%Preferred Stock 0.0 Adjusted BETA 0.650Minority Interest 98.0 Analyst Recs 43Cash and Equivalents 2141.00 Consensus Rating 3.233Enterprise Value 41196.18 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2329910BN FP EQUITY YTD Change - Average Volume 30 Day 1627420BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1504114 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 15220.0 14982.0 17010.0 19318.0 20869.0 19318.0 20868.0 22047.1 23346.2 5340.0 5635.5 TEV/Revenue 2.09x 2.20x 2.11x 1.89x - 0.00x 0.00x 1.81x 1.67x - - EBITDA 2796.0 2844.0 3194.0 3486.0 - 0.0 0.0 3775.2 4038.7 - - TEV/EBITDA 11.35x 11.61x 11.23x 10.45x - 0.00x 0.00x 10.91x 10.20x - - Net Income 1313.0 1361.0 1875.0 1671.0 1672.0 0.0 0.0 1831.4 2035.1 1761.0 1944.0 P/E 19.75x 17.77x 15.42x 17.53x 17.93x 0.00x 0.00x 16.88x 15.25x 3.67x - Profitability S&P Issuer RatingsEBITDA 3486.00 Long-Term Rating Date 25.07.2007EBIT 2747.00 Long-Term Rating A-Operating Margin 13.16% Long-Term Outlook STABLEPretax Margin 12.84% Short-Term Rating Date 11.07.2007Return on Assets 5.89% Short-Term Rating A-2Return on Common Equity 14.55% Credit RatiosReturn on Capital 9.57% EBITDA/Interest Exp. 14.46Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 10.79Margin Analysis Net Debt/EBITDA 1.99Gross Margin 50.6% Total Debt/EBITDA 2.78EBITDA Margin 17.6% ReferenceEBIT Margin 14.2% Total Debt/Equity 74.6%Net Income Margin 8.0% Total Debt/Capital 42.5%Structure Asset Turnover 0.70Current Ratio 0.88 Net Fixed Asset Turnover 5.03Quick Ratio 0.59 Accounts receivable turnover-days 40.74Debt to Assets 31.77% Inventory Days 40.58Tot Debt to Common Equity 74.64% Accounts Payable Turnover Day 107.35Accounts Receivable Turnover 8.98 Cash Conversion Cycle -21.32Inventory Turnover 9.02Price/ Cash Flow Sales/Revenue/Turnover 14.00 25000.0 12.00 20000.0 10.00 15000.0 8.00 6.00 10000.0 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 39. 20.02.2013Danone SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMASSACHUSETTS FINANC n/a Research 39168842 6.09 - 08.08.2012 Investment AdvisorGROUPE DANONE n/a Co File 35825460 5.57 - 31.12.2011 CorporationAMUNDI SA n/a Research 28864287 4.49 (3844941) 15.05.2012 OtherEURAZEO n/a Co File 16433370 2.56 - 31.12.2011 Investment AdvisorSOFINA & HENEX GROUP n/a Co File 13584541 2.11 - 31.12.2011 OtherCAISSE DES DEPOTS ET n/a Co File 11688114 1.82 - 31.12.2011 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 11254856 1.75 (418650) 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11161518 1.74 (450547) 31.12.2012 Mutual Fund ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9939780 1.55 (112541) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 9120390 1.42 681500 31.12.2012 Investment AdvisorFCPE FONDS GROUPE DA n/a Co File 8804680 1.37 - 31.12.2011 n/aFMR LLC n/a ULT-AGG 8060999 1.25 (1998562) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6829126 1.06 (41689) 15.02.2013 Investment AdvisorTRIAN FUND MANAGEMEN n/a Research 6431620 1 - 07.11.2012 Hedge Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 5778204 0.9 63694 31.12.2012 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 4324592 0.67 745570 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 4032934 0.63 (234718) 30.11.2012 Mutual Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3963386 0.62 (265402) 30.11.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2595770 0.4 136900 28.09.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 2209019 0.34 - 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGrupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.02.2013Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013Nomura DAVID HAYES buy 5 M 60 12 month 20.02.2013Exane BNP Paribas JEFF STENT neutral 3 U 54 Not Provided 20.02.2013Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 19.02.2013RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 43 12 month 19.02.2013JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013Jefferies ALEX HOWSON hold 3 M 48 12 month 19.02.2013Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 19.02.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 55 12 month 19.02.2013Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 19.02.2013Kepler Capital Markets JON COX buy 5 M 59 Not Provided 19.02.2013Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013AlphaValue SOPHIE CABO-BROSETA buy 5 M 62 6 month 14.02.2013Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 01.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 30.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 56 Not Provided 25.01.2013Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013CA Cheuvreux ERIC BOROIAN outperform 5 M 53 Not Provided 21.01.2013Berenberg Bank JAMES TARGETT sell 1 M 46 Not Provided 21.01.2013Credit Suisse ALEX MOLLOY underperform 1 M 44 Not Provided 17.01.2013Espirito Santo Investment Bank Research ALEX SMITH buy 5 M 56 Not Provided 08.01.2013Equita SIM SpA FABIO FAZZARI buy 5 M 55 12 month 20.12.2012Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012Aurel - BGC JEAN-MARIE LHOME hold 3 M 50 Not Provided 13.12.2012S&P Capital IQ CARL SHORT buy 5 M 56 12 month 13.12.2012Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 11.12.2012HSBC CEDRIC BESNARD overweight 5 M 55 Not Provided 06.11.2012Mirabaud Securities JULIAN LAKIN hold 3 M 49 12 month 22.10.2012DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012Day by Day VALERIE GASTALDY buy 5 U 53 3 month 08.10.2012Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 20.02.2013Deutsche Bank AGDeutsche Bank AG is a global financial service provider delivering commercial, Price/Volumeinvestment, private and retail banking. The Bank offers debt, foreign exchange, 45 18.0 Mderivatives, commodities, money markets, repo and securitization, cash equities, 40 16.0 Mresearch, equity prime services, loans, convertibles, advice on M&A and IPOs, 35 14.0 Mtrade finance, retail banking, asset management and corporate investments. 30 12.0 M 25 10.0 M Valuation Analysis 20 8.0 MLatest Fiscal Year: 12/2012 15 6.0 M 10 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (27.03.2012) 39.51 0 .0 M52-Week Low (26.07.2012) 22.11 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 3570701.00 Current Price (2/dd/yy) 36.21 Market Data 52-Week High % Change -8.35% Dividend Yield - 52-Week Low % Change 63.77% Beta 1.34 % 52 Week Price Range High/Low 83.42% Equity Float 889.66Shares Out 31.12.2012 929.5 Short Int - Market Capitalization 33657.18 1 Yr Total Return 7.61%Total Debt 284516.00 YTD Return 9.89%Preferred Stock 0.0 Adjusted BETA 1.342Minority Interest 1270.0 Analyst Recs 42Cash and Equivalents 177928.00 Consensus Rating 3.429Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4524794DBK GY EQUITY YTD Change - Average Volume 30 Day 6270139DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 5928350 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 58492.0 45167.0 46151.0 52660.0 33582.0 50925.0 47151.0 34050.1 35051.7 8657.0 8714.0 TEV/Revenue - - - - - 0.00x 0.00x 2.07x 2.05x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (3835.0) 4973.0 2310.0 4132.0 611.0 4132.0 611.0 3981.2 5115.3 - - P/E - 6.24x 12.74x 6.61x 50.69x 6.64x 48.46x 8.84x 7.01x 7.75x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 25.01.2012EBIT - Long-Term Rating A+Operating Margin 10.41% Long-Term Outlook NEGPretax Margin 4.16% Short-Term Rating Date 19.12.2008Return on Assets 0.03% Short-Term Rating A-1Return on Common Equity 1.13% Credit RatiosReturn on Capital 0.85% 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 0.0%Net Income Margin 1.8% Total Debt/Capital 83.9%Structure Asset Turnover 0.02Current Ratio - Net Fixed Asset Turnover 9.56Quick Ratio - Accounts receivable turnover-days -Debt to Assets 0.00% 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 10.00 100000.0 9.00 90000.0 8.00 80000.0 7.00 70000.0 6.00 60000.0 5.00 50000.0 4.00 40000.0 3.00 30000.0 2.00 20000.0 1.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 41. 20.02.2013Deutsche Bank AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 74111824 7.97 1076843 15.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 42222206 4.54 (2143049) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a Co File 24888999 2.68 - 31.12.2011 Investment AdvisorDEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24458657 2.63 (3091342) 31.12.2012 BankDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16957871 1.82 5959356 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16884847 1.82 384651 31.12.2012 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16648807 1.79 3630244 31.12.2012 Investment AdvisorDEUTSCHE BANK AG n/a RNS-MAJ 15177158 1.63 - 17.12.2012 Investment AdvisorCOMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14797901 1.59 10133323 31.12.2012 Investment AdvisorCREDIT SUISSE GROUP n/a Research 9379275 1.01 - 08.06.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8557620 0.92 3906478 31.12.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7720001 0.83 9901 31.10.2012 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 6864207 0.74 164636 28.09.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 5993512 0.64 (4233794) 31.12.2012 UnclassifiedBANK OF AMERICA CORP BANK OF AMERICA 13F 5677666 0.61 (3004857) 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 4653686 0.5 (1925339) 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 4067133 0.44 2278827 31.12.2012 UnclassifiedBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3906432 0.42 176476 31.12.2012 Investment AdvisorDEUTSCHE TELEKOM n/a Research 3832262 0.41 - 13.11.2012 UnclassifiedAMUNDI Multiple Portfolios MF-AGG 3784496 0.41 (1196404) 30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse AMIT GOEL underperform 1 M 32 Not Provided 19.02.2013Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013Exane BNP Paribas DANIEL DAVIES neutral 3 M 40 Not Provided 15.02.2013AlphaValue DIETER HEIN add 4 D 41 6 month 14.02.2013Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 39 Not Provided 07.02.2013RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 04.02.2013Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 12 month 04.02.2013DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 04.02.2013Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 U 40 12 month 01.02.2013Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 01.02.2013Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 38 Not Provided 01.02.2013CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 D 44 12 month 01.02.2013Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 31.01.2013Nord/LB MICHAEL SEUFERT buy 5 M 45 12 month 31.01.2013JPMorgan KIAN ABOUHOSSEIN neutral 3 U 38 9 month 31.01.2013Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 M 43 12 month 31.01.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 39 12 month 31.01.2013Oddo & Cie JEAN SASSUS neutral 3 M 38 Not Provided 31.01.2013M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 31.01.2013Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 30.01.2013Espirito Santo Investment Bank Research ANDREW LIM sell 1 M 31 Not Provided 30.01.2013Macquarie PIERS BROWN neutral 3 M 36 12 month 29.01.2013Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 47 12 month 28.01.2013Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 25.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013Grupo Santander AURELIA FAURE underweight 1 M 30 Not Provided 14.12.2012HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 20.02.2013Deutsche Telekom AGDeutsche Telekom AG offers telecommunications services. The Company offers a Price/Volumefull range of fixed-line telephone services, mobile communications services, 12 45.0 MInternet access, and combined information technology and telecommunications 40.0 Mservices for businesses. 10 35.0 M 8 30.0 M 25.0 M 6 Valuation Analysis 20.0 MLatest Fiscal Year: 12/2011 4 15.0 M 10.0 MLTM as of: 09/yy 2 5.0 M52-Week High (20.09.2012) 10.06 0 .0 M52-Week Low (05.06.2012) 7.69 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 21425264.00 Current Price (2/dd/yy) 8.136 Market Data 52-Week High % Change -19.13% Dividend Yield - 52-Week Low % Change 5.83% Beta 0.77 % 52 Week Price Range High/Low 26.10% Equity Float 2938.38Shares Out 30.09.2012 4321.3 Short Int - Market Capitalization 35158.25 1 Yr Total Return -1.83%Total Debt 48318.00 YTD Return -5.34%Preferred Stock 0.0 Adjusted BETA 0.769Minority Interest 4647.0 Analyst Recs 41Cash and Equivalents 6122.00 Consensus Rating 3.171Enterprise Value 80596.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 18327030DTE GY EQUITY YTD Change - Average Volume 30 Day 12930560DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 12751440 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 62516.0 61666.0 64602.0 62421.0 58653.0 59219.0 58373.0 58119.4 57589.8 14602.0 14165.0 TEV/Revenue 1.72x 1.49x 1.46x 1.48x 1.45x 6.31x 5.83x 1.35x 1.34x 5.35x - EBITDA 16466.0 17535.0 17335.0 17726.0 20202.0 16653.0 19326.0 18002.6 17490.5 4333.6 4223.0 TEV/EBITDA 6.52x 5.24x 5.46x 5.20x 4.22x 5.31x 4.49x 4.48x 4.61x 4.63x 4.70x Net Income 571.0 1483.0 353.0 1695.0 557.0 1315.0 (7388.0) 2729.6 2819.1 374.8 816.0 P/E 115.62x 31.62x 128.63x 24.76x 68.19x 28.48x 0.00x 12.73x 12.25x 10.12x 9.14x Profitability S&P Issuer RatingsEBITDA 20202.00 Long-Term Rating Date 19.05.2008EBIT 6806.00 Long-Term Rating BBB+Operating Margin 11.60% Long-Term Outlook STABLEPretax Margin 5.15% Short-Term Rating Date 08.04.2002Return on Assets -6.35% Short-Term Rating A-2Return on Common Equity -24.03% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 7.79Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 5.26Margin Analysis Net Debt/EBITDA 2.11Gross Margin 42.2% Total Debt/EBITDA 2.36EBITDA Margin 33.1% ReferenceEBIT Margin -10.0% Total Debt/Equity 136.9%Net Income Margin 0.9% Total Debt/Capital 54.7%Structure Asset Turnover 0.50Current Ratio 0.65 Net Fixed Asset Turnover 1.64Quick Ratio 0.52 Accounts receivable turnover-days -Debt to Assets 39.43% Inventory Days 10.02Tot Debt to Common Equity 136.90% Accounts Payable Turnover Day 51.52Accounts Receivable Turnover - Cash Conversion Cycle -17.15Inventory Turnover 36.51Price/ Cash Flow Sales/Revenue/Turnover 3.50 70000.0 3.00 60000.0 2.50 50000.0 2.00 40000.0 1.50 30000.0 1.00 20000.0 0.50 10000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 43. 20.02.2013Deutsche Telekom AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKREDITANSTALT FUER W n/a Research 734624287 17 - 30.09.2012 Investment AdvisorFEDERAL REPUBLIC OF n/a Research 648197900 15 - 30.09.2012 GovernmentBLACKROCK n/a ULT-AGG 251134733 5.81 (1038985) 19.02.2013 Investment AdvisorBLACKSTONE GROUP LP n/a Research 191700000 4.44 - 03.08.2012 Hedge Fund ManagerDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 55113797 1.28 15760085 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 52043505 1.2 1150782 31.12.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 27700000 0.64 - 31.12.2011 Pension Fund (ERISA)BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 23201816 0.54 156567 15.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 17377690 0.4 5008482 30.11.2012 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 14524559 0.34 442723 28.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 11716763 0.27 2200291 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11491425 0.27 4778409 31.12.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 10751485 0.25 (1985242) 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 9818199 0.23 - 15.02.2013 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9211450 0.21 (3302086) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7630916 0.18 (7472121) 31.12.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7183559 0.17 (5219615) 31.10.2012 Mutual Fund ManagerETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 6968882 0.16 - 19.02.2013 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 6826154 0.16 1080485 31.07.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 5213828 0.12 (696430) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 20.02.2013Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 12 12 month 20.02.2013Macquarie GUY R PEDDY underperform 1 M 8 12 month 20.02.2013DZ Bank AG KARSTEN OBLINGER sell 1 M 8 12 month 19.02.2013Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 19.02.2013Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 N 8 Not Provided 19.02.2013Bankhaus Lampe WOLFGANG SPECHT sell 1 M 8 Not Provided 18.02.2013Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 15.02.2013Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013Berenberg Bank PAUL ANDREW MARSCH hold 3 M 11 Not Provided 14.02.2013AlphaValue HEINZ STEFFEN add 4 M 10 6 month 14.02.2013Morgan Stanley NICK DELFAS restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013Nomura FREDERIC BOULAN buy 5 M 11 12 month 11.02.2013M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 04.02.2013Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 U 10 Not Provided 30.01.2013Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 30.01.2013Kepler Capital Markets JAVIER BORRACHERO buy 5 M 11 Not Provided 30.01.2013Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 9 12 month 25.01.2013Credit Suisse JUSTIN FUNNELL restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013Barclays JONATHAN DANN equalweight 3 M 10 Not Provided 24.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 23.01.2013Jefferies ULRICH RATHE hold 3 M 8 12 month 21.01.2013National Bank AG MANFRED JAISFELD hold 3 M 9 Not Provided 17.01.2013Deutsche Bank MATTHEW BLOXHAM buy 5 M 10 12 month 16.01.2013Raymond James STEPHANE BEYAZIAN outperform 5 M 11 Not Provided 15.01.2013Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 15.01.2013EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 14.01.2013Day by Day VALERIE GASTALDY buy 5 M 10 3 month 10.01.2013Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 08.01.2013JPMorgan HANNES C WITTIG not rated #N/A N/A M #N/A N/A Not Provided 14.12.2012HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 10.12.2012Espirito Santo Investment Bank Research WILL DRAPER sell 1 M 8 Not Provided 10.12.2012S&P Capital IQ ALEXANDER WISCH sell 1 M 8 12 month 10.12.2012Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 07.12.2012Independent Research GmbH MARKUS FRIEBEL hold 3 M 9 12 month 07.12.2012Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 06.12.2012Bankhaus Metzler ULRICH TRABERT sell 1 M 9 12 month 09.11.2012Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 08.11.2012Natixis JACQUES DE GRELING reduce 2 M 8 Not Provided 08.10.2012CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 21.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 20.02.2013E.ON SEE.ON SE operates in power generation and gas production businesses. The Price/VolumeCompanys operations include electric generation at conventional, nuclear, and 25 70.0 Mrenewable-source facilities, electric transmission via high-voltage wires 60.0 Mnetwork, regional distribution of electricity, gas, and heat, power trading and 20electricity, gas, and heat sales. 50.0 M 15 40.0 M Valuation Analysis 10 30.0 MLatest Fiscal Year: 12/2011 20.0 MLTM as of: 09/yy 5 10.0 M52-Week High (14.09.2012) 19.74 0 .0 M52-Week Low (08.02.2013) 12.42 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 13142179.00 Current Price (2/dd/yy) 12.875 Market Data 52-Week High % Change -34.78% Dividend Yield - 52-Week Low % Change 3.66% Beta 1.10 % 52 Week Price Range High/Low 10.18% Equity Float 1787.19Shares Out 30.09.2012 2001.0 Short Int - Market Capitalization 25762.88 1 Yr Total Return -19.26%Total Debt 29914.00 YTD Return -8.62%Preferred Stock 0.0 Adjusted BETA 1.102Minority Interest 3876.0 Analyst Recs 38Cash and Equivalents 6931.00 Consensus Rating 2.474Enterprise Value 49621.88 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12325970EOAN GY EQUITY YTD Change - Average Volume 30 Day 12976930EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 11354840 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 68731.0 86753.0 81817.0 92863.0 112954.0 105888.0 129077.0 112559.6 110835.4 29586.7 - TEV/Revenue 1.64x 1.08x 1.11x 0.78x 0.52x 2.46x 1.88x 0.46x 0.44x - - EBITDA 11063.0 5403.0 12703.0 13006.0 4269.0 6579.0 6892.0 10690.1 9527.5 2038.0 - TEV/EBITDA 10.16x 17.28x 7.18x 5.56x 13.73x 8.68x 8.59x 4.65x 5.21x - - Net Income 7204.0 1266.0 8396.0 5853.0 (2219.0) 3195.0 (356.0) 3950.0 2504.6 113.0 - P/E 13.80x 37.92x 6.50x 6.53x - 7.49x 0.00x 5.83x 9.86x - - Profitability S&P Issuer RatingsEBITDA 4269.00 Long-Term Rating Date 27.07.2012EBIT 46.00 Long-Term Rating A-Operating Margin 0.04% Long-Term Outlook STABLEPretax Margin -2.58% Short-Term Rating Date 27.07.2012Return on Assets 0.00% Short-Term Rating A-2Return on Common Equity -0.01% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.37Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. -0.62Margin Analysis Net Debt/EBITDA 5.86Gross Margin - Total Debt/EBITDA 6.87EBITDA Margin 3.6% ReferenceEBIT Margin 0.4% Total Debt/Equity 83.7%Net Income Margin -2.0% Total Debt/Capital 43.0%Structure Asset Turnover 0.85Current Ratio 1.10 Net Fixed Asset Turnover 2.25Quick Ratio 0.54 Accounts receivable turnover-days -Debt to Assets 19.57% Inventory Days -Tot Debt to Common Equity 83.71% 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 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 |
  • 45. 20.02.2013E.ON SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 170331307 8.51 (22816) 15.02.2013 Investment AdvisorGOVERNMENT OF NORWAY n/a Co File 118276492 5.91 - 31.12.2011 GovernmentE.ON AG n/a Co File 95529865 4.77 - 31.12.2011 CorporationCREDIT SUISSE AG n/a Research 46680225 2.33 - 09.05.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 32966723 1.65 719330 31.12.2012 Investment AdvisorMORGAN STANLEY n/a Research 25888854 1.29 - 10.05.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 13832519 0.69 (329536) 28.09.2012 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 11346412 0.57 (1472050) 31.10.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 11102820 0.55 (1285217) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 9927496 0.5 (16523208) 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 8696670 0.43 (105000) 31.01.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7750555 0.39 141034 30.11.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 7475000 0.37 - 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6594401 0.33 - 15.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 6187963 0.31 1263252 30.11.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 5535987 0.28 (1890038) 31.12.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 4279858 0.21 (1160000) 31.10.2012 Investment AdvisorETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 4232836 0.21 - 19.02.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 3863245 0.19 254908 31.05.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 3692926 0.18 (158932) 30.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 20.02.2013S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 19.02.2013Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 U 14 6 month 15.02.2013Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013Grupo Santander OSCAR NAJAR RIOS hold 3 M 16 Not Provided 13.02.2013Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 21 12 month 13.02.2013AlphaValue EILEEN RYAN buy 5 M 18 6 month 07.02.2013JPMorgan VINCENT DE BLIC underweight 1 M 13 9 month 06.02.2013Berenberg Bank ROBERT CHANTRY sell 1 N 12 Not Provided 05.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 15 12 month 04.02.2013Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 01.02.2013M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 01.02.2013DZ Bank AG MARC NETTELBECK hold 3 M 14 12 month 01.02.2013Societe Generale ALBERTO PONTI hold 3 M 13 12 month 31.01.2013Deutsche Bank ALEXANDER KARNICK sell 1 M 13 12 month 31.01.2013Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 11 12 month 31.01.2013Nord/LB HEINO HAMMANN hold 3 M 13 12 month 31.01.2013HSBC ADAM DICKENS underweight 1 M 11 Not Provided 31.01.2013Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013Independent Research GmbH SVEN DIERMEIER sell 1 D 11 12 month 31.01.2013Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 31.01.2013National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 31.01.2013Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 31.01.2013Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013Nomura MARTIN YOUNG reduce 2 M 14 12 month 31.01.2013Equinet Institutional Services(ESN) MICHAEL SCHAEFER suspended coverage #N/A N/A M #N/A N/A Not Provided 31.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 12 Not Provided 31.01.2013Credit Suisse VINCENT GILLES underperform 1 M 11 Not Provided 30.01.2013Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 30.01.2013Barclays PETER BISZTYGA equalweight 3 M 15 Not Provided 25.01.2013Main First Bank AG ANDREAS THIELEN outperform 5 M 17 12 month 23.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Kepler Capital Markets INGO BECKER hold 3 M 14 Not Provided 08.01.2013Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 14.11.2012CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 46. 20.02.2013Enel SpAEnel S.p.A. generates, transmits, distributes, and trades electricity. The Price/VolumeCompany operates hydroelectric, geothermal, and other generating plants. Enel, 4 300.0 Mthrough subsidiaries, also provides fixed-line and mobile telephone services, 3 250.0 Minstalls public lighting systems, and operates real estate, factoring,insurance, telecommunications, and Internet service provider businesses. 3 200.0 M 2 150.0 M Valuation Analysis 2Latest Fiscal Year: 12/2011 100.0 M 1LTM as of: 09/yy 1 50.0 M52-Week High (14.01.2013) 3.30 0 .0 M52-Week Low (24.07.2012) 2.02 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 23527813.00 Current Price (2/dd/yy) 2.9 Market Data 52-Week High % Change -12.12% Dividend Yield - 52-Week Low % Change 43.56% Beta 0.97 % 52 Week Price Range High/Low 72.03% Equity Float 6465.37Shares Out 30.09.2012 9403.4 Short Int - Market Capitalization 27269.74 1 Yr Total Return 3.25%Total Debt 65481.00 YTD Return -7.58%Preferred Stock 0.0 Adjusted BETA 0.970Minority Interest 15650.0 Analyst Recs 35Cash and Equivalents 7015.00 Consensus Rating 3.114Enterprise Value 102271.74 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 29916600ENEL IM EQUITY YTD Change - Average Volume 30 Day 39278940ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 38290340 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 42734.0 59577.0 62498.0 71943.0 77573.0 75827.0 82455.0 78736.1 78524.0 19566.8 - TEV/Revenue 2.76x 1.53x 1.85x 1.56x 1.34x 5.88x 4.88x 1.10x 1.08x 4.43x - EBITDA 9694.0 13722.0 15883.0 16768.0 17198.0 16725.0 19353.0 16561.4 16393.5 3856.5 - TEV/EBITDA 12.17x 6.63x 7.29x 6.68x 6.03x 6.33x 5.21x 6.18x 6.24x - - Net Income 3916.0 5293.0 5586.0 4390.0 4148.0 4433.0 3464.0 3482.8 3372.4 992.5 - P/E 13.46x 5.54x 5.90x 8.01x 7.13x 7.05x 7.52x 7.90x 8.15x - - Profitability S&P Issuer RatingsEBITDA 17198.00 Long-Term Rating Date 08.03.2012EBIT 11366.00 Long-Term Rating BBB+Operating Margin 14.65% Long-Term Outlook NEGPretax Margin 10.88% Short-Term Rating Date 14.12.2007Return on Assets 2.01% Short-Term Rating A-2Return on Common Equity 8.93% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 6.25Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.72Margin Analysis Net Debt/EBITDA 3.03Gross Margin - Total Debt/EBITDA 3.40EBITDA Margin 23.5% ReferenceEBIT Margin 12.8% Total Debt/Equity 168.8%Net Income Margin 5.3% Total Debt/Capital 54.6%Structure Asset Turnover 0.48Current Ratio 0.88 Net Fixed Asset Turnover 0.82Quick Ratio 0.46 Accounts receivable turnover-days 59.86Debt to Assets 38.56% Inventory Days -Tot Debt to Common Equity 168.81% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.11 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 4.00 90000.0 3.50 80000.0 3.00 70000.0 60000.0 2.50 50000.0 2.00 40000.0 1.50 30000.0 1.00 20000.0 0.50 10000.0 0.00 0.0 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 |
  • 47. 20.02.2013Enel SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMINISTERO DELLECONO n/a EXCH 2937984993 31.24 - 20.11.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 120746699 1.28 2529990 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 103500003 1.1 726273 15.02.2013 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 81500351 0.87 (1187360) 31.10.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 30898327 0.33 16652294 30.11.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 24688850 0.26 13243042 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 23430194 0.25 (6000000) 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 19719027 0.21 - 15.02.2013 Investment AdvisorARCA SGR SPA Multiple Portfolios MF-AGG 12645186 0.13 - 28.12.2012 Mutual Fund ManagerBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 11206529 0.12 510545 30.09.2012 Investment AdvisorSTATE STREET BANQUE Multiple Portfolios MF-AGG 9443764 0.1 782984 31.12.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 9331460 0.1 309230 31.01.2013 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9057798 0.1 137675 28.12.2012 Mutual Fund ManagerING INTERNATIONAL AD Multiple Portfolios MF-AGG 8230210 0.09 (242323) 31.07.2012 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 7912096 0.08 (241490) 28.09.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7807081 0.08 2075741 31.12.2012 Mutual Fund ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7180764 0.08 (4995875) 30.09.2012 Investment AdvisorUBS n/a ULT-AGG 7000609 0.07 57724 28.12.2012 UnclassifiedJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6929768 0.07 45616 31.12.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6923770 0.07 288821 15.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDay by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013AlphaValue MYRIAM COHEN buy 5 M 4 6 month 14.02.2013Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA neutral 3 N 3 Not Provided 13.02.2013Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 13.02.2013ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 12.02.2013Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 Not Provided 06.02.2013Banca IMI ROBERTO RANIERI add 4 M 3 12 month 06.02.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 3 12 month 06.02.2013Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 06.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 3 12 month 06.02.2013Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 05.02.2013Societe Generale ALBERTO PONTI buy 5 M 4 12 month 04.02.2013Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 07.01.2013Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 21.12.2012Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 4 12 month 18.12.2012Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 22.11.2012Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 3 12 month 14.11.2012HSBC ADAM DICKENS underweight 1 M 3 Not Provided 14.11.2012Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 05.11.2012CA Cheuvreux FRANCESCA PEZZOLI underperform 1 M 3 Not Provided 26.09.2012Mediobanca SpA MARIA BEATRICE GEROSA neutral 3 M 3 Not Provided 21.09.2012Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 06.06.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012JPMorgan JAVIER GARRIDO neutral 3 D 4 Not Provided 16.02.2012DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 20.02.2013Eni SpAEni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North Price/VolumeSea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces 25 80.0 Mnatural gas and imports it for sale in Italy and elsewhere in Europe. Eni 70.0 Mtransports natural gas in pipelines. The Company generates and trades 20 60.0 Melectricity, refines oil, and operates gasoline service stations. 15 50.0 M 40.0 M Valuation Analysis 10 30.0 MLatest Fiscal Year: 12/2012 20.0 MLTM as of: 12/yy 5 10.0 M52-Week High (18.01.2013) 19.59 0 .0 M52-Week Low (25.07.2012) 14.94 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 8681130.00 Current Price (2/dd/yy) 17.68 Market Data 52-Week High % Change -9.75% Dividend Yield - 52-Week Low % Change 18.34% Beta 0.86 % 52 Week Price Range High/Low 62.37% Equity Float 2532.64Shares Out 31.12.2012 3634.2 Short Int - Market Capitalization 64252.40 1 Yr Total Return 7.83%Total Debt 24463.00 YTD Return -3.60%Preferred Stock 0.0 Adjusted BETA 0.858Minority Interest 3514.0 Analyst Recs 37Cash and Equivalents 8066.00 Consensus Rating 4.027Enterprise Value 84163.40 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12423000ENI IM EQUITY YTD Change - Average Volume 30 Day 12818300ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 11387400 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 108082.0 83227.0 98523.0 109589.0 127271.0 108740.0 127271.0 121289.6 123474.0 32752.0 31600.7 TEV/Revenue 0.74x 1.10x 0.91x 0.83x 0.68x 3.31x 2.95x 0.67x 0.65x 2.49x 2.61x EBITDA 26939.0 20817.0 24992.0 25732.0 24564.0 25213.0 24564.0 28813.8 30201.0 7530.0 7527.0 TEV/EBITDA 2.98x 4.39x 3.58x 3.53x 3.52x 3.60x 3.52x 2.92x 2.79x 2.80x 2.73x Net Income 8825.0 4367.0 6318.0 6860.0 8673.0 6860.0 8673.0 7204.6 7866.4 1871.0 1838.0 P/E 6.89x 14.71x 9.39x 8.47x 7.66x 8.45x 7.66x 8.85x 8.23x 9.17x 8.41x Profitability S&P Issuer RatingsEBITDA 24564.00 Long-Term Rating Date 17.01.2012EBIT 15026.00 Long-Term Rating AOperating Margin 11.81% Long-Term Outlook NEGPretax Margin 13.04% Short-Term Rating Date 19.05.2010Return on Assets 6.12% Short-Term Rating A-1Return on Common Equity 15.13% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 27.91Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 15.26Margin Analysis Net Debt/EBITDA 0.67Gross Margin - Total Debt/EBITDA 1.00EBITDA Margin 19.3% ReferenceEBIT Margin 11.8% Total Debt/Equity 41.3%Net Income Margin 6.8% Total Debt/Capital 28.1%Structure Asset Turnover 0.90Current Ratio 1.44 Net Fixed Asset Turnover 1.86Quick Ratio 0.23 Accounts receivable turnover-days -Debt to Assets 17.43% Inventory Days -Tot Debt to Common Equity 41.32% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 6.00 140000.0 5.00 120000.0 100000.0 4.00 80000.0 3.00 60000.0 2.00 40000.0 1.00 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 |
  • 49. 20.02.2013Eni SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCASSA DEPOSITI E PRE n/a EXCH 958298322 26.37 - 20.11.2012 OtherMINISTERO DELLECONO n/a EXCH 142968850 3.93 - 20.11.2012 GovernmentBLACKROCK n/a ULT-AGG 64627091 1.78 1551514 15.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 51132349 1.41 (1982479) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 50558786 1.39 999327 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 44489000 1.22 1853508 31.12.2012 Investment AdvisorBNP PARIBAS ARBITRAG n/a EXCH 41175319 1.13 - 20.11.2012 Investment AdvisorBNP PARIBAS SA n/a EXCH 28455671 0.78 - 20.11.2012 BankABERDEEN n/a ULT-AGG 16682332 0.46 (116700) 31.01.2013 UnclassifiedDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 15721526 0.43 2499767 31.01.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12165115 0.33 848857 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 12114762 0.33 (10744) 31.12.2012 Investment AdvisorBNP PARIBAS SEC SERV n/a EXCH 11484026 0.32 - 20.11.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9392579 0.26 729051 31.12.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8818449 0.24 - 15.02.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 7363500 0.2 - 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 6429858 0.18 (923913) 30.11.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 5215817 0.14 (10621) 31.12.2012 UnclassifiedUNION INVESTMENT LUX Multiple Portfolios MF-AGG 5172282 0.14 1009050 28.09.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 5137062 0.14 (199897) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets PETER HUTTON sector perform 3 M 20 12 month 19.02.2013Societe Generale IRENE HIMONA hold 3 M 19 12 month 18.02.2013Mediobanca SpA ANDREA SCAURI outperform 5 M 22 6 month 18.02.2013Banca IMI ROBERTO RANIERI add 4 M 19 12 month 18.02.2013Jefferies IAIN REID buy 5 M 22 12 month 18.02.2013Macquarie MARC B KOFLER outperform 5 M 21 12 month 18.02.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 20 12 month 18.02.2013Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 18.02.2013Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.02.2013Barclays RAHIM KARIM overweight 5 M 21 Not Provided 18.02.2013Grupo Santander JASON KENNEY Under Review #N/A N/A M #N/A N/A Not Provided 15.02.2013Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 15.02.2013Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 15.02.2013Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.02.2013Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 15.02.2013Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 15.02.2013Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.02.2013S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 15.02.2013Day by Day VALERIE GASTALDY buy 5 M 20 3 month 14.02.2013AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 14.02.2013Natixis ANNE PUMIR neutral 3 M 18 Not Provided 07.02.2013JPMorgan NITIN SHARMA overweight 5 M 22 3 month 06.02.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 16.01.2013VTB Capital COLIN SMITH hold 3 M 21 12 month 16.01.2013Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 09.01.2013Equita SIM SpA DOMENICO GHILOTTI hold 3 M 21 12 month 30.11.2012Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 14.11.2012Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012National Bank AG MANFRED JAISFELD hold 3 D 17 Not Provided 24.05.2012Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 20.02.2013Cie Generale dOptique Essilor International SAEssilor International SA manufactures and sells plastic and glass ophthalmic Price/Volumelenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and 90 9.0 MCrizal lenses. Essilor sells its products internationally. 80 8.0 M 70 7.0 M 60 6.0 M 50 5.0 M Valuation Analysis 40 4.0 MLatest Fiscal Year: 12/2011 30 3.0 M 20 2.0 MLTM as of: 09/yy 10 1.0 M52-Week High (24.01.2013) 78.55 0 .0 M52-Week Low (22.02.2012) 57.96 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 576686.00 Current Price (2/dd/yy) 73.9 Market Data 52-Week High % Change -5.92% Dividend Yield - 52-Week Low % Change 27.50% Beta 0.55 % 52 Week Price Range High/Low 74.21% Equity Float 197.12Shares Out 14.01.2013 214.7 Short Int - Market Capitalization 15868.11 1 Yr Total Return 28.82%Total Debt 915.73 YTD Return -2.79%Preferred Stock 0.0 Adjusted BETA 0.550Minority Interest 132.9 Analyst Recs 22Cash and Equivalents 397.77 Consensus Rating 3.545Enterprise Value 16727.07 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 481716EI FP EQUITY YTD Change - Average Volume 30 Day 442596EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 441729 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 12/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 2908.1 3074.4 3268.0 3891.6 4189.5 2427.6 4194.7 4988.0 5374.1 1228.5 - TEV/Revenue 3.05x 2.30x 2.68x 2.68x 2.87x 0.00x 0.00x 3.30x 3.02x - - EBITDA 638.5 696.7 754.4 900.2 919.3 0.0 0.0 1090.3 1188.0 - - TEV/EBITDA 13.87x 10.16x 11.63x 11.58x 13.09x 0.00x 0.00x 15.34x 14.08x - - Net Income 366.7 382.4 390.7 462.0 505.6 0.0 0.0 589.1 648.6 - - P/E 24.52x 18.15x 22.09x 21.90x 22.36x 0.00x 0.00x 26.32x 23.79x - - Profitability S&P Issuer RatingsEBITDA 919.35 Long-Term Rating Date -EBIT 724.97 Long-Term Rating -Operating Margin 17.30% Long-Term Outlook -Pretax Margin 16.65% Short-Term Rating Date -Return on Assets 9.12% Short-Term Rating -Return on Common Equity 17.43% Credit RatiosReturn on Capital 13.69% EBITDA/Interest Exp. 66.12Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 51.40Margin Analysis Net Debt/EBITDA 0.59Gross Margin 55.4% Total Debt/EBITDA 1.15EBITDA Margin 22.0% ReferenceEBIT Margin 17.3% Total Debt/Equity 27.5%Net Income Margin 12.1% Total Debt/Capital 20.9%Structure Asset Turnover 0.78Current Ratio 1.26 Net Fixed Asset Turnover 5.02Quick Ratio 0.21 Accounts receivable turnover-days 84.68Debt to Assets 14.87% Inventory Days 132.29Tot Debt to Common Equity 27.54% Accounts Payable Turnover Day 132.66Accounts Receivable Turnover 4.32 Cash Conversion Cycle -Inventory Turnover 2.77Price/ Cash Flow Sales/Revenue/Turnover 25.00 4500.0 4000.0 20.00 3500.0 3000.0 15.00 2500.0 2000.0 10.00 1500.0 1000.0 5.00 500.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 51. 20.02.2013Cie Generale dOptique Essilor International SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFCPE VALOPTEC INTERN n/a Co File 6263487 2.92 - 31.12.2011 n/aCIE GENERALE DOPTIQ n/a Co File 5363126 2.5 - 31.12.2011 CorporationFCPE GROUPE ESSILOR n/a Co File 5269233 2.45 - 31.12.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 5142831 2.4 (20616) 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4201430 1.96 - 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3780077 1.76 228537 31.12.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 3548248 1.65 (284151) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 2921838 1.36 (685535) 19.02.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 2844588 1.32 (511731) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1753915 0.82 (133708) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 1415758 0.66 (116127) 30.11.2012 Mutual Fund ManagerTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1027416 0.48 80908 31.12.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 938921 0.44 74350 31.12.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 871599 0.41 (179060) 31.12.2012 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 862001 0.4 - 31.07.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 830196 0.39 - 30.12.2012 Investment AdvisorSARASIN n/a ULT-AGG 675667 0.31 (28372) 28.12.2012 UnclassifiedMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 659008 0.31 - 15.02.2013 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 619321 0.29 (979) 31.10.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 608800 0.28 (3800) 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James MARC WILLAUME outperform 5 M 83 Not Provided 19.02.2013Berenberg Bank BASSEL CHOUGHARI hold 3 M 77 Not Provided 15.02.2013AlphaValue ARMELLE MOULIN reduce 2 M 70 6 month 14.02.2013Exane BNP Paribas JULIEN DORMOIS neutral 3 M 78 Not Provided 13.02.2013S&P Capital IQ JACOB THRANE strong buy 5 M 88 12 month 08.02.2013Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 80 6 month 31.01.2013Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 60 12 month 24.01.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013Natixis STEPHANE SUMAR buy 5 M 90 Not Provided 10.01.2013HSBC SOPHIE DARGNIES overweight 5 U 90 Not Provided 09.01.2013Day by Day VALERIE GASTALDY buy 5 M 82 3 month 11.12.2012Barclays ALEXANDER KLEBAN overweight 5 M 89 Not Provided 07.12.2012Societe Generale MARIE-LINE FORT hold 3 M 69 12 month 04.12.2012BPI HUBERT DAILLIERES buy 5 M 80 Not Provided 12.11.2012Jefferies INGEBORG OIE hold 3 M 70 12 month 05.11.2012Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 66 12 month 31.10.2012Kepler Capital Markets CLAIRE DERAY reduce 2 M 62 Not Provided 25.10.2012Redburn Partners PASCAL HAUTCOEUR neutral 3 M #N/A N/A Not Provided 25.06.2012Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 74 12 month 21.05.2012CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 15.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 52. 20.02.2013France Telecom SAFrance Telecom SA provides telecommunications services to residential, Price/Volumeprofessional, and large business customers. The Company offers public 12 40.0 Mfixed-line telephone, leased lines and data transmission, mobile 35.0 Mtelecommunications, cable television, Internet and wireless applications, and 10 30.0 Mbroadcasting services, and telecommunications equipment sales and rentals. 8 25.0 M 6 20.0 M Valuation Analysis 15.0 MLatest Fiscal Year: 12/2012 4 10.0 MLTM as of: 12/yy 2 5.0 M52-Week High (23.02.2012) 11.79 0 .0 M52-Week Low (18.02.2013) 7.43 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 18405987.00 Current Price (2/dd/yy) 7.56 Market Data 52-Week High % Change -35.85% Dividend Yield 10.32 52-Week Low % Change 1.71% Beta 0.85 % 52 Week Price Range High/Low 6.62% Equity Float 2277.13Shares Out 30.06.2012 2648.9 Short Int - Market Capitalization 20025.57 1 Yr Total Return -24.84%Total Debt 39214.00 YTD Return -9.34%Preferred Stock 0.0 Adjusted BETA 0.854Minority Interest 2078.0 Analyst Recs 35Cash and Equivalents 8462.00 Consensus Rating 2.829Enterprise Value 52855.57 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9571507FTE FP EQUITY YTD Change - Average Volume 30 Day 10497500FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 8969291 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 Total Revenue 46712.0 44845.0 45503.0 45277.0 43515.0 45277.0 43515.0 42095.6 41466.7 10817.4 - TEV/Revenue 1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.23x 1.22x - - EBITDA 17300.0 14480.0 15291.0 15019.0 - 0.0 0.0 12942.8 12588.0 3105.2 - TEV/EBITDA 5.18x 5.64x 4.89x 4.29x - 0.00x 0.00x 4.08x 4.20x - - Net Income 4073.0 3018.0 4880.0 3895.0 820.0 0.0 0.0 2991.0 2899.3 - - P/E 14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 6.79x 6.89x - - Profitability S&P Issuer RatingsEBITDA 15019.00 Long-Term Rating Date 10.02.2005EBIT 6045.00 Long-Term Rating A-Operating Margin 13.89% Long-Term Outlook NEGPretax Margin 5.37% Short-Term Rating Date 14.05.2003Return on Assets 0.88% Short-Term Rating A-2Return on Common Equity 3.16% Credit RatiosReturn on Capital 2.88% EBITDA/Interest Exp. 7.27Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 4.02Margin Analysis Net Debt/EBITDA 2.23Gross Margin - Total Debt/EBITDA 2.75EBITDA Margin 31.9% ReferenceEBIT Margin 13.9% Total Debt/Equity 161.3%Net Income Margin 1.9% Total Debt/Capital 59.8%Structure Asset Turnover 0.47Current Ratio 0.65 Net Fixed Asset Turnover 1.84Quick Ratio 0.53 Accounts receivable turnover-days 40.12Debt to Assets 43.58% Inventory Days -Tot Debt to Common Equity 161.33% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.12 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 3.50 60000.0 3.00 50000.0 2.50 40000.0 2.00 30000.0 1.50 20000.0 1.00 10000.0 0.50 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 53. 20.02.2013France Telecom SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRENCH STATE n/a Co File 356194433 13.45 - 31.12.2011 GovernmentSOCIETE GENERALE n/a Research 132135951 4.99 (27339807) 16.05.2012 BankAMUNDI n/a Research 129217007 4.88 (3894321) 11.06.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 39956515 1.51 618498 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 38053493 1.44 4937505 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 30658099 1.16 1937969 31.12.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 27549306 1.04 47132 19.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 21101112 0.8 (23738395) 30.11.2012 Mutual Fund ManagerFRANCE TELECOM SA n/a Co File 15456045 0.58 - 31.12.2011 CorporationDNCA FINANCE Multiple Portfolios MF-AGG 13910873 0.53 (368000) 28.09.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 7761976 0.29 (527072) 31.12.2012 Mutual Fund ManagerAVIVA PLC Multiple Portfolios MF-AGG 7460542 0.28 (2123) 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5987536 0.23 - 15.02.2013 Investment AdvisorBNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 5931576 0.22 34665 30.09.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5174475 0.2 (26670) 30.11.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4642622 0.18 - 31.07.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 4580800 0.17 (9177060) 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 3776349 0.14 264343 28.09.2012 Mutual Fund ManagerSTATE STREET n/a ULT-AGG 3631219 0.14 - 19.02.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 3542207 0.13 1153077 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGrupo Santander CARLOS JAVIER TREVINO hold 3 M 14 12 month 20.02.2013Societe Generale STEPHANE SCHLATTER hold 3 M 9 12 month 20.02.2013Jefferies JEREMY A DELLIS buy 5 M 12 12 month 20.02.2013Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 7 12 month 20.02.2013Independent Research GmbH MARKUS FRIEBEL buy 5 M 10 12 month 20.02.2013Oddo & Cie VINCENT MAULAY neutral 3 M 11 Not Provided 20.02.2013Nomura FREDERIC BOULAN neutral 3 M 8 12 month 20.02.2013Berenberg Bank STUART GORDON hold 3 D 8 Not Provided 18.02.2013Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013AlphaValue JEAN-MICHEL SALVADOR buy 5 M 20 6 month 14.02.2013Macquarie GUY R PEDDY outperform 5 M 12 12 month 13.02.2013S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 12.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 D 7 Not Provided 07.02.2013Kepler Capital Markets JAVIER BORRACHERO hold 3 M 9 Not Provided 04.02.2013Goldman Sachs ANDREW LEE Sell/Neutral 1 M 8 12 month 01.02.2013JPMorgan HANNES C WITTIG underweight 1 M 8 9 month 31.01.2013HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 31.01.2013Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 11 Not Provided 25.01.2013Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 24.01.2013Barclays JONATHAN DANN underweight 1 M 9 Not Provided 24.01.2013Exane BNP Paribas ANTOINE PRADAYROL neutral 3 M 10 Not Provided 21.01.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 9 12 month 14.01.2013Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 13.12.2012CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 U 9 12 month 26.11.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.11.2012Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 26.10.2012Espirito Santo Investment Bank Research WILL DRAPER buy 5 M 13 Not Provided 26.10.2012Natixis BENOIT MAYNARD buy 5 M 14 Not Provided 26.10.2012CA Cheuvreux PETER KURT NIELSEN underperform 1 M 12 Not Provided 26.09.2012Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012National Bank AG MANFRED JAISFELD sell 1 D #N/A N/A Not Provided 30.03.2012Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 54. 20.02.2013GDF SuezGDF Suez offers a full range of electricity, gas and associated energy and Price/Volumeenvironment services throughout the world. The Company produces, trades, 25 45.0 Mtransports, stores and distributes natural gas, and offers energy management and 40.0 Mclimatic and thermal engineering services. 20 35.0 M 30.0 M 15 25.0 M Valuation Analysis 20.0 M 10Latest Fiscal Year: 12/2011 15.0 M 5 10.0 MLTM as of: 09/yy 5.0 M52-Week High (21.08.2012) 20.35 0 .0 M52-Week Low (20.02.2013) 14.42 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 4025959.00 Current Price (2/dd/yy) 14.465 Market Data 52-Week High % Change -28.92% Dividend Yield 10.37 52-Week Low % Change 0.35% Beta 1.06 % 52 Week Price Range High/Low 4.37% Equity Float 1388.04Shares Out 31.12.2012 2412.8 Short Int - Market Capitalization 34901.50 1 Yr Total Return -21.03%Total Debt 57272.00 YTD Return -7.13%Preferred Stock 0.0 Adjusted BETA 1.058Minority Interest 17340.0 Analyst Recs 30Cash and Equivalents 14675.00 Consensus Rating 3.067Enterprise Value 94180.50 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3935260GSZ FP EQUITY YTD Change - Average Volume 30 Day 4120725GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 5068425 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 06/yy 09/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 47475.4 67923.8 79908.0 84478.0 90673.0 87856.0 90657.0 93543.0 82709.4 - 20325.0 TEV/Revenue 1.46x 1.64x 1.32x 1.24x 1.18x 0.00x 0.00x 1.02x 1.07x - - EBITDA 7194.1 9605.7 13781.0 15918.0 16071.0 0.0 0.0 17089.4 14590.0 - 3489.8 TEV/EBITDA 9.65x 11.61x 7.63x 6.59x 6.64x 0.00x 0.00x 5.51x 6.46x - - Net Income 3923.5 4857.1 4477.0 4616.0 4003.0 0.0 0.0 3594.8 3296.8 - - P/E 12.35x 11.85x 14.77x 12.79x 11.73x 0.00x 0.00x 9.29x 10.41x - - Profitability S&P Issuer RatingsEBITDA 16071.00 Long-Term Rating Date 29.01.2013EBIT 8978.00 Long-Term Rating A *-Operating Margin 9.90% Long-Term Outlook -Pretax Margin 8.32% Short-Term Rating Date 29.01.2013Return on Assets 1.71% Short-Term Rating A-1 *-Return on Common Equity 5.73% Credit RatiosReturn on Capital 5.67% EBITDA/Interest Exp. 6.40Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 2.86Margin Analysis Net Debt/EBITDA 2.88Gross Margin - Total Debt/EBITDA 3.98EBITDA Margin 17.4% ReferenceEBIT Margin 9.6% Total Debt/Equity 91.0%Net Income Margin 4.4% Total Debt/Capital 41.6%Structure Asset Turnover 0.45Current Ratio 1.11 Net Fixed Asset Turnover 1.07Quick Ratio 0.67 Accounts receivable turnover-days 94.62Debt to Assets 26.84% Inventory Days -Tot Debt to Common Equity 91.01% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.87 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 100000.0 90000.0 12.00 80000.0 10.00 70000.0 60000.0 8.00 50000.0 6.00 40000.0 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 |
  • 55. 20.02.2013GDF SuezHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRENCH STATE n/a Co File 810927246 33.61 - 31.12.2011 GovernmentCAPITAL GROUP COMPAN n/a ULT-AGG 209718616 8.69 (12226130) 31.12.2012 Investment AdvisorGROUPE BRUXELLES LAM n/a Research 116911820 4.85 - 15.03.2012 Holding CompanyCAISSE DES DEPOTS ET n/a Co File 45051514 1.87 - 31.12.2011 GovernmentGDF SUEZ n/a Co File 38293787 1.59 - 31.12.2011 CorporationCNP ASSURANCES n/a Co File 24778333 1.03 - 31.12.2011 Insurance CompanyVANGUARD GROUP INC Multiple Portfolios MF-AGG 23983907 0.99 639284 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 23674699 0.98 126008 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20322250 0.84 (2547671) 31.12.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 19629973 0.81 (819719) 19.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 19051276 0.79 (67679) 30.11.2012 Mutual Fund ManagerSOFINA SA n/a Co File 13515454 0.56 - 31.12.2011 Holding CompanyPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 10651096 0.44 350943 31.10.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 10260991 0.43 (459586) 30.11.2012 Investment AdvisorINTERNATIONAL VALUE Multiple Portfolios MF-AGG 9286222 0.38 282671 30.06.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 8811951 0.37 134083 31.12.2012 Mutual Fund ManagerTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 8527900 0.35 (3204400) 31.12.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 6360558 0.26 (1446) 31.01.2013 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5624332 0.23 350659 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4925079 0.2 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNatixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 19.02.2013Raymond James EMMANUEL RETIF underperform 1 M 15 Not Provided 15.02.2013Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013AlphaValue MYRIAM COHEN buy 5 M 18 6 month 14.02.2013Goldman Sachs ANDREW MEAD buy/attractive 5 M 25 12 month 08.02.2013Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 06.02.2013Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 15 Not Provided 05.02.2013KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 31.01.2013CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 31.01.2013S&P Capital IQ CLIVE ROBERTS hold 3 M 15 12 month 28.01.2013Barclays JULIE ARAV equalweight 3 M 15 Not Provided 25.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 17 Not Provided 20.12.2012Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 20.12.2012Nomura MARTIN YOUNG neutral 3 D 20 Not Provided 12.12.2012Macquarie ATALLAH ESTEPHAN outperform 5 M 17 12 month 10.12.2012Grupo Santander OSCAR NAJAR RIOS underweight 1 M 20 Not Provided 07.12.2012HSBC ADAM DICKENS underweight 1 D 14 Not Provided 07.12.2012Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012Independent Research GmbH SVEN DIERMEIER sell 1 D 16 12 month 06.12.2012Credit Suisse MICHEL DEBS neutral 3 M 16 Not Provided 03.12.2012Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011National Bank AG STEFFEN MANSKE buy 5 M 31 12 month 13.04.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 56. 20.02.2013Iberdrola SAIberdrola S.A. generates, distributes, trades, and markets electricity in Price/Volumethe United Kingdom, United States, Spain, Portugal, and Latin America. The 5 500.0 MCompany specializes in clean energy and more specifically wind power. 5 450.0 M 4 400.0 M 4 350.0 M 3 300.0 M 3 250.0 M Valuation Analysis 2 200.0 MLatest Fiscal Year: 12/2012 2 150.0 MLTM as of: 12/yy 1 100.0 M 1 50.0 M52-Week High (21.02.2012) 4.59 0 .0 M52-Week Low (26.07.2012) 2.63 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 21885017.00 Current Price (2/dd/yy) 3.694 Market Data 52-Week High % Change -19.50% Dividend Yield - 52-Week Low % Change 40.46% Beta 1.05 % 52 Week Price Range High/Low 57.54% Equity Float 5366.11Shares Out 03.01.2013 6281.2 Short Int - Market Capitalization 23202.69 1 Yr Total Return -15.18%Total Debt 33373.00 YTD Return -8.88%Preferred Stock 0.0 Adjusted BETA 1.050Minority Interest 325.0 Analyst Recs 37Cash and Equivalents 6575.00 Consensus Rating 3.351Enterprise Value 50325.69 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 40691530IBE SQ EQUITY YTD Change - Average Volume 30 Day 31406650IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 37886470 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 24889.3 25891.9 30431.0 31648.0 34750.1 32095.3 34848.9 33220.0 34381.4 - - TEV/Revenue 2.53x 2.39x 1.90x 1.76x 1.52x 8.28x 5.94x 1.56x 1.47x - - EBITDA 6105.6 6197.0 6857.9 7000.4 7193.0 7004.8 7151.9 7591.3 7937.2 2289.0 1696.0 TEV/EBITDA 10.31x 10.00x 8.42x 7.95x 7.35x 7.94x 7.39x 6.63x 6.34x 6.58x - Net Income 2553.7 2824.3 2870.9 2804.5 2840.7 2804.6 2840.7 2456.1 2690.7 916.0 440.0 P/E 11.20x 12.54x 10.95x 10.04x 9.07x 10.09x 8.91x 9.28x 8.75x - - Profitability S&P Issuer RatingsEBITDA 7193.00 Long-Term Rating Date 28.11.2012EBIT 4377.00 Long-Term Rating BBBOperating Margin 12.60% Long-Term Outlook STABLEPretax Margin 8.85% Short-Term Rating Date 26.11.2007Return on Assets 2.93% Short-Term Rating A-2Return on Common Equity 8.52% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 4.73Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 2.00Margin Analysis Net Debt/EBITDA 3.75Gross Margin 38.2% Total Debt/EBITDA 4.67EBITDA Margin 20.5% ReferenceEBIT Margin 12.4% Total Debt/Equity 98.9%Net Income Margin 8.2% Total Debt/Capital 49.5%Structure Asset Turnover 0.36Current Ratio 1.10 Net Fixed Asset Turnover -Quick Ratio 0.86 Accounts receivable turnover-days 58.03Debt to Assets 34.47% Inventory Days 34.18Tot Debt to Common Equity 98.85% Accounts Payable Turnover Day 104.73Accounts Receivable Turnover 6.31 Cash Conversion Cycle -12.35Inventory Turnover 10.71Price/ Cash Flow Sales/Revenue/Turnover 9.00 40000.0 8.00 35000.0 7.00 30000.0 6.00 25000.0 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 |
  • 57. 20.02.2013Iberdrola SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQATAR INVESTMENT AUT n/a EXCH 496946224 7.91 - 31.12.2011 GovernmentACS ACTIVIDADES CONS n/a EXCH 394672404 6.28 (492545762) 13.07.2012 CorporationBANCAJA (VALENCIA CA n/a EXCH 314887559 5.01 - 31.12.2011 BankBILBAO BIZKAIA KUTXA n/a EXCH 309430747 4.93 (13299908) 24.01.2013 BankNATIXIS n/a EXCH 298846609 4.76 (14204256) 28.08.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 265724144 4.23 25674073 19.02.2013 Investment AdvisorSOCIETE GENERALE n/a EXCH 192447747 3.06 1993873 10.01.2013 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 72833378 1.16 2388677 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 55560544 0.88 8920353 30.11.2012 Mutual Fund ManagerDEUTSCHE BANK AG Multiple Portfolios MF-AGG 18850297 0.3 (1477915) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 18260832 0.29 2045672 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 14653115 0.23 (255879) 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 14296206 0.23 - 15.02.2013 Investment AdvisorDE URRUTIA VAL VICTO n/a EXCH 13465535 0.21 464328 24.01.2013 n/aUNION INVESTMENT LUX Multiple Portfolios MF-AGG 13214700 0.21 7602990 28.09.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9446268 0.15 (3963637) 31.12.2012 Investment AdvisorINVERCAIXA GESTION S Multiple Portfolios MF-AGG 8289915 0.13 1796471 30.11.2012 Investment AdvisorMAINFIRST SICAV Multiple Portfolios MF-AGG 8200000 0.13 8200000 31.10.2012 Investment AdvisorMACQUARIE GROUP LTD n/a ULT-AGG 7184315 0.11 10895 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 6254192 0.1 247007 31.12.2012 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateLandesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 4 Not Provided 20.02.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 4 12 month 20.02.2013NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 18.02.2013Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 15.02.2013BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 15.02.2013Goldman Sachs FRED BARASI neutral/attractive 3 M 5 12 month 15.02.2013Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 15.02.2013Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 15.02.2013Nomura JAVIER SUAREZ reduce 2 M 4 12 month 15.02.2013Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 15.02.2013Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 14.02.2013Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.02.2013S&P Capital IQ CLIVE ROBERTS hold 3 M 4 12 month 14.02.2013Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 14.02.2013BBVA ISIDORO DEL ALAMO market perform 3 D 4 Not Provided 12.02.2013JPMorgan JAVIER GARRIDO neutral 3 M 4 9 month 07.02.2013Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 06.02.2013HSBC ADAM DICKENS neutral 3 M 4 Not Provided 05.02.2013Berenberg Bank ANDREW FISHER hold 3 N 4 Not Provided 05.02.2013Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 05.02.2013Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA buy 5 M 5 Not Provided 04.02.2013La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 5 Not Provided 28.01.2013Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 25.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012Mirabaud Finanzas Sociedad de ValoresJOSE MARTIN-VIVAS S underweight 1 M 4 Not Provided 30.10.2012Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 U 5 12 month 29.10.2012Natixis PHILIPPE OURPATIAN neutral 3 M 4 Not Provided 25.10.2012Macquarie SHAI HILL underperform 1 M 3 12 month 19.10.2012Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 5 Not Provided 21.09.2012Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012National Bank AG STEFFEN MANSKE hold 3 M 7 Not Provided 10.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 58. 20.02.2013Inditex SAIndustria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs, Price/Volumemanufactures and distributes apparel. The Company operates retail chains in 120 35.0 MEurope, the Americas, Asia, and Africa. 100 30.0 M 25.0 M 80 20.0 M 60 Valuation Analysis 15.0 MLatest Fiscal Year: 01/2012 40 10.0 MLTM as of: 10/yy 20 5.0 M52-Week High (19.12.2012) 111.80 0 .0 M52-Week Low (01.06.2012) 63.97 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 1557920.00 Current Price (2/dd/yy) 100.65 Market Data 52-Week High % Change -9.97% Dividend Yield - 52-Week Low % Change 57.34% Beta 0.70 % 52 Week Price Range High/Low 80.45% Equity Float 216.72Shares Out 31.10.2012 623.3 Short Int - Market Capitalization 62738.21 1 Yr Total Return 48.40%Total Debt 25.11 YTD Return -4.60%Preferred Stock 0.0 Adjusted BETA 0.701Minority Interest 40.8 Analyst Recs 41Cash and Equivalents 3517.44 Consensus Rating 3.439Enterprise Value 58819.21 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1148124ITX SQ EQUITY YTD Change - Average Volume 30 Day 1086309ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1432551 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.01.2008 31.01.2009 31.01.2010 31.01.2011 31.01.2012 10/yy 10/yy 01/13 Y 01/14 Y 01/13 Q4 04/13 Q1 Total Revenue 9434.7 10407.0 11083.5 12526.6 13792.6 13369.6 15445.6 16005.9 17795.8 4591.6 3809.0 TEV/Revenue 2.10x 1.68x 2.36x 2.48x 2.76x 10.48x 11.86x 3.64x 3.21x - - EBITDA 2148.8 2186.9 2353.1 2966.2 3214.6 3121.2 3774.6 3997.1 4484.4 1170.3 882.0 TEV/EBITDA 9.24x 7.97x 11.09x 10.46x 11.86x 12.14x 15.22x 14.72x 13.12x 13.52x 12.94x Net Income 1250.3 1253.5 1314.4 1731.8 1932.3 1854.8 2285.3 2406.8 2717.7 733.2 503.0 P/E 16.70x 14.82x 21.63x 19.86x 21.51x 22.09x 26.85x 26.08x 23.10x 24.71x 23.82x Profitability S&P Issuer RatingsEBITDA 3214.63 Long-Term Rating Date -EBIT 2522.01 Long-Term Rating -Operating Margin 18.29% Long-Term Outlook -Pretax Margin 18.55% Short-Term Rating Date -Return on Assets 19.31% Short-Term Rating -Return on Common Equity 31.43% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 875.44Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 573.53Margin Analysis Net Debt/EBITDA -1.05Gross Margin 59.3% Total Debt/EBITDA 0.00EBITDA Margin 24.4% ReferenceEBIT Margin 19.6% Total Debt/Equity 0.3%Net Income Margin 14.0% Total Debt/Capital 0.3%Structure Asset Turnover 1.31Current Ratio 2.01 Net Fixed Asset Turnover 3.60Quick Ratio 1.50 Accounts receivable turnover-days 18.03Debt to Assets 0.23% Inventory Days 101.74Tot Debt to Common Equity 0.34% Accounts Payable Turnover Day 213.24Accounts Receivable Turnover 20.30 Cash Conversion Cycle -64.26Inventory Turnover 3.60Price/ Cash Flow Sales/Revenue/Turnover 1.20 16000.0 14000.0 1.00 12000.0 0.80 10000.0 8000.0 0.60 6000.0 0.40 4000.0 2000.0 0.20 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 |
  • 59. 20.02.2013Inditex SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGARTLER SL n/a Co File 311727598 50.01 - 31.01.2011 UnclassifiedPARTLER 2006 SL n/a Co File 57872465 9.28 - 31.01.2011 CorporationROSP CORUNNA n/a Co File 36550000 5.86 - 31.01.2011 UnclassifiedJP MORGAN n/a ULT-AGG 18825977 3.02 (125) 31.10.2012 UnclassifiedFMR LLC n/a ULT-AGG 8191912 1.31 (179487) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 7598170 1.22 759500 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6989503 1.12 86426 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 4779721 0.77 893049 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3777882 0.61 (729721) 19.02.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2887450 0.46 (43431) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2594242 0.42 (346060) 30.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2396942 0.38 (63415) 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1835758 0.29 61061 31.12.2012 Investment AdvisorUMB BANK N A Multiple Portfolios MF-AGG 1265424 0.2 56242 31.12.2012 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1073500 0.17 - 30.11.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 871124 0.14 (52642) 31.12.2012 Investment AdvisorJENNISON ASSOCIATES Multiple Portfolios MF-AGG 786649 0.13 (20786) 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 738925 0.12 496579 31.12.2012 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 729020 0.12 (65107) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 659891 0.11 8902 15.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 20.02.2013Societe Generale ANNE CRITCHLOW buy 5 M 138 12 month 19.02.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 12 month 19.02.2013BPI JOSE RITO neutral 3 M 105 Not Provided 15.02.2013BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 15.02.2013Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 15.02.2013Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 115 Not Provided 15.02.2013Grupo Santander REBECCA MCCLELLAN buy 5 M 125 Not Provided 14.02.2013AlphaValue VIRGINIE BLIN sell 1 M 86 6 month 14.02.2013Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 122 Not Provided 10.02.2013ISI Group OMAR SAAD strong buy 5 M 110 12 month 07.02.2013Nomura FRASER RAMZAN buy 5 M 121 12 month 05.02.2013Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 30.01.2013Credit Suisse SIMON IRWIN underperform 1 M 105 Not Provided 28.01.2013Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 90 12 month 27.01.2013Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 17.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 16.01.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 18.12.2012S&P Capital IQ WILLIAM MACK hold 3 D 110 12 month 18.12.2012HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.12.2012Espirito Santo Investment Bank Research FILIPE ROSA neutral 3 D 110 Not Provided 13.12.2012Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 87 Not Provided 13.12.2012Commerzbank Corporates & Markets ANNA RABEYA KHAN buy 5 M 115 6 month 12.12.2012La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 99 Not Provided 12.12.2012Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 80 Not Provided 12.12.2012Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 12.12.2012Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 04.12.2012Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 93 12 month 04.12.2012Deutsche Bank WARWICK OKINES hold 3 M 99 12 month 30.11.2012Day by Day VALERIE GASTALDY buy 5 U 114 3 month 23.11.2012Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012Independent Research GmbH ZAFER RUZGAR sell 1 D 83 12 month 26.09.2012CA Cheuvreux DANIEL OVIN outperform 5 M 110 Not Provided 20.09.2012Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012Redburn Partners GEOFF LOWERY buy 5 U #N/A N/A Not Provided 11.07.2012Mirabaud Finanzas Sociedad de ValoresGONZALO SANZ S underweight 1 M 67 12 month 21.03.2012Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 60. 20.02.2013ING Groep NVING Groep N.V. offers financial services to individuals, corporations, and other Price/Volumeinstitutions. The Company offers corporate, investment, and private banking 9 70.0 Mservices, asset and portfolio management, treasury services, and insurance. ING 8 60.0 MGroep has offices throughout the world. 7 50.0 M 6 5 40.0 M Valuation Analysis 4 30.0 MLatest Fiscal Year: 12/2012 3 20.0 M 2LTM as of: 12/yy 10.0 M 152-Week High (14.01.2013) 7.91 0 .0 M52-Week Low (04.06.2012) 4.44 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 17984799.00 Current Price (2/dd/yy) 6.492 Market Data 52-Week High % Change -17.87% Dividend Yield - 52-Week Low % Change 46.22% Beta 1.77 % 52 Week Price Range High/Low 65.25% Equity Float -Shares Out 31.12.2012 3831.6 Short Int - Market Capitalization 24874.49 1 Yr Total Return -6.59%Total Debt 207649.00 YTD Return -8.06%Preferred Stock 0.0 Adjusted BETA 1.771Minority Interest 1081.0 Analyst Recs 30Cash and Equivalents 17657.00 Consensus Rating 3.833Enterprise Value 215947.49 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 18033430INGA NA EQUITY YTD Change - Average Volume 30 Day 18075770INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 16247150 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 64680.0 46025.0 51411.0 52787.0 40783.0 46023.0 42241.0 45396.2 46723.3 - - TEV/Revenue 4.40x 5.41x 4.99x 4.38x 5.34x 22.59x 22.26x 1.55x 1.78x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income (729.0) (935.0) 2810.0 5766.0 3894.0 5766.0 3894.0 3708.7 4100.2 - - P/E - - 12.77x 6.70x 10.31x 6.43x 9.42x 6.58x 5.96x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 03.09.2009EBIT - Long-Term Rating AOperating Margin 15.18% Long-Term Outlook NEGPretax Margin 8.66% Short-Term Rating Date 31.03.2009Return on Assets 0.32% Short-Term Rating A-1Return on Common Equity 7.33% Credit RatiosReturn on Capital 1.55% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 366.8%Net Income Margin 9.5% Total Debt/Capital 78.3%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 17.77% Inventory Days -Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 100000.0 90000.0 1.00 80000.0 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 61. 20.02.2013ING Groep NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 246973598 6.45 (1190681) 15.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 156283553 4.08 (1525614) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 90073181 2.35 599105 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 40930087 1.07 (35661908) 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 39943572 1.04 1701096 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 31337900 0.82 665045 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 30654369 0.8 (22538) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 30275998 0.79 (1469145) 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 29191916 0.76 191764 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 25314880 0.66 - 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 23645980 0.62 3963556 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23087088 0.6 1256401 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 23055437 0.6 (6597312) 30.11.2012 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19699641 0.51 - 31.12.2012 Mutual Fund ManagerUNION INVESTMENT GMB Multiple Portfolios MF-AGG 18894298 0.49 3885289 28.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 18175184 0.47 201990 31.12.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 15020303 0.39 (143690) 30.11.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13099026 0.34 574476 31.12.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 12727018 0.33 - 15.02.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 9741760 0.25 (549162) 28.09.2012 Bank Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 18.02.2013SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013Rabobank International COR KLUIS buy 5 M 10 12 month 15.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013JPMorgan MICHAEL HUTTNER not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013Macquarie THOMAS STOEGNER underperform 1 M 7 12 month 14.02.2013Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013S&P Capital IQ RODERICK WALLACE hold 3 M 8 12 month 14.02.2013AlphaValue JEROME CASSAGNE add 4 U 8 6 month 14.02.2013Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 13.02.2013Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 13.02.2013Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 13.02.2013ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.02.2013HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 11.02.2013Berenberg Bank JAMES CHAPPELL buy 5 N 8 Not Provided 28.01.2013Petercam MATTHIAS DE WIT hold 3 D 8 Not Provided 17.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 18.12.2012Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 07.12.2012Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 23.11.2012Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 12 month 20.11.2012Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 7 Not Provided 08.11.2012CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 21.08.2012DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 62. 20.02.2013Intesa Sanpaolo SpAIntesa Sanpaolo attracts deposits and offers banking and financial services. Price/VolumeThe Bank offers consumer credit, asset management, Internet banking, merchant 2 500.0 Mbanking, securities brokerage, factoring, and lease financing services, and 2 450.0 Mmanages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and 1 400.0 Moffices elsewhere in Europe, Asia, and the United States. 1 350.0 M 300.0 M 1 250.0 M Valuation Analysis 1 200.0 MLatest Fiscal Year: 12/2011 1 150.0 M 0 100.0 MLTM as of: 09/yy 0 50.0 M52-Week High (16.03.2012) 1.59 0 .0 M52-Week Low (23.07.2012) 0.85 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 117425614.00 Current Price (2/dd/yy) 1.376 Market Data 52-Week High % Change -13.19% Dividend Yield - 52-Week Low % Change 61.22% Beta 1.39 % 52 Week Price Range High/Low 73.75% Equity Float 13656.70Shares Out 02.01.2013 15501.5 Short Int - Market Capitalization 22418.30 1 Yr Total Return -7.60%Total Debt 266182.00 YTD Return 5.85%Preferred Stock 0.0 Adjusted BETA 1.387Minority Interest 718.0 Analyst Recs 35Cash and Equivalents 39926.00 Consensus Rating 3.000Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day #########ISP IM EQUITY YTD Change - Average Volume 30 Day #########ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month ######### 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 32566.0 33216.0 27022.0 24836.0 25266.0 18533.0 22360.0 17368.1 16802.8 4206.8 - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 7250.0 2553.0 2805.0 2705.0 (8190.0) 2434.0 (8431.0) 1785.3 2024.7 119.0 - P/E 21.37x 23.67x 15.27x 12.90x - 7.68x 0.00x 12.40x 11.19x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 10.02.2012EBIT - Long-Term Rating BBB+Operating Margin 4.75% Long-Term Outlook NEGPretax Margin -54.51% Short-Term Rating Date 10.02.2012Return on Assets -1.26% Short-Term Rating A-2Return on Common Equity -15.80% Credit RatiosReturn on Capital -2.50% 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 565.9%Net Income Margin -46.8% Total Debt/Capital 84.8%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 3.84Quick Ratio - Accounts receivable turnover-days -Debt to Assets 41.64% Inventory Days -Tot Debt to Common Equity 565.86% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 35000.0 30000.0 1.00 25000.0 0.80 20000.0 0.60 15000.0 0.40 10000.0 5000.0 0.20 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 63. 20.02.2013Intesa Sanpaolo SpAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMPAGNIA DI SAN PAO n/a EXCH 1532766787 9.89 - 20.11.2012 OtherFOND CR PROVINCIE LO n/a EXCH 725460008 4.68 - 20.11.2012 BankFONDAZIONE CASSA RIS n/a EXCH 647953597 4.18 - 20.11.2012 BankENTE CASSA DI RISP F n/a EXCH 523633314 3.38 - 20.11.2012 BankFONDAZIONE CASSA RIS n/a EXCH 422874979 2.73 - 20.11.2012 OtherALLEANZA TORO SPA n/a EXCH 286308683 1.85 - 20.11.2012 Insurance CompanyBLACKROCK n/a ULT-AGG 220531825 1.42 (1876036) 15.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 212362489 1.37 21857253 31.12.2012 Investment AdvisorASSICURAZIONI GENERA n/a EXCH 205236977 1.32 - 20.11.2012 Insurance CompanyHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 193171300 1.25 19137900 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 146583704 0.95 (1857397) 31.12.2012 Investment AdvisorINA ASSITALIA SPA n/a EXCH 85877104 0.55 - 20.11.2012 Insurance CompanyGENERALI VIE SA n/a EXCH 82931860 0.53 - 20.11.2012 OtherDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 61718552 0.4 (15000000) 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 43225303 0.28 - 15.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 39418514 0.25 (73707) 30.11.2012 Mutual Fund ManagerMANDARINE GESTION Multiple Portfolios MF-AGG 38348489 0.25 3963559 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 38026097 0.25 (4773898) 31.12.2012 Mutual Fund ManagerTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 37525547 0.24 (363082) 30.11.2012 Investment AdvisorMAINFIRST SICAV Multiple Portfolios MF-AGG 37116000 0.24 27900000 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBanca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 20.02.2013Nomura DOMENICO SANTORO buy 5 M 2 Not Provided 20.02.2013Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 2 Not Provided 15.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 14.02.2013Berenberg Bank ELENI PAPOULA hold 3 M 2 Not Provided 08.02.2013Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 28.01.2013RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 28.01.2013Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 28.01.2013Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 25.01.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 2 12 month 24.01.2013ICBPI LUCA COMI neutral 3 M 1 12 month 24.01.2013Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 22.01.2013Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 22.01.2013Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 18.01.2013Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 17.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Credit Suisse IGNACIO CEREZO outperform 5 U 2 Not Provided 15.01.2013Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 15.01.2013Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 09.01.2013JPMorgan MARTA BASTONI underweight 1 M 1 9 month 07.01.2013Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 11.12.2012Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 03.12.2012Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 30.11.2012HSBC CARLO DIGRANDI underweight 1 M 1 Not Provided 27.11.2012Mediobanca SpA ANDREA FILTRI neutral 3 M 1 6 month 14.11.2012S&P Capital IQ FRANK BRADEN hold 3 M 1 12 month 13.11.2012CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 06.11.2012Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012Natixis STEVEN GOULD buy 5 M 1 Not Provided 02.10.2012Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 64. 20.02.2013Koninklijke Philips Electronics NVKoninklijke Philips Electronics N.V. manufactures medical systems, domestic Price/Volumeappliances, consumer electronics, and lighting. The Company produces imaging, 25 14.0 Multrasound and healthcare informatics equipment, shaving and beauty and health 12.0 Mand wellness products, displays, and peripherals, and lamps and luminaries. 20 10.0 M 15 8.0 M Valuation Analysis 10 6.0 MLatest Fiscal Year: 12/2012 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (01.02.2013) 23.44 0 .0 M52-Week Low (07.05.2012) 13.57 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 2299047.00 Current Price (2/dd/yy) 21.655 Market Data 52-Week High % Change -7.60% Dividend Yield - 52-Week Low % Change 59.58% Beta 1.18 % 52 Week Price Range High/Low 84.79% Equity Float 908.50Shares Out 30.09.2012 957.1 Short Int - Market Capitalization 20726.71 1 Yr Total Return 38.89%Total Debt 4534.00 YTD Return 8.85%Preferred Stock 0.0 Adjusted BETA 1.175Minority Interest 34.0 Analyst Recs 41Cash and Equivalents 3834.00 Consensus Rating 3.659Enterprise Value 21460.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3358643PHIA NA EQUITY YTD Change - Average Volume 30 Day 3280158PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 2808190 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 26385.0 20092.0 22287.0 22579.0 24788.0 22582.0 24788.0 24793.8 25725.3 5575.0 5840.0 TEV/Revenue 0.51x 0.95x 0.92x 0.70x 0.77x 3.02x 2.76x 0.87x 0.80x 3.74x 3.76x EBITDA 1883.0 2055.0 3436.0 1187.0 2463.0 1186.0 2463.0 3438.5 3761.1 589.0 713.0 TEV/EBITDA 7.11x 9.30x 5.98x 13.33x 7.78x 13.34x 7.78x 6.24x 5.71x 6.76x 8.29x Net Income (91.0) 410.0 1446.0 (1295.0) 226.0 (1295.0) 226.0 1476.1 1688.8 214.0 304.3 P/E - 41.36x 14.60x - 70.14x 0.00x 72.71x 12.89x 11.29x 13.06x 12.25x Profitability S&P Issuer RatingsEBITDA 2463.00 Long-Term Rating Date 11.05.2005EBIT 1030.00 Long-Term Rating A-Operating Margin 4.16% Long-Term Outlook NEGPretax Margin