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Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)

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Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)

Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)

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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 E100 Index - FTSE Eurotop 100 Index April 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 Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred 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 USD) Volume (M) Shares (M) (USD) Stock (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 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03NESTLE SA-REG CHF 229014 2740 3189 29 0 2 10 249.79 96847 96847 103068 109004 17714 17714 - - 3.49 3.49 3.82 4.14 21.33 21.32 19.50 18.01 10.71 -2.93 10.20 -1.53 19.19 AA 16.08.2007 - -HSBC HOLDINGS PLC GBp 193779 9945 18476 430 4 12 387 #VALUE! 127870 121335 103439 109654 - - - - 0.74 1.17 1.47 1.65 20.46 - 16.22 14.51 -16.15 - - - - A+ 29.11.2011 Aa3 21.06.2012NOVARTIS AG-REG CHF 189771 1999 2421 21 0 0 9 211.30 59449 59449 59823 62222 17533 17272 - - 4.20 4.11 5.44 6.01 18.76 18.90 14.18 12.83 -3.39 9.23 -6.50 11.07 30.48 AA- 07.04.2008 Aa3 08.02.2013ROCHE HOLDING AG-GENUSSCHEIN CHF 197900 547 863 26 0 2 15 211.36 47728 47728 50014 51848 17357 17357 - - 11.71 11.80 15.63 16.75 20.39 20.56 15.40 14.37 7.32 0.11 4.80 -0.57 38.15 AA 17.09.2012 - -VODAFONE GROUP PLC GBp 137178 53383 49646 52 0 2 13 170.49 70106 67478 66991 68359 27509 21004 - - 0.29 -0.05 0.23 0.25 - - 18.33 17.09 1.75 8.15 36.51 11.89 47.01 A- 30.05.2006 A3 03.08.2011BP PLC GBp 133414 6511 19136 74 0 2 30 246.63 567256 560136 519122 532825 30874 33312 14010 14010 0.33 0.92 1.29 1.44 17.26 31.03 12.35 11.03 0.03 7.69 -83.62 -17.29 8.98 A 24.09.2010 - -SANOFI EUR 132008 1829 1323 19 0 0 8 142.58 44621 44621 45780 48319 15812 16208 - - 5.57 4.80 7.68 8.57 26.47 22.82 16.56 14.84 5.96 6.12 -2.12 3.91 46.38 AA- 18.02.2011 A2 18.02.2011ROYAL DUTCH SHELL PLC-A SHS GBp 208579 1009 6331 57 0 2 28 346.16 705563 705563 691755 703368 78710 78710 15643 15643 6.21 6.42 6.34 6.43 11.49 11.92 11.63 11.47 -0.97 5.17 -10.34 -1.03 16.85 AA 03.09.2009 Aa1 20.07.2005GLAXOSMITHKLINE PLC GBp 112485 3295 4904 28 0 1 6 135.10 39920 39920 40677 42251 12803 12803 3385 3385 1.59 1.40 1.74 1.92 24.69 19.17 19.92 18.03 -5.27 4.88 -20.99 -0.84 48.44 A+ 18.02.2008 - -TOTAL SA EUR 112784 3771 2258 43 0 2 22 135.18 232762 232762 231214 229795 41296 40784 11081 11081 6.03 6.04 6.72 6.78 10.08 10.10 9.06 8.98 12.07 5.75 -2.23 1.32 22.37 AA- 12.04.2011 Aa1 30.08.2005BRITISH AMERICAN TOBACCO PLC GBp 101852 758 2026 16 0 0 3 115.32 22942 22942 24307 25379 9278 9278 10049 10049 3.09 2.99 3.48 3.81 26.68 25.81 22.91 20.95 -2.05 12.58 -4.14 19.71 61.08 A- 09.11.2012 - -SIEMENS AG-REG EUR 95040 1373 856 26 0 1 15 109.80 99969 100447 99877 103691 12325 13216 2611 2611 7.15 7.25 7.78 9.62 18.99 19.22 17.71 14.32 8.75 0.14 -10.21 2.13 16.80 A+ 05.06.2009 - -ROYAL DUTCH SHELL PLC-B SHS GBp 208579 2012 6331 57 0 2 28 346.16 706 K 706 K 692 K 703 K 78710 78710 15643 15643 6.21 6.42 6.34 6.43 11.83 12.28 11.98 11.81 -0.97 5.17 -10.34 -1.03 16.85 AA 03.09.2009 Aa1 20.07.2005BAYER AG-REG EUR 83656 1360 827 12 0 0 3 92.70 50766 50766 53040 55707 11493 10987 3212 3212 7.13 3.78 7.52 8.31 34.18 19.80 17.17 15.54 11.30 5.53 0.54 7.91 27.63 A- 30.04.2008 A3 17.07.2006BASF SE EUR 79863 2681 918 17 0 2 2 96.18 100522 100522 102988 102391 16066 16066 4478 4478 6.39 6.78 7.62 8.21 16.37 17.38 14.56 13.53 9.09 8.38 7.84 4.76 20.41 A+ 10.05.2011 A1 17.11.2010ANHEUSER-BUSCH INBEV NV EUR 155540 1217 1602 57 0 5 18 243.01 50764 50764 57383 62292 19727 19727 - - 5.70 5.78 6.36 7.19 27.29 27.65 24.83 21.95 2.33 19.10 1.28 22.65 49.62 A 01.05.2012 A3 27.03.2012DIAGEO PLC GBp 76655 1198 2531 13 0 2 2 90.03 16254 16680 17328 18529 5779 6082 2654 2654 1.24 1.53 1.56 1.73 30.10 35.11 29.66 26.61 12.56 10.95 27.76 14.74 55.07 A- 01.09.2005 A3 17.10.2005SAP AG EUR 96938 1889 1192 7 0 0 3 100.29 20714 20714 22993 25341 6387 5841 1420 1420 3.04 3.03 4.42 5.02 33.29 33.37 22.77 20.09 17.85 12.38 9.28 14.11 36.01 - - - -NOVO NORDISK A/S-B DKK 91104 417 543 0 0 0 3 88.43 13369 13369 14353 15641 5491 5491 1325 1325 - 6.70 7.90 8.76 4.16 - 3.53 3.18 3.02 2.41 4.95 3.74 7.04 A+ 24.06.2011 - -BANCO SANTANDER SA EUR 69527 60243 10321 469 0 12 233 #VALUE! 55637 55637 56775 59544 - - - - 0.76 0.30 0.75 0.88 27.69 10.52 11.20 9.62 -56.36 12.18 - - - BBB 16.10.2012 (P)Baa2 24.10.2012RIO TINTO PLC GBp 92521 2284 1847 41 0 17 12 185.58 76978 76978 88228 93800 24018 24018 15420 15420 7.06 -2.44 9.02 10.26 - 15.16 11.86 10.42 -23.88 16.85 -60.94 13.11 47.12 A- 18.04.2011 - -LVMH MOET HENNESSY LOUIS VUI EUR 85724 1065 500 9 0 1 3 93.03 35882 35882 38632 41941 8861 9219 3606 3606 8.91 8.76 9.68 10.86 24.61 24.20 22.28 19.86 23.98 14.24 16.40 14.11 32.80 A 20.05.2011 - -UNILEVER NV-CVA EUR 122220 2388 2832 13 0 1 4 132.32 65531 65531 68321 72206 10455 10455 - - 1.94 2.02 2.16 2.35 25.50 26.49 23.82 21.92 13.35 6.82 12.42 4.97 20.37 A+ 05.10.2000 A1 11.07.2000BHP BILLITON PLC GBp 173058 2925 5298 43 0 2 8 308.87 109086 101118 102833 113273 51149 42726 24709 24709 5.50 2.76 3.86 4.59 24.24 17.00 17.29 14.57 1.03 10.20 -16.76 12.56 63.82 A+ 15.11.2010 (P)A1 15.11.2010SABMILLER PLC GBp 82615 496 1664 29 0 1 1 153.26 25242 25857 37002 39254 7784 8197 - - 2.91 4.22 3.62 4.08 27.96 35.14 32.55 28.90 15.64 0.93 15.23 7.70 47.88 BBB+ 04.08.2003 Baa1 27.10.2005ALLIANZ SE-REG EUR 61156 1705 453 37 0 3 16 85.26 122600 122598 132985 136660 - - - - 14.95 14.58 15.48 16.21 11.75 11.55 11.06 10.57 12.62 3.84 - - - AA 27.01.2012 Aa3 03.05.2004ENI SPA EUR 81481 8111 3634 31 0 4 10 106.90 162501 162501 150431 154689 31364 31364 9022 9022 0.84 3.06 2.50 2.65 9.37 10.52 11.46 10.81 20.60 7.56 -5.80 -1.34 24.64 A 17.01.2012 A3 16.07.2012ASTRAZENECA PLC GBp 60919 1083 1247 16 0 0 13 95.02 42249 42249 39798 38670 16097 17552 3583 3583 9.15 7.54 8.23 7.93 14.76 12.22 13.52 14.04 -25.26 -2.91 -29.78 -0.72 62.75 AA- 27.07.2007 A1 30.07.2007STANDARD CHARTERED PLC GBp 61739 1192 2413 171 2 1 184 #VALUE! 40640 40640 31312 34405 - - - - 3.20 3.08 3.59 3.96 18.95 18.23 16.23 14.73 15.91 6.22 - - - A+ 01.12.2011 A2 26.11.2010TELEFONICA SA EUR 60781 20155 4551 85 0 9 15 140.37 79617 79617 75980 76315 26602 26648 5844 5844 1.05 1.13 1.45 1.51 15.10 - 11.76 11.29 -0.98 2.51 9.50 -2.31 42.74 BBB 20.12.2012 Baa2 18.10.2012DAIMLER AG-REGISTERED SHARES EUR 59121 2162 1068 108 0 2 19 150.05 145936 145936 149351 158434 15498 15568 - - 7.24 7.29 5.94 7.03 9.70 9.70 11.91 10.06 9.30 22.58 -0.82 -6.62 13.62 A- 23.02.2012 A3 01.10.2007UBS AG-REG CHF 58636 6342 3747 281 0 5 70 274.07 39603 39608 27916 29031 16290 16291 - - 0.55 -0.70 0.92 1.25 - 29.92 17.47 12.83 -8.02 -10.57 -11.62 -32.87 43.15 A 29.11.2011 A2 21.06.2012BG GROUP PLC GBp 57351 2733 3402 23 0 0 7 103.42 28595 32722 30416 34615 15403 15951 4161 4161 1.95 1.55 1.99 2.36 24.86 19.01 19.34 16.31 -15.34 10.37 2.59 9.25 73.62 - - - -BNP PARIBAS EUR 62184 5738 1240 1293 9 11 178 #VALUE! 87671 124521 51201 52836 - - - - 6.99 6.81 6.40 7.32 9.39 8.93 10.00 8.75 -4.22 14.55 - - - A+ 25.10.2012 A2 21.06.2012UNILEVER PLC GBp 122245 998 2832 15 0 1 4 156.52 77517 77517 80817 85413 12655 12655 - - 2.35 2.39 2.56 2.78 30.92 31.49 28.93 26.63 15.79 8.07 8.73 6.57 24.66 A+ 05.10.2000 A1 11.07.2000BARCLAYS PLC GBp 55349 32713 12243 661 0 14 194 #VALUE! 58657 51741 44395 45545 - - - - 0.69 -0.13 0.56 0.67 - 9.48 11.69 9.75 1.61 -9.26 - - - A 29.11.2011 (P)A3 21.06.2012ABB LTD-REG CHF 52205 2742 2296 11 0 1 9 56.98 41263 41263 43679 45976 5553 5686 1479 1479 1.26 1.23 1.60 1.81 20.21 19.25 15.55 13.72 3.72 5.43 -7.27 2.61 14.45 A 08.06.2010 - -RECKITT BENCKISER GROUP PLC GBp 51516 556 734 5 0 0 1 55.12 14449 14449 15269 16004 4105 4105 - - 3.99 3.81 4.01 4.24 28.47 27.02 27.08 25.62 1.31 19.53 4.23 24.47 42.91 A+ 16.12.2003 - -BANCO BILBAO VIZCAYA ARGENTA EUR 46495 37524 5433 289 0 3 82 #VALUE! 44972 29189 29794 31392 - - - - 0.63 0.33 0.99 1.12 33.37 33.75 10.97 9.73 8.40 12.39 - - - BBB- 16.10.2012 Baa3 24.10.2012TESCO PLC GBp 45711 7554 8032 18 0 0 5 57.97 97476 98230 99944 104232 7713 7470 - - 0.57 0.53 0.48 0.50 16.25 16.29 18.01 17.04 10.20 11.24 6.22 12.48 11.49 A- 29.07.2008 Baa1 20.04.2012LOREAL EUR 92167 381 598 0 #VALUE! 0 2 90.16 28681 28681 29935 31689 5604 5604 - - 6.05 6.13 6.54 7.08 31.77 31.79 29.77 27.49 13.30 7.38 14.00 6.10 24.95 - - - -DANONE EUR 43203 978 593 12 0 0 4 51.59 26646 26646 28210 29955 4625 4625 - - 3.56 3.56 4.03 4.45 24.40 24.45 21.57 19.54 10.25 13.89 4.98 14.49 22.16 A- 25.07.2007 A3 06.11.2007NATIONAL GRID PLC GBp 41596 2242 3701 35 0 0 4 73.21 20891 20548 21787 22598 7215 7538 - - 0.77 0.96 0.81 0.83 17.84 20.87 21.27 20.69 -5.38 12.97 -2.12 11.35 55.41 A- 24.08.2007 Baa1 12.01.2007ZURICH INSURANCE GROUP AG CHF 40851 242 147 13 0 2 10 48.91 73897 73897 64482 66754 - - - - 27.78 27.76 30.10 31.81 10.92 10.92 10.07 9.53 34.59 12.40 - - - - - - -CIE FINANCIERE RICHEMON-BR A CHF 44633 717 522 1 0 0 4 33.45 9301 10237 10679 11585 2469 2812 - - 2.90 3.67 3.64 4.11 18.23 18.54 18.39 16.29 30.06 17.26 43.05 17.94 28.82 - - - -PRUDENTIAL PLC GBp 40555 3035 2557 10 0 0 8 43.22 83788 83788 87446 89651 - - - - 1.19 1.31 1.21 1.34 18.34 20.18 19.85 17.92 78.48 - - - - A+ 17.08.2010 A2 20.12.2002AXA SA EUR 41087 5052 2389 14 8 3 39 18.71 146436 146436 128390 130665 - - - - 2.33 2.26 2.52 2.69 9.70 9.41 8.72 8.18 21.24 75.98 - - - A- 18.12.2012 A2 19.03.2003SCHNEIDER ELECTRIC SA EUR 39855 1225 547 10 0 0 5 45.69 30575 30575 31092 32698 4899 4899 - - 4.54 4.33 5.27 5.87 21.17 20.18 17.40 15.60 9.15 10.14 3.84 5.78 20.46 A- 26.11.2008 A3 12.01.2009SYNGENTA AG-REG CHF 38626 181 92 4 #VALUE! 0 2 42.35 14898 14898 16074 17008 3302 3302 1099 1099 23.87 21.43 26.23 28.72 21.29 19.11 17.39 15.89 7.38 11.62 9.40 10.75 23.25 A 15.06.2007 - -AIR LIQUIDE SA EUR 37345 605 311 9 0 0 1 45.46 19569 19569 20847 22349 4842 4842 - - 6.64 6.61 7.11 7.87 23.09 23.21 21.45 19.40 7.68 6.56 8.19 8.68 31.59 A 02.07.2007 - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred 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 USD) Volume (M) Shares (M) (USD) Stock (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 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03ERICSSON LM-B SHS SEK 41171 3661 3220 4 0 0 12 34.03 35026 35026 36245 37852 4880 4933 900 900 - 0.28 0.79 0.94 6.93 - 2.42 2.04 0.06 0.75 1.08 -0.02 2.17 BBB+ 15.06.2007 A3 10.06.2011XSTRATA PLC GBp 48662 2061 3003 26 0 4 3 99.78 47754 47754 51372 54842 12267 12267 6878 6878 1.90 0.60 1.88 2.36 61.17 19.46 19.64 15.63 -10.07 5.24 -45.72 -8.64 38.80 BBB+ *- 29.11.2012 - -DEUTSCHE BANK AG-REGISTERED EUR 36043 8534 929 363 0 2 227 #VALUE! 42878 60203 43189 44464 - - - - 4.06 0.87 4.93 6.39 57.02 10.18 10.04 7.75 -46.26 -7.43 - - - A+ *- 26.03.2013 A2 21.06.2012ANGLO AMERICAN PLC GBp 36005 1303 1391 25 0 9 14 75.21 43439 43439 51703 54057 11602 11602 8034 8034 3.91 -1.70 3.50 4.25 - 15.42 16.84 13.85 -8.98 20.36 -49.07 -8.82 40.34 BBB+ 18.04.2011 Baa1 23.02.2009DEUTSCHE TELEKOM AG-REG EUR 45122 12767 4319 57 0 6 8 100.27 74271 74271 73742 73470 22635 22610 5525 5525 1.28 -1.57 0.91 0.94 - 10.56 14.71 14.21 -1.05 -1.77 -15.64 1.90 38.87 BBB+ 19.05.2008 Baa1 22.12.2011GDF SUEZ EUR 45980 3045 2357 73 0 15 15 119.56 123899 123899 103673 103865 23495 23495 - - 1.70 0.91 1.74 1.82 26.74 14.28 13.95 13.39 8.96 9.13 18.51 26.38 24.21 A *- 29.01.2013 A1 03.07.2012IMPERIAL TOBACCO GROUP PLC GBp 33095 942 990 14 0 0 1 46.70 22160 22160 12241 12664 6810 6810 2282 2282 2.49 1.03 3.21 3.46 49.69 20.55 15.92 14.78 -5.11 90.21 57.87 35.89 46.42 BBB 20.05.2008 - -NORDEA BANK AB SEK 45368 2522 4023 38 0 0 8 #VALUE! 2684 2684 1606 1673 - - - - 0.12 0.12 0.13 0.14 1.74 1.74 1.64 1.47 0.71 0.23 - - - AA- 29.11.2005 Aa3 24.05.2012CREDIT SUISSE GROUP AG-REG CHF 34708 3185 1294 347 0 7 67 #VALUE! 40190 40190 27876 28844 - - - - 2.37 0.88 2.77 3.25 31.28 11.05 9.96 8.48 -10.76 31.68 - - - A 19.12.2008 (P)A2 21.06.2012VOLKSWAGEN AG-PREF EUR 88396 632 465 150 0 6 33 211.04 246011 246011 260904 274584 31185 31185 5601 5601 59.09 59.46 27.69 31.99 4.23 4.24 9.07 7.86 26.72 15.52 18.28 12.83 16.19 A- 31.08.2009 A3 17.08.2009MUENCHENER RUECKVER AG-REG EUR 33237 444 179 8 0 0 4 37.88 84137 84442 71290 73811 - - - - 22.96 22.96 20.92 21.42 10.31 10.31 11.31 11.05 10.46 9.19 - - - AA- 22.12.2006 - -E.ON SE EUR 34389 7246 1907 33 0 5 8 64.66 168658 168658 142657 145127 10780 10780 12203 12203 2.31 1.46 1.67 1.78 15.08 9.50 13.14 12.34 21.63 20.90 124.84 -6.72 8.16 A- 27.07.2012 A3 05.10.2011PERNOD-RICARD SA EUR 32720 208 263 13 0 0 1 44.69 10 K 11 K 11 K 12 K 2930 3127 - - 5.61 5.80 6.35 7.19 27.16 26.34 24.81 21.89 9.56 7.79 11.13 8.86 36.75 BBB- 03.10.2011 Baa3 08.09.2011BT GROUP PLC GBp 32360 7145 8151 16 0 0 1 45.24 29160 27348 27396 26802 9349 8882 2469 2469 0.36 0.41 0.38 0.38 15.05 16.97 16.36 16.17 -5.79 -4.81 7.80 2.85 49.05 BBB 19.07.2011 - -INDITEX EUR 79667 429 623 0 0 0 5 74.48 20360 20360 22619 25079 4995 4996 1058 1058 4.84 4.83 5.46 6.12 33.76 - 29.90 26.67 19.93 13.22 27.70 16.25 31.33 - - - -ROLLS-ROYCE HOLDINGS PLC GBp 31209 863 1872 2 0 0 4 29.40 18367 18367 22921 24220 2548 2548 1800 1800 1.41 1.86 0.99 1.08 13.47 17.76 25.34 23.15 14.08 17.11 21.12 30.05 20.95 A 13.04.2012 - -STATOIL ASA NOK 76950 2019 3180 20 0 0 14 83.79 120612 120618 109172 111813 45360 45503 10657 10657 - 3.70 2.85 2.94 1.11 - 1.45 1.40 1.59 -0.50 0.23 1.46 6.45 AA- 03.08.2007 Aa2 23.06.2005LLOYDS BANKING GROUP PLC GBp 51378 130418 70424 287 0 1 168 #VALUE! 54989 54989 27562 27462 - - - - 0.03 -0.03 0.06 0.08 - 41.55 18.68 13.00 2.65 - - - - A- 29.11.2011 A3 21.06.2012SWISS RE AG CHF 29846 452 343 21 0 0 11 40.83 34738 34738 33946 36553 - - - - 11.60 12.69 8.46 8.90 6.98 7.47 10.47 9.95 20.07 0.89 - - - - - - -CENTRICA PLC GBp 28558 5725 5199 8 0 0 1 35.19 36161 36161 36902 38476 5585 5585 5958 5958 0.39 0.37 0.42 0.47 22.40 21.13 19.81 17.83 7.40 15.93 17.70 12.24 23.33 A- 29.05.2009 A3 21.06.2006KONINKLIJKE PHILIPS ELECTRON EUR 28126 1953 915 6 0 0 5 29.06 31650 31650 31635 32711 3145 3145 752 752 0.36 0.35 2.09 2.42 107.40 77.15 17.94 15.52 12.49 1.93 137.70 -4.53 12.69 A- 11.05.2005 A3 20.04.2006GLENCORE INTERNATIONAL PLC GBp 38301 7912 7099 54 0 5 4 111.82 323873 323873 329179 346254 6949 6949 - - 0.27 0.22 0.90 1.12 56.50 45.48 13.71 11.02 22.95 25.78 6.08 -5.44 3.24 BBB 29.11.2012 - -ING GROEP NV-CVA EUR 27514 17221 3801 265 0 1 23 271.48 50184 53934 49386 54358 - - - - 0.87 0.96 1.28 1.42 9.58 8.94 7.18 6.48 -32.61 -11.84 - - - A 03.09.2009 A3 15.06.2012BAYERISCHE MOTOREN WERKE AG EUR 56219 1031 656 89 0 0 17 128.53 98121 98121 101739 106644 15340 15340 - - 9.92 9.92 9.96 10.26 11.31 11.31 11.26 10.94 14.89 8.26 3.68 -0.80 19.96 A 16.04.2012 A2 22.07.2011LINDE AG EUR 33937 228 185 13 0 1 3 45.08 19510 19510 21865 23306 4396 4396 1234 1234 8.84 8.98 10.91 12.35 26.06 26.45 21.44 18.95 13.83 6.89 14.08 10.24 28.77 A 25.05.2012 A3 28.04.2010VIVENDI EUR 26811 2579 1323 23 0 4 5 48.30 37020 37020 36818 37223 5716 8339 - - 0.37 0.18 2.28 2.42 142.03 54.41 11.35 10.68 0.80 8.91 -63.07 -8.44 28.76 BBB 26.10.2012 Baa2 13.09.2005VINCI SA EUR 25817 1351 536 26 0 1 8 44.22 50030 49328 49722 50734 7032 6963 - - 4.49 4.57 4.49 4.75 12.45 12.55 12.67 11.97 5.21 5.43 1.45 4.75 18.02 BBB+ 29.03.2007 Baa1 23.07.2002ENEL SPA EUR 30256 29170 9403 85 0 21 13 123.51 105591 105591 102703 103573 20621 20621 - - 0.11 0.11 0.43 0.45 35.75 - 9.63 9.17 8.44 11.67 -7.78 13.72 24.93 BBB+ 08.03.2012 Baa2 05.11.2012HEINEKEN NV EUR 43641 401 576 17 0 1 1 60.75 23472 23472 26187 27416 4432 4497 5843 5843 6.31 6.55 4.18 4.71 14.77 14.80 23.17 20.55 9.40 14.80 3.32 14.85 24.46 BBB+ 02.10.2012 Baa1 07.03.2012RWE AG EUR 22458 1822 615 25 0 2 7 43.25 64825 #VALUE! 68265 69250 11562 - - - 2.49 - 4.99 4.54 - - 9.39 10.33 4.20 5.24 11.85 3.91 - BBB+ 27.07.2012 A3 19.07.2011IBERDROLA SA EUR 29273 16726 6053 42 0 0 8 63.28 43669 44496 42630 44012 9165 9813 2923 2923 0.59 0.60 0.51 0.54 9.91 9.86 11.55 11.03 10.30 10.06 3.23 10.27 28.16 BBB 28.11.2012 (P)Baa1 05.11.2012HENNES & MAURITZ AB-B SHS SEK 58841 1034 1655 0 0 0 3 55.93 18575 18661 19818 21931 3915 3872 1226 1226 - 1.54 1.65 1.85 3.55 - 3.31 2.95 1.51 1.20 1.18 0.73 3.19 - - - -EADS NV EUR 41946 2481 822 6 0 0 14 33.93 72114 72114 74984 79977 5014 5091 1376 1376 1.85 1.91 3.43 4.60 33.84 33.82 18.83 14.04 19.11 14.71 30.39 29.50 9.01 A- 22.09.2010 (P)A2 06.12.2012ASML HOLDING NV EUR 26706 818 407 1 0 0 3 24.23 6041 6041 6205 7753 1715 1715 178 178 3.42 3.45 2.92 4.52 24.10 24.19 28.44 18.38 -20.78 23.97 -32.73 9.11 36.25 - - Baa2 11.11.2010VOLVO AB-B SHS SEK 30859 4467 2028 20 0 0 4 46.88 46692 46692 45484 48770 4981 4981 836 836 - 0.84 0.96 1.38 2.66 - 2.31 1.61 -0.33 -0.23 -3.68 -0.13 1.64 BBB 15.04.2011 - -FRANCE TELECOM SA EUR 26665 8343 2627 50 0 3 11 68.58 55561 55561 53748 52963 15799 15799 3965 3965 0.94 0.40 1.40 1.37 32.47 13.67 9.18 9.41 -4.97 -4.56 -22.49 -10.80 36.31 A- *- 27.02.2013 A3 23.06.2005COMPAGNIE DE SAINT-GOBAIN EUR 19470 1902 531 16 0 1 5 30.84 55156 55156 54911 56787 3367 3367 - - 1.27 1.86 3.12 3.76 25.15 36.85 15.00 12.43 3.28 0.25 -60.66 -18.44 7.79 BBB 24.07.2009 Baa2 31.07.2009ATLAS COPCO AB-A SHS SEK 33319 2077 1213 3 0 0 2 34.65 13921 13921 13726 14320 3366 3366 775 775 - 1.76 1.74 1.87 2.45 - 2.48 2.31 1.77 0.98 1.40 1.45 3.72 A 24.02.2011 A2 15.11.2012SWATCH GROUP AG/THE-BR CHF 29909 96 54 0 0 0 2 28.01 8178 8178 9333 10275 2355 2355 - - 31.07 31.09 34.63 38.69 19.22 19.23 17.25 15.44 16.00 6.94 22.88 9.79 30.21 - - - -TELENOR ASA NOK 34046 1410 1560 9 0 1 2 41.63 17385 17385 17612 18137 6787 6787 1442 1442 0.76 1.04 1.72 1.94 3.59 - 2.17 1.92 0.56 0.56 2.67 1.11 6.67 A- 12.04.2010 A3 27.01.2009INTESA SANPAOLO EUR 23079 169232 16434 361 0 1 51 #VALUE! 22744 22580 21457 21995 - - - - 0.12 0.16 0.14 0.19 10.97 15.68 12.62 9.30 -37.66 -15.07 - - - BBB+ 10.02.2012 Baa2 16.07.2012HENKEL AG & CO KGAA VORZUG EUR 36989 321 434 5 0 0 2 40.56 21080 21080 21812 22880 3552 3394 - - 4.68 4.43 5.14 5.67 27.25 27.25 23.47 21.29 7.40 6.21 17.66 12.24 20.56 A 18.05.2011 A2 01.06.2011TELIASONERA AB SEK 30735 4317 4330 14 0 1 5 40.84 16130 16130 15971 16127 5376 5376 1316 1316 - 0.70 0.64 0.67 1.55 - 1.70 1.63 0.08 0.28 -0.79 0.37 5.13 A- 28.10.2005 A3 30.10.2007ARCELORMITTAL EUR 21657 7524 1549 33 0 4 6 59.36 107524 107524 110480 115362 8634 9129 1846 1846 0.01 -3.08 0.87 1.83 - 105.76 24.49 11.56 -13.26 -4.73 -40.45 -24.27 10.84 BB+ 02.08.2012 Ba1 06.11.2012FRESENIUS MEDICAL CARE AG & EUR 20478 487 307 11 0 1 1 28.60 17620 17620 18778 19850 3602 3602 935 935 4.94 4.97 5.01 5.44 21.97 22.08 21.76 20.08 12.49 10.02 9.18 9.88 26.10 BB+ 19.09.2012 - -AP MOELLER-MAERSK A/S-B DKK 33590 1 4 19 0 2 3 52.37 58608 58608 57584 62566 12490 12490 3037 3037 849.50 849.94 750.85 935.29 1.57 1.57 1.78 1.43 1.04 0.69 -1.22 0.40 3.65 - - - -CHRISTIAN DIOR EUR 29712 68 179 11 0 20 3 58.29 37412 #VALUE! 38336 42022 8001 - - - 9.69 - 11.91 14.21 - - 17.52 14.69 24.23 - - 13.59 - - - - -HENKEL AG & CO KGAA EUR 36989 56 434 5 0 0 2 40.56 21080 21080 21812 22880 3552 3394 - - 4.68 4.43 5.14 5.67 22.39 22.39 19.28 17.49 7.40 6.21 17.66 12.24 20.56 A 18.05.2011 A2 01.06.2011ATLAS COPCO AB-B SHS SEK 33319 358 1213 3 0 0 2 34.65 13921 13921 13726 14320 3366 3366 775 775 - 1.76 1.74 1.87 2.18 - 2.21 2.06 1.77 0.98 1.40 1.45 3.72 A 24.02.2011 A2 15.11.2012TENARIS SA EUR 23605 776 1181 2 0 0 2 30.71 13833 13833 14480 15275 3734 3770 912 912 1.84 1.84 2.13 2.14 17.72 17.74 15.34 15.25 11.03 8.28 24.77 -4.31 34.80 - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 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 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%NESTLE SA-REG 3.56 3.34 3.16 2.89 2.77 2.37 2.22 2.10 1.98 1.89 16.28 15.12 14.04 12.49 12.01 13.64 12.71 11.85 11.07 10.30 19.87 18.59 17.17 15.94 14.87 3.06 3.27 3.48 3.71 4.04 67.89 0.3%HSBC HOLDINGS PLC 1.14 1.07 1.02 0.96 0.88 2.83 2.83 2.67 2.54 11.46 10.33 8.92 8.32 11.86 10.74 9.61 8.53 7.28 4.11 4.69 5.19 6.01 5.44 776.75 11.9%NOVARTIS AG-REG 2.41 2.33 2.21 2.09 1.86 3.36 3.33 3.20 3.07 2.98 11.76 11.63 10.83 9.41 9.26 11.81 11.95 11.15 10.23 9.89 13.38 13.52 12.23 11.12 10.64 3.48 3.56 3.79 4.04 4.37 67.13 0.4%ROCHE HOLDING AG-GENUSSCHEIN 11.51 9.08 7.00 5.70 4.48 4.16 3.95 3.81 3.67 3.63 14.07 12.48 11.69 10.77 10.46 11.23 10.13 9.65 9.28 9.11 15.99 14.68 13.70 12.89 12.46 3.35 3.63 3.94 4.22 4.45 218.30 -0.2%VODAFONE GROUP PLC 1.09 1.21 1.16 1.14 1.13 1.96 2.05 2.01 1.98 1.97 7.25 6.95 6.70 6.38 7.74 7.76 8.54 8.48 8.35 8.27 11.90 12.13 11.32 10.67 10.09 7.27 5.60 5.71 5.82 6.03 191.96 3.4%BP PLC 1.12 1.08 1.01 0.95 0.85 0.37 0.39 0.38 0.38 0.46 5.18 4.64 4.22 4.05 3.90 4.36 4.24 3.93 4.00 3.86 7.65 8.18 7.30 6.85 6.47 4.87 5.11 5.47 5.89 6.36 481.53 4.5%SANOFI 1.79 1.75 1.68 1.59 1.47 2.97 2.88 2.73 2.59 2.49 11.08 11.06 10.15 8.70 7.94 8.30 8.50 7.84 7.25 6.93 12.60 12.97 11.62 10.56 9.74 3.56 3.77 4.19 4.65 5.18 79.45 1.9%ROYAL DUTCH SHELL PLC-A SHS 1.09 1.01 0.95 0.93 0.83 0.44 0.46 0.45 0.45 0.40 4.57 4.51 4.43 4.28 4.16 3.86 3.74 3.67 3.54 3.32 7.72 7.70 7.59 7.34 7.07 5.33 5.55 5.70 5.93 6.22 2516.79 17.6%GLAXOSMITHKLINE PLC 10.49 12.25 10.90 8.89 6.87 2.81 2.77 2.66 2.55 2.45 12.69 10.85 9.95 9.07 8.08 9.15 9.32 8.86 8.50 8.03 13.68 13.19 11.94 10.96 10.17 4.89 5.14 5.43 5.85 6.15 1502.74 -0.9%TOTAL SA 1.15 1.07 0.98 0.90 0.90 0.50 0.49 0.49 0.50 0.51 3.86 3.71 3.61 3.35 3.21 3.13 3.14 3.07 2.90 2.64 6.84 7.10 7.03 6.61 6.13 6.26 6.39 6.51 6.77 6.96 45.78 22.6%BRITISH AMERICAN TOBACCO PLC 8.25 8.86 8.33 8.35 8.05 4.39 4.19 4.01 3.85 3.64 14.97 13.81 12.94 11.66 10.04 12.52 11.48 10.75 10.07 9.55 16.98 15.17 13.87 12.67 11.39 3.83 4.31 4.72 5.16 5.71 3705.01 5.9%SIEMENS AG-REG 2.27 2.30 2.08 1.89 1.47 0.96 0.95 0.92 0.88 0.85 10.10 10.84 9.18 8.35 8.49 8.67 9.03 7.53 7.01 7.25 13.77 13.87 11.21 10.36 9.51 3.63 3.71 4.01 4.25 4.53 86.64 2.5%ROYAL DUTCH SHELL PLC-B SHS 1.12 1.04 0.98 0.96 0.85 0.44 0.46 0.45 0.45 0.40 4.71 4.65 4.56 4.41 4.28 3.86 3.74 3.67 3.54 3.32 7.95 7.93 7.82 7.56 7.28 5.17 5.39 5.57 5.72 5.88 2463.93 11.8%BAYER AG-REG 3.28 3.10 2.79 2.55 2.20 1.65 1.58 1.50 1.42 1.37 11.73 10.16 9.31 8.45 7.92 8.76 8.24 7.67 7.14 6.80 14.63 13.45 12.17 11.03 10.27 2.29 2.62 2.87 3.13 3.34 79.46 0.3%BASF SE 2.41 2.34 2.18 2.03 1.74 0.80 0.78 0.78 0.74 0.74 7.77 7.50 6.92 6.71 5.69 6.09 5.91 5.60 5.29 5.16 12.55 11.41 10.59 9.84 9.23 3.79 4.01 4.20 4.42 4.48 77.17 13.3%ANHEUSER-BUSCH INBEV NV 3.62 3.39 3.17 2.88 2.53 3.92 3.46 3.19 3.02 2.97 13.81 12.78 11.79 10.81 9.48 12.28 10.81 9.74 9.06 8.92 20.70 19.45 17.19 15.48 14.34 1.97 2.40 2.75 3.27 3.87 75.39 -0.6%DIAGEO PLC 8.49 6.88 5.63 4.60 3.58 4.72 4.42 4.14 3.87 3.68 21.84 18.47 16.09 14.52 12.89 16.90 15.18 14.02 13.07 12.68 21.96 19.64 17.62 15.93 14.75 2.19 2.34 2.56 2.77 3.08 2064.79 2.1%SAP AG 5.22 4.45 3.74 3.12 2.63 4.66 4.22 3.83 3.50 3.24 19.16 15.27 13.54 11.79 11.02 14.20 12.21 10.82 9.56 8.67 20.02 17.84 15.73 13.85 12.90 1.36 1.54 1.79 1.98 1.94 65.60 6.2%NOVO NORDISK A/S-B 13.29 11.74 10.51 8.96 9.64 6.82 6.35 5.83 5.41 5.06 22.78 19.13 17.32 15.29 13.77 16.21 15.01 13.55 12.33 11.58 24.93 20.59 18.58 16.50 14.60 1.81 2.22 2.50 2.74 2.95 1019.38 7.4%BANCO SANTANDER SA 0.68 0.70 0.68 0.70 0.80 1.23 1.22 1.17 1.13 1.12 1.97 1.95 1.84 2.20 9.26 8.77 7.53 7.32 7.60 11.40 11.71 11.24 10.55 11.61 6.15 19.1%RIO TINTO PLC 1.66 1.48 1.29 1.15 0.96 1.82 1.58 1.49 1.45 1.40 7.56 5.29 4.99 4.46 4.46 6.78 5.59 5.09 4.88 4.62 9.45 7.85 6.90 6.89 6.62 3.34 3.80 4.20 4.50 4.26 4043.26 30.2%LVMH MOET HENNESSY LOUIS VUI 2.66 2.45 2.22 2.02 1.63 2.40 2.22 2.04 1.89 1.76 13.96 12.91 11.71 10.90 11.24 10.36 9.48 8.58 7.81 7.51 18.35 17.45 15.55 13.92 12.42 2.26 2.49 2.80 3.11 3.28 152.67 15.4%UNILEVER NV-CVA 5.72 5.15 4.60 4.15 3.62 1.87 1.79 1.69 1.60 1.52 15.90 14.57 13.50 12.37 11.57 12.57 11.78 11.01 10.21 9.75 19.96 18.65 17.17 15.78 14.67 3.01 3.21 3.43 3.64 3.95 31.70 0.4%BHP BILLITON PLC 2.28 2.11 1.85 1.64 1.47 2.41 2.54 2.31 2.21 2.12 6.53 7.73 6.52 6.17 5.78 6.11 7.02 5.95 5.60 5.34 9.20 11.45 9.65 8.87 8.64 3.89 4.10 4.40 4.63 4.75 2279.16 17.5%SABMILLER PLC 3.42 3.06 2.82 2.57 2.25 4.94 3.37 3.18 3.01 2.86 19.55 17.16 16.05 14.11 12.59 19.10 15.80 14.44 13.56 11.77 24.70 21.55 19.13 17.20 15.62 1.72 1.97 2.22 2.50 2.62 3283.07 -4.1%ALLIANZ SE-REG 0.92 0.88 0.83 0.79 0.74 0.46 0.46 0.45 0.44 0.43 9.32 8.67 8.28 8.09 7.57 4.38 4.65 4.89 5.01 5.36 117.71 12.0%ENI SPA 1.06 1.01 0.96 0.90 0.86 0.53 0.54 0.53 0.51 0.55 3.82 3.53 3.30 3.13 3.63 2.85 2.92 2.81 2.70 2.73 8.74 8.98 8.47 7.85 9.36 6.15 6.26 6.40 6.61 6.50 20.11 14.5%ASTRAZENECA PLC 2.60 2.46 2.33 2.20 1.98 2.17 2.31 2.38 2.43 2.50 7.89 7.69 8.27 7.95 8.01 5.76 6.38 6.57 6.65 6.95 7.87 8.96 9.30 9.36 9.65 6.01 5.76 5.80 5.82 5.62 3046.57 -5.7%STANDARD CHARTERED PLC 1.43 1.29 1.20 1.11 1.06 3.23 2.98 2.71 2.47 2.33 11.47 9.84 8.65 7.77 11.69 10.75 9.75 8.97 8.12 3.20 3.60 3.95 4.38 4.52 1900.72 12.2%TELEFONICA SA 2.08 1.99 1.87 1.71 1.64 0.76 0.80 0.80 0.79 0.79 3.27 3.37 3.32 3.47 4.30 5.19 5.40 5.37 5.36 5.38 8.61 9.22 8.84 8.45 8.61 1.22 7.15 7.56 7.12 9.18 11.29 7.9%DAIMLER AG-REGISTERED SHARES 1.08 1.03 0.96 0.87 0.80 0.41 0.40 0.37 0.35 0.36 5.26 4.99 4.39 3.63 3.04 9.19 9.29 8.16 7.27 6.18 9.38 9.33 7.88 6.81 6.73 4.94 4.70 5.17 5.84 47.46 9.4%UBS AG-REG 1.15 1.14 1.08 1.04 1.18 2.23 2.10 2.02 1.91 1.95 94.00 12.04 9.65 7.34 14.33 16.65 12.23 8.92 7.58 0.90 1.74 3.81 7.97 9.32 17.37 19.2%BG GROUP PLC 1.72 1.56 1.40 1.24 1.29 2.54 2.85 2.50 2.01 1.60 7.07 7.38 6.22 5.26 5.17 6.13 6.34 5.31 4.25 4.27 12.38 12.81 10.80 8.48 6.63 1.53 1.64 1.79 2.04 2.28 1390.14 24.6%BNP PARIBAS 0.63 0.60 0.57 0.54 1.25 1.21 1.18 1.14 1.14 4.92 4.38 3.92 3.64 7.21 7.82 6.85 6.27 3.82 4.49 5.43 6.36 6.62 52.31 33.4%UNILEVER PLC 5.87 5.29 4.72 4.26 3.72 1.87 1.79 1.69 1.60 1.52 16.33 14.97 13.87 12.70 11.89 12.57 11.78 11.01 10.21 9.75 20.50 19.16 17.64 16.21 15.07 3.00 3.14 3.40 3.73 4.12 2785.50 1.6%BARCLAYS PLC 0.65 0.64 0.60 0.56 0.49 1.26 1.25 1.22 1.18 1.29 2.98 3.00 2.64 2.34 8.12 7.74 6.46 5.57 6.30 2.25 2.53 3.23 4.49 3.76 365.84 28.4%ABB LTD-REG 3.11 2.81 2.52 2.27 1.33 1.25 1.19 1.13 1.03 13.79 11.51 10.47 9.50 9.51 10.10 8.59 7.76 7.23 7.31 17.25 14.82 13.08 12.00 10.74 3.15 3.38 3.61 3.85 4.17 23.30 8.4%RECKITT BENCKISER GROUP PLC 5.50 5.20 4.57 4.14 3.30 3.57 3.37 3.22 3.02 2.90 17.62 16.37 15.44 14.72 13.03 13.73 13.16 12.49 11.63 10.54 19.23 17.94 16.96 15.78 14.38 2.71 2.88 3.05 3.25 3.58 4410.93 -7.3%BANCO BILBAO VIZCAYA ARGENTA 0.88 0.82 0.78 0.73 1.60 1.56 1.48 1.43 2.90 2.84 2.75 2.86 18.83 8.59 7.62 6.74 6.28 6.33 6.36 6.96 7.87 17.8%TESCO PLC 1.69 1.63 1.53 1.45 0.46 0.46 0.44 0.42 0.40 8.04 7.89 7.29 6.83 7.24 7.72 7.33 6.88 9.87 11.45 11.93 11.28 10.52 9.94 4.02 3.91 4.10 4.42 4.74 388.11 3.3%LOREAL 3.78 3.30 3.05 2.80 2.35 3.23 3.08 2.91 2.73 2.60 19.87 18.39 17.04 15.92 15.07 15.92 14.87 13.84 12.96 12.19 24.97 23.32 21.53 19.74 18.62 1.85 2.06 2.24 2.50 2.67 113.41 -5.1%DANONE 2.56 2.42 2.29 2.12 1.84 1.63 1.53 1.44 1.36 1.29 12.59 12.34 10.85 9.75 8.89 11.18 10.67 9.93 9.20 8.44 17.68 16.89 15.29 14.09 12.70 2.74 2.85 3.11 3.41 3.94 54.56 2.3%NATIONAL GRID PLC 2.72 2.67 2.57 2.42 2.30 1.91 1.91 1.84 1.78 1.70 8.07 7.77 7.58 7.30 7.13 10.04 9.53 8.96 8.55 8.40 14.95 14.07 13.70 13.14 13.19 5.23 5.44 5.56 5.74 5.80 723.88 -3.7%ZURICH INSURANCE GROUP AG 1.21 1.15 1.09 1.01 0.97 0.66 0.66 0.64 0.65 0.59 12.35 9.60 9.08 8.54 8.12 6.72 6.67 6.83 7.00 7.26 269.00 2.4%CIE FINANCIERE RICHEMON-BR A 4.12 3.31 2.82 2.45 2.04 4.04 3.42 3.16 2.90 4.75 21.25 16.65 13.99 12.78 13.25 14.45 11.38 10.36 9.46 8.64 25.29 17.53 15.53 14.04 12.63 0.78 1.02 1.19 1.36 1.50 86.12 16.2%PRUDENTIAL PLC 2.73 2.38 2.12 2.10 1.58 0.54 0.46 0.45 15.13 13.14 11.86 10.89 2.53 2.88 3.08 3.35 3.52 1116.89 6.4%AXA SA 0.67 0.63 0.60 0.55 0.53 0.32 0.32 0.31 0.29 7.38 6.83 6.40 6.11 5.63 5.41 5.82 6.15 6.49 16.38 21.6%SCHNEIDER ELECTRIC SA 1.82 1.74 1.62 1.52 1.31 1.28 1.22 1.15 11.45 10.95 9.73 9.29 9.43 8.78 8.06 7.53 14.66 13.62 12.22 11.18 3.13 3.44 3.76 4.10 59.03 5.0%SYNGENTA AG-REG 4.57 3.89 3.47 2.83 2.68 2.71 2.52 2.38 2.27 2.24 15.62 13.80 12.64 12.03 11.83 12.67 11.49 10.60 10.03 9.69 18.74 16.58 15.14 14.29 14.61 2.25 2.64 2.91 3.07 3.14 408.11 3.2%AIR LIQUIDE SA 2.72 2.53 2.36 2.20 1.97 1.91 1.79 1.67 1.57 1.53 10.13 9.34 8.72 8.22 7.46 9.42 8.69 8.01 7.47 7.17 18.27 16.80 15.19 13.91 12.96 2.69 2.89 3.14 3.41 3.40 101.28 8.2% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 5. 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 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%ERICSSON LM-B SHS 1.82 1.83 1.73 1.58 1.50 1.18 1.14 1.09 1.05 1.07 16.61 11.55 9.80 9.16 7.09 8.83 7.09 6.33 5.66 5.72 18.85 15.78 13.27 11.65 10.71 3.19 3.45 3.71 3.99 4.19 85.03 4.7%XSTRATA PLC 1.02 0.97 0.91 0.94 1.59 1.43 1.34 1.19 7.07 6.93 6.00 5.06 8.62 6.82 5.98 4.81 13.92 13.00 10.35 7.35 2.47 2.73 3.05 3.72 1267.50 18.1%DEUTSCHE BANK AG-REGISTERED 0.50 0.49 0.47 0.44 0.39 0.84 0.83 0.81 0.79 0.71 5.36 4.66 4.08 3.83 8.48 7.86 6.07 5.08 4.36 2.48 2.54 3.20 3.74 3.54 38.64 27.2%ANGLO AMERICAN PLC 0.80 0.79 0.76 0.74 1.28 1.05 1.01 0.96 0.85 6.14 4.61 4.31 4.00 6.23 5.03 4.62 4.42 5.64 13.45 11.15 9.17 8.31 15.01 2.93 3.31 3.51 4.02 5.46 2026.32 18.5%DEUTSCHE TELEKOM AG-REG 1.24 1.25 1.19 1.17 1.31 0.61 0.61 0.61 0.61 0.61 2.65 2.54 2.57 2.67 2.56 4.35 4.52 4.51 4.45 4.35 12.74 11.52 11.13 10.80 10.20 8.55 6.55 6.27 6.46 7.14 9.16 12.1%GDF SUEZ 0.53 0.53 0.54 0.55 0.52 0.39 0.44 0.44 0.44 0.41 2.99 3.33 3.23 3.51 3.21 5.49 6.66 6.56 6.40 5.88 9.57 10.93 10.49 9.98 8.66 10.05 9.83 9.86 8.92 9.46 16.67 11.7%IMPERIAL TOBACCO GROUP PLC 2.82 3.55 3.41 3.32 3.12 2.76 2.70 2.61 2.53 2.44 9.99 9.12 8.81 8.10 7.37 9.14 8.97 8.60 8.26 7.95 11.24 10.55 9.79 9.10 8.47 4.67 5.18 5.72 6.32 6.88 2637.15 17.7%NORDEA BANK AB 1.27 1.19 1.12 1.06 3.50 3.40 3.27 3.13 11.03 11.47 8.95 6.83 11.71 10.67 9.57 8.63 3.39 4.38 5.08 5.78 79.33 8.9%CREDIT SUISSE GROUP AG-REG 0.92 0.91 0.86 0.82 0.66 1.36 1.25 1.20 1.18 1.11 15.66 6.59 6.94 6.34 10.16 9.50 8.08 7.35 6.73 2.85 3.72 4.41 5.39 5.06 28.53 13.9%VOLKSWAGEN AG-PREF 0.93 0.85 0.76 0.66 0.63 0.36 0.34 0.32 0.31 0.30 3.23 3.29 2.93 3.01 2.59 7.57 6.88 6.16 5.75 4.97 7.18 7.11 6.15 5.56 5.16 2.50 2.86 3.50 4.42 4.26 192.58 24.9%MUENCHENER RUECKVER AG-REG 0.98 0.91 0.87 0.82 0.80 0.47 0.47 0.45 0.44 0.37 8.22 8.86 8.65 8.70 9.63 4.69 4.86 5.00 5.26 5.39 147.33 1.5%E.ON SE 0.68 0.68 0.67 0.64 0.61 0.24 0.24 0.24 0.23 0.21 3.29 4.05 4.02 3.82 3.55 4.69 5.29 5.18 5.16 5.02 6.01 10.29 9.67 9.52 9.12 8.12 5.48 5.64 5.68 5.94 13.34 -0.9%PERNOD-RICARD SA 2.59 2.22 2.04 1.85 1.72 3.12 2.91 2.74 2.56 2.41 19.20 18.09 15.83 14.18 13.11 15.29 13.97 12.93 11.95 10.91 21.01 19.43 17.14 15.05 13.30 1.64 1.76 1.98 2.23 2.72 101.00 4.6%BT GROUP PLC 11.57 12.36 7.49 5.48 3.50 1.11 1.18 1.21 1.21 1.21 4.40 4.71 4.90 4.80 5.70 4.97 4.91 4.94 4.89 4.90 11.93 10.83 10.70 10.03 9.78 3.09 3.53 3.97 4.52 4.82 267.95 -1.5%INDITEX 7.33 6.70 5.83 5.09 3.80 3.91 3.52 3.18 2.87 2.60 19.34 17.66 15.76 14.11 14.69 13.28 11.87 10.66 9.52 26.14 23.42 20.88 18.64 16.69 2.27 2.50 2.85 3.24 3.64 108.25 8.1%ROLLS-ROYCE HOLDINGS PLC 3.62 2.95 2.55 2.27 1.96 1.68 1.36 1.29 1.19 1.11 17.87 14.54 11.69 9.71 10.69 8.77 8.16 7.52 6.44 19.15 16.78 15.33 14.14 13.07 1.79 2.00 2.26 2.59 2.76 1055.28 -4.0%STATOIL ASA 1.41 1.28 1.17 1.09 1.02 0.63 0.70 0.69 0.69 0.71 3.69 3.76 3.61 3.61 3.49 1.88 2.01 1.97 1.95 2.05 8.55 8.48 8.21 8.31 8.55 4.73 4.88 5.01 5.17 5.33 159.51 13.0%LLOYDS BANKING GROUP PLC 0.75 0.77 0.73 0.69 0.63 1.85 1.86 1.87 1.85 12.06 8.77 7.09 6.10 20.10 12.36 8.61 7.42 5.67 0.00 0.41 2.07 4.15 3.32 53.63 11.2%SWISS RE AG 0.86 0.85 0.82 0.77 0.71 0.91 0.92 0.86 0.81 0.80 7.89 9.98 9.49 9.23 8.72 4.72 5.43 5.45 5.61 5.06 75.80 -1.2%CENTRICA PLC 3.13 3.02 2.79 2.52 2.16 0.81 0.77 0.74 0.71 0.67 10.13 7.40 6.91 6.53 6.43 5.91 5.62 5.33 4.98 13.51 13.12 11.80 11.47 10.27 4.50 4.71 4.99 5.32 5.81 368.25 0.9%KONINKLIJKE PHILIPS ELECTRON 1.84 1.84 1.73 1.59 1.42 0.89 0.89 0.86 0.82 0.82 11.22 9.16 7.76 7.33 6.73 8.24 6.65 6.06 5.49 5.44 19.26 14.05 12.15 10.89 9.49 3.30 3.40 3.68 3.93 4.02 24.23 5.3%GLENCORE INTERNATIONAL PLC 1.19 1.07 0.95 0.87 0.19 0.18 0.17 0.16 0.20 10.27 8.18 6.70 5.96 13.08 10.20 8.13 7.59 11.64 9.08 7.29 6.23 11.23 2.75 3.14 3.84 4.25 434.00 21.5%ING GROEP NV-CVA 0.43 0.39 0.37 0.36 0.50 0.56 0.51 0.50 7.27 5.62 5.07 4.86 5.86 0.00 0.30 3.36 4.94 7.98 41.9%BAYERISCHE MOTOREN WERKE AG 1.45 1.33 1.21 1.09 1.03 0.57 0.55 0.53 0.50 0.50 5.33 5.16 4.92 4.74 3.31 7.67 7.91 7.63 7.88 6.64 8.86 8.82 8.57 8.20 8.10 3.80 4.00 4.29 4.46 3.92 79.43 15.4%LINDE AG 1.92 1.92 1.78 1.65 1.49 1.74 1.55 1.46 1.38 1.32 9.55 8.73 8.05 7.44 6.80 10.09 8.90 8.23 7.56 7.12 18.39 16.79 14.84 13.37 12.31 1.85 2.05 2.26 2.49 2.82 152.10 6.0%VIVENDI 1.01 1.05 1.00 0.99 1.01 0.74 0.73 0.72 0.71 0.70 3.47 3.74 3.62 3.41 3.50 4.75 4.86 4.73 4.65 4.51 7.90 8.89 8.37 7.97 7.95 6.31 6.21 6.43 6.82 8.17 17.84 12.5%VINCI SA 1.44 1.35 1.28 1.17 1.02 0.53 0.52 0.51 0.50 0.46 5.10 4.95 4.81 4.53 4.26 6.33 6.25 6.07 5.85 5.44 10.11 9.92 9.38 8.93 7.91 5.12 5.18 5.39 5.78 6.02 43.76 25.4%ENEL SPA 0.58 0.58 0.56 0.53 0.54 0.29 0.29 0.29 0.29 0.28 2.63 2.60 2.39 2.54 2.64 5.83 5.99 5.93 5.80 5.67 6.87 7.54 7.18 6.76 6.79 5.95 5.52 5.67 6.11 5.91 3.04 20.7%HEINEKEN NV 3.19 2.84 2.54 2.18 2.07 1.87 1.67 1.59 1.51 1.43 11.88 10.02 9.23 8.31 7.83 12.28 10.40 9.68 9.02 8.75 20.94 18.14 16.09 14.45 13.04 1.48 1.66 1.87 2.07 2.25 55.12 -7.1%RWE AG 1.10 1.12 1.07 1.02 0.91 0.34 0.33 0.32 0.32 0.30 2.95 3.07 3.12 3.36 2.84 3.87 3.84 3.93 3.99 4.01 7.07 7.36 8.08 8.38 8.11 7.03 6.88 6.59 6.31 6.38 30.15 4.9%IBERDROLA SA 0.63 0.62 0.61 0.60 0.61 0.73 0.69 0.66 0.65 0.68 3.86 4.14 4.21 3.78 6.39 6.52 6.27 6.02 5.86 8.00 9.06 8.64 8.75 9.23 8.55 8.05 8.03 7.98 8.23 4.33 18.6%HENNES & MAURITZ AB-B SHS 8.49 8.32 7.73 7.06 6.66 3.16 2.97 2.68 2.43 2.18 18.80 17.54 15.77 14.18 13.25 14.22 13.59 12.16 10.92 9.70 22.79 21.51 19.22 17.31 15.45 4.14 4.20 4.47 4.86 5.53 219.50 -5.1%EADS NV 3.29 3.26 2.62 2.23 1.91 0.60 0.56 0.52 0.50 0.49 10.75 8.34 7.46 5.39 6.63 6.03 4.82 4.11 3.75 3.65 20.53 14.75 11.00 9.08 8.46 1.55 2.42 3.25 3.95 3.81 42.96 8.4%ASML HOLDING NV 4.95 4.26 3.64 2.94 4.42 4.30 3.44 2.89 2.35 17.34 20.00 12.94 10.50 13.86 15.34 10.43 8.02 6.86 20.50 22.28 14.40 10.73 7.99 0.89 1.07 1.23 1.40 53.78 5.5%VOLVO AB-B SHS 2.18 2.21 1.97 1.82 0.66 0.68 0.63 0.60 0.59 11.10 7.07 6.24 5.76 9.34 9.12 7.42 6.52 7.15 15.27 15.03 10.48 8.65 8.76 3.08 3.41 4.02 4.63 104.41 10.7%FRANCE TELECOM SA 0.76 0.78 0.77 0.74 0.76 0.48 0.50 0.50 0.51 0.51 2.07 2.12 2.19 2.27 2.23 3.93 4.16 4.28 4.37 4.39 6.12 7.19 7.37 7.27 7.01 10.19 9.87 9.54 9.23 9.73 9.63 22.1%COMPAGNIE DE SAINT-GOBAIN 0.84 0.84 0.81 0.76 0.35 0.35 0.34 0.33 0.32 5.41 5.40 4.93 4.31 5.52 5.46 5.02 4.52 4.12 12.22 11.76 9.74 7.85 6.63 4.06 4.61 4.63 4.86 33.03 15.0%ATLAS COPCO AB-A SHS 6.30 5.47 4.69 4.04 2.40 2.43 2.33 2.20 2.14 15.03 13.86 13.51 13.10 10.30 10.43 9.87 9.24 9.44 15.95 16.10 15.02 13.82 3.16 3.23 3.45 3.66 190.61 4.4%SWATCH GROUP AG/THE-BR 3.22 2.84 2.48 2.16 3.68 3.20 2.91 2.65 2.51 20.45 15.90 13.97 12.56 12.48 10.48 9.36 8.33 8.29 19.74 16.45 14.72 13.08 12.87 1.25 1.45 1.64 1.85 1.99 594.56 9.5%TELENOR ASA 2.56 2.50 2.36 2.17 2.43 1.96 1.93 1.88 1.83 1.73 9.58 7.26 6.93 6.79 5.39 7.52 6.86 6.53 6.25 5.90 15.50 12.72 11.26 10.21 9.04 4.46 5.32 6.05 6.87 10.56 132.04 3.4%INTESA SANPAOLO 0.37 0.36 0.35 0.34 1.04 1.08 1.05 1.03 2.31 2.33 2.21 2.11 11.30 9.89 7.28 5.96 6.92 4.61 4.69 6.23 7.22 8.13 1.41 27.5%HENKEL AG & CO KGAA VORZUG 3.29 3.04 2.72 2.45 2.11 1.75 1.70 1.62 1.53 1.48 15.94 14.58 13.62 12.62 11.50 11.76 11.11 10.29 9.45 8.85 19.95 18.38 16.68 15.14 13.97 1.25 1.38 1.53 1.72 1.93 70.86 -4.3%TELIASONERA AB 1.70 1.68 1.62 1.70 1.91 1.92 1.91 1.90 1.85 5.94 6.90 6.92 6.73 5.97 7.42 7.52 7.29 7.16 6.86 11.21 11.03 10.58 10.35 9.77 6.71 7.22 7.31 7.58 8.83 47.08 2.0%ARCELORMITTAL 0.38 0.39 0.38 0.36 0.33 0.26 0.25 0.24 0.24 0.23 4.22 4.52 3.27 3.08 1.92 6.68 6.11 4.99 4.48 3.89 76.06 19.18 9.05 6.42 4.82 4.34 1.65 2.39 2.70 1.92 13.80 35.5%FRESENIUS MEDICAL CARE AG & 2.33 2.10 1.89 1.69 1.52 1.49 1.39 1.32 1.23 1.14 11.74 11.00 10.05 9.29 9.06 9.93 9.31 8.80 8.21 7.40 18.02 17.05 15.72 13.99 12.16 1.34 1.43 1.53 1.65 2.18 56.70 8.2%AP MOELLER-MAERSK A/S-B 0.93 0.89 0.82 0.75 0.57 0.58 0.54 0.51 0.44 4.41 4.06 3.52 3.19 4.07 4.05 3.62 3.37 10.83 10.37 8.32 6.68 5.33 2.33 2.63 2.81 2.95 50965.00 12.2%CHRISTIAN DIOR 2.78 1.67 1.50 1.18 0.97 0.78 0.71 0.65 6.94 5.45 4.76 3.94 7.68 6.15 5.46 4.89 18.24 13.72 11.50 10.81 1.78 2.55 3.03 3.48 146.57 14.5%HENKEL AG & CO KGAA 2.71 2.50 2.23 2.01 1.73 1.75 1.70 1.62 1.53 1.48 13.09 11.98 11.19 10.37 9.45 11.76 11.11 10.29 9.45 8.85 16.39 15.10 13.70 12.44 11.48 1.53 1.71 1.86 2.07 2.37 60.54 -0.5%ATLAS COPCO AB-B SHS 5.61 4.88 4.18 3.61 2.40 2.43 2.33 2.20 2.14 13.40 12.36 12.04 11.68 10.30 10.43 9.87 9.24 9.44 14.22 14.36 13.39 12.32TENARIS SA 1.99 1.86 1.68 1.51 2.18 2.08 1.97 1.89 9.83 8.50 9.14 9.98 8.36 7.84 7.38 7.03 13.54 12.01 11.94 11.23 2.46 2.58 2.70 2.66 15.66 0.0% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 27.03.2013Nestle SANestle SA is a multinational packaged food company that manufactures and markets Price/Volumea wide range of food products. The Companys product line includes milk, 80 25.0 Mchocolate, confectionery, bottled water, coffee, creamer, food seasoning and 70pet foods. 20.0 M 60 50 15.0 M 40 Valuation Analysis 10.0 M 30Latest Fiscal Year: 12/2012 20LTM as of: 12/yy 5.0 M 1052-Week High (15.03.2013) 69.00 0 .0 M52-Week Low (05.06.2012) 53.80 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2739821.00 Current Price (3/dd/yy) 67.7 Market Data 52-Week High % Change -1.88% Dividend Yield - 52-Week Low % Change 25.84% Beta 0.74 % 52 Week Price Range High/Low 91.45% Equity Float 3219.39Shares Out 31.12.2012 3224.8 Short Int - Market Capitalization 218318.95 1 Yr Total Return 23.49%Total Debt 27577.00 YTD Return 13.59%Preferred Stock 0.0 Adjusted BETA 0.742Minority Interest 1657.0 Analyst Recs 42Cash and Equivalents 9425.00 Consensus Rating 3.762Enterprise Value 238127.95 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4421169NESN VX EQUITY YTD Change - Average Volume 30 Day 5384823NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4693481 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 103086.0 100579.0 88015.0 83770.0 92324.0 83642 92186 98254 103914 22959 24414 TEV/Revenue 1.64x 1.96x 2.08x 2.23x 2.27x 0.00x 0.00x 2.42x 2.26x - - EBITDA 15533.0 16048.0 15611.0 15390.0 16887.0 0.0 0.0 18692.3 20056.7 - - TEV/EBITDA 10.89x 12.28x 11.72x 12.16x 12.43x 0.00x 0.00x 12.71x 11.85x - - Net Income 18039.0 10428.0 34233.0 9487.0 10611.0 0.0 0.0 11457.7 12394.8 - - P/E 20.80x 19.38x 21.06x 18.18x 17.90x 0.00x 0.00x 18.59x 17.17x - - Profitability S&P Issuer RatingsEBITDA 16887.00 Long-Term Rating Date 16.08.2007EBIT 13903.00 Long-Term Rating AAOperating Margin 15.06% Long-Term Outlook STABLEPretax Margin 15.72% Short-Term Rating Date 23.11.1981Return on Assets 8.83% Short-Term Rating A-1+Return on Common Equity 18.02% Credit RatiosReturn on Capital 13.46% EBITDA/Interest Exp. 29.73Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 20.28Margin Analysis Net Debt/EBITDA 1.07Gross Margin 47.6% Total Debt/EBITDA 1.63EBITDA Margin 18.3% ReferenceEBIT Margin 15.1% Total Debt/Equity 45.2%Net Income Margin 11.5% Total Debt/Capital 30.6%Structure Asset Turnover 0.77Current Ratio 0.91 Net Fixed Asset Turnover 3.63Quick Ratio 0.50 Accounts receivable turnover-days 38.56Debt to Assets 21.85% Inventory Days 69.50Tot Debt to Common Equity 45.25% Accounts Payable Turnover Day 106.31Accounts Receivable Turnover 9.49 Cash Conversion Cycle 1.76Inventory Turnover 5.27Price/ Cash Flow Sales/Revenue/Turnover 20.00 120000.0 18.00 100000.0 16.00 14.00 80000.0 12.00 10.00 60000.0 8.00 40000.0 6.00 4.00 20000.0 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 |
  • 7. 27.03.2013Nestle SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 167423934 5.19 145091 25.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 73718620 2.29 2250900 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 45239182 1.4 (902542) 31.01.2013 Mutual Fund ManagerFMR LLC n/a ULT-AGG 37264088 1.16 2976375 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 35232885 1.09 (997394) 31.12.2012 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 28857544 0.89 (56440) 30.11.2012 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 23431160 0.73 524947 31.01.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 18332115 0.57 319679 31.12.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 17812640 0.55 88163 31.01.2013 Mutual Fund ManagerSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 16719546 0.52 6474868 31.01.2013 Mutual Fund ManagerCARMIGNAC GESTION Multiple Portfolios MF-AGG 12537390 0.39 22050 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11887345 0.37 (187731) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 10560011 0.33 (110988) 28.02.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9789155 0.3 3003499 31.12.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 8899608 0.28 (63233) 31.01.2013 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7902742 0.25 11764 30.09.2012 Hedge Fund ManagerARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5524912 0.17 121371 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 5320763 0.16 (722976) 31.01.2013 Investment AdvisorABERDEEN n/a ULT-AGG 5162265 0.16 (118700) 28.02.2013 UnclassifiedGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4693232 0.15 (71536) 31.05.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co ANDREW WOOD market perform 3 M 66 12 month 26.03.2013Kepler Capital Markets JON COX hold 3 M 60 Not Provided 22.03.2013Grupo Santander PEDRO GIL buy 5 M 72 Not Provided 21.03.2013Jefferies ALEX HOWSON buy 5 M 74 12 month 21.03.2013AlphaValue SOPHIE CABO-BROSETA reduce 2 M 70 6 month 21.03.2013EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 21.03.2013Exane BNP Paribas JEFF STENT outperform 5 M 74 Not Provided 19.03.2013Day by Day VALERIE GASTALDY buy 5 M 79 3 month 18.03.2013JPMorgan CELINE PANNUTI overweight 5 M 72 9 month 14.03.2013Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 68 12 month 13.03.2013RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 73 12 month 11.03.2013Credit Suisse ALEX MOLLOY outperform 5 U 76 Not Provided 07.03.2013Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 69 12 month 05.03.2013Mirabaud Securities JULIAN LAKIN hold 3 M 63 12 month 26.02.2013Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 22.02.2013Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 22.02.2013Societe Generale WARREN L ACKERMAN buy 5 M 71 12 month 19.02.2013Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 18.02.2013Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 15.02.2013Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 15.02.2013Nomura DAVID HAYES reduce 2 M 66 Not Provided 15.02.2013Helvea ANDREAS VON ARX neutral 3 M 65 12 month 15.02.2013Barclays LIAM ROWLEY overweight 5 M 70 Not Provided 15.02.2013Deutsche Bank JAMES ISENWATER hold 3 M 63 12 month 14.02.2013Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 70 12 month 14.02.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 67 12 month 14.02.2013Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 14.02.2013SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 61 12 month 14.02.2013S&P Capital IQ CARL SHORT hold 3 M 65 12 month 14.02.2013Natixis PIERRE TEGNER buy 5 U 72 Not Provided 11.02.2013Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013CA Cheuvreux ERIC BOROIAN outperform 5 M 63 Not Provided 21.01.2013Aurel - BGC JEAN-MARIE LHOME hold 3 M 49 6 month 18.10.2012Espirito Santo Investment Bank Research ALEX SMITH neutral 3 M 58 Not Provided 14.09.2012Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 13.09.2012HSBC CEDRIC BESNARD neutral 3 D 67 Not Provided 12.09.2012Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012DZ Bank AG ROBERT CZERWENSKY hold 3 D 63 12 month 16.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 27.03.2013HSBC Holdings PLCHSBC Holdings plc is the holding company for the HSBC Group. The Company Price/Volumeprovides a variety of international banking and financial services, including 800 90.0 Mretail and corporate banking, trade, trusteeship, securities, custody, capital 80.0 M 700markets, treasury, private and investment banking, and insurance. The Group 70.0 M 600operates worldwide. 60.0 M 500 50.0 M 400 Valuation Analysis 40.0 M 300Latest Fiscal Year: 12/2012 30.0 M 200 20.0 MLTM as of: 12/yy 100 10.0 M52-Week High (14.03.2013) 741.20 0 .0 M52-Week Low (30.05.2012) 501.20 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 9945450.00 Current Price (3/dd/yy) 694.1 Market Data 52-Week High % Change -6.35% Dividend Yield 4.29 52-Week Low % Change 38.49% Beta 1.09 % 52 Week Price Range High/Low 82.21% Equity Float 18474.42Shares Out 28.02.2013 18484.5 Short Int - Market Capitalization 128300.92 1 Yr Total Return 28.80%Total Debt 284987.00 YTD Return 9.09%Preferred Stock 2728.0 Adjusted BETA 1.090Minority Interest 7887.0 Analyst Recs 44Cash and Equivalents 256366.00 Consensus Rating 4.045Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 27755540HSBA LN EQUITY YTD Change - Average Volume 30 Day 22664280HSBA LN EQUITY YTD % CHANGE - Average Volume 3 Month 20333180 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 126036.0 97533.0 91171.0 94799.0 84663.0 85228.0 80336.0 68487.3 72601.7 - - TEV/Revenue - - - - - 0.00x 0.00x 0.93x 0.40x - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 5728.0 5834.0 13159.0 16797.0 14027.0 16797.0 14027.0 18363.5 20694.4 - - P/E 19.90x 31.93x 13.43x 8.03x 13.58x 8.03x 13.58x 10.74x 9.61x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 29.11.2011EBIT - Long-Term Rating A+Operating Margin 15.34% Long-Term Outlook NEGPretax Margin 31.46% Short-Term Rating Date 29.11.2011Return on Assets 0.53% Short-Term Rating A-1Return on Common Equity 8.37% Credit RatiosReturn on Capital 3.38% 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 165.2%Net Income Margin 21.4% Total Debt/Capital 60.9%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 7.49Quick Ratio - Accounts receivable turnover-days -Debt to Assets 10.58% Inventory Days -Tot Debt to Common Equity 165.20% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 160000.0 140000.0 1.00 120000.0 0.80 100000.0 80000.0 0.60 60000.0 0.40 40000.0 20000.0 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 |
  • 9. 27.03.2013HSBC Holdings PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN n/a ULT-AGG 1324583860 7.17 (13049021) 12.02.2013 UnclassifiedBLACKROCK n/a ULT-AGG 1110172768 6.01 - 25.03.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 681507879 3.69 2537898 01.02.2013 UnclassifiedNORGES BANK INVESTME Multiple Portfolios REG 476556585 2.58 - 01.02.2013 GovernmentSCOTTISH WIDOWS n/a ULT-AGG 440954225 2.39 79539775 01.02.2013 UnclassifiedFMR LLC n/a ULT-AGG 332844458 1.8 40654991 01.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 324698913 1.76 50440600 01.02.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 224222452 1.21 (2646000) 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 209856599 1.14 5636526 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 200499704 1.08 10505716 01.02.2013 Investment AdvisorDZ BANK AG Multiple Portfolios REG 199869719 1.08 - 01.02.2013 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 198426753 1.07 5126341 01.02.2013 Investment AdvisorABERDEEN n/a ULT-AGG 193573011 1.05 27428625 28.02.2013 UnclassifiedUBS n/a ULT-AGG 187959754 1.02 21768714 01.02.2013 UnclassifiedSUN LIFE FINANCIAL I n/a ULT-AGG 181870790 0.98 2568947 01.02.2013 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 180568727 0.98 (14593182) 01.02.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 174085246 0.94 2029272 26.03.2013 Investment AdvisorHSBC INVESTMENTS UK Multiple Portfolios REG 141993045 0.77 (3241674) 01.02.2013 Investment AdvisorAVIVA INVESTORS Multiple Portfolios REG 127868417 0.69 19292369 01.02.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 125817709 0.68 (3893625) 01.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie THOMAS STOEGNER outperform 5 M 800 12 month 26.03.2013Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 835 Not Provided 25.03.2013Credit Suisse AMIT GOEL outperform 5 M 790 Not Provided 25.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013AlphaValue DAVID GRINSZTAJN sell 1 M 610 6 month 21.03.2013Investec IAN GORDON add 4 M 735 12 month 20.03.2013Shore Capital Stockbrokers GARY GREENWOOD buy 5 U #N/A N/A Not Provided 19.03.2013Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 860 12 month 18.03.2013Nomura CHINTAN JOSHI buy 5 M 900 12 month 18.03.2013Exane BNP Paribas TOM RAYNER outperform 5 M 825 Not Provided 18.03.2013BNP Paribas Equity Research DOMINIC CHAN buy 5 M 856 12 month 14.03.2013Oriel Securities Ltd VIVEK RAJA buy 5 U 860 Not Provided 14.03.2013Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 940 12 month 12.03.2013Numis Securities Ltd MICHAEL J TRIPPITT hold 3 M 652 Not Provided 12.03.2013Societe Generale JAMES INVINE buy 5 M 790 12 month 05.03.2013Deutsche Bank JASON NAPIER buy 5 M 760 12 month 05.03.2013Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 777 12 month 05.03.2013RBC Capital Markets PATRICK LEE sector perform 3 M 700 12 month 05.03.2013DBS Vickers ALEXANDER LEE buy 5 M 820 12 month 05.03.2013Independent Research GmbH STEFAN BONGARDT hold 3 M 750 12 month 05.03.2013Citic Securities Co., Ltd STEVEN CHAN buy 5 M 854 6 month 05.03.2013BOCOM International Holdings LI SHANSHAN neutral 3 M 746 Not Provided 05.03.2013Canaccord Genuity Corp GARETH HUNT buy 5 M 825 12 month 04.03.2013S&P Capital IQ FRANK BRADEN buy 5 M 785 12 month 04.03.2013CCB International Securities Ltd ADAM CHAN neutral 3 M 692 Not Provided 04.03.2013JPMorgan RAUL SINHA overweight 5 M 755 9 month 26.02.2013Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 800 12 month 08.02.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 720 Not Provided 04.02.2013Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 31.01.2013Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA buy 5 M 800 Not Provided 29.01.2013Berenberg Bank JAMES CHAPPELL buy 5 M 680 Not Provided 28.01.2013Barclays ROHITH CHANDRA-RAJAN overweight 5 M 730 Not Provided 22.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Daniel Stewart & Co SIMON WILLIS hold 3 M 650 12 month 09.01.2013Liberum Capital Ltd CORMAC LEECH buy 5 M 665 Not Provided 07.12.2012JF Apex Securities Bhd TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 06.12.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 676 Not Provided 06.12.2012Mizuho Securities JIM ANTOS buy 5 U 709 12 month 19.11.2012Grupo Santander ARTURO DE FRIAS hold 3 M 632 Not Provided 18.09.2012China International Capital Corp SALLY NG accumulate 4 M 668 12 month 12.07.2012Redburn Partners JON KIRK buy 5 N #N/A N/A Not Provided 27.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 27.03.2013Novartis AGNovartis AG manufactures pharmaceutical and consumer healthcare products. The Price/VolumeCompany produces pharmaceuticals for cardiovascular, respiratory and infectious 80 18.0 Mdiseases, oncology, neuroscience, transplantation, dermatology, 16.0 M 70gastrointestinal and urinary conditions, and arthritis, vaccines and 14.0 M 60diagnostics, vision, and animal health products. 12.0 M 50 10.0 M 40 Valuation Analysis 8.0 M 30Latest Fiscal Year: 12/2012 6.0 M 20 4.0 MLTM as of: 12/yy 10 2.0 M52-Week High (20.03.2013) 67.70 0 .0 M52-Week Low (18.05.2012) 48.29 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1999225.00 Current Price (3/dd/yy) 66.85 Market Data 52-Week High % Change -1.18% Dividend Yield - 52-Week Low % Change 38.43% Beta 0.89 % 52 Week Price Range High/Low 98.45% Equity Float 2423.83Shares Out 31.12.2012 2706.2 Short Int - Market Capitalization 180909.00 1 Yr Total Return 38.36%Total Debt 19726.00 YTD Return 20.66%Preferred Stock 0.0 Adjusted BETA 0.889Minority Interest 126.0 Analyst Recs 33Cash and Equivalents 8119.00 Consensus Rating 4.061Enterprise Value 201431.69 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3613293NOVN VX EQUITY YTD Change - Average Volume 30 Day 4881864NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4700765 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 41459.0 44267.0 50624.0 58566.0 56673.0 58566.0 56673.0 57028.9 59316.4 13699.0 13948.0 TEV/Revenue 2.76x 2.72x 3.08x 2.61x 2.89x 10.66x 11.16x 3.46x 3.23x - - EBITDA 11978.0 12318.0 15866.0 17818.0 16714.0 17818.0 16465.0 16838.1 18056.5 - - TEV/EBITDA 9.55x 9.79x 9.81x 8.58x 9.82x 8.58x 9.96x 11.95x 11.15x - - Net Income 8195.0 8400.0 9794.0 9113.0 9505.0 9113.0 9505.0 12485.7 13748.1 3028.0 3123.0 P/E 13.89x 14.73x 13.70x 14.94x 16.01x 14.94x 16.05x 13.52x 12.23x 13.68x 13.53x Profitability S&P Issuer RatingsEBITDA 16714.00 Long-Term Rating Date 07.04.2008EBIT 11794.00 Long-Term Rating AA-Operating Margin 20.81% Long-Term Outlook STABLEPretax Margin 19.84% Short-Term Rating Date 14.01.1997Return on Assets 7.86% Short-Term Rating A-1+Return on Common Equity 14.09% Credit RatiosReturn on Capital 11.69% EBITDA/Interest Exp. 23.09Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 19.36Margin Analysis Net Debt/EBITDA 0.70Gross Margin 66.9% Total Debt/EBITDA 1.20EBITDA Margin 29.1% ReferenceEBIT Margin 20.3% Total Debt/Equity 28.5%Net Income Margin 16.8% Total Debt/Capital 22.2%Structure Asset Turnover 0.47Current Ratio 1.16 Net Fixed Asset Turnover 3.48Quick Ratio 0.76 Accounts receivable turnover-days 65.79Debt to Assets 15.88% Inventory Days 123.66Tot Debt to Common Equity 28.55% Accounts Payable Turnover Day 98.95Accounts Receivable Turnover 5.56 Cash Conversion Cycle 90.49Inventory Turnover 2.96Price/ Cash Flow Sales/Revenue/Turnover 14.00 70000.0 12.00 60000.0 10.00 50000.0 8.00 40000.0 6.00 30000.0 4.00 20000.0 2.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 11. 27.03.2013Novartis AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 120887981 4.47 (515205) 31.12.2012 Investment AdvisorNOVARTIS AG n/a EXCH 109194165 4.03 - 09.05.2012 CorporationBLACKROCK n/a ULT-AGG 104449586 3.86 4817320 25.03.2013 Investment AdvisorEMASAN AG n/a Co File 87859938 3.25 - 31.12.2011 Hedge Fund ManagerNOVARTIS FOUNDATION n/a EXCH 78926882 2.92 - 25.02.2013 n/aCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 37728226 1.39 (769427) 31.01.2013 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 30677414 1.13 1041632 31.12.2012 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 23848647 0.88 (37179) 30.11.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 14689249 0.54 167961 31.01.2013 Mutual Fund ManagerSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 14545038 0.54 5670224 31.01.2013 Mutual Fund ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13520586 0.5 1410638 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 13144896 0.49 458700 31.01.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10929652 0.4 590222 26.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 8481470 0.31 223606 31.01.2013 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 6826249 0.25 693638 21.03.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 6478481 0.24 63525 28.02.2013 Investment AdvisorABERDEEN n/a ULT-AGG 5933597 0.22 (9500) 28.02.2013 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 5456801 0.2 (621833) 31.12.2012 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5092802 0.19 (237271) 31.05.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3857938 0.14 219112 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 71 12 month 25.03.2013Helvea ODILE RUNDQUIST buy 5 M 68 12 month 25.03.2013Exane BNP Paribas FLORENT CESPEDES outperform 5 M 71 Not Provided 21.03.2013AlphaValue ARMELLE MOULIN add 4 M 75 6 month 21.03.2013JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 U 78 15 month 15.03.2013Credit Suisse MATTHEW WESTON outperform 5 M 70 Not Provided 14.03.2013Jefferies JEFFREY HOLFORD buy 5 M 78 12 month 14.03.2013Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 13.03.2013Berenberg Bank ALISTAIR CAMPBELL buy 5 M 72 Not Provided 28.02.2013Day by Day VALERIE GASTALDY buy 5 M 69 3 month 28.02.2013Societe Generale STEPHEN MCGARRY buy 5 M 72 12 month 25.02.2013Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 70 6 month 25.02.2013Kepler Capital Markets MARTIN VOEGTLI hold 3 M 59 Not Provided 14.02.2013Barclays MARK PURCELL equalweight 3 M 65 Not Provided 04.02.2013Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 60 12 month 28.01.2013Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 70 Not Provided 25.01.2013Bank Vontobel AG ANDREW C WEISS reduce 2 M 53 Not Provided 24.01.2013Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 61 12 month 23.01.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 63 12 month 23.01.2013S&P Capital IQ SHO MATSUBARA hold 3 M 63 12 month 23.01.2013Natixis BEATRICE MUZARD neutral 3 M 62 Not Provided 18.01.2013Nomura AMIT ROY buy 5 M 65 12 month 18.01.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013Deutsche Bank TIM RACE hold 3 D 63 12 month 12.12.2012Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.12.2012CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 Not Provided 25.10.2012Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 70 Not Provided 05.10.2012Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012DZ Bank AG ELMAR KRAUS buy 5 M 56 12 month 30.01.2012CA Cheuvreux MARCEL BRAND underperform 1 M 48 Not Provided 17.07.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 27.03.2013Roche Holding AGRoche Holding AG develops and manufactures pharmaceutical and diagnostic Price/Volumeproducts. The Company produces prescription drugs in the areas of 250 5.0 Mcardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, 4.5 Mmetabolic disorders, oncology, transplantation, and the central nervous system. 200 4.0 M 3.5 M 150 3.0 M 2.5 M Valuation Analysis 100 2.0 MLatest Fiscal Year: 12/2012 1.5 MLTM as of: 12/yy 50 1.0 M .5 M52-Week High (06.03.2013) 220.40 0 .0 M52-Week Low (04.06.2012) 148.40 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 547262.00 Current Price (3/dd/yy) 218.7 Market Data 52-Week High % Change -0.77% Dividend Yield - 52-Week Low % Change 47.37% Beta 0.93 % 52 Week Price Range High/Low 99.17% Equity Float 701.88Shares Out 31.12.2012 702.6 Short Int - Market Capitalization 188658.45 1 Yr Total Return 42.81%Total Debt 24590.00 YTD Return 22.94%Preferred Stock 0.0 Adjusted BETA 0.930Minority Interest 2234.0 Analyst Recs 34Cash and Equivalents 13991.00 Consensus Rating 4.206Enterprise Value 201491.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1099551ROG VX EQUITY YTD Change - Average Volume 30 Day 1526519ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 1411135 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 45617.0 49051.0 47473.0 42531.0 45499.0 42531.0 45499.0 47678.3 49426.5 11542.0 11641.0 TEV/Revenue 2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.12x 3.86x - - EBITDA 16541.0 17705.0 16038.0 15822.0 16546.0 0.0 0.0 19871.2 20849.1 - - TEV/EBITDA 8.09x 10.03x 8.76x 9.81x 10.37x 0.00x 0.00x 10.13x 9.65x - - Net Income 8969.0 7784.0 8666.0 9343.0 9539.0 0.0 0.0 12622.3 13615.4 - - P/E 15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 14.68x 13.70x - - Profitability S&P Issuer RatingsEBITDA 16546.00 Long-Term Rating Date 17.09.2012EBIT 14125.00 Long-Term Rating AAOperating Margin 31.04% Long-Term Outlook STABLEPretax Margin 27.08% Short-Term Rating Date 01.02.2006Return on Assets 15.10% Short-Term Rating A-1+Return on Common Equity 71.75% Credit RatiosReturn on Capital 26.33% EBITDA/Interest Exp. 11.85Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 10.30Margin Analysis Net Debt/EBITDA 0.64Gross Margin 73.2% Total Debt/EBITDA 1.49EBITDA Margin 36.4% ReferenceEBIT Margin 31.0% Total Debt/Equity 169.7%Net Income Margin 21.0% Total Debt/Capital 59.5%Structure Asset Turnover 0.72Current Ratio 1.55 Net Fixed Asset Turnover 2.88Quick Ratio 1.16 Accounts receivable turnover-days 77.48Debt to Assets 37.94% Inventory Days 159.36Tot Debt to Common Equity 169.66% Accounts Payable Turnover Day 57.80Accounts Receivable Turnover 4.72 Cash Conversion Cycle 179.03Inventory Turnover 2.30Price/ Cash Flow Sales/Revenue/Turnover 16.00 60000.0 14.00 50000.0 12.00 40000.0 10.00 8.00 30000.0 6.00 20000.0 4.00 10000.0 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 |
  • 13. 27.03.2013Roche Holding AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 19795162 2.82 336935 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 11953300 1.7 - 31.12.2012 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10676417 1.52 102700 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 10199888 1.45 (179381) 31.01.2013 Mutual Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 9222286 1.31 (1803044) 28.02.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 8033131 1.14 731500 25.03.2013 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 7596200 1.08 - 29.01.2013 Investment AdvisorFMR LLC n/a ULT-AGG 7169150 1.02 (416685) 31.01.2013 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 6380836 0.91 (11698) 30.11.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4696091 0.67 336221 31.12.2012 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 4213722 0.6 (246469) 31.01.2013 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 4134183 0.59 (5494) 31.01.2013 Mutual Fund ManagerPERPETUAL INVESTMENT Multiple Portfolios MF-AGG 4098284 0.58 - 31.03.2012 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3770320 0.54 1486953 31.01.2013 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3587836 0.51 117690 26.03.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 2812095 0.4 24010 31.01.2013 Investment AdvisorABERDEEN n/a ULT-AGG 2637300 0.38 (57400) 28.02.2013 UnclassifiedINVESCO LTD Multiple Portfolios MF-AGG 2141039 0.3 40852 21.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2119017 0.3 179622 28.02.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2085546 0.3 108630 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHelvea ODILE RUNDQUIST accumulate 4 M 220 12 month 25.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013Exane BNP Paribas VINCENT MEUNIER neutral 3 M 213 Not Provided 21.03.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 270 15 month 15.03.2013Jefferies JEFFREY HOLFORD buy 5 M 230 12 month 14.03.2013Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 208 6 month 08.03.2013Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 222 12 month 05.03.2013Societe Generale STEPHEN MCGARRY buy 5 M 246 12 month 25.02.2013Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 25.02.2013Natixis PHILIPPE LANONE buy 5 M 240 Not Provided 25.02.2013Nomura AMIT ROY neutral 3 M 140 12 month 25.02.2013Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 230 12 month 22.02.2013S&P Capital IQ SHO MATSUBARA buy 5 M 222 12 month 22.02.2013Kepler Capital Markets MARTIN VOEGTLI buy 5 M 225 Not Provided 21.02.2013Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.02.2013Deutsche Bank TIM RACE buy 5 M 215 12 month 04.02.2013Barclays MARK PURCELL overweight 5 M 230 Not Provided 04.02.2013Berenberg Bank ALISTAIR CAMPBELL buy 5 M 210 Not Provided 01.02.2013Credit Suisse LUISA HECTOR outperform 5 M 227 Not Provided 31.01.2013CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 D 206 12 month 31.01.2013Bank Vontobel AG ANDREW C WEISS buy 5 M 225 Not Provided 31.01.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 215 12 month 30.01.2013Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 245 12 month 28.01.2013CA Cheuvreux MARCEL BRAND outperform 5 M 220 Not Provided 28.01.2013Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 220 Not Provided 11.12.2012Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 190 Not Provided 05.10.2012Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012Mirabaud Securities NICHOLAS TURNER accumulate 4 M 178 Not Provided 02.04.2012DZ Bank AG ELMAR KRAUS buy 5 M 220 12 month 03.02.2012MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 27.03.2013Vodafone Group PLCVodafone Group PLC is a mobile telecommunications company providing a range of Price/Volumeservices, including voice and data communications. The Company operates in 200 500.0 MContinental Europe, the United Kingdom, the United States, Asia Pacific, Africa 180 450.0 Mand the Middle East through its subsidiaries, associates, and investments. 160 400.0 M 140 350.0 M 120 300.0 M 100 250.0 M Valuation Analysis 80 200.0 MLatest Fiscal Year: 03/2012 60 150.0 MLTM as of: 12/yy 40 100.0 M 20 50.0 M52-Week High (14.08.2012) 191.75 0 .0 M52-Week Low (31.12.2012) 154.20 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 53382949.00 Current Price (3/dd/yy) 185.65 Market Data 52-Week High % Change -3.10% Dividend Yield 5.25 52-Week Low % Change 20.40% Beta 0.68 % 52 Week Price Range High/Low 89.35% Equity Float 48897.09Shares Out 26.03.2013 48922.9 Short Int - Market Capitalization 90825.36 1 Yr Total Return 13.03%Total Debt 34706.00 YTD Return 20.20%Preferred Stock 0.0 Adjusted BETA 0.680Minority Interest 1267.0 Analyst Recs 33Cash and Equivalents 8461.00 Consensus Rating 3.939Enterprise Value 112879.36 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 86407620VOD LN EQUITY YTD Change - Average Volume 30 Day #########VOD LN EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 Total Revenue 35478.0 41017.0 44472.0 45884.0 46417.0 46525.0 44447.0 44355.0 45260.8 - - TEV/Revenue 2.93x 2.36x 2.54x 2.67x 2.43x 0.00x 0.00x 2.66x 2.59x - - EBITDA 13123.0 14520.0 14820.0 14668.0 18214.0 0.0 0.0 13211.3 13305.3 - - TEV/EBITDA 7.93x 6.67x 7.62x 8.35x 6.20x 0.00x 0.00x 8.54x 8.48x - - Net Income 6660.0 3078.0 8645.0 7968.0 6957.0 0.0 0.0 7536.1 7856.3 - - P/E 12.01x 21.03x 9.25x 11.61x 12.54x 0.00x 0.00x 12.13x 11.32x - - Profitability S&P Issuer RatingsEBITDA 18214.00 Long-Term Rating Date 30.05.2006EBIT 10355.00 Long-Term Rating A-Operating Margin 22.31% Long-Term Outlook STABLEPretax Margin 20.57% Short-Term Rating Date 30.05.2006Return on Assets -1.22% Short-Term Rating A-2Return on Common Equity -2.22% Credit RatiosReturn on Capital -3.81% EBITDA/Interest Exp. 9.43Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 6.96Margin Analysis Net Debt/EBITDA 1.51Gross Margin 32.0% Total Debt/EBITDA 2.06EBITDA Margin 31.1% ReferenceEBIT Margin 14.3% Total Debt/Equity 45.1%Net Income Margin 15.0% Total Debt/Capital 30.7%Structure Asset Turnover 0.32Current Ratio 0.83 Net Fixed Asset Turnover 2.41Quick Ratio 0.51 Accounts receivable turnover-days 97.36Debt to Assets 24.87% Inventory Days 6.89Tot Debt to Common Equity 45.11% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.76 Cash Conversion Cycle -14.42Inventory Turnover 53.11Price/ Cash Flow Sales/Revenue/Turnover 7.00 50000.0 45000.0 6.00 40000.0 5.00 35000.0 30000.0 4.00 25000.0 3.00 20000.0 15000.0 2.00 10000.0 1.00 5000.0 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 15. 27.03.2013Vodafone Group PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 3213888547 6.57 - 25.03.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 1840749892 3.76 (25141828) 03.12.2012 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 1829029872 3.74 (28812480) 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 1307796665 2.67 141890605 03.12.2012 UnclassifiedNORGES BANK INVESTME Multiple Portfolios REG 1168679699 2.39 (11916154) 03.12.2012 GovernmentFMR LLC n/a ULT-AGG 1115035830 2.28 (52316656) 31.01.2013 Investment AdvisorUBS n/a ULT-AGG 905655588 1.85 105084426 31.01.2013 UnclassifiedSUN LIFE FINANCIAL I n/a ULT-AGG 890918812 1.82 (52366577) 31.01.2013 Investment AdvisorABERDEEN n/a ULT-AGG 835280974 1.71 19552525 28.02.2013 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 785130474 1.6 100485000 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 628261806 1.28 72066899 31.12.2012 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 619899347 1.27 99016155 03.12.2012 GovernmentSTANDARD LIFE INVEST Multiple Portfolios REG 526399681 1.08 (24829446) 03.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 517367935 1.06 44104574 03.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 514956230 1.05 (15517805) 26.03.2013 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 508998599 1.04 (96292120) 03.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 463624918 0.95 (60869430) 31.01.2013 UnclassifiedDODGE & COX Multiple Portfolios REG 413470000 0.85 15508600 03.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 409583000 0.84 2613000 29.01.2013 Investment AdvisorAXA n/a ULT-AGG 402114002 0.82 (2762350) 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse JUSTIN FUNNELL outperform 5 M 180 Not Provided 27.03.2013Grupo Santander JOHN DAVIES hold 3 M 200 Not Provided 26.03.2013Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 220 12 month 26.03.2013Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 205 12 month 25.03.2013Jefferies JEREMY A DELLIS hold 3 M 174 12 month 25.03.2013Oriel Securities Ltd JOHN KARIDIS buy 5 M 225 Not Provided 25.03.2013Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 U 172 Not Provided 22.03.2013AlphaValue JEAN-MICHEL SALVADOR add 4 M 215 6 month 21.03.2013Societe Generale OTTAVIO ADORISIO sell 1 M 100 12 month 15.03.2013Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 135 12 month 15.03.2013Espirito Santo Investment Bank Research NICK BROWN buy 5 M 200 Not Provided 13.03.2013Barclays MAURICE PATRICK overweight 5 M 210 Not Provided 12.03.2013Macquarie GUY R PEDDY outperform 5 M 205 12 month 11.03.2013New Street Research JAMES RATZER buy 5 M 250 Not Provided 11.03.2013Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 178 Not Provided 08.03.2013Berenberg Bank PAUL ANDREW MARSCH hold 3 M 185 Not Provided 06.03.2013Nomura JAMES BRITTON neutral 3 M 195 12 month 06.03.2013JPMorgan AKHIL DATTANI overweight 5 M 220 12 month 26.02.2013Oddo & Cie VINCENT MAULAY buy 5 M 200 Not Provided 14.02.2013Banca Akros(ESN) ANDREA DEVITA hold 3 M 184 12 month 14.02.2013Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 11.02.2013Deutsche Bank DAVID A WRIGHT hold 3 M 173 12 month 08.02.2013Independent Research GmbH MARKUS FRIEBEL sell 1 M 150 12 month 07.02.2013S&P Capital IQ JAMES CRAWSHAW buy 5 M 190 12 month 07.02.2013Day by Day VALERIE GASTALDY buy 5 M 188 3 month 28.01.2013Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 210 Not Provided 18.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013HSBC STEPHEN HOWARD overweight 5 M 205 Not Provided 07.12.2012Natixis BENOIT MAYNARD neutral 3 M 190 Not Provided 02.10.2012DZ Bank AG JOERI SELS buy 5 M 190 12 month 08.11.2011Northland Capital Partners Ltd DAVID JOHNSON not rated #N/A N/A M #N/A N/A Not Provided 13.04.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 27.03.2013BP PLCBP plc is an oil and petrochemicals company. The Company explores for and Price/Volumeproduces oil and natural gas, refines, markets, and supplies petroleum 500 100.0 Mproducts, generates solar energy, and manufactures and markets chemicals. BPs 450 90.0 Mchemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and 400 80.0 Mpolyethylene. 350 70.0 M 300 60.0 M 250 50.0 M Valuation Analysis 200 40.0 MLatest Fiscal Year: 12/2012 150 30.0 MLTM as of: 12/yy 100 20.0 M 50 10.0 M52-Week High (27.03.2012) 484.45 0 .0 M52-Week Low (18.05.2012) 389.50 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 6511273.00 Current Price (3/dd/yy) 461 Market Data 52-Week High % Change -4.83% Dividend Yield 4.88 52-Week Low % Change 18.36% Beta 1.04 % 52 Week Price Range High/Low 77.36% Equity Float 19158.33Shares Out 26.03.2013 19161.2 Short Int - Market Capitalization 88333.14 1 Yr Total Return 2.79%Total Debt 48797.00 YTD Return 9.96%Preferred Stock 0.0 Adjusted BETA 1.044Minority Interest 1206.0 Analyst Recs 38Cash and Equivalents 20114.00 Consensus Rating 3.579Enterprise Value 163294.12 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 29512860BP/ LN EQUITY YTD Change - Average Volume 30 Day 25806140BP/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 23933670 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 361143.0 239272.0 297107.0 375517.0 375580.0 375517.0 370866.0 343710.7 352783.7 84754.3 84530.7 TEV/Revenue 0.47x 0.87x 0.53x 0.44x 0.43x 1.71x 1.79x 0.46x 0.45x 1.83x 1.79x EBITDA 41761.0 33392.0 38497.0 45796.0 20442.0 45796.0 22056.0 38524.8 41496.8 9276.0 9646.5 TEV/EBITDA 4.05x 6.24x 4.06x 3.63x 7.92x 3.63x 7.34x 4.24x 3.93x 3.99x 3.74x Net Income 21157.0 16578.0 (3719.0) 25700.0 11582.0 25700.0 11582.0 16230.9 18510.6 3897.7 4034.0 P/E 6.81x 10.95x - 5.25x 11.34x 5.25x 11.33x 8.18x 7.30x 8.41x 7.77x Profitability S&P Issuer RatingsEBITDA 20442.00 Long-Term Rating Date 24.09.2010EBIT 7961.00 Long-Term Rating AOperating Margin 2.12% Long-Term Outlook POSPretax Margin 5.01% Short-Term Rating Date 24.09.2010Return on Assets 3.90% Short-Term Rating A-1Return on Common Equity 10.08% Credit RatiosReturn on Capital 7.70% EBITDA/Interest Exp. 13.60Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. -1.75Margin Analysis Net Debt/EBITDA 1.30Gross Margin 11.6% Total Debt/EBITDA 2.21EBITDA Margin 5.9% ReferenceEBIT Margin 2.4% Total Debt/Equity 41.2%Net Income Margin 3.1% Total Debt/Capital 29.0%Structure Asset Turnover 1.25Current Ratio 1.37 Net Fixed Asset Turnover 3.09Quick Ratio 0.59 Accounts receivable turnover-days 26.60Debt to Assets 16.26% Inventory Days 30.00Tot Debt to Common Equity 41.21% Accounts Payable Turnover Day 33.14Accounts Receivable Turnover 13.76 Cash Conversion Cycle 23.17Inventory Turnover 12.20Price/ Cash Flow Sales/Revenue/Turnover 12.00 400000.0 350000.0 10.00 300000.0 8.00 250000.0 6.00 200000.0 150000.0 4.00 100000.0 2.00 50000.0 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 |
  • 17. 27.03.2013BP PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 1027123894 5.36 - 25.03.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 715298081 3.73 19032430 01.11.2012 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 609649091 3.18 - 31.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 507765071 2.65 44846385 30.11.2012 UnclassifiedNORGES BANK INVESTME Multiple Portfolios REG 432628420 2.26 4845711 01.11.2012 GovernmentFRANKLIN RESOURCES n/a ULT-AGG 369828759 1.93 21912486 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 354793433 1.85 10873302 31.01.2013 UnclassifiedKUWAIT INVESTMENT AU Multiple Portfolios REG 328143792 1.71 - 01.11.2012 GovernmentM&G INVESTMENT MANAG Multiple Portfolios REG 321514948 1.68 (277008) 01.11.2012 Investment AdvisorFMR LLC n/a ULT-AGG 303860650 1.59 (1973558) 31.01.2013 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 258130496 1.35 - 01.11.2012 GovernmentSTANDARD LIFE INVEST Multiple Portfolios REG 241527129 1.26 (10962271) 01.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 204110697 1.07 5646262 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 195306957 1.02 7261934 01.11.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 193700712 1.01 (698478) 26.03.2013 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 178132910 0.93 12878131 31.01.2013 Investment AdvisorAVIVA INVESTORS Multiple Portfolios REG 166069621 0.87 (5019297) 01.11.2012 Investment AdvisorAXA n/a ULT-AGG 150610225 0.79 (592855) 31.01.2013 Investment AdvisorGOVT OF SINGAPORE IN n/a ULT-AGG 147434500 0.77 (6919062) 01.11.2012 GovernmentHSBC INVESTMENTS UK Multiple Portfolios REG 139991616 0.73 6546014 01.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGrupo Santander JASON KENNEY hold 3 M 530 12 month 25.03.2013Independent Research GmbH SVEN DIERMEIER buy 5 M 540 12 month 25.03.2013Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 22.03.2013Canaccord Genuity Corp GORDON GRAY hold 3 M 500 12 month 22.03.2013Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 22.03.2013Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 575 Not Provided 22.03.2013AlphaValue ALEXANDRE ANDLAUER reduce 2 U 425 6 month 21.03.2013EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 490 12 month 20.03.2013Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 510 12 month 13.03.2013Deutsche Bank LUCAS HERRMANN buy 5 M 520 12 month 11.03.2013Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 520 Not Provided 11.03.2013Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 445 Not Provided 11.03.2013Societe Generale IRENE HIMONA hold 3 M 500 12 month 08.03.2013VTB Capital COLIN SMITH hold 3 M 490 12 month 01.03.2013Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 M 442 12 month 27.02.2013VSA Capital Ltd DOUGIE YOUNGSON sell 1 D 400 12 month 25.02.2013Macquarie JASON D GAMMEL outperform 5 M 550 12 month 22.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013RBC Capital Markets PETER HUTTON sector perform 3 M 530 12 month 19.02.2013Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013HSBC PAUL SPEDDING overweight 5 M 550 Not Provided 08.02.2013Credit Suisse KIM FUSTIER neutral 3 M 475 Not Provided 06.02.2013Jefferies IAIN REID hold 3 M 450 12 month 06.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 6 12 month 06.02.2013Natixis ANNE PUMIR neutral 3 M 490 Not Provided 06.02.2013Nomura THEEPAN JOTHILINGAM neutral 3 M 455 12 month 06.02.2013Barclays RAHIM KARIM underweight 1 M 480 Not Provided 06.02.2013Investec STUART JOYNER buy 5 M 495 12 month 05.02.2013S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 05.02.2013JPMorgan FREDERICK G LUCAS overweight 5 M 525 3 month 19.12.2012Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 500 Not Provided 15.10.2012Jyske Bank ROBERT JAKOBSEN buy 5 M 520 Not Provided 19.09.2012CA Cheuvreux DOMINIQUE PATRY outperform 5 M 500 Not Provided 10.08.2012Kepler Capital Markets TEAM COVERAGE buy 5 M 602 Not Provided 16.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 27.03.2013SanofiSanofi is a global pharmaceutical company that researches, develops and Price/Volumemanufactures prescription pharmaceuticals and vaccines. The Company develops 90 12.0 Mcardiovascular, thrombosis, metabolic disorder, central nervous system, 80internal medicine and oncology drugs, and vaccines. 10.0 M 70 60 8.0 M 50 6.0 M Valuation Analysis 40Latest Fiscal Year: 12/2012 30 4.0 M 20LTM as of: 12/yy 2.0 M 1052-Week High (25.03.2013) 79.18 0 .0 M52-Week Low (04.06.2012) 53.20 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1829058.00 Current Price (3/dd/yy) 77.95 Market Data 52-Week High % Change -1.52% Dividend Yield - 52-Week Low % Change 46.52% Beta 0.75 % 52 Week Price Range High/Low 97.00% Equity Float 1187.62Shares Out 15.01.2013 1326.3 Short Int - Market Capitalization 103388.43 1 Yr Total Return 40.43%Total Debt 14531.00 YTD Return 9.19%Preferred Stock 0.0 Adjusted BETA 0.751Minority Interest 134.0 Analyst Recs 39Cash and Equivalents 6381.00 Consensus Rating 3.974Enterprise Value 111672.43 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3251278SAN FP EQUITY YTD Change - Average Volume 30 Day 2890639SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2595836 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 27568.0 29306.0 32367.0 33389.0 34947.0 33389.0 34947.0 35854.9 37843.3 8383.8 8735.3 TEV/Revenue 2.22x 2.61x 1.99x 2.59x 2.94x 5.23x 5.54x 3.02x 2.77x - - EBITDA 9940.0 12805.0 13156.0 12593.0 12384.0 2463.0 2704.0 13111.6 14230.3 - - TEV/EBITDA 6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 8.50x 7.84x - - Net Income 3851.0 5265.0 5467.0 5693.0 4967.0 5693.0 4967.0 7943.2 8778.0 1862.0 1851.8 P/E 15.94x 14.13x 11.42x 13.17x 18.99x 13.17x 18.99x 12.97x 11.62x 13.14x 12.68x Profitability S&P Issuer RatingsEBITDA 12384.00 Long-Term Rating Date 18.02.2011EBIT 7787.00 Long-Term Rating AA-Operating Margin 22.28% Long-Term Outlook STABLEPretax Margin 17.94% Short-Term Rating Date 18.02.2011Return on Assets 4.94% Short-Term Rating A-1+Return on Common Equity 8.75% Credit RatiosReturn on Capital 7.62% EBITDA/Interest Exp. 29.70Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 25.83Margin Analysis Net Debt/EBITDA 0.64Gross Margin 68.2% Total Debt/EBITDA 1.14EBITDA Margin 36.3% ReferenceEBIT Margin 22.3% Total Debt/Equity 25.3%Net Income Margin 14.2% Total Debt/Capital 20.2%Structure Asset Turnover 0.35Current Ratio 1.65 Net Fixed Asset Turnover 3.28Quick Ratio 1.00 Accounts receivable turnover-days 81.42Debt to Assets 14.47% Inventory Days 204.60Tot Debt to Common Equity 25.34% Accounts Payable Turnover Day 101.89Accounts Receivable Turnover 4.50 Cash Conversion Cycle 184.13Inventory Turnover 1.79Price/ Cash Flow Sales/Revenue/Turnover 14.00 40000.0 12.00 35000.0 30000.0 10.00 25000.0 8.00 20000.0 6.00 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 19. 27.03.2013SanofiHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLOREAL SA n/a 20F 118227307 8.91 - 31.01.2013 CorporationFMR LLC n/a ULT-AGG 33173565 2.5 325750 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 20826782 1.57 (6850) 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 18032467 1.36 1487319 31.12.2012 Investment AdvisorSANOFI EMP SAVINGS P n/a 20F 17191116 1.3 - 31.01.2013 n/aDODGE & COX Multiple Portfolios MF-AGG 16748982 1.26 - 29.01.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13821204 1.04 1647107 31.01.2013 Mutual Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 10580043 0.8 (1806061) 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 6697049 0.5 490404 31.12.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 6413305 0.48 (10030) 28.02.2013 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5954817 0.45 - 30.09.2012 Hedge Fund ManagerDEUTSCHE BANK AG Multiple Portfolios MF-AGG 5830361 0.44 249926 28.02.2013 Investment AdvisorWADDELL & REED FINAN Multiple Portfolios MF-AGG 5643800 0.43 597970 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 5093172 0.38 630744 28.02.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 4869438 0.37 (67746) 31.12.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 4547746 0.34 (42392) 31.12.2012 Mutual Fund ManagerGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4234244 0.32 (345054) 31.05.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4068709 0.31 8077 31.12.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 4037006 0.3 (16108) 31.10.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3880397 0.29 347156 26.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank MARK CLARK buy 5 M 89 12 month 26.03.2013Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 25.03.2013Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 82 Not Provided 25.03.2013Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 21.03.2013AlphaValue ARMELLE MOULIN add 4 M 83 6 month 21.03.2013JPMorgan RICHARD VOSSER overweight 5 M 99 15 month 15.03.2013Jefferies JEFFREY HOLFORD buy 5 M 85 12 month 14.03.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 14.03.2013Societe Generale STEPHEN MCGARRY buy 5 M 92 12 month 08.03.2013Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 80 6 month 19.02.2013Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 81 12 month 18.02.2013Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013Berenberg Bank ALISTAIR CAMPBELL hold 3 M 76 Not Provided 13.02.2013Barclays MARK PURCELL equalweight 3 M 77 Not Provided 12.02.2013Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 11.02.2013CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 66 12 month 11.02.2013Credit Suisse LUISA HECTOR neutral 3 M 78 Not Provided 08.02.2013Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 78 Not Provided 08.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 08.02.2013Kepler Capital Markets FABIAN WENNER hold 3 D 73 Not Provided 08.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 81 Not Provided 07.02.2013Nomura AMIT ROY neutral 3 M 65 12 month 07.02.2013S&P Capital IQ SHO MATSUBARA buy 5 M 81 12 month 07.02.2013Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 73 12 month 28.01.2013Natixis PHILIPPE LANONE buy 5 M 84 Not Provided 28.01.2013Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012Day by Day VALERIE GASTALDY buy 5 U 78 3 month 11.12.2012Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 10.12.2012Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012CA Cheuvreux LAURENT FLAMME outperform 5 M 77 Not Provided 29.10.2012Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 65 Not Provided 05.10.2012Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012DZ Bank AG ELMAR KRAUS buy 5 M 55 12 month 20.12.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 20. 27.03.2013Royal Dutch Shell PLCRoyal Dutch Shell PLC, through subsidiaries, explores for, produces, and Price/Volumerefines petroleum. The Company produces fuels, chemicals, and lubricants. 2500 20.0 MShell owns and operates gasoline filling stations worldwide. 18.0 M 2000 16.0 M 14.0 M 1500 12.0 M 10.0 M Valuation Analysis 1000 8.0 MLatest Fiscal Year: 12/2012 6.0 MLTM as of: 12/yy 500 4.0 M 2.0 M52-Week High (30.01.2013) 2323.50 0 .0 M52-Week Low (18.05.2012) 1956.50 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1009475.00 Current Price (3/dd/yy) 2141 Market Data 52-Week High % Change -7.85% Dividend Yield 5.32 52-Week Low % Change 9.43% Beta 1.03 % 52 Week Price Range High/Low 54.63% Equity Float 3770.78Shares Out 26.03.2013 3772.4 Short Int - Market Capitalization 138099.92 1 Yr Total Return 1.39%Total Debt 37754.00 YTD Return 2.25%Preferred Stock 0.0 Adjusted BETA 1.030Minority Interest 1433.0 Analyst Recs 31Cash and Equivalents 18550.00 Consensus Rating 3.742Enterprise Value 229195.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2639057RDSA LN EQUITY YTD Change - Average Volume 30 Day 3382676RDSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 3002002 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 458361.0 278188.0 368056.0 470171.0 467153.0 470171.0 467153.0 458011.3 465699.7 110420.5 113829.0 TEV/Revenue 0.37x 0.76x 0.65x 0.55x 0.51x 2.10x 2.05x 0.51x 0.50x 2.04x 1.98x EBITDA 57301.0 29079.0 41839.0 55943.0 52114.0 55943.0 52114.0 61207.0 62495.8 10357.0 10835.0 TEV/EBITDA 2.98x 7.28x 5.69x 4.60x 4.58x 4.60x 4.58x 3.74x 3.67x 5.14x 5.04x Net Income 26277.0 12518.0 20127.0 30918.0 26592.0 30918.0 26592.0 26655.6 27485.2 6859.0 7011.0 P/E 6.16x 14.87x 10.16x 7.39x 8.12x 7.38x 8.11x 7.70x 7.59x 7.62x 7.59x Profitability S&P Issuer RatingsEBITDA 52114.00 Long-Term Rating Date 03.09.2009EBIT 37499.00 Long-Term Rating AAOperating Margin 8.03% Long-Term Outlook STABLEPretax Margin 10.76% Short-Term Rating Date 06.03.1990Return on Assets 7.54% Short-Term Rating A-1+Return on Common Equity 14.86% Credit RatiosReturn on Capital 12.75% EBITDA/Interest Exp. 22.42Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 8.41Margin Analysis Net Debt/EBITDA 0.37Gross Margin 15.2% Total Debt/EBITDA 0.72EBITDA Margin 11.2% ReferenceEBIT Margin 8.0% Total Debt/Equity 20.0%Net Income Margin 5.7% Total Debt/Capital 16.6%Structure Asset Turnover 1.32Current Ratio 1.18 Net Fixed Asset Turnover 2.88Quick Ratio 0.61 Accounts receivable turnover-days 34.68Debt to Assets 10.48% Inventory Days 27.61Tot Debt to Common Equity 20.03% Accounts Payable Turnover Day 40.16Accounts Receivable Turnover 10.56 Cash Conversion Cycle 22.13Inventory Turnover 13.25Price/ Cash Flow Sales/Revenue/Turnover 10.00 500000.0 9.00 450000.0 8.00 400000.0 7.00 350000.0 6.00 300000.0 5.00 250000.0 4.00 200000.0 3.00 150000.0 2.00 100000.0 1.00 50000.0 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 |
  • 21. 27.03.2013Royal Dutch Shell PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 190130247 5.04 13987593 25.03.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 148916543 3.95 2525344 01.01.2013 UnclassifiedSCOTTISH WIDOWS n/a ULT-AGG 77887769 2.06 16866612 01.01.2013 UnclassifiedFMR LLC n/a ULT-AGG 52066121 1.38 9274558 31.01.2013 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 50156944 1.33 3594333 01.01.2013 GovernmentSUN LIFE FINANCIAL I n/a ULT-AGG 47208897 1.25 2242231 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 41114969 1.09 1675222 31.12.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a ULT-AGG 39669849 1.05 1602657 01.01.2013 GovernmentUBS n/a ULT-AGG 38832374 1.03 (1443858) 31.01.2013 UnclassifiedVANGUARD GROUP INC Multiple Portfolios REG 34834706 0.92 5779775 01.01.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 26147686 0.69 188418 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 25767455 0.68 (1313970) 26.03.2013 Investment AdvisorBP INVESTMENT MANAGE Multiple Portfolios REG 22400138 0.59 288938 01.01.2013 Investment AdvisorABERDEEN n/a ULT-AGG 19530183 0.52 161883 28.02.2013 UnclassifiedJP MORGAN n/a ULT-AGG 19189183 0.51 5377967 31.01.2013 UnclassifiedBNP PARIBAS INV PART n/a ULT-AGG 16493284 0.44 (4117735) 31.01.2013 Investment AdvisorNORTHERN TRUST GLOBA Multiple Portfolios REG 16292959 0.43 35052 01.01.2013 Investment AdvisorSOCIETE GENERALE PRO Multiple Portfolios REG 16129705 0.43 12387795 01.01.2013 UnclassifiedSTANDARD LIFE INVEST Multiple Portfolios REG 14890316 0.39 (803892) 01.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 12949057 0.34 2215390 28.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse KIM FUSTIER outperform 5 M 2525 Not Provided 26.03.2013Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 26.03.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 25.03.2013Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2410 12 month 22.03.2013Jefferies IAIN REID buy 5 M 2450 12 month 21.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2114 6 month 21.03.2013JPMorgan FREDERICK G LUCAS underweight 1 D 2400 9 month 15.03.2013ING Bank QUIRIJN MULDER buy 5 M 2843 12 month 28.02.2013Tudor Pickering & Co ROBERT KESSLER buy 5 M 2800 Not Provided 27.02.2013Canaccord Genuity Corp GORDON GRAY buy 5 M 2650 12 month 21.02.2013Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013Macquarie JASON D GAMMEL outperform 5 M 2500 12 month 13.02.2013CA Cheuvreux DOMINIQUE PATRY outperform 5 D 2431 Not Provided 05.02.2013Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 04.02.2013Investec STUART JOYNER hold 3 M 2168 12 month 01.02.2013HSBC PAUL SPEDDING neutral 3 M 2520 Not Provided 01.02.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 2433 12 month 01.02.2013Barclays RAHIM KARIM equalweight 3 M 2550 Not Provided 01.02.2013Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 31.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 2567 Not Provided 29.01.2013RBC Capital Markets PETER HUTTON sector perform 3 M 2580 12 month 24.01.2013Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 2580 Not Provided 09.01.2013VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012Deutsche Bank LUCAS HERRMANN hold 3 D 2475 12 month 03.12.2012Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 2722 Not Provided 02.10.2012VTB Capital COLIN SMITH hold 3 N 2500 12 month 27.09.2012Kepler Capital Markets TEAM COVERAGE hold 3 M 2272 Not Provided 18.05.2012Morgan Stanley MARTIJN P RATS not rated #N/A N/A M #N/A N/A Not Provided 03.05.2012S&P Capital IQ CHRISTINE TISCARENO hold 3 D 2315 12 month 03.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 27.03.2013GlaxoSmithKline PLCGlaxoSmithKline PLC is a research-based pharmaceutical company. The Company Price/Volumedevelops, manufactures, and markets vaccines, prescription, and over-the-counter 1800 25.0 Mmedicines, as well as health-related consumer products. GlaxoSmithKline 1600provides products for infections, depression, skin conditions, asthma, heart & 1400 20.0 Mcirculatory disease, and cancer. 1200 15.0 M 1000 Valuation Analysis 800 10.0 MLatest Fiscal Year: 12/2012 600 400 5.0 MLTM as of: 12/yy 20052-Week High (22.03.2013) 1539.50 0 .0 M52-Week Low (19.11.2012) 1314.00 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 3294624.00 Current Price (3/dd/yy) 1517 Market Data 52-Week High % Change -1.46% Dividend Yield 4.88 52-Week Low % Change 15.45% Beta 0.66 % 52 Week Price Range High/Low 86.03% Equity Float 4637.64Shares Out 26.03.2013 4909.5 Short Int - Market Capitalization 74476.63 1 Yr Total Return 12.27%Total Debt 18302.00 YTD Return 15.31%Preferred Stock 0.0 Adjusted BETA 0.664Minority Interest 937.0 Analyst Recs 36Cash and Equivalents 4265.00 Consensus Rating 3.361Enterprise Value 89450.62 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7702526GSK LN EQUITY YTD Change - Average Volume 30 Day 6841365GSK LN EQUITY YTD % CHANGE - Average Volume 3 Month 6725407 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 24352.0 28368.0 28392.0 27387.0 26431.0 27387.0 26431.0 26931.9 27974.3 6353.6 6529.0 TEV/Revenue 3.17x 2.77x 2.61x 3.07x 3.04x 11.22x 12.29x 3.30x 3.15x - - EBITDA 9115.0 11117.0 6932.0 9845.0 8477.0 9455.0 8477.0 9594.4 10101.6 2241.0 2467.0 TEV/EBITDA 8.47x 7.08x 10.70x 8.54x 9.49x 8.89x 9.49x 9.32x 8.86x 9.15x - Net Income 4602.0 5531.0 1634.0 5261.0 4565.0 5261.0 4565.0 5555.5 5997.1 1263.3 1367.5 P/E 14.50x 12.09x 38.59x 14.06x 14.36x 14.06x 14.38x 13.19x 11.94x 13.18x - Profitability S&P Issuer RatingsEBITDA 8477.00 Long-Term Rating Date 18.02.2008EBIT 7392.00 Long-Term Rating A+Operating Margin 27.97% Long-Term Outlook STABLEPretax Margin 25.32% Short-Term Rating Date 18.02.2008Return on Assets 11.06% Short-Term Rating A-1Return on Common Equity 65.96% Credit RatiosReturn on Capital 21.91% EBITDA/Interest Exp. 10.49Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 9.19Margin Analysis Net Debt/EBITDA 1.66Gross Margin 70.1% Total Debt/EBITDA 2.16EBITDA Margin 32.1% ReferenceEBIT Margin 28.0% Total Debt/Equity 315.0%Net Income Margin 17.3% Total Debt/Capital 73.1%Structure Asset Turnover 0.64Current Ratio 0.99 Net Fixed Asset Turnover 3.02Quick Ratio 0.31 Accounts receivable turnover-days -Debt to Assets 44.13% Inventory Days 181.79Tot Debt to Common Equity 315.01% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 137.13Inventory Turnover 2.01Price/ Cash Flow Sales/Revenue/Turnover 25.00 30000.0 25000.0 20.00 20000.0 15.00 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 23. 27.03.2013GlaxoSmithKline PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 271061000 5.52 - 25.03.2013 Investment AdvisorINVESCO LTD Multiple Portfolios REG 188613112 3.84 9906677 01.01.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 153140293 3.12 - 28.02.2013 UnclassifiedSCOTTISH WIDOWS n/a ULT-AGG 143097310 2.91 24341047 01.01.2013 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 137148963 2.79 30057500 01.01.2013 Investment AdvisorFMR LLC n/a ULT-AGG 134440074 2.74 13668350 31.01.2013 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 115229583 2.35 21497 01.01.2013 GovernmentFRANKLIN RESOURCES n/a ULT-AGG 88648845 1.81 (2215605) 28.02.2013 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 85255473 1.74 (1180943) 01.01.2013 Investment AdvisorUBS n/a ULT-AGG 72136226 1.47 (1728888) 31.01.2013 UnclassifiedNEWTON INV MGMT Multiple Portfolios REG 71507300 1.46 9684880 01.01.2013 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 60081894 1.22 385845 26.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 55750486 1.14 (188352) 31.12.2012 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 53010281 1.08 (9956056) 01.01.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios REG 52720290 1.07 (5398021) 01.01.2013 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 51503238 1.05 - 01.01.2013 GovernmentPERPETUAL INVESTMENT Multiple Portfolios MF-AGG 51301508 1.04 73324 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 49644084 1.01 1468137 01.01.2013 Investment AdvisorAXA n/a ULT-AGG 44610398 0.91 (43379) 31.01.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 43934496 0.89 497126 26.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateShore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013AlphaValue ARMELLE MOULIN reduce 2 M 1461 6 month 21.03.2013JPMorgan JAMES D GORDON underweight 1 M 1550 15 month 15.03.2013Jefferies JEFFREY HOLFORD hold 3 M 1550 12 month 14.03.2013Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 1497 12 month 14.03.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.03.2013Deutsche Bank MARK CLARK hold 3 M 1530 12 month 11.03.2013Credit Suisse KERRY HOLFORD neutral 3 M 1450 Not Provided 11.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013Berenberg Bank ALISTAIR CAMPBELL buy 5 M 1530 Not Provided 07.03.2013Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 1525 Not Provided 06.03.2013Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1580 6 month 05.03.2013Societe Generale STEPHEN MCGARRY buy 5 M 1810 12 month 01.03.2013Exane BNP Paribas FLORENT CESPEDES underperform 1 M 1400 Not Provided 26.02.2013Barclays MARK PURCELL overweight 5 M 1610 Not Provided 26.02.2013Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 20.02.2013Kepler Capital Markets FABIAN WENNER buy 5 M 1680 Not Provided 13.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 1560 12 month 08.02.2013Helvea ODILE RUNDQUIST neutral 3 M 1520 Not Provided 07.02.2013Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1370 12 month 06.02.2013Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 06.02.2013S&P Capital IQ SHO MATSUBARA sell 1 M 1200 12 month 06.02.2013Nomura AMIT ROY neutral 3 M 1340 12 month 04.02.2013Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 1415 12 month 28.01.2013Cenkos Securities Ltd NAVID MALIK buy 5 N 1603 12 month 30.11.2012Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 1380 Not Provided 05.10.2012CA Cheuvreux MARCEL BRAND underperform 1 M 1250 Not Provided 11.09.2012Natixis PHILIPPE LANONE neutral 3 M 1450 Not Provided 06.09.2012Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 1450 Not Provided 03.08.2012Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012Cyrrus TOMAS MENCIK hold 3 M 1420 Not Provided 05.04.2012Mirabaud Securities NICHOLAS TURNER buy 5 M 1640 Not Provided 02.04.2012MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M #N/A N/A Not Provided 13.01.2012DZ Bank AG ELMAR KRAUS buy 5 U 1500 12 month 28.10.2011First Global Stockbroking KAVITA THOMAS market perform 3 R #N/A N/A Not Provided 23.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 27.03.2013Total SATotal SA explores for, produces, refines, transports, and markets oil and Price/Volumenatural gas. The Company also operates a chemical division which produces 45 35.0 Mpolypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and 40 30.0 Mresins. Total operates gasoline filling stations in Europe, the United States, 35and Africa. 25.0 M 30 25 20.0 M Valuation Analysis 20 15.0 MLatest Fiscal Year: 12/2012 15 10.0 M 10LTM as of: 12/yy 5.0 M 552-Week High (14.09.2012) 42.00 0 .0 M52-Week Low (01.06.2012) 33.42 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 3771023.00 Current Price (3/dd/yy) 37.335 Market Data 52-Week High % Change -11.08% Dividend Yield 6.27 52-Week Low % Change 11.71% Beta 0.88 % 52 Week Price Range High/Low 49.91% Equity Float 2033.04Shares Out 31.01.2013 2365.9 Short Int - Market Capitalization 88332.13 1 Yr Total Return 2.84%Total Debt 33290.00 YTD Return -2.84%Preferred Stock 0.0 Adjusted BETA 0.883Minority Interest 1281.0 Analyst Recs 36Cash and Equivalents 17031.00 Consensus Rating 4.111Enterprise Value 105872.13 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4986432FP FP EQUITY YTD Change - Average Volume 30 Day 5047408FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4418447 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 160331.0 112153.0 140476.0 166550.0 182299.0 166550.0 182299.0 181086.9 179975.2 45543.3 46396.7 TEV/Revenue 0.62x 1.03x 0.74x 0.65x 0.58x 2.49x 2.27x 0.59x 0.60x 2.32x 2.27x EBITDA 29887.0 22234.0 28045.0 32919.0 32343.0 32919.0 31942.0 33666.7 34402.9 8679.0 9163.0 TEV/EBITDA 3.32x 5.22x 3.72x 3.28x 3.27x 3.28x 3.31x 3.14x 3.07x 2.92x 2.88x Net Income 10590.0 8447.0 10571.0 12276.0 10694.0 12276.0 10694.0 12042.0 12327.5 2587.0 2917.0 P/E 8.21x 11.87x 8.38x 7.23x 8.23x 7.25x 8.25x 7.10x 7.03x 7.18x 7.20x Profitability S&P Issuer RatingsEBITDA 32343.00 Long-Term Rating Date 12.04.2011EBIT 21862.00 Long-Term Rating AA-Operating Margin 11.99% Long-Term Outlook STABLEPretax Margin 13.11% Short-Term Rating Date 13.09.1999Return on Assets 6.37% Short-Term Rating A-1+Return on Common Equity 15.17% Credit RatiosReturn on Capital 10.66% EBITDA/Interest Exp. 48.20Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 18.54Margin Analysis Net Debt/EBITDA 0.51Gross Margin - Total Debt/EBITDA 1.04EBITDA Margin 17.5% ReferenceEBIT Margin 12.0% Total Debt/Equity 45.7%Net Income Margin 5.9% Total Debt/Capital 31.0%Structure Asset Turnover 1.09Current Ratio 1.38 Net Fixed Asset Turnover 2.73Quick Ratio 0.74 Accounts receivable turnover-days 39.41Debt to Assets 19.37% Inventory Days -Tot Debt to Common Equity 45.66% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.29 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 8.00 200000.0 7.00 180000.0 160000.0 6.00 140000.0 5.00 120000.0 4.00 100000.0 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 |
  • 25. 27.03.2013Total SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOTAL SA n/a Co File 108732635 4.6 - 31.12.2011 CorporationGROUPE BRUXELLES LAM n/a Research 94077367 3.98 - 15.03.2012 Holding CompanyAMUNDI n/a Research 78390326 3.31 - 06.01.2012 Investment AdvisorQATAR HOLDINGS LLC n/a Research 47275059 2 - 14.03.2012 GovernmentNORGES BANK n/a Research 47038683 1.99 - 31.12.2011 GovernmentCIE NATIONALE A PORT n/a Co File 35456294 1.5 - 31.12.2011 CorporationBLACKROCK n/a ULT-AGG 27588144 1.17 (683332) 25.03.2013 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 23623504 1 (1631999) 31.01.2013 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 23417298 0.99 287390 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 19734600 0.83 (2024000) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 13367024 0.56 (298176) 28.02.2013 Investment AdvisorONTARIO TEACHERS PEN n/a Research 11200000 0.47 - 31.12.2011 Pension Fund (ERISA)BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10726773 0.45 256626 26.03.2013 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 10451098 0.44 - 28.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 9555009 0.4 (23778) 31.12.2012 Mutual Fund ManagerGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8031246 0.34 21870 31.05.2012 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 7707489 0.33 (194720) 31.12.2012 Mutual Fund ManagerWADDELL & REED FINAN Multiple Portfolios MF-AGG 7573598 0.32 (6360) 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7054684 0.3 - 30.09.2012 Hedge Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 6889834 0.29 (38409) 28.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 27.03.2013Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 26.03.2013Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 47 Not Provided 25.03.2013Barclays LYDIA RAINFORTH underweight 1 M 44 Not Provided 25.03.2013Jefferies IAIN REID buy 5 M 48 12 month 21.03.2013Day by Day VALERIE GASTALDY buy 5 M 40 3 month 21.03.2013Grupo Santander JASON KENNEY buy 5 M 45 Not Provided 20.03.2013Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 42 12 month 20.03.2013Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 18.03.2013AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 07.03.2013VTB Capital COLIN SMITH buy 5 M 50 12 month 01.03.2013HSBC PAUL SPEDDING overweight 5 M 46 Not Provided 27.02.2013Canaccord Genuity Corp GORDON GRAY buy 5 U 45 12 month 21.02.2013RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 19.02.2013Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013Societe Generale IRENE HIMONA buy 5 M 47 12 month 14.02.2013Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 14.02.2013JPMorgan NITIN SHARMA overweight 5 M 49 3 month 14.02.2013Macquarie JASON D GAMMEL neutral 3 M 42 12 month 14.02.2013Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 14.02.2013CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 14.02.2013Nomura THEEPAN JOTHILINGAM neutral 3 M 40 12 month 14.02.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 42 12 month 13.02.2013S&P Capital IQ CHRISTINE TISCARENO buy 5 M 48 12 month 13.02.2013Natixis ANNE PUMIR buy 5 M 47 Not Provided 07.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.01.2013Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 45 Not Provided 09.01.2013Deutsche Bank LUCAS HERRMANN buy 5 U 44 12 month 03.12.2012Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 42 12 month 27.11.2012Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012CA Cheuvreux DOMINIQUE PATRY outperform 5 M 44 Not Provided 30.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 26. 27.03.2013British American Tobacco PLCBritish American Tobacco PLC is the holding company for a group of companies Price/Volumethat manufacture, market and sell cigarettes and other tobacco products, 4000 9.0 Mincluding cigars and roll-your-own tobacco. 8.0 M 3500 3000 7.0 M 6.0 M 2500 5.0 M 2000 Valuation Analysis 4.0 M 1500Latest Fiscal Year: 12/2012 3.0 M 1000 2.0 MLTM as of: 12/yy 500 1.0 M52-Week High (11.03.2013) 3631.00 0 .0 M52-Week Low (24.05.2012) 2986.50 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 758136.00 Current Price (3/dd/yy) 3499.5 Market Data 52-Week High % Change -3.61% Dividend Yield 3.85 52-Week Low % Change 17.18% Beta 0.72 % 52 Week Price Range High/Low 79.05% Equity Float 1925.34Shares Out 22.03.2013 1927.0 Short Int - Market Capitalization 67436.33 1 Yr Total Return 13.66%Total Debt 10719.00 YTD Return 15.10%Preferred Stock 0.0 Adjusted BETA 0.723Minority Interest 307.0 Analyst Recs 28Cash and Equivalents 2107.00 Consensus Rating 3.964Enterprise Value 76355.33 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2338294BATS LN EQUITY YTD Change - Average Volume 30 Day 2547987BATS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2499984 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 12122.0 14208.0 14883.0 15399.0 15190.0 9866.0 12122.0 16093.4 16803.5 - - TEV/Revenue 3.84x 3.52x 3.90x 4.56x 4.73x 8.70x 7.34x 4.75x 4.53x - - EBITDA 3978.0 5091.0 5881.0 6316.0 6143.0 873.0 0.0 6653.4 7098.9 - - TEV/EBITDA 11.69x 9.82x 9.88x 11.12x 11.71x 0.00x 0.00x 11.48x 10.75x - - Net Income 2457.0 2713.0 2879.0 3095.0 3841.0 2130.0 2457.0 4410.9 4743.7 - - P/E 14.60x 14.72x 16.97x 19.45x 15.69x 18.69x 14.60x 15.17x 13.87x - - Profitability S&P Issuer RatingsEBITDA 6143.00 Long-Term Rating Date 09.11.2012EBIT 5668.00 Long-Term Rating A-Operating Margin 37.31% Long-Term Outlook STABLEPretax Margin 37.18% Short-Term Rating Date 16.05.2003Return on Assets 14.11% Short-Term Rating A-2Return on Common Equity 49.12% Credit RatiosReturn on Capital 24.11% EBITDA/Interest Exp. 12.16Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 10.85Margin Analysis Net Debt/EBITDA 1.40Gross Margin - Total Debt/EBITDA 1.74EBITDA Margin 40.4% ReferenceEBIT Margin 37.3% Total Debt/Equity 143.5%Net Income Margin 25.3% Total Debt/Capital 57.9%Structure Asset Turnover 0.56Current Ratio 1.13 Net Fixed Asset Turnover 4.86Quick Ratio 0.52 Accounts receivable turnover-days 47.40Debt to Assets 39.22% Inventory Days -Tot Debt to Common Equity 143.46% Accounts Payable Turnover Day -Accounts Receivable Turnover 7.70 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 18000.0 18.00 16000.0 16.00 14000.0 14.00 12000.0 12.00 10000.0 10.00 8000.0 8.00 6000.0 6.00 4000.0 4.00 2000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 27. 27.03.2013British American Tobacco PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 132891526 6.9 - 25.03.2013 Investment AdvisorREINET INVESTMENTS S Multiple Portfolios REG 81313066 4.22 (3000000) 03.12.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 70617321 3.66 (2766594) 03.12.2012 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 67664399 3.51 - 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios REG 62241180 3.23 1948246 03.12.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 51036377 2.65 3856239 03.12.2012 UnclassifiedFMR LLC n/a ULT-AGG 44677384 2.32 (4619821) 31.01.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 44654616 2.32 (2144127) 31.12.2012 Investment AdvisorCREDIT SUISSE PRIVAT Multiple Portfolios REG 37965898 1.97 (376548) 03.12.2012 BankABERDEEN n/a ULT-AGG 35672165 1.85 1305019 28.02.2013 UnclassifiedMORGAN STANLEY INVES Multiple Portfolios REG 26280778 1.36 5499279 03.12.2012 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 24636075 1.28 (427111) 03.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 24361035 1.26 562275 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 23128725 1.2 (1102251) 31.01.2013 UnclassifiedMORGAN STANLEY n/a ULT-AGG 22521571 1.17 1491898 31.12.2012 Investment AdvisorNorthern Cross Inter Multiple Portfolios REG 22218678 1.15 245915 03.12.2012 UnclassifiedVANGUARD GROUP INC Multiple Portfolios REG 21639256 1.12 1824714 03.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20358179 1.06 260794 31.12.2012 Investment AdvisorALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 17404651 0.9 892088 31.12.2012 Investment AdvisorNEWTON INV MGMT Multiple Portfolios REG 16928208 0.88 (202468) 03.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateAlphaValue ISABELLE COMBEMALE add 4 M 3801 6 month 21.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013Deutsche Bank JONATHAN FELL buy 5 M 3700 12 month 13.03.2013Investec THANE DUFF hold 3 M 3577 Not Provided 13.03.2013Nomura DAVID HAYES buy 5 M 4087 Not Provided 13.03.2013Oriel Securities Ltd CHRIS WICKHAM hold 3 M 3700 Not Provided 13.03.2013Jefferies DIRK VAN VLAANDEREN buy 5 M 4000 12 month 08.03.2013Goldman Sachs FULVIO CAZZOL buy/attractive 5 M 4420 12 month 07.03.2013Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 3900 Not Provided 06.03.2013Avior Research RICHARD TESSENDORF neutral 3 M 3761 Not Provided 06.03.2013Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 3100 12 month 05.03.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 3600 12 month 04.03.2013Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 04.03.2013Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 3550 12 month 01.03.2013Morgan Stanley MATTHEW GRAINGER Equalwt/Attractive 3 N 3450 12 month 01.03.2013Natixis NICOLAS LANGLET neutral 3 M 3600 Not Provided 01.03.2013Exane BNP Paribas JAMES BUSHNELL outperform 5 M 3800 Not Provided 01.03.2013Barclays SIMON HALES overweight 5 M 3725 Not Provided 01.03.2013Credit Suisse ROGERIO FUJIMORI outperform 5 M 3600 Not Provided 28.02.2013JPMorgan RAE MAILE overweight 5 M 4209 9 month 28.02.2013Renaissance Capital REY WIUM hold 3 D 3550 Not Provided 28.02.2013Berenberg Bank ERIK BLOOMQUIST buy 5 M 3500 Not Provided 28.02.2013S&P Capital IQ CARL SHORT hold 3 M 3540 12 month 28.02.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 18.04.2012Imara RICHARD CLARKE sell 1 N #N/A N/A Not Provided 17.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28. 27.03.2013Siemens AGSiemens AG is an engineering and manufacturing company. The Company focuses on Price/Volumethree major business sectors including industrial, energy, and healthcare. 100 12.0 MSiemens AG provides engineering solutions in automation and control, power, 90transportation, medical, information and communication, and lighting. 80 10.0 M 70 8.0 M 60 50 6.0 M Valuation Analysis 40Latest Fiscal Year: 09/2012 30 4.0 MLTM as of: 12/yy 20 2.0 M 1052-Week High (21.03.2013) 88.25 0 .0 M52-Week Low (26.06.2012) 62.13 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1373315.00 Current Price (3/dd/yy) 84.49 Market Data 52-Week High % Change -4.23% Dividend Yield - 52-Week Low % Change 35.99% Beta 0.96 % 52 Week Price Range High/Low 89.24% Equity Float 771.11Shares Out 31.12.2012 881.0 Short Int - Market Capitalization 74435.69 1 Yr Total Return 13.97%Total Debt 20706.00 YTD Return 6.58%Preferred Stock 0.0 Adjusted BETA 0.959Minority Interest 569.0 Analyst Recs 43Cash and Equivalents 11415.00 Consensus Rating 3.465Enterprise Value 85996.69 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3169356SIE GY EQUITY YTD Change - Average Volume 30 Day 2601423SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2427125 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 Total Revenue 77327.0 76651.0 68978.0 73275.0 78296.0 73702.0 78670.0 78224.0 81211.0 18927.1 19267.1 TEV/Revenue 0.82x 0.81x 1.07x 0.89x 0.98x 4.28x 3.87x 1.08x 1.01x 4.65x 4.58x EBITDA 8175.0 9196.0 9544.0 10492.0 9653.0 9978.0 10351.0 9514.8 11411.5 2045.0 2134.7 TEV/EBITDA 7.77x 6.77x 7.72x 6.19x 7.93x 7.27x 7.81x 9.03x 7.53x 9.07x 8.60x Net Income 5725.0 2292.0 3899.0 6145.0 4458.0 5793.0 4215.0 5148.9 6465.0 1193.3 1117.5 P/E 34.66x 24.49x 16.42x 8.24x 13.50x 9.79x 14.47x 13.87x 11.21x 13.25x 12.71x Profitability S&P Issuer RatingsEBITDA 9653.00 Long-Term Rating Date 05.06.2009EBIT 6909.00 Long-Term Rating A+Operating Margin 8.82% Long-Term Outlook STABLEPretax Margin 9.30% Short-Term Rating Date 18.04.2011Return on Assets 4.00% Short-Term Rating A-1+Return on Common Equity 13.31% Credit RatiosReturn on Capital 9.71% EBITDA/Interest Exp. 21.45Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 16.55Margin Analysis Net Debt/EBITDA 1.07Gross Margin 28.4% Total Debt/EBITDA 2.14EBITDA Margin 13.2% ReferenceEBIT Margin 9.7% Total Debt/Equity 67.4%Net Income Margin 5.7% Total Debt/Capital 39.8%Structure Asset Turnover 0.75Current Ratio 1.22 Net Fixed Asset Turnover 7.41Quick Ratio 0.62 Accounts receivable turnover-days 73.95Debt to Assets 19.12% Inventory Days 104.73Tot Debt to Common Equity 67.37% Accounts Payable Turnover Day 44.53Accounts Receivable Turnover 4.95 Cash Conversion Cycle 120.05Inventory Turnover 3.49Price/ 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 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 29. 27.03.2013Siemens AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 57388502 6.51 (569646) 25.03.2013 Investment AdvisorSIEMENS FAMILY n/a Research 54852206 6.23 - 10.11.2011 n/aQATAR HOLDINGS LLC n/a Research 27758338 3.15 - 07.05.2012 GovernmentSIEMENS AG n/a Research 26820674 3.04 - 08.10.2012 CorporationVANGUARD GROUP INC Multiple Portfolios MF-AGG 12302553 1.4 (179474) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 9880200 1.12 (890272) 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 6246478 0.71 (142559) 31.01.2013 UnclassifiedUNION INVESTMENT GMB Multiple Portfolios MF-AGG 5386486 0.61 (1084091) 28.09.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 5203888 0.59 (551912) 31.01.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 4877843 0.55 (330620) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 4583145 0.52 (417782) 31.01.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4175468 0.47 70846 28.12.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 3641584 0.41 152571 28.02.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 3543486 0.4 452193 28.02.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2963579 0.34 57030 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2464495 0.28 - 25.03.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 2013201 0.23 (38813) 31.12.2012 Mutual Fund ManagerFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1647039 0.19 (87700) 31.01.2013 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 1634951 0.19 (5200) 30.11.2012 Investment AdvisorETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1570015 0.18 - 26.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp JAMES STETTLER hold 3 M 80 12 month 25.03.2013Societe Generale GAEL DE BRAY hold 3 M 88 12 month 22.03.2013Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 73 12 month 22.03.2013Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 99 12 month 21.03.2013Day by Day VALERIE GASTALDY buy 5 U 92 3 month 21.03.2013AlphaValue HEINZ STEFFEN reduce 2 D 84 6 month 21.03.2013Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 96 Not Provided 19.03.2013Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 19.03.2013Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 88 12 month 15.03.2013Exane BNP Paribas OLIVIER ESNOU underperform 1 M 88 Not Provided 14.03.2013HSBC MICHAEL HAGMANN neutral 3 M 87 Not Provided 08.03.2013Espirito Santo Investment Bank Research VIRDEE ROB neutral 3 M 81 Not Provided 08.03.2013RBC Capital Markets ANDREW CARTER sector perform 3 M 86 12 month 19.02.2013Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 90 12 month 15.02.2013DZ Bank AG JASKO TERZIC hold 3 M 77 12 month 05.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 85 12 month 04.02.2013Kepler Capital Markets ULRICH SCHOLZ hold 3 M 85 Not Provided 25.01.2013Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 24.01.2013CA Cheuvreux ALFRED GLASER outperform 5 M 94 Not Provided 24.01.2013Bankhaus Metzler ULRICH TRABERT buy 5 M 93 12 month 24.01.2013Berenberg Bank WILLIAM MACKIE buy 5 M 94 Not Provided 24.01.2013Natixis LUDOVIC DEBAILLEUX reduce 2 M 75 Not Provided 24.01.2013Main First Bank AG CHRISTOPHER YOUL underperform 1 M 86 12 month 24.01.2013Barclays NICK WEBSTER equalweight 3 M 84 Not Provided 24.01.2013Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 83 6 month 23.01.2013Nord/LB WOLFGANG DONIE hold 3 M 76 12 month 23.01.2013JPMorgan ANDREAS WILLI neutral 3 M 90 9 month 23.01.2013William Blair & Co NICHOLAS P HEYMANN market perform 3 M 79 12 month 23.01.2013Independent Research GmbH MARKUS FRIEBEL hold 3 M 85 12 month 23.01.2013S&P Capital IQ JAMES CRAWSHAW hold 3 M 85 12 month 23.01.2013Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 23.01.2013SRH AlsterResearch OLIVER DREBING buy 5 M 92 12 month 23.01.2013Goldman Sachs DANIELA COSTA neutral/neutral 3 M 90 12 month 17.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Deutsche Bank PETER REILLY sell 1 D 65 12 month 20.11.2012Nomura DANIEL CUNLIFFE neutral 3 M 85 12 month 16.11.2012Silvia Quandt Research EERIK KD BUDARZ avoid 1 M 58 12 month 08.11.2012Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 12.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 27.03.2013Royal Dutch Shell PLCRoyal Dutch Shell PLC, through subsidiaries, explores for, produces, and Price/Volumerefines petroleum. The Company produces fuels, chemicals, and lubricants. 2500 14.0 MShell owns and operates gasoline filling stations worldwide. 12.0 M 2000 10.0 M 1500 8.0 M Valuation Analysis 1000 6.0 MLatest Fiscal Year: 12/2011 4.0 MLTM as of: 12/yy 500 2.0 M52-Week High (30.01.2013) 2374.50 0 .0 M52-Week Low (18.05.2012) 2020.00 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2011897.00 Current Price (3/dd/yy) 2204.5 Market Data 52-Week High % Change -7.16% Dividend Yield 5.17 52-Week Low % Change 9.13% Beta 1.01 % 52 Week Price Range High/Low 56.42% Equity Float 2599.25Shares Out 26.03.2013 2600.7 Short Int - Market Capitalization 138099.92 1 Yr Total Return 3.48%Total Debt 37754.00 YTD Return 2.69%Preferred Stock 0.0 Adjusted BETA 1.006Minority Interest 1433.0 Analyst Recs 19Cash and Equivalents 18550.00 Consensus Rating 3.105Enterprise Value 229195.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4486656RDSB LN EQUITY YTD Change - Average Volume 30 Day 4445420RDSB LN EQUITY YTD % CHANGE - Average Volume 3 Month 3719687 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 458361.0 278188.0 368056.0 470171.0 467153.0 470171.0 467153.0 458011.3 465699.7 110420.5 113829.0 TEV/Revenue 0.37x 0.76x 0.65x 0.55x 0.51x 2.10x 2.05x 0.51x 0.50x 2.04x 1.98x EBITDA 57301.0 29079.0 41839.0 55943.0 52114.0 55943.0 52114.0 61207.0 62495.8 10357.0 10835.0 TEV/EBITDA 2.98x 7.28x 5.69x 4.60x 4.58x 4.60x 4.58x 3.74x 3.67x 5.14x 5.04x Net Income 26277.0 12518.0 20127.0 30918.0 26592.0 30918.0 26592.0 26655.6 27485.2 6859.0 7011.0 P/E 6.16x 14.87x 10.16x 7.39x 8.12x 7.38x 8.11x 7.93x 7.82x 7.84x 7.82x Profitability S&P Issuer RatingsEBITDA 52114.00 Long-Term Rating Date 03.09.2009EBIT 37499.00 Long-Term Rating AAOperating Margin 8.03% Long-Term Outlook STABLEPretax Margin 10.76% Short-Term Rating Date 06.03.1990Return on Assets 7.54% Short-Term Rating A-1+Return on Common Equity 14.86% Credit RatiosReturn on Capital 12.75% EBITDA/Interest Exp. 22.42Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 8.41Margin Analysis Net Debt/EBITDA 0.37Gross Margin 15.2% Total Debt/EBITDA 0.72EBITDA Margin 11.2% ReferenceEBIT Margin 8.0% Total Debt/Equity 20.0%Net Income Margin 5.7% Total Debt/Capital 16.6%Structure Asset Turnover 1.32Current Ratio 1.18 Net Fixed Asset Turnover 2.88Quick Ratio 0.61 Accounts receivable turnover-days 34.68Debt to Assets 10.48% Inventory Days 27.61Tot Debt to Common Equity 20.03% Accounts Payable Turnover Day 40.16Accounts Receivable Turnover 10.56 Cash Conversion Cycle 22.13Inventory Turnover 13.25Price/ Cash Flow Sales/Revenue/Turnover 10.00 500000.0 9.00 450000.0 8.00 400000.0 7.00 350000.0 6.00 300000.0 5.00 250000.0 4.00 200000.0 3.00 150000.0 2.00 100000.0 1.00 50000.0 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 |
  • 31. 27.03.2013Royal Dutch Shell PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 176509095 6.79 - 25.03.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 92965731 3.57 (2451432) 01.01.2013 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 91962723 3.54 - 08.03.2013 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 84449282 3.25 10540709 01.01.2013 UnclassifiedCREDIT SUISSE PRIVAT Multiple Portfolios REG 74947205 2.88 (526247) 01.01.2013 BankM&G INVESTMENT MANAG Multiple Portfolios REG 49588750 1.91 (2440260) 01.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 48224986 1.85 1120225 31.12.2012 Investment AdvisorQATAR INVESTMENT AUT Multiple Portfolios REG 44703170 1.72 1669724 01.01.2013 GovernmentPEOPLES REPUBLIC OF Multiple Portfolios REG 39898819 1.53 3975234 01.01.2013 GovernmentUBS n/a ULT-AGG 37871476 1.46 932195 31.01.2013 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 35090143 1.35 (3039278) 28.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 34738840 1.34 1176245 01.01.2013 Investment AdvisorAXA n/a ULT-AGG 33594566 1.29 (185589) 01.01.2013 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 33060303 1.27 (2304800) 01.01.2013 Investment AdvisorABERDEEN n/a ULT-AGG 31402252 1.21 (766521) 28.02.2013 UnclassifiedFMR LLC n/a ULT-AGG 28774373 1.11 (1060121) 31.01.2013 Investment AdvisorBREWIN DOLPHIN LIMIT Multiple Portfolios REG 27392377 1.05 (626439) 01.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 25480564 0.98 4342844 31.01.2013 UnclassifiedSTATE STREET n/a ULT-AGG 23787695 0.91 2600938 26.03.2013 Investment AdvisorTHREADNEEDLE ASSET M Multiple Portfolios REG 21990967 0.85 1154509 01.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2410 12 month 22.03.2013Grupo Santander JASON KENNEY underweight 1 M 2409 Not Provided 20.03.2013Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 2280 12 month 20.03.2013Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 2350 Not Provided 18.03.2013JPMorgan FREDERICK G LUCAS underweight 1 D 2400 9 month 15.03.2013Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2310 Not Provided 14.03.2013VTB Capital COLIN SMITH hold 3 M 2500 12 month 01.03.2013Societe Generale IRENE HIMONA buy 5 M 2700 12 month 27.02.2013Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 2500 12 month 27.02.2013Nomura THEEPAN JOTHILINGAM buy 5 M 2500 12 month 27.02.2013Canaccord Genuity Corp GORDON GRAY buy 5 M 2650 12 month 21.02.2013RBC Capital Markets PETER HUTTON sector perform 3 M 2580 12 month 19.02.2013HSBC PAUL SPEDDING neutral 3 M 2450 Not Provided 01.02.2013Natixis ANNE PUMIR buy 5 M 2600 Not Provided 01.02.2013Barclays RAHIM KARIM equalweight 3 M 2550 Not Provided 01.02.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012Deutsche Bank LUCAS HERRMANN hold 3 D 2475 12 month 03.12.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 27.03.2013Bayer AGBayer AG produces and markets healthcare and agricultural products, and Price/Volumepolymers. The Company manufactures products that include aspirin, antibiotics, 90 12.0 Manti-infectives, and cardiovascular, oncology, and central nervous system 80drugs, over-the-counter medications, diagnostics, animal health products, crop 10.0 M 70protection products, plastics, and polyurethanes. 60 8.0 M 50 6.0 M Valuation Analysis 40Latest Fiscal Year: 12/2012 30 4.0 M 20LTM as of: 12/yy 2.0 M 1052-Week High (21.03.2013) 80.71 0 .0 M52-Week Low (05.06.2012) 47.63 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1360350.00 Current Price (3/dd/yy) 79.23 Market Data 52-Week High % Change -1.87% Dividend Yield - 52-Week Low % Change 66.36% Beta 0.96 % 52 Week Price Range High/Low 96.74% Equity Float 826.95Shares Out 28.02.2013 826.9 Short Int - Market Capitalization 65519.08 1 Yr Total Return 51.98%Total Debt 9532.00 YTD Return 10.21%Preferred Stock 0.0 Adjusted BETA 0.964Minority Interest 100.0 Analyst Recs 38Cash and Equivalents 2551.00 Consensus Rating 3.816Enterprise Value 72600.08 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2352729BAYN GY EQUITY YTD Change - Average Volume 30 Day 2436012BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2190764 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 32918.0 31168.0 35088.0 36528.0 39760.0 36528.0 39760.0 41540.8 43629.9 10500.3 10590.3 TEV/Revenue 1.40x 1.80x 1.53x 1.32x 1.67x 5.33x 5.89x 1.72x 1.58x - - EBITDA 6702.0 7695.0 8900.0 8963.0 9001.0 8963.0 8605.0 8798.2 9453.7 2515.5 2276.0 TEV/EBITDA 6.86x 7.30x 6.04x 5.36x 7.39x 5.36x 7.73x 8.24x 7.67x 8.21x - Net Income 1719.0 1359.0 1301.0 2470.0 2446.0 2470.0 2446.0 4673.7 5191.6 1466.5 1294.0 P/E 18.72x 32.92x 35.22x 16.52x 24.29x 16.52x 24.29x 13.45x 12.17x 13.32x - Profitability S&P Issuer RatingsEBITDA 9001.00 Long-Term Rating Date 30.04.2008EBIT 6041.00 Long-Term Rating A-Operating Margin 15.19% Long-Term Outlook POSPretax Margin 8.17% Short-Term Rating Date 11.07.2006Return on Assets 4.70% Short-Term Rating A-2Return on Common Equity 12.98% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 12.11Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52Margin Analysis Net Debt/EBITDA 0.81Gross Margin 52.1% Total Debt/EBITDA 1.11EBITDA Margin 21.6% ReferenceEBIT Margin 14.2% Total Debt/Equity 51.6%Net Income Margin 6.2% Total Debt/Capital 33.9%Structure Asset Turnover 0.76Current Ratio 1.45 Net Fixed Asset Turnover 4.04Quick Ratio 0.76 Accounts receivable turnover-days 66.70Debt to Assets 18.57% Inventory Days 128.16Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 75.11Accounts Receivable Turnover 5.49 Cash Conversion Cycle 119.75Inventory Turnover 2.86Price/ Cash Flow Sales/Revenue/Turnover 18.00 45000.0 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 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 33. 27.03.2013Bayer 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 63637479 7.7 (349638) 25.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 15106150 1.83 12931 31.01.2013 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 11899870 1.44 - 29.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11028402 1.33 (349533) 31.12.2012 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 8812434 1.07 (518224) 31.01.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 8564198 1.04 - 03.05.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 7534779 0.91 118983 28.02.2013 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7532781 0.91 2307304 28.02.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6298907 0.76 129068 26.03.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 5937955 0.72 279716 28.09.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5795523 0.7 (211094) 28.12.2012 Mutual Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 5770395 0.7 227355 28.02.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 5155727 0.62 (1063440) 31.01.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3647992 0.44 356211 31.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 3035802 0.37 (32100) 31.12.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 3035138 0.37 45000 30.11.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2450000 0.3 - 25.03.2013 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2406227 0.29 (149624) 31.01.2013 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2182662 0.26 (242500) 31.01.2013 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 21.03.2013Exane BNP Paribas FLORENT CESPEDES neutral 3 M 76 Not Provided 21.03.2013AlphaValue MARTIN SCHNEE reduce 2 M 81 6 month 21.03.2013Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.03.2013Baader Bank NORBERT BARTH hold 3 M 66 12 month 20.03.2013Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 20.03.2013Berenberg Bank ALISTAIR CAMPBELL buy 5 M 85 Not Provided 20.03.2013Natixis BEATRICE MUZARD buy 5 M 90 Not Provided 20.03.2013Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 20.03.2013S&P Capital IQ SHO MATSUBARA hold 3 M 79 12 month 19.03.2013JPMorgan RICHARD VOSSER overweight 5 M 95 15 month 15.03.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 07.03.2013CA Cheuvreux LAURENT FLAMME outperform 5 M 82 Not Provided 06.03.2013Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 85 Not Provided 05.03.2013Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.03.2013Nomura JEAN DE WATTEVILLE neutral 3 M 84 12 month 05.03.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2013Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 01.03.2013Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 01.03.2013Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 01.03.2013Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 01.03.2013Barclays MARK PURCELL underweight 1 M 68 Not Provided 01.03.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 76 12 month 28.02.2013M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 28.02.2013Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 28.02.2013Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012Banco 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 |
  • 34. 27.03.2013BASF SEBASF SE is a chemical company. The Company operates in six segments: Chemicals, Price/VolumePlastics, Performance Products, Functional Solutions, Agricultural Solutions 80 12.0 Mand Oil & Gas. BASF offers products for the chemical, automotive, construction, 70agriculture, oil, plastics, electrical / electronics, furniture and paper 10.0 M 60industries, and provides a range of system solutions and services. 8.0 M 50 40 6.0 M Valuation Analysis 30Latest Fiscal Year: 12/2012 4.0 M 20LTM as of: 12/yy 2.0 M 1052-Week High (25.02.2013) 76.20 0 .0 M52-Week Low (28.06.2012) 51.13 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2681045.00 Current Price (3/dd/yy) 68.1 Market Data 52-Week High % Change -10.62% Dividend Yield - 52-Week Low % Change 33.19% Beta 1.07 % 52 Week Price Range High/Low 73.75% Equity Float 854.55Shares Out 31.12.2012 918.5 Short Int - Market Capitalization 62548.40 1 Yr Total Return 5.41%Total Debt 13355.00 YTD Return -4.29%Preferred Stock 0.0 Adjusted BETA 1.067Minority Interest 1224.0 Analyst Recs 40Cash and Equivalents 1800.00 Consensus Rating 3.800Enterprise Value 75327.40 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3756319BAS GY EQUITY YTD Change - Average Volume 30 Day 3118220BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2658043 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 62304.0 50693.0 63873.0 73497.0 78729.0 73497.0 78729.0 80660.5 80192.8 21598.8 20076.0 TEV/Revenue 0.62x 1.07x 1.09x 0.84x 0.99x 3.54x 3.62x 0.93x 0.91x 3.44x 3.75x EBITDA 10238.0 8500.0 11903.0 11855.0 12583.0 11855.0 12583.0 12750.8 13452.7 3507.0 3438.0 TEV/EBITDA 3.74x 6.36x 5.85x 5.20x 6.21x 5.20x 6.21x 5.91x 5.60x 5.92x - Net Income 2912.0 1410.0 4557.0 6188.0 4879.0 6188.0 4879.0 5369.0 5824.2 1618.0 1469.0 P/E 8.86x 28.22x 12.04x 8.00x 13.40x 8.00x 13.40x 11.41x 10.59x 11.51x - Profitability S&P Issuer RatingsEBITDA 12583.00 Long-Term Rating Date 10.05.2011EBIT 9022.00 Long-Term Rating A+Operating Margin 11.46% Long-Term Outlook STABLEPretax Margin 10.72% Short-Term Rating Date 12.02.2009Return on Assets 7.78% Short-Term Rating A-1Return on Common Equity 20.03% Credit RatiosReturn on Capital 14.67% EBITDA/Interest Exp. 16.73Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 11.22Margin Analysis Net Debt/EBITDA 0.92Gross Margin 26.3% Total Debt/EBITDA 1.06EBITDA Margin 16.0% ReferenceEBIT Margin 11.5% Total Debt/Equity 54.3%Net Income Margin 6.2% Total Debt/Capital 34.1%Structure Asset Turnover 1.25Current Ratio 1.66 Net Fixed Asset Turnover 4.36Quick Ratio 0.69 Accounts receivable turnover-days 48.87Debt to Assets 20.76% Inventory Days 63.04Tot Debt to Common Equity 54.33% Accounts Payable Turnover Day 31.03Accounts Receivable Turnover 7.49 Cash Conversion Cycle 80.88Inventory Turnover 5.81Price/ Cash Flow Sales/Revenue/Turnover 12.00 90000.0 80000.0 10.00 70000.0 8.00 60000.0 50000.0 6.00 40000.0 4.00 30000.0 20000.0 2.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 35. 27.03.2013BASF SEHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 63927154 6.96 - 25.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 12764100 1.39 933000 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11343571 1.24 813771 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 11072038 1.21 (195542) 28.02.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 7816891 0.85 3435 28.09.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7728029 0.84 (1894889) 31.01.2013 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7464197 0.81 1313530 28.02.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 6827084 0.74 (273418) 28.02.2013 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3833502 0.42 150348 28.12.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 3562928 0.39 4200 30.11.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 3382359 0.37 (16216) 31.01.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2723078 0.3 - 25.03.2013 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2394986 0.26 (1000) 31.01.2013 Mutual Fund ManagerUNION INVESTMENT LUX Multiple Portfolios MF-AGG 2052900 0.22 251750 28.09.2012 Investment AdvisorSEB n/a ULT-AGG 2000933 0.22 85942 31.01.2013 UnclassifiedETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1827520 0.2 - 26.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1605194 0.17 (18792) 31.12.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1494928 0.16 95786 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1446357 0.16 (1093863) 31.01.2013 Mutual Fund ManagerDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1361517 0.15 (143697) 28.12.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 27.03.2013HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.03.2013Exane BNP Paribas JAMES KNIGHT outperform 5 M 74 Not Provided 26.03.2013Nord/LB THORSTEN STRAUSS hold 3 M 73 12 month 25.03.2013Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 25.03.2013AlphaValue MARTIN SCHNEE add 4 M 79 6 month 21.03.2013JPMorgan MARTIN EVANS neutral 3 M 75 12 month 20.03.2013Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 20.03.2013DZ Bank AG PETER SPENGLER buy 5 M 86 12 month 13.03.2013M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 D 78 12 month 07.03.2013Baader Bank NORBERT BARTH buy 5 M 85 12 month 05.03.2013CA Cheuvreux MARTIN ROEDIGER outperform 5 M 80 Not Provided 01.03.2013Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 28.02.2013S&P Capital IQ JOHNSON IMODE hold 3 D 78 12 month 28.02.2013Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 81 Not Provided 27.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 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 |
  • 36. 27.03.2013Anheuser-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 90 9.0 Mnationally and internationally prominent. The Company has production plants in 80 8.0 MEurope, the Americas, and Asia. 70 7.0 M 60 6.0 M 50 5.0 M Valuation Analysis 40 4.0 MLatest Fiscal Year: 12/2012 30 3.0 M 20 2.0 MLTM as of: 12/yy 10 1.0 M52-Week High (27.03.2013) 77.13 0 .0 M52-Week Low (01.06.2012) 52.11 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1216571.00 Current Price (3/dd/yy) 75.81 Market Data 52-Week High % Change -1.70% Dividend Yield - 52-Week Low % Change 45.48% Beta 0.76 % 52 Week Price Range High/Low 99.23% Equity Float -Shares Out 08.03.2013 1606.9 Short Int - Market Capitalization 121818.72 1 Yr Total Return 41.56%Total Debt 44341.00 YTD Return 15.32%Preferred Stock 0.0 Adjusted BETA 0.758Minority Interest 4299.0 Analyst Recs 34Cash and Equivalents 13878.00 Consensus Rating 3.794Enterprise Value 190324.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2037504ABI BB EQUITY YTD Change - Average Volume 30 Day 2061876ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1952703 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 23507.0 36758.0 36297.0 39046.0 39758.0 39046.0 39758.0 44942.6 48787.4 9508.0 10382.0 TEV/Revenue 4.07x 3.57x 3.70x 3.49x 4.37x 3.49x 4.14x 4.33x 3.89x - - EBITDA 7734.0 12925.0 13768.0 15297.0 15450.0 15297.0 11768.0 17593.5 19517.3 - - TEV/EBITDA 12.37x 10.15x 9.76x 8.91x 11.25x 8.91x 0.00x 10.81x 9.74x - - Net Income 1927.0 4613.0 4026.0 5855.0 7243.0 5855.0 7244.0 8019.2 9005.7 1593.0 1700.0 P/E 11.99x 17.92x 22.61x 16.71x 19.15x 16.71x 19.04x 19.45x 17.19x 20.21x - Profitability S&P Issuer RatingsEBITDA 15450.00 Long-Term Rating Date 01.05.2012EBIT 12765.00 Long-Term Rating AOperating Margin 32.11% Long-Term Outlook STABLEPretax Margin 28.05% Short-Term Rating Date 01.05.2012Return on Assets 6.16% Short-Term Rating A-1Return on Common Equity 18.42% Credit RatiosReturn on Capital 13.08% EBITDA/Interest Exp. 7.48Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.90Margin Analysis Net Debt/EBITDA 1.97Gross Margin 58.6% Total Debt/EBITDA 2.87EBITDA Margin 38.9% ReferenceEBIT Margin 32.1% Total Debt/Equity 107.8%Net Income Margin 18.2% Total Debt/Capital 49.4%Structure Asset Turnover 0.34Current Ratio 1.01 Net Fixed Asset Turnover 2.45Quick Ratio 0.88 Accounts receivable turnover-days 37.49Debt to Assets 36.16% Inventory Days 55.25Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 306.82Accounts Receivable Turnover 9.76 Cash Conversion Cycle -214.08Inventory Turnover 6.62Price/ Cash Flow Sales/Revenue/Turnover 14.00 45000.0 12.00 40000.0 35000.0 10.00 30000.0 8.00 25000.0 6.00 20000.0 15000.0 4.00 10000.0 2.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 37. 27.03.2013Anheuser-Busch InBev NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTICHTING INBEV n/a 20F 663074830 41.26 - 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 16638410 1.04 (2268325) 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 11870001 0.74 346574 25.03.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10597724 0.66 (128959) 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 10426752 0.65 (349398) 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 10415186 0.65 (2422646) 31.12.2012 Investment AdvisorANHEUSER-BUSCH INBEV n/a 20F 7601955 0.47 - 29.08.2011 CorporationVOORZITTER VERHELST n/a 20F 6997665 0.44 - 29.08.2011 OtherINBEV-BAILLET LATOUR n/a 20F 5485415 0.34 - 29.08.2011 OtherALLIANZ ASSET MANAGE n/a ULT-AGG 4279114 0.27 410748 31.01.2013 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4160120 0.26 89672 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 2771955 0.17 343435 21.03.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2203582 0.14 - 25.03.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2153869 0.13 166567 31.05.2012 Investment AdvisorTHREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2031936 0.13 39854 31.12.2012 Investment AdvisorWELLCOME TRUST LIMIT n/a Research 1850000 0.12 - 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 82 12 month 22.03.2013AlphaValue ISABELLE COMBEMALE sell 1 M 46 6 month 21.03.2013Jefferies DIRK VAN VLAANDEREN buy 5 M 89 12 month 18.03.2013Bank Degroof(ESN) HANS DHAESE hold 3 M 74 12 month 18.03.2013Grupo Santander ANTHONY J BUCALO buy 5 M 83 Not Provided 12.03.2013RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 90 12 month 11.03.2013Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 08.03.2013Credit Suisse SANJEET AUJLA outperform 5 M 90 Not Provided 07.03.2013ING Bank MARCO GULPERS hold 3 M 68 12 month 06.03.2013Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 85 12 month 05.03.2013KBC Securities WIM HOSTE hold 3 M 71 12 month 04.03.2013JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 01.03.2013Societe Generale ANDREW HOLLAND buy 5 M 74 12 month 28.02.2013HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 28.02.2013Nomura IAN SHACKLETON neutral 3 M 70 12 month 28.02.2013Day by Day VALERIE GASTALDY buy 5 U 74 3 month 28.02.2013Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 28.02.2013Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 27.02.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 73 12 month 27.02.2013Petercam KRIS KIPPERS buy 5 M 80 Not Provided 27.02.2013S&P Capital IQ CARL SHORT hold 3 M 73 12 month 27.02.2013ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 27.02.2013Rabobank International KAREL ZOETE buy 5 U 76 12 month 25.02.2013Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013Bryan 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 01.02.2013CA Cheuvreux ERIC BOROIAN outperform 5 M 72 Not Provided 21.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Espirito Santo Investment Bank Research ALEX SMITH neutral 3 M 65 Not Provided 14.09.2012Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012Deutsche 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 |
  • 38. 27.03.2013Diageo PLCDiageo plc produces, distills and markets alcoholic beverages. The Company Price/Volumeoffers a wide range of branded beverages, including vodkas, whiskeys, tequilas, 2500 16.0 Mgins, and beer. 14.0 M 2000 12.0 M 1500 10.0 M 8.0 M Valuation Analysis 1000 6.0 MLatest Fiscal Year: 06/2012 4.0 MLTM as of: 01/yy 500 2.0 M52-Week High (20.03.2013) 2054.00 0 .0 M52-Week Low (23.05.2012) 1475.00 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1198087.00 Current Price (3/dd/yy) 2022.5 Market Data 52-Week High % Change -1.56% Dividend Yield 2.22 52-Week Low % Change 37.12% Beta 0.71 % 52 Week Price Range High/Low 94.99% Equity Float 2506.64Shares Out 28.02.2013 2509.4 Short Int - Market Capitalization 50753.25 1 Yr Total Return 35.38%Total Debt 8629.00 YTD Return 14.23%Preferred Stock 0.0 Adjusted BETA 0.707Minority Interest 1223.0 Analyst Recs 35Cash and Equivalents 1076.00 Consensus Rating 4.286Enterprise Value 59608.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4597891DGE LN EQUITY YTD Change - Average Volume 30 Day 3961409DGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 3834203 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 8090.0 9311.0 9780.0 9936.0 10762.0 - - 11472.6 12267.9 - - TEV/Revenue 3.78x 3.27x 3.57x 3.98x 4.68x - - 5.18x 4.76x - - EBITDA 2516.0 2777.0 2984.0 3232.0 3826.0 - - 3926.4 4252.3 - - TEV/EBITDA 12.17x 10.96x 11.70x 12.24x 13.16x - - 15.18x 14.02x - - Net Income 1521.0 1605.0 1629.0 1900.0 1942.0 - - 2578.3 2854.1 - - P/E 15.85x 13.51x 15.99x 16.71x 21.00x - - 19.64x 17.62x - - Profitability S&P Issuer RatingsEBITDA 3826.00 Long-Term Rating Date 01.09.2005EBIT 3415.00 Long-Term Rating A-Operating Margin 31.73% Long-Term Outlook STABLEPretax Margin 29.00% Short-Term Rating Date 01.09.2005Return on Assets 11.04% Short-Term Rating A-2Return on Common Equity 44.10% Credit RatiosReturn on Capital 19.93% EBITDA/Interest Exp. 5.94Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 5.19Margin Analysis Net Debt/EBITDA 1.92Gross Margin 60.4% Total Debt/EBITDA 2.11EBITDA Margin 36.5% ReferenceEBIT Margin 32.8% Total Debt/Equity 154.4%Net Income Margin 18.0% Total Debt/Capital 55.9%Structure Asset Turnover 0.48Current Ratio 1.52 Net Fixed Asset Turnover 3.74Quick Ratio 0.59 Accounts receivable turnover-days 95.26Debt to Assets 38.61% Inventory Days 334.29Tot Debt to Common Equity 154.42% Accounts Payable Turnover Day -Accounts Receivable Turnover 3.84 Cash Conversion Cycle 294.76Inventory Turnover 1.09Price/ Cash Flow Sales/Revenue/Turnover 25.00 12000.0 10000.0 20.00 8000.0 15.00 6000.0 10.00 4000.0 5.00 2000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.03.2013Diageo PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 170818263 6.81 32500 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 166780393 6.65 19483465 25.03.2013 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 103629142 4.13 (2633373) 31.01.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 93430267 3.72 116442 03.12.2012 UnclassifiedFMR LLC n/a ULT-AGG 72210629 2.88 (3259491) 31.01.2013 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 60345332 2.4 21978145 03.12.2012 UnclassifiedNORGES BANK INVESTME Multiple Portfolios REG 53076191 2.12 751700 03.12.2012 GovernmentUBS n/a ULT-AGG 36365999 1.45 1138390 31.01.2013 UnclassifiedNorthern Cross Inter Multiple Portfolios REG 32768036 1.31 490603 03.12.2012 UnclassifiedHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 31592406 1.26 162750 31.12.2012 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 31254191 1.25 7155385 03.12.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios REG 26868931 1.07 1303879 03.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 26133318 1.04 (6773960) 31.12.2012 Investment AdvisorCascade Investment C Multiple Portfolios REG 25516958 1.02 - 03.12.2012 UnclassifiedSTATE STREET n/a ULT-AGG 23796416 0.95 1347040 26.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 20723095 0.83 (262901) 31.12.2012 Investment AdvisorDIAGEO PLC ESOP Multiple Portfolios REG 20432541 0.81 443832 03.12.2012 UnclassifiedBREWIN DOLPHIN LIMIT Multiple Portfolios REG 19857996 0.79 (847762) 03.12.2012 Investment AdvisorAXA n/a ULT-AGG 19645452 0.78 2364575 03.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 19387391 0.77 (655760) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 2100 12 month 22.03.2013Nomura IAN SHACKLETON buy 5 M 2040 12 month 22.03.2013Stifel MARK D SWARTZBERG buy 5 N 2400 12 month 21.03.2013AlphaValue ISABELLE COMBEMALE reduce 2 M 1912 6 month 21.03.2013Jefferies DIRK VAN VLAANDEREN buy 5 M 1915 12 month 19.03.2013Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 19.03.2013Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2100 Not Provided 19.03.2013RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 2100 12 month 11.03.2013JPMorgan MATTHEW WEBB neutral 3 M 1915 9 month 11.03.2013Barclays SIMON HALES overweight 5 M 2150 Not Provided 11.03.2013Credit Suisse CHARLES MILLS outperform 5 M 2350 Not Provided 07.03.2013Raymond James HERMINE DE BENTZMANN outperform 5 M 2060 12 month 07.03.2013Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 1670 12 month 05.03.2013Day by Day VALERIE GASTALDY buy 5 M 2460 3 month 28.02.2013Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 1980 Not Provided 22.02.2013Investec MARTIN DEBOO hold 3 M 1970 12 month 15.02.2013Societe Generale NICOLAS CERON hold 3 M 1900 12 month 01.02.2013Kepler Capital Markets LAETITIA DELAYE buy 5 M 2100 Not Provided 01.02.2013Natixis OLIVIER DELAHOUSSE buy 5 M 2100 Not Provided 01.02.2013Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 1900 12 month 31.01.2013Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 1900 6 month 31.01.2013S&P Capital IQ CARL SHORT buy 5 M 2100 12 month 31.01.2013Liberum Capital Ltd PABLO ZUANIC buy 5 M 2300 Not Provided 25.01.2013CA Cheuvreux ERIC BOROIAN outperform 5 M 1850 Not Provided 21.01.2013Grupo Santander ANTHONY J BUCALO buy 5 M 2100 Not Provided 18.01.2013EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 2220 12 month 09.01.2013Deutsche Bank JAMES ISENWATER buy 5 M 2000 12 month 10.11.2012Berenberg Bank PHILIP MORRISEY buy 5 M 1760 Not Provided 29.10.2012Espirito Santo Investment Bank Research ALEX SMITH buy 5 M 1860 Not Provided 02.10.2012HSBC ERWAN RAMBOURG neutral 3 M 1800 Not Provided 08.08.2012Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 25.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 27.03.2013SAP AGSAP AG is a multinational software company. The Company develops business Price/Volumesoftware, including e-business and enterprise management software, consults on 70 18.0 Morganizational usage of its applications software, and provides training 16.0 M 60services. SAP markets its products and services worldwide. 14.0 M 50 12.0 M 40 10.0 M Valuation Analysis 30 8.0 MLatest Fiscal Year: 12/2012 6.0 M 20 4.0 MLTM as of: 12/yy 10 2.0 M52-Week High (15.03.2013) 65.00 0 .0 M52-Week Low (04.06.2012) 43.62 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1889120.00 Current Price (3/dd/yy) 61.8 Market Data 52-Week High % Change -4.92% Dividend Yield - 52-Week Low % Change 41.68% Beta 0.82 % 52 Week Price Range High/Low 85.78% Equity Float 912.18Shares Out 04.03.2013 1228.5 Short Int - Market Capitalization 75921.56 1 Yr Total Return 19.18%Total Debt 5248.00 YTD Return 1.83%Preferred Stock 0.0 Adjusted BETA 0.815Minority Interest 8.0 Analyst Recs 44Cash and Equivalents 2631.00 Consensus Rating 4.114Enterprise Value 78546.56 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2963242SAP GY EQUITY YTD Change - Average Volume 30 Day 2827586SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2922148 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 11575.0 10672.0 12464.0 14233.0 16223.0 14233.0 16223.0 18008.1 19847.1 3814.2 4343.7 TEV/Revenue 2.71x 3.65x 3.71x 3.31x 4.62x 13.42x 15.96x 4.15x 3.62x 20.08x 17.68x EBITDA 3300.0 3301.0 4125.0 4663.0 5002.0 4663.0 4575.0 6414.2 7242.4 1112.5 1483.0 TEV/EBITDA 9.49x 11.81x 11.20x 10.10x 14.99x 10.10x 16.39x 12.21x 10.82x 12.07x 12.08x Net Income 1847.0 1748.0 1811.0 3438.0 2823.0 3438.0 2827.0 3999.0 4574.2 672.2 919.8 P/E 16.28x 22.45x 25.07x 14.13x 25.61x 14.13x 25.61x 17.84x 15.73x 17.78x 17.48x Profitability S&P Issuer RatingsEBITDA 5002.00 Long-Term Rating Date -EBIT 4139.00 Long-Term Rating -Operating Margin 25.51% Long-Term Outlook -Pretax Margin 23.57% Short-Term Rating Date -Return on Assets 11.29% Short-Term Rating -Return on Common Equity 21.05% Credit RatiosReturn on Capital 16.33% EBITDA/Interest Exp. 28.58Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 25.49Margin Analysis Net Debt/EBITDA 0.57Gross Margin 68.8% Total Debt/EBITDA 1.15EBITDA Margin 28.2% ReferenceEBIT Margin 22.9% Total Debt/Equity 37.1%Net Income Margin 17.4% Total Debt/Capital 27.0%Structure Asset Turnover 0.65Current Ratio 1.00 Net Fixed Asset Turnover 9.96Quick Ratio 0.94 Accounts receivable turnover-days 85.19Debt to Assets 19.56% Inventory Days -Tot Debt to Common Equity 37.05% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.30 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 18000.0 16000.0 20.00 14000.0 12000.0 15.00 10000.0 8000.0 10.00 6000.0 4000.0 5.00 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 |
  • 41. 27.03.2013SAP AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePLATTNER HASSO n/a 13G 121324707 9.88 - 31.12.2012 n/aTSCHIRA KLAUS n/a Co File 93079595 7.58 - 08.03.2012 n/aBLACKROCK n/a ULT-AGG 66743066 5.43 - 25.03.2013 Investment AdvisorHOPP DIETMAR n/a 13G 65273200 5.31 - 31.12.2012 n/aSAP AG n/a Research 36642744 2.98 - 12.06.2012 CorporationFMR LLC n/a ULT-AGG 16796313 1.37 (2035409) 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11671329 0.95 35104 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11235667 0.91 - 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 11142018 0.91 (632162) 28.02.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 11106305 0.9 (155226) 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 8459500 0.69 972000 31.12.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 8270322 0.67 (346827) 28.09.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7820713 0.64 (171398) 28.12.2012 Mutual Fund ManagerTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 7081368 0.58 (461445) 31.01.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6576011 0.54 176532 31.01.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 5863076 0.48 337221 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5264797 0.43 (406504) 28.02.2013 Investment AdvisorCREDIT SUISSE AG n/a Research 4582686 0.37 - 06.06.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 4476891 0.36 (928049) 31.01.2013 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 3685764 0.3 75391 30.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley ADAM WOOD Overwt/In-Line 5 M 73 12 month 27.03.2013Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 26.03.2013Jefferies ROSS MACMILLAN hold 3 M 62 12 month 25.03.2013Independent Research GmbH MARKUS FRIEBEL hold 3 M 69 12 month 22.03.2013Baader Bank KNUT WOLLER hold 3 M 63 12 month 21.03.2013Credit Suisse PHILIP WINSLOW outperform 5 M 65 Not Provided 21.03.2013AlphaValue HEINZ STEFFEN add 4 M 72 6 month 21.03.2013Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 70 6 month 11.03.2013JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 11.03.2013Day by Day VALERIE GASTALDY buy 5 M 66 3 month 11.03.2013Nomura RICHARD G SHERLUND buy 5 M 68 12 month 10.03.2013Societe Generale RICHARD NGUYEN buy 5 M 71 12 month 07.03.2013Deutsche Bank KAI KORSCHELT buy 5 M 70 12 month 07.03.2013HSBC ANTONIN BAUDRY overweight 5 U 74 Not Provided 07.03.2013William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 06.03.2013Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 06.03.2013Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 24.02.2013Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 65 6 month 04.02.2013Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013Exane BNP Paribas JOSEP BORI neutral 3 M 63 Not Provided 28.01.2013Nord/LB WOLFGANG DONIE buy 5 U 70 12 month 24.01.2013JPMorgan STACY E POLLARD overweight 5 M 65 12 month 24.01.2013Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 24.01.2013Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 24.01.2013Bankhaus Metzler ULRICH TRABERT buy 5 M 69 12 month 24.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 70 Not Provided 24.01.2013Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 24.01.2013Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 Not Provided 23.01.2013Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 86 12 month 23.01.2013Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 23.01.2013Kepler Capital Markets LAURENT DAURE buy 5 M 66 Not Provided 23.01.2013S&P Capital IQ JAMES CRAWSHAW buy 5 M 70 12 month 23.01.2013DZ Bank AG OLIVER FINGER buy 5 M 66 12 month 23.01.2013Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 67 12 month 17.01.2013Natixis GWENAEL GIARD neutral 3 M 53 Not Provided 16.01.2013Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 16.01.2013Jyske Bank ROBERT JAKOBSEN reduce 2 M 65 Not Provided 09.01.2013Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 27.03.2013Novo Nordisk A/SNovo Nordisk A/S develops, produces, and markets pharmaceutical products. The Price/VolumeCompany focuses on diabetes care and offers insulin delivery systems and other 1200 7.0 Mdiabetes products. Novo Nordisk also works in areas such as haemostatis 1000 6.0 Mmanagement, growth disorders, and hormone replacement therapy. The Companyoffers educational and training materials. Novo Nordisk markets worldwide. 5.0 M 800 4.0 M 600 Valuation Analysis 3.0 MLatest Fiscal Year: 12/2012 400 2.0 MLTM as of: 12/yy 200 1.0 M52-Week High (07.02.2013) 1100.00 0 .0 M52-Week Low (30.03.2012) 763.50 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 416675.00 Current Price (3/dd/yy) 949.5 Market Data 52-Week High % Change -13.68% Dividend Yield - 52-Week Low % Change 24.36% Beta 1.09 % 52 Week Price Range High/Low 55.13% Equity Float -Shares Out 26.03.2013 452.5 Short Int - Market Capitalization 531720.00 1 Yr Total Return 25.27%Total Debt 500.00 YTD Return 5.59%Preferred Stock 0.0 Adjusted BETA 1.093Minority Interest 0.0 Analyst Recs 37Cash and Equivalents 16105.00 Consensus Rating 3.568Enterprise Value 516114.99 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1015880NOVOB DC EQUITY YTD Change - Average Volume 30 Day 786775NOVOB DC EQUITY YTD % CHANGE - Average Volume 3 Month 783653 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 45553.0 51078.0 60776.0 66346.0 78026.0 66346.0 78026.0 83767.0 91288.4 19420.5 20952.0 TEV/Revenue 3.45x 3.47x 5.98x 5.52x 6.38x 19.15x 23.42x 6.16x 5.62x - - EBITDA 14815.0 17484.0 21358.0 24864.0 32047.0 24864.0 32047.0 34393.3 38100.4 7730.3 8612.3 TEV/EBITDA 10.60x 10.13x 17.02x 14.73x 15.53x 14.08x 15.03x 15.01x 13.55x 15.21x 14.93x Net Income 9645.0 10768.0 14403.0 17097.0 21432.0 17097.0 21432.0 24935.7 27111.7 5745.4 6486.2 P/E 17.30x 18.47x 25.35x 21.83x 23.45x 21.82x 23.44x 20.59x 18.58x 20.64x 20.60x Profitability S&P Issuer RatingsEBITDA 32047.00 Long-Term Rating Date 24.06.2011EBIT 29474.00 Long-Term Rating A+Operating Margin 37.77% Long-Term Outlook STABLEPretax Margin 35.64% Short-Term Rating Date 13.06.2007Return on Assets 32.88% Short-Term Rating A-1Return on Common Equity 54.90% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 552.53Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 494.40Margin Analysis Net Debt/EBITDA -0.49Gross Margin 82.7% Total Debt/EBITDA 0.02EBITDA Margin 41.1% ReferenceEBIT Margin 37.8% Total Debt/Equity 1.2%Net Income Margin 27.5% Total Debt/Capital 1.2%Structure Asset Turnover 1.20Current Ratio 1.86 Net Fixed Asset Turnover 3.67Quick Ratio 1.19 Accounts receivable turnover-days 44.53Debt to Assets 0.76% Inventory Days 257.90Tot Debt to Common Equity 1.23% Accounts Payable Turnover Day 96.39Accounts Receivable Turnover 8.22 Cash Conversion Cycle 206.05Inventory Turnover 1.42Price/ Cash Flow Sales/Revenue/Turnover 30.00 90000.0 80000.0 25.00 70000.0 20.00 60000.0 50000.0 15.00 40000.0 10.00 30000.0 20000.0 5.00 10000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 43. 27.03.2013Novo Nordisk A/SHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 79419633 17.55 (2007633) 31.12.2012 Investment AdvisorNOVO AS n/a 20F 35312800 7.8 (5100000) 31.01.2013 Holding CompanyNOVO-NORDISK A/S n/a Research 18962215 4.19 - 08.03.2013 CorporationFMR LLC n/a ULT-AGG 14691275 3.25 (358846) 31.01.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 7777930 1.72 (74744) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 5639111 1.25 618921 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5109427 1.13 207091 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 5094371 1.13 6991 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 4367549 0.97 (161621) 31.01.2013 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2512028 0.56 758793 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1806460 0.4 43470 31.12.2012 Investment AdvisorCALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 1729312 0.38 (102150) 28.02.2013 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1569603 0.35 (127123) 30.11.2012 Investment AdvisorNORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1321823 0.29 (1321) 28.02.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1174866 0.26 (54015) 28.02.2013 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 1163920 0.26 1109960 31.12.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 994564 0.22 (121792) 28.02.2013 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 936874 0.21 21995 31.12.2012 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 860779 0.19 (2666) 28.02.2013 Investment AdvisorSEB n/a ULT-AGG 738979 0.16 (13497) 31.01.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 27.03.2013ABG Sundal Collier PETER HUGREFFE buy 5 M 1200 6 month 25.03.2013Jyske Bank FRANK HOERNING ANDERSEN buy 5 M 1100 Not Provided 22.03.2013Exane BNP Paribas VINCENT MEUNIER neutral 3 M 950 Not Provided 21.03.2013AlphaValue KAMLA SINGH add 4 U 1031 6 month 21.03.2013Societe Generale STEPHEN MCGARRY sell 1 M 753 12 month 20.03.2013SEB Enskilda LARS HEVRENG buy 5 M 1180 Not Provided 19.03.2013Carnegie CARSTEN LONBORG MADSEN buy 5 M #N/A N/A Not Provided 19.03.2013Nordea Equity Research MICHAEL NOVOD strong buy 5 M 1250 12 month 19.03.2013Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 920 6 month 19.03.2013Helvea OLAV ZILIAN accumulate 4 M 1100 12 month 19.03.2013Barclays BRIAN BOURDOT underweight 1 M 870 Not Provided 19.03.2013Danske Markets MARTIN PARKHOI buy 5 M 1100 12 month 19.03.2013JPMorgan RICHARD VOSSER underweight 1 D 800 9 month 18.03.2013Deutsche Bank TIM RACE sell 1 M 890 12 month 15.03.2013Jefferies JEFFREY HOLFORD hold 3 M 900 12 month 14.03.2013DNB Markets RUNE MAJLUND DAHL buy 5 M 1100 Not Provided 12.03.2013CA Cheuvreux LAURENT FLAMME underperform 1 M 965 Not Provided 06.03.2013Handelsbanken PETER SEHESTED buy 5 M 1112 12 month 04.03.2013Credit Suisse LUISA HECTOR neutral 3 M 1040 Not Provided 28.02.2013Nomura AMIT ROY buy 5 M 1000 12 month 21.02.2013Berenberg Bank ALISTAIR CAMPBELL hold 3 M 920 Not Provided 12.02.2013Kepler Capital Markets MARTIN VOEGTLI hold 3 M 920 Not Provided 12.02.2013S&P Capital IQ JACOB THRANE hold 3 M 985 12 month 12.02.2013Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1040 12 month 11.02.2013Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 D 1015 Not Provided 11.02.2013Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 1200 12 month 11.02.2013Natixis PHILIPPE LANONE neutral 3 D 1010 Not Provided 11.02.2013Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 1400 6 month 04.02.2013Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012Mirabaud Securities NICHOLAS TURNER reduce 2 D 819 Not Provided 23.11.2012Swedbank JOHAN UNNERUS strong buy 5 U 1150 12 month 09.11.2012NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 23.07.2012Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012Cyrrus TOMAS MENCIK sell 1 M 627 Not Provided 05.04.2012Sydbank SOEREN LONTOFT HANSEN overweight 5 U #N/A N/A Not Provided 02.02.2012MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 648 Not Provided 15.04.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 27.03.2013Banco 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 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 60242578.00 Current Price (3/dd/yy) 5.167 Market Data 52-Week High % Change -22.72% Dividend Yield - 52-Week Low % Change 29.95% Beta 1.17 % 52 Week Price Range High/Low 48.56% Equity Float 10341.22Shares Out 14.01.2013 10538.7 Short Int - Market Capitalization 54453.38 1 Yr Total Return -0.86%Total Debt 367524.00 YTD Return -13.29%Preferred Stock 0.0 Adjusted BETA 1.171Minority Interest 9672.0 Analyst Recs 42Cash and Equivalents 182116.00 Consensus Rating 2.857Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 85873060SAN SQ EQUITY YTD Change - Average Volume 30 Day 75163500SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 75605770 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 70114.3 69736.2 68965.5 78009.0 43575.0 44219.0 43575.0 44466.5 46635.0 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 6311.5 7521.8 1408.0 1407.0 P/E 5.74x 11.09x 8.39x 9.74x 26.44x 9.70x 25.61x 8.77x 7.53x 8.01x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 16.10.2012EBIT - Long-Term Rating BBBOperating Margin 24.02% Long-Term Outlook NEGPretax Margin 12.39% Short-Term Rating Date 30.04.2012Return on Assets 0.17% Short-Term Rating A-2Return on Common Equity 2.92% Credit RatiosReturn on Capital 0.65% EBITDA/Interest Exp. -Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 492.3%Net Income Margin 5.1% Total Debt/Capital 81.3%Structure Asset Turnover 0.03Current Ratio - Net Fixed Asset Turnover 3.19Quick Ratio - Accounts receivable turnover-days -Debt to Assets 28.95% Inventory Days -Tot Debt to Common Equity 492.30% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 90000.0 80000.0 1.00 70000.0 0.80 60000.0 50000.0 0.60 40000.0 30000.0 0.40 20000.0 0.20 10000.0 0.0 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 45. 27.03.2013Banco Santander SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTATE STREET n/a ULT-AGG 866053147 8.22 28365 26.03.2013 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 243314406 2.31 - 31.12.2012 Investment AdvisorBARCLAYS PLC n/a ULT-AGG 227263557 2.16 (56807364) 03.05.2011 Investment AdvisorBLACKROCK n/a ULT-AGG 151622409 1.44 2825886 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 138161167 1.31 10545834 31.12.2012 Investment AdvisorDE LOS RIOS EMILIO B n/a EXCH 79215379 0.75 30908 11.03.2013 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 BankBNP PARIBAS INV PART n/a ULT-AGG 39437973 0.37 (3428192) 31.01.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 39143000 0.37 - 31.12.2012 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 30578576 0.29 - 25.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 27695932 0.26 (2001686) 28.02.2013 Investment AdvisorFMR LLC n/a ULT-AGG 19224262 0.18 1930244 31.01.2013 Investment AdvisorLBPAM 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/aPUENTEPUMAR SL n/a EXCH 13757649 0.13 - 11.07.2011 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateMediobanca SpA ANDREA FILTRI underperform 1 M 4 Not Provided 25.03.2013Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 25.03.2013NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 25.03.2013Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 22.03.2013La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 20.03.2013Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 19.03.2013Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 14.03.2013Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.03.2013Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 11.03.2013Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 11.03.2013Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 10.03.2013Espirito Santo Investment Bank Research JUAN PABLO LOPEZ neutral 3 M 6 Not Provided 08.03.2013BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 07.03.2013AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 07.03.2013Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013RBC 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 01.02.2013Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013Nord/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 24.08.2012Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 46. 27.03.2013Rio Tinto PLCRio Tinto PLC is an international mining company. The Company has interests in Price/Volumemining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, 4000 25.0 Muranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. 3500Dually-listed company with RIO AU. 20.0 M 3000 2500 15.0 M 2000 Valuation Analysis 10.0 M 1500Latest Fiscal Year: 12/2012 1000LTM as of: 06/yy 5.0 M 50052-Week High (14.02.2013) 3838.00 0 .0 M52-Week Low (05.09.2012) 2649.50 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2284379.00 Current Price (3/dd/yy) 3106 Market Data 52-Week High % Change -19.09% Dividend Yield 3.56 52-Week Low % Change 17.23% Beta 1.51 % 52 Week Price Range High/Low 36.68% Equity Float 1227.54Shares Out 01.03.2013 1411.9 Short Int - Market Capitalization 61258.42 1 Yr Total Return -5.21%Total Debt 26819.00 YTD Return -9.96%Preferred Stock 0.0 Adjusted BETA 1.511Minority Interest 11156.0 Analyst Recs 31Cash and Equivalents 7615.00 Consensus Rating 4.194Enterprise Value 122872.47 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4419226RIO LN EQUITY YTD Change - Average Volume 30 Day 4934840RIO LN EQUITY YTD % CHANGE - Average Volume 3 Month 4259480 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 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 Total Revenue 54264.0 41825.0 55171.0 60537.0 50967.0 0.0 46038.0 58416.0 62104.9 - - TEV/Revenue 1.53x 5.29x 2.71x 1.80x 2.67x #DIV/0! 8.17x 2.09x 1.94x - - EBITDA 18964.0 10920.0 22752.0 26657.0 15902.0 0.0 13532.0 21990.1 24140.2 - - TEV/EBITDA 4.38x 20.24x 6.57x 4.09x 8.55x 0.00x 0.00x 5.59x 5.09x - - Net Income 3676.0 4872.0 14238.0 5826.0 (2990.0) 0.0 9402.0 10986.9 12212.8 - - P/E 6.19x 18.14x 9.63x 16.07x - 0.00x 0.00x 7.85x 6.90x - - Profitability S&P Issuer RatingsEBITDA 15902.00 Long-Term Rating Date 18.04.2011EBIT 11461.00 Long-Term Rating A-Operating Margin 22.49% Long-Term Outlook NEGPretax Margin -5.04% Short-Term Rating Date 08.07.2009Return on Assets -2.52% Short-Term Rating A-2Return on Common Equity -6.02% Credit RatiosReturn on Capital 5.92% EBITDA/Interest Exp. 22.98Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -2.25Margin Analysis Net Debt/EBITDA 1.21Gross Margin - Total Debt/EBITDA 1.69EBITDA Margin 31.2% ReferenceEBIT Margin 22.5% Total Debt/Equity 57.2%Net Income Margin -5.9% Total Debt/Capital 31.6%Structure Asset Turnover 0.43Current Ratio 1.46 Net Fixed Asset Turnover 0.73Quick Ratio 0.94 Accounts receivable turnover-days 32.07Debt to Assets 22.81% Inventory Days -Tot Debt to Common Equity 57.23% Accounts Payable Turnover Day -Accounts Receivable Turnover 11.32 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 70000.0 10.00 60000.0 50000.0 8.00 40000.0 6.00 30000.0 4.00 20000.0 2.00 10000.0 0.00 0.0 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 |
  • 47. 27.03.2013Rio Tinto PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHINING PROSPECT PTE Multiple Portfolios REG 182550329 12.93 - 03.12.2012 Holding CompanyBLACKROCK n/a ULT-AGG 128626019 9.11 - 25.03.2013 Investment AdvisorAXA n/a ULT-AGG 59271193 4.2 605414 03.12.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 53306336 3.78 (30895) 28.02.2013 UnclassifiedCAPITAL GROUP COMPAN n/a ULT-AGG 41031494 2.91 - 19.02.2013 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 32751832 2.32 10311357 03.12.2012 UnclassifiedABERDEEN n/a ULT-AGG 29783762 2.11 275493 28.02.2013 UnclassifiedBNP PARIBAS INV PART n/a ULT-AGG 28183471 2 5058654 31.01.2013 Investment AdvisorUBS n/a ULT-AGG 27888087 1.98 (363260) 31.01.2013 UnclassifiedPEOPLES REPUBLIC OF Multiple Portfolios REG 22584269 1.6 2505810 03.12.2012 GovernmentSUN LIFE FINANCIAL I n/a ULT-AGG 20784742 1.47 864625 31.01.2013 Investment AdvisorSTANDARD LIFE INVEST Multiple Portfolios REG 20134091 1.43 (1535852) 03.12.2012 Investment AdvisorM&G INVESTMENT MANAG Multiple Portfolios REG 15566865 1.1 777762 03.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 14972836 1.06 559905 31.12.2012 Investment AdvisorAVIVA INVESTORS Multiple Portfolios REG 14066647 1 (18708) 03.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 13772088 0.98 509965 03.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 13345435 0.95 812987 31.01.2013 UnclassifiedGOVT OF SINGAPORE IN n/a ULT-AGG 13197558 0.93 (667279) 03.12.2012 GovernmentSCHRODER INVESTMENT Multiple Portfolios REG 13004093 0.92 3648560 03.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 10894531 0.77 49517 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 3870 12 month 27.03.2013Credit Suisse PAUL MCTAGGART outperform 5 M 4000 Not Provided 26.03.2013Independent Research GmbH SVEN DIERMEIER hold 3 D 3400 12 month 25.03.2013EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 22.03.2013Jefferies Christopher LaFemina buy 5 M 4100 12 month 21.03.2013AlphaValue SACHIN KUMAR add 4 M 3796 6 month 21.03.2013Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 4575 12 month 20.03.2013Goldman Sachs MICHELE DELLA VIGNA Sell/Neutral 1 D 2800 12 month 19.03.2013JPMorgan FRASER JAMIESON overweight 5 M 4400 9 month 15.03.2013SBG Securities PETER DAVEY buy 5 M 4300 12 month 11.03.2013Macquarie JEFFREY LARGEY neutral 3 M 4050 12 month 08.03.2013RBC Capital Markets DES KILALEA outperform 5 M 4300 12 month 04.03.2013Espirito Santo Investment Bank Research NICK MELLOR sell 1 M 2910 12 month 04.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 04.03.2013Exane BNP Paribas LUC PEZ outperform 5 M 4700 Not Provided 27.02.2013BMO Capital Markets TONY ROBSON outperform 5 M 4500 Not Provided 25.02.2013Societe Generale ABHISHEK SHUKLA buy 5 M 3900 12 month 15.02.2013Deutsche Bank ROBERT CLIFFORD buy 5 M 4720 12 month 15.02.2013Natixis RAOUDHA BOUZEKRI neutral 3 M 3500 Not Provided 15.02.2013Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4200 12 month 14.02.2013Nomura SAM CATALANO buy 5 M 3700 12 month 14.02.2013S&P Capital IQ JOHNSON IMODE strong buy 5 M 4200 12 month 14.02.2013HSBC ANDREW KEEN overweight 5 M 4180 Not Provided 07.02.2013Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 21.01.2013Barclays DAVID BUTLER overweight 5 M 4000 Not Provided 14.01.2013Liberum Capital Ltd RICHARD KNIGHTS buy 5 U #N/A N/A Not Provided 30.11.2012Standard Chartered SUBRAMANIAM VARADA outperform 5 M 3430 12 month 22.11.2012Axiom Capital GORDON L JOHNSON sell 1 N 2059 12 month 30.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 27.03.2013LVMH Moet Hennessy Louis Vuitton SALVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The Price/VolumeCompany produces and sells champagne, cognac, perfumes, cosmetics, luggage, 160 3.0 Mwatches and jewelry. 140 2.5 M 120 2.0 M 100 80 1.5 M Valuation Analysis 60Latest Fiscal Year: 12/2012 1.0 M 40LTM as of: 12/yy .5 M 2052-Week High (18.01.2013) 143.40 0 .0 M52-Week Low (04.06.2012) 111.00 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 1065020.00 Current Price (3/dd/yy) 132.25 Market Data 52-Week High % Change -7.78% Dividend Yield 2.19 52-Week Low % Change 19.14% Beta 0.93 % 52 Week Price Range High/Low 62.65% Equity Float 254.93Shares Out 11.02.2013 507.7 Short Int - Market Capitalization 67139.34 1 Yr Total Return 3.83%Total Debt 6812.00 YTD Return -4.72%Preferred Stock 0.0 Adjusted BETA 0.927Minority Interest 1102.0 Analyst Recs 39Cash and Equivalents 2196.00 Consensus Rating 4.282Enterprise Value 72857.34 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 877732MC FP EQUITY YTD Change - Average Volume 30 Day 801760MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 724368 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 17193.0 17053.0 20320.0 23659.0 28103.0 23659.0 28103.0 30256.3 32847.9 - - TEV/Revenue 1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.34x 2.10x - - EBITDA 4323.0 4055.0 5106.0 6150.0 6940.0 0.0 0.0 7668.5 8473.9 - - TEV/EBITDA 6.34x 10.13x 12.27x 9.84x 10.82x 0.00x 0.00x 9.48x 8.58x - - Net Income 2026.0 1755.0 3032.0 3065.0 3424.0 0.0 0.0 3849.2 4301.9 - - P/E 11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 17.45x 15.55x - - Profitability S&P Issuer RatingsEBITDA 6940.00 Long-Term Rating Date 20.05.2011EBIT 5921.00 Long-Term Rating AOperating Margin 21.07% Long-Term Outlook POSPretax Margin 20.39% Short-Term Rating Date 20.05.2011Return on Assets 7.06% Short-Term Rating A-1Return on Common Equity 14.57% Credit RatiosReturn on Capital 12.72% EBITDA/Interest Exp. 41.81Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 31.51Margin Analysis Net Debt/EBITDA 0.64Gross Margin 64.7% Total Debt/EBITDA 0.94EBITDA Margin 25.7% ReferenceEBIT Margin 21.1% Total Debt/Equity 27.7%Net Income Margin 12.2% Total Debt/Capital 21.0%Structure Asset Turnover 0.58Current Ratio 1.51 Net Fixed Asset Turnover 3.35Quick Ratio 0.44 Accounts receivable turnover-days 25.15Debt to Assets 13.64% Inventory Days 287.68Tot Debt to Common Equity 27.73% Accounts Payable Turnover Day 106.20Accounts Receivable Turnover 14.55 Cash Conversion Cycle 206.64Inventory Turnover 1.27Price/ Cash Flow Sales/Revenue/Turnover 20.00 30000.0 18.00 25000.0 16.00 14.00 20000.0 12.00 10.00 15000.0 8.00 10000.0 6.00 4.00 5000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 49. 27.03.2013LVMH Moet Hennessy Louis Vuitton SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGROUPE ARNAULT SAS n/a Research 235886503 46.46 (147143) 01.10.2012 Holding CompanyLVMH MOET HENNESSY L n/a Co File 9536678 1.88 - 31.12.2011 Holding CompanyQATAR HOLDINGS LLC n/a Research 5230723 1.03 - 15.03.2012 GovernmentSUN LIFE FINANCIAL I n/a ULT-AGG 4275828 0.84 74218 31.01.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 4200037 0.83 4700 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 4085056 0.8 - 31.01.2013 Investment AdvisorFMR LLC n/a ULT-AGG 3878869 0.76 (478859) 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 3387828 0.67 (45143) 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3326140 0.66 134015 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2724161 0.54 49222 31.01.2013 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 1969710 0.39 (230217) 31.01.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1732620 0.34 41590 31.01.2013 Investment AdvisorTRAPANI FRANCESCO n/a Co File 1561592 0.31 - 31.12.2011 n/aCAPITAL GROUP COMPAN n/a ULT-AGG 1528000 0.3 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1422781 0.28 19742 31.01.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1387002 0.27 (18102) 28.02.2013 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 1355126 0.27 (2100) 28.02.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 1150592 0.23 43392 31.12.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 1042404 0.21 (14807) 31.12.2012 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 925639 0.18 (20403) 31.10.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateISI Group OMAR SAAD buy 5 M 160 12 month 24.03.2013Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 20.03.2013Nomura CHRISTOPHER WALKER buy 5 M 155 12 month 20.03.2013Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 135 Not Provided 20.03.2013Oddo & Cie LEOPOLD AUTHIE buy 5 M 160 Not Provided 19.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013Societe Generale THIERRY COTA hold 3 M 145 12 month 18.03.2013Renaissance Capital REY WIUM hold 3 M 152 12 month 14.03.2013AlphaValue VIRGINIE BLIN buy 5 M 172 6 month 07.03.2013Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 22.02.2013Aurel - BGC DAVID DA MAIA hold 3 M 145 Not Provided 20.02.2013Main First Bank AG MATTHIAS EIFERT outperform 5 M 157 12 month 20.02.2013Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013Berenberg Bank JOHN GUY hold 3 D 140 Not Provided 15.02.2013Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 Not Provided 10.02.2013Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 152 12 month 08.02.2013Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 198 12 month 08.02.2013Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 08.02.2013Credit Suisse ROGERIO FUJIMORI neutral 3 M 148 Not Provided 05.02.2013Independent Research GmbH LARS LUSEBRINK buy 5 M 165 12 month 04.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 160 12 month 04.02.2013JPMorgan MELANIE A FLOUQUET neutral 3 M 142 9 month 01.02.2013Raymond James MARC WILLAUME strong buy 5 M 163 Not Provided 01.02.2013Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 01.02.2013Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 01.02.2013S&P Capital IQ MICHAEL SOUERS strong buy 5 M 160 12 month 01.02.2013Barclays JULIAN EASTHOPE overweight 5 M 151 Not Provided 01.02.2013Kepler Capital Markets CATHERINE ROLLAND buy 5 M 168 Not Provided 31.01.2013HSBC ANTOINE BELGE neutral 3 M 150 Not Provided 24.01.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013Deutsche Bank WARWICK OKINES hold 3 D 145 12 month 14.01.2013Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012CA Cheuvreux THOMAS MESMIN outperform 5 M 140 Not Provided 17.10.2012Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 27.03.2013Unilever NVUnilever NV manufactures branded and packaged consumer goods, including food, Price/Volumedetergents, fragrances, home and personal care products. Dually-listed company 35 18.0 Mwith ULVR LN. 16.0 M 30 14.0 M 25 12.0 M 20 10.0 M Valuation Analysis 15 8.0 MLatest Fiscal Year: 12/2012 6.0 M 10 4.0 MLTM as of: 12/yy 5 2.0 M52-Week High (25.03.2013) 32.00 0 .0 M52-Week Low (13.04.2012) 24.51 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2388116.00 Current Price (3/dd/yy) 31.56 Market Data 52-Week High % Change -1.36% Dividend Yield 3.01 52-Week Low % Change 28.79% Beta 0.60 % 52 Week Price Range High/Low 95.33% Equity Float -Shares Out 25.01.2013 1714.7 Short Int - Market Capitalization 95722.40 1 Yr Total Return 27.93%Total Debt 10221.00 YTD Return 10.36%Preferred Stock 0.0 Adjusted BETA 0.597Minority Interest 557.0 Analyst Recs 45Cash and Equivalents 2866.00 Consensus Rating 3.533Enterprise Value 103634.40 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4038600UNA NA EQUITY YTD Change - Average Volume 30 Day 4167800UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3752298 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 40523.0 39823.0 44262.0 46467.0 51324.0 46467.0 51324.0 53508.8 56551.8 12678.3 13837.2 TEV/Revenue 1.41x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.91x 1.78x - - EBITDA 6793.0 6887.0 7620.0 7462.0 8188.0 0.0 0.0 8790.1 9406.3 - - TEV/EBITDA 8.39x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.78x 11.01x - - Net Income 5027.0 3370.0 4244.0 4252.0 4480.0 2235.0 0.0 4919.9 5363.3 1120.0 1140.0 P/E 9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 18.65x 17.17x 18.46x - Profitability S&P Issuer RatingsEBITDA 8188.00 Long-Term Rating Date 05.10.2000EBIT 6989.00 Long-Term Rating A+Operating Margin 13.62% Long-Term Outlook STABLEPretax Margin 13.02% Short-Term Rating Date 05.10.2000Return on Assets 9.56% Short-Term Rating A-1Return on Common Equity 30.42% Credit RatiosReturn on Capital 19.56% EBITDA/Interest Exp. 15.57Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 11.81Margin Analysis Net Debt/EBITDA 0.90Gross Margin 40.2% Total Debt/EBITDA 1.25EBITDA Margin 16.0% ReferenceEBIT Margin 13.6% Total Debt/Equity 67.4%Net Income Margin 8.7% Total Debt/Capital 39.4%Structure Asset Turnover 1.10Current Ratio 0.77 Net Fixed Asset Turnover 5.63Quick Ratio 0.36 Accounts receivable turnover-days 20.29Debt to Assets 22.14% Inventory Days -Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -Accounts Receivable Turnover 18.04 Cash Conversion Cycle -8.85Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 60000.0 14.00 50000.0 12.00 40000.0 10.00 8.00 30000.0 6.00 20000.0 4.00 10000.0 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 |
  • 51. 27.03.2013Unilever NVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFOUNDATION UNILEVER n/a Co File 1268224230 73.96 - 28.02.2011 OtherUNILEVER NV n/a Co File 141560629 8.26 - 31.12.2011 OtherCAPITAL GROUP COMPAN n/a ULT-AGG 33770000 1.97 (1842700) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 20884073 1.22 (740454) 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 18128239 1.06 903626 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 16626505 0.97 498559 31.01.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 11633435 0.68 (188682) 31.05.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9447002 0.55 (57347) 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8028108 0.47 8028108 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 7857215 0.46 (382184) 28.02.2013 Investment AdvisorONTARIO TEACHERS PEN n/a Research 7200000 0.42 - 31.12.2011 Pension Fund (ERISA)ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7180977 0.42 (63607) 31.01.2013 Mutual Fund ManagerELMA EN UNITED HOLDS n/a Research 6428550 0.37 - 19.10.2011 OtherING INVESTMENT MANAG Multiple Portfolios MF-AGG 6122561 0.36 (32935) 31.01.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 5839034 0.34 126890 28.09.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 5794474 0.34 153674 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 5439055 0.32 (100074) 31.01.2013 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5387993 0.31 (102210) 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5281693 0.31 5249645 28.02.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4660599 0.27 - 25.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co ANDREW WOOD outperform 5 M 34 12 month 25.03.2013Exane BNP Paribas JEFF STENT neutral 3 M 33 Not Provided 19.03.2013Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 27 12 month 13.03.2013Mirabaud Securities JULIAN LAKIN hold 3 M 32 12 month 12.03.2013RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 31 12 month 11.03.2013Kepler Capital Markets JON COX buy 5 M 33 Not Provided 10.03.2013Credit Suisse CHARLES MILLS neutral 3 M 34 Not Provided 07.03.2013Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 05.03.2013Rabobank International KAREL ZOETE buy 5 M 34 Not Provided 25.02.2013Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013Day by Day VALERIE GASTALDY buy 5 M 30 3 month 11.02.2013HSBC CEDRIC BESNARD overweight 5 M 35 Not Provided 30.01.2013Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 32 Not Provided 30.01.2013Jefferies ALEX HOWSON hold 3 D 32 12 month 29.01.2013Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 29.01.2013Espirito Santo Investment Bank Research ALEX SMITH neutral 3 M 29 Not Provided 29.01.2013Berenberg Bank JAMES TARGETT buy 5 M 35 Not Provided 25.01.2013Liberum Capital Ltd PABLO ZUANIC buy 5 M 37 Not Provided 25.01.2013Societe Generale WARREN L ACKERMAN sell 1 M 28 12 month 24.01.2013Deutsche Bank HAROLD THOMPSON hold 3 M 30 12 month 24.01.2013Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 37 12 month 24.01.2013SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 M 35 12 month 24.01.2013Nomura DAVID HAYES reduce 2 M 30 Not Provided 24.01.2013Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 24.01.2013Helvea ANDREAS VON ARX accumulate 4 M 33 12 month 24.01.2013ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 24.01.2013Grupo Santander PEDRO GIL buy 5 M 33 Not Provided 23.01.2013Aurel - BGC JEAN-MARIE LHOME hold 3 M 26 6 month 23.01.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 32 12 month 23.01.2013Petercam FERNAND DE BOER hold 3 M 30 Not Provided 23.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 30 Not Provided 23.01.2013S&P Capital IQ CARL SHORT hold 3 M 31 12 month 23.01.2013Barclays IAIN SIMPSON overweight 5 M 34 Not Provided 23.01.2013CA Cheuvreux ERIC BOROIAN outperform 5 M 30 Not Provided 21.01.2013Natixis PIERRE TEGNER reduce 2 M 27 Not Provided 21.01.2013ING Bank MARCO GULPERS hold 3 M 29 12 month 21.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013Kempen & Co ERWIN DUT hold 3 M 29 12 month 06.01.2013JPMorgan CELINE PANNUTI overweight 5 M 30 12 month 26.10.2012Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 52. 27.03.2013BHP Billiton PLCBHP Billiton Plc is an international resources company. The Companys principal Price/Volumebusiness lines are mineral exploration and production, including coal, iron ore, 2500 18.0 Mgold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum 16.0 Mexploration and production. Dually-listed company with BHP AU. 2000 14.0 M 12.0 M 1500 10.0 M Valuation Analysis 8.0 M 1000Latest Fiscal Year: 06/2012 6.0 M 500 4.0 MLTM as of: 01/yy 2.0 M52-Week High (19.02.2013) 2251.50 0 .0 M52-Week Low (01.06.2012) 1650.50 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 2925491.00 Current Price (3/dd/yy) 1939.5 Market Data 52-Week High % Change -13.88% Dividend Yield 3.89 52-Week Low % Change 17.51% Beta 1.41 % 52 Week Price Range High/Low 47.92% Equity Float 2012.24Shares Out 30.06.2012 2111.3 Short Int - Market Capitalization 114581.44 1 Yr Total Return 4.61%Total Debt 28330.00 YTD Return -7.26%Preferred Stock 0.0 Adjusted BETA 1.408Minority Interest 1215.0 Analyst Recs 32Cash and Equivalents 5063.00 Consensus Rating 3.656Enterprise Value 204499.88 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7247555BLT LN EQUITY YTD Change - Average Volume 30 Day 6583069BLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 5560194 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue 59473.0 50211.0 52798.0 71739.0 72226.0 - - 68085.9 74998.4 - - TEV/Revenue 3.90x 2.97x 2.83x 3.00x 2.42x - - 2.98x 2.68x - - EBITDA 28137.0 21761.0 24590.0 38093.0 33866.0 - - 29120.2 34351.7 - - TEV/EBITDA 8.24x 6.86x 6.07x 5.65x 5.15x - - 7.02x 5.95x - - Net Income 15390.0 5877.0 12722.0 23648.0 15417.0 - - 13271.3 16822.1 - - P/E 13.88x 21.26x 11.48x 9.18x 9.78x - - 11.45x 9.65x - - Profitability S&P Issuer RatingsEBITDA 33866.00 Long-Term Rating Date 15.11.2010EBIT 27458.00 Long-Term Rating A+Operating Margin 38.02% Long-Term Outlook STABLEPretax Margin 31.87% Short-Term Rating Date 06.02.2008Return on Assets 7.60% Short-Term Rating A-1Return on Common Equity 14.89% Credit RatiosReturn on Capital 10.90% EBITDA/Interest Exp. 26.69Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 10.27Margin Analysis Net Debt/EBITDA 1.07Gross Margin - Total Debt/EBITDA 1.25EBITDA Margin 42.3% ReferenceEBIT Margin 32.2% Total Debt/Equity 43.0%Net Income Margin 21.3% Total Debt/Capital 29.7%Structure Asset Turnover 0.52Current Ratio 0.93 Net Fixed Asset Turnover 0.72Quick Ratio 0.44 Accounts receivable turnover-days 43.13Debt to Assets 21.91% Inventory Days -Tot Debt to Common Equity 43.01% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.49 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 18.00 80000.0 16.00 70000.0 14.00 60000.0 12.00 50000.0 10.00 40000.0 8.00 30000.0 6.00 20000.0 4.00 10000.0 2.00 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 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. 27.03.2013BHP Billiton PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 168784326 7.99 - 25.03.2013 Investment AdvisorGEPF EQUITY n/a 20F 87131000 4.13 - 24.08.2012 n/aLEGAL & GENERAL n/a ULT-AGG 85921147 4.07 2333522 28.02.2013 UnclassifiedNORGES BANK n/a RNS-MAJ 63635068 3.01 387315 05.02.2013 GovernmentABERDEEN n/a ULT-AGG 61007128 2.89 3056099 28.02.2013 UnclassifiedSCOTTISH WIDOWS n/a ULT-AGG 49811488 2.36 5468533 30.11.2012 UnclassifiedFMR LLC n/a ULT-AGG 38877200 1.84 1513376 31.01.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 37588249 1.78 8992566 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 35795273 1.7 (1247628) 31.12.2012 Investment AdvisorINDUSTRIAL DEVELOPME n/a 20F 33804582 1.6 - 24.08.2012 UnclassifiedPEOPLES REPUBLIC OF Multiple Portfolios REG 29045618 1.38 - 01.11.2012 GovernmentBAILLIE GIFFORD AND Multiple Portfolios REG 24697602 1.17 (1256810) 01.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 23459843 1.11 819531 01.11.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 22369418 1.06 1376028 31.01.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios REG 21902436 1.04 (1063116) 01.11.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 20415622 0.97 (920460) 26.03.2013 Investment AdvisorNorthern Cross Inter Multiple Portfolios REG 19780635 0.94 85032 01.11.2012 UnclassifiedALECTA INVESTMENT MA Multiple Portfolios REG 19545000 0.93 (4850000) 01.11.2012 UnclassifiedM&G INVESTMENT MANAG Multiple Portfolios REG 19266422 0.91 529365 01.11.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 18688842 0.89 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas SYLVAIN BRUNET neutral 3 M 2000 Not Provided 21.03.2013AlphaValue SACHIN KUMAR reduce 2 M 1894 6 month 21.03.2013Jefferies Christopher LaFemina buy 5 M 2550 12 month 20.03.2013Goldman Sachs MICHELE DELLA VIGNA neutral/neutral 3 D 2200 12 month 19.03.2013Espirito Santo Investment Bank Research NICK MELLOR sell 1 N 1703 Not Provided 19.03.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013Credit Suisse PAUL MCTAGGART neutral 3 M 2400 Not Provided 15.03.2013JPMorgan FRASER JAMIESON neutral 3 M 2300 9 month 15.03.2013Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2450 12 month 15.03.2013RBC Capital Markets DES KILALEA outperform 5 M 2300 12 month 08.03.2013Macquarie JEFFREY LARGEY neutral 3 M 2175 12 month 07.03.2013Macquarie KIERAN DALY neutral 3 M 2146 12 month 07.03.2013Nomura SAM CATALANO buy 5 M 2400 Not Provided 04.03.2013Morgan Stanley MENNO SANDERSE Overwt/In-Line 5 M 2310 12 month 28.02.2013SBG Securities PETER DAVEY buy 5 M 2500 12 month 28.02.2013Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2155 12 month 26.02.2013Barclays DAVID BUTLER overweight 5 M 2300 Not Provided 22.02.2013Societe Generale ABHISHEK SHUKLA sell 1 M 1585 12 month 21.02.2013Independent Research GmbH SVEN DIERMEIER hold 3 M 2300 12 month 21.02.2013Natixis RAOUDHA BOUZEKRI buy 5 M 2400 Not Provided 21.02.2013Avior Research CLINTON DUNCAN outperform 5 M 3042 Not Provided 21.02.2013BMO Capital Markets TONY ROBSON outperform 5 M 2500 Not Provided 20.02.2013S&P Capital IQ JOHNSON IMODE hold 3 M 2200 12 month 20.02.2013HSBC ANDREW KEEN neutral 3 M 2250 Not Provided 07.02.2013Deutsche Bank GRANT SPORRE buy 5 M 2380 12 month 30.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Investec ALBERT MINASSIAN hold 3 M 2306 Not Provided 20.12.2012Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 06.12.2012Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 20.09.2012Standard Chartered SUBRAMANIAM VARADA in-line 3 D 2000 12 month 08.09.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 54. 27.03.2013SABMiller PLCSABMiller plc is an international beer company. The Company bottles and Price/Volumedistributes beer through breweries worldwide. SABMiller also bottles and 4000 25.0 Mdistributes a number of soft drinks. 3500 20.0 M 3000 2500 15.0 M 2000 Valuation Analysis 10.0 M 1500Latest Fiscal Year: 03/2012 1000LTM as of: 01/yy 5.0 M 50052-Week High (14.03.2013) 3514.50 0 .0 M52-Week Low (30.05.2012) 2342.00 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13Daily Volume 495550.00 Current Price (3/dd/yy) 3425 Market Data 52-Week High % Change -2.53% Dividend Yield 1.81 52-Week Low % Change 46.24% Beta 0.96 % 52 Week Price Range High/Low 93.90% Equity Float 802.58Shares Out 28.02.2013