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Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index)
 

Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index)

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Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index)

Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index)

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    Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index) Fundamental Equity Analysis - ISE National 100 Index Members (XU100 Index) Presentation Transcript

    • This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations ISE National 100 Index - XU100 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 |
    • 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 20.03AFYON CIMENTO TRY 114 8 3 0 0 0 0 0.11 23 23 #VALUE! #VALUE! -2 -2 - - - -1.32 #VALUE! #VALUE! - - #VALUE! #VALUE! -5.35 2.71 -16.52 - -5.88 - - - -AKBANK T.A.S. TRY 20568 16453 4000 26 0 0 11 #VALUE! 8007 8007 4631 5129 - - - - - 0.41 0.44 0.50 6.84 - 6.36 5.68 11.92 4.83 - - - NR 15.07.2008 Baa2 03.07.2012AKENERJI ELEKTRIK URETIM AS TRY 693 5198 729 1 0 0 0 1.40 441 441 415 616 79 79 93 93 - 0.03 0.04 0.03 16.93 - 13.58 17.28 23.74 8.73 19.49 - 9.85 - - - -AKFEN HOLDING AS TRY 871 1194 146 2 0 0 0 2.09 744 678 598 601 148 175 37 37 - 2.54 2.53 0.48 1.30 - 1.30 6.82 19.86 - 51.85 - 12.36 - - - -AKSA AKRILIK KIMYA SANAYII TRY 543 831 185 0 0 0 0 0.67 893 893 852 888 106 104 - - - 0.49 0.34 0.36 3.27 - 4.79 4.49 -1.64 8.37 - 4.99 6.14 - - - -ALARKO GAYRIMENKUL YATIRIM TRY 132 272 11 0 0 0 0 0.06 8 8 #VALUE! #VALUE! 4 5 - - - 0.74 #VALUE! #VALUE! 9.23 - #VALUE! #VALUE! -12.25 37.05 - 5.00 32.75 - - - -ALARKO HOLDING TRY 707 501 223 0 0 0 0 0.60 727 863 883 1109 78 67 23 23 - 0.21 0.25 0.34 8.46 - 6.85 5.07 5.83 12.67 469.44 32.56 4.56 - - - -ALBARAKA TURK KATILIM BANKAS TRY 944 480 900 0 0 0 1 #VALUE! 680 680 417 484 - - - - - 0.10 0.13 0.15 5.70 - 4.39 3.90 16.12 5.03 - - - BB 22.02.2010 - -ALKIM ALKALI KIMYA A.S TRY 183 350 25 0 0 0 0 0.22 115 115 130 137 19 11 28 28 - 0.33 #VALUE! #VALUE! 12.40 - #VALUE! #VALUE! 3.18 116.23 - 3.51 4.99 - - - -ANADOLU ANONIM TUERK SIGORTA TRY 332 1143 500 0 0 0 1 #VALUE! 1066 1321 1049 1190 - - - - - - 0.05 0.05 - - 7.30 7.07 16.83 - - - - - - - -ANADOLU EFES BIRACILIK VE TRY 9270 349 592 2 0 0 1 9.89 3525 3525 4088 4570 673 673 122 122 - 0.56 0.72 0.86 15.28 - 12.02 10.02 19.10 10.13 16.68 6.16 10.49 BBB- 14.06.2012 (P)Baa3 10.10.2012ANADOLU HAYAT EMEKLILIK TRY 1005 87 300 0 0 0 0 0.93 322 322 282 308 - - - - - - 0.14 0.17 - - 13.51 10.81 -2.83 -7.34 - - - - - - -ANADOLU ISUZU OTOMOTIV SAN-C TRY 387 73 25 0 0 0 0 0.45 0K 0K 0K #VALUE! 8 8 15 15 - 0.03 #VALUE! #VALUE! 304.94 - #VALUE! #VALUE! 7.34 5.80 -27.79 -10.05 1.40 - - - -ARCELIK AS TRY 4585 1066 676 2 0 0 1 5.87 5800 5800 6445 6968 566 566 672 672 - 0.43 0.56 0.62 8.74 - 6.70 6.04 13.80 7.11 9.68 5.09 5.36 BB+ 14.03.2013 - -ASELSAN ELEKTRONIK SANAYI TRY 2925 1383 500 0 0 0 0 2.90 897 897 1065 1222 139 136 213 213 - 0.16 0.37 0.41 20.60 - 8.73 7.82 4.79 10.84 -7.15 5.04 7.84 - - - -ASYA KATILIM BANKASI AS TRY 1147 11295 900 1 0 0 2 #VALUE! 1207 1207 799 896 - - - - - 0.12 0.16 0.20 6.02 - 4.41 3.58 9.55 4.90 - - - - - - -AYGAZ AS TRY 1796 665 300 0 0 0 0 1.73 3069 3069 3217 3298 134 134 156 156 - 0.56 0.52 0.56 5.92 - 6.30 5.90 1.31 5.48 2.62 -0.64 2.41 - - - -BAGFAS BANDIRMA GUBRE FABRIK TRY 277 107 9 0 0 0 0 0.28 200 200 220 236 20 20 35 35 - -1.15 3.31 3.59 - - 5.10 4.70 6.54 4.76 -32.87 -3.69 5.48 - - - -BANVIT BANDIRMA VITAMINLI YE TRY 201 791 100 0 0 0 0 0.43 613 677 702 813 23 39 - - - 0.06 0.19 0.25 19.18 - 5.76 4.40 6.24 9.69 -36.42 2.78 3.23 - - - -BESIKTAS FUTBOL YATIRIMLAR TRY 204 5847 110 0 0 0 0 0.27 84 #VALUE! #VALUE! #VALUE! -21 - - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 2.95 18.69 - - - - - - -BIM BIRLESIK MAGAZALAR AS TRY 7318 278 152 0 0 0 0 7.11 5442 5442 6517 7711 270 270 70 70 - 1.20 1.48 1.77 22.09 - 17.95 14.94 11.52 14.17 8.64 13.76 2.72 - - - -BIZIM TOPTAN SATIS MAGAZALAR TRY 659 96 40 0 0 0 0 0.65 1084 1084 1262 1447 38 38 47 47 - 0.36 0.54 0.64 25.26 - 16.80 14.16 7.64 - 5.51 12.98 1.92 - - - -BORUSAN MANNESMANN BORU SANA TRY 551 265 28 0 0 0 0 0.67 783 783 #VALUE! #VALUE! 60 56 - - - 0.77 #VALUE! #VALUE! 13.96 - #VALUE! #VALUE! 3.91 7.05 - 5.75 3.84 - - - -BOYNER BUYUK MAGAZACILIK TRY 303 135 92 0 0 0 0 0.38 514 514 802 901 28 28 57 57 - 0.04 0.15 0.22 44.19 - 11.99 8.39 22.88 14.13 6.73 5.61 2.97 - - - -BRISA BRIDGESTONE SABANCI TRY 915 613 305 0 0 0 0 1.22 782 782 917 999 113 113 124 124 - -1.91 0.15 0.16 - - 10.71 10.00 3.11 8.94 16.43 6.71 7.92 - - - -CELEBI HAVA SERVISI TRY 279 64 24 0 #VALUE! 0 0 0.43 260 295 293 320 43 43 5 5 - 0.42 0.85 1.17 15.02 - 7.44 5.39 19.91 6.87 -5.52 1.40 8.14 - - - -CEMAS DOKUM SANAYI AS TRY 143 1339 75 0 0 0 0 0.13 42 39 #VALUE! #VALUE! 4 - - - - 0.12 #VALUE! #VALUE! 2.82 - #VALUE! #VALUE! 64.92 - - - - - - - -COCA-COLA ICECEK AS TRY 7162 221 254 1 0 0 0 7.76 2270 2270 2680 3113 369 369 50 50 - 0.82 0.96 1.16 18.84 - 16.25 13.35 11.67 10.45 22.28 8.28 8.92 - - - -DOGAN SIRKETLER GRUBU HLDGS TRY 1427 4727 2450 1 0 0 2 1.99 1575 1611 1730 1910 142 160 61 61 - -0.01 0.03 0.03 - - 10.59 12.13 0.33 -5.88 31.03 -8.57 5.51 - - - -DOGAN YAYIN HOLDING AS TRY 890 10824 2000 1 0 0 1 1.90 1436 1334 1389 1507 166 192 49 49 - 0.06 0.05 0.03 4.03 - 4.94 9.47 -0.13 -1.36 17.31 2.66 7.89 - - - -DOGUS OTOMOTIV SERVIS VE TIC TRY 1342 821 220 0 0 0 0 1.65 2820 2820 2909 3093 179 179 172 172 - 0.64 0.59 0.59 5.24 - 5.71 5.66 3.70 13.70 10.51 13.86 3.48 - - - -ECZACIBASI YATIRIM HOLDING TRY 285 718 70 0 0 0 0 0.21 1303 1045 #VALUE! #VALUE! -6 -8 - - - -0.03 #VALUE! #VALUE! - - #VALUE! #VALUE! 9.15 -0.14 -1062.16 - -0.34 - - - -EGE ENDUSTRI VE TICARET AS TRY 112 26 3 0 0 0 0 0.12 82 82 #VALUE! #VALUE! 18 16 - - - 3.28 #VALUE! #VALUE! 5.93 - #VALUE! #VALUE! -6.47 519.74 - 15.79 9.44 - - - -EGE GUBRE SANAYII AS TRY 116 70 10 0 0 0 0 0.14 109 109 126 #VALUE! 11 11 20 20 - 0.66 1.34 #VALUE! 9.57 - 4.74 #VALUE! 3.55 - -18.40 4.10 5.43 - - - -EIS ECZACIBASI ILAC VE SINAI TRY 771 7400 548 0 0 0 0 0.45 535 561 601 608 24 17 7 7 - 0.02 #VALUE! 0.05 36.34 - #VALUE! 14.06 3.63 1.16 -15.80 -8.39 1.69 - - - -EMLAK KONUT GAYRIMENKUL YATI TRY 3942 10005 2500 1 0 0 1 3.73 552 552 935 1075 218 218 92 92 - 0.12 0.16 0.20 7.53 - 5.46 4.30 22.08 - 68.41 - 21.68 - - - -ENKA INSAAT VE SANAYI AS TRY 8583 3245 2822 0 0 0 2 7.51 5657 5657 5693 5857 731 731 237 237 - 0.20 0.22 0.25 8.37 - 7.55 6.75 12.29 7.14 -0.99 2.91 7.10 - - - -EREGLI DEMIR VE CELIK FABRIK TRY 3904 14040 3090 2 0 0 1 5.44 5258 5258 5390 5777 567 567 756 756 - 0.07 0.12 0.15 10.55 - 5.69 4.75 4.00 9.30 -27.76 -1.11 5.93 B 17.10.2011 - -FENERBAHCE FUTBOL ANONIM SIR TRY 552 53 25 0 0 0 0 0.64 135 153 #VALUE! #VALUE! 22 34 - - - -0.06 #VALUE! #VALUE! - - #VALUE! #VALUE! 75.83 30.90 -31.72 -1.65 13.69 - - - -FORD OTOMOTIV SANAYI AS TRY 4839 222 351 1 0 0 0 5.36 5366 5366 5828 6748 413 413 - - - 1.06 1.07 1.26 7.17 - 7.06 6.02 -3.56 7.32 -7.59 -0.75 4.23 - - - -GALATASARAY SPORTIF SINAI TRY 308 141 9 0 0 0 0 0.37 123 159 #VALUE! #VALUE! -3 12 - - - 0.99 #VALUE! #VALUE! 12.25 - #VALUE! #VALUE! 39.36 24.90 44.93 - 4.05 - - - -GOLTAS GOLLER BOLGESI CIMENT TRY 260 502 7 0 0 0 0 0.30 129 152 158 #VALUE! 24 35 31 31 - 1.48 #VALUE! #VALUE! 13.42 - #VALUE! #VALUE! 14.61 10.24 19.09 -5.47 12.63 - - - -GOODYEAR LASTIKLERI TURK AS TRY 427 171 12 0 0 0 0 0.43 623 623 #VALUE! #VALUE! 52 52 - - - 2.29 #VALUE! #VALUE! 8.61 - #VALUE! #VALUE! -4.49 5.77 -2.15 7.69 4.58 - - - -GOZDE GIRISIM SERMAYESI YATI TRY 290 5471 134 0 0 0 0 0.63 77 148 #VALUE! #VALUE! -3 - - - - 0.06 #VALUE! #VALUE! 19.61 - #VALUE! #VALUE! 12774.69 - - - - - - - -GSD HOLDING TRY 121 2979 250 0 0 0 0 1.40 265 413 #VALUE! #VALUE! 37 55 - - - 0.11 #VALUE! #VALUE! 2.51 - #VALUE! #VALUE! 20.69 - 31.87 - 7.32 - - - -GUBRE FABRIKALARI TAS TRY 741 402 84 0 0 0 0 1.12 1251 1349 1252 1360 332 254 100 100 - 1.37 1.05 0.99 3.57 - 4.65 4.95 35.32 39.56 27.62 50.07 10.34 - - - -HACI OMER SABANCI HOLDING TRY 12759 2087 2040 14 0 8 7 27.89 6367 6367 15292 17065 2526 2526 2990 2990 - 0.50 0.56 0.65 6.46 - 5.71 4.94 -26.53 6.73 5.17 4.88 21.80 - - - -HURRIYET GAZETECILIK VE MATB TRY 273 1644 552 0 0 0 0 0.54 477 475 479 507 50 50 9 9 - 0.01 0.15 0.03 24.47 - 1.77 8.83 5.15 -2.46 -16.25 -4.23 5.76 - - - -IHLAS EV ALETLERI IMALAT TRY 65 7952 191 0 0 0 0 0.03 56 56 #VALUE! #VALUE! 0 - - - - 0.06 #VALUE! #VALUE! 3.21 - #VALUE! #VALUE! 1.12 2.27 53.17 - - - - - -IHLAS HOLDING TRY 356 64920 790 0 0 0 0 0.43 358 358 #VALUE! #VALUE! 1 1 - - - -0.04 #VALUE! #VALUE! - - #VALUE! #VALUE! -0.42 13.37 - -22.64 0.21 - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 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 20.03IPEK DOGAL ENERJI KAYNAKLARI TRY 748 8440 204 0 0 0 0 0.84 499 666 644 748 324 452 413 413 - 0.29 0.23 0.31 5.43 - 6.96 5.13 36.99 22.89 47.37 22.19 37.52 - - - -IS FINANSAL KIRALAMA AS TRY 212 1184 339 1 0 0 0 0.88 87 84 #VALUE! #VALUE! - - - - - 0.06 #VALUE! #VALUE! 5.20 - #VALUE! #VALUE! 9.17 5.13 - - - - - - -IS GAYRIMENKUL YATIRIM ORTAK TRY 485 1745 600 0 0 0 0 0.51 72 72 108 116 49 49 58 58 - 0.06 0.07 0.07 7.41 - 6.12 6.07 3.75 8.06 -2.72 4.36 37.15 - - - -ITTIFAK HOLDING A.S TRY 83 226 30 0 0 0 0 0.22 490 537 #VALUE! #VALUE! 18 7 - - - 0.08 #VALUE! #VALUE! 18.18 - #VALUE! #VALUE! 8.27 - 79.42 4.35 0.71 - - - -IZMIR DEMIR CELIK SANAYI AS TRY 632 2559 375 0 0 0 0 0.70 782 888 828 967 51 29 11 11 - 0.04 0.03 0.07 25.67 - 28.11 12.97 30.11 32.35 131.45 -0.23 1.73 - - - -KARDEMIR KARABUK DEMIR-CL D TRY 827 7472 879 0 0 0 0 1.06 927 927 933 1111 170 170 178 178 - 0.12 0.14 0.15 4.00 - 3.43 3.19 3.50 11.76 0.90 4.63 10.07 - - - -KARSAN OTOMOTIV TRY 129 628 260 0 0 0 0 0.28 320 320 531 445 22 8 26 26 - -0.13 0.04 #VALUE! - - 9.42 #VALUE! -14.83 43.15 - - 1.24 - - - -KARTONSAN KARTON SANAYI TRY 438 27 3 0 0 0 0 0.39 117 117 #VALUE! #VALUE! 21 21 - - - 5.24 #VALUE! #VALUE! 16.18 - #VALUE! #VALUE! 0.44 6.52 -11.14 8.07 10.02 - - - -KILER GAYRIMENKUL YATIRIM OR TRY 122 155 124 0 0 0 0 0.21 54 54 53 137 28 - - - - 0.16 0.15 0.21 3.38 - 3.51 2.52 -35.15 - - - - - - - -KOC HOLDING AS TRY 14140 2292 2536 15 0 6 6 28.36 46604 46604 49370 51840 3386 3386 - - - 0.50 0.55 0.60 6.18 - 5.62 5.10 11.86 9.91 -1.80 3.77 3.99 - - - -KONYA CIMENTO SANAYII AS TRY 910 13 5 0 0 0 0 0.85 130 130 #VALUE! #VALUE! 27 29 - - - 4.18 #VALUE! #VALUE! 24.57 - #VALUE! #VALUE! -0.33 3.63 - -3.80 12.31 - - - -KOZA ALTIN ISLETMELERI AS TRY 3477 224 153 0 0 0 1 2.97 573 573 617 681 444 444 482 482 - 2.31 2.47 2.61 5.41 - 5.08 4.80 16.18 - 16.82 26.15 42.52 - - - -KOZA ANADOLU METAL MADENCILI TRY 1087 5747 311 0 0 0 0 0.90 0K 1K 1K 1K 323 451 112 112 - 0.37 0.31 0.35 4.15 - 4.89 4.38 35.40 23.70 46.93 22.07 38.05 - - - -MENDERES TEKSTIL SANAYI VE T TRY 74 653 250 0 0 0 0 0.11 225 225 #VALUE! #VALUE! 18 18 - - - -0.01 #VALUE! #VALUE! - - #VALUE! #VALUE! 4.27 3.73 -34.60 0.40 4.43 - - - -METRO TICARI VE MALI YATIRIM TRY 81 11018 300 0 0 0 0 0.13 506 549 #VALUE! #VALUE! 26 28 - - - -0.01 #VALUE! #VALUE! - - #VALUE! #VALUE! 49.20 184.75 54.77 52.26 2.83 - - - -MIGROS TICARET A.S TRY 2161 1333 178 1 0 0 1 2.91 3161 3312 3589 4090 207 229 57 57 - 0.64 0.37 0.39 10.35 - 17.91 16.93 -5.28 4.90 3.25 2.13 3.79 - - - -MONDI TIRE KUTSAN KAGIT VE TRY 125 869 200 0 0 0 0 0.17 221 231 #VALUE! #VALUE! 13 17 - - - 0.03 #VALUE! #VALUE! 10.11 - #VALUE! #VALUE! 13.42 2.96 124.12 -1.32 4.01 - - - -NET HOLDING AS TRY 488 1153 366 0 0 0 0 0.62 63 72 70 #VALUE! -5 -2 8 8 - 0.12 0.08 #VALUE! 5.89 - 9.54 #VALUE! 8.84 10.15 - - -1.65 - - - -NETAS TELEKOMUNIKASYON AS TRY 387 801 65 0 0 0 0 0.34 302 302 #VALUE! #VALUE! 14 14 - - - 0.34 #VALUE! #VALUE! 9.68 - #VALUE! #VALUE! 34.80 34.88 -0.40 - 2.54 - - - -OTOKAR OTOMOTIV VE SAVUNMA TRY 738 245 24 0 0 0 0 0.87 552 552 612 626 67 67 20 20 - 1.75 1.91 2.02 9.67 - 8.87 8.36 7.03 10.57 14.46 11.20 6.67 - - - -PARK ELEKTRIK URETIM MADENCI TRY 554 2848 149 0 0 0 0 0.44 146 146 172 218 87 87 101 101 - 0.40 0.49 0.53 5.17 - 4.21 3.89 29.41 16.67 32.09 16.60 33.00 - - - -PETKIM PETROKIMYA HOLDING AS TRY 1698 10345 1000 0 0 0 0 1.70 2389 2389 2625 2837 7 7 - - - 0.01 0.07 0.10 97.40 - 13.91 9.59 6.46 7.48 -48.69 -23.49 0.16 - - - -POLYESTER SANAYI AS TRY 140 761 216 0 0 0 0 0.29 549 549 626 670 6 6 36 36 - -0.08 #VALUE! #VALUE! - - #VALUE! #VALUE! 5.79 15.03 -47.91 32.41 0.65 - - - -RHEA GIRISIM AS TRY 29 1116 42 0 0 0 0 0.03 14 10 #VALUE! #VALUE! -12 -3 - - - 0.11 #VALUE! #VALUE! 3.46 - #VALUE! #VALUE! 215.60 - -175.52 - -18.70 - - - -SAF GAYRIMENKUL YATIRIM ORTA TRY 482 273 887 0 0 0 0 0.52 8 8 #VALUE! #VALUE! 162 163 - - - -0.02 #VALUE! #VALUE! - - #VALUE! #VALUE! -53.50 25.68 - - 27.42 - - - -SEKERBANK TRY 1132 2500 1000 1 0 0 1 #VALUE! 1260 1226 732 795 - - - - - 0.14 0.15 0.16 4.52 - 4.24 3.94 15.16 - - - - - - - -SINPAS GAYRIMENKUL YATIRIM O TRY 458 4359 600 0 0 0 0 0.64 360 306 324 327 78 31 23 23 - 0.03 0.09 0.11 13.60 - 4.55 3.98 46.96 - 84.84 - 5.57 - - - -TAV HAVALIMANLARI HOLDING AS TRY 2255 436 363 2 0 0 0 3.96 1410 1410 1565 1730 265 265 53 53 - 0.43 0.53 0.62 7.89 - 6.41 5.50 14.25 16.04 20.61 2.49 10.35 - - - -TEKFEN HOLDING AS TRY 1565 2797 370 0 0 0 0 1.44 1764 2215 2204 2256 210 196 46 46 - 0.36 0.45 0.40 6.46 - 5.20 5.82 23.06 11.08 15.32 7.73 4.85 - - - -TOFAS TURK OTOMOBIL FABRIKA TRY 3392 1262 500 1 0 0 1 3.75 3684 3684 4061 4525 458 458 - - - 0.49 0.53 0.58 7.57 - 7.06 6.44 -4.73 7.05 3.14 14.73 6.84 - - - -TORUNLAR GAYRIMENKUL YATIRIM TRY 1071 2135 500 1 0 0 0 1.31 89 86 121 332 42 - 68 68 - 0.39 0.27 0.35 3.06 - 4.37 3.37 -16.51 - 26.60 - - - - - -TRABZONSPOR SPORTIF YATIRIM TRY 85 2944 25 0 0 0 0 0.13 75 #VALUE! #VALUE! #VALUE! 10 - - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! - 28.66 - - - - - - -TRAKYA CAM SANAYII AS TRY 1059 5671 694 0 0 0 0 1.15 686 686 804 980 111 111 - - - 0.05 0.11 0.14 16.11 - 7.86 6.11 -0.27 4.39 -23.72 -3.19 8.89 - - - -TUPRAS-TURKIYE PETROL RAFINE TRY 7498 483 250 3 0 0 2 8.27 25838 25838 26011 26669 770 770 118 118 - 3.20 2.55 2.48 5.13 - 6.46 6.63 7.41 8.22 -19.25 0.09 1.64 - - (P)Ba1 18.10.2012TURCAS PETROL A.S. TRY 456 1005 225 0 0 0 0 0.54 6 10 10 11 -5 -6 -2 -2 - 0.36 0.16 0.20 3.09 - 6.85 5.48 -43.41 290.76 -1.32 - -44.28 - - - -TURK EKONOMI BANKASI TRY 2592 308 2204 6 0 0 4 #VALUE! 2767 2767 1483 1652 - - - - - 0.12 0.15 0.16 5.44 - 4.20 3.92 19.00 15.80 - - - - - - -TURK HAVA YOLLARI AO TRY 4852 5118 1200 5 0 0 1 8.57 8190 8190 9821 11097 1141 1141 1464 1464 - 0.52 0.51 0.55 4.28 - 4.32 4.07 14.38 15.64 44.28 9.85 7.66 - - - -TURK TELEKOMUNIKASYON AS TRY 15536 2047 3500 3 0 0 1 18.33 6980 6980 7286 7593 2713 2713 - - - 0.41 0.41 0.42 5.89 - 5.89 5.86 3.52 - 2.35 2.66 21.35 - - - -TURK TRAKTOR VE ZIRAAT MAKIN TRY 1744 115 53 0 0 0 0 1.73 1084 1084 1121 1227 172 172 - - - 2.76 2.77 3.06 6.50 - 6.49 5.86 5.29 15.61 -1.66 13.66 8.71 - - - -TURKCELL ILETISIM HIZMET AS TRY 14624 5882 2200 2 0 0 4 12.35 5772 5772 6172 6630 1781 1781 - - - 0.52 0.55 0.60 7.02 - 6.59 6.06 6.67 3.20 6.20 -0.51 16.95 BB+ 19.11.2008 - -TURKIYE GARANTI BANKASI TRY 21781 31206 4197 25 0 0 14 #VALUE! 9710 9710 5229 5764 - - - - - 0.44 0.47 0.50 6.53 - 6.12 5.71 7.90 7.00 - - - BB 22.02.2010 Baa2 03.07.2012TURKIYE HALK BANKASI TRY 13116 10579 1250 9 0 0 8 #VALUE! 6273 6273 3572 3928 - - - - - 1.16 1.17 1.25 4.96 - 4.92 4.61 13.23 8.83 - - - - - Baa2 20.07.2012TURKIYE IS BANKASI-C TRY 16651 51494 4500 23 0 2 11 #VALUE! 12302 12302 5495 5875 - - - - - 0.42 0.40 0.43 4.87 - 5.03 4.75 11.39 3.35 - - - BB 22.02.2010 Baa2 03.07.2012TURKIYE SINAI KALKINMA BANK TRY 1499 1219 1100 5 0 0 0 #VALUE! 389 419 285 307 - - - - - 0.14 0.16 0.17 5.34 - 4.70 4.39 5.32 2.36 - - - - - - -TURK SISE VE CAM FABRIKALARI TRY 2489 11897 1500 1 0 1 1 3.55 2935 2935 3291 3745 516 516 - - - 0.10 0.17 0.20 9.07 - 5.32 4.52 4.01 6.24 -13.50 3.19 9.66 - - - -TURKIYE VAKIFLAR BANKASI T-D TRY 7938 11907 2500 9 0 0 8 #VALUE! 6223 6223 3279 3569 - - - - - 0.31 0.36 0.39 5.58 - 4.83 4.47 14.41 10.11 - - - BB 22.02.2010 Baa2 04.07.2012ULKER BISKUVI SANAYI AS TRY 2565 183 342 1 0 0 1 2.76 1286 1286 1398 1509 120 120 - - - 0.29 0.30 0.37 14.07 - 13.54 11.18 16.55 13.54 100.00 9.30 5.12 - - - -VESTEL ELEKTRONIK SANAYI TRY 365 1274 335 0 0 0 0 0.86 3833 4235 4426 4974 340 104 21 21 - -0.13 0.08 0.24 - - 7.77 2.53 17.52 5.71 46.44 6.73 1.35 B- 22.12.2008 WR 22.03.2001YAPI VE KREDI BANKASI TRY 13182 26279 4347 15 0 0 11 #VALUE! 7198 7198 4273 4719 - - - - - 0.26 0.30 0.35 6.31 - 5.56 4.82 9.75 3.49 - - - BB 22.02.2010 Baa2 04.07.2012ZORLU ENERJI ELEKTRIK URETIM TRY 429 13247 333 1 0 0 0 1.48 289 289 452 510 10 66 92 92 - 0.62 -0.06 -0.01 0.76 - #VALUE! #VALUE! 9.91 187.01 - -5.48 11.76 - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 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%AFYON CIMENTOAKBANK T.A.S. 1.81 1.58 1.42 1.22 5.57 4.44 4.01 3.56 3.04 8.10 7.23 6.28 13.47 11.58 10.33 9.15 1.40 1.97 2.64 2.43 9.81 4.8%AKENERJI ELEKTRIK URETIM AS 1.31 1.11 1.12 0.92 0.72 1.61 1.67 1.12 0.64 0.60 7.86 8.12 7.12 9.11 3.26 16.93 15.07 12.25 5.95 5.35 12.91 24.71 31.45 5.77 4.22 0.00 0.00 0.00 2.08 20.3%AKFEN HOLDING AS 1.82 1.05 0.99 0.81 1.18 1.46 1.45 1.33 1.39 5.86 7.36 6.12 5.99 13.03 12.04 11.19 9.85 10.49 2.37 12.41 7.82 2.88 0.00 0.00 0.00 14.73 35.2%AKSA AKRILIK KIMYA SANAYII 0.62 0.64 0.61 5.77 6.39 5.81 5.58 8.71 8.18 6.18 5.24 6.18 6.04 13.2%ALARKO GAYRIMENKUL YATIRIMALARKO HOLDING 1.23 1.18 1.10 0.92 1.04 0.80 0.64 0.54 0.43 7.48 6.13 5.82 7.80 8.02 6.17 5.11 4.91 11.47 12.47 9.23 7.60 8.23 0.87 0.82 0.82 1.32 0.31 6.73 16.8%ALBARAKA TURK KATILIM BANKAS 1.52 1.22 1.10 0.86 2.57 2.27 1.95 1.71 9.14 7.99 7.10 5.97 0.47 0.00 0.00 2.17 13.5%ALKIM ALKALI KIMYA A.S 1.55 1.41 1.34 1.25 1.20 12.01 7.96 7.53 6.78 6.42 13.55 0.4%ANADOLU ANONIM TUERK SIGORTA 0.82 0.80 0.75 0.36 0.32 0.28 13.30 12.87 3.88 5.54 1.27 5.0%ANADOLU EFES BIRACILIK VE 3.03 2.62 2.46 2.02 1.80 2.65 2.27 2.03 1.72 1.71 14.52 12.56 11.21 10.90 10.36 13.89 11.57 10.10 10.34 8.85 25.18 21.87 18.23 16.43 13.64 1.54 1.87 2.21 2.39 29.69 4.2%ANADOLU HAYAT EMEKLILIK 3.61 3.37 2.99 3.91 3.56 3.27 22.26 24.60 19.68 18.48 13.86 2.18 2.41 3.39 5.41 3.77 6.10 -0.1%ANADOLU ISUZU OTOMOTIV SAN-C 1.79 1.55 35.87 29.46ARCELIK AS 2.18 1.99 1.79 1.67 0.78 0.71 0.66 0.61 0.57 18.77 11.51 9.86 9.29 9.90 8.75 7.85 7.45 6.87 14.43 12.19 11.00 10.95 3.61 3.81 4.57 5.13 12.31 -0.3%ASELSAN ELEKTRONIK SANAYI 2.87 2.39 3.41 3.15 2.75 2.39 2.08 1.96 13.48 17.46 15.85 13.60 11.97 15.21 15.90 14.24 1.92 2.21 1.81 9.46 -11.2%ASYA KATILIM BANKASI AS 0.86 0.80 0.73 0.64 1.61 1.44 1.28 1.12 9.96 8.03 6.52 6.11 0.04 0.13 0.26 0.00 2.46 6.0%AYGAZ AS 1.35 1.30 1.17 1.11 0.59 0.56 0.54 0.49 0.47 15.50 11.47 11.89 11.66 11.07 10.60 10.12 9.99 11.12 11.46 10.74 10.48 4.32 4.94 4.50 4.40 8.99 11.64 6.8%BAGFAS BANDIRMA GUBRE FABRIK 2.22 2.04 1.60 1.29 1.26 1.17 0.74 6.31 8.64 6.61 9.09 7.91 6.92 3.75 10.28 9.29 8.56 7.51 7.01 5.09 65.00 16.1%BANVIT BANDIRMA VITAMINLI YE 1.83 1.86 1.51 0.33 0.29 0.25 0.22 0.19 1.07 11.40 8.13 6.21 4.88 4.72 10.49 8.00 6.16 0.82 2.47 1.37 1.78 4.89 34.0%BESIKTAS FUTBOL YATIRIMLARBIM BIRLESIK MAGAZALAR AS 17.68 14.44 11.99 9.78 7.04 1.34 1.12 0.95 0.82 0.71 26.53 23.18 19.46 16.87 13.26 26.15 21.68 18.13 16.01 13.55 39.12 32.68 27.28 24.48 18.70 1.72 2.03 2.47 2.70 89.29 1.8%BIZIM TOPTAN SATIS MAGAZALAR 10.52 9.00 7.41 6.77 5.19 0.61 0.52 0.46 0.41 0.36 28.04 28.36 20.31 17.75 16.89 13.73 11.76 9.98 8.81 41.10 30.58 25.77 21.79 18.87 1.16 1.37 1.82 2.26 2.67 32.49 8.3%BORUSAN MANNESMANN BORU SANABOYNER BUYUK MAGAZACILIK 0.58 0.38 0.34 0.30 0.27 11.16 6.71 5.51 4.69 4.17 31.58 21.82 15.27 0.00 6.41 6.9%BRISA BRIDGESTONE SABANCI 1.12 1.00 0.92 12.02 9.81 8.66 21.84 19.50 18.20 4.58 5.13 5.49CELEBI HAVA SERVISI 4.63 8.33 5.29 3.65 1.13 0.95 0.87 0.79 6.96 7.89 6.20 5.44 7.51 8.44 6.93 6.23 14.56 13.55 9.81 10.57 5.92 6.46 9.14 9.86 26.92 28.8%CEMAS DOKUM SANAYI ASCOCA-COLA ICECEK AS 6.93 5.93 5.16 4.27 3.50 3.18 2.69 2.31 1.99 1.78 25.27 21.59 17.91 15.35 15.24 20.93 17.20 14.46 12.11 10.57 33.70 29.58 24.29 19.64 18.26 0.94 1.16 1.52 0.79 46.81 -8.7%DOGAN SIRKETLER GRUBU HLDGS 0.60 0.74 0.79 0.77 0.89 0.82 0.75 0.69 0.73 6.63 9.64 11.28 15.01 11.22 8.19 6.97 19.27 22.08 18.28 0.00 0.00 0.00 1.30 22.3%DOGAN YAYIN HOLDING AS 0.70 1.11 1.06 1.14 0.59 0.64 0.59 0.56 0.54 3.77 81.00 4.76 5.40 13.33 9.93 8.77 8.22 6.12 9.00 17.23 15.00 0.00 0.00 0.93 15.2%DOGUS OTOMOTIV SERVIS VE TIC 2.40 2.13 1.93 1.70 0.49 0.46 0.43 0.41 0.38 12.36 11.10 12.50 10.78 9.13 9.58 9.09 8.92 8.93 9.84 10.40 10.30 10.99 4.40 4.90 4.33 4.32 10.54 -5.1%ECZACIBASI YATIRIM HOLDINGEGE ENDUSTRI VE TICARET ASEGE GUBRE SANAYII AS 1.61 1.34 0.99 0.92 0.67 7.09 9.52 8.63 1.69 2.59EIS ECZACIBASI ILAC VE SINAI 0.64 0.51 0.51 1.44 1.28 1.27 17.16 20.38 23.29 12.80 25.60 2.35 -8.2%EMLAK KONUT GAYRIMENKUL YATI 1.68 1.59 1.40 7.05 4.22 3.67 3.52 14.95 9.47 6.87 18.19 10.66 8.21 16.88 9.93 7.82 6.52 2.40 4.53 5.54 3.43 19.5%ENKA INSAAT VE SANAYI AS 1.66 1.51 1.44 1.36 1.62 1.51 1.47 1.34 12.26 11.67 10.57 9.96 9.94 9.30 8.66 7.75 14.31 13.74 12.29 11.16 1.92 1.90 2.17 3.32 6.15 10.3%EREGLI DEMIR VE CELIK FABRIK 1.01 0.89 0.86 0.83 0.76 0.73 0.68 0.63 0.57 6.32 6.94 5.95 4.71 9.11 7.22 6.31 5.67 5.10 13.86 10.41 8.68 7.70 3.96 2.34 3.42 6.41 2.76 20.0%FENERBAHCE FUTBOL ANONIM SIRFORD OTOMOTIV SANAYI AS 4.34 4.09 3.67 3.41 0.90 0.83 0.72 0.65 0.64 14.07 11.30 9.58 8.78 12.63 10.76 8.54 7.56 8.13 13.56 12.85 10.96 9.78 5.93 6.20 7.69 9.61 22.51 -10.3%GALATASARAY SPORTIF SINAIGOLTAS GOLLER BOLGESI CIMENT 1.64 9.60GOODYEAR LASTIKLERI TURK ASGOZDE GIRISIM SERMAYESI YATIGSD HOLDINGGUBRE FABRIKALARI TAS 2.48 2.03 1.79 1.22 0.69 0.59 0.54 0.50 0.56 4.74 8.68 17.94 5.24 4.12 4.72 4.05 3.76 3.77 12.42 8.46 9.01 7.67 1.49 4.27 4.74 5.20 19.61 21.4%HACI OMER SABANCI HOLDING 1.36 1.23 0.95 0.92 0.83 0.75 7.67 4.80 4.79 10.68 9.33 8.11 12.12 10.39 8.99 1.06 1.46 1.76 11.24 5.5%HURRIYET GAZETECILIK VE MATB 0.76 0.71 0.69 0.66 0.58 0.57 0.54 0.51 0.56 2.85 300.00 4.50 3.91 7.87 8.52 7.72 7.15 7.08 3.23 16.07 11.69 1.33 0.00 1.11 1.10 22.4%IHLAS EV ALETLERI IMALATIHLAS HOLDING Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 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%IPEK DOGAL ENERJI KAYNAKLARI 0.60 0.92 0.85 0.79 0.74 1.56 1.17 1.00 0.95 0.86 8.99 2.11 1.87 1.81 1.75 2.65 2.04 1.77 1.72 1.60 8.48 12.67 9.34 10.12 9.92 5.45 4.0%IS FINANSAL KIRALAMA ASIS GAYRIMENKUL YATIRIM ORTAK 0.79 0.61 0.51 0.50 6.72 4.47 4.17 5.92 14.55 6.53 10.50 7.74 10.29 8.75 7.54 8.88 13.13 11.14 11.05 13.36 3.40 3.40 3.40 2.86 1.95 32.8%ITTIFAK HOLDING A.SIZMIR DEMIR CELIK SANAYI AS 0.82 0.76 0.65 0.50 13.18 36.15 9.66 3.63 51.17 23.62 6.02 3.95 28.7%KARDEMIR KARABUK DEMIR-CL D 1.28 1.15 0.88 0.77 0.88 0.89 0.74 0.58 0.53 4.95 5.11 3.83 2.93 6.64 5.97 5.04 4.05 3.84 6.26 6.24 5.81 4.35 3.29 3.48 4.29 8.70 1.81 12.4%KARSAN OTOMOTIV 0.38 0.24 0.29 31.24 11.08 13.22 17.14 1.45 20.8%KARTONSAN KARTON SANAYIKILER GAYRIMENKUL YATIRIM OR 2.68 2.29 0.89 7.99 6.28 6.39 6.39 4.59 2.60 45.3%KOC HOLDING AS 1.55 1.45 1.27 1.13 0.31 0.29 0.27 0.26 10.80 9.46 7.41 8.40 7.65 6.98 5.73 11.87 10.22 9.28 7.36 1.82 2.05 2.52 9.82 -3.3%KONYA CIMENTO SANAYII AS 6.71 28.24KOZA ALTIN ISLETMELERI AS 4.45 3.21 2.53 2.09 1.90 6.11 5.64 5.11 5.16 4.87 9.04 8.02 7.35 7.93 8.13 6.66 6.16 5.70 5.58 5.76 10.03 9.24 8.73 8.07 9.73 1.84 2.31 2.75 4.25 7.04 50.85 22.5%KOZA ANADOLU METAL MADENCILI 0.83 1.28 1.19 0.97 0.88 2.20 1.71 1.49 1.39 1.29 7.18 3.05 2.68 2.56 2.46 2.76 2.10 1.85 1.73 1.65 6.89 8.90 7.97 7.67 7.73 7.59 48.9%MENDERES TEKSTIL SANAYI VE TMETRO TICARI VE MALI YATIRIMMIGROS TICARET A.S 3.25 2.97 2.70 2.42 2.05 0.68 0.60 0.53 0.47 0.43 92.86 15.30 10.58 9.05 7.85 14.54 12.89 11.26 10.09 9.15 32.60 30.82 22.39 16.25 0.00 0.00 0.24 0.67 1.74 26.51 19.9%MONDI TIRE KUTSAN KAGIT VENET HOLDING AS 8.23 7.00 87.47 75.81 34.71 17.36 0.82NETAS TELEKOMUNIKASYON ASOTOKAR OTOMOTIV VE SAVUNMA 1.41 1.21 1.18 1.13 0.93 13.64 12.17 12.02 11.47 9.12 19.22 16.14 15.22 24.56 3.75 4.38 4.55 52.55 -6.2%PARK ELEKTRIK URETIM MADENCI 2.21 1.63 4.05 3.22 2.54 2.20 2.01 5.25 4.39 3.76 9.19 7.66 7.08 9.88 3.69 6.19 8.25 21.7%PETKIM PETROKIMYA HOLDING AS 1.77 1.68 1.65 0.68 0.65 0.60 0.55 0.54 28.61 16.26 12.88 73.80 12.41 9.24 6.32 5.99 1545.00 25.33 17.46 0.87 1.81 3.11 3.18 3.0%POLYESTER SANAYI AS 0.26 0.22 0.21 11.34 8.16 6.89 1.31 10.6%RHEA GIRISIM ASSAF GAYRIMENKUL YATIRIM ORTASEKERBANK 1.14 1.00 0.89 0.77 1.69 1.55 1.42 1.28 8.58 7.72 7.18 6.65 0.24 0.15 0.00 2.11 2.5%SINPAS GAYRIMENKUL YATIRIM O 0.72 0.67 0.62 0.52 1.28 1.41 1.40 1.29 12.41 5.82 4.38 7.20 12.95 10.25 8.89 4.84 8.27 7.24 5.91 3.45 2.88 3.45 4.53 1.85 33.1%TAV HAVALIMANLARI HOLDING AS 2.92 2.61 2.18 2.12 1.66 1.44 1.30 1.18 1.14 9.76 5.55 6.38 9.99 8.40 7.18 6.32 15.46 11.67 10.02 7.92 2.80 3.39 3.96 5.90 12.80 13.2%TEKFEN HOLDING AS 1.54 1.37 1.25 1.14 0.94 0.71 0.69 0.67 0.66 9.01 8.90 10.10 8.80 7.13 7.54 6.75 6.24 5.21 11.85 9.46 10.59 10.03 8.02 2.18 2.92 3.74 3.19 9.10 18.2%TOFAS TURK OTOMOBIL FABRIKA 3.05 2.88 2.65 2.57 0.90 0.84 0.75 0.68 0.63 8.80 7.64 7.33 7.60 8.31 7.90 7.33 7.46 7.91 13.75 12.85 11.73 11.25 5.14 5.66 6.15 6.99 12.26 -0.7%TORUNLAR GAYRIMENKUL YATIRIM 0.82 0.70 0.62 0.49 12.64 8.82 3.23 2.78 3.26 26.71 10.63 6.76 4.41 33.47 19.39 8.80 6.67 8.78 7.96 6.14 5.27 0.69 3.21 5.33 4.79 4.15 6.4%TRABZONSPOR SPORTIF YATIRIMTRAKYA CAM SANAYII AS 1.05 0.98 0.93 1.56 1.32 1.08 0.88 0.81 9.46 6.86 5.85 8.95 6.60 5.02 3.75 3.45 24.26 14.26 11.08 10.33 0.57 0.83 1.73 3.23 3.27 17.6%TUPRAS-TURKIYE PETROL RAFINE 2.96 2.72 2.56 1.86 0.29 0.29 0.28 0.28 0.27 7.24 10.98 10.36 10.36 9.68 9.13 8.75 6.16 5.62 11.28 11.75 12.07 9.65 7.23 6.72 6.57 8.10 16.53 51.08 -6.3%TURCAS PETROL A.S. 1.35 1.23 1.12 1.01 73.19 47.24 42.31 39.16 21.96 11.18 778.37 41.00 12.47 9.97 8.42 1.30 1.11 1.90 2.44 4.59 24.5%TURK EKONOMI BANKASI 0.96 0.85 0.76 2.03 1.75 1.57 9.30 7.64 7.13 2.35 9.8%TURK HAVA YOLLARI AO 1.71 1.42 1.17 1.01 0.59 0.49 0.44 0.38 0.35 4.42 3.78 3.74 2.94 6.97 5.84 4.96 4.26 8.68 7.85 7.41 6.26 0.46 1.14 1.74 3.04 8.10 10.0%TURK TELEKOMUNIKASYON AS 4.17 3.98 3.92 4.08 3.66 2.24 2.13 2.05 1.98 1.87 6.91 6.55 6.30 6.14 6.41 6.53 6.29 6.08 5.88 5.52 10.58 10.73 10.67 9.99 9.45 8.07 8.50 8.43 9.22 8.18 1.3%TURK TRAKTOR VE ZIRAAT MAKIN 4.99 4.52 4.19 4.15 1.62 1.56 1.42 1.28 1.24 18.25 13.25 11.55 10.59 10.06 9.31 8.59 7.81 7.63 12.18 11.81 10.67 9.52 6.21 6.02 6.36 9.23 56.69 -4.7%TURKCELL ILETISIM HIZMET AS 2.09 2.03 2.10 2.19 2.14 2.58 2.37 2.21 2.10 1.97 9.87 8.90 8.61 7.38 7.82 7.15 6.44 5.85 5.45 4.29 13.17 12.00 11.08 10.52 12.17 9.49 6.69 6.65 7.55 13.58 12.2%TURKIYE GARANTI BANKASI 1.90 1.69 1.49 1.33 4.60 4.17 3.78 3.34 3.05 7.38 6.82 5.83 12.21 11.13 10.40 9.41 1.66 1.99 2.52 2.40 9.96 5.5%TURKIYE HALK BANKASI 2.07 1.72 1.48 1.28 4.18 3.67 3.34 2.97 7.37 6.96 8.38 9.49 8.96 8.40 7.77 1.86 2.49 2.91 2.45 22.08 15.6%TURKIYE IS BANKASI-C 1.41 1.26 1.12 0.99 3.46 3.03 2.83 2.51 5.19 4.85 4.00 9.66 9.16 8.64 8.00 1.90 2.25 2.47 2.29 7.38 9.9%TURKIYE SINAI KALKINMA BANK 1.63 1.37 1.24 1.11 5.60 5.25 4.88 4.38 3.77 8.70 8.55 8.00 7.52 1.45 2.26 2.74 2.82 2.84 14.4%TURK SISE VE CAM FABRIKALARI 0.94 0.88 0.84 0.84 0.76 0.66 0.58 5.30 4.89 4.19 6.13 5.28 4.49 13.19 9.68 8.23 0.73 1.09 1.29 3.29 8.9%TURKIYE VAKIFLAR BANKASI T-D 1.28 1.12 0.98 0.86 2.78 2.42 2.22 1.95 3.36 3.30 7.32 10.38 8.80 8.14 7.04 0.45 0.48 1.51 0.85 6.00 3.8%ULKER BISKUVI SANAYI AS 4.95 4.57 4.16 4.03 2.02 1.83 1.70 1.59 1.47 10.48 21.67 18.03 15.34 22.64 18.68 15.85 14.04 12.40 25.75 24.64 20.34 18.27 2.19 2.03 2.64 3.68 11.19 -18.1%VESTEL ELEKTRONIK SANAYI 0.11 0.08 0.07 0.07 0.06 3.28 5.17 3.01 2.60 9.90 14.14 4.60 6.49 0.00 0.00 2.26 14.1%YAPI VE KREDI BANKASI 1.66 1.37 1.17 1.03 3.61 3.09 2.79 2.48 2.23 6.49 5.49 4.52 12.32 10.13 8.78 7.48 0.00 0.16 0.56 0.00 6.04 9.4%ZORLU ENERJI ELEKTRIK URETIM 5.44 3.56 16.08 1.14 0.95 0.84 16.08 14.18 9.75 52.20 16.11 13.61 20.26 0.00 0.00 0.00 1.67 6.8% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Afyon Cimento Sanayi TASAfyon Cimento Sanayi T.A.S. manufactures, distributes, and sells cement and Price/Volumeclinker. The Company markets its products throughout Turkey. 120 .8 M .7 M 100 .6 M 80 .5 M 60 .4 M Valuation Analysis .3 MLatest Fiscal Year: 12/2012 40 .2 MLTM as of: 12/yy 20 .1 M52-Week High (24.04.2012) 102.75 0 .0 M52-Week Low (04.10.2012) 67.25 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 8487.00 Current Price (3/dd/yy) 69 Market Data 52-Week High % Change -32.60% Dividend Yield - 52-Week Low % Change 2.60% Beta 0.94 % 52 Week Price Range High/Low 5.63% Equity Float -Shares Out 31.12.2012 3.0 Short Int - Market Capitalization 207.00 1 Yr Total Return -23.33%Total Debt 0.08 YTD Return -3.83%Preferred Stock 0.0 Adjusted BETA 0.943Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 4.04 Consensus Rating -Enterprise Value 203.04 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9063AFYON TI EQUITY YTD Change - Average Volume 30 Day 21986AFYON TI EQUITY YTD % CHANGE - Average Volume 3 Month 40947 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 40.3 32.7 45.1 45.6 41.1 46 41 - - - - TEV/Revenue 1.48x 5.64x 12.46x 5.81x 5.14x 32.58x 15.96x - - - - EBITDA 0.3 (1.3) 2.3 (3.4) (4.4) (3.4) (4.4) - - - - TEV/EBITDA 212.34x - 246.33x - - 0.00x 0.00x - - - - Net Income 3.7 (0.7) 0.6 (5.3) (7.2) (5.3) (7.2) - - - - P/E 20.50x - 1020.40x - - 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA -4.40 Long-Term Rating Date -EBIT -7.93 Long-Term Rating -Operating Margin -19.28% Long-Term Outlook -Pretax Margin -21.22% Short-Term Rating Date -Return on Assets -14.07% Short-Term Rating -Return on Common Equity -16.84% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin -6.3% Total Debt/EBITDA -0.02EBITDA Margin -10.7% ReferenceEBIT Margin -19.3% Total Debt/Equity 0.2%Net Income Margin -17.5% Total Debt/Capital 0.2%Structure Asset Turnover 0.80Current Ratio 2.98 Net Fixed Asset Turnover 1.54Quick Ratio 2.17 Accounts receivable turnover-days 84.94Debt to Assets 0.16% Inventory Days 50.65Tot Debt to Common Equity 0.20% Accounts Payable Turnover Day 46.62Accounts Receivable Turnover 4.31 Cash Conversion Cycle 88.96Inventory Turnover 7.23Price/ Cash Flow Sales/Revenue/Turnover 600.00 60.0 500.00 50.0 400.00 40.0 300.00 30.0 200.00 20.0 100.00 10.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Afyon Cimento Sanayi TASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCIMENTS FRANCAIS n/a Research 1578300 52.61 - 03.05.2011 CorporationBLACKROCK n/a ULT-AGG 13612 0.45 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6427 0.21 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3848 0.13 - 31.07.2012 Investment AdvisorBIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 102 0 - 20.07.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateFinansInvest UGUR OZKER not rated #N/A N/A M #N/A N/A Not Provided 20.02.2012Global Menkul Degerler TEAM COVERAGE sell 1 M 193 Not Provided 03.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Akbank TASAkbank T.A.S. attracts deposits and offers retail and corporate banking Price/Volumeservices. The Group offers consumer credits, credit cards, wealth management, 12 120.0 Mhealth and life insurance, pension plans, risk management, project financing,foreign trade and cash management services through its branches in Turkey and 10 100.0 Moverseas. 8 80.0 M 6 60.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 4 40.0 MLTM as of: 12/yy 2 20.0 M52-Week High (25.01.2013) 10.30 0 .0 M52-Week Low (28.05.2012) 5.28 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 16452786.00 Current Price (3/dd/yy) 9.36 Market Data 52-Week High % Change -9.13% Dividend Yield - 52-Week Low % Change 77.27% Beta 1.18 % 52 Week Price Range High/Low 80.88% Equity Float -Shares Out 31.12.2012 4000.0 Short Int - Market Capitalization 37440.00 1 Yr Total Return 36.47%Total Debt 46469.95 YTD Return 6.36%Preferred Stock 0.0 Adjusted BETA 1.184Minority Interest 0.1 Analyst Recs 30Cash and Equivalents 19853.52 Consensus Rating 3.100Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 17803350AKBNK TI EQUITY YTD Change - Average Volume 30 Day 16326720AKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 15584070 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 12338.3 11707.1 11550.1 11975.0 14574.3 11975.0 14574.3 8429.3 9336.1 2197.0 2156.0 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 1782.2 2722.7 3008.8 2536.4 3004.9 2536.4 3004.9 3216.9 3534.4 - - P/E 8.05x 10.41x 11.41x 9.49x 11.71x 9.49x 11.71x 11.58x 10.33x 11.56x - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating NROperating Margin 46.80% Long-Term Outlook -Pretax Margin 46.80% Short-Term Rating Date -Return on Assets 1.98% Short-Term Rating -Return on Common Equity 14.80% Credit RatiosReturn on Capital 4.68% EBITDA/Interest Exp. -Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 206.8%Net Income Margin 36.3% Total Debt/Capital 67.4%Structure Asset Turnover 0.10Current Ratio - Net Fixed Asset Turnover 5.81Quick Ratio - Accounts receivable turnover-days -Debt to Assets 28.43% Inventory Days -Tot Debt to Common Equity 206.76% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 16000.0 18.00 14000.0 16.00 12000.0 14.00 10000.0 12.00 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 |
    • 28.03.2013Akbank TASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHACI OMER SABANCI HO n/a Research 1960000000 49 - 30.09.2012 Holding CompanyCITIGROUP INCORPORAT n/a Research 396000000 9.9 - 30.09.2012 Investment AdvisorABERDEEN n/a ULT-AGG 228622977 5.72 12756597 28.02.2013 UnclassifiedBLACKROCK n/a ULT-AGG 49587072 1.24 (200989) 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 48046969 1.2 (244) 31.12.2012 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 43884796 1.1 76584 28.02.2013 UnclassifiedTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 29835961 0.75 (183566) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 29792792 0.74 (9896955) 31.01.2013 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 15295856 0.38 - 21.03.2013 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 12951732 0.32 (228000) 28.02.2013 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 11826552 0.3 (3920166) 30.11.2012 BankDANSKE INVEST MANAGE Multiple Portfolios MF-AGG 6479761 0.16 (583000) 31.12.2012 Investment AdvisorEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5293133 0.13 954000 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 5182196 0.13 (451000) 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 4930371 0.12 320855 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4672622 0.12 - 31.07.2012 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 4595000 0.11 2027000 03.09.2012 Mutual Fund ManagerDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 4388000 0.11 2238001 28.09.2012 Mutual Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 4370047 0.11 37262 31.01.2013 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 4217235 0.11 - 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBarclays CRISTINA MARZEA overweight 5 M 11 Not Provided 25.03.2013FinansInvest MUGE DAGISTAN outperform 5 M 12 12 month 22.03.2013Seker Securities NESLIHAN KARAGOZ market perform 3 M 12 Not Provided 22.03.2013Burgan Securities NERGIS KASABALI hold 3 M 9 12 month 22.03.2013BGC Partners CAGDAS DOGAN hold 3 M 9 12 month 19.03.2013HSBC TAMER SENGUN overweight 5 M 11 Not Provided 12.03.2013Renaissance Capital YAVUZ UZAY hold 3 M 9 Not Provided 08.03.2013Societe Generale ALAN WEBBORN hold 3 M 9 12 month 06.03.2013Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 9 12 month 26.02.2013EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 13.02.2013Deutsche Bank KAZIM ANDAC hold 3 M 9 12 month 08.02.2013Oyak Securities ALPAY DINCKOC market perform 3 M 10 Not Provided 08.02.2013BNP Paribas Equity Research SADRETTIN BAGCI hold 3 M 10 12 month 08.02.2013Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS accumulate 4 M 9 12 month 08.02.2013Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 8 12 month 07.02.2013Credit Suisse ATES BULDUR neutral 3 M 10 Not Provided 07.02.2013Keefe, Bruyette & Woods EKATERINA ISAEVA market perform 3 M 10 12 month 07.02.2013Erste Bank SEVDA SARP hold 3 M 9 12 month 06.02.2013VTB Capital AKIN TUZUN sell 1 D 8 12 month 05.02.2013ATA Invest DERYA GUZEL outperform 5 M 12 12 month 29.01.2013Ekspres Invest CIHAN SARAOGLU hold 3 M 11 Not Provided 29.01.2013Eczacibasi Securities SERCAN SOYLU market perform 3 M 11 Not Provided 22.01.2013Global Menkul Degerler SEVGI ONUR market perform 3 M 10 Not Provided 21.01.2013IS Investment & Securities BULENT SENGONUL market perform 3 M 11 Not Provided 18.12.2012Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 M 11 Not Provided 06.11.2012Tera Stock Brokers HASAN DEMIR neutral 3 M 8 Not Provided 19.10.2012JPMorgan PAUL FORMANKO underweight 1 M 9 9 month 16.10.2012Sardis Securities HAYDAR ACUN hold 3 U 8 12 month 12.01.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Akenerji Elektrik Uretim ASAkenerji Elektrik Uretim AS produces and distributes electricity and steam. Price/Volume 2 60.0 M 2 2 50.0 M 1 40.0 M 1 1 30.0 M Valuation Analysis 1Latest Fiscal Year: 12/2012 1 20.0 MLTM as of: 12/yy 0 10.0 M 052-Week High (11.01.2013) 1.94 0 .0 M52-Week Low (25.05.2012) 1.34 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 5198029.00 Current Price (3/dd/yy) 1.73 Market Data 52-Week High % Change -10.82% Dividend Yield - 52-Week Low % Change 29.38% Beta 1.01 % 52 Week Price Range High/Low 65.17% Equity Float -Shares Out 31.12.2012 729.2 Short Int - Market Capitalization 1261.45 1 Yr Total Return 8.02%Total Debt 1458.92 YTD Return 5.49%Preferred Stock 0.0 Adjusted BETA 1.010Minority Interest 3.0 Analyst Recs 19Cash and Equivalents 173.55 Consensus Rating 3.421Enterprise Value 2549.82 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4089212AKENR TI EQUITY YTD Change - Average Volume 30 Day 7363373AKENR TI EQUITY YTD % CHANGE - Average Volume 3 Month 11444690 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 607.1 463.7 428.4 560.0 802.0 560.0 802.0 755.0 1122.2 - - TEV/Revenue 0.98x 3.09x 5.23x 3.62x 3.10x 15.98x 11.25x 3.73x 3.00x - - EBITDA 95.7 61.5 28.3 106.1 143.8 106.1 143.8 169.3 208.1 - - TEV/EBITDA 6.20x 23.32x 79.09x 19.09x 17.27x 19.09x 17.27x 15.07x 12.25x - - Net Income 89.0 24.2 (26.4) (211.0) 79.0 (211.0) 79.0 46.4 33.2 - - P/E 4.48x 37.72x - - 12.85x 0.00x 29.22x 24.71x 31.45x - - Profitability S&P Issuer RatingsEBITDA 143.81 Long-Term Rating Date -EBIT 89.64 Long-Term Rating -Operating Margin 11.18% Long-Term Outlook -Pretax Margin 6.22% Short-Term Rating Date -Return on Assets 3.13% Short-Term Rating -Return on Common Equity 10.79% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.48Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. -1.75Margin Analysis Net Debt/EBITDA 8.94Gross Margin 17.3% Total Debt/EBITDA 10.14EBITDA Margin 17.9% ReferenceEBIT Margin 11.2% Total Debt/Equity 155.0%Net Income Margin 9.9% Total Debt/Capital 60.7%Structure Asset Turnover 0.32Current Ratio 1.08 Net Fixed Asset Turnover 0.53Quick Ratio 0.53 Accounts receivable turnover-days 38.71Debt to Assets 51.67% Inventory Days 6.13Tot Debt to Common Equity 154.97% Accounts Payable Turnover Day 50.59Accounts Receivable Turnover 9.45 Cash Conversion Cycle -5.75Inventory Turnover 59.69Price/ Cash Flow Sales/Revenue/Turnover 300.00 900.0 800.0 250.00 700.0 200.00 600.0 500.0 150.00 400.0 100.00 300.0 200.0 50.00 100.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Akenerji Elektrik Uretim ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAKKOK SANAYI YATIRIM n/a Research 364582001 50 - 19.12.2012 CorporationCEZ n/a Research 364582001 50 - 19.12.2012 CorporationGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2833940 0.39 - 31.05.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1899789 0.26 - 25.03.2013 Investment AdvisorIFM - INDEPENDENT FU Multiple Portfolios MF-AGG 1455169 0.2 705169 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1224897 0.17 - 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1203503 0.17 752252 31.12.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 1122567 0.15 - 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 603694 0.08 292547 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 449115 0.06 - 21.03.2013 Investment AdvisorNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 180071 0.02 - 31.01.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 172562 0.02 (67400) 30.11.2012 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 130000 0.02 - 03.09.2012 Mutual Fund ManagerERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 100000 0.01 - 30.11.2012 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 90022 0.01 (104000) 31.01.2013 Investment AdvisorPOWERSHARES GLOBAL F Multiple Portfolios MF-AGG 76747 0.01 - 21.03.2013 Investment AdvisorWORLD INVEST OPPORTU Multiple Portfolios MF-AGG 60000 0.01 - 28.02.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 50414 0.01 - 31.12.2012 Investment AdvisorFLEXSHARES TRUST Multiple Portfolios MF-AGG 46194 0.01 - 28.02.2013 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 38378 0.01 - 31.10.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateFinansInvest KORAY PAMIR neutral 3 M 2 12 month 21.03.2013EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 21.03.2013Seker Securities BURAK DEMIRBILEK outperform 5 M 2 12 month 05.03.2013Oyak Securities UYGAR GEZER market perform 3 M 2 12 month 01.03.2013BNP Paribas Equity Research KENAN COSGUNER hold 3 M 2 12 month 29.01.2013Ekspres Invest SELIM KUNTER buy 5 M 2 Not Provided 22.01.2013Deutsche Bank VEDAT MIZRAHI hold 3 U 2 12 month 16.01.2013VTB Capital MIKHAIL RASSTRIGIN hold 3 U 2 12 month 10.01.2013Global Menkul Degerler SERCAN UZUN buy 5 M 2 Not Provided 28.12.2012IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 2 Not Provided 18.12.2012Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 M 2 Not Provided 17.12.2012Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 1 12 month 13.12.2012HSBC LEVENT BAYAR overweight 5 U 2 Not Provided 07.12.2012BGC Partners ZEYNEP KARAMAN hold 3 D 2 12 month 02.10.2012Eczacibasi Securities TEAM COVERAGE underperform 1 M 2 Not Provided 12.09.2012Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 03.08.2012Tera Stock Brokers AYSE COLAK neutral 3 M 2 Not Provided 13.07.2012Burgan Securities MURAT IGNEBEKCILI hold 3 M 2 12 month 25.05.2012Ak Investment AYYUCE TURKES market outperform 4 N 4 12 month 11.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Akfen Holding ASAkfen Holding AS is a holding company. The Companys main areas of activity Price/Volumeinclude airport construction and operation, port construction and operation, 14 14.0 Mdevelopment of real estate investment projects and hotel projects, hydroelectric 12 12.0 Mpower plants and other energy investments, water and wastewater concessioninvestments and management. 10 10.0 M 8 8.0 M Valuation Analysis 6 6.0 MLatest Fiscal Year: 12/2011 4 4.0 MLTM as of: 09/yy 2 2.0 M52-Week High (25.01.2013) 11.85 0 .0 M52-Week Low (01.10.2012) 8.56 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 1193690.00 Current Price (3/dd/yy) 10.9 Market Data 52-Week High % Change -7.59% Dividend Yield 0.00 52-Week Low % Change 27.34% Beta 0.95 % 52 Week Price Range High/Low 74.16% Equity Float -Shares Out 30.06.2012 145.5 Short Int - Market Capitalization 1585.95 1 Yr Total Return 4.81%Total Debt 3474.15 YTD Return 17.20%Preferred Stock 0.0 Adjusted BETA 0.954Minority Interest 393.0 Analyst Recs 12Cash and Equivalents 518.59 Consensus Rating 4.750Enterprise Value 3807.88 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 993645AKFEN TI EQUITY YTD Change - Average Volume 30 Day 752923AKFEN TI EQUITY YTD % CHANGE - Average Volume 3 Month 1284306 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 698.2 849.5 1029.3 994.2 1353.6 1241.2 1234.3 1087.7 1094.4 296.0 327.0 TEV/Revenue - - - 3.82x 3.24x 13.64x 10.03x 3.30x 3.11x - - EBITDA 45.6 132.4 98.2 138.9 270.0 199.7 212.5 316.3 340.4 67.0 - TEV/EBITDA - - - 27.34x 16.23x 0.00x 0.00x 12.04x 11.19x - - Net Income 199.2 (120.3) 149.9 71.8 (64.7) (30.1) 672.2 673.6 132.4 20.5 - P/E - - - 33.31x - 0.00x 1.88x 2.37x 12.41x 13.13x - Profitability S&P Issuer RatingsEBITDA 269.98 Long-Term Rating Date -EBIT 186.68 Long-Term Rating -Operating Margin 13.79% Long-Term Outlook -Pretax Margin 6.27% Short-Term Rating Date -Return on Assets 13.48% Short-Term Rating -Return on Common Equity 62.05% Credit RatiosReturn on Capital 22.14% EBITDA/Interest Exp. 1.35Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 5.83Gross Margin 25.5% Total Debt/EBITDA 7.94EBITDA Margin 22.5% ReferenceEBIT Margin 15.5% Total Debt/Equity 457.8%Net Income Margin -4.8% Total Debt/Capital 75.1%Structure Asset Turnover 0.30Current Ratio 0.99 Net Fixed Asset Turnover 1.60Quick Ratio 0.64 Accounts receivable turnover-days 51.02Debt to Assets 63.88% Inventory Days 6.06Tot Debt to Common Equity 457.78% Accounts Payable Turnover Day 38.97Accounts Receivable Turnover 7.17 Cash Conversion Cycle 18.12Inventory Turnover 60.39Price/ Cash Flow Sales/Revenue/Turnover 120.00 1600.0 1400.0 100.00 1200.0 80.00 1000.0 60.00 800.0 600.0 40.00 400.0 20.00 200.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Akfen Holding ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1928010 1.33 100000 31.12.2012 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 753868 0.52 663566 03.09.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 406645 0.28 2079 25.03.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 334664 0.23 - 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 215143 0.15 - 31.12.2012 Investment AdvisorAKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 200000 0.14 - 31.10.2012 Mutual Fund ManagerGUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 150000 0.1 - 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 88801 0.06 - 26.03.2013 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 84610 0.06 - 31.05.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 76027 0.05 34983 31.12.2012 Investment AdvisorPETERCAM SA Multiple Portfolios MF-AGG 75000 0.05 10000 30.11.2012 Mutual Fund ManagerEUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 57000 0.04 17000 31.05.2012 Investment AdvisorACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 55224 0.04 55224 31.01.2013 Investment AdvisorERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 41344 0.03 1344 30.11.2012 Investment AdvisorQUERCUS TFI Multiple Portfolios MF-AGG 29000 0.02 - 30.06.2012 Mutual Fund ManagerBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 25421 0.02 - 30.06.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 20050 0.01 - 31.01.2013 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 18000 0.01 - 31.01.2013 Investment AdvisorOYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 17853 0.01 - 30.11.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12750 0.01 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBurgan Securities MURAT IGNEBEKCILI buy 5 M 14 12 month 25.03.2013Unlu Securities SELIN ONER outperform 5 N 15 12 month 15.03.2013FinansInvest GAYE ABIDIN outperform 5 M 15 12 month 14.03.2013IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 M 15 Not Provided 09.02.2013Ak Investment HAKAN DEPREM market outperform 4 M 17 12 month 29.01.2013BGC Partners KEREM TEZCAN Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013Ekspres Invest ALPER AKALIN buy 5 M 13 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013Oyak Securities HASAN SENER outperform 5 M 14 12 month 21.12.2012Goldman Sachs MATIJA GERGOLET neutral/neutral 3 D 12 12 month 10.12.2012Renaissance Capital ALEXANDER KAZBEGI buy 5 M 15 12 month 30.10.2012Erste Bank SEZAI SAKLAROGLU buy 5 N 13 12 month 18.10.2012Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 13.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Aksa Akrilik Kimya SanayiiAksa Akrilik Kimya Sanayii AS produces acrylic fiber for the textile industry. Price/VolumeThe Company manufactures fiber and tops that are woven into synthetic fiber 6 6.0 Mcloth, blankets, carpet and knitted wear. Aksa Akrilik sells its productsdomestically and abroad including China. 5 5.0 M 4 4.0 M 3 3.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 2 2.0 MLTM as of: 12/yy 1 1.0 M52-Week High (25.01.2013) 5.66 0 .0 M52-Week Low (31.05.2012) 3.85 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 830511.00 Current Price (3/dd/yy) 5.34 Market Data 52-Week High % Change -5.30% Dividend Yield - 52-Week Low % Change 38.70% Beta 0.85 % 52 Week Price Range High/Low 84.53% Equity Float -Shares Out 30.06.2012 185.0 Short Int - Market Capitalization 987.90 1 Yr Total Return 19.34%Total Debt 493.23 YTD Return 3.89%Preferred Stock 0.0 Adjusted BETA 0.851Minority Interest 9.5 Analyst Recs 7Cash and Equivalents 85.11 Consensus Rating 4.571Enterprise Value 1219.47 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 819090AKSA TI EQUITY YTD Change - Average Volume 30 Day 897362AKSA TI EQUITY YTD % CHANGE - Average Volume 3 Month 1120542 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 908.5 950.2 1304.3 1675.5 1625.5 1675.5 1625.5 1551.8 1617.2 465.0 482.0 TEV/Revenue 0.41x 0.70x 0.73x 0.74x - 2.67x 1.33x 0.78x 0.73x - - EBITDA 68.7 135.4 139.4 192.8 - 192.8 102.2 190.8 210.0 - - TEV/EBITDA 5.36x 4.90x 6.82x 6.41x - 6.41x 0.00x 6.39x 5.81x - - Net Income 72.9 50.7 56.7 97.0 165.7 97.0 165.7 105.0 111.4 - - P/E 2.43x 9.49x 12.10x 8.43x 5.74x 8.43x 5.74x 8.71x 8.18x - - Profitability S&P Issuer RatingsEBITDA 192.82 Long-Term Rating Date -EBIT 146.22 Long-Term Rating -Operating Margin 8.73% Long-Term Outlook -Pretax Margin 7.27% Short-Term Rating Date -Return on Assets 8.93% Short-Term Rating -Return on Common Equity 16.27% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 1.17Gross Margin 13.9% Total Debt/EBITDA 1.61EBITDA Margin 11.2% ReferenceEBIT Margin 8.2% Total Debt/Equity 58.6%Net Income Margin 10.2% Total Debt/Capital 36.7%Structure Asset Turnover 1.08Current Ratio 1.77 Net Fixed Asset Turnover 2.56Quick Ratio 1.12 Accounts receivable turnover-days 74.13Debt to Assets 29.85% Inventory Days 55.99Tot Debt to Common Equity 58.62% Accounts Payable Turnover Day 85.69Accounts Receivable Turnover 4.94 Cash Conversion Cycle 65.84Inventory Turnover 6.54Price/ Cash Flow Sales/Revenue/Turnover 10.00 1800.0 9.00 1600.0 8.00 1400.0 7.00 1200.0 6.00 1000.0 5.00 800.0 4.00 600.0 3.00 400.0 2.00 200.0 1.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Aksa Akrilik Kimya SanayiiHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAKKOK SANAYI YATIRIM n/a Research 73223000 39.58 - 31.12.2009 CorporationSECURITY PTE LTD n/a Research 34632000 18.72 - 28.08.2009 CorporationDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2753763 1.49 - 31.07.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1546295 0.84 4137 25.03.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1443233 0.78 - 31.05.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 662405 0.36 - 26.03.2013 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 413263 0.22 - 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 411502 0.22 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 306822 0.17 13850 31.12.2012 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 304798 0.16 - 30.06.2011 Investment AdvisorFMR LLC n/a ULT-AGG 96089 0.05 - 31.01.2013 Investment AdvisorAKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 95206 0.05 - 31.10.2012 Mutual Fund ManagerJYSKE INVEST Multiple Portfolios MF-AGG 67748 0.04 - 31.01.2013 Investment AdvisorERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 67184 0.04 2184 30.11.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 61656 0.03 - 31.10.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 60397 0.03 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 20121 0.01 - 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 19994 0.01 6157 30.06.2012 Investment AdvisorMACKAY SHIELDS LLC Multiple Portfolios MF-AGG 13078 0.01 - 31.01.2013 Investment AdvisorFLEXSHARES TRUST Multiple Portfolios MF-AGG 7428 0 - 28.02.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateFinansInvest KORAY PAMIR outperform 5 M 6 12 month 04.03.2013Seker Securities BURAK DEMIRBILEK outperform 5 M 6 12 month 04.03.2013Ak Investment BORA TEZGULER market underperform 2 D 5 12 month 28.02.2013Ekspres Invest SELIM KUNTER buy 5 M 7 Not Provided 22.01.2013Global Menkul Degerler HASAN BAYHAN buy 5 M 7 Not Provided 21.01.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 9 12 month 10.12.2012IS Investment & Securities ASLI OZATA KUMBARACI Under Review #N/A N/A M #N/A N/A Not Provided 19.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Alarko Gayrimenkul Yatirim Ortakligi ASAlarko Gayrimenkul Yatirim Ortakligi A.S. is a real estate investment trust. Price/VolumeThe Company acquires real estate, including land and buildings, real estate 30 1.4 Mprojects, and real estate used as rental income property. 25 1.2 M 1.0 M 20 .8 M 15 Valuation Analysis .6 MLatest Fiscal Year: 12/2012 10 .4 MLTM as of: 12/yy 5 .2 M52-Week High (21.03.2013) 26.40 0 .0 M52-Week Low (15.08.2012) 15.20 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 272420.00 Current Price (3/dd/yy) 22.5 Market Data 52-Week High % Change -14.39% Dividend Yield - 52-Week Low % Change 48.03% Beta 0.92 % 52 Week Price Range High/Low 65.18% Equity Float -Shares Out 30.09.2012 10.7 Short Int - Market Capitalization 239.64 1 Yr Total Return 25.46%Total Debt 0.00 YTD Return -1.32%Preferred Stock 0.0 Adjusted BETA 0.922Minority Interest 0.0 Analyst Recs 1Cash and Equivalents 127.42 Consensus Rating 5.000Enterprise Value 111.23 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 995381ALGYO TI EQUITY YTD Change - Average Volume 30 Day 196288ALGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 125121 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 24.3 27.2 8.2 19.7 15.3 19.7 15.3 - - - - TEV/Revenue - 1.31x 16.81x 2.26x - 12.70x 12.50x - - - - EBITDA (0.4) 6.5 5.0 7.6 - 7.6 7.8 - - - - TEV/EBITDA - 5.43x 27.46x 5.84x - 5.84x 0.00x - - - - Net Income 25.8 8.4 5.8 31.2 14.3 31.2 14.3 - - - - P/E 1.73x 17.65x 29.61x 5.51x 17.01x 5.51x 17.02x - - - - Profitability S&P Issuer RatingsEBITDA 7.64 Long-Term Rating Date -EBIT 5.59 Long-Term Rating -Operating Margin 28.35% Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 2.82% Short-Term Rating -Return on Common Equity 2.87% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 6406.38Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 6373.60Margin Analysis Net Debt/EBITDA -12.91Gross Margin 44.4% Total Debt/EBITDA 0.00EBITDA Margin 59.6% ReferenceEBIT Margin 45.6% Total Debt/Equity 0.0%Net Income Margin 93.2% Total Debt/Capital 0.0%Structure Asset Turnover 0.07Current Ratio 29.08 Net Fixed Asset Turnover 4020.16Quick Ratio 22.97 Accounts receivable turnover-days 45.15Debt to Assets 0.00% Inventory Days 2028.16Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 4.71Accounts Receivable Turnover 8.11 Cash Conversion Cycle 1363.52Inventory Turnover 0.18Price/ Cash Flow Sales/Revenue/Turnover 30.00 60.0 25.00 50.0 20.00 40.0 15.00 30.0 10.00 20.0 5.00 10.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Alarko Gayrimenkul Yatirim Ortakligi ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALSIM ALARKO SANAYI n/a Research 3704348 34.78 3704313 31.12.2009 n/aALARKO HOLDING AS n/a Research 1655103 15.54 (42796) 31.12.2009 Holding CompanyMACQUARIE GROUP n/a ULT-AGG 148230 1.39 - 31.01.2013 Investment AdvisorCAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 78603 0.74 - 31.10.2012 Mutual Fund ManagerNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 4257 0.04 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSardis Securities HAYDAR ACUN buy 5 M #N/A N/A Not Provided 15.03.2013Ekspres Invest KURTHAN ATMACA sell 1 M 17 Not Provided 15.02.2012Burgan Securities MURAT IGNEBEKCILI hold 3 M 23 12 month 13.01.2012FinansInvest GAYE ABIDIN Under Review #N/A N/A M #N/A N/A Not Provided 26.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Alarko Holding ASAlarko Holding A.S. offers electricity generation, electricity distribution, and Price/Volumeinternational infrastructure construction services. The Company also operates in 7 3.0 Mthe HVAC, Tourism and Real Estate sectors. Alarko Holdings main growth sector 6 2.5 Mis electricity generation. 5 2.0 M 4 1.5 M Valuation Analysis 3Latest Fiscal Year: 12/2011 1.0 M 2LTM as of: 09/yy 1 .5 M52-Week High (26.03.2013) 5.80 0 .0 M52-Week Low (15.08.2012) 3.59 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 501144.00 Current Price (3/dd/yy) 5.76 Market Data 52-Week High % Change -0.69% Dividend Yield - 52-Week Low % Change 60.45% Beta 0.90 % 52 Week Price Range High/Low 96.38% Equity Float -Shares Out 30.06.2012 223.5 Short Int - Market Capitalization 1287.17 1 Yr Total Return 36.43%Total Debt 263.28 YTD Return 12.50%Preferred Stock 0.0 Adjusted BETA 0.900Minority Interest 106.3 Analyst Recs 11Cash and Equivalents 611.65 Consensus Rating 4.455Enterprise Value 1099.50 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 679458ALARK TI EQUITY YTD Change - Average Volume 30 Day 277721ALARK TI EQUITY YTD % CHANGE - Average Volume 3 Month 408843 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 747.9 831.9 894.5 1195.7 1322.7 1219.3 1570.2 1606.8 2017.9 424.3 - TEV/Revenue 0.79x 0.01x 0.87x 0.65x 0.33x 2.10x 1.20x 0.73x 0.60x - - EBITDA 50.1 (41.0) 69.1 14.8 141.3 101.6 74.8 137.1 178.2 41.0 - TEV/EBITDA 11.86x - 11.31x 52.66x 3.11x 5.24x 0.00x 8.02x 6.17x - - Net Income 37.6 54.8 49.9 39.6 113.7 99.7 83.7 104.6 138.6 28.3 - P/E 21.05x 6.54x 17.84x 20.93x 6.00x 7.13x 10.23x 12.47x 9.23x - - Profitability S&P Issuer RatingsEBITDA 141.33 Long-Term Rating Date -EBIT 102.90 Long-Term Rating -Operating Margin 7.78% Long-Term Outlook -Pretax Margin 12.37% Short-Term Rating Date -Return on Assets 5.31% Short-Term Rating -Return on Common Equity 10.86% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 48.38Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 44.86Margin Analysis Net Debt/EBITDA -2.37Gross Margin 21.7% Total Debt/EBITDA 1.94EBITDA Margin 8.3% ReferenceEBIT Margin 5.7% Total Debt/Equity 28.1%Net Income Margin 8.6% Total Debt/Capital 20.1%Structure Asset Turnover 0.78Current Ratio 2.15 Net Fixed Asset Turnover 4.12Quick Ratio 1.71 Accounts receivable turnover-days 80.72Debt to Assets 12.72% Inventory Days 28.39Tot Debt to Common Equity 28.06% Accounts Payable Turnover Day 73.00Accounts Receivable Turnover 4.53 Cash Conversion Cycle 41.80Inventory Turnover 12.89Price/ Cash Flow Sales/Revenue/Turnover 120.00 1400.0 100.00 1200.0 1000.0 80.00 800.0 60.00 600.0 40.00 400.0 20.00 200.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Alarko Holding ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALATON FAMILY n/a Research 81266212 36.37 - 30.09.2010 n/aGARIH FAMILY n/a Research 80148877 35.87 (1117335) 30.09.2010 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2107892 0.94 - 31.07.2012 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 984347 0.44 (24000) 31.01.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 644448 0.29 - 28.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 596239 0.27 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 349166 0.16 44146 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 231467 0.1 - 31.12.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 207704 0.09 - 31.01.2013 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 200287 0.09 - 31.01.2013 Investment AdvisorACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 194357 0.09 - 31.01.2013 Investment AdvisorFIM FUND MANAGEMENT Multiple Portfolios MF-AGG 170000 0.08 (40000) 28.02.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 134200 0.06 - 31.12.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 133000 0.06 (16461) 31.12.2012 Investment AdvisorJYSKE INVEST Multiple Portfolios MF-AGG 120388 0.05 - 31.01.2013 Investment AdvisorQUERCUS TFI Multiple Portfolios MF-AGG 90000 0.04 90000 30.06.2012 Mutual Fund ManagerEATON VANCE ADVISORS Multiple Portfolios MF-AGG 81000 0.04 - 31.01.2013 Investment AdvisorERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 51680 0.02 1680 30.11.2012 Investment AdvisorFMR LLC n/a ULT-AGG 34732 0.02 - 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 19023 0.01 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBurgan Securities MURAT IGNEBEKCILI buy 5 M 6 12 month 25.03.2013FinansInvest GAYE ABIDIN outperform 5 M 7 12 month 21.03.2013Unlu Securities CELAL PEKESEN not rated #N/A N/A M #N/A N/A Not Provided 15.03.2013Ak Investment HAKAN DEPREM market outperform 4 M 7 12 month 29.01.2013Seker Securities SELAHATTIN AYDIN not rated #N/A N/A M #N/A N/A Not Provided 23.01.2013Ekspres Invest ALPER AKALIN buy 5 M 7 Not Provided 22.01.2013Global Menkul Degerler SERCAN UZUN buy 5 M 6 Not Provided 21.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Erste Bank SEZAI SAKLAROGLU buy 5 N 7 12 month 16.01.2013Oyak Securities HASAN SENER outperform 5 M 6 12 month 21.12.2012IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 M 6 Not Provided 20.12.2012Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 7 12 month 10.12.2012ATA Invest ONDER ZORBA market outperform 4 M 5 Not Provided 01.06.2012Sardis Securities HAYDAR ACUN buy 5 M 6 12 month 07.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Albaraka Turk Katilim Bankasi ASAlbaraka Turk is a full service bank. The Banks services include retail, Price/Volumecorporate, international, and online banking services. 3 10.0 M 9.0 M 2 8.0 M 7.0 M 2 6.0 M 5.0 M Valuation Analysis 1 4.0 MLatest Fiscal Year: 12/2012 3.0 MLTM as of: 12/yy 1 2.0 M 1.0 M52-Week High (17.01.2013) 2.19 0 .0 M52-Week Low (01.06.2012) 0.95 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 479943.00 Current Price (3/dd/yy) 1.91 Market Data 52-Week High % Change -12.79% Dividend Yield - 52-Week Low % Change 101.86% Beta 1.06 % 52 Week Price Range High/Low 76.68% Equity Float -Shares Out 31.12.2012 900.0 Short Int - Market Capitalization 1719.04 1 Yr Total Return 56.34%Total Debt 0.00 YTD Return 12.35%Preferred Stock 0.0 Adjusted BETA 1.064Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 2337.76 Consensus Rating 3.929Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 538829ALBRK TI EQUITY YTD Change - Average Volume 30 Day 815226ALBRK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1161510 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 03/12 Q1 06/12 Q2 Total Revenue 674.1 798.2 832.6 957.0 1237.9 957.0 1237.9 758.8 881.2 160.0 149.0 TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 136.2 105.3 134.0 160.2 191.8 160.2 191.8 219.4 246.0 51.2 40.5 P/E 4.15x 11.31x 10.86x 5.28x 7.98x 5.28x 9.24x 7.99x 7.10x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date 22.02.2010EBIT - Long-Term Rating BBOperating Margin 33.07% Long-Term Outlook NEGPretax Margin 33.18% Short-Term Rating Date 19.06.2009Return on Assets 1.68% Short-Term Rating BReturn on Common Equity 17.26% Credit RatiosReturn on Capital 17.26% EBITDA/Interest Exp. -Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.0%Net Income Margin 26.4% Total Debt/Capital 0.0%Structure Asset Turnover 0.11Current Ratio - Net Fixed Asset Turnover 4.20Quick Ratio - Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 100.00 1400.0 90.00 1200.0 80.00 70.00 1000.0 60.00 800.0 50.00 600.0 40.00 30.00 400.0 20.00 200.0 10.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Albaraka Turk Katilim Bankasi ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALBARAKA BANKING GRO n/a Research 486523266 54.06 - 23.11.2012 BankISLAMIC DEVELOPMENT n/a Research 70573779 7.84 - 23.11.2012 BankSKAGEN GLOBAL n/a Research 44641102 4.96 - 13.03.2013 OtherSKAGEN AS Multiple Portfolios MF-AGG 32234600 3.58 - 28.02.2013 Mutual Fund ManagerFMR LLC n/a ULT-AGG 18735624 2.08 103000 31.01.2013 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 8431829 0.94 2271406 31.12.2012 Investment AdvisorALHARTHY MOHSIN HUSS n/a Research 5599145 0.62 - 23.11.2012 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5391990 0.6 - 31.07.2012 Investment AdvisorNAZER LAYLA n/a Research 5101444 0.57 - 23.11.2012 n/aALHARTHY SHARAF n/a Research 5101444 0.57 - 23.11.2012 n/aALHARTHY RAKAN n/a Research 5101444 0.57 - 23.11.2012 n/aALHARTHY SANAD n/a Research 5101444 0.57 - 23.11.2012 n/aALHARTHY WID n/a Research 5101444 0.57 - 23.11.2012 n/aEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 3510675 0.39 1089000 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 3052188 0.34 - 26.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 2917455 0.32 11808 25.03.2013 Investment AdvisorKAMEL EYAD n/a Research 2350242 0.26 - 23.11.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 1518842 0.17 100516 31.12.2012 Investment AdvisorTAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 1383763 0.15 - 31.07.2011 Mutual Fund ManagerKAMEL ASHRAF HASSAN n/a Research 1105995 0.12 - 23.11.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateFinansInvest MUGE DAGISTAN neutral 3 M 2 12 month 14.03.2013BNP Paribas Equity Research SADRETTIN BAGCI buy 5 M 3 12 month 12.03.2013Burgan Securities DUYGUN KUTUCU buy 5 M 2 12 month 08.03.2013Deutsche Bank HILAL VAROL hold 3 M 2 12 month 01.03.2013Global Menkul Degerler SEVGI ONUR market perform 3 M 2 Not Provided 01.03.2013Oyak Securities ALPAY DINCKOC market perform 3 M 2 12 month 23.01.2013Eczacibasi Securities SERCAN SOYLU market perform 3 D 2 Not Provided 22.01.2013Ekspres Invest CIHAN SARAOGLU Under Review #N/A N/A M 2 Not Provided 22.01.2013Renaissance Capital YAVUZ UZAY buy 5 M 2 Not Provided 21.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013HSBC TAMER SENGUN overweight 5 U 2 Not Provided 15.01.2013IS Investment & Securities BULENT SENGONUL outperform 5 M 2 Not Provided 18.12.2012Erste Bank SEVDA SARP hold 3 M 2 12 month 10.12.2012ATA Invest FATIH TUGRUL TOPAC market outperform 4 M 2 Not Provided 20.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Alkim Alkali Kimya ASAlkim Alkali Kimya A.S. produces sodium sulfate, a raw material used in Price/Volumedetergent, glass, and paper production. The Company also operates paper and 16 3.5 Mfertilizer production units. 14 3.0 M 12 2.5 M 10 2.0 M 8 Valuation Analysis 1.5 M 6Latest Fiscal Year: 12/2012 1.0 M 4LTM as of: 12/yy .5 M 252-Week High (21.01.2013) 14.05 0 .0 M52-Week Low (30.05.2012) 6.06 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 350284.00 Current Price (3/dd/yy) 13.5 Market Data 52-Week High % Change -3.91% Dividend Yield - 52-Week Low % Change 122.77% Beta 0.71 % 52 Week Price Range High/Low 89.99% Equity Float -Shares Out 30.09.2012 24.7 Short Int - Market Capitalization 333.79 1 Yr Total Return 85.33%Total Debt 65.01 YTD Return 10.66%Preferred Stock 0.0 Adjusted BETA 0.712Minority Interest 20.5 Analyst Recs 1Cash and Equivalents 28.98 Consensus Rating 3.000Enterprise Value 403.50 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 320634ALKIM TI EQUITY YTD Change - Average Volume 30 Day 283605ALKIM TI EQUITY YTD % CHANGE - Average Volume 3 Month 370115 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 147.9 147.9 163.0 198.7 210.2 198.7 210.2 237.0 249.0 - - TEV/Revenue 0.81x 1.10x 1.18x 1.26x - 4.58x 3.43x - - - - EBITDA 35.0 33.0 25.4 34.1 - 34.1 24.8 50.7 53.6 - - TEV/EBITDA 3.40x 4.95x 7.58x 7.35x - 7.35x 0.00x 7.96x 7.53x - - Net Income 22.4 20.4 12.9 20.2 14.8 20.2 14.8 25.8 28.4 - - P/E 4.22x 8.07x 14.31x 9.58x 20.37x 9.58x 20.39x - - - - Profitability S&P Issuer RatingsEBITDA 34.06 Long-Term Rating Date -EBIT 23.86 Long-Term Rating -Operating Margin 12.01% Long-Term Outlook -Pretax Margin 14.32% Short-Term Rating Date -Return on Assets 3.38% Short-Term Rating -Return on Common Equity 5.43% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 8.04Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. -1.28Margin Analysis Net Debt/EBITDA 2.57Gross Margin 25.1% Total Debt/EBITDA 2.91EBITDA Margin 9.1% ReferenceEBIT Margin 5.1% Total Debt/Equity 42.8%Net Income Margin 7.0% Total Debt/Capital 27.4%Structure Asset Turnover 0.85Current Ratio 2.47 Net Fixed Asset Turnover 1.62Quick Ratio 1.45 Accounts receivable turnover-days 106.79Debt to Assets 24.62% Inventory Days 70.04Tot Debt to Common Equity 42.79% Accounts Payable Turnover Day 26.80Accounts Receivable Turnover 3.43 Cash Conversion Cycle 102.11Inventory Turnover 5.23Price/ Cash Flow Sales/Revenue/Turnover 60.00 250.0 50.00 200.0 40.00 150.0 30.00 100.0 20.00 50.0 10.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Alkim Alkali Kimya ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKORA ARKIN n/a Co File 4945000 20 - 30.09.2012 n/aKORA CIHAT n/a Co File 3677844 14.88 - 30.09.2012 n/aKORA REHA n/a Co File 2657938 10.75 - 30.09.2012 n/aCLARIDEN SICAV Multiple Portfolios MF-AGG 78032 0.32 - 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBGC Partners ERDEM HAFIZOGLU hold 3 D 14 12 month 07.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Anadolu Anonim Tuerk Sigorta SirketiAnadolu Anonim Tuerk Sigorta Sirketi offers non-life insurance services. Price/VolumeThe Company offers fire, transportation, accident, office, engineering and 1 40.0 Magriculture insurance coverage. The Company started to provide health insurance 1 35.0 Mcoverage in 2004. 1 30.0 M 25.0 M 1 20.0 M Valuation Analysis 1 15.0 MLatest Fiscal Year: 12/2012 0 10.0 MLTM as of: 12/yy 0 5.0 M52-Week High (11.01.2013) 1.29 0 .0 M52-Week Low (31.05.2012) 0.78 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 1142673.00 Current Price (3/dd/yy) 1.21 Market Data 52-Week High % Change -6.20% Dividend Yield - 52-Week Low % Change 55.13% Beta 0.88 % 52 Week Price Range High/Low 84.31% Equity Float -Shares Out 31.12.2012 500.0 Short Int - Market Capitalization 605.00 1 Yr Total Return 28.72%Total Debt 0.00 YTD Return 5.22%Preferred Stock 0.0 Adjusted BETA 0.884Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 968.52 Consensus Rating 3.143Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 934490ANSGR TI EQUITY YTD Change - Average Volume 30 Day 1460840ANSGR TI EQUITY YTD % CHANGE - Average Volume 3 Month 2122704 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 1127.4 1279.2 1460.9 1485.7 1940.8 1485.7 2404.7 1909.0 2166.0 - - TEV/Revenue - - 0.05x - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 117.7 55.4 41.9 (1.3) (55.8) (1.3) (81.3) 43.2 40.4 - - P/E - 10.36x 16.23x - - 0.00x 0.00x 13.30x 12.87x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin -3.30% Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -3.63% Short-Term Rating -Return on Common Equity -13.13% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.0%Net Income Margin -2.9% Total Debt/Capital 0.0%Structure Asset Turnover 1.07Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 2500.0 1.00 2000.0 0.80 1500.0 0.60 1000.0 0.40 500.0 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 |
    • 28.03.2013Anadolu Anonim Tuerk Sigorta SirketiHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTURKIYE IS BANKASI A n/a Research 209010450 41.8 - 31.03.2010 BankNATIONAL REINSURANCE n/a Research 128124054 25.62 - 17.08.2009 OtherDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6581263 1.32 - 31.07.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1801888 0.36 - 25.03.2013 Investment AdvisorBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1301172 0.26 - 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1024508 0.2 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 792965 0.16 - 31.12.2012 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 399798 0.08 (378) 31.01.2013 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 368571 0.07 - 31.01.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 361244 0.07 - 26.03.2013 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 300000 0.06 - 31.01.2013 Mutual Fund ManagerNOMURA n/a ULT-AGG 246378 0.05 - 11.07.2012 UnclassifiedERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 227392 0.05 7392 30.11.2012 Investment AdvisorDEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 100000 0.02 - 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 81210 0.02 - 31.12.2012 Investment AdvisorMACKAY SHIELDS LLC Multiple Portfolios MF-AGG 72371 0.01 - 31.01.2013 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 28087 0.01 - 31.10.2012 Investment AdvisorEUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 1 0 - 31.05.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 1 0 - 30.06.2012 Investment AdvisorAKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1 0 - 31.10.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC TAMER SENGUN neutral 3 M 1 Not Provided 26.02.2013IS Investment & Securities KUTLUG DOGANAY market perform 3 M 1 Not Provided 25.01.2013Ekspres Invest CIHAN SARAOGLU Under Review #N/A N/A M 1 Not Provided 22.01.2013EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013Deutsche Bank HILAL VAROL hold 3 M 1 12 month 16.01.2013Erste Bank SEVDA SARP buy 5 M 1 12 month 04.11.2012ATA Invest FATIH TUGRUL TOPAC market outperform 4 M 1 Not Provided 20.07.2012Burgan Securities DUYGUN KUTUCU not rated #N/A N/A M #N/A N/A Not Provided 02.04.2012Sardis Securities HAYDAR ACUN buy 5 M #N/A N/A Not Provided 07.09.2011UniCredit Research RADENA GEORGIEVA buy 5 M 2 Not Provided 22.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Anadolu Efes Biracilik Ve Malt Sanayii ASAnadolu Efes Biracilik ve Malt Sanayii AS is the holding company of the Efes Price/VolumeBeverage Group. The group produces and markets beer, malt and Coca-Cola 30 2.0 Mproducts across a geography that consists of Turkey, Russia, the CIS, countries 1.8 MSoutheast Europe and the Middle East. Anadolu Efes is also an operating entity 25 1.6 Munder which the Turkish brewing business is managed. 20 1.4 M 1.2 M 15 1.0 M Valuation Analysis .8 MLatest Fiscal Year: 12/2012 10 .6 MLTM as of: 12/yy 5 .4 M .2 M52-Week High (27.03.2013) 28.80 0 .0 M52-Week Low (31.05.2012) 21.50 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 349192.00 Current Price (3/dd/yy) 28.5 Market Data 52-Week High % Change -1.04% Dividend Yield - 52-Week Low % Change 32.56% Beta 0.64 % 52 Week Price Range High/Low 95.45% Equity Float -Shares Out 31.12.2012 592.1 Short Int - Market Capitalization 16875.00 1 Yr Total Return 16.32%Total Debt 2923.08 YTD Return 10.89%Preferred Stock 0.0 Adjusted BETA 0.635Minority Interest 82.0 Analyst Recs 24Cash and Equivalents 1871.32 Consensus Rating 3.042Enterprise Value 18008.80 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 161735AEFES TI EQUITY YTD Change - Average Volume 30 Day 344437AEFES TI EQUITY YTD % CHANGE - Average Volume 3 Month 280187 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 3668.9 3811.1 4168.8 4761.3 6416.8 4761.3 6416.8 7440.6 8318.2 1362.0 2305.0 TEV/Revenue 1.67x 2.27x 2.72x 2.41x 2.55x 9.31x 10.02x 2.38x 2.09x 12.95x 7.94x EBITDA 831.8 918.5 1004.0 939.7 1225.0 939.7 1225.0 1556.1 1783.2 222.0 634.0 TEV/EBITDA 7.38x 9.42x 11.30x 12.22x 13.35x 12.22x 13.35x 11.57x 10.10x 10.87x 10.04x Net Income 309.7 422.6 503.6 341.2 606.9 341.2 606.9 760.1 932.8 79.7 357.0 P/E 14.97x 17.89x 20.91x 30.07x 25.07x 30.07x 25.07x 21.87x 18.23x 19.93x 18.15x Profitability S&P Issuer RatingsEBITDA 1225.05 Long-Term Rating Date 14.06.2012EBIT 774.47 Long-Term Rating BBB-Operating Margin 12.07% Long-Term Outlook STABLEPretax Margin 12.53% Short-Term Rating Date -Return on Assets 6.72% Short-Term Rating -Return on Common Equity 12.32% Credit RatiosReturn on Capital 9.19% EBITDA/Interest Exp. 16.11Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 9.18Margin Analysis Net Debt/EBITDA 0.86Gross Margin 48.9% Total Debt/EBITDA 2.39EBITDA Margin 19.1% ReferenceEBIT Margin 12.1% Total Debt/Equity 43.6%Net Income Margin 9.5% Total Debt/Capital 30.1%Structure Asset Turnover 0.71Current Ratio 1.79 Net Fixed Asset Turnover 2.11Quick Ratio 1.27 Accounts receivable turnover-days 39.97Debt to Assets 25.10% Inventory Days 71.65Tot Debt to Common Equity 43.60% Accounts Payable Turnover Day 37.32Accounts Receivable Turnover 9.16 Cash Conversion Cycle 74.30Inventory Turnover 5.11Price/ Cash Flow Sales/Revenue/Turnover 20.00 7000.0 18.00 6000.0 16.00 14.00 5000.0 12.00 4000.0 10.00 3000.0 8.00 6.00 2000.0 4.00 1000.0 2.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Anadolu Efes Biracilik Ve Malt Sanayii ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSABMILLER ANADOLU EF n/a Co File 142105263 24 - 23.10.2012 n/aYAZICILAR HOLDING AS n/a Co File 139786634 23.61 - 29.10.2012 Holding CompanyOZILHAN SINAI YATIRI n/a Co File 79934214 13.5 - 23.10.2012 UnclassifiedANADOLU ENDUSTRI HOL n/a Co File 35526317 6 - 23.10.2012 Holding CompanyDODGE & COX Multiple Portfolios MF-AGG 26091040 4.41 - 29.01.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 14175241 2.39 - 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 5866547 0.99 (5668) 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5074713 0.86 (444536) 31.12.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4215195 0.71 421484 30.11.2012 BankMORGAN STANLEY n/a ULT-AGG 2824784 0.48 (66927) 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 1831304 0.31 10000 31.01.2013 Investment AdvisorMONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 1755725 0.3 - 31.01.2013 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1658295 0.28 - 21.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 1312603 0.22 (622260) 31.01.2013 Investment AdvisorABERDEEN n/a ULT-AGG 543605 0.09 (385000) 28.02.2013 UnclassifiedT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 539882 0.09 - 31.12.2012 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 521000 0.09 189000 03.09.2012 Mutual Fund ManagerDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 493500 0.08 51000 28.09.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 487044 0.08 - 31.07.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 481121 0.08 48661 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank EROL DANIS hold 3 M 30 12 month 22.03.2013FinansInvest CAN OZTOPRAK outperform 5 M 32 12 month 22.03.2013Oyak Securities ALPER OZDEMIR market perform 3 M 32 12 month 22.03.2013BNP Paribas Equity Research KENAN COSGUNER hold 3 M 29 12 month 22.03.2013Burgan Securities BURAK ISYAR hold 3 M 31 12 month 22.03.2013JPMorgan KOMAL DHILLON neutral 3 M 27 9 month 30.01.2013Eczacibasi Securities GOKAY BOBEK market perform 3 M 31 Not Provided 29.01.2013Ak Investment OMER OMERBAS market underperform 2 M 27 12 month 29.01.2013HSBC BULENT YURDAGUL neutral 3 U 30 Not Provided 24.01.2013Barclays SAMAR CHAND equalweight 3 M 27 Not Provided 23.01.2013Ekspres Invest MELDA AGIRDAS hold 3 M 29 Not Provided 22.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013BGC Partners EZGI YILMAZ hold 3 M 32 12 month 16.01.2013Nomura EDWARD MUNDY neutral 3 M 26 Not Provided 16.01.2013IS Investment & Securities ESRA SUNER outperform 5 M 33 Not Provided 19.12.2012Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 28 Not Provided 17.12.2012Goldman Sachs ANTON FARLENKOV neutral/neutral 3 M 28 12 month 10.12.2012VTB Capital IVAN KUSHCH hold 3 M 28 12 month 03.12.2012Credit Suisse ONUR MUMINOGLU underperform 1 M 27 Not Provided 21.11.2012Renaissance Capital METE OZBEK hold 3 M 30 12 month 23.10.2012ATA Invest EMRAH OZKOC market perform 3 M 25 Not Provided 01.06.2012Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 30.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Anadolu Hayat Emeklilik ASAnadolu Hayat Emeklilik AS offers group and individual life insurance policies Price/Volumeand IRA plans. The Company markets its services through its agents, Is Bank 7 5.0 Mand HSBC Bank branches in Turkey. Anadolu Hayat discontinued health insurance 4.5 M 6services in 2004. 4.0 M 5 3.5 M 4 3.0 M 2.5 M Valuation Analysis 3 2.0 MLatest Fiscal Year: 12/2012 2 1.5 MLTM as of: 12/yy 1.0 M 1 .5 M52-Week High (15.03.2013) 6.72 0 .0 M52-Week Low (24.05.2012) 3.63 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 87013.00 Current Price (3/dd/yy) 6.1 Market Data 52-Week High % Change -9.23% Dividend Yield - 52-Week Low % Change 68.04% Beta 1.00 % 52 Week Price Range High/Low 80.58% Equity Float -Shares Out 31.12.2012 300.0 Short Int - Market Capitalization 1830.00 1 Yr Total Return 53.19%Total Debt 0.00 YTD Return 44.89%Preferred Stock 0.0 Adjusted BETA 1.004Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 142.34 Consensus Rating 3.375Enterprise Value 1687.66 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 292084ANHYT TI EQUITY YTD Change - Average Volume 30 Day 523681ANHYT TI EQUITY YTD % CHANGE - Average Volume 3 Month 856687 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 695.9 823.8 632.1 618.6 586.8 618.6 586.8 513.5 560.0 - - TEV/Revenue 2.37x 3.79x 6.16x 6.17x 1.91x 25.45x 13.78x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 52.9 79.3 71.4 62.9 81.0 62.9 81.0 76.0 95.4 - - P/E - 15.64x 18.77x 13.11x - 0.00x 0.00x 24.60x 19.68x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 19.06% Long-Term Outlook -Pretax Margin 18.24% Short-Term Rating Date -Return on Assets 1.26% Short-Term Rating -Return on Common Equity 16.82% Credit RatiosReturn on Capital 4.02% EBITDA/Interest Exp. -Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 0.0%Net Income Margin 13.8% Total Debt/Capital 0.0%Structure Asset Turnover 0.09Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 1200.0 1.00 1000.0 0.80 800.0 600.0 0.60 400.0 0.40 200.0 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 |
    • 28.03.2013Anadolu Hayat Emeklilik ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTURKIYE IS BANKASI A n/a Research 186000000 62 - 17.12.2008 BankANADOLU SIGORTA n/a Research 60000000 20 - 31.03.2010 Insurance CompanySWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2718487 0.91 (7636) 31.12.2012 Investment AdvisorSOMERSET CAPITAL MAN Multiple Portfolios MF-AGG 2150026 0.72 65458 28.02.2013 Mutual Fund ManagerFORWARD MANAGEMENT L Multiple Portfolios MF-AGG 1017142 0.34 - 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 850000 0.28 (400000) 31.01.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 743836 0.25 - 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 688059 0.23 - 25.03.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 612843 0.2 - 31.07.2012 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 580280 0.19 (562656) 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 540170 0.18 - 25.03.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 500000 0.17 (250000) 31.01.2013 Investment AdvisorBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 453081 0.15 - 30.06.2012 Investment AdvisorREDWOOD ASSET MANAGE Multiple Portfolios MF-AGG 390996 0.13 195498 28.02.2013 Investment AdvisorVALIC CO I Multiple Portfolios MF-AGG 385648 0.13 - 31.01.2013 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 309600 0.1 - 03.09.2012 Mutual Fund ManagerTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 303946 0.1 38820 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 263952 0.09 - 31.12.2012 Investment AdvisorPETERCAM SA Multiple Portfolios MF-AGG 140000 0.05 - 30.11.2012 Mutual Fund ManagerDWS INVESTMENT S A Multiple Portfolios MF-AGG 125000 0.04 25000 31.01.2013 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateEczacibasi Securities GOKAY BOBEK market perform 3 M 6 Not Provided 06.03.2013Ak Investment HAKAN DEPREM market underperform 2 D 6 12 month 04.03.2013EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 01.03.2013HSBC TAMER SENGUN overweight 5 M 7 Not Provided 12.02.2013Ekspres Invest CIHAN SARAOGLU Under Review #N/A N/A M 6 Not Provided 22.01.2013Deutsche Bank HILAL VAROL hold 3 M 5 12 month 16.01.2013IS Investment & Securities KUTLUG DOGANAY market perform 3 M 6 Not Provided 18.12.2012Erste Bank SEVDA SARP buy 5 M 4 12 month 04.11.2012ATA Invest FATIH TUGRUL TOPAC Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012Yatirim Finansman Securities ZUMRUT CAN dropped coverage #N/A N/A M 6 12 month 15.08.2011Sardis Securities HAYDAR ACUN hold 3 U #N/A N/A Not Provided 12.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Anadolu Isuzu Otomotiv Sanayi Ve Ticaret ASAnadolu Isuzu Otomotiv Sanayi ve Ticaret AS manufactures commercial vehicles. Price/VolumeThe Company produces light, medium and heavy-duty trucks, pickup trucks, mini, 35 5.0 Mmidi and large buses, and tractors. Anadolu also produces, markets, and installs 4.5 M 30spare parts and accessories. Anadolu Isuzu sells its vehicles in Turkey and 4.0 Mexports to Eastern Europe, the former Soviet Union, and the Middle East. 25 3.5 M 20 3.0 M 2.5 M Valuation Analysis 15 2.0 MLatest Fiscal Year: 12/2012 10 1.5 MLTM as of: 12/yy 1.0 M 5 .5 M52-Week High (27.02.2013) 30.90 0 .0 M52-Week Low (04.04.2012) 9.24 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 72936.00 Current Price (3/dd/yy) 27.7 Market Data 52-Week High % Change -10.03% Dividend Yield - 52-Week Low % Change 199.78% Beta 0.78 % 52 Week Price Range High/Low 86.15% Equity Float -Shares Out 31.12.2012 25.4 Short Int - Market Capitalization 704.13 1 Yr Total Return 206.29%Total Debt 135.70 YTD Return 35.78%Preferred Stock 0.0 Adjusted BETA 0.781Minority Interest 0.0 Analyst Recs 1Cash and Equivalents 17.38 Consensus Rating 3.000Enterprise Value 822.47 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 131393ASUZU TI EQUITY YTD Change - Average Volume 30 Day 532087ASUZU TI EQUITY YTD % CHANGE - Average Volume 3 Month 460889 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 496.8 259.4 339.9 474.0 537.3 474.0 537.3 457.0 - - - TEV/Revenue 0.14x 0.73x 0.81x 0.58x 1.19x 2.36x 3.34x 1.59x - - - EBITDA 22.6 0.1 7.2 27.8 13.7 27.8 13.7 28.0 - - - TEV/EBITDA 3.08x 1752.82x 38.32x 9.87x 46.42x 9.87x 46.42x 29.46x - - - Net Income (0.5) (19.1) (4.6) 13.4 1.3 13.4 1.3 - - - - P/E - - - 14.81x 408.80x 14.81x 408.80x - - - - Profitability S&P Issuer RatingsEBITDA 13.72 Long-Term Rating Date -EBIT 3.18 Long-Term Rating -Operating Margin 0.59% Long-Term Outlook -Pretax Margin -0.08% Short-Term Rating Date -Return on Assets 0.33% Short-Term Rating -Return on Common Equity 0.74% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.10Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 0.64Margin Analysis Net Debt/EBITDA 8.62Gross Margin 12.7% Total Debt/EBITDA 9.89EBITDA Margin 2.6% ReferenceEBIT Margin 0.6% Total Debt/Equity 81.7%Net Income Margin 0.2% Total Debt/Capital 45.0%Structure Asset Turnover 1.38Current Ratio 1.82 Net Fixed Asset Turnover 9.12Quick Ratio 0.90 Accounts receivable turnover-days 90.12Debt to Assets 31.87% Inventory Days 112.16Tot Debt to Common Equity 81.72% Accounts Payable Turnover Day 60.68Accounts Receivable Turnover 4.06 Cash Conversion Cycle 141.60Inventory Turnover 3.26Price/ Cash Flow Sales/Revenue/Turnover 100.00 600.0 90.00 500.0 80.00 70.00 400.0 60.00 50.00 300.0 40.00 200.0 30.00 20.00 100.0 10.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Anadolu Isuzu Otomotiv Sanayi Ve Ticaret ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeYAZICILAR HOLDING AS n/a Research 9077665 35.71 4478 31.12.2009 Holding CompanyISUZU MOTORS LTD n/a Research 4319991 16.99 - 31.12.2009 CorporationOZILHAN SINAI YATIRI n/a Research 4271842 16.81 2108 31.12.2009 UnclassifiedITOCHU CORP n/a Research 3239964 12.75 834678 31.12.2009 CorporationANADOLU ENDUSTRI HOL n/a Research 262583 1.03 38835 31.12.2009 Holding CompanyDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1 0 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1 0 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGlobal Menkul Degerler ILKNUR UNSAL market perform 3 M 13 Not Provided 06.09.2012FinansInvest BARAN YILDIRIM Under Review #N/A N/A M #N/A N/A Not Provided 15.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Arcelik ASArcelik A.S. manufactures and sells refrigerators, washing machines, cooking Price/Volumeappliances, vacuum cleaners, refrigeration compressors, electric motors and 14 4.5 Mconsumer electronics products. The Company markets its products under the 4.0 M 12brand names Arcelik and Beko. Arcelik sells its products in Turkey and exports 3.5 Mthroughout continental Europe, the United Kingdom, and Tunisia. 10 3.0 M 8 2.5 M Valuation Analysis 6 2.0 MLatest Fiscal Year: 12/2012 1.5 M 4 1.0 MLTM as of: 12/yy 2 .5 M52-Week High (17.01.2013) 12.80 0 .0 M52-Week Low (24.04.2012) 6.90 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 1066018.00 Current Price (3/dd/yy) 12.35 Market Data 52-Week High % Change -3.52% Dividend Yield - 52-Week Low % Change 78.99% Beta 1.02 % 52 Week Price Range High/Low 94.07% Equity Float -Shares Out 31.12.2012 675.7 Short Int - Market Capitalization 8345.24 1 Yr Total Return 60.42%Total Debt 4003.51 YTD Return 5.56%Preferred Stock 0.0 Adjusted BETA 1.018Minority Interest 85.6 Analyst Recs 27Cash and Equivalents 1740.79 Consensus Rating 3.111Enterprise Value 10693.55 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1321732ARCLK TI EQUITY YTD Change - Average Volume 30 Day 1685879ARCLK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1411561 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 6775.5 6591.9 6936.4 8437.2 10556.9 8437.2 10556.9 11731.4 12684.1 - - TEV/Revenue 0.58x 0.79x 0.88x 0.74x 0.97x 3.03x 3.38x 0.90x 0.82x - - EBITDA 605.7 875.7 758.1 876.4 1030.8 876.4 1030.8 1222.7 1362.7 - - TEV/EBITDA 6.50x 5.94x 8.01x 7.10x 9.95x 7.10x 9.95x 8.75x 7.85x - - Net Income 39.8 485.4 517.1 506.5 524.8 506.5 524.8 678.0 747.7 - - P/E 20.70x 8.14x 10.19x 8.16x 15.07x 8.16x 15.07x 12.19x 11.00x - - Profitability S&P Issuer RatingsEBITDA 1030.80 Long-Term Rating Date 14.03.2013EBIT 770.01 Long-Term Rating BB+Operating Margin 7.29% Long-Term Outlook STABLEPretax Margin 5.96% Short-Term Rating Date -Return on Assets 5.40% Short-Term Rating -Return on Common Equity 14.21% Credit RatiosReturn on Capital 9.72% EBITDA/Interest Exp. 5.49Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 2.96Margin Analysis Net Debt/EBITDA 2.20Gross Margin 28.9% Total Debt/EBITDA 3.88EBITDA Margin 9.8% ReferenceEBIT Margin 7.3% Total Debt/Equity 104.2%Net Income Margin 5.0% Total Debt/Capital 50.5%Structure Asset Turnover 1.09Current Ratio 1.71 Net Fixed Asset Turnover 6.92Quick Ratio 1.27 Accounts receivable turnover-days 111.68Debt to Assets 39.14% Inventory Days 76.34Tot Debt to Common Equity 104.21% Accounts Payable Turnover Day 58.44Accounts Receivable Turnover 3.28 Cash Conversion Cycle 129.57Inventory Turnover 4.79Price/ Cash Flow Sales/Revenue/Turnover 100.00 12000.0 90.00 10000.0 80.00 70.00 8000.0 60.00 50.00 6000.0 40.00 4000.0 30.00 20.00 2000.0 10.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Arcelik ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKOC HOLDING AS n/a Research 273737498 40.51 - 31.12.2009 Holding CompanyTEKNOSAN AS n/a Research 81428337 12.05 - 17.07.2009 OtherKOC FAMILY n/a Research 58585636 8.67 58585627 31.12.2009 OtherBURLA TICARET VE YAT n/a Research 50572000 7.48 337 31.12.2009 CorporationKOC HOLDING EMEKLI V n/a Research 34722000 5.14 80 31.12.2009 OtherHARDING LOEVNER LP Multiple Portfolios MF-AGG 8369372 1.24 130600 30.06.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6503116 0.96 (38457) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 5920088 0.88 (7634) 25.03.2013 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4239701 0.63 1381518 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2540495 0.38 - 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2295018 0.34 - 31.07.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1791550 0.27 - 26.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 1716358 0.25 (76282) 31.01.2013 UnclassifiedGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1315355 0.19 - 31.05.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 1232830 0.18 423022 31.01.2013 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1109800 0.16 - 31.05.2012 Investment AdvisorNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 799829 0.12 (128246) 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 777526 0.12 (6206) 26.03.2013 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 777080 0.11 - 31.01.2013 Mutual Fund ManagerARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 753522 0.11 (6997) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBurgan Securities BURAK ISYAR hold 3 M 13 12 month 26.03.2013FinansInvest CAN OZTOPRAK underperform 1 M 11 12 month 22.03.2013Sardis Securities HAYDAR ACUN sell 1 M #N/A N/A Not Provided 15.03.2013Seker Securities KADIR TEZELLER market perform 3 M 13 12 month 06.03.2013Ak Investment BERTUG TUZUN market outperform 4 U 13 12 month 22.02.2013Eczacibasi Securities AKIF DASIRAN market perform 3 M 13 Not Provided 18.02.2013HSBC CENK ORCAN neutral 3 M 12 Not Provided 13.02.2013Oyak Securities SERHAT KAYA market perform 3 M 11 12 month 12.02.2013IS Investment & Securities BASAK ENGIN DINCKOC market perform 3 M 11 Not Provided 12.02.2013BNP Paribas Equity Research SABRIYE GOZDE CULLAS hold 3 M 12 12 month 12.02.2013Yatirim Finansman Securities OZGUR UCUR underperform 1 M 11 12 month 12.02.2013Barclays HANZADE KILICKIRAN overweight 5 M 14 Not Provided 12.02.2013Deutsche Bank VEDAT MIZRAHI buy 5 M 13 12 month 11.02.2013Ekspres Invest KURTHAN ATMACA hold 3 M 13 Not Provided 22.01.2013Global Menkul Degerler ILKNUR UNSAL buy 5 U 15 Not Provided 21.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 12 Not Provided 17.12.2012Credit Suisse ONUR MUMINOGLU outperform 5 M 13 Not Provided 23.11.2012BGC Partners BERNA KURBAY hold 3 M 12 12 month 06.11.2012Erste Bank MEHMET EMIN ZUMRUT hold 3 M 12 12 month 04.11.2012Goldman Sachs ANTON FARLENKOV neutral/neutral 3 M 11 12 month 04.11.2012Renaissance Capital METE OZBEK hold 3 M 9 12 month 01.08.2012ATA Invest ERMAN TUTUNCUOGLU market perform 3 D 9 Not Provided 15.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Aselsan Elektronik Sanayi Ve Ticaret ASAselsan Elektronik Sanayi Ve Ticaret A.S. designs and manufactures military and Price/Volumecivil telecommunications equipment. The Company produces communications, 12 12.0 Mmicroelectronics/guidance and microwave systems, power electronics, electronicsecurity systems, air traffic control towers, air-to-ground radios, night 10 10.0 Mvision goggles, laser range finders, and highway toll collection systems. 8 8.0 M 6 6.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 4 4.0 MLTM as of: 12/yy 2 2.0 M52-Week High (04.03.2013) 10.95 0 .0 M52-Week Low (25.05.2012) 4.40 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 1382725.00 Current Price (3/dd/yy) 10.65 Market Data 52-Week High % Change -2.74% Dividend Yield - 52-Week Low % Change 141.86% Beta 0.70 % 52 Week Price Range High/Low 93.89% Equity Float -Shares Out 31.12.2012 500.0 Short Int - Market Capitalization 5324.92 1 Yr Total Return 118.98%Total Debt 325.12 YTD Return 26.18%Preferred Stock 0.0 Adjusted BETA 0.696Minority Interest 0.5 Analyst Recs 10Cash and Equivalents 371.90 Consensus Rating 2.500Enterprise Value 5278.68 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 902816ASELS TI EQUITY YTD Change - Average Volume 30 Day 2192720ASELS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1815631 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 705.9 1037.7 1189.8 1501.9 1632.9 1501.9 1632.9 1937.8 2224.4 - - TEV/Revenue 0.35x 1.10x 1.24x 1.26x 2.56x 5.40x 6.77x 2.57x 2.40x - - EBITDA 137.5 232.4 286.2 289.8 252.1 289.8 207.4 388.2 441.0 - - TEV/EBITDA 1.82x 4.89x 5.16x 6.51x 16.55x 6.51x 0.00x 13.60x 11.97x - - Net Income 12.2 185.4 240.7 160.8 293.2 160.8 293.2 315.1 360.6 - - P/E 28.56x 7.42x 8.05x 12.00x 14.39x 14.21x 29.72x 15.90x 14.24x - - Profitability S&P Issuer RatingsEBITDA 252.12 Long-Term Rating Date -EBIT 183.83 Long-Term Rating -Operating Margin 11.26% Long-Term Outlook -Pretax Margin 15.54% Short-Term Rating Date -Return on Assets 9.03% Short-Term Rating -Return on Common Equity 23.56% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 78.27Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 45.00Margin Analysis Net Debt/EBITDA 0.09Gross Margin 24.0% Total Debt/EBITDA 0.76EBITDA Margin 14.3% ReferenceEBIT Margin 10.3% Total Debt/Equity 25.7%Net Income Margin 18.0% Total Debt/Capital 20.4%Structure Asset Turnover 0.61Current Ratio 2.50 Net Fixed Asset Turnover 4.96Quick Ratio 1.15 Accounts receivable turnover-days 84.98Debt to Assets 9.78% Inventory Days 169.84Tot Debt to Common Equity 25.69% Accounts Payable Turnover Day 38.31Accounts Receivable Turnover 4.31 Cash Conversion Cycle 191.62Inventory Turnover 2.15Price/ Cash Flow Sales/Revenue/Turnover 25.00 1800.0 1600.0 20.00 1400.0 1200.0 15.00 1000.0 800.0 10.00 600.0 400.0 5.00 200.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Aselsan Elektronik Sanayi Ve Ticaret ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTURK SILAHLI KUV GUC n/a EXCH 422906162 84.58 - 31.12.2009 UnclassifiedLAZARD ASSET MANAGEM n/a ULT-AGG 2650956 0.53 440191 28.02.2013 UnclassifiedBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1996729 0.4 (29970) 26.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 1714263 0.34 2446 25.03.2013 Investment AdvisorDRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 1415132 0.28 373392 31.01.2013 Hedge Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1362361 0.27 1362361 30.06.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1291148 0.26 - 21.03.2013 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 840668 0.17 92761 28.02.2013 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 774950 0.15 45671 30.11.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 626018 0.13 - 31.07.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 570726 0.11 - 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 483958 0.1 29284 31.12.2012 Investment AdvisorSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 447685 0.09 9248 28.02.2013 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 303649 0.06 - 31.01.2013 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 303000 0.06 108000 28.02.2013 Investment AdvisorNATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 295860 0.06 - 28.02.2013 Investment AdvisorGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 222702 0.04 222702 31.12.2012 Investment AdvisorCASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 214727 0.04 13492 31.08.2012 Mutual Fund ManagerSEAFARER CAPITAL PAR Multiple Portfolios MF-AGG 209774 0.04 156634 31.12.2012 Investment AdvisorINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 194708 0.04 4 30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSeker Securities BURAK DEMIRBILEK market perform 3 M 9 Not Provided 19.03.2013Credit Suisse ATINC OZKAN outperform 5 M 10 Not Provided 06.03.2013FinansInvest CAN OZTOPRAK neutral 3 M 9 12 month 06.03.2013Oyak Securities MUSTAFA ONER underperform 1 D 9 Not Provided 06.03.2013Ak Investment BORA TEZGULER market underperform 2 D 9 12 month 06.03.2013Yatirim Finansman Securities HUSEYIN MERDAN GEYIK market perform 3 M 9 12 month 14.02.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013IS Investment & Securities BASAK ENGIN DINCKOC underperform 1 D 9 Not Provided 20.12.2012BGC Partners ERDEM HAFIZOGLU hold 3 D 6 12 month 25.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Asya Katilim Bankasi ASAsya Katilim Bankasi AS attracts deposits and offers commercial banking Price/Volumeservices. The Bank offers consumer loans, insurance services, credit cards, 3 120.0 Mbusiness loans, cash management, and lease financing. 3 100.0 M 2 80.0 M 2 60.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 1 40.0 MLTM as of: 12/yy 1 20.0 M52-Week High (21.01.2013) 2.58 0 .0 M52-Week Low (25.05.2012) 1.58 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 11294610.00 Current Price (3/dd/yy) 2.32 Market Data 52-Week High % Change -10.08% Dividend Yield - 52-Week Low % Change 46.84% Beta 1.14 % 52 Week Price Range High/Low 73.00% Equity Float -Shares Out 31.12.2012 900.0 Short Int - Market Capitalization 2088.00 1 Yr Total Return 17.17%Total Debt 1815.40 YTD Return 4.98%Preferred Stock 0.0 Adjusted BETA 1.139Minority Interest 0.0 Analyst Recs 20Cash and Equivalents 3887.38 Consensus Rating 3.150Enterprise Value - Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9880688ASYAB TI EQUITY YTD Change - Average Volume 30 Day 12016960ASYAB TI EQUITY YTD % CHANGE - Average Volume 3 Month 18005410 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 1562.8 1926.4 1783.0 1872.0 2197.3 1872.0 2197.3 1454.5 1630.9 - - TEV/Revenue - - - - - 0.00x 0.00x - - - - EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 238.8 305.8 262.1 221.8 190.4 221.8 190.4 254.5 320.8 - - P/E 4.37x 10.18x 9.75x 6.45x 10.45x 6.45x 10.45x 8.03x 6.52x - - Profitability S&P Issuer RatingsEBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin 17.46% Long-Term Outlook -Pretax Margin 17.46% Short-Term Rating Date -Return on Assets 0.98% Short-Term Rating -Return on Common Equity 8.49% Credit RatiosReturn on Capital 4.66% EBITDA/Interest Exp. -Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 77.3%Net Income Margin 13.5% Total Debt/Capital 43.6%Structure Asset Turnover 0.11Current Ratio - Net Fixed Asset Turnover 3.78Quick Ratio - Accounts receivable turnover-days -Debt to Assets 8.49% Inventory Days -Tot Debt to Common Equity 77.28% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 2500.0 20.00 2000.0 15.00 1500.0 10.00 1000.0 5.00 500.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Asya Katilim Bankasi ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 26094882 2.9 (213807) 25.03.2013 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 21065168 2.34 - 28.02.2013 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 14508696 1.61 - 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 11954115 1.33 138514 31.12.2012 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 6825656 0.76 - 31.05.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5684650 0.63 (1503960) 31.01.2013 Investment AdvisorPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 3824916 0.42 3698480 31.01.2013 Investment AdvisorVALIC CO I Multiple Portfolios MF-AGG 1913631 0.21 1878764 31.01.2013 Investment AdvisorOPERA TFI SA Multiple Portfolios MF-AGG 1879000 0.21 - 30.06.2012 Mutual Fund ManagerEATON VANCE MANAGEME Multiple Portfolios MF-AGG 1819100 0.2 - 31.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1765167 0.2 (18478) 28.02.2013 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1736585 0.19 (953253) 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 1644833 0.18 - 26.03.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1555733 0.17 72760 31.12.2012 Investment AdvisorBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1348457 0.15 - 30.06.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 1068238 0.12 827785 30.06.2012 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1060000 0.12 (187000) 28.09.2012 Mutual Fund ManagerSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 692000 0.08 - 03.09.2012 Mutual Fund ManagerEATON VANCE ADVISORS Multiple Portfolios MF-AGG 554300 0.06 - 31.01.2013 Investment AdvisorPIONEER INVESTMENTS Multiple Portfolios MF-AGG 526000 0.06 - 31.05.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateFinansInvest MUGE DAGISTAN underperform 1 M 2 12 month 26.03.2013Burgan Securities DUYGUN KUTUCU hold 3 M 2 12 month 26.03.2013Deutsche Bank HILAL VAROL buy 5 U 3 12 month 25.03.2013Global Menkul Degerler SEVGI ONUR market perform 3 M 2 Not Provided 27.02.2013BNP Paribas Equity Research SADRETTIN BAGCI hold 3 M 2 12 month 25.02.2013Ak Investment HAKAN AYGUN market perform 3 M 3 12 month 25.02.2013Seker Securities TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 19.02.2013Erste Bank SEVDA SARP hold 3 M 2 12 month 06.02.2013Credit Suisse ATES BULDUR neutral 3 M 3 Not Provided 25.01.2013IS Investment & Securities BULENT SENGONUL market perform 3 M 3 Not Provided 25.01.2013Oyak Securities ALPAY DINCKOC market perform 3 M 3 12 month 23.01.2013Eczacibasi Securities SERCAN SOYLU market perform 3 M 3 Not Provided 22.01.2013Ekspres Invest CIHAN SARAOGLU sell 1 D 2 Not Provided 22.01.2013Renaissance Capital YAVUZ UZAY hold 3 M 2 Not Provided 21.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013HSBC TAMER SENGUN overweight 5 U 3 Not Provided 15.01.2013JPMorgan PAUL FORMANKO overweight 5 U 3 9 month 16.10.2012ATA Invest FATIH TUGRUL TOPAC market underperform 2 M 2 Not Provided 20.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Aygaz ASAygaz A.S. purchases from local refineries and distributes liquified propane Price/Volumegas. The Company also markets plastifiers, alcohols, solvents, aromatic hydro- 12 2.5 Mcarbons and general purpose plastics. Aygaz operates a fleet of ships and LPGfilling plants. 10 2.0 M 8 1.5 M 6 Valuation Analysis 1.0 MLatest Fiscal Year: 12/2012 4LTM as of: 12/yy 2 .5 M52-Week High (27.03.2013) 11.00 0 .0 M52-Week Low (25.05.2012) 6.88 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 665145.00 Current Price (3/dd/yy) 10.9 Market Data 52-Week High % Change -0.91% Dividend Yield - 52-Week Low % Change 58.43% Beta 0.85 % 52 Week Price Range High/Low 100.00% Equity Float -Shares Out 31.12.2012 300.0 Short Int - Market Capitalization 3270.00 1 Yr Total Return 24.55%Total Debt 5.81 YTD Return 15.47%Preferred Stock 0.0 Adjusted BETA 0.846Minority Interest 0.5 Analyst Recs 17Cash and Equivalents 125.37 Consensus Rating 4.235Enterprise Value 3150.97 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 453376AYGAZ TI EQUITY YTD Change - Average Volume 30 Day 542588AYGAZ TI EQUITY YTD % CHANGE - Average Volume 3 Month 563294 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 3579.3 3786.8 4657.7 5455.7 5586.1 5455.7 5586.1 5855.2 6003.6 - - TEV/Revenue 0.20x 0.47x 0.51x 0.44x 0.49x 1.95x 1.68x 0.51x 0.48x - - EBITDA 337.8 390.3 305.9 233.6 244.8 233.6 244.8 284.7 297.2 - - TEV/EBITDA 2.13x 4.52x 7.76x 10.27x 11.08x 10.27x 11.08x 11.07x 10.60x - - Net Income 25.8 314.6 239.5 379.7 303.5 379.7 303.5 284.4 297.7 - - P/E 36.30x 5.39x 10.40x 6.98x 9.33x 6.98x 9.33x 11.46x 10.74x - - Profitability S&P Issuer RatingsEBITDA 244.80 Long-Term Rating Date -EBIT 165.87 Long-Term Rating -Operating Margin 2.97% Long-Term Outlook -Pretax Margin 6.14% Short-Term Rating Date -Return on Assets 10.71% Short-Term Rating -Return on Common Equity 13.39% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 1.97% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -0.49Gross Margin 9.3% Total Debt/EBITDA 0.02EBITDA Margin 4.4% ReferenceEBIT Margin 3.0% Total Debt/Equity 0.2%Net Income Margin 5.4% Total Debt/Capital 0.2%Structure Asset Turnover 1.97Current Ratio 1.56 Net Fixed Asset Turnover 9.60Quick Ratio 0.96 Accounts receivable turnover-days 19.74Debt to Assets 0.20% Inventory Days 14.55Tot Debt to Common Equity 0.24% Accounts Payable Turnover Day 18.64Accounts Receivable Turnover 18.54 Cash Conversion Cycle 15.66Inventory Turnover 25.15Price/ Cash Flow Sales/Revenue/Turnover 30.00 6000.0 25.00 5000.0 20.00 4000.0 15.00 3000.0 10.00 2000.0 5.00 1000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Aygaz ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKOC HOLDING AS n/a Co File 122053514 40.68 - 31.12.2010 Holding CompanyLIQUID PETROLEUM GAS n/a Co File 73546000 24.52 - 31.12.2010 OtherTEMEL TICARET VE YAT n/a Co File 15883936 5.29 - 31.12.2010 CorporationKOC FAMILY n/a Co File 15705118 5.24 - 31.12.2010 OtherFMR LLC n/a ULT-AGG 5760669 1.92 788710 31.01.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 3733478 1.24 16443 31.12.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3179330 1.06 800000 31.12.2012 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2720470 0.91 - 31.05.2012 Investment AdvisorEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 1763439 0.59 1763439 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1518678 0.51 - 31.07.2012 Investment AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 1143077 0.38 111212 28.02.2013 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 661200 0.22 661200 30.11.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 650456 0.22 650456 31.01.2013 Investment AdvisorNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 488827 0.16 - 31.01.2013 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 367154 0.12 42802 30.11.2012 Investment AdvisorNORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 343000 0.11 (14605) 28.02.2013 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 302916 0.1 302916 30.11.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 299419 0.1 - 31.01.2013 Investment AdvisorAKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 268491 0.09 (88321) 31.10.2012 Mutual Fund ManagerSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 258000 0.09 100000 03.09.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 26.03.2013BNP Paribas Equity Research ALPER PAKSOY buy 5 M 11 12 month 12.03.2013FinansInvest KORAY PAMIR outperform 5 M 12 12 month 08.03.2013Oyak Securities HASAN SENER outperform 5 M 12 Not Provided 08.03.2013Renaissance Capital ILGIN ERDOGAN buy 5 M 13 12 month 08.03.2013Burgan Securities UMUT OZTURK hold 3 M 11 12 month 08.03.2013Seker Securities KADIR TEZELLER outperform 5 M 13 Not Provided 18.02.2013Ekspres Invest SELIM KUNTER buy 5 M 12 Not Provided 22.01.2013Deutsche Bank VEDAT MIZRAHI buy 5 U 12 12 month 16.01.2013BGC Partners EZGI YILMAZ hold 3 M 10 12 month 04.01.2013IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 15 Not Provided 18.12.2012Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 11 Not Provided 17.12.2012Goldman Sachs MATIJA GERGOLET neutral/neutral 3 D 11 12 month 10.12.2012HSBC BULENT YURDAGUL overweight 5 U 10 Not Provided 20.11.2012Erste Bank THOMAS UNGER accumulate 4 M 10 12 month 04.11.2012ATA Invest MERT BOSTANOGLU market perform 3 M 10 Not Provided 18.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Bagfas Bandirma Gubre FabrikBagfas Bandirma Gubre Fabrikalari A.S. manufactures chemical fertilizers and Price/Volumeacids including composite fertilizer, ammonium sulphate, diammoniumphosphate, 80 1.4 Mand triple fertilizer. Bagfas sells its products throughout Turkey. 70 1.2 M 60 1.0 M 50 .8 M 40 Valuation Analysis .6 M 30Latest Fiscal Year: 12/2012 .4 M 20LTM as of: 12/yy .2 M 1052-Week High (24.04.2012) 82.60 0 .0 M52-Week Low (20.11.2012) 48.90 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 106975.00 Current Price (3/dd/yy) 56 Market Data 52-Week High % Change -32.21% Dividend Yield - 52-Week Low % Change 14.52% Beta 0.80 % 52 Week Price Range High/Low 20.32% Equity Float -Shares Out 31.12.2012 9.0 Short Int - Market Capitalization 504.00 1 Yr Total Return -0.76%Total Debt 29.31 YTD Return 3.70%Preferred Stock 0.0 Adjusted BETA 0.799Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 22.99 Consensus Rating 3.714Enterprise Value 510.33 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 65214BAGFS TI EQUITY YTD Change - Average Volume 30 Day 98524BAGFS TI EQUITY YTD % CHANGE - Average Volume 3 Month 143826 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 390.3 268.0 279.8 325.1 363.9 325.1 363.9 401.0 429.0 - - TEV/Revenue 0.40x 0.88x 1.42x 1.10x 1.35x 4.59x 5.13x 1.29x 1.56x - - EBITDA 111.0 (8.4) 63.1 90.3 36.3 90.3 36.3 64.5 73.8 - - TEV/EBITDA 1.40x - 6.31x 3.96x 13.57x 3.96x 13.57x 7.91x 6.92x - - Net Income 82.8 (5.1) 47.0 73.8 23.9 73.8 23.9 46.8 54.6 - - P/E 2.21x - 10.57x 6.20x 20.33x 6.20x 0.00x 9.29x 8.56x - - Profitability S&P Issuer RatingsEBITDA 36.27 Long-Term Rating Date -EBIT 25.80 Long-Term Rating -Operating Margin 7.09% Long-Term Outlook -Pretax Margin 7.14% Short-Term Rating Date -Return on Assets 7.06% Short-Term Rating -Return on Common Equity 10.20% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 0.17Gross Margin 15.7% Total Debt/EBITDA 0.81EBITDA Margin 10.0% ReferenceEBIT Margin 7.1% Total Debt/Equity 12.7%Net Income Margin 6.6% Total Debt/Capital 11.2%Structure Asset Turnover 1.07Current Ratio 2.72 Net Fixed Asset Turnover 4.05Quick Ratio 0.88 Accounts receivable turnover-days 33.77Debt to Assets 8.94% Inventory Days 103.37Tot Debt to Common Equity 12.67% Accounts Payable Turnover Day 78.19Accounts Receivable Turnover 10.84 Cash Conversion Cycle 58.95Inventory Turnover 3.54Price/ Cash Flow Sales/Revenue/Turnover 80.00 450.0 70.00 400.0 60.00 350.0 300.0 50.00 250.0 40.00 200.0 30.00 150.0 20.00 100.0 10.00 50.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Bagfas Bandirma Gubre FabrikHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRECEP GENCER n/a Co File 1213163 13.48 - 30.09.2012 n/aBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 71878 0.8 - 26.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 48876 0.54 - 25.03.2013 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 40671 0.45 - 26.03.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 26684 0.3 (5468) 31.12.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 23900 0.27 - 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 21747 0.24 14498 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 19453 0.22 - 31.07.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 7054 0.08 - 31.12.2012 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 3500 0.04 - 03.09.2012 Mutual Fund ManagerERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 1654 0.02 54 30.11.2012 Investment AdvisorMIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG 1260 0.01 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 864 0.01 - 31.12.2012 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 800 0.01 800 28.09.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 718 0.01 - 25.03.2013 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 679 0.01 452 31.10.2012 Investment AdvisorBIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 136 0 - 20.07.2011 Investment AdvisorILIRIKA FUND MANAGEM Multiple Portfolios MF-AGG 100 0 - 28.02.2011 Mutual Fund ManagerJYSKE INVEST Multiple Portfolios MF-AGG - 0 (2235) 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGlobal Menkul Degerler HASAN BAYHAN market perform 3 M 65 Not Provided 21.01.2013IS Investment & Securities NUR ATASOY outperform 5 M 82 Not Provided 17.12.2012Erste Bank EVRIM DAIRECIOGLU accumulate 4 M 60 12 month 04.11.2012HSBC CENK ORCAN neutral 3 U 66 Not Provided 06.09.2012BGC Partners CAN OZCELIK buy 5 M 90 12 month 31.08.2012Burgan Securities MURAT IGNEBEKCILI hold 3 M 62 12 month 23.05.2012Tera Stock Brokers AYSE COLAK neutral 3 M 64 Not Provided 09.05.2012Yatirim Finansman Securities OZGUR UCUR not rated #N/A N/A M #N/A N/A Not Provided 11.04.2012Ekspres Invest KURTHAN ATMACA sell 1 M 63 Not Provided 15.02.2012Garanti Yatirim Menkul Kiymetler SEZAI SAKLAROGLU market perform 3 M 60 Not Provided 29.12.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Banvit Bandirma Vitaminli Yem Sanayii ASABanvit Bandirma Vitaminli Yem Sanayii Ticaret A.S. breeds, raises and, Price/Volumeslaughters chickens and markets eggs. The Group also produces and sells mixed 5 16.0 Mfeeds. 5 14.0 M 4 12.0 M 4 3 10.0 M 3 8.0 M Valuation Analysis 2 6.0 MLatest Fiscal Year: 12/2011 2 4.0 MLTM as of: 09/yy 1 1 2.0 M52-Week High (18.01.2013) 4.55 0 .0 M52-Week Low (11.04.2012) 3.22 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 791139.00 Current Price (3/dd/yy) 3.65 Market Data 52-Week High % Change -19.78% Dividend Yield - 52-Week Low % Change 13.35% Beta 0.76 % 52 Week Price Range High/Low 27.82% Equity Float -Shares Out 30.06.2012 100.0 Short Int - Market Capitalization 365.09 1 Yr Total Return 1.96%Total Debt 425.88 YTD Return -5.44%Preferred Stock 0.0 Adjusted BETA 0.765Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 17.82 Consensus Rating 4.333Enterprise Value 788.56 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 154059BANVT TI EQUITY YTD Change - Average Volume 30 Day 426948BANVT TI EQUITY YTD % CHANGE - Average Volume 3 Month 1232405 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 543.6 649.9 791.6 1002.4 1116.3 1079.6 1231.7 1277.8 1479.0 302.0 337.0 TEV/Revenue 0.69x 0.53x 0.74x 0.75x 0.61x 2.73x 1.81x - - - - EBITDA 88.1 28.7 98.3 124.2 41.9 53.2 40.3 97.0 127.0 - - TEV/EBITDA 4.24x 12.08x 6.00x 6.07x 16.36x 13.99x 0.00x 8.13x 6.21x - - Net Income 56.8 (42.5) 44.1 58.9 (59.7) (48.4) 10.5 34.3 44.8 - - P/E 5.21x - 8.16x 8.70x - 0.00x 33.87x 10.49x 8.00x 8.11x - Profitability S&P Issuer RatingsEBITDA 41.88 Long-Term Rating Date -EBIT -1.06 Long-Term Rating -Operating Margin -0.10% Long-Term Outlook -Pretax Margin -6.41% Short-Term Rating Date -Return on Assets -2.87% Short-Term Rating -Return on Common Equity -11.13% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.20Asset Turnover 1.75% (EBITDA-Capex)/Interest Exp. -0.87Margin Analysis Net Debt/EBITDA 6.04Gross Margin 12.0% Total Debt/EBITDA 6.19EBITDA Margin 5.9% ReferenceEBIT Margin 1.9% Total Debt/Equity 281.3%Net Income Margin -5.3% Total Debt/Capital 73.8%Structure Asset Turnover 1.75Current Ratio 1.23 Net Fixed Asset Turnover 5.87Quick Ratio 0.43 Accounts receivable turnover-days 49.78Debt to Assets 61.08% Inventory Days 39.01Tot Debt to Common Equity 281.33% Accounts Payable Turnover Day 34.72Accounts Receivable Turnover 7.35 Cash Conversion Cycle 54.65Inventory Turnover 9.38Price/ Cash Flow Sales/Revenue/Turnover 50.00 1200.0 45.00 1000.0 40.00 35.00 800.0 30.00 25.00 600.0 20.00 400.0 15.00 10.00 200.0 5.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Banvit Bandirma Vitaminli Yem Sanayii ASAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGORENER VURAL n/a Research 24760641 24.75 - 31.12.2009 n/aKOCMAN EMINE OKSAN n/a Research 19293198 19.29 - 31.12.2009 n/aEBUBEKIR VALID FARUK n/a Research 18873991 18.87 - 31.12.2009 n/aGORENER CHRISTOFFEL n/a Research 14507208 14.5 - 31.12.2009 n/aGOERENER MAKBULE n/a Research 4831253 4.83 - 31.12.2009 n/aNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 442498 0.44 - 31.01.2013 Investment AdvisorGUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 370000 0.37 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 283919 0.28 - 31.07.2012 Investment AdvisorERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 23773 0.02 773 30.11.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 1000 0 - 31.01.2013 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1 0 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateAk Investment BERTUG TUZUN market perform 3 M 5 12 month 29.01.2013Ekspres Invest MELDA AGIRDAS buy 5 M 5 Not Provided 22.01.2013Oyak Securities ANIL CAN YILDIRIM outperform 5 M 5 Not Provided 20.12.2012IS Investment & Securities ESRA SUNER outperform 5 M 6 Not Provided 18.12.2012Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 U 8 12 month 10.12.2012Garanti Yatirim Menkul Kiymetler IREM OKUTGEN outperform 5 M 5 Not Provided 15.11.2012Tera Stock Brokers FEYRUZE ASLI KONDU neutral 3 D 5 12 month 17.09.2012ATA Invest OGUZHAN AKBULUT Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012BGC Partners ERDEM HAFIZOGLU buy 5 M 6 12 month 09.07.2012Burgan Securities ECE MANDACI hold 3 M 4 12 month 25.05.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 28.12.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASBesiktas Futbol Yatirimlar Sanayi ve Ticaret A.S. is a professional soccer club Price/Volumewhich belongs to the Turkish super league. 3 60.0 M 3 50.0 M 2 40.0 M 2 30.0 M Valuation AnalysisLatest Fiscal Year: 05/2012 1 20.0 MLTM as of: 11/yy 1 10.0 M52-Week High (27.03.2012) 2.60 0 .0 M52-Week Low (04.10.2012) 1.38 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 5847057.00 Current Price (3/dd/yy) 1.55 Market Data 52-Week High % Change -40.77% Dividend Yield - 52-Week Low % Change 12.02% Beta 0.83 % 52 Week Price Range High/Low 12.85% Equity Float -Shares Out 21.03.2013 240.0 Short Int - Market Capitalization 372.00 1 Yr Total Return -39.19%Total Debt 133.29 YTD Return -20.59%Preferred Stock 0.0 Adjusted BETA 0.827Minority Interest (0.1) Analyst Recs 0Cash and Equivalents 3.70 Consensus Rating -Enterprise Value 490.58 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 13938860BJKAS TI EQUITY YTD Change - Average Volume 30 Day 3823915BJKAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 4070610 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4 Total Revenue 94.7 85.2 131.5 145.7 153.5 116.2 176.5 - - - - TEV/Revenue 1.38x 4.32x 1.58x 3.34x - 16.56x 6.19x - - - - EBITDA 21.8 9.0 1.3 (38.1) - (69.6) 24.7 - - - - TEV/EBITDA 5.99x 40.67x 155.11x - - 0.00x 0.00x - - - - Net Income (1.3) (29.4) (48.4) (120.1) (150.8) (170.5) (52.9) - - - - P/E - - - - - 0.00x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA -38.08 Long-Term Rating Date -EBIT -66.58 Long-Term Rating -Operating Margin -45.71% Long-Term Outlook -Pretax Margin -82.39% Short-Term Rating Date -Return on Assets - Short-Term Rating -Return on Common Equity - Credit RatiosReturn on Capital - EBITDA/Interest Exp. -211.11Asset Turnover - (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin -32.2% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity -Net Income Margin -98.3% Total Debt/Capital -Structure Asset Turnover -Current Ratio 0.29 Net Fixed Asset Turnover -Quick Ratio 0.09 Accounts receivable turnover-days -Debt to Assets 86.80% Inventory Days -Tot Debt to Common Equity - Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -45.06Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 9.00 180.0 8.00 160.0 7.00 140.0 6.00 120.0 5.00 100.0 4.00 80.0 3.00 60.0 2.00 40.0 1.00 20.0 0.00 0.0 05.06.2009 05.12.2009 05.06.2010 05.12.2010 05.06.2011 05.12.2011 05.06.2012 05.12.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBESIKTAS JIMNASTIK K n/a Research 27999575 11.67 - 13.11.2008 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 75244 0.03 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013BIM Birlesik Magazalar ASBIM Birlesik Magazalar A.S. operates food and basic consumer goods discount Price/Volumestores in Turkey. The Company provides an assortment of private label products. 100 2.5 M 90 80 2.0 M 70 60 1.5 M 50 Valuation Analysis 40 1.0 MLatest Fiscal Year: 12/2012 30LTM as of: 12/yy 20 .5 M 1052-Week High (21.01.2013) 93.50 0 .0 M52-Week Low (10.04.2012) 64.75 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 278221.00 Current Price (3/dd/yy) 87.75 Market Data 52-Week High % Change -6.15% Dividend Yield - 52-Week Low % Change 35.52% Beta 0.54 % 52 Week Price Range High/Low 82.61% Equity Float -Shares Out 31.12.2012 151.8 Short Int - Market Capitalization 13320.45 1 Yr Total Return 31.29%Total Debt 10.45 YTD Return 0.57%Preferred Stock 0.0 Adjusted BETA 0.540Minority Interest 0.0 Analyst Recs 30Cash and Equivalents 388.22 Consensus Rating 2.767Enterprise Value 12942.68 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 276580BIMAS TI EQUITY YTD Change - Average Volume 30 Day 303860BIMAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 260948 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 4242.4 5323.4 6574.0 8189.1 9906.4 8189.1 9906.4 11862.2 14037.0 3166.0 2814.0 TEV/Revenue 0.57x 0.96x 1.17x 0.93x 1.30x 3.73x 4.54x 1.08x 0.90x - - EBITDA 189.2 314.2 356.4 424.4 491.2 424.4 491.2 597.1 714.0 128.0 114.0 TEV/EBITDA 12.75x 16.26x 21.66x 17.92x 26.19x 17.92x 26.19x 21.68x 18.13x 27.31x - Net Income 114.2 212.9 245.6 298.9 331.3 298.9 331.3 402.8 486.6 107.0 95.0 P/E 21.44x 24.77x 32.44x 26.66x 39.98x 26.66x 39.98x 32.68x 27.28x 33.62x - Profitability S&P Issuer RatingsEBITDA 491.20 Long-Term Rating Date -EBIT 397.65 Long-Term Rating -Operating Margin 4.01% Long-Term Outlook -Pretax Margin 4.23% Short-Term Rating Date -Return on Assets 17.14% Short-Term Rating -Return on Common Equity 46.37% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 5.12% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -0.77Gross Margin 15.7% Total Debt/EBITDA 0.02EBITDA Margin 5.0% ReferenceEBIT Margin 4.0% Total Debt/Equity 1.3%Net Income Margin 3.3% Total Debt/Capital 1.3%Structure Asset Turnover 5.12Current Ratio 0.98 Net Fixed Asset Turnover 13.21Quick Ratio 0.54 Accounts receivable turnover-days 10.81Debt to Assets 0.49% Inventory Days 19.47Tot Debt to Common Equity 1.29% Accounts Payable Turnover Day 48.17Accounts Receivable Turnover 33.86 Cash Conversion Cycle -17.89Inventory Turnover 18.80Price/ Cash Flow Sales/Revenue/Turnover 35.00 12000.0 30.00 10000.0 25.00 8000.0 20.00 6000.0 15.00 4000.0 10.00 2000.0 5.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013BIM Birlesik Magazalar ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOPBAS MUSTAFA LATIF n/a Research 23948496 15.78 - 11.02.2013 n/aTOPBAS AHMET AFIF n/a Research 14571000 9.6 - 11.02.2013 n/aABERDEEN n/a ULT-AGG 11877827 7.82 (103422) 28.02.2013 UnclassifiedEL KHEREJI ABDULRAHM n/a Research 6831000 4.5 - 11.02.2013 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 4323584 2.85 231023 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4090152 2.69 (17580) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3464800 2.28 (217106) 25.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3132155 2.06 - 31.01.2013 Investment AdvisorCIZMECI FIRDEVS n/a Research 1749990 1.15 - 11.02.2013 n/aTOPBAS FATMA FITNAT n/a Research 1518000 1 - 11.02.2013 n/aCARMIGNAC GESTION Multiple Portfolios MF-AGG 994686 0.66 30749 31.12.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 708427 0.47 - 28.02.2013 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 640145 0.42 - 31.08.2012 Investment AdvisorDANSKE INVEST MANAGE Multiple Portfolios MF-AGG 417690 0.28 28000 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 393614 0.26 18911 31.01.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 377578 0.25 (498) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 375440 0.25 1556 31.01.2013 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios MF-AGG 352800 0.23 - 31.12.2012 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 301700 0.2 40999 28.09.2012 Mutual Fund ManagerWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 276614 0.18 (139513) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSeker Securities BURAK DEMIRBILEK market perform 3 M 98 12 month 27.03.2013Burgan Securities BURAK ISYAR hold 3 M 90 12 month 27.03.2013Goldman Sachs ANTON FARLENKOV Sell/Neutral 1 M 70 12 month 20.03.2013Marfin Analysis (ESN) NATALIA SVYROU-SVYRIADI hold 3 M 89 12 month 12.03.2013EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 12.03.2013FinansInvest CAN OZTOPRAK neutral 3 D 91 12 month 07.03.2013Renaissance Capital METE OZBEK hold 3 M 86 12 month 07.03.2013Oyak Securities SERHAT KAYA market perform 3 M 88 12 month 06.03.2013IS Investment & Securities ESRA SUNER market perform 3 M 92 Not Provided 06.03.2013Wood & Company PATRICK SHIELDS sell 1 M 75 12 month 05.03.2013JPMorgan BORJA OLCESE neutral 3 M 84 Not Provided 01.03.2013HSBC BULENT YURDAGUL neutral 3 M 96 Not Provided 18.02.2013BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 93 12 month 18.02.2013Erste Bank GORKEM GOKER hold 3 M 90 12 month 15.02.2013Eczacibasi Securities AKIF DASIRAN outperform 5 M 111 Not Provided 22.01.2013Ekspres Invest MELDA AGIRDAS hold 3 M 93 Not Provided 22.01.2013Global Menkul Degerler BERTAN ILBAK sell 1 M 84 Not Provided 21.01.2013Deutsche Bank VEDAT MIZRAHI buy 5 M 103 12 month 16.01.2013Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 87 Not Provided 17.12.2012VTB Capital MARIA KOLBINA sell 1 M 77 12 month 03.12.2012Credit Suisse ONUR MUMINOGLU neutral 3 M 77 Not Provided 21.11.2012BGC Partners BERNA KURBAY hold 3 M 94 12 month 14.11.2012Natixis ANTOINE PARISON reduce 2 M 69 Not Provided 14.11.2012Yatirim Finansman Securities DUYGU KALFAOGLU Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2012Barclays HANZADE KILICKIRAN overweight 5 N 95 Not Provided 30.10.2012ATA Invest EMRAH OZKOC market perform 3 M #N/A N/A Not Provided 11.05.2012Tera Stock Brokers KENAN TURAN sell 1 M 56 Not Provided 08.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Bizim Toptan Satis Magazalari ASBizim Toptan Satis Magazalari AS operates a chain of wholesales stores Price/Volumethroughout Turkey. The Stores offer a wide range of products including food and 35 1.2 Mbeverage products. 30 1.0 M 25 .8 M 20 .6 M Valuation Analysis 15Latest Fiscal Year: 12/2012 .4 M 10LTM as of: 12/yy 5 .2 M52-Week High (16.01.2013) 30.40 0 .0 M52-Week Low (04.10.2012) 22.45 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 96420.00 Current Price (3/dd/yy) 30 Market Data 52-Week High % Change -1.32% Dividend Yield - 52-Week Low % Change 33.63% Beta 0.95 % 52 Week Price Range High/Low 89.94% Equity Float -Shares Out 31.12.2012 40.0 Short Int - Market Capitalization 1200.00 1 Yr Total Return 28.98%Total Debt 0.00 YTD Return 7.91%Preferred Stock 0.0 Adjusted BETA 0.954Minority Interest 0.0 Analyst Recs 20Cash and Equivalents 19.25 Consensus Rating 4.000Enterprise Value 1180.75 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 97900BIZIM TI EQUITY YTD Change - Average Volume 30 Day 94776BIZIM TI EQUITY YTD % CHANGE - Average Volume 3 Month 144276 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 1264.3 1237.1 1451.8 1733.0 1973.9 1733.0 1973.9 2297.8 2633.1 - - TEV/Revenue - - - 0.42x 0.55x 2.21x 2.00x 0.51x 0.44x - - EBITDA 33.5 42.5 54.6 62.6 68.9 62.6 68.9 86.0 100.4 - - TEV/EBITDA - - - 11.68x 15.85x 11.68x 15.85x 13.73x 11.76x - - Net Income 3.8 18.9 28.3 29.9 26.1 29.9 26.1 39.6 46.7 - - P/E - - - 25.18x 42.61x 25.18x 42.61x 30.58x 25.77x - - Profitability S&P Issuer RatingsEBITDA 68.93 Long-Term Rating Date -EBIT 58.53 Long-Term Rating -Operating Margin 2.97% Long-Term Outlook -Pretax Margin 1.65% Short-Term Rating Date -Return on Assets 7.59% Short-Term Rating -Return on Common Equity 23.70% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 6.79Asset Turnover 5.74% (EBITDA-Capex)/Interest Exp. 3.91Margin Analysis Net Debt/EBITDA -0.28Gross Margin 8.7% Total Debt/EBITDA 0.00EBITDA Margin 3.5% ReferenceEBIT Margin 3.0% Total Debt/Equity 0.0%Net Income Margin 1.3% Total Debt/Capital 0.0%Structure Asset Turnover 5.74Current Ratio 1.04 Net Fixed Asset Turnover 31.65Quick Ratio 0.25 Accounts receivable turnover-days 10.67Debt to Assets 0.00% Inventory Days 32.36Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 41.54Accounts Receivable Turnover 34.29 Cash Conversion Cycle 1.49Inventory Turnover 11.31Price/ Cash Flow Sales/Revenue/Turnover 35.00 2500.0 30.00 2000.0 25.00 1500.0 20.00 15.00 1000.0 10.00 500.0 5.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Bizim Toptan Satis Magazalari ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeYILDIZ HOLDING A.S. n/a EXCH 19977410 49.94 - 06.01.2012 Holding CompanyCAPITAL GROUP COMPAN n/a ULT-AGG 2913474 7.28 1193000 31.12.2012 Investment AdvisorNORGES BANK n/a Research 2004000 5.01 - 10.01.2012 GovernmentSTANDARD BANK PLC n/a EXCH 2000000 5 - 06.01.2012 BankCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1058937 2.65 455015 31.01.2013 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 654189 1.64 (26000) 31.01.2013 Investment AdvisorWASATCH ADVISORS INC Multiple Portfolios MF-AGG 571804 1.43 571804 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 411835 1.03 - 31.12.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 400000 1 50000 31.01.2013 Mutual Fund ManagerGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 339161 0.85 - 31.05.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 175000 0.44 - 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 167317 0.42 763 25.03.2013 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 165578 0.41 8348 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 133447 0.33 - 31.07.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 124735 0.31 83069 31.12.2012 Investment AdvisorPIONEER INVESTMENT M Multiple Portfolios MF-AGG 110380 0.28 110380 31.01.2013 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 109634 0.27 3224 31.01.2013 Investment AdvisorHSBC INVESTMENT FUND Multiple Portfolios MF-AGG 88664 0.22 - 31.12.2012 Mutual Fund ManagerCHARLES SCHWAB INVES Multiple Portfolios MF-AGG 85827 0.21 85827 31.10.2012 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 85385 0.21 36601 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 13.03.2013BGC Partners BERNA KURBAY buy 5 M 35 12 month 12.03.2013Renaissance Capital METE OZBEK buy 5 M 35 12 month 08.03.2013FinansInvest CAN OZTOPRAK outperform 5 M 34 12 month 07.03.2013Oyak Securities SERHAT KAYA outperform 5 M 33 12 month 07.03.2013Burgan Securities BURAK ISYAR buy 5 M 32 12 month 07.03.2013Wood & Company ERIK HEGEDUS hold 3 D 29 12 month 27.02.2013JPMorgan JAIME VAZQUEZ neutral 3 N 27 12 month 18.02.2013BNP Paribas Equity Research SABRIYE GOZDE CULLAS hold 3 M 28 12 month 18.02.2013Erste Bank GORKEM GOKER hold 3 D 30 12 month 15.02.2013Eczacibasi Securities AKIF DASIRAN outperform 5 M 37 Not Provided 22.01.2013Ekspres Invest MELDA AGIRDAS hold 3 M 34 Not Provided 22.01.2013Deutsche Bank VEDAT MIZRAHI buy 5 M 34 12 month 16.01.2013HSBC BULENT YURDAGUL overweight 5 M 34 Not Provided 16.01.2013IS Investment & Securities ESRA SUNER outperform 5 M 38 Not Provided 17.12.2012Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 29 Not Provided 17.12.2012Tera Stock Brokers KENAN TURAN neutral 3 M 29 Not Provided 01.10.2012Global Menkul Degerler TEAM COVERAGE market perform 3 N 24 Not Provided 21.03.2012Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 30 12 month 27.02.2012ATA Invest EMRAH OZKOC market outperform 4 M 32 Not Provided 13.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Borusan Mannesmann Boru Sanayi ve Ticaret ASBorusan Mannesmann Boru Sanayi ve Ticaret A.S. manufactures grooved and Price/Volumegalvanized steel and plastic and steel pipes. The Company produces 40 2.0 Mlongitudinally welded steel pipe under the brand name Kartal and polypropylene 1.8 M 35plastic pipe. Borusans products are used in construction and for industrial 1.6 M 30applications. 1.4 M 25 1.2 M 20 1.0 M Valuation Analysis .8 M 15Latest Fiscal Year: 12/2012 .6 M 10LTM as of: 12/yy .4 M 5 .2 M52-Week High (28.02.2013) 37.40 0 .0 M52-Week Low (27.11.2012) 23.40 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 264751.00 Current Price (3/dd/yy) 35.4 Market Data 52-Week High % Change -5.61% Dividend Yield - 52-Week Low % Change 51.28% Beta 0.95 % 52 Week Price Range High/Low 90.00% Equity Float -Shares Out 30.06.2012 28.4 Short Int - Market Capitalization 1003.59 1 Yr Total Return 44.12%Total Debt 155.44 YTD Return 28.73%Preferred Stock 0.0 Adjusted BETA 0.945Minority Interest 0.5 Analyst Recs 1Cash and Equivalents 38.12 Consensus Rating 1.000Enterprise Value 1214.80 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 144902BRSAN TI EQUITY YTD Change - Average Volume 30 Day 228232BRSAN TI EQUITY YTD % CHANGE - Average Volume 3 Month 172921 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 1159.7 776.3 981.1 1331.3 1426.1 1331.3 1426.1 - - - - TEV/Revenue 0.20x 0.51x 0.61x 0.54x - 2.23x 1.37x - - - - EBITDA (1.9) 44.6 9.3 108.4 - 108.4 56.0 - - - - TEV/EBITDA - 8.95x 64.64x 6.66x - 6.66x 0.00x - - - - Net Income (37.7) 22.5 (13.4) 52.6 39.5 52.6 39.5 - - - - P/E - 15.23x - 11.30x 19.74x 11.30x 19.74x - - - - Profitability S&P Issuer RatingsEBITDA 108.39 Long-Term Rating Date -EBIT 80.06 Long-Term Rating -Operating Margin 6.01% Long-Term Outlook -Pretax Margin 5.77% Short-Term Rating Date -Return on Assets 3.64% Short-Term Rating -Return on Common Equity 8.15% Credit RatiosReturn on Capital 7.73% EBITDA/Interest Exp. 9.33Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. -5.58Margin Analysis Net Debt/EBITDA 2.07Gross Margin 11.8% Total Debt/EBITDA 2.36EBITDA Margin 7.0% ReferenceEBIT Margin 4.8% Total Debt/Equity 23.7%Net Income Margin 2.8% Total Debt/Capital 19.1%Structure Asset Turnover 1.10Current Ratio 0.87 Net Fixed Asset Turnover 2.02Quick Ratio 0.36 Accounts receivable turnover-days 36.02Debt to Assets 10.60% Inventory Days 65.89Tot Debt to Common Equity 23.66% Accounts Payable Turnover Day 105.54Accounts Receivable Turnover 10.16 Cash Conversion Cycle -9.75Inventory Turnover 5.56Price/ Cash Flow Sales/Revenue/Turnover 40.00 1600.0 35.00 1400.0 30.00 1200.0 25.00 1000.0 20.00 800.0 15.00 600.0 10.00 400.0 5.00 200.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Borusan Mannesmann Boru Sanayi ve Ticaret ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBORUSAN MANNESMANN B n/a Research 20831453 73.48 - 31.12.2009 UnclassifiedLUMBRO NOMINEES JERS n/a Research 1890000 6.67 - 31.12.2009 OtherDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 229428 0.81 - 31.07.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 176173 0.62 - 26.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 79354 0.28 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 37645 0.13 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 30659 0.11 - 31.12.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2472 0.01 - 31.10.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2008 0.01 - 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Global Menkul Degerler TEAM COVERAGE market perform 3 M 15 Not Provided 22.06.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Boyner Buyuk MagazacilikBoyner Buyuk Magazacilik (BBM) A.S. operates department stores in Turkey. Price/VolumeThe stores sell clothing, cosmetics, personal items and leisure products 7 5.0 Mproduced by other manufacturers and under BBMs own Altimod label. The Company 4.5 M 6also offers shopping credit card under the name of Carsi. 4.0 M 5 3.5 M 4 3.0 M 2.5 M Valuation Analysis 3 2.0 MLatest Fiscal Year: 12/2012 2 1.5 MLTM as of: 12/yy 1.0 M 1 .5 M52-Week High (15.03.2013) 6.48 0 .0 M52-Week Low (25.05.2012) 2.90 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 134830.00 Current Price (3/dd/yy) 6 Market Data 52-Week High % Change -7.10% Dividend Yield - 52-Week Low % Change 106.90% Beta 1.05 % 52 Week Price Range High/Low 88.83% Equity Float -Shares Out 31.12.2012 92.1 Short Int - Market Capitalization 552.42 1 Yr Total Return 89.27%Total Debt 262.90 YTD Return 39.21%Preferred Stock 0.0 Adjusted BETA 1.052Minority Interest 20.8 Analyst Recs 7Cash and Equivalents 141.04 Consensus Rating 4.429Enterprise Value 695.10 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 350937BOYNR TI EQUITY YTD Change - Average Volume 30 Day 431587BOYNR TI EQUITY YTD % CHANGE - Average Volume 3 Month 299359 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 456.5 482.7 552.8 660.1 935.1 660.1 935.1 1460.2 1639.2 - - TEV/Revenue 0.21x 0.36x 0.81x 0.38x 0.58x 2.12x 2.06x 0.54x 0.47x - - EBITDA 22.9 30.7 39.5 45.0 50.6 45.0 50.6 103.6 126.2 - - TEV/EBITDA 4.26x 5.63x 11.33x 5.63x 10.67x 5.63x 10.67x 6.71x 5.51x - - Net Income 0.4 7.3 17.3 23.9 6.9 23.9 6.9 29.4 40.7 - - P/E 125.70x 17.84x 22.11x 8.99x 57.78x 8.99x 57.78x 21.82x 15.27x - - Profitability S&P Issuer RatingsEBITDA 50.57 Long-Term Rating Date -EBIT 27.31 Long-Term Rating -Operating Margin 2.92% Long-Term Outlook -Pretax Margin 1.36% Short-Term Rating Date -Return on Assets 1.12% Short-Term Rating -Return on Common Equity 6.64% Credit RatiosReturn on Capital 7.60% EBITDA/Interest Exp. 1.93Asset Turnover 1.52% (EBITDA-Capex)/Interest Exp. 0.58Margin Analysis Net Debt/EBITDA 2.41Gross Margin 37.3% Total Debt/EBITDA 5.20EBITDA Margin 5.4% ReferenceEBIT Margin 2.9% Total Debt/Equity 245.9%Net Income Margin 0.7% Total Debt/Capital 67.3%Structure Asset Turnover 1.52Current Ratio 0.97 Net Fixed Asset Turnover 10.52Quick Ratio 0.41 Accounts receivable turnover-days 35.39Debt to Assets 30.63% Inventory Days 126.60Tot Debt to Common Equity 245.89% Accounts Payable Turnover Day 156.77Accounts Receivable Turnover 10.34 Cash Conversion Cycle 5.22Inventory Turnover 2.89Price/ Cash Flow Sales/Revenue/Turnover 30.00 1000.0 900.0 25.00 800.0 700.0 20.00 600.0 15.00 500.0 400.0 10.00 300.0 200.0 5.00 100.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Boyner Buyuk MagazacilikHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFENNELLA SARI n/a Research 27667035 30.05 - 30.03.2012 OtherALTINYILDIZ KONF MEN n/a Research 27600184 29.98 20096711 30.03.2012 OtherFMR LLC n/a ULT-AGG 11969100 13 - 31.01.2013 Investment AdvisorBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1524364 1.66 - 30.06.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 600000 0.65 168500 31.01.2013 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 525000 0.57 105000 31.01.2013 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 326327 0.35 - 25.03.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 314308 0.34 - 31.07.2012 Investment AdvisorCASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 310233 0.34 101537 31.08.2012 Mutual Fund ManagerDANSKE INVEST MANAGE Multiple Portfolios MF-AGG 279000 0.3 (82000) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 188104 0.2 86294 31.12.2012 Investment AdvisorHOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 168748 0.18 168748 28.02.2013 Mutual Fund ManagerQUERCUS TFI Multiple Portfolios MF-AGG 90000 0.1 - 30.06.2012 Mutual Fund ManagerDANSKE INVEST A/S Multiple Portfolios MF-AGG 74500 0.08 (40000) 28.02.2013 Investment AdvisorDIGER n/a Research 66848 0.07 - 30.03.2012 Other Firm Name Analyst Recommendation Weighting Change Target Price Date DateFinansInvest ALPER USTUNISIK neutral 3 M 5 12 month 14.03.2013EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 13.03.2013Oyak Securities SERHAT KAYA market perform 3 M 6 12 month 06.03.2013IS Investment & Securities ESRA SUNER outperform 5 M 7 Not Provided 19.02.2013BGC Partners ERDEM HAFIZOGLU buy 5 M 8 12 month 15.02.2013Ekspres Invest MELDA AGIRDAS buy 5 M 6 Not Provided 22.01.2013Tera Stock Brokers KENAN TURAN buy 5 M 4 Not Provided 24.04.2012Global Menkul Degerler TEAM COVERAGE market perform 3 N 4 Not Provided 21.03.2012ATA Invest EMRAH OZKOC market underperform 2 M 4 Not Provided 21.10.2011Ak Investment ERKAN SAVRAN market perform 3 N 3 12 month 15.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Brisa Bridgestone Sabanci Sanayi ve Ticaret ASBrisa Bridgestone Sabanci Lastik San Ve Tic AS manufactures tires. The Company Price/Volumeproduces radial bus, truck, and fast-speed tires through joint operations with 12 60.0 MBridgestone Technical Center and Brisa Research and Development Center. 10 50.0 M 8 40.0 M 6 30.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 4 20.0 MLTM as of: 12/yy 2 10.0 M52-Week High (11.06.2012) 11.39 0 .0 M52-Week Low (11.04.2012) 3.54 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 613245.00 Current Price (3/dd/yy) 5.46 Market Data 52-Week High % Change -52.24% Dividend Yield - 52-Week Low % Change 54.39% Beta 0.90 % 52 Week Price Range High/Low 25.00% Equity Float -Shares Out 31.12.2012 305.1 Short Int - Market Capitalization 1665.97 1 Yr Total Return 44.02%Total Debt 557.64 YTD Return 2.63%Preferred Stock 0.0 Adjusted BETA 0.901Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 11.57 Consensus Rating 1.000Enterprise Value 2212.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 787276BRISA TI EQUITY YTD Change - Average Volume 30 Day 1199770BRISA TI EQUITY YTD % CHANGE - Average Volume 3 Month 2205753 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 772.2 775.9 979.9 1347.8 1424.0 1347.8 1424.0 1669.5 1819.0 - - TEV/Revenue 0.59x 0.72x 1.20x 1.05x 1.52x 4.36x 6.25x - - - - EBITDA 100.3 104.7 121.5 158.0 205.3 158.0 205.3 225.5 255.5 - - TEV/EBITDA 4.57x 5.33x 9.71x 8.94x 10.57x 8.94x 10.57x 9.81x 8.66x - - Net Income 31.8 39.1 56.7 71.9 92.9 71.9 92.9 101.4 117.2 - - P/E 7.96x 12.19x 18.05x 14.44x 17.48x 14.44x 0.00x 19.50x 18.20x - - Profitability S&P Issuer RatingsEBITDA 205.29 Long-Term Rating Date -EBIT 138.60 Long-Term Rating -Operating Margin 9.73% Long-Term Outlook -Pretax Margin 8.05% Short-Term Rating Date -Return on Assets 8.05% Short-Term Rating -Return on Common Equity 19.31% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 3.99Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. 0.31Margin Analysis Net Debt/EBITDA 2.66Gross Margin 22.8% Total Debt/EBITDA 2.72EBITDA Margin 14.4% ReferenceEBIT Margin 9.7% Total Debt/Equity 113.7%Net Income Margin 6.5% Total Debt/Capital 53.2%Structure Asset Turnover 1.23Current Ratio 1.01 Net Fixed Asset Turnover 3.36Quick Ratio 0.64 Accounts receivable turnover-days 100.26Debt to Assets 44.82% Inventory Days 91.57Tot Debt to Common Equity 113.73% Accounts Payable Turnover Day 53.55Accounts Receivable Turnover 3.65 Cash Conversion Cycle 138.29Inventory Turnover 4.00Price/ Cash Flow Sales/Revenue/Turnover 400.00 1600.0 350.00 1400.0 300.00 1200.0 250.00 1000.0 200.00 800.0 150.00 600.0 100.00 400.0 50.00 200.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Brisa Bridgestone Sabanci Sanayi ve Ticaret ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHACI OMER SABANCI HO n/a Research 133111379 43.63 - 31.12.2007 Holding CompanyNIPPON LIFE INSURANC n/a ULT-AGG 1057390 0.35 - 23.04.2012 Insurance CompanyEMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 725586 0.24 - 25.03.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 142106 0.05 - 31.07.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 21074 0.01 - 31.10.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5330 0 - 31.12.2012 Investment AdvisorBIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 68 0 - 20.07.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013IS Investment & Securities ESRA SUNER underperform 1 M 4 Not Provided 18.12.2012Goldman Sachs ASLI TUNCER Sell/Neutral 1 M 4 12 month 10.12.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Celebi Hava Servisi ASCelebi Hava Servisi A.S. offers ground services to domestic, foreign and Price/Volumecharter airlines in Turkey. The Company loads and unloads baggage and cargo and 25 1.8 Moffers traffic control, flight catering, and maintenance services. 1.6 MThe Company also sells jet fuel. 20 1.4 M 1.2 M 15 1.0 M Valuation Analysis .8 M 10Latest Fiscal Year: 12/2011 .6 M 5 .4 MLTM as of: 09/yy .2 M52-Week High (07.02.2013) 22.90 0 .0 M52-Week Low (01.06.2012) 13.00 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 64202.00 Current Price (3/dd/yy) 20.9 Market Data 52-Week High % Change -8.52% Dividend Yield - 52-Week Low % Change 60.77% Beta 0.84 % 52 Week Price Range High/Low 82.32% Equity Float -Shares Out 30.06.2012 24.3 Short Int - Market Capitalization 507.87 1 Yr Total Return 7.18%Total Debt 336.21 YTD Return 3.47%Preferred Stock - Adjusted BETA 0.838Minority Interest 11.1 Analyst Recs 8Cash and Equivalents 99.41 Consensus Rating 3.875Enterprise Value 777.43 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 53170CLEBI TI EQUITY YTD Change - Average Volume 30 Day 90223CLEBI TI EQUITY YTD % CHANGE - Average Volume 3 Month 175996 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 276.3 302.0 311.1 347.0 472.8 427.5 537.7 533.5 582.6 132.5 133.0 TEV/Revenue 1.11x 0.58x 1.48x 1.93x 1.50x 6.76x 3.88x 1.49x 1.28x - - EBITDA 75.4 82.6 98.3 87.6 78.8 98.2 27.1 92.1 112.1 10.0 - TEV/EBITDA 4.08x 2.12x 4.68x 7.66x 9.01x 6.53x 0.00x 8.44x 6.93x - - Net Income 26.1 35.0 27.8 26.6 7.6 23.3 18.6 36.1 43.6 (1.0) - P/E 10.28x 4.51x 14.96x 21.45x 60.56x 19.79x 26.02x 13.55x 9.81x - - Profitability S&P Issuer RatingsEBITDA 78.78 Long-Term Rating Date -EBIT 45.81 Long-Term Rating -Operating Margin 9.69% Long-Term Outlook -Pretax Margin 2.00% Short-Term Rating Date -Return on Assets 3.67% Short-Term Rating -Return on Common Equity 26.49% Credit RatiosReturn on Capital 7.11% EBITDA/Interest Exp. 4.33Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 2.68Margin Analysis Net Debt/EBITDA 3.36Gross Margin 27.1% Total Debt/EBITDA 4.05EBITDA Margin 14.8% ReferenceEBIT Margin 8.3% Total Debt/Equity 853.2%Net Income Margin 1.6% Total Debt/Capital 86.9%Structure Asset Turnover 1.14Current Ratio 1.18 Net Fixed Asset Turnover 3.32Quick Ratio 0.77 Accounts receivable turnover-days 41.40Debt to Assets 62.59% Inventory Days 6.03Tot Debt to Common Equity 853.23% Accounts Payable Turnover Day 16.88Accounts Receivable Turnover 8.84 Cash Conversion Cycle 11.67Inventory Turnover 60.71Price/ Cash Flow Sales/Revenue/Turnover 25.00 500.0 450.0 20.00 400.0 350.0 15.00 300.0 250.0 10.00 200.0 150.0 5.00 100.0 50.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Celebi Hava Servisi ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCELEBI HOLDING AS n/a Co File 13299390 54.73 - 30.06.2012 Holding CompanyCELEBIOGLU ENGIN n/a Co File 2432430 10.01 - 30.06.2012 n/aCELEBIOGLU CAN n/a Co File 1822500 7.5 - 30.06.2012 n/aCELEBIOGLU TOKGOZ CA n/a Co File 1241730 5.11 - 30.06.2012 n/aSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 180000 0.74 (14500) 31.12.2012 Investment AdvisorBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 151289 0.62 - 30.06.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 91539 0.38 - 25.01.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 90362 0.37 - 31.10.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 58051 0.24 - 31.07.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 54278 0.22 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16800 0.07 - 31.12.2012 Investment AdvisorINVESTORS TFI SA Multiple Portfolios MF-AGG - 0 (19181) 30.06.2012 Mutual Fund ManagerABANCNA DZU Multiple Portfolios MF-AGG - 0 (750) 30.06.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013Erste Bank GORKEM GOKER accumulate 4 M 24 12 month 05.03.2013BGC Partners KEREM TEZCAN buy 5 M 32 12 month 08.02.2013Goldman Sachs ASLI TUNCER not rated #N/A N/A M #N/A N/A Not Provided 07.02.2013Ekspres Invest SELIM KUNTER buy 5 M 28 Not Provided 22.01.2013Global Menkul Degerler HASAN BAYHAN market perform 3 M 24 Not Provided 07.01.2013Oyak Securities ALPER OZDEMIR outperform 5 M 26 12 month 21.12.2012IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 M 30 Not Provided 18.12.2012FinansInvest TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 27.11.2012Tera Stock Brokers KENAN TURAN neutral 3 M 20 Not Provided 14.08.2012Yatirim Finansman Securities ZUMRUT CAN Under Review #N/A N/A M #N/A N/A Not Provided 06.06.2012Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 20 Not Provided 17.02.2012ATA Invest ISMAIL OZER Under Review #N/A N/A M #N/A N/A Not Provided 06.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Cemas Dokum Sanayi ASCemas Dokum Sanayi AS operates a foundry and machine shop. The Company Price/Volumeproduces castings and machined parts for automobiles, appliances, mining 2 30.0 Mmachinery, the cement industry, kilns, and coolers. 2 2 25.0 M 1 20.0 M 1 1 15.0 M Valuation Analysis 1Latest Fiscal Year: 12/2011 1 10.0 MLTM as of: 09/yy 0 5.0 M 052-Week High (02.04.2012) 1.84 0 .0 M52-Week Low (01.03.2013) 1.07 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 1338668.00 Current Price (3/dd/yy) 1.1 Market Data 52-Week High % Change -40.22% Dividend Yield - 52-Week Low % Change 2.80% Beta 1.10 % 52 Week Price Range High/Low 3.90% Equity Float -Shares Out 30.09.2012 237.0 Short Int - Market Capitalization 260.70 1 Yr Total Return -36.42%Total Debt 6.80 YTD Return -5.98%Preferred Stock 0.0 Adjusted BETA 1.105Minority Interest 0.6 Analyst Recs 0Cash and Equivalents 46.93 Consensus Rating -Enterprise Value 228.63 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 738287CEMAS TI EQUITY YTD Change - Average Volume 30 Day 1466893CEMAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 2031781 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 24.9 31.3 25.8 35.0 76.4 71.3 71.3 - - - - TEV/Revenue - - - - 0.67x 4.79x 2.66x - - - - EBITDA 0.1 1.5 0.5 - 6.5 5.2 0.0 - - - - TEV/EBITDA - - - - 7.83x 0.00x 0.00x - - - - Net Income 0.5 0.6 0.3 (1.1) 1.9 4.9 16.1 - - - - P/E - - - - 48.44x 0.00x 5.52x - - - - Profitability S&P Issuer RatingsEBITDA 6.55 Long-Term Rating Date -EBIT 4.83 Long-Term Rating -Operating Margin 6.32% Long-Term Outlook -Pretax Margin 2.91% Short-Term Rating Date -Return on Assets - Short-Term Rating -Return on Common Equity - Credit RatiosReturn on Capital - EBITDA/Interest Exp. 10.91Asset Turnover - (EBITDA-Capex)/Interest Exp. -21.88Margin Analysis Net Debt/EBITDA -Gross Margin 15.0% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total Debt/Equity 7.9%Net Income Margin 2.5% Total Debt/Capital 7.2%Structure Asset Turnover -Current Ratio 1.14 Net Fixed Asset Turnover -Quick Ratio 0.77 Accounts receivable turnover-days -Debt to Assets 3.90% Inventory Days -Tot Debt to Common Equity 7.87% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 1.20 90.0 80.0 1.00 70.0 0.80 60.0 50.0 0.60 40.0 30.0 0.40 20.0 0.20 10.0 0.0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Cemas Dokum Sanayi ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type#N/A N/A Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Coca-Cola Icecek ASCoca-Cola Icecek AS bottles and distributes carbonated soft drinks and Price/Volumenoncarbonated beverages. 60 1.2 M 50 1.0 M 40 .8 M 30 .6 M Valuation AnalysisLatest Fiscal Year: 12/2012 20 .4 MLTM as of: 12/yy 10 .2 M52-Week High (27.03.2013) 52.75 0 .0 M52-Week Low (29.03.2012) 21.95 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 220665.00 Current Price (3/dd/yy) 51.25 Market Data 52-Week High % Change -2.37% Dividend Yield - 52-Week Low % Change 133.49% Beta 0.76 % 52 Week Price Range High/Low 100.00% Equity Float -Shares Out 31.12.2012 254.4 Short Int - Market Capitalization 13036.50 1 Yr Total Return 128.41%Total Debt 1676.93 YTD Return 38.51%Preferred Stock 0.0 Adjusted BETA 0.758Minority Interest 24.7 Analyst Recs 27Cash and Equivalents 607.66 Consensus Rating 3.630Enterprise Value 14130.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 157334CCOLA TI EQUITY YTD Change - Average Volume 30 Day 164960CCOLA TI EQUITY YTD % CHANGE - Average Volume 3 Month 143750 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 2258.1 2407.5 2753.2 3408.6 4132.4 3408.6 4132.4 4877.8 5666.7 820.5 1481.5 TEV/Revenue 1.06x 1.88x 2.13x 2.02x 2.54x 8.06x 8.58x 2.90x 2.48x 17.57x 9.85x EBITDA 360.3 339.5 428.7 477.6 671.3 477.6 671.3 825.2 981.6 91.7 292.0 TEV/EBITDA 6.66x 13.36x 13.65x 14.40x 15.65x 14.40x 15.65x 17.20x 14.46x 17.61x 17.20x Net Income 81.4 169.6 197.7 140.3 380.1 140.3 380.1 440.1 543.8 20.6 178.0 P/E 19.85x 22.50x 26.25x 40.98x 24.76x 40.98x 24.76x 29.58x 24.29x 31.08x 32.89x Profitability S&P Issuer RatingsEBITDA 671.29 Long-Term Rating Date -EBIT 475.35 Long-Term Rating -Operating Margin 11.50% Long-Term Outlook -Pretax Margin 11.68% Short-Term Rating Date -Return on Assets 9.44% Short-Term Rating -Return on Common Equity 21.48% Credit RatiosReturn on Capital 12.41% EBITDA/Interest Exp. 12.50Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 5.67Margin Analysis Net Debt/EBITDA 1.59Gross Margin 38.4% Total Debt/EBITDA 2.50EBITDA Margin 16.2% ReferenceEBIT Margin 11.5% Total Debt/Equity 88.8%Net Income Margin 9.2% Total Debt/Capital 46.7%Structure Asset Turnover 1.03Current Ratio 2.25 Net Fixed Asset Turnover 2.29Quick Ratio 1.31 Accounts receivable turnover-days 24.89Debt to Assets 39.31% Inventory Days 44.43Tot Debt to Common Equity 88.75% Accounts Payable Turnover Day 26.42Accounts Receivable Turnover 14.70 Cash Conversion Cycle 42.91Inventory Turnover 8.24Price/ Cash Flow Sales/Revenue/Turnover 40.00 4500.0 35.00 4000.0 30.00 3500.0 3000.0 25.00 2500.0 20.00 2000.0 15.00 1500.0 10.00 1000.0 5.00 500.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Coca-Cola Icecek ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeANADOLU EFES BIRACIL n/a Co File 102053566 40.12 - 30.06.2012 Holding CompanyCOCA COLA EXPORT COR n/a Co File 51103094 20.09 - 30.06.2012 CorporationEFES PAZARLAMA VE DA n/a Co File 25793200 10.14 - 30.06.2012 CorporationOZGORKEY HOLDING AS n/a Co File 10225706 4.02 - 30.06.2012 Holding CompanyFMR LLC n/a ULT-AGG 10029030 3.94 2456037 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 7522847 2.96 (76259) 31.12.2012 Investment AdvisorCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 4530000 1.78 - 30.06.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1623149 0.64 5877 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1413530 0.56 63870 25.03.2013 Investment AdvisorWASATCH ADVISORS INC Multiple Portfolios MF-AGG 574664 0.23 194965 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 338636 0.13 - 31.01.2013 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 250502 0.1 (54832) 31.12.2012 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 226000 0.09 (2000) 28.09.2012 Mutual Fund ManagerPICTET ASSET MANAGEM Multiple Portfolios MF-AGG 218630 0.09 (55457) 31.01.2013 Investment AdvisorNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 185395 0.07 - 31.01.2013 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 177821 0.07 (45141) 30.11.2012 Investment AdvisorNORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 171926 0.07 68900 28.09.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 141192 0.06 (1680) 31.01.2013 Mutual Fund ManagerEATON VANCE MANAGEME Multiple Portfolios MF-AGG 131100 0.05 - 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 130892 0.05 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSeker Securities BURAK DEMIRBILEK outperform 5 M 52 12 month 27.03.2013EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 22.03.2013Barclays GABRIELA MALCZYNSKA overweight 5 M 52 Not Provided 20.03.2013Nomura EDWARD MUNDY buy 5 M 50 Not Provided 19.03.2013FinansInvest SABRIYE GOZDE CULLAS neutral 3 M 45 12 month 18.03.2013Oyak Securities ALPER OZDEMIR outperform 5 M 48 12 month 18.03.2013BNP Paribas Equity Research KENAN COSGUNER buy 5 M 48 12 month 18.03.2013Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 45 Not Provided 18.03.2013Burgan Securities BURAK ISYAR hold 3 M 43 12 month 18.03.2013Ak Investment OMER OMERBAS market perform 3 M 43 12 month 29.01.2013IS Investment & Securities ESRA SUNER underperform 1 D 42 Not Provided 25.01.2013HSBC BULENT YURDAGUL neutral 3 M 47 Not Provided 24.01.2013Eczacibasi Securities GOKAY BOBEK outperform 5 M 48 Not Provided 22.01.2013Ekspres Invest MELDA AGIRDAS buy 5 M 51 Not Provided 22.01.2013Deutsche Bank VEDAT MIZRAHI hold 3 M 42 12 month 16.01.2013JPMorgan KOMAL DHILLON overweight 5 M 45 9 month 16.01.2013BGC Partners EZGI YILMAZ buy 5 M 47 12 month 16.01.2013Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 U 50 12 month 10.12.2012VTB Capital IVAN KUSHCH hold 3 M 38 12 month 03.12.2012Credit Suisse ONUR MUMINOGLU neutral 3 M 37 Not Provided 22.11.2012Yatirim Finansman Securities ZUMRUT CAN market perform 3 M 27 12 month 28.08.2012ATA Invest EMRAH OZKOC market outperform 4 M 29 Not Provided 20.07.2012Renaissance Capital METE OZBEK hold 3 M 25 12 month 13.07.2012Global Menkul Degerler TEAM COVERAGE market perform 3 N 26 Not Provided 21.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Dogan Sirketler Grubu Holding ASDogan Sirketler Grubu Holding A.S. is a diversified holding company. The Price/VolumeCompany operates insurance, publishing, tourism, finance, marketing, 1 200.0 Mbroadcasting, energy, and industry. Dogan Sirketler Grubu markets automobiles, 180.0 Mconsumer goods and mobile telephones, manufactures automotive spare parts, and 1 160.0 Moperates the Kanal D television station. 1 140.0 M 120.0 M 1 100.0 M Valuation Analysis 80.0 MLatest Fiscal Year: 12/2011 0 60.0 MLTM as of: 09/yy 0 40.0 M 20.0 M52-Week High (28.01.2013) 1.17 0 .0 M52-Week Low (24.05.2012) 0.64 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 4726876.00 Current Price (3/dd/yy) 1.06 Market Data 52-Week High % Change -8.55% Dividend Yield - 52-Week Low % Change 65.62% Beta 1.03 % 52 Week Price Range High/Low 81.13% Equity Float -Shares Out 30.06.2012 2450.0 Short Int - Market Capitalization 2597.00 1 Yr Total Return 37.66%Total Debt 2558.08 YTD Return 15.22%Preferred Stock 0.0 Adjusted BETA 1.035Minority Interest 812.0 Analyst Recs 10Cash and Equivalents 3659.96 Consensus Rating 4.600Enterprise Value 3614.78 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 13651590DOHOL TI EQUITY YTD Change - Average Volume 30 Day 18488090DOHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 35362180 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 10309.6 12504.5 10316.5 2850.5 2867.3 2232.8 2931.7 3148.8 3477.4 808.0 - TEV/Revenue 0.38x 0.17x 0.37x 0.68x 0.35x 3.21x 2.18x 1.12x 0.97x - - EBITDA 554.0 681.9 456.3 165.4 258.8 (31.3) 380.0 322.3 441.6 111.0 - TEV/EBITDA 7.01x 3.03x 8.43x 11.78x 3.90x 0.00x 0.00x 11.22x 8.19x - - Net Income 395.2 70.6 (114.1) 656.2 (757.1) (34.2) 64.1 143.3 109.9 51.0 - P/E 8.43x 21.88x - - - 0.00x 0.00x 19.27x 22.08x - - Profitability S&P Issuer RatingsEBITDA 258.79 Long-Term Rating Date -EBIT 25.18 Long-Term Rating -Operating Margin 0.88% Long-Term Outlook -Pretax Margin -29.81% Short-Term Rating Date -Return on Assets 0.08% Short-Term Rating -Return on Common Equity 0.22% Credit RatiosReturn on Capital -0.29% EBITDA/Interest Exp. 2.15Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. -2.89Margin Analysis Net Debt/EBITDA 0.51Gross Margin 28.1% Total Debt/EBITDA 9.15EBITDA Margin 10.0% ReferenceEBIT Margin 1.5% Total Debt/Equity 84.2%Net Income Margin -26.4% Total Debt/Capital 39.9%Structure Asset Turnover 0.34Current Ratio 2.46 Net Fixed Asset Turnover 2.20Quick Ratio 2.14 Accounts receivable turnover-days 108.46Debt to Assets 29.58% Inventory Days 42.16Tot Debt to Common Equity 84.17% Accounts Payable Turnover Day 74.83Accounts Receivable Turnover 3.37 Cash Conversion Cycle 54.36Inventory Turnover 8.68Price/ Cash Flow Sales/Revenue/Turnover 40.00 14000.0 35.00 12000.0 30.00 10000.0 25.00 8000.0 20.00 6000.0 15.00 4000.0 10.00 2000.0 5.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Dogan Sirketler Grubu Holding ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeADILBEY HOLDING AS n/a Research 1274000000 52 - 26.12.2008 Private EquityDOGAN AYDIN n/a Research 188907064 7.71 - 26.12.2008 n/aDOGAN ISIL n/a Research 40291777 1.64 - 26.12.2008 n/aDOGAN BOYNER HANZADE n/a Research 25503045 1.04 - 26.12.2008 n/aSABANCI VUSLAT DOGAN n/a Research 25503045 1.04 - 26.12.2008 n/aYALCINDAG ARZUHAN DO n/a Research 25503045 1.04 - 26.12.2008 n/aFARALYALI YASAR BEGU n/a Research 25503045 1.04 - 26.12.2008 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 25357752 1.04 - 31.07.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 8162469 0.33 419597 25.03.2013 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 7500000 0.31 1000000 31.01.2013 Mutual Fund ManagerEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 6358100 0.26 (2754500) 31.12.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 4890061 0.2 - 31.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4322657 0.18 72356 31.12.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3500000 0.14 (1000000) 30.06.2012 Investment AdvisorOFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 3268000 0.13 - 30.11.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2721694 0.11 - 31.12.2012 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 2460000 0.1 (800000) 03.09.2012 Mutual Fund ManagerSTATE STREET n/a ULT-AGG 2328452 0.1 - 26.03.2013 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 1757804 0.07 - 30.06.2011 Investment AdvisorEATON VANCE ADVISORS Multiple Portfolios MF-AGG 1275525 0.05 - 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGlobal Menkul Degerler BERTAN ILBAK buy 5 M 1 Not Provided 19.03.2013Sardis Securities HAYDAR ACUN strong buy 5 M #N/A N/A Not Provided 15.03.2013BNP Paribas Equity Research KENAN COSGUNER buy 5 M 1 12 month 12.03.2013HSBC BULENT YURDAGUL overweight 5 U 1 Not Provided 28.02.2013Seker Securities BURAK DEMIRBILEK not rated #N/A N/A M #N/A N/A Not Provided 28.02.2013Ekspres Invest SINAN GOKSEN buy 5 M 1 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013BGC Partners BARIS INCE buy 5 M 1 12 month 02.01.2013Oyak Securities HASAN SENER outperform 5 M 1 12 month 21.12.2012Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 1 Not Provided 17.12.2012Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 1 12 month 10.12.2012FinansInvest TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 05.07.2012Burgan Securities BURAK ISYAR not rated #N/A N/A M #N/A N/A Not Provided 02.04.2012ATA Invest ONDER ZORBA market perform 3 M 1 Not Provided 09.03.2012IS Investment & Securities NUR ATASOY not rated #N/A N/A M #N/A N/A Not Provided 09.09.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Dogan Yayin Holding ASDogan Yayin Holding A.S., through subsidiaries, operates media businesses. The Price/VolumeCompany publishes newspapers, magazines, and books, broadcasts television 1 120.0 Mprogramming, sells advertising, offers offset printing services, and operatesdistribution and marketing businesses. 1 100.0 M 1 80.0 M 1 60.0 M Valuation AnalysisLatest Fiscal Year: 12/2011 0 40.0 MLTM as of: 09/yy 0 20.0 M52-Week High (24.01.2013) 0.99 0 .0 M52-Week Low (24.05.2012) 0.59 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 10823531.00 Current Price (3/dd/yy) 0.81 Market Data 52-Week High % Change -19.19% Dividend Yield - 52-Week Low % Change 37.29% Beta 1.16 % 52 Week Price Range High/Low 55.00% Equity Float -Shares Out 30.09.2012 2000.0 Short Int - Market Capitalization 1620.00 1 Yr Total Return 6.58%Total Debt 1915.09 YTD Return 3.85%Preferred Stock 0.0 Adjusted BETA 1.157Minority Interest 421.3 Analyst Recs 10Cash and Equivalents 1164.56 Consensus Rating 3.400Enterprise Value 3449.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6890197DYHOL TI EQUITY YTD Change - Average Volume 30 Day 14344980DYHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 25227870 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 2641.7 2879.9 2435.2 2620.2 2613.8 2738.6 2428.9 2528.8 2743.4 630.5 669.0 TEV/Revenue 1.55x 0.79x 1.21x 1.46x 0.83x 5.03x 4.48x 1.25x 1.06x - - EBITDA 270.0 174.2 59.9 229.2 301.4 232.8 348.7 347.3 393.2 89.0 - TEV/EBITDA 15.12x 13.08x 49.27x 16.70x 7.21x 11.63x 8.75x 9.93x 8.77x - - Net Income 616.8 (323.9) (343.0) (236.6) (1195.7) (1416.3) 220.8 165.4 93.4 36.0 - P/E 4.77x - - - - 0.00x 5.53x 9.00x 17.23x - - Profitability S&P Issuer RatingsEBITDA 301.36 Long-Term Rating Date -EBIT 94.51 Long-Term Rating -Operating Margin 3.62% Long-Term Outlook -Pretax Margin -49.69% Short-Term Rating Date -Return on Assets 5.16% Short-Term Rating -Return on Common Equity 29.77% Credit RatiosReturn on Capital 10.52% EBITDA/Interest Exp. 1.97Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 0.42Margin Analysis Net Debt/EBITDA 3.90Gross Margin 30.7% Total Debt/EBITDA 5.46EBITDA Margin 14.4% ReferenceEBIT Margin 6.7% Total Debt/Equity 299.0%Net Income Margin -45.7% Total Debt/Capital 64.3%Structure Asset Turnover 0.57Current Ratio 1.23 Net Fixed Asset Turnover 4.19Quick Ratio 0.98 Accounts receivable turnover-days 100.04Debt to Assets 40.95% Inventory Days 30.43Tot Debt to Common Equity 299.02% Accounts Payable Turnover Day 72.83Accounts Receivable Turnover 3.66 Cash Conversion Cycle 45.24Inventory Turnover 12.03Price/ Cash Flow Sales/Revenue/Turnover 160.00 3500.0 140.00 3000.0 120.00 2500.0 100.00 2000.0 80.00 1500.0 60.00 1000.0 40.00 500.0 20.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Dogan Yayin Holding ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDOGAN SIRKETLER GRUB n/a Research 1511828812 75.59 - 13.12.2011 Holding CompanyDOGAN AILESI n/a Research 46182947 2.31 - 13.12.2011 n/aBLACKROCK n/a ULT-AGG 5814345 0.29 783264 25.03.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5278904 0.26 - 31.07.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 2675986 0.13 - 26.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2550874 0.13 - 31.12.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 2250000 0.11 1250000 31.01.2013 Mutual Fund ManagerIFM - INDEPENDENT FU Multiple Portfolios MF-AGG 2250000 0.11 - 31.12.2012 Investment AdvisorJO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 1838010 0.09 1838010 30.11.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 1086804 0.05 - 31.01.2013 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 760000 0.04 - 03.09.2012 Mutual Fund ManagerEATON VANCE ADVISORS Multiple Portfolios MF-AGG 422311 0.02 - 31.01.2013 Investment AdvisorNOMURA INTERNATIONAL Multiple Portfolios MF-AGG 298982 0.01 - 31.03.2012 Investment AdvisorERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 165376 0.01 5376 30.11.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 96417 0 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 79095 0 - 31.12.2012 Investment AdvisorFLEXSHARES TRUST Multiple Portfolios MF-AGG 8662 0 - 28.02.2013 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 5064 0 - 31.10.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2656 0 - 31.01.2013 Investment AdvisorBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1 0 - 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGlobal Menkul Degerler BERTAN ILBAK market perform 3 M 1 Not Provided 19.03.2013BNP Paribas Equity Research KENAN COSGUNER hold 3 M 1 12 month 12.03.2013EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 12.03.2013HSBC BULENT YURDAGUL neutral 3 M 1 Not Provided 27.02.2013Ekspres Invest SINAN GOKSEN hold 3 M 1 Not Provided 22.01.2013BGC Partners BARIS INCE hold 3 M 1 12 month 24.12.2012Oyak Securities HASAN SENER market perform 3 M 1 Not Provided 20.12.2012Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 1 Not Provided 17.12.2012Goldman Sachs ASLI TUNCER neutral/neutral 3 M 1 12 month 10.12.2012ATA Invest ONDER ZORBA Under Review #N/A N/A M #N/A N/A Not Provided 20.07.2012FinansInvest TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 04.06.2012Burgan Securities BURAK ISYAR not rated #N/A N/A M #N/A N/A Not Provided 13.01.2012Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 17.10.2011Sardis Securities HAYDAR ACUN hold 3 D #N/A N/A Not Provided 12.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Dogus Otomotiv Servis ve Ticaret ASDogus Otomotiv Servis ve Ticaret AS (Dogus Otomotiv) imports and distributes Price/Volumepassenger cars, and light and heavy utility vehicles and provides retail sales 12 2.5 Mand after-sales services. The Group is the exclusive distributor of Volkswagen,Skoda, Audi, Porsche and Seat passenger cars and light trucks, and Scania heavy 10 2.0 Mcommercial vehicles. Dogus Otomotiv also provides insurance and financing. 8 1.5 M 6 Valuation Analysis 1.0 MLatest Fiscal Year: 12/2012 4LTM as of: 12/yy 2 .5 M52-Week High (11.03.2013) 11.20 0 .0 M52-Week Low (24.04.2012) 4.04 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 820977.00 Current Price (3/dd/yy) 11.1 Market Data 52-Week High % Change -0.89% Dividend Yield - 52-Week Low % Change 174.75% Beta 1.15 % 52 Week Price Range High/Low 94.41% Equity Float -Shares Out 31.12.2012 220.0 Short Int - Market Capitalization 2442.00 1 Yr Total Return 140.45%Total Debt 591.76 YTD Return 29.37%Preferred Stock 0.0 Adjusted BETA 1.151Minority Interest 2.6 Analyst Recs 18Cash and Equivalents 37.23 Consensus Rating 4.111Enterprise Value 2999.16 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 357776DOAS TI EQUITY YTD Change - Average Volume 30 Day 491575DOAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 423519 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 2144.1 2129.5 3428.3 4808.3 5132.3 4808.3 5132.3 5294.8 5630.7 - - TEV/Revenue 0.20x 0.44x 0.52x 0.25x 0.48x 1.19x 1.51x 0.56x 0.52x - - EBITDA 37.2 89.7 226.4 272.8 325.0 272.8 325.0 313.1 329.8 - - TEV/EBITDA 11.58x 10.42x 7.86x 4.38x 7.52x 4.38x 7.52x 9.58x 9.09x - - Net Income (109.7) 30.5 149.3 141.8 255.9 141.8 255.9 237.7 241.1 - - P/E - 17.44x 9.76x 4.58x 7.38x 4.58x 7.38x 10.40x 10.30x - - Profitability S&P Issuer RatingsEBITDA 325.01 Long-Term Rating Date -EBIT 300.82 Long-Term Rating -Operating Margin 5.86% Long-Term Outlook -Pretax Margin 5.99% Short-Term Rating Date -Return on Assets 12.40% Short-Term Rating -Return on Common Equity 24.91% Credit RatiosReturn on Capital 18.43% EBITDA/Interest Exp. 6.41Asset Turnover 2.49% (EBITDA-Capex)/Interest Exp. 4.48Margin Analysis Net Debt/EBITDA 1.71Gross Margin 13.9% Total Debt/EBITDA 1.82EBITDA Margin 6.3% ReferenceEBIT Margin 5.9% Total Debt/Equity 50.0%Net Income Margin 5.0% Total Debt/Capital 33.3%Structure Asset Turnover 2.49Current Ratio 1.11 Net Fixed Asset Turnover 12.69Quick Ratio 0.51 Accounts receivable turnover-days 27.89Debt to Assets 26.62% Inventory Days 42.78Tot Debt to Common Equity 49.97% Accounts Payable Turnover Day 28.36Accounts Receivable Turnover 13.12 Cash Conversion Cycle 42.32Inventory Turnover 8.55Price/ Cash Flow Sales/Revenue/Turnover 50.00 6000.0 45.00 5000.0 40.00 35.00 4000.0 30.00 25.00 3000.0 20.00 2000.0 15.00 10.00 1000.0 5.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Dogus Otomotiv Servis ve Ticaret ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDOGUS HOLDING AS n/a Research 77461218 35.21 - 31.12.2011 Holding CompanyDOGUS ARASTIRMA GELI n/a Research 66638086 30.29 - 31.12.2011 OtherGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8581749 3.9 - 31.05.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2430768 1.1 (432318) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2037952 0.93 - 31.07.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1746096 0.79 - 26.03.2013 Investment AdvisorBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1630396 0.74 - 30.06.2012 Investment AdvisorBARING FUND MANAGERS Multiple Portfolios MF-AGG 1214156 0.55 - 30.11.2012 Investment AdvisorEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 781321 0.36 781321 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 699516 0.32 2356 25.03.2013 Investment AdvisorAKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 457329 0.21 (32671) 31.10.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 404209 0.18 7776 31.12.2012 Investment AdvisorARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 400000 0.18 400000 31.12.2012 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 300000 0.14 300000 28.09.2012 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 260000 0.12 - 30.09.2012 Investment AdvisorWOORI ASSET MANAGEME Multiple Portfolios MF-AGG 235000 0.11 - 28.09.2012 Mutual Fund ManagerGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 233823 0.11 105014 30.09.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 222520 0.1 - 31.12.2012 Investment AdvisorARTEMIS FUND MANAGER Multiple Portfolios MF-AGG 202000 0.09 202000 31.12.2012 Investment AdvisorGUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 200000 0.09 200000 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBGC Partners BERNA KURBAY buy 5 M 12 12 month 21.03.2013BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 11 12 month 12.03.2013Global Menkul Degerler ILKNUR UNSAL market perform 3 M 11 Not Provided 11.03.2013IS Investment & Securities ESRA SUNER market perform 3 M 11 Not Provided 11.03.2013FinansInvest CAN OZTOPRAK Under Review #N/A N/A M #N/A N/A Not Provided 08.03.2013Oyak Securities SERHAT KAYA outperform 5 M 11 12 month 08.03.2013Yatirim Finansman Securities OZGUR UCUR outperform 5 M 10 12 month 08.03.2013Seker Securities KADIR TEZELLER market perform 3 M 9 Not Provided 22.01.2013Eczacibasi Securities AKIF DASIRAN market perform 3 M 10 Not Provided 22.01.2013Ekspres Invest KURTHAN ATMACA buy 5 M 11 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013Deutsche Bank VEDAT MIZRAHI buy 5 U 11 12 month 09.01.2013Renaissance Capital METE OZBEK hold 3 D 8 Not Provided 08.01.2013Goldman Sachs ASLI TUNCER Buy/Neutral 5 U 11 12 month 10.12.2012Erste Bank MEHMET EMIN ZUMRUT accumulate 4 D 8 12 month 23.11.2012HSBC CENK ORCAN underweight 1 D 6 Not Provided 01.10.2012ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 7 Not Provided 20.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Eczacibasi Yatirim Holding Ortakligi ASEczacibasi Yatirim Holding Ortakligi A.S. is an investment holding company. The Price/VolumeCompany acquires interests in companies in the Eczacibasi group and is a major 8 7.0 Mshareholder of Eczacibasi Menkul Degerler A.S., a brokerage house. Other 7 6.0 Mcompanies in the Eczacibasi group produce and market pharmaceuticals, health 6 5.0 Mcare products, ceramics, tiles, and bathroom fixtures. 5 4.0 M 4 Valuation Analysis 3.0 M 3Latest Fiscal Year: 11/2011 2.0 M 2LTM as of: 09/yy 1.0 M 152-Week High (26.03.2013) 7.50 0 .0 M52-Week Low (29.03.2012) 5.52 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 718280.00 Current Price (3/dd/yy) 7.42 Market Data 52-Week High % Change -1.07% Dividend Yield - 52-Week Low % Change 34.42% Beta 0.86 % 52 Week Price Range High/Low 97.98% Equity Float -Shares Out 30.06.2012 70.0 Short Int - Market Capitalization 519.40 1 Yr Total Return 33.09%Total Debt 0.02 YTD Return 17.41%Preferred Stock 0.0 Adjusted BETA 0.865Minority Interest 26.5 Analyst Recs 2Cash and Equivalents 160.62 Consensus Rating 4.000Enterprise Value 383.93 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1190870ECZYT TI EQUITY YTD Change - Average Volume 30 Day 1310032ECZYT TI EQUITY YTD % CHANGE - Average Volume 3 Month 1110176 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 09/yy 09/yy 11/12 Y 11/13 Y 11/12 Q4 02/13 Q1 Total Revenue 1827.7 1959.0 1774.4 2032.6 2371.3 2475.8 1902.6 - - - - TEV/Revenue 0.08x 0.03x 0.12x 0.11x 0.07x 0.39x 0.41x - - - - EBITDA (1.8) (10.4) (24.7) (0.6) (11.8) (5.4) (11.8) - - - - TEV/EBITDA - - - - - 0.00x 0.00x - - - - Net Income 92.4 9.4 72.9 19.7 19.7 32.4 (3.8) - - - - P/E 2.63x 16.18x 4.65x 18.15x 15.62x 10.23x 0.00x - - - - Profitability S&P Issuer RatingsEBITDA -11.81 Long-Term Rating Date -EBIT -12.58 Long-Term Rating -Operating Margin -0.53% Long-Term Outlook -Pretax Margin 0.73% Short-Term Rating Date -Return on Assets 1.02% Short-Term Rating -Return on Common Equity 1.08% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -70.37Asset Turnover 2.25% (EBITDA-Capex)/Interest Exp. -72.40Margin Analysis Net Debt/EBITDA -Gross Margin 0.7% Total Debt/EBITDA -0.16EBITDA Margin -0.6% ReferenceEBIT Margin -0.7% Total Debt/Equity 0.0%Net Income Margin 0.8% Total Debt/Capital 0.0%Structure Asset Turnover 2.25Current Ratio 19.85 Net Fixed Asset Turnover 3492.71Quick Ratio 19.62 Accounts receivable turnover-days 2.39Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 153.01 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 450.00 3000.0 400.00 2500.0 350.00 300.00 2000.0 250.00 1500.0 200.00 150.00 1000.0 100.00 500.0 50.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 1991 992 993 994 995 996 997 998 999 000 001 002 003 004 005 006 007 008 009 010 011 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Eczacibasi Yatirim Holding Ortakligi ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeECZACIBASI HOLDING A n/a Research 39593943 56.56 848 31.12.2009 Holding CompanySKAGEN AS Multiple Portfolios MF-AGG 3586363 5.12 - 28.02.2013 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1034944 1.48 - 31.07.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 289251 0.41 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 149717 0.21 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 92715 0.13 - 31.12.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 13370 0.02 - 31.10.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 11467 0.02 - 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 270 0 (67) 25.03.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013FinansInvest ALPER USTUNISIK neutral 3 M 6 12 month 30.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013EGE Endustri VE Ticaret ASEge Endustri Ve Ticaret A.S. manufactures axles, axle parts and suspension Price/Volumecomponents in Turkey. The company sells its products in Turkey and exports to 90 .6 Mthe Eastern Europe, the United Kingdom, Finland, Egypt and Iran. 80 .5 M 70 60 .4 M 50 .3 M Valuation Analysis 40Latest Fiscal Year: 12/2012 30 .2 M 20LTM as of: 12/yy .1 M 1052-Week High (24.04.2012) 89.00 0 .0 M52-Week Low (31.05.2012) 54.00 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 26016.00 Current Price (3/dd/yy) 64.5 Market Data 52-Week High % Change -27.53% Dividend Yield - 52-Week Low % Change 19.44% Beta 0.82 % 52 Week Price Range High/Low 31.43% Equity Float -Shares Out 30.06.2012 3.2 Short Int - Market Capitalization 203.18 1 Yr Total Return 4.05%Total Debt 54.35 YTD Return 4.88%Preferred Stock 0.0 Adjusted BETA 0.824Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 0.70 Consensus Rating -Enterprise Value 226.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 21421EGEEN TI EQUITY YTD Change - Average Volume 30 Day 35479EGEEN TI EQUITY YTD % CHANGE - Average Volume 3 Month 42103 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 111.4 46.5 77.8 168.5 148.7 168.5 148.7 - - - - TEV/Revenue 0.36x 0.88x 1.40x 1.17x - 4.42x 4.60x - - - - EBITDA 7.7 2.7 9.4 33.5 - 33.5 20.9 - - - - TEV/EBITDA 5.28x 15.19x 11.57x 5.89x - 5.89x 0.00x - - - - Net Income 3.5 (0.4) 3.9 27.9 18.8 27.9 18.8 - - - - P/E 4.85x - 21.11x 5.14x 10.29x 5.14x 10.29x - - - - Profitability S&P Issuer RatingsEBITDA 33.48 Long-Term Rating Date -EBIT 30.21 Long-Term Rating -Operating Margin 17.93% Long-Term Outlook -Pretax Margin 17.57% Short-Term Rating Date -Return on Assets 16.39% Short-Term Rating -Return on Common Equity 36.41% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 13.82Asset Turnover 1.15% (EBITDA-Capex)/Interest Exp. 8.99Margin Analysis Net Debt/EBITDA 0.82Gross Margin 26.1% Total Debt/EBITDA 1.21EBITDA Margin 17.2% ReferenceEBIT Margin 14.8% Total Debt/Equity 82.1%Net Income Margin 12.7% Total Debt/Capital 45.1%Structure Asset Turnover 1.15Current Ratio 2.05 Net Fixed Asset Turnover 6.87Quick Ratio 1.00 Accounts receivable turnover-days 113.76Debt to Assets 36.24% Inventory Days 106.30Tot Debt to Common Equity 82.06% Accounts Payable Turnover Day 72.30Accounts Receivable Turnover 3.22 Cash Conversion Cycle 144.96Inventory Turnover 3.44Price/ Cash Flow Sales/Revenue/Turnover 80.00 180.0 70.00 160.0 60.00 140.0 120.0 50.00 100.0 40.00 80.0 30.00 60.0 20.00 40.0 10.00 20.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013EGE Endustri VE Ticaret ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeEGE ENDUSTRI VE HOLD n/a Research 2004140 63.62 - 26.08.2009 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013EGE Gubre SanayiiEGE Gubre Sanayii A.S. produces fertilizers and solvents. The Company Price/Volumeproduces and markets DAP, MAP, ammonium sulphate, and calcium ammonium nitrate 35 1.4 Mfertilizers and solvents for the construction, metals, wood products, leather, 30 1.2 Mand textiles industries. EGE Gubre sells its products domestically and abroad. 25 1.0 M 20 .8 M Valuation Analysis 15 .6 MLatest Fiscal Year: 12/2012 10 .4 MLTM as of: 12/yy 5 .2 M52-Week High (24.04.2012) 31.03 0 .0 M52-Week Low (15.10.2012) 18.45 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 69910.00 Current Price (3/dd/yy) 21.05 Market Data 52-Week High % Change -32.15% Dividend Yield - 52-Week Low % Change 14.10% Beta 0.85 % 52 Week Price Range High/Low 21.48% Equity Float -Shares Out 31.12.2012 10.0 Short Int - Market Capitalization 210.50 1 Yr Total Return 7.97%Total Debt 51.54 YTD Return -0.94%Preferred Stock 0.0 Adjusted BETA 0.850Minority Interest 0.0 Analyst Recs 1Cash and Equivalents 1.01 Consensus Rating 3.000Enterprise Value 261.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 65105EGGUB TI EQUITY YTD Change - Average Volume 30 Day 51331EGGUB TI EQUITY YTD % CHANGE - Average Volume 3 Month 100361 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 205.0 182.4 174.1 185.5 197.5 139.2 197.5 229.0 - - - TEV/Revenue 0.54x 1.17x 1.76x 1.15x 1.33x 6.03x 5.07x 0.98x - - - EBITDA 22.9 (14.9) 28.2 29.4 19.5 16.4 19.5 36.8 - - - TEV/EBITDA 4.86x - 10.86x 7.24x 13.46x 0.00x 13.46x 7.09x - - - Net Income 3.9 (22.4) 16.7 (0.2) 11.8 (9.7) 11.8 21.4 - - - P/E 12.82x - 14.89x - 18.08x 0.00x 17.58x 8.63x - - - Profitability S&P Issuer RatingsEBITDA 19.54 Long-Term Rating Date -EBIT 15.10 Long-Term Rating -Operating Margin 7.65% Long-Term Outlook -Pretax Margin 7.54% Short-Term Rating Date -Return on Assets - Short-Term Rating -Return on Common Equity - Credit RatiosReturn on Capital - EBITDA/Interest Exp. 5.30Asset Turnover - (EBITDA-Capex)/Interest Exp. 4.71Margin Analysis Net Debt/EBITDA 2.59Gross Margin 15.7% Total Debt/EBITDA 2.64EBITDA Margin 9.9% ReferenceEBIT Margin 7.6% Total Debt/Equity 42.5%Net Income Margin 6.0% Total Debt/Capital 29.8%Structure Asset Turnover -Current Ratio 0.39 Net Fixed Asset Turnover -Quick Ratio 0.04 Accounts receivable turnover-days -Debt to Assets 23.71% Inventory Days -Tot Debt to Common Equity 42.52% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -22.06Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 250.0 30.00 200.0 25.00 150.0 20.00 15.00 100.0 10.00 50.0 5.00 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013EGE Gubre SanayiiHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGENCER HOLDING n/a Research 769716 7.7 - 24.12.2008 CorporationGENCER RECEP n/a Research 401760 4.02 - 24.12.2008 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateBGC Partners CAN OZCELIK hold 3 M 22 12 month 31.08.2012FinansInvest GAYE ABIDIN not rated #N/A N/A M #N/A N/A Not Provided 28.02.2012Ekspres Invest KURTHAN ATMACA buy 5 M 23 Not Provided 15.02.2012Oyak Securities ALPER OZDEMIR Under Review #N/A N/A M #N/A N/A Not Provided 26.01.2012Erste Bank EVRIM DAIRECIOGLU Under Review #N/A N/A M #N/A N/A Not Provided 22.12.2011Yatirim Finansman Securities ZUMRUT CAN market perform 3 N 25 12 month 22.12.2011BGC Partners ERDEM HAFIZOGLU buy 5 N 25 12 month 22.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret ASEczacibasi Ilac Sanayi ve Ticaret A.S. produces and markets pharmaceuticals, Price/Volumeveterinary products, hospital equipment, and cosmetics. Among the Companys 3 30.0 Mproducts are cephalosporin and penicillin. The Company exports its products tothe Middle East, Russian Federation, Central Asia, Eastern Europe and EU 3 25.0 Mcountries. 2 20.0 M 2 15.0 M Valuation AnalysisLatest Fiscal Year: 12/2011 1 10.0 MLTM as of: 06/yy 1 5.0 M52-Week High (27.03.2013) 2.61 0 .0 M52-Week Low (23.07.2012) 1.77 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 7399701.00 Current Price (3/dd/yy) 2.56 Market Data 52-Week High % Change -2.30% Dividend Yield - 52-Week Low % Change 44.63% Beta 0.83 % 52 Week Price Range High/Low 98.80% Equity Float -Shares Out 30.06.2012 548.2 Short Int - Market Capitalization 1403.41 1 Yr Total Return 24.21%Total Debt 64.32 YTD Return 28.00%Preferred Stock 0.0 Adjusted BETA 0.830Minority Interest 16.1 Analyst Recs 4Cash and Equivalents 763.40 Consensus Rating 4.000Enterprise Value 815.05 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7386957ECILC TI EQUITY YTD Change - Average Volume 30 Day 5477130ECILC TI EQUITY YTD % CHANGE - Average Volume 3 Month 5577865 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 889.0 805.3 874.7 913.2 973.6 939.0 1021.4 1094.0 1106.0 268.0 280.0 TEV/Revenue 0.92x 0.25x 0.85x 0.85x 0.31x 3.09x 1.74x - - - - EBITDA 39.3 22.7 47.2 62.2 44.3 50.4 31.4 40.0 35.0 12.0 15.0 TEV/EBITDA 20.81x 8.78x 15.77x 12.45x 6.85x 11.49x 14.26x 20.38x 23.29x - - Net Income 451.4 71.9 290.2 60.4 88.5 73.2 21.2 8.0 44.0 9.0 13.0 P/E 2.10x 6.78x 4.72x 22.70x 11.15x 16.48x 48.84x - 25.60x - - Profitability S&P Issuer RatingsEBITDA 44.35 Long-Term Rating Date -EBIT 23.69 Long-Term Rating -Operating Margin 2.43% Long-Term Outlook -Pretax Margin 12.45% Short-Term Rating Date -Return on Assets 0.73% Short-Term Rating -Return on Common Equity 0.86% Credit RatiosReturn on Capital 1.06% EBITDA/Interest Exp. 29.70Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 10.58Margin Analysis Net Debt/EBITDA -19.17Gross Margin 26.9% Total Debt/EBITDA 2.00EBITDA Margin 3.1% ReferenceEBIT Margin 1.1% Total Debt/Equity 2.5%Net Income Margin 9.1% Total Debt/Capital 2.4%Structure Asset Turnover 0.35Current Ratio 3.65 Net Fixed Asset Turnover 12.58Quick Ratio 3.17 Accounts receivable turnover-days 94.51Debt to Assets 2.12% Inventory Days 61.93Tot Debt to Common Equity 2.47% Accounts Payable Turnover Day 94.83Accounts Receivable Turnover 3.87 Cash Conversion Cycle 52.01Inventory Turnover 5.91Price/ Cash Flow Sales/Revenue/Turnover 600.00 1200.0 500.00 1000.0 400.00 800.0 300.00 600.0 200.00 400.0 100.00 200.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeECZACIBASI HOLDING A n/a Research 277476368 50.62 - 01.09.2009 Holding CompanyECZACIBASI YATIRIM H n/a Research 108204847 19.74 - 01.09.2009 Holding CompanySKAGEN AS Multiple Portfolios MF-AGG 21418365 3.91 - 28.02.2013 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 10175924 1.86 - 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5889692 1.07 - 31.07.2012 Investment AdvisorEMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 1994245 0.36 - 25.03.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1662189 0.3 - 25.03.2013 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1608930 0.29 - 31.05.2012 Investment AdvisorSOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1500000 0.27 380000 03.09.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 1455431 0.27 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 861678 0.16 50000 31.12.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 688000 0.13 - 31.01.2013 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 555796 0.1 - 31.12.2012 Investment AdvisorERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 206720 0.04 6720 30.11.2012 Investment AdvisorSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 158566 0.03 - 28.02.2013 Investment AdvisorEATON VANCE ADVISORS Multiple Portfolios MF-AGG 150700 0.03 - 31.01.2013 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 144670 0.03 - 31.10.2012 Investment AdvisorPEAR TREE ADVISORS I Multiple Portfolios MF-AGG 131796 0.02 - 31.12.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 127901 0.02 - 31.12.2012 Investment AdvisorWELLS FARGO n/a ULT-AGG 124357 0.02 6 31.01.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateBurgan Securities MURAT IGNEBEKCILI hold 3 M 2 12 month 26.02.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013FinansInvest ALPER USTUNISIK neutral 3 M 2 12 month 29.08.2012ATA Invest OZGUR KALYONCU market perform 3 M 3 Not Provided 04.09.2011IS Investment & Securities NUR ATASOY not rated #N/A N/A M #N/A N/A Not Provided 29.07.2010Ekspres Invest SELIM KUNTER Under Review #N/A N/A M 2 Not Provided 19.02.2010Sardis Securities HAYDAR ACUN sell 1 D 2 12 month 29.01.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Emlak Konut Gayrimenkul Yatirim Ortakligi ASEmlak Konut Gayrimenkul Yatirim is a property developer. The Company develops Price/Volumeresidential properties throughout Turkey. 4 120.0 M 4 100.0 M 3 80.0 M 3 2 60.0 M Valuation Analysis 2Latest Fiscal Year: 12/2012 40.0 M 1LTM as of: 12/yy 20.0 M 152-Week High (25.01.2013) 3.47 0 .0 M52-Week Low (25.05.2012) 2.02 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 10005359.00 Current Price (3/dd/yy) 2.87 Market Data 52-Week High % Change -17.29% Dividend Yield - 52-Week Low % Change 42.08% Beta 1.01 % 52 Week Price Range High/Low 58.62% Equity Float -Shares Out 31.12.2012 2500.0 Short Int - Market Capitalization 7175.00 1 Yr Total Return 24.63%Total Debt 926.20 YTD Return -8.01%Preferred Stock 0.0 Adjusted BETA 1.007Minority Interest 0.0 Analyst Recs 23Cash and Equivalents 1306.45 Consensus Rating 3.870Enterprise Value 6794.75 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5860524EKGYO TI EQUITY YTD Change - Average Volume 30 Day 13065180EKGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 16588800 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 1044.6 - 1497.9 716.6 1004.6 716.6 1004.6 1702.0 1956.8 413.0 687.5 TEV/Revenue - - 2.93x 6.46x 7.39x 32.68x 24.32x 3.78x 3.09x 15.53x 8.97x EBITDA 636.9 - 652.7 176.6 396.5 176.6 396.5 637.2 827.3 167.0 214.0 TEV/EBITDA - - 6.73x 26.21x 18.71x 26.21x 18.71x 10.66x 8.21x 7.97x 7.86x Net Income 526.9 - 554.3 228.3 523.4 228.3 523.4 675.5 888.3 167.0 220.0 P/E - - 8.93x 21.35x 14.90x 21.35x 14.90x 9.93x 7.82x 7.97x 7.93x Profitability S&P Issuer RatingsEBITDA 396.50 Long-Term Rating Date -EBIT 395.89 Long-Term Rating -Operating Margin 39.41% Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 6.58% Short-Term Rating -Return on Common Equity 13.07% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 4.99Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 4.97Margin Analysis Net Debt/EBITDA -0.96Gross Margin 45.1% Total Debt/EBITDA 2.34EBITDA Margin 39.5% ReferenceEBIT Margin 39.4% Total Debt/Equity 22.0%Net Income Margin 52.1% Total Debt/Capital 18.0%Structure Asset Turnover 0.13Current Ratio 1.18 Net Fixed Asset Turnover 191.90Quick Ratio 0.51 Accounts receivable turnover-days 148.32Debt to Assets 11.03% Inventory Days 793.45Tot Debt to Common Equity 22.01% Accounts Payable Turnover Day 114.38Accounts Receivable Turnover 2.47 Cash Conversion Cycle 827.39Inventory Turnover 0.46Price/ Cash Flow Sales/Revenue/Turnover 140.00 1600.0 120.00 1400.0 1200.0 100.00 1000.0 80.00 800.0 60.00 600.0 40.00 400.0 20.00 200.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Emlak Konut Gayrimenkul Yatirim Ortakligi ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOKI n/a Co File 1874750000 74.99 1874750000 29.11.2010 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 18333482 0.73 188915 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 17099878 0.68 (69758) 25.03.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 11263898 0.45 11263898 31.12.2012 Investment AdvisorALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 11115674 0.44 520000 31.01.2013 Investment AdvisorEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 9322200 0.37 1709307 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 8592164 0.34 436000 31.01.2013 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 6417206 0.26 5150592 28.02.2013 UnclassifiedBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 6011443 0.24 - 30.06.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4842218 0.19 (877635) 31.12.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 4769070 0.19 769070 31.01.2013 Mutual Fund ManagerGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 4610889 0.18 89015 30.11.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 4262723 0.17 2260327 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 4083564 0.16 464909 31.12.2012 Investment AdvisorLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2377465 0.1 272320 28.02.2013 Investment AdvisorCARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 2275000 0.09 - 30.09.2012 Mutual Fund ManagerNORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2079197 0.08 1501961 28.02.2013 Investment AdvisorARTISAN GLOBAL FUNDS Multiple Portfolios MF-AGG 1748562 0.07 255008 28.09.2012 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 1731186 0.07 (287814) 31.12.2012 Investment AdvisorVALIC CO I Multiple Portfolios MF-AGG 1543944 0.06 - 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSeker Securities OKAN UZUN outperform 5 M 3 12 month 26.03.2013Burgan Securities MURAT IGNEBEKCILI hold 3 M 3 12 month 25.03.2013FinansInvest GAYE ABIDIN outperform 5 M 4 12 month 18.03.2013Yatirim Finansman Securities HUSEYIN MERDAN GEYIK outperform 5 M 4 12 month 18.03.2013Oyak Securities OSMAN OZVURAL market perform 3 M 3 Not Provided 15.03.2013Renaissance Capital DAVID FERGUSON sell 1 M 3 12 month 15.03.2013Sardis Securities HAYDAR ACUN hold 3 M #N/A N/A Not Provided 15.03.2013HSBC LEVENT BAYAR neutral 3 M 3 Not Provided 13.03.2013Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 3 12 month 05.03.2013Ak Investment BERTUG TUZUN market outperform 4 M 4 12 month 29.01.2013BGC Partners KEREM TEZCAN Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013Eczacibasi Securities GOKAY BOBEK market perform 3 M 3 Not Provided 22.01.2013Ekspres Invest KURTHAN ATMACA buy 5 U 4 Not Provided 22.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013IS Investment & Securities NUR ATASOY outperform 5 M 4 Not Provided 26.12.2012Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 D 3 Not Provided 17.12.2012Erste Bank MEHMET EMIN ZUMRUT buy 5 M 3 12 month 04.11.2012JPMorgan MUNEEZA HASAN overweight 5 M 3 9 month 08.10.2012Tera Stock Brokers HASAN DEMIR buy 5 M 3 Not Provided 01.10.2012Deutsche Bank ATHMANE BENZERROUG buy 5 M 4 12 month 24.09.2012ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 3 Not Provided 20.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Enka Insaat ve Sanayi ASEnka Insaat ve Sanayi AS provides construction and construction related Price/Volumeservices worldwide. The Company builds infrastructure, commercial projects and 7 16.0 Mfactories. The manufacturing subsidiaries produce construction materials, steel 6 14.0 Mpipes, windows and hand tools. The Group also imports and distributes industrial 5 12.0 Mmachinery in Turkey. 10.0 M 4 8.0 M Valuation Analysis 3 6.0 MLatest Fiscal Year: 12/2012 2 4.0 MLTM as of: 12/yy 1 2.0 M52-Week High (11.01.2013) 6.00 0 .0 M52-Week Low (28.05.2012) 3.93 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 3245254.00 Current Price (3/dd/yy) 5.58 Market Data 52-Week High % Change -6.67% Dividend Yield - 52-Week Low % Change 42.13% Beta 1.03 % 52 Week Price Range High/Low 77.82% Equity Float -Shares Out 30.09.2012 2800.0 Short Int - Market Capitalization 15624.00 1 Yr Total Return 14.12%Total Debt 671.24 YTD Return 5.28%Preferred Stock 0.0 Adjusted BETA 1.034Minority Interest 463.6 Analyst Recs 25Cash and Equivalents 3096.61 Consensus Rating 3.240Enterprise Value 13662.22 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2439375ENKAI TI EQUITY YTD Change - Average Volume 30 Day 2391606ENKAI TI EQUITY YTD % CHANGE - Average Volume 3 Month 2385007 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 9022.9 7920.9 7064.9 8415.3 10297.5 8415.3 10297.5 10362.4 10661.3 2557.0 2609.0 TEV/Revenue 0.75x 1.56x 1.69x 1.07x 1.26x 5.29x 4.74x 1.23x 1.13x 5.46x 5.26x EBITDA 1100.0 1372.3 1134.6 1354.5 1330.1 1354.5 1330.1 1469.7 1577.7 432.0 358.0 TEV/EBITDA 6.14x 9.00x 10.51x 6.62x 9.77x 6.62x 9.77x 9.30x 8.66x 8.74x 8.79x Net Income 770.8 816.1 818.8 849.6 1127.9 849.6 1127.9 1124.9 1232.2 313.0 257.0 P/E 8.17x 15.40x 15.48x 12.07x 13.94x 12.50x 14.47x 13.74x 12.29x 13.78x 13.78x Profitability S&P Issuer RatingsEBITDA 1330.14 Long-Term Rating Date -EBIT 1139.85 Long-Term Rating -Operating Margin 11.07% Long-Term Outlook -Pretax Margin 13.53% Short-Term Rating Date -Return on Assets 7.84% Short-Term Rating -Return on Common Equity 12.78% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 67.12Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 54.38Margin Analysis Net Debt/EBITDA -1.82Gross Margin 13.9% Total Debt/EBITDA 0.50EBITDA Margin 12.9% ReferenceEBIT Margin 11.1% Total Debt/Equity 7.4%Net Income Margin 11.0% Total Debt/Capital 6.6%Structure Asset Turnover 0.72Current Ratio 2.19 Net Fixed Asset Turnover 3.07Quick Ratio 1.80 Accounts receivable turnover-days 47.46Debt to Assets 4.57% Inventory Days 22.92Tot Debt to Common Equity 7.38% Accounts Payable Turnover Day 39.50Accounts Receivable Turnover 7.71 Cash Conversion Cycle 30.88Inventory Turnover 15.97Price/ Cash Flow Sales/Revenue/Turnover 20.00 12000.0 18.00 10000.0 16.00 14.00 8000.0 12.00 10.00 6000.0 8.00 4000.0 6.00 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 |
    • 28.03.2013Enka Insaat ve Sanayi ASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTARA HOLDING AS n/a Research 1374204859 49.08 - 08.10.2012 Holding CompanyGULCELIK VILDAN n/a Research 223597002 7.99 - 08.10.2012 n/aGULCELIK SEVDA n/a Research 179944820 6.43 - 08.10.2012 n/aENKA SPOR EGITIM n/a Research 166529535 5.95 - 08.10.2012 n/aGULCELIK ALI n/a Research 132222485 4.72 - 08.10.2012 n/aALTERNATIF AKSESUAR n/a Research 122312951 4.37 - 08.10.2012 n/aGULCELIK BILGI n/a Research 120417654 4.3 - 08.10.2012 n/aOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 53601312 1.91 (1439279) 31.01.2013 Investment AdvisorGULCELIK NURDAN n/a Research 43472515 1.55 - 08.10.2012 n/aGULCELIK SELIM n/a Research 43472358 1.55 - 08.10.2012 n/aTARA SARIK n/a Research 22261042 0.8 - 08.10.2012 n/aGULCELIK AYSE VERDA n/a Research 18387701 0.66 - 08.10.2012 n/aSKAGEN AS Multiple Portfolios MF-AGG 16820663 0.6 - 28.02.2013 Mutual Fund ManagerCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 14660405 0.52 - 30.11.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 13662884 0.49 3235474 31.12.2012 Investment AdvisorABERDEEN n/a ULT-AGG 7695738 0.27 (1791033) 28.02.2013 UnclassifiedBLACKROCK n/a ULT-AGG 6630562 0.24 (74299) 25.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 6164239 0.22 (654515) 31.01.2013 Investment AdvisorBARING ASSET MANAGEM Multiple Portfolios MF-AGG 5539199 0.2 (1385329) 31.08.2012 Investment AdvisorEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 4205786 0.15 709000 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRenaissance Capital ILGIN ERDOGAN buy 5 U 6 12 month 27.03.2013EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013FinansInvest GAYE ABIDIN neutral 3 M 6 12 month 20.03.2013Burgan Securities MURAT IGNEBEKCILI hold 3 M 6 12 month 20.03.2013Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 M 6 12 month 19.03.2013BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 6 12 month 19.03.2013Yatirim Finansman Securities OZGUR UCUR market perform 3 M 6 12 month 19.03.2013Ekspres Invest ALPER AKALIN sell 1 M 6 Not Provided 19.03.2013Unlu Securities OYTUN ALTASLI market perform 3 N 6 12 month 15.03.2013Sardis Securities HAYDAR ACUN strong buy 5 M 8 Not Provided 15.03.2013Eczacibasi Securities BEHLUL KATAS market perform 3 M 6 Not Provided 29.01.2013Credit Suisse ATINC OZKAN neutral 3 D 6 Not Provided 22.01.2013HSBC CENK ORCAN neutral 3 D 7 Not Provided 22.01.2013Global Menkul Degerler SERCAN UZUN market perform 3 M 6 Not Provided 21.01.2013Deutsche Bank ATHMANE BENZERROUG hold 3 M 6 12 month 14.01.2013Goldman Sachs ARTYOM GOLODNOV neutral/neutral 3 D 6 12 month 11.01.2013IS Investment & Securities NUR ATASOY underperform 1 D 6 Not Provided 25.12.2012Oyak Securities HASAN SENER market perform 3 M 6 12 month 21.12.2012Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 6 Not Provided 17.12.2012BGC Partners EZGI YILMAZ hold 3 M 6 12 month 15.11.2012ATA Invest ONDER ZORBA market perform 3 M 5 Not Provided 25.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 28.03.2013Eregli Demir ve Celik Fabrikalari TASEregli Demir ve Celik Fabrikalari TAS (Erdemir) manufactures cold and hot rolled Price/Volumesteel sheet and tinplate. The Companys products are used in the automotive, 3 350.0 Mpipe, home appliance, pressurized container, and machinery manufacturing 3 300.0 Mindustries. Erdemir markets most of its products in Europe, the United States,and Japan. 250.0 M 2 200.0 M 2 Valuation Analysis 150.0 MLatest Fiscal Year: 12/2012 1 100.0 MLTM as of: 12/yy 1 50.0 M52-Week High (27.03.2012) 2.80 0 .0 M52-Week Low (23.07.2012) 1.89 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 14039666.00 Current Price (3/dd/yy) 2.3 Market Data 52-Week High % Change -17.98% Dividend Yield - 52-Week Low % Change 21.69% Beta 0.87 % 52 Week Price Range High/Low 41.57% Equity Float -Shares Out 31.12.2012 3090.0 Short Int - Market Capitalization 7107.00 1 Yr Total Return -11.76%Total Debt 4418.75 YTD Return -6.12%Preferred Stock 0.0 Adjusted BETA 0.867Minority Interest 211.1 Analyst Recs 24Cash and Equivalents 1830.26 Consensus Rating 3.250Enterprise Value 9906.59 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 19967900EREGL TI EQUITY YTD Change - Average Volume 30 Day 20108260EREGL TI EQUITY YTD % CHANGE - Average Volume 3 Month 24729960 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 6808.7 5235.7 6632.8 8920.5 9570.4 8920.5 9570.4 9812.1 10516.3 - - TEV/Revenue 1.24x 2.00x 1.71x 1.22x 1.08x 5.14x 4.31x 1.02x 0.94x - - EBITDA 859.3 347.1 1428.3 2087.2 1032.4 2087.2 1032.4 1375.5 1573.7 - - TEV/EBITDA 9.85x 30.13x 7.92x 5.23x 10.05x 5.23x 10.05x 7.22x 6.31x - - Net Income 211.5 (168.7) 766.0 1005.6 424.2 1005.6 424.2 678.6 846.9 - - P/E 22.38x - 10.65x 7.01x 17.85x 7.01x 20.46x 10.41x 8.68x - - Profitability S&P Issuer RatingsEBITDA 1032.35 Long-Term Rating Date 17.10.2011EBIT 688.64 Long-Term Rating BOperating Margin 7.20% Long-Term Outlook STABLEPretax Margin 6.74% Short-Term Rating Date -Return on Assets 3.20% Short-Term Rating -Return on Common Equity 5.94% Credit RatiosReturn on Capital 5.29% EBITDA/Interest Exp. 4.11Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 2.42Margin Analysis Net Debt/EBITDA 2.51Gross Margin 10.2% Total Debt/EBITDA 4.28EBITDA Margin 10.8% ReferenceEBIT Margin 7.2% Total Debt/Equity 61.3%Net Income Margin 4.4% Total Debt/Capital 37.3%Structure Asset Turnover 0.72Current Ratio 2.03 Net Fixed Asset Turnover 1.38Quick Ratio 1.00 Accounts receivable turnover-days 41.86Debt to Assets 33.62% Inventory Days 137.90Tot Debt to Common Equity 61.33% Accounts Payable Turnover Day 22.52Accounts Receivable Turnover 8.74 Cash Conversion Cycle 157.24Inventory Turnover 2.65Price/ Cash Flow Sales/Revenue/Turnover 20.00 12000.0 18.00 10000.0 16.00 14.00 8000.0 12.00 10.00 6000.0 8.00 4000.0 6.00 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 |
    • 28.03.2013Eregli Demir ve Celik Fabrikalari TASHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeATAER HOLDING n/a Research 1522903338 49.28 - 31.03.2011 Holding CompanyERDEMIR n/a Research 95203917 3.08 - 31.03.2011 CorporationBLACKROCK n/a ULT-AGG 34627463 1.12 (344311) 25.03.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 26513668 0.86 (175180) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 20847202 0.67 - 31.07.2012 Investment AdvisorCHARLES SCHWAB INVES Multiple Portfolios MF-AGG 11452234 0.37 (117763) 26.03.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11269264 0.36 - 25.03.2013 Investment AdvisorSEB n/a ULT-AGG 10761780 0.35 5273213 31.12.2012 UnclassifiedBNP PARIBAS INV PART n/a ULT-AGG 5600000 0.18 (276999) 31.01.2013 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 4986870 0.16 - 31.01.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 3257768 0.11 49631 26.03.2013 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2818753 0.09 - 31.05.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2710668 0.09 27098 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 2637509 0.09 243447 31.01.2013 UnclassifiedLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 2351116 0.08 - 28.02.2013 Mutual Fund ManagerVALIC CO I Multiple Portfolios MF-AGG 2195281 0.07 (26822) 31.01.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 2099423 0.07 119900 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1655598 0.05 326825 31.12.2012 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 1612539 0.05 (73731) 30.06.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1580000 0.05 1580000 31.01.2013 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBurgan Securities UMUT OZTURK hold 3 M 3 12 month 25.03.2013Sardis Securities HAYDAR ACUN buy 5 M 5 Not Provided 15.03.2013FinansInvest KORAY PAMIR neutral 3 M 3 12 month 14.03.2013Seker Securities BURAK DEMIRBILEK market perform 3 M 3 Not Provided 14.03.2013Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 3 Not Provided 27.02.2013BNP Paribas Equity Research ALPER PAKSOY buy 5 U 3 12 month 25.02.2013HSBC BULENT YURDAGUL overweight 5 M 3 Not Provided 21.02.2013Oyak Securities OSMAN OZVURAL market perform 3 M 3 Not Provided 21.02.2013Yatirim Finansman Securities HUSEYIN MERDAN GEYIK market perform 3 M 3 12 month 21.02.2013Deutsche Bank VEDAT MIZRAHI hold 3 M 3 12 month 20.02.2013Global Menkul Degerler SERCAN UZUN market perform 3 M 3 Not Provided 20.02.2013IS Investment & Securities