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Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)

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Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)

Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)

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  • 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations NDX Index - Nasdaq 100 Index April 2013 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.38 15.38 14.11 14.11 18.80Euro Stoxx 50 Pr EUR 2553062 5424.032 4630 4630 739 775 775 229.96 307.93 307.93 19.02 16.41 14.21 14.21 19.70NIKKEI 225 JPY 2554354 186.4402 188 188 19 20 20 5.28 5.50 5.50 0.27 0.27 0.25 0.25 0.12FTSE 100 INDEX GBP 2682474 11610.68 9614 9614 1447 1650 1650 531.79 820.72 820.72 27.64 - 17.91 17.91 22.24SWISS MARKET INDEX CHF 1031660 10946.31 4119 4119 844 836 836 408.77 551.74 551.74 21.20 18.86 15.71 15.71 21.93S&P/TSX COMPOSITE INDEX CAD 1675907 17151.75 7923 7923 1852 2088 2088 796.17 890.32 890.32 15.37 15.37 13.74 13.74 24.29S&P/ASX 200 INDEX AUD 1408237 6730.544 2878 2878 607 705 705 252.53 342.62 342.62 21.54 17.43 15.87 15.87 22.39HANG SENG INDEX HKD 1692248 3310.555 1659 1659 376 407 407 268.25 266.15 266.15 1.38 1.51 1.39 1.39 3.12MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03ACTIVISION BLIZZARD INC USD 16104 1000 1112 0 0 0 4 11.73 4856 4856 4277 4682 1779 1779 189 189 1.01 1.00 0.85 1.03 14.46 14.46 17.03 14.04 2.12 - -0.50 51.86 36.64 NR 11.07.2008 - -ADOBE SYSTEMS INC USD 21436 552 494 2 0 0 4 19.31 4404 4366 4118 4539 1477 1296 288 288 1.64 1.41 1.42 1.79 30.31 30.31 30.10 23.84 4.45 3.06 0.67 4.71 29.68 BBB+ 25.01.2010 Baa1 25.01.2010AKAMAI TECHNOLOGIES INC USD 6240 623 178 0 0 0 1 5.14 1374 1374 1510 1715 519 519 151 151 1.15 1.15 1.96 2.21 30.50 30.50 17.91 15.85 18.59 15.60 12.01 19.00 37.78 NR 12.11.2002 - -ALEXION PHARMACEUTICALS INC USD 17832 346 195 0 0 0 1 16.99 1134 1134 1509 1894 424 424 135 135 1.38 1.33 2.89 3.33 68.68 68.68 31.57 27.43 44.76 59.85 61.86 - 37.38 - - - -ALTERA CORP USD 11236 529 320 1 0 0 3 8.72 1783 1783 1823 2075 628 628 120 120 1.72 1.71 1.54 1.87 20.55 20.55 22.86 18.83 -13.63 8.79 -28.72 14.97 35.23 A- 04.11.2011 A2 01.05.2012AMAZON.COM INC USD 118040 266 454 6 0 0 11 112.10 61093 61093 75720 92943 2835 2834 958 958 0.05 0.36 3.36 5.69 721.39 721.39 77.30 45.64 27.07 30.56 45.76 25.77 4.64 AA- 26.11.2012 Baa1 26.11.2012AMGEN INC USD 73226 417 756 27 0 0 24 75.71 17265 17265 18045 18399 6665 6665 1782 1782 6.00 5.96 7.19 8.23 16.43 16.43 13.61 11.90 10.80 3.45 24.07 2.92 38.60 A+ 07.09.2007 Baa1 07.11.2011ANALOG DEVICES INC USD 13999 647 298 1 0 0 4 10.77 2701 2675 2697 2988 942 923 225 225 2.13 2.11 2.18 2.70 21.68 21.68 21.03 16.94 -9.76 1.99 -20.98 4.28 34.52 A- 29.09.2010 A3 25.06.2009APPLE INC USD 434671 1105 939 0 0 0 121 297.56 156508 164687 181211 204263 58518 59255 13978 13978 44.15 44.10 44.13 49.77 10.48 10.48 10.48 9.29 44.58 41.47 64.36 65.35 35.98 NR 16.04.2004 WR 31.03.2004APPLIED MATERIALS INC USD 16093 2523 1197 2 0 0 2 16.29 8719 8103 7822 9351 1422 1285 317 317 0.75 0.62 0.61 1.07 21.63 21.63 22.13 12.50 -17.10 0.23 -45.03 -11.81 15.86 A- 21.12.1999 A3 20.08.1997AUTODESK INC USD 9123 417 224 1 0 0 2 7.50 2312 2312 2447 2649 478 478 161 161 1.09 1.14 2.12 2.46 35.61 35.61 19.17 16.52 4.36 1.06 1.66 -1.18 20.66 BBB 05.12.2012 Baa2 10.12.2012AUTOMATIC DATA PROCESSING USD 31429 725 484 0 0 0 2 29.94 10665 10945 11314 12148 2342 2375 779 779 2.74 2.79 2.91 3.17 23.23 23.23 22.28 20.42 7.95 5.09 6.64 4.99 21.70 AAA 29.10.1998 - -AVAGO TECHNOLOGIES LTD USD 8805 232 245 0 0 0 1 7.66 2K 2K 2K 3K 744 740 173 173 2.27 2.29 2.62 2.98 15.62 15.62 13.64 11.99 1.20 8.15 -0.13 39.47 31.13 - - - -BAIDU INC - SPON ADR USD 30095 478 350 12 0 1 32 167.63 22306 22306 30384 39327 12133 12133 2805 2805 29.83 29.82 33.59 41.93 17.94 17.94 15.92 12.75 53.83 63.25 43.39 75.53 54.39 - - A3 06.11.2012BED BATH & BEYOND INC USD 14622 459 236 0 0 0 2 13.84 9500 10245 10909 11614 1752 1782 655 655 4.06 4.38 4.58 5.06 14.76 14.76 14.13 12.78 8.46 8.66 19.02 11.38 17.40 BBB+ 30.06.2011 - -BIOGEN IDEC INC USD 41849 438 237 1 0 0 4 39.25 5516 5516 6412 7509 2204 2204 532 532 5.73 5.73 7.79 9.63 30.91 30.91 22.74 18.39 9.27 9.86 3.06 11.87 39.96 BBB+ 04.12.2008 Baa2 19.03.2012BMC SOFTWARE INC USD 6541 371 162 1 0 0 2 6.69 2172 2198 2224 2320 769 702 222 222 2.36 2.16 3.42 3.84 21.19 21.19 13.39 11.92 5.17 4.81 6.32 13.24 31.93 BBB+ 22.07.2010 Baa2 23.07.2010BROADCOM CORP-CL A USD 19605 1097 569 2 0 0 4 17.58 8006 8006 8443 9303 1297 1297 284 284 1.45 1.44 2.76 3.04 23.93 23.93 12.48 11.33 8.35 16.32 2.94 48.35 16.20 A- 11.08.2011 A2 27.10.2010CA INC USD 11389 636 466 1 0 0 3 10.14 4814 4680 4637 4677 1805 1836 403 403 1.90 1.99 2.42 2.54 12.55 12.55 10.34 9.84 8.69 1.88 11.15 14.58 39.23 BBB+ 11.04.2011 Baa2 13.08.2010CATAMARAN CORP USD 10848 347 205 1 0 0 0 11.65 9940 9940 14511 16281 367 367 146 146 0.87 0.87 1.87 2.36 60.69 60.69 28.25 22.42 99.78 303.30 120.71 82.08 3.70 BB 22.05.2012 - -CELGENE CORP USD 47109 682 420 3 0 0 4 46.29 5507 5507 6112 7016 2199 2199 724 724 4.01 3.90 5.68 6.85 28.85 28.85 19.80 16.42 13.73 29.21 32.20 36.40 39.93 BBB+ 04.10.2010 Baa2 04.10.2010CERNER CORP USD 16057 211 172 0 0 0 1 15.22 2665 2665 3005 3383 794 794 219 219 2.26 2.26 2.80 3.29 41.26 41.26 33.30 28.32 20.98 12.78 18.13 17.35 29.80 - - - -C.H. ROBINSON WORLDWIDE INC USD 9396 371 161 0 0 0 0 9.51 11359 11359 12978 14119 713 713 192 192 2.76 2.74 3.07 3.48 21.54 21.54 19.22 16.94 9.89 8.96 -1.63 5.84 6.28 - - - -CHECK POINT SOFTWARE TECH USD 9574 814 199 0 0 0 3 6.28 1343 1343 1423 1517 761 761 192 192 2.94 2.96 3.43 3.76 15.71 15.71 13.57 12.38 7.68 12.54 9.76 17.15 56.71 - - - -CISCO SYSTEMS INC USD 110638 2102 5298 16 0 0 49 80.56 46061 47252 48708 51403 12971 13372 3802 3802 1.55 1.62 2.00 2.11 12.79 12.79 10.39 9.83 6.58 4.44 18.36 5.10 28.30 A+ 10.02.2006 A1 10.02.2006CITRIX SYSTEMS INC USD 13233 823 186 0 0 0 1 12.30 2586 2586 2971 3355 606 606 188 188 1.86 1.75 3.14 3.60 40.57 40.57 22.59 19.72 17.21 13.28 5.10 15.29 23.42 NR 04.02.2005 - -COGNIZANT TECH SOLUTIONS-A USD 22519 368 302 0 0 0 3 19.66 7346 7346 8620 10011 1518 1518 405 405 3.44 3.44 4.30 4.98 21.69 21.69 17.35 15.00 20.02 26.92 20.42 28.37 20.66 - - - -COMCAST CORP-CLASS A USD 108404 1457 2639 40 0 17 12 153.89 62570 62570 64235 68029 19977 19977 5022 5022 1.92 1.93 2.39 2.74 21.49 21.49 17.34 15.16 12.05 16.15 8.82 11.13 31.93 A- 14.02.2013 A3 13.02.2013COSTCO WHOLESALE CORP USD 46133 164 432 1 #VALUE! 0 5 45.52 99137 103128 106075 115242 3667 3874 930 930 3.89 4.32 4.55 5.03 24.46 24.46 23.22 21.01 11.50 8.06 11.02 10.87 3.76 A+ 28.11.2012 A1 26.03.2012DELL INC USD 25335 3115 1738 9 0 0 13 21.66 56940 56940 55902 56163 4156 4156 974 974 1.48 1.49 1.57 1.72 9.73 9.73 9.25 8.44 -8.27 -1.66 -22.56 0.13 7.30 A- *- 05.02.2013 Baa1 *- 05.02.2013DENTSPLY INTERNATIONAL INC USD 5985 161 142 2 0 0 0 7.47 2928 2928 3051 3187 537 537 153 153 1.98 1.95 2.42 2.69 21.49 21.49 17.29 15.59 15.40 7.52 27.33 5.25 18.33 BBB+ 02.09.2011 Baa2 16.08.2011DIRECTV USD 32576 1649 587 18 0 0 2 49.04 29740 29740 31930 34148 7447 7447 1891 1891 4.52 4.54 4.90 5.77 12.52 12.52 11.61 9.86 9.23 10.57 7.32 12.83 25.04 BBB 25.02.2011 - -DISCOVERY COMMUNICATIONS-A USD 28342 344 304 5 0 0 1 32.39 4487 4521 5545 6087 1978 1975 522 522 2.52 2.51 3.40 4.21 31.69 31.69 23.43 18.88 7.65 - 8.50 - 43.69 BBB 09.03.2011 - -DOLLAR TREE INC USD 10985 892 225 0 0 0 0 10.86 7395 7395 7935 8637 1095 1095 254 254 2.68 2.53 2.78 3.21 19.11 19.11 17.39 15.09 11.52 11.62 15.79 17.48 14.81 - - - -EBAY INC USD 67133 1333 1294 5 0 0 9 62.24 14072 14071 16351 18761 4088 4090 1237 1237 1.95 1.94 2.76 3.23 26.67 26.67 18.78 16.03 20.77 13.73 23.39 9.42 29.07 A 02.03.2010 A2 21.10.2010EQUINIX INC USD 10342 119 49 3 0 0 0 13.02 1896 1914 2216 2544 818 819 236 236 2.99 2.99 3.76 5.26 70.88 70.88 56.38 40.30 20.76 29.85 23.95 49.56 42.81 BB 28.02.2013 Ba3 28.02.2013EXPEDIA INC USD 8406 690 135 1 0 0 2 7.83 4030 4030 4678 5253 809 809 103 103 2.70 2.71 3.46 4.13 22.91 22.91 17.94 15.02 16.86 8.40 12.52 2.11 20.08 BBB- 22.12.2011 Ba1 30.10.2009EXPEDITORS INTL WASH INC USD 7393 828 206 0 0 0 1 6.14 5981 5981 6380 6951 571 571 143 143 1.57 1.57 1.80 2.05 22.80 22.80 19.84 17.44 -2.76 1.93 -13.03 4.22 9.54 - - - -EXPRESS SCRIPTS HOLDING CO USD 47825 910 818 16 0 0 3 60.96 93858 94235 100902 102195 4657 4672 1544 1544 2.46 2.43 4.27 4.91 24.05 24.05 13.70 11.89 103.47 43.89 81.37 32.09 4.96 BBB+ 31.05.2012 Baa3 04.06.2009F5 NETWORKS INC USD 6882 192 79 0 0 0 1 6.36 1377 1420 1562 1808 461 475 142 142 3.46 3.51 5.02 5.81 24.98 24.98 17.43 15.07 19.57 19.35 24.19 28.96 33.43 - - - -FACEBOOK INC-A USD 60042 4811 2372 2 0 0 10 52.77 5089 5089 6672 8427 1187 1187 739 739 0.01 0.02 0.57 0.77 1260.00 1260.00 44.29 32.56 37.13 - -42.91 - 23.32 - - - -FASTENAL CO USD 14971 244 297 0 0 0 0 14.89 3134 3134 3471 3910 727 727 191 191 1.42 1.42 1.63 1.91 35.55 35.55 30.91 26.43 13.25 8.59 17.41 11.95 23.21 - - - -FISERV INC USD 11551 100 133 3 0 0 0 14.42 4482 4482 4887 5102 1410 1410 373 373 4.38 4.48 5.97 6.65 19.31 19.31 14.50 13.00 3.34 1.00 4.83 8.80 31.46 BBB- 02.03.2010 Baa2 08.11.2007FOSSIL INC USD 5665 210 53 0 0 0 0 5.57 2858 2858 3166 3453 554 554 105 105 5.37 5.41 6.06 6.88 17.64 17.64 15.76 13.88 11.30 15.87 5.81 20.38 19.40 - - - -GARMIN LTD USD 6511 273 196 0 0 0 3 3.64 2716 2716 2555 2508 695 695 112 112 2.76 2.85 2.41 2.46 11.68 11.68 13.80 13.54 -1.55 -8.13 7.15 -6.49 25.58 - - - -GILEAD SCIENCES INC USD 69238 762 1519 8 0 0 3 75.12 9703 9703 10748 12727 4288 4288 1116 1116 1.70 1.70 2.07 2.90 26.74 26.74 21.91 15.68 15.71 19.77 4.80 14.12 44.20 A- 23.03.2011 Baa1 23.03.2011GOOGLE INC-CL A USD 268688 116 330 6 0 0 50 224.67 50175 51379 47959 56130 15722 15684 5178 5178 34.02 33.74 45.83 53.82 24.02 24.02 17.68 15.06 32.37 24.66 15.66 21.04 30.53 AA 19.11.2012 Aa2 16.05.2011HENRY SCHEIN INC USD 7981 89 88 1 0 0 0 8.83 8940 8940 9516 10039 759 759 185 185 4.44 4.43 4.87 5.39 20.57 20.57 18.71 16.92 4.80 7.43 8.80 10.46 8.50 - - - -INTEL CORP USD 106141 3444 4944 13 0 0 23 97.00 53341 53341 53942 56527 22160 22160 4602 4602 2.13 2.13 2.02 2.18 10.06 10.06 10.59 9.82 -1.22 6.39 -5.87 10.34 41.54 A+ 17.02.1993 A1 14.09.2011INTUIT INC USD 19482 544 295 0 0 0 1 19.32 4151 4211 4594 5017 1419 1307 1427 1427 2.50 2.36 3.44 3.78 27.85 27.85 19.10 17.40 10.05 3.29 8.49 11.70 31.04 BBB 29.05.2008 Baa1 04.06.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.38 15.38 14.11 14.11 18.80Euro Stoxx 50 Pr EUR 2553062 5424.032 4630 4630 739 775 775 229.96 307.93 307.93 19.02 16.41 14.21 14.21 19.70NIKKEI 225 JPY 2554354 186.4402 188 188 19 20 20 5.28 5.50 5.50 0.27 0.27 0.25 0.25 0.12FTSE 100 INDEX GBP 2682474 11610.68 9614 9614 1447 1650 1650 531.79 820.72 820.72 27.64 - 17.91 17.91 22.24SWISS MARKET INDEX CHF 1031660 10946.31 4119 4119 844 836 836 408.77 551.74 551.74 21.20 18.86 15.71 15.71 21.93S&P/TSX COMPOSITE INDEX CAD 1675907 17151.75 7923 7923 1852 2088 2088 796.17 890.32 890.32 15.37 15.37 13.74 13.74 24.29S&P/ASX 200 INDEX AUD 1408237 6730.544 2878 2878 607 705 705 252.53 342.62 342.62 21.54 17.43 15.87 15.87 22.39HANG SENG INDEX HKD 1692248 3310.555 1659 1659 376 407 407 268.25 266.15 266.15 1.38 1.51 1.39 1.39 3.12MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03INTUITIVE SURGICAL INC USD 20081 164 40 0 0 0 1 18.76 2179 2179 2563 2957 936 936 230 230 15.98 15.96 17.59 20.65 31.16 31.16 28.27 24.08 23.99 26.50 26.25 29.59 42.95 - - - -KLA-TENCOR CORPORATION USD 8648 424 167 1 0 0 3 6.82 3172 3127 2885 3313 1108 1034 213 213 4.64 4.25 3.26 4.52 12.25 12.25 15.95 11.52 -0.10 7.21 -11.07 9.66 33.07 BBB 28.04.2008 Baa1 29.04.2008KRAFT FOODS GROUP INC USD 30476 659 #VALUE! 0 0 0 0 39.81 18339 #VALUE! 18808 19311 3285 - 817 817 2.91 - 2.81 3.12 - - 18.30 16.45 -1.69 - - - - BBB 19.07.2012 Baa2 16.07.2012LIBERTY GLOBAL INC-A USD 17843 685 259 28 0 0 2 43.20 10311 10311 13284 14933 4757 4757 1306 1306 -1.71 -1.79 1.90 2.95 - - 37.62 24.31 8.41 2.82 9.34 7.11 46.14 B+ *+ 06.02.2013 - -LIBERTY INTERACTIVE CORP-A USD 11739 835 545 8 0 4 4 19.63 10054 10054 10402 10929 1809 1809 436 436 -0.34 -0.29 1.16 1.38 - - 18.74 15.69 4.55 5.26 1.97 1.87 17.99 BB 29.09.2011 - -LIFE TECHNOLOGIES CORP USD 10912 270 171 2 0 0 0 13.07 3799 3799 3928 4071 1167 1167 299 299 2.72 2.70 4.37 4.77 23.72 23.72 14.65 13.43 0.60 27.22 0.54 29.53 30.72 BBB+ 29.11.2012 Baa3 06.03.2012LINEAR TECHNOLOGY CORP USD 8814 516 230 1 0 0 1 8.33 1267 1283 1287 1431 638 636 151 151 1.71 1.69 1.79 2.07 22.43 22.43 21.20 18.34 -14.65 3.85 -21.96 2.10 49.59 - - - -MATTEL INC USD 15007 546 342 2 0 0 1 15.18 6421 6421 6834 7142 1195 1195 89 89 2.47 2.50 2.80 3.07 17.42 17.42 15.56 14.21 2.47 0.84 -0.59 5.79 18.62 BBB+ 04.04.2011 Baa1 29.04.2011MAXIM INTEGRATED PRODUCTS USD 9409 569 293 0 0 0 1 8.69 2404 2405 2465 2685 783 801 201 201 1.27 1.56 1.79 2.11 20.62 20.62 18.01 15.27 -2.78 3.93 -10.98 11.36 33.31 BBB+ 09.05.2012 Baa1 10.06.2010MICROCHIP TECHNOLOGY INC USD 7172 361 193 0 0 0 1 6.52 1383 1490 1600 1845 497 405 110 110 1.66 1.53 1.84 2.15 23.99 23.99 19.96 17.11 -6.99 13.84 -14.74 1.38 27.20 - - - -MICRON TECHNOLOGY INC USD 10136 5505 1018 3 0 1 3 11.74 8234 8047 8633 10369 1523 1467 599 599 -1.06 -1.06 -0.38 0.75 - - #VALUE! 13.16 -6.30 15.62 -46.75 0.62 18.23 BB- 30.06.2011 Ba3 20.08.2012MICROSOFT CORP USD 236587 2197 8381 12 0 0 63 182.46 73723 72930 79390 85801 30923 29120 8110 8110 2.73 2.56 2.84 3.14 11.00 11.00 9.93 8.97 5.40 5.66 3.33 9.15 39.93 AAA 22.09.2008 Aaa 11.05.2009MONDELEZ INTERNATIONAL INC-A USD 53491 1074 1778 19 0 0 4 68.58 35 K 49 K 37 K 39 K 5028 7727 1384 1384 1.39 2.24 1.57 1.76 13.44 13.44 19.22 17.08 -2.22 0.57 1.00 -0.96 15.84 BBB 02.02.2010 Baa2 02.02.2010MONSTER BEVERAGE CORP USD 8084 387 166 0 0 0 0 7.76 2061 2061 2323 2612 571 571 137 137 1.86 1.86 2.24 2.66 26.25 26.25 21.84 18.33 20.99 14.14 20.63 19.62 27.72 - - - -MYLAN INC USD 11479 1254 395 6 0 0 0 16.88 6796 6817 7181 7728 1719 1831 465 465 1.89 1.93 2.86 3.20 15.04 15.04 10.14 9.07 10.87 8.37 9.83 31.53 26.87 BBB- 20.11.2012 Baa3 20.11.2012NETAPP INC USD 12005 984 365 1 0 0 5 7.52 6233 6318 6372 6923 1049 967 369 369 1.61 1.37 2.28 2.53 24.31 24.31 14.63 13.17 21.68 14.59 5.21 22.10 15.30 BBB+ 04.12.2012 Baa1 05.12.2012NEWS CORP-CL A USD 70531 831 2383 15 #VALUE! 1 10 80.68 33706 34333 35613 38024 6646 6754 1688 1688 1.41 1.57 1.68 1.98 19.26 19.26 18.02 15.30 0.90 2.06 8.36 4.21 19.67 BBB+ 30.11.2012 - -NUANCE COMMUNICATIONS INC USD 6322 934 312 2 0 0 1 7.70 1652 1753 2167 2446 380 380 193 193 0.96 0.89 1.81 2.03 22.46 22.46 11.07 9.86 25.23 18.98 41.82 33.78 21.66 BB- 11.02.2011 Ba3 06.08.2012NVIDIA CORP USD 7700 1551 617 0 0 0 4 3.99 4280 4280 4256 4635 874 874 128 128 0.94 0.91 0.85 0.97 13.74 13.74 14.72 12.89 7.06 11.62 2.58 -2.04 20.43 NR 07.05.2009 - -OREILLY AUTOMOTIVE INC USD 11530 192 113 1 0 0 0 12.38 6182 6182 6660 7075 1154 1154 300 300 4.75 4.75 5.72 6.48 21.81 21.81 18.11 15.98 6.80 22.91 12.10 24.62 18.67 BBB 18.01.2012 Baa3 11.01.2011ORACLE CORP USD 148244 3115 4905 16 0 0 31 135.03 37121 37149 37444 39560 16973 17286 5889 5889 2.00 2.16 2.69 2.93 14.61 14.61 11.73 10.76 4.21 11.70 9.33 18.51 46.53 A+ 24.04.2012 A1 24.06.2011PACCAR INC USD 17726 400 353 0 0 0 2 15.48 17051 17051 16096 17675 2296 2296 426 426 3.12 3.12 3.18 3.57 16.07 16.07 15.79 14.04 4.25 6.40 6.65 1.08 13.47 A+ 29.04.2010 A1 25.02.2009PAYCHEX INC USD 12672 640 363 0 0 0 0 12.37 2230 2269 2325 2465 952 972 243 243 1.51 1.54 1.59 1.70 22.62 22.62 21.86 20.47 6.98 2.40 8.75 4.19 42.85 - - - -PERRIGO CO USD 10996 150 93 1 0 0 1 11.91 3173 3263 3587 4027 713 774 238 238 4.51 5.00 5.68 6.64 23.51 23.51 20.69 17.71 15.18 15.43 20.05 33.72 23.73 - - - -PRICELINE.COM INC USD 34640 93 50 1 0 0 5 31.02 5261 5261 6530 7724 1895 1895 340 340 27.86 27.91 38.76 46.07 24.89 24.89 17.92 15.08 20.79 29.06 30.44 60.37 36.02 BBB 07.03.2012 - -QUALCOMM INC USD 113998 1090 1706 0 0 0 27 85.68 19121 20458 24134 26887 6579 7149 2345 2345 2.79 3.84 4.51 4.91 17.28 17.28 14.72 13.52 27.84 20.60 8.08 15.03 34.94 NR 19.12.2001 - -RANDGOLD RESOURCES LTD-ADR USD 7794 81 92 0 0 0 0 7.59 1318 1318 1607 2150 699 699 - - 4.70 4.70 5.86 8.20 18.01 18.01 14.43 10.31 16.92 45.49 22.71 53.34 53.06 - - - -REGENERON PHARMACEUTICALS USD 16545 74 97 0 0 0 1 16.42 1378 1378 1881 2292 495 495 168 168 6.75 6.61 5.09 6.79 25.69 25.69 33.39 25.00 209.20 65.37 - - 35.88 - - - -ROSS STORES INC USD 13216 582 227 0 0 0 1 12.72 9721 9721 10266 10979 1457 1457 424 424 3.53 3.53 3.85 4.33 16.84 16.84 15.44 13.73 12.93 10.88 19.12 21.88 14.99 BBB+ 08.06.2011 - -SANDISK CORP USD 13367 507 241 2 0 0 6 9.35 5053 5053 5608 6170 1113 1113 317 317 1.70 1.69 3.78 4.22 32.70 32.70 14.61 13.10 -10.77 7.31 -38.39 15.61 22.03 BB 20.12.2011 - -SBA COMMUNICATIONS CORP-CL A USD 9118 226 127 5 0 0 0 14.25 954 954 1222 1310 602 602 185 185 -1.00 -0.98 -0.79 -0.17 - - #VALUE! #VALUE! 36.65 23.27 39.32 23.72 63.14 B+ 10.04.2012 WR 01.08.2006SEAGATE TECHNOLOGY USD 12876 2574 396 3 0 0 2 13.84 14939 16332 14137 13697 3926 4319 704 704 6.51 7.57 5.19 5.40 4.74 4.74 6.91 6.64 36.17 4.37 148.80 21.32 26.45 BB+ 07.03.2011 - -SEARS HOLDINGS CORP USD 5414 128 106 3 0 0 1 8.34 39854 39854 36896 36739 -146 -146 - - -2.03 -2.61 -2.66 -2.17 - - #VALUE! #VALUE! -4.12 -4.12 -131.75 - -0.37 CCC+ 05.01.2012 - -SIGMA-ALDRICH USD 9224 259 120 1 0 0 1 9.18 2623 2623 2712 2840 809 809 199 199 3.85 3.87 4.14 4.42 19.79 19.79 18.51 17.31 4.71 4.39 6.31 7.73 30.84 A+ 28.09.2011 A2 25.10.2010SIRIUS XM RADIO INC USD 20234 4587 5262 2 0 0 1 22.15 3402 3402 3811 4177 1136 1136 257 257 0.09 0.54 0.10 0.13 5.71 5.71 31.16 23.73 12.85 37.39 20.65 - 33.38 BB 26.10.2011 B1 08.08.2012STAPLES INC USD 8896 1166 669 2 0 0 1 9.56 24381 24524 23895 23939 2015 2000 418 418 0.85 0.87 1.33 1.42 15.30 15.30 10.03 9.35 -1.15 4.45 -4.75 0.80 8.15 BBB 02.07.2008 Baa2 08.07.2008STARBUCKS CORP USD 42688 380 749 1 0 0 2 40.78 13300 13663 14921 16722 2367 2446 689 689 1.79 1.86 2.16 2.63 30.57 30.57 26.28 21.65 13.67 6.80 14.11 10.50 17.90 A- 24.02.2012 Baa3 13.05.2009STERICYCLE INC USD 9008 97 86 1 0 0 0 10.35 1913 1913 2140 2327 545 556 156 156 3.30 3.31 3.70 4.18 31.61 31.61 28.31 25.04 14.15 15.02 11.17 16.22 29.08 NR 18.07.2007 - -SYMANTEC CORP USD 16933 2022 724 2 0 0 3 15.76 6730 6839 6886 7005 1795 1834 497 497 1.20 1.24 1.71 1.93 19.81 19.81 14.35 12.76 8.72 3.43 8.92 5.06 26.82 BBB 13.09.2010 Baa2 13.09.2010TEXAS INSTRUMENTS INC USD 38402 863 1108 6 0 0 4 40.12 12825 12825 12173 12983 3986 3988 719 719 1.91 1.79 1.71 2.16 19.40 19.40 20.27 16.11 -6.63 -1.58 -10.10 -2.68 31.10 A+ 23.09.2010 A1 25.05.2011VERISK ANALYTICS INC-CLASS A USD 11227 156 168 1 0 0 0 12.59 1534 1534 1725 1884 696 696 181 181 1.92 1.92 2.35 2.64 31.97 31.97 26.12 23.23 15.20 - 18.20 15.57 45.35 BBB- 29.03.2011 Ba1 29.03.2011VERTEX PHARMACEUTICALS INC USD 11856 394 217 0 0 0 1 11.20 1527 1527 1160 1047 42 42 -15 -15 0.67 0.31 -0.56 -0.88 175.29 175.29 #VALUE! #VALUE! 8.25 155.92 -83.50 - 2.77 - - - -VIACOM INC-CLASS B USD 30442 523 507 8 0 0 1 38.33 13887 13249 13796 14412 4137 3913 905 905 4.21 4.20 4.71 5.38 14.60 14.60 13.03 11.40 -6.89 2.72 0.29 - 29.53 BBB+ 29.07.2010 Baa1 05.08.2010VIRGIN MEDIA INC USD 12958 769 269 6 0 0 0 14.29 4101 4101 4255 4389 1654 1654 425 425 1.09 1.04 1.54 2.03 30.58 30.58 20.67 15.68 2.72 -0.06 3.98 5.67 40.32 BB *- 06.02.2013 - -VODAFONE GROUP PLC-SP ADR USD 140115 1846 #VALUE! 35 0 1 8 #VALUE! 46417 44677 45079 45316 18214 13907 - - - - 1.63 1.70 - - 11.62 11.15 1.16 5.40 24.18 7.88 31.13 A- 30.05.2006 A3 03.08.2011WESTERN DIGITAL CORP USD 11711 1120 246 2 #VALUE! #VALUE! 3 10.02 12478 15648 15048 14751 2890 3716 757 757 7.78 9.19 7.97 7.83 5.29 5.29 6.11 6.21 30.99 18.63 108.97 35.83 23.75 NR 29.04.1999 - -WHOLE FOODS MARKET INC USD 16100 287 185 0 0 0 1 15.20 11699 12164 13059 14931 1112 1171 299 299 2.71 2.85 2.87 3.40 30.48 30.48 30.23 25.54 15.74 9.56 25.78 18.10 9.62 BBB- 07.08.2012 - -WYNN RESORTS LTD USD 12568 372 101 6 0 0 2 17.02 5154 5154 5389 5665 1442 1442 410 410 5.22 5.27 6.08 6.73 23.63 23.63 20.47 18.52 -2.19 15.11 -6.15 15.28 27.99 BB+ 10.06.2011 - -XILINX INC USD 9992 455 264 1 0 0 2 9.22 2241 2195 2170 2305 719 671 161 161 1.99 1.80 1.77 2.00 21.22 21.22 21.58 19.13 -5.43 1.77 -16.86 11.13 30.55 BBB+u 04.04.2012 - -YAHOO! INC USD 25969 3571 1115 0 0 0 6 20.03 4987 4987 4601 4767 1457 1457 361 361 1.13 1.17 1.16 1.28 20.15 20.15 20.38 18.38 0.05 -5.80 -1.08 1.47 29.22 NR 18.04.2008 - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.16 2.16 1.99 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.99 9.99 9.69 9.48 9.99 8.74 8.74 8.08 7.57 8.74 14.11 14.11 12.64 11.43 14.11 2.21 2.21 2.37 2.56 2.21 1681.4 7.8%Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.73 0.73 0.71 0.69 0.73 5.32 5.32 4.97 4.74 5.32 7.00 7.00 6.62 6.30 7.00 11.05 11.05 9.90 9.06 11.05 4.35 4.35 4.68 4.98 4.35 2895.5 9.4%NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.47 9.47 8.14 7.61 9.47 9.50 9.50 8.28 7.76 9.50 24.04 24.04 18.83 14.58 24.04 1.65 1.65 1.66 1.94 1.65 11916.4 -4.5%FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.91 7.91 7.28 5.26 7.91 7.04 7.04 6.59 6.32 7.04 11.82 11.82 10.72 9.82 11.82 3.89 3.89 4.18 4.61 3.89 6809.6 6.4%SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.82 2.00 12.30 12.30 11.24 9.87 12.30 13.09 13.09 12.11 11.32 13.09 14.91 14.91 13.35 12.12 14.91 3.31 3.31 3.67 4.16 3.31 8026.2 2.8%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.40 8.40 7.54 7.00 8.40 8.22 8.22 7.27 6.88 8.22 13.98 13.98 12.32 11.33 13.98 3.14 3.14 3.29 3.49 3.14 14540.6 14.8%S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.54 9.54 8.40 7.80 9.54 15.14 15.14 13.48 12.37 15.14 4.39 4.39 4.70 5.07 4.39 5152.0 4.1%HANG SENG INDEX 1.33 1.33 1.23 1.15 1.33 1.73 1.73 1.60 1.49 1.73 7.12 7.12 6.60 6.21 7.12 8.13 8.13 7.39 6.84 8.13 10.80 10.80 9.91 9.02 10.80 3.57 3.57 3.85 4.37 3.57 24942.6 11.8%MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%ACTIVISION BLIZZARD INC 1.43 1.35 1.27 1.18 3.33 3.77 3.44 3.28 3.30 12.08 15.02 13.23 11.12 6.77 8.20 7.00 6.39 6.53 12.90 17.03 14.04 12.35 11.76 1.21 1.29 1.31 0.85 15.99 10.6%ADOBE SYSTEMS INC 3.20 3.02 2.78 2.48 4.93 5.21 4.72 4.10 3.41 14.63 18.72 16.19 13.44 10.86 16.13 13.55 11.28 18.49 30.10 23.84 18.04 12.72 0.00 0.00 0.00 0.00 43.69 2.2%AKAMAI TECHNOLOGIES INC 2.77 2.45 2.19 2.01 4.53 4.13 3.64 3.19 2.75 13.74 12.35 10.95 10.14 8.37 8.05 6.96 5.97 4.93 19.83 17.91 15.85 14.08 11.46 0.00 0.00 0.00 0.00 41.59 18.6%ALEXION PHARMACEUTICALS INC 11.23 8.75 6.44 4.96 15.79 11.81 9.42 7.70 6.47 48.26 33.38 25.99 21.19 36.54 26.02 19.05 14.35 44.54 31.57 27.43 22.03 17.78 0.00 0.00 0.00 0.00 113.89 24.7%ALTERA CORP 3.40 3.09 2.79 2.70 6.26 6.16 5.41 4.87 17.84 17.90 14.07 15.92 13.71 14.59 11.79 10.70 20.39 22.86 18.83 16.19 1.02 1.16 1.22 1.25 35.91 2.2%AMAZON.COM INC 15.45 12.12 9.86 7.53 6.25 1.90 1.56 1.27 1.05 0.86 40.11 26.94 18.00 13.21 7.67 34.79 24.02 17.53 13.01 9.12 135.20 77.29 45.63 26.70 17.28 0.00 0.00 0.00 0.00 318.97 22.8%AMGEN INC 3.83 3.19 2.79 2.29 4.26 4.06 3.98 3.96 3.94 11.88 13.12 12.09 13.38 21.66 10.21 10.11 9.17 9.26 15.07 13.60 11.90 11.39 11.06 1.46 1.90 2.30 2.55 2.42 97.95 0.1%ANALOG DEVICES INC 3.36 3.00 2.67 2.46 5.18 5.19 4.68 4.28 17.19 17.36 14.42 12.39 11.38 11.59 9.51 8.64 21.41 21.03 16.94 14.74 2.52 2.88 3.06 3.04 48.09 5.1%APPLE INC 3.71 3.01 2.42 1.94 1.53 2.78 2.40 2.13 1.88 1.78 8.43 8.37 7.85 7.55 5.09 4.95 4.42 4.00 3.51 10.44 10.49 9.30 8.50 10.00 0.57 2.34 2.46 2.56 2.29 600.48 29.7%APPLIED MATERIALS INC 2.11 2.25 2.11 1.71 1.86 2.06 1.72 1.70 8.43 20.95 11.06 9.38 9.93 12.41 8.17 8.07 18.57 22.13 12.50 13.08 2.50 2.60 2.61 2.46 14.48 8.0%AUTODESK INC 4.47 3.99 3.47 2.86 3.98 3.73 3.44 3.10 2.75 15.86 13.88 12.91 11.73 11.54 10.39 9.30 8.49 21.27 19.17 16.52 14.41 0.00 0.00 0.00 0.00 42.31 4.2%AUTOMATIC DATA PROCESSING 5.17 4.71 4.27 4.01 2.94 2.78 2.59 2.39 2.26 18.16 16.92 15.99 14.95 13.35 12.77 11.70 10.76 10.56 23.68 22.28 20.42 18.46 17.08 2.39 2.58 2.71 2.90 64.63 -0.3%AVAGO TECHNOLOGIES LTD 3.67 3.13 2.68 2.17 3.73 3.68 3.31 2.90 2.69 12.14 11.90 9.86 8.28 9.56 9.88 8.55 7.13 13.10 13.64 11.99 10.21 1.52 1.99 2.21 2.52 3.52 41.31 15.4%BAIDU INC - SPON ADR 7.17 4.90 3.50 2.58 1.93 8.49 6.15 4.76 3.80 3.02 14.71 12.56 9.97 8.09 6.61 13.33 11.57 9.01 7.21 5.72 17.79 15.92 12.75 10.32 8.18 0.00 0.00 0.00 0.00 0.00 124.82 45.0%BED BATH & BEYOND INC 3.92 3.48 3.07 2.66 2.55 1.55 1.34 1.26 1.19 1.12 14.36 12.10 11.15 9.30 8.10 7.49 7.06 6.66 6.07 16.53 14.13 12.78 11.53 10.07 0.00 0.00 0.00 0.00 68.53 6.0%BIOGEN IDEC INC 5.60 5.11 4.25 3.48 7.63 6.53 5.57 4.98 4.48 23.74 21.54 16.64 12.08 16.61 14.24 11.04 9.44 26.93 22.74 18.39 15.53 13.42 0.00 0.00 0.00 0.00 179.76 1.5%BMC SOFTWARE INC 5.32 10.65 8.76 6.85 3.01 2.94 2.82 2.70 9.71 9.10 7.93 7.59 7.58 8.05 7.62 7.25 13.81 13.39 11.92 11.19 0.00 0.00 0.00 0.00 46.88 2.4%BROADCOM CORP-CL A 2.57 2.21 1.93 1.68 2.45 2.32 2.11 1.95 11.61 13.24 11.71 10.93 11.18 11.21 9.73 9.61 11.87 12.48 11.33 11.31 1.15 1.28 1.32 1.40 40.45 17.4%CA INC 2.29 2.11 1.98 1.86 2.37 2.46 2.44 2.42 8.16 8.03 7.38 7.28 5.85 5.85 5.71 5.59 11.14 10.34 9.84 9.39 1.60 4.02 4.02 4.00 25.00 0.1%CATAMARAN CORP 2.07 2.26 2.11 1.92 1.09 0.75 0.67 0.59 0.60 22.93 25.76 23.30 16.76 32.81 17.37 14.21 12.43 11.56 46.98 28.25 22.42 18.51 16.15 0.00 0.00 0.00 0.00 62.80 18.9%CELGENE CORP 7.86 6.07 4.72 3.60 8.53 7.71 6.71 5.64 4.77 23.61 17.74 14.86 10.53 16.76 14.78 12.92 10.65 10.29 22.95 19.80 16.42 12.87 10.19 0.00 0.00 0.00 0.00 114.92 2.1%CERNER CORP 5.89 5.06 4.38 3.75 6.06 5.34 4.75 4.23 3.78 25.32 22.98 20.40 17.95 18.58 15.72 13.66 12.03 39.53 33.30 28.32 24.24 19.92 0.00 0.00 0.00 0.00 95.00 1.9%C.H. ROBINSON WORLDWIDE INC 7.51 5.98 5.51 4.72 0.83 0.72 0.67 0.60 18.60 17.56 15.37 13.72 12.39 11.25 10.10 9.33 21.00 19.22 16.94 14.97 2.26 2.42 2.64 2.95 69.39 17.6%CHECK POINT SOFTWARE TECH 2.86 2.56 2.27 2.01 7.10 6.73 6.31 6.00 5.61 12.81 11.96 10.99 10.76 7.82 7.52 7.02 6.81 14.66 13.57 12.38 11.42 0.00 0.00 0.00 0.00 55.00 18.3%CISCO SYSTEMS INC 2.11 1.90 1.76 1.67 2.40 2.27 2.15 2.02 9.93 9.22 8.93 8.30 5.55 5.28 5.12 4.93 11.29 10.40 9.84 9.10 1.25 2.72 2.80 2.97 23.83 14.9%CITRIX SYSTEMS INC 4.29 4.00 3.66 3.13 5.19 4.45 3.94 3.56 3.13 17.25 14.67 13.14 13.11 15.19 13.17 11.71 10.03 25.21 22.59 19.72 17.69 0.00 0.00 0.00 0.00 84.37 18.8%COGNIZANT TECH SOLUTIONS-A 4.71 3.70 2.99 2.49 3.07 2.61 2.25 1.96 22.23 20.33 16.57 17.77 12.94 11.26 9.66 8.33 20.23 17.35 15.00 13.18 0.00 0.00 0.00 0.00 84.50 13.2%COMCAST CORP-CLASS A 2.20 2.19 2.12 1.90 1.77 1.73 1.69 1.59 1.53 1.46 7.93 7.35 6.75 6.20 7.77 7.36 6.91 6.51 6.21 21.05 17.38 15.20 13.05 11.27 1.53 1.86 2.10 2.41 2.47 46.62 12.2%COSTCO WHOLESALE CORP 3.51 4.13 3.73 3.13 3.15 0.47 0.43 0.40 0.38 0.35 13.66 14.11 12.94 12.40 11.14 10.09 9.55 8.60 27.30 23.24 21.01 19.28 17.33 0.94 7.82 1.19 1.31 1.24 108.00 2.2%DELL INC 2.40 2.02 1.74 1.37 0.45 0.45 0.45 0.45 7.71 6.73 6.46 5.56 4.33 5.02 4.58 3.91 8.51 9.25 8.44 6.25 1.10 2.23 2.28 2.83 14.24 -1.8%DENTSPLY INTERNATIONAL INC 2.76 2.42 2.12 1.91 2.06 1.96 1.88 1.81 14.90 13.08 12.16 10.74 12.76 12.01 11.21 10.50 18.96 17.29 15.59 14.36 0.51 0.58 0.63 0.66 43.56 4.0%DIRECTV 1.10 1.02 0.95 0.90 0.85 6.97 5.67 4.67 3.99 6.60 6.22 5.77 5.48 5.12 13.54 11.61 9.86 8.76 6.72 0.00 0.00 0.00 0.00 57.99 2.0%DISCOVERY COMMUNICATIONS-A 4.92 4.75 4.58 4.15 3.77 6.28 5.11 4.66 4.32 3.88 25.74 20.63 16.90 14.30 12.70 15.51 13.23 11.84 10.80 9.63 29.85 23.43 18.88 16.09 13.31 0.00 0.00 0.00 71.70 -9.9%DOLLAR TREE INC 7.05 5.60 5.10 4.29 3.20 1.49 1.38 1.27 1.17 1.05 16.56 13.87 12.47 10.05 8.87 9.93 9.22 8.23 7.52 6.76 19.32 17.39 15.09 13.03 11.17 0.00 0.00 0.00 49.84 3.1%EBAY INC 3.36 2.85 2.42 2.13 1.75 4.77 4.10 3.58 3.14 2.83 17.27 15.65 12.77 11.05 10.65 13.49 11.57 10.01 8.53 7.60 21.99 18.79 16.04 13.85 12.35 0.00 0.00 0.00 0.00 60.97 17.8%EQUINIX INC 4.38 4.25 3.81 3.37 2.87 5.44 4.67 4.07 3.60 3.26 18.44 18.00 14.89 13.11 10.56 14.73 12.71 10.92 9.74 8.83 79.85 56.38 40.30 25.49 21.41 0.00 0.00 1.13 3.01 2.72 249.29 17.6%EXPEDIA INC 4.66 4.11 3.32 2.77 2.11 1.80 1.60 1.47 1.37 10.32 11.00 9.02 10.61 10.00 8.74 7.59 6.74 5.79 19.92 17.94 15.02 13.72 12.27 0.68 0.71 0.73 0.67 73.53 18.4%EXPEDITORS INTL WASH INC 3.64 3.47 3.19 2.83 1.24 1.16 1.06 0.97 19.51 17.48 15.38 13.98 10.42 9.61 8.57 7.84 22.28 19.84 17.44 15.48 1.56 1.71 1.91 2.07 44.71 24.9%EXPRESS SCRIPTS HOLDING CO 1.96 1.96 1.87 1.73 0.51 0.47 0.47 0.46 0.46 11.78 9.95 8.74 6.54 11.30 9.21 8.36 7.81 7.04 15.69 13.70 11.89 10.32 8.48 0.00 0.00 0.00 0.00 63.97 9.5%F5 NETWORKS INC 5.17 4.19 3.34 2.77 4.98 4.41 3.81 3.27 18.02 17.58 16.87 16.70 11.24 10.26 8.59 7.36 19.72 17.43 15.07 12.35 0.00 0.00 0.00 0.00 113.91 30.1%FACEBOOK INC-A 4.09 4.64 4.08 3.46 3.09 11.94 9.00 7.12 5.66 4.57 33.38 25.12 19.87 15.90 12.12 18.82 15.67 11.87 9.23 7.09 49.03 44.29 32.56 23.73 17.21 0.00 0.00 0.00 0.00 33.48 32.9%FASTENAL CO 8.74 8.02 6.68 5.62 4.59 4.78 4.31 3.83 3.34 3.21 34.58 29.10 25.18 21.53 20.35 20.50 17.54 15.02 12.86 35.65 30.91 26.43 22.24 19.57 1.66 0.97 1.37 1.46 1.53 50.50 0.0%FISERV INC 3.47 3.00 2.61 2.57 2.36 2.26 2.19 2.09 16.91 14.69 13.06 11.61 10.04 9.01 8.50 8.19 7.67 16.82 14.50 13.00 11.89 0.00 0.00 0.00 0.00 88.47 2.2%FOSSIL INC 5.17 4.21 3.37 2.87 2.36 1.99 1.79 1.64 1.48 1.33 16.96 14.57 12.41 11.32 10.18 9.19 8.38 7.44 6.60 17.67 15.76 13.88 12.16 10.18 0.00 0.00 0.00 115.64 21.1%GARMIN LTD 2.34 2.55 2.60 2.80 9.94 11.21 10.47 5.14 6.09 6.03 5.87 11.30 13.80 13.54 14.05 5.26 5.37 5.52 5.41 42.60 28.0%GILEAD SCIENCES INC 6.78 5.38 4.22 3.37 7.24 6.44 5.44 4.53 3.90 21.51 20.26 12.44 7.52 16.10 15.90 11.61 8.07 22.75 21.93 15.69 11.20 9.05 0.00 0.00 0.00 0.00 49.35 8.5%GOOGLE INC-CL A 3.76 3.17 2.69 2.22 1.90 6.44 5.60 4.78 4.34 3.86 16.77 14.15 11.99 11.00 10.08 12.22 10.17 8.68 7.48 6.46 20.40 17.71 15.08 13.04 11.73 0.00 0.00 0.00 0.00 866.85 6.8%HENRY SCHEIN INC 3.14 2.81 2.46 2.17 0.89 0.84 0.80 0.75 17.01 13.73 12.79 11.90 11.80 10.96 10.23 9.84 20.84 18.71 16.92 15.13 0.00 0.00 90.55 -0.7%INTEL CORP 2.18 1.93 1.76 1.74 1.98 1.96 1.88 1.83 1.85 6.07 5.94 5.53 5.39 4.46 4.64 4.26 4.23 4.07 9.65 10.61 9.83 10.38 4.06 4.26 4.38 4.68 23.39 9.0%INTUIT INC 7.34 5.41 4.52 4.86 4.63 4.24 3.88 3.52 3.22 17.79 15.93 14.53 13.20 12.16 11.01 9.92 9.34 9.05 22.13 19.10 17.40 15.71 0.57 1.03 1.03 1.03 68.07 3.6% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 5. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.16 2.16 1.99 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.99 9.99 9.69 9.48 9.99 8.74 8.74 8.08 7.57 8.74 14.11 14.11 12.64 11.43 14.11 2.21 2.21 2.37 2.56 2.21 1681.4 7.8%Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.73 0.73 0.71 0.69 0.73 5.32 5.32 4.97 4.74 5.32 7.00 7.00 6.62 6.30 7.00 11.05 11.05 9.90 9.06 11.05 4.35 4.35 4.68 4.98 4.35 2895.5 9.4%NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.47 9.47 8.14 7.61 9.47 9.50 9.50 8.28 7.76 9.50 24.04 24.04 18.83 14.58 24.04 1.65 1.65 1.66 1.94 1.65 11916.4 -4.5%FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.91 7.91 7.28 5.26 7.91 7.04 7.04 6.59 6.32 7.04 11.82 11.82 10.72 9.82 11.82 3.89 3.89 4.18 4.61 3.89 6809.6 6.4%SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.82 2.00 12.30 12.30 11.24 9.87 12.30 13.09 13.09 12.11 11.32 13.09 14.91 14.91 13.35 12.12 14.91 3.31 3.31 3.67 4.16 3.31 8026.2 2.8%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.40 8.40 7.54 7.00 8.40 8.22 8.22 7.27 6.88 8.22 13.98 13.98 12.32 11.33 13.98 3.14 3.14 3.29 3.49 3.14 14540.6 14.8%S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.54 9.54 8.40 7.80 9.54 15.14 15.14 13.48 12.37 15.14 4.39 4.39 4.70 5.07 4.39 5152.0 4.1%HANG SENG INDEX 1.33 1.33 1.23 1.15 1.33 1.73 1.73 1.60 1.49 1.73 7.12 7.12 6.60 6.21 7.12 8.13 8.13 7.39 6.84 8.13 10.80 10.80 9.91 9.02 10.80 3.57 3.57 3.85 4.37 3.57 24942.6 11.8%MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%INTUITIVE SURGICAL INC 5.48 4.39 3.57 2.95 9.31 7.84 6.79 6.00 5.32 25.53 22.17 18.79 20.64 17.96 15.33 13.25 11.33 32.53 28.27 24.08 20.91 18.69 608.92 22.5%KLA-TENCOR CORPORATION 2.62 2.49 2.19 1.89 2.74 3.00 2.61 2.54 10.23 14.21 10.80 9.41 6.01 8.35 6.38 5.80 11.61 15.95 11.52 10.61 2.68 3.04 3.12 3.02 59.60 14.5%KRAFT FOODS GROUP INC 5.54 5.72 5.30 5.14 1.65 1.62 1.58 1.54 1.47 12.32 19.57 13.83 12.94 12.39 11.32 10.47 9.90 17.83 18.30 16.45 14.92 13.77 3.24 3.93 4.09 4.39 50.32 -2.0%LIBERTY GLOBAL INC-A 11.16 16.44 14.52 1.74 1.34 1.19 1.11 0.96 6.20 6.03 4.57 4.49 8.97 7.54 6.67 6.42 6.89 28.76 37.62 24.31 17.39 12.45 0.00 0.00 0.00 0.00 78.78 10.0%LIBERTY INTERACTIVE CORP-A 1.72 1.69 1.48 1.30 1.18 1.17 1.13 1.07 1.02 0.98 8.75 14.66 18.87 10.61 9.93 9.42 8.80 8.32 22.65 18.74 15.69 13.06 11.68 0.00 0.00 0.00 0.00 24.20 11.5%LIFE TECHNOLOGIES CORP 2.01 2.11 1.92 1.75 2.88 2.78 2.68 2.59 2.55 13.84 11.48 10.72 9.53 9.57 9.42 8.96 8.65 8.89 16.11 14.65 13.43 12.34 11.52 0.00 0.00 0.00 0.00 63.31 -1.1%LINEAR TECHNOLOGY CORP 12.17 9.50 8.10 5.87 6.92 6.85 6.16 5.60 18.51 17.50 15.42 13.85 12.87 13.21 11.51 10.32 19.90 21.20 18.34 16.13 2.59 2.69 2.78 2.89 37.34 -1.5%MATTEL INC 5.04 4.61 4.69 2.32 2.20 2.10 2.04 14.02 16.44 11.91 10.89 11.11 10.25 9.63 9.37 17.28 15.56 14.21 13.35 2.84 3.16 3.56 3.59 43.27 -0.7%MAXIM INTEGRATED PRODUCTS 3.76 3.57 3.24 2.89 3.90 3.82 3.50 3.19 14.34 12.79 11.19 9.73 11.08 10.18 8.93 8.02 21.05 18.01 15.27 13.73 2.74 2.99 3.09 3.16 34.59 7.5%MICROCHIP TECHNOLOGY INC 3.64 3.81 3.69 3.91 5.18 4.48 3.89 3.57 16.24 14.12 12.70 10.89 13.09 14.20 11.79 10.63 19.53 19.96 17.11 14.63 3.79 3.84 3.89 3.96 39.27 7.0%MICRON TECHNOLOGY INC 1.32 1.37 1.25 1.08 1.21 1.17 0.98 0.91 5.98 6.25 3.54 3.01 7.15 5.52 3.74 3.22 13.16 9.41 0.00 0.00 0.00 0.00 11.72 18.1%MICROSOFT CORP 3.37 2.87 2.32 1.89 3.20 2.97 2.75 2.59 2.66 8.40 7.60 6.84 6.41 5.92 5.67 5.16 4.78 4.97 10.49 9.96 9.00 8.22 2.74 3.21 3.42 3.75 32.90 16.5%MONDELEZ INTERNATIONAL INC-A 1.61 1.59 1.49 1.47 1.52 1.46 1.38 1.30 1.23 114.45 15.38 12.40 11.62 12.24 11.62 10.79 10.18 9.22 21.03 19.21 17.07 15.29 13.20 1.71 1.77 1.95 2.33 2.29 30.13 0.1%MONSTER BEVERAGE CORP 9.84 8.67 8.53 7.63 3.90 3.48 3.10 2.75 2.58 28.14 21.80 18.32 15.38 13.31 11.87 10.28 8.75 7.30 25.89 21.84 18.33 15.12 11.49 0.00 0.00 0.00 0.00 58.67 20.1%MYLAN INC 2.77 3.33 2.59 2.00 1.69 1.60 1.49 1.43 1.40 5.75 7.89 6.48 5.57 8.38 8.42 8.01 7.07 7.13 11.24 10.14 9.07 8.43 8.15 0.00 0.00 0.00 32.93 13.5%NETAPP INC 2.95 2.56 2.28 1.95 1.93 1.88 1.73 1.62 1.61 5.92 9.11 8.83 7.87 5.87 6.25 5.55 5.33 14.00 14.63 13.17 11.95 0.00 0.00 0.00 0.00 39.17 17.6%NEWS CORP-CL A 2.72 2.62 2.40 2.16 1.86 2.07 1.98 1.86 1.78 1.70 16.93 12.24 12.58 11.01 10.36 11.96 11.11 9.97 9.11 8.42 21.54 18.03 15.31 12.93 11.23 0.56 0.57 0.57 0.57 32.35 6.9%NUANCE COMMUNICATIONS INC 2.38 2.16 2.00 1.90 3.62 2.92 2.58 2.43 11.83 11.42 10.00 7.43 11.69 8.86 7.96 7.47 11.75 11.07 9.86 9.21 0.00 0.00 26.46 32.4%NVIDIA CORP 1.61 1.50 1.41 1.36 1.80 1.81 1.66 1.54 11.49 9.10 8.59 8.74 4.41 5.02 4.40 3.73 11.61 14.72 12.89 10.98 0.61 2.42 2.52 2.56 14.31 14.5%OREILLY AUTOMOTIVE INC 5.13 5.55 5.15 4.18 1.87 1.73 1.63 1.54 1.44 12.84 13.15 10.86 9.67 10.79 9.81 9.14 8.53 7.93 22.08 18.11 15.98 14.13 12.57 0.00 0.00 0.00 0.00 109.26 5.5%ORACLE CORP 3.57 3.26 2.66 2.25 4.00 3.97 3.76 3.56 3.30 11.87 10.46 9.91 9.10 7.30 7.40 6.76 6.27 13.03 11.70 10.73 9.82 0.76 0.93 0.82 0.93 37.88 20.4%PACCAR INC 3.02 2.79 2.45 1.99 1.10 1.10 1.00 0.99 10.84 10.40 9.35 7.53 8.04 7.13 7.54 16.24 15.79 14.04 13.02 2.81 2.54 2.78 2.25 48.80 -2.7%PAYCHEX INC 7.68 7.41 6.82 6.35 5.67 5.45 5.14 4.81 4.56 17.96 17.70 16.36 15.45 12.90 12.39 11.68 10.79 10.41 23.00 21.86 20.47 18.89 17.33 3.63 3.73 3.83 3.91 32.63 -6.4%PERRIGO CO 5.72 4.83 3.87 3.10 3.44 3.07 2.73 2.59 2.46 21.66 19.60 16.43 12.78 15.24 13.26 11.51 10.80 10.26 23.76 20.69 17.71 16.40 14.74 0.22 0.25 0.26 0.40 123.92 5.4%PRICELINE.COM INC 8.91 6.22 4.67 3.42 6.59 5.30 4.48 3.94 3.61 20.85 17.38 15.00 13.33 15.90 12.52 10.36 8.93 7.81 22.42 17.92 15.08 13.03 11.68 0.00 0.00 0.00 824.32 18.7%QUALCOMM INC 3.46 3.00 2.63 2.34 6.03 4.72 4.24 4.05 3.96 16.64 13.60 12.83 12.51 11.65 9.38 8.57 7.89 18.24 14.72 13.52 12.76 11.09 1.35 1.51 1.70 2.03 75.85 14.3%RANDGOLD RESOURCES LTD-ADR 2.99 2.52 2.03 5.69 4.85 3.63 4.95 13.32 10.05 7.14 6.47 10.43 9.03 5.81 17.93 14.43 10.31 10.83 0.56 0.63 1.43 120.19 42.1%REGENERON PHARMACEUTICALS 12.37 9.40 6.95 11.57 12.20 8.80 7.22 6.08 5.29 31.60 22.52 12.97 34.73 21.66 14.21 13.08 17.20 37.60 33.39 25.00 22.92 18.75 0.00 0.00 0.00 0.00 188.00 10.7%ROSS STORES INC 7.45 6.50 5.60 4.64 4.03 1.36 1.29 1.20 1.12 1.01 12.54 11.35 9.91 9.16 8.62 8.06 7.40 6.80 6.34 16.85 15.44 13.73 12.23 10.56 0.94 1.10 1.21 1.41 2.24 65.95 11.0%SANDISK CORP 1.84 1.69 1.52 1.34 2.65 2.38 2.17 1.91 1.85 23.19 11.22 10.79 10.75 9.31 5.80 5.09 5.26 5.33 26.73 14.61 13.10 11.98 12.28 0.00 0.00 58.88 6.5%SBA COMMUNICATIONS CORP-CL A 15.55 28.28 9.61 7.46 6.96 6.49 6.15 26.67 18.65 16.00 14.51 24.24 18.71 17.01 15.56 14.60 83.51 56.91 0.00 0.00 0.00 0.00 81.76 13.8%SEAGATE TECHNOLOGY 4.33 3.81 3.87 2.88 0.86 0.91 0.94 0.94 4.71 4.26 4.28 4.46 3.42 4.46 4.71 5.47 5.30 6.91 6.64 6.03 2.35 4.01 4.33 4.38 35.51 -1.0%SEARS HOLDINGS CORP 1.11 1.64 1.79 1.98 0.14 0.15 0.15 0.15 17.24 13.79 12.30 12.07 0.00 0.00 0.00 28.82 -43.4%SIGMA-ALDRICH 3.60 3.07 2.73 2.61 3.51 3.40 3.25 3.10 2.99 17.08 16.42 15.16 13.06 11.46 11.02 10.37 9.61 19.91 18.51 17.31 15.87 15.39 1.04 1.14 1.20 1.31 1.28 77.20 0.8%SIRIUS XM RADIO INC 4.17 6.39 15.43 205.67 5.93 5.31 4.84 4.41 4.03 24.68 22.04 19.28 17.14 23.96 19.08 15.61 13.50 12.02 49.76 31.16 23.73 19.04 11.64 1.07 0.00 0.00 0.00 3.60 16.7%STAPLES INC 1.42 1.32 1.24 1.17 1.06 0.36 0.37 0.37 0.37 0.36 6.09 5.87 5.77 5.84 4.74 4.99 4.93 4.78 3.98 9.64 10.03 9.35 8.77 7.39 3.31 3.62 3.82 4.00 4.81 14.06 5.7%STARBUCKS CORP 8.01 7.44 6.60 5.41 3.74 3.20 2.86 2.55 2.26 2.00 22.55 18.31 15.90 13.54 15.93 13.45 11.37 9.73 8.89 32.00 26.33 21.69 18.09 15.79 1.22 1.50 1.78 2.16 63.88 12.1%STERICYCLE INC 5.91 4.82 4.03 3.64 4.74 4.21 3.87 3.45 23.83 21.64 18.85 18.26 16.05 14.41 13.26 31.91 28.31 25.04 21.98 106.90 2.2%SYMANTEC CORP 3.58 3.26 3.01 2.47 2.52 2.46 2.42 2.34 9.56 9.77 9.72 7.74 6.61 6.90 6.41 6.04 15.33 14.35 12.76 11.22 0.00 0.00 1.03 1.43 24.92 1.4%TEXAS INSTRUMENTS INC 3.56 3.56 3.47 3.42 3.00 3.15 2.95 2.83 2.60 13.44 12.28 10.78 10.49 11.42 11.19 9.55 9.12 8.16 21.06 20.29 16.13 14.67 15.43 2.05 2.87 3.07 3.21 34.19 -1.6%VERISK ANALYTICS INC-CLASS A 42.33 18.05 11.28 7.87 7.35 6.51 5.96 5.49 5.07 23.16 20.88 18.86 17.56 18.15 16.07 14.59 13.35 12.40 30.51 26.12 23.23 20.49 61.70 0.5%VERTEX PHARMACEUTICALS INC 11.86 11.09 16.17 17.53 7.85 10.22 11.32 9.17 5.79 47.96 59.51 44.69 1235.00 22.30 0.00 0.00 0.00 0.00 61.88 13.9%VIACOM INC-CLASS B 4.25 4.34 4.05 3.98 4.27 2.19 2.21 2.11 2.03 1.93 13.64 11.74 10.35 9.17 7.39 9.19 9.08 8.57 8.11 7.75 14.70 13.03 11.40 9.99 8.84 1.70 1.86 1.93 2.06 64.75 5.6%VIRGIN MEDIA INC 18.70 2.50 2.14 2.39 2.08 2.01 1.95 1.89 1.83 7.00 6.07 5.64 4.82 3.58 8.64 8.19 7.90 7.55 7.62 33.06 20.67 15.68 12.11 9.27 0.35 0.34 0.33 0.35 0.44 43.96 -8.6%VODAFONE GROUP PLC-SP ADR 1.89 2.05 2.04 2.01 14.71 8.55 8.61 12.33 11.62 11.15 10.93 5.64 5.50 5.38 5.36 29.65 3.5%WESTERN DIGITAL CORP 1.54 1.34 1.15 1.08 0.98 0.78 0.79 0.82 4.25 3.93 3.80 4.80 3.57 3.01 3.20 3.60 6.39 6.11 6.21 6.57 0.00 1.91 2.20 2.59 50.77 4.3%WHOLE FOODS MARKET INC 4.33 4.23 3.77 3.28 2.45 1.38 1.23 1.08 0.94 0.84 20.08 18.63 15.39 12.22 14.26 12.51 10.76 9.11 7.96 34.57 30.23 25.54 21.38 18.39 0.64 2.30 1.02 1.36 100.16 15.3%WYNN RESORTS LTD 158.25 25.63 17.78 11.23 2.45 2.33 2.22 2.04 3.68 11.89 11.25 10.26 9.83 10.93 10.23 9.95 9.07 22.94 20.47 18.52 16.08 7.63 3.21 3.24 3.26 4.01 138.92 11.5%XILINX INC 3.90 3.59 3.28 3.01 4.51 4.61 4.33 3.92 15.12 17.24 16.39 14.44 13.22 13.99 12.14 10.73 20.04 21.58 19.13 16.74 1.98 2.30 2.49 2.54 38.84 1.7%YAHOO! INC 1.80 1.73 1.55 1.39 1.25 5.83 5.64 5.45 5.28 5.13 9.26 21.67 22.04 19.44 17.09 13.09 12.10 11.53 11.40 10.77 19.31 20.38 18.38 16.75 16.12 0.00 0.00 0.00 0.00 22.96 -2.6% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 27.03.2013Activision Blizzard IncActivision Blizzard, Inc. publishes, develops, and distributes interactive Price/Volumeentertainment software and peripheral products. The Companys products cover 16 14.0 Mdiverse game categories, including action/adventure, action sports, racing, 14 12.0 Mrole playing, simulation, first-person action, music-based gaming and strategy. 12 10.0 M 10 8.0 M 8 Valuation Analysis 6.0 M 6Latest Fiscal Year: 12/2012 4.0 M 4LTM as of: 12/yy 2.0 M 252-Week High (14.03.2013) 15.07 0 .0 M52-Week Low (15.11.2012) 10.46 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 999988.00 Current Price (3/dd/yy) 14.46 Market Data 52-Week High % Change -4.05% Dividend Yield 1.24 52-Week Low % Change 38.31% Beta 0.80 % 52 Week Price Range High/Low 86.78% Equity Float 425.85Shares Out 15.02.2013 1113.7 Short Int 15.45 Market Capitalization 16104.06 1 Yr Total Return 13.93%Total Debt 0.00 YTD Return 37.96%Preferred Stock 0.0 Adjusted BETA 0.797Minority Interest 0.0 Analyst Recs 26Cash and Equivalents 4375.00 Consensus Rating 4.846Enterprise Value 11729.06 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1299422ATVI UW EQUITY YTD Change - Average Volume 30 Day 2192225ATVI UW EQUITY YTD % CHANGE - Average Volume 3 Month 2133043 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 3026.0 4279.0 4447.0 4755.0 4856.0 4756 4856 4277 4682 706 609 TEV/Revenue 2.75x 2.49x 2.52x 2.20x 1.53x 8.58x 7.73x 2.50x 2.05x 16.59x 19.66x EBITDA 421.0 1034.0 1312.0 1788.0 1779.0 1789.0 1779.0 1430.4 1675.4 188.7 96.3 TEV/EBITDA 19.80x 10.30x 8.55x 5.84x 4.18x 5.83x 4.18x 8.20x 7.00x 8.09x 8.23x Net Income (107.0) 113.0 418.0 1085.0 1149.0 1085.0 1149.0 964.8 1170.1 125.0 52.6 P/E 32.00x 26.45x 25.39x 13.25x 10.51x 13.25x 10.62x 17.03x 14.04x 16.99x 17.40x Profitability S&P Issuer RatingsEBITDA 1779.00 Long-Term Rating Date 11.07.2008EBIT 1451.00 Long-Term Rating NROperating Margin 29.88% Long-Term Outlook -Pretax Margin 30.02% Short-Term Rating Date -Return on Assets 8.36% Short-Term Rating -Return on Common Equity 10.47% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -2.46Gross Margin 65.8% Total Debt/EBITDA 0.00EBITDA Margin 36.6% ReferenceEBIT Margin 29.9% Total Debt/Equity 0.0%Net Income Margin 23.7% Total Debt/Capital 0.0%Structure Asset Turnover 0.35Current Ratio 2.37 Net Fixed Asset Turnover 31.95Quick Ratio 1.92 Accounts receivable turnover-days 51.10Debt to Assets 0.00% Inventory Days 39.46Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 78.81Accounts Receivable Turnover 7.16 Cash Conversion Cycle 12.30Inventory Turnover 9.27Price/ Cash Flow Sales/Revenue/Turnover 16.00 6000.0 14.00 5000.0 12.00 4000.0 10.00 8.00 3000.0 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 |
  • 7. 27.03.2013Activision Blizzard IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVIVENDI UNIVERSAL SA n/a 13D 683643890 61.39 (35000000) 15.11.2011 CorporationBLACKROCK n/a ULT-AGG 55463866 4.98 (1740335) 25.03.2013 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 31765437 2.85 26306631 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 23174317 2.08 8647721 31.12.2012 Investment AdvisorDAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 19976589 1.79 (1188820) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 19404727 1.74 (1294285) 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 13176188 1.18 (214795) 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11250425 1.01 (1395) 31.12.2012 Investment AdvisorRS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 10994976 0.99 378217 31.12.2012 Investment AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 10895776 0.98 245147 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 9637705 0.87 440853 31.12.2012 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9221191 0.83 767452 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7549964 0.68 (28824951) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 6454601 0.58 (2115251) 31.12.2012 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6044400 0.54 308200 31.12.2012 Investment AdvisorDNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 5618546 0.5 662822 31.12.2012 Investment AdvisorSCOTT & STRINGFELLOW SCOTT & STRINGFELLOW 13F 5605412 0.5 (18574) 31.12.2012 Investment AdvisorBURGUNDY ASSET MANAG BURGUNDY ASSET MANAG 13F 5424077 0.49 1713049 31.12.2012 Investment AdvisorLEVIN CAPITAL STRATE LEVIN CAPITAL STRATE 13F 5332947 0.48 5332947 31.12.2012 Hedge Fund ManagerDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5074509 0.46 102063 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateWedbush MICHAEL PACHTER outperform 5 M 21 12 month 25.03.2013Stifel DREW E CRUM buy 5 M 17 12 month 25.03.2013MKM Partners ERIC O HANDLER buy 5 M 17 12 month 25.03.2013Longbow Research JAMES L HARDIMAN neutral 3 M #N/A N/A Not Provided 21.03.2013BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 17 Not Provided 15.03.2013Brean Murray Carret & Co TODD MITCHELL buy 5 M 15 12 month 15.03.2013Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 15.03.2013Piper Jaffray MICHAEL J OLSON overweight 5 M 17 12 month 15.03.2013Argus Research Corp JOSEPH F BONNER buy 5 M 18 Not Provided 25.02.2013Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 15 12 month 21.02.2013Sterne, Agee & Leach ARVIND BHATIA buy 5 M 17 12 month 19.02.2013National Alliance Capital Markets MICHAEL HICKEY buy 5 M 16 12 month 14.02.2013Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 14 12 month 11.02.2013Credit Suisse STEPHEN JU outperform 5 M 16 Not Provided 08.02.2013Hilliard Lyons JEFFREY S THOMISON buy 5 M 15 12 month 08.02.2013Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 14 12 month 08.02.2013Jefferies BRIAN J PITZ buy 5 M 16 12 month 08.02.2013William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 08.02.2013Macquarie BENJAMIN A SCHACHTER outperform 5 U 15 12 month 08.02.2013S&P Capital IQ JIM YIN buy 5 M 15 Not Provided 08.02.2013Ascendiant Capital Markets EDWARD WOO buy 5 M 16 12 month 08.02.2013Pacific Crest Securities EVAN S WILSON outperform 5 M 15 12 month 07.02.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012Goldman Sachs BRIAN KARIMZAD Buy/Neutral 5 M 16 12 month 09.11.2011Hudson Square Research DANIEL ERNST buy 5 M 16 Not Provided 23.04.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 27.03.2013Adobe Systems IncAdobe Systems Incorporated develops, markets, and supports computer software Price/Volumeproducts and technologies. The Companys products allow users to express and 50 6.0 Muse information across all print and electronic media. Adobe offers a line of 45application software products, type products, and content for creating, 40 5.0 Mdistributing, and managing information. 35 4.0 M 30 25 3.0 M Valuation Analysis 20Latest Fiscal Year: 11/2012 15 2.0 MLTM as of: 03/yy 10 1.0 M 552-Week High (25.03.2013) 43.42 0 .0 M52-Week Low (12.07.2012) 29.52 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 552443.00 Current Price (3/dd/yy) 42.74 Market Data 52-Week High % Change -1.55% Dividend Yield 0.00 52-Week Low % Change 44.78% Beta 0.98 % 52 Week Price Range High/Low 95.14% Equity Float 468.19Shares Out 01.03.2013 501.5 Short Int 10.96 Market Capitalization 21436.16 1 Yr Total Return 23.42%Total Debt 1508.16 YTD Return 13.43%Preferred Stock 0.0 Adjusted BETA 0.981Minority Interest 0.0 Analyst Recs 26Cash and Equivalents 3538.35 Consensus Rating 3.500Enterprise Value 19306.88 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1531074ADBE UW EQUITY YTD Change - Average Volume 30 Day 1095489ADBE UW EQUITY YTD % CHANGE - Average Volume 3 Month 1021079 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 03/yy 03/yy 11/13 Y 11/14 Y 05/13 Q2 08/13 Q3 Total Revenue 3579.9 2945.9 3800.0 4216.3 4403.7 4233.8 4366.3 4117.6 4539.1 1011.9 1018.5 TEV/Revenue 2.94x 5.97x 3.60x 2.83x 3.42x 12.62x 13.72x 4.59x 4.16x 19.63x 19.46x EBITDA 1330.6 1014.2 1309.1 1467.3 1477.0 1454.6 1296.0 1197.4 1425.5 288.4 300.1 TEV/EBITDA 7.90x 17.34x 10.45x 8.13x 10.20x 10.64x 13.77x 16.13x 13.55x 14.86x 13.84x Net Income 871.8 386.5 774.7 832.8 832.8 783.5 712.7 738.5 914.2 171.5 183.6 P/E 12.80x 44.23x 20.38x 15.32x 21.10x 19.84x 28.25x 30.10x 23.84x 29.44x 28.21x Profitability S&P Issuer RatingsEBITDA 1477.04 Long-Term Rating Date 25.01.2010EBIT 1177.27 Long-Term Rating BBB+Operating Margin 26.73% Long-Term Outlook STABLEPretax Margin 25.41% Short-Term Rating Date -Return on Assets 7.39% Short-Term Rating -Return on Common Equity 11.14% Credit RatiosReturn on Capital 9.65% EBITDA/Interest Exp. 21.89Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 17.87Margin Analysis Net Debt/EBITDA -1.64Gross Margin 89.0% Total Debt/EBITDA 1.18EBITDA Margin 29.7% ReferenceEBIT Margin 22.7% Total Debt/Equity 22.6%Net Income Margin 18.9% Total Debt/Capital 18.5%Structure Asset Turnover 0.45Current Ratio 3.41 Net Fixed Asset Turnover 7.07Quick Ratio 3.27 Accounts receivable turnover-days 41.60Debt to Assets 15.12% Inventory Days -Tot Debt to Common Equity 22.63% Accounts Payable Turnover Day 48.84Accounts Receivable Turnover 8.75 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 5000.0 18.00 4500.0 16.00 4000.0 14.00 3500.0 12.00 3000.0 10.00 2500.0 8.00 2000.0 6.00 1500.0 4.00 1000.0 2.00 500.0 0.00 0.0 27.11.2009 27.05.2010 27.11.2010 27.05.2011 27.11.2011 27.05.2012 27.11.2012 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 |
  • 9. 27.03.2013Adobe Systems IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 41990090 8.37 (921300) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 32056800 6.39 8670057 31.12.2012 Investment AdvisorVALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 31303362 6.24 - 31.12.2012 Hedge Fund ManagerVALUEACT HOLDINGS LP n/a Research 31303362 6.24 - 31.12.2012 Hedge Fund ManagerBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28969101 5.78 452801 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 24243681 4.83 (254043) 25.03.2013 Investment AdvisorDODGE & COX DODGE & COX 13F 23408246 4.67 2214496 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 22068491 4.4 507549 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 19658202 3.92 154535 26.03.2013 Investment AdvisorMACQUARIE GROUP n/a ULT-AGG 16028894 3.2 609606 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 14441727 2.88 2526910 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 9585287 1.91 (301806) 31.12.2012 UnclassifiedFMR LLC n/a ULT-AGG 9284149 1.85 1778118 31.12.2012 Investment AdvisorINSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 8570714 1.71 8570714 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8333959 1.66 432333 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 8316859 1.66 (470074) 31.01.2013 UnclassifiedNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6606256 1.32 (148465) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6262292 1.25 13690 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6230316 1.24 307156 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 6094062 1.22 343947 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateLazard Capital Markets BRETT FODERO neutral 3 M #N/A N/A Not Provided 25.03.2013Deutsche Bank THOMAS ERNST JR buy 5 M 50 12 month 20.03.2013Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013Goldman Sachs HEATHER BELLINI Sell/Neutral 1 M 34 12 month 20.03.2013RBC Capital Markets ROBERT P BREZA outperform 5 M 52 12 month 20.03.2013Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 20.03.2013Credit Suisse PHILIP WINSLOW neutral 3 M 35 Not Provided 20.03.2013Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 20.03.2013Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 38 12 month 20.03.2013Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 20.03.2013Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 43 12 month 20.03.2013Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 52 12 month 20.03.2013FBR Capital Markets DAVID M HILAL underperform 1 M 30 12 month 20.03.2013Macquarie BRAD A ZELNICK outperform 5 M 46 12 month 20.03.2013Stifel BLAIR ABERNETHY hold 3 D #N/A N/A Not Provided 20.03.2013Griffin Securities JAY VLEESCHHOUWER buy 5 M 48 12 month 20.03.2013Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 20.03.2013JMP Securities PATRICK WALRAVENS market outperform 4 M 46 12 month 20.03.2013Piper Jaffray MICHAEL J OLSON neutral 3 M 43 12 month 20.03.2013Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 20.03.2013Jefferies ROSS MACMILLAN hold 3 M 43 12 month 19.03.2013Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 19.03.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 36 12 month 14.12.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 27.03.2013Akamai Technologies IncAkamai Technologies, Inc. provides services for accelerating and improving the Price/Volumedelivery of content and applications over the Internet, ranging from live and 45 7.0 Mon-demand streaming video capabilities to conventional content on websites, to 40 6.0 Mtools that help people transact business and reach out to new and existing 35customers. 5.0 M 30 25 4.0 M Valuation Analysis 20 3.0 MLatest Fiscal Year: 12/2012 15 2.0 M 10LTM as of: 12/yy 1.0 M 552-Week High (02.01.2013) 42.52 0 .0 M52-Week Low (05.06.2012) 25.90 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 623142.00 Current Price (3/dd/yy) 35.08 Market Data 52-Week High % Change -17.50% Dividend Yield 0.00 52-Week Low % Change 35.44% Beta 1.31 % 52 Week Price Range High/Low 55.23% Equity Float 171.97Shares Out 22.02.2013 177.9 Short Int 15.60 Market Capitalization 6240.11 1 Yr Total Return -6.90%Total Debt 0.00 YTD Return -14.25%Preferred Stock 0.0 Adjusted BETA 1.311Minority Interest 0.0 Analyst Recs 29Cash and Equivalents 1095.24 Consensus Rating 3.966Enterprise Value 5144.87 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 762414AKAM UW EQUITY YTD Change - Average Volume 30 Day 1103705AKAM UW EQUITY YTD % CHANGE - Average Volume 3 Month 1059625 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 790.9 859.8 1023.6 1158.5 1373.9 1158.5 1373.9 1510.2 1715.0 357.3 363.5 TEV/Revenue 2.51x 4.04x 7.36x 3.88x 4.50x 14.93x 16.10x 3.49x 2.93x 14.28x 13.87x EBITDA 313.7 347.3 398.0 463.4 519.1 463.4 519.1 639.5 739.7 151.4 153.3 TEV/EBITDA 6.32x 10.01x 18.93x 9.71x 11.90x 9.71x 11.90x 8.05x 6.96x 8.01x 7.75x Net Income 145.1 145.9 171.2 200.9 204.0 200.9 204.0 348.8 396.5 84.9 81.9 P/E 11.61x 19.34x 52.28x 30.45x 35.57x 30.45x 35.57x 17.91x 15.85x 18.10x 17.88x Profitability S&P Issuer RatingsEBITDA 519.06 Long-Term Rating Date 12.11.2002EBIT 314.89 Long-Term Rating NROperating Margin 22.92% Long-Term Outlook -Pretax Margin 23.41% Short-Term Rating Date -Return on Assets 8.25% Short-Term Rating -Return on Common Equity 9.06% Credit RatiosReturn on Capital 9.06% EBITDA/Interest Exp. -Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -2.11Gross Margin 68.6% Total Debt/EBITDA 0.00EBITDA Margin 37.8% ReferenceEBIT Margin 22.9% Total Debt/Equity 0.0%Net Income Margin 14.8% Total Debt/Capital 0.0%Structure Asset Turnover 0.56Current Ratio 3.59 Net Fixed Asset Turnover 4.31Quick Ratio 3.23 Accounts receivable turnover-days 57.23Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 34.55Accounts Receivable Turnover 6.39 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 1600.0 1400.0 20.00 1200.0 1000.0 15.00 800.0 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 |
  • 11. 27.03.2013Akamai Technologies IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeT ROWE PRICE ASSOCIA n/a 13G 20446047 11.49 5548410 28.02.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 10552831 5.93 162538 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 9381857 5.27 - 25.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 7880054 4.43 351376 25.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6167160 3.47 3835050 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 5657984 3.18 (2835333) 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 4997389 2.81 (686077) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4155077 2.34 352843 31.12.2012 Investment AdvisorLEIGHTON F THOMSON n/a Form 4 3803876 2.14 30000 13.03.2013 n/aALLIANZ ASSET MANAGE n/a ULT-AGG 3782211 2.13 (527044) 31.01.2013 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3406403 1.91 377785 31.12.2012 Investment AdvisorCOATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 3301129 1.86 (1528393) 31.12.2012 Hedge Fund ManagerBROOKSIDE CAPITAL IN BROOKSIDE CAPITAL MA 13F 3182552 1.79 624104 31.12.2012 Hedge Fund ManagerCLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 3060013 1.72 (271044) 31.12.2012 Investment AdvisorFAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 2650409 1.49 (538495) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2471613 1.39 2632 31.12.2012 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 1823137 1.02 (48222) 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 1444989 0.81 95439 31.12.2012 GovernmentMANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1407918 0.79 87951 31.12.2012 Investment AdvisorCOLUMBUS CIRCLE INVE COLUMBUS CIRCLE INVE 13F 1398929 0.79 843390 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateD.A. Davidson & Co DONNA M JAEGERS buy 5 M 45 18 month 26.03.2013Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 43 12 month 25.03.2013Craig-Hallum Capital Group LLC JEFF VAN RHEE buy 5 M 44 12 month 22.03.2013FBN Securities SHEBLY SEYRAFI outperform 5 N 45 12 month 20.03.2013Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013Jefferies AARON SCHWARTZ hold 3 M 40 12 month 19.03.2013S&P Capital IQ SCOTT H KESSLER strong buy 5 U 45 12 month 18.03.2013Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 15.03.2013Maxim Group LLC GREG MESNIAEFF buy 5 N 44 12 month 14.03.2013FBR Capital Markets DAVID M HILAL market perform 3 M 36 12 month 13.03.2013Macquarie KEVIN SMITHEN outperform 5 M 42 12 month 13.03.2013Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 40 12 month 12.03.2013Pacific Crest Securities CHAD BARTLEY sector perform 3 M #N/A N/A Not Provided 12.03.2013William Blair & Co JAMES D BREEN JR outperform 5 M #N/A N/A Not Provided 12.03.2013Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 12.03.2013B Riley & Company, Inc SAMEET SINHA buy 5 M 41 Not Provided 12.03.2013Stifel BEN LOWE hold 3 M #N/A N/A Not Provided 12.03.2013Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 12.03.2013Credit Agricole Securities (USA) EDWARD MAGUIRE buy 5 M 45 Not Provided 12.03.2013JPMorgan STERLING AUTY neutral 3 M 42 9 month 11.03.2013Dougherty & Company LLC MARK KELLEHER buy 5 M 50 12 month 11.03.2013Canaccord Genuity Corp GREGORY MILLER buy 5 M 45 12 month 11.03.2013Piper Jaffray MICHAEL J OLSON overweight 5 M 40 12 month 25.02.2013Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 40 12 month 07.02.2013Credit Suisse PHILIP WINSLOW underperform 1 M 30 Not Provided 07.02.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 07.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 27.03.2013Alexion Pharmaceuticals IncAlexion Pharmaceuticals, Inc., a biopharmaceutical company, researches and Price/Volumedevelops proprietary immunoregulatory compounds for the treatment of autoimmune 140 14.0 Mand cardiovascular diseases. The Company develops C5 complement inhibitors and 120 12.0 MApogens which are two classes of potential therapeutic compounds designed toselectively target specific disease-causing segments of the immune system. 100 10.0 M 80 8.0 M Valuation Analysis 60 6.0 MLatest Fiscal Year: 12/2012 40 4.0 MLTM as of: 12/yy 20 2.0 M52-Week High (05.10.2012) 119.53 0 .0 M52-Week Low (07.05.2012) 81.39 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 345720.00 Current Price (3/dd/yy) 91.35 Market Data 52-Week High % Change -23.58% Dividend Yield 0.00 52-Week Low % Change 12.24% Beta 0.83 % 52 Week Price Range High/Low 26.11% Equity Float 192.56Shares Out 11.02.2013 195.2 Short Int 4.06 Market Capitalization 17832.37 1 Yr Total Return -2.07%Total Debt 149.00 YTD Return -2.62%Preferred Stock 0.0 Adjusted BETA 0.831Minority Interest 0.0 Analyst Recs 25Cash and Equivalents 989.50 Consensus Rating 4.600Enterprise Value 16991.86 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 285753ALXN UW EQUITY YTD Change - Average Volume 30 Day 599186ALXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 510584 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 259.1 386.8 541.0 783.4 1134.1 783.4 1134.1 1509.4 1893.6 335.9 364.2 TEV/Revenue 11.40x 10.81x 12.96x 16.24x 15.35x 52.66x 65.98x 11.06x 8.55x 50.79x 46.62x EBITDA 42.2 99.5 166.4 261.9 424.0 261.9 424.0 653.1 892.3 135.0 147.0 TEV/EBITDA 69.99x 41.99x 42.14x 48.58x 41.06x 48.58x 41.06x 26.02x 19.05x 26.84x - Net Income 33.1 295.2 97.0 175.3 254.8 175.3 254.8 590.9 697.9 121.5 138.5 P/E 92.79x 53.07x 76.71x 74.48x 67.93x 82.66x 70.48x 31.57x 27.43x 31.65x - Profitability S&P Issuer RatingsEBITDA 423.96 Long-Term Rating Date -EBIT 400.07 Long-Term Rating -Operating Margin 35.28% Long-Term Outlook -Pretax Margin 35.06% Short-Term Rating Date -Return on Assets 12.71% Short-Term Rating -Return on Common Equity 16.41% Credit RatiosReturn on Capital 15.95% EBITDA/Interest Exp. 57.28Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 54.33Margin Analysis Net Debt/EBITDA -1.98Gross Margin 88.9% Total Debt/EBITDA 0.35EBITDA Margin 37.4% ReferenceEBIT Margin 35.3% Total Debt/Equity 7.6%Net Income Margin 22.5% Total Debt/Capital 7.0%Structure Asset Turnover 0.57Current Ratio 4.15 Net Fixed Asset Turnover 6.84Quick Ratio 3.57 Accounts receivable turnover-days 87.12Debt to Assets 5.70% Inventory Days 255.05Tot Debt to Common Equity 7.56% Accounts Payable Turnover Day 49.27Accounts Receivable Turnover 4.20 Cash Conversion Cycle 292.90Inventory Turnover 1.44Price/ Cash Flow Sales/Revenue/Turnover 70.00 1200.0 60.00 1000.0 50.00 800.0 40.00 600.0 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 |
  • 13. 27.03.2013Alexion Pharmaceuticals IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 30257061 15.5 215 28.02.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18500374 9.48 495500 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 14952509 7.66 (2556631) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 13337767 6.83 (697284) 25.03.2013 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10056686 5.15 737216 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 8519061 4.36 250074 31.12.2012 Investment AdvisorSANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 8078606 4.14 227389 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 7722801 3.96 327372 26.03.2013 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 4713716 2.41 961192 31.12.2012 Investment AdvisorVIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4014242 2.06 4014242 31.12.2012 Hedge Fund ManagerAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3693290 1.89 517382 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3135927 1.61 111414 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2830500 1.45 65670 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 2722627 1.39 (494724) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2696867 1.38 20210 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2669856 1.37 406152 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 2667173 1.37 (1204145) 31.12.2012 UnclassifiedTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2567502 1.32 (45482) 31.12.2012 Investment AdvisorTOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 2268866 1.16 (76000) 31.12.2012 Mutual Fund ManagerARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1575200 0.81 133000 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRobert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 125 12 month 20.03.2013Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 92 12 month 11.03.2013Canaccord Genuity Corp SALVEEN J RICHTER buy 5 M 132 12 month 04.03.2013Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 04.03.2013Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 26.02.2013Lazard Capital Markets JOSHUA SCHIMMER buy 5 U 102 12 month 20.02.2013Janney Montgomery Scott LLC KIMBERLY LEE neutral 3 M 107 12 month 19.02.2013Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 15.02.2013Morgan Stanley DAVID FRIEDMAN Overwt/In-Line 5 M 108 12 month 14.02.2013Goldman Sachs TERENCE FLYNN buy/attractive 5 M 122 12 month 14.02.2013Brean Murray Carret & Co JONATHAN M ASCHOFF buy 5 M 120 12 month 14.02.2013JPMorgan GEOFFREY MEACHAM overweight 5 M 120 9 month 14.02.2013Jefferies EUN K YANG hold 3 M 88 12 month 14.02.2013William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 14.02.2013Stifel STEPHEN D WILLEY buy 5 M 118 12 month 14.02.2013Oppenheimer & Co DAVID FERREIRO outperform 5 M 115 12 month 14.02.2013Guggenheim Securities LLC BRET HOLLEY buy 5 M 121 12 month 14.02.2013Piper Jaffray M IAN SOMAIYA overweight 5 M 122 12 month 14.02.2013Barclays YING HUANG overweight 5 M 118 Not Provided 14.02.2013S&P Capital IQ STEVEN SILVER buy 5 M 116 Not Provided 25.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013Deutsche Bank ROBYN KARNAUSKAS buy 5 M 117 12 month 25.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 14. 27.03.2013Altera CorpAltera Corporation is a global semiconductor company that designs, manufactures, Price/Volumeand markets programmable logic devices and associated development tools. The 45 5.0 MCompanys products, include a variety of programmable logic devices and hardcopy 40 4.5 Mapplication-specific integrated circuits. 35 4.0 M 30 3.5 M 3.0 M 25 2.5 M Valuation Analysis 20 2.0 MLatest Fiscal Year: 12/2012 15 1.5 M 10 1.0 MLTM as of: 12/yy 5 .5 M52-Week High (30.03.2012) 40.14 0 .0 M52-Week Low (24.10.2012) 29.59 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 528618.00 Current Price (3/dd/yy) 35.14 Market Data 52-Week High % Change -12.46% Dividend Yield 1.02 52-Week Low % Change 18.76% Beta 1.27 % 52 Week Price Range High/Low 52.61% Equity Float 318.69Shares Out 31.01.2013 319.8 Short Int 5.45 Market Capitalization 11236.10 1 Yr Total Return -9.66%Total Debt 500.00 YTD Return 2.33%Preferred Stock 0.0 Adjusted BETA 1.271Minority Interest 0.0 Analyst Recs 32Cash and Equivalents 3017.59 Consensus Rating 3.656Enterprise Value 8718.52 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 710706ALTR UW EQUITY YTD Change - Average Volume 30 Day 1015133ALTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 978217 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 1367.2 1195.4 1954.4 2064.5 1783.0 2064.5 1783.0 1823.5 2075.1 413.7 449.6 TEV/Revenue 3.06x 4.74x 4.66x 4.36x 4.75x 19.46x 19.71x 4.62x 3.89x 20.99x 19.17x EBITDA 434.3 333.6 895.9 881.1 628.1 881.1 628.1 597.4 739.4 120.0 141.7 TEV/EBITDA 9.62x 17.00x 10.16x 10.23x 13.49x 10.23x 13.49x 14.59x 11.79x 14.70x 13.39x Net Income 359.7 251.1 782.9 770.7 556.8 770.7 556.8 493.4 610.9 105.2 116.0 P/E 14.16x 26.94x 14.29x 15.79x 19.99x 15.79x 20.11x 22.86x 18.83x 22.86x 21.17x Profitability S&P Issuer RatingsEBITDA 628.10 Long-Term Rating Date 04.11.2011EBIT 591.24 Long-Term Rating A-Operating Margin 33.16% Long-Term Outlook STABLEPretax Margin 33.20% Short-Term Rating Date -Return on Assets 12.46% Short-Term Rating -Return on Common Equity 17.60% Credit RatiosReturn on Capital 15.40% EBITDA/Interest Exp. 78.75Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 71.11Margin Analysis Net Debt/EBITDA -4.01Gross Margin 69.6% Total Debt/EBITDA 0.80EBITDA Margin 35.2% ReferenceEBIT Margin 33.2% Total Debt/Equity 15.0%Net Income Margin 31.2% Total Debt/Capital 13.0%Structure Asset Turnover 0.40Current Ratio 6.78 Net Fixed Asset Turnover 9.44Quick Ratio 6.15 Accounts receivable turnover-days 57.06Debt to Assets 10.73% Inventory Days 92.93Tot Debt to Common Equity 15.00% Accounts Payable Turnover Day 32.70Accounts Receivable Turnover 6.41 Cash Conversion Cycle 117.30Inventory Turnover 3.94Price/ 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 |
  • 15. 27.03.2013Altera CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 24871009 7.78 8679679 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 17460092 5.46 - 25.03.2013 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 15117297 4.73 3940534 31.01.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 14317894 4.48 291013 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14051363 4.39 4649182 31.12.2012 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 13119135 4.1 (776600) 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 12485525 3.9 130132 26.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 11419255 3.57 (6994056) 31.12.2012 UnclassifiedWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9597620 3 (412673) 31.12.2012 Investment AdvisorEAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 9206161 2.88 333798 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8573092 2.68 22060 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 8500000 2.66 (600000) 31.12.2012 Investment AdvisorWADDELL & REED FINAN WADDELL & REED FINAN 13F 8407529 2.63 666690 31.12.2012 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 8347713 2.61 1286209 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5994701 1.87 (962960) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4782958 1.5 (117329) 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4610400 1.44 (5000) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3609232 1.13 (348696) 31.12.2012 Investment AdvisorCADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 3444400 1.08 1490000 31.12.2012 Hedge Fund ManagerBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 3436351 1.07 379626 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 25.03.2013Robert W. Baird & Co TRISTAN GERRA neutral 3 M 33 12 month 25.03.2013Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013Nomura ROMIT SHAH reduce 2 M 27 12 month 22.03.2013MKM Partners DANIEL A BERENBAUM neutral 3 M 32 12 month 22.03.2013Raymond James HANS C MOSESMANN strong buy 5 M 42 12 month 21.03.2013Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 34 12 month 21.03.2013Jefferies MARK J LIPACIS hold 3 M 35 12 month 18.03.2013RBC Capital Markets DOUG FREEDMAN sector perform 3 M 36 12 month 14.03.2013Mizuho Securities USA Inc RUBEN ROY buy 5 M 41 12 month 14.03.2013GARP Research STEPHEN SAUNDERS buy 5 M #N/A N/A Not Provided 14.03.2013Macquarie SHAWN WEBSTER neutral 3 M 38 12 month 13.03.2013Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 07.03.2013ISI Group SUMIT DHANDA neutral 3 M 29 12 month 04.03.2013Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 28.02.2013Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 27.02.2013Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 26.02.2013Piper Jaffray AUGUSTE P RICHARD overweight 5 M 36 12 month 25.02.2013Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 41 12 month 20.02.2013Barclays BLAYNE CURTIS equalweight 3 M 35 Not Provided 11.02.2013Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 24.01.2013Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 36 12 month 24.01.2013Credit Suisse JOHN W PITZER neutral 3 M 30 Not Provided 24.01.2013JPMorgan CHRISTOPHER DANELY neutral 3 M 29 9 month 24.01.2013William Blair & Co ANIL K DORADLA market perform 3 D #N/A N/A Not Provided 24.01.2013Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 40 Not Provided 24.01.2013SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 32 12 month 23.01.2013Canaccord Genuity Corp ROBERT BURLESON hold 3 M 34 Not Provided 23.01.2013Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 27.03.2013Amazon.com IncAmazon.com, Inc. is an online retailer that offers a wide range of products. Price/VolumeThe Companys products include books, music, videotapes, computers, 300 6.0 Melectronics, home and garden, and numerous other products. Amazon offerspersonalized shopping services, Web-based credit card payment, and direct 250 5.0 Mshipping to customers. 200 4.0 M 150 3.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 100 2.0 MLTM as of: 12/yy 50 1.0 M52-Week High (25.01.2013) 284.68 0 .0 M52-Week Low (16.04.2012) 183.66 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 265757.00 Current Price (3/dd/yy) 259.685 Market Data 52-Week High % Change -8.78% Dividend Yield 0.00 52-Week Low % Change 41.39% Beta 1.18 % 52 Week Price Range High/Low 71.63% Equity Float 366.92Shares Out 18.01.2013 454.6 Short Int 7.35 Market Capitalization 118040.09 1 Yr Total Return 28.01%Total Debt 5510.00 YTD Return 3.40%Preferred Stock 0.0 Adjusted BETA 1.180Minority Interest 0.0 Analyst Recs 43Cash and Equivalents 11448.00 Consensus Rating 4.256Enterprise Value 112102.09 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 799145AMZN UW EQUITY YTD Change - Average Volume 30 Day 822788AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 893988 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 19166.0 24509.0 34204.0 48077.0 61093.0 48077.0 61093.0 75719.6 92943.2 16180.5 15981.5 TEV/Revenue 0.98x 2.19x 2.15x 1.49x 1.77x 6.86x 6.68x 1.48x 1.16x 7.07x 7.11x EBITDA 1129.0 1507.0 1974.0 1945.0 2835.0 1945.0 2834.0 4673.5 6406.4 957.6 1068.9 TEV/EBITDA 16.55x 35.69x 37.21x 36.75x 38.08x 36.75x 38.09x 24.02x 17.53x 23.58x 22.38x Net Income 645.0 902.0 1152.0 631.0 (39.0) 632.0 (40.0) 1478.2 2507.9 263.1 325.1 P/E 36.89x 63.45x 71.15x 126.35x 5017.40x 126.35x 696.86x 77.29x 45.63x 78.72x 70.28x Profitability S&P Issuer RatingsEBITDA 2835.00 Long-Term Rating Date 26.11.2012EBIT 676.00 Long-Term Rating AA-Operating Margin 1.11% Long-Term Outlook STABLEPretax Margin 0.64% Short-Term Rating Date 13.06.2007Return on Assets -0.14% Short-Term Rating NRReturn on Common Equity -0.50% Credit RatiosReturn on Capital -0.42% EBITDA/Interest Exp. 30.82Asset Turnover 2.11% (EBITDA-Capex)/Interest Exp. -10.33Margin Analysis Net Debt/EBITDA -2.10Gross Margin 24.8% Total Debt/EBITDA 1.94EBITDA Margin 4.6% ReferenceEBIT Margin 1.1% Total Debt/Equity 67.3%Net Income Margin -0.1% Total Debt/Capital 40.2%Structure Asset Turnover 2.11Current Ratio 1.12 Net Fixed Asset Turnover 10.65Quick Ratio 0.78 Accounts receivable turnover-days 17.78Debt to Assets 16.93% Inventory Days 43.88Tot Debt to Common Equity 67.26% Accounts Payable Turnover Day 95.23Accounts Receivable Turnover 20.59 Cash Conversion Cycle -33.57Inventory Turnover 8.34Price/ Cash Flow Sales/Revenue/Turnover 40.00 70000.0 35.00 60000.0 30.00 50000.0 25.00 40000.0 20.00 30000.0 15.00 20000.0 10.00 10000.0 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 |
  • 17. 27.03.2013Amazon.com IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBEZOS JEFFREY P n/a Form 4 86970020 19.13 (195151) 15.02.2013 n/aCAPITAL GROUP COMPAN n/a ULT-AGG 43940459 9.67 4330950 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20211207 4.45 1315756 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 18170531 4 (211684) 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 15967446 3.51 407611 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 15535787 3.42 (672592) 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 13841567 3.05 141685 26.03.2013 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11864837 2.61 18391 31.12.2012 Investment AdvisorSANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 7730515 1.7 238226 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 6405541 1.41 374494 31.12.2012 UnclassifiedJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6217693 1.37 (801059) 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 5456857 1.2 (186717) 31.01.2013 Investment AdvisorINVESCO LTD INVESCO LTD 13F 5407626 1.19 (822311) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5046581 1.11 (13747) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4778512 1.05 75209 31.12.2012 Investment AdvisorUBS n/a ULT-AGG 4522854 1 (623769) 31.01.2013 UnclassifiedWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4405355 0.97 (179692) 31.12.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4260200 0.94 (100) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3037780 0.67 (14891) 31.12.2012 Investment AdvisorWINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3002027 0.66 257610 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJanney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 25.03.2013Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 25.03.2013ISI Group GREGORY MELICH buy 5 M 320 12 month 24.03.2013Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 320 12 month 22.03.2013William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 22.03.2013Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 300 12 month 22.03.2013Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 22.03.2013Pacific Crest Securities CHAD BARTLEY outperform 5 M 346 12 month 21.03.2013Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 20.03.2013JMP Securities RONALD V JOSEY III market perform 3 N #N/A N/A Not Provided 19.03.2013Evercore Partners KEN SENA overweight 5 M 330 12 month 18.03.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 16.03.2013BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 15.03.2013JPMorgan DOUGLAS ANMUTH neutral 3 D 300 9 month 14.03.2013Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 14.03.2013Stifel JORDAN ROHAN buy 5 M 335 12 month 12.03.2013Piper Jaffray EUGENE E MUNSTER overweight 5 M 329 12 month 12.03.2013Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 360 12 month 12.03.2013Nomura BRIAN NOWAK buy 5 M 300 12 month 06.03.2013Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 295 Not Provided 22.02.2013Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 370 12 month 20.02.2013Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 325 12 month 13.02.2013Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 325 18 month 11.02.2013Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 31.01.2013Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 30.01.2013Goldman Sachs HEATH P TERRY buy/attractive 5 M 330 12 month 30.01.2013RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 30.01.2013Credit Suisse STEPHEN JU outperform 5 M 334 Not Provided 30.01.2013Jefferies BRIAN J PITZ buy 5 M 330 12 month 30.01.2013Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 30.01.2013Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 30.01.2013Macquarie BENJAMIN A SCHACHTER outperform 5 M 305 12 month 30.01.2013B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 341 Not Provided 30.01.2013Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 30.01.2013Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 30.01.2013Benchmark Company LLC DANIEL L KURNOS buy 5 M 330 12 month 30.01.2013Credit Agricole Securities (USA) JAMES LEE outperform 5 D 290 Not Provided 30.01.2013Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.10.2012BGC Partners COLIN W GILLIS hold 3 M 220 12 month 26.10.2012S&P Capital IQ MICHAEL SOUERS hold 3 M 250 Not Provided 26.10.2012Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 27.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 27.03.2013Amgen IncAmgen Inc. is an independent biotechnology medicines company that discovers, Price/Volumedevelops, manufactures and markets medicines for grievous illnesses. The 120 6.0 MCompany focuses solely on human therapeutics and concentrates on innovatingnovel medicines based on advances in cellular and molecular biology. 100 5.0 M 80 4.0 M 60 3.0 M Valuation AnalysisLatest Fiscal Year: 12/2012 40 2.0 MLTM as of: 12/yy 20 1.0 M52-Week High (26.03.2013) 98.03 0 .0 M52-Week Low (16.04.2012) 65.38 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 417252.00 Current Price (3/dd/yy) 97.84 Market Data 52-Week High % Change -0.19% Dividend Yield 1.47 52-Week Low % Change 49.65% Beta 0.71 % 52 Week Price Range High/Low 97.85% Equity Float 747.54Shares Out 18.02.2013 748.4 Short Int 14.88 Market Capitalization 73226.39 1 Yr Total Return 47.70%Total Debt 26541.00 YTD Return 13.97%Preferred Stock 0.0 Adjusted BETA 0.712Minority Interest 0.0 Analyst Recs 33Cash and Equivalents 24061.00 Consensus Rating 3.970Enterprise Value 75706.39 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1434266AMGN UW EQUITY YTD Change - Average Volume 30 Day 1826069AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1689150 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 15003.0 14642.0 15053.0 15582.0 17265.0 15582.0 17265.0 18044.7 18398.7 4368.8 4514.1 TEV/Revenue 4.02x 3.65x 3.13x 3.33x 3.92x 12.25x 14.29x 3.81x 3.54x - - EBITDA 6287.0 6728.0 6679.0 5372.0 6665.0 5372.0 6665.0 7499.5 8265.9 1782.0 1782.0 TEV/EBITDA 9.59x 7.94x 7.05x 9.66x 10.15x 9.66x 10.15x 10.11x 9.17x 10.47x - Net Income 4052.0 4605.0 4627.0 3683.0 4345.0 3683.0 4345.0 5527.7 6219.2 1427.9 1356.4 P/E 12.89x 11.71x 11.68x 12.87x 14.37x 13.02x 14.46x 13.60x 11.90x 13.61x - Profitability S&P Issuer RatingsEBITDA 6665.00 Long-Term Rating Date 07.09.2007EBIT 5577.00 Long-Term Rating A+Operating Margin 32.30% Long-Term Outlook STABLEPretax Margin 29.01% Short-Term Rating Date 31.05.2012Return on Assets 8.42% Short-Term Rating A-1+Return on Common Equity 22.81% Credit RatiosReturn on Capital 12.22% EBITDA/Interest Exp. 6.18Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 5.54Margin Analysis Net Debt/EBITDA 0.37Gross Margin 83.1% Total Debt/EBITDA 3.98EBITDA Margin 38.6% ReferenceEBIT Margin 32.3% Total Debt/Equity 139.2%Net Income Margin 25.2% Total Debt/Capital 58.2%Structure Asset Turnover 0.33Current Ratio 3.81 Net Fixed Asset Turnover 3.21Quick Ratio 3.24 Accounts receivable turnover-days 57.39Debt to Assets 48.88% Inventory Days 327.87Tot Debt to Common Equity 139.25% Accounts Payable Turnover Day 89.08Accounts Receivable Turnover 6.38 Cash Conversion Cycle 296.17Inventory Turnover 1.12Price/ Cash Flow Sales/Revenue/Turnover 14.00 20000.0 18000.0 12.00 16000.0 10.00 14000.0 12000.0 8.00 10000.0 6.00 8000.0 6000.0 4.00 4000.0 2.00 2000.0 0.00 0.0 01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 19. 27.03.2013Amgen IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 76142906 10.17 2810500 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 58002657 7.75 3329190 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 44895140 6 - 25.03.2013 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 42036924 5.62 (2963375) 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 34391769 4.6 648331 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 31109405 4.16 313379 26.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21832328 2.92 (1069549) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 15651522 2.09 706375 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 11669900 1.56 (4012727) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11487213 1.53 (484470) 31.12.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 11107530 1.48 3592934 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10496023 1.4 (660498) 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8561832 1.14 1929023 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8520399 1.14 (189300) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7581069 1.01 734423 31.12.2012 Investment AdvisorCLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7120455 0.95 (145272) 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 6263455 0.84 5419529 31.12.2012 GovernmentLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5365370 0.72 (677420) 31.12.2012 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 5306546 0.71 1981232 31.12.2012 Investment AdvisorLEGG MASON INC Multiple Portfolios MF-AGG 5225051 0.7 (176156) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEdward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 22.03.2013Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 22.03.2013BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 20.03.2013Morgan Stanley MARSHALL URIST Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013Brean Murray Carret & Co GENE MACK buy 5 M 98 12 month 20.03.2013Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 86 12 month 20.03.2013Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 104 12 month 20.03.2013William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 20.03.2013Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.03.2013Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 20.03.2013Guggenheim Securities LLC BRET HOLLEY neutral 3 M 95 12 month 20.03.2013Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 20.03.2013S&P Capital IQ STEVEN SILVER buy 5 M 104 Not Provided 20.03.2013RBC Capital Markets MICHAEL J YEE outperform 5 M 95 12 month 19.03.2013Credit Suisse RAVI MEHROTRA neutral 3 M 100 Not Provided 19.03.2013Piper Jaffray M IAN SOMAIYA overweight 5 M 107 12 month 19.03.2013Argus Research Corp JOHN M EADE buy 5 M 96 Not Provided 15.03.2013Jefferies EUN K YANG buy 5 M 100 12 month 12.03.2013Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 106 12 month 04.03.2013ISI Group MARK J SCHOENEBAUM buy 5 M 92 12 month 01.03.2013Oppenheimer & Co BORIS PEAKER market perform 3 M 89 12 month 25.02.2013Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 115 12 month 25.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 103 12 month 15.02.2013JPMorgan GEOFFREY MEACHAM neutral 3 M 85 9 month 07.02.2013Barclays CHARLES ANTHONY BUTLER equalweight 3 M 90 Not Provided 07.02.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013Goldman Sachs TERENCE FLYNN neutral/attractive 3 N 91 12 month 13.12.2012Deutsche Bank ROBYN KARNAUSKAS buy 5 U 108 12 month 22.10.2012First Global Stockbroking KAVITA THOMAS sector outperform 5 M #N/A N/A Not Provided 17.05.2012Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 20. 27.03.2013Analog Devices IncAnalog Devices, Inc. designs, manufactures, and markets integrated circuits used Price/Volumein analog and digital signal processing. The Companys products are used in 50 6.0 Mcommunications, computer, industrial, instrumentation, military/aerospace, 45automotive, and high-performance consumer electronics applications. Analog 40 5.0 MDevices sells its products worldwide. 35 4.0 M 30 25 3.0 M Valuation Analysis 20Latest Fiscal Year: 10/2012 15 2.0 MLTM as of: 02/yy 10 1.0 M 552-Week High (20.02.2013) 47.16 0 .0 M52-Week Low (23.05.2012) 34.25 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 647283.00 Current Price (3/dd/yy) 45.75 Market Data 52-Week High % Change -2.99% Dividend Yield 2.62 52-Week Low % Change 33.58% Beta - % 52 Week Price Range High/Low 89.08% Equity Float 302.88Shares Out 02.02.2013 306.0 Short Int 5.32 Market Capitalization 13998.79 1 Yr Total Return -Total Debt 821.60 YTD Return 9.59%Preferred Stock 0.0 Adjusted BETA -Minority Interest 0.0 Analyst Recs 30Cash and Equivalents 3900.38 Consensus Rating 3.933Enterprise Value 10771.49 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 690032ADI UW EQUITY YTD Change - Average Volume 30 Day 826644ADI UW EQUITY YTD % CHANGE - Average Volume 3 Month 797643 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 02/yy 02/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 Total Revenue 2582.9 2014.9 2761.5 2993.3 2701.1 2912.9 2675.2 2696.8 2988.0 660.9 687.0 TEV/Revenue 1.90x 3.00x 2.81x 2.85x 3.25x 11.98x 13.57x 4.01x 3.43x 17.22x 16.33x EBITDA 781.6 478.3 1037.5 1192.5 942.3 1117.4 923.5 929.3 1133.1 225.4 247.3 TEV/EBITDA 6.28x 12.64x 7.49x 7.15x 9.32x 8.18x 11.08x 11.59x 9.51x 10.78x 10.18x Net Income 786.3 247.8 712.1 867.4 651.2 784.7 643.1 670.9 843.0 162.7 178.6 P/E 12.00x 26.42x 14.21x 13.91x 18.69x 15.90x 21.17x 21.03x 16.94x 19.70x 18.60x Profitability S&P Issuer RatingsEBITDA 942.31 Long-Term Rating Date 29.09.2010EBIT 832.48 Long-Term Rating A-Operating Margin 30.82% Long-Term Outlook STABLEPretax Margin 30.12% Short-Term Rating Date 18.03.2008Return on Assets 11.70% Short-Term Rating A-2Return on Common Equity 15.75% Credit RatiosReturn on Capital 13.57% EBITDA/Interest Exp. 35.66Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 30.66Margin Analysis Net Debt/EBITDA -3.49Gross Margin 64.5% Total Debt/EBITDA 0.82EBITDA Margin 34.5% ReferenceEBIT Margin 30.4% Total Debt/Equity 19.7%Net Income Margin 24.1% Total Debt/Capital 16.5%Structure Asset Turnover 0.49Current Ratio 8.94 Net Fixed Asset Turnover 5.53Quick Ratio 8.08 Accounts receivable turnover-days 42.97Debt to Assets 14.62% Inventory Days 115.39Tot Debt to Common Equity 19.72% Accounts Payable Turnover Day 42.62Accounts Receivable Turnover 8.47 Cash Conversion Cycle 121.28Inventory Turnover 3.15Price/ Cash Flow Sales/Revenue/Turnover 20.00 3500.0 18.00 3000.0 16.00 14.00 2500.0 12.00 2000.0 10.00 1500.0 8.00 6.00 1000.0 4.00 500.0 2.00 0.00 0.0 06.11.2009 06.05.2010 06.11.2010 06.05.2011 06.11.2011 06.05.2012 06.11.2012 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 |
  • 21. 27.03.2013Analog Devices IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 42481445 13.88 2350000 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17590220 5.75 221721 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 15828824 5.17 - 25.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 14178802 4.63 (1046664) 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 13626694 4.45 390542 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 12688403 4.15 904321 31.12.2012 UnclassifiedSTATE STREET n/a ULT-AGG 12288343 4.02 272270 26.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7920850 2.59 (67101) 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6993850 2.29 (153600) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 6478386 2.12 4514096 31.12.2012 Investment AdvisorCANTILLON CAPITAL MA CANTILLON CAPITAL MA 13F 6176564 2.02 (88400) 31.12.2012 Hedge Fund ManagerBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5944729 1.94 (285009) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5046951 1.65 202723 31.12.2012 Investment AdvisorPIONEER INVESTMENT M PIONEER INVESTMENT M 13F 4771606 1.56 67978 31.12.2012 Investment AdvisorSILVER BRIDGE CAPITA SILVER BRIDGE CAPITA 13F 3907800 1.28 (6552) 31.12.2012 Investment AdvisorFIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 3674800 1.2 57700 31.12.2012 Investment AdvisorJOHN W BRISTOL & COM JOHN W BRISTOL & COM 13F 3515380 1.15 (170259) 31.12.2012 Investment AdvisorM&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 3460117 1.13 (2000) 31.12.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3284000 1.07 (435000) 31.12.2012 Hedge Fund ManagerALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 3074952 1 240000 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 26.03.2013BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 45 Not Provided 25.03.2013Robert W. Baird & Co TRISTAN GERRA outperform 5 M 52 12 month 25.03.2013Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 41 12 month 24.03.2013MKM Partners DANIEL A BERENBAUM neutral 3 M 41 12 month 22.03.2013Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.03.2013B Riley & Company, Inc CRAIG ELLIS buy 5 M 57 Not Provided 15.03.2013RBC Capital Markets DOUG FREEDMAN sector perform 3 M 46 12 month 14.03.2013Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 41 12 month 13.03.2013SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 45 12 month 12.03.2013ISI Group SUMIT DHANDA strong buy 5 M 52 12 month 11.03.2013Canaccord Genuity Corp ROBERT BURLESON buy 5 M 50 12 month 06.03.2013Raymond James J STEVEN SMIGIE strong buy 5 M 57 12 month 22.02.2013Deutsche Bank ROSS C SEYMORE hold 3 M 45 12 month 20.02.2013Argus Research Corp JAMES KELLEHER buy 5 M 52 Not Provided 20.02.2013Credit Suisse JOHN W PITZER outperform 5 M 50 Not Provided 20.02.2013JPMorgan CHRISTOPHER DANELY overweight 5 M 51 9 month 20.02.2013Stephens Inc HARSH KUMAR equalweight 3 M 41 12 month 20.02.2013Macquarie SHAWN WEBSTER outperform 5 M 49 12 month 20.02.2013Barclays BLAYNE CURTIS equalweight 3 M 45 Not Provided 20.02.2013Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 55 12 month 20.02.2013Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 44 12 month 19.02.2013Jefferies MARK J LIPACIS hold 3 M 51 12 month 19.02.2013Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 55 12 month 19.02.2013Nomura ROMIT SHAH neutral 3 M 40 12 month 19.02.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013First Global Stockbroking ISHANSH VIJ moderate outperform 4 U #N/A N/A Not Provided 23.05.2011GARP Research BRETT CARSON neutral 3 M #N/A N/A Not Provided 21.05.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 27.03.2013Apple IncApple Inc. designs, manufactures, and markets personal computers and related Price/Volumepersonal computing and mobile communication devices along with a variety of 800 14.0 Mrelated software, services, peripherals, and networking solutions. The Company 700 12.0 Msells its products worldwide through its online stores, its retail stores, its 600 10.0 Mdirect sales force, third-party wholesalers, and resellers. 500 8.0 M 400 Valuation Analysis 6.0 M 300Latest Fiscal Year: 09/2012 4.0 M 200LTM as of: 12/yy 2.0 M 10052-Week High (21.09.2012) 705.07 0 .0 M52-Week Low (04.03.2013) 419.00 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1105317.00 Current Price (3/dd/yy) 462.88 Market Data 52-Week High % Change -34.35% Dividend Yield 1.15 52-Week Low % Change 10.47% Beta 0.96 % 52 Week Price Range High/Low 15.58% Equity Float 938.73Shares Out 11.01.2013 939.1 Short Int 19.43 Market Capitalization 434671.16 1 Yr Total Return -22.62%Total Debt 0.00 YTD Return -12.67%Preferred Stock 0.0 Adjusted BETA 0.958Minority Interest 0.0 Analyst Recs 64Cash and Equivalents 121251.00 Consensus Rating 4.500Enterprise Value 297559.17 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3031029AAPL UW EQUITY YTD Change - Average Volume 30 Day 3609170AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3984129 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 Total Revenue 37491.0 42905.0 65225.0 108249.0 156508.0 127841.0 164687.0 181210.6 204263.1 42751.1 39983.9 TEV/Revenue 2.39x 3.03x 3.32x 2.72x 3.23x 8.29x 10.49x 1.72x 1.41x 6.86x 7.20x EBITDA 8823.0 12474.0 19412.0 35604.0 58518.0 45482.0 59255.0 60120.6 67410.2 13977.7 12754.9 TEV/EBITDA 10.14x 10.43x 11.17x 8.26x 8.63x 6.16x 5.76x 4.95x 4.42x 4.81x 4.69x Net Income 6119.0 8235.0 14013.0 25922.0 41733.0 32982.0 41747.0 41526.6 47056.9 9599.0 8992.3 P/E 18.91x 20.08x 19.30x 14.61x 15.11x 11.54x 11.56x 10.49x 9.30x 10.27x 9.90x Profitability S&P Issuer RatingsEBITDA 58518.00 Long-Term Rating Date 16.04.2004EBIT 55241.00 Long-Term Rating NROperating Margin 35.30% Long-Term Outlook -Pretax Margin 35.63% Short-Term Rating Date -Return on Assets 24.94% Short-Term Rating -Return on Common Equity 38.41% Credit RatiosReturn on Capital 38.41% EBITDA/Interest Exp. -Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -2.31Gross Margin 43.9% Total Debt/EBITDA 0.00EBITDA Margin 36.0% ReferenceEBIT Margin 33.5% Total Debt/Equity 0.0%Net Income Margin 26.7% Total Debt/Capital 0.0%Structure Asset Turnover 0.98Current Ratio 1.50 Net Fixed Asset Turnover 14.17Quick Ratio 1.04 Accounts receivable turnover-days 22.69Debt to Assets 0.00% Inventory Days 5.12Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 84.69Accounts Receivable Turnover 16.05 Cash Conversion Cycle -52.97Inventory Turnover 71.10Price/ Cash Flow Sales/Revenue/Turnover 20.00 180000.0 18.00 160000.0 16.00 140000.0 14.00 120000.0 12.00 100000.0 10.00 80000.0 8.00 60000.0 6.00 40000.0 4.00 20000.0 2.00 0.00 0.0 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 23. 27.03.2013Apple IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 49566789 5.28 136948 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 42083340 4.48 1096729 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 41472347 4.42 (4409314) 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 36866613 3.93 43240 26.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23598905 2.51 118759 31.12.2012 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 16882717 1.8 804173 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 15541148 1.65 (883277) 31.12.2012 UnclassifiedNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13550305 1.44 90528 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12973383 1.38 293843 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 12677606 1.35 (1805929) 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 10155052 1.08 974700 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 8062807 0.86 932696 31.01.2013 Investment AdvisorUBS n/a ULT-AGG 7890584 0.84 (842844) 31.01.2013 UnclassifiedTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7768584 0.83 (249589) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 7650330 0.81 (7786595) 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 7531087 0.8 677078 31.12.2012 GovernmentCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6999016 0.75 6601182 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6361655 0.68 (1211280) 31.12.2012 Investment AdvisorGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6358050 0.68 (559069) 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5985132 0.64 (286097) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSterne, Agee & Leach SHAW WU buy 5 M 630 12 month 27.03.2013Piper Jaffray EUGENE E MUNSTER overweight 5 M 767 12 month 26.03.2013Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 725 12 month 25.03.2013Scotia Capital GUS PAPAGEORGIOU sector perform 3 M 528 12 month 25.03.2013Oppenheimer & Co ITTAI KIDRON outperform 5 M 550 12 month 25.03.2013Evercore Partners ROBERT CIHRA overweight 5 M 675 12 month 24.03.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 23.03.2013RBC Capital Markets AMIT DARYANANI outperform 5 M 600 12 month 22.03.2013Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 22.03.2013Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 21.03.2013Credit Suisse KULBINDER GARCHA outperform 5 M 600 Not Provided 20.03.2013Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 670 Not Provided 20.03.2013ABG Sundal Collier PER LINDBERG sell 1 M 400 6 month 19.03.2013Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 600 12 month 19.03.2013Barclays BENJAMIN A REITZES overweight 5 M 530 Not Provided 19.03.2013BMO Capital Markets KEITH F BACHMAN outperform 5 M 580 Not Provided 18.03.2013Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 18.03.2013Exane BNP Paribas ALEXANDER PETERC outperform 5 M 700 Not Provided 18.03.2013Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 18.03.2013Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 610 12 month 15.03.2013Jefferies PETER J MISEK hold 3 M 420 12 month 15.03.2013Stifel AARON C RAKERS buy 5 M 650 12 month 15.03.2013Nomura STUART JEFFREY neutral 3 M 490 12 month 15.03.2013Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 15.03.2013Credit Agricole Securities (USA) AVI SILVER outperform 5 M 505 Not Provided 15.03.2013Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 575 12 month 14.03.2013ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 14.03.2013BTIG LLC WALTER P PIECYK JR buy 5 U 540 12 month 14.03.2013Argus Research Corp JAMES KELLEHER buy 5 M 600 Not Provided 13.03.2013Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 13.03.2013Robert W. Baird & Co WILLIAM V POWER neutral 3 M 465 12 month 11.03.2013Raymond James TAVIS C MCCOURT outperform 5 M 600 12 month 07.03.2013Societe Generale ANDY PERKINS buy 5 M 560 12 month 06.03.2013Cross Research SHANNON S CROSS buy 5 M 580 12 month 06.03.2013William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 05.03.2013Berenberg Bank ADNAAN AHMAD sell 1 D 360 Not Provided 05.03.2013Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 04.03.2013JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 01.03.2013Needham & Co CHARLES WOLF buy 5 M 710 12 month 26.02.2013S&P Capital IQ SCOTT H KESSLER strong buy 5 M 600 12 month 25.02.2013Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 630 12 month 22.02.2013Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 550 12 month 13.02.2013JPMorgan MARK A MOSKOWITZ overweight 5 M 725 9 month 12.02.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 27.03.2013Applied Materials IncApplied Materials, Inc. develops, manufactures, markets, and services Price/Volumesemiconductor wafer fabrication equipment and related spare parts for the 16 14.0 Mworldwide semiconductor industry. The Companys customers include semiconductor 14 12.0 Mwafer and integrated circuit manufacturers, flat panel liquid crystal displays, 12 10.0 Msolar photovoltaic cells and modules and other electronic devices manufacturers. 10 8.0 M 8 Valuation Analysis 6.0 M 6Latest Fiscal Year: 10/2012 4.0 M 4LTM as of: 01/yy 2.0 M 252-Week High (14.02.2013) 13.99 0 .0 M52-Week Low (16.11.2012) 9.96 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 2522965.00 Current Price (3/dd/yy) 13.41 Market Data 52-Week High % Change -4.11% Dividend Yield 2.68 52-Week Low % Change 34.71% Beta 1.28 % 52 Week Price Range High/Low 85.73% Equity Float 1189.49Shares Out 27.01.2013 1200.0 Short Int 15.71 Market Capitalization 16092.59 1 Yr Total Return 7.93%Total Debt 1946.00 YTD Return 17.99%Preferred Stock 0.0 Adjusted BETA 1.275Minority Interest 0.0 Analyst Recs 21Cash and Equivalents 1937.00 Consensus Rating 3.524Enterprise Value 16285.59 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2728404AMAT UW EQUITY YTD Change - Average Volume 30 Day 3268027AMAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 3293184 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 Total Revenue 8129.2 5013.6 9548.7 10517.0 8719.0 10020.0 8103.0 7822.2 9351.3 1907.4 2122.4 TEV/Revenue 1.63x 3.06x 1.47x 1.16x 1.46x 5.78x 7.01x 2.05x 1.63x 8.64x 7.75x EBITDA 1693.6 53.4 1934.1 2587.0 1422.0 2170.0 1285.0 1311.6 1992.0 317.3 448.3 TEV/EBITDA 7.84x 287.63x 7.25x 4.71x 8.97x 7.25x 12.13x 12.41x 8.17x 9.56x 8.50x Net Income 960.7 (305.3) 937.9 1926.0 109.0 1538.0 26.0 734.5 1239.2 163.3 245.8 P/E 14.62x - 14.03x 9.71x 14.20x 10.92x 20.69x 22.13x 12.50x 16.62x 13.73x Profitability S&P Issuer RatingsEBITDA 1422.00 Long-Term Rating Date 21.12.1999EBIT 1000.00 Long-Term Rating A-Operating Margin 11.47% Long-Term Outlook STABLEPretax Margin 3.62% Short-Term Rating Date -Return on Assets 0.21% Short-Term Rating -Return on Common Equity 0.33% Credit RatiosReturn on Capital 0.41% EBITDA/Interest Exp. 14.97Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 13.26Margin Analysis Net Debt/EBITDA 0.15Gross Margin 38.0% Total Debt/EBITDA 1.51EBITDA Margin 15.9% ReferenceEBIT Margin 10.7% Total Debt/Equity 26.9%Net Income Margin 1.3% Total Debt/Capital 21.2%Structure Asset Turnover 0.64Current Ratio 2.25 Net Fixed Asset Turnover 8.73Quick Ratio 1.39 Accounts receivable turnover-days 60.31Debt to Assets 16.08% Inventory Days 111.15Tot Debt to Common Equity 26.90% Accounts Payable Turnover Day 36.97Accounts Receivable Turnover 6.04 Cash Conversion Cycle 125.35Inventory Turnover 3.27Price/ Cash Flow Sales/Revenue/Turnover 60.00 12000.0 50.00 10000.0 40.00 8000.0 30.00 6000.0 20.00 4000.0 10.00 2000.0 0.00 0.0 30.10.2009 30.04.2010 30.10.2010 30.04.2011 30.10.2011 30.04.2012 30.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 25. 27.03.2013Applied Materials IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 72270054 6.02 43721 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 67930668 5.66 (1712433) 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 53777175 4.48 (420124) 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 49142947 4.1 (3279475) 26.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 46613936 3.88 3685210 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 39341476 3.28 7695341 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 33460335 2.79 2547592 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 31940038 2.66 4532400 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 30904569 2.58 (2425271) 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 22526396 1.88 (3696753) 31.12.2012 Investment AdvisorPARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 21102107 1.76 3964607 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16814617 1.4 (416248) 31.12.2012 Investment AdvisorEDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 16333533 1.36 978253 31.12.2012 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 15709205 1.31 (145500) 31.12.2012 Investment AdvisorINTERNATIONAL VALUE INTERNATIONAL VALUE 13F 15222919 1.27 2466230 31.12.2012 Investment AdvisorPERKINS INVESTMENT M PERKINS INVESTMENT M 13F 12707676 1.06 (2123881) 31.12.2012 Investment AdvisorASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 12359710 1.03 12359710 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 10182490 0.85 2242176 31.12.2012 GovernmentFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 9950494 0.83 (4615059) 31.12.2012 Investment AdvisorTHIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 9850907 0.82 544496 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateExane BNP Paribas JEROME RAMEL underperform 1 M 12 Not Provided 26.03.2013Credit Suisse SATYA KUMAR neutral 3 M 13 Not Provided 19.03.2013Stifel PATRICK J HO buy 5 M 17 12 month 18.03.2013RBC Capital Markets MAHESH SANGANERIA outperform 5 M 17 12 month 15.03.2013Piper Jaffray JAGADISH IYER overweight 5 M 16 12 month 15.03.2013Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 13.03.2013Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 05.03.2013D.A. Davidson & Co THOMAS DIFFELY buy 5 M 17 18 month 26.02.2013Needham & Co EDWIN MOK hold 3 M #N/A N/A Not Provided 26.02.2013Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 26.02.2013S&P Capital IQ ANGELO ZINO strong buy 5 M 17 12 month 19.02.2013Argus Research Corp JAMES KELLEHER buy 5 M 16 Not Provided 15.02.2013Deutsche Bank VISHAL SHAH hold 3 M 13 12 month 14.02.2013B Riley & Company, Inc BEN PANG neutral 3 M 13 Not Provided 14.02.2013Credit Agricole Securities (USA) MARK HELLER underperform 1 M 14 Not Provided 14.02.2013Susquehanna Financial Group MEHDI HOSSEINI negative 2 M 9 12 month 13.02.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 18.01.2013Goldman Sachs JAMES V COVELLO Buy/Neutral 5 M 17 12 month 10.01.2013First Global Stockbroking ISHANSH VIJ Moderate Underperformer 2 M #N/A N/A Not Provided 27.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 26. 27.03.2013Autodesk IncAutodesk, Inc. supplies PC software and multimedia tools. The Companys Price/Volumetwo-dimensional and three-dimensional products are used across industries and 45 12.0 Min the home for architectural design, mechanical design, geographic information 40systems and mapping, and visualization applications. Autodesks software 10.0 M 35products are sold worldwide through a network of dealers and distributors. 30 8.0 M 25 6.0 M Valuation Analysis 20Latest Fiscal Year: 01/2013 15 4.0 M 10LTM as of: 01/yy 2.0 M 552-Week High (03.04.2012) 42.69 0 .0 M52-Week Low (24.08.2012) 27.97 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 416901.00 Current Price (3/dd/yy) 40.6 Market Data 52-Week High % Change -4.90% Dividend Yield 0.00 52-Week Low % Change 45.16% Beta 1.59 % 52 Week Price Range High/Low 85.80% Equity Float 223.61Shares Out 30.11.2012 224.7 Short Int 3.15 Market Capitalization 9122.82 1 Yr Total Return -3.77%Total Debt 745.60 YTD Return 14.85%Preferred Stock 0.0 Adjusted BETA 1.587Minority Interest 0.0 Analyst Recs 20Cash and Equivalents 2365.40 Consensus Rating 3.800Enterprise Value 7503.02 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 614410ADSK UW EQUITY YTD Change - Average Volume 30 Day 862134ADSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 778539 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 Total Revenue 2315.2 1713.7 1951.8 2215.6 2312.2 2215.6 2312.2 2447.2 2649.2 583.5 598.3 TEV/Revenue 1.21x 2.52x 3.98x 2.95x 3.06x 12.65x 11.17x 2.86x 2.48x 12.81x 12.44x EBITDA 505.4 246.3 387.6 469.8 477.6 469.8 477.6 722.3 807.1 160.7 175.7 TEV/EBITDA 5.57x 17.54x 20.04x 13.90x 14.81x 13.90x 14.81x 10.39x 9.30x 10.27x 9.93x Net Income 183.6 58.0 212.0 285.3 247.4 285.3 247.4 480.0 553.9 102.5 116.2 P/E 10.10x 44.06x 43.74x 29.51x 35.67x 30.00x 34.11x 19.17x 16.52x 19.20x 18.26x Profitability S&P Issuer RatingsEBITDA 477.60 Long-Term Rating Date 05.12.2012EBIT 349.80 Long-Term Rating BBBOperating Margin 15.13% Long-Term Outlook STABLEPretax Margin 13.41% Short-Term Rating Date -Return on Assets 6.57% Short-Term Rating -Return on Common Equity 12.60% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -3.39Gross Margin 89.7% Total Debt/EBITDA 1.56EBITDA Margin 20.7% ReferenceEBIT Margin 15.1% Total Debt/Equity 36.5%Net Income Margin 10.7% Total Debt/Capital 26.7%Structure Asset Turnover 0.61Current Ratio 2.45 Net Fixed Asset Turnover 21.08Quick Ratio 2.35 Accounts receivable turnover-days 70.46Debt to Assets 17.31% Inventory Days -Tot Debt to Common Equity 36.49% Accounts Payable Turnover Day 140.80Accounts Receivable Turnover 5.19 Cash Conversion Cycle -Inventory Turnover -Price/ 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 05.02.2010 05.08.2010 05.02.2011 05.08.2011 05.02.2012 05.08.2012 05.02.2013 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 27. 27.03.2013Autodesk IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 20985000 9.34 6700000 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14298153 6.36 (1254431) 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 13591633 6.05 133888 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 11871323 5.28 (451684) 25.03.2013 Investment AdvisorVALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 10316335 4.59 4334211 31.12.2012 Hedge Fund ManagerSTATE STREET n/a ULT-AGG 9085582 4.04 (701524) 26.03.2013 Investment AdvisorCLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 9017360 4.01 (611503) 31.12.2012 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 8445671 3.76 (2543056) 31.01.2013 Investment AdvisorMANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6525880 2.9 (2826611) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 5033823 2.24 (835441) 31.12.2012 Investment AdvisorWESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 4189258 1.86 (282183) 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3654500 1.63 98400 31.12.2012 Investment AdvisorSOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 3355300 1.49 353500 31.12.2012 Hedge Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 3249113 1.45 (77821) 31.12.2012 Investment AdvisorTPG-AXON MANAGEMENT TPG-AXON MANAGEMENT 13F 3172757 1.41 3172757 31.12.2012 Hedge Fund ManagerNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3145074 1.4 (263126) 31.12.2012 Investment AdvisorCITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2696684 1.2 2696684 31.12.2012 Hedge Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 2693544 1.2 370325 31.12.2012 Investment AdvisorCADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 2534340 1.13 50000 31.12.2012 Hedge Fund ManagerFMR LLC n/a ULT-AGG 2509593 1.12 (171385) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateWedbush STEVEN R KOENIG outperform 5 M 45 12 month 26.03.2013Griffin Securities JAY VLEESCHHOUWER buy 5 M 42 12 month 26.03.2013Credit Suisse PHILIP WINSLOW neutral 3 M 35 Not Provided 20.03.2013Jefferies ROSS MACMILLAN buy 5 M 47 12 month 20.03.2013Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 01.03.2013Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 26.02.2013RBC Capital Markets MATTHEW HEDBERG outperform 5 M 50 12 month 26.02.2013JPMorgan STERLING AUTY neutral 3 M 38 9 month 26.02.2013Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 43 12 month 26.02.2013Stifel BLAIR ABERNETHY hold 3 M #N/A N/A Not Provided 26.02.2013Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 26.02.2013MKM Partners ISRAEL HERNANDEZ neutral 3 M 41 12 month 26.02.2013Barclays RAIMO LENSCHOW equalweight 3 M 42 Not Provided 26.02.2013Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 26.02.2013Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 45 12 month 25.02.2013Canaccord Genuity Corp RICHARD DAVIS JR hold 3 M 38 12 month 25.02.2013Goldman Sachs HEATHER BELLINI Buy/Neutral 5 U 45 12 month 25.01.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 22.05.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 28. 27.03.2013Automatic Data Processing IncAutomatic Data Processing, Inc. is a global provider of business outsourcing Price/Volumesolutions. The Companys services include a wide range of human resource, 70 3.0 Mpayroll, tax and benefits administration solutions. Automatic Data also 60 2.5 Mprovides solutions to auto, truck, motorcycle, marine and recreational vehicledealers. 50 2.0 M 40 1.5 M Valuation Analysis 30Latest Fiscal Year: 06/2012 1.0 M 20LTM as of: 12/yy 10 .5 M52-Week High (15.03.2013) 65.05 0 .0 M52-Week Low (01.06.2012) 50.90 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 725089.00 Current Price (3/dd/yy) 64.8 Market Data 52-Week High % Change -0.38% Dividend Yield 2.50 52-Week Low % Change 27.31% Beta 0.95 % 52 Week Price Range High/Low 98.23% Equity Float 483.63Shares Out 31.01.2013 485.0 Short Int 7.22 Market Capitalization 31429.12 1 Yr Total Return 19.65%Total Debt 34.30 YTD Return 14.46%Preferred Stock 0.0 Adjusted BETA 0.953Minority Interest 0.0 Analyst Recs 28Cash and Equivalents 1665.40 Consensus Rating 3.750Enterprise Value 29941.21 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 749128ADP UW EQUITY YTD Change - Average Volume 30 Day 758717ADP UW EQUITY YTD % CHANGE - Average Volume 3 Month 737152 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 Total Revenue 8776.5 8838.4 8927.7 9879.5 10665.2 10326.0 10945.0 11314.5 12147.6 3105.8 2817.9 TEV/Revenue 2.25x 1.83x 2.02x 2.47x 2.37x 9.20x 9.49x 2.58x 2.37x 9.35x 10.26x EBITDA 2087.8 2191.8 2137.1 2196.5 2342.3 2245.0 2375.4 2344.2 2557.6 778.9 481.0 TEV/EBITDA 9.47x 7.38x 8.46x 11.09x 10.81x 11.14x 10.99x 12.77x 11.70x 12.33x 12.00x Net Income 1235.7 1332.6 1211.4 1254.2 1388.5 1343.3 1407.0 1411.6 1533.8 474.2 282.2 P/E 19.40x 14.89x 16.78x 20.82x 20.31x 20.61x 20.41x 22.28x 20.42x 21.47x 20.88x Profitability S&P Issuer RatingsEBITDA 2342.30 Long-Term Rating Date 29.10.1998EBIT 1959.00 Long-Term Rating AAAOperating Margin 18.37% Long-Term Outlook STABLEPretax Margin 19.90% Short-Term Rating Date 27.03.2002Return on Assets 4.28% Short-Term Rating A-1+Return on Common Equity 22.37% Credit RatiosReturn on Capital 22.36% EBITDA/Interest Exp. 304.19Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 286.00Margin Analysis Net Debt/EBITDA -0.63Gross Margin 49.6% Total Debt/EBITDA 0.01EBITDA Margin 21.7% ReferenceEBIT Margin 18.1% Total Debt/Equity 0.6%Net Income Margin 13.0% Total Debt/Capital 0.6%Structure Asset Turnover 0.33Current Ratio 1.08 Net Fixed Asset Turnover 15.41Quick Ratio 0.13 Accounts receivable turnover-days 49.46Debt to Assets 0.11% Inventory Days -Tot Debt to Common Equity 0.56% Accounts Payable Turnover Day 9.19Accounts Receivable Turnover 7.40 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 25.00 12000.0 10000.0 20.00 8000.0 15.00 6000.0 10.00 4000.0 5.00 2000.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 29. 27.03.2013Automatic Data Processing IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 25296439 5.22 294033 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 24859646 5.13 2903272 26.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 24301584 5.01 470727 25.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 24184018 4.99 811385 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20150291 4.15 (799916) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 19284761 3.98 1576794 31.12.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 13066138 2.69 688945 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 10617982 2.19 (479675) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8045478 1.66 (40973) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 7558234 1.56 3601447 31.12.2012 Investment AdvisorCEDAR ROCK CAPITAL L CEDAR ROCK CAPITAL L 13F 6495027 1.34 (126433) 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 6117004 1.26 3013821 31.12.2012 Investment AdvisorBROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 6078556 1.25 334687 31.12.2012 Investment AdvisorFIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 6042415 1.25 30902 31.12.2012 Investment AdvisorWELLS FARGO n/a ULT-AGG 4977288 1.03 165701 31.12.2012 UnclassifiedJP MORGAN n/a ULT-AGG 4647529 0.96 (162194) 31.12.2012 UnclassifiedCLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 4209825 0.87 45612 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 3901533 0.8 302378 31.12.2012 GovernmentT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3787494 0.78 325044 31.12.2012 Investment AdvisorJENSEN INVESTMENT MA JENSEN INVESTMENT MA 13F 3640609 0.75 176733 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 62 12 month 27.03.2013RBC Capital Markets DANIEL R PERLIN outperform 5 M 61 12 month 26.03.2013Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 21.03.2013BMO Capital Markets JEFFREY M SILBER outperform 5 M 68 Not Provided 18.03.2013Goldman Sachs PAUL THOMAS Buy/Neutral 5 M 71 12 month 18.03.2013Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 61 12 month 15.03.2013Jefferies JASON KUPFERBERG underperform 1 M 55 12 month 12.03.2013Robert W. Baird & Co MARK S MARCON outperform 5 M 66 12 month 08.03.2013William Blair & Co TIMOTHY J MCHUGH market perform 3 M #N/A N/A Not Provided 08.03.2013Stifel DAVID M GROSSMAN buy 5 M 65 12 month 07.03.2013Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 28.02.2013Argus Research Corp JOHN M EADE buy 5 M 68 Not Provided 15.02.2013S&P Capital IQ DYLAN CATHERS buy 5 M 67 12 month 14.02.2013Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 06.02.2013Barclays GARY E BISBEE equalweight 3 M 60 Not Provided 06.02.2013Credit Suisse GEORGE MIHALOS outperform 5 M 67 Not Provided 05.02.2013First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M #N/A N/A Not Provided 05.02.2013JPMorgan TIEN-TSIN HUANG neutral 3 M 63 9 month 05.02.2013Raymond James MICHAEL J BAKER outperform 5 M 66 12 month 05.02.2013Evercore Partners DAVID M TOGUT overweight 5 M 71 12 month 05.02.2013Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 05.02.2013Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 67 12 month 05.02.2013Credit Agricole Securities (USA) CRAIG J MAURER underperform 1 M 62 Not Provided 05.02.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 14.12.2012Deutsche Bank BRYAN KEANE hold 3 M 58 12 month 25.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 27.03.2013Avago Technologies LtdAvago Technologies Ltd. manufactures semiconductor products such as Price/Volumeoptoelectronics, radio-frequency and microwave components, and 45 3.5 Mapplication-specific integrated circuits. The Companys products are used in 40 3.0 Mmobile phones, consumer electronics, enterprise and telecom networking gear, 35optical mice, automotive electronics, and military and aerospace systems. 2.5 M 30 25 2.0 M Valuation Analysis 20 1.5 MLatest Fiscal Year: 10/2012 15 1.0 M 10LTM as of: 02/yy .5 M 552-Week High (30.03.2012) 39.21 0 .0 M52-Week Low (18.05.2012) 29.71 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 232485.00 Current Price (3/dd/yy) 35.78 Market Data 52-Week High % Change -8.75% Dividend Yield 1.70 52-Week Low % Change 20.43% Beta 1.27 % 52 Week Price Range High/Low 63.89% Equity Float 243.97Shares Out 03.02.2013 246.1 Short Int 2.30 Market Capitalization 8805.09 1 Yr Total Return -5.93%Total Debt 3.00 YTD Return 13.62%Preferred Stock 0.0 Adjusted BETA 1.265Minority Interest 0.0 Analyst Recs 20Cash and Equivalents 1084.00 Consensus Rating 4.700Enterprise Value 7657.09 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 416631AVGO UW EQUITY YTD Change - Average Volume 30 Day 725209AVGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 720103 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 02/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 Total Revenue 1699.0 1484.0 2093.0 2336.0 2364.0 2349.0 2377.0 2391.8 2661.8 556.6 605.2 TEV/Revenue - 2.46x 2.67x 3.18x 3.06x 12.82x 12.79x 3.11x 2.59x 13.74x 12.52x EBITDA 331.0 300.0 629.0 745.0 744.0 732.0 740.0 775.5 895.9 173.1 195.4 TEV/EBITDA - 12.19x 8.90x 9.99x 9.71x 10.20x 10.51x 9.88x 8.55x 9.35x 8.74x Net Income 83.0 (44.0) 415.0 552.0 563.0 558.0 563.0 672.9 782.6 148.3 174.8 P/E - 57.69x 13.71x 14.93x 14.90x 15.17x 15.83x 13.64x 11.99x 13.16x 12.52x Profitability S&P Issuer RatingsEBITDA 744.00 Long-Term Rating Date -EBIT 589.00 Long-Term Rating -Operating Margin 24.92% Long-Term Outlook -Pretax Margin 24.75% Short-Term Rating Date -Return on Assets 21.10% Short-Term Rating -Return on Common Equity 24.70% Credit RatiosReturn on Capital 24.66% EBITDA/Interest Exp. 744.00Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 503.00Margin Analysis Net Debt/EBITDA -1.55Gross Margin 48.4% Total Debt/EBITDA 0.00EBITDA Margin 31.1% ReferenceEBIT Margin 24.4% Total Debt/Equity 0.1%Net Income Margin 23.8% Total Debt/Capital 0.1%Structure Asset Turnover 0.89Current Ratio 4.89 Net Fixed Asset Turnover 5.38Quick Ratio 4.12 Accounts receivable turnover-days 44.79Debt to Assets 0.10% Inventory Days 60.62Tot Debt to Common Equity 0.12% Accounts Payable Turnover Day 62.43Accounts Receivable Turnover 8.28 Cash Conversion Cycle 39.42Inventory Turnover 6.12Price/ 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 06.11.2009 06.05.2010 06.11.2010 06.05.2011 06.11.2011 06.05.2012 06.11.2012 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 |
  • 31. 27.03.2013Avago Technologies LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 66208020 26.9 5086800 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12247507 4.98 (460816) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 12169187 4.95 (5174982) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 12160304 4.94 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 11336064 4.61 747847 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 9684318 3.94 5361238 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7305417 2.97 257060 31.12.2012 Investment AdvisorMAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 5692111 2.31 (2842341) 31.12.2012 Hedge Fund ManagerJP MORGAN n/a ULT-AGG 5275181 2.14 (53175) 31.12.2012 UnclassifiedUBS n/a ULT-AGG 4960860 2.02 1165019 31.01.2013 UnclassifiedSAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 4551860 1.85 3680860 31.12.2012 Hedge Fund ManagerSTATE STREET n/a ULT-AGG 4162501 1.69 224927 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4124830 1.68 (22575) 31.12.2012 Investment AdvisorCITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4123058 1.68 107734 31.12.2012 Hedge Fund ManagerT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4067400 1.65 876000 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3896410 1.58 832140 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3425362 1.39 1586987 31.12.2012 Investment AdvisorRAINIER INVESTMENT M RAINIER INVESTMENT M 13F 3346280 1.36 22910 31.12.2012 Investment AdvisorWESTPAC BANKING CORP WESTPAC BANKING CORP 13F 3167358 1.29 3155858 31.12.2012 BankTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3128480 1.27 (517499) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateWedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 25.03.2013Jefferies MARK J LIPACIS buy 5 M 42 12 month 21.03.2013Longbow Research JOANNE FEENEY buy 5 M 40 12 month 20.03.2013Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 43 12 month 19.03.2013Lazard Capital Markets IAN ING buy 5 M 44 12 month 15.03.2013RBC Capital Markets DOUG FREEDMAN outperform 5 M 42 12 month 14.03.2013D.A. Davidson & Co AALOK K SHAH neutral 3 M 37 18 month 07.03.2013Barclays BLAYNE CURTIS overweight 5 M 40 Not Provided 06.03.2013Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 44 12 month 05.03.2013Credit Suisse JOHN W PITZER outperform 5 M 42 Not Provided 27.02.2013JPMorgan CHRISTOPHER DANELY neutral 3 M 32 9 month 27.02.2013Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 41 12 month 27.02.2013Nomura ROMIT SHAH buy 5 M 40 12 month 27.02.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 27.02.2013BNP Paribas Equity Research NITIN KUMAR hold 3 M 36 12 month 21.02.2013Brean Murray Carret & Co MIKE BURTON buy 5 M 41 12 month 14.02.2013Goldman Sachs JAMES SCHNEIDER buy/attractive 5 U 44 12 month 12.12.2012Deutsche Bank ROSS C SEYMORE buy 5 M 40 12 month 30.11.2012Williams Financial Group CODY G ACREE not rated #N/A N/A M #N/A N/A Not Provided 17.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 27.03.2013Baidu IncBaidu, Inc. operates an Internet search engine. The Company offers algorithmic Price/Volumesearch, enterprise search, pay for performance and news, MP3, and image 160 4.5 Msearches. 4.0 M 140 120 3.5 M 3.0 M 100 2.5 M 80 Valuation Analysis 2.0 M 60Latest Fiscal Year: 12/2012 1.5 M 40 1.0 MLTM as of: 12/yy 20 .5 M52-Week High (27.03.2012) 154.15 0 .0 M52-Week Low (18.03.2013) 83.32 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 477986.00 Current Price (3/dd/yy) 86.07 Market Data 52-Week High % Change -44.16% Dividend Yield 0.00 52-Week Low % Change 3.30% Beta 1.35 % 52 Week Price Range High/Low 3.88% Equity Float -Shares Out 31.12.2012 272.0 Short Int 12.06 Market Capitalization 30094.99 1 Yr Total Return -42.63%Total Debt 11941.23 YTD Return -14.18%Preferred Stock 0.0 Adjusted BETA 1.351Minority Interest 1159.9 Analyst Recs 30Cash and Equivalents 32484.86 Consensus Rating 3.933Enterprise Value 167626.52 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 668576BIDU UW EQUITY YTD Change - Average Volume 30 Day 849616BIDU UW EQUITY YTD % CHANGE - Average Volume 3 Month 878141 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 3198.3 4447.8 7915.1 14500.8 22306.0 14500.8 22306.0 30383.9 39327.5 6017.6 7491.7 TEV/Revenue 8.68x 20.91x 26.99x 16.93x 8.93x 74.71x 44.23x 5.46x 3.86x 30.80x 24.60x EBITDA 1377.4 1921.9 4400.1 8461.6 12133.2 0.0 12133.2 14488.3 18610.6 2804.6 3649.1 TEV/EBITDA 20.15x 48.38x 48.55x 29.02x 16.42x 0.00x 16.42x 11.57x 9.01x 11.38x 10.71x Net Income 1048.1 1485.1 3525.2 6638.6 10456.0 6638.6 10456.0 11836.3 14911.6 2267.9 2955.9 P/E 29.52x 65.75x 62.98x 38.64x 20.96x 38.66x 20.97x 15.92x 12.75x 15.99x 15.17x Profitability S&P Issuer RatingsEBITDA 12133.21 Long-Term Rating Date -EBIT 11051.32 Long-Term Rating -Operating Margin 49.54% Long-Term Outlook -Pretax Margin 53.64% Short-Term Rating Date -Return on Assets 30.30% Short-Term Rating -Return on Common Equity 50.58% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 112.49Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -1.69Gross Margin 71.1% Total Debt/EBITDA 0.98EBITDA Margin 54.4% ReferenceEBIT Margin 49.5% Total Debt/Equity 45.8%Net Income Margin 46.9% Total Debt/Capital 30.5%Structure Asset Turnover 0.65Current Ratio 4.21 Net Fixed Asset Turnover 6.66Quick Ratio 4.10 Accounts receivable turnover-days 15.20Debt to Assets 26.15% Inventory Days -Tot Debt to Common Equity 45.83% Accounts Payable Turnover Day 180.27Accounts Receivable Turnover 24.08 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 80.00 25000.0 70.00 20000.0 60.00 50.00 15000.0 40.00 10000.0 30.00 20.00 5000.0 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 |
  • 33. 27.03.2013Baidu IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28247850 10.38 2611797 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 25076338 9.22 1671900 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18925723 6.96 (2370395) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11512523 4.23 3352541 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 8773726 3.23 1165777 31.12.2012 Investment AdvisorWADDELL & REED FINAN WADDELL & REED FINAN 13F 7955010 2.92 440190 31.12.2012 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 7601344 2.79 5567325 28.02.2013 UnclassifiedFMR LLC n/a ULT-AGG 7595841 2.79 (3398993) 31.12.2012 Investment AdvisorTHORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7558634 2.78 2202823 31.12.2012 Investment AdvisorVONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 7064519 2.6 - 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6746927 2.48 1581606 31.12.2012 Investment AdvisorORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 5682934 2.09 2439910 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 5499558 2.02 305000 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 4742187 1.74 95502 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4379366 1.61 (2602940) 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4209633 1.55 (916771) 31.12.2012 Investment AdvisorGENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 3549170 1.3 (771577) 31.12.2012 CorporationMORGAN STANLEY n/a ULT-AGG 2448675 0.9 (353048) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 2416560 0.89 (1858488) 31.12.2012 Investment AdvisorTRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 2242423 0.82 698529 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateOppenheimer & Co ANDY YEUNG market perform 3 M #N/A N/A Not Provided 26.03.2013Morgan Stanley RICHARD W JI Equalwt/Attractive 3 M 105 12 month 25.03.2013Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 22.03.2013Nomura JIN YOON buy 5 M 128 Not Provided 20.03.2013Brean Murray Carret & Co FAWNE JIANG buy 5 M 120 12 month 19.03.2013Stifel GEORGE I ASKEW hold 3 M #N/A N/A Not Provided 18.03.2013BOCOM International Holdings MA YUAN buy 5 M 132 Not Provided 06.03.2013Goldman Sachs PIYUSH MUBAYI neutral/neutral 3 M 89 12 month 19.02.2013Deutsche Bank ALAN HELLAWELL hold 3 M 119 12 month 06.02.2013Macquarie JIONG SHAO outperform 5 M 132 12 month 06.02.2013China International Capital Corp JIN YU buy 5 M 120 12 month 06.02.2013Credit Suisse WALLACE CHEUNG underperform 1 M 80 Not Provided 05.02.2013JPMorgan DICK WEI overweight 5 M 140 9 month 05.02.2013Jefferies CYNTHIA JINHONG MENG hold 3 M 112 12 month 05.02.2013Raymond James AARON M KESSLER market perform 3 D #N/A N/A Not Provided 05.02.2013HSBC CHI TSANG overweight 5 M 131 Not Provided 05.02.2013Bank of China International THOMAS CHONG buy 5 M 122 Not Provided 05.02.2013CIMB WENDY HUANG outperform 5 M 133 12 month 05.02.2013S&P Capital IQ SCOTT H KESSLER strong buy 5 M 120 12 month 05.02.2013Maxim Group LLC ECHO HE sell 1 M 80 12 month 05.02.2013Piper Jaffray EUGENE E MUNSTER overweight 5 M 140 12 month 05.02.2013Barclays ALICIA YAP equalweight 3 M 108 Not Provided 05.02.2013Pacific Crest Securities EVAN S WILSON outperform 5 M 140 12 month 04.02.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013First Shanghai Securities Ltd TSOI HO buy 5 M 126 12 month 08.11.2012Standard Chartered DON SEE outperform 5 M 180 12 month 31.10.2012Yuanta Securities Investment Consulting TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2012Guotai Junan DUNDAS DENG buy 5 N 200 Not Provided 27.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 27.03.2013Bed Bath & Beyond IncBed Bath & Beyond Inc. operates a nationwide chain of retail stores. The Price/VolumeCompany, through its retail stores, sells a wide assortment of merchandise 80 5.0 Mprincipally including domestics merchandise and home furnishings as well as 4.5 M 70food, giftware, health and beauty care items and infant and toddler 4.0 M 60merchandise. 3.5 M 50 3.0 M 40 2.5 M Valuation Analysis 2.0 M 30Latest Fiscal Year: 02/2012 1.5 M 20LTM as of: 11/yy 1.0 M 10 .5 M52-Week High (19.06.2012) 75.83 0 .0 M52-Week Low (20.12.2012) 54.33 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 459214.00 Current Price (3/dd/yy) 64.66 Market Data 52-Week High % Change -14.73% Dividend Yield 0.00 52-Week Low % Change 19.01% Beta 0.90 % 52 Week Price Range High/Low 48.05% Equity Float 219.45Shares Out 24.11.2012 226.1 Short Int 11.13 Market Capitalization 14621.93 1 Yr Total Return -4.02%Total Debt 0.00 YTD Return 15.65%Preferred Stock 0.0 Adjusted BETA 0.895Minority Interest 0.0 Analyst Recs 28Cash and Equivalents 1759.56 Consensus Rating 4.143Enterprise Value 13837.22 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 687744BBBY UW EQUITY YTD Change - Average Volume 30 Day 731883BBBY UW EQUITY YTD % CHANGE - Average Volume 3 Month 721148 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1 Total Revenue 7048.9 7208.3 7828.8 8758.5 9499.9 9272.5 10245.4 10908.9 11613.8 3396.2 2565.6 TEV/Revenue 1.01x 0.67x 1.20x 1.17x 1.31x 4.95x 5.34x 1.24x 1.14x 3.99x 5.34x EBITDA 995.8 849.5 1164.9 1472.3 1752.2 1659.2 1782.2 1846.4 1959.9 655.0 388.1 TEV/EBITDA 7.14x 5.72x 8.08x 6.96x 7.11x 7.50x 7.19x 7.49x 7.06x 7.11x 7.03x Net Income 562.8 425.1 600.0 791.3 989.5 921.9 1015.0 1041.1 1092.8 375.9 211.3 P/E 14.03x 12.99x 18.09x 15.59x 14.86x 15.56x 13.74x 14.13x 12.78x 13.16x 12.83x Profitability S&P Issuer RatingsEBITDA 1752.24 Long-Term Rating Date 30.06.2011EBIT 1568.37 Long-Term Rating BBB+Operating Margin 16.51% Long-Term Outlook STABLEPretax Margin 16.52% Short-Term Rating Date -Return on Assets 16.58% Short-Term Rating -Return on Common Equity 25.74% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -0.44Gross Margin 41.4% Total Debt/EBITDA 0.00EBITDA Margin 17.4% ReferenceEBIT Margin 15.5% Total Debt/Equity 0.0%Net Income Margin 10.4% Total Debt/Capital 0.0%Structure Asset Turnover 1.67Current Ratio 3.09 Net Fixed Asset Turnover 7.90Quick Ratio 1.31 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days 153.10Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 57.25Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 2.38Price/ Cash Flow Sales/Revenue/Turnover 16.00 10000.0 14.00 9000.0 8000.0 12.00 7000.0 10.00 6000.0 8.00 5000.0 4000.0 6.00 3000.0 4.00 2000.0 2.00 1000.0 0.00 0.0 06.03.2009 06.09.2009 06.03.2010 06.09.2010 06.03.2011 06.09.2011 06.03.2012 06.09.2012 06.03.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 35. 27.03.2013Bed Bath & Beyond IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 23381935 10.34 (1905265) 31.12.2012 Investment AdvisorDAVIS SELECTED ADVIS n/a 13G 22803561 10.08 572841 31.01.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 11393794 5.04 (1346419) 25.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 10416242 4.61 516584 26.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 10190717 4.51 60752 31.12.2012 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6309436 2.79 (156200) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 4773018 2.11 189426 31.12.2012 UnclassifiedGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 4211263 1.86 2061609 31.12.2012 Investment AdvisorBROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 4021741 1.78 4012176 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3586653 1.59 26037 31.12.2012 Investment AdvisorEISENBERG WARREN n/a Form 4 3470639 1.53 - 31.12.2012 n/aMONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3206710 1.42 (1007536) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3084372 1.36 (51870) 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3005500 1.33 3005500 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 2697686 1.19 (584935) 31.12.2012 Investment AdvisorWESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 2156877 0.95 36927 31.12.2012 Investment AdvisorFEINSTEIN LEONARD n/a Form 4 2150887 0.95 - 31.12.2012 n/aBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2056392 0.91 130302 31.12.2012 Investment AdvisorGREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 2000000 0.88 2000000 31.12.2012 Investment AdvisorPUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 1955301 0.86 175993 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley DAVID GOBER Underwt/In-Line 1 M 57 12 month 24.03.2013ISI Group GREGORY MELICH neutral 3 M 62 12 month 24.03.2013Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 80 12 month 22.03.2013S&P Capital IQ MICHAEL SOUERS buy 5 M 77 Not Provided 21.03.2013Oppenheimer & Co BRIAN NAGEL outperform 5 M 71 12 month 19.03.2013Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 14.03.2013Robert W. Baird & Co PETER S BENEDICT neutral 3 M 64 12 month 13.03.2013BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 75 12 month 13.03.2013Jefferies JOHN MARRIN buy 5 M 72 12 month 01.03.2013Nomura ARAM RUBINSON neutral 3 M 65 12 month 01.03.2013Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 70 Not Provided 10.02.2013Credit Suisse GARY BALTER outperform 5 M 70 Not Provided 04.02.2013Goldman Sachs MATTHEW J FASSLER Sell/Neutral 1 D 56 12 month 28.01.2013Williams Capital Group MARC RIDDICK outperform 5 M 80 12 month 24.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013Deutsche Bank MICHAEL BAKER buy 5 M 63 12 month 09.01.2013Canaccord Genuity Corp LAURA A CHAMPINE buy 5 M 74 12 month 07.01.2013Argus Research Corp CHRISTOPHER GRAJA buy 5 M 80 Not Provided 20.12.2012SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 75 12 month 20.12.2012Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 20.12.2012Wedbush JOAN L STORMS outperform 5 M 77 12 month 20.12.2012William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 20.12.2012JPMorgan CHRISTOPHER HORVERS neutral 3 M 65 9 month 19.12.2012KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 19.12.2012Raymond James BUDD BUGATCH strong buy 5 M 85 12 month 19.12.2012Barclays ALAN M RIFKIN overweight 5 M 70 Not Provided 19.12.2012GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 16.12.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 36. 27.03.2013Biogen Idec IncBiogen Idec Inc. develops, manufactures, and commercializes therapies, Price/Volumefocusing on neurology, oncology, and immunology. The Companys products 200 1.4 Maddresses diseases such as multiple sclerosis, non-Hodgkins lymphoma, 180 1.2 Mrheumatoid arthritis, crohns disease, and psoriasis. 160 140 1.0 M 120 .8 M 100 Valuation Analysis 80 .6 MLatest Fiscal Year: 12/2012 60 .4 MLTM as of: 12/yy 40 .2 M 2052-Week High (22.03.2013) 178.87 0 .0 M52-Week Low (16.04.2012) 124.23 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 438340.00 Current Price (3/dd/yy) 177.09 Market Data 52-Week High % Change -1.00% Dividend Yield 0.00 52-Week Low % Change 42.55% Beta 0.94 % 52 Week Price Range High/Low 96.74% Equity Float 235.99Shares Out 31.01.2013 236.3 Short Int 2.65 Market Capitalization 41848.52 1 Yr Total Return 40.29%Total Debt 1140.80 YTD Return 20.74%Preferred Stock 0.0 Adjusted BETA 0.944Minority Interest 2.3 Analyst Recs 30Cash and Equivalents 3742.37 Consensus Rating 4.133Enterprise Value 39249.23 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 356022BIIB UW EQUITY YTD Change - Average Volume 30 Day 416743BIIB UW EQUITY YTD % CHANGE - Average Volume 3 Month 462976 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 4097.5 4377.3 4716.4 5048.6 5516.5 5048.6 5516.5 6412.0 7509.5 1413.1 1537.7 TEV/Revenue 3.19x 3.06x 3.27x 4.87x 5.81x 17.24x 22.83x 6.46x 5.19x - - EBITDA 2160.2 1723.4 1923.1 2138.7 2204.1 2138.7 2204.1 2756.4 3554.5 531.7 573.7 TEV/EBITDA 6.05x 7.77x 8.03x 11.50x 14.53x 11.50x 14.53x 14.24x 11.04x 15.11x - Net Income 783.2 970.1 1005.3 1234.4 1380.0 1234.4 1380.0 1842.8 2290.3 376.9 430.8 P/E 13.34x 13.11x 13.82x 21.12x 25.54x 21.20x 25.54x 22.74x 18.39x 22.74x 20.53x Profitability S&P Issuer RatingsEBITDA 2204.13 Long-Term Rating Date 04.12.2008EBIT 1838.48 Long-Term Rating BBB+Operating Margin 33.33% Long-Term Outlook STABLEPretax Margin 33.55% Short-Term Rating Date -Return on Assets 14.39% Short-Term Rating -Return on Common Equity 20.62% Credit RatiosReturn on Capital 18.05% EBITDA/Interest Exp. 35.61Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 31.50Margin Analysis Net Debt/EBITDA -1.18Gross Margin 90.1% Total Debt/EBITDA 0.52EBITDA Margin 40.0% ReferenceEBIT Margin 33.3% Total Debt/Equity 16.4%Net Income Margin 25.0% Total Debt/Capital 14.1%Structure Asset Turnover 0.58Current Ratio 1.96 Net Fixed Asset Turnover 3.33Quick Ratio 1.44 Accounts receivable turnover-days 42.18Debt to Assets 11.26% Inventory Days 259.73Tot Debt to Common Equity 16.39% Accounts Payable Turnover Day 107.28Accounts Receivable Turnover 8.68 Cash Conversion Cycle 194.63Inventory Turnover 1.41Price/ Cash Flow Sales/Revenue/Turnover 25.00 6000.0 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 |
  • 37. 27.03.2013Biogen Idec IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 23263262 9.84 362835 31.12.2012 Investment AdvisorPRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 20849653 8.82 (285460) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 16996294 7.19 (296806) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 12806982 5.42 (922590) 25.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 11609895 4.91 884978 31.12.2012 UnclassifiedVANGUARD GROUP INC VANGUARD GROUP INC 13F 10336438 4.37 251801 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 10063286 4.26 222476 26.03.2013 Investment AdvisorCLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 9638356 4.08 (609681) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8899722 3.77 206053 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5726910 2.42 1901232 31.12.2012 Investment AdvisorMARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5113956 2.16 (1159058) 31.12.2012 Investment AdvisorLEGG MASON INC Multiple Portfolios MF-AGG 4462281 1.89 (94247) 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4442767 1.88 (712695) 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4288109 1.81 (983499) 31.12.2012 Investment AdvisorWINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3800651 1.61 384184 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3351094 1.42 (361833) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3224018 1.36 5432 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2905069 1.23 (22800) 31.12.2012 Investment AdvisorVIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 2725961 1.15 725938 31.12.2012 Hedge Fund ManagerUBS n/a ULT-AGG 2643230 1.12 (208543) 31.01.2013 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies THOMAS WEI buy 5 M 201 12 month 26.03.2013BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 186 Not Provided 25.03.2013Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 188 12 month 25.03.2013Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 183 12 month 25.03.2013Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 25.03.2013Canaccord Genuity Corp RITU BARAL buy 5 M 187 12 month 24.03.2013Guggenheim Securities LLC BRET HOLLEY neutral 3 M 158 12 month 22.03.2013Credit Suisse RAVI MEHROTRA outperform 5 M 200 Not Provided 21.03.2013Oppenheimer & Co DAVID FERREIRO market perform 3 M 152 12 month 21.03.2013Barclays CHARLES ANTHONY BUTLER overweight 5 M 180 Not Provided 21.03.2013Argus Research Corp JOHN M EADE buy 5 M 195 Not Provided 20.03.2013Leerink Swann & Co MARKO KOZUL outperform 5 M #N/A N/A Not Provided 20.03.2013RBC Capital Markets MICHAEL J YEE outperform 5 M 180 12 month 19.03.2013Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 05.03.2013Stifel JOEL D SENDEK buy 5 M 184 12 month 01.03.2013Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 160 12 month 28.02.2013Goldman Sachs TERENCE FLYNN buy/attractive 5 M 190 12 month 14.02.2013ISI Group MARK J SCHOENEBAUM buy 5 M 159 12 month 12.02.2013Deutsche Bank ROBYN KARNAUSKAS buy 5 M 170 12 month 07.02.2013Brean Murray Carret & Co GENE MACK buy 5 M 187 12 month 07.02.2013JPMorgan GEOFFREY MEACHAM neutral 3 M 155 9 month 06.02.2013William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 06.02.2013Lazard Capital Markets WILLIAM TANNER neutral 3 M #N/A N/A Not Provided 06.02.2013Piper Jaffray M IAN SOMAIYA neutral 3 M 179 12 month 06.02.2013Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 29.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013S&P Capital IQ STEVEN SILVER hold 3 M 154 Not Provided 18.10.2012First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 27.02.2012Pareto Securities YILMAZ MAHSHID hold 3 M #N/A N/A Not Provided 10.01.2012BWS Financial HAMED KHORSAND buy 5 M #N/A N/A Not Provided 11.12.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 27.03.2013BMC Software IncBMC Software, Inc. provides management solutions for mainframe and distributed Price/Volumeinformation technology systems. The Companys portfolio of software solutions 50 3.0 Mspans enterprise systems, applications, databases and IT process management. 45BMC also provides maintenance and support for its products and performs software 40 2.5 Mimplementation, integration and education services for its customers. 35 2.0 M 30 25 1.5 M Valuation Analysis 20Latest Fiscal Year: 03/2012 15 1.0 MLTM as of: 12/yy 10 .5 M 552-Week High (21.03.2013) 47.89 0 .0 M52-Week Low (01.08.2012) 35.50 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 370595.00 Current Price (3/dd/yy) 45.78 Market Data 52-Week High % Change -4.41% Dividend Yield 0.00 52-Week Low % Change 28.96% Beta 1.00 % 52 Week Price Range High/Low 82.97% Equity Float 140.97Shares Out 24.01.2013 142.9 Short Int 9.55 Market Capitalization 6541.46 1 Yr Total Return 14.59%Total Debt 821.60 YTD Return 15.43%Preferred Stock 0.0 Adjusted BETA 0.997Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 1583.00 Consensus Rating 3.643Enterprise Value 6692.26 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 666740BMC UW EQUITY YTD Change - Average Volume 30 Day 563230BMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 533879 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 Total Revenue 1731.6 1871.9 1911.2 2065.3 2172.0 2169.5 2197.5 2224.0 2319.7 591.4 531.4 TEV/Revenue 2.80x 2.84x 3.06x 3.61x 2.64x 11.81x 10.67x 2.86x 2.53x 10.74x 11.60x EBITDA 524.3 584.1 684.9 722.8 768.5 796.1 701.7 831.0 878.7 222.0 203.5 TEV/EBITDA 9.25x 9.11x 8.54x 10.32x 7.46x 5.53x 8.27x 8.05x 7.62x 7.36x 7.29x Net Income 313.6 238.1 406.1 456.2 401.0 452.8 328.9 534.3 560.3 136.9 120.4 P/E 18.37x 17.19x 18.81x 21.72x 17.02x 13.38x 18.34x 13.39x 11.92x 12.06x 11.75x Profitability S&P Issuer RatingsEBITDA 768.50 Long-Term Rating Date 22.07.2010EBIT 543.90 Long-Term Rating BBB+Operating Margin 25.04% Long-Term Outlook STABLEPretax Margin 24.40% Short-Term Rating Date -Return on Assets 7.82% Short-Term Rating -Return on Common Equity 30.66% Credit RatiosReturn on Capital 18.84% EBITDA/Interest Exp. 27.25Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 26.31Margin Analysis Net Debt/EBITDA 0.21Gross Margin 73.8% Total Debt/EBITDA 1.90EBITDA Margin 31.9% ReferenceEBIT Margin 21.2% Total Debt/Equity 56.8%Net Income Margin 18.5% Total Debt/Capital 36.2%Structure Asset Turnover 0.52Current Ratio 1.54 Net Fixed Asset Turnover 25.26Quick Ratio 1.41 Accounts receivable turnover-days 54.04Debt to Assets 16.89% Inventory Days -Tot Debt to Common Equity 56.83% Accounts Payable Turnover Day 25.07Accounts Receivable Turnover 6.77 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 2500.0 14.00 2000.0 12.00 10.00 1500.0 8.00 1000.0 6.00 4.00 500.0 2.00 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 39. 27.03.2013BMC Software IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE GROUP n/a ULT-AGG 14177031 9.92 - 11.02.2013 Investment AdvisorELLIOTT MANAGEMENT C n/a 13D 13692000 9.58 302000 30.01.2013 Hedge Fund ManagerDODGE & COX DODGE & COX 13F 12687878 8.88 (556400) 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 9242657 6.47 128721 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 7922917 5.54 (228286) 25.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 6294015 4.4 17214 25.03.2013 Investment AdvisorCRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 5600796 3.92 (504144) 31.12.2012 Investment AdvisorGLENVIEW CAPITAL MAN GLENVIEW CAPITAL MAN 13F 5210579 3.65 (102900) 31.12.2012 Hedge Fund ManagerINVESCO LTD INVESCO LTD 13F 3963393 2.77 (102651) 31.12.2012 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 3861878 2.7 (866326) 28.02.2013 UnclassifiedWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3419033 2.39 (125847) 31.12.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3382300 2.37 129500 31.12.2012 Hedge Fund ManagerBESSEMER GROUP INCOR BESSEMER GROUP INCOR 13F 2703247 1.89 (5163) 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 2114478 1.48 1467673 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1908484 1.34 (36314) 31.12.2012 Investment AdvisorD E SHAW & COMPANY I D E SHAW & CO 13F 1707305 1.19 310049 31.12.2012 Hedge Fund ManagerBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1609799 1.13 (73169) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1342552 0.94 39488 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 1336072 0.94 81326 31.12.2012 GovernmentHUSSMAN ECONOMETRICS HUSSMAN ECONOMETRICS 13F 1250000 0.87 500000 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 25.03.2013Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 25.03.2013RBC Capital Markets MATTHEW HEDBERG outperform 5 M 47 12 month 21.03.2013Jefferies AARON SCHWARTZ buy 5 M 48 12 month 21.03.2013Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 21.03.2013Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 46 12 month 21.03.2013Longbow Research KEVIN M BUTTIGIEG buy 5 M 48 12 month 21.03.2013Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 44 Not Provided 19.03.2013EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 18.03.2013Oppenheimer & Co SHAUL EYAL outperform 5 M 44 18 month 06.03.2013Credit Suisse PHILIP WINSLOW neutral 3 M 40 Not Provided 29.01.2013JPMorgan JOHN DIFUCCI neutral 3 M 34 9 month 29.01.2013Janney Montgomery Scott LLC YUN KIM buy 5 M 52 12 month 29.01.2013Susquehanna Financial Group J DERRICK WOOD Positive 4 M 50 12 month 29.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 27.03.2013Broadcom CorpBroadcom Corporation provides integrated silicon solutions that enable broadband Price/Volumedigital data transmission of voice, data, and video content to the home and 45 8.0 Mwithin the business enterprise. The Company designs, develops, and supplies 40 7.0 Mintegrated circuits for cable set-top boxes, cable modems, high-speed 35 6.0 Mnetworking, direct satellite and digital broadcast, and digital subscriber line. 30 5.0 M 25 4.0 M Valuation Analysis 20 3.0 MLatest Fiscal Year: 12/2012 15 10 2.0 MLTM as of: 12/yy 5 1.0 M52-Week High (27.03.2012) 39.66 0 .0 M52-Week Low (17.07.2012) 28.60 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1097361.00 Current Price (3/dd/yy) 34.46 Market Data 52-Week High % Change -13.11% Dividend Yield 1.16 52-Week Low % Change 20.49% Beta 1.08 % 52 Week Price Range High/Low 52.98% Equity Float 516.69Shares Out 31.12.2012 518.0 Short Int 8.10 Market Capitalization 19604.90 1 Yr Total Return -10.43%Total Debt 1693.00 YTD Return 4.10%Preferred Stock 0.0 Adjusted BETA 1.085Minority Interest 0.0 Analyst Recs 49Cash and Equivalents 3722.00 Consensus Rating 4.551Enterprise Value 17575.90 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1507244BRCM UW EQUITY YTD Change - Average Volume 30 Day 2194952BRCM UW EQUITY YTD % CHANGE - Average Volume 3 Month 2032107 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 4658.1 4490.3 6818.3 7389.0 8006.0 7389.0 8006.0 8442.9 9303.0 1914.1 2052.9 TEV/Revenue 1.37x 2.85x 2.95x 1.62x 2.11x 7.92x 8.93x 2.10x 1.75x 9.93x 9.16x EBITDA 498.4 356.1 1291.0 1260.0 1297.0 1235.0 1297.0 1568.5 1806.7 283.8 350.3 TEV/EBITDA 12.84x 35.95x 15.57x 9.52x 13.01x 9.71x 13.01x 11.21x 9.73x 11.94x 11.36x Net Income 214.8 65.3 1081.8 927.0 719.0 927.0 719.0 1666.4 1876.1 334.2 398.8 P/E 20.45x 76.76x 20.94x 16.49x 22.90x 16.68x 23.06x 12.48x 11.33x 12.54x 12.13x Profitability S&P Issuer RatingsEBITDA 1297.00 Long-Term Rating Date 11.08.2011EBIT 852.00 Long-Term Rating A-Operating Margin 10.64% Long-Term Outlook STABLEPretax Margin 8.19% Short-Term Rating Date -Return on Assets 7.10% Short-Term Rating -Return on Common Equity 10.01% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 43.23Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 35.10Margin Analysis Net Debt/EBITDA -1.56Gross Margin 49.7% Total Debt/EBITDA 1.31EBITDA Margin 16.2% ReferenceEBIT Margin 10.6% Total Debt/Equity 21.6%Net Income Margin 9.0% Total Debt/Capital 17.8%Structure Asset Turnover 0.79Current Ratio 2.25 Net Fixed Asset Turnover 18.77Quick Ratio 1.85 Accounts receivable turnover-days 32.41Debt to Assets 15.11% Inventory Days 43.08Tot Debt to Common Equity 21.60% Accounts Payable Turnover Day 43.88Accounts Receivable Turnover 11.29 Cash Conversion Cycle 31.61Inventory Turnover 8.50Price/ Cash Flow Sales/Revenue/Turnover 20.00 9000.0 18.00 8000.0 16.00 7000.0 14.00 6000.0 12.00 5000.0 10.00 4000.0 8.00 3000.0 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 |
  • 41. 27.03.2013Broadcom CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 34885074 6.73 (1518740) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 33275931 6.42 2364108 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 32676043 6.31 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 22937805 4.43 834084 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 21611182 4.17 4111018 31.12.2012 UnclassifiedSTATE STREET n/a ULT-AGG 21343957 4.12 979113 26.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 17606581 3.4 2511764 31.12.2012 Investment AdvisorCLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 15680788 3.03 (152306) 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13125552 2.53 (862301) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12011561 2.32 1756103 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 9533071 1.84 (1754943) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7935621 1.53 2374769 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6958491 1.34 176864 31.12.2012 Investment AdvisorLEGG MASON INC Multiple Portfolios MF-AGG 6634244 1.28 69246 31.12.2012 Investment AdvisorLORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 6251821 1.21 97009 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5482859 1.06 665488 31.12.2012 Investment AdvisorCITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4949433 0.96 795681 31.12.2012 Hedge Fund ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4704744 0.91 (10611) 31.12.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4551715 0.88 46990 31.12.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3676030 0.71 1700682 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 12 month 26.03.2013FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 42 12 month 26.03.2013Lazard Capital Markets DANIEL L AMIR buy 5 M 45 12 month 26.03.2013Exane BNP Paribas JEROME RAMEL underperform 1 M 32 Not Provided 26.03.2013Robert W. Baird & Co TRISTAN GERRA outperform 5 M 38 12 month 25.03.2013Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 25.03.2013Evercore Partners PATRICK WANG overweight 5 M 40 12 month 24.03.2013MKM Partners DANIEL A BERENBAUM buy 5 M 43 12 month 22.03.2013B Riley & Company, Inc CRAIG ELLIS buy 5 M 45 Not Provided 21.03.2013Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 39 12 month 21.03.2013Stifel KEVIN E CASSIDY buy 5 M 43 12 month 18.03.2013Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 18.03.2013Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2013RBC Capital Markets DOUG FREEDMAN outperform 5 M 45 12 month 14.03.2013D.A. Davidson & Co AALOK K SHAH buy 5 M 44 18 month 13.03.2013Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 37 12 month 13.03.2013Canaccord Genuity Corp ROBERT BURLESON buy 5 M 40 12 month 11.03.2013Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 08.03.2013William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 05.03.2013Wedbush BETSY VAN HEES outperform 5 M 41 12 month 04.03.2013ISI Group SUMIT DHANDA buy 5 M 39 12 month 04.03.2013Piper Jaffray AUGUSTE P RICHARD overweight 5 M 50 12 month 01.03.2013Benchmark Company LLC GARY W MOBLEY buy 5 M 40 12 month 01.03.2013Mizuho Securities USA Inc RUBEN ROY buy 5 M 40 12 month 27.02.2013Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 25.02.2013JMP Securities ALEX GAUNA market outperform 4 M 42 12 month 25.02.2013Nomura ROMIT SHAH buy 5 M 35 12 month 20.02.2013Brean Murray Carret & Co MIKE BURTON buy 5 M 40 12 month 14.02.2013Oppenheimer & Co RICHARD SCHAFER outperform 5 M 45 12 month 14.02.2013Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 13.02.2013Barclays BLAYNE CURTIS overweight 5 M 40 Not Provided 11.02.2013Argus Research Corp JAMES KELLEHER buy 5 M 46 Not Provided 04.02.2013JPMorgan HARLAN SUR overweight 5 M 45 9 month 31.01.2013Societe Generale PETER KNOX hold 3 M 37 12 month 30.01.2013Deutsche Bank ROSS C SEYMORE buy 5 M 39 12 month 30.01.2013Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 39 12 month 30.01.2013Credit Suisse JOHN W PITZER outperform 5 M 45 Not Provided 30.01.2013Jefferies MARK J LIPACIS buy 5 M 40 12 month 30.01.2013Needham & Co N QUINN BOLTON buy 5 M 39 12 month 30.01.2013Macquarie SHAWN WEBSTER neutral 3 M 35 12 month 30.01.2013Williams Financial Group CODY G ACREE buy 5 M 40 12 month 30.01.2013Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 38 Not Provided 30.01.2013Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 41 12 month 29.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 27.03.2013CA IncCA, Inc. designs, develops, markets, licenses, and supports standardized Price/Volumecomputer software products. The Companys products are used with mainframe 30 5.0 Mcomputers and in client/server environments. CA offers various enterprise 4.5 Msystems management, information management, and business applications solutions 25 4.0 Mto a variety of organizations. 20 3.5 M 3.0 M 15 2.5 M Valuation Analysis 2.0 MLatest Fiscal Year: 03/2012 10 1.5 MLTM as of: 12/yy 5 1.0 M .5 M52-Week High (27.03.2012) 28.00 0 .0 M52-Week Low (16.11.2012) 21.49 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 635557.00 Current Price (3/dd/yy) 24.98 Market Data 52-Week High % Change -10.79% Dividend Yield 4.00 52-Week Low % Change 16.27% Beta 1.06 % 52 Week Price Range High/Low 53.65% Equity Float 327.85Shares Out 17.01.2013 455.9 Short Int 7.94 Market Capitalization 11388.97 1 Yr Total Return -6.65%Total Debt 1301.00 YTD Return 14.79%Preferred Stock 0.0 Adjusted BETA 1.056Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 2679.00 Consensus Rating 3.429Enterprise Value 10141.97 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 906295CA UW EQUITY YTD Change - Average Volume 30 Day 908262CA UW EQUITY YTD % CHANGE - Average Volume 3 Month 1069077 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 Total Revenue 4277.0 4271.0 4227.0 4429.0 4814.0 4754.0 4680.0 4637.0 4676.8 1145.0 1144.2 TEV/Revenue 2.63x 1.93x 2.58x 2.36x 2.38x 7.81x 9.01x 2.10x 1.94x 8.78x 8.67x EBITDA 1248.0 1503.0 1572.0 1624.0 1805.0 1796.0 1836.0 1733.7 1777.3 402.5 443.0 TEV/EBITDA 9.02x 5.49x 6.95x 6.45x 6.35x 4.72x 4.72x 5.85x 5.71x 5.65x 5.46x Net Income 500.0 671.0 771.0 827.0 951.0 928.0 924.0 1109.7 1130.9 252.9 279.9 P/E 18.29x 11.44x 16.19x 15.21x 14.51x 11.17x 11.05x 10.34x 9.84x 10.10x 9.82x Profitability S&P Issuer RatingsEBITDA 1805.00 Long-Term Rating Date 11.04.2011EBIT 1404.00 Long-Term Rating BBB+Operating Margin 29.16% Long-Term Outlook STABLEPretax Margin 28.13% Short-Term Rating Date -Return on Assets 7.91% Short-Term Rating -Return on Common Equity 16.59% Credit RatiosReturn on Capital 13.88% EBITDA/Interest Exp. 28.20Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 27.08Margin Analysis Net Debt/EBITDA -0.68Gross Margin 86.6% Total Debt/EBITDA 0.71EBITDA Margin 39.2% ReferenceEBIT Margin 30.3% Total Debt/Equity 24.1%Net Income Margin 19.8% Total Debt/Capital 19.4%Structure Asset Turnover 0.40Current Ratio 1.06 Net Fixed Asset Turnover 12.89Quick Ratio 0.95 Accounts receivable turnover-days 63.58Debt to Assets 10.84% Inventory Days -Tot Debt to Common Equity 24.11% Accounts Payable Turnover Day 46.18Accounts Receivable Turnover 5.76 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 6000.0 10.00 5000.0 8.00 4000.0 6.00 3000.0 4.00 2000.0 2.00 1000.0 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 43. 27.03.2013CA IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAREAL HOLDING AG n/a 13D 125813380 27.6 - 04.07.2012 CorporationNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 22342814 4.9 (5173367) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 19880570 4.36 - 25.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 15856480 3.48 274826 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 14410711 3.16 (151728) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 13622366 2.99 (943896) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8833656 1.94 1477711 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 7990175 1.75 3604277 31.12.2012 Investment AdvisorHOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 6430928 1.41 342966 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 6086388 1.33 (1075420) 31.12.2012 Investment AdvisorBARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 5699040 1.25 32440 31.12.2012 Investment AdvisorAMERICAN INTERNATION n/a ULT-AGG 4609383 1.01 4363449 31.12.2012 GovernmentNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4526919 0.99 (64061) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4417122 0.97 3890100 31.12.2012 Investment AdvisorROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 4295400 0.94 (493237) 31.12.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3715551 0.81 (293749) 31.12.2012 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 3704282 0.81 862627 31.12.2012 Investment AdvisorAJO, LP AJO, LP 13F 3683900 0.81 (329700) 31.12.2012 Investment AdvisorMANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3564380 0.78 (813813) 31.12.2012 Investment AdvisorNORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 3535206 0.78 185925 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateLongbow Research KEVIN M BUTTIGIEG neutral 3 M #N/A N/A Not Provided 22.03.2013Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 27 Not Provided 19.03.2013JPMorgan JOHN DIFUCCI overweight 5 M 34 9 month 28.02.2013Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 25.02.2013RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 27 12 month 23.01.2013Jefferies AARON SCHWARTZ hold 3 M 26 12 month 23.01.2013Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 23.01.2013Oppenheimer & Co SHAUL EYAL outperform 5 M 26 12 month 23.01.2013Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 28 12 month 23.01.2013Credit Suisse PHILIP WINSLOW neutral 3 M 22 Not Provided 22.01.2013Sanford C. Bernstein & Co MARK L MOERDLER underperform 1 M 19 12 month 18.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 14.12.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 27.03.2013Catamaran CorpCatamaran Corporation provides pharmacy benefits management (PBM) Price/Volumeservices and healthcare IT solutions to the healthcare benefits management 60 9.0 Mindustry. The Companys product offerings and solutions combine a wide range of 8.0 Msoftware applications, application service provider (ASP) processing services, 50 7.0 Mand professional services. 40 6.0 M 5.0 M 30 Valuation Analysis 4.0 MLatest Fiscal Year: 12/2011 20 3.0 M 2.0 MLTM as of: 12/yy 10 1.0 M52-Week High (06.03.2013) 57.40 0 .0 M52-Week Low (28.03.2012) 35.89 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 347084.00 Current Price (3/dd/yy) 52.8 Market Data 52-Week High % Change -8.01% Dividend Yield - 52-Week Low % Change 47.14% Beta 0.91 % 52 Week Price Range High/Low 78.62% Equity Float 204.57Shares Out 28.02.2013 205.5 Short Int 2.46 Market Capitalization 10848.46 1 Yr Total Return 46.02%Total Debt 1173.40 YTD Return 12.08%Preferred Stock 0.0 Adjusted BETA 0.912Minority Interest 2.8 Analyst Recs 26Cash and Equivalents 370.78 Consensus Rating 4.346Enterprise Value 11653.84 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 354870CTRX UW EQUITY YTD Change - Average Volume 30 Day 454640CTRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 408810 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 862.9 1438.6 1948.4 4975.5 9940.1 4975.5 9940.1 14511.3 16280.9 3524.3 3583.1 TEV/Revenue 0.50x 0.92x 1.19x 0.64x 1.05x 2.55x 3.23x 0.79x 0.68x 3.28x 3.22x EBITDA 38.4 91.1 114.8 166.4 367.4 166.5 367.4 671.0 820.2 145.9 156.3 TEV/EBITDA 11.20x 14.52x 20.19x 19.06x 28.48x 19.06x 28.48x 17.37x 14.21x 17.68x 16.49x Net Income 15.1 46.1 64.7 91.8 116.7 91.8 116.7 391.7 499.5 85.9 92.9 P/E 20.76x 28.41x 41.60x 38.59x 54.05x 38.85x 54.05x 28.25x 22.42x 28.27x 26.27x Profitability S&P Issuer RatingsEBITDA 367.37 Long-Term Rating Date 22.05.2012EBIT 217.02 Long-Term Rating BBOperating Margin 2.18% Long-Term Outlook STABLEPretax Margin 1.91% Short-Term Rating Date -Return on Assets 2.77% Short-Term Rating -Return on Common Equity 4.42% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 13.77Asset Turnover 2.36% (EBITDA-Capex)/Interest Exp. 12.26Margin Analysis Net Debt/EBITDA 2.18Gross Margin 7.4% Total Debt/EBITDA 3.19EBITDA Margin 3.7% ReferenceEBIT Margin 2.2% Total Debt/Equity 25.5%Net Income Margin 1.2% Total Debt/Capital 20.3%Structure Asset Turnover 2.36Current Ratio 1.25 Net Fixed Asset Turnover 156.71Quick Ratio 0.88 Accounts receivable turnover-days 17.79Debt to Assets 15.89% Inventory Days 0.39Tot Debt to Common Equity 25.47% Accounts Payable Turnover Day 13.24Accounts Receivable Turnover 20.57 Cash Conversion Cycle 4.94Inventory Turnover 941.67Price/ Cash Flow Sales/Revenue/Turnover 80.00 12000.0 70.00 10000.0 60.00 8000.0 50.00 40.00 6000.0 30.00 4000.0 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 |
  • 45. 27.03.2013Catamaran CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 30629845 14.91 343251 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 18118825 8.82 - 28.02.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 13419480 6.53 - 25.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7901802 3.85 (2132436) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7640808 3.72 4044482 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4722589 2.3 (472937) 31.12.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 3664716 1.78 274344 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 3584630 1.74 10232 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3101723 1.51 2929645 31.12.2012 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 2956696 1.44 135274 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 2722566 1.33 1565958 31.12.2012 UnclassifiedHARTFORD INVESTMENT Multiple Portfolios MF-AGG 2474818 1.2 (343480) 28.02.2013 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 2470131 1.2 (205724) 31.01.2013 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2187503 1.06 246729 31.12.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 2154069 1.05 866943 31.12.2012 BankSUN LIFE FINANCIAL I n/a ULT-AGG 2094791 1.02 349578 31.01.2013 Investment AdvisorTIGER CONSUMER MANAG TIGER CONSUMER MANAG 13F 2082583 1.01 333985 31.12.2012 Hedge Fund ManagerSTATE STREET n/a ULT-AGG 2028935 0.99 74871 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1988509 0.97 (144985) 31.12.2012 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 1970410 0.96 1153410 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse GLEN SANTANGELO outperform 5 M 61 Not Provided 26.03.2013Jefferies BRIAN TANQUILUT buy 5 M 65 12 month 22.03.2013Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 62 12 month 15.03.2013ISI Group MICHAEL CHERNY strong buy 5 M 60 12 month 14.03.2013Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 08.03.2013Dougherty & Company LLC BROOKS O NEIL buy 5 M 75 12 month 01.03.2013William Blair & Co AMANDA MURPHY outperform 5 M #N/A N/A Not Provided 01.03.2013Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 01.03.2013Paradigm Capital Inc GABRIEL LEUNG buy 5 M 64 12 month 01.03.2013Oppenheimer & Co BRET D JONES market perform 3 M #N/A N/A Not Provided 01.03.2013TD Securities LENNOX GIBBS buy 5 M 61 12 month 01.03.2013EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 01.03.2013Stonecap Securities Inc SCOTT RATTEE outperform 5 M 63 12 month 01.03.2013BMO Capital Markets JENNIFER LYNCH market perform 3 M 59 Not Provided 28.02.2013SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 62 12 month 28.02.2013JPMorgan LISA C GILL overweight 5 M 62 9 month 28.02.2013CIBC World Markets STEPHANIE PRICE sector perform 3 M 60 Not Provided 28.02.2013Cantor Fitzgerald TOM LISTON buy 5 M 65 12 month 28.02.2013Scotia Capital PAUL STEEP sector perform 3 M 58 12 month 28.02.2013Cowen and Company CHARLES RHYEE outperform 5 M #N/A N/A Not Provided 28.02.2013JMP Securities TIM MCDONOUGH market outperform 4 M 65 12 month 28.02.2013Maxim Group LLC ANTHONY V VENDETTI buy 5 M 66 12 month 28.02.2013Goldman Sachs ROBERT P JONES buy/attractive 5 M 62 12 month 22.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 46. 27.03.2013Celgene CorpCelgene Corporation is a global biopharmaceutical company. The Company focuses Price/Volumeon the discovery, development, and commercialization of therapies designed to 120 8.0 Mtreat cancer and immune-inflammatory related diseases. 7.0 M 100 6.0 M 80 5.0 M 60 4.0 M Valuation Analysis 3.0 MLatest Fiscal Year: 12/2012 40 2.0 MLTM as of: 12/yy 20 1.0 M52-Week High (14.03.2013) 115.41 0 .0 M52-Week Low (21.06.2012) 58.53 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 681830.00 Current Price (3/dd/yy) 112.5 Market Data 52-Week High % Change -2.52% Dividend Yield 0.00 52-Week Low % Change 92.21% Beta 0.75 % 52 Week Price Range High/Low 94.88% Equity Float 417.33Shares Out 07.02.2013 418.7 Short Int 6.43 Market Capitalization 47108.75 1 Yr Total Return 44.16%Total Debt 3079.79 YTD Return 42.91%Preferred Stock 0.0 Adjusted BETA 0.754Minority Interest 0.0 Analyst Recs 33Cash and Equivalents 3900.27 Consensus Rating 4.606Enterprise Value 46288.27 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 654366CELG UW EQUITY YTD Change - Average Volume 30 Day 932472CELG UW EQUITY YTD % CHANGE - Average Volume 3 Month 1014648 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 2254.8 2689.9 3625.7 4842.1 5506.7 4842.1 5506.7 6111.7 7015.8 1465.9 1525.0 TEV/Revenue 10.27x 8.39x 7.30x 5.93x 5.83x 22.09x 22.51x 7.26x 6.05x - - EBITDA 528.7 1010.1 1296.0 1663.3 2198.8 1663.3 2198.8 3131.7 3580.3 723.5 749.5 TEV/EBITDA 43.81x 22.35x 20.43x 17.27x 14.61x 17.27x 14.61x 14.78x 12.92x 15.52x - Net Income (1533.7) 776.7 880.5 1318.2 1456.2 1318.2 1456.2 2432.2 2852.0 580.3 605.8 P/E 35.21x 33.54x 25.83x 22.61x 19.57x 22.02x 20.12x 19.80x 16.42x 19.79x 18.90x Profitability S&P Issuer RatingsEBITDA 2198.84 Long-Term Rating Date 04.10.2010EBIT 1915.39 Long-Term Rating BBB+Operating Margin 34.78% Long-Term Outlook STABLEPretax Margin 30.54% Short-Term Rating Date 07.09.2011Return on Assets 13.40% Short-Term Rating A-2Return on Common Equity 25.99% Credit RatiosReturn on Capital 18.78% EBITDA/Interest Exp. 34.79Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 32.25Margin Analysis Net Debt/EBITDA -0.37Gross Margin 94.6% Total Debt/EBITDA 1.40EBITDA Margin 39.9% ReferenceEBIT Margin 34.8% Total Debt/Equity 54.1%Net Income Margin 26.4% Total Debt/Capital 35.1%Structure Asset Turnover 0.51Current Ratio 3.27 Net Fixed Asset Turnover 10.16Quick Ratio 2.88 Accounts receivable turnover-days 63.34Debt to Assets 26.25% Inventory Days 274.73Tot Debt to Common Equity 54.08% Accounts Payable Turnover Day 132.49Accounts Receivable Turnover 5.78 Cash Conversion Cycle 205.59Inventory Turnover 1.33Price/ Cash Flow Sales/Revenue/Turnover 35.00 6000.0 30.00 5000.0 25.00 4000.0 20.00 3000.0 15.00 2000.0 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 |
  • 47. 27.03.2013Celgene CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 24465445 5.84 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 18961055 4.53 (68196) 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 18865806 4.51 (5121865) 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 17736780 4.24 122374 26.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 12321174 2.94 (1838326) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11021127 2.63 343769 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 8545914 2.04 518543 31.12.2012 UnclassifiedINVESCO LTD INVESCO LTD 13F 7344888 1.75 (293492) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7170974 1.71 2189655 31.12.2012 Investment AdvisorWINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6951282 1.66 (98854) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5932771 1.42 (127088) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5659738 1.35 (170216) 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5654758 1.35 (213700) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5006788 1.2 (284437) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 4817550 1.15 (938919) 31.01.2013 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 4689500 1.12 - 31.12.2012 Investment AdvisorEDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 4472808 1.07 (1123361) 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4391058 1.05 (808227) 31.12.2012 Investment AdvisorMACKAY SHIELDS LLC Multiple Portfolios MF-AGG 4056619 0.97 (151870) 31.01.2013 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3736273 0.89 336096 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateWells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 26.03.2013RBC Capital Markets MICHAEL J YEE outperform 5 M 115 12 month 24.03.2013Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 107 12 month 20.03.2013Cantor Fitzgerald MARA GOLDSTEIN buy 5 M 121 12 month 20.03.2013Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 137 12 month 15.03.2013JMP Securities MICHAEL G KING JR market outperform 4 M 130 12 month 07.03.2013Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 128 12 month 07.03.2013Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 05.03.2013BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 113 Not Provided 04.03.2013Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 115 12 month 04.03.2013Brean Murray Carret & Co GENE MACK buy 5 M 115 12 month 04.03.2013Credit Suisse RAVI MEHROTRA neutral 3 M 110 Not Provided 04.03.2013William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 04.03.2013Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 04.03.2013Stifel JOEL D SENDEK buy 5 M 116 12 month 04.03.2013Oppenheimer & Co BORIS PEAKER market perform 3 M #N/A N/A Not Provided 04.03.2013Guggenheim Securities LLC BRET HOLLEY buy 5 M 122 12 month 04.03.2013Barclays YING HUANG overweight 5 M 113 Not Provided 04.03.2013Piper Jaffray M IAN SOMAIYA overweight 5 M 126 12 month 03.03.2013JPMorgan GEOFFREY MEACHAM overweight 5 M 115 9 month 28.02.2013ISI Group MARK J SCHOENEBAUM buy 5 M 95 12 month 28.02.2013S&P Capital IQ STEVEN SILVER strong buy 5 M 125 12 month 20.02.2013Jefferies THOMAS WEI buy 5 M 114 12 month 11.02.2013Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 89 12 month 28.01.2013Argus Research Corp JOHN M EADE hold 3 D #N/A N/A Not Provided 28.01.2013Deutsche Bank ROBYN KARNAUSKAS hold 3 M 105 12 month 25.01.2013Summer Street Research Partners CAROL A WERTHER buy 5 M 122 12 month 25.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013Wallachbeth Capital LLC DIFEI YANG buy 5 M 99 12 month 08.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 27.03.2013Cerner CorpCerner Corporation is a worldwide supplier of healthcare solutions and Price/Volumeservices. The Companys Solutions are designed to optimize clinical and 100 1.8 Mfinancial outcomes for healthcare organizations ranging from single-doctor 90 1.6 Mpractices, to health systems, to entire countries, for the pharmaceutical and 80 1.4 Mmedical device industries, and for the healthcare commerce system. 70 1.2 M 60 1.0 M 50 Valuation Analysis .8 M 40Latest Fiscal Year: 12/2012 30 .6 M 20 .4 MLTM as of: 12/yy 10 .2 M52-Week High (26.03.2013) 93.88 0 .0 M52-Week Low (25.10.2012) 67.66 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 210837.00 Current Price (3/dd/yy) 93.24 Market Data 52-Week High % Change -0.68% Dividend Yield 0.00 52-Week Low % Change 37.81% Beta 0.96 % 52 Week Price Range High/Low 97.56% Equity Float 152.13Shares Out 01.02.2013 172.2 Short Int 9.61 Market Capitalization 16056.65 1 Yr Total Return 22.43%Total Debt 196.14 YTD Return 20.09%Preferred Stock 0.0 Adjusted BETA 0.962Minority Interest 0.0 Analyst Recs 24Cash and Equivalents 1036.79 Consensus Rating 4.042Enterprise Value 15216.00 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 208386CERN UW EQUITY YTD Change - Average Volume 30 Day 264083CERN UW EQUITY YTD % CHANGE - Average Volume 3 Month 269010 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 1676.0 1671.9 1850.2 2203.2 2665.4 2203.2 2665.4 3005.0 3383.1 709.2 730.3 TEV/Revenue 1.80x 3.81x 4.04x 4.42x 4.60x 18.02x 18.80x 4.81x 4.10x - - EBITDA 449.4 481.6 552.7 672.4 794.2 672.4 794.2 967.7 1113.6 219.2 237.2 TEV/EBITDA 6.70x 13.22x 13.54x 14.48x 15.43x 14.48x 15.43x 15.72x 13.66x 15.71x - Net Income 188.7 193.5 237.3 306.6 397.2 306.6 397.2 494.3 583.5 110.8 119.2 P/E 18.93x 35.69x 34.08x 34.80x 33.66x 34.70x 33.66x 33.30x 28.32x 33.32x 32.05x Profitability S&P Issuer RatingsEBITDA 794.24 Long-Term Rating Date -EBIT 571.66 Long-Term Rating -Operating Margin 21.45% Long-Term Outlook -Pretax Margin 22.05% Short-Term Rating Date -Return on Assets 11.85% Short-Term Rating -Return on Common Equity 15.44% Credit RatiosReturn on Capital 14.66% EBITDA/Interest Exp. 156.72Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 120.52Margin Analysis Net Debt/EBITDA -1.06Gross Margin 77.2% Total Debt/EBITDA 0.25EBITDA Margin 29.8% ReferenceEBIT Margin 21.4% Total Debt/Equity 6.9%Net Income Margin 14.9% Total Debt/Capital 6.5%Structure Asset Turnover 0.80Current Ratio 3.09 Net Fixed Asset Turnover 5.04Quick Ratio 2.78 Accounts receivable turnover-days 77.91Debt to Assets 5.29% Inventory Days 14.06Tot Debt to Common Equity 6.92% Accounts Payable Turnover Day 67.81Accounts Receivable Turnover 4.67 Cash Conversion Cycle 24.16Inventory Turnover 25.89Price/ Cash Flow Sales/Revenue/Turnover 30.00 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 08.01.2010 08.07.2010 08.01.2011 08.07.2011 08.01.2012 08.07.2012 08.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 49. 27.03.2013Cerner CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 12700072 7.37 2767147 31.12.2012 Investment AdvisorPATTERSON NEAL L n/a Form 4 12056024 7 (1500) 01.03.2013 n/aSANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 9374174 5.44 1320072 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 8609866 5 212583 31.12.2012 Investment AdvisorILLIG CLIFFORD W n/a Form 4 7544562 4.38 - 01.03.2013 n/aBLACKROCK n/a ULT-AGG 7524187 4.37 (1469240) 25.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 5945448 3.45 224327 25.03.2013 Investment AdvisorWINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 5621196 3.26 (84988) 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5600000 3.25 (100000) 31.12.2012 Investment AdvisorARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4266715 2.48 34300 31.12.2012 Investment AdvisorMANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4202633 2.44 (185150) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 3691773 2.14 730621 31.12.2012 UnclassifiedMACKAY SHIELDS LLC Multiple Portfolios MF-AGG 3162947 1.84 (89373) 31.01.2013 Investment AdvisorINVESCO LTD INVESCO LTD 13F 2539177 1.47 (156818) 31.12.2012 Investment AdvisorTCW GROUP INC TCW GROUP INCORPORAT 13F 2460507 1.43 162795 31.12.2012 Investment AdvisorTOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 2130994 1.24 51735 31.12.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 2083462 1.21 (165178) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2047600 1.19 (7446) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1982694 1.15 73112 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1897931 1.1 (127039) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateLeerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 21.03.2013Lazard Capital Markets STEVEN P HALPER buy 5 M 101 12 month 20.03.2013Wells Fargo Securities, LLC JAMIE STOCKTON market perform 3 M #N/A N/A Not Provided 18.03.2013Raymond James ALEXANDER Y DRAPER outperform 5 M 100 18 month 13.03.2013Avondale Partners LLC RICHARD CLOSE market outperform 4 M 97 18 month 12.03.2013B Riley & Company, Inc EUGENE MANNHEIMER neutral 3 M 91 Not Provided 08.03.2013Piper Jaffray SEAN W WIELAND overweight 5 M 100 12 month 08.03.2013Jefferies DAVID H WINDLEY buy 5 M 97 12 month 07.03.2013Robert W. Baird & Co ERIC W COLDWELL outperform 5 M 94 12 month 07.03.2013William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 07.03.2013Oppenheimer & Co BRET D JONES underperform 1 M 54 18 month 06.03.2013Argus Research Corp DAVID H TOUNG buy 5 M 95 Not Provided 27.02.2013First Analysis Corp FRANK SPARACINO overweight 5 M 97 12 month 25.02.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.02.2013Morgan Stanley RICKY GOLDWASSER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013Cowen and Company CHARLES RHYEE neutral 3 M #N/A N/A Not Provided 06.02.2013Maxim Group LLC ANTHONY V VENDETTI hold 3 M #N/A N/A Not Provided 06.02.2013Credit Suisse GLEN SANTANGELO neutral 3 M 88 Not Provided 05.02.2013JPMorgan LISA C GILL overweight 5 M 93 9 month 05.02.2013Sterne, Agee & Leach GREG T BOLAN buy 5 M 100 12 month 05.02.2013ISI Group MICHAEL CHERNY neutral 3 M 95 12 month 05.02.2013S&P Capital IQ JEFFREY LOO strong buy 5 M 92 12 month 23.01.2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 27.03.2013CH Robinson Worldwide IncC.H. Robinson Worldwide, Inc. provides multimodal transportation services and Price/Volumelogistics solutions. The Company operates a network of offices in North 80 2.5 MAmerica, Europe, Asia, South America, and the Middle East. C.H. Robinson 70provides a variety of logistics services, such as fresh produce sourcing and 2.0 M 60freight consolidation. 50 1.5 M 40 Valuation Analysis 1.0 M 30Latest Fiscal Year: 12/2012 20LTM as of: 12/yy .5 M 1052-Week High (29.01.2013) 67.93 0 .0 M52-Week Low (25.07.2012) 50.82 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 370730.00 Current Price (3/dd/yy) 59.01 Market Data 52-Week High % Change -13.13% Dividend Yield 2.27 52-Week Low % Change 16.12% Beta 0.85 % 52 Week Price Range High/Low 47.87% Equity Float 156.98Shares Out 11.03.2013 159.2 Short Int 5.31 Market Capitalization 9395.82 1 Yr Total Return -7.59%Total Debt 321.66 YTD Return -6.09%Preferred Stock 0.0 Adjusted BETA 0.848Minority Interest 0.0 Analyst Recs 32Cash and Equivalents 210.02 Consensus Rating 3.438Enterprise Value 9507.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 449598CHRW UW EQUITY YTD Change - Average Volume 30 Day 532824CHRW UW EQUITY YTD % CHANGE - Average Volume 3 Month 559868 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 8578.6 7577.2 9274.3 10336.3 11359.1 10336.3 11359.1 12978.5 14118.8 2967.9 3368.6 TEV/Revenue 1.05x 1.25x 1.40x 1.07x 0.91x 4.51x 3.44x 0.71x 0.65x 3.19x 2.81x EBITDA 602.8 615.3 652.2 725.2 713.4 725.2 713.4 845.3 941.1 191.5 214.9 TEV/EBITDA 14.87x 15.45x 19.88x 15.30x 14.45x 15.30x 14.45x 11.25x 10.10x 11.29x 10.95x Net Income 359.2 360.8 387.0 431.6 593.8 431.6 593.8 490.0 547.5 110.4 124.8 P/E 26.46x 27.57x 34.42x 26.63x 22.91x 26.53x 23.07x 19.22x 16.94x 19.20x 18.56x Profitability S&P Issuer RatingsEBITDA 713.41 Long-Term Rating Date -EBIT 675.32 Long-Term Rating -Operating Margin 5.95% Long-Term Outlook -Pretax Margin 8.44% Short-Term Rating Date -Return on Assets 24.03% Short-Term Rating -Return on Common Equity 43.14% Credit RatiosReturn on Capital 37.86% EBITDA/Interest Exp. -Asset Turnover 4.60% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA 0.16Gross Margin 8.4% Total Debt/EBITDA 0.45EBITDA Margin 6.3% ReferenceEBIT Margin 5.9% Total Debt/Equity 21.4%Net Income Margin 5.2% Total Debt/Capital 17.6%Structure Asset Turnover 4.60Current Ratio 1.36 Net Fixed Asset Turnover 82.11Quick Ratio 1.32 Accounts receivable turnover-days 41.92Debt to Assets 11.47% Inventory Days -Tot Debt to Common Equity 21.38% Accounts Payable Turnover Day 22.54Accounts Receivable Turnover 8.73 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 50.00 12000.0 45.00 10000.0 40.00 35.00 8000.0 30.00 25.00 6000.0 20.00 4000.0 15.00 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 |
  • 51. 27.03.2013CH Robinson Worldwide IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 9609274 6.04 139500 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 8920704 5.6 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 8388906 5.27 149590 31.12.2012 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 7414398 4.66 (64505) 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6861475 4.31 375802 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 6473551 4.07 262805 26.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 5120000 3.22 - 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5079005 3.19 257866 31.12.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 4408198 2.77 1438324 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 3746268 2.35 834268 31.12.2012 Investment AdvisorMERCHANTS GATE CAPI MERCHANTS GATE CAPI 13F 2791765 1.75 (57335) 31.12.2012 Hedge Fund ManagerPARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 2683000 1.69 2515 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2436066 1.53 (26610) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2117531 1.33 30963 31.12.2012 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 2029264 1.27 475964 31.12.2012 Investment AdvisorORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 1975439 1.24 1975439 31.12.2012 Investment AdvisorJENSEN INVESTMENT MA JENSEN INVESTMENT MA 13F 1962668 1.23 (662340) 31.12.2012 Investment AdvisorPOLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 1918183 1.2 31929 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1794464 1.13 (185129) 31.12.2012 Investment AdvisorCAPITAL COUNSEL LLC CAPITAL COUNSEL LLC 13F 1480315 0.93 (33562) 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateLongbow Research MATTHEW S BROOKLIER neutral 3 M #N/A N/A Not Provided 27.03.2013Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 74 12 month 22.03.2013Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.03.2013Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 78 12 month 15.03.2013Macquarie KELLY A DOUGHERTY neutral 3 M 58 12 month 12.03.2013Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 08.03.2013RBC Capital Markets JOHN L BARNES III sector perform 3 M 63 12 month 07.03.2013Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 94 12 month 05.03.2013Jefferies H PETER NESVOLD hold 3 M 61 12 month 01.03.2013Susquehanna Financial Group MATT TROY neutral 3 M 65 12 month 13.02.2013Avondale Partners LLC RYAN BOUCHARD market perform 3 M 67 Not Provided 11.02.2013Goldman Sachs TOM KIM neutral/attractive 3 M 66 12 month 06.02.2013Credit Suisse CHRISTOPHER J CERASO neutral 3 M 65 Not Provided 06.02.2013JPMorgan THOMAS R WADEWITZ neutral 3 M 62 9 month 06.02.2013Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 73 12 month 06.02.2013Stephens Inc JACK ATKINS equalweight 3 M 66 12 month 06.02.2013Raymond James PATRICK TYLER BROWN market perform 3 M #N/A N/A Not Provided 06.02.2013FBR Capital Markets JOHN R MIMS outperform 5 M 80 12 month 06.02.2013Stifel JOHN G LARKIN sell 1 M #N/A N/A Not Provided 06.02.2013Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 78 12 month 06.02.2013Wunderlich Securities CHAZ G JONES hold 3 M 64 12 month 06.02.2013Oppenheimer & Co SCOTT A SCHNEEBERGER market perform 3 M #N/A N/A Not Provided 06.02.2013BB&T Capital Markets THOMAS S ALBRECHT hold 3 M #N/A N/A Not Provided 06.02.2013Cowen Securities LLC JASON H SEIDL hold 3 M #N/A N/A Not Provided 06.02.2013EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 06.02.2013William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 05.02.2013Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 05.02.2013Deutsche Bank JUSTIN B YAGERMAN buy 5 M 72 12 month 10.11.2012S&P Capital IQ JAMES CORRIDORE buy 5 M 76 12 month 25.09.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 52. 27.03.2013Check Point Software Technologies LtdCheck Point Software Technologies Ltd. develops, markets and supports a range Price/Volumeof software and hardware products and services for information technology (IT) 70 4.0 Msecurity and offers its customers a network and gateway security solutions, data 60 3.5 Mand endpoint security solutions and management solutions. 50 3.0 M 2.5 M 40 2.0 M Valuation Analysis 30 1.5 MLatest Fiscal Year: 12/2012 20 1.0 MLTM as of: 12/yy 10 .5 M52-Week High (19.04.2012) 64.99 0 .0 M52-Week Low (18.10.2012) 40.60 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 813573.00 Current Price (3/dd/yy) 46.5 Market Data 52-Week High % Change -28.45% Dividend Yield 0.00 52-Week Low % Change 14.53% Beta 0.88 % 52 Week Price Range High/Low 24.19% Equity Float 159.71Shares Out 31.12.2012 205.9 Short Int 6.37 Market Capitalization 9574.02 1 Yr Total Return -26.74%Total Debt 0.00 YTD Return -2.39%Preferred Stock 0.0 Adjusted BETA 0.878Minority Interest 0.0 Analyst Recs 32Cash and Equivalents 3295.36 Consensus Rating 4.313Enterprise Value 6278.65 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 623078CHKP UW EQUITY YTD Change - Average Volume 30 Day 487155CHKP UW EQUITY YTD % CHANGE - Average Volume 3 Month 515189 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 808.5 924.4 1097.9 1247.0 1342.7 1247.0 1342.7 1422.8 1516.8 328.3 346.9 TEV/Revenue 3.18x 5.67x 6.58x 6.37x 4.61x 26.65x 22.26x 5.48x 4.73x 22.97x 21.54x EBITDA 402.3 483.7 594.4 693.7 761.4 693.7 761.4 834.4 893.9 191.8 201.6 TEV/EBITDA 6.39x 10.83x 12.16x 11.44x 8.12x 11.44x 8.12x 7.52x 7.02x 7.52x 7.36x Net Income 324.0 357.5 452.8 544.0 620.0 544.0 620.0 688.1 737.2 158.5 166.8 P/E 11.37x 18.12x 21.72x 20.77x 16.20x 20.60x 16.09x 13.57x 12.38x 13.58x 13.25x Profitability S&P Issuer RatingsEBITDA 761.42 Long-Term Rating Date -EBIT 746.54 Long-Term Rating -Operating Margin 55.60% Long-Term Outlook -Pretax Margin 58.60% Short-Term Rating Date -Return on Assets 14.28% Short-Term Rating -Return on Common Equity 19.32% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 21.34Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 21.11Margin Analysis Net Debt/EBITDA -4.33Gross Margin 88.4% Total Debt/EBITDA 0.00EBITDA Margin 56.7% ReferenceEBIT Margin 55.6% Total Debt/Equity 0.0%Net Income Margin 46.2% Total Debt/Capital 0.0%Structure Asset Turnover 0.31Current Ratio 2.21 Net Fixed Asset Turnover 36.48Quick Ratio 2.15 Accounts receivable turnover-days 99.65Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 15.80Accounts Receivable Turnover 3.67 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 1600.0 18.00 1400.0 16.00 1200.0 14.00 1000.0 12.00 10.00 800.0 8.00 600.0 6.00 400.0 4.00 200.0 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 |
  • 53. 27.03.2013Check Point Software Technologies LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHWED GIL n/a 20F 24963760 12.12 - 31.01.2013 n/aNACHT MARIUS n/a 20F 21214986 10.3 - 31.01.2013 n/aSUN LIFE FINANCIAL I n/a ULT-AGG 15280180 7.42 987407 31.01.2013 Investment AdvisorTHORNBURG INVESTMENT THORNBURG INVESTMENT 13F 12621374 6.13 235870 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 9955180 4.84 (8911572) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8768144 4.26 4046942 31.12.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 7995556 3.88 572741 31.12.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 6439019 3.13 - 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6399218 3.11 2901491 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5390445 2.62 1253232 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 5040047 2.45 (29658) 31.12.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 4220341 2.05 424233 31.01.2013 Investment AdvisorHARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 4047800 1.97 4047800 31.12.2012 Investment AdvisorFARALLON CAPITAL MAN FARALLON CAPITAL MAN 13F 2672000 1.3 1181000 31.12.2012 Hedge Fund ManagerJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2392593 1.16 794584 31.12.2012 Investment AdvisorWESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 2183420 1.06 (524608) 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2089800 1.01 (1196313) 31.12.2012 Investment AdvisorPERKINS INVESTMENT M PERKINS INVESTMENT M 13F 1850161 0.9 1850161 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1846238 0.9 (36863) 31.12.2012 Investment AdvisorBESSEMER GROUP INCOR BESSEMER GROUP INCOR 13F 1748270 0.85 543420 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStifel TODD C WELLER buy 5 M 55 12 month 26.03.2013Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 D #N/A N/A Not Provided 25.03.2013BMO Capital Markets KARL KEIRSTEAD market perform 3 M 48 Not Provided 24.03.2013Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 15.03.2013Topeka Capital Markets Inc FREDERICK D ZIEGEL buy 5 M 68 12 month 11.03.2013Nomura RICHARD G SHERLUND buy 5 M 55 12 month 10.03.2013FBR Capital Markets DANIEL H IVES outperform 5 M 55 12 month 06.03.2013Needham & Co SCOTT ZELLER hold 3 M #N/A N/A Not Provided 04.03.2013Raymond James MICHAEL TURITS outperform 5 M 52 12 month 04.03.2013Oppenheimer & Co SHAUL EYAL outperform 5 M 56 18 month 03.03.2013Jefferies AARON SCHWARTZ buy 5 M 56 12 month 28.02.2013Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 12.02.2013MKM Partners ISRAEL HERNANDEZ buy 5 M 48 12 month 12.02.2013First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 29.01.2013Macquarie BRAD A ZELNICK outperform 5 M 55 12 month 24.01.2013Wunderlich Securities BRIAN S FREED buy 5 M 60 18 month 24.01.2013Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 23.01.2013RBC Capital Markets ROBERT P BREZA sector perform 3 M 47 12 month 23.01.2013Credit Suisse PHILIP WINSLOW outperform 5 M 55 Not Provided 23.01.2013JPMorgan STERLING AUTY overweight 5 M 53 9 month 23.01.2013Pacific Crest Securities ROB D OWENS outperform 5 M 55 12 month 23.01.2013Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 55 12 month 23.01.2013William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 23.01.2013Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 23.01.2013FBN Securities SHEBLY SEYRAFI outperform 5 M 60 12 month 23.01.2013B Riley & Company, Inc DANIEL CUMMINS neutral 3 M 50 12 month 22.01.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013Deutsche Bank THOMAS ERNST JR hold 3 M 50 12 month 18.10.2012Goldman Sachs GREG DUNHAM neutral/neutral 3 M 49 12 month 17.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 54. 27.03.2013Cisco Systems IncCisco Systems, Inc. designs, manufactures, and sells Internet Protocol Price/Volume(IP)-based networking and other products related to the communications and 25 50.0 Minformation technology (IT) industry and provide services associated with these 45.0 Mproducts and their use. The Company provides products for transporting data, 20 40.0 Mvoice, and video within buildings, across campuses, and globally. 35.0 M 15 30.0 M 25.0 M Valuation Analysis 10 20.0 MLatest Fiscal Year: 07/2012 15.0 MLTM as of: 01/yy 5 10.0 M 5.0 M52-Week High (11.03.2013) 21.98 0 .0 M52-Week Low (25.07.2012) 14.97 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 2102008.00 Current Price (3/dd/yy) 20.75 Market Data 52-Week High % Change -5.60% Dividend Yield 2.12 52-Week Low % Change 38.66% Beta 0.99 % 52 Week Price Range High/Low 83.89% Equity Float 5322.18Shares Out 14.02.2013 5332.0 Short Int 61.50 Market Capitalization 110638.46 1 Yr Total Return 1.91%Total Debt 16328.00 YTD Return 5.60%Preferred Stock 0.0 Adjusted BETA 0.989Minority Interest 15.0 Analyst Recs 49Cash and Equivalents 48716.00 Consensus Rating 4.245Enterprise Value 80563.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 8847501CSCO UW EQUITY YTD Change - Average Volume 30 Day 9486852CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9196968 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4 Total Revenue 39540.0 36117.0 40040.0 43218.0 46061.0 44844.0 47252.0 48708.3 51403.4 12204.0 12524.3 TEV/Revenue 2.86x 2.82x 2.64x 1.37x 1.10x 6.16x 5.76x 2.09x 1.74x 6.31x 6.00x EBITDA 11189.0 9153.0 11194.0 10959.0 12971.0 12018.0 13372.0 15215.0 15696.1 3802.0 4002.0 TEV/EBITDA 10.09x 11.13x 9.46x 5.39x 3.91x 6.27x 6.17x 5.28x 5.12x 5.12x 5.02x Net Income 8052.0 6134.0 7767.0 6490.0 8041.0 6998.0 9317.0 10665.0 11156.2 2630.9 2720.4 P/E 16.14x 17.79x 16.96x 12.57x 10.12x 13.77x 13.06x 10.40x 9.84x 10.24x 10.07x Profitability S&P Issuer RatingsEBITDA 12971.00 Long-Term Rating Date 10.02.2006EBIT 10369.00 Long-Term Rating A+Operating Margin 22.51% Long-Term Outlook STABLEPretax Margin 22.06% Short-Term Rating Date 31.01.2011Return on Assets 10.04% Short-Term Rating A-1+Return on Common Equity 17.79% Credit RatiosReturn on Capital 14.26% EBITDA/Interest Exp. 21.76Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 19.87Margin Analysis Net Debt/EBITDA -2.25Gross Margin 61.2% Total Debt/EBITDA 1.22EBITDA Margin 28.3% ReferenceEBIT Margin 22.7% Total Debt/Equity 31.8%Net Income Margin 17.5% Total Debt/Capital 24.1%Structure Asset Turnover 0.51Current Ratio 3.49 Net Fixed Asset Turnover 13.28Quick Ratio 3.20 Accounts receivable turnover-days 60.78Debt to Assets 17.79% Inventory Days 31.27Tot Debt to Common Equity 31.84% Accounts Payable Turnover Day 16.63Accounts Receivable Turnover 5.99 Cash Conversion Cycle 77.17Inventory Turnover 11.64Price/ Cash Flow Sales/Revenue/Turnover 25.00 50000.0 45000.0 20.00 40000.0 35000.0 15.00 30000.0 25000.0 10.00 20000.0 15000.0 5.00 10000.0 5000.0 0.00 0.0 31.07.2009 31.01.2010 31.07.2010 31.01.2011 31.07.2011 31.01.2012 31.07.2012 31.01.2013 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 |
  • 55. 27.03.2013Cisco Systems IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 276768876 5.19 (27443381) 22.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 232564275 4.36 (1696027) 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 225135431 4.22 (6694074) 25.03.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 183794312 3.45 65261717 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 144509645 2.71 - 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 112982877 2.12 4376292 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 98235021 1.84 12991203 31.12.2012 UnclassifiedINVESCO LTD INVESCO LTD 13F 96443571 1.81 (10116927) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 86751700 1.63 19583032 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 82170687 1.54 (271698) 28.02.2013 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 77496020 1.45 2085888 31.12.2012 Investment AdvisorGRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 70428507 1.32 6196339 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 69820447 1.31 (4001080) 31.12.2012 Investment AdvisorYACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52443161 0.98 (52225) 31.12.2012 Investment AdvisorLAZARD ASSET MANAGEM n/a ULT-AGG 47768835 0.9 (1195030) 28.02.2013 UnclassifiedFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 46147106 0.87 (540834) 31.12.2012 Hedge Fund ManagerNORGES BANK NORGES BANK 13F 43095418 0.81 4202738 31.12.2012 GovernmentTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 42368958 0.79 3103045 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 40386595 0.76 7990890 31.12.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 37520775 0.7 6191620 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies GEORGE C NOTTER hold 3 M 22 12 month 26.03.2013Raymond James SIMON M LEOPOLD outperform 5 M 25 12 month 25.03.2013FBR Capital Markets SCOTT S THOMPSON underperform 1 D 17 12 month 21.03.2013Stifel SANJIV R WADHWANI buy 5 M 25 12 month 21.03.2013Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 26 12 month 21.03.2013Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 15.03.2013Pacific Crest Securities BRENT A BRACELIN outperform 5 M 25 12 month 15.03.2013RBC Capital Markets MARK SUE outperform 5 M 24 12 month 14.03.2013Nomura STUART JEFFREY buy 5 M 25 12 month 14.03.2013Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 25 12 month 13.03.2013S&P Capital IQ JAMES G MOORMAN buy 5 M 26 12 month 08.03.2013Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 24 Not Provided 06.03.2013William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 05.03.2013Berenberg Bank ADNAAN AHMAD sell 1 M 14 Not Provided 05.03.2013Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 20 12 month 04.03.2013Argus Research Corp JAMES KELLEHER buy 5 M 26 Not Provided 01.03.2013ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 01.03.2013BMO Capital Markets TIMOTHY P LONG outperform 5 M 25 Not Provided 27.02.2013Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 25.02.2013Oppenheimer & Co ITTAI KIDRON outperform 5 M 24 12 month 25.02.2013Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 14.02.2013JPMorgan ROD HALL underweight 1 M 18 9 month 14.02.2013Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 14.02.2013Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 25 12 month 14.02.2013Wedbush ROHIT CHOPRA outperform 5 M 24 12 month 14.02.2013Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 14.02.2013Davenport & Co F DRAKE JOHNSTONE buy 5 M 24 12 month 14.02.2013Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 14.02.2013Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 14.02.2013JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 14.02.2013Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 14.02.2013Piper Jaffray TROY D JENSEN overweight 5 M 25 12 month 14.02.2013MKM Partners MICHAEL GENOVESE buy 5 M 25 12 month 14.02.2013Northland Securities Inc CATHARINE TREBNICK outperform 5 N 26 12 month 14.02.2013Barclays BENJAMIN A REITZES overweight 5 M 24 Not Provided 14.02.2013FBN Securities SHEBLY SEYRAFI outperform 5 M 25 12 month 14.02.2013Evercore Partners MARK A MCKECHNIE equalweight 3 M 23 12 month 13.02.2013Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 04.02.2013Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 25 12 month 09.12.2012Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 03.12.2012BGC Partners COLIN W GILLIS buy 5 M 21 12 month 16.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 56. 27.03.2013Citrix Systems IncCitrix Systems, Inc. designs, develops, and markets technology solutions that Price/Volumeallow applications to be delivered, supported, and shared on-demand. The Company 100 3.0 Mdevelops and markets comprehensive solutions across all dimensions of 90application, server and desktop virtualization as well as application and 80 2.5 Mnetwork optimization. 70 2.0 M 60 50 1.5 M Valuation Analysis 40Latest Fiscal Year: 12/2012 30 1.0 MLTM as of: 12/yy 20 .5 M 1052-Week High (26.04.2012) 87.98 0 .0 M52-Week Low (15.11.2012) 56.57 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 823223.00 Current Price (3/dd/yy) 70.99 Market Data 52-Week High % Change -19.31% Dividend Yield 0.00 52-Week Low % Change 25.49% Beta 1.46 % 52 Week Price Range High/Low 45.91% Equity Float 184.83Shares Out 15.02.2013 186.4 Short Int 2.51 Market Capitalization 13232.81 1 Yr Total Return -10.55%Total Debt 0.00 YTD Return 7.97%Preferred Stock 0.0 Adjusted BETA 1.456Minority Interest 0.0 Analyst Recs 38Cash and Equivalents 928.63 Consensus Rating 4.184Enterprise Value 12304.18 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 617548CTXS UW EQUITY YTD Change - Average Volume 30 Day 533508CTXS UW EQUITY YTD % CHANGE - Average Volume 3 Month 648544 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 1583.4 1614.1 1874.7 2206.4 2586.1 2206.4 2586.1 2971.4 3355.3 677.0 711.0 TEV/Revenue 2.32x 4.34x 6.37x 4.78x 4.37x 21.29x 20.53x 4.07x 3.44x 18.08x 16.95x EBITDA 294.8 364.7 459.8 576.2 605.7 576.2 605.7 934.2 1050.9 188.2 214.8 TEV/EBITDA 12.44x 19.19x 25.97x 18.30x 18.66x 18.30x 18.66x 13.17x 11.71x 13.25x 12.65x Net Income 178.3 191.0 277.1 356.3 352.5 356.3 352.5 594.2 684.5 118.9 132.8 P/E 19.81x 30.37x 46.86x 32.47x 35.28x 32.30x 37.50x 22.59x 19.72x 22.62x 21.83x Profitability S&P Issuer RatingsEBITDA 605.65 Long-Term Rating Date 04.02.2005EBIT 390.78 Long-Term Rating NROperating Margin 15.11% Long-Term Outlook -Pretax Margin 15.86% Short-Term Rating Date -Return on Assets 7.93% Short-Term Rating -Return on Common Equity 12.05% Credit RatiosReturn on Capital 12.05% EBITDA/Interest Exp. -Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -1.53Gross Margin 84.4% Total Debt/EBITDA 0.00EBITDA Margin 23.4% ReferenceEBIT Margin 15.1% Total Debt/Equity 0.0%Net Income Margin 13.6% Total Debt/Capital 0.0%Structure Asset Turnover 0.58Current Ratio 1.28 Net Fixed Asset Turnover 8.91Quick Ratio 1.16 Accounts receivable turnover-days 78.93Debt to Assets 0.00% Inventory Days 8.71Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 58.16Accounts Receivable Turnover 4.64 Cash Conversion Cycle 29.47Inventory Turnover 42.03Price/ Cash Flow Sales/Revenue/Turnover 30.00 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 |
  • 57. 27.03.2013Citrix Systems IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 15136139 8.12 (6151934) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 11851019 6.36 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 8355023 4.48 104224 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 7734370 4.15 (179482) 26.03.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 6506574 3.49 1043984 31.12.2012 UnclassifiedINVESCO LTD INVESCO LTD 13F 5862079 3.14 887659 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 5739377 3.08 1496089 31.12.2012 Investment AdvisorCLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5257890 2.82 1062062 31.12.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4082862 2.19 1053573 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3929338 2.11 (83316) 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 3874190 2.08 (313208) 31.12.2012 Investment AdvisorMAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 3768917 2.02 2291404 31.12.2012 Hedge Fund ManagerWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3732787 2 417815 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3581960 1.92 668154 31.12.2012 Investment AdvisorBROWN ADVISORY INC n/a ULT-AGG 3431077 1.84 75282 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2765576 1.48 40871 31.12.2012 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 2671828 1.43 184746 31.01.2013 Investment AdvisorHARDING LOEVNER LP HARDING LOEVNER LP 13F 2436445 1.31 170063 31.12.2012 Investment AdvisorLEGG MASON INC Multiple Portfolios MF-AGG 2367537 1.27 82767 31.12.2012 Investment AdvisorKEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 2054417 1.1 1086635 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMizuho Securities USA Inc ABHEY R LAMBA buy 5 M 85 12 month 26.03.2013Stifel BRAD REBACK buy 5 M 83 12 month 25.03.2013Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 95 12 month 25.03.2013Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013Longbow Research KEVIN M BUTTIGIEG neutral 3 M #N/A N/A Not Provided 22.03.2013FBN Securities SHEBLY SEYRAFI outperform 5 N 85 12 month 20.03.2013Evercore Partners STEWART KIRK MATERNE III overweight 5 M 85 Not Provided 19.03.2013Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 18.03.2013Nomura RICHARD G SHERLUND neutral 3 M 85 12 month 10.03.2013Oppenheimer & Co SHAUL EYAL market perform 3 M #N/A N/A Not Provided 07.03.2013Berenberg Bank DAUD KHAN hold 3 M 76 Not Provided 06.03.2013William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 05.03.2013Needham & Co SCOTT ZELLER buy 5 M 85 12 month 04.03.2013Raymond James MICHAEL TURITS outperform 5 M 78 12 month 04.03.2013Drexel Hamilton LLC JAMES N GILMAN hold 3 M 72 12 month 04.03.2013Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 102 12 month 26.02.2013Jefferies ROSS MACMILLAN buy 5 M 85 12 month 25.02.2013Pacific Crest Securities ROB D OWENS outperform 5 M 90 12 month 21.02.2013MKM Partners ISRAEL HERNANDEZ buy 5 M 88 12 month 14.02.2013JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 05.02.2013Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 04.02.2013Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 80 12 month 31.01.2013RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 85 12 month 31.01.2013Credit Suisse PHILIP WINSLOW neutral 3 M 73 Not Provided 31.01.2013JPMorgan JOHN DIFUCCI underweight 1 M 56 9 month 31.01.2013Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 80 12 month 31.01.2013Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 86 12 month 31.01.2013FBR Capital Markets DANIEL H IVES outperform 5 M 100 12 month 31.01.2013Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 31.01.2013Susquehanna Financial Group J DERRICK WOOD Positive 4 M 95 12 month 31.01.2013Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 82 Not Provided 31.01.2013Barclays RAIMO LENSCHOW equalweight 3 M 76 Not Provided 31.01.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013Deutsche Bank THOMAS ERNST JR buy 5 M 95 12 month 14.06.2012Noble Financial Group SUSAN BAUR buy 5 M 101 12 month 26.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 58. 27.03.2013Cognizant Technology Solutions CorpCognizant Technology Solutions Corporation provides custom Information Price/VolumeTechnology (IT) consulting and technology services as well as outsourcing 90 12.0 Mservices. The Companys core competencies include technology strategy 80consulting, complex systems development, enterprise software package 10.0 M 70implementation and maintenance, data warehousing and business intelligence. 60 8.0 M 50 6.0 M Valuation Analysis 40Latest Fiscal Year: 12/2012 30 4.0 M 20LTM as of: 12/yy 2.0 M 1052-Week High (08.03.2013) 81.05 0 .0 M52-Week Low (12.07.2012) 53.93 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 367892.00 Current Price (3/dd/yy) 74.62 Market Data 52-Week High % Change -7.93% Dividend Yield 0.00 52-Week Low % Change 38.36% Beta 1.18 % 52 Week Price Range High/Low 76.29% Equity Float 300.31Shares Out 19.02.2013 301.8 Short Int 3.01 Market Capitalization 22518.97 1 Yr Total Return -3.60%Total Debt 0.00 YTD Return 0.77%Preferred Stock 0.0 Adjusted BETA 1.182Minority Interest 0.0 Analyst Recs 29Cash and Equivalents 2863.76 Consensus Rating 4.621Enterprise Value 19655.21 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 666963CTSH UW EQUITY YTD Change - Average Volume 30 Day 519967CTSH UW EQUITY YTD % CHANGE - Average Volume 3 Month 568322 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 2816.3 3278.7 4592.4 6121.2 7346.5 6121.2 7346.5 8619.6 10011.3 2007.3 2110.5 TEV/Revenue 1.60x 3.68x 4.37x 2.79x 2.64x 12.47x 10.11x 2.27x 1.85x 9.72x 9.13x EBITDA 591.5 707.9 972.0 1260.6 1518.1 1260.6 1518.1 1745.3 2033.8 405.4 423.8 TEV/EBITDA 7.62x 17.06x 20.63x 13.53x 12.80x 13.53x 12.80x 11.26x 9.66x 11.28x 10.84x Net Income 430.8 535.0 733.5 883.6 1051.3 883.6 1051.3 1311.2 1523.6 306.8 321.5 P/E 12.54x 25.47x 30.92x 22.56x 21.48x 22.56x 21.48x 17.35x 15.00x 17.32x 16.66x Profitability S&P Issuer RatingsEBITDA 1518.08 Long-Term Rating Date -EBIT 1361.50 Long-Term Rating -Operating Margin 18.53% Long-Term Outlook -Pretax Margin 18.89% Short-Term Rating Date -Return on Assets 17.48% Short-Term Rating -Return on Common Equity 23.87% Credit RatiosReturn on Capital 23.87% EBITDA/Interest Exp. -Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -1.89Gross Margin 41.8% Total Debt/EBITDA 0.00EBITDA Margin 20.7% ReferenceEBIT Margin 18.5% Total Debt/Equity 0.0%Net Income Margin 14.3% Total Debt/Capital 0.0%Structure Asset Turnover 1.22Current Ratio 3.50 Net Fixed Asset Turnover 8.50Quick Ratio 3.06 Accounts receivable turnover-days 62.89Debt to Assets 0.00% Inventory Days 13.80Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 7.66Accounts Receivable Turnover 5.82 Cash Conversion Cycle 69.03Inventory Turnover 26.51Price/ Cash Flow Sales/Revenue/Turnover 40.00 8000.0 35.00 7000.0 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 |
  • 59. 27.03.2013Cognizant Technology Solutions CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 17371723 5.76 1260736 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 16558747 5.49 - 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 13391893 4.44 229104 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 12081543 4 400238 26.03.2013 Investment AdvisorWADDELL & REED FINAN WADDELL & REED FINAN 13F 11426637 3.79 196560 31.12.2012 Investment AdvisorLONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 10912591 3.62 320797 31.12.2012 Hedge Fund ManagerT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10151194 3.36 5889084 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 7242399 2.4 (629607) 31.12.2012 UnclassifiedINVESCO LTD INVESCO LTD 13F 7054287 2.34 (399683) 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 6260736 2.07 340942 31.12.2012 Investment AdvisorEDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 6100206 2.02 (167623) 31.12.2012 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 5913487 1.96 1901297 31.01.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5568034 1.85 223113 31.12.2012 Investment AdvisorBROWN ADVISORY INC n/a ULT-AGG 5319826 1.76 116916 31.12.2012 Investment AdvisorPOLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 4294290 1.42 58892 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4188728 1.39 (35135) 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3994216 1.32 (205411) 31.12.2012 Investment AdvisorGENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 3404286 1.13 3404286 31.12.2012 Investment AdvisorORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 3243161 1.07 1885322 31.12.2012 Investment AdvisorCALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 2925763 0.97 341215 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 85 12 month 27.03.2013RBC Capital Markets DANIEL R PERLIN outperform 5 M 85 12 month 26.03.2013JPMorgan TIEN-TSIN HUANG overweight 5 M 86 9 month 25.03.2013Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 90 12 month 25.03.2013Nomura ASHWIN MEHTA buy 5 M 89 Not Provided 24.03.2013Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 19.03.2013Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 88 12 month 12.03.2013Pacific Crest Securities JESSE HULSING sector perform 3 D #N/A N/A Not Provided 11.03.2013Credit Suisse GEORGE MIHALOS outperform 5 M 85 Not Provided 07.03.2013Berenberg Bank DAUD KHAN hold 3 M 61 Not Provided 06.03.2013BMO Capital Markets KEITH F BACHMAN outperform 5 M 85 Not Provided 01.03.2013Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M 72 12 month 08.02.2013Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 75 12 month 08.02.2013BNP Paribas Equity Research ARVIND RAMNANI buy 5 M 83 12 month 08.02.2013Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 08.02.2013Barclays DARRIN D PELLER overweight 5 M 86 Not Provided 08.02.2013EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 08.02.2013Jefferies JASON KUPFERBERG buy 5 M 80 12 month 07.02.2013Needham & Co MAYANK TANDON buy 5 M 90 12 month 07.02.2013Robert W. Baird & Co DAVID J KONING outperform 5 M 92 12 month 07.02.2013William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 07.02.2013Oppenheimer & Co GLENN GREENE outperform 5 M 88 18 month 07.02.2013BB&T Capital Markets GEORGE A PRICE buy 5 M 86 12 month 07.02.2013Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 86 12 month 07.02.2013Deutsche Bank BRYAN KEANE buy 5 M 92 12 month 28.01.2013Piper Jaffray MARK J ZGUTOWICZ overweight 5 M 73 12 month 23.11.2012BOE Securities BINDAL PARIKH TOTLANI buy 5 M 77 12 month 22.08.2012Centrum Broking Pvt Ltd GIRISH PAI hold 3 M 78 Not Provided 08.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 60. 27.03.2013Comcast CorpComcast Corporation is a global media and technology company with two primary Price/Volumebusinesses. The Company provides video, high-speed Internet and phone services 45 14.0 Mto residential and business customers. Comcast also operates news and 40 12.0 Mentertainment cable networks, a national and a Spanish broadcast network, TV 35production operations, TV station groups, film studios, theme parks and resorts. 10.0 M 30 25 8.0 M Valuation Analysis 20 6.0 MLatest Fiscal Year: 12/2012 15 4.0 M 10LTM as of: 12/yy 2.0 M 552-Week High (13.02.2013) 42.00 0 .0 M52-Week Low (21.05.2012) 28.10 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 1457297.00 Current Price (3/dd/yy) 41.56 Market Data 52-Week High % Change -1.05% Dividend Yield 1.56 52-Week Low % Change 47.90% Beta 1.07 % 52 Week Price Range High/Low 97.95% Equity Float 2120.37Shares Out 31.12.2012 2122.3 Short Int 30.95 Market Capitalization 108404.07 1 Yr Total Return 39.63%Total Debt 40458.00 YTD Return 11.18%Preferred Stock 0.0 Adjusted BETA 1.073Minority Interest 17438.0 Analyst Recs 32Cash and Equivalents 12415.00 Consensus Rating 4.563Enterprise Value 153885.07 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4083910CMCSA UW EQUITY YTD Change - Average Volume 30 Day 4155336CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3837537 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 34423.0 35756.0 37937.0 55842.0 62570.0 55842.0 62570.0 64234.9 68029.0 15441.5 15990.0 TEV/Revenue 2.33x 2.14x 2.28x 2.12x 2.30x 8.52x 8.83x 2.62x 2.44x 11.23x 10.78x EBITDA 13132.0 13714.0 14596.0 18357.0 19977.0 18357.0 19977.0 20933.0 22280.9 5021.5 5330.9 TEV/EBITDA 6.10x 5.58x 5.93x 6.44x 7.21x 6.44x 7.21x 7.36x 6.91x 7.33x 7.16x Net Income 2547.0 3638.0 3635.0 4160.0 6203.0 4160.0 6203.0 6388.8 7180.1 1370.2 1629.2 P/E 18.55x 15.19x 16.77x 15.01x 19.46x 15.01x 19.36x 17.38x 15.20x 17.57x 16.79x Profitability S&P Issuer RatingsEBITDA 19977.00 Long-Term Rating Date 14.02.2013EBIT 12179.00 Long-Term Rating A-Operating Margin 19.46% Long-Term Outlook POSPretax Margin 18.55% Short-Term Rating Date 25.05.2004Return on Assets 3.84% Short-Term Rating A-2Return on Common Equity 12.84% Credit RatiosReturn on Capital 9.11% EBITDA/Interest Exp. 7.92Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 5.66Margin Analysis Net Debt/EBITDA 1.40Gross Margin 68.1% Total Debt/EBITDA 2.03EBITDA Margin 31.9% ReferenceEBIT Margin 19.5% Total Debt/Equity 82.0%Net Income Margin 9.9% Total Debt/Capital 37.7%Structure Asset Turnover 0.39Current Ratio 1.20 Net Fixed Asset Turnover 2.28Quick Ratio 1.07 Accounts receivable turnover-days 28.87Debt to Assets 24.52% Inventory Days -Tot Debt to Common Equity 81.97% Accounts Payable Turnover Day 59.15Accounts Receivable Turnover 12.68 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 8.00 70000.0 7.00 60000.0 6.00 50000.0 5.00 40000.0 4.00 30000.0 3.00 20000.0 2.00 10000.0 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 |
  • 61. 27.03.2013Comcast CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 170286499 8.02 (15203842) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 152232792 7.17 (136836) 25.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 122446969 5.77 4965013 31.12.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 108349162 5.11 2257020 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 98374255 4.64 1987933 26.03.2013 Investment AdvisorDODGE & COX DODGE & COX 13F 72420757 3.41 (11233339) 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 63251006 2.98 (2617597) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 52985837 2.5 (6273501) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 39427371 1.86 6577191 31.12.2012 UnclassifiedNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 33384322 1.57 6326 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 30125878 1.42 (1342104) 31.12.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 26200994 1.23 1422866 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24679889 1.16 (1113877) 31.12.2012 Investment AdvisorBROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 23978448 1.13 710946 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 22993590 1.08 1226195 31.12.2012 GovernmentAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 22281474 1.05 3494798 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 19975360 0.94 36016 31.12.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 18685369 0.88 1272776 31.12.2012 Investment AdvisorGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 17865247 0.84 (1760635) 31.12.2012 Investment AdvisorGCIC LTD/CANADA GOODMAN & COMPANY IN 13F 16042220 0.76 (436600) 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJPMorgan PHILIP CUSICK overweight 5 M 49 Not Provided 25.03.2013Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 47 12 month 24.03.2013Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 12.03.2013Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 48 12 month 06.03.2013Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 04.03.2013Macquarie AMY YONG neutral 3 D 45 12 month 22.02.2013Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 42 12 month 19.02.2013Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 19.02.2013Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 19.02.2013Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 45 18 month 19.02.2013Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 48 12 month 19.02.2013Evercore Partners BRYAN KRAFT overweight 5 M 46 12 month 15.02.2013RBC Capital Markets JONATHAN ATKIN outperform 5 U 46 12 month 14.02.2013Brean Murray Carret & Co TODD MITCHELL buy 5 M 48 12 month 14.02.2013Raymond James FRANK G LOUTHAN outperform 5 M 44 12 month 14.02.2013Wunderlich Securities MATTHEW HARRIGAN buy 5 M 47 18 month 14.02.2013Guggenheim Securities LLC SHING YIN neutral 3 M 40 12 month 14.02.2013Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 47 Not Provided 14.02.2013Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 13.02.2013Janney Montgomery Scott LLC TONY WIBLE buy 5 M 48 12 month 13.02.2013Jefferies THOMAS O SEITZ buy 5 M 45 12 month 13.02.2013Pacific Crest Securities ANDY HARGREAVES sector perform 3 D #N/A N/A Not Provided 13.02.2013Stifel CHRISTOPHER C KING buy 5 M 45 12 month 13.02.2013Scotia Capital JEFFREY FAN sector outperform 5 M 46 12 month 13.02.2013Nomura MICHAEL L MCCORMACK buy 5 M 48 12 month 13.02.2013S&P Capital IQ TUNA AMOBI buy 5 M 46 12 month 13.02.2013Maxim Group LLC JOHN TINKER buy 5 M 48 12 month 13.02.2013New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013ISI Group VIJAY JAYANT buy 5 M 47 12 month 12.02.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013BTIG LLC RICHARD GREENFIELD neutral 3 M #N/A N/A Not Provided 26.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 62. 27.03.2013Costco Wholesale CorpCostco Wholesale Corporation operates wholesale membership warehouses in Price/Volumemultiple countries. The Company sells all kinds of food, automotive supplies, 120 3.0 Mtoys, hardware, sporting goods, jewelry, electronics, apparel, health and beautyaids, as well as other goods. 100 2.5 M 80 2.0 M 60 1.5 M Valuation AnalysisLatest Fiscal Year: 08/2012 40 1.0 MLTM as of: 02/yy 20 .5 M52-Week High (26.03.2013) 105.96 0 .0 M52-Week Low (08.05.2012) 76.56 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 164241.00 Current Price (3/dd/yy) 105.72 Market Data 52-Week High % Change -0.23% Dividend Yield 7.89 52-Week Low % Change 38.08% Beta 0.74 % 52 Week Price Range High/Low 98.97% Equity Float 432.15Shares Out 13.03.2013 436.4 Short Int 6.38 Market Capitalization 46133.18 1 Yr Total Return 25.19%Total Debt 1382.00 YTD Return 7.33%Preferred Stock - Adjusted BETA 0.745Minority Interest 157.0 Analyst Recs 28Cash and Equivalents 4854.00 Consensus Rating 4.036Enterprise Value 45523.18 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 715834COST UW EQUITY YTD Change - Average Volume 30 Day 739957COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 696108 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 Total Revenue 72483.0 71422.0 77946.0 88915.0 99137.0 93396.0 103128.0 106074.6 115242.1 24295.1 33139.4 TEV/Revenue 0.39x 0.30x 0.28x 0.34x 0.39x 1.38x 1.49x 0.43x 0.39x 1.92x 1.40x EBITDA 2622.1 2522.0 2880.0 3303.0 3667.0 3392.0 3874.0 4090.6 4518.5 930.4 1298.1 TEV/EBITDA 10.74x 8.39x 7.60x 9.28x 10.64x 9.91x 11.35x 11.14x 10.09x 10.78x 10.53x Net Income 1282.7 1086.0 1303.0 1462.0 1709.0 1516.0 1958.0 2003.7 2198.1 450.2 638.4 P/E 22.66x 20.46x 19.18x 23.33x 25.16x 24.48x 23.65x 23.24x 21.01x 22.46x 21.94x Profitability S&P Issuer RatingsEBITDA 3667.00 Long-Term Rating Date 28.11.2012EBIT 2759.00 Long-Term Rating A+Operating Margin 2.78% Long-Term Outlook STABLEPretax Margin 2.79% Short-Term Rating Date 28.11.2012Return on Assets 6.92% Short-Term Rating A-1Return on Common Equity 17.53% Credit RatiosReturn on Capital 13.59% EBITDA/Interest Exp. 34.92Asset Turnover 3.64% (EBITDA-Capex)/Interest Exp. 20.83Margin Analysis Net Debt/EBITDA -0.20Gross Margin 12.4% Total Debt/EBITDA 1.26EBITDA Margin 3.8% ReferenceEBIT Margin 2.9% Total Debt/Equity 11.2%Net Income Margin 1.7% Total Debt/Capital 9.9%Structure Asset Turnover 3.64Current Ratio 1.10 Net Fixed Asset Turnover 7.96Quick Ratio 0.48 Accounts receivable turnover-days 4.30Debt to Assets 5.09% Inventory Days 29.84Tot Debt to Common Equity 11.18% Accounts Payable Turnover Day 28.11Accounts Receivable Turnover 86.23 Cash Conversion Cycle 3.64Inventory Turnover 12.43Price/ Cash Flow Sales/Revenue/Turnover 16.00 120000.0 14.00 100000.0 12.00 80000.0 10.00 8.00 60000.0 6.00 40000.0 4.00 20000.0 2.00 0.00 0.0 04.09.2009 04.03.2010 04.09.2010 04.03.2011 04.09.2011 04.03.2012 04.09.2012 04.03.2013 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 |
  • 63. 27.03.2013Costco Wholesale CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 51504375 11.8 (1398958) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 21671006 4.97 (3954786) 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 19469354 4.46 612041 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 17510444 4.01 163599 26.03.2013 Investment AdvisorDAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15318718 3.51 (2770670) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 13559317 3.11 914367 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8972856 2.06 187224 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7834546 1.8 (52440) 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 6028756 1.38 716763 31.12.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5846843 1.34 (762123) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5649922 1.29 13503 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 5135180 1.18 (571875) 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 4427681 1.01 1674312 31.12.2012 GovernmentJP MORGAN n/a ULT-AGG 4378833 1 1416393 31.12.2012 UnclassifiedT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4345534 1 403832 31.12.2012 Investment AdvisorBERKSHIRE HATHAWAY I n/a ULT-AGG 4333363 0.99 - 31.12.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 4196949 0.96 1112363 31.12.2012 Investment AdvisorMONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3799389 0.87 (109758) 31.12.2012 Investment AdvisorWINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3546132 0.81 (52878) 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3279692 0.75 77350 31.12.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNorthcoast Research CHARLES E CERANKOSKY buy 5 M 115 12 month 25.03.2013ISI Group GREGORY MELICH strong buy 5 M 116 12 month 24.03.2013William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 22.03.2013Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 20.03.2013Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 113 12 month 19.03.2013Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 108 Not Provided 15.03.2013BMO Capital Markets KAREN SHORT outperform 5 M 115 Not Provided 13.03.2013Argus Research Corp CHRISTOPHER GRAJA buy 5 M 115 Not Provided 13.03.2013Robert W. Baird & Co PETER S BENEDICT outperform 5 M 117 12 month 13.03.2013Stifel DAVID A SCHICK buy 5 M 107 12 month 13.03.2013Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 13.03.2013Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 110 12 month 13.03.2013EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 12.03.2013Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 12.03.2013JPMorgan CHRISTOPHER HORVERS overweight 5 M 113 9 month 12.03.2013Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 12.03.2013Jefferies DANIEL T BINDER hold 3 M 92 12 month 12.03.2013Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 102 12 month 12.03.2013Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 12.03.2013Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 12.03.2013Piper Jaffray SEAN NAUGHTON overweight 5 M 113 12 month 12.03.2013Barclays ROBERT S DRBUL equalweight 3 M 105 Not Provided 12.03.2013Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 04.03.2013Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 27.02.2013Deutsche Bank PAUL TRUSSELL buy 5 M 110 12 month 15.02.2013McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 102 12 month 11.10.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 64. 27.03.2013Dell IncDell Inc. offers a wide range of computers and related products. The Company Price/Volumesells personal computers, servers and networking products, storage systems, 18 50.0 Mmobility products, software and peripherals, and services. Dell serves 16 45.0 Mconsumers and businesses in the Americas, Europe, the Middle East, Africa, and 14 40.0 Mthe Asia Pacific region. 12 35.0 M 30.0 M 10 25.0 M Valuation Analysis 8 20.0 MLatest Fiscal Year: 01/2013 6 15.0 M 4 10.0 MLTM as of: 02/yy 2 5.0 M52-Week High (02.04.2012) 16.84 0 .0 M52-Week Low (16.11.2012) 8.70 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 3115058.00 Current Price (3/dd/yy) 14.5 Market Data 52-Week High % Change -13.90% Dividend Yield 0.55 52-Week Low % Change 66.76% Beta 1.10 % 52 Week Price Range High/Low 71.27% Equity Float 1470.39Shares Out 06.03.2013 1747.2 Short Int 38.47 Market Capitalization 25334.70 1 Yr Total Return -11.08%Total Debt 9085.00 YTD Return 43.93%Preferred Stock 0.0 Adjusted BETA 1.104Minority Interest 21.0 Analyst Recs 30Cash and Equivalents 12777.00 Consensus Rating 3.133Enterprise Value 21663.69 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4695212DELL UW EQUITY YTD Change - Average Volume 30 Day 4447010DELL UW EQUITY YTD % CHANGE - Average Volume 3 Month 7157540 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 02/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 Total Revenue 61101.0 52902.0 61494.0 62071.0 56940.0 62071.0 56940.0 55902.0 56163.4 13547.7 13977.5 TEV/Revenue 0.19x 0.35x 0.27x 0.41x 0.35x 1.52x 1.29x 0.36x 0.33x 1.63x 1.42x EBITDA 3961.0 3024.0 4403.0 5367.0 4156.0 5367.0 4156.0 4312.7 4727.9 973.6 1154.7 TEV/EBITDA 2.87x 6.06x 3.83x 4.76x 4.82x 4.76x 4.82x 5.02x 4.58x 4.78x 4.53x Net Income 2478.0 1433.0 2635.0 3492.0 2372.0 3492.0 2372.0 2753.1 2916.4 626.7 685.6 P/E 6.93x 13.58x 9.20x 8.87x 9.21x 8.83x 9.15x 9.25x 8.44x 9.29x 9.02x Profitability S&P Issuer RatingsEBITDA 4156.00 Long-Term Rating Date 05.02.2013EBIT 3012.00 Long-Term Rating A- *-Operating Margin 5.29% Long-Term Outlook -Pretax Margin 4.99% Short-Term Rating Date 05.02.2013Return on Assets 5.15% Short-Term Rating A-1 *-Return on Common Equity 24.21% Credit RatiosReturn on Capital 13.57% EBITDA/Interest Exp. 15.39Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 13.49Margin Analysis Net Debt/EBITDA -0.89Gross Margin 21.4% Total Debt/EBITDA 2.19EBITDA Margin 7.3% ReferenceEBIT Margin 5.3% Total Debt/Equity 85.1%Net Income Margin 4.2% Total Debt/Capital 45.9%Structure Asset Turnover 1.24Current Ratio 1.19 Net Fixed Asset Turnover 26.80Quick Ratio 0.97 Accounts receivable turnover-days 62.79Debt to Assets 19.11% Inventory Days 11.33Tot Debt to Common Equity 85.07% Accounts Payable Turnover Day 94.54Accounts Receivable Turnover 5.80 Cash Conversion Cycle -20.41Inventory Turnover 32.13Price/ Cash Flow Sales/Revenue/Turnover 10.00 70000.0 9.00 60000.0 8.00 7.00 50000.0 6.00 40000.0 5.00 30000.0 4.00 3.00 20000.0 2.00 10000.0 1.00 0.00 0.0 29.01.2010 29.07.2010 29.01.2011 29.07.2011 29.01.2012 29.07.2012 29.01.2013 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 65. 27.03.2013Dell IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDELL MICHAEL S n/a 13G 273332371 15.64 - 31.12.2012 n/aSOUTHEASTERN ASSET M n/a 13D 121514858 6.95 (1810700) 14.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 82129627 4.7 5586760 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 67817664 3.88 (7236164) 25.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 63098665 3.61 139595 31.12.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 62291737 3.57 3390 26.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 32607204 1.87 22548224 31.12.2012 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 31497454 1.8 370700 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 28739667 1.64 8722100 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 25888998 1.48 4511397 28.02.2013 Investment AdvisorDODGE & COX DODGE & COX 13F 23983550 1.37 (85300) 31.12.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 23331742 1.34 (9214269) 31.12.2012 Investment AdvisorBROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 20513052 1.17 (248673) 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 19112269 1.09 369712 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18760153 1.07 843092 31.12.2012 Investment AdvisorYACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 14912159 0.85 14912159 31.12.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 14374325 0.82 (2616894) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 14050626 0.8 9838823 31.12.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 12735099 0.73 (477474) 31.12.2012 GovernmentPZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 12677923 0.73 (1738375) 31.12.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateRobert W. Baird & Co JAYSON NOLAND SR neutral 3 M 15 12 month 26.03.2013Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 15 12 month 26.03.2013Morgan Stanley KATHRYN HUBERTY restricted #N/A N/A M #N/A N/A Not Provided 25.03.2013Brean Murray Carret & Co ANANDA BARUAH hold 3 M #N/A N/A Not Provided 25.03.2013Sterne, Agee & Leach SHAW WU neutral 3 M #N/A N/A Not Provided 25.03.2013Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 25.03.2013S&P Capital IQ ANGELO ZINO hold 3 M 15 12 month 25.03.2013Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 18 12 month 25.03.2013Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.03.2013BMO Capital Markets KEITH F BACHMAN market perform 3 M 14 Not Provided 14.03.2013Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 07.03.2013Jefferies PETER J MISEK hold 3 M 14 12 month 07.03.2013Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 06.03.2013Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 28.02.2013Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 14 12 month 26.02.2013Argus Research Corp JAMES KELLEHER sell 1 M #N/A N/A Not Provided 21.02.2013Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 21.02.2013Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 20.02.2013Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 20.02.2013Cowen and Company MATTHEW HOFFMAN neutral 3 M #N/A N/A Not Provided 20.02.2013Maxim Group LLC ASHOK KUMAR hold 3 M #N/A N/A Not Provided 20.02.2013Cross Research SHANNON S CROSS hold 3 M #N/A N/A Not Provided 20.02.2013Credit Agricole Securities (USA) AVI SILVER underperform 1 M 14 Not Provided 20.02.2013FBN Securities SHEBLY SEYRAFI sector perform 3 M 14 12 month 20.02.2013ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 19.02.2013Deutsche Bank CHRISTOPHER WHITMORE hold 3 D 14 12 month 06.02.2013Crowell, Weedon & Co JAMES D RAGAN neutral 3 D 14 12 month 06.02.2013Goldman Sachs WILLIAM C SHOPE JR not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013Credit Suisse KULBINDER GARCHA restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013JPMorgan MARK A MOSKOWITZ restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013Evercore Partners ROBERT CIHRA suspended coverage #N/A N/A M #N/A N/A Not Provided 05.02.2013Barclays BENJAMIN A REITZES suspended coverage #N/A N/A M #N/A N/A Not Provided 05.02.2013EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 16.01.2013RBC Capital Markets AMIT DARYANANI sector perform 3 M 12 12 month 09.01.2013Jyske Bank ROBERT JAKOBSEN strong buy 5 M 17 Not Provided 24.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 66. 27.03.2013DENTSPLY International IncDENTSPLY International Inc. manufactures and distributes dental supplies on a Price/Volumeworldwide basis. The Companys products include dental prosthetics, endodontic 50 1.0 Minstruments, dental sealants, ultrasonic scalers, dental x-ray equipment, and 45 .9 Mintraoral cameras. DENTSPLY also provides impression materials, orthodontic 40 .8 Mappliances, and dental operatory software systems, and other dental products. 35 .7 M 30 .6 M 25 .5 M Valuation Analysis 20 .4 MLatest Fiscal Year: 12/2012 15 .3 MLTM as of: 12/yy 10 .2 M 5 .1 M52-Week High (19.02.2013) 43.50 0 .0 M52-Week Low (02.08.2012) 35.04 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 160617.00 Current Price (3/dd/yy) 41.9 Market Data 52-Week High % Change -3.68% Dividend Yield 0.53 52-Week Low % Change 19.58% Beta 1.12 % 52 Week Price Range High/Low 81.09% Equity Float 142.51Shares Out 14.02.2013 142.8 Short Int 7.16 Market Capitalization 5985.41 1 Yr Total Return 5.27%Total Debt 1521.00 YTD Return 5.94%Preferred Stock 0.0 Adjusted BETA 1.124Minority Interest 40.7 Analyst Recs 17Cash and Equivalents 80.13 Consensus Rating 3.471Enterprise Value 7467.02 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 176830XRAY UW EQUITY YTD Change - Average Volume 30 Day 226952XRAY UW EQUITY YT