Fundamental Analysis &Analyst RecommendationsQMS Gold Miners FlexIndex -The QMS Advisors Gold Miners Flexible Index tracks...
CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInt...
CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInt...
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 20...
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 20...
10.05.2013Goldcorp, Inc. is engaged in the acquisition, exploration, development andoperation of precious metal properties...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 95391332 11.7...
10.05.2013Barrick Gold Corporation is an international gold company with operating minesand development projects in the Un...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 87777710 8.77...
10.05.2013Newmont Mining Corporation acquires, explores, and develops mineral properties.The Company produces gold from op...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 61681268 12.5...
10.05.2013Randgold Resources Ltd. provides mining services. The Company offersacquisition, development, and exploration of...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8508542 9.24 ...
10.05.2013Yamana Gold Inc. is an intermediate gold producer with production, developmentstage, and exploration properties ...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 78066044 10.3...
10.05.2013Gold Fields Limited produces precious metals. The Company has mines in SouthAfrica, Ghana, and Australia, as wel...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIRST EAGLE INVESTME FIRST EAGLE IN...
10.05.2013Silver Wheaton Corporation purchases and sells by-product silver from operatingmines. The Company has long term ...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 26099114 7.36...
10.05.2013AngloGold Ashanti Limited is a holding company for a group of companies whichexplore for and mine gold internati...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAULSON & CO PAULSON & CO 13F 28203...
10.05.2013Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,zinc, and other metals. The Compa...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 25536584 9.29...
10.05.2013New Gold Inc. is a natural resource company. The Company acquires, explores,and develops gold properties.Latest ...
10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 62551684 13.1...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies in...
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Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

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Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

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Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

  1. 1. Fundamental Analysis &Analyst RecommendationsQMS Gold Miners FlexIndex -The QMS Advisors Gold Miners Flexible Index trackscompanies involved in the Gold Mining Industry.May 2013Q.M.S AdvisorsQ.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |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.
  2. 2. CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInterest(USD)Cash andEquivalents(USD)EnterpriseValue(USD)Tot. Rev. -LFYEst. Tot.Rev. - Tr.12MEst. Tot.Rev. - 2013Est. Tot.Rev. - 2014 EBITDA - LFYEst. EBITDA -Tr. 12MEst. EBITDA -2013Est. EBITDA -2014 EPS - LFYEst. EPS -Tr. 12MEst. EPS -2013Est. EPS -2014P/E Ratio -LFYEst. P/ERatio - Tr.12MEst. P/ERatio - 2013Est. P/ERatio - 2014Est.RevenueGrowth - 1YEst.RevenueGrowth - 5YEst. EBITDAGrowth - 1YEst. Est.EBITDAGrowth - 5YEst. EBITDAMargin -S&P LTCreditRating -S&P LT CreditRating DateMoodys LTCreditRatingMoodys LT CreditRating DateS&P 500 INDEX USD 14975259 2015.059 1113 1113 204 219 219 102.19 110.29 110.29 15.92 15.92 14.75 14.75 18.82Euro Stoxx 50 Pr EUR 2706975 5664.923 4634 4634 747 776 776 207.50 303.81 303.81 22.76 18.75 15.55 15.55 20.04NIKKEI 225 JPY 2691346 190.8087 190 190 18 21 21 5.22 6.83 6.83 0.27 0.27 0.21 0.21 0.11FTSE 100 INDEX GBP 2803805 12388.32 9757 9757 1464 1732 1732 599.45 829.73 829.73 26.18 24.54 18.91 18.91 21.86SWISS MARKET INDEX CHF 1074392 11181.29 4072 4072 862 831 831 414.56 551.93 551.93 21.62 17.94 16.24 16.24 22.27S&P/TSX COMPOSITE INDEX CAD 1678986 17422.13 7914 7914 1852 2050 2050 771.46 866.95 866.95 16.04 16.04 14.28 14.28 24.21S&P/ASX 200 INDEX AUD 1420679 6722.169 2756 2756 614 680 680 246.24 327.29 327.29 21.33 17.20 16.05 16.05 22.58HANG SENG INDEX HKD 1763583 3473.649 1690 1690 371 409 409 283.48 270.50 270.50 1.37 1.54 1.43 1.43 3.00MSCI EM USD 7939096 1455.618 1033 1033 197 194 194 85.73 95.79 95.79 12.37 13.59 11.07 11.07 19.54GOLDCORP INC USD 24380 7556 812 1 0 0 1 24.85 5435 5101 4918 6301 2798 2532 570 570 1.99 1.71 1.43 2.16 17.38 17.38 20.91 13.79 1.36 13.48 19.78 21.03 49.64 BBB+ 01.06.2009 Baa2 13.03.2013BARRICK GOLD CORP USD 20934 20012 1001 14 0 3 2 36.08 14547 14340 13584 14682 7358 7071 1576 1576 3.74 3.30 3.17 3.41 6.34 6.34 6.59 6.13 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013NEWMONT MINING CORP USD 16544 7046 497 6 0 3 2 24.71 9868 9362 9453 11102 4169 3731 803 803 3.78 3.34 2.81 3.59 9.93 9.93 11.79 9.24 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010RANDGOLD RESOURCES LTD-ADR USD 7394 855 92 0 0 0 0 7.30 1318 1331 1383 1791 699 689 - - 4.65 4.48 4.32 6.73 17.92 17.92 18.57 11.93 16.92 27.97 20.16 53.34 51.75 - - - -YAMANA GOLD INC USD 9119 5105 1 0 0 0 9.68 2337 2312 2525 3070 1269 1164 263 263 - - 0.77 1.05 - - 15.70 11.56 7.52 14.54 0.53 26.81 50.35 - - - -GOLD FIELDS LTD-SPONS ADR USD 5035 3731 16 0 2 5 28916 38146 28557 30284 14243 20101 - - - - 5.89 7.52 - - 10.51 8.24 14.46 10.23 5.29 13.85 47.64 BB+ 15.11.2012 - -SILVER WHEATON CORP USD 8631 5929 0 0 0 1 7.90 850 850 967 1094 701 701 197 197 - - 1.56 1.76 - - 15.56 13.82 16.38 63.12 13.36 43.74 82.57 - - - -ANGLOGOLD ASHANTI-SPON ADR USD 7209 1820 30 0 0 8 52160 52152 59211 61408 19105 19105 - - - - 19.05 23.22 - - 8.89 7.30 -4.14 24.62 -17.82 86.63 36.63 BBB- 10.12.2012 - -CIA DE MINAS BUENAVENTUR-ADR USD 5386 1736 254 0 0 0 0 5.61 1564 1505 1642 1761 572 - 174 174 2.69 2.28 2.21 2.35 8.57 8.57 8.86 8.31 0.44 14.04 -30.27 7.50 - - - - -NEW GOLD INC USD 3596 3050 1 0 0 1 3.78 791 824 938 989 390 388 115 115 - - 0.40 0.53 - - 18.90 14.25 13.70 39.01 13.39 63.80 47.02 BB- 27.03.2012 B2 27.03.2012AGNICO EAGLE MINES LTD USD 5411 1704 1 0 0 0 5.90 1918 1865 1705 2061 787 735 179 179 - - 1.04 1.79 - - 30.21 17.55 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002ELDORADO GOLD CORP USD 5345 4468 1 0 0 1 5.55 1148 1214 1264 1402 584 631 136 136 - - 0.44 0.54 - - 16.88 13.83 3.97 58.56 -9.24 53.95 51.94 BB 13.11.2012 Ba3 12.11.2012KINROSS GOLD CORP USD 6382 14216 1140 3 0 0 2 7.19 4311 4333 4061 4293 1962 1981 354 354 0.77 0.74 0.46 0.61 7.55 7.55 12.07 9.19 12.20 27.96 1.87 40.67 45.72 BBB- 15.08.2011 Baa3 15.08.2011ROYAL GOLD INC USD 3551 852 59 0 0 0 0 3.19 263 292 303 379 233 260 65 65 1.63 1.40 1.52 2.10 39.31 39.31 36.36 26.22 21.52 33.98 25.17 44.69 88.90 - - - -HARMONY GOLD MNG-SPON ADR USD 2033 1846 2 0 0 2 15169 16353 16517 21953 4222 3140 4735 4735 - - 3.91 7.72 - - 10.83 5.48 30.81 9.67 79.35 16.71 19.20 - - - -IAMGOLD CORP USD 2195 6923 1 0 0 1 2.10 1670 1571 1493 1689 710 710 148 148 - - 0.51 0.67 - - 11.50 8.75 -0.19 12.72 -9.54 30.21 42.52 BB- 10.09.2012 - -PAN AMERICAN SILVER CORP USD 1936 2087 0 0 0 1 1.48 929 929 1036 1110 362 362 95 95 - - 0.98 1.17 - - 13.07 10.94 8.57 47.85 -18.81 25.23 38.98 - - - -FIRST MAJESTIC SILVER CORP USD 1368 984 0 0 0 0 1.29 247 247 373 543 135 135 - - - - 0.84 1.30 - - 13.95 9.03 0.68 55.79 -13.49 101.01 54.66 - - - -COEUR DALENE MINES CORP USD 1466 2508 90 0 0 0 0 1.44 895 863 939 1063 378 378 89 89 0.59 0.68 0.69 1.28 21.25 21.25 21.09 11.29 -12.31 37.42 -28.81 43.35 42.24 B+ 25.06.2012 B3 24.01.2013AURICO GOLD INC USD 1197 2070 0 0 0 1 0.78 164 301 415 52 80 21 21 - - 0.27 0.41 - - 17.90 11.92 94.95 10.78 2151.89 - - - - - -ALLIED NEVADA GOLD CORP USD 855 1747 90 1 0 0 0 1.03 215 225 368 560 95 95 25 25 0.52 0.49 0.84 1.81 19.41 19.41 11.29 5.25 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012HECLA MINING CO USD 941 5405 285 0 0 0 0 0.77 321 321 488 622 93 93 40 40 0.07 0.07 0.22 0.38 47.14 47.14 15.14 8.73 -32.76 35.19 -63.53 10.36 28.93 B 04.04.2013 B2 02.04.2013NEVSUN RESOURCES LTD USD 644 0 0 0 0 566 488 377 692 426 426 21 21 - - 0.40 0.96 - - 9.11 3.83 3.34 - -0.64 - 75.34 - - - -AURIZON MINES LTD USD 616 785 0 0 0 0 0.42 224 224 209 266 92 92 - - - - 0.15 0.26 - - 25.44 14.77 -14.02 16.43 -26.18 14.15 41.26 - - - -SILVER STANDARD RESOURCES USD 560 1230 0 0 0 0 0.33 241 252 217 243 55 55 12 12 - - -0.10 -0.01 - - 63.09 - 38.56 - 22.64 - - - -SEABRIDGE GOLD INC USD 518 217 0 0 0 0 0.47 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -TANZANIAN ROYALTY EXPLORATIO USD 268 328 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -GOLDEN STAR RESOURCES LTD USD 218 5142 259 0 0 0 0 0.25 551 552 505 496 125 126 29 29 -0.05 -0.14 -0.01 0.12 - - 7.06 16.89 21.87 35.80 - 22.85 - - - -VISTA GOLD CORP USD 123 297 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.51 -0.25 -0.23 - - - - -26.58 - - - - - -GREAT BASIN GOLD LTD USD 4 603 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -ARGONAUT GOLD INC CAD 940 707 149 0 0 0 0 0.74 186 186 213 273 107 107 19 19 0.68 0.62 0.40 0.56 10.11 10.11 15.51 11.15 78.42 - 91.18 - 56.96 - - - -TOREX GOLD RESOURCES INC CAD 849 2669 604 0 0 0 0 0.43 0 0 0 0 -60 -60 -15 -15 -0.14 -0.15 -0.10 -0.09 - - - - -76.68 - - - - - -LIONGOLD CORP LTD SGD 850 8578 731 0 0 0 0 0.82 79 92 90 116 -4 1 - - -0.02 -0.03 0.00 0.01 - - 153.67 70.93 13.51 7.14 - - 1.20 - - - -CHINA GOLD INTERNATIONAL RES CAD 1161 353 396 0 0 0 0 1.19 330 330 352 632 138 138 152 152 0.18 0.18 0.16 0.19 16.25 16.25 18.19 15.56 6.72 - -1.29 - 41.44 - - - -PERSEUS MINING LTD CAD 655 1556 0 0 0 0 0.61 144 311 398 55 126 - - - - 0.13 0.20 - - 11.05 7.14 - - - - - - - - -SANDSTORM GOLD LTD CAD 671 570 86 0 0 0 0 0.54 56 57 71 95 36 36 - - 0.25 0.17 0.19 0.38 43.47 43.47 38.89 19.35 86.11 - 91.02 - 65.03 - - - -OCEANAGOLD CORP CAD 604 884 294 0 0 0 0 0.82 383 390 582 632 144 168 50 50 0.08 0.11 0.22 0.31 18.56 18.56 9.37 6.63 -2.55 13.83 -11.96 66.65 42.85 - - - -MEDUSA MINING LTD AUD 543 1478 189 0 0 0 0 0.54 81 93 113 272 58 64 - - 0.26 0.29 0.41 0.96 10.09 - 7.06 3.03 -45.87 94.68 -52.31 - 69.71 - - - -DUNDEE PRECIOUS METALS INC CAD 709 398 126 0 0 0 0 0.67 382 372 458 527 - - - - 0.39 0.34 0.71 0.80 16.49 16.49 7.91 7.03 13.56 43.19 - - - - - - -RIO ALTO MINING LTD CAD 627 674 176 0 0 0 0 0.59 314 315 324 172 172 - - 0.57 0.55 0.52 0.50 6.46 6.46 6.77 7.02 - - - - 54.35 - - - -AURIZON MINES LTD USD 616 785 0 0 0 0 0.42 224 224 209 266 92 92 - - - - 0.15 0.26 - - 25.44 14.77 -14.02 16.43 -26.18 14.15 41.26 - - - -ENDEAVOUR SILVER CORP USD 457 1264 0 0 0 0 0.46 208 229 244 280 90 88 29 29 - - 0.41 0.60 - - 11.25 7.66 62.57 53.81 38.56 - 38.27 - - - -CONTINENTAL GOLD LTD CAD 550 366 108 0 0 0 0 0.44 0 0 14 14 -12 -10 - - -0.07 -0.07 -0.08 -0.09 - - - - - - - - - - -RUBICON MINERALS CORP CAD 476 627 288 0 0 0 0 0.31 0 0 -11 -11 - - -0.04 -0.04 -0.05 0.20 - - 8.24 - - 46.24 - - - - - -SILVERCORP METALS INC USD 487 821 0 0 0 0 0.43 238 193 202 256 155 102 - - - - 0.21 0.29 - - 13.38 9.73 42.21 27.32 40.76 43.24 53.14 - - - -EVOLUTION MINING LTD AUD 679 3368 707 0 0 0 0 0.71 472 639 619 712 191 215 140 140 0.07 0.18 0.08 0.12 5.23 - 11.42 7.74 286.52 - 543.55 - 33.77 - - - -CHINA PRECIOUS METAL RESOURC HKD 762 7510 4351 0 0 0.99 210 210 268 319 143 143 186 186 - 0.02 0.02 0.02 1.44 - 0.97 0.96 5.83 26.54 4.47 - 8.80 - - - -SEABRIDGE GOLD INC USD 518 217 0 0 0 0 0.47 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -BEADELL RESOURCES LTD AUD 581 5137 742 0 0 0 0 0.71 1 1 315 334 -14 - 162 162 -0.05 -0.06 0.14 0.17 - - 5.20 4.34 - - 60.65 - - - - - -RESOLUTE MINING LTD AUD 568 8340 636 0 0 0 0 0.51 579 621 657 586 256 261 - - 0.17 0.26 0.23 0.15 3.47 - 3.93 5.74 29.72 29.37 131.77 105.23 42.31 - - - -Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA GrowthQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. CurrencyMarketCapitalization (in mioUSD)DailyVolume (M)TotalCommonShares (M)Total Debt(USD)PreferredStock (USD)MinorityInterest(USD)Cash andEquivalents(USD)EnterpriseValue(USD)Tot. Rev. -LFYEst. Tot.Rev. - Tr.12MEst. Tot.Rev. - 2013Est. Tot.Rev. - 2014 EBITDA - LFYEst. EBITDA -Tr. 12MEst. EBITDA -2013Est. EBITDA -2014 EPS - LFYEst. EPS -Tr. 12MEst. EPS -2013Est. EPS -2014P/E Ratio -LFYEst. P/ERatio - Tr.12MEst. P/ERatio - 2013Est. P/ERatio - 2014Est.RevenueGrowth - 1YEst.RevenueGrowth - 5YEst. EBITDAGrowth - 1YEst. Est.EBITDAGrowth - 5YEst. EBITDAMargin -S&P LTCreditRating -S&P LT CreditRating DateMoodys LTCreditRatingMoodys LT CreditRating DateS&P 500 INDEX USD 14975259 2015.059 1113 1113 204 219 219 102.19 110.29 110.29 15.92 15.92 14.75 14.75 18.82Euro Stoxx 50 Pr EUR 2706975 5664.923 4634 4634 747 776 776 207.50 303.81 303.81 22.76 18.75 15.55 15.55 20.04NIKKEI 225 JPY 2691346 190.8087 190 190 18 21 21 5.22 6.83 6.83 0.27 0.27 0.21 0.21 0.11FTSE 100 INDEX GBP 2803805 12388.32 9757 9757 1464 1732 1732 599.45 829.73 829.73 26.18 24.54 18.91 18.91 21.86SWISS MARKET INDEX CHF 1074392 11181.29 4072 4072 862 831 831 414.56 551.93 551.93 21.62 17.94 16.24 16.24 22.27S&P/TSX COMPOSITE INDEX CAD 1678986 17422.13 7914 7914 1852 2050 2050 771.46 866.95 866.95 16.04 16.04 14.28 14.28 24.21S&P/ASX 200 INDEX AUD 1420679 6722.169 2756 2756 614 680 680 246.24 327.29 327.29 21.33 17.20 16.05 16.05 22.58HANG SENG INDEX HKD 1763583 3473.649 1690 1690 371 409 409 283.48 270.50 270.50 1.37 1.54 1.43 1.43 3.00MSCI EM USD 7939096 1455.618 1033 1033 197 194 194 85.73 95.79 95.79 12.37 13.59 11.07 11.07 19.54ENDEAVOUR MINING CORP CAD 365 1660 391 0 0 0 0 0.53 344 345 489 624 135 136 - - -0.04 0.00 0.12 0.17 851.25 851.25 7.31 5.11 136.71 - 213.29 - 39.11 - - - -FORTUNA SILVER MINES INC CAD 356 646 0.29 160 160 170 203 70 70 20 20 0.27 0.23 0.24 0.32 12.27 12.27 11.81 8.66 46.07 47.11 44.49 66.90 43.63 - - - -MCEWEN MINING INC USD 713 4062 296 0 0 0 0 0.64 6 39 150 217 -92 -72 - - -0.19 -0.17 0.10 0.17 - - 22.32 12.47 - - -54.81 - -266.78 - - - -MAG SILVER CORP CAD 456 74 60 0 0 0 0 0.42 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.12 -0.15 - - - - -40.70 - - - - - -PRIMERO MINING CORP CAD 552 205 97 0 0 0 0 0.45 182 184 200 249 77 77 33 33 0.54 0.51 0.42 0.60 11.03 11.03 13.17 9.34 16.75 - 6.30 - 42.05 - - - -KINGSGATE CONSOLIDATED LTD AUD 312 2232 151 0 0 0 0 0.44 359 374 343 391 166 - - - 0.52 0.35 0.24 0.26 5.92 - 8.50 8.07 107.83 84.59 147.37 - - - - - -TIMMINS GOLD CORP CAD 345 447 144 0 0 0 0 0.34 155 165 195 213 68 76 17 17 0.25 0.32 0.34 0.33 7.48 7.48 7.08 7.10 87.56 - 59.68 - 45.45 - - - -ST BARBARA LTD AUD 370 9933 325 0 0 0 0 0.52 544 524 533 630 225 202 - - 0.41 0.27 0.08 0.17 2.77 - 9.36 4.60 50.74 27.95 105.43 84.94 38.71 B 15.03.2013 - -PREMIER GOLD MINES LTD CAD 295 1456 149 0 0 0 0 0.27 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.07 - - - - -5.30 - -1316.69 - - - -NORTHERN STAR RESOURCES LTD AUD 360 4592 402 0 0 0 0 0.32 100 115 134 168 48 58 76 76 0.05 0.08 0.07 0.10 11.02 11.45 11.47 8.84 -13.46 - 5.26 - 50.92 - - - -TANZANIAN ROYALTY EXPLORATIO USD 268 328 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -REAL GOLD MINING LTD HKD 1032 0 907 0 0 0 0 0.49 176 176 153 153 - - 0.12 0.12 0.94 0.95 4.55 - 7.02 - 11.19 - - - -GOLDEN STAR RESOURCES LTD USD 218 5142 259 0 0 0 0 0.25 551 552 505 496 125 126 29 29 -0.05 -0.14 -0.01 0.12 - - 7.06 16.89 21.87 35.80 - 22.85 - - - -ROMARCO MINERALS INC CAD 247 1075 585 0 0 0 0 0.20 0 0 -12 -12 -8 -8 -0.02 -0.02 -0.01 -0.01 - - - - 22.38 - - - - - -BANRO CORPORATION CAD 278 4269 202 0 0 0 0 0.40 42 75 149 376 6 6 - - -0.02 0.03 -0.01 0.33 36.51 36.51 3.34 - - - - 14.06 - - - -COLOSSUS MINERALS INC CAD 229 978 106 0 0 0 0 0.24 0 0 41 284 -33 -33 -7 -7 -0.28 -0.28 -0.12 0.83 - - 2.56 - - -12.15 - - - - - -RAINY RIVER RESOURCES LTD CAD 224 540 100 0 0 0 0 0.12 0 0 1 -64 -64 - - -0.73 -0.73 -0.19 - - - - -299.61 - - - - - -SULLIDEN GOLD CORP LTD CAD 218 1309 243 0 0 0 0 0.20 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -36.26 - - - - - -ASANKO GOLD INC CAD 202 105 76 0 0 0 0 0.02 0 0 -35 -35 - - -0.49 -0.26 -0.19 -0.15 - - - - 7.29 - - - - - -BEAR CREEK MINING CORP CAD 198 126 92 0 0 0 0 0.13 0 0 -31 -31 - - -0.34 -0.33 -0.21 -0.07 - - - - -5.86 - - - - - -PARAMOUNT GOLD AND SILVER USD 215 568 0 0 0 0 0.20 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -KIRKLAND LAKE GOLD INC CAD 225 859 70 0 0 0 0 0.29 159 138 152 260 55 24 16 16 0.57 -0.01 -0.03 0.51 - - 6.25 54.33 62.13 110.17 - 17.46 - - - -GUYANA GOLDFIELDS INC CAD 212 469 95 0 0 0 0 0.18 0 0 411 -8 -8 - - -0.09 -0.10 -0.08 -0.09 - - - - 19.49 - - - - - -HIGHLAND GOLD MINING LTD GBp 408 138 325 0 0 0 0 0.55 542 542 591 707 249 249 246 246 0.58 0.58 0.42 0.51 5.11 5.11 7.05 5.87 26.48 38.11 5.18 63.33 70.79 - - - -INDOPHIL RESOURCES NL AUD 326 370 1203 0 0 0 0 0.09 0 0 -18 -18 - - 0.00 0.00 57.58 - - - -124.45 - - - - - -LYDIAN INTERNATIONAL LTD CAD 198 168 127 0 0 0 0 0.11 0 0 - - - - -0.05 -0.05 -0.04 -0.02 - - - - - - - - - - -SABINA GOLD & SILVER CORP CAD 203 904 174 0 0 0 0 0.09 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.03 - - - - -18.59 - - - - - -LAKE SHORE GOLD CORP CAD 139 2953 416 0 0 0 0 0.23 132 132 198 268 38 38 - - -0.22 -0.23 -0.01 0.04 - - 8.12 100.15 - 414.20 - 28.31 - - - -BRIGUS GOLD CORP USD 155 299 0 0 0 0 0.22 118 118 157 168 48 48 - - - - 0.13 0.14 - - 5.08 4.96 63.78 - 239.92 60.49 41.21 - - - -GREAT PANTHER SILVER LTD USD 133 529 0 0 0 0 0.11 61 60 60 66 16 16 - - - - 0.05 0.08 - - 21.57 12.94 5.74 21.76 -28.90 - 25.56 - - - -INTREPID MINES LTD AUD 142 6491 555 0 0 0 0 0.14 0 0 -48 -48 - - -0.11 -0.14 -0.01 -0.02 - - - - -21.81 - - - - - -VISTA GOLD CORP USD 123 297 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.51 -0.25 -0.23 - - - - -26.58 - - - - - -ALEXCO RESOURCE CORP USD 111 186 0 0 0 0 0.09 85 77 77 112 25 25 - - - - -0.14 0.05 - - 35.64 87.81 276.59 160.76 - 30.03 - - - -ATAC RESOURCES LTD CAD 120 169 104 0 0 0 0 0.11 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -SCORPIO MINING CORP CAD 96 273 198 0 0 0 0 0.06 46 46 53 103 14 14 - - 0.04 0.04 0.04 0.13 12.04 12.04 13.02 3.62 -24.82 - -51.41 - 30.74 - - - -MIDWAY GOLD CORP USD 125 235 128 0 0 0 0 0.09 0 0 -14 -14 - - -0.12 -0.12 -0.11 -0.12 - - - - 21.14 - - - - - -PATAGONIA GOLD PLC GBp 188 130 736 0 0 0 0 0.19 0 0 -50 -41 - - -0.07 -0.05 - - - - - - - - - - -GRYPHON MINERALS LTD AUD 99 5970 348 0 0 0 0 0.05 0 0 1 1 -8 -8 - - - -0.01 -0.02 -0.02 - - - - 49.58 - - - - - -DRDGOLD LTD-SPONSORED ADR USD 249 36 0 0 0 0 1764 1959 2129 2546 371 400 526 526 - - 7.97 12.05 - - 7.32 4.85 27.89 7.86 64.25 12.94 20.40 - - - -RED 5 LTD AUD 84 68 135 0 0 0 0 0.09 4 16 44 126 -3 -5 9 9 -0.01 -0.07 -0.06 0.25 - - 2.46 - - 43.56 - -29.66 - - - -LINGBAO GOLD CO LTD-H HKD 234 550 770 1 0 0 0 0.70 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 1.14 1.11 1.33 1.30 1.51 2.37 -1.33 0.92 1.49 - - - -INTL TOWER HILL MINES LTD USD 91 116 0 0 0 0 0.07 0 0 0 0 -56 -57 - - - - -0.10 -0.07 - - - - -463.04 - - - - - -SARACEN MINERAL HOLDINGS LTD AUD 108 9410 595 0 0 0 0 0.12 185 188 211 239 63 52 61 61 0.04 -0.02 0.03 0.07 - - 5.32 2.66 18.12 - 6.13 - 27.90 - - - -EXETER RESOURCE CORP USD 74 147 88 0 0 0 0 0.02 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -RICHMONT MINES INC USD 80 90 40 0 0 0 0 0.02 102 100 111 135 8 8 - - -0.08 -0.21 0.29 0.43 - - 7.17 4.81 -14.20 10.98 -79.79 8.26 7.56 - - - -RAMELIUS RESOURCES LTD AUD 80 1844 336 0 0 0 0 0.04 85 116 129 168 13 -11 25 25 0.01 -0.06 0.01 0.09 - - 29.51 2.78 -43.25 175.81 -88.63 8.76 -9.12 - - - -GOLDEN MINERALS CO USD 67 265 43 0 0 0 0 0.02 26 26 36 56 -35 -35 -6 -6 -1.44 -1.37 -0.74 -0.29 - - 1320.81 - 45.58 - -133.08 - - - -SAN GOLD CORP CAD 60 1066 335 0 0 0 0 0.05 141 141 130 168 36 36 - - -0.04 -0.03 -0.05 -0.02 - - 24.39 115.90 186.60 - 25.08 - - - -OREZONE GOLD CORP CAD 66 349 86 0 0 0 0 0.05 0 0 -28 -28 - - -0.06 -0.08 -0.17 -0.08 - - - - 9.68 - - - - - -GRAN COLOMBIA GOLD CORP CAD 65 417 382 0 0 0 0 0.25 167 167 173 210 15 15 10 10 -0.08 -0.09 -0.06 0.03 - - 5.59 22.02 - 870.78 - 8.73 - - - -Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA GrowthQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 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 2.29 2.29 2.10 1.92 2.29 1.46 1.46 1.40 1.34 1.46 10.28 10.28 9.59 9.89 10.28 9.21 9.21 8.50 7.95 9.21 14.75 14.75 13.27 12.05 14.75 2.14 2.14 2.30 2.48 2.14 1737.2 6.8%Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.78 0.78 0.77 0.74 0.78 6.04 6.04 5.58 4.99 6.04 7.30 7.30 6.88 6.53 7.30 11.95 11.95 10.66 9.70 11.95 4.10 4.10 4.40 4.73 4.10 2922.4 4.7%NIKKEI 225 1.65 1.65 1.54 1.45 1.65 0.76 0.76 0.75 0.75 0.76 9.58 9.58 8.97 8.51 9.58 9.05 9.05 8.44 8.14 9.05 21.11 21.11 18.34 15.44 21.11 1.51 1.51 1.58 1.78 1.51 13495.6 -7.6%FTSE 100 INDEX 1.75 1.75 1.63 1.53 1.75 1.04 1.04 1.02 0.99 1.04 8.62 8.62 7.85 6.57 8.62 7.15 7.15 6.73 6.36 7.15 12.29 12.29 11.23 10.39 12.29 3.77 3.77 4.04 4.41 3.77 6951.9 5.0%SWISS MARKET INDEX 2.48 2.48 2.33 2.12 2.48 2.10 2.10 2.00 1.90 2.10 12.81 12.81 11.63 10.21 12.81 13.45 13.45 12.45 11.65 13.45 15.49 15.49 13.95 12.68 15.49 3.15 3.15 3.48 4.00 3.15 8324.5 2.0%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.56 1.46 1.68 1.57 1.57 1.48 1.40 1.57 8.42 8.42 7.56 6.96 8.42 8.50 8.50 7.51 7.04 8.50 14.37 14.37 12.66 11.67 14.37 3.18 3.18 3.33 3.52 3.18 14247.4 13.6%S&P/ASX 200 INDEX 1.98 1.98 1.87 1.77 1.98 1.90 1.90 1.79 1.70 1.90 11.77 11.77 10.47 9.58 11.77 9.89 9.89 8.80 8.13 9.89 15.98 15.98 14.33 13.14 15.98 4.28 4.28 4.56 4.90 4.28 5227.9 0.4%HANG SENG INDEX 1.38 1.38 1.27 1.16 1.38 1.78 1.78 1.64 1.51 1.78 8.21 8.21 7.77 7.39 8.21 8.49 8.49 7.73 7.12 8.49 11.11 11.11 10.22 9.26 11.11 3.49 3.49 3.77 4.17 3.49 24912.6 6.8%MSCI EM 1.48 1.48 1.17 1.24 1.48 1.03 1.03 0.96 0.90 1.03 7.18 7.18 6.61 6.23 7.18 7.49 7.49 6.82 6.40 7.49 11.07 11.07 9.91 9.23 11.07 3.00 3.00 3.44 3.36 3.00 1193.7 12.6%GOLDCORP INC 1.08 1.03 0.99 0.93 4.42 4.96 3.87 3.49 3.34 10.47 12.30 8.52 7.07 5.61 8.41 10.28 7.03 6.06 5.48 15.02 20.91 13.79 11.84 10.17 1.80 2.00 2.00 2.01 2.01 38.27 28.5%BARRICK GOLD CORP 0.81 0.87 0.82 0.73 1.48 1.54 1.43 1.42 1.34 3.80 4.41 3.99 3.69 3.29 4.83 5.45 4.89 4.64 4.24 5.50 6.59 6.13 6.20 5.26 3.60 3.84 3.86 3.77 5.26 29.20 39.6%NEWMONT MINING CORP 1.20 1.10 1.06 0.99 1.65 1.75 1.49 1.50 5.49 6.12 5.00 5.03 5.72 6.83 5.26 5.48 8.83 9.33 11.79 9.24 9.89 15.79 4.32 4.42 4.51 4.11 3.62 42.14 27.1%RANDGOLD RESOURCES LTD-ADR 2.84 2.47 2.12 1.84 5.40 5.34 4.13 4.31 4.72 12.63 12.21 8.24 7.43 12.21 10.05 10.48 7.38 7.22 8.48 17.00 18.57 11.93 11.74 12.82 0.59 0.64 0.79 0.80 109.13 36.0%YAMANA GOLD INC 1.16 1.12 1.05 1.00 3.84 3.61 2.97 3.07 2.66 8.51 8.51 6.53 6.29 5.94 7.38 7.31 5.47 5.74 4.44 13.27 15.70 11.56 12.07 10.18 1.97 2.02 2.05 1.98 2.15 16.94 39.8%GOLD FIELDS LTD-SPONS ADR 0.77 0.89 0.82 0.75 0.92 1.60 1.51 1.44 2.82 4.41 4.38 4.02 5.46 10.51 8.24 7.23 5.74 2.99 3.31 3.97 8.53 24.8%SILVER WHEATON CORP 2.76 2.48 2.21 1.98 1.61 10.55 8.93 7.89 7.68 5.64 12.76 11.80 10.44 9.92 8.69 11.58 10.21 8.88 8.84 6.29 14.71 15.56 13.82 13.78 11.35 1.54 1.88 2.03 2.17 2.36 40.75 67.4%ANGLOGOLD ASHANTI-SPON ADR 1.23 1.14 0.99 0.89 1.08 1.10 1.06 1.09 3.85 3.59 3.38 3.81 6.29 8.89 7.30 7.78 2.23 1.41 1.36 1.41 29.82 59.4%CIA DE MINAS BUENAVENTUR-ADR 1.38 1.21 1.08 0.99 3.50 3.28 3.06 3.17 12.06 14.42 11.23 6.55 8.69 7.30 7.77 6.88 8.86 8.31 8.78 3.14 2.49 3.23 2.84 26.80 37.1%NEW GOLD INC 1.39 1.25 1.18 1.09 1.03 4.68 3.83 3.63 3.55 3.85 12.18 9.29 7.66 6.96 7.69 9.53 7.75 6.44 5.98 6.07 18.57 18.90 14.25 12.96 17.14 0.00 0.00 12.26 62.6%AGNICO EAGLE MINES LTD 1.56 1.55 1.49 1.43 2.83 3.17 2.63 2.64 2.49 7.66 10.51 7.57 7.19 6.67 7.13 9.54 6.80 6.60 4.60 14.86 30.21 17.55 16.39 14.73 2.45 2.71 2.68 2.63 2.55 42.66 36.2%ELDORADO GOLD CORP 0.89 0.88 0.86 0.81 4.63 4.23 3.81 2.75 1.90 11.49 10.49 8.75 6.11 3.75 9.16 8.78 7.67 5.15 3.21 16.30 16.88 13.83 9.44 5.70 1.94 1.74 1.90 2.31 2.81 12.49 67.0%KINROSS GOLD CORP 0.49 0.63 0.60 0.58 0.49 1.47 1.57 1.49 1.58 1.40 4.45 4.79 4.06 4.50 3.98 3.62 4.30 3.58 3.92 3.21 7.57 12.07 9.19 10.33 8.13 2.86 2.77 2.75 2.86 2.86 8.17 46.2%ROYAL GOLD INC 1.78 1.48 1.43 1.34 12.96 11.71 9.37 6.88 17.77 18.91 14.45 10.33 13.18 11.76 9.49 7.09 31.50 36.36 26.22 17.22 1.00 1.31 1.43 1.54 77.03 39.6%HARMONY GOLD MNG-SPON ADR 0.49 0.48 0.46 0.45 1.09 1.11 0.84 0.77 4.38 4.28 3.19 3.85 6.19 10.83 5.48 13.43 2.83 1.35 2.97 1.49 7.85 68.1%IAMGOLD CORP 0.58 0.57 0.56 0.54 1.34 1.47 1.30 1.28 1.19 4.09 5.22 4.23 4.39 3.74 2.85 3.68 2.98 3.17 2.44 6.77 11.50 8.75 10.10 8.23 4.36 4.22 4.01 3.93 4.29 9.52 63.3%PAN AMERICAN SILVER CORP 0.68 0.69 0.65 0.60 0.53 2.02 1.87 1.74 1.74 1.39 7.16 7.53 6.81 7.36 4.43 3.73 3.65 3.17 3.43 1.86 10.18 13.07 10.94 12.83 7.36 1.38 3.38 3.22 2.91 3.91 18.56 45.2%FIRST MAJESTIC SILVER CORP 2.21 5.19 3.67 2.52 2.20 1.94 9.46 9.18 6.12 5.09 4.12 7.63 6.08 4.25 3.81 3.21 12.18 13.95 9.03 7.59 6.80 19.08 63.2%COEUR DALENE MINES CORP 0.60 0.59 0.54 0.49 1.62 1.56 1.38 1.37 1.20 4.88 5.52 4.22 3.99 3.87 3.73 2.78 2.61 13.26 21.09 11.29 8.47 23.49 62.6%AURICO GOLD INC 0.64 0.60 0.59 0.58 0.48 3.83 3.97 2.88 2.49 2.12 11.98 9.58 6.21 5.83 4.69 5.42 5.42 3.60 3.04 2.38 12.13 17.90 11.92 11.41 9.12 0.00 3.77 2.91 3.36 4.06 7.47 54.0%ALLIED NEVADA GOLD CORP 1.35 1.11 0.84 0.71 0.63 3.93 2.32 1.53 1.10 0.81 10.52 7.79 4.46 2.84 2.97 10.89 6.44 3.06 2.50 2.22 17.61 11.29 5.25 3.61 3.72 19.78 108.0%HECLA MINING CO 0.83 0.78 0.75 0.65 0.57 2.88 1.93 1.51 1.59 1.51 10.58 6.60 5.06 4.63 4.75 6.94 3.59 2.36 2.11 2.40 30.56 15.14 8.73 8.01 8.40 1.21 1.12 1.82 2.42 1.21 4.94 49.7%NEVSUN RESOURCES LTD 1.19 1.10 1.01 0.89 2.78 5.11 2.68 3.15 4.09 5.27 9.11 3.83 4.71 7.91 2.69 2.69 2.72 2.72 5.13 39.5%AURIZON MINES LTD 1.60 1.59 2.74 2.96 2.33 2.53 2.42 8.76 9.71 6.81 7.06 5.84 4.27 4.42 2.99 18.28 25.44 14.77 13.79 13.12 0.00 4.70 25.7%SILVER STANDARD RESOURCES 0.54 0.49 0.49 0.47 2.26 2.59 2.30 2.02 1.09 13.72 12.37 10.19 6.98 10.06 4.62 5.95 4.18 3.05 32.43 1388.00 0.00 0.00 0.00 15.53 123.8%SEABRIDGE GOLD INC 38.80 241.2%TANZANIAN ROYALTY EXPLORATIOGOLDEN STAR RESOURCES LTD 0.51 0.54 0.53 0.48 0.00 0.39 0.43 0.44 0.45 0.43 1.88 2.73 2.04 2.20 1.71 2.27 2.90 2.07 1.91 1.84 17.50 7.06 5.92 1.95 0.00 1.15 36.5%VISTA GOLD CORP 0.88 0.47 0.48 1.67 0.32 0.58 0.85 0.67 6.55 333.6%GREAT BASIN GOLD LTD 0.01 0.02 0.16 10.21ARGONAUT GOLD INC 1.57 1.07 0.96 0.93 5.06 4.39 3.42 2.89 2.31 9.13 11.22 7.88 6.66 6.37 7.05 7.06 5.42 4.97 3.20 11.38 15.61 11.22 9.10 8.70 11.16 75.8%TOREX GOLD RESOURCES INC 1.58 1.52 1.54 1.37 1952.43 6.90 37.11 23.34 88.13 2.56 81.4%LIONGOLD CORP LTD 16.29 10.90 9.47 7.35 5.36 190.00 87.69 43.85CHINA GOLD INTERNATIONAL RES 0.85 0.79 0.73 0.66 3.46 3.28 1.82 1.21 7.33 0.84 1.83 0.37 8.03 7.82 4.91 3.20 14.29 18.31 15.67 13.32 0.44 0.44 0.58 11.09 3.62 22.8%PERSEUS MINING LTD 1.85 1.61 1.35 1.03 0.87 4.06 2.08 1.63 1.14 1.13 10.63 8.33 4.61 2.81 3.39 10.35 4.90 3.64 2.07 2.44 11.39 11.13 7.19 4.14 5.37 0.00 0.00 0.21 3.09 2.11 2.36 63.6%SANDSTORM GOLD LTD 11.36 9.44 7.04 5.26 13.58 15.50 10.52 8.19 11.81 12.74 11.21 7.30 5.80 24.63 39.16 19.47 13.33 33.82 12.26 63.7%OCEANAGOLD CORP 1.00 0.92 0.88 0.84 0.95 1.55 1.03 0.95 1.03 1.23 4.99 3.00 2.72 2.94 5.27 5.74 3.63 3.79 4.26 8.10 32.13 9.43 6.68 8.71 2.98 44.0%MEDUSA MINING LTD 1.72 1.42 1.00 0.77 0.65 5.99 4.81 2.00 1.80 1.29 9.94 5.78 2.88 2.46 2.54 8.17 6.92 2.64 2.38 2.10 9.24 7.02 3.02 2.77 2.77 3.52 1.15 3.97 6.02 8.01 5.20 81.9%DUNDEE PRECIOUS METALS INC 0.93 0.85 0.67 0.61 2.02 1.55 1.35 1.37 5.78 5.19 4.32 3.62 4.96 3.62 2.66 2.15 9.42 7.97 7.07 6.70 0.00 0.00 0.00 11.21 97.4%RIO ALTO MINING LTD 2.76 2.03 1.96 9.22 1.93 1.68 1.55 20.17 5.73 6.24 5.26 5.18 22.08 3.12 4.05 2.99 1.92 29.92 6.81 7.07 5.79 6.65 0.00 0.00 0.00 5.94 65.4%AURIZON MINES LTD 1.60 1.59 2.74 2.96 2.33 2.53 2.42 8.76 9.71 6.81 7.06 5.84 4.27 4.42 2.99 18.28 25.44 14.77 13.79 13.12 0.00 4.70 25.7%ENDEAVOUR SILVER CORP 2.21 1.87 1.63 1.63 5.50 5.95 4.38 4.74 5.12 5.24 3.52 3.65 10.46 11.25 7.66 8.81 8.20 79.1%CONTINENTAL GOLD LTD 39.30 39.29 36.67 2.38 2.61 6.92 5.37 11.81 169.7%RUBICON MINERALS CORP 1.02 5.03 4.37 8.30 7.55 4.83 191.2%SILVERCORP METALS INC 1.11 2.00 2.41 1.90 1.45 1.35 4.13 6.29 5.62 2.86 3.24 2.87 4.64 3.07 2.47 2.19 6.12 13.38 9.73 5.00 5.82 3.12 3.44 6.21 117.7%EVOLUTION MINING LTD 0.62 0.60 0.54 0.49 0.48 1.43 1.10 0.95 0.96 0.99 3.44 3.29 2.95 2.88 2.78 3.98 3.02 2.39 2.43 2.58 9.27 11.37 7.70 7.13 7.76 0.00 0.94 1.99 2.41 2.30 1.21 27.1%CHINA PRECIOUS METAL RESOURC 1.51 1.24 1.05 3.96 2.84 2.39 12.36 15.11 7.84 5.31 4.18 13.60 7.56 7.43 0.74 2.21 3.68 1.70 25.0%SEABRIDGE GOLD INC 38.80 241.2%BEADELL RESOURCES LTD 6.23 3.25 1.64 1.32 104.84 1.85 1.74 2.01 2.30 4.68 3.64 5.07 4.38 3.87 5.25 8.10 5.18 4.32 6.02 5.98 0.00 0.27 1.22 1.50 4.08 1.00 36.5%RESOLUTE MINING LTD 0.99 0.89 0.77 0.65 0.46 0.93 0.87 0.97 0.91 0.92 2.80 2.56 3.38 2.75 3.14 1.89 1.86 2.29 1.90 1.76 4.06 3.91 5.71 5.37 5.37 0.00 5.45 2.84 3.52 5.68 1.38 56.6%Price to Earnings RatioValuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio TargetQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 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 2.29 2.29 2.10 1.92 2.29 1.46 1.46 1.40 1.34 1.46 10.28 10.28 9.59 9.89 10.28 9.21 9.21 8.50 7.95 9.21 14.75 14.75 13.27 12.05 14.75 2.14 2.14 2.30 2.48 2.14 1737.2 6.8%Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.78 0.78 0.77 0.74 0.78 6.04 6.04 5.58 4.99 6.04 7.30 7.30 6.88 6.53 7.30 11.95 11.95 10.66 9.70 11.95 4.10 4.10 4.40 4.73 4.10 2922.4 4.7%NIKKEI 225 1.65 1.65 1.54 1.45 1.65 0.76 0.76 0.75 0.75 0.76 9.58 9.58 8.97 8.51 9.58 9.05 9.05 8.44 8.14 9.05 21.11 21.11 18.34 15.44 21.11 1.51 1.51 1.58 1.78 1.51 13495.6 -7.6%FTSE 100 INDEX 1.75 1.75 1.63 1.53 1.75 1.04 1.04 1.02 0.99 1.04 8.62 8.62 7.85 6.57 8.62 7.15 7.15 6.73 6.36 7.15 12.29 12.29 11.23 10.39 12.29 3.77 3.77 4.04 4.41 3.77 6951.9 5.0%SWISS MARKET INDEX 2.48 2.48 2.33 2.12 2.48 2.10 2.10 2.00 1.90 2.10 12.81 12.81 11.63 10.21 12.81 13.45 13.45 12.45 11.65 13.45 15.49 15.49 13.95 12.68 15.49 3.15 3.15 3.48 4.00 3.15 8324.5 2.0%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.56 1.46 1.68 1.57 1.57 1.48 1.40 1.57 8.42 8.42 7.56 6.96 8.42 8.50 8.50 7.51 7.04 8.50 14.37 14.37 12.66 11.67 14.37 3.18 3.18 3.33 3.52 3.18 14247.4 13.6%S&P/ASX 200 INDEX 1.98 1.98 1.87 1.77 1.98 1.90 1.90 1.79 1.70 1.90 11.77 11.77 10.47 9.58 11.77 9.89 9.89 8.80 8.13 9.89 15.98 15.98 14.33 13.14 15.98 4.28 4.28 4.56 4.90 4.28 5227.9 0.4%HANG SENG INDEX 1.38 1.38 1.27 1.16 1.38 1.78 1.78 1.64 1.51 1.78 8.21 8.21 7.77 7.39 8.21 8.49 8.49 7.73 7.12 8.49 11.11 11.11 10.22 9.26 11.11 3.49 3.49 3.77 4.17 3.49 24912.6 6.8%MSCI EM 1.48 1.48 1.17 1.24 1.48 1.03 1.03 0.96 0.90 1.03 7.18 7.18 6.61 6.23 7.18 7.49 7.49 6.82 6.40 7.49 11.07 11.07 9.91 9.23 11.07 3.00 3.00 3.44 3.36 3.00 1193.7 12.6%ENDEAVOUR MINING CORP 1.04 0.75 0.58 0.57 0.35 2.10 2.18 1.84 1.65 0.79 3.65 2.54 2.34 2.16 1.74 5.74 7.36 5.14 5.00 1.48 2.60 192.1%FORTUNA SILVER MINES INC 1.46 1.18 1.01 0.87 0.77 2.10 2.09 1.74 1.69 5.29 5.88 4.82 4.60 4.58 4.15 4.00 2.91 2.75 3.14 10.29 11.88 8.71 8.05 8.61 4.93 72.5%MCEWEN MINING INC 0.66 0.60 0.54 4.75 3.29 2.29 15.14 47.11 17.67 7.85 11.67 7.74 4.69 3.09 23.56 22.32 12.47 8.48 5.11 141.3%MAG SILVER CORP 3.24 3.49 3.82 4.04 14.25 86.5%PRIMERO MINING CORP 0.96 0.94 0.98 0.82 2.97 2.74 2.20 1.61 1.25 6.10 6.77 5.48 5.06 3.10 5.24 5.08 3.32 2.21 1.46 11.44 13.26 9.40 7.86 4.66 0.00 0.00 8.59 50.8%KINGSGATE CONSOLIDATED LTD 0.41 0.37 0.34 0.32 0.27 0.85 0.91 0.80 0.65 0.48 2.54 2.48 1.83 1.65 1.38 2.61 3.85 3.07 2.80 2.06 3.41 8.46 8.03 7.58 4.05 10.54 5.34 9.41 11.81 20.78 3.15 54.2%TIMMINS GOLD CORP 2.16 1.64 1.30 1.31 2.17 1.77 1.62 1.55 1.48 6.10 4.94 5.02 5.21 4.73 4.50 3.80 3.71 4.01 3.74 8.67 7.13 7.15 6.93 6.60 0.00 0.00 0.00 3.43 42.5%ST BARBARA LTD 0.46 0.37 0.34 0.31 0.35 0.68 0.69 0.59 0.54 0.61 1.15 3.21 1.85 1.59 2.02 2.39 3.26 2.12 2.05 2.16 2.09 9.32 4.58 4.63 6.04 0.00 0.00 1.59 2.38 2.12 1.31 73.6%PREMIER GOLD MINES LTD 0.70 156.43 0.00 5.57 179.9%NORTHERN STAR RESOURCES LTD 3.84 2.91 2.33 1.93 1.92 3.26 2.68 2.15 1.98 1.30 8.37 5.75 6.17 6.60 4.23 6.21 4.22 3.28 3.50 2.55 15.09 11.42 8.80 8.05 6.71 0.00 3.08 3.55 3.43 4.14 1.01 19.8%TANZANIAN ROYALTY EXPLORATIOREAL GOLD MINING LTD 1.43 4.50 6.02 3.34 7.55 0.00GOLDEN STAR RESOURCES LTD 0.51 0.54 0.53 0.48 0.00 0.39 0.43 0.44 0.45 0.43 1.88 2.73 2.04 2.20 1.71 2.27 2.90 2.07 1.91 1.84 17.50 7.06 5.92 1.95 0.00 1.15 36.5%ROMARCO MINERALS INC 0.25 1.06 2.60 1.21 9.38 2.81 14.07 1.48 248.2%BANRO CORPORATION 0.66 6.30 1.85 0.73 0.72 0.67 100.23 6.12 1.63 1.38 1.58 226.58 8.63 2.27 2.38 1.94 3.36 2.45 2.83 0.91 0.00 0.00 5.44 6.35 1.80 62.2%COLOSSUS MINERALS INC 2.01 2.10 0.82 0.58 5.52 0.80 0.80 0.83 2.14 1.79 1.88 20.23 1.18 1.09 2.58 2.17 2.17 0.00 0.00 6.76 213.0%RAINY RIVER RESOURCES LTD 0.86 1.00 225.94 225.94 0.00 0.00 6.61 192.4%SULLIDEN GOLD CORP LTD 0.80 17.83 1.57 4.76 5.06 1.93 4.26 4.50 1.72 112.5%ASANKO GOLD INC 0.89 0.90 0.71 0.71 6.36 2.26 8.27 2.90 0.00 0.00 4.54 90.1%BEAR CREEK MINING CORP 1.45 2.75 4.01 85.8%PARAMOUNT GOLD AND SILVER 0.80 0.56 1.00 3.70 168.1%KIRKLAND LAKE GOLD INC 0.96 0.96 0.83 0.82 1.37 1.48 0.87 0.63 0.49 4.23 10.09 3.59 1.81 1.18 4.42 9.56 2.72 1.80 1.39 4.44 6.30 2.65 1.92 9.81 203.8%GUYANA GOLDFIELDS INC 0.85 0.70 0.44 0.37 0.31 0.51 1.03 0.85 2.56 1.54 1.52 1.21 4.19 2.17 0.00 5.23 209.2%HIGHLAND GOLD MINING LTD 0.52 0.47 0.43 0.38 0.34 1.19 1.06 0.89 0.88 0.89 3.04 3.56 2.89 2.72 2.24 2.30 2.23 1.81 1.78 1.88 4.01 4.58 3.81 3.96 4.25 5.90 5.02 5.26 5.74 6.38 139.58 71.3%INDOPHIL RESOURCES NLLYDIAN INTERNATIONAL LTD 2.60 1.74 1.95 1.26 7.26 1.94 20.15 12.34 3.56 132.8%SABINA GOLD & SILVER CORP 0.68 0.39 0.67 0.70 0.00 4.28 262.3%LAKE SHORE GOLD CORP 0.14 0.22 0.23 1.00 0.70 0.52 0.52 0.42 3.19 2.18 1.52 1.44 0.96 7.32 2.94 1.88 2.21 1.34 8.17 5.15 6.09 1.23 267.5%BRIGUS GOLD CORP 0.56 1.28 0.99 0.92 0.78 0.57 2.90 2.32 2.28 2.06 1.61 4.09 2.64 2.18 1.87 1.97 6.84 5.08 4.96 3.56 3.05 1.47 119.0%GREAT PANTHER SILVER LTD 2.16 2.23 2.03 7.30 10.79 6.93 5.11 5.11 5.96 14.94 21.57 12.94 19.42 32.36 1.29 33.6%INTREPID MINES LTD 0.85 1.01 1.05 0.89 0.60 4313.45 4.43 0.60 0.00 0.00 0.00 0.00 0.24 -5.9%VISTA GOLD CORP 0.88 0.47 0.48 1.67 0.32 0.58 0.85 0.67 6.55 333.6%ALEXCO RESOURCE CORP 1.25 1.45 0.99 0.81 0.69 4.91 5.69 3.14 2.24 1.88 8.19 7.25 5.14 31.82 35.64 8.49 3.92 3.26 84.0%ATAC RESOURCES LTD 1.34 1.19 1.09 1.02 3.53 229.4%SCORPIO MINING CORP 2.04 1.81 0.93 7.24 4.85 1.71 1.03 5.48 9.18 3.50 12.13 13.11 3.65 2.31 1.93 298.6%MIDWAY GOLD CORP 1.27 2.17 1.48 1.46 1.91 1.07 48.93 25.31 2.07 6.52 1.77 82.6%PATAGONIA GOLD PLCGRYPHON MINERALS LTD 0.45 0.46 0.43 0.38 0.22 39.82 129.10 71.72 1.67 0.59 9.42 1.81 1.63 2.88 0.67 4.90 2.09 0.00 0.00 0.00 0.00 0.00 0.60 146.8%DRDGOLD LTD-SPONSORED ADR 1.06 0.88 5.51 3.73 7.32 4.85 5.12 6.83 8.40 30.2%RED 5 LTD 0.62 0.58 0.47 0.37 6.09 1.92 0.67 0.64 0.42 9.25 1.20 1.01 20.24 11.47 1.27 1.13 0.69 22.96 2.45 1.86 1.44 0.00 0.00 0.00 0.00 0.96 54.0%LINGBAO GOLD CO LTD-H 0.58 0.57 0.55 0.54 0.21 0.21 0.22 0.25 6.78 7.21 6.70 7.05 6.89 10.33 10.05 13.78 3.98 3.23 2.96 2.15 2.14 -8.9%INTL TOWER HILL MINES LTD 0.40 0.57 0.34 0.00 3.79 307.9%SARACEN MINERAL HOLDINGS LTD 0.60 0.39 0.35 0.30 0.24 0.58 0.51 0.45 0.38 0.38 1.88 1.91 1.62 1.26 1.50 1.89 1.88 1.39 1.01 0.98 4.09 5.29 2.65 2.22 1.89 0.00 0.00 0.00 6.11 5.56 0.30 63.9%EXETER RESOURCE CORP 1.35 4.55 441.9%RICHMONT MINES INC 0.77 0.73 0.60 7.30 3.41 2.59 19.47 7.17 4.81 4.37 115.0%RAMELIUS RESOURCES LTD 0.49 0.29 0.28 0.26 0.85 0.62 0.48 0.52 0.39 10.68 7.34 2.16 2.14 2.23 1.59 0.74 0.79 0.72 6.35 29.38 2.76 3.22 3.92 0.00 0.00 1.70 2.55 8.51 0.34 42.6%GOLDEN MINERALS CO 2.68 1.86 1.20 0.87 24.60 1.62 0.41 2.95 3.96 155.7%SAN GOLD CORP 0.26 0.28 0.43 0.46 0.36 1.55 1.80 1.26 1.42 1.38 1.68 1.47 1.08 2.08 0.31 72.2%OREZONE GOLD CORP 0.16 0.78 6.12 3.83 9.56 2.62 240.3%GRAN COLOMBIA GOLD CORP 0.31 0.37 0.31 0.19 2.41 1.88 0.84 6.65 25.27 5.26 2.50 5.63 5.63 1.69 0.70 311.8%Price to Earnings RatioValuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio TargetQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 10.05.2013Goldcorp, Inc. is engaged in the acquisition, exploration, development andoperation of precious metal properties in Canada, the Unites States, Mexico andCentral and South America.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (21.09.2012) 47.4252-Week Low (17.04.2013) 27.11Daily Volume29.7952-Week High % Change -37.18% Dividend Yield 1.8652-Week Low % Change 9.89% Beta 0.73% 52 Week Price Range High/Low 13.20% Equity Float 809.15Shares Out 30.04.2013 812.0 Short Int 7.2924379.53 1 Yr Total Return -14.44%Total Debt 783.00 YTD Return -18.33%Preferred Stock 0.0 Adjusted BETA 0.725Minority Interest 213.0 Analyst Recs 27Cash and Equivalents 918.00 Consensus Rating 4.333Enterprise Value 24853.53Average Volume 5 Day 6267257GG US EQUITY YTD Change - Average Volume 30 Day 8069170GG US EQUITY YTD % CHANGE - Average Volume 3 Month 7170037LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q32419.6 2723.6 3738.0 5362.0 5435.0 5362 5435 4918 6301 1171 13019.42x 10.50x 9.95x 6.61x 5.50x 28.06x 24.57x 5.24x 4.04x 21.48x 19.50x1052.2 1366.2 2026.0 2336.0 2798.0 3030.0 2798.0 2416.8 3533.9 569.6 674.321.66x 20.94x 18.36x 15.18x 10.69x 11.71x 10.69x 10.28x 7.03x 9.36x 9.02x1475.6 240.2 2051.0 1187.0 1749.0 1881.0 1749.0 1213.9 1834.3 220.9 306.057.34x 50.85x 30.36x 22.24x 18.47x 22.92x 19.41x 20.91x 13.79x 19.24x 16.84xEBITDA 2798.00 Long-Term Rating Date 01.06.2009EBIT 2123.00 Long-Term Rating BBB+Operating Margin 39.06% Long-Term Outlook STABLEPretax Margin 41.44% Short-Term Rating Date -Return on Assets 5.06% Short-Term Rating -Return on Common Equity 7.08%Return on Capital 6.69% EBITDA/Interest Exp. 93.27Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 6.33Net Debt/EBITDA 0.10Gross Margin 44.6% Total Debt/EBITDA 0.90EBITDA Margin 49.6%EBIT Margin 36.6% Total Debt/Equity 3.4%Net Income Margin 32.2% Total Debt/Capital 3.3%Asset Turnover 0.16Current Ratio 2.15 Net Fixed Asset Turnover 0.20Quick Ratio 1.39 Accounts receivable turnover-days 42.40Debt to Assets 2.51% Inventory Days 85.97Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 88.00Accounts Receivable Turnover 8.61 Cash Conversion Cycle 33.03Inventory Turnover 4.25Fiscal Year EndedGoldcorp IncPrice/VolumeValuation Analysis7556134.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure05101520253035404550a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.01000.02000.03000.04000.05000.06000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 95391332 11.75 - 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 32937156 4.06 (9098135) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 31593509 3.89 (836637) 29.04.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 22991630 2.83 1883662 31.12.2012 BankBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19122015 2.36 (574672) 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 18417273 2.27 7264832 31.03.2013 Hedge Fund ManagerCARMIGNAC GESTION CARMIGNAC GESTION 13F 17580357 2.17 17580357 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 15796349 1.95 5676487 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15632925 1.93 5971920 31.12.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 12996285 1.6 (440597) 31.12.2012 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11582812 1.43 (224052) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 11409803 1.41 1401951 31.12.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 8426680 1.04 (27800) 31.12.2012 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 7362990 0.91 699268 31.12.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 7239262 0.89 (4220800) 31.12.2012 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 7106968 0.88 (2294891) 31.12.2012 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6835256 0.84 1053271 31.03.2013 Investment AdvisorSUN LIFE FINANCIAL I n/a ULT-AGG 6162583 0.76 (935880) 28.02.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 5776522 0.71 1267153 31.12.2012 GovernmentWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5736927 0.71 (2008888) 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies PETER D WARD hold 3 M 27 12 month 30.04.2013HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013Stifel GEORGE J TOPPING buy 5 M 36 Not Provided 26.04.2013Macquarie TONY LESIAK outperform 5 M 39 12 month 25.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 41 12 month 23.04.2013TD Securities GREG BARNES buy 5 M 37 12 month 23.04.2013Barclays FAROOQ HAMED overweight 5 M 40 Not Provided 23.04.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 28 12 month 22.04.2013Credit Suisse ANITA SONI neutral 3 M 37 Not Provided 22.04.2013Davenport & Co LLOYD T OCARROLL buy 5 M 35 Not Provided 22.04.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 42 12 month 22.04.2013RBC Capital Markets STEPHEN D WALKER outperform 5 M 36 12 month 19.04.2013JPMorgan JOHN BRIDGES overweight 5 M 50 6 month 19.04.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 49 Not Provided 15.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 46 12 month 15.04.2013CIBC World Markets ALEC KODATSKY sector outperform 5 M 46 Not Provided 11.04.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 09.04.2013GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013Salman Partners DAVID WEST top pick 5 M 59 12 month 01.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.03.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 48 Not Provided 12.03.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 33 Not Provided 19.02.2013Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 08.01.2013Raymond James BRAD HUMPHREY Under Review #N/A N/A N #N/A N/A Not Provided 19.11.2008Holdings By:Goldcorp IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 10.05.2013Barrick Gold Corporation is an international gold company with operating minesand development projects in the United States, Canada, South America, Australia,and Africa.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (06.06.2012) 43.3052-Week Low (17.04.2013) 17.51Daily Volume20.9152-Week High % Change -51.71% Dividend Yield 3.8352-Week Low % Change 19.42% Beta 0.79% 52 Week Price Range High/Low 13.18% Equity Float 998.50Shares Out 30.04.2013 1001.2 Short Int 13.8220934.10 1 Yr Total Return -43.37%Total Debt 13943.00 YTD Return -39.89%Preferred Stock 0.0 Adjusted BETA 0.785Minority Interest 2663.0 Analyst Recs 32Cash and Equivalents 2093.00 Consensus Rating 3.938Enterprise Value 36081.09Average Volume 5 Day 21193548ABX US EQUITY YTD Change - Average Volume 30 Day 24444724ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 17383728LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q37613.0 8136.0 11001.0 14236.0 14547.0 14793.0 14340.0 13584.2 14682.2 3299.9 3456.64.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.71x 2.50x 11.03x 10.63x3010.0 3589.0 6211.0 8327.0 7358.0 8579.0 7071.0 6624.7 7379.1 1576.1 1735.311.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 5.45x 4.89x 5.24x 5.15x785.0 (4274.0) 3582.0 4484.0 (665.0) 4522.0 (847.0) 3117.6 3424.5 656.3 759.120.18x 16.56x 15.62x 9.79x 9.36x 0.00x 0.00x 6.59x 6.13x 6.88x 6.56xEBITDA 7358.00 Long-Term Rating Date 26.04.2013EBIT 5636.00 Long-Term Rating BBBOperating Margin 38.74% Long-Term Outlook NEGPretax Margin -6.28% Short-Term Rating Date 19.05.2011Return on Assets -1.71% Short-Term Rating A-2Return on Common Equity -3.63%Return on Capital - EBITDA/Interest Exp. 9.89Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 1.33Net Debt/EBITDA 1.76Gross Margin 47.4% Total Debt/EBITDA 2.09EBITDA Margin 49.3%EBIT Margin 37.2% Total Debt/Equity 63.8%Net Income Margin -4.6% Total Debt/Capital 36.3%Asset Turnover 0.29Current Ratio 1.33 Net Fixed Asset Turnover 0.48Quick Ratio 0.58 Accounts receivable turnover-days 10.51Debt to Assets 29.49% Inventory Days 125.35Tot Debt to Common Equity 63.83% Accounts Payable Turnover Day 94.50Accounts Receivable Turnover 34.72 Cash Conversion Cycle 33.82Inventory Turnover 2.91Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedBarrick Gold CorpPrice/VolumeValuation Analysis20012319.00Current Price (5/dd/yy) Market Data051015202530354045a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M10.0 M20.0 M30.0 M40.0 M50.0 M60.0 M70.0 M0.02000.04000.06000.08000.010000.012000.014000.016000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 87777710 8.77 - 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 58280637 5.82 (23472640) 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 33799228 3.38 (1012978) 29.04.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 30078073 3 3795193 31.12.2012 BankFMR LLC n/a ULT-AGG 20600402 2.06 (3418885) 31.03.2013 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 17663919 1.76 771337 31.12.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 17095925 1.71 (4625429) 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 16861844 1.68 3198995 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 14741836 1.47 (68927) 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 14548226 1.45 3777420 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13797555 1.38 (4803846) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 13586744 1.36 1359379 31.12.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 13422922 1.34 866236 31.12.2012 Investment AdvisorINSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12729638 1.27 (401738) 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10758391 1.07 353171 31.12.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 10376354 1.04 (2442600) 31.12.2012 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 10027723 1 1562724 31.12.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 9682770 0.97 128664 31.03.2013 Investment AdvisorOLDFIELD PARTNERS LL OLDFIELD PARTNERS LL 13F 8964554 0.9 1678488 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 8501322 0.85 2875528 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies PETER D WARD buy 5 M 30 12 month 30.04.2013Deutsche Bank JORGE M BERISTAIN hold 3 M 23 12 month 29.04.2013Canaccord Genuity Corp STEVEN BUTLER hold 3 M 23 12 month 29.04.2013HSBC PATRICK CHIDLEY overweight 5 M 29 Not Provided 28.04.2013Stifel GEORGE J TOPPING buy 5 M 34 Not Provided 26.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 33 Not Provided 25.04.2013Macquarie TONY LESIAK neutral 3 M 21 12 month 25.04.2013Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 25.04.2013Salman Partners DAVID WEST buy 5 M 29 12 month 25.04.2013Cormark Securities Inc. RICHARD GRAY market perform 3 M 25 12 month 25.04.2013Haywood Securities Inc. KERRY SMITH buy 5 M 34 12 month 25.04.2013TD Securities GREG BARNES hold 3 M 22 12 month 25.04.2013Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 33 12 month 25.04.2013Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 28 Not Provided 25.04.2013Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 25.04.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 30 Not Provided 24.04.2013RBC Capital Markets STEPHEN D WALKER sector perform 3 M 24 12 month 24.04.2013Credit Suisse ANITA SONI outperform 5 M 38 Not Provided 24.04.2013JPMorgan JOHN BRIDGES neutral 3 M 32 6 month 24.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 24 12 month 24.04.2013GMP GEORGE V ALBINO buy 5 M 49 12 month 24.04.2013Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013Davenport & Co LLOYD T OCARROLL buy 5 M 26 Not Provided 22.04.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 20.02.2013Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 15.02.2013S&P Capital IQ LEO LARKIN buy 5 M 38 12 month 15.02.2013Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 20.11.2012Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011Holdings By:Barrick Gold CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 10.05.2013Newmont Mining Corporation acquires, explores, and develops mineral properties.The Company produces gold from operations in the United States, Australia, Peru,Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines andprocesses copper in Indonesia.Latest Fiscal Year: 12/2012LTM as of: 03/yy52-Week High (21.09.2012) 57.9352-Week Low (30.04.2013) 31.33Daily Volume33.1652-Week High % Change -42.76% Dividend Yield 4.4552-Week Low % Change 5.84% Beta 0.67% 52 Week Price Range High/Low 6.88% Equity Float 491.01Shares Out 22.04.2013 492.3 Short Int 16.8416544.20 1 Yr Total Return -25.85%Total Debt 6298.00 YTD Return -27.82%Preferred Stock 0.0 Adjusted BETA 0.670Minority Interest 3175.0 Analyst Recs 24Cash and Equivalents 1647.00 Consensus Rating 3.833Enterprise Value 24711.20Average Volume 5 Day 6903181NEM US EQUITY YTD Change - Average Volume 30 Day 9651695NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8808492LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q36124.0 7705.0 9540.0 10358.0 9868.0 10576.0 9362.0 9453.3 11102.3 2203.4 2343.03.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.64x 2.24x 11.34x 10.71x2139.0 3799.0 5118.0 5162.0 4169.0 5185.0 3731.0 3619.6 4697.3 802.7 904.010.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.71x 6.83x 5.26x 6.21x 5.57x831.0 1297.0 2277.0 366.0 1809.0 342.0 1634.0 1382.9 1977.4 316.7 370.720.98x 17.02x 13.44x 13.92x 12.29x 11.55x 12.54x 11.79x 9.24x 10.24x 8.74xEBITDA 4169.00 Long-Term Rating Date 11.08.2008EBIT 3137.00 Long-Term Rating BBB+Operating Margin 31.79% Long-Term Outlook NEGPretax Margin 31.04% Short-Term Rating Date -Return on Assets 5.59% Short-Term Rating -Return on Common Equity 12.12%Return on Capital 9.02% EBITDA/Interest Exp. 11.71Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 2.69Net Debt/EBITDA 1.32Gross Margin 46.6% Total Debt/EBITDA 1.71EBITDA Margin 39.9%EBIT Margin 28.4% Total Debt/Equity 45.7%Net Income Margin 18.3% Total Debt/Capital 27.1%Asset Turnover 0.32Current Ratio 1.89 Net Fixed Asset Turnover 0.54Quick Ratio 0.80 Accounts receivable turnover-days 28.77Debt to Assets 21.24% Inventory Days 111.05Tot Debt to Common Equity 45.73% Accounts Payable Turnover Day 34.85Accounts Receivable Turnover 12.69 Cash Conversion Cycle 89.70Inventory Turnover 3.29Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedNewmont Mining CorpPrice/VolumeValuation Analysis7046134.00Current Price (5/dd/yy) Market Data0102030405060a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.02000.04000.06000.08000.010000.012000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.002.004.006.008.0010.0012.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  11. 11. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 61681268 12.53 - 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 39690300 8.06 (10014717) 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 29136091 5.92 91985 29.04.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 23252143 4.72 1215913 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 20452474 4.15 (543864) 29.04.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 12509376 2.54 8462980 31.03.2013 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 12128463 2.46 (5869326) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 9840813 2 (3033787) 31.03.2013 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8086219 1.64 1819020 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7585611 1.54 (37784) 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 7008200 1.42 7008200 31.12.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6878622 1.4 410310 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6023181 1.22 (290400) 31.03.2013 Hedge Fund ManagerUBS n/a ULT-AGG 5132224 1.04 322413 31.03.2013 UnclassifiedGAMCO n/a ULT-AGG 5044086 1.02 405185 31.12.2012 UnclassifiedLAZARD ASSET MANAGEM n/a ULT-AGG 4937393 1 (276645) 31.03.2013 UnclassifiedJP MORGAN n/a ULT-AGG 4884655 0.99 (1656954) 31.03.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 4796938 0.97 (408945) 31.12.2012 GovernmentSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 4397226 0.89 950823 31.12.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3840057 0.78 261014 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies PETER D WARD hold 3 M 32 12 month 30.04.2013Cowen Securities LLC ADAM P GRAF buy 5 M 33 12 month 30.04.2013EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 30.04.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 56 Not Provided 29.04.2013Deutsche Bank JORGE M BERISTAIN sell 1 M 24 12 month 29.04.2013RBC Capital Markets STEPHEN D WALKER sector perform 3 M 41 12 month 29.04.2013Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 65 12 month 29.04.2013HSBC PATRICK CHIDLEY overweight 5 M 39 Not Provided 28.04.2013Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 26.04.2013Argus Research Corp WILLIAM V SELESKY buy 5 M 60 Not Provided 24.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 41 12 month 23.04.2013TD Securities GREG BARNES hold 3 M 37 12 month 23.04.2013Barclays FAROOQ HAMED overweight 5 M 45 Not Provided 23.04.2013Credit Suisse ANITA SONI neutral 3 M 45 Not Provided 22.04.2013JPMorgan JOHN BRIDGES overweight 5 M 51 6 month 19.04.2013BB&T Capital Markets GARRETT S. NELSON buy 5 M 52 12 month 18.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 52 Not Provided 11.04.2013GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 43 Not Provided 12.03.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 44 Not Provided 07.11.2012S&P Capital IQ LEO LARKIN hold 3 D 53 12 month 07.09.2012Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 27.04.2012Holdings By:Newmont Mining CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  12. 12. 10.05.2013Randgold Resources Ltd. provides mining services. The Company offersacquisition, development, and exploration of gold and other precious metal inAfrica.Latest Fiscal Year: 12/2011LTM as of: 12/yy52-Week High (05.10.2012) 127.2752-Week Low (17.04.2013) 66.51Daily Volume80.2552-Week High % Change -36.95% Dividend Yield 0.6252-Week Low % Change 20.66% Beta 0.64% 52 Week Price Range High/Low 22.61% Equity Float -Shares Out 30.04.2013 92.1 Short Int 1.367393.58 1 Yr Total Return 3.96%Total Debt 18.02 YTD Return -18.61%Preferred Stock 0.0 Adjusted BETA 0.643Minority Interest 166.1 Analyst Recs 10Cash and Equivalents 390.76 Consensus Rating 4.400Enterprise Value 7302.01Average Volume 5 Day 750011GOLD US EQUITY YTD Change - Average Volume 30 Day 948237GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 770410LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3338.6 432.8 484.6 1127.1 1317.8 1127.1 1317.8 1383.4 1791.2 339.0 361.09.01x 15.50x 14.79x 7.97x 6.59x 28.37x 26.72x 5.31x 3.82x - -97.3 142.3 164.3 581.9 699.2 581.9 699.2 697.0 989.4 - -31.34x 47.15x 43.62x 15.44x 12.43x 15.44x 12.43x 10.48x 7.38x - -41.6 69.4 103.5 383.9 431.8 383.9 431.8 424.2 657.8 85.0 94.578.87x 94.26x 72.03x 24.30x 20.57x 24.30x 20.57x 18.57x 11.93x 16.95x 14.86xEBITDA 699.18 Long-Term Rating Date -EBIT 567.44 Long-Term Rating -Operating Margin 43.06% Long-Term Outlook -Pretax Margin 43.12% Short-Term Rating Date -Return on Assets 14.57% Short-Term Rating -Return on Common Equity 16.52%Return on Capital 18.72% EBITDA/Interest Exp. 582.65Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 114.09Net Debt/EBITDA -0.36Gross Margin 51.1% Total Debt/EBITDA 0.00EBITDA Margin 51.7%EBIT Margin 39.9% Total Debt/Equity 0.7%Net Income Margin 32.8% Total Debt/Capital 0.6%Asset Turnover 0.47Current Ratio 4.07 Net Fixed Asset Turnover 1.07Quick Ratio 1.92 Accounts receivable turnover-days -Debt to Assets 0.58% Inventory Days -Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 136.09Inventory Turnover -Fiscal Year EndedRandgold Resources LtdPrice/VolumeValuation Analysis854639.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure020406080100120140a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M.5 M1.0 M1.5 M2.0 M2.5 M3.0 M0.0200.0400.0600.0800.01000.01200.01400.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0020.0040.0060.0080.00100.00120.00140.00160.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  13. 13. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 8508542 9.24 (57745) 26.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 6627558 7.19 365169 29.04.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 6279467 6.82 265676 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 4049382 4.4 (992666) 31.03.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 3917000 4.25 3917000 31.12.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1639811 1.78 442950 31.03.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1530963 1.66 (121450) 31.03.2013 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1487200 1.61 954000 31.03.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1264736 1.37 - 31.03.2013 Hedge Fund ManagerJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1013740 1.1 (96778) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 947594 1.03 (20901) 31.03.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 930502 1.01 - 31.12.2012 Hedge Fund ManagerTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 891270 0.97 (60950) 31.03.2013 Hedge Fund ManagerINVESCO LTD n/a ULT-AGG 821510 0.89 (72716) 31.12.2012 Investment AdvisorGAMCO n/a ULT-AGG 818535 0.89 1320 31.12.2012 UnclassifiedOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 656494 0.71 30000 31.12.2012 Investment AdvisorASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444700 0.48 - 31.12.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 399700 0.43 171000 31.12.2012 Hedge Fund ManagerNIKKO ASSET MANAGEME n/a ULT-AGG 386300 0.42 65300 31.03.2013 UnclassifiedAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385000 0.42 - 31.03.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateDundee Securities Corp JOSH WOLFSON buy 5 M 105 Not Provided 30.04.2013HSBC PATRICK CHIDLEY overweight 5 M 91 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013BMO Capital Markets ANDREW BREICHMANAS outperform 5 U 100 Not Provided 14.04.2013Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013Clarus Securities NANA SANGMUAH buy 5 M 120 12 month 01.04.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 28.03.2013S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012Holdings By:Randgold Resources LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  14. 14. 10.05.2013Yamana Gold Inc. is an intermediate gold producer with production, developmentstage, and exploration properties throughout Brazil. The Company also holdsgold exploration properties in Argentina.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (09.11.2012) 20.5952-Week Low (17.04.2013) 11.02Daily Volume12.1252-Week High % Change -41.14% Dividend Yield -52-Week Low % Change 9.98% Beta 0.75% 52 Week Price Range High/Low 11.49% Equity Float 749.87Shares Out 30.04.2013 752.4 Short Int 5.369119.17 1 Yr Total Return -10.56%Total Debt 765.91 YTD Return -29.27%Preferred Stock 0.0 Adjusted BETA 0.747Minority Interest 46.8 Analyst Recs 23Cash and Equivalents 349.59 Consensus Rating 4.304Enterprise Value 9683.88Average Volume 5 Day 5323283AUY US EQUITY YTD Change - Average Volume 30 Day 8421382AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7779908LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3949.4 1183.3 1686.8 2173.3 2336.8 2173.3 2336.8 2524.8 3069.9 551.3 652.86.36x 7.39x 5.76x 5.04x 5.73x 18.01x 21.98x 3.82x 2.99x 17.57x 14.88x438.9 575.5 884.1 1262.7 1269.4 1271.5 1502.0 1325.6 1770.8 262.7 337.713.76x 15.19x 11.00x 8.67x 10.56x 8.61x 8.92x 7.31x 5.47x 7.37x 7.02x434.8 192.6 466.5 548.3 442.1 548.3 442.1 596.9 829.5 113.0 153.0- - - - - 0.00x 0.00x 15.70x 11.56x 15.07x 13.48xEBITDA 1269.45 Long-Term Rating Date -EBIT 885.71 Long-Term Rating -Operating Margin 37.90% Long-Term Outlook -Pretax Margin 34.88% Short-Term Rating Date -Return on Assets 3.25% Short-Term Rating -Return on Common Equity 4.84%Return on Capital - EBITDA/Interest Exp. 22.03Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -4.66Net Debt/EBITDA 0.44Gross Margin 64.4% Total Debt/EBITDA 0.74EBITDA Margin 50.4%EBIT Margin 33.4% Total Debt/Equity 9.8%Net Income Margin 18.9% Total Debt/Capital 8.9%Asset Turnover 0.20Current Ratio 1.38 Net Fixed Asset Turnover 0.24Quick Ratio 0.78 Accounts receivable turnover-days 19.25Debt to Assets 6.49% Inventory Days 70.76Tot Debt to Common Equity 9.80% Accounts Payable Turnover Day 130.52Accounts Receivable Turnover 18.96 Cash Conversion Cycle -62.98Inventory Turnover 5.16Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedYamana Gold IncPrice/VolumeValuation Analysis5104812.00Current Price (5/dd/yy) Market Data0510152025a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M18.0 M20.0 M0.0500.01000.01500.02000.02500.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  15. 15. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 78066044 10.38 - 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 39560804 5.26 6000156 31.03.2013 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 32345793 4.3 1752155 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 30395201 4.04 33993 29.04.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 20933359 2.78 (281596) 31.12.2012 BankALLIANZ ASSET MANAGE n/a ULT-AGG 14372698 1.91 4180320 31.03.2013 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 13228300 1.76 (4648298) 31.12.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 11430227 1.52 11430227 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10433341 1.39 10433341 31.03.2013 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 10227965 1.36 10227965 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9535253 1.27 307566 31.12.2012 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 8387255 1.11 (3112528) 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 7226163 0.96 (304473) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6409801 0.85 160000 28.02.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 6398774 0.85 6398774 31.12.2012 Investment AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 6246128 0.83 6246128 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6019943 0.8 783343 31.03.2013 Hedge Fund ManagerUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5959128 0.79 5959128 31.12.2012 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 5822420 0.77 352746 31.03.2013 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 5761349 0.77 5761349 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets DAN ROLLINS outperform 5 M 15 12 month 29.04.2013Dundee Securities Corp JOSH WOLFSON neutral 3 D 17 12 month 29.04.2013HSBC PATRICK CHIDLEY neutral 3 M 13 Not Provided 28.04.2013Macquarie TONY LESIAK neutral 3 M 12 12 month 25.04.2013Raymond James BRAD HUMPHREY outperform 5 M 20 12 month 24.04.2013Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 16 12 month 23.04.2013Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 17 12 month 23.04.2013TD Securities STEVEN J GREEN buy 5 M 20 12 month 23.04.2013Barclays FAROOQ HAMED overweight 5 M 17 Not Provided 23.04.2013Credit Suisse ANITA SONI outperform 5 M 19 Not Provided 22.04.2013Davenport & Co LLOYD T OCARROLL buy 5 M 14 Not Provided 22.04.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 19 12 month 22.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013BMO Capital Markets DAVID HAUGHTON outperform 5 M 22 Not Provided 15.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 21 12 month 15.04.2013Davy BART JAWORSKI underperform 1 D #N/A N/A Not Provided 15.04.2013CIBC World Markets ALEC KODATSKY sector outperform 5 M 25 Not Provided 11.04.2013National Bank Financial STEPHEN PARSONS outperform 5 M 20 12 month 09.04.2013Cowen Securities LLC ADAM P GRAF buy 5 M 16 Not Provided 09.04.2013GMP GEORGE V ALBINO buy 5 M 22 Not Provided 02.04.2013Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 15 Not Provided 22.02.2013VSA Capital Ltd CHARLIE LONG not rated #N/A N/A M #N/A N/A Not Provided 10.01.2013Paradigm Capital Inc DON MACLEAN buy 5 M 21 12 month 19.06.2012Holdings By:Yamana Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  16. 16. 10.05.2013Gold Fields Limited produces precious metals. The Company has mines in SouthAfrica, Ghana, and Australia, as well as a partnership in Finland. Gold Fieldshas a precious metals programs in Africa, Australasia, Europe, North America,and South America.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (04.06.2012) 12.0952-Week Low (17.04.2013) 6.23Daily Volume6.8452-Week High % Change -43.40% Dividend Yield -52-Week Low % Change 9.79% Beta 0.75% 52 Week Price Range High/Low 10.42% Equity Float -Shares Out 07.03.2013 736.1 Short Int 6.165035.26 1 Yr Total Return -38.34%Total Debt 16015.70 YTD Return -35.74%Preferred Stock 0.0 Adjusted BETA 0.745Minority Interest 1803.9 Analyst Recs 3Cash and Equivalents 5195.60 Consensus Rating 3.000Enterprise Value -Average Volume 5 Day 4377579GFI US EQUITY YTD Change - Average Volume 30 Day 6199734GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5902750LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q323009.5 29086.9 31565.3 25263.7 28915.8 29609.9 42193.5 28557.2 30284.2 - -3.10x 2.56x 2.56x 3.99x 3.05x 13.11x 8.38x 2.03x 1.84x - -8713.0 10955.0 11960.3 13527.5 14243.0 13851.2 20100.6 12491.6 14066.7 - -8.19x 6.80x 6.75x 7.45x 6.20x 0.00x 4.39x - - - -4457.5 1535.6 3631.4 7026.7 5658.1 7026.7 5658.1 4000.8 5404.3 - -- - - - - 0.00x 0.00x 10.51x 8.24x - -EBITDA 14243.00 Long-Term Rating Date 15.11.2012EBIT 10149.20 Long-Term Rating BB+Operating Margin 35.10% Long-Term Outlook STABLEPretax Margin 22.47% Short-Term Rating Date 15.11.2012Return on Assets 6.31% Short-Term Rating BReturn on Common Equity 11.52%Return on Capital 9.18% EBITDA/Interest Exp. 24.36Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.99Net Debt/EBITDA 0.54Gross Margin 38.7% Total Debt/EBITDA 0.80EBITDA Margin 47.6%EBIT Margin 33.6% Total Debt/Equity 31.2%Net Income Margin 19.6% Total Debt/Capital 23.2%Asset Turnover 0.47Current Ratio 1.76 Net Fixed Asset Turnover 0.72Quick Ratio 0.39 Accounts receivable turnover-days 15.92Debt to Assets 16.85% Inventory Days -Tot Debt to Common Equity 31.19% Accounts Payable Turnover Day -Accounts Receivable Turnover 22.99 Cash Conversion Cycle 69.00Inventory Turnover -Fiscal Year EndedGold Fields LtdPrice/VolumeValuation Analysis3731225.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure02468101214a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M5.0 M10.0 M15.0 M20.0 M25.0 M0.05000.010000.015000.020000.025000.030000.035000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  17. 17. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 47177664 6.41 (20500) 31.03.2013 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 35916727 4.88 1204375 29.04.2013 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 22259805 3.02 1621222 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 9740161 1.32 (96300) 31.03.2013 Investment AdvisorTHORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7145000 0.97 4291310 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6975326 0.95 (1745314) 26.04.2013 Investment AdvisorPAULSON & CO PAULSON & CO 13F 6541600 0.89 - 31.12.2012 Hedge Fund ManagerALLIANZ ASSET MANAGE n/a ULT-AGG 6270156 0.85 1864617 31.03.2013 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 5423998 0.74 (1957356) 31.12.2012 Investment AdvisorRUFFER LLP RUFFER LLP 13F 5396309 0.73 (21230) 31.03.2013 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 5162800 0.7 (1012600) 31.12.2012 Hedge Fund ManagerWELLS FARGO n/a ULT-AGG 4906608 0.67 (128413) 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 4470669 0.61 (469100) 31.12.2012 UnclassifiedUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4338700 0.59 (368600) 31.12.2012 Investment AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3938303 0.53 (21100) 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3907319 0.53 1826 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3806476 0.52 - 28.02.2013 Investment AdvisorPROSPECTOR PARTNERS PROSPECTOR PARTNERS 13F 3774300 0.51 (145200) 31.12.2012 Hedge Fund ManagerPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 3394316 0.46 3394316 31.12.2012 Hedge Fund ManagerFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 2993616 0.41 382294 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC PATRICK CHIDLEY neutral 3 D 8 Not Provided 28.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 8 12 month 23.04.2013EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 13 12 month 04.03.2010Holdings By:Gold Fields LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  18. 18. 10.05.2013Silver Wheaton Corporation purchases and sells by-product silver from operatingmines. The Company has long term contracts to purchase all or a portion of thesilver production from mines in Mexico, Sweden, Peru, Greece and the UnitedStates.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (01.11.2012) 41.3052-Week Low (18.04.2013) 21.79Daily Volume24.3452-Week High % Change -41.07% Dividend Yield -52-Week Low % Change 11.70% Beta 1.08% 52 Week Price Range High/Low 13.07% Equity Float 354.14Shares Out 30.04.2013 354.6 Short Int 3.758631.23 1 Yr Total Return -6.96%Total Debt 50.06 YTD Return -32.24%Preferred Stock 0.0 Adjusted BETA 1.079Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 778.22 Consensus Rating 4.600Enterprise Value 7903.07Average Volume 5 Day 5029980SLW US EQUITY YTD Change - Average Volume 30 Day 6464701SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5300604LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 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 Q2166.7 239.3 423.4 730.0 849.6 730.0 849.6 966.9 1094.1 242.6 228.812.14x 21.12x 31.91x 13.01x 14.18x 62.08x 52.82x 9.34x 8.28x 38.90x 41.36x105.5 158.5 316.2 618.8 701.5 618.8 701.5 774.3 889.9 197.3 181.319.18x 31.87x 42.72x 15.35x 17.17x 15.35x 17.17x 10.21x 8.88x 9.99x 10.19x17.3 117.9 153.4 550.0 586.0 550.0 586.0 562.9 647.7 144.5 124.0- - - - - 0.00x 0.00x 15.56x 13.82x 15.92x 15.48xEBITDA 701.46 Long-Term Rating Date -EBIT 600.00 Long-Term Rating -Operating Margin 70.63% Long-Term Outlook -Pretax Margin 70.72% Short-Term Rating Date -Return on Assets 19.34% Short-Term Rating -Return on Common Equity 20.34%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. -Net Debt/EBITDA -1.04Gross Margin 74.3% Total Debt/EBITDA 0.07EBITDA Margin 82.6%EBIT Margin 70.6% Total Debt/Equity 1.6%Net Income Margin 69.0% Total Debt/Capital 1.6%Asset Turnover 0.28Current Ratio 15.88 Net Fixed Asset Turnover 0.41Quick Ratio 15.86 Accounts receivable turnover-days 2.17Debt to Assets 1.57% Inventory Days -Tot Debt to Common Equity 1.61% Accounts Payable Turnover Day 24.47Accounts Receivable Turnover 168.45 Cash Conversion Cycle -Inventory Turnover -Fiscal Year EndedSilver Wheaton CorpPrice/VolumeValuation Analysis5928518.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure051015202530354045a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M16.0 M0.0100.0200.0300.0400.0500.0600.0700.0800.0900.02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  19. 19. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 26099114 7.36 - 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 14931769 4.21 (446773) 29.04.2013 Investment AdvisorCARMIGNAC GESTION CARMIGNAC GESTION 13F 13917000 3.93 13917000 31.12.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 8175300 2.31 (31900) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7447807 2.1 (6668009) 31.03.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 6662901 1.88 830039 31.12.2012 BankTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 6495536 1.83 (1461400) 31.12.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 5382984 1.52 180499 31.03.2013 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 4958532 1.4 (2425) 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4728500 1.33 20000 31.12.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4349599 1.23 90737 31.12.2012 Investment AdvisorTCW GROUP INC TCW GROUP INCORPORAT 13F 3789248 1.07 (27067) 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3473930 0.98 (35700) 31.03.2013 Hedge Fund ManagerGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 3099463 0.87 (230385) 31.03.2013 Insurance CompanyCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2913501 0.82 700890 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 2750546 0.78 (488041) 31.03.2013 Investment AdvisorUBS n/a ULT-AGG 2708496 0.76 (136469) 31.03.2013 UnclassifiedRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2633600 0.74 986200 31.12.2012 Hedge Fund ManagerFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2612842 0.74 283586 31.03.2013 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2596512 0.73 665106 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie TONY LESIAK neutral 3 M 27 12 month 26.04.2013Credit Suisse RALPH M PROFITI outperform 5 M 37 Not Provided 24.04.2013Raymond James BRAD HUMPHREY outperform 5 M 42 12 month 24.04.2013Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 23.04.2013TD Securities DANIEL EARLE buy 5 M 37 12 month 23.04.2013RBC Capital Markets DAN ROLLINS outperform 5 M 33 12 month 19.04.2013JPMorgan JOHN BRIDGES overweight 5 M 40 6 month 19.04.2013BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 15.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 45 Not Provided 15.04.2013CIBC World Markets COSMOS CHIU sector outperform 5 M 45 Not Provided 11.04.2013GMP CHELSEA HAMILTON buy 5 M 47 Not Provided 02.04.2013Salman Partners DAVID WEST top pick 5 M 48 12 month 01.04.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Holdings By:Silver Wheaton CorpAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  20. 20. 10.05.2013AngloGold Ashanti Limited is a holding company for a group of companies whichexplore for and mine gold internationally. The Group has operations in the VaalRiver and West Witwatersrand areas of South Africa as well as Namibia, Mali,Brazil, Argentina, Australia, Tanzania and the United States.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (06.06.2012) 38.3152-Week Low (17.04.2013) 17.45Daily Volume18.7152-Week High % Change -51.16% Dividend Yield -52-Week Low % Change 7.22% Beta 0.77% 52 Week Price Range High/Low 6.04% Equity Float -Shares Out 06.05.2013 383.7 Short Int 3.767209.39 1 Yr Total Return -44.46%Total Debt 30375.96 YTD Return -40.23%Preferred Stock 0.0 Adjusted BETA 0.770Minority Interest 186.5 Analyst Recs 6Cash and Equivalents 7562.20 Consensus Rating 4.000Enterprise Value -Average Volume 5 Day 3242976AU US EQUITY YTD Change - Average Volume 30 Day 2991616AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2459672LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 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 Q229774.0 30745.0 38833.0 47849.0 52160.3 47846.3 51994.5 59211.2 61408.2 - -3.48x 3.88x 3.60x 3.00x 2.30x 11.44x 9.54x 1.53x 1.38x - -3278.0 (2435.0) 9720.0 20443.0 19105.5 20438.6 18922.1 21784.6 24700.1 - -31.64x - 14.37x 7.03x 6.27x 7.03x 6.28x - - - -(16138.0) (2762.0) 637.0 11282.0 6814.6 11269.3 6452.4 8296.3 8453.8 - -- - - - - 0.00x 0.00x 8.89x 7.30x - -EBITDA 19105.47 Long-Term Rating Date 10.12.2012EBIT 12553.61 Long-Term Rating BBB-Operating Margin 24.07% Long-Term Outlook NEGPretax Margin 18.43% Short-Term Rating Date -Return on Assets 7.08% Short-Term Rating -Return on Common Equity 15.88%Return on Capital 12.20% EBITDA/Interest Exp. 10.07Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 2.46Net Debt/EBITDA 1.16Gross Margin 36.1% Total Debt/EBITDA 1.54EBITDA Margin 36.6%EBIT Margin 24.1% Total Debt/Equity 65.8%Net Income Margin 13.1% Total Debt/Capital 39.6%Asset Turnover 0.54Current Ratio 1.37 Net Fixed Asset Turnover 0.90Quick Ratio 0.53 Accounts receivable turnover-days 14.36Debt to Assets 28.22% Inventory Days 105.75Tot Debt to Common Equity 65.78% Accounts Payable Turnover Day 57.07Accounts Receivable Turnover 25.48 Cash Conversion Cycle 63.01Inventory Turnover 3.46Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedAngloGold Ashanti LtdPrice/VolumeValuation Analysis1819630.00Current Price (5/dd/yy) Market Data0510152025303540a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M7.0 M8.0 M9.0 M10.0 M0.010000.020000.030000.040000.050000.060000.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  21. 21. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAULSON & CO PAULSON & CO 13F 28203999 7.35 (199546) 31.12.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a ULT-AGG 15624679 4.07 1302862 29.04.2013 Investment AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11768176 3.07 (511763) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8747623 2.28 (128150) 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 6722122 1.75 (133085) 31.03.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 5693290 1.48 164885 31.03.2013 Investment AdvisorBLACKROCK n/a ULT-AGG 5230372 1.36 (1261046) 26.04.2013 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4945084 1.29 (259531) 31.03.2013 Hedge Fund ManagerTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 4186865 1.09 (559541) 31.12.2012 Investment AdvisorDUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 3731629 0.97 3731629 31.03.2013 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3240700 0.84 (420800) 31.12.2012 Hedge Fund ManagerNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2740632 0.71 162163 31.03.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 2635169 0.69 (10100) 31.12.2012 Investment AdvisorPLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2204815 0.57 147000 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1741097 0.45 (461493) 31.12.2012 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1718056 0.45 (681300) 31.12.2012 Investment AdvisorGAMCO n/a ULT-AGG 1612030 0.42 88230 31.12.2012 UnclassifiedINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1609197 0.42 (8000) 31.12.2012 Investment AdvisorNIKKO ASSET MANAGEME n/a ULT-AGG 1607200 0.42 252500 31.03.2013 UnclassifiedINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1542152 0.4 - 28.02.2013 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC PATRICK CHIDLEY overweight 5 M 31 Not Provided 28.04.2013Societe Generale BRUCE ALWAY hold 3 M 25 12 month 26.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 05.04.2013BMO Capital Markets DAVID HAUGHTON market perform 3 M 0 Not Provided 24.02.2010Holdings By:AngloGold Ashanti LtdAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  22. 22. 10.05.2013Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,zinc, and other metals. The Company operates mines in Peru, a lime plant, anelectric power transmission company, and an engineering services company.Buenaventura also markets metal concentrates to smelters internationally.Latest Fiscal Year: 12/2011LTM as of: 12/yy52-Week High (06.06.2012) 42.7352-Week Low (07.05.2013) 19.02Daily Volume19.5452-Week High % Change -54.27% Dividend Yield -52-Week Low % Change 2.73% Beta 0.56% 52 Week Price Range High/Low 2.19% Equity Float -Shares Out 04.02.2013 274.9 Short Int 1.405385.90 1 Yr Total Return -48.50%Total Debt 179.30 YTD Return -44.97%Preferred Stock 0.0 Adjusted BETA 0.555Minority Interest 262.3 Analyst Recs 13Cash and Equivalents 241.22 Consensus Rating 3.308Enterprise Value 5612.84Average Volume 5 Day 1308615BVN US EQUITY YTD Change - Average Volume 30 Day 1566445BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1503830LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3766.6 881.5 1103.8 1556.6 1563.5 1556.6 1508.9 1641.5 1761.1 373.3 413.36.61x 9.30x 10.85x 6.05x 6.00x 24.64x 25.51x 3.40x 3.14x - -(54.4) 351.5 475.4 820.2 571.9 629.3 571.9 645.8 769.2 174.0 208.0- 23.33x 25.19x 11.49x 16.39x 14.97x 16.39x 8.69x 7.30x - -153.3 593.6 660.8 858.9 684.7 858.9 684.7 544.0 608.6 125.0 147.033.61x 14.29x 18.66x 11.16x 13.40x 11.16x 13.40x 8.86x 8.31x 9.45x 8.86xEBITDA 571.92 Long-Term Rating Date -EBIT 418.23 Long-Term Rating -Operating Margin 26.75% Long-Term Outlook -Pretax Margin 56.63% Short-Term Rating Date -Return on Assets 13.23% Short-Term Rating -Return on Common Equity 16.53%Return on Capital 16.37% EBITDA/Interest Exp. 68.99Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 15.56Net Debt/EBITDA -Gross Margin 39.7% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 23.0% Total Debt/Equity 4.8%Net Income Margin 43.8% Total Debt/Capital 4.3%Asset Turnover 0.34Current Ratio 2.30 Net Fixed Asset Turnover 1.45Quick Ratio 1.42 Accounts receivable turnover-days 39.12Debt to Assets 3.91% Inventory Days 65.36Tot Debt to Common Equity 4.84% Accounts Payable Turnover Day 59.17Accounts Receivable Turnover 9.33 Cash Conversion Cycle 45.41Inventory Turnover 5.58Profitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructureNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAFiscal Year EndedCia de Minas Buenaventura SAPrice/VolumeValuation Analysis1735584.00Current Price (5/dd/yy) Market Data051015202530354045a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M0.0200.0400.0600.0800.01000.01200.01400.01600.01800.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.005.0010.0015.0020.0025.0030.0001.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  23. 23. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 25536584 9.29 (4985793) 26.04.2013 Investment AdvisorVONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12497006 4.55 4814696 31.03.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 12079992 4.39 349674 29.04.2013 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 8641735 3.14 2695645 31.03.2013 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 5406540 1.97 355351 31.03.2013 Investment AdvisorSTATE STREET n/a ULT-AGG 4777677 1.74 371700 29.04.2013 Investment AdvisorWELLS FARGO n/a ULT-AGG 4709673 1.71 136724 31.03.2013 Investment AdvisorFMR LLC n/a ULT-AGG 4343301 1.58 (1580101) 31.03.2013 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 2559961 0.93 (1514324) 31.12.2012 Investment AdvisorHARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 2471676 0.9 558323 31.12.2012 UnclassifiedNORGES BANK NORGES BANK 13F 2298752 0.84 1801505 31.12.2012 GovernmentUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1806500 0.66 (22000) 31.12.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1778056 0.65 (70363) 31.12.2012 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1651026 0.6 224921 31.12.2012 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1460432 0.53 (302643) 31.12.2012 Investment AdvisorPARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1434207 0.52 33736 31.03.2013 Investment AdvisorGAMCO n/a ULT-AGG 1112800 0.4 - 31.12.2012 UnclassifiedING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1110680 0.4 (475416) 31.12.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 1097662 0.4 (1561) 28.02.2013 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1002949 0.36 245358 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 24 12 month 30.04.2013Credit Suisse SANTIAGO PEREZ TEUFFER neutral 3 D 28 Not Provided 30.04.2013Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 30 12 month 29.04.2013Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 23.04.2013Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013JPMorgan JOHN BRIDGES neutral 3 M 34 6 month 19.04.2013Inteligo SAB LALI MERINO buy 5 M 32 Not Provided 16.04.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 27.03.2013Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 27 12 month 11.03.2013Kallpa Securities SAB EDDER CASTRO overweight 5 M 33 Not Provided 07.03.2013Banco de Credito del Peru HECTOR JOSUE COLLANTES hold 3 M 33 Not Provided 01.03.2013Holdings By:Cia de Minas Buenaventura SAAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  24. 24. 10.05.2013New Gold Inc. is a natural resource company. The Company acquires, explores,and develops gold properties.Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (21.09.2012) 12.8452-Week Low (15.04.2013) 6.25Daily Volume7.5452-Week High % Change -41.28% Dividend Yield -52-Week Low % Change 20.64% Beta 0.97% 52 Week Price Range High/Low 19.58% Equity Float 461.89Shares Out 30.04.2013 476.9 Short Int 3.053595.58 1 Yr Total Return -10.56%Total Debt 847.80 YTD Return -31.64%Preferred Stock 0.0 Adjusted BETA 0.967Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 687.80 Consensus Rating 4.600Enterprise Value 3777.48Average Volume 5 Day 2926144NGD US EQUITY YTD Change - Average Volume 30 Day 3913002NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 3314747LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+231.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3143.1 323.8 530.5 695.9 791.3 695.9 791.3 937.9 989.2 254.0 286.52.55x 4.31x 6.83x 6.62x 6.86x 25.77x 25.89x 3.94x 3.67x - -13.8 110.4 239.2 344.0 390.1 344.0 390.1 487.6 586.4 115.0 149.026.46x 12.64x 15.15x 13.39x 13.91x 13.39x 13.91x 7.75x 6.44x - -(102.7) (194.3) 47.5 179.0 199.0 179.0 198.9 175.9 235.9 30.7 62.6- - - - - 0.00x 0.00x 18.90x 14.25x 17.14x 15.58xEBITDA 390.10 Long-Term Rating Date 27.03.2012EBIT 273.90 Long-Term Rating BB-Operating Margin 34.61% Long-Term Outlook STABLEPretax Margin 35.23% Short-Term Rating Date -Return on Assets 5.31% Short-Term Rating -Return on Common Equity 7.96%Return on Capital - EBITDA/Interest Exp. 9.70Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -3.13Net Debt/EBITDA 0.47Gross Margin 85.3% Total Debt/EBITDA 2.20EBITDA Margin 47.0%EBIT Margin 30.6% Total Debt/Equity 31.7%Net Income Margin 25.1% Total Debt/Capital 24.1%Asset Turnover 0.22Current Ratio 5.18 Net Fixed Asset Turnover 0.27Quick Ratio 4.15 Accounts receivable turnover-days 11.11Debt to Assets 19.79% Inventory Days 164.46Tot Debt to Common Equity 31.68% Accounts Payable Turnover Day 32.87Accounts Receivable Turnover 32.86 Cash Conversion Cycle 378.94Inventory Turnover 2.22Fiscal Year EndedNew Gold IncPrice/VolumeValuation Analysis3049889.00Current Price (5/dd/yy) Market DataNet IncomeP/EMarket CapitalizationAverage Daily Trading VolumeRelative Stock Price PerformanceTotal RevenueTEV/RevenueEBITDATEV/EBITDAProfitability S&P Issuer RatingsCredit RatiosMargin AnalysisReferenceStructure02468101214a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13.0 M2.0 M4.0 M6.0 M8.0 M10.0 M12.0 M14.0 M0.0100.0200.0300.0400.0500.0600.0700.0800.0900.02001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.000.200.400.600.801.001.20Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash FlowQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  25. 25. 10.05.2013Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 62551684 13.13 - 26.04.2013 Investment AdvisorVAN ECK ASSOCIATES C n/a ULT-AGG 51620702 10.84 - 29.04.2013 Investment AdvisorFMR LLC n/a ULT-AGG 35745701 7.5 (2416637) 31.03.2013 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 15167798 3.18 15004748 31.12.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13670324 2.87 4853453 31.12.2012 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 12987264 2.73 1051834 31.03.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12693570 2.66 - 28.02.2013 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 10060721 2.11 148803 31.12.2012 BankRS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 9900164 2.08 258671 31.12.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8366671 1.76 (127400) 31.03.2013 Hedge Fund ManagerCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6168803 1.29 (1836450) 31.12.2012 Investment AdvisorFIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6040968 1.27 3201270 31.03.2013 Investment AdvisorGCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5839800 1.23 45000 31.12.2012 Investment AdvisorLASSONDE PIERRE n/a SEDI 5645000 1.18 - 22.03.2012 n/aINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5417566 1.14 434429 31.12.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5379731 1.13 (238800) 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5091201 1.07 (179446) 28.02.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 4883382 1.03 (27471) 31.03.2013 Investment AdvisorOLIPHANT RANDALL n/a SEDI 4570855 0.96 320855 23.11.2012 n/aPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4393260 0.92 49900 31.12.2012 Investment AdvisorFirm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets DAN ROLLINS outperform 5 M 9 12 month 29.04.2013TD Securities STEVEN J GREEN buy 5 M 11 12 month 23.04.2013Credit Suisse ANITA SONI outperform 5 M 13 Not Provided 22.04.2013Cormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 22.04.2013EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013BMO Capital Markets ANDREW KAIP outperform 5 M 12 Not Provided 15.04.2013Canaccord Genuity Corp STEVEN BUTLER buy 5 M 13 12 month 15.04.2013CIBC World Markets ALEC KODATSKY sector perform 3 M 12 Not Provided 11.04.2013National Bank Financial STEPHEN PARSONS outperform 5 M 12 12 month 09.04.2013Casimir Capital STUART MCDOUGALL strong buy 5 M 16 12 month 09.04.2013Paradigm Capital Inc DON MACLEAN buy 5 M 16 12 month 08.04.2013Scotia Capital TREVOR TURNBULL sector outperform 5 M 13 12 month 05.04.2013GMP GEORGE V ALBINO buy 5 M 15 Not Provided 05.04.2013Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 10 Not Provided 12.03.2013Holdings By:New Gold IncAllQ.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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